Tesla CEO named Time Magazine’s person of the year
Tesla Inc. (NASDAQ: TSLA) CEO and founder Elon Musk has been named Time magazine’s “person of the year” for 2021. Musk received the award for his influential role in turning Tesla into a trillion-dollar company. Time CEO and editor in Chief Edward Felsenthal said that the award is a marker of influence, and few individuals had considerable influence in 2021 relative to Musk. Tesla shares opened on Monday 2% down.
Harley-Davidson to take EV unit public through SPAC
Harley-Davidson Inc. (NYSE: HOG) shares were up almost 20% on Monday after the motorcycle manufacturers announced that it would take its electric vehicle division public. The company is considering a SPAC merger to take the unit public through AEA-Bridges Impact Corp, listing LiveWire on the NYSE under the "LVW" ticker. The merger transaction values the EV unit at around $1.77 billion. In addition, the EV motorcycle business will have Harley-Davidson and Powersports firm KYMCO as strategic partners.
Rivian’s R1T Truck named truck of the year
Rivian Automotive Inc. (NASDAQ: RIVN) was up 4% on Monday following MotorTrend’s announcement that R1T is its truck of the year. The company’s R1T truck is the first all-electric truck to be produced in bulk in the US. In addition, MotorTrend indicated that R1T was superior to rivals such as GMC Hummer EV, Hyundai Santa Cruz, and Ford Maveric in terms of design, safety, value, efficiency, and engineering excellence.
Pfizer to acquire Arena Pharmaceuticals
Arena Pharmaceuticals (NASDAQ: ARNA) jumped 90% following the execution of a definitive agreement with Pfizer Inc. (NYSE: PFE). According to the definitive agreement terms, Pfizer will purchase Arena Pharmaceuticals for a consideration of $6.7 billion in equity value. Arena deals with the creation of immune-inflammatory diseases therapies. The deal has received approval from the Boards of both companies. Pfizer will acquire Arena using cash on hand and will receive Arena's outstanding common shares at $100 per share.
Leslie’s continues last week’s losses
Leslie’s Inc. (NASDAQ: LESL) shares were down 3% on Monday morning, extending last week's post-earnings declines of more than 10%. In its Q3 2021 earnings report, the company topped earnings and revenue estimates and announced a stock repurchase of $300 million. Non-GAAP EPS was $0.26, while GAAP EPS was $0.23 per share. Revenue was $408.92 million.