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Good morning! Here’s the latest in trending:
Rocky relations: U.S. conducts ‘self-defense’ strikes on Iran and Trump pushes countries involved in talks to join the Abraham Accords.
‘Controlled’ products: Spotify (SPOT) co-CEO Alex Norström is defending the streamer’s expansion into AI-generated music.
Echoes of Brexit: Canadian Prime Minister Carney is visiting New York to court investors as Alberta faces an upcoming “independence referendum.”
Ferrari fans, beware! The storied automaker has just revealed its first fully electric car, and it’s making some big waves. The model, called the Luce, is Ferrari’s (RACE) bold bet on a new fanbase, as well as a bridge from the combustion engine era to the EV sports car. It’s a big gamble that even brought former top Apple designer Jony Ive along for the ride.
The specs: Luce’s quad motors generate 1,036 horsepower and 730 lb-ft of torque, resulting in acceleration from 0 to 60 mph in 2.5 seconds. Its 122 kWh battery pack, which is integrated into the body of the vehicle, also supports up to 329 miles of range. Other features include rear-hinged back doors, a floating wing mounted on its hood, amplified revving sounds in performance mode, and a large pivoting touchscreen that integrates manual buttons on the center display. It’ll cost around $600,000 and will mark Ferrari’s first-ever five-seat vehicle.
Car enthusiasts don’t seem to like the new design, which has been likened to a generic, shapeless EV or a spaceship. Ferrari was aware of the “polarizing” vehicle, noting that it was specifically not aimed at appealing to traditional automotive purists. “When you use technology that leapfrogs, the design must also be a leapfrog,” Ferrari CEO Benedetto Vigna declared, while Chief Marketing Officer Enrico Galliera noted the “aim was to bring into the market something that is completely new that is designed to [divide] opinion.”
Drag coefficient: Investors are responding to the new launch by sending Ferrari (RACE) shares down as much as 6% in premarket trading. The stock is already having a tough stretch, down 30% over the past year, while other sports car makers like Porsche (POAHY), Maserati (STLA), and Lamborghini (VWAGY) will be carefully watching the high-stakes EV transition. Will Ferrari’s radical gamble pay off or alienate its core base by the sharp departure from the company’s traditional automotive heritage? Take the WSB survey.
Here’s the latest Seeking Alpha analysis
How To Own SpaceX Through Alphabet Shares: The Pre-IPO Strategy
Why The Market Is Completely Misreading Micron’s Latest Run
SoFi Is Down 50% – I’m Buying More
Here Come The Bankruptcies
Stagflation Is Intensifying: It’s (Almost) Time To Panic
What else is happening…
Mandalorian and Grogu (DIS) powers Memorial Day box office.
The beer that made Milwaukee famous is now just a memory.
Nvidia CEO urges Super Micro (SMCI) to tighten up on compliance.
This country overtakes India as world’s fifth-largest stock market.
UBER mulls higher bid for Delivery Hero after €11.5B offer rebuffed.
SpaceX (SPCX) hits most goals in test flight for upgraded Starship.
Wix (WIX) set to ax a fifth of staff in post-earnings shockwave.
AMC (AMC) looks to leverage World Cup in live sports push.
BofA warns AI stock mania is nearing historic extremes.
SA Asks: What are the most attractive REIT stocks right now?
Today’s Markets
In Asia, Japan -0.3%. Hong Kong flat. China -0.2%. India -0.6%.
In Europe, at midday, London +0.8%. Paris -0.8%. Frankfurt -0.4%.
Futures at 6:30, Dow +0.4%. S&P +0.7%. Nasdaq +1.1%. Crude -4.4% to $92.34. Gold +0.2% to $4,532.10. Bitcoin -0.4% to $77,166.
Ten-year Treasury Yield -7 bps to 4.49%.
On The Calendar
Companies reporting today include Zscaler (ZS) and Digital Turbine (APPS).
See the full earnings calendar on Seeking Alpha, as well as today’s economic calendar.
