Return of Meme Stock Mania Has Traders on Alert for Market Froth
The speculative stocks caught up in the frenzy this week, like Opendoor Technologies Inc. and Kohl's Corp., gave up some of their gains as the week went on, but most are still trading at their highest levels in months. The broader S&P 500 Index and Nasdaq 100 Index are doing even better, sitting at all-time highs after charging back from the early April selloff set off by President Donald Trump's tariff announcements.
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Yahoo
14 minutes ago
- Yahoo
Faraday Future Kicks Off Trial Production Phase of its FX Super One MPV at its Hanford, CA Manufacturing Facility, Advancing Engineering and Safety Testing
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Business Wire
15 minutes ago
- Business Wire
Faraday Future Kicks Off Trial Production Phase of its FX Super One MPV at its Hanford, CA Manufacturing Facility, Advancing Engineering and Safety Testing
HANFORD, Calif.--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) ('Faraday Future', 'FF' or the 'Company'), a California-based global shared intelligent electric mobility ecosystem company, today announced that its newly-unveiled First Class EAI-MPV model, the FX Super One, has commenced its trial production phase at its Hanford, CA factory. The trial production phase is primarily focused on planning and verifying production processes, operational workflows, and quality standards. In parallel, engineers and production staff at the Hanford factory are undergoing specialized training to support production readiness. Following this phase, the Company will proceed with comprehensive vehicle engineering of the vehicle, which includes extensive safety testing and validation. These efforts are integral to ensuring that the FX Super One meets the highest standards of quality, performance, safety, and the end user experience. The FX Super One was unveiled on July 17 in Los Angeles and showcased the Super EAI F.A.C.E. (Front AI Communication Ecosystem) and the FF EAI Embodied AI Agent 6x4 Architecture. The vehicle is positioned as an EAI-MPV that aims to redefine the traditional mobility experience long dominated by models such as the Cadillac Escalade. Faraday Future's current 1.1 million-square-foot manufacturing and production facility in Hanford, California, named 'FF ieFactory California,' has approximately $300 million invested so far in the multi-use facility, and with additional investment and permitting, could become capable of producing more than 30,000 vehicles annually. The Company's Hanford factory could prepare a flexible production line for FX units, including FF. The facility would support mixed-line manufacturing or assembly for multiple models. The Company recently completed a new round of financing commitment totaling $105 million, which is expected to nearly cover the launch of the FX Super One. ABOUT FARADAY FUTURE Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company's mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future's flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit FORWARD LOOKING STATEMENTS This press release includes 'forward looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'could,' 'will,' 'should,' and 'future,' variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding production capacity expansion, the FX brand, the Super One MPV, future FX models, future FX reservations, expansion into new states and markets, and production and sales goals, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
The Hill
15 minutes ago
- The Hill
Trump orders a 35% tariff for goods from Canada, citing a lack of cooperation on illicit drugs
WASHINGTON (AP) — President Donald Trump has raised the tariff rate on U.S. imports from Canada to 35% from 25%, effective Friday. The announcement from the White House late Thursday said Canada had failed to 'do more to arrest, seize, detain or otherwise intercept … traffickers, criminals at large, and illicit drugs.' Trump has heckled Canada for months and suggested it should become its 51st U.S. state. He had threatened to impose the higher tariff on Canada if no deal was reached by Friday, his deadline for reaching trade agreements with dozens of countries. Earlier Thursday, the president said Canada's announcement it will recognize a Palestinian state would 'make it very hard' for the United States to reach a trade agreement with its northern neighbor. Trump has also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America. Prime Minister Mark Carney had tempered expectations over tariffs, saying Ottawa would only agree to a deal 'if there's one on the table that is in the best interests of Canadians.' In a statement released early Friday, he said he was disappointed by Trump's actions and vowed to diversify Canada's exports. 'Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes,' he said, pointing to heavy investments in border security. Carney added that some industries — including lumber, steel, aluminum and automobiles — will be harder hit, but said his government will try to minimize the impact and protect Canadian jobs. Canada was not included in Trump's updated list of tariff rates on other countries announced late Thursday. Those import duties are due to take effect on Aug. 7. Trump sent a letter to Canada a few weeks ago warning he planned to raise duties on many goods imported from Canada to 35%, deepening the rift between the two North American countries that has undermined their decades-old alliance. Some imports from Canada are still protected by the 2020 United States-Mexico-Canada Agreement, or USMCA, which is up for renegotiation next year. The White House's statement said goods transshipped through Canada that are not covered by the USMCA would be subject to a 40% tariff rate. It did not say where the goods might originate. President Donald Trump said Thursday that there would be a 90-day negotiating period with Mexico after a call with that country's leader, Claudia Sheinbaum, keeping 25% tariff rates in place.
