Nov Inc.: Q2 Earnings Snapshot
On a per-share basis, the Houston-based company said it had net income of 29 cents.
The results did not meet Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The oil and gas industry supplier posted revenue of $2.19 billion in the period, which topped Street forecasts. Ten analysts surveyed by Zacks expected $2.15 billion.
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Yahoo
22 minutes ago
- Yahoo
US crude exports hit four-year low in July on low domestic supplies
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Boston Globe
23 minutes ago
- Boston Globe
Stefan Pryor to return as R.I. commerce secretary
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San Francisco Chronicle
23 minutes ago
- San Francisco Chronicle
OpenAI close to leasing more space in S.F. neighborhood that's becoming popular with tech companies
OpenAI is reportedly close to taking space in a fourth building in San Francisco's Mission Bay that would add to its growing campus in the neighborhood that stretches along the city's waterfront. The maker of ChatGPT, widely regarded as a pioneer in the artificial intelligence space, is said to be in talks to lease space at a building that has long been home to biotech companies, including Nektar Therapeutics, a pharmaceutical company that has had its headquarters based in the property. The talks potentially involve OpenAI's nonprofit arm, according to sources familiar with the deal. The building that is the focus of the negotiations, located at 455 Mission Bay Blvd., spans about 210,000-square-feet and is part of Alexandria's Center for Life Science and Technology, a cluster of life sciences buildings that were constructed by Pasadena-based developer Alexandria Real Estate Equities, or ARE. Neither OpenAI nor ARE, which today owns a minority stake in the larger campus, responded to inquiries from the Chronicle seeking to confirm the pending lease, which an individual with insight into the deal described as being 'close' to completed. CBRE Investment Management, which several years ago acquired a stake in the Alexandria Center campus, also did not respond to messages seeking comment. In recent years, OpenAI has leased massive chunks of space in Mission Bay. The leases come at a time when overall new leasing activity remains subdued in San Francisco, which saw many companies shift to remote work as a result of the COVID-19 pandemic. Last fall, OpenAI leased a 300,000-square-foot building at 550 Terry Francois Blvd., which constituted the city's largest office lease of 2024. The building previously served as the headquarters for Old Navy — Gap Inc., which is Old Navy's parent company, exited the property in 2021. And in October 2023, OpenAI forged a blockbuster lease deal a block from Old Navy's former building, by subleasing two office buildings for a total of 486,600-square-feet from Uber, at 1455 Third St. and 1515 Third St. The 455 Mission Bay property is adjacent to OpenAI's Third Street buildings, and two blocks north of the Chase Center. Inside, about 150,000 square feet are currently available, a majority of which is sublease space, according to real estate insiders. Nektar Therapeutics, which has occupied the building since 2009 and is credited with helping to usher in Mission Bay's biotech boom, has been seeking to sublease its space, according to real estate insiders. In 2023, the company reduced its workforce in the city to just 55 employees. It is unclear whether OpenAI plans to take over the entire building as leases expire. Reports earlier this year indicated that the company was in the market to lease at least 200,000-square feet of additional office space in Mission Bay, which would grow its footprint in the neighborhood to just over 1 million square feet. OpenAI's plan for 455 Mission Bay could be to 'gut it and rebuild it out as office,' particularly if the space is reserved for its nonprofit division, one source told the Chronicle. The source also confirmed that the current lab vacancy in Mission Bay is nearing 50%. Public Records show that ARE last month made moves to expand the amount of office space allocated to its Mission Bay campus, which is currently limited to just over 24,000 square feet. In an application filed with the city's Planning Department, the developer requested that over 500,000 square feet of office space be allocated to the campus, indicating that it plans to pivot from lab to office space there. San Francisco's Proposition M, a law passed decades ago, limits how much office space can be built in the city every year. A total of 950,000 square feet of office space becomes available for allocation in October of each year, of which a majority is reserved for 'large cap' projects of 50,000 square feet or more. But due to a lack of new office developments that have advanced in the city in recent years, the city has seen significantly fewer developers line up for Prop. M office allocation — as of last quarter, nearly one-third of the city's total existing office space sat empty. According to ARE's recent application, nearly 2.5 million square feet of 'Large Cap office space' were available for allocation in the city as of October 2024. If approved, ARE's proposed 500,000 square-foot office allocation in Mission Bay would reduce the amount of office space available for new construction projects to about 2 million square feet, the developer said in its submission to the Planning Department. But with OpenAI and other AI startups increasingly setting their sights on the neighborhood, more office space is needed, the developer stated. The application underscores the neighborhood's gradual evolution from a life sciences hub anchored by UCSF and leading biotech firms, to a hotbed for AI startups and other tech companies. Mission Rock, a new mixed-use campus developed by the San Francisco Giants and Tishman Speyer that has risen within the Mission Bay neighborhood in recent years, has been a target of tech companies looking to expand or relocate. The development recently finalized leases with fintech company Coinbase and Nvidia, America's leading chip maker. 'The AI real estate footprint in the city now exceeds 5 million square feet, including a rapidly expanding presence in Mission Bay, and is leading the recovery of San Francisco's commercial real estate market,' ARE said in its application. The growth in AI is bringing significant investment, talent, and jobs to San Francisco,'
