CommScope also evaluating potential sale, Bloomberg reports
14:53 EDT CommScope (COMM) also evaluating potential sale, Bloomberg reports
Confident Investing Starts Here:
Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
38 minutes ago
- Yahoo
Rosenberg Sees a 'Slowing-But-Still Strong Labor Market'
Jeffrey Rosenberg, portfolio manager at BlackRock Inc., says the May jobs report means the Federal Reserve can take a wait-and-see approach when it comes to interest rates. "The big takeaway is a slowing-but-still strong labor market," he said on "Bloomberg Surveillance." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Engadget
an hour ago
- Engadget
The head of Tesla's Optimus humanoid robot program leaves the company
Milan Kovac, who leads Tesla's Optimus humanoid robotics program, is leaving the automaker. In a post on X, Milan talked about how he joined Tesla as an engineer for the core Autopilot team in 2016 and how he started leading the Optimus group in 2022. He explained that he's leaving his position, because he's "been far away from home for too long and will need to spend more time with family abroad." Kovac stressed that it was the only reason he's leaving and that his support for Elon Musk and the Tesla team was "ironclad," perhaps insinuating that his decision had nothing to do with Musk's politics or recent fallout with the president. Tesla first announced that it was working on a humanoid robot in 2021, though it wasn't able to debut an actual prototype until a year a later in 2022. Musk said back then Optimus will be able to move at 5 mph and carry loads up to 45 pounds. He also said that he expects it to sell for $20,000 each when built at volume and claimed that the machines can give the company a $25 trillion market cap. Since then, Tesla has demonstrated Optimus' ability to handle an egg, cook meals, fold the laundry and throw the trash. The robot doesn't have a solid release date yet. Musk said back in April that the robot's production had been affected by China's export restrictions of rare earth magnets, so it's most likely not going to be anytime soon. Bloomberg , which reported Kovac's departure first, said he's leaving the company immediately. Ashok Elluswamy, who's leading the company's Autopilot group, is taking over his responsibilities. If you buy something through a link in this article, we may earn commission.
Business Insider
2 hours ago
- Business Insider
Dangote's $20B refinery sources U.S. crude, raising questions on Nigeria's output
The Dangote refinery, the largest crude processing facility in Africa, has been importing significant quantities of U.S. crude WTI, highlighting an apparent inconsistency given Nigeria's status as Africa's top oil producer. Africa's largest refinery, Dangote, imports significant quantities of U.S. crude, despite Nigeria being Africa's top oil producer. The refinery processes U.S. West Texas Intermediate (WTI) Midland crude for its technical advantages, such as higher yields and gasoline blending improvements. Current Nigerian crude production capacity cannot fully supply the refinery's needs, leading to a reliance on imports. Following a prolonged back-and-forth between Nigeria's national petroleum company, the Dangote $20 billion refinery, with a capacity of 650,000 barrels per day (bpd), has turned to the US crude oil market in 2025, sourcing West Texas Intermediate (WTI) Midland crude, a Bloomberg's ship tracking data noted. The refinery's intake of American crude has risen to roughly one-third, almost double the proportion seen during its 2024 startup phase. More notably, the surge in U.S. crude imports persists despite Nigeria's status as Africa's top crude oil producer and key OPEC member. However, the country's crude production capacity is limited, and it struggles to meet the Dangote refinery's needs and broader national demands. Critics argue that the factors behind Dangote's crude reroute stem from concerns over logistics and technicalities. According to Randy Hurburun, senior refinery analyst at Energy Aspects, technical advantages play a key role. WTI Midland offers higher yields of reformate and improved gasoline blending characteristics. Additionally, the shift is a consequence of the recent downturn in Asian demand for U.S. crude, driven in part by ongoing U.S.-China trade tensions, which has made more Midland oil available on the global market. As a further consequence, the refinery's ramp-up has led to a tightening of Nigerian crudes, a Dangote spokesperson confirmed, noting that June's crude intake will likely include an even higher share of U.S. supply. Bloomberg added that the event would allow U.S. crude to gain a larger share of Dangote's imports compared to Nigerian crude. Dangote refinery's refining capacity The Dangote Refinery, situated in the Lekki Free Zone near Lagos, Nigeria, has a designed processing capacity of 650,000 barrels of crude oil per day (bpd), making it Africa's largest oil refinery and the world's largest single-train facility. The refinery, located near Lagos, began producing diesel and naphtha in early 2024, with gasoline output commencing in September. As of early 2025, the refinery was operating at approximately 85% capacity, processing around 550,000 bpd. To meet its crude requirements, the refinery has been importing significant quantities of U.S. West Texas Intermediate (WTI) crude oil. In June 2025, it booked approximately 300,000 bpd of WTI, and in July, it planned to import at least 5 million barrels, equating to about 161,000 bpd Once fully operational, it is projected to meet Nigeria's entire domestic demand for refined petroleum products while generating surpluses for export across Africa and beyond. The image of Nigeria, a nation rich in oil, importing crude may seem ironic, but the Dangote refinery's sourcing strategy highlights broader challenges in the country's upstream sector, including underinvestment, theft, and operational inefficiencies. In contrast, the U.S. shale sector remains agile and export-oriented, with competitive grades like WTI Midland offering technical and economic advantages for large-scale processors. As Nigeria continues to reform its petroleum sector and attract new upstream investment, the success of the Dangote refinery could mark a turning point in reducing dependence on imported fuels – albeit fueled, for now, by American crude.
