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Fisker’s “Material Weaknesses”

And, fake BlackRock XRP ETF surge.

Today is Tuesday, November 14, 2023.

The Early Bird Index today is 58.45.

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Fisker’s “Material Weaknesses”

Electric vehicle maker Fisker (NYSE: FSR) declined by 14.84% in after-hours trading on Monday after the company posted bad financial earnings results.

Financials: Fisker reported a loss of 27 cents per share in the past quarter and revenue of $71.8 million; both were below estimates.

Details: The company only delivered 1,097 vehicles in the third quarter, which was lower than anticipated. However, the company delivered over 1,200 in October alone, which means there will be an increase in deliveries in the current quarter.

Powering the Story: Fisker’s chief accounting officer left in late October, which caused its financial earnings results to be delayed. Fisker also found out “that it has material weaknesses” in its financial reporting, according to its filing.

Final Thoughts: With demand for EVs dropping in 2023, Fisker’s stock is down 40%. It is lagging behind other EV companies as well.

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Notable Earnings Today: Home Depot (NYSE: HD), Energizer (NYSE: ENR), Sally Beauty (NYSE: SBH), Sea Ltd. (NYSE: SE), Canadian Solar (Nasdaq: CSIQ), CAE (NYSE: CAE), Varex Imaging (Nasdaq: VREX), Vipshop (NYSE: VIPS), WalkMe (Nasdaq: WKME), Canoo (Nasdaq: GOEV), On Holding (NYSE: ONON), AST Space Mobile (Nasdaq: ASTS), Paysafe (NYSE: PSFE), Vintage Wine Estates (Nasdaq: VWE), Oaktree Specialty Lending (Nasdaq: OCSL), Super League (Nasdaq: SLE), Sigma Aramark (NYSE: ARMK), Workhorse (Nasdaq: WKHS), IHS Holding Limited (NYSE: IHS), AlTi Global (Nasdaq: ALTI), BioXcel Therapeutics (Nasdaq: BTAI), Lithium (Nasdaq: SGML), QuickLogic (Nasdaq: QUIK), Momentus (Nasdaq: MNTS), Rekor (Nasdaq: REKR).

Notable IPOs Today: Shimmick Corporation Common Stock (Nasdaq: SHIM), Richtech Robotics Inc. Class B Common Stock (Nasdaq: RR), IDX Dynamic Innovation ETF (Nasdaq: DYNI), ERShares NextGen Entrepreneurs ETF (Nasdaq: ERSX), ERShares Entrepreneurs ETF (Nasdaq: ENTR).

Notable Equity Crowdfunding Campaigns Ending Today: Sun & Swell (Wefunder), Rentberry (Republic), Enviro Water Minerals Company (Netcapital).

Notable Economic Events Today: CPI / Core CPI (8:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Fake BlackRock XRP ETF Surge

The price of the cryptocurrency XRP briefly surged by 14% on Monday afternoon due to a falsified filing suggesting that BlackRock (NYSE: BLK) wanted to launch an XRP ETF (exchange-traded fund).

Details: BlackRock confirmed that it is not launching an XRP ETF, according to CoinDesk. The XRP ETF filing was fake.

Background: BlackRock is one of several companies that submitted filings for proposed spot Bitcoin and Ethereum ETFs. There are no spot crypto ETFs in the U.S. at this point, but that could change in a few months if the SEC decides to approve some of them.

Price: XRP is up 95% this year, including a 35% increase in the last 30 days.

Final Thoughts: The lesson here is don’t believe everything you read online. It was a fake ETF filing and investors were duped.

BeautyHealth CEO Departs Amid Bad Results

Shares of BeautyHealth (Nasdaq: SKIN) plummeted 40.26% in after-hours trading on Monday after the company posted bad financial earnings results, including a lower-than-expected sales forecast.

Powering the Story: The company also announced that CEO Andrew Stanleick will leave the company on November 19.  Current BeautyHealth Director Marla Beck will serve as Interim CEO.

Final Thoughts: BeautyHealth is heading in the wrong direction. The stock was already down 57% this year.

Trends to Watch

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