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Bill Ackman Thinks Rival Icahn&#39;s Firm Still Overvalued, Nvidia Nears $1 Trillion Market Cap, Freshpet&#39;s Largest Shareholder Pushes For Board Overhaul: Today&#39;s Top Stories

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	Arrival (NASDAQ: ARVL) reportedly expects its recently disclosed merger deal and significant subsidies from the US Inflation Reduction Act (IRA) to drive its business growth.


EV Startup Arrival Gets Hope For Survival From US IRA Subsidies: Report

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Kensington Capital Acquisition Corp. V Class A Ordinary Shares

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Kensington Capital Acquisition Corp. V Units, each consisting of one Class A ordinary share and three-fourths of one redeemable warrant

Kensington Capital Acquisition Corp. V Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50

Former President Donald Trump&#8217;s close allies, including Boris Epshteyn, Mark Meadows, and Rudy Giuliani, have been indicted by an Arizona grand jury. The indictment pertains to their alleged involvement in attempts to overturn the 2020 election results.
What Happened: The Arizona grand jury handed down an indictment against several individuals associated with Trump&#8217;s 2020 campaign. These individuals stand accused of trying to subvert the election results, including the fraudulent electors from Arizona, <a href="https://edition.cnn.com/2024/04/24/politics/arizona-criminal-charges-2020-election-subversion/index.html">reported</a> CNN on Wednesday.
Among the indicted are Epshteyn, a former White House aide and one of Trump&#8217;s closest advisers, former White House chief of staff Meadows, and former New York Mayor Giuliani, as per a source familiar with the investigation, according to CNN .
See Also: <a href="https://www.benzinga.com/general/politics/24/04/38362005/donald-trump-may-soon-receive-36-million-more-djt-shares-key-milestone-ahead?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump May Soon Receive An Additional $1.26B In DJT Shares: Key Milestone Ahead (UPDATED)</a>
Arizona Attorney General Kris Mayes announced the indictment on Wednesday night, focusing on the 11 individuals who acted as pro-Trump electors in the state. The names of several other indicted defendants remain redacted until they have been served, Mayes stated.
While Trump himself has not been charged in Arizona, the indictment details suggest he is referred to as &#8220;Unindicted Coconspirator 1&#8221;.
Why It Matters: The indictment of Trump&#8217;s allies in Arizona marks a significant development in the ongoing legal battles surrounding the 2020 election. 
In an interview with Fox News in August 2023, Rep. Marjorie Taylor Greene (R-Ga), a staunch Trump supporter, suggested that the ex-president could potentially <a href="https://www.benzinga.com/news/23/08/33956035/marjorie-taylor-greene-says-donald-trump-may-face-fifth-indictment-in-arizona?itm_source=parsely-api">face a fifth indictment</a>, this time in Arizona, based on a similar alleged fraudulent elector scheme aimed at undermining President Joe Biden&#8217;s narrow victory in the state. 
Image made using photos on Shutterstock
Read Next: <a href="https://www.benzinga.com/news/24/04/38349699/marjorie-taylor-greene-says-mike-johnsons-speakership-is-over-after-house-passes-ukraine-aid-package?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Says Mike Johnson&#8217;s Speakership Is &#8216;Over&#8217; After House Passes Ukraine Aid Package: &#8216;Resign And Allow Us To Move Forward&#8217;</a>
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Trump Allies Giuliani, Meadows Indicted By Arizona Grand Jury For Alleged 2020 Election Subversion — Ex-President Possibly 'Unindicted Co-conspirator 1': Report

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Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

WNBA star Brittney Griner is sharing her story for the first time about spending 10 months in a Russian prison in a special edition of 20/20.
In a clip of the emotional interview, Griner shared her experience of having been <a href="https://www.benzinga.com/markets/cannabis/22/03/26007231/breaking-russia-detains-wnba-all-star-brittney-griner-for-alleged-possession-of-hash-oil">arrested and incarcerated</a> after a small amount of cannabis oil was found in her suitcase at a Moscow airport. At the time, Feb. 17, 2022 — just one week before Russia invaded Ukraine — Griner was heading back to Russia where she played for seven years during the off-season from her U.S. team, a center for the Phoenix Mercury.
"I was just so scared for everything because there&#8217;s so much unknown," Griner <a href="https://abcnews.go.com/US/wnba-star-brittney-griner-opens-harrowing-russian-detention/story?id=109495984">told</a> ABC's&nbsp;Robin Roberts,&nbsp;co-anchor of&nbsp;Good Morning America.
Roberts asked Griner what was going on in her mind when she realized that the cannabis cartridges were found in her luggage. Griner, a medical marijuana patient in the U.S., said she realized immediately that her mistake could have devastating consequences.
"My life is over right here," Griner answered. 
Griner admitted that the conditions were so terrible that she had thoughts of ending her life. "The mattress had a huge blood stain on it. I had no soap, no toilet paper. That was the moment where I just felt less than a human," she told Roberts. "I just didn&#8217;t think I could get through what I needed to get through.&#8221;
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<iframe loading="lazy" title="1st look at Brittney Griner&#039;s interview" width="500" height="281" src="https://www.youtube.com/embed/ovmtrgsjwYA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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When Griner <a href="https://www.benzinga.com/markets/cannabis/22/07/27987966/breaking-brittney-griner-pleads-guilty-biden-lashes-out-over-her-detention-russia-calls-it-hype-">pleaded guilty to drug charges</a> in July 2022, she told a judge in Moscow that she accidentally packed the vape cartridges in her luggage and did not intentionally break Russian law. 
Sentenced to <a href="https://www.benzinga.com/markets/cannabis/22/08/28355539/closing-remarks-in-brittney-griner-case-verdict-and-sentencing-expected-soon">nine years in prison</a> in August, Griner was released on Dec. 8 in a prisoner swap for Russian arms dealer&nbsp;Viktor Bout. But not before being moved to a <a href="https://www.benzinga.com/markets/cannabis/22/11/29642858/brittney-griner-being-moved-to-russian-penal-colony-her-lawyers-dont-yet-know-exact-location">notorious penal colony</a>.
In addition to the exclusive interview, Griner&#8217;s <a href="https://www.benzinga.com/markets/cannabis/23/12/36147628/brittney-griner-will-exclusively-share-her-story-across-multiple-platforms-via-espn-disney-partn">story is the subject of an ESPN documentary</a> and a potential scripted series with ABC detailing her experience.
Photo: Courtesy of ESPN press room

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Entertainment

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Global

Brittney Griner Talks For The First Time About Her Russian Detention In Exclusive '20/20' Special

For the first time in more than 130 years, voters will likely choose between two candidates with presidential experience for the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
Here's a look at who voters in swing states currently favor in a 2020 election rematch of Donald Trump and Joe Biden.
What Happened: A close race is expected between Biden and Trump in the 2024 election based on election polls <a href="https://www.benzinga.com/general/sports-betting/24/04/38417836/trump-and-biden-get-ready-2024-election-betting-odds-point-to-major-showdown">and betting odds.</a>
Key demographics like young voters and old voters could play an important role in the election, along with <a href="https://www.benzinga.com/topic/swing-states">key swing states.</a>
A new poll of voters in swing states shows Biden gaining ground over Trump, who has led the way in these key states in recent months.
Here are the results of the recent swing state <a href="https://pro.morningconsult.com/analysis/swing-state-polling-april-2024">poll </a>from Morning Consult for the month of April, with the results from March in parentheses.
Arizona: 49% Trump (48%), 42% Biden (43%)
Georgia: 49% Trump (49%), 43% Biden (42%)
Michigan: 47% Biden (45%), 45% Trump (45%)
Nevada: 51% Trump (46%), 43% Biden (44%)
North Carolina: 51% Trump (49%), 41% Biden (43%)
Pennsylvania: 47% Trump (45%), 46% Biden (45%)
Wisconsin: 48% Trump (45%), 44% Biden (46%)
Related Link: <a href="https://www.benzinga.com/general/politics/24/04/38358680/can-biden-or-trump-build-ikea-furniture-2024-election-polls-may-have-gone-too-far">Can Biden Or Trump Build IKEA Furniture? 2024 Election Polls May Have Gone Too Far</a>
Why It's Important: The new poll shows Trump gaining support in Arizona, Nevada, North Carolina, Pennsylvania and Wisconsin. Trump has some of his biggest leads in Arizona, Nevada and North Carolina since polling began in October 2023 for the swing states.
Biden gained support in Georgia, Michigan and Pennsylvania, but lost support in several states. The key win for the current president is taking a lead in Michigan for the first time since polling began in October.
The new poll also showed Biden gaining voter trust on several items including Medicare and Social Security.
The <a href="https://www.benzinga.com/general/politics/24/03/37884006/trump-vs-biden-key-swing-states-arizona-nevada-michigan-wisconsin-show-close-races-heres-the-rol">seven swing states </a>together represent 93 electoral votes in the 2024 election. Six of the seven swing states were won by Biden in the 2020 election, with Trump winning North Carolina. Five of the seven swing states won by Biden in 2020 flipped from Trump to Biden in the election, including Arizona, Michigan and Wisconsin.
Read Next: <a href="https://www.benzinga.com/general/politics/24/04/38366379/trump-committed-conspiracy-to-undermine-the-integrity-of-a-presidential-election-prosecution-all">Trump Committed &#8216;Conspiracy To Undermine The Integrity Of A Presidential Election,&#8217; Prosecution Alleges In Hush Money Trial</a>
Photo: Shutterstock

Trump Vs. Biden: Former President Dominates Swing States, But Loses One For First Time In New 2024 Election Poll

If you're the parent of a child under 12 and have streaming platform Disney+, there's a good chance you've watched Australian <a href="https://www.benzinga.com/general/entertainment/23/12/36400565/is-disneys-percy-jackson-reboot-a-streaming-sensation-the-impact-of-new-shows-and-blueys-tr">animated hit &#8220;Bluey.</a>&#8220;
The show is turning in big numbers for Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), but the company also hinted at the show ending or having less content going forward.
What Happened: Streaming platform Disney+, part of the Walt Disney Company, has one of the<a href="https://www.benzinga.com/general/entertainment/24/04/38024244/appletv-a-streaming-winner-new-survey-shows-platform-has-smallest-library-highest-rated-con"> largest content libraries</a> of family-based content, which is a draw to getting adults with children to subscribe to the platform.
Among the hit shows on Disney+ is the Australian show "Bluey," with Disney having the rights in the U.S. The show has drawn praise from kids and from parents, thanks to its relatable storylines.
On April 14, Disney+ aired the episode "The Sign" from the third season of the show. At 28 minutes, the episode was around three times longer than most episodes.
The episode had 10.4 million views globally in its first week on Disney+, <a href="https://www.hollywoodreporter.com/tv/tv-news/bluey-the-sign-ratings-disney-plus-1235879242/">according </a>to The Hollywood Reporter. This ranked as the most-watched episode in the show's history and had the biggest viewership for a Disney Junior show on Disney+.
This episode and its predecessor "Ghostbasket" left fans asking questions about the future as the Heeler family featured on "Bluey" dealt with a potential sale of their home and a move to another city.
Fans were treated to a surprise with the season 3 finale episode appropriately titled, "Surprise."
The episode included a flash forward to main character Bluey as an adult and with a child —&nbsp;leaving more questions about if the show is ending, as many voiced on social media that it felt more like a series finale than a season finale.
Related Link:<a href="https://www.benzinga.com/news/earnings/24/02/36993564/disney-invests-1-5b-in-fortnite-owner-epic-games-in-biggest-ever-gaming-entry-posts-q1-earnings-bea"> Disney Invests $1.5B In Fortnite Owner Epic Games In &#8216;Biggest Ever&#8217; Gaming Entry, Posts Q1 Earnings Beat, Revenue Miss</a>
What's Next: Show creator Joe Brumm told The Hollywood Reporter in 2023 that the BBC, which originally commissioned the show alongside Australia's ABC, to not talk about the kids' voices or the future of the show.&nbsp;
Brumm has also said he's taking a break after the third season, which added to the speculation about the show's future.&nbsp;
A producer of "Bluey" recently confirmed to <a href="https://www.bbc.com/news/entertainment-arts-68795941">BBC </a>that the show will return in the future. Another producer also said it would be a "dream" to make a movie based on Bluey and her family in the future.
"Bluey" debuted on the streaming platform in 2020, becoming one of the most-watched shows in the U.S. on streaming platforms. Data from Nielsen showed the series had an average of 1.19 billion minutes viewed per week across a three-season library of 150 episodes.
The children's show is the most streamed show in the U.S. in 2024 based on viewing time tracked by Nielsen. The show ranked second in 2023 and sixth in 2022.
The show has been a huge hit for Disney and a gap between seasons or an end to the show could eliminate one of the key pieces of content.&nbsp;
In a highly competitive streaming market, platforms need shows like "Bluey" that aren't available other places and are must-watch content for at least one age demographic.
With its appeal to kids and parents alike, "Bluey" hits multiple demographics.
Read Next: <a href="https://www.benzinga.com/general/entertainment/24/03/37701205/taylor-swift-concert-film-hits-streaming-heres-how-to-watch-the-eras-tour-taylors-version">Taylor Swift Concert Film Hits Streaming: Here&#8217;s How To Watch &#8216;The Eras Tour (Taylor&#8217;s Version)&#8217;</a>
Photo: Courtesy Disney+ UK

Bluey Dominates Ratings For Disney+: Kids, Parents Hoping Hit Show Not Over

<h1 class="wp-block-heading">Top Stories for April 24, 2024:</h1>
<ol>
<li>American Battery Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABAT#NASDAQ">ABAT</a>) updated <a href="https://www.benzinga.com/news/24/04/38404516/american-battery-technology-company-publishes-updated-initial-assessment-and-economic-analysis-for-t">its initial assessment</a> for the Tonopah Flats Lithium Project (TFLP).</li>
</ol>
It refined the project&#8217;s scope to use only measured and indicated mineral resources, excluding the more speculative inferred resources.&nbsp;
This strategy improves the project's economics by enhancing access to higher-quality resources and optimizing processing at its newly built demonstration facility. 
Key updates include a 7% reduction in total processed claystone, an 8% increase in lithium grade, a 7% decrease in production costs and a 6% rise in the project&#8217;s net present value to $4.67 billion.
<ol start="2">
<li>Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) reported first-quarter results, with net sales of $4.7 billion and net income of $584 million. </li>
</ol>
Highlights include 3.3 million tons of steel shipments, operating income of $751 million and adjusted EBITDA of $879 million.&nbsp;
The company&#8217;s financial health was further supported by liquidity of $3.1 billion and shareholder returns through $298 million in stock repurchases and an 8% dividend increase.&nbsp;
Demand was solid across sectors, particularly automotive and construction, driving sequential improvements in earnings and operational performance.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/news/24/04/38390383/copper-prices-approach-2-year-highs-whats-behind-analysts-12-000-price-prediction-for-2026">Copper Prices Approach 2-Year Highs: What&#8217;s Behind Analyst&#8217;s $12,000 Price Prediction For 2026?</a>
<ol start="3">
<li>Gold Royalty Corp (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GROY#AMEX">GROY</a>) entered into a three-year mutual cooperation agreement with Taurus Mining Royalty Fund that allows both parties to co-invest in precious metals royalties and streams. </li>
</ol>
The agreement focuses on assets valued at $30 million or more and provides a framework for identifying and evaluating co-investment opportunities, with the option for each party to invest 25% to 50% in selected transactions.&nbsp;
Additionally, any future sales of interests acquired through this partnership will offer first rights to the other partner.
<ol start="4">
<li>Coeur Mining Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) released its 2023 ESG Report, emphasizing its progress in environmental, social and governance efforts aligned with shareholder value. </li>
</ol>
The report highlights Coeur&#8217;s achievement of the lowest injury rate among peers at 0.46 and its adoption of the Global Industry Standard on Tailings Management (placing it among the top 17% of non-International Council on Mining and Metals companies).
The company also shared its commitment to biodiversity through the Biodiversity Management Standard and advancements in climate resilience, aiming for a 35% reduction in GHG emissions by the end of 2024.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/m-a/24/04/38405991/equinox-gold-snaps-up-greenstone-gold-mines-for-995m-in-incredibly-rare-deal">Equinox Gold Snaps Up Greenstone Gold Mines For $995 Million In &#8216;Incredibly Rare&#8217; Deal</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!
Photo: Jose Luis Stephens via Shutterstock.

Commodities

ABAT

GROY

STLD

American Battery Optimizes Lithium Project; Steel Dynamics Reports Q1 Results; Gold Royalty Teams Up With Taurus Mining And More: Wednesday's Top Mining Stories

Helix Energy Solns Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLX#NYSE">HLX</a>) reported quarterly losses of $(0.03) per share which missed the analyst consensus estimate of $0.02 by 250 percent. The company reported quarterly sales of $296.211 million which missed the analyst consensus estimate of $296.725 million by 0.17 percent. This is a 18.44 percent increase over sales of $250.084 million the same period last year.

Earnings

Earnings Misses

Helix Energy Solns Gr Q1 2024 Adj EPS $(0.03) Misses $0.02 Estimate, Sales $296.211M Miss $296.725M Estimate

National Bank Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBHC#NYSE">NBHC</a>) reported quarterly earnings of $0.82 per share which beat the analyst consensus estimate of $0.76 by 7.89 percent. This is a 22.64 percent decrease over earnings of $1.06 per share from the same period last year. The company reported quarterly sales of $101.724 million which missed the analyst consensus estimate of $103.683 million by 1.89 percent. This is a 7.15 percent decrease over sales of $109.554 million the same period last year.

Earnings Beats

NBHC

National Bank Holdings Q1 2024 GAAP EPS $0.82 Beats $0.76 Estimate, Sales $101.724M Miss $103.683M Estimate

In June 2022, New York Gov. Kathy Hochul announced a deal had finally been reached to <a href="https://www.benzinga.com/markets/cannabis/22/01/24932856/new-york-gov-kathy-hochul-pledges-200m-to-boost-social-equity-efforts-as-part-of-cannabis-legali">fund a $200 million public-private effort</a>, which would finance cannabis dispensaries run by the people who have been the most impacted by the war on drugs.
The much-anticipated public-private fund is now coming under scrutiny following an <a href="https://www.thecity.nyc/2024/04/24/cannabis-fund-social-equity-dispensary/">investigation</a> by THE CITY&#8217;s Rosalind Adams, which uncovered a "lopsided deal" favoring the private equity firm Chicago Atlantic Group and raising concerns about the state's social equity goals. 
The agreement heavily favors Chicago Atlantic, leaving the state exposed to significant risks, noted the outlet.
Even the New York Office of Cannabis Management (OCM) cast doubts on the fund&#8217;s viability according to internal OCM documents that questioned whether the deal had overstated the potential revenue and profit potential.
<h1 class="wp-block-heading">What Happened</h1>
New York state, unable to secure a private equity partner, agreed to a $50 million loan from Chicago Atlantic at a 15% interest rate, with all risk borne by the state.
Critics, including Reinvent Albany, an organization that advocates for government transparency and accountability, deemed the deal to have been detrimental to the state and prospective dispensary owners. Legal experts and consultants likened it to distressed debt lending.
Despite the skepticism and advice against the arrangement, negotiations ultimately led to a secret agreement benefiting Chicago Atlantic.
Previously, THE CITY revealed how cannabis licensees who accept loans from the social equity fund are burdened with high construction costs that they don't control and with interest rates that exceed the state's initial estimates.
"Everyone is worried about defaulting because of the rules and regulations of this loan," said Roland Conner, who runs <a href="https://www.benzinga.com/markets/cannabis/23/01/30496199/ny-gov-hochul-announces-opening-of-first-cannabis-shop-owned-by-person-impacted-by-war-on-drugs">Smacked on Bleecker Street</a> in Greenwich Village, the first legal dispensary owned by a person affected by the drug war.
<h1 class="wp-block-heading">Who's Responsible?</h1>
Details of the deal are still secret, with New York state authorities denying Freedom of Information Law requests. The state comptroller&#8217;s office and key lawmakers say they were not informed or involved in the making of the deal, exposing a shocking lack of oversight.
Meanwhile, Chicago Atlantic secured favorable terms, including leasing rights and a $100 million commitment for property development, raising yet more concerns about profiteering at the expense of marginalized communities.
<h1 class="wp-block-heading">Corruption Or Ineptitude?</h1>
The handling of New York&#8217;s cannabis program seems to reflect a corrosive mix of both ineptitude and potential corruption. While officials may have sought to support marginalized groups, their actions suggest a lack of due diligence and transparency.
One element of the story, which you can read in full <a href="https://www.thecity.nyc/2024/04/24/cannabis-fund-social-equity-dispensary/">here</a>, is that social equity applicants are furious.
A Queens shop owner, Dalessio, who was awarded a retail license designated for people impacted by past drug convictions told THE CITY that after a year of back and forth with the fund, he walked away from the deal.
"It just left such a bad taste in my mouth. I warned everyone I could to stay away from this deal," he said.
Photo: Courtesy of Branding Pot via Shutterstock

Government

Legal

Cannabis Saga In The Empire State: Corruption Or Ineptitude? Private Equity Tramples Social Equity, Report Reveals

Alamos Gold (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGI#NYSE">AGI</a>) reported quarterly Adj earnings of $0.13 per share which met the analyst consensus estimate. The company reported quarterly sales of $277.600 million which beat the analyst consensus estimate of $272.000 million by 2.06 percent. This is a 10.38 percent increase over sales of $251.500 million the same period last year.

Alamos Gold Q1 Adj EPS $0.13, Inline, Sales $277.600M Beat $272.000M Estimate

Piper Sandler analyst Clarke Jeffries maintains Tyler Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TYL#NYSE">TYL</a>) with a Overweight and maintains $520 price target.

Price Target

Analyst Ratings

Piper Sandler Maintains Overweight on Tyler Technologies, Maintains $520 Price Target

Rogers, who will continue to serve as a director of Mativ and will assume the role of Audit Committee Chair.

Management

MATV

Mativ Holdings Appoints Kimberly Ritrievi As Chair Of Board, Succeeding John Rogers

First Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBMS#NASDAQ">FBMS</a>) reported quarterly earnings of $0.65 per share which beat the analyst consensus estimate of $0.59 by 10.17 percent. This is a 24.42 percent decrease over earnings of $0.86 per share from the same period last year. The company reported quarterly sales of $57.341 million which missed the analyst consensus estimate of $59.927 million by 4.32 percent. This is a 11.68 percent decrease over sales of $64.926 million the same period last year.

FBMS

First Bancshares Q1 2024 Adj EPS $0.65 Beats $0.59 Estimate, Sales $57.341M Miss $59.927M Estimate

Guidance

Veris Residential Raises FY24 Core FFO Per Share Outlook From $0.48-$0.53 To $0.50-$0.54, Est $0.53

Colony Bankcorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBAN#NASDAQ">CBAN</a>) reported quarterly earnings of $0.33 per share which beat the analyst consensus estimate of $0.31 by 6.45 percent. This is a 6.45 percent increase over earnings of $0.31 per share from the same period last year. The company reported quarterly sales of $28.141 million which beat the analyst consensus estimate of $27.600 million by 1.96 percent. This is a 0.30 percent decrease over sales of $28.227 million the same period last year.

CBAN

Colony Bankcorp Q1 2024 Adj EPS $0.33 Beats $0.31 Estimate, Sales $28.141M Beat $27.600M Estimate

Needham analyst Mike Matson maintains Boston Scientific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) with a Buy and raises the price target from $71 to $82.

Needham Maintains Buy on Boston Scientific, Raises Price Target to $82

CVB Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVBF#NASDAQ">CVBF</a>) reported quarterly earnings of $0.35 per share which beat the analyst consensus estimate of $0.34 by 2.94 percent. This is a 16.67 percent decrease over earnings of $0.42 per share from the same period last year. The company reported quarterly sales of $126.574 million which beat the analyst consensus estimate of $116.576 million by 8.58 percent. This is a 8.89 percent decrease over sales of $138.930 million the same period last year.

CVBF

CVB Financial Q1 2024 GAAP EPS $0.35 Beats $0.34 Estimate, Sales $126.574M Beat $116.576M Estimate

Bridgewater Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BWB#NASDAQ">BWB</a>) reported quarterly earnings of $0.24 per share which missed the analyst consensus estimate of $0.25 by 4 percent. This is a 35.14 percent decrease over earnings of $0.37 per share from the same period last year. The company reported quarterly sales of $26.181 million which missed the analyst consensus estimate of $27.033 million by 3.15 percent. This is a 13.50 percent decrease over sales of $30.267 million the same period last year.

Bridgewater Bancshares Q1 2024 GAAP EPS $0.24 Misses $0.25 Estimate, Sales $26.181M Miss $27.033M Estimate

U.S. President Joe Biden&#8216;s recent signing of legislation has thrown ByteDance&#8217;s TikTok into the spotlight, with CEO Shou Zi Chew saying <a href="https://www.benzinga.com/news/24/03/38001945/amid-us-china-tussle-tiktok-content-creators-worry-about-bread-and-butter-if-app-ban-succeeds">the platform will fight back.</a>
&#8220;Make no mistake, this is a ban, a ban on TikTok and a ban on you and your voice,&#8221; the CEO said in a two-minute&nbsp;<a href="https://www.tiktok.com/@tiktok/video/7361448925972155679" target="_blank" rel="noreferrer noopener">video</a>&nbsp;posted to TikTok&#8217;s main corporate account.
See Also: <a href="https://www.benzinga.com/news/24/04/38372058/analyst-predicts-tiktok-shutdown-in-us-by-next-year-ahead-of-senate-vote-will-not-operate-here">Analyst Predicts TikTok Shutdown In US By Next Year Ahead Of Senate Vote: &#8216;Will Not Operate Here&#8230;&#8217;</a>
Chew&#8217;s statement, delivered Wednesday, April 24, continued: &#8220;Politicians may say otherwise. But don't get confused. Many who sponsored the bill admit a TikTok ban is their ultimate goal.&#8221;
The legislation, part of a $95 million foreign aid package supporting Israel and Ukraine, was widely supported by the U.S. Senate and the House of Representatives.
It gives ByteDance, TikTok&#8217;s parent company, 270 days to find new owners. If ByteDance fails to comply, TikTok faces removal from Apple Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Alphabet Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google app stores in the U.S., People magazine <a href="https://people.com/tiktok-ceo-says-we-arent-going-anywhere-biden-signs-potential-ban-into-law-8638226">reported. </a>
Additionally, there&#8217;s a provision for a three-month extension if a sale is in progress by the initial deadline.
<h1 class="wp-block-heading">ByteDance&#8217;s TikTok Fights Back Against Ban</h1>
TikTok&#8217;s uncertain future stems from discussions that began during the COVID-19 pandemic. Former President Donald Trump initially proposed banning the app in April 2020, a move later paused by the Biden administration in February 2021. Currently, TikTok boasts 170 million American users.
The legislation presents concerns about security, with fears that TikTok could be used for Chinese surveillance or data access. TikTok denies these allegations, and the Chinese government asserts there&#8217;s no evidence supporting claims of national security threats. 
TikTok plans to challenge the legislation, citing freedom of speech. In his video, Chew expressed confidence in their legal fight: &#8220;Rest assured, we aren&#8217;t going anywhere.&#8221; 
&#8220;We are confident and we will keep fighting for your rights in the courts&#8230; The facts and the U.S. Constitution are on our side, and we expect to prevail again,&#8221; he added. 
<h1 class="wp-block-heading">Can I Keep Using TikTok? Exploring The Ban&#8217;s Impact</h1>
Don&#8217;t worry, TikTok won&#8217;t just vanish from your phone overnight.
It&#8217;s likely to be at least a year before any ban takes effect, with potential legal challenges possibly extending the timeline further. While TikTok has succeeded in court before, this marks a new challenge against federal legislation.
Concerning your TikTok app, it&#8217;s unlikely to disappear from your phone immediately. However, if the ban goes into effect it may vanish from Apple and Google&#8217;s app stores, meaning no new downloads, updates, or fixes, as <a href="https://www.nbcnewyork.com/news/national-international/tiktok-ban-us-what-to-know/5350848/#:~:text=No%2C%20TikTok%20will%20not%20suddenly%20disappear%20from%20your%20phone.">per</a> NBC New York. 
Over time, this could pose security risks and usability challenges.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38358239/microsoft-and-oracle-could-be-tiktoks-likely-buyers-but-real-winners-would-be-mark-">Microsoft And Oracle Could Be TikTok&#8217;s &#8216;Likely Buyers,&#8217; But Real Winners Would Be Mark Zuckerberg And Sundar Pichai</a>
Photo: <a href="https://www.shutterstock.com/es/g/salarko">salarko</a> on Shutterstock.

Asia

Regulations

Social Media

TikTok Fights Back, 'We Aren't Going Anywhere': What's Next For Users?

Barrington Research analyst James Goss maintains Travelzoo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TZOO#NASDAQ">TZOO</a>) with a Outperform and lowers the price target from $14 to $12.

TZOO

Barrington Research Maintains Outperform on Travelzoo, Lowers Price Target to $12

7 EV Penny Stocks That Are Better Buys Than Mullen

Kensington Capital Acquisition Corp V (KCGI) is the highest overall rated company in the Shell Companies industry with an overall score of 66. KCGI is up 5.85% so far this year after the company closed yesterday at $10.49.  The overall score measures the company's performance based-off both short and long term indicators a

Should You Buy Kensington Capital Acquisition Corp V (KCGI) in Shell Companies Industry?

Kensington Capital Acquisition Corp V (KCGI) is the highest overall rated company in the Shell Companies industry with an overall score of 66. KCGI is up 5.75% so far this year after the company closed yesterday at $10.49.  The overall score measures the company's performance based-off both short and long term indicators a

Is Kensington Capital Acquisition Corp V (KCGI) the Top Pick in the Shell Companies Industry?

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
You&rsquo;ve undoubtedly heard the adage, &ldquo;Sell in May and go away.&rdquo; I&rsquo;ve never been a fan of that school of thought. While other investors may look to dump their stocks, I think this is an ideal time to look for stocks to buy.
Why?
First of all, market experts are mixed on the whole issue of &ldquo;sell in May and go away.&rdquo; Some experts <a href="https://www.investopedia.com/terms/s/sell-in-may-and-go-away.asp">point to historical data</a> that the market gains an average of only 2% from May to October.
By contrast, the market earns 7% from November to April, but the issue is far from settled one way or the other.
Personally, I think it&rsquo;s a bunch of hogwash. I would much rather be in the market to buy stocks in May, even if the market is indeed starting a brief period of underperformance.
Finding the best A-rated stocks to buy now gives you a leg up on growing your portfolio over the long term. After all, you can only take advantage of the miracle of compound interest if you&rsquo;re holding on to a stock for the long term.
If you wait until November to buy, you lose several months of returns.
The Portfolio Grader is an excellent tool for finding the best A-rated stocks to buy. Here are seven that get top marks in May.

<a href="https://investorplace.com/stock-quotes/pi-stock-quote/">PI</a>
Impinj
$87.72
<a href="https://investorplace.com/stock-quotes/sgml-stock-quote/">SGML</a>
Sigma Lithium
$33.37
<a href="https://investorplace.com/stock-quotes/pdd-stock-quote/">PDD</a>
PDD Holdings
$63.52
<a href="https://investorplace.com/stock-quotes/kcgi-stock-quote/">KCGI</a>
Kensington Capital Acquisition Corp. V
$10.48
<a href="https://investorplace.com/stock-quotes/enph-stock-quote/">ENPH</a>
Enphase Energy
$155.42
<a href="https://investorplace.com/stock-quotes/asrt-stock-quote/">ASRT</a>
Assertio Therapeutics
$5.94
<a href="https://investorplace.com/stock-quotes/lly-stock-quote/">LLY</a>
Eli Lilly
$431.19

<h2>Impinj (PI)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2022/06/tech-stocks-1600-300x169.png" alt="A hexagonal grid with different tech-related icons; Tech stocks illustration" width="300" height="169"><div>Source: whiteMocca / Shutterstock</div></div>
Technology company Impinj (NASDAQ:<a href="https://investorplace.com/stock-quotes/pi-stock-quote/">PI</a>) works deeply with the Internet of Things.
Impinj creates tag chips, reader chips and software products that all help products connect to the internet through radio-frequency identification systems.
Impinj is having an up-and-down year so far. The company raised its first-quarter guidance from a range of $71.5 million to $73.5 million up to at least $76 million &ndash; and then blew that out of the water by posting $85.9 million.
The company rattled investors in April by issuing somewhat weak guidance for Q2. It said it would likely have adjusted EPS of 31 cents per share, and revenues of $85.5 million. But Wall Street was looking for $88.4 million in revenue and EPS of 40 cents per share.
As a result, PI stock fell 40% in late April. But I&rsquo;m not deterred. I think PI is even more attractive at this price point, and the market will come to terms with what is undoubtedly an overreaction from fearful investors. This clearly is one of the best stocks to buy this month.
PI stock has an &ldquo;A&rdquo; rating in the Portfolio Grader.

<h2>Sigma Lithium (SGML)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2020/05/lithium-300x169.jpg" alt="a lithium mine, ATLX stock" width="300" height="169"><div>Source: Shutterstock</div></div>
<a href="https://investorplace.com/industries/energy/renewable-energy/battery/lithium/">Lithium stocks</a> have gotten attention recently because it&rsquo;s a crucial component for electric vehicles, smartphones, laptops and other devices powered by lithium batteries.
Lithium is extracted from brine through evaporation ponds, but mining lithium comes at a steep price. It takes roughly <a href="https://www.euronews.com/green/2022/02/01/south-america-s-lithium-fields-reveal-the-dark-side-of-our-electric-future">2.2 million liters</a> of water to produce a single ton of lithium.
Sigma Lithium (NASDAQ:<a href="https://investorplace.com/stock-quotes/sgml-stock-quote/">SGML</a>) is trying to address this using 100% recycled water and clean energy technology at its Grota do Cirilo project in Brazil. The company started production there in April after getting the OK from the Brazilian government to sell and export lithium.
Sigma Lithium is expected to ship its first batch, roughly <a href="https://www.mining.com/web/sigma-lithium-begins-production-at-grota-do-cirilo-project-in-brazil/">15,000 metric tons</a>,&nbsp;this month and reach 270,000 metric tons of annual production.
Sigma is already getting some interest from EV producers as <a href="https://www.reuters.com/technology/tesla-considering-bid-sigma-lithium-bloomberg-news-2023-02-17/">a possible buyout target</a>.
SGML stock has an &ldquo;A&rdquo; rating in the Portfolio Grader.

<h2>PDD Holdings (PDD)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2019/11/pdd-stock-1-300x169.jpg" alt="A smartphone displays the Pinduoduo (PDD) website." width="300" height="169"><div>Source: madamF / Shutterstock.com</div></div>
As the corporate parent of Chinese e-commerce company Pinduoduo, PDD Holdings (NASDAQ:<a href="https://investorplace.com/stock-quotes/pdd-stock-quote/">PDD</a>) sits in an enviable space as one of the stocks to buy this month. China&rsquo;s e-commerce market has a projected market volume of <a href="https://www.statista.com/outlook/dmo/ecommerce/china">$1.48 billion</a> this year.
China&rsquo;s been a difficult market in recent years, as extended Covid-19 shutdowns and U.S. policy toward Beijing on tariffs had an impact. U.S. regulators also have been looking critically at Chinese stocks.
But <a href="https://www.cnbc.com/2023/04/18/china-economy-q1-gdp-2023.html">China&rsquo;s economy is improving</a>, with the GDP showing 4.5% growth in the first quarter, which was better than the 3% GDP growth in 2022.
Pinduoduo focuses primarily on the agricultural industry, allowing small-scale farmers to sell directly to consumers. Fourth-quarter revenues of $39.82 billion were up 46% from a year ago.
PDD stock is down more than 20% this year but seems to be retrenching for another higher run. On a year-over-year basis, the stock is still up 43% from a year ago.
PDD stock has an &ldquo;A&rdquo; rating in the Portfolio Grader.

<h2>Kensington Capital Acquisition Corp. V (KCGI)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2021/03/spac_1600_5-300x169.jpg" alt="A photo of wooden blocks that say SPAC on a folded newspaper. PSTH is a SPAC" width="300" height="169"><div>Source: Dmitry Demidovich/ShutterStock.com</div></div>
It&rsquo;s perfectly reasonable to be skeptical of SPAC deals. Special purpose acquisition companies were all the rage a couple of years ago as a preferred way to take a company public. But <a href="https://investorplace.com/2023/04/7-reasons-trumps-truth-social-stock-is-worth-0/">not all these deals are good</a>, so it takes some due diligence to ensure your SPAC deal doesn&rsquo;t end up a dud.
Kensington Capital Acquisition Corp. V (NYSE:<a href="https://investorplace.com/stock-quotes/kcgi-stock-quote/">KCGI</a>) has a $524 million deal to <a href="https://news.spacconference.com/2023/04/07/ev-maker-arrival-merging-with-kensington-capital-acquisition-v-in-524m-deal/">merge</a> with Arrival (NASDAQ:<a href="https://investorplace.com/stock-quotes/arvl-stock-quote/">ARVL</a>), an EV manufacturer that trades on the Nasdaq composite. The combined company would trade under the ARVL ticker when the merger is complete.
Arrival, a U.K. company planning to build a manufacturing plant in North Carolina, focuses on serving the last-mile delivery market. As e-commerce grows in popularity in the U.S., major delivery companies struggle to quickly and efficiently get products from warehouses to consumers&rsquo; homes.
With a market value of $131.5 billion in 2021, the global last-mile delivery market is expected to reach a <a href="https://www.alliedmarketresearch.com/last-mile-delivery-market">market value</a> of $288.9 billion by 2031, according to Allied Market Research.
Arrival says its merger with KCGI will allow it to <a href="https://www.globenewswire.com/news-release/2023/04/06/2643004/0/en/Arrival-Advances-U-S-Commercialization-Plans-Through-Business-Combination-with-Kensington-Capital-Acquisition-Corp-V.html">bring its EV vans to the U.S.</a> to serve the last-mile delivery market. KCGI stock is an exciting way to get into this market at a low price, and it has an &ldquo;A&rdquo; rating in the Portfolio Grader.

<h2>Enphase Energy (ENPH)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2019/07/enph1600-300x169.jpg" alt="mobile phone screen with enphase energy logo on it to represent renewable energy stocks" width="300" height="169"><div>Source: IgorGolovniov / Shutterstock.com</div></div>
Enphase Energy (NASDAQ:<a href="https://investorplace.com/stock-quotes/enph-stock-quote/">ENPH</a>) is possibly one of the best alternative <a href="https://investorplace.com/industries/energy/">energy stocks</a> to buy now. It makes microinverter-based solar storage systems and is in an excellent position to capitalize on <a href="https://www.energy.gov/articles/biden-harris-administration-announces-550-million-clean-energy-funding-benefit-and-lower">clean energy incentives</a> currently being offered by Washington.
The company&rsquo;s solar storage systems include solar micro-inverters, battery energy storage and EV charging stations. They allow residential customers to harvest and store solar power for their homes&mdash;ideally, helping consumers avoid rolling power blackouts and the reliance on fossil fuels.
Customers can use <a href="https://enphase.com/en-in/homeowners">Enphase&rsquo;s app</a> to help them control their solar power systems by monitoring how much power their home uses and how much stored energy it has to sell back to utility providers for cash or a credit on their utility bills.
<a href="https://investorplace.com/industries/energy/renewable-energy/solar/">Solar stocks</a> are under pressure right now because of higher interest rates. But ENPH still has an &ldquo;A&rdquo; rating in the Portfolio Grader.

<h2>Assertio Therapeutics (ASRT)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2022/07/biopharma-1600-300x169.jpg" alt="Illustration of a biopharma company. Doctor standing in front of various medical icons." width="300" height="169"><div>Source: Billion Photos / Shutterstock</div></div>
Assertio Therapeutics (NASDAQ:<a href="https://investorplace.com/stock-quotes/asrt-stock-quote/">ASRT</a>) is the first of two pharmaceutical plays on this list of A-rated stocks to buy. The Illinois company makes prescription drugs for pain management, neurology and inflammation.
Its top drugs include Oxrexup, a treatment for rheumatoid arthritis; Cambia, which is for migraine relief; and Indocin, a medication used by patients who suffer from arthritis and gout.
Assertio recently announced plans to buy Spectrum Pharmaceuticals (NASDAQ:<a href="https://investorplace.com/stock-quotes/sppi-stock-quote/">SPPI</a>) in an all-stock transaction expected to close in the third quarter of this year.
Spectrum has one drug, Rolvedon, which is approved to treat chemotherapy&rsquo;s side effects in cancer patients. Another potential drug, Poziotinib, is in advanced development to treat non-small cell lung cancer.
ASRT stock is up 35% this year, with first-quarter results expected in early May. It has an &ldquo;A&rdquo; rating in the Portfolio Grader.

<h2>Eli Lilly (LLY)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2023/03/eli-lilly-lly-stock-sign-1600-300x169.jpg" alt="Eli Lilly (LLY) sign on corporate building with blue sky in background" width="300" height="169"><div>Source: shutterstock.com/Michael Vi</div></div>
Eli Lilly (NYSE:<a href="https://investorplace.com/stock-quotes/lly-stock-quote/">LLY</a>) is a large-cap pharma stock that&rsquo;s already well-known. But it could be on the verge of a huge payday.
Lilly is seeking approval from the Food and Drug Administration to sell its type 2 diabetes drug tirzepatide, which is sold under the brand name Mounjaro, as a treatment for obesity. Lilly says that it&rsquo;s expecting approval of the drug by the end of the year.
It announced top-line results of a <a href="https://abcnews.go.com/GMA/Wellness/popular-diabetes-drug-mounjaro-fda-approved-weight-loss/story?id=98882665">Phase 3 study</a> showing nearly a 16% overall weight loss among patients with type 2 diabetes and obesity. The FDA previously granted a fast-track designation to study tirzepatide as an obesity treatment.
Mounjaro is expected to bring <a href="https://www.investors.com/news/technology/lly-stock-nabs-upgrade-to-buy-as-obesity-alzheimers-catalysts-loom/">$25 billion</a> in annual revenue to Lilly if it&rsquo;s approved to treat obesity. That would nearly double the annual revenue of $28.5 billion LLY saw in 2022.
LLY stock has an &ldquo;A&rdquo; rating in the Portfolio Grader.
On the date of publication, Louis Navellier held ENPH. He did not hold (either directly or indirectly) any other positions in the securities mentioned in this article.
On the date of publication, the InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.
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The post <a href="https://investorplace.com/market360/2023/05/7-a-rated-stocks-to-buy-for-may-2023/">7 A-Rated Stocks to Buy for May 2023</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

7 A-Rated Stocks to Buy for May 2023

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
British electric vehicle (EV) company Arrival (NASDAQ:<a href="https://investorplace.com/stock-quotes/arvl-stock-quote/">ARVL</a>) <a href="https://seekingalpha.com/news/3985227-british-ev-player-arrival-terminates-spac-merger-to-look-for-other-funding-avenues" target="_blank">terminated</a> a special purpose acquisition company (SPAC) merger, agreed to in April and said it <a href="https://www.globenewswire.com/news-release/2023/07/03/2698777/0/en/Arrival-and-Kensington-Capital-Acquisition-Corp-V-Agreed-to-Terminate-Business-Combination-Agreement.html" target="_blank">will seek</a> other financing opportunities. ARVL stock is down over 6% in early trading.
Arrival had agreed to a merger with Kensington Capital Acquisition Corp V (NYSE:<a href="https://investorplace.com/stock-quotes/kcgi-stock-quote/">KCGI</a>) in April. (Kensington now trades at $10.56 per share.) The deal would have brought in<a href="https://www.reuters.com/markets/deals/arrival-scrap-plan-merge-with-spac-2023-07-03/" target="_blank"> $238 million</a> in needed cash.&nbsp;Arrival said it has hired TD Cowen and Teneo Financial Advisory to seek other financial arrangements.
ARVL stock was trading this morning at about $2.59 per share, a market capitalization of just $41 million. It executed a <a href="https://arrival.gcs-web.com/news-releases/news-release-details/arrival-announces-reverse-stock-split" target="_blank">1-for-50 reverse stock split</a> in April. Shares are down 65% in 2023.

<h2>Delayed Arrival Time</h2>
<a href="https://arrival.com/" target="_blank">Arrival</a> has been working on a delivery van called the <a href="https://seekingalpha.com/news/3975042-arrival-narrows-focus-as-it-looks-to-be-an-electric-van-player" target="_blank">Arrival XL</a>. It signed a deal to deliver 10,000 vans to United Parcel Service (NYSE:<a href="https://investorplace.com/stock-quotes/ups-stock-quote/">UPS</a>) <a href="https://arrival.com/news/ups-invests-in-arrival-and-orders-10000-generation-2-electric-vehicles" target="_blank">in 2020</a>. The plan at the time was to deliver the vans by 2024 and possibly double the order.
The company claims it can assemble vehicles using low-capital, small-footprint &ldquo;microfactories&rdquo; for less than rivals, achieving profitability from just a few thousand units. It says its vans can be easily <a href="https://arrival.com/card/why-arrival-true-sustainability" target="_blank">repaired and recycled</a>.

But Arrival has been burning through cash <a href="https://www.investorsobserver.com/news/qm-news/6277742201940200" target="_blank">without delivering product</a>. It had just $130 million in cash at the end of March and will not deliver second-quarter results until August. The bad news has brought in short sellers, and short squeezes have been the best news in the stock <a href="https://seekingalpha.com/news/3924278-heavily-shorted-ev-startup-arrival-surges-to-over-100-gain" target="_blank">this year.</a>
When the Kensington deal was announced, CEO Igor Torgov, who replaced founder Dennis Sverdlov <a href="https://arrival.gcs-web.com/news-releases/news-release-details/arrival-appoints-igor-torgov-ceo-and-announces-significant" target="_blank">in January</a>, called the money <a href="https://seekingalpha.com/article/4604780-arrival-arvl-q1-2023-earnings-call-transcript" target="_blank">essential</a> for meeting Arrival&rsquo;s production goals.
Shares <a href="https://www.investorsobserver.com/news/stock-update/is-it-time-to-dump-arrival-sa-arvl-stock-after-it-is-higher-by-66-52-in-a-week" target="_blank">rose sharply</a> after the Kensington announcement.
Arrival first came public in 2021 through a SPAC merger with CIIG Merger, valued at <a href="https://techcrunch.com/2020/11/18/arrival-becomes-latest-electric-vehicle-startup-to-test-the-public-markets-with-a-spac/" target="_blank">$5.4 billion</a>. But it repeatedly delayed production, pivoted, changed its focus, and restructured, burning through most of the cash. The Kensington deal valued Arrival at <a href="https://techcrunch.com/2023/07/03/ev-maker-arrivals-second-spac-is-now-a-dead-spac/" target="_blank">one-tenth</a> what it was worth in its first initial public offering (IPO).
<h2>ARVL Stock: What Happens Next?</h2>
There&rsquo;s an ongoing shakeout in the EV sector. Companies that show they can scale production and obtain capital are rising. Those that aren&rsquo;t are failing. Arrival seems to be in the latter category.
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Read More:&#8239;<a href="https://investorplace.com/2014/05/fraud-penny-stocks-scams/" target="_blank">Penny Stocks &mdash; How to Profit Without Getting Scammed</a>
As of this writing, Dana Blankenhorn did not hold (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the&nbsp;InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>
<a href="http://www.danablankenhorn.com/">Dana Blankenhorn</a> has been a financial and technology journalist since 1978. He is the author of <a href="https://www.amazon.com/Technologys-Big-Bang-Yesterday-Tomorrow-ebook/dp/B0829C7XSF">Technology&rsquo;s Big Bang: Yesterday, Today and Tomorrow with Moore&rsquo;s Law</a>, available at the Amazon Kindle store. Tweet him at <a href="http://www.twitter.com/danablankenhorn">@danablankenhorn</a>, connect with him on <a href="https://journa.host/@DanaBlankenhorn"> Mastodon</a> or subscribe to his <a href="https://danafblankenhorn.substack.com/">Substack</a>.
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The post <a href="https://investorplace.com/2023/07/arvl-stock-alert-arrival-terminates-second-spac-merger/">ARVL Stock Alert: Arrival Terminates Second SPAC Merger</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

ARVL Stock Alert: Arrival Terminates Second SPAC Merger

British EV van maker Arrival hires adviser for potential insolvency - report

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
There is little doubt about the bull story for electric vehicles. With global penetration still at a low level, some of the best EV companies will continue to grow at a healthy pace. Given the bright outlook for the industry, competition has intensified in the last few years. This means there are some <a href="https://investorplace.com/industries/consumer-discretionary/automotive/electric-vehicles/">EV stocks</a> to sell right now.
From an investment perspective, growing competition implies that investors need to be increasingly careful about EV stock selection. Currently, there are several EV stocks to sell that represent companies unlikely to grow or survive. This column focuses on the EV stocks investors need to avoid as they will continue to erode value.
Talking about competition, the number of <a href="https://www.iea.org/reports/global-ev-outlook-2023/executive-summary" target="_blank">available electric car models</a> reached 500 in 2022. This is more than double the option available in 2018. The story is similar for commercial EVs with some big players entering this segment.
Let&rsquo;s discuss three EV stocks to sell before they erode further value.

<h2>Arrival (ARVL)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2023/03/stocks-to-sell1600-2-300x169.png" alt="sell button on the background of exchange charts of currencies, crypto exchange, stocks to sell. dying dividend stocks" width="300" height="169"><div>Source: silicaetran / Shutterstock.com</div></div>
In the last few quarters, I have talked about Arrival (NASDAQ:<a href="https://investorplace.com/stock-quotes/arvl-stock-quote/">ARVL</a>) among the EV stocks to sell. I would reiterate my call with the outlook looking pessimistic. It was recently reported that the company has hired Alvarez &amp; Marsal <a href="https://www.msn.com/en-us/money/companies/british-ev-van-maker-arrival-hires-adviser-for-potential-insolvency-report/ar-AA1fcw8P" target="_blank">as an adviser for potential insolvency</a>.
Arrival had ambitious plans for multiple micro-factories globally. The concept was interesting, but the execution has been poor. The launch of electric vans has been delayed on a sustained basis and cash burn remains significant.
In April, the company signed an agreement with Kensington Capital Acquisition Corp V (NYSE:<a href="https://investorplace.com/stock-quotes/kcgi-stock-quote/">KCGI</a>) for a business combination. This agreement was expected to infuse liquidity. However, the <a href="https://arrival.gcs-web.com/news-releases/news-release-details/arrival-and-kensington-capital-acquisition-corp-v-agreed" target="_blank">business combination was terminated</a> in July. Given the company&rsquo;s struggle to raise cash, it seems likely that bankruptcy is on the cards.
The best-case scenario would be Arrival getting a capital infusion with a big equity dilution. That would also translate into a deep correction from current levels.
<h2>Electrameccanica Vehicles (SOLO)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2023/03/stocks-down-red-sell-arrow-bucking-ride-1600-300x169.jpg" alt="Graphic of man riding a downward stock arrow that is bucking like a horse, representing stocks to sell" width="300" height="169"><div>Source: shutterstock.com/eamesBot</div></div>
Electrameccanica Vehicles (NASDAQ:<a href="https://investorplace.com/stock-quotes/solo-stock-quote/">SOLO</a>) stock was on a sustained downtrend. The correction was triggered by the company&rsquo;s single-seater EV model failing to gain sales delivery traction.
However, in the last trading session, SOLO stock surged by 30%. The rally was on the back of the company&rsquo;s <a href="https://ir.emvauto.com/news/news-details/2023/ElectraMeccanica-and-Tevva-Announce-Proposed-Merger-Agreement-Intended-to-Create-a-Market-Leader-in-Zero-Emission-Commercial-Vehicles---Focusing-First-in-the-United-Kingdom-then-in-Europe-and-the-United-States/default.aspx" target="_blank">announcement to merge</a> with Tevva. The latter is involved in the manufacture of medium-and-heavy-duty electric commercial vehicles. On the merger, Electrameccanica shareholders will own 23.5% of the combined company.
I believe that the current rally is a good opportunity to exit. There are two important points to note. First, the commercial EV industry has intense competition. The merger does not imply value creation.
Further, the proposed company is targeting revenue of $1.3 to $1.5 billion by 2028. Growth is likely to be moderate and cash burn will sustain for an extended period. I therefore believe that the initial excitement will be overshadowed by concerns and SOLO stock is likely to trend lower.
<h2>Mullen Automotive (MULN)</h2>
<div><img src="https://investorplace.com/wp-content/uploads/2023/01/muln1600-2-300x169.png" alt="In this photo illustration, the Mullen Technologies (MULN) logo is displayed on a smartphone screen" width="300" height="169"><div>Source: rafapress / Shutterstock.com</div></div>
Mullen Automotive (NASDAQ:<a href="https://investorplace.com/stock-quotes/muln-stock-quote/">MULN</a>) stock has crashed by 99% in the last 12 months. I would not be surprised if the stock plunged by another 50% from current levels. It&rsquo;s therefore in my list of top EV stocks to sell.
Mullen seems to be another EV story where execution has been dismal. The company has gone through several rounds of fundraising and there is little to show in terms of major outcome.
As of July, Mullen <a href="https://news.mullenusa.com/mullen-automotive-provides-fiscal-third-quarter-results-and-current-business-update" target="_blank">reported cash and equivalents of $200 million</a>. However, with EV production just starting, cash burn will sustain. Given the current market valuation, massive equity dilution will be required to raise further financing.
Importantly, it remains to be seen if the company&rsquo;s vehicles gain delivery traction. Overall, I believe that Mullen is unlikely to survive in a highly competitive industry. With better investment options in the EV industry, MULN stock is likely to remain in a downtrend.
On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines.</a>
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The post <a href="https://investorplace.com/2023/08/3-sorry-ev-stocks-to-sell-in-august-before-its-too-late/">3 Sorry EV Stocks to Sell in August Before It&#8217;s Too Late</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.