Invesco S&P 500 Pure Value ETF (ARCA: RPV)

Ultime notizie per Invesco S&P 500 Pure Value ETF (ARCA:RPV)

Invesco S&P 500 Pure Value ETF

Guggenheim S&P 500 Pure Value ETF

Healthcare

Financial Services

Consumer Cyclical

Consumer Defensive

Energy

Basic Materials

Communication Services

Industrials

Utilities

Technology

Other

Real Estate

The fund generally will invest at least 90% of its total assets in the securities that comprise the underlying index. The underlying index is composed of a subset of securities from the S&P 500 Index that exhibit strong value characteristics.

General Motors Co

Berkshire Hathaway, Inc.

Mohawk Industries Inc.

Ford Motor Co.

Viatris Inc.

Tyson Foods Inc. Class A

Citigroup Inc.

Valero Energy Corp.

United Airlines Holdings Inc

Citizens Financial Group Inc.

Kroger Co.

Cvs Health Corp.

Centene Corp

Archer-Daniels-Midland Co.

Bunge Global Sa

VIACOMCBS

Humana Inc.

Investors holding ETFs with exposure to Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) are closely watching how the company's buyout by Sycamore Partners will impact their portfolios. As Walgreens <a href="https://www.benzinga.com/general/market-summary/25/03/44102644/walgreens-could-go-private-this-week-after-a-10-billion-deal-with-sycamore-partners-report">prepares to go private</a>, ETFs that currently hold its stock will need to readjust their allocations. Let's dive into how this transition could play out for <a href="https://www.benzinga.com/etfs">some key ETFs</a>.
Also Read: <a href="https://www.benzinga.com/trading-ideas/movers/25/03/44182479/walgreens-stock-rises-as-company-inks-10b-deal-to-go-private">Walgreens Stock Rises As Company Inks $10B Deal To Go Private</a>
ETFs With Walgreens Exposure: What's At Stake?
SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>): This ETF provides broad exposure to the retail sector, including Walgreens (almost 2% allocation). Since Walgreens is being delisted from the Nasdaq upon the deal's completion, XRT will need to rebalance its holdings, shifting funds to other retail stocks. This reallocation could create short-term volatility but will ultimately diversify its exposure further. The ETF was up 0.04% on Thursday.
Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>): As a fund focused on undervalued stocks, RPV has included Walgreens due to its relatively low valuation. With WBA exiting the public market, RPV will likely redistribute its assets toward other value stocks in the consumer sector. This fund also saw a marginal gain of 0.12% on Thursday.
Invesco S&amp;P 500 Equal Weight Consumer Staples ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPS#NYSE">RSPS</a>): RSPS applies an equal-weight strategy within the consumer staples sector, where Walgreens has been a key player. The buyout will remove WBA from its holdings, allowing other consumer staples stocks to gain weight in the index. The ETF gained 0.62% at market close on Thursday.
The Deal: Walgreens Goes Private
Walgreens has agreed to be taken private by Sycamore Partners in a $10 billion deal, offering shareholders $11.45 per share in cash, with additional potential payouts linked to the monetization of VillageMD. While this provides an immediate cash payout for Walgreens shareholders, it also means that ETFs holding WBA shares must adjust.
For now, Walgreens remains a publicly traded company, but as the deal progresses, ETFs will prepare to rebalance. Since none of these ETFs rely heavily on a single stock, the broader impact should be manageable. Retail-focused ETFs like XRT may see some short-term fluctuations, while value-oriented funds like RPV will likely scout for alternative investments. However, the Walgreens buyout will not upend their strategies. 
The Walgreens buyout comes at a time when the retail sector is navigating mixed earnings reports. Several major retailers have reported varied results, reflecting shifting consumer spending habits amid inflationary pressures and economic uncertainty. While some companies have exceeded expectations, others have issued cautious guidance, impacting sector-wide sentiment.
Read Next: 
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</ul>
Photo: Shutterstock

Sector ETFs

ETFs

RSPS

Retail ETFs Anticipate Adjustments As Walgreens Prepares To Go Private

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading lower on Wednesday after the company concluded that a material impairment of its equity interest in SAIC General Motors Corporation Limited (<a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1467858/000119312524270298/d902397d8k.htm" rel="noreferrer noopener">SGM</a>) is necessary.
This decision follows a determination that the value of GM&#8217;s investments in certain of its China joint ventures has declined.
The company is evaluating the impact of SGM's planned restructuring actions and recent efforts to stabilize market share and focus on profitability.
General Motors expects to recognize additional equity losses of approximately $2.7 billion resulting from implementation of SGM&#8217;s restructuring plan.
The company expects to record an other than temporary impairment of equity interest in the China JV&#8217;s in the range of $2.6 billion – $2.9 billion in <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">three months ending December 31, 2024</a>.
The company said that these charges will be recorded in the quarter ending December 31, 2024, and will be non-cash in nature, treated as special for EBIT-adjusted purposes.
The company stated that the conclusion comes after the finalization of a new business forecast and ongoing restructuring actions at SGM to address market challenges and competitive conditions.
This week, the company said that it will sell its stake in Ultium Cells LLC&#8217;s battery cell plant in Lansing, Michigan to its <a target="_blank" href="https://www.benzinga.com/markets/24/12/42283241/gm-to-sell-stake-in-michigan-battery-plant-to-jv-partner-for-nearly-1b" rel="noreferrer noopener">joint venture partner LG Energy Solution</a>.
Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are down 1.07% at $53.09 at the last check Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42291861/trumps-tariff-plan-risks-economic-pain-for-north-america-goldman-sachs-warns" target="_blank" rel="noreferrer noopener">Trump&#8217;s Tariff Plan Risks Economic Pain For North America, Goldman Sachs Warns</a></li>
</ul>
Photo by Jonathan Weiss on Shutterstock.

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News

Guidance

Asset Sales

Movers

FTXR

General Motors China JV Woes Trigger Billions In Charges: Details

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) penned a long-term deal with Barclays PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>). Starting next summer, Barclays will become the exclusive issuer of the GM Rewards Mastercard and the GM Business Mastercard in <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41309661/general-motors-and-barclays-sign-long-term-credit-card-partnership-agreement" rel="noreferrer noopener">the U.S.</a>
The new partnership with Barclays will offer exclusive benefits and experiences for cardholders.
With the GM Rewards card, members can earn and redeem points on Chevrolet, Cadillac, Buick, and GMC vehicles, including EVs, as well as for services and accessories.
Current My GM Rewards cardmembers can continue using their cards to earn rewards for GM products and services.
Before the transition, they will receive details on activating their new GM card from Barclays.
The new partnership with GM will expand Barclays&#8217; U.S. credit card portfolio, aligning with its growth strategy focused on partnering with top American brands.
Barclays also plans to acquire the GM card program&#8217;s receivables from the current issuer next year as part of the agreement.
The GM credit card program will remain exclusively under the Mastercard brand, offering additional cardmember benefits.
Last week, GM Energy launched an energy storage product called the <a target="_blank" href="https://www.benzinga.com/news/24/10/41286158/gm-unit-launches-home-battery-powerbank-to-rival-teslas-powerwall" rel="noreferrer noopener">PowerBank to </a><a target="_blank" href="https://www.benzinga.com/news/24/10/41286158/gm-unit-launches-home-battery-powerbank-to-rival-teslas-powerwall" rel="noreferrer noopener">Tesla</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41286158/gm-unit-launches-home-battery-powerbank-to-rival-teslas-powerwall" rel="noreferrer noopener">&#8216;s Powerwall product.</a>
Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are up 0.41% at $48.07 premarket at the last check Monday.
Photo by Jonathan Weiss on Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41303249/tesla-stock-dives-after-we-robot-event-lucids-q3-deliveries-beat-gm-reworks-battery-strategy-and" target="_blank" rel="noreferrer noopener">Tesla Stock Dives After &#8216;We, Robot&#8217; Event, Lucid&#8217;s Q3 Deliveries Beat, GM Reworks Battery Strategy And More: Biggest EV Stories Of The Week</a></li>
</ul>

Contracts

GM Strikes Deal With Barclays To Supercharge Its Rewards Mastercard Program

Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) shares are trading <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">relatively flat on Tuesday.</a>
The Hollywood Reporter <a target="_blank" href="https://www.hollywoodreporter.com/business/business-news/paramount-layoffs-cuts-phase-two-1236010510/" rel="noreferrer noopener">reported</a> that the company is executing another significant round of layoffs on Tuesday.
In a memo to employees on Tuesday morning, the co-CEOs indicated that the company would begin the second phase of workforce reductions that day, expecting to complete 90% of the cuts by day&#8217;s end.
The report noted that CBS News is among the affected divisions, with the IBEW union stating that its members have been involved in producing CBS broadcasts since before television existed, making the layoffs particularly difficult to accept.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/08/40345222/paramount-to-cut-2-000-jobs-in-major-restructuring-move-report" rel="noreferrer noopener">Paramount To Cut 2,000 Jobs In Major Restructuring Move: Report</a>
The initiative is part of a broader effort by the owner of CBS, Comedy Central, and MTV to cut expenses during a challenging time for traditional media firms, Variety <a target="_blank" href="https://variety.com/2024/tv/news/paramount-global-layoffs-phase-two-1236154272/" rel="noreferrer noopener">reported</a>.
As a result of the layoffs, the company anticipates a restructuring charge of $300 million to $400 million in the third quarter, per the report.
According to the memo, Paramount is working to accelerate streaming profitability while adjusting to the evolving landscape in its traditional businesses.
In its recently reported second-quarter results, the company&#8217;s co-CEOs said, &#8220;we will continue to aggressively execute on our Strategic Plan which focuses on transforming streaming to accelerate profitability, streamlining our organization — including at least $500 million in annualized cost savings — and&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40268265/paramount-global-q2-earnings-highlights-studio-posts-revenue-miss-dtc-segment-up-13-closing-date-fo" rel="noreferrer noopener">improving the balance sheet by growing free cash flow.&#8221;</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, PARA stock has lost over 17% in the past year. Investors can gain exposure to the stock via Invesco S&amp;P 500 Equal Weight Communication Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSPC#NYSE">RSPC</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: PARA shares are trading higher by 0.58% to $10.44 at last check Tuesday.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39698201/analyst-sizes-up-paramounts-risk-reward-post-skydance-merger-we-think-shares-are-wo" target="_blank" rel="noreferrer noopener">Paramount Analyst On Risk-Reward After Skydance Merger: &#8216;We Think Shares Are Worth A Shot At The Current Price&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Markets

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PARA

RSPC

What's Going On With Paramount Global Stock After Revealing Massive Layoff Plans?

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading higher on Wednesday. Starting today, the company will provide its customers access to over 17,800 Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Superchargers using a <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40916910/gm-ev-drivers-will-have-access-to-even-more-public-chargers-with-the-addition-of-over-17-800-tesla" rel="noreferrer noopener">GM-approved NACS DC adapter</a>.
General Motors customers will now have over 231,800 public Level 2 and DC fast chargers in North America.
This initiative aims to accelerate the availability of fast and convenient charging options for current and future electric vehicle (EV) drivers.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40839765/gm-eyes-us-made-chinese-batteries-in-deal-with-japans-tdk-report" rel="noreferrer noopener">GM Eyes US-Made Chinese Batteries In Deal With Japan&#8217;s TDK: Report</a>
This number will grow as GM&nbsp;expands its charging infrastructure through various collaborations. NACS DC adapters will be available to U.S. customers first, followed by Canadian availability later this year.
Wade Sheffer, vice president of, said, &#8220;GM&#8217;s ongoing efforts to help accelerate the expansion of public charging infrastructure is an integral part of our commitment to an all-electric future.&#8221;
&#8220;Enabling access to even more publicly available fast chargers represents yet another way GM is focused on further improving the customer experience and making the transition to electric more seamless.&#8221;
This month, General Motors expanded its partnership with EVgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>) to install 400 fast-charging stalls at key locations&nbsp;in <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40834377/gm-explores-hyundai-partnership-and-expands-evgo-network-details" rel="noreferrer noopener">major U.S. metropolitan areas</a>.
Apart from this, today, Unifor reached a tentative collective agreement with&nbsp;General Motors for more than 1,300 of its members at the company's CAMI Assembly and Battery <a target="_blank" href="https://www.benzinga.com/news/24/09/40915192/canadian-union-unifor-reaches-agreement-with-general-motors-for-over-1-300-workers-in-ontario" rel="noreferrer noopener">Assembly facilities in Ingersoll, Ontario</a>.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GM stock has gained over&nbsp;45%&nbsp;in the past year. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are up 2.17% at $48.55 at the last check Wednesday.
Image via Shutterstock
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</ul>

EVGO

TSLA

General Motors Boosts EV Charging Access: 17,800 Tesla Chargers Now Open For All GM Drivers With New Adapter

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading higher on Thursday. The company agreed to explore collaboration with Hyundai Motor Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) to reduce costs and accelerate <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40828038/hyundai-and-gm-sign-memorandum-of-understanding-to-explore-collaboration-on-vehicles-supply-chain-" rel="noreferrer noopener">vehicle and technology development</a>.
The framework agreement aims to enhance vehicle development efficiency through greater scale and disciplined capital allocation.
The companies&#8217; area of focus includes co-developing passenger and commercial vehicles and advancing clean energy, electric, and hydrogen technologies.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40752747/trump-wants-to-end-ev-tax-credits-but-yellen-warns-of-higher-bills-lost-jobs-and-chinas-gain" rel="noreferrer noopener">Trump Wants To End EV Tax Credits But Yellen Warns of Higher Bills, Lost Jobs, and China&#8217;s Gain</a>
The companies will also explore joint sourcing for battery raw materials, steel, and other components.
General Motors Chair and CEO&nbsp;Mary Barra stated, &#8220;GM and Hyundai have complementary strengths and talented teams. Our goal is to unlock the scale and creativity of both companies to deliver even more competitive vehicles to customers faster and more efficiently.&#8221;
Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40724845/gm-lg-ultium-cells-jv-agrees-to-union-recognition-at-tennessee-battery-plant-says-uaw" rel="noreferrer noopener">GM-LG Ultium Cells JV Agrees To Union Recognition At Tennessee Battery Plant, Says UAW</a>
Hyundai Motor Group Executive Chair&nbsp;Euisun Chung said, &#8220;This partnership will enable Hyundai Motor and GM to evaluate opportunities to enhance competitiveness in key markets and vehicle segments, as well as drive cost efficiencies and provide stronger customer value through our combined expertise and innovative technologies,&#8221;&nbsp;
Apart from this, in a seperate release, EVgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>) and General Motors disclosed that they are expanding their partnership by installing 400 fast charging stalls at key locations <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40830463/evgo-and-gm-take-charging-to-the-next-level-with-new-flagship-destinations-set-to-optimize-the-cha" rel="noreferrer noopener">in major U.S. metropolitan areas</a>.
Alongside the flagship locations, EVgo and GM will continue expanding their metropolitan charging network, aiming to install 2,850 DC fast charging stalls, with funds redirected to enhance premium charging experiences at key sites.
Last week, General Motors announced it would start manufacturing its <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40730559/whats-going-on-with-general-motors-shares-today" rel="noreferrer noopener">first hybrid-flex vehicles in Brazil</a>.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GM stock has gained around&nbsp;35%&nbsp;in the past year. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are up 1.05% at $45.14 at the last check Thursday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40792410/us-autonomous-vehicle-sales-to-hit-230k-by-2034-after-progress-resumes-at-alphabets-waymo-gms-cruise" target="_blank" rel="noreferrer noopener">US Autonomous Vehicle Sales To Hit 230K By 2034 After Progress Resumes At Alphabet&#8217;s Waymo, GM&#8217;s Cruise: S&amp;P Global Mobility</a></li>
</ul>

HYMTF

GM Explores Hyundai Partnership And Expands EVgo Network: Details

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">trading marginally lower on Thursday.</a>
Yesterday, the company announced it would start manufacturing its first hybrid-flex vehicles in Brazil. These vehicles can run on 100% ethanol or gasoline, reported Reuters.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GM stock has gained over 45% in the past year. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Stellantis and Honda have also revealed plans to introduce hybrid-flex vehicles in Brazil, a key market for ethanol-powered cars.
General Motors announced that it will produce two hybrid-flex models at its factories in São Paulo state, though it did not specify which models these will be, per the report.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40724845/gm-lg-ultium-cells-jv-agrees-to-union-recognition-at-tennessee-battery-plant-says-uaw" rel="noreferrer noopener">GM-LG Ultium Cells JV Agrees To Union Recognition At Tennessee Battery Plant, Says UAW</a>
While the company currently manufactures various hybrid vehicles, it has stated its commitment to transitioning to fully electric cars in the long term.
General Motors did not disclose the launch date for the hybrid-flex vehicles, but a local union at its São José dos Campos plant indicated that the first model is expected to be available in 2025, the report noted.
The anticipated production and sale of hybrid-flex vehicles in Brazil is a key component of the company&#8217;s 7 billion real ($1.42 billion) investment plan announced in January, Reuters added.
Yesterday, the company revealed that 5.5 billion reais of this investment will be directed toward its operations in São Paulo state, where it operates two car factories.
According to data from Fenabrave, General Motors is the third-largest automaker in Brazil by sales for the year through August, which Reuters highlighted.
Price Action: GM shares are trading lower by 0.37% to $48.27 premarket at last check Thursday.
Image via shutterstock
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<li><a href="https://www.benzinga.com/news/24/09/40723263/senior-tesla-exec-says-cybertruck-may-get-parking-assistance-features-over-weekend-after-the-stainle" target="_blank" rel="noreferrer noopener">Senior Tesla Exec Says Cybertruck May Get Parking Assistance Features Over Weekend After The Stainless Steel Pickup Truck ‘Asks&#8217; Him To ‘Teach&#8217; Driving</a></li>
</ul>

What's Going On With General Motors Shares Today?

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading slightly lower premarket Wednesday. Samsung SDI Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSDIY#OTC">SSDIY</a>) completed and finalized a deal with General Motors to form a joint venture (JV) to supply electric vehicle (<a target="_blank" href="https://www.samsungsdi.com/sdi-now/sdi-news/3942.html?pageIndex=1&amp;pagesize=15&amp;idx=3942" rel="noreferrer noopener">EV</a>) batteries in the U.S.
The partnership involves a $3.5 billion investment to build a battery cell manufacturing plant with an initial annual production capacity of 27 GWh, targeting mass production by 2027. The company anticipates future expansions to increase capacity to 36 GWh.
This joint venture will help Samsung SDI establish a presence in the North American EV market and expand its customer base for these high-quality, safe batteries.
The JV will be located on a 680-acre site in New Carlisle, Indiana, and is expected to create over 1,600 jobs, boosting the local economy.
The new plant will produce NCA-based high-performance nickel-rich prismatic batteries for GM&#8217;s upcoming electric vehicles.
SAMSUNG SDI CEO Yoon-ho Choi said, &#8220;SAMSUNG SDI will make best efforts to support GM enhance its leadership in the EV market with the company&#8217;s PRiMX battery products featuring &#8216;Super Gap&#8217; technology.&#8221;
GM Chair and CEO, Mary Barra stated, &#8220;The EV market and GM sales will continue to grow as more customers experience our EVs, the charging infrastructure builds out and we expand into more segments.&#8221;
In April 2023, Samsung SDI and GM initially announced the JV <a target="_blank" href="https://www.benzinga.com/markets/equities/23/04/31982430/general-motors-samsung-sdi-plan-3b-battery-plant-in-us" rel="noreferrer noopener">would cost over $3 billion</a>. The companies stated that the plant will have more than 30 GWh of capacity and expected to begin operations in 2026.
Investors can gain exposure to GM via&nbsp;the First Trust Nasdaq Transportation ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and the Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are down 0.18% at $49.16 premarket at the last check Wednesday.
Photo by Jonathan Weiss on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

SSDIY

GM & Samsung SDI Finalize Massive US EV Battery Play: Details

Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) is scrapping plans for a large electric <a href="https://www.benzinga.com/news/24/08/40484811/ford-stock-charges-higher-on-ev-strategy-shift-what-investors-need-to-know">sport-utility vehicle</a> and expects to take $1.9 billion in related write-downs on the move as the automobile giant adjusts to softer-than-expected demand for electric vehicles.
Ford instead plans to offer hybrid gas-electric versions of three-row SUVs for models that include Explorer and Expedition, the Wall Street Journal <a href="https://www.wsj.com/business/autos/ford-cancels-plans-for-electric-suv-44817367?mod=hp_lead_pos1">reported</a>.
Ford also delayed launching a new electric pickup truck by a year, until 2027, and said it would lower capital spending on fully electric vehicles from 40% to about 30% of its budget.
Ford has said its EV business is expected to lose about $5 billion in 2024, having lost about $44,000 on every EV sold in the second quarter.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/07/39948172/nvidia-ford-chipotle-viking-therapeutics-tesla-why-these-5-stocks-are-on-investors-radars-today">Nvidia, Ford, Chipotle, Viking Therapeutics, Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a>
As Ford plans to include more hybrids in its EV offerings, it also has several full EVs in the works, including an electric commercial van that it expects to start making in 2026 and two new pickup trucks set for production in 2027.
Ford is not alone in adjusting its EV plans as consumer demand for battery-powered vehicles came in less than expected.
In June, General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) delayed opening a suburban Detroit factory being renovated to build electric pickups and delayed the release of a Buick EV. 
Ford Chief Executive Jim Farley has said that China's EV companies have the advantage of a lower-cost supply chain and Ford needs to find ways to lower its costs to compete.
Ford said it would take a special, noncash charge of $400 million to write down expenses related to canceling the electric SUV and possibly an additional expenses of $1.5 billion to be reflected as special items in future quarters.
EV sales rose 6.8% during the first six months of 2024, marking a sharp decline of nearly 50% growth last year, Motor Intelligence data showed.
Price Action: Ford gained 1.59% to close at $10.85 on Wednesday, while exchange-traded funds that follow the stock also tracked upward.
<ul>
<li>First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) rose 0.91%</li>
<li>Invesco S&amp;P Ultra Dividend Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDIV#NYSE">RDIV</a>) went up 0.15%</li>
<li>IShares U.S. Manufacturing ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MADE#NYSE">MADE</a>) picked up 1.02%</li>
<li>Brookstone Dividend Stock ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/BAMD#BATS">BAMD</a>) edged up 0.60%</li>
<li>Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>) moved up 0.57%</li>
</ul>
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Photo: Shutterstock

BAMD

MADE

RDIV

Ford Scraps Electric SUV As It Adjusts To Lower Electric Vehicle Demand

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading higher today. The company is reportedly laying off over 1,000 salaried employees globally in its software and services division as part of a review aimed at streamlining operations.
The layoffs account for about 1.3% of GM&#8217;s global salaried workforce of 76,000 as of the end of last year, which includes approximately 53,000 U.S. employees, reported <a target="_blank" href="https://www.cnbc.com/2024/08/19/gm-lays-off-more-than-1000-salaried-software-and-services-employees.html#:~:text=DETROIT%20%E2%80%93%20General%20Motors%20is%20laying,unit's%20operations%2C%20CNBC%20has%20learned." rel="noreferrer noopener">CNBC</a>.
The layoffs, which include about 600 positions at GM&#8217;s tech campus near Detroit, follow recent leadership changes in the division. As per the report, the company notified the affected employees on Monday morning.
The job cut reflects automakers&#8217; aim to reduce costs and headcount amid concerns about an industry downturn while investing billions in emerging markets like electric vehicles and software-defined vehicles.
The report cited a GM spokesman&#8217;s emailed statement, &#8220;As we build GM&#8217;s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact.&#8221;
&#8220;As a result, we&#8217;re reducing certain teams within the Software and Services organization. We are grateful to those who helped establish a strong foundation that positions GM to lead moving forward.&#8221;
Last week, GM reportedly stated that it is downsizing and planning job cuts in China, focusing on a strategic overhaul and potential <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40344508/general-motors-plans-major-overhaul-and-job-cuts-in-china-report" rel="noreferrer noopener">capacity reductions with SAIC</a>.
The automaker is scaling back as many foreign brands face intense competition from local players in the world&#8217;s largest car market, now grappling with substantial overcapacity.
In June, the company promoted former&nbsp;Apple executives&nbsp;Baris Cetinok and&nbsp;Dave Richardson to replace the former executive vice president of software and services, Mike Abbott, <a target="_blank" href="https://www.benzinga.com/news/24/06/39181041/gm-promotes-2-ex-apple-execs-to-lead-software-development" rel="noreferrer noopener">who</a><a target="_blank" href="https://www.benzinga.com/news/24/06/39181041/gm-promotes-2-ex-apple-execs-to-lead-software-development" rel="noreferrer noopener"> </a><a target="_blank" href="https://www.benzinga.com/news/24/06/39181041/gm-promotes-2-ex-apple-execs-to-lead-software-development" rel="noreferrer noopener">left GM in March 2024</a>.
Investors can gain exposure to the stock via&nbsp;the First Trust Nasdaq Transportation ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and the Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are up 0.65% at $45.62 at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Jonathan Weiss on Shutterstock
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Management

GM Cuts Over 1,000 Jobs In Software And Services Division, Seeks Cost Savings: Report

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) stated its commitment to establishing a profitable and self-sustaining operation in China despite <a href="https://www.benzinga.com/markets/asia/24/08/40237619/chinas-industrial-overcapacity-puts-it-in-doom-loop-western-markets-are-at-risk-analysis">the intense competition from local brands</a>.
&#8220;We&#8217;re committed to maintaining cash stability there at a point where it&#8217;s self-sustaining. That means not needing any capital from outside,&#8221; company CFO Paul Jacobson said yesterday at an auto conference organized by J.P. Morgan, reported Reuters.
Global automakers have faced challenges in gaining traction in China. Investors continue scrutinizing the company over its China operations. It&#8217;s less a profit driver and more of a financial burden, they say.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40281216/nasdaq-s-p-500-futures-climb-after-thursdays-strong-rebound-bitcoin-sizzles-analyst-predicts-a-roll" rel="noreferrer noopener">Nasdaq, S&amp;P 500 Futures Climb After Thursday&#8217;s Strong Rebound, Bitcoin Sizzles: Analyst Predicts A Roller Coaster Ride For Stocks Until This Happens</a>
Jacobson pushed back: &#8220;I don&#8217;t necessarily accept the notion that we&#8217;re struggling to make money there.&#8221;
In June, a prominent automotive analyst <a href="https://finance.yahoo.com/news/detroit-three-automakers-exit-china-211555379.html">urged</a> the Detroit Three to exit the Chinese market to conserve funds.
General Motors reported a $104 million loss in China for the second quarter, falling short of executives&#8217; expectations for profitability in the region.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GM stock has gained over 18% in the past year.
Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are trading higher by 0.56% to $42.97 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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General Motors Remains Committed To China Despite Losses, Restructuring Needs: CFO Highlights Cash Stability Goals

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) plans to<a href="https://finance.yahoo.com/news/general-motors-q2-earnings-revenue-122544284.html?fr=yhssrp_catchall"> restructure its joint venture </a>with SAIC General Motors Corporation after losing $210 million in this year&#8217;s first half, but an analyst thinks the automotive giant shouldn&#8217;t even bother.
&#8220;We note that GM announced plans to restructure its operations in China,&#8221; Bank of America analyst John Murphy said in a note.
&#8220;We are concerned the pressure in China is more structural than transitory due to excess capacity and continue to believe GM should exit the market.&#8221;
Also Read: <a href="https://www.benzinga.com/markets/asia/24/07/39932701/gm-reports-210m-loss-in-china-joint-venture-the-headwinds-are-not-easy">GM Reports $210M Loss In China Joint Venture: &#8216;The Headwinds Are Not Easy&#8217;</a>
Murphy also said that China &#8220;remains a material drag on relatively good performance in other regions&#8221; of the world where GM is having better sales as it invests in developing electric vehicles (EVs) and autonomous vehicles (AVs).
Bank of America reiterated a Buy rating and maintained a price target of $85 on GM, which beat revenue estimates for the second quarter.
&#8220;Our Buy rating on GM is predicated on our view that the company remains a leader among the industry in its Core to Future transition,&#8221; Murphy wrote.
&#8220;More specifically, GM&#8217;s ongoing execution and strength in its Core business continues to enable the company to step up its investments across EVs and AVs, further Future-proofing the business.&#8221;
Goldman Sachs maintained a Buy rating that it has had on GM since July 2020, pointing out that the company is launching eight new or redesigned sports-utility vehicles in North America in this year&#8217;s second half.
&#8220;Moreover, GM continues to focus on cost and said it remains on track to achieve its net $2 bn cost reduction plan by the end of the year,&#8221; Goldman Sachs analyst Mark Delaney wrote.
Murphy noted that GM&#8217;s total company revenue of $48 billion for the second quarter was up about 12% from the first quarter and up about 7% from a year ago, beating Goldman Sachs&#8217; estimate of $44.5 billion and Wall Street consensus of $45.1 billion.
Price Action: GM declined 4.82% to $44.25 as of Thursday&#8217;s mid-morning trading, while exchange-traded funds that track the company showed gains and losses.
<ul>
<li>First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) declined 0.63%</li>
<li>Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>) inched up 0.01%.</li>
<li>IShares U.S. Manufacturing ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MADE#NYSE">MADE</a>) slipped 0.29%.</li>
<li>IShares MSCI USA Value Factor ETF (VLUE) gained 0.28%.</li>
<li>Brandywine Global &#8211; Dynamic US Large Cap Value ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DVAL#NASDAQ">DVAL</a>) went up 0.26%.</li>
</ul>
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</ul>

DVAL

VLUE

General Motors Should Leave China, Analyst Says: 'It's A Material Drag'

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) &nbsp;shares are trading <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">lower after the company reported second-quarter financial results.</a>
Also, the company announced that it delayed its 2024 Buick EV and pushed its EV pickup plant opening to 2026.
In essence, General Motors is functioning more as a profitable cash generator from traditional gasoline vehicles rather than the high-tech growth engine envisioned by &nbsp;Chief Executive Officer&nbsp;Mary Barra. Despite losses in China, strong U.S. market performance bolsters overall profitability, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-23/gm-tops-profit-estimates-raises-forecast-on-strong-truck-demand" rel="noreferrer noopener">reported </a>Bloomberg.
Meanwhile, GM Defense Canada, a subsidiary of GM Defense, has been awarded a&nbsp;C$35.8 million&nbsp;contract by the Canadian Armed Forces (CAF) for 90 light tactical vehicles (LTVs), with an <a target="_blank" href="https://www.benzinga.com//node/39907891" rel="noreferrer noopener">option to procure up to an additional 18 LTVs.</a>
&#8220;We see this contract award as the beginning of a long strategic partnership with the Canadian Armed Forces to provide enhanced tactical mobility for Soldiers today, and into the future,&#8221; said Steve duMont, president of GM Defense.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GM stock has gained over 18% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39910693/tesla-analyst-asks-do-earnings-matter-ahead-of-q2-report-robotaxis-china-ev-guidanc" rel="noreferrer noopener">Tesla Analyst Asks &#8216;Do Earnings Matter?&#8217; Ahead Of Q2 Report: Robotaxis, China, EV Guidance In Focus</a>
GM Defense Canada will also provide training, technical manuals, and additional vehicle content sourced from Canadian companies.
Under the contract, GM Defense Canada will supply nine-passenger LTVs and a new utility variant, based on a proven U.S. Army design, to support NATO&#8217;s Enhanced Forward Presence Multinational Battlegroup in Latvia, enhancing mobility and safety in challenging landscapes.
GM Defense Canada&#8217;s light tactical vehicles, built on the Chevrolet Colorado ZR2 platform, utilize a significant proportion of Commercial-Off-The-Shelf (COTS) parts, including Chevrolet Performance components. Weighing under 5,000 pounds / 2,232 kilograms, these vehicles prioritize air transportability, maintenance accessibility via GM&#8217;s global supply chain, and robust safety features, meeting stringent CAF performance and safety standards.
&#8220;As we further expand into&nbsp;Canada&nbsp;and with other allied nations around the world, we will continue to leverage the vast resources of General Motors to ensure our global defense and government customers have the best capability to accomplish their mission,&#8221; duMont added.
Earlier today, General Motors&nbsp;reported a fiscal second-quarter 2024 sales growth of 7.2% year-on-year to $47.97 billion, <a target="_blank" href="https://www.benzinga.com//node/39904891" rel="noreferrer noopener">beating the&nbsp;analyst&nbsp;consensus estimate of $45.30 billion.</a>
The adjusted EPS of $3.06 beat the analyst consensus estimate of $2.72. In FY24, General Motors projects adjusted EPS of $9.50 – $10.50 (prior $9.00 – $10.00) versus <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">consensus of $9.72</a>. 
Price Action: GM shares are trading lower by 6.86% to $46.16 at last check Tuesday.
Image via Shutterstock
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What's Going On With General Motors Stock Today?

General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading higher after the company&#8217;s plan to invest at least $900 million to retool its Lansing, Michigan auto plant for <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) production</a>.
As conveyed by Energy Secretary Jennifer Granholm, this investment is part of a broader effort to transition GM&#8217;s production capabilities towards electric vehicles.
At an event in Lansing, Granholm detailed GM&#8217;s plans: the largest U.S. automaker will receive $500 million in government grants to aid in the conversion of its Lansing Grand River Assembly Plant to EV production.
GM will continue to produce the Cadillac CT4 and CT5 at this facility for the time being, reported Reuters.
In total, the Department of Energy (DOE) <a href="https://www.benzinga.com/markets/equities/24/07/39727305/biden-administration-injects-1-7b-into-ev-manufacturing-facilities-of-general-motors-stellantis-">announced $1.7 billion in planned grants</a> for 11 plants across eight states. 
GM stated that it planned to invest at least $900 million in its application filed with the DOE, but the final figure could be higher. 
Last year, the United Auto Workers union mentioned that GM had committed to investing $1.25 billion in the Lansing plant for a future EV during contract negotiations.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/39621837/whats-happening-with-general-motors-shares-on-wednesday">General Motors To Retire 50MMT Of Greenhouse Gas Credits</a>
GM has outlined plans to convert several internal combustion engine plants to EV production, including two other Michigan plants and factories in Tennessee, Ohio, and Kansas. 
This initiative aligns with GM&#8217;s goal to end the sale of gas-powered vehicles by 2035. Additionally, in January 2022, GM announced a <a href="https://investor.gm.com/news-releases/news-release-details/gm-and-lg-energy-solution-investing-26-billion-build-3rd-ultium">$2.6 billion partnership with LG Energy Solution</a> to build a battery cell manufacturing plant in Lansing, set to begin production later this year.
Since 2020, GM has announced over $12 billion in investments for its North American EV manufacturing and supply chain development. 
GM stock has gained more than 19% in the past 12 months. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are trading higher by 2.67% at $47.76 at last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Why Shares Of General Motors Are Spiking Today: $500M Grants To Help Meet 2035 EV Goals

Shares of automobile major General Motors Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) <a href="https://www.benzinga.com/quote/GM" target="_blank" rel="noreferrer noopener">traded slightly lower today</a>.
The company has <a target="_blank" href="https://www.epa.gov/newsreleases/general-motors-agrees-retire-50-million-metric-tons-greenhouse-gas-credits-resolve" rel="noreferrer noopener">agreed </a>to retire approximately 50 million metric tons of greenhouse gas credits to address excess CO2 emissions identified by the U.S. Environmental Protection Agency (EPA).
This agreement follows an EPA investigation that revealed excess emissions from around 5.9 million GM vehicles from the 2012-2018 model years.
The company will also pay a $145.8 million penalty. The National Highway Traffic Safety Administration (NHTSA) announced that GM would pay the penalty for fuel economy compliance issues and cancel over 30.6 million fuel economy credits for the 2008-2010 model years, reported Reuters.
The EPA&#8217;s light-duty vehicle standards ensure vehicles on the road meet emissions performance claimed by manufacturers during certification.
Tests by both the EPA and GM indicated the vehicles emitted over 10% more CO2 than initially reported by GM.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39428443/gms-cruise-fined-112-500-by-california-over-self-driving-car-crash-report" rel="noreferrer noopener">GM&#8217;s Cruise Fined $112,500 By California Over Self-Driving Car Crash: Report</a>
The settlement involves approximately 4.6 million full-size pickups and SUVs and 1.3 million midsize SUVs.
The EPA&#8217;s investigation, which did not allege the use of a <a target="_blank" href="https://www.benzinga.com/news/22/07/28062512/eu-court-hits-volkswagen-with-software-seen-as-defeat-device-potentially-opening-door-to-more-consum" rel="noreferrer noopener">defeat device like in the 2015 </a>Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) case, highlighted the need for strong oversight to ensure public health benefits.
In June 2023, NHTSA reported that GM paid $128.2 million in fuel economy penalties for not meeting requirements for 2016 and 2017. GM had initially planned to use credits to cover its compliance shortfall but opted to pay penalties instead.
The final rule issued last month could cost GM up to $906 million in penalties through 2031, the report read.
GM stock has gained more than 19% in the past 12 months. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares closed lower by 0.51% at $46.71 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Jonathan Weiss on Shutterstock
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</ul>

VWAGY

What Happened With General Motors Shares On Wednesday?

Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) shares surged premarket Wednesday as Skydance Media has reportedly reached a preliminary agreement to acquire National Amusements Inc. and merge with Paramount, the parent company of CBS and MTV.
Shari Redstone&#8217;s&nbsp;National Amusements, the family firm controlling Paramount, will forward the deal to a special committee of Paramount directors for review, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-02/skydance-media-is-said-to-reach-paramount-merger-agreement?srnd=homepage-americas&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
This deal, which involves significant financial maneuvering, aims to bolster Paramount&#8217;s position in the competitive media landscape.
Th development follows the recent <a target="_blank" href="https://www.benzinga.com/m-a/24/06/39281124/paramount-and-skydance-merger-talks-fall-through-report" rel="noreferrer noopener">collapse of previous negotiations</a>, with renewed talks gaining momentum over the past week. Skydance is led by Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) co-founder Larry Ellison&#8217;s son David Ellison.
The new terms include a higher valuation for National Amusements and enhanced legal protections for Redstones&#8217; company.
Sellers have 45 days to explore better offers. If approved, the agreement could be finalized within days, though potential hurdles remain.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/06/39470765/paramount-wants-you-to-shell-out-more-for-watching-starting-in-august-even-if-you-stream-it" rel="noreferrer noopener">Paramount+ Wants You To Shell Out More For Watching Starting In August, Even If You Stream It With Ads — Here&#8217;s What You Need To Know</a>
As part of the proposed transaction that Ellison previously proposed, along with partners RedBird Capital Partners and KKR &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), offered to purchase National Amusements for $2.25 billion and infuse $1.5 billion into Paramount to reduce its debt.
Ellison&#8217;s group would contribute an additional $4.5 billion to acquire Paramount shares.
The investment represents a crucial support for Paramount, which has faced challenges as consumers shift from traditional media to streaming services.
Earlier Tuesday, Bloomberg reported that Paramount is in exclusive talks to sell its Black Entertainment Television network. The potential buyers include BET CEO Scott Mills and Chinh Chu of CC Capital, with an offer range of $1.6 billion to $1.7 billion.
Paramount stock has lost more than 34% in the last 12 months. Investors can gain exposure to the stock via Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>) and Invesco Leisure And Entertainment ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEJ#NYSE">PEJ</a>).
Price Action: PARA shares are trading higher by 12.9% at $12.10 premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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Entertainment

ORCL

PowerShares ETF Leisure & Entertainment Port

Why Is Paramount Global Stock Surging Today?

General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) is reportedly facing the maximum fine from California regulators due to delayed reporting of an accident involving one of its Cruise self-driving vehicles.
The incident has prompted increased scrutiny of autonomous vehicle safety, leading to a $112,500 penalty for the automaker, reported Reuters.
Cruise failed to provide timely information to the California Public Utilities Commission (CPUC) about an <a target="_blank" href="https://www.benzinga.com/news/23/10/35052444/self-driving-cruise-car-accident-leaves-pedestrian-trapped-and-injured-in-san-francisco" rel="noreferrer noopener">accident involving one of its vehicles last year.</a>
The fine amounts to $7,500 for each of the 15 days the company withheld the information. Alongside other autonomous vehicle companies like Alphabet Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Waymo and Amazon.com Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Zoox, Cruise has faced significant regulatory scrutiny due to safety concerns and multiple crashes involving their vehicles.
The company will now be required to submit collision reports to both the CPUC and the National Highway Traffic Safety Administration (NHTSA) for incidents occurring in California.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39286236/robotaxi-focused-elon-musk-says-gm-not-making-the-right-moves-with-850m-investment-in-self-drivi" rel="noreferrer noopener">Robotaxi-Focused Elon Musk Says GM &#8216;Not Making The Right Moves&#8217; With $850M Investment In Self-Driving Cruise Unit</a>
The CPUC&#8217;s decision follows a probe into Cruise&#8217;s delayed disclosure of a pedestrian accident in <a target="_blank" href="https://www.benzinga.com/news/24/01/36793376/cruises-robotaxi-accident-report-released-whats-going-on-with-general-motors-stock" rel="noreferrer noopener">San Francisco on October 2.</a>
In this incident, a pedestrian was hit by another car and subsequently struck again by a Cruise robotaxi. The event led to the suspension of Cruise&#8217;s permit to operate in <a target="_blank" href="https://www.benzinga.com/government/24/02/36973767/california-judge-urges-gms-cruise-to-raise-settlement-offer-by-1-5x-in-robotaxi-accident-case" rel="noreferrer noopener">California and a recall of its vehicles by the NHTSA</a>.
Despite the suspension in California, Cruise resumed operations in April with a small fleet of <a target="_blank" href="https://www.benzinga.com/news/24/05/38814656/gms-cruise-restarts-self-driving-tests-in-phoenix-with-safety-drivers-on-board" rel="noreferrer noopener">human-driven vehicles in Phoenix, Arizona</a>. However, its authority to provide passenger service in autonomous vehicles remains revoked.
Cruise accrued expenses of $400 million in the first quarter as compared to the <a target="_blank" href="https://www.benzinga.com/news/24/04/38426856/gm-unveils-plans-for-autonomous-driving-unit-cruise-relaunch-after-hiatus-expects-1-7b-in-expenses" rel="noreferrer noopener">$800 million in the quarter before</a>.
The company expects the unit&#8217;s full-year expenses to be around $1.7 billion.
GM stock has gained about 29% in the past year. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares closed higher by 0.70% at $47.77 on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39276375/general-motors-adjusts-ev-production-target-resumes-cruise-operations-in-houston" target="_blank" rel="noreferrer noopener">General Motors Adjusts EV Production Target, Resumes Cruise Operations In Houston</a>
Photo via Shutterstock

AMZN

GOOGL

GM's Cruise Fined $112,500 By California Over Self-Driving Car Crash: Report

General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) shares are trading higher <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">in the premarket session on Tuesday.</a>
In a press release, the company said it approved a new share repurchase authorization to repurchase up to<a href="https://www.benzinga.com/pressreleases/24/06/n39267150/gm-board-approves-new-6-billion-share-repurchase-authorization" target="_blank" rel="noreferrer noopener"> $6 billion of its outstanding common stock.</a>
The stock buyback represents more than 10% of General Motors&#8217; current market cap of $54.25 billion.
&#8220;The investments GM made in its brands and product portfolio over the last several years, and the company&#8217;s operating discipline, are delivering consistently strong revenue growth, margins and free cash flow,&#8221; said&nbsp;Paul Jacobson, GM executive vice president and chief financial officer.&nbsp;
In the first quarter, the auto behemoth repurchased&nbsp;$0.3 billion in shares, and the company had said it expects to exhaust the remaining&nbsp;$1.1 billion&nbsp;of the prior authorization before the end of the second quarter.
Check This Out: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38379260/general-motors-q1-earnings-surprise-north-america-growth-rising-profit-margin-and-annual-guidance-b" rel="noreferrer noopener">General Motors Q1 Earnings Surprise: North America Growth, Rising Profit Margin And Annual Guidance Boost</a>
In the first quarter, General Motors also increased its common stock dividend by 33%, from&nbsp;$0.09&nbsp;to&nbsp;$0.12&nbsp;per share.
In November last year, the company disclosed a $10 billion&nbsp;accelerated share repurchase while continuing to have approximately&nbsp;$1.4 billion&nbsp;in remaining capacity under its prior share repurchase authorization.
General Motors said the new authorization will allow the company to opportunistically repurchase shares after the completion of the existing reauthorization.
The company held $25.5 billion in cash and equivalents as of March 31, 2024. The adjusted automotive free cash flow was $1.09 billion.
&#8220;We are very focused on the profitability of our ICE business, we&#8217;re growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders,&#8221; Jacobson added.
In another development,&nbsp;<a target="_blank" href="https://www.cnbc.com/2024/06/07/gm-costco-auto-program-evs.html" rel="noreferrer noopener">CNBC&nbsp;</a>reported last week that&nbsp;General Motors is increasingly using the Costco Wholesale Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) Costco Auto Program for EVs as it expands its portfolio from niche vehicles to mass-market segments with vehicles such as&nbsp;the <a target="_blank" href="https://www.benzinga.com//node/39252186" rel="noreferrer noopener">Chevrolet Equinox&nbsp;and&nbsp;Chevrolet Blazer&nbsp;EVs.</a>
&#8220;We have a great partnership with Costco, and I&#8217;m really bullish on Costco because I like their brand,&#8221; the report quoted GM North America President&nbsp;Marissa West.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, GM stock has gained over 29% in the past year. Investors can gain exposure to the stock via&nbsp;First Trust Nasdaq Transportation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXR#NASDAQ">FTXR</a>) and&nbsp;Invesco S&amp;P 500 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Price Action: GM shares are trading higher by 0.69% to $47.90 premarket at last check Tuesday.
Photo by Jonathan Weiss on Shutterstock

Buybacks

COST

General Motors Authorizes $6B Stock Buyback - More Than 10% Of Stock Float

Designed to provide broad exposure to the Style Box - Large Cap Value category of the market, the Invesco S&amp;P 500 Pure Value ETF (ARCA:RPV) is a smart beta exchange traded fund launched on 03/01/2006.
What Are Smart Beta ETFs?
For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.
Market cap weighted indexes work great for investors who believe in market efficiency. They provide a low-cost, convenient and transparent way of replicating market returns.
There are some investors, though, who think it&#39;s possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.
Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics.
Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.
Fund Sponsor &amp; Index
The fund is managed by Invesco. RPV has been able to amass assets over $2.01 billion, making it one of the average sized ETFs in the Style Box - Large Cap Value. This particular fund seeks to match the performance of the S&amp;P 500 Pure Value Index before fees and expenses.
The S&amp;P 500 Pure Value Index measures the performance of securities that exhibit strong value characteristics in the S&amp;P 500 Index.
Cost &amp; Other Expenses
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.
With on par with most peer products in the space, this ETF has annual operating expenses of 0.35%.
It&#39;s 12-month trailing dividend yield comes in at 2.35%.
Sector Exposure and Top Holdings
Most ETFs are very transparent products, and disclose their holdings on a daily basis. ETFs also offer diversified exposure, which minimizes single stock risk, though it&#39;s still important for investors to research a fund&#39;s holdings.
RPV&#39;s heaviest allocation is in the Financials sector, which is about 30.60% of the portfolio. Its Healthcare and Consumer Discretionary round out the top three.
When you look at individual holdings, General Motors Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) accounts for about 4.02% of the fund&#39;s total assets, followed by Berkshire Hathaway Inc (BRK/B) and Ford Motor Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/f#NYSE">F</a>).
The top 10 holdings account for about 25.57% of total assets under management.
Performance and Risk
The ETF has gained about 3.79% so far this year and is up roughly 15.51% in the last one year (as of 06/07/2024). In the past 52-week period, it has traded between $67.85 and $88.44.
The fund has a beta of 1.17 and standard deviation of 19.08% for the trailing three-year period, which makes RPV a medium risk choice in this particular space. With about 98 holdings, it effectively diversifies company-specific risk.
Alternatives
Invesco S&amp;P 500 Pure Value ETF is an excellent option for investors seeking to outperform the Style Box - Large Cap Value segment of the market. There are other ETFs in the space which investors could consider as well.
IShares Russell 1000 Value ETF (ARCA:IWD) tracks Russell 1000 Value Index and the Vanguard Value ETF (ARCA:VTV) tracks CRSP U.S. Large Cap Value Index. IShares Russell 1000 Value ETF has $55.21 billion in assets, Vanguard Value ETF has $115.63 billion. IWD has an expense ratio of 0.19% and VTV charges 0.04%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Large Cap Value.
<a href="https://www.zacks.com/stock/news/2285091/is-invesco-s-p-500-pure-value-etf-rpv-a-strong-etf-right-now?cid=CS-BENZ-FT-smart_beta_etf-2285091">To read this article on Zacks.com click here.</a>

Trading Ideas

Is Invesco S&P 500 Pure Value ETF a Strong ETF Right Now?

Paramount Global&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) inked a multi-year agreement with&nbsp;Charter Communications, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) to distribute its linear networks,&nbsp;CBS-owned-and-operated&nbsp;stations and&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38995318/paramount-global-and-charter-communications-announce-new-multi-year-agreement-for-distribution-of-" rel="noreferrer noopener">direct-to-consumer streaming services</a>.&nbsp;The companies didn&#8217;t disclose the financial terms of the agreement.
In addition to CBS, America&#8217;s most-watched network, Spectrum audiences will continue to enjoy access to some of TV&#8217;s most popular cable brands, including BET, Comedy Central, MTV, Nickelodeon, and Paramount Network&nbsp;–&nbsp;home to &#8220;Yellowstone,&#8221; the biggest series in&nbsp;all of&nbsp;television&nbsp;–&nbsp;as well as premium service Paramount+ with Showtime, per the statement.&nbsp;
As part of the deal, the ad-supported versions of Paramount&#8217;s direct-to-consumer services, Paramount+ Essential and BET+ Essential, will be included at no additional cost to Charter&#8217;s Spectrum TV customers.&nbsp;
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38829786/paramount-acquisition-in-doubt-as-sony-rethinks-26b-bid" rel="noreferrer noopener">Paramount Acquisition In Doubt As Sony Rethinks $26B&nbsp;Bid</a>
Moreover, Charter will make Paramount&#8217;s direct-to-consumer products available&nbsp;for purchase&nbsp;to its millions of Internet-only customers.
Tom Montemagno, Executive Vice President, Programming&nbsp;Acquisition for Charter, which operates the Spectrum brand of video and connectivity&nbsp;services,&nbsp;said, &#8220;Continuing to build on our new distribution framework with the addition of Paramount+ Essential and BET+ Essential, joining the Paramount+ with Showtime service for Paramount+ with Showtime linear customers and others like Disney+, ESPN+, ViX, Max for HBO customers, Tennis Channel Plus, and numerous regional sports networks&#8217; direct-to-consumer apps for customers of our regional sports networks, Spectrum continues to transform the cable bundle to become the best destination and value for video customers and we expect to continue to add more enhancements like this&nbsp;in the near future.&#8221;
Earlier this month, Paramount Global&nbsp;reportedly discussed&nbsp;with&nbsp;Amazon.com Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)&nbsp;about potentially&nbsp;<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/05/38866896/paramount-explores-partnership-expansion-with-amazon-report" rel="noreferrer noopener">expanding their media partnership</a>.
Investors can gain exposure to the stock via&nbsp;Communication Services&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and&nbsp;Invesco S&amp;P&nbsp;500 Pure Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPV#NYSE">RPV</a>).
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/05/38924782/paramount-global-stock-slides-further-after-warren-buffett-sells-stake-charting-the-bearish" rel="noreferrer noopener">Paramount Global Stock Slides Further After Warren Buffett Sells Stake: Charting The Bearish Sentiment</a>
Price Action: PARA shares closed lower by 3.36% at $11.79 on Thursday.
Photo via Shutterstock

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Invesco S&P 500 Pure Value ETF

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