First Republic, ExxonMobil fall premarket; JPMorgan, GM rise

UAW holds off on endorsing Biden for 2nd term citing EV policies

United Auto Workers (UAW) President Shawn Fain said in a letter to members seen by Reuters Wednesday that the Detroit-based union has yet to endorse President Joe Biden for a second term, citing concerns about electric vehicle policies.

"The federal government is pouring billions into the electric vehicle transition, with no strings attached and no commitment to workers. The EV transition is at serious risk of becoming a race to the bottom. We want to see national leadership have our back on this before we make any commitments," Fain... More

General Motors (GM) GM North America names Rory Harvey President as Steve Carlisle announces retirement

American Automotive brand General Motors (NYSE: GM) announced Tuesday that Steve Carlisle, executive vice president and president of GM North America, is retiring after more than four decades with the company. Carlisle, 61, has been the president of GM North America since September 2020.

The company also... More

SoFi Technologies (SOFI) cut at Wedbush on potential downside risk to gain on sale margins

SoFi Technologies (NASDAQ: SOFI) was cut to Neutral from Outperform, with its price target lowered to $5 from $8 per share by Wedbush analyst David Chiaverini in a note Tuesday.

The analyst explained that they are downgrading the stock as there "could be downside risk to its gain on sale margins and fair value marks of its loan... More

U.S. might delay decision to add EVs to biofuel credit program

According to a Reuters report Monday, citing unnamed sources, that the United States Government could delay a decision on giving eRIN tradable credits to EVs under a renewable fuel program over concerns about expected legal challenges.

Last year, the U.S. Environmental Protection Agency (EPA) proposed to significantly expand the current Renewable Fuel Standard (RFS) to include the so-called eRIN proposal which would allow automakers to generate eRINs tradable credits based on the EVs they sell by establishing contracts with parties that produce electricity from biogas.

The plan would have... More

General Motors (GM) cuts 'several hundred' contract workers over the weekend

The Wall Street Journal announced Monday that American automaker General Motors (NYSE: GM) has laid off several hundred full-time contract workers at its Global Technical Center in Warren as well as other locations this weekend in its bid to shave $2 billion from its budget by the end of next year.

The cuts come nearly a month after... More