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Today in the Market (6/26/2023)

Good Evening! On Monday, the stock market experienced a decline as a result of the decrease in technology stocks. Additionally, investors were contemplating the implications of the recent, albeit brief, challenge to Vladimir Putin by armed mercenaries in Russia on the market.

The S&P 500 experienced a decrease of 0.45%, while the Dow Jones observed a very small decline of 0.04%. However, The Nasdaq Composite saw the biggest decline of 1.16%

EV PARTNERSHIP

It was announced that Aston Martin (ARGGY) will enter into a long-term strategic technology partnership with Lucid Motors (LCID), an electric vehicle manufacturer based in the United States. Through the partnership, Aston Martin will leverage Lucid’s technology and procure components to facilitate the development of its debut all-electric vehicle, slated for release in 2025.

So what is the agreement? Aston Martin will be granted access to Lucid’s cutting-edge twin motor drive unit, advanced battery technology, and state-of-the-art Wunderbox inverter, in addition to receiving technical assistance from Lucid. The powertrain and battery systems of Lucid have garnered significant acclaim. They are considered a critical factor in the Lucid Air sedan’s attainment of the prestigious MotorTrend Car of the Year award in 2022.

Let’s talk money! Aston Martin intends to provide Lucid with fresh shares and staggered cash disbursements amounting to roughly $232 million. Aston Martin has also pledged to allocate a minimum of $225 million towards the procurement of Lucid’s powertrain components and agreed to compensate Lucid with an additional $10 million for the incorporation of its technology into Aston Martin’s automobiles.

ROUGH TIMES

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The states of Florida and Georgia are currently facing a significant decline in the production of their prominent fruits, namely oranges, and peaches, respectively. This development, which is the lowest in decades, has the potential to increase prices for commodities such as orange juice. So how bad is it?

  • Florida Oranges – it has been reported by the Washington Post that the citrus harvest for the current season may be the smallest since 1928, with an estimated 18 million boxes. This is in direct opposition to the peak of 250 million boxes during the 1990s and early 2000s. The citrus groves in Florida have been severely affected by the combination of adverse weather conditions during the fall and winter seasons, along with persistent challenges such as greening disease.
  • Georgia peaches – The crop has been severely impacted by a fluctuation in temperature, with unseasonably warm weather preceding a sudden cold snap in March. According to farmers, this has resulted in a harvest that is the most grim since 1955, with a reported 95% of the crop being destroyed.

It’s just fruits, right? Well… the state of Florida relies significantly more on its citrus harvest than the state of Georgia does on its peaches. According to the University of Florida, the citrus industry in Florida holds a value of $6.9 billion. Conversely, peaches in Georgia are primarily symbolic as they generated a revenue of $34 million in the previous year, in contrast to cotton which yielded $1.4 billion.

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