Good Evening! On Thursday, there was a notable increase in U.S. stock prices. The surge occurred after investors analyzed retail sales and wholesale price inflation statistics, which exceeded expectations.
All three indexes finished up for the day up around the same amount with the Nasdaq Composite increasing by 0.81%, the S&P 500 rising by 0.84%, and the Dow Jones up by 0.96%.
STILL ON TRACK!
Nikola (NKLA) saw a significant increase on Thursday after the company’s Chief Executive Officer conducted a forum to discuss important aspects of the business and participated in a Q&A session.
Why was this important? One month ago, Steve Girsky assumed the position of CEO at Nikola and has since been tasked with addressing a number of concerns. These include a significant recall of the company’s battery-electric vehicles, as well as inquiries over its forthcoming hydrogen-powered trucks and the necessary infrastructure to support their expansion.
But why the surge? Investors are likely responding today because Nikola is still progressing as planned in its endeavors to begin the delivery of hydrogen fuel cell trucks even after the June recall of battery-electric trucks. With optimistic expectations, the business has started the mass manufacturing of the Class 8 semi-trucks. The company has plans to begin client deliveries in the near future.
So far… the company has received orders for over 200 hydrogen fuel cell trucks and has the capability to manufacture 2,400 trucks on an annual basis.
UNHAPPY HOUR
Stonegate Group, the biggest pub company in Britain, has just made public its decision to implement “surge pricing” at 800 of its locations throughout the United Kindom.
Here are the details. According to a recent story by the Telegraph, the pubs will display signs with a “Polite Notice” to inform customers of the heightened expenses during periods of high demand. The reason? Stonegate noted that the price hikes (which may reach an extra 20 pence or $0.23 USD for a pint of beer) are to counterbalance the increased expenses associated with staff and licensing regulations.
Are customers happy about it? Well… The consumer advocacy organization Campaign for Real Ale has criticized the strategy, which referred to it as an “unhappy hour surge.” The group expressed concerns that this policy may discourage consumers who depend on pubs as a cost-effective socializing environment. As one might expect, several other bar owners took advantage of Stonegate’s negative public relations by declaring that they would maintain their current pricing.