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Luke Kawa

Lithium Americas spikes on plans for the Department of Energy to take 5% stake in exchange for early access to financing and deferred debt service

Shares of Lithium Americas are up more than 30% as of 7:35 a.m. ET after the miner announced a nonbinding agreement for the US government to receive an equity position in the company, in exchange for providing accelerated funding of a loan and offering more favorable repayment terms.

The DOE would get a 5% equity stake in the company via warrants in exchange for advancing $435 million of its previously announced loan (now worth a total of $2.23 billion) to Lithium Americas this quarter, as well as deferring interest payments on $182 million of those funds for five years.

“There can be no assurances that definitive documentation memorializing the First Draw Terms will be completed on the terms currently contemplated or at all,” the Vancouver-based company cautioned in its press release.

The first draw of Lithium Americas’ loan from the DOE is slated to be used to advance its joint venture with General Motors, a mine being developed in northern Nevada. GM is also amending the terms of this joint venture to facilitate the sale of production it does not expect to purchase. The DOE will also receive a 5% nonvoting, nontransferable economic stake in this particular project, also via warrants.

This planned pact comes on the heels of separate deals earlier this year that saw the government receive an equity stake in MP Materials and Intel, which has helped spur massive gains in those stocks.

“This proposed stake is another example of the Trump Administration taking equity stakes with American companies to promote industries seen as critical to national security with the majority of lithium reserves coming from foreign adversaries, especially China with the Thacker Pass Facility Buildout seen as crucial to national security,” Wedbush Securities analyst Dan Ives wrote. “This is important as the Trump Administration is now looking far and wide (globally) for stakes in strategic companies, not just US names.”

As we’ve written, why follow the Fed when you can just follow the feds?

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Luke Kawa
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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings
markets
Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

markets
Helena Cheng

Rocket Lab deal lifts space stocks

Shares of Rocket Lab are surging after announcing an $8 billion acquisition of satellite communications operator Iridium Communications, helping lift a broader basket of space-related stocks as investors piled back into the sector.

Planet Labs, AST SpaceMobile and Redwire all traded higher alongside Rocket Lab, extending gains in an industry that has drawn enhanced investor attention in recent months in light of the strategic importance that governments place on space and satellite communications infrastructure.

In a presentation, Rocket Lab’s management called the purchase “a shortcut” for its satellite communications business.

Under the terms of the agreement, Iridium shareholders will receive $27 in cash and Rocket Lab stock, valuing Iridium at $54 per share. Backed by a $3.6 billion bridge loan committed by Deutsche Bank and Wells Fargo, Rocket Lab absorbs Iridium’s globally licensed spectrum and an active base of 2.5 million subscribers.

Rocket Lab has also remained one of the most active launch providers in the sector. The company completed its 12th launch of the year last week, maintaining one of the highest launch cadences among commercial space companies.

Today's rally helps offset a brutal stretch for the group. Rocket Lab shares had fallen over 35% over the prior month, while Planet Labs stock was down more than 40% and AST SpaceMobile stock was down around 30% over the same window.

markets
Jake Lahut

Comcast shares rise on news of NBCUniversal spinoff deal

Comcast rose on the news that the telecom behemoth is spinning off NBCUniversal and Sky from its cable portfolio. 

Comcast initially jumped up to 17% in early trading, with the deal leaving management to focus on its core verticals of cable, wireless, and business services. 

NBCUniversal and Sky will form a new publicly traded company, similar to Versant Media, the holding company of CNBC and MS NOW that Comcast officially spun off in January. Bravo, one of the most lucrative properties that remained at Comcast, will remain part of NBCUniversal in the deal. The Universal theme parks and studios will also come with the new spinoff entity, along with Telemundo and Peacock.

Mike Cavanagh, the co-CEO of Comcast, will become the CEO for NBCUniversal, according to CNBC. 

The spinoff will be completed in about a year, according to a Comcast company statement. Its shareholders will also own shares in NBCUniversal, according to the same statement.

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