Li Auto Shares Hit New 52-Week High After Taking In Over 30,000 Li L9 Orders

Shares of Li Auto Inc. (LI) rose and reached a new 52-week high of $41.49 Friday morning, after the Chinese electric vehicles maker announced that the orders for Li L9, its flagship smart SUV, have exceeded 30,000 in 72 hours since the vehicle was available for reservation, demonstrating the outstanding product appeal of the vehicle for family users.

The stock is currently trading at $40.41, up $1.17 or 2.98%, with trading volume of over 8.22 million versus an average volume of 9.77 million shares.

ToughBuilt Industries Surges 108%

ToughBuilt Industries, Inc. (TBLT) shares are surging more than 108 percent on Friday morning trade, continuing a bullish trend after announcing the closing of $6 million public offering.

The Company said the net proceeds will be used for general corporate purposes, including working capital, and the repurchase of certain existing warrants.

Currently, shares are at $3.63, up 108.90 percent from the previous close of $1.74 on a volume of 100,907,044. For the 52-week period, the shares have traded in a range of $1.34-$187.50 on average volume of 442,818.

U.S. Leading Economic Index Decreases In Line With Estimates In May

The Conference Board released a report on Friday showing a continued decrease by its reading on leading U.S. economic indicators in the month of May.

The report showed the Conference Board’s leading economic index fell by 0.4 percent in May, matching the revised drop seen in April.

Economists had expected the leading economic index to decrease by 0.4 percent compared to the 0.3 percent dip originally reported for the previous month.

“The US LEI fell again in May, fueled by tumbling stock prices, a slowdown in housing construction, and gloomier consumer expectations,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.

He added, “The index is still near a historic high, but the US LEI suggests weaker economic activity is likely in the near term—and tighter monetary policy is poised to dampen economic growth even further.”

Meanwhile, the report showed the coincident economic index edged up by 0.2 percent in May following a 0.5 percent increase in April.

The Conference Board said the lagging economic index also advanced by 0.8 percent in May after climbing by 0.4 percent in the previous month.

Zendesk To Be Taken Private By Investors Led By Hellman & Friedman, Permira In $10.2 Bln Deal

Zendesk, Inc. (ZEN) announced Friday it has entered into a definitive agreement to be acquired by an investor group led by leading global investment firms Permira and Hellman & Friedman LLC in an all-cash transaction that values Zendesk at approximately $10.2 billion.

In addition to Hellman & Friedman and Permira, the investor group includes a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and GIC.

Under the terms of this agreement, Zendesk shareholders will receive $77.50 per share. The offer represents a premium of approximately 34% over Zendesk’s closing stock price on June 23, 2022, the last full trading day prior to this announcement.

The transaction, which has been unanimously approved by Zendesk’s Board of Directors, is expected to close in the fourth quarter of this year and is subject to customary closing conditions, including Zendesk stockholder approval.

Hellman & Friedman and Permira have arranged for debt and equity financing commitments for the purpose of financing the transaction. Upon closing of the transaction, Zendesk will operate as a privately-held company.

Same-Sex Marriage and Contraception Should Be Next on Chopping Block: Clarence Thomas

In a landmark decision, the Supreme Court stripped American women of their right to reproductive autonomy. In a 6-3 ruling, the Supreme Court on Friday determined that states can restrict or outright ban abortion at any point during a pregnancy. The decision overturned Roe v. Wade, a 1973 case that established a constitutional right to abortion services. 

In a concurring opinion, conservative Justice Clarence Thomas indicated that the Supreme Court should reconsider previous rulings that established the right to contraception, same-sex marriage, and protections for same-sex relationships. 

“We should reconsider all of this Court’s substantive due process precedents, including Griswold, Lawrence, and Obergfell,” Thomas wrote.

The ruling in Dobbs v. Jackson Women’s Health Organization represents the culmination of decades of attempts by conservatives to overturn abortion rights. With this ruling in place, dozens of states are now poised to severely curtail or outlaw and criminal abortion services.

Stocks regain ground as bond investors get to grips with historic losses.

Despite recent gains, the stock market is on track for the worst start to a year since 1970, and by one measure, bond investors may face the worst decline in centuries.

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This article is part of our Daily Business Briefing

By Isabella Simonetti

S&P 500

This YouTuber has built his career calling out crypto scams

Washington (CNN Business)Hackers have stolen the equivalent of $100 million from a California-based cryptocurrency firm in the latest big-money hack in the digital currency industry.

The unidentified thieves hit a “bridge” — a program that allows for the transfer of cryptocurrency — the victimized firm, Harmony, announced on Twitter Thursday night.
“Harmony is working around the clock as we continue our investigation alongside the FBI and multiple cyber security firms,” said the firm, which specializes in blockchain technology that underpins cryptocurrency transactions.

Harmony joins a long list of cryptocurrency firms that have been plundered by hackers for many millions of dollars at a time. This year alone, hackers have stolen over $1 billion from cryptocurrency bridges, according to Elliptic, a firm that tracks transactions on the blockchain.

Cryptocurrency bridges are prime targets for hackers, Elliptic said, because they store large amounts of liquidity.

It’s unclear who looted Harmony’s digital coffers.
The FBI in April blamed North Korean government-backed hackers for a roughly $600-million hack of popular video game company.