Battery maker LG Energy Solution and Australian lithium company Liontown Resources will jointly consider developing a refinery for producing battery-grade lithium, as companies plot new supply chains that bypass China even amid a collapse in prices for the critical mineral.
The collaboration is part of an expanded partnership between the pair that includes an investment of $250 million by LG Energy Solution in Liontown via convertible notes, and an expanded supply deal for lithium-rich spodumene concentrate from the Australian company's Kathleen Valley project.
Redbox Parent Company Files for Bankruptcy
The owner of Redbox has filed for bankruptcy with nearly $1 billion in debt, saying a group of lenders led by HPS Investment Partners was unwilling to consent to potential refinancings.
Chicken Soup for the Soul Entertainment, which owns streaming services as well as a network of 24,000 DVD rental kiosks stationed at retailers, filed for chapter 11 protection Friday in the U.S. Bankruptcy Court in Wilmington, Del.
Services Inflation Stays Strong in Eurozone, Complicating Rate-Cut Policy
The eurozone's annual rate of consumer-price inflation eased a little in June, but the rapid rise in services prices will likely reinforce the European Central Bank's cautious approach to lowering its key interest rate.
Consumer prices were 2.5% higher in June than a year earlier across the 20 nations that share the euro, the European Union's statistics agency said Tuesday. That marks a slight decrease from the 2.6% rate of inflation recorded in May.
Why Kamala Harris Would Be Biden's Likeliest Replacement
WASHINGTON-Vice President Kamala Harris is under a fresh spotlight as Democrats buzz about who should replace President Biden were he to drop his re-election bid.
So far, Biden has shown no interest in exiting the race following a halting debate performance that raised questions about his age and abilities. But while some Democrats ponder a variety of governors or lawmakers who could step in as nominee, the likeliest alternative to the current ticket remains one led by Harris.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
None scheduled
Economic Calendar (ET):
0930 Jun Manufacturing PMI
Stocks to Watch:
Bombardier Agrees to Settle Bondholders Lawsuit Under Confidential Terms
Bombardier said it reached a confidential agreement to settle a bondholder lawsuit which alleged that the company breached certain covenants under the indenture governing certain senior notes. The lawsuit, which was filed in January 2022 by a group of bondholders, is pending in the New York State Supreme Court.
Restaurant Brands International Acquires Popeyes China, Invests in Tims China
RBI disclosed two transactions that accelerate its growth in China. It agreed to acquire Popeyes China from TH International, also known as Tims China, on an enterprise value of $15 million. As a result of the deal, RBI will own and operate 14 additional restaurants in Shanghai. RBI is also co-investing in Tims China with Cartesian Capital with the goal of developing more restaurants in one of its largest markets globally.
Expected Major Events for Tuesday
08:00/ITA: May Unemployment
09:00/ITA: 1Q General Govt Quarterly Accounts
12:55/US: 06/29 Johnson Redbook Retail Sales Index
13:30/CAN: Jun Canada Manufacturing PMI
14:00/US: May Job Openings & Labor Turnover Survey
14:00/US: Jul RCM/TIPP Economic Optimism Index
20:00/US: Jun Domestic Auto Industry Sales
20:30/US: API Weekly Statistical Bulletin
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Tuesday
Avid Bioservices Inc (CDMO) is expected to report $-0.04 for 4Q.
BowFlex Inc (BFXXQ) is expected to report $-0.06 for 4Q.
Drive Shack Inc (DSHK) is expected to report $-0.06 for 1Q.
Fresh Tracks Therapeutics Inc (FRTX) is expected to report $-0.19 for 1Q.
General Motors (GM,GMM.U-T) is expected to report for 2Q.
Invitae Corp (NVTAQ) is expected to report $-0.45 for 1Q.
MSC Industrial Direct Co - A Share (MSM) is expected to report $1.30 for 3Q.
National Beverage Corp (FIZZ) is expected to report $0.47 for 4Q.
Polestar Automotive Holding UK PLC - ADR (PSNY) is expected to report for 1Q.
Radius Recycling Inc (RDUS) is expected to report $0.58 for 3Q.
Simulations Plus Inc (SLP) is expected to report $0.13 for 3Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Amedisys Cut to Market Perform From Outperform by William Blair
Americold Realty Trust Raised to Outperform From Peer Perform by Wolfe Research
Cassava Sciences Cut to Hold From Buy by Jones Trading
Cassava Sciences Cut to Neutral From Buy by HC Wainwright & Co.
ICF International Cut to Hold From Buy by Truist Securities
Infinera Cut to Hold From Buy by Craig-Hallum
Intercontinental Exchange Raised to Buy From Neutral by Goldman Sachs
NextEra Energy Partners Cut to Sector Perform From Outperform by RBC Capital
Teleflex Raised to Overweight From Neutral by Piper Sandler
Tracon Pharmaceuticals Cut to Neutral From Buy by HC Wainwright & Co.
Zimmer Biomet Holdings Cut to Neutral From Overweight by Piper Sandler
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
07-02-24 0616ET