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Beyond Meat (BYND) to delay filing annual report due to inventory accounting review. (00:13) U.S. confirms $4.3B Tesla (TSLA), LG Energy Solution battery deal. (01:07) SK Group chairman warns memory chip shortage could last until 2030. (01:37)
This is an abridged transcript.
Beyond Meat (BYND) is down 4.6% in premarket action after rising 6.3% on Monday.
The plant-based meat producer said it will delay filing its 2025 annual report. The company says it needs more time to review its inventory balances, including provisions for excess and obsolete stock.
It expects to finalize this review and file its annual report no later than March 31. It has not yet determined the review’s potential impact on its financial statements.
The company also expects to report Q4 revenue of about $61M, lower than the $63.79M consensus estimate. Net revenue for 2025 is expected to be around $275M, compared to the consensus estimate of $276.98M
The US government confirmed that Tesla (TSLA) and South Korea’s LG Energy Solution signed a $4.3B battery supply and manufacturing deal.
The agreement involves building a lithium iron phosphate prismatic battery cell factory in Lansing, Michigan.
Batteries produced there will power Tesla’s (TSLA) Megapack 3 energy storage systems, manufactured in Houston.
The facility is expected to begin production in 2027.
The head of South Korean conglomerate SK Group stated that a global memory chip shortage is expected to continue for another four to five years due to persistent constraints in semiconductor production.
He said leading players such as SK Hynix (HXSCL) are expanding capacity, but they’re unlikely to fully satisfy demand until around 2030.
The chairman told reporters at Nvidia’s GTC event that industry-wide, the supply of the basic wafers that are made into chips is lagging demand by more than 20%.
SK Hynix (HXSCL), the main high-bandwidth memory (HBM) supplier to Nvidia, ranks No. 1 in the HBM market with a 57% share and holds a 32% share of the global DRAM market, making it the second-largest player, according to Counterpoint.
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Catalyst watch:
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BrightSpring Health Services (BTSG) will hold an Investor Day event.
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The first games of the NCAA March Madness basketball tournament will be played. The addition of Missouri to the sports betting pool and increased interest in the tournament are expected to boost DraftKings (DKNG) and BetMGM (MGM) (GMVHF). Meanwhile, prediction market players Kalshi (KALSHI) and Polymarket (POLYMARKET) have greatly expanded their event contracts around March Madness.
Dow, S&P and Nasdaq futures are in mixed territory. Crude oil is up 2.6% at $95. Bitcoin is down 1% at $74,000. Gold is up 0.1% at $5,013.
The FTSE 100 is up 0.5% and the DAX is up 0.3%.
The biggest movers for the day premarket: LENSAR (LNSR) -19% – Shares plunged after the company and Alcon (ALC) mutually agreed to terminate their planned acquisition, citing expectations that the Federal Trade Commission (FTC) would challenge the deal.
Economic calendar:
And the Wall Street Breakfast newsletter has an interesting topic this morning and it’s also a trending topic, Is Cuba next. If you haven’t signed up to receive it, here’s a link to signup.
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.