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  • Concord battery manufacturer Alevo declaring bankruptcy
    Business
    Charlotte Business Journal1 hour ago

    Concord battery manufacturer Alevo declaring bankruptcy

    More trouble for the Charlotte energy industry as utility-scale battery manufacturer Alevo USA announced it will file for Charpter 11 bankruptcy protection from creditors and lay off almost 300 people in Concord. Chief Financial Officer Peter Heintzelman said it was “a difficult, but necessary decision.” “This decision was driven by the formidable challenges of bringing a new technology into commercial production and lacking the financial wherewithal to continue on through repeated manufacturing delays,” he says in a prepared statement Friday afternoon. “It is a sad day for our dedicated employees and partners, as well as for the promise of Alevo’s technology.” The bankruptcy filing was not available

  • Nike Stock Cut at Jefferies as Adidas Races for Top Spot
    Business
    The Street31 minutes ago

    Nike Stock Cut at Jefferies as Adidas Races for Top Spot

    Jefferies analyst Randal Konik cut Nike Inc.  (NKE) to "hold" from "buy" Monday, Aug. 21,  as competition from Adidas AG  (ADDYY) intensifies. Konik's case revolves around data sources suggesting Nike could lose out to other industry competitors, analysis of web traffic on Nike and Adidas sites, secondary sneaker market data, online brand share of top-selling running shoe models and mentions of Adidas on Foot Locker Inc.  (FL) and Finish Line Inc.  (FINL) earnings conference calls. The combined data suggested "Adidas' brand heat is spreading," Konik said. Nike's growth and margins could be at risk moving ahead as elevated selling, general and administrative expenses occupy near-term funds and

  • AMD puts heat on rival Intel with new product rollouts
    Business
    Austin Business Journal36 minutes ago

    AMD puts heat on rival Intel with new product rollouts

    A drumbeat of subsequent announcements from Advanced Micro Devices Inc. since the company released its robust second-quarter financials in July demonstrate CEO Lisa Su's ambitions for the semiconductor maker. Su and analysts have said throughout the summer that AMD (Nasdaq: AMD) is poised to expand into new markets, and directly compete with the likes of California-based Intel Corp. (Nasdaq: INTC), as it introduces a series of new products in the coming years. That rollout started in June with the release of AMD's Epyc line of server ships and Ryzen chips for notebooks. Here's a quick summary of the latest AMD news and product releases in recent weeks — including a partnership with a subsidiary