Diamonds and Dogs
Electric-vehicle startup Fisker (FSR) is up 25% following earnings. The company flagged increased orders for its sports utility vehicle Ocean and maintained its production forecast for the year, sending its shares higher. Fisker said reservations for the first model of Ocean rose to more than 65,000 as of Feb. 24, from 62,000 as of Oct. 31, 2022. Fisker reiterated the production target of 42,400 cars with its manufacturing partner Magna International's Austrian unit in 2023 with a target of gross margins range of 8% to 12% and positive earnings before interest, tax, depreciation and amortization this year.
LendingTree (TREE) has a lending problem. The consumer online lending platform is lower by 8% following earnings. Earnings were actually good even as sales fell 21% to $202 million. However, downside guidance for 2023 has investors nervous that higher interest rates will crimp demand in the new yar.
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