CNBC.com’s Jordan Smith brings you the day’s top business news headlines. On today’s show, Kate Rooney breaks down new data showing that bigger investors, or “whales” were the ones buying bitcoin at the lows of yesterday’s selloff. Plus, Michael Wayland explains how Ford’s new all-electric F-150 Lightning plans to compete with General Motors and Tesla.
The crypto collapse: Here’s what’s behind bitcoin’s sudden drop
The dramatic pullback in bitcoin and other cryptocurrencies comes as a flurry of negative headlines and catalysts, from Tesla CEO Elon Musk to a new round of regulations by the Chinese government, have hit an asset sector that has been characterized by extreme volatility since it was created.
The flagship cryptocurrency fell to more than three-month lows on Wednesday, dropping to about $30,000 at one point for a pullback of more than 30% and continuing a week of selling in the crypto space. Ether, the main coin for the Ethereum blockchain network, was also down sharply and broke below $2,000 at one point, a more than 40% drop in less than 24 hours.
Ford prices new electric F-150 Lightning pickup from $40,000 to $90,000
DEARBORN, Mich. — Ford Motor says its new electric F-150 Lightning pickup will be profitable when it arrives in U.S. dealer showrooms next year, with pricing between about $40,000 and $90,000.
The pickup, which Ford officially unveiled Wednesday night, resembles the automaker’s current F-150 but includes new interior and exterior features. It’s powered by two electric motors and a battery pack instead of a traditional gas engine. It will be offered in two battery options with targeted ranges of 230 miles or 300 miles, Ford said.
The F-150 Lightning is arguably the most important vehicle to the company in years. It is expected to safeguard the Ford F-Series’ decades-long sales leadership in the U.S. amid the industry’s expected shift to EVs. F-Series includes the F-150 and its larger siblings. It is a roughly $42 billion business for Ford and its biggest profit center.
Oatly shares soar 18% in company’s public market debut on Nasdaq
Oatly shares ended the day up more than 18% after the company’s public market debut Thursday.
The stock’s opening trade was $22.12 just before noon, giving it a market value of $13.1 billion and putting shares about 30% above the initial public offering price. Shares lost some of those gains in the minutes following the first trade.
On Wednesday night, the Swedish company priced its U.S. initial public offering at $17 per share, at the top of its indicated range, raising $1.4 billion. At that price, the implied valuation is $10 billion, well above the current market value of another company that specializes in making substitutes for animal products, Beyond Meat. The oat-milk maker is trading on the Nasdaq under the stock ticker “OTLY.”
