VIA optronics ($VIAO) made its debut on the NYSE Friday, with an initial public offering priced on the low end of expectations to raise $93 million, but the display technology company still sees a bright future ahead.
"We are right now at a breaking point. We are an emerging market, and we cannot grow that much as we want organically so we have to put some investment in," said Jurgen Eichner, Via optronics CEO. "This is basically what we need the proceeds for."
The initial public offering was priced at $15, but opened at $12. By mid-afternoon shares were trading around $10.
VIA builds sunlight-readable displays with wide temperature ranges and screens with touch and gesture features. Customers of the German-based manufacturer include household names like Dell, HP, Ferrari, and BMW.
Despite the coronavirus pandemic, the need for screen tech is still widespread and growing, according to the CEO.
"Our factory was actually shut down in China for one week," Eichner said, regarding first quarter impacts from the coronavirus pandemic that didn't derail the company's targets for the year.
"We are right now fully running again, and on top of that, actually, we have some advantages of that because it boosted the home office, home learning markets," he added.
The manufacturer also apparently had few issues with its supply chain, escaping adverse impacts of global supply networks disrupted by COVID-19 even with production facilities in its native Germany, China, and Japan.
"Our supply chain has not been affected, to be honest. One of the reasons is that we do most of the products actually in-house, so we buy only raw materials and, of course, some display glass from the display manufacturer," said Eichner. "So we've been very lucky."
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
As Big Tech reports Q3 earnings, investors await proof that massive AI and cloud investments from Meta, Apple, Microsoft, and Alphabet are driving real growth.
Eric Trump joins us to discuss American Bitcoin’s mission, market strategy, and why he believes the U.S. must lead the next era of digital currency innovation.
