PALANTIR HAS IT’S
BEST WEEK: Palantir Technologies posted its best week since it went public in September, adding about $17 billion in market value as a broad rally in tech stocks helped fuel gains in the software maker. Its shares rose 52 percent since Monday and touched a fresh intraday record at $33.50. The stock lost some of the gains on Friday after Citron Research said in a tweet it was shorting the stock with a $20 target. The company ended the session at $27.66. Palantir didn’t respond to a request for comment.
HYUNDAI , KIA FINED ON SLOW RECALLS:
Hyundai and Kia must pay $137 million in fines and safety improvements because they moved too slowly to recall over 1 million vehicles with engines that can fail. The National Highway Traffic Safety Administration announced the penalties on Friday. They resolve a three-year government probe into the companies’ behavior involving recalls of multiple models dating to the 2011 model year. Hyundai will pay $54 million and invest $40 million to improve safety operations. The company must build a field test and inspection laboratory in the U.S. and put new computer systems in place to analyze data to identify safety issues. An additional $46 million in penalties will be deferred as long as the automaker meets safety conditions. Kia must pay $27 million and invest $16 million on safety performance measures. Another $27 million payment will be deferred.
LAS VEGAS TOURISM
SLUMPS: Las Vegas welcomed nearly 1.9 million tourists in October, a greater total than September but only about half the 3.7 million it hosted throughout the month a year prior, Las Vegas Convention and Visitors Authority reported this week. The slow and incomplete return of tourists continues to imperil the city’s overall economy and experts haven’t begun to analyze how new restrictions put into effect on Tuesday to contain the spread of COVID-19 could jeopardize efforts to bring back the concerts, conventions and trade shows that traditionally draw visitors to Las Vegas, the Las Vegas Review-Journal reported.