Airlines introduce more coronavirus vaccine mandates. American, Alaska Air and JetBlue will require employees to get inoculated, following United’s lead. The airlines said that as government contractors, new rules require them to mandate vaccines by Dec. 8, although Delta said it was still evaluating its options.
Investors eye the fourth quarter warily. Last month, the S&P 500 suffered its largest monthly drop since the start of the pandemic, and the current next quarter is set to be bumpy, investors told The Times. Slowing growth, rising inflation, supply chain disruptions, political gridlock, the end of Fed stimulus and the persistent threat of Covid are all hanging over the market.
Tesla reports record quarterly deliveries. Despite the global chip shortage that has hit its rivals, Tesla delivered almost a quarter of a million electric vehicles worldwide in the third quarter, more than 70 percent higher than the previous year.
Engine No. 1 backs General Motors
Engine No. 1, the activist investment firm that made its name by successfully taking on Exxon, will formally announce today that it has taken a stake in General Motors. Unlike its bruising battle with Exxon, the purchase is pitched as a show of support for the automaker’s transition to electric vehicles.
G.M. should be worth a lot more than it is now, the activist said. In a white paper released ahead of the automaker’s investor day on Wednesday, Engine argued that G.M. merits a higher valuation because of its scale and commitment to electric cars. G.M.’s shares are up about 31 percent this year, giving the company a market cap of $77 billion, or about a tenth the value of Tesla.
The investment firm first took a stake in the first quarter. It declined to disclose the size of its position, but said it is among the three largest in its private fund. (The firm’s positions have been relatively small so far.) Engine has met informally with the carmaker’s management, including C.E.O. Mary Barra, and has no plans to launch a proxy fight as it did at Exxon, Engine’s founder, Chris James, told DealBook.