CNBC.com’s Pippa Stevens brings you the top business news headlines of the day. On today’s show, Phil LeBeau discusses how airlines are calling pilots to work as they prepare for a busier summer schedule now that so many Americans are vaccinated. Additionally, Brian Schwartz explains his reports on corporate reaction to new voting laws that critics say damage the voting rights of people of color.
Disney, Geico and other corporations backed Florida lawmakers who now sponsor restrictive voting bills
Republican state legislators in Florida who received corporate support from Disney and other major companies during their campaigns are now sponsoring a series of bills that could impose restrictions on voting access in the key state.
The Brennan Center for Justice lists three Florida proposals that it says, in their current form, would amount to voter restrictions. State legislators sponsoring these bills have seen contributions from media giants Disney and Charter, prison giant GEO Group, insurance company Geico, and travel planner Expedia, along with CenturyLink and other corporations. massive. CenturyLink rebranded itself Lumen Technologies in 2020. Until now, these companies have been silent on the issue of voting rights.
An analyst at Roth Capital says Tesla shares are worth $ 150, which would be a 78% discount.
Tesla shares are overvalued and worth just $ 150, according to Craig Irwin, a senior research analyst at Roth Capital, who said the electric carmaker must do more to justify its share price of nearly $ 700.
Tesla shares closed at $ 691.05 overnight as investors applauded deliveries that beat the electric car maker’s forecasts.
But the possibility of Tesla beating estimates “is clearly already in valuation,” Irwin told CNBC’s “Squawk Box Asia” on Tuesday. The company’s valuation of about $ 660 billion is close to the full size of the US and European auto markets, though it is only a “minor player” overall, the analyst said.
Topps to go public through a deal with SPAC as the baseball card company ventures into the NFTs.
Topps, which is best known for its baseball cards and Bazooka candy line, agreed to go public through a merger with Mudrick Capital Acquisition Corporation II, a special-purpose acquisition company, which values Topps at $ 1.3 billion. .
Former Disney CEO Michael Eisner will remain as Topps chairman. Mudrick Capital and the funds and accounts managed by Gamco Investors and Wells Capital Management are expected to invest an additional $ 250 million in the SPAC. Private equity firm Madison Dearborn Partners intends to sell the majority of its ownership in Topps, but Eisner’s firm, The Tornante Company, will transfer its entire equity stake in the new combined company.