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OFFON

GLOBAL MARKETS LIVE: Tesla tumbles as it doesn’t live up to expectations

09/08/2020 | 09:36am EST

Tesla’s share is down by double digits on Wall Street after it failed to make it in the S&P 500, as Volkswagen reveals it does not envisage any cooperation with the US car maker. And AB Inbev is looking for a successor to its CEO.

Earnings season. Lululemon Athletica, Partners Group, Slack, Ashtead Group, ICA Gruppen, JD Sports Fashion, Travis Perkins, Meggitt, Interparfums, Mediaset, Devoteam and Altamir are among companies reporting their results today.

Let down. Tesla lost more than 10% after Friday's announcement that it would not be included in the Standard & Poor's 500 Index, contrary to the expectations of many investors.

Electric trucks are in demand. Nikola Corp jumps more than 40% ahead of the stock market after General Motors announced an 11% stake, worth approximately $2 billion, in the manufacturer of electric utility vehicles.

Antitrust is watching. Worldline may have to make concessions to obtain the European antitrust green light in the context of the Ingenico takeover, according to information obtained by Reuters. "The French group has until Wednesday to respond to the European Commission's concerns unless it manages to convince it, before that date, that concessions are not necessary," the agency wrote. The EU has until September 16 to decide on the first phase of the project's review.

Dividend or no dividend? The LVMH Board of Directors will discuss in October the payment of a possible interim dividend, it announced in its last letter to shareholders. It also stated that "the closing date for the proposed acquisition of Tiffany & Co. depends on obtaining the latest regulatory approvals", which suggests that the transaction remains on track.

Big needs. Exxon Mobil - The oil group would need $48 billion by the end of 2021 to finance its activities, cover the costs of its development projects and meet its commitments in terms of shareholder compensation, according to Reuters calculations and market estimates.

Financial restructuring in sight. Europcar Mobility is starting a process of financial restructuring by entering into talks with its creditors. Management is seeking the approval of its lenders to appoint an ad hoc trustee and/or a conciliator. The dossier weighs only €189 million on the stock market, after having fallen to historic lows. It is too early to know the terms of the financial restructuring, but the weight of the debt poses a risk of dilution for shareholders.

Just an appointment. Volkswagen does not intend to enter into a cooperation agreement with Tesla, explained its CEO Herbert Diess, to cut off speculation following a meeting with Elon Musk. The meeting took place last week in Germany and Musk was even allowed to drive Volkswagen's new ID.3. "Just to be clear: we just drove the ID.3 and discussed - there is no agreement/cooperation going on," said the VW boss.

Things are going well at AB Inbev. Anheuser-Busch Inbev has started the search for a successor for its CEO Carlos Brito, according to the Financial Times, both internally and externally. Only one internal profile would stand out for the moment, that of Michel Doukeris, in charge of operations in the United States. Brito has been at the helm for 16 years and has orchestrated the largest merger in the sector.

The B787 under surveillance. The U.S. regulator is investigating manufacturing defects in Boeing's B787. The investigations were launched after the manufacturer itself revealed that parts fitted to the aircraft did not meet its own production specifications. However, the problem only concerns 8 aircraft.

In other news. Partners Group results are declining but exceeding expectations. Colruyt stops the sale of non-food products on the website of Collishop. Roche receives the green light from the FDA for a new cobas test.


© MarketScreener.com 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALTAMIR 1.28% 20.255 Real-time Quote.20.12%
ANHEUSER-BUSCH INBEV -0.50% 56.12 Delayed Quote.-22.43%
ASHTEAD GROUP PLC -0.96% 3193 Delayed Quote.33.55%
DEVOTEAM S.A. -0.10% 97.9 Real-time Quote.3.70%
DJ INDUSTRIAL 0.20% 29883.79 Delayed Quote.3.86%
ETN. FR. COLRUYT NV 0.49% 49.1 Delayed Quote.5.12%
EUROPCAR MOBILITY GROUP SA -1.99% 0.9115 Real-time Quote.-78.54%
EXXON MOBIL CORPORATION 3.74% 39.94 Delayed Quote.-44.83%
GENERAL MOTORS COMPANY -0.22% 44.58 Delayed Quote.22.08%
ICA GRUPPEN AB 0.48% 417.1 Delayed Quote.-5.05%
INTERPARFUMS SA 3.08% 43.5 Real-time Quote.25.46%
JD SPORTS FASHION PLC -0.91% 801.6 Delayed Quote.-3.39%
LULULEMON ATHLETICA INC. -1.30% 372.6 Delayed Quote.62.96%
LVMH MOËT HENNESSY - LOUIS VUITTON SE 0.22% 497.85 Real-time Quote.19.93%
MEDIASET -0.30% 2.02 Delayed Quote.-23.83%
MEGGITT PLC 2.27% 428.5 Delayed Quote.-36.21%
NASDAQ 100 0.01% 12456.406964 Delayed Quote.42.62%
NASDAQ COMP. -0.05% 12349.366333 Delayed Quote.35.96%
NIKOLA CORPORATION 5.47% 18.32 Delayed Quote.68.32%
PARTNERS GROUP HOLDING AG 0.29% 967.8 Delayed Quote.8.74%
ROCHE HOLDING AG 1.02% 302.65 Delayed Quote.-4.59%
S&P 500 0.18% 3669.01 Delayed Quote.13.36%
SLACK TECHNOLOGIES, INC. -2.58% 42.71 Delayed Quote.95.02%
TESLA, INC. -2.73% 568.82 Delayed Quote.598.92%
THE BOEING COMPANY 5.09% 223.85 Delayed Quote.-35.32%
TRAVIS PERKINS -1.35% 1351.5 Delayed Quote.-14.73%
VOLKSWAGEN AG -0.39% 146.78 Delayed Quote.-16.39%
WORLDLINE -2.11% 75.12 Real-time Quote.21.52%