Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
Birkenstock Files for IPO
Iconic German footwear brand Birkenstock has targeted a $10bn valuation for its hotly anticipated IPO, according to a Monday filing. At least 32 million shares will be sold, priced at $44–49; the higher-end price would raise nearly $1.6bn. Birkenstock will list on the NYSE under the ticker ‘BIRK’. Meanwhile, UK fast-fashion label Boohoo [BOO.L] shares fell to an eight-year low after it cut revenue and earnings forecasts.
Taiwan and Huawei; TSMC Plummets; Micron in Japan
Taiwan-based tech firms Topco Scientific [5434.TW] and L&K Engineering [6139.TW], among others, are helping Huawei develop chip plants in southern China, according to Bloomberg News. The Taiwan Semiconductor Manufacturing Co. [TSM] share price has dropped more than any other Asian stock since mid-June, shaving $77bn off its market cap. Japan has approved subsidies worth up to $1.3bn for a Micron [MU] factory in Hiroshima, which will use ASML [ASML.AS] ultraviolet lithography chip-making equipment.
World Bank Backs Indonesia’s GoTo
Indonesian e-commerce leader GoTo Group [GOTO.JK] has raised $150m through a convertible bond sale. The World Bank’s International Finance Corp. invested $125m, while Franke & Co., a private investment firm, accounted for the remaining $25m. According to Bloomberg, this debt round represents a vote of confidence in CEO Patrick Walujo, who took on the role last June. GoTo has implemented job cuts and tightened expenses as it works to become profitable.
Can BYD Best Tesla?
After Tesla [TSLA] announced a drop-off in deliveries, BYD [1211.HK] is in pole position to overtake the US electric vehicle (EV) leader. BYD shipped 431,603 EVs in the quarter ended 30 September, while Tesla sold 435,059: a lead of just 3,456. Tesla has re-launched its Model Y crossover sport utility vehicle, its best-selling EV. It has tweaked the model’s price several times this year due to high interest rates.
Visa Dives Into AI
Visa [V] has announced a plan to spend some $100m investing in generative artificial intelligence (AI). The firm said it will focus on companies that will impact on the future of commerce. “We are excited to expand our focus to invest in some of the most innovative and disruptive venture-backed start-ups building across generative AI, commerce and payments,” said David Rolf, Head of Visa Ventures.
Disclaimer Past performance is not a reliable indicator of future results.
CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
CMC Markets does not endorse or offer opinion on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.
*Tax treatment depends on individual circumstances and can change or may differ in a jurisdiction other than the UK.
Continue reading for FREE
- Includes free newsletter updates, unsubscribe anytime. Privacy policy
