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.
Spotify Wraps 1500 Jobs
“We still have too many people dedicated to supporting work and even doing work around the work rather than contributing to opportunities with real impact,” wrote Spotify [SPOT] CEO Daniel Ek on Monday, in a statement announcing the third round of job cuts this year; some 1,500 roles will go. The streaming giant’s share price rose by up to 2.5% in premarket trading on the news.
SK Battery Stocks Pop on Sanctions
The US government on Friday released guidelines intended to stop electric vehicle (EV) makers from sourcing battery materials from China. Monday saw South Korean EV battery stocks log significant gains as a result, Bloomberg reported. For example, Ecopro BM [247540:KQ] was up by as much as 26% in Seoul, while LG Energy Solution [373220:KS], the biggest battery maker outside China, gained 1.8%.
Has BYD Got Tesla on the Ropes?
Sales of Tesla’s [TSLA] China-made EVs dropped 17.8% in November against the year-ago period, to 82,432 units, according to China Passenger Car Association data released on Monday. Rival BYD [BYDDY] set a record at 301,378 vehicles, up 0.09% month-on-month and up 31% against November last year. Elsewhere, Toyota [TM] said on Monday it is to increase its EV range in Europe to six models by 2026.
Roche Hops on the Obesity Bandwagon
Reuters reported that Roche [RHHBY] is to spend $2.7bn on obesity drug developer Carmot Therapeutics, with a view to challenging market leaders Novo Nordisk [NVO] and Eli Lilly [LLY]. Carmot’s most promising candidate is CT-388, which, like Eli Lilly’s Mounjaro, is a dual GLP-1/GIP receptor agonist. It is now ready to go to human testing, Roche said on Monday.
Can AI Help AstraZeneca Beat Cancer?
The pharma giant has signed a deal worth up to $247m with the Washington-based Absci Corporation [ABSI], which uses artificial intelligence (AI) to measure interactions between proteins. The firms will collaborate on a project to use AI to develop an antibody that fights cancer. The use of AI for large-scale analysis is a major focus of AstraZeneca [AZN] at present.
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
