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TheStreet.com
Stocks Resume Slide, Amazon, Porsche, Nike And Hurricane Ian – Five Things To Know
Stock futures slide as dollar resumes market grip; Amazon unveils wage hikes ahead of holiday season; Porsche shares leap on Frankfurt IPO debut; Nike earnings in focus as inventory, dollar pressure margins and Hurricane Ian slows, leaves billions in devastation in wake.
Reuters
Porsche’s blockbuster IPO is no ‘gamechanger’ for Europe’s battered markets
Porsche’s landmark listing is defying market turmoil giving a welcome boost to a battered pipeline of share sales but the deal is unlikely to open the floodgates, bankers and analysts say, with European listings facing their worst year since 2009. As market volatility persists amid Europe’s energy crisis and worsening economic forecasts, companies are holding off on their plans to go public. Volkswagen’s decision to press ahead with the IPO of Porsche is perceived as a one-off deal whose success is closely linked to the appeal of its brand.
Reuters
Investors switch into Porsche AG from Volkswagen on debut day
MILAN (Reuters) -Porsche AG shares rallied on their Frankfurt market debut on Thursday as traders dumped holdings of its controlling companies to grab a slice in the newly listed supercar manufacturer. The listing of Porsche AG, under a trading code that includes the 911 number in a nod to its most famous model, defied turbulent markets to give the car brand a value north of 75 billion euros ($72.78 billion). Traders said some investors that bought Volkswagen and Porsche SE to play a potential IPO boom might be unwinding their positions and switching into Porsche AG, which was trading not too far from the offer price.
Barrons.com
Porsche Opens Higher After IPO Raises $9.2 Billion
Volkswagen-owned Porsche priced its IPO at the top of its €76.50 to €82.50 euro price range, signaling strong demand. It began trading Thursday on the Frankfurt stock exchange.
Bloomberg
Porsche Rises in Landmark IPO Weathering Tough Markets
(Bloomberg) — Porsche AG gained during its trading debut after parent Volkswagen AG set the final listing price for the sports-car company at the upper limit in defiance of market upheaval.Most Read from BloombergApple Ditches iPhone Production Increase After Demand FaltersMacKenzie Scott Files for Divorce From Science Teacher HusbandNord Stream Gas Leaks May Be a New Disaster for the ClimateGermany Suspects Sabotage Hit Russia’s Nord Stream PipelinesTrump Refuses to Delay Florida Deposition in
Reuters
Porsche races higher after landmark $72 billion listing
Porsche AG shares made a strong start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of 75 billion euros ($72 billion) in Germany’s second-biggest market debut. Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group’s electrification drive. By 1035 GMT Porsche AG stock was trading 3% up from the issue price of 82.50 euros.
Bloomberg
Hong Kong’s Worst Trading Debut in 2022 Sends EV Maker Down 34%
(Bloomberg) — An EV maker and a unit of China’s real estate developer China Vanke Co. plunged in their trading debuts in Hong Kong, following IPOs that together raised more than $1.5 billion. Most Read from BloombergApple Ditches iPhone Production Increase After Demand FaltersMacKenzie Scott Files for Divorce From Science Teacher HusbandNord Stream Gas Leaks May Be a New Disaster for the ClimateGermany Suspects Sabotage Hit Russia’s Nord Stream PipelinesTrump Refuses to Delay Florida Deposition
Reuters Videos
Porsche shares debut amid market tumult
STORY: Porsche roared onto the stock market on Thursday (Sept 29), defying market turmoil. The luxury car brand debuted with a valuation of almost $72.5 billion. That was at the top end of the price range set by parent firm Volkswagen. Amid a big tumble for broader markets, Porsche proved the exception.Its share were up over 4% after the first hour of trade.The sale is one of Europe’s biggest ever listings. It values Porsche at almost the same price as VW, and ahead of rivals like Ferrari. In all it should generate around $19 billion for Volkswagen.That’s likely to be used to help fund its shift to electric cars. Porsche CEO Oliver Blume hailed Thursday’s debut: “We are convinced: there is more inside us. We will achieve independence and even greater entrepreneurial leeway. We want to become even faster, more flexible and more focused. Porsche will be able to continue to profit from the synergies within the Volkswagen Group.” Some investors had questioned whether now was the right time for the listing, with markets facing turmoil over the Ukraine war and resulting energy crisis. But VW says it’s actually the perfect moment, with fund managers sorely in need of a stable and attractive stock to invest in. The Porsche and Piech families will remain big players, with a stake of 25% plus one share – effectively a blocking minority.
Bloomberg
Porsche Rises in Landmark Trading Debut Amid Market Turmoil
(Bloomberg) — Porsche AG rose as much as 1.8% as its shares started trading in Frankfurt after strong investor demand buoyed the sports-car maker’s 9.4 billion-euro ($9.1 billion) initial public offering that was priced at the top end of the offer range. Most Read from BloombergApple Ditches iPhone Production Increase After Demand FaltersMacKenzie Scott Files for Divorce From Science Teacher HusbandNord Stream Gas Leaks May Be a New Disaster for the ClimateGermany Suspects Sabotage Hit Russia’s
Reuters
C$ rallies as bond yields tumble on surprise BoE move
The Canadian dollar strengthened against its U.S. counterpart on Wednesday as the Bank of England’s move to support the bond market wrong-footed some investors, with the currency pulling back from its weakest level in more than two years. Wall Street rebounded strongly following its recent sell-off, while U.S. Treasury yields tumbled and the U.S. dollar lost ground against a basket of major currencies after the BoE said it would buy long-dated British bonds in a move aimed at restoring financial stability. “This Bank of England move caught everybody off guard,” said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull.
Reuters
Buffett’s Berkshire Hathaway buys 5.99 million more Occidental shares
Warren Buffett’s Berkshire Hathaway Inc bought another 5.99 million shares of Occidental Petroleum Corp, boosting its stake to 20.9% after the oil company’s shares lost about a fifth of their value in less than a month. The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Wednesday. Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental’s Wednesday closing price of $61.41.
Reuters
The long, winding road to Volkswagen’s Porsche IPO
Shares in Volkswagen’s sportscar brand Porsche started trading on Thursday in what marks Germany’s second-largest listing ever as well as a new phase in a sometimes fraught relationship between the two auto brands that goes back decades. Ferdinand Porsche opens a design office, the first stage of a business that will later become the eponymous sports car maker. Porsche, who designed the first VW Beetle, oversees the building of the first production hall for Volkswagen.
The Wall Street Journal
Intel Introduces Videogame Graphics Chips to Challenge Nvidia
Intel dominates in semiconductors at the computational heart of personal computers, but it has long ceded the market for videogaming graphics chips to Nvidia and AMD. Intel Chief Executive Pat Gelsinger on Tuesday signaled the company would re-enter that field, releasing a graphics card for gamers that is slated to be available on Oct. 12. Intel’s pitch, Mr. Gelsinger said, would be to gamers tired of paying sky-high prices for the fastest, most advanced graphics chips.
Reuters
Bed Bath & Beyond quarterly loss widens on merchandising issues
Once known to be a “category killer” in home goods, Bed Bath’s stock and fortunes have slumped after its move to sell more store-branded products flopped and led to a reshuffle of its management team earlier this year. The big-box chain now aims to attract more consumers by selling more national brands and dishing out coupons, but has a mountain to climb, with people spending less on home goods and an interim chief executive and finance chief in place. “Although still very early, we are seeing signs of continued progress as merchandising and inventory changes begin,” Bed Bath and Beyond Interim Chief Execitive Sue Gove said in a statement.
SmartAsset
$750,000 Earns This Much Interest Annually
Interest is one of the most popular forms of investment return. Although it tends to generate lower returns than capital gains, interest payments are both income-generating and tend to be a safe asset class. This appeals to investors no matter … Continue reading → The post How Much Interest Can $750,000 Earn Per Year? appeared first on SmartAsset Blog.
