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By Swissquote Analysts
Morning News

Volkswagen Hires Ex-Tesla, Rivian Executive for Shot in Cariad Software Arm

Volkswagen Group’s software company, Cariad, will enlist Rivian and Tesla veteran Sanjay Lal to speed up development of technology for digitization and electrification. Lal will join a company that replaced its chief executive officer, chief financial officer and chief technology officer earlier this year following delays in the development of new electric vehicle models. Starting in November, Lal will lead the software-defined vehicle hub at Cariad to develop two vehicles for the German car maker, the company said.

By
Mathieu VILLARD
Morning News

Tesla Third-Quarter Vehicle Sales Slow Ahead of Cybertruck Launch

Tesla’s sales momentum slowed during the third quarter as the automaker took production offline for factory upgrades and prepared to release its long-awaited Cybertruck pickup. For the first time in more than a year, global deliveries to customers fell quarter-over-quarter by 6.7% to 435,059, the electric-car maker reported.

By
Mathieu VILLARD
Morning News

Novartis Completes Divestment Of 'front Of Eye' Ophthalmology Assets

Novartis said that it has completed its divestment of 'front of eye' ophthalmology assets to Bausch + Lomb, a global eye health company, in a transaction valued up to $2.5 billion. The deal value consisted of 1.75 billion in upfront cash, plus potential additional milestone payments. The deal includes Xiidra, the first approved prescription treatment for the signs and symptoms of dry eye disease, and investigational medicine SAF312 (libvatrep), in development as a first-in-class therapy for chronic ocular surface pain (COSP), as well as the AcuStream delivery device in dry eye indications and OJL332, a second generation TRPV1 antagonist in pre-clinical development.

By
Mathieu VILLARD
Morning News

Nike shares soar after earnings

Nike shares jumped 7.9% after hours. Nike reported earnings after stiff competition - from the likes of Adidas and running-shoe maker On Holding - and weaker demand for sneakers and clothing kept prices lower, after last year’s surge in inflation forced customers to cut back on spending as they covered more basic needs. The athletic-gear giant reported fiscal first-quarter net income of $1.45 billion, or 94 cents a share, compared with $1.47 billion, or 93 cents a share, in the same quarter last year. Revenue crept higher to $12.94 billion, compared with $12.69 billion in the prior-year quarter.

By
Nadine PEREIRA
Morning News

H&M confirms its margin projection for 2024 after a better-than-expected third quarter

Swedish fashion retailer Hennes & Mauritz, or H&M (up 3.4% in Stockholm), confirmed its target of a 10% operating margin for the year ending 30 November 2024, after reporting better-than-expected results for the third quarter. H&M also announced the launch of a SEK 3 billion (€260 million) share buyback programme, which will run until the end of March 2024 at the latest. The group's net profit came to SEK 3.33 billion in the three months to 31 August, compared with SEK 531 million a year earlier.

By
Mathieu VILLARD
Morning News

Tesla’s stock slips after report EU investigating its Chinese exports

Tesla (-1.6%) has likely benefited from China subsidies, a European Union investigation has reportedly found, and that could mean fines for the EV maker or other measures to level the playing field. Shares of Tesla Inc. TSLA were down 0.4% in early trading, albeit in an overall weaker market for technology stocks on Tuesday, as investors fretted over soaring bond yields. The revelation about Tesla was unearthed during evidence gathering ahead of the announcement of the surprise probe made public by European Commission President Ursula von der Leyen on Sept. 13, Bloomberg reported, citing sources.

By
Mathieu VILLARD
Morning News

Boeing receives ‘firm order’ from Air Canada for 18 Dreamliner planes

Air Canada s (-1.1%) revealed on Monday that it has placed a “firm order” with Boeing Co. (+0.5%) for 18 Boeing 787-10 Dreamliner aircraft, with deliveries scheduled to begin in the fourth quarter of 2025. The Montreal-based air carrier ACDVF CA:AC confirmed the agreement also includes options for an additional 12 Boeing 787-10. Air Canada said the order will be used to replace older wide-body aircraft in its fleet.

By
Nadine PEREIRA
Morning News

Amazon to Run Ads in Prime Video Shows and Movies

Amazon (-0.2%) revealed it plans to start running advertisements in shows and movies on its Prime Video platform, the latest streaming service to turn to advertising amid mounting losses in the sector. Prime Video is one of the last major streamers to introduce an ad-supported option. Netflix and Disney rolled out those options in the past year as an alternative to their pricier ad-free plans. Apple TV+ doesn’t have a subscription plan with ads. Prime Video is included with Amazon Prime membership, which costs $14.99 a month or $139 a year. As a stand-alone streaming service, Prime Video currently costs $8.99 a month. Amazon reported in July it had more than 200 million Prime members around the world.

By
Mathieu VILLARD
Morning News

Rupert Murdoch to Step Down as Chair of Fox and News Corp After Seven-Decade Career

Rupert Murdoch is stepping down as chair of Fox and News Corp, after building a media empire over seven decades that revolutionized news and entertainment and made him one of the world’s most influential and controversial tycoons. Murdoch, 92 years old, will exit his roles atop each company as of November, when they hold annual meetings, the companies said. He will be appointed chairman emeritus of each company. His eldest son, Lachlan Murdoch, who has served as co-chair of News Corp, will become sole chair of that company and will continue as Fox Corp.

By
Mathieu VILLARD
Morning News

Goldman Sachs in Talks to Sell Consumer Lender GreenSky

Goldman Sachs is in advanced discussions to sell its specialty lender, GreenSky, to a group of investment firms, in a major step away from the Wall Street bank's failed experiment in consumer lending. The group includes Sixth Street, Pacific Investment Management and KKR, according to people familiar with the matter. A deal would be worth about $500 million, according to people familiar with the matter, less than one-third of what Goldman paid for the business just a year-and-a-half ago.

By
Nadine PEREIRA