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Tesla, Harley-Davidson, Trivago Rise Premarket; TripAdvisor Falls

By Peter Nurse 

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Tesla, Harley-Davidson, Trivago Rise Premarket; TripAdvisor Falls
© Reuters.

By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Monday, November 1st. Please refresh for updates.

  • Coca-Cola (NYSE:) stock fell 0.1% after the Wall Street Journal reported that the soft drinks giant will spend $5.6 billion to raise its stake in sport drink-maker BodyArmor up to 100% from 30% currently. It’s Coke’s biggest ever brand acquisition.

  • Barclays (LON:) ADRs fell 1.5% after Jes Staley, the CEO of the U.K. bank, resigned following a probe by British regulators into his ties with convicted sex offender Jeffrey Epstein.

  • American Airlines (NASDAQ:) stock fell 0.1% after the airline cancelled more than 1,900 flights over the weekend, hit by severe wind gusts at its busy Dallas-Fort Worth hub. Lack of pilots and flight attendants at the right places also aggravated the problem.

  • Tesla (NASDAQ:) stock rose 2.7% after the electric car maker signed a deal with Ganfeng, the world’s top lithium company by market capitalisation, to supply battery-grade lithium products. A fan site also reported that the outlook for deliveries in the current quarter looked rock-solid, as a photo of its Shanghai factory showed a lot full of newly-finished cars.

  • Roblox (NYSE:) stock rose 0.8% after the online games platform restored its services, ending a three-day outage. Company statements suggested that there had been no breach of data confidentiality.

  • (NASDAQ:) stock rose 4.5% after JPMorgan (NYSE:) upgraded its investment stance on the consumer products manufacturer to ‘outperform’ from ‘neutral’, saying its turnaround plan is working.

  • TripAdvisor (NASDAQ:) stock fell 2.4% after Barclays downgraded its recommendation to ‘underweight’ all the way from ‘overweight’, citing the slow recovery of the travel industry from the pandemic hit.

  • Harley-Davidson (NYSE:) stock rose 8% after the European Union lifted tariffs on the company’s iconic motorcycles as part of a deal that ended a dispute over steel and aluminum tariffs.

  • AMC Entertainment (NYSE:) stock rose 2% after the theater chain confirmed that its October admissions revenues, both in the U.S. and internationally, were the highest since the pandemic hit.

  • Trivago (NASDAQ:) stock rose 6.1% after the travel services company reported an unexpected profit and better-than-expected revenue as pandemic restrictions eased.

  • Xpeng (NYSE:) stock rose 4.1% after the Chinese electric car maker delivered more than 10,000 cars in October, more than triple the number in the same month last year.

 

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Stock Market

The Bank of England buys government bonds instead of a planned sale

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UK government bonds Bank of England

The Bank of England buys government bonds. It was decided to suspend the start of the previously announced government bond sales program and instead will start buying government bonds amid a sharp rise in their yields.

“UK government bonds Bank of England will start to buy from September 28. The purpose of these purchases is to return to normal market conditions. Purchases will be made in any scale, which is necessary to achieve the goal,” – said in a statement of the British Central Bank.

The yield on U.K. 10-year government bonds reached 4.611 percent in Wednesday’s trading, recording the highest increase since 1957 since the beginning of the month. After the Bank of England’s announcement, yields fell about 45 basis points to 4.07%. The news also caused yields on other government bonds around the world to fall.

The surge in yields on British government debt is caused by the previously announced large-scale tax cuts, which, according to British authorities, will increase the budget deficit in the current fiscal year by more than 70 billion pounds.

Earlier, we reported that Goldman lowered its recommendation on global equities for the next 3 months to “below market”.

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Stock Market

Goldman Sachs stock forecasts: Goldman has downgraded its recommendation for global stocks for the next 3 months to “below market”

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Goldman Sachs stock forecasts

A new Goldman Sachs stock forecast has emerged. Analysts at U.S. bank Goldman Sachs Group Inc. (NYSE:GS) have downgraded their recommendation for global stocks for the next three months to “below market” and maintained an “above market” recommendation for cash amid recessionary risks, Bloomberg writes.

“Current stock valuations may not fully reflect the risks involved, and there’s a chance they will drop even further before they bottom out. Also have a disappointing Goldman Sachs economic forecast,” the Goldman strategist team, led by Christian Muller-Glissmann, wrote.

BlackRock, the world’s largest company by assets under management, advises investors to “divest from most stocks.”

Experts at Morgan Stanley (NYSE:MS) and JPMorgan Asset Management previously laid out similar concerns after the world’s top central banks signaled their firm’s resolve to fight inflation, sending global stocks plunging in the past few days.

Goldman analysts last week sharply lowered their forecast for the value of the U.S. S&P 500 stock index for the end of this year, to 3,600 points from the previously expected 4,300 points. The day before, the indicator finished trading at 3655 points.

Earlier, we reported that European stock markets are trading contradictoryly.

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European stock markets are trading contradictory today

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biggest european stock markets

During today’s trading the major European stock markets do not show unified dynamics. The composite index of the largest companies in the region, Stoxx Europe 600, decreased by 0.18% to 389.68 points.

European stock markets trading today

British stock index FTSE 100 was down 0.06%, while German DAX gained 0.19% and French CAC 40 gained 0.16%. Italian FTSE MIB rose by 1%. Spanish IBEX 35 decreased by 0.34%.

The British financial company Virgin Money UK PLC was among the leaders of the fall in the components of the Stoxx Europe 600 index, falling by 6.7%.

Shares of the Swiss manufacturer of heating and ventilation systems rose 8.4% as Berenberg’s experts improved their recommendations on the company’s securities and raised their price target.

Concerns about the state of the global economy are growing amid persistently high inflation and aggressive measures by major central banks to curb it, writes CNBC.

The elections in Italy are also in the spotlight. The Italian Democratic Party acknowledged defeat in early parliamentary elections that took place on Sunday, reported the media.

The market is also pressed by continuing geopolitical tensions with the ongoing “referendums” in several regions of Ukraine.

Meanwhile, the level of business confidence in the German economy in September fell to 84.3 points from 88.6 points in August, according to a report by the research organization IFO.

Earlier we reported that the yield of British government bonds rose to a 14-year high.

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