Trading Ideas

(Bloomberg) — At a factory near Germany’s border with the Czech Republic, Volkswagen AG’s ambitious strategy to become the global leader in electric vehicles is coming up against the reality of manufacturing during a pandemic.The Zwickau assembly lines, which produce the soon-to-be released ID.3 electric hatchback, are the centerpiece of a plan by the world’s biggest automaker to spend 33 billion euros ($36 billion) by 2024 developing and building EVs. At the site, where an East German automaker built the diminutive Trabant during the Cold War, VW eventually wants to churn out as many as 330,000 cars annually. That would …read more […]

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The greatest form of wealth can’t be inflated away.
As the folks in Washington debate who’s next on their list to get a slug of freshly printed money… and as the stock market shrugs off one of the market’s greatest interruptions ever… it’s time to measure what we have in a different way.
Last Friday, our good pal Mark Ford mused about the idea of working with friends.
It’s a bad idea, he concluded, never to be done again.
We never would have guessed it’d be a controversial topic. Mark’s piece was filled with real-life experience, wisdom and old-fashioned common sense.
But nearly as soon …read more […]

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Regeneron Pharma (REGN) has now announced the pricing of the underwritten public secondary offering of 11,831,496 shares of its common stock held by French drugmaker Sanofi at a price of $515 per share.Regeneron has also agreed to purchase 9,806,805 shares directly from Sanofi, at a price of $509.85 per share (representing the price paid by the underwriters in the offering), for an aggregate purchase amount of $5 billion.In connection with the offering, the underwriters have a 30-day option to purchase up to an additional 1,183,150 Regeneron shares from Sanofi, the statement revealed. If the underwriters fully exercise their option to …read more […]

Tesla Inc. (TSLA) is said to cut prices of its electric vehicles by as much as 6% in North America in response to the downturn in auto demand in the area amid the lockdown orders tied to the coronavirus pandemic.According to Reuters, Tesla lowered prices for the Models S, 3, and X in North America as its Fremont factory in California recently resumed production. In China, Tesla will cut the price for its Models S and X by about 4%.The vehicle maker also said its Supercharger quick-charging service will no longer be free to new customers of its Model …read more […]

China’s top electric vehicle (EV) battery maker Contemporary Amperex Technology Ltd (CATL) is exploring new battery-related services and will expand manufacturing capacity in the next two years, its chairman told Reuters. Ningde-based CATL, which alongside LG Chem and Panasonic is one of the biggest EV battery makers globally, is developing battery-swapping and battery maintenance services, its chairman Zeng Yuqun said on Wednesday. It will also expand recycling capabilities in China and invest in similar businesses overseas, Zeng added in a written response to Reuters questions. …read more […]

Swiss drugmakers Roche and Novartis released data on Wednesday on treatments aimed at winning sales from each other in eye disease and multiple sclerosis, in a sign of rising rivalry. Facing each other across the Rhine in Basel, the drugmakers have clashed and cooperated over the years, but their latest products point to more direct competition. Roche Chief Executive Severin Schwan is looking beyond cancer drugs to fresh treatment areas, while Novartis CEO Vas Narashiman bulks up in the same territory. …read more […]

Spot gold eased 0.1% to $1,710.01 per ounce by 0301 GMT, trading near last session’s low of $1707.10, when prices dropped as much as 1.3%. U.S. gold futures were also down 0.1% to $1,703.20. Asian shares shed some of their recent gains after U.S. President Donald Trump said on Tuesday Washington was working on a strong response to China’s planned national security law for Hong Kong, adding it would be announced before the end of the week. …read more […]

(Bloomberg) — TikTok parent-company ByteDance Ltd. generated more than $17 billion in revenue and more than $3 billion in net profit last year, figures that show the startup, already the most valuable in the world, is growing at a brisk rate, according to people familiar with the matter.The revenue for last year is more than double the company’s tally of about $7.4 billion in 2018. The people asked not to be identified because the financial details are private.ByteDance has emerged as one of the tech industry’s most surprising success stories, an innovative Chinese company that is challenging the global dominance …read more […]

Russian Energy Minister Alexander Novak met with domestic major oil companies on Tuesday to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, sources familiar with the plans told Reuters. The meeting is a further sign that Moscow is committed to supporting any future joint steps to stabilise oil markets for as long as may be required, after slashing its production to close to its quota under the global deal. Kommersant daily, citing three sources in oil industry, said Russia may keep the current level of cuts …read more […]

Tesla Inc said on Wednesday it will cut prices of its electric vehicles in North America as the firm ramps up car production at its Fremont, California, factory after the easing of coronavirus lockdowns. The price cut comes as states after lockdowns during which demand for cars waned. It was not immediately clear by how much Tesla was cutting its prices or when the cuts would take effect. …read more […]

Boeing Co is expected to announce U.S. job cuts this week after disclosing last month it planned to shed 10% of its worldwide workforce of 160,000 employees, people briefed on the plans and a union said. A spokesman for the Society of Professional Engineering Employees in Aerospace (SPEEA) union that represents 17,600 Boeing employees told Reuters Tuesday the company informed the union it should expect layoff notices on Friday. Boeing declined to comment. …read more […]

(Bloomberg) — Amazon.com Inc. is in talks to buy driverless vehicle startup Zoox Inc., according to people familiar with the matter, a deal that would accelerate the e-commerce giant’s automation efforts.Other companies in the automotive and chip industries have also held talks with Zoox about a potential investment, the people said. At least one other business besides Amazon has offered to buy the company, they added. Zoox is unlikely to sell for less than the $1 billion that it has already raised, according to the people, who asked not to be identified discussing private negotiations.“Zoox has been receiving interest in …read more […]

(Bloomberg) — Oil slipped from the highest settlement in 11 weeks on signs Russia was planning to start easing supply cuts from July, while tensions between the U.S. and China escalated amid the specter of sanctions.Futures fell 1.1% in New York after closing above $34 a barrel for the first time since March. Moscow is determined to scale back curbs in line with the OPEC+ agreement, according to people familiar with the matter, but a spokesman for President Vladimir Putin said that Russia would analyze the market before making a decision. Meanwhile, U.S.-China relations are back in the spotlight as …read more […]