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☆ Nissan targets 1 million extra vehicle sales in next 3 years, aims to cut EV costs
▼ + stars: | 2024-03-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A Nissan Ariya electric car is on display during 2020 Beijing International Automotive Exhibition (Auto China 2020) at China International Exhibition Center on September 27, 2020 in Beijing, China. Nissan is targeting an additional 1 million vehicle sales over the next three years and a 30% reduction in electric vehicle production costs by 2030, the Japanese carmaker announced Monday. In a new medium-term business plan, Nissan also said it would launch 30 new models by fiscal year 2026, with 16 of these electrified. "Faced with extreme market volatility, Nissan is taking decisive actions guided by the new plan to ensure sustainable growth and profitability." The country boasts the world's largest and most crowded EV market and its automakers are exerting significant downward pressure on prices.

Persons: Makoto Uchida, Elon Musk Organizations: Nissan, Automotive, China International Exhibition Center, Ford Motor, General Motors, Mercedes, Benz, Volkswagen Locations: China, Beijing

☆ Ferrari boss promises 'emotion' won't be lost in EV engine roar
▼ + stars: | 2024-03-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A Ferrari is parked outside the New York Stock Exchange in celebration of Ferrari's initial public offering in New York City on Oct. 21, 2015. Ferrari CEO Benedetto Vigna promised on Tuesday that the luxury carmaker's new electric vehicle will offer drivers the same roar as its historic combustion engines. The Italian company is launching its first fully electric vehicle in the final quarter of 2025 and will open a new production site in Maranello, Italy, in June to manufacture electric motors, battery packs and power inverters. Speaking to CNBC's "Squawk Box Europe" on Tuesday, Vigna said the company would maintain its focus on performance, design and driving experience in its EV range, insisting that "electric cars are not silent." "When we talk about luxury cars like our cars, we are talking about the emotion that we are able to deliver to our client, so we are not talking about functional cars like other EVs that you see on the road," he said.

Persons: Ferrari, Benedetto Vigna, Vigna Organizations: New York Stock Exchange, Ferrari Locations: New York City, Maranello, Italy

☆ An activist short-seller is making a name for itself by taking on Carl Ichan, Gautam Adani and others
▼ + stars: | 2024-03-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

Anderson exposes corporate fraud and ponzi schemes through his company Hindenburg Research. Congress (IYC) staged a protest demanding a probe into the allegations of fraud made against the Adani group in the Hindenburg research report. Controversial practice Breakout Point has tracked 74 Hindenburg short bets it has opened since 2017. watch nowBiggest hits One of Hindenburg's biggest recent campaigns centered on a collection of businesses owned by Indian billionaire Gautam Adani. In January 2023, Hindenburg published a report accusing Adani Group companies of "brazen stock manipulation and accounting fraud."

Persons: Nate Anderson, Anderson, Carl Icahn, Gautam Adani, Ivan Cosovic, Hindenburg, LPP, Gautam Organizations: Hindenburg Research, Washington Post, The Washington Post, Getty, The, CNBC, Indian Youth Congress, Central, Indian Youth Congress Office, Congress, Hindustan Times, GameStop, Hindenburg's, Adani, Securities and Exchange Board of India Locations: The New York, NY, New York, DELHI, India, New Delhi, Gdansk, Russia, Ukraine

☆ 'Glitch' at Ethiopia's biggest bank sees customers withdraw millions that isn't theirs
▼ + stars: | 2024-03-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

ADDIS ABABA, Ethiopia - Dec. 7, 2023: A branch of the Commercial Bank of Ethiopia in Addis Ababa. Ethiopia's largest bank is struggling to recoup millions of dollars after a glitch over the weekend allowed customers to withdraw unlimited funds, according to local media reports. More than $40 million was reportedly withdrawn from the state-owned Commercial Bank of Ethiopia or transferred to other banks, as customers discovered they could withdraw more than their total balance. Several universities have urged students to return cash that isn't theirs, and Sano reportedly told Monday's press conference that anybody who returns the money will not be criminally prosecuted. Ethiopia's central bank, which oversees its financial sector, said in a statement that the interruption was a result of system security checks and "not an incident that endangers the bank, its customers and the entire financial system," according to a Google translation.

Persons: Abie Sano, Sano, Monday's Organizations: Commercial Bank of, Commercial Bank of Ethiopia, CNBC Locations: ADDIS ABABA, Ethiopia, Commercial Bank of Ethiopia, Addis Ababa, Ethiopia's

☆ 'Find growth': Strategist tells investors not to worry about high stock valuations
▼ + stars: | 2024-03-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Investors should disregard concerns over high valuations and focus on growth in what is now a "stockpicker's market," according to Matt Orton, chief market strategist at Raymond James Investment Management. The S&P 500 closed out a two-week losing streak on Friday, but Orton told CNBC that stock market gains are broadening and brief pullbacks should be used "opportunistically." Much of the significant rally over the last 18 months has been driven by the so-called "Magnificent 7" megacap tech stocks, but they have begun to diverge. "We're back to a stockpicker's market – idiosyncratic risk is finally being rewarded again and that, to me, is most important. It means that you have the opportunity to diversify your portfolio and actually lean into what works and lean out of what's not," Orton told CNBC's "Squawk Box Europe" on Monday.

Persons: Matt Orton, Orton, Tesla, CNBC's Organizations: Raymond James Investment Management, CNBC, Apple, Microsoft, Nvidia

☆ Ukraine war updates: Russia heads to the polls; pro-Ukraine groups continue border assault
▼ + stars: | 2024-03-15 | by ( Elliot Smith | ) www.cnbc.com time to read: 1 min

Russians head to the polls on Friday in a presidential election that is all but certain to grant President Vladimir Putin a fifth term in power. Voting will take place over three days, though there is no credible opponent to the incumbent leader. Ukraine's Foreign Ministry on Thursday said that Russian attempts to hold elections in occupied territories or to force regional residents to head to the polls would be "illegal" — a sentiment echoed by NATO chief Jens Stoltenberg in a separate briefing, Reuters reported. Meanwhile, skirmishes continued Thursday in the Russian border regions of Belgorod and Kursk as three Ukraine-based Russian paramilitary groups — the Freedom of Russia Legion and the Siberia and RDK battalions — seek to break into Russian territory.

Persons: Vladimir Putin, Jens Stoltenberg Organizations: NATO, Reuters, Russian, of Russia Legion Locations: Russian, Belgorod, Kursk, Ukraine, Siberia

☆ HSBC is 'very positive' about the future of China's economy, CFO says
▼ + stars: | 2024-03-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The Hong Kong observation wheel and the HSBC building in Victoria Harbour in Hong Kong. HSBC is "very positive" about the mid to long-term outlook for the Chinese economy despite current headwinds, the British bank's chief financial officer told CNBC. This prompted Beijing to ramp up its efforts to bolster manufacturing and domestic tech, in a bid to modernize its economy and remain globally competitive. "We're looking at major economic transition, which is taking place, which gives us very strong grounds to be very positive about the medium and long term outlook," Elhedery said. He suggested that China's economic maturity has reached such a stage that now is the "right time to transition into what more mature economies are."

Persons: Karen Tso, Georges Elhedery, Elhedery Organizations: HSBC, CNBC Locations: Hong Kong, Victoria Harbour, British, China, Beijing, London, Asia, Pacific

☆ Adidas warns of falling sales in North America as it continues to sell off Yeezy inventory
▼ + stars: | 2024-03-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Adidas on Wednesday warned of a sales decline in its overstocked North American market in 2024, as the German sportswear brand continues to sell off its remaining Yeezy inventory. Currency-neutral sales in North America are expected to decline to a mid-single-digit rate in 2024, but are projected to notch mid-single-digit growth worldwide despite persistent "macroeconomic challenges and geopolitical tensions," the company said. For the fourth quarter, the company posted an operating loss of 377 million euros. "Despite losing a lot of Yeezy revenue and a very conservative sell-in strategy, we managed to have flat revenues. We expected to have a substantial negative operating result, but achieved an operating profit of €268 million."

Persons: Ye, Bjørn Gulden, Yeezy Organizations: Adidas, Kanye, adidas Locations: North America, U.S

☆ China's valuations are 'way too low,' strategist says — here's why
▼ + stars: | 2024-03-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesValuations of Chinese stocks are "way too low" and investors should be looking to cautiously re-enter the world's second-largest economy, according to Shaun Rein, founder and managing director of the China Market Research Group. However, Rein attributed this to the Lunar New Year period, and insisted that deflation "still looms over the Chinese economy." "They're cautious about whether or not the government is going to launch a bazooka-like stimulus — clearly they're not going to." "But we think China's low inflation is a symptom of its growth model built on a high rate of investment. As reducing dependence on investment is still far off, we expect inflation to stay low in the long run."

Persons: Shaun Rein, Rein, CNBC's, Huang Organizations: Bloomberg, Getty, China Market Research Group, Capital Economics Locations: China

☆ Porsche warns of fall in profitability but hikes dividend on strong 2023 results
▼ + stars: | 2024-03-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

The Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Porsche on Tuesday warned that profitability will decline this year as it launches new models amid tough economic conditions, but hiked its dividend on the back of a rise in 2023 operating profit. Porsche's sales revenue rose 7.7% in 2023 to 40.53 billion euros ($44.29 billion), the company announced, while operating profit jumped 7.6% to 7.28 billion euros. "Porsche proved in 2023 that we are resilient, highly profitable and financially robust even in volatile times. Sales are expected to come in between 40 billion and 42 billion euros in full-year 2024.

Persons: Oliver Blume, Lutz Meschke Organizations: Porsche, Volkswagen Locations: Munich, Germany

☆ Shareholder payouts hit a record $1.7 trillion last year as bank profits surged
▼ + stars: | 2024-03-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2024. LONDON — Global dividend payouts to shareholders hit a record $1.66 trillion in 2023, according to a new report by British asset manager Janus Henderson. The Global Dividend Index report, published Wednesday, said payouts rose by 5% year-on-year on an underlying basis, with the fourth quarter showing a 7.2% rise from the previous three months. The banking sector contributed almost half of the world's total dividend growth, delivering record payouts as high interest rates boosted lenders' margins, the report found. "In addition, lingering post-pandemic catch-up effects meant payouts were fully restored, most notably at HSBC ," Janus Henderson's report added.

Persons: Janus Henderson, Wells, Morgan Stanley, Janus Organizations: New York Stock Exchange, LONDON, JPMorgan Chase, Federal, HSBC, BHP, Petrobras, Rio Tinto, Intel Locations: New York City, U.S, British, Wells Fargo, China, Rio

☆ Rivian pulled off a Steve Jobs moment with its surprise announcements
▼ + stars: | 2024-03-08 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +2 min

Rivian's "one more thing" was a nod to Steve Jobs' habit of teasing a last product reveal at events. Scaringe stunned his audience with the reveal of the R3 midsize crossover, catching the audience by surprise. That comment — and perhaps the whole surprise reveal — was a thinly veiled reference to Apple cofounder Steve Jobs' habit of making last-minute product announcements, introducing "one more thing" after seemingly finishing his keynote speech. AdvertisementBut the R3 wasn't the only surprise that Scaringe had up his sleeve, who added that "there's one more thing." The Rivian R3X performance variant Elliot Ross Studio, INCWith his double-surprise reveal, Scaringe seems to have taken Jobs' penchant for theatricality to heart.

Persons: RJ Scaringe, Steve Jobs, Scaringe, —, Rivian, Tim Cook's, Elliot Ross Organizations: Service, Apple, Apple Watch, Air, MacBook, Elliot Ross Studio, INC

☆ Australia: Mass coral bleaching event underway at Great Barrier Reef
▼ + stars: | 2024-03-07 | by ( Helen Regan | ) edition.cnn.com time to read: +7 min

This is the seventh mass bleaching event to hit the vast, ecologically important but fragile site and the fifth in only eight years. Covering nearly 133,000 square miles (345,000 square kilometers), the Great Barrier Reef is the world’s largest coral reef, home to more than 1,500 species of fish and 411 species of hard corals. Severe mass bleaching at the Great Barrier Reef had previously been observed in 1998, 2002, 2016, 2017, 2020 and 2022. Sunrise over the Great Barrier Reef at Lady Elliot island on October 10, 2019. Jonas Gratzer/LightRocket/Getty Images/FileBy continuing on the current pathway, “we risk losing the Great Barrier Reef and the $6 billion sustainable tourism industry,” said Schindler.

Persons: CNN —, El Niño, ”, Tanya Plibersek, Anthony Albanese, Dr, Lissa Schindler, Lady Elliot, Jonas Gratzer, Schindler, “, David Ritter, Derek Manzello Organizations: CNN, Park Authority, Australian Institute of Marine Science, El, Australian Marine Conservation Society, Australian, Australia, Greenpeace Australia Pacific, Labor, Oceanic, NOAA, Reuters, Reef Watch Locations: Australia, Lady, Southern, Pacific

☆ UK government to deliver crucial pre-election budget announcements with economy in recession
▼ + stars: | 2024-03-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Economists expect Hunt to use a small modest windfall to deliver tax cuts as he looks to woo the electorate, with the main opposition Labour Party leading by more than 20 points across all national polls. Yet the chancellor is navigating the constraints of fragile public finances and a stagnant economy that entered a shallow technical recession at the end of 2023. Inflation has fallen faster than anticipated and market expectations for interest rates are well below where they were prior to Hunt's Autumn Statement in November, but many British households are still feeling the cost of living squeeze, while public services remain extremely stretched. The Treasury pre-announced plans over the weekend to deliver up to £1.8 billion ($2.3 billion) worth of benefits by boosting public sector productivity, including releasing police time for more frontline work. Hunt is under pressure from within his own party to deliver tax cuts, a move the International Monetary Fund warned against in January, given the country's spending needs on public services.

Persons: Jeremy Hunt, Hunt Organizations: LONDON, Finance, Budget, Conservative Party, Labour Party, National Insurance, Treasury, International Monetary Fund Locations: London

☆ Binance to discontinue Nigerian currency services as legal squabble deepens
▼ + stars: | 2024-03-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Binance on Tuesday announced that it will discontinue all Nigerian naira services, amid an ongoing legal dispute between the U.S. cryptocurrency firm remains and Africa's most populous country. In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether , a cryptocurrency stablecoin pegged to the U.S. dollar. The company will not support any deposits of Naira after 2 p.m. UTC on Tuesday and will no longer support withdrawals of the currency after 6 a.m. UTC on Friday, the announcement said. Nigeria is also one of the world's biggest crypto markets, but the Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing, and arrested two of the firm's senior executives last week, according to multiple media reports. The Nigerian naira has lost almost 70% of its value over the past few months, as Africa's largest economy faces a currency crisis and soaring inflation.

Persons: Binance Organizations: U.S, U.S ., Nigerian Locations: Naira, Nigeria, Binance

☆ Nigeria battles to halt spiraling currency crisis and rising food insecurity
▼ + stars: | 2024-03-05 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

IBADAN, Nigeria - Feb. 19, 2024: Demonstrators hold placards during a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Inflation hit an annual 29.9% in January, driven by soaring food prices that have triggered a cost-of-living crisis in Africa's largest economy. The naira currency, meanwhile, plunged to an all-time low of around 1,600 against the U.S. dollar in late February. "With about 8 percent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority." IBADAN, Nigeria - Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024.

Persons: Samuel Alabi, Bola Tinubu's, David Omojomolo, Olayemi Cardoso Organizations: Afp, Getty Images, International Monetary Fund, U.S, Bloomberg, Getty, Washington, D.C, IMF, Central Bank of, Capital Economics Locations: IBADAN, Nigeria, Ibadan, Getty Images Nigeria, Africa's, LAGOS, Lagos, Africa

☆ 'Last chance saloon': UK finance minister expected to pledge pre-election tax cuts
▼ + stars: | 2024-03-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

British Finance Minister Jeremy Hunt said earlier this month the U.K. would not enter a recession this year. LONDON — Economists expect U.K. Finance Minister Jeremy Hunt to use a small fiscal windfall to deliver a modest package of tax cuts at his Spring Budget on Wednesday. However, the big questions over tax cuts remain heading into Wednesday's statement. Raja suggested the finance minister will err on the side of caution in loosening fiscal policy, favoring supply side support over boosting demand. "Therefore, tax cuts to national insurance contributions (NICs) and changes to child benefits are more likely to come in the Spring Budget (in contrast to earlier expectations of income tax cuts)."

Persons: Jeremy Hunt, Hunt, Sanjay Raja, Raja Organizations: British, LONDON, Finance, Budget, Conservative, Labour Party, Treasury, Independent, Deutsche Bank, Bank of England

☆ In a bizarre British by-election, a pro-Palestinian firebrand just swept to victory
▼ + stars: | 2024-03-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ROCHDALE, England - Feb 29: Workers Party of Britain candidate George Galloway speaks after being declared the winner in the Rochdale by-election on February 29, 2024. Christopher Furlong | Getty Images News | Getty ImagesStaunchly pro-Palestinian left-wing firebrand George Galloway on Thursday won a chaotic by-election in Rochdale, northwestern England that was defined by the Israel-Gaza conflict. ROCHDALE, England - Feb. 29, 2023: A man walks past a George Galloway election sign as residents begin to vote in the Rochdale by-election on February 29, 2024 in Rochdale, England. ROCHDALE, England - Feb. 19, 2024: People walk past pro-Palestinian graffiti in Rochdale on February 19, 2024 in Rochdale, England. Christopher Furlong | Getty Images News | Getty Images

Persons: George Galloway, Christopher Furlong, firebrand George Galloway, Galloway, Paul Tully, Azhar Ali, Ali, Conservative Paul Ellison Organizations: ROCHDALE, Workers Party of, Rochdale, Getty, Labour, Workers Party of Britain, Labour Party, Conservative Locations: England, Palestinian, Rochdale, Israel, Gaza, Britain's, ROCHDALE

☆ European markets set for gains ahead of euro zone inflation data
▼ + stars: | 2024-03-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A TV presenter gets ready for the daily reporting from the floor of the German share price index DAX at the stock exchange in Frankfurt, Germany, November 15, 2023. LONDON — European markets are set to open higher on Friday to start the new trading month after a winning February, with euro zone inflation data due mid-morning. The European stock index notched an all-time high last month, powered by the 11 GRANOLAS large-cap stocks that made up half of the gains across the entire Stoxx 600. Focus will turn Friday to February's flash euro zone inflation reading, expected at 10 a.m. London time, with economists in a Reuters poll predicting the consumer price index rose 2.5% year on year, down from 2.8% in January. German consumer price inflation on Thursday came in line with forecasts at 2.7% year on year.

Persons: DAX Organizations: LONDON, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Focus, European Central Bank, ECB, Fed Locations: Frankfurt, Germany, London

☆ The Magnificent Seven should be reduced to the 'Magnificent Four,' fund manager says
▼ + stars: | 2024-02-29 | by ( Elliot Smith | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Magnificent Seven should be reduced to the 'Magnificent Four,' fund manager saysArnout van Rijn, portfolio manager at Robeco Global, shares his prognosis on the U.S. economy and its implications for stocks, particularly the tech mega-caps that have powered markets over the last year.

Persons: Arnout van Organizations: Robeco Global Locations: Arnout van Rijn, U.S

☆ Australia’s Great Barrier Reef suffers ‘extensive’ coral bleaching, as scientists fear seventh mass bleaching event
▼ + stars: | 2024-02-29 | by ( Helen Regan | ) edition.cnn.com time to read: +7 min

CNN —The southern Great Barrier Reef is suffering from extensive coral bleaching due to heat stress, the reef’s managers said Wednesday, raising fears that a seventh mass bleaching event could be unfolding across the vast, ecologically important site. Jonas Gratzer/LightRocket/Getty ImagesThe Great Barrier Reef’s managers plan to extend aerial and in-water surveys across the entire reef over the coming weeks. Hotter ocean temperatures caused severe mass bleaching at the Great Barrier Reef in 2016, 2017 and 2020. Last year, the UNESCO World Heritage Committee decided not to add the Great Barrier Reef to its list of sites “in danger,” despite scientific evidence suggesting the risk of another mass bleaching event. Greenpeace’s Ritter said that following the decision, “the Australian government promised to do everything it can to protect the Great Barrier Reef.

Persons: Mark Read, Elliot, Jonas Gratzer, ”, Neal Cantin, Maya Srinivasan, ” Srinivasan, ” David Ritter, “, ” Ove Hoegh, Greenpeace’s Ritter Organizations: CNN, Park Authority, Australian Institute of Marine Science, El, James Cook University, Marine Park Authority, Greenpeace Australia Pacific, Foundation, Oceanic, UNESCO World Heritage Committee, Labor Locations: Keppel, Gladstone, Queensland, Australia, Cairns, Florida, Caribbean

☆ Wall Street takes bets on which major central bank will blink first
▼ + stars: | 2024-02-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Brendan McDermid | Reuterswatch nowSwiss headline inflation fell from 1.7% in December to 1.3% in January, well below consensus forecasts, while core inflation dropped from 1.5% to 1.2%. Analysts at Capital Economics said the steep decline meant inflation "looks sure to undershoot the SNB's Q1 forecast of 1.8%." "However, with the January inflation downside surprise, the SNB forecast looks too high to us, and the probability of a policy rate cut on 21 March has increased. Bank of Japan to end negative rate era While most major central banks are looking at loosening monetary policy after more than two years of aggressive tightening to combat rampant inflation, the question for the Bank of Japan is the opposite. The country's core inflation rate — which excludes food and energy — fell to 2% year-on-year in January, after a third monthly increase, surprising slightly to the upside and suggesting that a sustainable return to ultra-low inflation may not be in the cards.

Persons: Jerome Powell, Brendan McDermid, Société Générale, Kit Juckes Organizations: Federal Reserve, New York Stock Exchange, Reuters, Capital Economics, UBS, Bank of Japan, Bank of Locations: New York City, U.S, Bank of Japan, French

☆ Cybertruck reviews are in, and the complaints are just as unique as Tesla's truck itself
▼ + stars: | 2024-02-29 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Reviews for the Tesla Cybertruck are positive — so far. AdvertisementOfficial reviews for Tesla's Cybertruck are rolling in, and so far, the hulking stainless steel truck is largely living up to the hype. The complaints, much like the truck itself, are rather unique compared to a typical pickup-truck review. "You'll need thick skin if you own one, especially if you post photos of it online where the trolls are especially toxic," Elliot wrote. AdvertisementHave you driven the Tesla Cybertruck yet?

Persons: —, Tesla's, hangups, there's, Hannah Elliot, WSJ's Dan Neil, Neil, 4x4s, Elliot Organizations: Tesla, Service, Bloomberg Locations: Hollywood

Birkenstock on Thursday beat holiday quarter revenue expectations, reporting a 26% year-on-year jump, as the German sandal company benefited from higher pricing and rising U.S. demand. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% year-on-year to 81 million euros, with an adjusted EBITDA margin of 26.9%, down from 29.1% a year earlier. "However, in the medium-term, we are confident we will continue to deliver our objectives of a gross profit margin over 60% and an adjusted EBITDA margin in the low thirties percent." Within a few years, its sales nearly doubled and its market cap is now around $9.7 billion, double its 2021 valuation of $4.85 billion. Since going public, Birkenstock has used some of its proceeds to pay down debt.

Persons: Oliver Reichert, Reichert, Armour, Birkenstock, Johann Adam Birkenstock Organizations: LSEG, New York Stock Exchange, Nike, Catterton Locations: North America, Birkenstock

☆ The 11 GRANOLAS stocks power Europe to record highs, drawing Magnificent Seven comparisons
▼ + stars: | 2024-02-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 19, 2024. Staff | ReutersOver the last 12 months, just 11 stocks made up half of the gains that powered the pan-European Stoxx 600 stock index to a record-high close on Friday. "From a Global point of view, the GRANOLAS have even outperformed the so-called Magnificent 7 over the past two years. Their (out)performance is even more impressive on a risk-adjusted basis: with a volatility 2x lower than for the Magnificent 7, the GRANOLAS help to boost the Sharpe ratio." "This suggests that, in Europe, nearly all revenue growth of the STOXX 600 will come from the GRANOLAS.

Persons: Goldman Sachs, Sanofi —, Goldman, Tim Hayes, Ned Davis, Hayes Organizations: Staff, Reuters, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Street, Ned, Ned Davis Research, CNBC Locations: Frankfurt, Germany, Europe

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