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By Swissquote Analysts
Morning News

GM Sets Ambitious Revenue Target, Challenges Tesla

General Motors Co., riding a wave of investor enthusiasm for its electric-vehicle plans, set one of its most ambitious financial targets in years Wednesday, telling investors it aims to more than double revenue by 2030. The Detroit auto maker also took direct aim at Tesla Inc., saying it plans to take the lead in electric-vehicle sales in the U.S., without pegging a timetable. GM executives outlined their longer-term goals ahead of a daylong event for investors and analysts at GM’s research center in suburban Detroit.

By
Nadine PEREIRA
Morning News

PepsiCo 3Q Revenue Rises, Profit Falls

PepsiCo Inc. said its revenue rose for the recent quarter, though profit fell, while it navigates a volatile supply-chain and cost environment. The food-and-beverage company on Tuesday posted net income attributable to the company of $2.22 billion for the fiscal third quarter, compared with $2.29 billion in the same period last year. Earnings were $1.60 a share, compared with $1.65 a share in the prior year. Adjusted earnings were $1.79 a share. Analysts polled by FactSet were expecting $1.73 a share.

By
Nadine PEREIRA
Morning News

Volvo Cars Announces IPO Plan That Could Value It at $25 Billion

Volvo Cars, the Swedish auto maker owned by China’s Zhejiang Geely Holding, said Monday it would proceed with an initial public offering in Stockholm, in a deal that people familiar with the matter say could value it at upward of $25 billion. Volvo said it aims to raise about 25 billion kronor, equivalent to $2.86 billion, from the issue of new shares. Geely could also sell an unspecified number of its shares. Volvo didn’t provide a target valuation of the entire company following any IPO, or say what percentage stake Geely would retain. Geely has previously indicated it would likely remain a major shareholder after any offering.

By
Nadine PEREIRA
Themes Trading

EU Recovery

European consumers living la dolce vita and supporting global economic recovery

By
Peter Rosenstreich
Morning News

Evergrande Property Shares Halted Pending Offer for Company

Evergrande Property Services Group Ltd. said it expects to announce a possible offer for the company, a move that would ease some of the financial constraints being faced by its parent China Evergrande Group. Both the companies had sought a trading halt early Monday in Hong Kong pending the release of an announcement. In a second filing midday, Evergrande Property said the announcement “constitutes an inside information and a possible general offer for the shares of the company.” Both the companies didn’t identify who the offerer was nor provided any further details.

By
Nadine PEREIRA
Morning News

Merck to Buy Acceleron Pharma for $11.5 Billion

Merck & Co. (+1,3%) has agreed to buy Acceleron Pharma Inc. for $11.5 billion, bolstering the pharmaceutical giant’s rare-disease business. The cash deal values Acceleron at $180 a share, the companies said Thursday. The deal is one of Merck’s biggest and represents a bet on treatments for respiratory and blood diseases that Acceleron specializes in. Shares of Acceleron rose dramatically last week, increasing from a closing price of $139.55 on Sept. 20 to $167.65 on Sept 24. On Thursday, Acceleron lost 1.9% after jumping 25.7% since 20 September.

By
Nadine PEREIRA
Morning News

Starbucks Raises Dividend By Nearly 9%

Starbucks Corporation today announced that its Board of Directors has approved an increase in the company's quarterly cash dividend from $0.45 to $0.49 per share. This increase will be effective with the dividend payment to be distributed on November 26, 2021, to shareholders of record on November 12, 2021, and raises the company's annual dividend to $1.96 per share. Starbucks initiated its dividend in 2010 and has increased it in each of the past 11 years.

By
Nadine PEREIRA
Morning News

Santander plans to pay out €1.7 billion to its shareholders

Banco Santander SA plans to return about €1.7 billion from profits to shareholders this year. That will take the form of dividend payments and a share buyback after the European Union's recommendations to cap shareholder pay were lifted. The Spanish bank announced it would pay a dividend of 4.85 European cents per share and also buy back shares worth 841 million euros. The total amount represents 40 percent of adjusted profit for the first half of the year, the bank said, adding that further and final remuneration from 2021 earnings will be determined in the first quarter of next year.

By
Nadine PEREIRA
Morning News

Blackstone Announces Sale of The Cosmopolitan of Las Vegas

Blackstone Inc. has reached an agreement to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65 billion, the company said on Monday, and told investors in a private letter that the sale is the company’s most profitable of a single asset ever. Blackstone acquired the two-tower property for about $1.8 billion seven years ago and spent an additional $500 million on upgrades, including renovating the nearly 3,000 guest rooms, building luxury suites and adding new restaurants and bars.

By
Nadine PEREIRA
Morning News

Moderate Leftists Narrowly Win in Germany

Germany faces weeks and perhaps months of uncertainty after Sunday’s narrow victory for the center-left in the national election left open the shape and agenda of its next government and offered little clarity about who would succeed Chancellor Angela Merkel. Ms. Merkel will continue to rule in a caretaker capacity for now. Germany’s allies in Europe and the U.S. will have to wait before the country is ready to discuss urgent issues ranging from a European package of measures to combat climate change to how to approach China.

By
Peter Rosenstreich