5 Top Stories

ASML Earnings: Cause for Concern?

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

ASML Earnings: Cause for Concern?

The Dutch chipmaker’s [ASML] share price dropped some 4.5% after it reported underwhelming Q1 earnings on Wednesday. The company missed LSEG analyst sales forecasts, netting €5.3bn versus a predicted €5.4bn, but beat profit expectations, making €1.2bn versus predictions of €1.1bn. Bookings for machinery were at €3.6bn, down 4% year-over-year, and down nearly two-thirds against the previous quarter. Elsewhere, Micron Technology [MU] has expanded its partnership with automation software and semiconductor design firm Silvaco.

Apple Weighs Indonesian Expansion

“The investment ability in Indonesia is endless,” Tim Cook, CEO of Apple [APPL], told reporters in Jakarta on Wednesday, following a meeting with President Joko Widodo. Cook said Apple is weighing the prospect of producing some of its devices in the country, as part of its ongoing move to diversify manufacture away from China; it has already boosted output in India and Vietnam, among other countries.

Has Rhinehart Revived a Lynas/MP Merger?

The share price of rare earths developer Lynas [LYC:AX] jumped 3% on Wednesday following news that mining billionaire Gina Rinehart had bought an almost 6% stake in the company. The Australian enterprise had held talks with US-based MP Materials [MP] over a possible merger, but these broke down in February. Given that Rinehart’s iron ore vehicle Hancock Prospecting bought a 5% stake in MP last week, the merger may be back on the table, according to the Financial Times.

BYD Unveils High-end Models

The Chinese electric vehicle (EV) leader [1211:HK] has revealed three new EV models under its premium brand Fangchengbao: the Bao 8 SUV, Super 3 concept crossover and Super 9 concept sports car. BYD will showcase all three at the Beijing auto show next week. BYD did not give any information on prices or release timelines. The firm also revealed a new design for its Super 9 sports car.

Computer Game Lay-offs Continue

Take-Two Interactive Software [TTWO] announced on Tuesday that it is to fire some 600 employees, or 5% of its workforce. Tencent-owned [0700:HK] Riot Games, Electronic Arts [EA] and Sony [SONY] have all announced lay-offs this year. The Grand Theft Auto-maker also said it is to drop several projects currently in development. The same day, Take-Two disclosed in a legal filing that President Karl Slatoff sold company shares worth $13.5m on 12 April.

Continue reading for FREE

Latest articles