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.
Doosan Robotics IPO: a Success
South Korea’s Doosan Robotics [000150.KS] raised some $310m in the country’s biggest IPO of the year; it begins trading on Thursday. The company makes industrial collaborative robots which carry out repetitive tasks. Doosan will use the proceeds to fund overseas expansion and may seek to acquire a firm that could make its robots mobile, Bloomberg reported. Meanwhile, food chain Chipotle [CMG] has announced that it is trialling robotics in its production process.
Apple Downgraded; Cook Sheds Shares
KeyBanc Capital Markets has downgraded Apple [AAPL] to ‘overweight’ from ‘sector weight’, saying that the stock is trading near all-time high levels, but sales growth looks likely to drop off. Teething problems with the iPhone 15 have not helped. Apple CEO Tim Cook has sold 511,000 shares in the company, worth approximately $41m, on Tuesday. Cook took a 40% pay cut earlier this year, bringing his salary to $49m for the year, reported Bloomberg.
Zoom Expands Tool Suite
As it moves to stave off competition from Microsoft’s [MSFT] Teams, Zoom Video Communications [ZM] is expanding its suite of tools with a word processing offering. Set to launch next year, the tool will feature collaborative editing similar to that of Alphabet’s [GOOGL] Google Docs, but with the ability to add meeting summaries generated by artificial intelligence, Bloomberg reported. Since its dizzying growth during the pandemic, Zoom has struggled to maintain its foothold in the market.
Intel’s Chip Division to Go It Alone
Intel [INTC] is to spin off its chip division, Programmable Solutions Group (PSG), which will become a standalone business as of 1 January next year. PSG was created out of the firm Altera, which Intel bought for $14bn in 2015. “Over the next two to three years, Intel intends to conduct an IPO for PSG and may explore opportunities with private investors to accelerate the business’s growth,” the company said in a statement.
Sandoz IPO Garners Lukewarm Reaction
Having announced it in August, Novartis [NOVN.SW] has completed the spin-off of Sandoz [SDZ.SW], its generics and biosimilars division. Novartis CEO Vasant Narasimhan told CNBC that the last six years had seen the company “focus Novartis as a pure play innovative medicines company”. Listing on the SIX Swiss Exchange, its debut underwhelmed, however, drifting downwards over the course of the day from its IPO price of 24 Swiss Francs.