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.
Meta Smashes Single-Session Record
Following its barnstorming earnings report on Thursday, Facebook-owner Meta [META] closed Friday 20% up, at an all-time high of $474.99 per share, boosting its market cap by $197bn. This represented the biggest-ever single-session spike, a record previously held by Apple [AAPL] and Amazon [AMZN], who both gained $190bn in 2022. The social media giant slashed 22% of roles last year, and announced plans for a $50bn stock buyback last week.
Hyundai: Ready to Ride the Indian IPO Wave?
The South Korean automaker [005380:KS] is hoping to raise $3bn by listing its Indian unit, Reuters reported. This would constitute India’s biggest IPO to date and value the unit at up to $30bn, although it would still be smaller than rivals including Tata Motors [TATAMOTORS:NS], at $41.4bn. Hyundai shares jumped 5% on the news, to a near-three-year high.
Delivery Hero Drop-off Continues
Extending last week’s losses, the Delivery Hero [DHER:DE] share price dipped as much as 8% on Monday morning. This follows the early release of preliminary financial results, which show the firm increased sales last year and is expecting to increase profitability in 2024. The decision to release the unaudited numbers ahead of schedule was prompted by a selloff in response to the firm’s asset sales strategy.
Leqembi Reaches China
Japanese pharma Eisai [4523:T] is to launch its Alzheimer’s drug Leqembi in China this year. It will initially be given to 1,500 patients, but the company anticipates significant growth as diagnostic methods change: more convenient blood tests could help Eisai reach more of the estimated 17 million people with early stages of the illness, a company spokesman said.
From Worse to Worse for Atos
Beleaguered French IT firm Atos [ATO:PA] saw its share price plunge as much as 30% to its lowest-ever level on Monday, after it dropped plans to sell €720m in equity rights, and announced it is bringing in a mediator to negotiate with lenders. The firm has had five CEOs in two-and-a-half years, and has lost billions of euros in market value since the end of 2020. It is also facing a number of debt maturities next year.