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.
Arm Encroaches on Intel
Reuters reported Monday that Nvidia [NVDA] and AMD [AMD] were working on PC chips made by Arm [ARM]. ARM gained nearly 5% and NVDA 4% in late-day trading on the news, but the Intel [INTC] share price dropped 3%. Intel is currently the market leader, with AMD second. Intel’s PC chips use significantly more power than Arm-based chips: Apple [AAPL] recently switched from Intel to Arm laptop and PC chips.
Okta Stock’s Post-Hack Spiral
The Okta [OKTA] share price continued to drop on Monday, closing down 8.1%. The identity management firm has now lost more than $2bn from its market cap following Friday’s revelation that its support systems had been hacked. It said that an unidentified hacking group had accessed client data, although it did not share details. Okta has over 18,000 clients, one of the most prominent of which is Zoom[ZM].
Mitsubishi Exits China; DoJ Scrutinises Tesla
Japan’s Mitsubishi Motors [7211.T] is to pull out of its China joint venture. The firm also said that it will invest up to €200m in Renault’s [RNO.PA] new electric vehicle (EV) unit, reported Reuters. Japanese Industry Minister Yasutoshi Nishimura told theNikkei the country will set shared standards with the US and EU on EV subsidies. Tesla [TSLA] disclosed several subpoenas from the US Department of Justice over its ‘autopilot’ and ‘full self-driving’ features on Monday.
Barnstorming Performance from Spotify
Music streaming giant Spotify [SPOT] reported third-quarter sales that exceeded projections and an unexpected surge in operating profit to €32m, stemming from a price increase. Subscriber numbers rose 16% to 226 million. Total revenue was up 11% year-over-year to €3.36bn, above analysts’ expectations of €3.33bn. The company said it had recently cut back on podcast investments and laid off staff.
Apple Falls Foul of EU Greenwash Rules
The iPhone maker last month launched what it called its “first-ever carbon neutral products”, in the form of new Apple Watch models. However, “Carbon neutral claims are scientifically inaccurate and mislead consumers,” Monique Goyens, Director-General of the European consumer organisation BEUC, told the Financial Times. “The EU’s recent decision to ban carbon neutral claims will rightly clear the market of such bogus messages, and Apple Watches should be no exception.”
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