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.
Can the Zomato Share Price Extend its 260% Rise?
The Indian delivery firm’s [ZOMATO:NS] ongoing bull run — its share price has surged nearly 260% over the last 12 months — has prompted a flurry of analyst upgrades, Bloomberg reported, with at least five brokerages lifting in recent weeks, among them Citigroup and HSBC. Meanwhile, Goldman Sachs Analyst Manish Adukia recently wrote in a note that he expects forecasts to increase for Zomato’s “quick commerce” business Blinkit.
Samsung Takes Smartphone Crown
As CEO Tim Cook arrived in Vietnam for a two-day visit, preliminary data from research firm International Data Corporation showed that Apple’s [AAPL] smartphone shipments dropped 9.6% year-over-year in Q1, to 50.1 million units. Meanwhile, Samsung’s [005930:KS] fell 0.7% to 60.1 million units, making it the world’s top smartphone seller. Elsewhere, Reuters announced that the Biden administration will award up to $6.4bn in grants to the South Korean giant under the 2022 Chips and Science Act.
Rubrik IPO; OpenAI Goes Big in Japan
Founded in 2013 and backed by Microsoft [MSFT], cloud and data security start-up Rubrik will aim to raise up to $713m in its IPO, Bloomberg reported, marketing 23 million shares for $28–31, according to a Bloomberg source. Elsewhere, OpenAI is making moves in Japan. The Microsoft-backed start-up opened its first Asia office in Tokyo on Monday, in what CEO Sam Altman hailed as “just the first step” in a long-term partnership with the country.
Major Software-as-a-Service Consolidation
In what would be one of the firm’s biggest-ever deals, Salesforce’s [CRM] CEO Marc Benioff is reportedly pushing for a takeover of Informatica [INFA], with a view to boosting Salesforce’s data integration and management capabilities. The two companies could reach a deal as soon as next week, Bloomberg reported. Benioff recently saw off activist investors critical of his acquisitions strategy.
Tesla Cuts 10% of Staff
Tesla will slash more than 10% of its staff worldwide, according to an internal memo seen by Reuters on Monday. “As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” CEO Elon Musk wrote to employees. As of December 2023, the company had 140,473 employees globally. Tesla shares were down 1.3% premarket, and have fallen approximately 31% year-to-date.
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