By Nora Eckert

DETROIT (Reuters) – A majority of workers at a Ford Motor (NYSE:F) joint-venture battery plant in Kentucky have signed cards indicating their support for the United Auto Workers, the union said on Wednesday.

The Blue Oval SK plant is owned by a partnership of South Korea’s SK On and Ford, and is the latest electric vehicle-related battleground for the union as it seeks to grow its membership.

The UAW earlier this year invested $40 million to organize non-union automakers across the United States, a push that included companies such as Tesla (NASDAQ:TSLA) and Toyota (NYSE:TM).

The UAW said a “supermajority” of workers at the Ford Kentucky battery plant had signed union cards indicating their support. It did not specify the percentage.

Battery plants owned by Ford and General Motors (NYSE:GM) have been in UAW President Shawn Fain’s sights since he led a six-week strike against the Detroit Three last autumn, and demanded workers at EV-related plants be union members as well as those at existing gasoline-engine plants.

At the time, Ford CEO Jim Farley said Fain was “holding the deal hostage over battery plants.”

Representatives for Ford and Blue Oval SK did not respond to requests for comment.

Fain has said unionizing these battery and EV manufacturing centers will be critical to the UAW’s future success, especially as its ranks dwindle.

The union previously notched victories with Ultium Cells, a joint venture between GM and LG Energy Solution at plants in Ohio and Tennessee. In June, the union reached a tentative contract at an Ohio GM battery plant, and in September, GM agreed to recognize the union at an Ultium plant in Tennessee.

If the process continues at Ford’s Kentucky battery hub, workers will hold a formal vote on whether to join the union.

A UAW win would mean starting pay for workers there will increase from $21 an hour to $26.32, the union said, with the potential to make over $42 an hour after three years, in line with the current contract with Ford.

investing.com -EVgo Inc (NASDAQ:EVGO). is poised to close its $1.05 billion loan from the U.S. Department of Energy (DOE), JPMorgan analyst wrote after CEO Badar Khan expressed confidence at an investor meet. 

The move is expected to accelerate the company’s expansion in the electric vehicle (EV) charging market.

Analyst at JP Morgan in a note said the loan process is largely within the company’s control, citing minimal risk due to EVGO’s proven business model and limited technical or permitting challenges.

“We not only emphasize our confidence that the loan will close, but potentially as soon as in the coming weeks and before year-end. We are placing EVGO on Positive Catalyst Watch,” analyst wrote in the note.

Note mentions that the loan process is largely within the company’s control, citing minimal risk due to EVGO’s proven business model and limited technical or permitting challenges.

The loan is expected to support EVGO’s goal of significantly expanding its charging infrastructure. Currently operating at an 800-stall run rate, the company plans to ramp up its installations to 1,500 stalls or more by the end of the decade.

Despite concerns around potential changes to U.S. policy under a second Trump administration, JPMorgan remains optimistic about EVGO’s prospects.

The company’s business model, which is not heavily reliant on federal incentives, is seen as resilient to policy shifts. Only around 10% of EVGO’s capital expenditures per stall are tied to federal funding, with the rest offset by OEM payments and state-level incentives.

By Nathan Vifflin and Toby Sterling

(Reuters) -Computer chip maker STMicroelectronics pushed back its long-term financial targets on Wednesday, saying its future remains bright but a downturn in its key automotive and industrial markets is dragging on into 2025.

ST, one of Europe’s largest semiconductor firms, now expects to hit annual revenue of $20 billion and an operating margin above 30% by 2030, instead of 2027 as previously forecast.

CEO Jean-Marc Chery told investors in Paris the company will remain the biggest seller of energy-efficient silicon carbide chips. The company expects to benefit from parts of the artificial intelligence boom, with power chips for data centres and ‘edge’ AI in electronics devices.

2025 will be a “transition year,” Chery said, even though he expects strength in industrial and personal electronics markets in the second half.

Analysts said this was to be expected after earlier warnings.

“The reiteration of ST’s financial targets today confirms our view that the current weakness the company is going through is cyclical, not structural,” brokerage Stifel said in a note.

ST shares, down 49% so far this year, closed down 1.2% at 22.95 euros.

The company detailed plans to save hundreds of millions by 2027, with workforce reductions from attrition and early retirement, and no factories shuttering in the near term.

Chery said unpredictable government policies have stressed the company, leading to “distortions” such as firms double booking and holding excess capacity, and over-investment.

The U.S. and Europe have joined China in subsidising their semiconductor sectors, with ST a beneficiary of aid in Europe, though Chery said he expects capital spending to decline over the next three years.

Investing.com — Lynx Equity Strategies said investors should exercise patience with Nvidia (NASDAQ:NVDA)’s stock, stating they should “step aside and look for a better entry point” in a note Wednesday. 

The firm’s analysts highlight growing uncertainties tied to Nvidia’s product transitions, particularly the launch of its Blackwell GPUs, which have faced delays and technical issues.

While Nvidia’s CEO has described Blackwell demand as “insane,” Lynx points out that the high expectations for the product could be problematic if supply constraints persist or technical issues remain unresolved. 

“Are customers willing to plunk down ~$1bn-$2bn in upfront hardware cost for a 20K GPU datacenter without first gaining conviction that the problems associated with the initial delay in launch have been resolved? We do not think so,” the analysts state.

Adding to the concerns is the declining momentum for Nvidia’s Hopper GPUs. Lynx notes signs of softening demand for Hopper, highlighted by disappointing results from key partners like SMCI. 

The firm questions whether Nvidia’s current data center revenue growth expectations, which are projected at 50% year-over-year for late 2025, are realistic.

Beyond product-specific challenges, the analysts observe broader market dynamics, suggesting the AI hype cycle may be waning. They caution that as hyperscale customers increasingly prioritize return-on-investment metrics, Nvidia’s growth rates could decelerate significantly.

Despite Nvidia’s leadership in AI and a robust position in the GPU market, Lynx concludes that the stock’s current valuation leaves little room for error. They feel investors should wait for clarity on Blackwell’s performance and market adoption before making significant commitments.

Investing.com – Delta Air Lines Inc (NYSE:DAL) in its investor day on Wednesday projected financial targets, assuring investors around carrier’s post-pandemic recovery and operational efficiency.

The company projects a 10% compound annual growth rate (CAGR) in its per share profit, aiming to hit $8.65 by 2027, up from a midpoint of $6.10 in 2024. The Atlanta-based company expects its high-margin premium offerings to outpace its main cabin by 2027.

For 2025, Delta expects capacity growth of 3-4% and mid-single-digit revenue growth, supported by rising premium travel demand. Non-ticket revenue sources, such as credit card partnerships, checked baggage fees, and extra-legroom seats, are also expected to boost profitability.

Since the pandemic, premium travel has surged, with consumers willing to spend more on amenities like extra-comfortable seating.

By doubling down on premium travel and maintaining a focus on operational efficiency, Delta is positioning itself for sustainable growth, even as it navigates broader industry pressures.

While its Free cash flow is expected to range between $3 billion and $5 billion annually, driven by mid-teens operating margins and disciplined cost management.

The airline plans to bolster margins, projecting an expansion to 15% by 2027, well above the 10.5% forecast for 2024. This trajectory is supported by Delta’s focus on premium revenue streams, which are expected to account for over 60% of sales by 2027, as demand for upgraded seating and loyalty programs continues to outpace main cabin growth.

By Ankika Biswas, Joao Manuel Vicente Mauricio and Pranav Kashyap

(Reuters) -Europe’s main stock index closed flat after a volatile session on Wednesday as investors remained on edge over geopolitical tensions between Ukraine and Russia which continued to cast a shadow over the markets.

The pan-European STOXX 600 held its ground at 500.53 points. It declined for a fourth straight session – logging its longest losing streak in over two months.

It touched a three-month low on Tuesday amid an investor rush to safe-haven assets.

Ukraine fired a volley of British Storm Shadow cruise missiles into Russia on Wednesday, a day after it fired U.S. ATACMS missiles upon approval to do so from the outgoing administration of U.S. President Joe Biden.

Russia lowered its threshold for a nuclear strike, and Reuters reported Russian President Vladimir Putin’s openness to discuss a Ukraine ceasefire deal with U.S. President-elect Donald Trump, provided it rules out major territorial concessions and that Kyiv abandons plans to join NATO.

Main bourses in Germany, France, and Spain, also gave up early gains and ended the session in the red.

The Euro STOXX volatility index closed at 20.06.

Automobile stocks led sectoral declines, falling 1.2%.

Rate sensitive real estate stocks were the biggest drag on the index, down 0.7%.

Euro zone negotiated wage growth accelerated in the third quarter, adding to the case for caution in cutting interest rates quickly as the labour market remains tight despite some signs of cooling.

“Europe’s been driven by the geopolitical uncertainty – fears of the conflict between Ukraine and Russia take a more dangerous turn after Ukraine struck twice inside the Russian territory, ” said Elias Haddad, senior markets strategist at Brown Brothers Harriman.

“You’ve also got sluggish euro zone growth outlook that’s also a big factor from a more cyclical perspective that is weighing on Europe.”

Focus is also on U.S. President-elect Donald Trump’s administration appointments, including the search for a Treasury secretary. Wall Street CEO Howard Lutnick will lead Trump’s trade and tariff strategy.

ArgenX gained 4% after the biotech company announced progress in the development of its flagship drug Vyvgart. It lifted the healthcare sector as well.

Keeping the technology index’s in the green was Sage Group (LON:SGE)’s 17.8% jump, after announcing better-than-expected annual operating profit and the software firm’s launch of a 400-million-pound share buyback.

The tech sector’s performance outlook also hinges on quarterly results from the world’s most valuable company Nvidia (NASDAQ:NVDA), seen as a barometer for the sector’s shift to AI, due after market close.

The ECB has warned about a “bubble” in AI-related stocks, which could burst abruptly if investors’ rosy expectations are not met.

La Française des Jeux fell 4.4% after Credit Agricole (OTC:CRARY) Assurances unveiled plans to sell 2.2% of the French gaming group’s share capital.

Admiral Group (LON:ADML) lost 4% after Jefferies cut its price target to 2,550 pence from 3,025 pence.

Elsewhere, UK stocks lost 0.2% after domestic inflation came in above the central bank’s 2% target last month, underscoring the BOE’s caution on rate cuts.

Investing.com – Israel stocks were lower after the close on Wednesday, as losses in the Biomed, Banking and Technology sectors led shares lower.

At the close in Tel Aviv, the TA 35 lost 0.30%.

The best performers of the session on the TA 35 were Bezeq Israeli Telecommunication Corp Ltd (TASE:BEZQ), which rose 3.25% or 16.80 points to trade at 534.50 at the close. Meanwhile, Teva Pharmaceutical Industries Ltd (TASE:TEVA) added 1.94% or 120.00 points to end at 6,320.00 and Shapir Engineering Industry (TASE:SPEN) was up 1.53% or 39.00 points to 2,592.00 in late trade.

The worst performers of the session were OPC Energy Ltd (TASE:OPCE), which fell 8.02% or 250.00 points to trade at 2,866.00 at the close. NICE Ltd (TASE:NICE) declined 3.98% or 2,600.00 points to end at 62,800.00 and Energix (TASE:ENRG) was down 2.46% or 29.00 points to 1,152.00.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 261 to 199 and 78 ended unchanged.

Shares in Bezeq Israeli Telecommunication Corp Ltd (TASE:BEZQ) rose to 52-week highs; up 3.25% or 16.80 to 534.50. Shares in Energix (TASE:ENRG) fell to 52-week lows; losing 2.46% or 29.00 to 1,152.00.

Crude oil for January delivery was up 0.36% or 0.25 to $69.49 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January rose 0.26% or 0.19 to hit $73.50 a barrel, while the December Gold Futures contract rose 0.68% or 17.80 to trade at $2,648.80 a troy ounce.

USD/ILS was unchanged 0.02% to 3.74, while EUR/ILS fell 0.73% to 3.93.

The US Dollar Index Futures was up 0.59% at 106.77.

Investing.com – Turkey stocks were lower after the close on Wednesday, as losses in the Transport, Wood, Paper & Printing and Sports sectors led shares lower.

At the close in Istanbul, the BIST 100 declined 2.18%.

The best performers of the session on the BIST 100 were Is Yatirim Menkul Degerler AS (IS:ISMEN), which rose 2.61% or 0.98 points to trade at 38.58 at the close. Meanwhile, Koza Anadolu Metal Madencilik Isletmeleri AS (IS:KOZAA) added 1.72% or 1.15 points to end at 67.95 and Turkcell Iletisim Hizmetleri AS ORD (IS:TCELL) was up 1.68% or 1.55 points to 94.00 in late trade.

The worst performers of the session were Emlak Konut Gayrimenkul Yatirim Ortakligi AS (IS:EKGYO), which fell 6.89% or 0.83 points to trade at 11.21 at the close. ODAS Elektrik Uretim Sanayi Ticaret AS (IS:ODAS) declined 6.76% or 0.44 points to end at 6.07 and Pegasus Hava Tasimaciligi AS (IS:PGSUS) was down 6.07% or 14.20 points to 219.70.

Falling stocks outnumbered advancing ones on the Istanbul Stock Exchange by 459 to 113 and 7 ended unchanged.

Gold Futures for December delivery was up 0.68% or 18.00 to $2,649.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January fell 0.06% or 0.04 to hit $69.20 a barrel, while the January Brent oil contract fell 0.12% or 0.09 to trade at $73.22 a barrel.

USD/TRY was up 0.46% to 34.46, while EUR/TRY fell 0.71% to 36.33.

The US Dollar Index Futures was up 0.47% at 106.64.

Investing.com – Citi and Deutsche Bank (ETR:DBKGn) downgraded Target Corporation (NYSE:TGT) stock, citing market share erosion and a weaker outlook from the retailer. Target Corp. shares plunged 20% to $124.15 on Wednesday.

The company lowered its full-year earnings forecast to $8.30-$8.90 per share from its prior range of $9-$9.70, while issuing a flat comparable sales projection for the fourth quarter.

Citi cut its rating to “neutral” from “buy,” warning that Target is losing market share to Walmart (NYSE:WMT) Inc., especially among higher-income shoppers.

“With Walmart mkt share gains coming largely from higher income consumers TGT seems to be the one most at risk of losing additional share,” Citi analyst Paul Lejuez wrote in a note.

Deutsche Bank also downgraded Target to “hold” from “buy,” citing a need for significant infrastructure and supply chain investments to stay competitive, which could weigh on margins.

“While we still believe TGT’s long-term potential remains, regaining lost market share will likely require substantial price investments and stepped-up promos, pressuring margins and profitability,” said Deutsche Bank analyst Krisztina Katai, who hacked price target for the stock to $108.

The brokerage highlighted several risks, including inventory challenges, ongoing margin pressure, and volatile consumer sentiment, as it factored in lower earnings expectations and a reduced valuation multiple.

World’s no. 1 retailer Walmart lifted its annual sales and profit forecast on Tuesday, as it clinched market share in groceries and merchandise.

Investing.com – Greece stocks were higher after the close on Wednesday, as gains in the Banking, Construction and Travel sectors led shares higher.

At the close in Athens, the Athens General Composite added 1.31%.

The best performers of the session on the Athens General Composite were Titan Cement International SA (AT:TITCr), which rose 4.41% or 1.50 points to trade at 35.55 at the close. Meanwhile, Quality and Reliability SA (AT:QUAr) added 4.40% or 0.04 points to end at 1.04 and Fourlis Hld (AT:FRLr) was up 3.77% or 0.13 points to 3.58 in late trade.

The worst performers of the session were Crete Plastics SA (AT:PLAKR), which fell 4.14% or 0.60 points to trade at 13.90 at the close. Elton S.A. (AT:ELNr) declined 3.19% or 0.06 points to end at 1.82 and Dimand Societe Anonyme for Real Estate Constructions (AT:DIMANDr) was down 1.65% or 0.14 points to 8.36.

Rising stocks outnumbered declining ones on the Athens Stock Exchange by 94 to 25 and 14 ended unchanged.

Shares in Crete Plastics SA (AT:PLAKR) fell to 3-years lows; down 4.14% or 0.60 to 13.90.

Gold Futures for December delivery was up 0.70% or 18.40 to $2,649.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January rose 0.26% or 0.18 to hit $69.42 a barrel, while the January Brent oil contract rose 0.18% or 0.13 to trade at $73.44 a barrel.

EUR/USD was down 0.69% to 1.05, while EUR/GBP unchanged 0.48% to 0.83.

The US Dollar Index Futures was up 0.58% at 106.76.