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.

Investing.com — Kerrisdale Capital said Wednesday that it is short shares of Oklo Inc. (OKLO), a nuclear energy company that has surged 300% since going public via SPAC six months ago.

Despite Oklo’s skyrocketing stock price amid growing retail interest in nuclear energy, Kerrisdale criticizes the company’s lack of regulatory approval, its over-optimistic projections, and its untested technology.

Oklo shares are down over 4% on Wednesday.

In their short report, Kerrisdale describes Oklo as a “story stock” with no revenue and unproven commercial viability for its small modular reactors (SMRs).

The firm argues that Oklo’s ambitious goal of deploying its first reactor by 2027 is unrealistic, citing a former Nuclear Regulatory Commission (NRC) Commissioner who stated the timeline is “beyond optimistic” and that licensing alone could take at least four years.

Kerrisdale also questions Oklo’s claims of economic and operational advantages, noting, “Oklo believes its small, liquid sodium-cooled reactors will be cheaper, easier to build, and safer than conventional nuclear plants – the same benefits touted by small, modular reactor (SMR) proponents for decades.”

They add: “We believe investors should be wary of unsubstantiated claims spouted by these ‘Nuclear Bros.’”

They point to the cost escalations faced by other SMR projects and Oklo’s lack of a reliable long-term fuel supply, which won’t be resolved until the 2030s.

Moreover, Kerrisdale highlights fundamental management and financial challenges. The short seller said a former Oklo employee described the leadership as “a team of very inexperienced people,” and Kerrisdale estimates that Oklo will require $2.7 billion in additional capital over the next five years to execute its plans.

Kerrisdale concludes that Oklo’s stock price is “unsustainable” and likely to face setbacks as delays, escalating costs, and the need for dilutive capital raise doubts about its long-term prospects.

Wednesday’s market has seen significant movement among stocks, particularly within the mega-cap and large-cap categories. United Health Group (NYSE:UNH) experienced a notable uptick, while Nvidia Corp (NASDAQ:NVDA) faced a downturn amidst news of potential competition. Williams-Sonoma Inc (NYSE:WSM) surprised with a remarkable surge after announcing its quarterly results. Here’s a look at some of the day’s most impactful stock movers, from mega-caps to small caps.

Mega-Cap Movers:

United Health Group (UNH): +2.3%
Nvidia Corp (NVDA); Sam Altman Seeking Investors for AI Chipmaker to Challenge Nvidia (NVDA) – NYP: -2.17%
Eli Lilly And Co (NYSE:LLY); Verge Genomics Announces Milestones in Collaboration with Lilly to Discover and Develop Novel Treatments for ALS: +1.88%

Large-Cap Stock Movers:

Williams-Sonoma Inc (WSM); Williams-Sonoma, Inc. announces third quarter 2024 results: +25.85%
Target (NYSE:TGT); Citi downgrades Target stock to Neutral, price target cut amid concerns over sales and margin weakness: -20.25%
WIX.COM LTD. (NASDAQ:WIX); Wix.com shares surge over 11% as guidance tops expectations: +13.25%
MicroStrategy Inc (NASDAQ:MSTR); MicroStrategy prices $2.6 billion in convertible notes: +11.95%
Reinvent Technology Partners Y (AUR): -7.77%
Flextronics Intl Ltd (NASDAQ:FLEX); Flex Completes Acquisition of Crown Technical Systems: +7.02%
Super Micro Compu (NASDAQ:SMCI): -6.79%
Roku (NASDAQ:ROKU): -6.56%
ZTO Express Cayman Inc (NYSE:ZTO): -6.25%

Mid-Cap Stock Movers:

Powell Industries (NASDAQ:POWL); Powell Industries stock plunges 16% on Q4 revenue misses: -12.86%
Frazier Lifesciences Acquisition (NAMS); New therapy significantly lowers LDL cholesterol: -14.36%
Lemonade Inc (NYSE:LMND); Can Lemonade stock deliver on 10x growth? Morgan Stanley (NYSE:MS) cautious despite upgrade: +11.93%
GlobalE Online (NASDAQ:GLBE); Global-e Reports Third Quarter 2024 Results: +12.48%
Fabrinet (NYSE:FN): -10.5%
Dolby Laboratories (NYSE:DLB); Dolby Laboratories stock surges 10% on strong guidance, Q4 earnings: +10.93%
Bruker (NASDAQ:BRKR): +10.52%
Full Truck Alliance Co ADR (YMM); Full Truck Alliance’s earnings surge on strong revenue growth, stock up 4%: +8.58%
Dycom Industries Inc (NYSE:DY); Dycom Industries beats Q3 estimates, shares edge higher: -9.27%
ZIM Integrated Shipping Services (NYSE:ZIM); ZIM Integrated Shipping stock gains 8% following Q3 beat and raise: +10.1%

Small-Cap Stock Movers:

Kingsoft Cloud Holdings Ltd (KC): +33.22%
TimefireVR (RCAT); Red Cat wins U.S. Army drone program contract: +33.94%
CF Acquisition Corp VI (RUMBW): +15.8%
MSTU (MSTU): +24.13%
Alpha Teknova (TKNO): +20.53%
Sunnova Energy International Inc (NYSE:NOVA): +19.62%
Lyell Immunopharma (LYEL): -19.0%
Destiny Tech100 (DXYZ): -18.08%
Byrna Technologies NAQ (BYRN): -14.43%
AiHuiShou International ADR (RERE); ATRenew Inc. Reports Unaudited Third Quarter 2024 Financial Results: +14.63%

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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com – Morocco stocks were higher after the close on Wednesday, as gains in the Transport, Real Estate and Pharmaceutical Industry sectors led shares higher.

At the close in Casablanca, the Moroccan All Shares gained 0.07% to hit a new all time high.

The best performers of the session on the Moroccan All Shares were CFG Bank SA (CSE:CFG), which rose 4.48% or 9.05 points to trade at 211.00 at the close. Meanwhile, Stokvis Nord Afrique (CSE:SNA) added 3.94% or 0.58 points to end at 15.30 and Alliances (CSE:ADI) was up 3.20% or 11.90 points to 383.90 in late trade.

The worst performers of the session were Realis. Mecaniques (CSE:SRM), which fell 9.97% or 47.55 points to trade at 429.50 at the close. Cartier Saada (CSE:CRS) declined 6.30% or 2.20 points to end at 32.70 and Ste de Travaux de Realisation d’Ouvrages et de Constuction Industielle SA (CSE:STR) was down 4.93% or 2.39 points to 46.10.

Falling stocks outnumbered advancing ones on the Casablanca Stock Exchange by 26 to 25 and 7 ended unchanged.

Shares in CFG Bank SA (CSE:CFG) rose to all time highs; gaining 4.48% or 9.05 to 211.00. Shares in Alliances (CSE:ADI) rose to 5-year highs; gaining 3.20% or 11.90 to 383.90.

Crude oil for January delivery was up 0.32% or 0.22 to $69.46 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January rose 0.18% or 0.13 to hit $73.44 a barrel, while the December Gold Futures contract rose 0.71% or 18.70 to trade at $2,649.70 a troy ounce.

EUR/MAD was down 0.08% to 10.54, while USD/MAD rose 0.16% to 9.99.

The US Dollar Index Futures was up 0.50% at 106.68.

Investing.com — Chewy (NYSE:CHWY) shares climbed over 2% on Wednesday after Bank of America analysts double upgraded the pet retailer stock from Underperform to Buy, while also raising the price objective (PO) to $40 from $24.

BofA’s analysis indicates that despite a year-over-year (YoY) negative trend in pet spending, the adoption rates have been on the rise since the beginning of 2024, suggesting that the worst may be over for the industry.

The bank now expects the pet industry to return to a consistent low to mid-single-digit percentage growth rate.

The upgrade also reflects encouraging company-specific signs, including a significant uptick in Chewy’s web traffic, which has seen a 6% YoY increase in the fiscal third quarter compared to an 11% decline in the first quarter. This growth, according to BofA, “is supportive of share gains & possibly better than expected customer count (key stock metric).”

BofA’s bullish outlook is further bolstered by Chewy’s strong expense management, particularly in selling, general, and administrative (SG&A) expenses, and scaled fulfillment expenses. The shift towards higher gross margin sales, including advertising and health services, is expected to provide an opportunity for significant earnings growth in the coming years.

The bank’s analysts project Chewy’s EBITDA to be $719 million and $917 million for fiscal years 2025 and 2026, respectively, figures that are above the current Street consensus.

“We think investors will be willing to pay a premium for Chewy particularly in the context of persistent discretionary headwinds in eComm,” analysts noted.

The retailer’s subscription-like business model, minimal exposure to discretionary spending categories, and historically consistent trends within the pet sector also help improve its revenue and earnings visibility.

In terms of valuation, analysts explain that their raised PO is based on a 17 times multiple of the company’s projected 2026 enterprise value/EBITDA, which they believe is justified by Chewy’s model and earnings power.

At the same time, BofA also pointed out several risks to its bullish thesis, including limited market share gains due to competition, a cap on long-term margin expansion from rivals like Amazon (NASDAQ:AMZN) and Walmart (NYSE:WMT), potential overhang from private equity ownership, margin pressures from international expansion, and the possibility of extended discretionary spending pressures due to potential tariffs.

NEW YORK – ARK Investment Management LLC has announced that as of October 31, 2024, its ARK Venture Fund provides investors with almost 15% exposure to several of Elon Musk’s private ventures. The fund includes stakes in SpaceX, X.AI, and X Corp., which are not publicly traded and are typically out of reach for most investors.

The ARK Venture Fund’s portfolio allocation includes 12.7% in SpaceX, the aerospace manufacturer and space transport services company, 1.5% in X.AI, an artificial intelligence enterprise, and 0.7% in X Corp., details of which have not been disclosed. These companies operate in sectors such as space exploration, AI, social platforms, and renewable energy.

ARK Investment Management suggests that Musk’s recent participation in U.S. policy discussions has created a favorable environment for innovation, which may benefit the growth of his companies. This involvement is seen as a potential advantage for the ARK Venture Fund’s investors, as they might experience the impact of Musk’s influence on technology and sustainability advancements.

The fund is accessible through the SoFi (NASDAQ:SOFI) app and the Titan wealth platform, offering a unique channel for investors to gain exposure to Musk’s portfolio of private companies.

This move by ARK Investment Management provides an alternative investment opportunity for those looking to diversify their portfolio with private ventures that have been largely inaccessible to the general public. The information regarding the ARK Venture Fund’s exposure to Elon Musk’s companies is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com — Pivotal Research raised its year-end 2025 price target for Netflix (NASDAQ:NFLX) by $175 to a Street-high $1,100, reflecting increased optimism following the success of its recent live event.

The firm’s analysts highlighted the Tyson/Paul fight, which was streamed by approximately 65 million households and likely reached over 150 million viewers, as a pivotal moment for the streaming giant.

While the event experienced some technical issues early in the broadcast due to overwhelming demand, Pivotal Research described it as a “very successful learning experience” and expressed confidence that such problems will be avoided in future live programming.

The firm emphasized that the fight demonstrated Netflix’s potential to enhance its platform with “eventized” live programming, which could further reduce subscriber churn and bolster pricing power.

“We raised our medium/long-term subscriber and ARPU forecasts,” wrote Pivotal Research, attributing the changes to Netflix’s ability to deliver compelling content consistently.

The analysts also pointed to Netflix’s acquisition of previously exclusive content from competitors as a factor likely to strengthen the platform’s value proposition.

According to Pivotal, Netflix remains “a highly compelling, frankly relatively inexpensive, entertainment alternative for consumers,” which positions it well for sustained growth in subscribers and average revenue per user (ARPU).

The increase in the target price also reflects a modest boost in Pivotal’s terminal EBITDA multiple, underscoring long-term confidence in Netflix’s profitability.

Netflix’s latest live event potentially opens new revenue streams and growth opportunities for the streaming giant.

By Nick Carey

LONDON (Reuters) – Ford (NYSE:F) said on Wednesday it would cut around 14% of its European workforce, blaming significant losses in recent years compounded by weak demand for electric vehicles, a lack of government support for the shift to EVs, and rising competition.

The U.S. company is the latest automaker after Nissan (OTC:NSANY), Stellantis (NYSE:STLA) and GM to cut costs as the industry struggles with growing competition from Chinese rivals in Europe, waning demand in China, and the challenges of shifting to EVs that remain too expensive for most consumers to buy.

Ford said the 4,000 job cuts would be primarily in Germany and the United Kingdom (TADAWUL:4280). Globally, the layoffs represent around 2.3% of Ford’s workforce of 174,000.

The measures will be a big blow for Germany in particular, Europe’s largest economy and biggest car maker where Volkswagen (ETR:VOWG_p) is threatening to close factories, slash wages and cut thousands of jobs to improve its ability to compete.

The country’s deepening political crisis is also adding uncertainty to companies grappling with growing trade tensions with China and the U.S. election victory of Donald Trump.

Ford said the European layoffs should take place by the end of 2027.

Europe’s automakers “face significant competitive and economic headwinds while also tackling a misalignment between CO2 regulations and consumer demand for electrified vehicles,” the company said in a statement.

Through September this year, Ford’s sales in Europe fell 17.9%, far outstripping an industrywide decline of 6.1%.

Ford also called on the German government in particular to provide more incentives and better charging infrastructure to help consumers transition to EVs.

Berlin ended EV subsidies in December last year. EV sales in Germany in the first nine months of this year were down 28.6%.

“What we lack in Europe and Germany is an unmistakable, clear policy agenda to advance e-mobility, such as public investments in charging infrastructure, meaningful incentives … and greater flexibility in meeting CO2 compliance targets,” Ford’s chief financial officer John Lawler wrote in a letter to the German government.

Ford has been undergoing a painful restructuring in Europe, announcing 3,800 job cuts in February 2023. Ford is also closing its Saarlouis plant in Germany next year, with further job cuts.

The European Union has slapped tariffs on Chinese-made EVs, saying they benefit from unfair subsidies from China’s government.

(Reuters) -Comcast said on Wednesday it plans to spin off some NBCUniversal cable TV networks, as the rise of streaming prompts the media company to relinquish some of its most prized assets.

Its shares rose about 1.7% in premarket trading, after the company said it would separate its entertainment and news channels including MSNBC, CNBC, USA, Oxygen, E!, Syfy and Golf Channel.

Comcast (NASDAQ:CMCSA) will retain some NBC entertainment, sports and news properties, along with the Peacock streaming service, its theme parks as well as film and television studios.

“The most likely buyers of these cable channels are private equity firms or other media conglomerates,” said Emarketer senior analyst Ross Benes.

“PE would have an easier time hiding financial losses from a purchase than public companies would. PE buyers would cut costs and wrangle out what value is left of the networks, attempting to squeeze out quick profits.”

Profitability in traditional television and cable networks has been declining as consumers increasingly shift to streaming services such as Netflix (NASDAQ:NFLX), leaving media firms to explore other options for their legacy businesses.

Paramount Global – home to cable television networks Comedy Central, Nickelodeon and MTV – agreed to merge with streaming-era upstart Skydance Media earlier this year.

Mark Lazarus, who currently serves as the chairman of NBCUniversal’s media group, will lead the new venture as CEO, while Anand Kini, who served as CFO of NBCUniversal, will be the operating chief and finance head of the new company.

The spin-off is expected to take a year to complete and the new venture will have an ownership structure that mirrors that of Comcast.

Investing.com –J.P. Morgan analysts have revised their outlook on European cement stocks, upgrading Holcim (SIX:HOLN) to an Overweight rating and adding Heidelberg (ETR:HDDG) to their Analyst Focus List (AFL). The moves reflect confidence in valuation, improving sector fundamentals, and near-term growth catalysts.

Holcim, which had underperformed its Heavyside peers by nine percentage points year-to-date, now presents a compelling valuation case. Analysts derive a 12% discount to its closest peer, Heidelberg, using a sum-of-the-parts (SOTP) analysis. 

The analysts value Holcim’s European Heavyside business at seven times its expected earnings for 2025, factoring in improving industry dynamics and the company’s aggressive decarbonization efforts. 

With the valuation seen as attractive and catalysts on the horizon—including dedicated capital markets days early in 2025—analysts expect further investor interest. Holcim’s new price target is CHF 108, representing a 23% upside from its current share price.

Heidelberg, upgraded to the AFL and set as J.P. Morgan’s top pick in the Heavyside segment, benefits from improving fundamentals and its leadership in decarbonization efforts. 

The company plans to introduce the industry’s first carbon-captured net-zero cement and concrete by mid-2025. 

Analysts flag that premium pricing and attractive margins for these products are not yet fully accounted for in forecasts. 

Heidelberg is also pursuing a transformation initiative expected to yield €500 million in annual savings by 2026, presenting additional upside. The firm’s price target is €150, implying a 28% upside​.

J.P. Morgan projects earnings growth of about 7% in 2025, supported by improving pricing power, U.S. infrastructure spending, and increased investor focus on the European cement sector’s decarbonization journey.