Tuesday, 4 Oct 2022

European Economics Preview: Eurozone Foreign Trade Data Due

Live Nation Entertainment Down 3% After Announcing Acquisition Of Goodlive

Live Nation Entertainment, Inc. (LYV) shares are sliding more than 3 percent on Wednesday morning trade, after announcing the acquisition of a majority stake in Goodlive GmbH in Berlin from Paragon Partners and Goodlive’s founders.

Currently, shares are at $83.68, down 3.66 percent from the previous close of $86.86 on a volume of 251,203.

European Economics Preview: UK Public Sector Finance Data Due

Public sector finance data from the UK is due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics is slated to issue UK public sector finance data for August. The budget deficit is seen at GBP 8.2 billion versus GBP 4.18 billion in July.

In the meantime, Sweden unemployment data is due for August.

At 4.00 am ET, retail sales figures are due from Poland. Economists forecast sales to climb 20.0 percent annually in August versus July’s 18.4 percent increase.

At 6.00 am ET, the Confederation of British Industry releases UK Industrial Trends survey results. The order book balance is seen at -11 percent in September versus -7 percent in August.

All Denver Public Library locations closed due to “unspecified threat”

All Denver Public Library locations will be closed Wednesday “out of an abundance of caution due to an unspecified threat” they received Tuesday night, library officials said in a news release.

The library system is working with law enforcement to determine when it is safe for staff and the public to reopen the libraries.

Residents can still use many of the library’s resources even when the buildings are closed.

Inotiv Stock Slips 9%

Shares of Inotiv, Inc. (NOTV) are slipping over 9% on Wednesday morning despite no stock-related news to drive the shares.

NOTV is currently trading at $18.60, down $1.90 or 9.27%, on the Nasdaq. The stock opened its trading at $19.34 after closing Tuesday’s trading at $20.50. The stock has traded between $9.14 and $60.66 in the past 52-week period.

Inotiv provides drug discovery and development services to the pharmaceutical, chemical, and medical device industries; and sells analytical instruments to the pharmaceutical development and contract research industries.

XPeng Slips 11% After It Removes Main Battery Supplier

Shares of Chinese electric car maker XPeng Inc. (XPEV) are down 11 percent on Wednesday’s trading after the company revealed that it has shuffled its its battery suppliers and industry giant CATL is no longer its primary supplier.

Currently at $14.23, the stock has traded between $14.12 and $56.45 during the past 52 weeks.

Futu Holdings Down 5%

Shares of technology company Futu Holdings Ltd (FUTU) slipped 5 percent on Wednesday’s trading, continuing their down ward trend since the past few days. There has not been any company specific news to impact the stock on Wednesday.

Currently at $40.15, the stock has traded between $21.23 and $97.80 during the past 52 weeks.

NetEase Slips 4%

Shares of technology company NetEase, Inc. (NTES) are down 4 percent on Wednesday’s trading. There has not been any company-specific news to impact the stock on Wednesday.

Currently at $80.29, the stock has traded between $68.62 and $118.19 during the past 52 weeks.

Honda Plans To Launch 10 EV Motorcycles

Honda, the world’s largest motorcycle manufacturer, has announced its plans to launch electric motorcycles.

Honda announced it would introduce “10 or more” electric motorcycles by 2025. Most of those will not be available in North America, as the company plans to focus on Asian and European markets.

Honda plans to introduce three “large-size” EV models in Japan, the US and Europe between 2024 and 2025.

The company said it expects annual sales of 1 million electric motorcycles within the next five years. The company plans to become carbon neutral by 2050.

Honda said it expects electric motorcycles to comprise 15% of its bike business by 2030, driven by growing strong demand in China, India and elsewhere in Asia.

“Electrification is a long road and we are discussing a variety of options without excluding anything from consideration. However, we have no plan to separate the electric two-wheeler business into a new business unit to be listed on a stock exchange,” Honda said in a statement.

Meanwhile, the company said it would continue to produce internal combustion engine models, however, will strive to make them more environmentally friendly by introducing more “flex-fuel” motorcycles that can use E20 and E100 ethanol-based fuels in 2023 and 2025.

LegalZoom.com Stock Slips 4% After Morgan Stanley Lowers Price Target

Shares of LegalZoom.com, Inc. (LZ) are currently slipping nearly 4% on Wednesday morning after analysts at Morgan Stanley lowered its price target from $9.00 to $7.00.

LZ is currently trading at $8.96, down $0.34 or 3.66%, on the Nasdaq. The stock opened its trading at $9.16 after closing Tuesday’s trading at $9.30. The stock has traded between $8.35 and $30.91 in the past 52-week period.

LegalZoom.com operates an online platform for legal and compliance solutions in the United States. The company’s platform offers products and services, including business formations, creating estate planning documents, protecting intellectual property, completing certain forms and agreements, providing access to independent attorney advice, and connecting customers with experts for tax preparation and bookkeeping services.

European Economics Preview: Eurozone Foreign Trade Data Due

Foreign trade data from the euro area is due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s wholesale prices for August. Prices are forecast to climb 0.5 percent on month, reversing a 0.4 percent fall in July.

In the meantime, external trade figures are due from Norway.

At 2.45 am ET, the French statistical office Insee is set to release final consumer and harmonized prices for August. According to preliminary estimate, consumer price inflation eased to 5.8 percent from 6.1 percent in July.

At 5.00 am ET, Eurostat is slated to publish Eurozone foreign trade and labor cost data. The trade deficit is seen at EUR 20.0 billion in July versus -EUR 24.6 billion in June.

Also, Greece unemployment data is due for the second quarter. The jobless rate was 13.8 percent in the first quarter.

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