Kohl's, Urban Outfitters, Abercrombie&Fitch rise premarket; XPeng, Agilent fall
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- Wall Street ends lower as solid jobs data fuels hawkish Fed bets
- US nonfarm payrolls blow past expectations in August; unemployment rate steady at 4.1%
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- Oil ends week higher on renewed US-Iran strikes, diesel hits record
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Barclays downgrades Xpeng (XPEV) following disappointing 1Q miss
May 25, 2023 9:52 AM EDTBarclays downgraded XPeng Inc. (NYSE: XPEV) to an Underweight rating and cut their 12-month price target on the stock to $6.00 (From $8.00) following the electric automakers disappointing 1Q earnings results.
Xpeng reported total revenue of RMB 4.0bn, -45.9% yoy, -2.1% lower than Barclays estimate. Vehicle sales were RMB 3.5bbn, -49.8% yoy, -4.1% lower than expected due to lower-than-expected vehicle deliveries and to a much smaller extent the expiry... More
Jaguar Land Rover-owner set to choose UK over Spain for EV battery plant
May 24, 2023 3:04 PM EDTThe BBC reports Wednesday that Tata Motors, parent company to Jaguar Land Rover Automotive, is set to pick Britain for a multi-billion dollar electric vehicle battery plant. A plant some have described as the most significant investment in UK automotive since Nissan came to Britain in the 1980s.
A Tata chairman is expected to fly to London next week to meet the prime minister and finalize the deal to build the battery factory, which could employ 9,000 people in Somerset,... More
BMW unveils new electric i5 with 295-mile range
May 24, 2023 2:28 PM EDTThe BMW Group unveiled its new 2024 BMW i5 during a digital world premiere on Wednesday after teasing glimpses of its first all-electric 5 Series for weeks.
As a combustion model, the 5 Series has held a prominent position in the company's lineup since 1972, and it continues to be the second best-selling vehicle for the German automaker behind the 3 Series. It has been known for a while now that BMW has been actively developing an all-electric version of the 5 Series, alongside plug-in hybrids and traditional combustion engine options.
With its unmistakable resemblance to the 5 Series,... More
Abercrombie & Fitch (ANF) tops Q1 expectations, raises full-year guidance
May 24, 2023 10:13 AM EDTAbercrombie & Fitch (NYSE: ANF) shares surged more than 22% in early Wednesday trading after topping first-quarter earnings and revenue expectations.
The clothing retailer reported EPS of $0.39, $0.38 better than the analyst estimate of $0.01, while revenue for the quarter came in at $836 million versus the consensus... More
