) opened lower after it said on Thursday it would build and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the recently sanctioned Kaskida oil hub, operated by British oil major BP saw further declines as it said on Thursday it would recall most Cybertrucks in the U.S. due to delayed rear-view camera images that could impair driver visibility and increase crash risks, adding that a software update would resolve the issue.
The U.S. recently announced higher tariffs on Chinese imports, including a 100-per-cent tariff on EVs and 25 per cent on EV batteries and key minerals. Kevin Thozet, a member of the investment committee at Carmignac, said European automakers were “falling like autumn leaves,” with Stellantis’ profit warning meaning a zero operating margin in the second half of this year.
Barclays downgraded the stock to “equal-weight” from “overweight” and cut its 2024-26 EBIT estimates by 33-45 per cent. It said Stellantis’ large free cash flow cut raised questions over its dividend and buy-back potential. Levi is in the midst of a turnaround strategy to operate mainly by offering tighter assortment that focuses on core denim clothing and achieve major sales through its direct-to-consumer stores at full prices.
Sales of Dockers saw a 15-per-cent decline in the third quarter. The brand contributed about 5 per cent to the reported quarter’s total revenue of US$1.52-billion, which missed analysts’ estimates of US$1.55-billion. Meanwhile, its wines and spirits business has struggled with weaker sales for several quarters, particularly at retailers, following which the company earlier last month said it will take a US$2.5-billion write-down for the unit in the reported quarter.
Berkshire still owns about 10.2 per cent of the second-largest U.S. bank, or a slightly higher percentage if Bank of America has yet to disclose recent stock buybacks.
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