The most important news from last week
Ferrari renewed partnership with Puma
Italian luxury car manufacturer Ferrari announced the extension of its collaboration with German sportswear manufacturer Puma within its racing division. Scuderia Ferrari has inked a fresh multi-year deal with Puma, designating Puma as its premier partner from the upcoming year. The partnership's scope encompasses Puma's continued role as the licensing partner for Ferrari-branded products and as the supplier of Formula One team apparel and race gear for Ferrari.
Arm Holdings made strong debut
In the latest developments, Arm Holdings, the chip designer, marked its impressive debut on the Nasdaq this week. The company's stocks surged by more than 20% during the initial trading session, surpassing the initial listing price of 51 USD per share.* This successful IPO marks a notable positive shift in the investment landscape, especially considering the comparatively lacklustre year for public offerings in 2022.
Movement of Arm stocks since coming to the market. (Source: Google Finance) *
Byron Allen made 10 billion USD bid for ABC
Media mogul Byron Allen has launched a bid worth 10 billion USD to acquire Disney's ABC television network, along with assets such as the FX and National Geographic cable channels. This move follows discussions within Disney regarding the potential sale of ABC to regional TV station operator Nexstar Media. Disney's CEO Bob Iger had previously mentioned in July the possibility of divesting some of its traditional TV assets, which have faced challenges due to the surge in streaming services.
ARK Innovation ETF shifted their portfolio
In the latest portfolio adjustment, the ARK Innovation ETF, managed by Cathie Wood, has executed a notable reallocation, shifting approximately 14 million USD from the electric vehicle manufacturer Tesla to the video game platform Roblox. This move marks the 13th consecutive trade in which the fund has reduced its position in Tesla, a pattern initiated on April 26. Throughout this duration, ARK Innovation has divested a total of 729,582 shares in Tesla, its largest holding.
Nikola expanded dealer network to Canada
Nikola Corporation revealed its intentions to expand its dealer network into Canada for the distribution of heavy-duty trucks, forming a strategic alliance with trailer manufacturer ITD Industries. While Nikola, a producer of Class 8 trucks powered by both batteries and fuel cells, has faced a series of challenges, including vehicle fires and a recall of previously delivered battery-powered electric trucks, CEO Steve Girsky assured investors that the recall wouldn’t impact the production or delivery of their fuel cell EVs.
Sources: Investing, Google Finance, Reuters
* Past performance is no guarantee of future results.
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