Tesla Inc (NASDAQ:TSLA) stock vroomed 16% higher on the back of earnings that beat forecasts and with reassurance offered on profitability and mid-term growth.
UBS said the results were "one for the bulls" and highlighted that Elon Musk's electric vehicle company increased auto gross margins, excluding green credits, rose to 17.1% from 14.6% in the second quarter, supported by driving costs per vehicle to a record low.
The London Stock Exchange Group PLC (LSE:LSEG)’s third-quarter results hit the mark and then some today, with shares bouncing more than 3% higher on the FTSE 100.
According to UBS, LSEG’s total income of £2.12 billion was 0.8% above what the markets were expecting.
Due to febrile speculation about the future of business relief for AIM-listed shares in ahead of next week’s Autumn Budget, a number of companies on London's junior market have seen their valuations "decoupled" from the large, mid and small cap UK indices.
This is the observation from broker Panmure Liberum's head of research Simon French, who highlighted some of the affected stocks, including vets chain CVS Group (AIM:CVSG) PLC, Next 15 Group PLC (AIM:NFG) and house stocks like Revolution Beauty Group PLC (AIM:REVB) and Artisanal Spirits Company PLC (AIM:ART).
Ofwat’s draft consultation yesterday on how the UK Government’s Bill on water companies would be implemented contained little that was unexpected, says UBS.
Much is being done already, it adds, for example with management waiving pay and introducing greater responsiveness to customers, though UBS suggests the rules are onerous to what is already being done.
Unilever PLC (LSE:ULVR)'s share price rose 3.4%, adding £4 billion to the value of the Dove soap maker, after it posted third-quarter results that slightly exceeded expectations.
The company reported a 4.5% rise in underlying sales, surpassing analysts' forecasts of a 4.2% increase, driven by product innovations and a slower pace of price hikes, leading to its largest sales volume growth in over three years.
Indivior PLC (LSE:INDV)’s share price jumped 11% after the company reaffirmed its full-year outlook despite recent challenges, including increased competition for its opioid addiction treatment, Sublocade.
In its third-quarter results, Indivior posted a 13% revenue increase to $307 million, with Sublocade sales rising 14% to $191 million.