Fri, Nov 17 2023 7:42 AM EST
Rolls-Royce shares hit one-year high as stock price soars
Rolls-Royce shares hit a 52-week high on Friday after soaring by around 190% over a year. Stock prices rose as high as 248 pence (308 cents).
The British aerospace and defense company has undergone significant financial changes since CEO Tufan Erginbilgic took over in January and introduced a plan to turn the business around.
The share price high comes despite critical comments about Rolls-Royce’s jet engines by Emirates Airline President Tim Clark at the Dubai Airshow this week.
CNBC’s Natasha Turak has more.
— Sophie Kiderlin
Fri, Nov 17 2023 6:24 AM EST
Biggest movers: Volvo down 10%, Embracer Group up 8%, Siemens Energy up 5.5%
Volvo Cars shares tumbled on Friday, after the automaker’s Chinese parent company Geely began selling off some of its stock.
Leading the index was Swedish video game company Embracer Group, which was last trading 8.47% higher. Earlier in the week it had beat quarterly profit expectations while confirming its full-year forecast.
Siemens Energy shares were 5.57% higher after securing guarantees from the German government earlier in the week, which was followed by the company posting significant losses throughout its fiscal year.
— Sophie Kiderlin
Fri, Nov 17 2023 3:39 AM EST
Volvo Cars down as much as 12% as its parent company Geely sells off shares
Shares of car manufacturer Volvo Cars dropped on Friday as its parent company Geely began a sale of 100 million shares of the Swedish company.
At 8:30 a.m. London time, shares of Volvo were down by 11.14%. Earlier they had declined by as much as 12%. This marked a record low, according to Reuters.
Zhejiang Geely Holding Group said earlier on Friday that it would release further shares of Volvo, which was in line with its long-term strategy. Geely will still hold 78.7% of Volvo shares following the sale, the statement said.
— Sophie Kiderlin
Fri, Nov 17 2023 2:28 AM EST
European markets: Here are the opening calls
Thu, Nov 16 2023 7:06 PM EST
CNBC Pro: Time to buy Siemens and HelloFresh after big share price moves? Here’s what analysts say
Thu, Nov 16 2023 7:06 PM EST
CNBC Pro: Morgan Stanley’s analyst just struck a cautious tone on Alphabet. Here’s why
Google parent Alphabet has been among the so-called “Magnificent Seven” stocks that investors have been looking at favorably this year — but one analyst has some reservations.
Morgan Stanley is overweight on the stock, but equity analyst Brian Nowak struck a cautious tone when talking to CNBC, especially when compared with Meta and Amazon.
It comes after the bank cut its price target on Alphabet from $155 to $150, giving it upside of 11.4% from its close on Nov. 15.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
