Tavares exits as Stellantis sales slump
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 2 December 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Monday, December 2nd. I'm Julie Morgan. The CEO of Stalantis is out earlier than expected. |
| 0:16.0 | Fidelity marks up the value of X and Black Rock is close to a deal for HPS investment partners. |
| 0:24.8 | The CEO of Stalantis has resigned. The carmaker is battling a profit slump in weakened U.S. sales. |
| 0:31.7 | Carlos Tavares will hand over the reins to a newly created interim committee headed by chairman John Elkin. The company will |
| 0:39.2 | name a new CEO in the first half of 2025. An independent director said Tavares will leave his |
| 0:45.9 | position earlier than expected after differences in views emerged between him and the board. |
| 0:51.3 | He was previously expected to step down in early 2026 at the end of his |
| 0:56.3 | contract. Tavares has been under pressure since Stalantis slashed its profit forecast in September |
| 1:02.5 | and forecast a cash burn of up to 10 billion euros. The automaker mostly blamed slowing sales |
| 1:08.9 | and bloated inventories in its crucial North American market. |
| 1:13.1 | Shares of Stalantis, the world's fourth largest automaker by sales, have tumbled over 43 percent so far this year. |
| 1:20.7 | The automaker reaffirmed its financial guidance for the year. |
| 1:24.3 | Stalantis is on our list of the biggest movers of the day pre-market. |
| 1:28.5 | STLA is down 8%. Fidelity marked up the value of its holdings in the social media company X by 32.37% in October. |
| 1:39.8 | Axios reported on Sunday that despite the markup, Fidelity still values the platform formerly known as Twitter at a 72% discount to the $44 billion dollars Elon Musk purchased it for in 2022. |
| 1:53.7 | Despite being a shareholder, Fidelity does not necessarily possess any inside information on X's financial performance. The report added. Fidelity did not |
| 2:03.7 | immediately respond to seeking Alpha's request for comment. According to the report, the markup is |
| 2:09.3 | related to X's stake in artificial intelligence startup XAI. Fidelity invested in XAI's $6 billion |
| 2:16.3 | series B funding round earlier this year. |
| 2:19.6 | The investment firm held XAI shares at costs for months until marking them up by about 70% in October. |
| 2:27.3 | The report also highlighted that Fidelity reports on a one-month lag, which means that the new valuation does not reflect the re-election of Donald Trump |
... |
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