COMPANY NEWS IN BRIEF
Apollo seeks to tame investor concerns
Apollo Global Management Inc said on Wednesday it would launch an independent review of chief executive Leon Black's ties with late financier and convicted sex offender Jeffrey Epstein, as some of the private equity firm's investors issued statements for the first-time expressing concerns.
Black wrote to Apollo's fund investors last week that he regretted making payments to Epstein for what he called "professional services," but has denied any wrongdoing or inappropriate conduct related to his business and social relationship with him.
Black, whose net worth is pegged by Forbes at US$7.8 billion, was responding to a New York Times story that reported he had wired between US$50 million and US$75 million to Epstein over the last decade.
The news has sent shock waves through Wall Street, where Apollo reigns as one of the largest investors in corporate credit and leveraged buyouts, with US$414 billion in assets under management as of the end of June.
On Wednesday, the US$57 billion Pennsylvania Public School Employees Retirement System (PSERS) said it would not consider any new investments in Apollo funds after speaking with the buyout firm about Black's involvement with Epstein. - Nampa/Reuters
GM sells out first year electric production
General Motors Co said it has sold out the first-year worth of its hulking GMC Hummer EV electric pickup truck after a splashy video reveal on Tuesday.
The GMC website showed a "reservations full" banner over the Hummer EV "Edition 1," due to start production in the fall of 2021. The next version of the truck, the US$99 995 Hummer EV 3X, is not scheduled to begin production until the fall of 2022.
The least expensive Hummer EV, starting at US$79 995, is scheduled to go into production in the spring of 2024, GM said.The Hummer EV was designed and engineered in 18 months, GM officials said during a presentation on Wednesday.
The brawny truck can "crab walk" sideways on rough terrain using its four-wheel steering system, and has a "Watts to Freedom" mode that accelerates the truck to 60 miles per hour (97 kph) in 3 seconds.
The Hummer EV is in part a response to Tesla Inc's Cybertruck, which has a very different but equally eye-grabbing design and a bevy of extreme performance features. The Cybertruck's starting price is US$39 900, though a model with 500 miles of range starts at US$69 900.- Nampa/Reuters
Tesla sets revenue record of US$8.8 billion
Tesla Inc on Wednesday reported its fifth consecutive quarterly profit on record revenue of US$8.8 billion, boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers.
The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.
Shares were up 2.2% at US$431.88 in extended trade as the carmaker beat analysts' estimates for third-quarter revenue. Tesla said it had the capacity installed to produce and deliver 500 000 vehicles this year, but added that achieving its goal has become more difficult.
"Achieving this target depends primarily on quarter over quarter increases in Model Y and Shanghai production," the company said.
Earlier this month, Tesla said it delivered 139 300 vehicles in the third quarter, a quarterly record for the electric carmaker, yet some analysts questioned whether the company could hit its ambitious year-end target. – Nampa/Reuters
Chipotle profit falls on higher expenses
Chipotle Mexican Grill Inc on Wednesday posted an 18.6% drop in quarterly profit, hurt by higher beef prices, delivery costs and coronavirus-related expenses.
Shares of the company, one of the best performers in the restaurant sector following a 60% rise this year, were down about 4% after the closing bell.
The burrito chain reported a three-fold jump in online sales, as consumers stuck at home ordered more healthy meals and salads, although it came at a higher cost for the company.
Net income fell to US$80.2 million, or US$2.82 per share, for the third quarter from US$98.6 million or US$3.47 per share, a year earlier.
Comparable sales rose 8.3%, compared with Wall Street expectations of 7.59% rise, according to IBES data from Refinitiv. - Nampa/Reuters
Ant Group to launch US$35 billion IPO
China's Ant Group has won the final nod from the country's top securities watchdog for the registration of its Shanghai offering, the regulator said on Wednesday, clearing the last regulatory hurdle for its US$35 billion dual-listing.
Ant, the fintech company backed by Chinese e-commerce group Alibaba Group Holding, plans to list simultaneously in Hong Kong and Shanghai in the coming weeks, sources have said.
The listing could be the world's largest initial public offering, surpassing the record set by Saudi Aramco's US$29.4billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the year-old STAR Market in Shanghai.
Ant is set to conduct price consultations for the Shanghai offering on Oct 23 and will set the price on Oct 27 as per its updated prospectus filed with the local exchange.
The fintech group aims to split the share offering evenly between Hong Kong and Shanghai, selling up to 1.67 billion on each exchange. That would represent up to 11% of its enlarged share capital, before a 15% over-allotment option is exercised, the prospectus showed. – Nampa/Reuters
Apollo Global Management Inc said on Wednesday it would launch an independent review of chief executive Leon Black's ties with late financier and convicted sex offender Jeffrey Epstein, as some of the private equity firm's investors issued statements for the first-time expressing concerns.
Black wrote to Apollo's fund investors last week that he regretted making payments to Epstein for what he called "professional services," but has denied any wrongdoing or inappropriate conduct related to his business and social relationship with him.
Black, whose net worth is pegged by Forbes at US$7.8 billion, was responding to a New York Times story that reported he had wired between US$50 million and US$75 million to Epstein over the last decade.
The news has sent shock waves through Wall Street, where Apollo reigns as one of the largest investors in corporate credit and leveraged buyouts, with US$414 billion in assets under management as of the end of June.
On Wednesday, the US$57 billion Pennsylvania Public School Employees Retirement System (PSERS) said it would not consider any new investments in Apollo funds after speaking with the buyout firm about Black's involvement with Epstein. - Nampa/Reuters
GM sells out first year electric production
General Motors Co said it has sold out the first-year worth of its hulking GMC Hummer EV electric pickup truck after a splashy video reveal on Tuesday.
The GMC website showed a "reservations full" banner over the Hummer EV "Edition 1," due to start production in the fall of 2021. The next version of the truck, the US$99 995 Hummer EV 3X, is not scheduled to begin production until the fall of 2022.
The least expensive Hummer EV, starting at US$79 995, is scheduled to go into production in the spring of 2024, GM said.The Hummer EV was designed and engineered in 18 months, GM officials said during a presentation on Wednesday.
The brawny truck can "crab walk" sideways on rough terrain using its four-wheel steering system, and has a "Watts to Freedom" mode that accelerates the truck to 60 miles per hour (97 kph) in 3 seconds.
The Hummer EV is in part a response to Tesla Inc's Cybertruck, which has a very different but equally eye-grabbing design and a bevy of extreme performance features. The Cybertruck's starting price is US$39 900, though a model with 500 miles of range starts at US$69 900.- Nampa/Reuters
Tesla sets revenue record of US$8.8 billion
Tesla Inc on Wednesday reported its fifth consecutive quarterly profit on record revenue of US$8.8 billion, boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers.
The electric car maker also affirmed its target to deliver half a million vehicles by the end of this year, a goal that will require it to significantly ramp up vehicle sales in the fourth quarter.
Shares were up 2.2% at US$431.88 in extended trade as the carmaker beat analysts' estimates for third-quarter revenue. Tesla said it had the capacity installed to produce and deliver 500 000 vehicles this year, but added that achieving its goal has become more difficult.
"Achieving this target depends primarily on quarter over quarter increases in Model Y and Shanghai production," the company said.
Earlier this month, Tesla said it delivered 139 300 vehicles in the third quarter, a quarterly record for the electric carmaker, yet some analysts questioned whether the company could hit its ambitious year-end target. – Nampa/Reuters
Chipotle profit falls on higher expenses
Chipotle Mexican Grill Inc on Wednesday posted an 18.6% drop in quarterly profit, hurt by higher beef prices, delivery costs and coronavirus-related expenses.
Shares of the company, one of the best performers in the restaurant sector following a 60% rise this year, were down about 4% after the closing bell.
The burrito chain reported a three-fold jump in online sales, as consumers stuck at home ordered more healthy meals and salads, although it came at a higher cost for the company.
Net income fell to US$80.2 million, or US$2.82 per share, for the third quarter from US$98.6 million or US$3.47 per share, a year earlier.
Comparable sales rose 8.3%, compared with Wall Street expectations of 7.59% rise, according to IBES data from Refinitiv. - Nampa/Reuters
Ant Group to launch US$35 billion IPO
China's Ant Group has won the final nod from the country's top securities watchdog for the registration of its Shanghai offering, the regulator said on Wednesday, clearing the last regulatory hurdle for its US$35 billion dual-listing.
Ant, the fintech company backed by Chinese e-commerce group Alibaba Group Holding, plans to list simultaneously in Hong Kong and Shanghai in the coming weeks, sources have said.
The listing could be the world's largest initial public offering, surpassing the record set by Saudi Aramco's US$29.4billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the year-old STAR Market in Shanghai.
Ant is set to conduct price consultations for the Shanghai offering on Oct 23 and will set the price on Oct 27 as per its updated prospectus filed with the local exchange.
The fintech group aims to split the share offering evenly between Hong Kong and Shanghai, selling up to 1.67 billion on each exchange. That would represent up to 11% of its enlarged share capital, before a 15% over-allotment option is exercised, the prospectus showed. – Nampa/Reuters
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