On this episode of Stock Movers:
- Renault shares sank the most since 2020 after the French automaker slashed its profitability outlook and named company veteran Duncan Minto interim chief executive officer. Renault shares fell as much as 17%, after the French carmaker issued a profit warning on Tuesday evening, lowering operating margin guidance for this year to around 6.5%, from at least 7% previously. The revised guidance underscores the challenges Renault’s next management team is facing, including muted demand in Europe, mounting trade tensions and the growing competitiveness of Chinese manufacturers led by BYD Co.
- ASML Holding NV Chief Executive Officer Christophe Fouquet walked back the company’s growth forecast for next year due to trade disputes and global tensions. “We continue to see increasing uncertainty driven by macro-economic and geopolitical developments,” Fouquet said in a statement on ASML’s quarterly results Wednesday. “Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage.” ASML’s shares fell as much as 7.1% to €655.70 in Amsterdam on Wednesday, the biggest decline since April. They have fallen 33% in the last year.
- Richemont posted better-than-expected sales as wealthy shoppers snapped up Cartier rings and bracelets, defying a wider downturn for luxury goods. Sales at the jewelry division, Richemont’s largest, surged 11% at constant exchange rates in the quarter ending in June, the Swiss luxury group said Wednesday. Analysts had forecast a gain of 8.6%. Overall, sales climbed 6%, ahead of expectations. The company’s shares rose as much as 2.4% in early Swiss trading, bringing the gain this year to about 12%.
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