Mercedes-Benz wins Tesla, Koenig & Bauer in the face of VW and leadership changes at GameStop

Mercedes-Benz Beats Tesla – Level 3 Driving Permit Received in California

Mercedes-Benz beats Tesla. After Germany and Nevada, the Stuttgart-based company is now the first to receive approval for Level 3 auto testing for California, leaving Tesla far behind. Koenig & Bauer does business with Volkswagen. The industrial electronic powder coating plant is designed and built by a subsidiary of PowerCo. GameStop abruptly parted ways with CEO Furlong. Major shareholder Ryan Cohen leads.

Stock trading in Asia is very friendly on the last day of the week. Almost all parameters in the region improve on Friday morning. The list of winners is led by Taiwan Weighted Index, KOSPI and Nikkei 225 Index. The futures market, on the other hand, is inconsistent before the opening of the previous European exchanges. While US stock index futures are in the red, DAX futures could rise slightly by 0.07% to 16,018 points.

Frankfurt ended quiet trading on Corpus Christi with a slight gain. With the exception of the TecDAX, which fell by -0.36% to 3,202.00 points, the price gains of the other German benchmarks were close together. The DAX was already the daily winner with a small increase of 0.18% to close at 15,989.96 points. MDAX and SDAX both improved by 0.15%.

A more optimistic mood in New York. Technology stocks were in strong demand there, allowing the Nasdaq Composite Index to rise 1.02% to 13,238.52. The S&P 500 index rose 0.62 percent to 4,293.93 points and the Dow Jones Industrial Average improved 0.50 percent to 33,833.61 points.

Mercedes-Benz beats Tesla

Tesla (US88160R1014) it keeps sliding back. Once at the forefront of electric mobility and automated controls, it is now all but bogged down in innovation as the competition continues. Last song now Mercedes-Benz (DE0007100000) Tesla reaches level 3 autopilot. While Tesla only offers Level 2 automatics, Mercedes-Benz has now also received official California approval after Germany and Nevada. The US state is the fifth largest car market in the world and customers there can now drive the automatic on the highway with the latest S-Class and EQS.

Koenig & Bauer and VW in business

For PowerCo subsidiary of Volkswagen (DE0007664039) it becomes Koenig and Bauer (DE0007193500) develop a special factory for production and distribution. PowerCo will supply the group with batteries for electric vehicles in the future and is currently expanding its production capacity in Europe. Koenig & Bauer has received a development order to build an industrial electrode powder coating system. If the partnership is successful, Volkswagen has acquired the rights of use and distribution for the following seven years. Shares of Koenig & Bauer rose significantly by 8.66% to EUR 19.08.

Exchange at GameStop

CEO Matt Furlong has to go. Game Stop (US36467W1099) Major shareholder and chairman of the board Ryan Cohen is taking over management of the computer software retail chain immediately. An activist investor bought into the company after the meme wave two years ago, but the CEO is not delivering the expected success. Revenue for the recently ended quarter was $1.24 billion, down from $1.38 billion in the same period last year. Wall Street had already expected a reduction, but only to $1.34 billion. Loss per share narrowed to -0.17 from $0.52 per share previously, but also missed expectations. Shares fell -17.89% to $21.44.

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Inflation in China is still low. In May, inflation increased by just 0.2 percent, compared to an expected increase of 0.4 percent. The producer price index even fell significantly by -4.6% after falling by -3.6% in April.

06/09/2023 – Mikey Fritz

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