Yahoo Finance Trending tickers: Coca-Cola | General Motors | Metro | JD Wetherspoon
The latest investor updates on the stocks making headlines on Friday.
The Coca-Cola Company (KO)
Drinks company Coca-Cola's stock closed more than 4.8% lower on Thursday amid concerns about the rising popularity of weight-loss drugs.
It has been reported that drugs like Ozempic and Wegovy have led to customers buying fewer groceries and cutting their calories.
Walmart (WMT) US CEO John Furner said that the drugs are leading to a "slight pullback in overall basket."
Read more: LIVE: FTSE and European markets up ahead of US jobs data
PepsiCo (PEP) was also down by the end of the session on Thursday.
General Motors (GM)
Carmaker General Motors' stock fell to a three-year low on Thursday, sinking more than 2.3% after news of a potentially costly air-bag part in use in its cars that the US government says should be recalled.
The stock fell below $30 (£24.57) a share for the first time in over three years.
There are currently 52 million air-bag inflators in circulation from the carmaker which the Highway Traffic Safety Administration said were defective and would have to be recalled. Other automakers are also affected.
The company is also facing ongoing strike action by the United Auto Workers union.
Metro (MTRO.L)
Metro Bank began to recover on Friday, after having lost of quarter of its value the day before. The crash came after it confirmed it is considering refinancing options of a new debt or share sale.
Shares were up around 9.3% by late-morning in London.
Reports from Sky News said that the lender is looking to urgently raise £600m to shore up its balance sheet, and that it has asked advisers at Morgan Stanley (MS) to work on a deal.
The company, which has 2.7 million customers, said it “is evaluating the merits of a range of options, including a combination of equity issuance, debt issuance and /or refinancing and asset sales."
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It added that it was examining options in regard to the £350m senior non-preferred notes due in October 2025.
"No decision has been made on whether to proceed with any of these options," the statement said.
In a bid to calm investors, bosses added that the bank has been profitable on an underling basis for three consecutive quarters, and that it is meeting minimum regulatory capital requirements. They said Metro Bank is “well positioned for future growth".
Shares in the challenger bank were down 24% on Friday, meaning it has lost around 63% this month alone.
JD Wetherspoon (JDW.L)
Wetherspoons stock was down even after it reported strong demand in an update on Friday. Its lower-than-average priced drinks and food have attracted consumers opting for affordability amid the cost of living crisis.
The UK pub chain said like-for-like sales increased by 9.9% in the first nine weeks of the current financial year to 1 October.
Profit before tax for the year ended 30 July was £42.6m ($51.9m), up from the £30.4m loss it reported a year earlier.
“Wetherspoons seems to be moving in the right direction, following a very difficult few years. Like-for-like sales are growing, profits are recovering and debt is coming down. All-in-all, a solid performance,” Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club, said.
Watch: Pepsi and Coke investors concerned about weight loss drugs' impact
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