Yahoo Finance Trending tickers: Tata Technologies | ASML | Tesla | Dr Martens
The latest investor updates on stocks that are trending on Thursday
Tata Technologies (TATATECH.NS)
Tata Technologies made a blockbuster entry on the stock market as the stock surged up to 180% in the first day of trading.
The Tata Motors' unit is the first company from the group to go public in nearly two decades and the IPO is valuing it at 567.94 billion rupees (£5.36bn/$6.8bn).
The stock listed at Rs 1,200 apiece on India’s National Stock Exchange and Rs 1,199 per share on the Bombay Stock Exchange (BSE), a premium of 140% over its IPO price. The stock jumped as much as 180% to Rs 1,400 in early trading before paring gains to trade over 160% higher than the IPO price at Rs 1,311.50.
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Tata Technologies' "listing was beyond imagination... and post that, the rally to 1,400 rupees was even more unexpected," Arun Kejriwal, founder of Kejriwal Research and Investment Services, told Reuters. If the gains hold, Tata Technologies will be the best IPO debut ever recorded in India.
The company is a global engineering services provider that specializes in product development and digital solutions for original equipment manufacturers, with clients across industries such as aerospace, transportation, and construction heavy machinery.
ASML (ASML)
Shares in chipmaking equipment manufacturer ASML were higher in extended trading after news that CEO Peter Wennink was stepping down.
ASML, the most valuable technology company in Europe, will name Christophe Fouquet as chief executive officer and president next April.
Martin van den Brink, ASML’s technology chief and co-president alongside Wennink, will also retire next spring.
Fouquet, who has been with ASML for 15 years and is currently chief business officer, has previously overseen its extreme ultraviolet (EUV) product lines, which now account for about half of the company's sales.
“I am very pleased that we have been able to secure such a strong successor to lead ASML,” Wennink said, also referring to Fouquet’s years of experience with the company.
“We share the ‘ASML DNA’ of collaboration and partnership. I will work closely with Christophe to ensure he has the best possible start in his new position.”
Shares in ASML have climbed about 14% per cent in the past year to value the Dutch company at around £215bn.
Tesla (TSLA)
Tesla shares were higher in extended trading ahead of the first deliveries of its Cybertruck.
The electric car maker is due to host an event at its Austin, Texas headquarters this evening, starting at 2:00 pm local time.
"Cybertruck is one of those special products that comes along only once in a long while,” Tesla boss Elon Musk said last month.
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The company has said very little about the specification of the production-ready Cybertruck. However, the flagship model is now expected to be priced at around $100,000, higher than the announced entry-level $39,900.
The Cybertruck is characterised by its futuristic looks, with a stainless-steel exterior and armoured glass.
Dr Martens (DOCS.L)
Dr Martens’ shares plunged after the footwear firm warned that earnings for the year are set to miss expectations amid another slump in sales.
The boot maker revealed that sales fell by 5% to £395.8m in the six months to September 30, as it was hampered by particularly challenging trading in the US.
The company said pre-tax profits were down 55% to £25.8m and would take a hit of about £5m over the year.
Chief executive Kenny Wilson said: “We are undoubtedly facing some more challenging headwinds in the US, but we are continuing to invest in the business, we continue to have faith in our iconic brand, and we continue to believe in the long-term growth potential of the business.”
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