getquin Daily Summary 29.06.2022
Hello getquin!
Today we're talking about Credit Suisse, Bed Bath and Beyond, and Tesla. How did your day go on the stock market?
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1. Criminal proceedings against Credit Suisse
The bank has lost the first criminal case in Switzerland against Credit Suisse. The institution was found guilty of money laundering by the Federal Criminal Court on Monday. The court fined Credit Suisse two million francs for internal organizational shortcomings.
The bank immediately said it would appeal. The investigation dates back 14 years. In the meantime, Credit Suisse has tightened its anti-money laundering measures.
Judges had to assess whether the bank and a former employee had taken sufficient steps between 2004 and 2008 to stop suspected Bulgarian cocaine trafficking gangs from laundering money. The former customer service representative received a 20-month prison sentence and a fine.
More on the process: https://bit.ly/3ytNDUw
๐ฅ $CSGN (๐ฝ -4,35%)
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2. Bed Bath and Beyond CEO to leave company
Bed Bath and Beyond has announced that its CEO Mark Tritton has left the company. The home goods retailer missed Wall Street's expectations for quarterly sales and earnings by a wide margin. Tritton was expected to lead the company's turnaround efforts, but Bed Bath has struggled with disappointing sales and supply chain issues.
Who will be the new CEO? https://cnb.cx/3ORf2Fe
๐ฅ $BBBY (๐ฝ -22,47%)
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3. Tesla lays off employees
That Tesla is making staff cuts is not new news. The first employees, even those who joined Tesla just a few months or even weeks ago, have already been laid off. Conversations with recently laid off employees confirm this. When asked how Tesla chose which employees to lay off, he replied, "They falsely claimed that the layoffs were motivated by performance reviews. I had only worked at Tesla for five months, and had never once received a performance review. When I asked them about it, they refused to name the benchmarks they were using."
What's your take on Tesla's plan? https://bit.ly/3nscHVC
๐ฅ $TSLA (+4,65ย %) (๐ฝ -5,58%)
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4. Neat" tunnel completed
Switzerland is known for completing even major infrastructure projects quickly. For example, the three tunnels of the new "Neat" rail link through the Alps were completed on schedule. In Germany, on the other hand, the necessary above-ground northern link has not yet been completed. The Swiss government is currently working on its next major project. The aim is to create a 500-kilometer network of underground tunnels so that goods can be transported continuously between different hubs. However, the idea is not just to move existing traffic underground. Instead, special electric vehicles are to be used that can drive themselves autonomously. At various so-called hubs, these can be loaded and unloaded fully automatically. They then travel at a speed of 30 kilometers per hour to the next stop. The continuous and uninterrupted operation of the trucks on the road compensates for the relatively low speed.
More on the project: https://bit.ly/3I14jpm
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Hornbach $HBM
EPS: ๐ฉ โฌ5.19 expected vs โฌ5.85 published; difference: 12.65
Sales: ๐ฉโฌ 1.61 billion expected vs โฌ 1.61 billion published; variance: 0.02 %
Stocks of the day:
๐ฉ TOP $PDCO (+1,03ย %) 29,10 โฌ (๐ผ +9,81%)
๐ฅ FLOP $TKWY (-1,77ย %) , 15,07 โฌ (๐ฝ -16,12%)
๐ฉย Most searched $AMZN (+0,56ย %) , 104,70 โฌ (๐ผย +2,55%)
๐ฅ Most traded $SHOP (+1,14ย %) , 31,70โฌ (๐ฝ -90,40%)
๐ฉ S&P500, 3.822,29 (๐ผ +0,0092%)
๐ฅย DAX, 13.016,13 (๐ฝ -1,62)
๐ฅ Bitcoin โฟ, 19.148,78 (๐ฝ -0,50%)
Time: 17:00 CEST
Fun Fact:
Did you know that if the U.S. state of California were its own country, it would be the fifth largest economy in the world, making it economically larger than France or Great Britain?
