Fiat Chrysler withdraws merger offer for Renault: Morning Brief

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Thursday, June 6, 2019

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WHAT TO WATCH

Beyond Meat (BYND) is going to be garnering a lot of attention when it reports earnings after the bell.

The recent IPO has been on fire. After pricing at $25, the stock surged a whopping 310% since debuting as a public company. The broader market has fallen 3% in the same time period. Given the stock’s meteoric rise over the past month, analysts are starting to take a more cautious stance. There are currently two Buy ratings on Beyond Meat stock, with seven Holds and zero Sells. The average 12-month price target is $71.34 per share, which is about 30% lower from Tuesday’s closing price.

However, like its IPO peers Uber (UBER) and Lyft (LYFT), Beyond Meat is not yet a profitable company. According to data compiled by Bloomberg, the company is expected to report an adjusted earnings loss of 15 cents per share on $38.94 million in revenue.

Some other notable earnings reports scheduled include Signet Jewelers (SIG) before the market open, DocuSign (DOCU) and Zoom Video (ZM) after the market close

Read more

TOP NEWS

The logos of Renault and Fiat carmakers are seen in Nice, France, June 3, 2019. REUTERS/Eric Gaillard
The logos of Renault and Fiat carmakers are seen in Nice, France, June 3, 2019. REUTERS/Eric Gaillard

Fiat Chrysler withdraws merger offer for Renault: Fiat Chrysler (FCAU) said on Wednesday it was withdrawing its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. [Reuters]

Amazon just got FAA approval to fly drones: Your Amazon (AMZN) prime packages are one step closer to being delivered by drones. The Federal Aviation Administration (FAA) issued a certificate to Amazon Prime Air on Wednesday, allowing the company to operate its MK27 unmanned aircraft for package deliveries, the federal agency said in a statement. [Yahoo Finance]

Walmart CEO calls on Congress to raise the federal minimum wage: Walmart (WMT) CEO Doug McMillon called on Congress to raise the federal minimum wage at the retailer’s annual shareholders meeting. “It's clear by our actions and those of other companies that the federal minimum wage is lagging behind. $7.25 is too low,” McMillon said during the company’s formal business meeting at Walmart’s Shareholders and Associates Week in northwest Arkansas. [Yahoo Finance]

More of our coverage from the Walmart shareholder meeting

U.S., Mexico extend talks after Trump claims little progress: U.S. and Mexican negotiators are set to resume talks Thursday with time running short to avert President Donald Trump’s threat to impose tariffs next week. Trump, who’s traveling overseas, said that “not nearly enough,” progress was made during a 90-minute meeting at the White House between Mexico’s foreign minister, Marcelo Ebrard, and top American officials. [Bloomberg]

Why Wall Street is more bullish on Uber than Lyft: Among the flood of privately-held companies valued above $1 billion (otherwise known as unicorns) coming to market, Uber (UBER) and Lyft (LYFT) were the hottest names in the bunch. That is, until they actually went public and saw their freshly minted share prices plunge. And for now, it seems as if the one getting the most benefit of the market’s persistent doubts is Uber. [Yahoo Finance]

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