Thndr Claps - Meta ?? Telecom Egypt
A weekly wrap-up of the most prominent news in the U.S. & Egyptian markets.?
U.S. Claps
Tesla shares spike on analyst upgrade
Tesla (NASDAQ:TSLA) stock, which was trading at a 52-week low, saw its shares spike some 8% after a Citi (NYSE: C) analyst upgraded the stock’s outlook.
The analyst believes the stock’s year-to-date drop has brought it to a level where the “near-term risk/reward is balanced”.
Tesla’s stock has also been on the downfall after its CEO Elon Musk’s attention has been mostly on his newly acquired company Twitter.
Abercrombie & Fitch stock surges ??
Abercrombie & Fitch (NYSE: ANF) reported an EPS of 1 cent, while analysts were expecting a 0.16 cents loss, prompting the stock to surge more than 21% during the session.
The company overcame increased inflation, while Q4 is expected to be similar to pre-pandemic holiday seasons.
A&F’s attempt to deal with excess inventory proved successful, as this attracted wealthier shoppers who are less fazed by inflation.
Disney’s new Bob description ??
Disney (NYSE: DIS) has brought back Bob Iger to replace its current CEO Bob Chapek after the company’s poor performance in the past few months.
The news is a bit of a shock to investors as Iger had previously stated that he will not return to the role.
During Chapek’s time as CEO, Disney saw its stock tumble by 28%, a significantly poor record in comparison to the DJI and the?S&P 500.
Egypt Claps
Biggest capital increase in EGX history ??
Beltone (BTFH) announced that its BoD approved a decision to increase its capital by EGP 10 billion, which would be the largest capital increase in EGX history if approved by the company’s general assembly and the FRA.
The company will allocate 15% of the proceeds from the capital increase to pay off some or all debt owed by the company. The other 85% will finance the company’s expansion through acquisitions or the establishment of other companies.
Beltone must disclose the fair value of the share to existing shareholders 5 days before the opening of the subscription door.
Meta & Telecom Egypt make progress on world’s longest subsea cable??
Telecom Egypt (ETEL) & Meta Platforms (NASDAQ: META) have announced the first landing point (Ras Ghareb) of the soon-to-be world’s longest subsea cable.
The “2Africa” subsea cable was announced in 2020, & aims to provide an improved & more affordable internet experience for Asian, European, & African countries.
According to the press release, “subsea cables often translate into economic growth for the surrounding population.”
Qatar Investment Authority eyes stake in KIMA??
The Qatar Investment Authority (QIA) is reportedly eyeing a stake in Egyptian Chemical Industries “KIMA” (EGCH).
The QIA recently deposited $1 billion in the Central Bank of Egypt as it sets itself up for a series of deals in Egypt.
Eyes are on the QIA, as it’s been rumored to be interested in several companies including?Eastern Company ?(EAST),?Alexandria Container & Cargo Handling ?(ALCN), &?Vodafone Egypt .