Weak Factory Activity Reading Leads to Fall in Industrial and Transportation Companies’ Shares
Shares of industrial and transportation companies have taken a hit following a recent report indicating a decline in factory activity.
Marginal Increase in Industrial Production
According to the Federal Reserve, industrial production experienced a slight uptick of 0.1% in December.
Prologis’ Fourth-Quarter Profit Growth Disappoints Investors
Prologis, the owner of warehouses in San Francisco, reported muted fourth-quarter profit growth, resulting in a decrease in their company’s shares.
A.P. Moeller-Maersk and Hapag-Lloyd Form New Vessel-Sharing Agreement
Denmark-based shipping giant A.P. Moeller-Maersk and Germany’s Hapag-Lloyd have joined forces to establish a new vessel-sharing agreement that will come into effect next year. This collaboration is set to disrupt the global lineup of shipping alliances.
European and Chinese Automakers Suffer from Tesla’s Price War
Shares of European and Chinese automakers, including Byd Co., have experienced a decline due to Tesla’s initiation of a price war in the electric-vehicle market. Tesla’s recent round of price cuts has intensified competition among industry players.
Fisker Faces Challenges as TD Cowen Downgrades Rating
Fisker, an electric-car maker, has seen a decrease in its shares after analysts at brokerage TD Cowen downgraded its rating. The analysts cited delivery struggles and brake issues as outweighing the company’s potential in the competitive market.
Hyundai Motor Seeks Streamlining Operations with Factory Sale
Korean automaker Hyundai Motor has sold one of its factories in Chongqing, China for less than initially expected. This move aligns with the company’s efforts to streamline its operations in the country.
Investigation Reveals Origins of Faulty Boeing Plug Door
Following a harrowing incident on an Alaska Airlines flight, it has been discovered that the Boeing 737 MAX 9 plug door, which blew out, was manufactured in Malaysia. The nation’s top air-safety investigator has provided new details from the ongoing probe into the accident.