Tesla's Stock Weakness Presents Opportunity, BMW Posts Lower Quarterly Sales, Lockheed To Resume Delivery Of F-35 Jets: Top Stories Monday, Oct. 10

Tesla's Stock Weakness Presents Opportunity, BMW Posts Lower Quarterly Sales, Lockheed To Resume Delivery Of F-35 Jets: Top Stories Monday, Oct. 10

Reuters

Auto Safety Agency Concludes Investigation Regarding Safety On Goodyear's Tires

  • The U.S. auto safety agency will close an investigation started in 2017 regarding the safety of some Goodyear Tire & Rubber Co's GT tires used on motor homes.
  • Goodyear Tire & Rubber recalled 173,000 G159 tires size 275/70R22.5 used on recreational vehicles because of the potential for catastrophic tread separations.
  • The regulatory probe was linked to at least 95 death or injury claims.
  • The Pentagon has allowed Chinese-origin alloy to be used in a component for Lockheed Martin Corporation's LMT F-35 jet engines.

US Allows Deliveries Of Lockheed's F-35 Jets After Objection Over Use Of Chinese Magnet

  • The waiver allows the resumption of F-35 jet deliveries.
  • William LaPlante, the Pentagon's chief weapons buyer, said the determination applies until the last aircraft under the contract is accepted, currently projected for October 2023.

Stellantis, Ferrari Italy Unions Demand Wage Rise Amid Inflation Surge

  • Worker unions in Italy, representing car makers Stellantis NV STLA, and Ferrari NV RACE, are planning to ask for a wage rise to counter inflation.
  • The union bodies will likely ask for an 8.4% pay rise in 2023.
  • The salary increase proposal is a part of a new four-year contract that worker unions will present.

Teva Under Suspicion On Practices To Stave Off Copaxone Competition

  • The European Commission, in an interim view, says Teva Pharmaceutical Industries Ltd (NYSEL TEVA) breached European Union (EU) antitrust rules over practices delaying competition to the multiple sclerosis drug Copaxone.
  • "Effective protection of intellectual property is key to this scientific progress. Our concern is that Teva may have misused the patent system to shield itself from the competition," said Commission's competition policy head Margrethe Vestager.

Wall Street Journal

War in Ukraine Fuels Demand For This British Arms Maker's Howitzer

  • British arms maker BAE Systems PLC BAESF considered restarting production of the M777 howitzer, as the big gun's performance on Ukrainian battlefields revived interest in the weapon.
  • BAE said several countries had expressed an interest in buying M777s after its deadly effect against Russian troops in recent months.
  • BAE weighed restarting with the U.S. Army, which runs the weapon's program

Becton Dickinson Recalls Some Sterilization Containers Over Breached Quality

  • Becton, Dickinson & Co BDX has issued a voluntary recall of some models of Genesis Sterrad brand's sterilization containers after finding some of the containers may have had breaches that could lead to infections.
  • The recall applies to 17 versions of the reusable metal containers that hospitals use to sterilize surgical instruments.

Benzinga

Tesla Bull Says Stock Weakness Presents Opportunity Not Seen Since March 2020

  • Tesla Inc's TSLA third-quarter delivery shortfall early in October raised concerns about the demand that led to a sell-off in shares.
  • Future Fund's Gary Black took to Twitter on Sunday to ask whether the worries are well founded. While Tesla uber-bulls blamed the shortfall on logistics issues, the reason for the miss was demand drying up in China at the end of the third quarter, the fund manager said. He said that Chinese buyers were waiting for a price cut that never materialized.

Saudi Aramco To Maintain Oil Deliveries To Asian Clients Despite OPEC+ Cuts

  • Saudi Aramco said it would maintain contract oil volumes to clients in Asia despite the recently agreed OPEC+ production cuts, despite the Organization of the Petroleum Exporting Countries and allies, including Russia (OPEC+), to lower their output target by 2 million barrels per day (BPD).
  • Most of the reduction will be implemented by Saudi Arabia, the UAE, and Kuwait.

Stellantis Inks Deal For EV Battery Production

  • Stellantis N.V. STLA and GME Resources Ltd GMRSF forged an agreement for the future sale of battery-grade nickel and cobalt sulfate products from the NiWest Nickel-Cobalt Project in Western Australia.
  • NiWest is an advanced nickel-cobalt development project and will produce 90,000 tons per annum of battery-grade nickel and cobalt sulfate for the burgeoning electric vehicle market.

Hackers Attack This Australian IT Firm Within Weeks Of Optus Breach

  • Singapore Telecommunications Ltd unit Dialog faced a cyber attack on October 10 that potentially affected 1,000 current and former employees and fewer than 20 clients.
  • Singtel first detected the attack on Australia-based IT firm Dialog on September 10.
  • Last week, Dialog realized "a very small sample" of its data, including some employee personal information, had been published on the dark web.
  • In September, the breach at Optus, Australia's second-largest mobile operator, compromised the data of up to 10 million customers.

Renault, Nissan Confirm Discussion About Future Of Alliance

  • Renault ADR RNLSY is exploring several options for the future of its relationship with its Japanese partner, Nissan Motor Co Ltd NSANY.
  • In a joint statement released Monday, the two automakers confirmed engaging in discussions around several initiatives.
  • Some of the points in the discussions include an agreement on a set of common strategic initiatives across markets, products, and technologies.

BMW Group Sales Slip In Q3, EV Sales More Than Doubles

  • German luxury car maker BMW Group, Bayerische Motoren Werke ADR BMWYY, said its group car sales in the third quarter fell 0.9% year-on-year to 587,795 vehicles.
  • The company recorded a 5.7% sales increase in China, a 3.8% rise in the U.S., and an 11.1% decline in Europe.
  • The biggest winner was BEVs (Battery Electric Vehicles), posting a 121.6% Y/Y jump in sales.

Photo via Wikimedia Commons

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