>>> What to look at today - 31st of October 2024

Asian equities fell Thursday after US stocks and government bonds dropped as robust economic data blurred the picture for imminent Federal Reserve rate cuts. The yen strengthened after the Bank of Japan’s rate decision. Shares in Japan, Australia and South Korea declined, weighing on an index of the region’s equities, which headed for its worst monthly performance since August 2023. Mainland Chinese shares and those in Hong Kong rose, as investors digested a report showing monthly Chinese manufacturing data registered its first expansionary reading since April. The BOJ kept its benchmark interest rate unchanged after uncertainties increased over the outlook of the economy and the stability of the government after the ruling coalition suffered its worst electoral result since 2009. The yen strengthened. US futures declined, weighed down by post-market losses for Microsoft Corp. and Meta Platforms Inc. after their earnings results. The dollar was steady, and on pace for its best month in over two years. MSCI’s all-country stock index was set for its biggest monthly advance since April. A measure of one-week implied volatility on the Bloomberg Dollar Spot Index rose on Wednesday to the highest since December 2022, when recession fears briefly raced through financial markets. That indicates traders are preparing for large swings in the currency against major peers like the euro, yen, Chinese yuan and Mexican peso, pushing up the cost of options that protect against such moves. Treasuries rose slightly in Asian trading, while yields on Australian and New Zealand sovereign debt advanced. A measure of the global bond market fell to the lowest level in almost three months on Wednesday. Traders trimmed bets on policy easing after data showed that the US economy expanded at a robust pace in the third quarter, helped along by accelerating household purchases and defense spending. A measure of underlying inflation rose 2.2%, roughly in line with the Fed’s target. The prospect of a Donald Trump victory in next week’s US presidential election prompted some to voice concerns over inflation. Elsewhere in Asia, Taiwan has suspended trading on its stock exchange Thursday as a powerful typhoon barrels toward the archipelago.  Corporate earnings took center stage in the region, with Samsung Electronics Co.’s chip operations missing analysts’ expectations for profit. In China, BYD Co.’s shares slumped even after it beat Tesla Inc. on quarterly revenue for the first time, with traders more focused on its net sales per vehicle disappointing.  Meanwhile, Denso Corp.’s shares fluctuated in the aftermath of the company announcing a $2.9 billion stock buyback program just as Toyota Industries Corp. said it will sell all its holding in the company.  Oil edged higher on Thursday, extending its gains from the previous session. Gold was steady at around $2,787 per ounce early Thursday after touching a fresh record in the prior session. Demand for the precious metal was partly supported by the uncertainty posed by next week’s vote. US After Hours CVNA +20.7%, TWLO +11.4%, ETSY +7.2%, BKNG +6.4% higher on earnings; ROKU -11.3%, OLED -7.6%, WSC -7.4%, EBAY -7.3%, MSFT -3.7%, META -2.5% lower on earnings.

Nikkei -0.90% Hang Seng +0.47% CSI +0.22% Shanghai +0.36% Shenzen +1.05%

Eur$ 1.048 CNH 7.1291 CNY 7.1201 JPY 152.87 GBP 1.2949 CHF 0.8654 RUB 96.9963 TRY 34.2887 WTI$ 69.03 +0.63% Gold 2,785 -0.11% BTC 72,315 -0.71% ETH 2,648 -1.15%

S&P -0.42% Nasdaq -0.58% EuroStoxx -0.38% FTSE -0.23% Dax -0.41% SMI

Macro :
- Shock Landlord Tax Hike Is Latest Blow for UK’s High-End Housing
- Franklin Templeton Adds Equity Risk on Improving Macro Backdrop
- EU Set to Send Envoys to China to Discuss EV Tariff Dispute (1)

Keep an eye on :
- ABI BB : AB InBev Narrows FY Organic Adjusted Ebitda Forecast
- ADYEN NA : Adyen Issues 403,724 Shares After eBay Exercises Warrant
- AIR FP : Airbus 3Q Adjusted Ebit Beats Estimates
- AIR FP : Airbus Keeps 2024 Delivery Goal Despite Supply Chain Woes
- AIR FP : Airbus Names New Commercial Jet CEO, Reaffirms Delivery Goal
- AIX NO : Ayfie Offering of 3m Shares Prices at NOK5 Per Share via SEB
- AKSO NO : Aker Solutions 3Q Adjusted Ebitda Margin Beats Estimates
- AKSO NO : Aker Solutions Proposes Extraordinary Dividend of NOK21/Share
- ARCAD NA : Arcadis 3Q Oper Ebitda EU137M Vs. EU128M Y/y
- ARCH NO : Archer Offers $40 million Shares
- ARGX BB : Argenx 3Q Vyvgart Sales Beats Estimates
- AKE FP : Arkema Says 40% of Group Employees Took Part in Capital Increase
- ATS AV : AT&S 1H Loss EU63M Vs. Profit EU48.5M Y/y
- AVOLT SW : Avolta AG 3Q Organic Revenue +5.7%, Avolta To Cancel 4% of Shares, Saw 3Q Organic Revenue +5.7%
- AZN LN : China Widens AstraZeneca Probe as Country Boss Investigated
- CS FP : AXA 9M Revenue EU84B Vs. EU78.8B Y/y
- BBVA SM : BBVA 3Q Net Income Beats Estimates
- BCP PL : BCP 9M Net Income EU714.1M Vs. EU650.7M Y/y, Plans to Boost Dividend Payout, Buyback Shares
- BHP LN : BHP Says Chairman’s Comments Not Intended Under UK Takeover Code
- BNP FP : BNP Paribas 3Q Net Income Meets Estimates,BNP Paribas Gets Boost From Trading as Lending Headwinds Linger
- BA US : Boeing Union Continues to Hold Talks With Planemaker
- BKNG US : *BOOKING RAISES FY GROSS BOOKINGS OUTLOOK TO ABOUT +8%, EST 6.4%
- CABK SM : CaixaBank 3Q Net Income Beats Estimates, CaixaBank To Launch €500M Share Buyback Program
- CBK GY : Commerzbank to Set Up New Division for Takeovers: Handelsblatt
- DEEZR FP : Deezer 3Q Revenue EU134M Vs. EU120.7M Y/y
- DIE BB : Belron Minority Holders to Buy Additional 1.4% Stake in Company
- DIS US : Disney to Pay More Than $500 Million to Air the Grammys -- WSJ
- DFSIR NA : DSM-Firmenich Boosts FY Adjusted Ebitda Forecast
- ELIS FP : Elis 3Q Organic Revenue Misses Estimates
- EQT SS : EQT Buys Australia-Based Software Provider PageUp; No Terms
- EPR NO : Europris 3Q Ebitda Misses Estimates
- GLPG NA : Galapagos 3Q Cash & Other Misses Estimates
- GEBN SW : Geberit 3Q Ebitda Beats Estimates, Geberit Boosts FY Ebitda Margin Forecast
- HPUR NO : Hexagon Purus Offering of 145m Shares Prices at NOK6.90/Share
- NK FP : Imerys 3Q Adjusted Ebitda Misses Estimates
- INGA NA : ING 3Q Net Income Beats Estimates, *ING RAISES OUTLOOK FOR 2024 TOTAL INCOME TO MORE THAN €22.5B,
- JMT PL : J. Martins 3Q Net Income EU187M Vs. EU202M Y/y, Says Higher Costs, Lower Prices Are Straining Margins
- KBX GY : Knorr-Bremse 3Q Ebit Misses Estimates
- MC FP : Sovereign Funds Ready to Get Dolce & Gabbana Stake: Corriere
- MSFT US : Microsoft 1Q Revenue Beats Estimates, Microsoft Shares Drop on Disappointing Azure Growth Forecast (1)
- MSTR US : MicroStrategy Lays Groundwork to Raise $42 Billion for Bitcoin
- MTX GY : MTU Aero CEO Lars Wagner Won’t Extend Contract
- NOS PL : NOS 3Q Net Income EU52.6M Vs. EU45.9M Y/y
- NOVOB DC : Hims Falls Amid FDA Shortage Update for Novo’s Obesity Drug
- NOVOB DC : Novo’s Semaglutide Reduces Knee Osteoarthritis Pain, Study Says
- PLX FP : Pluxee FY Recurring Ebitda EU430M Vs. EU363M Y/y
- PUBLI NO : PPI Picks Andre Gaden as New CEO, Ilija Batljan as CIO
- 1913 HK : Prada Shares Jump Most in a Month as 3Q Sales Beat Estimates +6,4%
- PROX BB :
- PRY IM : Prysmian 3Q Revenue Meets Estimates
- QTCOM FH : QT Group 3Q Operating Profit Misses Estimates
- RECT BB : Recticel 3Q Sales EU156.6M Vs. EU132.3M Y/y
- RNO FP : Ampere: Nissan Asked Ampere to Explore Development of a Small EV
- RUI FP : Rubis Cuts FY Ebitda Forecast, Misses Estimates
- RYA ID : Ryanair Says UK Aviation Tax Hike Will Hurt Economy
- SAB SM : Sabadell 3Q Net Income Beats Estimates
- 005930 KS : Samsung’s Profit Rises After Broader Business Offsets AI Gloom +2%
- SIE GY : Siemens Agrees to Buy Software Group Altair in $10 Billion Deal (113/share)
- SIE GY : Siemens to Sell Airport Logistics Unit to Vanderlande for €300M
- GLE FP : SocGen 3Q Net Income Beats Estimates, Societe Generale Deputy CEO Aymerich, CFO Dumas to Step Down
- SOP FP : Sopra Steria 3Q Revenue Misses Estimates
- SWON SW : SoftwareONE Cuts FY Adjusted Ebitda Margin Forecast, SoftwareOne Names Raphael Erb CEO as Take-Private Talks Continue
- SPIE FP : Spie 3Q Revenue Misses Estimates
- STM GY : Stabilus Prelim FY Adjusted Ebit EU157.1M
- STMPA FP : STMicro 4Q Net Revenue Forecast Misses Estimates, STMicro Cuts FY Net Revenue Forecast
- SCMN SW : Swisscom 3Q Net Revenue Misses Estimates
- TE FP : Technip Energies to Acquire Two Italian Engineering Companies
- TFI FP : TF1 3Q Revenue Misses Estimates Van Lanschot Kempen 3Q Total Client Assets EU162.3B
- VLK NA :
- VOW GY : VW Unveils Cost-Saving Plan That May Keep German Plants Open
- WLN FP : Worldline 3Q Revenue Misses Estimates
- ZURN SW : Zurich Insurance Completes CHF1.1B Share Buyback

FT : Chinese sanctions hit US drone maker supplying Ukraine

Chinese sanctions hit US drone maker supplying Ukraine
Move by Beijing leaves California company rushing to find new battery providers

Skydio, the US’s largest drone maker and a supplier to Ukraine’s military, faces a supply chain crisis after Beijing imposed sanctions on the company, including banning Chinese groups from providing it with critical components.

Skydio is rushing to find alternative suppliers after Beijing’s move, which also blocks battery supplies from its sole provider, said people familiar with the situation.

The drone-maker has sought help from the Biden administration. Chief executive Adam Bry last week met US deputy secretary of state Kurt Campbell and held discussions with senior officials at the White House.

American officials are concerned about China disrupting US supply chains and provision to Ukraine of drones used in intelligence gathering.

“This is a clarifying moment for the drone industry,” Bry wrote in a note to customers obtained by the Financial Times. “If there was ever any doubt, this action makes clear that the Chinese government will use supply chains as a weapon to advance their interests over ours.

“This is an attempt to eliminate the leading American drone company and deepen the world’s dependence on Chinese drone suppliers,” he added.

The crisis for Skydio underscores the risks facing US companies that rely on China and comes amid concern among foreign businesses about Beijing’s use of security laws to detain their local employees and carry out corporate raids in the country.

China’s sanctions, imposed on October 11, hit several US groups, including privately held Skydio, in retaliation for Washington’s approval of the sale of attack drones to Taiwan. Skydio had recently won a contract with Taiwan’s fire agency.

Beijing imposed the sanctions before Skydio had succeeded in finding alternative suppliers.

One person familiar with the situation said Chinese authorities visited Skydio’s suppliers, including Dongguan Poweramp — a subsidiary of Japan’s TDK that makes drone batteries — and ordered them to sever ties.

Skydio on Wednesday told its customers it was rationing the number of batteries supplied with drones because of the Chinese move and that it did not expect to have new suppliers until spring.

Skydio is talking to companies in Asia, including in Taiwan. One person familiar with the situation said US officials had contacted Asian allies to discuss ways to help the company. Skydio has also been in touch with Taiwan’s vice-president Hsiao Bi-khim about the issue.

The San Mateo-based group sells to corporate and government customers, including the US military. It said it had sent more than 1,000 drones to Ukraine for intelligence gathering and reconnaissance purposes. The drones have also been used to help document Russian war crimes.

Skydio said its latest model, the X10, was the first US drone to pass Ukrainian electronic warfare tests — meaning they are hard to jam — and that Kyiv had requested thousands of them.

The Chinese action comes as the US Congress considers legislation that would ban Americans from flying drones made by DJI, the Shenzhen-based company that dominates the global commercial drone industry.

“We suspect Skydio was targeted by Beijing because it is likely seen as a competitor to DJI,” said one US official. “If there is a silver lining, we can use this episode to accelerate our work to diversify drone supply chains away from . . . China.”

US officials said they hoped the Skydio crisis would also raise awareness in the private sector about the danger of having supply chains concentrated in China.

China has in the past restricted supplies of rare earths to try to pressure other countries and recently warned Japan it would block shipments of critical minerals if Tokyo adopted export controls pushed by Washington.

Beijing has in recent years placed sanctions on several US defence companies, including Lockheed Martin, Raytheon, Boeing and Anduril Industries, which makes some of the attack drones going to Taiwan.

“While China’s sanctions today target defence and drone manufacturers, tomorrow they will almost certainly expand to other sectors as US-China relations worsen,” said Craig Singleton at the Foundation for Defense of Democracies. “Batteries and rare earths are just the canary in the coal mine.”

The White House, state department and TDK declined to comment.

FT : Chinese factory activity expands ahead of expected economic support package

Chinese factory activity expands ahead of expected economic support package
First rise in six months comes as Beijing set to unveil fiscal stimulus targeting struggling local governments

Chinese factory activity strengthened for the first time in six months in October, in a heartening signal for policymakers as they prepare a crucial fiscal package to support the world’s second-largest economy.

The figures represent the last data release before a meeting next week of the standing committee of China’s rubber-stamp parliament, the National People’s Congress, which is expected to confirm the size of a fiscal stimulus to try to boost economic growth.

This month’s official purchasing managers’ index came in on Thursday at 50.1, higher than 49.8 in September and stronger than the average forecast of 49.9 by analysts polled by Bloomberg. A reading above 50 marks an expansion from the previous month.

The non-manufacturing PMI was 50.2 in October, slightly below analysts’ forecasts of 50.3 but also exceeding September’s reading of 50, as underlying domestic consumption remained weak.

Analysts estimate China needs to spend up to Rmb10tn ($1.4tn) over three years to restore confidence among domestic consumers, whose wealth has been hit by a deep property sector slowdown and job and salary cuts.

But many believe the government plans to direct most of next week’s stimulus package to fixing local governments’ balance sheets through debt swaps, as well as providing funds to buy land and unsold apartments to put a floor under the slumping property market.

Authorities unveiled an initial monetary stimulus push in late September that targeted the stock market and interest rates and sent China’s benchmark CSI 300 share index soaring as retail investors crowded back into equities.

Morgan Stanley analysts said ahead of Thursday’s data release that activity was probably supported by “accelerated fiscal deployment on infrastructure projects”, as the government sped up spending in the final months of the year in an effort to hit its growth target.

China’s economy grew 4.6 per cent year on year in the third quarter, short of the official full-year target of 5 per cent.

The government has since raised expectations for more action, after a highly anticipated briefing by state planners failed to lay out stronger fiscal support, disappointing investors and sending stocks sinking.

The finance ministry then signalled this month that the planned fiscal stimulus package would focus on local governments, many of which depend on property sales for revenue and have been devastated by the sector’s three-year slowdown.

Repairing local government finances would enable them to pay arrears owed to local suppliers and back-salaries to employees, as well as resume investing.

But economists have said doing so by swapping existing local government debt for new debt would not amount to stimulus because it would not involve more spending.

Commenting on a Reuters report this week that Rmb6tn of the planned stimulus would be in the form of local government debt swaps, Nomura economist Ting Lu said this “would not represent any incremental borrowing and could not be considered stimulus”.

What is needed instead, economists argue, is direct assistance to households, in the form of improved social welfare and healthcare programmes and other services to give families the confidence to spend again.

Chi Lo, senior market strategist at BNP Paribas Asset Management, noted that Beijing had “multiple policy goals beyond sustaining economic growth”, including “implementing structural reforms and reducing financial risk”. The government, he added, “has no target for fiscal spending”.

>>> US After Hours Summary: CVNA +20.7%, TWLO +11.4%, ETSY +7.2%, BKNG +6.4% hig

After Hours Summary: CVNA +20.7%, TWLO +11.4%, ETSY +7.2%, BKNG +6.4% higher on earnings; ROKU -11.3%, OLED -7.6%, WSC -7.4%, EBAY -7.3%, MSFT -3.7%, META -2.5% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: ROOT +59.1% (also refinances term loan facility with BlackRock), CVNA +20.7%, RELY +16.7%, NXT +16%, CFLT +12.3%, DAWN +12.3%, SFM +12%, ATEC +11.4%, TWLO +11.4%, MCW +11.3%, TDOC +10.4%, LMND +10.3%, NVST +10%, RSI +9.8% (also authorizes new $50 mln share repurchase program), COMP +8.1%, PAYC +7.8%, ETSY +7.2% (also authorizes new $1 bln share repurchase program), BKNG +6.4%, MDXG +6.3%, AMSC +5.8%, VAL +5.6%, MAX +5.1%, STAA +5.1%, MUSA +5%, SCI +5%, ALKT +4.8%, NMFC +4.7%, ERII +4.2%, INFA +4.2% (also authorizes new $400 mln share repurchase program), CGNX +3.8% (also increases dividend), RIG +3.8%, FRT +3.2%, BIO +3.1%, CLX +3.1%, LPLA +3% (also to resume share repurchases in Q4), ALL +2.9%, BHE +2.9%, PCTY +2.7%, FND +2.6%, AX +2.3%, COLM +2.3% (also authorizes new $600 mln share repurchase program), CTSH +2.2%, AEM +2.1%, GEN +1.7%, KMPR +1.7%, MKL +1.7%, AMGN +1.4%, WTS +1.1% (also CFO to retire), AWK +1%, OHI +1%, AR +0.9%, GDDY +0.8%, ACGL +0.7%, CF +0.4%, CHRW +0.4%, SBUX +0.4%, HCC +0.3%, HTGC +0.3%, DASH +0.2% (also DASH and LYFT to partner to unlock exclusive benefits), ACA +0.1%, AIN +0.1%, CNMD +0.1% (CEO to retire; promotes COO to become new CEO; names new Chair of the Board), ETD +0.1%, FCPT +0.1%, IRT +0.1%, MATX +0.1%, PEN +0.1%, PGRE +0.1%, UDR +0.1%, SNCY +0.1%, KRG +0.1%

Companies trading higher in after hours in reaction to news: SAVE +3.4% (to furlough about 330 pilots, according to Reuters), CRDF +1.9% (announces publication of Phase 2 trial data evaluating onvansertib), BCC +1.1% (increases buyback auth by 1.4 mln shares), BX +0.8% (aiming to bid for $7 bln RCI investment, according to Globe and Mail), VLO +0.5% (Chairman/CEO to retire; Lane Riggs to assume Chairman position), MPC +0.5% (increases dividend), SUPN +0.5% (releases new data from its Phase 2a study of SPN-820), UBER +0.4% (DASH and LYFT to partner to unlock exclusive benefits), LYFT +0.2% (DASH and LYFT to partner to unlock exclusive benefits), GVA +0.1% (announces $42 mln Naval Facilities contract), WSR +0.1% (rejects indication of interest as it does not reflect an appropriate valuation), PEB +0.1% (provides update on impact of Hurricane Milton)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: ACHC -14%, ALGT -13.2%, CORT -12.6%, IRTC -11.6% (also receives FDA 510(k) clearance for design modifications to Its Zio AT Device), ROKU -11.3%, AUR -10.5%, HOOD -9.8%, MPWR -8.2%, NOVA -7.8%, TWI -7.7%, OLED -7.6%, WSC -7.4%, EBAY -7.3%, RIOT -7%, MTW -6.6%, SRI -6.6%, MET -6.3%, MGM -6.3%, CRK -5.2%, SNBR -4.9% (also CEO to retire), HWKN -4.5%, COIN -3.9%, ALTR -3.8% (also to be acquired by Siemens), BECN -3.7%, MSFT -3.7%, CTOS -3.1%, AM -2.7%, META -2.5%, PCOR -2.5% (also authorizes new $300 mln share repurchase program), NTGR -2.1%, TRUP -2%, TENB -1.9% (also increases share buyback authorization by $200 mln), EQIX -1.8%, AXS -1.7%, TNK -1.7% (also declares $1/sh special dividend), GRBK -1.5%, MSTR -1.4% (also files prospectus detailing sales agreement to issue and sell shares up to $21 bln), RYAN -1.4% (also in final discussions to acquire Innovisk Capital Partners), AFL -1.1%, BHC -1%, FTAI -0.8%, HLF -0.7%, PSA -0.5%, EQR -0.4%, NSA -0.3%, RGR -0.3%, FORM -0.2%, VTR -0.2%, EPR -0.1%, IMAX -0.1%, INVH -0.1%, MAA -0.1%, WHD -0.1%

Companies trading lower in after hours in reaction to news: CWH -8% (commences $300 mln share offering), APLD -5.6% ($300 mln converible notes offering), ENVX -5.2% (commences $100 mln share offering), BMEA -1.4% (presents preclinical data for icovamenib), CTRE -1.1% (11.5 mln share offering), BLD -0.9% (to acquire Shannon Global Energy Solutions), WVE -0.7% (highlights growing pipeline), MU -0.2% (Board Chair to retire), LUV -0.2% (Elliott Mgmt aiming to increase economic exposure to 11.3%, according to Bloomberg), ARW -0.1% (expands with new development centres in Munich and Istanbul)

>>> US Notable earnings/guidance movers: ROOT +49.4%, CVNA +22.6%, NVST +20.8%,

Notable earnings/guidance movers: ROOT +49.4%, CVNA +22.6%, NVST +20.8%, TWLO +8.6%, PAYC +7.9%, BKNG +6.4%on upside; TRUP -8.8%, EBAY -8.2%, ALGT -8%, ROKU -6.5%, OLED -6.4%, META -1.8% on downside
  • Earnings/guidance gainers: ROOT +49.4%, CVNA +22.6%, NVST +20.8%, ATEC +19.4%, RELY +18.5%, NXT +14.6%, CFLT +14%, ETSY +12.5%, MCW +10.7%, TDOC +10.7%, DAWN +9.1%, COMP +8.8%, TWLO +8.6%, AMSC +8.6%, SFM +8.1%, PAYC +7.9%, BKNG +6.4%, RSI +6.1%, NMFC +5.9%, LMND +5.5%, CGNX +5.4%, MUSA +5%, ALKT +4.7%, ERII +4.2%, INFA +4%, RIG +4%, VAL +3.9%, SCI +3.8%, STAA +3.5%, BIO +3.1%
  • Earnings/guidance losers: ACHC -17.4%, CORT -11.9%, AUR -9.8%, TRUP -8.8%, EBAY -8.2%, ALGT -8%, IRTC -7.6%, HOOD -7.5%, WSC -6.8%, MPWR -6.6%, ROKU -6.5%, OLED -6.4%, RIOT -6.3%, GRBK -5.5%, MET -5.5%, MGM -5.4%, SNBR -5.4%, CRK -5.2%, NOVA -5.2%, PCOR -4.1%, MSTR -3.8%, MAX -2.6%, AM -2.5%, COIN -2.4%, NTGR -2.1%, ACGL -2%, MTW -1.9%, TENB -1.9%, META -1.8%, AXS -1.7%

TechCrunch : Zoox co-founder on Tesla self-driving: ‘they don’t have technology

Zoox co-founder on Tesla self-driving: ‘they don’t have technology that works’

Zoox co-founder and CTO Jesse Levinson doesn’t believe Tesla will launch a robotaxi ride-hailing service in California (or anywhere else) next year despite what Elon Musk recently claimed.

The “fundamental issue is they don’t have technology that works,” Levinson said Wednesday at TechCrunch Disrupt 2024. “And by works, I want to differentiate between a driver assistance system that drives most of the time — except when it doesn’t, and then you have to take over — versus a system that’s so reliable and robust that you don’t need a person in it.”

Levinson went further and specifically pointed to Tesla’s decision to rely solely on cameras to support its driver assistance system. “Our perspective is you really do need significantly more hardware than Tesla is putting in their vehicles to build a robotaxi that is not just as safe, but as especially safer than a human,” he said.

Levinson’s comments come just a few weeks after Musk revealed the prototype of Tesla’s so-called “Cybercab” robotaxi. Musk also announced at the Cybercab event that Tesla wants to start allowing Model 3 sedans and Model Y SUVs to operate as robotaxis in California and Texas by the end of 2025.

Levinson said he uses Tesla’s Full Self-Driving (Supervised) software “every couple of weeks.” And while he called it “impressive,” he also said he finds it “a bit stressful.”

“Usually it does the right thing, and then it sort of lulls you into this false sense of complacency, and then it does the wrong thing,” he said. ‘You’re like, Oh, my God!’”

Levinson went on to say he believes FSD is “about 100 times less safe than a human if you look at all the metrics that are publicly available.” (Tesla releases quarterly safety reports that claim its driver-assistance gets into fewer crashes than cars without it — though these self-reported statistics have been criticized as being selective.)

The comments about Tesla came as Levinson announced Zoox is launching its custom-built robotaxi in San Francisco and Las Vegas markets in the coming weeks. The company plans to make them available to an early-rider program in 2025.

WWD : As It Prepares for London Opening, Jacquemus Confirms It Is Seeking a Mino

As It Prepares for London Opening, Jacquemus Confirms It Is Seeking a Minority Investor
The French fashion brand is moving into 33 Bond Street in the British capital's tony Mayfair district.

PARIS — As it prepares to open its first store in London, Jacquemus has confirmed it is seeking a minority investor to fund its ongoing retail growth and expansion into beauty.

A spokeswoman for the French fashion house said it was looking for additional funds for its next phase of store openings in 2025 and 2026, and to help it explore the new category.

The house had previously declined to comment on a report by independent media Miss Tweed on Oct. 20 that Jacquemus had retained Rothschild & Co. to help it find a minority investor amid a broad luxury sector downturn that is expected to dent its revenues this year.

Founder Simon Porte Jacquemus told the French daily Le Figaro in an interview published on Wednesday that the time had come to find external funds for expansion in the U.S., Asia and Europe.

“I value my independence, I want to pass the business on to my children, but I need to break the glass ceiling by finding the right partner who will remain a minority shareholder,” he was quoted as saying.

“This is a very positive step for Jacquemus and its teams. Talks are well advanced, but I can’t say more at this stage. We’re also considering diversifying into beauty,” he added.

WWD first reported in 2021 that Jacquemus planned to partner with Puig on a beauty venture. Puig even acquired a 10 percent stake in the company, but the plan was aborted and Jacquemus subsequently bought back the stake.

Speaking to WWD ahead of his New York store opening earlier this month, which drew lines around the block, the designer revealed he had just completed a deal for his second U.S. store in Los Angeles, slated to open on Feb. 20.

“But this one is special,” he said of the SoHo store. “As an independent brand, opening a store [like this] is a big thing. It takes a lot of investment and it’s a new way to think about the business for a young company.”

Its next big move is the new store in the tony Mayfair district of London, set to open on Nov. 15.

Jacquemus has leased 33 New Bond Street from London art gallery Richard Green, which acquired the freehold of the property in 1995 and hired George Saumarez Smith of Adam Architecture to redo the neo-Classical facade, complete with a sculpted relief by Alexander Stoddart depicting the last voyage and death of Odysseus.

Jacquemus has again worked with Dutch architect Rem Koolhaas’ OMA agency on the interior design of the store, which will span 3,445 square feet of selling space and will be the first to feature a dedicated floor for menswear, located on the first floor.

The ground floor will feature accessories, with womenswear on the second floor and a 538-square-foot VIP salon on the third. The boutique, featuring art works and furniture curated by the designer, will be open seven days a week.

“I feel extremely proud to be able, independently, to have opened boutiques in Paris, Saint-Tropez, Courchevel, Dubai, New York and now London. It’s a very special moment for the brand and its growth,” Jacquemus said in a statement shared with WWD.

Known for staging cinematic runway displays in spectacular locations including a lavender field, a salt mine and the Palace of Versailles, the brand posted revenues of 270 million euros in 2023, the spokeswoman said.

Jacquemus has been doing double duty as creative director and chief executive officer since the departure last December of Bastien Daguzan, but the search for a new CEO is said to be ongoing.

Daguzan said in 2022 that Jacquemus had a medium-target of 500 million euros in revenues by 2025, thanks to soaring sales of Chiquito handbags and Artichaut bucket hats, but that target now appears unrealistic. While the label has not shared revenue projections for 2024, it is expected to take a hit as aspirational consumers tighten their pursestrings.

>>> Meta Platforms beats by $0.81, reports revs in-line; guides Q4 revs in-line,

Meta Platforms beats by $0.81, reports revs in-line; guides Q4 revs in-line, lowers high end of FY24 total expense guidance range, raises low end of FY24 capex guidance range (591.80 -1.48)
  • Reports Q3 (Sep) earnings of $6.03 per share, $0.81 better than the FactSet Consensus of $5.22; revenues rose 18.9% year/year to $40.59 bln vs the $40.21 bln FactSet Consensus.
  • Family daily active people (DAP) -- DAP was 3.29 billion on average for September 2024, an increase of 5% year-over-year.
  • Ad impressions -- Ad impressions delivered across our Family of Apps increased by 7% year-over-year.
  • Average price per ad -- Average price per ad increased by 11% year-over-year.
  • Co issues in-line guidance for Q4, sees Q4 revs of $45.0-$48.0 bln vs. $46.18 bln FactSet Consensus.
    • Expects full-year 2024 total expenses to be in the range of $96-98 billion, updated from prior range of $96-99 billion. For Reality Labs, continues to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem.
    • META anticipates full-year 2024 capital expenditures will be in the range of $38-40 billion, updated from prior range of $37-40 billion. META continues to expect significant capital expenditures growth in 2025.