Malgré le veto de Le Maire, Carrefour et Couche-Tard continuent de négocier un projet de mariageRÉCIT - Le groupe québécois doit préciser ses engagements ce vendredi. L’opposition du gouvernement crée des remous chez les actionnaires de Carrefour.Par Ivan Letessier et Marie BartnikL’hypermarché Carrefour, de Saint-Herblain, près de Nantes (Loire-Atlantique). LOIC VENANCE/AFP«Maudits Francais!» Aussi inattendue et virulente soit-elle, l’opposition des ministres Bruno Le Maire (Économie) et Élisabeth Borne (Travail) à son projet de racheter Carrefour n’a pas coupé l’appétit du québécois Couche-Tard. Revenus à Paris mardi pour négocier un rapprochement amical avec le géant français de la distribution, Brian Hannash et Claude Tessier, les deux principaux dirigeants du roi canadien des supérettes et des stations-service, n’avaient pas fait leurs valises jeudi soir pour rentrer à Laval, au Québec. Et pour cause: les échanges se poursuivent entre les deux groupes, via les banques d’affaires Rothschild (conseil de Couche-Tard) et Lazard (Carrefour) et les cabinets d’avocats Darrois et Cleary Gottlieb.Emploi & EntrepriseNewsletterTous les lundisRecevez tous les lundis l’actualité de l’Entreprise : emploi, formation, vie de bureau, entrepreneurs, social…S'INSCRIREMercredi, lors de leur deuxième rencontre avec les dirigeants de Carrefour (la première avait eu lieu le 8 janvier, à Paris déjà), ceux de Couche-Tard ont promis de préciser leurs engagements pour l’avenir du groupe ce vendredi. S’ils n’ont pas abandonné leur projet, qualifié de «mûri depuis des mois» par un proche, ils pourraient décaler de quelques jours leurs réponses aux demandes au PDG de Carrefour.Alexandre Bompard a reçu tout début janvier une lettre d’intention non engageante en vue d’un rachat de son groupe pour 16,3 milliards d’euros. S’estimant en position de force au vu de l’amélioration des performances opérationnelles de Carrefour ces derniers mois, il tient, avant de négocier le prix offert par Couche-Tard, à obtenir des garanties sur la préservation de l’intégrité de son groupe, les investissements, l’emploi ou encore l’équilibre de la gouvernance du nouvel ensemble.Le PDG de Carrefour a prévenu Bruno Le Maire mardi après-midi par texto. C’était juste après avoir appris que Couche-Tard était prêt à répondre à ses exigences, mais quelques heures seulement avant la révélation du projet par Bloomberg. De quoi provoquer l’ire du gouvernement. «Sur la forme, les pouvoirs publics sont choqués d’avoir été mis devant le fait accompli, confie une source au sommet de l’État. Sur le fond, ils ne sont pas convaincus de l’opportunité de l’opération, annoncée en pleine crise sanitaire. L’Élysée et Bercy sont alignés sur le sujet.»«Argument politique»De quoi menacer l’opération d’un veto, même si ses partisans, à commencer par les principaux actionnaires de Carrefour et de Couche-Tard, semblent décidés à la faire aboutir. «Tout le monde, autour d’Alexandre Bompard, est sidéré par la façon dont l’État aborde le dossier, confie un acteur clé des négociations. Sans prévenir personne, Bruno Le Maire dit qu’il est défavorable au projet, alors qu’il n’a rien vu du dossier. Et pour cause, celui-ci n’est pas finalisé.» La sécurité alimentaire, invoquée par le Ministre? «Un argument politique totalement décalé, poursuit-il. On n’a jamais dit à Amazon, Aldi et Lidl qu’ils menaçaient d’affamer les Français!» Un autre acteur d’abonder: «C’est la manifestation d’un dirigisme absurde. On n’a l’impression d’être dans en Union soviétique ou dans une République bananière. Le Canada n’est pas la Chine.» Ces réactions font écho à l’incompréhension de nombre de dirigeants d’entreprises, qui soulignent les liens économiques entre le Canada et la France, en rappelant le rachat de Bombardier par Alstom ou les projets d’Atos dans le pays.Certains veulent croire que les menaces de veto de Bruno Le Maire n’ont aucune valeur.Dans l’entourage de Bruno Le Maire, on fait valoir que le dossier n’est pas anodin: «Carrefour, premier employeur privé de France, n’est pas n’importe quelle entreprise. C’est aussi un enjeu pour les agriculteurs français, dont les relations avec les distributeurs sont déjà difficiles.»Les promoteurs d’un mariage entre Carrefour et Couche-Tard espèrent pouvoir faire changer d’avis le gouvernement. «Si Bruno Le Maire avait posé des questions à Alexandre Bompard et aux dirigeants de Couche-Tard, il aurait appris un certain nombre de choses», assure un bon connaisseur du dossier.Selon nos informations, le Canadien est prêt à donner des garanties: le maintien de l’emploi chez Carrefour France pendant deux ans, des investissements de 3 milliards d’euros sur trois ans, le maintien du siège de Carrefour en France, la double cotation du nouveau groupe à Paris…«Les engagements de ce type, le Ministre de l’Économie est bien placé pour savoir ce qu’ils valent, souffle-t-on à Bercy. Ils sont caducs dès que le dossier est bouclé…»Certains veulent croire que les menaces de veto de Bruno Le Maire n’ont aucune valeur. «Cela n’a aucun fondement juridique, tempête un acteur du dossier, qui mobilise une batterie d’avocats. C’est du terrorisme intellectuel, pas du droit.» Le gouvernement s’est doté des armes qui lui permettraient d’opposer un veto au rachat de Carrefour par Couche-Tard: le champ des entreprises dont le rachat est susceptible de faire l’objet d’un contrôle a en effet été élargi en 2019 au secteur de la distribution alimentaire.Recours rarissimesLe rachat de Carrefour tombe vraisemblablement sous la coupe de ce décret. Mais il ne suffit pas au gouvernement de dire non. Si le Canadien faisait parvenir un dossier de rachat à Bercy, «le gouvernement devrait démontrer que l’opération pose un risque pour la sécurité alimentaire des Français», explique Vincent Brenot, associé chez August & Debouzy. Une telle démonstration n’a rien d’évident, mais les recours sont rarissimes, note l’avocat. «Même s’il y en avait un, il serait très improbable qu’un juge prenne une position différente de celle du gouvernement, car son rôle n’est pas de substituer à l’exécutif pour apprécier la criticité d’une opération pour les intérêts nationaux.»Avant d’être juridique, le dossier est politique. Et les enjeux économiques et sociaux pour l’avenir de Carrefour semblent passer au second plan. «Bruno Le Maire n’a pas une vision réelle du groupe, dont l’avenir n’est pas garanti», prévient un bon connaisseur du distributeur. Le maintien des emplois en France est sans doute plus sûr avec un mariage avec Couche-Tard que sans.»Si le rachat n’aboutissait pas? Les principaux actionnaires de Carrefour pourraient exiger des mesures radicales. Avant les manifestations d’intérêt de Couche-Tard, les familles Moulin (10 % de Carrefour), Arnault (8,6 %) et Diniz (7,5 %) s’impatientaient de voir le cours du distributeur scotché à 13 ou 14 euros malgré l’amélioration des performances opérationnelles.Certains observateurs craignent que les actionnaires exigent que Carrefour vende certaines de ces filiales à l’étranger pour obtenir des dividendes exceptionnels. Leur autre peur est que Carrefour France finisse par être contraint de vendre ou de passer en location-gérance des hypermarchés moins rentables.Ce scénario noir est encore loin de se concrétiser. L’approche de Couche-Tard a fait flamber le cours de Bourse mercredi, et la menace de veto ministériel ne l’a fait reculer jeudi que de 2,5 %, l’action restant au-dessus de 17 euros. C’est le signe que les marchés ne sont pas convaincus que le projet Couche-Tard est «mort». Et qu’ils ont peut-être compris que Carrefour était sous-valorisé…
Apple’s strict approach to secrecy in the spotlight after Hyundai walks back Apple Car statement
Hyundai made a bold statement last week, confirming that it was in talks with Apple about a potential partnership for Apple Car. Shortly thereafter, the company backtracked and published a new statement without a mention of Apple.
This is yet another example of Apple’s strict approach to secrecy, and a new report from CNBC offers some more detail on Apple’s strategy.
For reference, here is Hyundai’s first statement on Apple Car:
“We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided.”
The subsequent statement released shortly after:
“We’ve been receiving requests of potential cooperation from diverse companies regarding development of autonomous driving EVs, but no decisions have been made as discussions are in early stage.”
The report explains that while nondisclosure agreements are common, Apple’s approach is even stricter. Citing “people familiar with the matter,” CNBC says that Apple instructs partners that they are not to mention Apple by name in public or to the media.
Apple’s strict approach confidentiality is described as a “lot of hoops to jump through” by one source in the story:
Apple tells partners they can’t mention Apple in public or to the media, according to people familiar with the matter who didn’t want to be identified to avoid risking their relationship with Apple. One person who has worked with Apple described its secrecy requirements as a lot of hoops to jump through.
The report goes on to point out one small piece of information that was gleaned from bankruptcy proceedings by GT Advanced Technologies. GT Advanced Technologies had entered into an agreement with Apple to provide sapphire for iPhone screens, but ultimately declared bankruptcy after manufacturing difficulties.
During bankruptcy proceedings, GT presented a contract labeled confidential that said GT would have to pay Apple $50 million per leak. The contract mentioned three separate confidentiality contracts to which the sapphire maker had agreed. GT also said the terms of its confidentiality agreements were required to be secret.
CNBC adds that Apple settled with GT Advanced after the fact, and condition of the settlement was that the “description of its relationship with Apple” would be kept private.
9to5Mac’s Take
As Apple enters new industries, it’s interesting to watch how its approach to secrecy evolves.
For instance, Apple TV+ content announcements are not as tightly controlled as other announcements from Apple. We often learn about upcoming TV shows and movies early in the process, and even learn details about Apple’s acquisition costs for specific content.
This is likely an instance of Apple adapting to the norms of the Hollywood industry, rather than trying to apply its usual approach to secrecy.
Nonetheless, the supply chain still remains one of the top sources for hardware rumors in regards to the iPhone, iPad, Mac, and other hardware products.
The full report at CNBC is well worth read and can be found here.
Inter Milan owners in talks over private equity sale
BC Partners and EQT among groups vying for some or all of Suning’s majority holding in Italian club valued at up to €900m
Italian football club Inter Milan is in talks over a sale to buyout groups including BC Partners and EQT, as private equity looks to extend holdings in football during a financial crisis caused by the coronavirus pandemic.
Suning Holdings, the Chinese retail conglomerate that owns a majority stake in Inter Milan, has begun negotiations with various parties over selling some or all of its holdings in the Serie A team, according to multiple people with direct knowledge of the talks. One person close to the discussions said the owners value the club at up to €900m.
The Chinese group has hired Goldman Sachs to advise on potential fundraising options. Private equity firms including Sweden’s EQT and US-based Arctos Sports Partners are among those interested in a deal, according to people with knowledge of the talks, though discussions with London-based BC Partners appear to have progressed the furthest.
The talks underline how private equity groups have increasingly pushed into sports over the past year, seeking to take advantage of the need to raise money due to coronavirus-induced losses, such as lost ticket sales.
CVC Capital Partners and Advent International are in advanced discussions over a €1.6bn deal to invest in Serie A’s commercial rights, while Germany’s Bundesliga and Spain’s La Liga are also talking to private equity investors over similar deals.
Inter Milan, led by president Steven Zhang, the 29-year-old son of Zhang Jindong, Suning’s billionaire founder who paid €270m for a majority stake in the “Nerazzurri” in 2016, has been seeking to return Inter Milan to the top of Italian and European football.
The club has spent hundreds of millions of euros to capture star players such as striker Romelu Lukaku and midfielder Christian Eriksen, in an effort to win its first Serie A title in a decade. Alongside local rivals AC Milan, it has also announced plans to build a €1.3bn stadium by 2023 alongside its existing ground at San Siro.
There have been concerns over liquidity at Suning’s main business in China, however, while Inter Milan made a pre-tax loss of €102m last season mainly due to revenue shortfalls caused by the pandemic.
In September, the English Premier League terminated its $700m screening deal in China with PPTV, a digital broadcaster owned by Suning, after it sought to withhold payments and renegotiate its contract citing the pandemic.
Financial pressures have led Suning, which owns 68.5 per cent of Inter Milan, to seek additional outside investment for the club. It is unclear whether Lionrock Capital, the Hong Kong-based private equity group which owns 31.5 per cent of the club, is also looking to sell its holding.
Suning, Inter Milan, Lionrock and BC Partners did not immediately respond to requests for comment. Arctos, EQT and Goldman Sachs declined to comment.
Europcar debt investors left empty-handed after CDS ‘squeeze’
Derivatives designed to insure against default prove worthless
A technical quirk has rendered derivatives linked to the defaulted debt of a French rental car company worthless, in the latest embarrassing incident to hit the $9tn credit default swaps market.
Buyers of credit default swaps (CDS) on Europcar were expecting a payout to compensate them for the company failing to honour its debt. But an auction held on Wednesday to determine the level of award left them with nothing.
The farce marks the latest in a string of mishaps that have undermined confidence in CDS — derivatives that are intended to act like insurance against a borrower reneging on its debts.
With corporate collapses expected to pick up across Europe this year, as widespread government support schemes come to an end, the incident exposes the pitfalls for debt investors looking to protect themselves against losses.
Europcar defaulted on its debt as part of a financial restructuring struck at the end of last year. Less than $100m of CDS is directly tied to the company, but the shock resolution to the CDS claims triggered a sharp move in the iTraxx Crossover index that is widely used as a credit hedging tool.
The problem stemmed from the terms of Europcar’s restructuring, which meant that most holders of its €1bn bonds were restricted from trading, preventing the debt from being included in the crucial auction that determined the swap payout.
This wrongfooted many investors and traders, who had earlier expected technicalities to play in their favour and result in a larger-than-typical payout.
“This is a textbook short-squeeze,” said Jochen Felsenheimer, a managing director at XAIA Investment.
Rather than offering investors a pre-determined payout, CDS are designed to compensate holders for their expected loss on the defaulted bonds. Major banks that trade these derivatives, such as JPMorgan and Deutsche Bank, hold an auction to determine this payout.
In the first round of the Europcar auction on Wednesday, the rental car company’s bonds were valued at 73 cents on the euro, which would have resulted in a 27 per cent payout to CDS holders. However, the restricted supply of tradable debt meant there were more buyers than sellers in the second round, lowering this compensation all the way to zero.
“It is normal for the price to move up and down a few points based on supply and demand, that’s how an auction works, but this is massive,” Mr Felsenheimer said.
The outcome is particularly galling for investors that placed bets last year that Europcar’s swaps would result in relatively high payouts. This was because, unusually, a €50m loan Credit Suisse provided to Europcar in 2019 was eligible for the CDS auction, which could have resulted in a higher payout.
However, a group of hedge funds driving Europcar’s restructuring, such as King Street Capital and Anchorage Capital, bought this loan from Credit Suisse in October, according to people familiar with the matter, meaning it was also subject to the trading lock-up.
While there was still more than enough debt outstanding to settle the swaps properly, not enough holders ultimately sold their bonds into the auction.
“This is an inherent threat in the auction that we always reminded people of,” said Athanassios Diplas, of Diplas Advisors, a former banker regarded as one of the architects of the modern CDS market.
“You cannot rely on someone else to provide liquidity in the auction.”
The 15 Best Devices From CES That You Can Buy Now
Much of the trade show’s flashy tech will never hit store shelves, but here are a few gadgets that are already available.
PHOTOGRAPH: SUBJECT/OBJECT MANIFEST; GOPRO; V-MODA
IN MANY WAYS, CES 2021 was different than any we on the Gear team have attended before. Instead of running around Las Vegas poking all the things and becoming seriously dehydrated, we sat at home and watched briefing after briefing on Zoom. But CES is still the festival of spending money. It's designed to invoke your most primal desires—whether that's for an exquisite gaming chair, an affordable laptop, or just a machine to squirt out single servings of delicious fro-yo. These are our favorite things exhibited at CES that you can buy right now to scratch that itch.
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Phones, Headphones, and Accessories
Moft Snap-On Stand
PHOTOGRAPH: MOFT
- Moft Snap-On Stand for $30: I want this. This snap-on stand holds your iPhone in portrait, landscape, or “floating” mode and has space to hold three cards. We also included it in our guide to the best accessories for the iPhone 12.
- Moto G Play for $170: Motorola refreshed its budget phone lineup, which we liked a lot. The updates are pretty minor, but the price is still low. For a more in-depth look, check out our guide to the best cheap phones.
- Typewise (free): This small, helpful app is the first product from a company that's working on a 100-percent private "next word prediction engine." The distinctive honeycomb keyboard claims to reduce typos by up to 80 percent.
- MaskFone for $50: If you're wearing a mask in public and taking calls, you may need a (possibly overengineered) mask with an N95 filter, a built-in microphone, and attached earbuds. Or, you know, maybe not. Check out our guide to our favorite masks if you want a few more possibilities.
- V-Moda M-200 ANC for $500: We didn't get a chance to try these pricey headphones in person, but V-Moda has never let us down before. We're expecting this new model from the design-forward company to be one of the year's best noise-canceling headphones.
- JBL Reflect Mini NWC TWS Earbuds for $150: JBL's latest workout buds have a reflective strip for people who like being outdoors at night or at dusk. They're also noise-canceling and have IPX7 water-resistance rating. We didn't get a chance to try these either, but we've liked other JBL buds.
Computers and Cameras
Panasonic BGH1
PHOTOGRAPH: PANASONIC
- Panasonic Lumix BGH1 for $2,000: Did you want to use quarantine to launch your filmmaking career? This small box-shaped camera is an order of magnitude cheaper than the popular Red cinema cameras, and it's packed with features for livestreaming and recording broadcast-quality video. It also bills itself as the first micro four-thirds camera that's approved by Netflix.
- Lenovo P11 for $230: You're getting quite a bit of tablet for not a lot of money with this model from Lenovo. It includes a high-res IPS 11-inch display, the Snapdragon 662 chip with LTE connectivity, 6 gigabytes of RAM, and a four-speaker Dolby Atmos sound system. The inclusion of Google's Kids Space might make it a contender for our best kids tablet.
- GoPro Labs (free with GoPro Hero 9, Hero 8, Hero 7, and Max 360 cameras): We still recommend two of GoPro's action cameras as good buys. This year, the company announced GoPro Labs, which are ways for customers to try some of GoPro's experimental software enhancements. These include new ways to trigger recordings, stopping and starting motion capture, and a new "one-button" mode.
Health, Home, and Kitchen
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PHOTOGRAPH: CUZEN MATCHA
- Cuzen Matcha Machine for $369: CES is where you go to look at things that are hilariously self-indulgent, and a $369 tea machine that takes the place of a humble grinder and a simple whisk might be at the top of that list. However, we do love matcha, and watching a machine painstakingly grind and froth it for us sounds like a nice break right now.
- Alarm.com Flex IO Sensor for $130: We haven't tried it, but Alarm.com's latest security sensor looks easy to install. It's weatherproof, works wherever there is LTE coverage, and has magnets to mount it in places where traditional security sensors might go—next to windows, doors, and bulkheads.
- GoSun Flow for $199 ($50 off): The Flow is a backpack-sized water purifier that fits neatly into GoSun's entire outdoor kitchen lineup. You can easily attach the nozzle to a portable sink or wall for an easy off-the-grid bathing, cooking, or cleaning solution.
- Flo by Moen Leak System for $50: This year, faucet and fixture company Moen released a new sump pump as well as a new app, which connects all of your smart Moen devices to monitor water flow rate, temperature, and pressure in your house. Its U By Moen smart water faucets also have a new water-saving handwashing function that turns off the water flow for the 20 seconds it takes for you to scrub all the viruses away.
- Trova Home for $549: The purpose of attractive Bluetooth-enabled lockboxes is to keep your valuables locked and safe away from everyone, including possibly your unlucky future self. However, Trova's do look very nice, so there's that.
- The Miiskin App for $25 Annually: This year, the skin-care company Miiskin debuted its Automatic Body Imaging tech. Instead of darkly imagining what the skin on your back, shoulders, or the back of your thighs might look like, the app guides you through taking a full-body photo so it can look for suspicious moles for you. The company is HIPAA-compliant, and it helps you blur all your body parts and keep your face out of the frame.
- Satisfyer Love Triangle for $50 : Product writer Jess Grey described this affordable, innovative, Bluetooth-connected sex toy as "spanakopita-shaped," and now it's all I can think about. It has air-pulse stimulation and connects to Satisfyer's app to customize vibration, even setting it to the beat of any song you like.
James Simons Steps Down as Chairman of Renaissance Technologies
The investing pioneer is stepping back from his role as chairman at highly successful quant hedge fund
Investing pioneer James Simons is stepping back from his quant hedge fund, Renaissance Technologies LLC.
Several weeks ago, Mr. Simons—a former math professor and codebreaker who built Renaissance into one of the most successful investment firms in history—told clients he was stepping down as chairman of the firm’s board of directors as of Jan. 1. Mr. Simons, who will turn 83 in April, resigned as Renaissance’s chief executive in 2010, but continued to lead the board.
In a letter to clients, Mr. Simons, who will remain a board member, said, “I believe it is time: this transition has been many years in the making.”
Peter Brown, the firm’s chief executive, has taken over as chairman of the board.
At the age of 40, Mr. Simons quit academia to try his hand at trading. He started Renaissance in a storefront office in a dreary Long Island strip mall in the summer of 1978. For a while, Mr. Simons traded like most everyone else, relying on old-fashioned research. He made more money than he lost but couldn’t handle the ups and downs of that approach.
Over time, Mr. Simons recruited renowned mathematicians and computer programmers while shifting to a more quantitative strategy. He relied on mathematical models and high-powered computers rather than intuition and instinct, becoming one of the first to fully embrace a method of investing that has since swept Wall Street.
Today, Mr. Simons is considered the most successful money maker in the history of modern finance. Since 1988, his flagship Medallion hedge fund generated average annual returns of 66% before charging hefty investor fees through 2018. After fees, the fund had an annual return of 39%.
The fund has also beaten the market over the past two years. Over the history of the fund, it has racked up trading gains of more than $110 billion. Mr. Simons’s performance is better than investing luminaries including Warren Buffett, George Soros, Peter Lynch, Steve Cohen, and Ray Dalio.
The Electric-Vehicle Company That Charged Too Early
Renault lays out a turnaround plan that owes more to the success of French peer Peugeot than its fading status as an EV pioneer
In the U.S., Tesla has sold more electric vehicles than any other car maker. In the much larger European EV market, that prize still goes to the Renault-Nissan-Mitsubishi alliance, but Volkswagen VOW 2.17% outsold it last year and Tesla is closing in.
The failure of Renault and Nissan (Mitsubishi joined the team later) to parlay their early lead in plug-in cars like the Nissan Leaf into strong growth prospects looks like one of the great missed opportunities of automotive history.
On Thursday, Renault followed Nissan in laying out a “new beginning” after a rocky few years. The company has some lingering advantages in EVs, but its turnaround is more reliant on old-fashioned virtues such as cost control and selling larger cars.
Chief executive Luca de Meo, a marketing man who joined Renault last year from Volkswagen, wants to turn the page on the relentless pursuit of sales and scale encouraged by his predecessor Carlos Ghosn. Costs climbed and returns plummeted as Mr. Ghosn pushed small cars into far-flung emerging markets. Just like Nissan in the U.S., Renault now has to find savings at the same time as coming up with more attractive products that can fetch higher prices.
It will take time. Until 2023, the company’s main focus will be on margins and cash, and even for that year, it is targeting a minimum operating margin of just 3%.
Investors weren’t wowed by Thursday’s announcement, and the shares fell more than 3% at the open. They bounced back after Mr. de Meo and his team stressed that they hoped to do better than that 3% margin. Cash flows should also recover faster than operating margins, which are burdened by the depreciation of assets accumulated during the years of laxity.
An optimistic reading of Renault’s situation is that it is where local peer Peugeot was in 2014. Peugeot CEO Carlos Tavares rebuilt profits spectacularly by selling larger vehicles at better prices, just as Mr. de Meo hopes to. Mr. Tavares also likes setting low margin targets and then beating them.
There are differences too. To extract cost savings, Peugeot relied on mergers, with the European business of General Motors in 2015 and now through the Fiat Chrysler deal due to close Saturday. Renault’s alliance with Nissan and Mitsubishi promises savings too, but has never delivered anything like the kind available through a full merger. Meanwhile, it stops the companies engaging in more productive tie-ups, as Renault’s own efforts to combine with Fiat Chrysler in 2019 showed.
For those patient enough to sit out a long and bumpy journey, there is value in Renault at today’s stock price, which is less than half its level five years ago. Old-fashioned auto stocks typically follow profits, and Renault’s have room to grow after the massive losses expected for 2020. For better or worse, this turnaround story is a world away from the startups currently transfixing Wall Street, with the EV technology Renault and Nissan once pioneered.