Weekly news summary for October 22 to October 28

Friday, Oct. 22: Sono Motors Files for US IPO, To List on Nasdaq

Sono Motors on Friday filed for a US initial public offering (IPO), as the German solar car startup aims to take advantage of investor demand and raise funds for building their solar-powered electric vehicle (EV).

Citing people with knowledge of the matters, Reuters reported in March that the Munich-based company was looking into listing in the US stock market, which could value Sono at over $1 billion.

Monday, Oct. 25: HSBC Q3 Profit Rises 74%, Announces $2B Buyback

HSBC Holdings plc presented better-than-expected earnings results for the third quarter as better economic conditions allowed the British bank to release $659 million worth of cash set aside for pandemic-related loan defaults that did not occur.

London-based HSBC posted a 74% jump in its third-quarter profit and announced a share buyback of $2 billion, while its pretax profit climbed $5.4 billion in the three months to September 30, higher than the $3.1 billion in 2020 and analysts’ forecast of $3.78 billion.

Tuesday, Oct. 26: Tesla Hits $1T Market Cap on Hertz’s Bulk Order

Tesla Inc. becomes the sixth US company to be worth $1 trillion and the first carmaker to achieve such valuation, after the electric vehicle (EV) giant’s stock gained more than 12% to $1,025 on Hertz Global Holdings Inc.’s record order of 100,000 Model 3 cars in over 14 months.

That deal is so far the largest in Tesla’s history and quite huge for the Florida-based car rental company, which only recovered from bankruptcy a few months ago.

Wednesday, Oct. 27: Shiba Inu Hits Record High on Robinhood Petition

The Shiba Inu coin nears outperforming Tesla CEO Elon Musk’s preferred Dogecoin, as data from CoinGecko showed the digital token rose 30% in the past 24 hours to a record high of above $0.00006, driven by growing demand for Robinhood Markets Inc. to include the cryptocurrency to its platform.

Shiba Inu has more than doubled in price in the previous week and is now the 11th largest cryptocurrency, with a market cap of over $29 billion, just behind Dogecoin, which has a market cap of $31 billion.

Thursday, Oct. 28: Oil Prices Fall After Hitting 7-Year Highs

Oil prices extended losses for the second straight day, after reaching a seven-year high at the beginning of the week, as data from the Energy Information Administration (EIA) showed US crude supplies rose to 4.267 million barrels last week.

Brent crude oil futures fell 0.81% to $83.19 a barrel, while the US West Texas Intermediate (WTI) futures also slipped 0.83% to $81.97 a barrel.




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