US stocks rebounded on Friday from a weeklong tech bruising as Wall Street reassessed worries about the impact of AI disruption and the risks of hefty Big Tech spending. The Dow Jones Industrial Average (^DJI) led the way higher, surging by about 2.5%, or more than 1,200 points, to climb ahead of the 50,000 level for the first time. The S&P 500 (^GSPC) rose 2% in its best session since May of last year. The Nasdaq Composite (^IXIC) added about 2.1%, as the indexes bounced back from Thursday's sharp closi ...

Experts saw Stellantis’s statement as a stark admission it has botched its move to go electric - Vauxhall Motors The owner of Vauxhall shed a quarter of its value on Friday as it admitted it had lost sight of “real world” drivers in its disastrous shift to electric vehicles (EVs). In a statement that sent shares tumbling, Stellantis announced a major reset of the business accompanied by a painful €22bn (£19bn) hit to its balance sheet. Antonio Filosa, the chief executive, blamed the one-off charge on “ ...

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Core Viewpoint - Stellantis shares fell over 25% following a warning of a "major EV reset" leading to a €22.2 billion ($26.5 billion) impairment charge, and the company suspended its full-year dividend to preserve its balance sheet [1] Financial Impact - The €22.2 billion charge exceeds Stellantis' entire market capitalization, indicating that the market values the company at less than the projected cost of its electric vehicle mistakes [4] - Stellantis stock is down more than 35% from its year-to-date high [2] Investor Sentiment - The suspension of the dividend until 2026 may lead to a mass exit of income-focused investors, potentially sustaining downward momentum in the stock [5] - Analysts rated Stellantis shares at "Hold" prior to the warning, with expectations of downward revisions to estimates due to the impairment charge [10] Market Position - Stellantis is struggling against competitors like Ford and General Motors, which have gained market share while Stellantis faces quality issues [6] - The company has an excessive 90-day supply of inventory, nearly double the healthy industry standard, which may hinder profit margin improvements [7] Technical Analysis - Stellantis shares are trading below key moving averages, indicating bearish control across multiple timeframes [5] - The lowest price objective for Stellantis NV is currently set at $6, suggesting a potential downside of another 17% [10]

Core Viewpoint - Stellantis has announced significant write-offs due to lower-than-expected demand for electric vehicles, leading to a sharp decline in its stock price by approximately 24.5% [1] Financial Impact - The company reported charges totaling 22.2 billion euros ($26.5 billion), primarily related to downsizing its electric vehicle (EV) plans and addressing quality issues [2] - Stellantis anticipates an operating loss of 1.2 billion to 1.5 billion euros for the second half of 2025, and has suspended dividend payments [3] Product Strategy Changes - Stellantis has canceled the planned battery-electric version of its full-size Ram pickup truck, reinstating orders for the Ram 1500 with the Hemi V-8 engine [5] - The write-offs include 14.7 billion euros for product-plan changes, 2.1 billion euros for downsizing the EV supply chain, and 5.4 billion euros in other charges related to warranty work and quality improvements [6] Market Context - Other automotive companies like Ford and General Motors have also announced similar adjustments to their EV strategies, but Stellantis's financial impact has been notably more severe [2]

MATT: A LITTLE BIT OF A DIP-BUYING FRIDAY. I'M MATT MILLER. DANI: I'M DANI BURGER. BLOOMBERG "OPEN INTEREST" STARTS NOW. MATT: IT HAS BEEN A WHOLE WEEK. STOCKS, PRECIOUS METALS, AND BITCOIN ATTEMPT TO COME BACK AS-BUYERS UNITE. DANI: ALSO IN THAT WEEK IT HAS BEEN A BUSY ONE OF TECH EARNINGS, UNDERSCORING MASSIVE AI SPENDING PLANS, WITH A HANDFUL OF COMPANIES SET TO INVEST $650 BILLION JUST THIS YEAR. MATT: THAT IS THE CAPEX FROM ONLY FOUR AMERICAN COMPANIES. PLUS, THE VIEW FROM THE ATLANTA FED. RAPHAEL BOST ...

Group 1 - LG Energy Solution (LGES) will take full control of NextStar Energy, a joint venture that established Canada's first large-scale EV battery factory in Windsor, Ontario, with Stellantis selling its 49% stake [1] - The ownership transition is a strategic decision made by LGES and Stellantis, aimed at ensuring a seamless transition and enhancing long-term growth prospects for NextStar Energy [2] - NextStar Energy will utilize LGES's technological leadership and operational expertise to better serve a wider customer base, including the Energy Storage System (ESS) industry, and to adapt to market demands [3] Group 2 - The facility has seen over $5 billion CAD invested and currently employs over 1,300 people, with a target of reaching 2,500 employees as production scales up [4] - NextStar Energy is positioned to strengthen North America's battery manufacturing ecosystem by onshoring critical capabilities to meet the needs of the automotive sector and other strategic industries [5] - LGES views the full ownership of NextStar Energy as a means to capitalize on growth opportunities in North America and to secure additional customers in the EV industry [6]

Market Performance - European stocks showed a positive trend with the pan European Stoxx 600 climbing 0.89%, while the U.K.'s FTSE 100 gained 0.59%, Germany's DAX jumped 0.94%, and France's CAC 40 closed up by 0.43% [1] - Major European markets such as Austria, Denmark, Finland, and Spain closed higher, while Belgium, Greece, and Russia ended weak [2] Company Earnings and Movements - Burberry Group, IAG, and HSBC Holdings saw gains between 2% and 5.2%, while BP, Standard Chartered, and Rolls-Royce Holdings also moved up sharply [2][3] - Vinci reported stronger-than-expected results, with a full-year 2025 net income of €4.90 billion, up from €4.86 billion the previous year, leading to a nearly 10% increase in its stock price [5] - Stellantis plummeted 25% after announcing a €22 billion charge related to restructuring efforts and plans to sell its 49% stake in NextStar Energy [6] Sector Performance - In the German market, Siemens Energy climbed 4.3%, while Siemens Healthineers dropped more than 3% [4] - In France, ArcelorMittal gained about 4.75%, and Schneider Electric ended higher by 1%-2.3% [5] Economic Indicators - Germany's industrial production decreased by 1.9% month-on-month in December, reversing a previous rise, while exports increased by 4% and imports growth doubled to 1.4% [7][8] - France's foreign trade deficit increased to €4.8 billion in December, as imports grew faster than exports [9]

Core Insights - General Motors (GM) anticipates a recovery in North America EBIT margins to the 8-10% range by 2026, up from 6.8% in 2025, driven by lower costs and improved product mix [1][10] Group 1: Margin Recovery Drivers - Lower electric vehicle (EV) losses are expected to significantly contribute to margin recovery, with GM projecting reduced costs associated with excess EV capacity and slower demand in 2025 [2] - A $1 billion year-over-year benefit from lower warranty expenses is anticipated in 2026, as warranty cash outflows stabilize and accruals align with cash trends [3] - Regulatory relief is projected to yield savings of $500-$750 million from reduced compliance costs related to emissions and fuel economy regulations, further supporting margins [3] Group 2: Product and Market Dynamics - GM benefits from strong demand for full-size pickups, SUVs, and profitable crossovers, maintaining low inventory and incentives to protect margins [4] - The company expects a decline in net tariff impact year-over-year, with gross tariff costs remaining high but offset by pricing actions and cost reductions [5] Group 3: Competitive Landscape - Ford faces challenges with uneven margin recovery due to elevated EV-related losses and warranty costs, despite profitability in its traditional internal combustion engine (ICE) business [7] - Stellantis is focusing on rebuilding margins through new product launches and a significant investment in domestic production, but near-term margins are pressured by higher incentives and warranty costs [8] Group 4: Stock Performance and Valuation - GM shares have increased by 76% over the past year, outperforming the industry [9] - The company appears undervalued with a forward price/earnings ratio of 6.68 compared to the industry's 81.6 [12]

Market Performance - Wall Street is experiencing a rebound, with the Dow Jones Industrial Average rising 1,035 points, or 2.1%, nearing 50,000, and the Nasdaq composite increasing by 2% [1] - The S&P 500 rose 1.7%, aiming for its second gain in the last eight days, despite still heading toward its third losing week in four [1][4] Technology Sector - Chip companies significantly contributed to the market gains, with Nvidia rallying 6.2% and Broadcom climbing 5% [2] - Amazon announced plans to invest about $200 billion this year in areas like AI, chips, and robotics, which raised concerns about the potential return on such heavy spending, leading to an 8.5% drop in its stock [3] Consumer Sentiment - A preliminary report indicated a slight improvement in US consumer sentiment, particularly among households owning stocks, which is beneficial for the S&P 500 [12] - Airline stocks showed strength, with United Airlines gaining 7.1%, American Airlines 6.3%, and Delta Air Lines 5.7%, driven by expectations of increased consumer spending on travel [14] Cryptocurrency Market - Bitcoin stabilized after a significant decline, rising back above $68,000 after dropping close to $60,000 [5][13] - The recovery in Bitcoin positively impacted stocks of companies involved in the crypto economy, with Robinhood Markets jumping 13.5% and Coinbase Global rising 9.5% [9] International Market - European indexes rose despite Stellantis experiencing a nearly 26% drop after announcing a €22 billion ($26 billion) charge due to adjustments in its electric vehicle production strategy [15]