In the Dow, tech stocks such as Apple, Microsoft and Intel came under pressure again. Apple shares fell to their lowest level since mid-October last year. They had been replaced the day before by the Saudi Arabian oil company Saudi Aramco as the most valuable company in the world. The important iPhone supplier from Taiwan Foxconn had to suspend its production in Shenzhen, China, as the number of corona infections is currently increasing in China and the government has taken extensive lockdown measures. According to reports, the Apple supplier Unimicron is also said to have suspended production.
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A study by the US bank Wells Fargo weighed on the papers of GM and Ford. GM lost 5.4 percent and Ford 3.8 percent. Analyst Colin Langan argued that EV production costs are likely to rise sharply. The higher raw material prices alone increased the total cost of a “Silverado” model vehicle by an estimated 12,600 US dollars. The papers of the electric car producer Tesla fell by 3.1 percent.
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The papers of the meat substitute producer Beyond Meat were also under pressure. The company’s quarterly figures were disappointing here. The share price temporarily slipped below the issue price of 25 dollars. A good three years ago, Beyond Meat ventured onto the trading floor – in the meantime the value of the shares had increased almost tenfold.
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