Börse Express – New York stocks: Disney pushes Dow Jones into the red

video-tag-article">

NEW YORK (dpa-AFX) – A slump in the price of Walt Disney shares after disappointing business figures has the US leading index Dow Jones Industrial pulled into the red on Thursday. The Disney papers recently sagged by around six percent after they had previously given way by nine percent. Especially in the important streaming business with big names like Netflix
and Amazon rivals, things went worse than investors had hoped. The Dow Jones recently fell 0.38 percent to 35,944 points.

It looked better on the broad market. The S&P 500 rose by 0.14 percent to 4653.06 points. Tech stocks that had suffered from worries about inflation the day before were also in demand. Because: Should the US Federal Reserve have to tighten its monetary policy faster than expected in view of the high inflation, this would probably weigh on the high valuations of many tech companies in particular. The Nasdaq 100 with many technology stocks rose 0.46 percent to 16 059.77 points.

The shares of the electric car pioneer Tesla fluctuated between moderate gains and losses. After his sensational Twitter vote in the past three days, Tesla boss Elon Musk had cashed in his company’s shares for the first time in years. From Monday through Wednesday, he sold roughly $ 5 billion worth of Tesla shares after redeeming some of his stock options.

Tesla shares briefly slipped below the $ 1,000 mark on Wednesday before rebounding. They had hit a record high of $ 1,243 just last week, the high point of the most recent rally. Most recently, the price was just under 15 percent below its high at $ 1,060, but it still rose by around 50 percent over the course of the year. Since the end of 2019, the price increase has even added up to almost 1200 percent.

Tesla is therefore worth more than a trillion dollars on the stock exchange – an umpteen times the market capitalization of the German car maker BMW
, Daimler and Volkswagen
together. The course of another e-car manufacturer also continued to pick up. After the strong debut of Rivian stocks on Wednesday, the titles of the Tesla competitor continued their price rally on Thursday with an increase of 17 percent to 118 dollars.

Compared to the issue price of 78 dollars, the price increase is now a little more than 50 percent. The company, which has already developed cars but has not yet achieved any noteworthy sales, is thus worth a little more than 100 billion dollars or the equivalent of around 87 billion euros on the stock exchange. For comparison: BMW comes to just 60 billion euros./mis/he/zb/he

 ISIN  US2605661048  US6311011026  US78378X1072

AXC0488 2021-11-11/20:13

Copyright dpa-AFX Wirtschaftsnachrichten GmbH. All rights reserved. Redistribution, republication or permanent storage without the express prior consent of dpa-AFX is not permitted.

.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.