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4 Mins Ago
France’s Alstom falls 35% as trading resumes
Shares of French train manufacturer Alstom plunged 35% as they opened after a delayed start to Thursday trade, putting the stock on course for its worst-ever performance, according to LSEG data.
It follows a half-year trading update on Wednesday showing the company now expects negative free cash flow for the year, down from a prior forecast of “significantly positive.”
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Alstom share price.
48 Mins Ago
Alstom trading suspended, shares set to plunge after cash flow update
French train manufacturer Alstom failed to open Thursday as trading of its shares was suspended.
Shares were set to decline around 35%, according to LSEG data cited by Reuters.
In an update after the market close on Wednesday, Alstom released unaudited half-year results showing its free cash flow had fallen from negative 45 million euros ($47 million) to negative 1.15 billion euros, and is now expected to be in a range of negative 500-750 million euros for the full year, from a prior forecast of “significantly positive.”
It attributed the performance to a “steep acceleration of the production ramp-up,” a delay to a U.K. project, and a fall in downpayments from the prior year.
— Jenni Reid
7 Hours Ago
CNBC Pro: This bearish fund manager thinks the U.S. is headed for a major debt crisis. Here’s what he’s buying.
The U.S. is headed for a major debt crisis due to fiscal deficit being at the “worst structural point since World War Two,” according to value investor Matthew McLennan.
McLennan, who manages First Eagle’s Global Fund, said equity and bond markets are showing signs of “relative complacency” and are yet to digest the full impactions of the state’s borrowing program.
The fund manager also named the asset and stock to own to hedge against the risks markets face over the next few quarters.
CNBC Pro subscribers can read more here.
— Ganesh Rao
7 Hours Ago
CNBC Pro: Goldman reveals its brand new ‘conviction list’ of European stocks — giving one nearly 150% upside
Goldman Sachs has a new list of top stock picks for Europe, which it called its “most differentiated” ideas for the region.
CNBC Pro takes a look at seven of them.
CNBC Pro subscribers can read more here.
— Weizhen Tan
7 Hours Ago
CNBC Pro: Veteran investor says one type of energy company is ‘extremely attractive’ — naming a stock he likes
The commodities market is a “much more constructive place to invest” right now — and one type of company in the energy sector in particular is “extremely attractive,” according to one portfolio manager.
We’re “at the beginning of a longer term commodity cycle,” Aaron Dunn, co-head of value equity and portfolio manager at Morgan Stanley Investment Management, told CNBC’s “Squawk Box Asia” on Wednesday.
He named one stock he likes and others on his radar.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
4 Hours Ago
European markets: Here are the opening calls
European markets are expected to open higher Thursday.
The U.K.’s FTSE 100 index is expected to open 33 points higher at 7,440, Germany’s DAX up 55 points at 15,147, France’s CAC up 24 points at 7,020 and Italy’s FTSE MIB up 80 points at 27,490, according to data from IG.
Data releases include German trade data for August and French and Spanish industrial output for August.
— Holly Ellyatt
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