Electric carmaker Tesla had its best day on the market in over a decade on Thursday, on the back of the company’s surprisingly solid results.
Shares ended Thursday’s session up nearly 23%, giving Tesla a market valuation of $836bn (£644bn). CEO Elon Musk’s net worth jumped by $33.5bn, widening his lead as the world’s richest person, according to the Bloomberg Billionaires Index.
Tesla kicked off “Magnificent Seven” earnings on Wednesday, posting beats on adjusted earnings per share and higher gross margins.
Speaking on conference call following the release of the results on Wednesday, Lloyds group chief financial officer William Chalmers said that the bank had “continued to see increased confidence in customer activity.”
With regards to next week’s autumn budget, Chalmers said that the bank looked forward to some “clarity” from the statement
“It is also our hope that the budget will be a pro-growth event,” he added.
Shares rose following the release of the results on Wednesday but were flat on Friday morning. Lloyds was the first of the UK’s major banks to report this week, followed by Barclays (BARC.L) and NatWest (NWG.L), who posted strong profit growth.
Tatiana D Rodionova wears a Michael Kors outfit outside the Michael Kors show during New York Fashion Week 2024. ·Daniel Zuchnik via Getty Images
Shares in Capri Holdings, the parent company of Michael Kors and Jimmy Choo, plunged 45% in after-hours trading on Thursday after a US judge blocked its pending $8.5bn merger with Coach-owner Tapestry (TPR).
In a court filing obtained by Yahoo Finance, US district judge Jennifer Rochon ruled that “antitrust has come into fashion,” arguing a merger between the two fashion powerhouses “will substantially lessen competition in the market for accessible-luxury handbags.”
Shares in Tapestry rose 12% in after-hours trading.
The two companies announced their proposed merger last year. The deal would have brought together high-profile fashion brands including Tapestry’s Coach and Kate Spade with Capri’s Versace, Jimmy Choo and Michael Kors.
Tapestry said it planned to appeal the decision in a statement released on Thursday evening.
Shares in Deckers surged 14% in pre-market trading on Friday after the parent company of Hoka and Ugg reported an earnings beat in its second fiscal quarter of 2025.
Revenue was up 20% in the second quarter to $1.31bn, while diluted earnings per share increased 39% to $1.39.
On the back of this growth, Deckers raised full-year revenue guidance for 2025 to around $4.8bn and also lifted its outlook for diluted earnings per share to a range of between $5.15 and $5.25.
Stefano Caroti, president and CEO of Deckers, said: “HOKA and UGG produced outstanding second quarter results driven by strong consumer demand for our innovative and unique products.
“As I step into the CEO role, I’m committed to building on our proven foundation to support growth, guided by our consumer-first mindset, brand-led philosophy, innovation-forward products, and globally driven focus.”
German luxury carmaker Mercedes Benz posted nearly a 54% year-on-year drop in net profits in the third quarter to €1.7bn (£1.4bn).
The company also reported a fall of nearly 7% in revenues year-on-year to €34.5bn. The biggest falls in revenue by region came in Germany, with sales down nearly 25% for the quarter, while China saw a decline of nearly 17%.
Harald Wilhelm, chief financial officer of Mercedes Benz, said: “The Q3 results do not meet our ambitions. Nonetheless Mercedes-Benz continues to generate solid cash flows even in challenging times.”
Cash flow generation from the company’s industrial business reached €2.39bn in the third quarter, which was up slightly from the €2.35bn it reported last year.
“We are taking a prudent view about market evolution going forward and we will step up all efforts on further efficiency increases and cost improvements across the business,” said Wilhelm.
Shares in Mercedes Benz Group fell nearly 2% into the red on Friday morning.
