Jan 9th, 2024 – Today, the broader Spanish stock market fell, following the news that Grifols (GRFS) (-21.83%), the third biggest company worldwide in the blood products market, was accused of manipulating its financial data by the US hedge fund Gotham City. According to Gotham City Research, the real leverage ratio of Grifols is 10-13 times bigger than its EBITDA, while, as officially disclosed by the company, the proportion seems to be considerably lower. If the truth is different, this would lead to higher financing costs. Additionally, the hedge fund division stated that the decision taken by Grifols to report earnings from two splitting firms, Bpc Plasma and Haema, previously sold to Scranton Enterprises, in its accounts while Scranton does the same is quite suspect.
Bank of America expectations about Nio’s (NIO) future profitability just worsened, due to the difficulties the company will face in increasing vehicle sales in the first three quarters of 2024. The main reason behind this is represented by the fact that Nio will not introduce new types of cars on the market during this period. Therefore, BofA decided to assign a “Neutral” rating to the car producer (previously “Buy”) and the 12 months target price was lowered down to 9.00. Because of this, it comes with no surprise that the Chinese company market trend today on the Nasdaq was not positive, with a daily price variation of -4.67% at 4:00 PM EST.
Papa John’s (PZZA) CEO Rob Lynch announced today, during the 2024 ICR conference, that sales will grow up to 2-4% during 2024, leading to an increase of the stock price of about 3.3-3.5%.
Author: Piero Foberti