BUZZ-Stellantis stock extends losses, over a quarter wiped off market cap
Ford Motor Company F | 12.16 12.41 | +0.25% +2.06% Pre |
General Motors Company GM | 76.83 76.18 | +0.54% -0.85% Pre |
** Shares in Stellantis STLAM.MI extend their fall as the carmaker announced charges of around 22.2 billion euros ($26.17 billion) related to the scale-down of its electric-vehicle ambitions
** The stock continues its tumble on the Milan stock exchange, dropping as much as 28.9% at 5.8 EUR/shr, its lowest price since May 2020
** Paris-listed shares also drop over 29%
** The losses wipe off 6.5 billion euros, or more than 27%, from Stellantis' market cap
** "STLAM bulls will say this is a 'kitchen sink' moment and could be a cleaning event," says RBC in a note, adding the charges are higher compared to those booked by U.S. peers Ford F.N and GM GM.N
** "Investors have suffered a double blow alongside the massive share price sell-off, as they won't be getting a dividend this year," says Russ Mould, investment director at AJ Bell, in mailed comments
($1 = 0.8482 euros)