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D20 Quiet Despite Ford Flop, TomTom Rise
Report
Summer market doldrums and a lack of blockbuster driverless news combined for a quiet week for the D20. With no one D20 stock gaining or losing more than 4.5 percent, 10 gainers balanced by 10 losers moved the index up an insignificant 0.01 points.
Bad news continues to follow Ford (F). A week after its 2Q earnings miss sent the stock down by 8.5 percent, the auto OEM announced July vehicle sales slid nearly 3 percent year over year. Ford was the D20’s second largest price loser for the week, shedding 3.7 percent of its value to close at $12.19. Only the Swedish truck manufacturer, Volvo AB’s (VOLV-B) price dropped more percentage-wise, losing 3.8 percent and closing the week at 87.75SEK.
TomTom (TOM2) continued a four week string of consecutive price increases last week and recorded the D20’s biggest percentage price increase. Short interest decreased as TomTom’s price moved up from €7.64 to €7.98, a 4.4 percent rise.
Visit the Driverless Transportation D20 Stock Index page to learn more about it and its component stocks.
Up and Comers:
Didi Chuxing and SoftBank Group are leading a massive $600 million fundraising round for Grab, a Southeast Asian ride-hailing service, says Bloomberg. Grab operates in 30 cities in six countries. The deal comes the week after ride-hailing Didi bought out Uber’s China operations in return for $1 billion and a ~18 percent stake in the combined firms. The first deal made one-time rivals Didi and Uber partners in China while the second makes Didi a competitor with Uber through Grab in Indonesia, Malaysia, etc.
The jockeying for market leadership comes as GM’s VP of Urban Mobility Julia Steyn predicts that ridesharing and car sharing services will grow 95 percent in the next two years, according to Automotive News.