On this episode of Stock Movers:
- Hermès’s market capitalization surpassed that of rival LVMH, the conglomerate which once tried to buy the maker of the coveted Birkin bag in a stealth raid that shocked the French corporate world 15 years ago. Hermès International SCA’s valuation reached €243.65 billion ($276.3 billion) on Tuesday, briefly crossing the €243.44 billion of LVMH Moët Hennessy Louis Vuitton SE and catapulting it into the most valuable company on France’s benchmark CAC40 index. The stunning reversal in fortunes comes after LVMH tumbled as much as 8.4% in Paris following disappointing first-quarter results on slowing demand in China and the US and amid threats of an escalating trade war.
- President Donald Trump said he is exploring possible temporary exemptions to his tariffs on imported vehicles and parts to give auto companies more time to set up US manufacturing. “I’m looking at something to help car companies with it,” Trump told reporters Monday in the Oval Office. “They’re switching to parts that were made in Canada, Mexico and other places, and they need a little bit of time, because they’re going to make them here.”
- BE Semiconductor shares rally as much as 9.7% after Applied Materials said it has acquired a 9% stake in the Dutch chip-equipment maker via market-based transactions. Applied Materials says the investment isn’t subject to regulatory approvals; it doesn’t intend to seek board representation at BE Semi, and it has no plans to purchase additional shares
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