Highlights of the day: 26 August

FinMeUp highlights of the day

South Africa

Grindrod Limited- Unaudited consolidated interim results for the six months ended 30 June 2022

• Group revenue increased 29% to R2 479 million.
• The Group reported a profit of R385.2 million compared to a loss of R424 million in the prior period.
• Group EBITDA grew 89% to R615 million.
• Group Basic EPS grew 192% to 57.8 cents per share.

Steinhoff International Holdings N.V

• The JSE has conducted further investigation into Steinhoff.
• The investigation found that Steinhoffs inflated profits were due to fictitious transactions.
• Former CFO, Ben Le Grange, has been fined R2 million and has been immediately disqualified from holding the office of a director or officer of a listed company for 10 years.

The U.S.

Starlink

• Elon Musk says that Starlink V2 will transmit directly to Mobile phones, eliminating dead zones WORLDWIDE.
• T-Mobile have said they will include the service on their most popular plans for free.

Dell earnings

• EPS of $1.68 beating expectations of $1.64.
• Revenue of $26.4B missing expectations of $26.55B.

Meta

• Meta CEO Mark Zuckerberg has confirmed that Meta's newest VR headset will be released in October.

Moderna 

• Moderna is suing Pfizer and BioNTech alleging they infringed "patents central to Moderna's innovative mRNA technology platform".

Electronic Arts

• EA is up 10% in pre-market trading, because of rumours that Amazon has put in an offer to acquire Electronic Arts.

Porche

• Porche is said to be lining up an IPO at a valuation of up to $85 billion.

Biggest winners and losers

JSE

• Sibanye Stillwater +3.79%
• Steinhoff -2.05%

U.S.

• Electronic Arts +4.34%
• Zoom -3.31%

Crypto

• Bitcoin -0.9%
• Ethereum -2.2%
• BNB -2.7%