Market Movers: Analyzing Tesla, Netflix, Robinhood, Treasure Global, and Anglo American
Shares in Tesla traded just below the red line in pre market trading after Morgan Stanley cut its rating on the stock, citing concerns about valuation.
Andrew Percoco, a Morgan Stanley analyst who is now responsible for the EV maker at the investment bank, lowered his recommendation on Tesla to Equal Weight from Overweight and lifted his price target to $425 from $410 after taking over coverage. The bank said it expects the company to emerge as a market leader in autonomous mobility, renewable energy and robotics.
But with the shares trading at 30 times estimated 2030 EBITDA and with what it sees as potential downside to near term consensus forecasts, the bank said it preferred to wait for a more attractive entry point. Morgan Stanley’s 2026 auto volume forecast for Tesla is now 13% below consensus, reflecting its more cautious view of the electric vehicle industry. It added that Tesla’s “non auto catalyst path” is already reflected in the valuation.
Separately, Tesla CEO Elon Musk said the European Union should be abolished after the bloc fined his social media platform X €120m (£105m/$140m) for what it described as a “deceptive” blue checkmark and a lack of transparency in its advertising repository.
The two companies said on Friday that they had reached an agreement to bring Warner Brothers franchises such as Harry Potter and Game of Thrones to Netflix.
Netflix shares recovered ahead of the US opening bell even as comments from US president Donald Trump raised questions over the streaming group’s planned $72bn (£54bn) acquisition of Warner Brothers Discovery’s (WBD) film studio and HBO networks.
Speaking at an event in Washington DC on Sunday, Trump said Netflix has a “big market share” and warned that the enlarged group’s scale “could be a problem”.
The two companies said on Friday that they had reached an agreement to bring Warner Brothers franchises such as Harry Potter and Game of Thrones to Netflix, creating a new media giant. The proposal still requires approval from competition authorities and has prompted unease in parts of the entertainment industry.
Under the agreement global franchises including Looney Tunes, The Matrix and Lord of the Rings would shift to Netflix. Completion is expected after Warner Brothers separates its businesses in the second half of 2026.
The US Justice Department’s competition unit, which reviews large mergers, could argue that the deal breaches antitrust laws if the combined group commands too much of the streaming market.
At the John F Kennedy Center event, Trump said Netflix’s “very big market share” would “go up by a lot” if the transaction proceeds. He added that he would be personally involved in the decision over approval and repeatedly stressed the size of Netflix’s position in streaming.
Shares in Robinhood were higher in pre-market hours after the trading platform announced two acquisitions that mark its formal entry into Indonesia.
The US financial services group said it had agreed to buy Indonesian brokerage Buana Capital along with OKJ licensed crypto trader PT Pedagang Aset Kripto. The move, announced overnight, expands Robinhood’s reach in one of Southeast Asia’s most active crypto markets.
“Indonesia represents a fast growing market for trading, making it an exciting place to further Robinhood’s mission to democratise finance for all,” said Patrick Chan, head of Asia at Robinhood.
Pieter Tanuri, the majority owner of both Buana Capital and PT Pedagang Aset Kripto, will become a strategic adviser to Robinhood. The company did not disclose the value of the deals, which are expected to close in the first half of 2026.
Indonesia is home to roughly 17 million crypto traders and more than 19 million capital market investors.
Shares in Treasure Global were the most actively followed on Yahoo Finance on Monday as investors backed a series of fintech initiatives that the company says will drive growth in 2026.
The stock rose 149% in pre-market trading after closing 275% higher on Friday when its 1 for 20 reverse stock split took effect. The move is intended to lift the share price as the company seeks to regain compliance with Nasdaq’s (^IXIC) minimum $1 bid requirement. The split cut Treasure Global’s outstanding shares from about 16.96 million to roughly 848,100.
The rally follows heightened interest last week after the company projected revenue growth of more than 500% in 2026. Treasure Global pointed to several operational milestones across its fintech and digital asset businesses, including development of the OXI Wallet platform and the acquisition of Quarters Elite, a Malaysian financial advisory firm that oversees about $150m of assets.
The company said the initiatives create a multi layered ecosystem across digital payments, tokenisation and financial services and position the group for faster expansion next year.
Treasure Global operates the ZCITY super app, which combines e-payments with loyalty rewards and had more than 2.7 million registered users in Malaysia as of June.
In London, shares in Anglo American slipped after the miner said it had withdrawn a proposal to alter executive directors bonus awards from a shareholder vote on its merger with Canada’s Teck Resources (TECK-B.TO), following investor concerns over the policy.
Anglo American said the merger remains conditional only on approval to issue new shares and not on any changes to executive pay. It added that the remuneration committee will consult investors further on an updated pay policy at the 2026 annual general meeting.
Anglo had proposed amending its long-term bonus schemes so that if the merger was completed various executives, including CEO Duncan Wanblad, would be guaranteed a minimum of 62.5% of the shares that can ultimately vest through the incentive plan.
The Times has calculated that at current share prices, that would mean a bonus worth about £8.5m for Wanblad.
Anglo American said: “Whilst Shareholders with whom we consulted strongly supported the objectives of Resolution 2 and appreciated the very specific context for the Proposals, they nonetheless raised a number of concerns when considering more general remuneration principles.
“Anglo American strongly believes that the proposed amendment represents the most practical way to support the Merger process and the principles and objectives set out in the Circular but, having reflected carefully on Shareholders’ concerns, has therefore decided to withdraw Resolution 2 from the agenda of the General Meeting.”
The proposed $53bn deal, one of the largest in the sector, would create a major copper producer. Its scale means the transaction requires clearance from several regulators including those in Canada. Teck shareholders are due to vote on the merger on December 9.
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