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Trending tickers: Tesla, Broadcom, BYD and BT

The latest investor updates on stocks that are trending on Thursday

Austin, TX, USA. 7th Apr, 2022. Tesla CEO ELON MUSK speaks to invited guests about the history of the company and the new pre-production electric model of the Tesla Cybertruck at the Tesla manufacturing CyberRodeo on April 7, 2022 in Austin, Texas. The company with CEO Elon Musk intends to deliver a handful of production models to select VIP's on Nov. 30th, 2023. (Credit Image: © Bob Daemmrich/ZUMA Press Wire) EDITORIAL USAGE ONLY! Not for Commercial USAGE!
Elon Musk wants to move the company’s state of incorporation to Texas. (ZUMA Press, ZUMA Press, Inc.)

Elon Musk has said Tesla shareholders have been voting to approve his $56bn (£44bn) pay package which was rejected in a court ruling earlier this year.

In a post on X, Musk said the shareholder resolutions on his remuneration and reincorporating the company in Texas were “passing by wide margins.”

The pay package was first agreed by Tesla’s board, and backed by shareholders, in 2018. For Musk to qualify for the money, Tesla had to hit various revenue, profit and share price targets, which were met.

Read more: FTSE 100 LIVE: European markets lower as US interest rates held at 23-year high

But back in January, Delaware judge Kathaleen McCormick ruled in favour of a Tesla shareholder who argued that the company’s board inappropriately set the pay package.

The electric car maker’s chief executive said investors are also backing plans to move the company’s state of incorporation to Texas.

Shares in Broadcom have surged over 14% in pre-market trading as it posted earnings for the second fiscal quarter that beat analysts’ estimates.

The chipmaker also announced a 10-for-one stock split to take advantage of a rally in its shares this year.

Broadcom manufactures advanced networking chips that help move around vast amounts of data used by AI applications such as OpenAI's ChatGPT, making it one of the beneficiaries of businesses heavily investing in the boom.

“Talking of AI accelerators, you may know our hyperscale customers are accelerating their investments to scale up the performance of these clusters,” Broadcom CEO Hock Tan said on the earnings call. “And to that end, we have just been awarded the next-generation custom AI accelerators for these hyperscale customers of ours.”

Read more: Stocks that are trending today

Broadcom reported $2.12bn in net income during the quarter, or $4.42 per share, versus $3.48bn in net income, or $8.15 per share, in the year-ago period.

The company expects about $51bn in sales during its fiscal 2024 year, an increase over the company’s previous forecast, and slightly higher than consensus expectations of $50.42bn.

BYD’s Hong Kong-listed shares jumped almost 6% after European tariffs on electric vehicle imports from China were lower than market expected.

The EU said it will impose higher import tariffs on Chinese electric vehicles, ranging from 17% to 38%. But tariffs on BYD were at 17%, much better than the 30% projected by Citi.

The lower tariff bodes well for BYD’s market share gain in the EU, Citibank analysts said China’s EV manufacturers have been pushing more aggressively into Europe amid a domestic price war and years of building a lead in the technology.

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“BYD will likely be able to absorb most of the burden from EU import duties on Chinese BEVs, since its cars carry peer-beating profitability and are subject to a 17.4% added tariff versus the 21% industry average,” according to Bloomberg Intelligence.

BYD is based in Shenzhen and backed by Warren Buffett’s Berkshire Hathaway (BRK-B).

China has said it “reserves the right” to file a suit with the World Trade Organisation over the planned new EU tariffs on imports of its electric vehicles.

Mexican billionaire Carlos Slim has bought a 3.2% stake in BT weeks after the company unveiled a turnaround bid.

According to a regulatory filing late on Wednesday, the stake — worth around £400m — was taken by Slim’s family business Inbursa.

Slim, 84, is the world’s 17th-richest person, and the wealthiest person in Latin America. He was formerly the world’s richest man.

In response to Slim's investment, BT said: "We welcome any investor who recognises the long-term value of our business” and “look forward to engaging with Inbursa, just as we do with all investors”.

Shares in BT rose by more than 10% last month after chief executive Allison set out her strategy to more than double free cash flow over the next five years, cut more costs and potentially dispose of its global enterprise business.

A spokesperson for Slim’s Grupo Carso told the FT the move was a “financial investment, like many the group makes”.

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