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Tesla shares fall after fire halts production at Berlin plant

Frankfurt-listed shares of Tesla fell 2.4% in early afternoon trade, after the company’s plant outside of Berlin was reportedly forced to halt production following a suspected arson attack at a nearby electricity substation.

Tesla’s U.S.-listed shares were 2% lower in premarket trade.

Tesla confirmed that its Gruenheide factory had paused production and was evacuated Tuesday morning, according to Reuters. Brandenburg police told CNBC that the damage to an electricity pylon in the Gosen-Neu Zittau area initially looked like arson and added that it is currently investigating who is responsible.

Left-wing extremists the “Volcano Group” claimed responsibility for the attack in a letter posted to alternative news site Kontrapolis.

CNBC could not independently verify the letter.

— Karen Gilchrist

Stocks on the move: Inchcape down 9.3%, Thales up 6.8%

Shares of British automotive company Inchcape sank 9.3% after it announced that it expects its growth to moderate in the coming year despite recording an increase in 2023 profits.

Other the end, France’s Thales rose 6.8% after reporting an uptick in profit and sales in its full-year results.

— Karen Gilchrist

CNBC Pro: We’re in a ‘boomer renaissance,’ top hedge fund manager says — naming sectors and stocks to play it

Top hedge fund manager David Neuhauser says the world is in a “boomer renaissance” and investors should be betting big on certain sectors that play the theme.

“I think the world is in this boomer renaissance now and there are some stocks that are seeing great moves,” he told CNBC Pro.

He added that the stocks “are not mega tech which shows you other areas tied to the wealth [effect] are helping broadening out gains.”

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Skip EV stocks like Tesla, says fund manager, naming a ‘phenomenal’ alternative

Competition is heating up in the electric vehicle industry, especially between investor favorite Tesla and Chinese automakers like the Warren Buffett-backed BYD.

However, one fund manager has some serious reservations about the sector.

“We don’t own any of the [EV] auto manufacturers and I think the arms race to develop EVs is going to be profitless for a lot of these businesses, including Tesla. So, I would avoid it all, I’m afraid,” he added.

The fund manager instead has his sights on what he calls “bigger integrated covers,” naming his favorite alternative stocks.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

European markets: Here are the opening calls

European markets are set to open lower Tuesday.

The U.K.’s FTSE 100 index is expected to open unchanged at 7,633, Germany’s DAX down 37 points at 17,676, France’s CAC 8 points lower at 7,943 and Italy’s FTSE MIB down 83 points at 32,846, according to data from IG. 

Earnings are expected from Thales and Schaeffler today. Data releases include euro zone producer prices for January.

— Holly Ellyatt


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