Here are the stories that caught our eye this week.
Fiat Chrysler gets whacked
It was a tough week for Fiat Chrysler Automobiles (NYSE:FCAU) after the Environmental Protection Agency (EPA) accused the automaker of rigging software to allow excess diesel emissions.
The notice could affect more than 100,000 cars, trucks, and SUVs, with a maximum total fine of $4.6 billion.
Fiat shares fell more than 10% on the New York Stock Exchange on Thursday, and followed that up by falling by more than 3% during Friday’s trading.
McDonald’s sells China stake
McDonald’s Corporation (NYSE:MCD) entered into an agreement this week to sell an 80% stake of its 2,200 locations in China and Hong Kong to a consortium of buyers for $2.1 billion. Included in the group where private equity firm Carlyle Group and China’s CITIC Group. The deal includes franchise rights for all of China for the next 20 years.
McDonald’s decided to keep a minority stake to take advantage of potential growth in the region.
Trump whacks biotechs
President-elect Donald Trump continued to go after certain parts of the U.S. economy this week, targeting U.S. biotech firms in his much-anticipated news conference, saying new “bidding procedures” are needed.
The reaction was swift. Pfizer Inc. (NYSE:PFE) traded as high as $33.50 per share before the press conference started. By the end of the event, shares had dipped below $32.50, a 3% drop.
Pfizer shares haven’t yet recovered. They’re currently sitting at $32.49 each in Friday afternoon’s trading.
