Carlos Ghosn fallout; Bitcoin dives; Soup wars


CNN business

1. End of a business legend: The arrest of Carlos Ghosn in Japan on Monday is forcing three major automakers to make tough decisions about their leadership.

Ghosn, president of Nissan (NSANY) Mitsubishi Motors (MMTOF) and Renault (RNSDF), was arrested by the Japanese authorities after a "Nissan survey had revealed" misconduct acts "for many years.

Nissan said that misconduct included a significant underestimation of his pay and misuse of corporate assets. Ghosn has yet to respond to the allegations.

Ghosn is credited with saving Nissan and Renault, and sewing together three automakers in a global alliance. But now he is likely to be eliminated as president of all three.

Finance Minister Bruno Le Maire said he will meet Renault representatives on Tuesday to discuss the appointment of provisional management because Ghosn "is no longer able to lead the group".

The French government owns 15% of Renault. Ghosn also serves as CEO at the car company.

Nissan's board will meet on Thursday to remove Ghosn from his position. Mitsubishi also asked its board of directors to "promptly remove" Ghosn as president.

Renault shares lost another 3.5% on Tuesday after having shaken up in the previous trading session. Nissan's shares lost 5.5% in Tokyo and Mitsubishi shares declined by almost 7%.

2. Down goes bitcoin: the price of bitcoins has plummeted by 15% in the last 24 hours, reaching a minimum of $ 4,200. Continue to swing wildly.

As often happens with digital currencies, the cause of the accident is not clear. The US Securities and Exchange Commission recently broke the "initial coin offerings" and the sales of mining crypto equipment seem to have slowed.

Bitcoin prices are now around 75% lower than the record levels set a year ago at the top of a bubble.

3. Soup Earnings: Investors are eagerly awaiting a report on earnings from Campbell Soup (CPB) amid a fierce fight for delegation for control of the board of directors.

The activist investor Daniel Loeb wants to replace five members of the board of 12 people of the company. Campbell's management says he knows the company better and can put it back on track.

The 149-year-old company in distress has faced a number of problems including poor sales, an unfortunate acquisition of Bolthouse and the sudden departure of its CEO this year.

If Campbell has a strong quarter, the management could use the good results to strengthen his case. But if the gains disappoint, Loeb will be ready to jump.

4. Global market overview: US stock futures were lower, signaling another hard day trading on Wall Street.

On Tuesday, European markets were opened in negative territory. The German DAX led the retreat, losing more than 1%.

In Asia, the Japanese Nikkei lost 1.1% while the benchmarks in Shanghai and Hong Kong lost about 2%.

The Dow fell 1.6% on Monday and the S & P 500 lost 1.7%. The Nasdaq has plummeted by 3% since the technological actions including Apple (AAPL), Facebook (FB), Amazon (AMZN) and Google Parent Alphabet (GOOGL) have suffered heavy losses.

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5. Earnings and economy: Barnes and Noble (BKS), Best Buy (BBY), Campbell Soup (CPB), Hormel Foods (HRL), Lowe's (LOW) and Target (TGT) are destined to unlock earnings before opening.

Foot Locker (FL) and Gap (GPS) will follow after closing.

The US Census Bureau will publish a housing housing report for October at 8:30 ET.

6. Incoming this week: Tuesday — BJ & # 39; s Wholesale Club (BJ), Best Buy (BBY), Barnes and Noble (BKS), Campbell Soup (CPB), Target (TGT), TJX (TJX) and Gap (GPS) gains on Wednesday — Deere & Co. (DE) gains on Thursday — US markets closed for Thanksgiving Friday — Black Friday; The US markets close early

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