GLOBAL MARKETS LIVE: Ant Group’s IPO postponed; Deutsche Bank wants to get rid of Donald Trump…
Earnings results keep coming, with some heavyweights like Mondelez, PayPal, Bayer or EssilorLuxottica. Deutsche Bank wants to get rid of Donald Trump, while the Shanghai Stock Exchange has postponed Ant Group's IPO.
Earnings season. Saudi Aramco, EssilorLuxottica, Progressive Corporation, Humana, Bayer, BNP Paribas, AXA, Ferrari, Coloplast, Royal DSM, Teleperformance, Evonik and Adecco are among companies reporting their earnings today.
A few results:
- EssilorLuxottica: revenues declined by 1.1% at constant exchange rates in Q3, an improvement over the beginning of the year. The group provides only general forecasts, but reports that its synergy program is on track.
- Adecco: Q3 revenues declined by 18% to €4.83bn. Operating profit was down 52% to €131m. The company expects a slow recovery, but does not quantify its expectations.
- Bayer: Chemist reports loss in Q3, while sales declined. Management confirms that it is targeting sales of between €43 and €44 billion this year, with adjusted EBITDA of around €12.1 billion at constant exchange rates.
- Dufry: the duty-free store operator recorded a decline of more than 80% in Q3 revenues to CHF 487 million. Management is not in a position to make any forecasts for the year, but is sticking to its savings program of CHF 1 billion for the full year.
- HelloFresh: The group reached new highs in Q3, enabling it to raise its annual guidance for the third time this year, targeting 95 to 105% revenue growth on a constant basis, compared to 75 to 95% previously, and an adjusted EBITDA margin of 12.25 to 12.75%, compared to 9 to 11% previously.
- Hugo Boss: The German textile group reported revenues down 24% in the third quarter to €533 million, below consensus. However, income from operations was slightly better than expected.
- Mondelez: third-quarter revenues grew by 5% to $6.6 billion, for a net profit of $0.62, levels close to expectations, leaving the stock without much post-reaction.
- PayPal: the share lost more than 5% off session, after the publication of results and despite an increase in forecasts.
- Royal DSM: the chemist achieved slightly better than expected results.
In other news:
- The Shanghai Stock Exchange has postponed Ant Group's IPO, a day after a quartet of regulatory agencies called Jack Ma, the company's controlling shareholder, and senior executives to a closed-door meeting, the Wall Street Journal reports. The meeting with regulators and changes in the regulatory environment disqualified Ant from being listed on Thursday, the stock exchange said in a statement quoted by the media.
- Apple organized a virtual conference on November 10, probably dedicated to the presentation of the new range of Macs equipped with home-made processors.
- The Deutsche Bank is allegedly looking to end its business relationship with Donald Trump, but is not sure how to do so, Reuters learned.
- Speculation on the identity of the future boss of Credit Suisse: according to CH Media, it would be neither a woman, nor a banker of the seraglio, nor a Swiss. Verdict on November 27.
- Rumors circulate about an entry of Alibaba and Compagnie Financière Richemont in the capital of Farfetch.
- CureVac's experimental Covid-19 vaccine has triggered an immune response in humans that will soon move into phase III.
- Walmart is abandoning its project to use robots developed by Bossa Nova Robotics to check shelf supply, believing that humans are better suited to this task.
- U.S. judges are considering a case of collusion in the field of municipal bonds in the United States, involving eight banks, Bank of America, Barclays, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Royal Bank of Canada and Wells Fargo.
- Wisekey wants to buy the German company Arago for €100 million.
- Zehnder takes control of the Chinese company Fortuneway.
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