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GLOBAL MARKETS LIVE: Boeing gets 2020’s first order, Expedia slashes 3000 jobs

02/25/2020 | 09:34am EST

A few corporate results this morning, in a context that has been significantly exacerbated by the global spread of the coronavirus. In the news, we have job cuts announced by Expedia and the warnings from United, Airlines and MasterCard due to the pandemic.

Earnings season. Home Depot, Salesforce.com, Alcon, Endesa, Ingenico, Croda, Meggitt, ASM International, SIG Combibloc and Nexity are among companies reporting their earnings today.

Good news for Boeing. Japanese airline ANA Holdings announced that it will purchase 15 additional 787 Dreamliners from Boeing at a list price of five billion dollars. This is she first order won by the U.S. aircraft manufacturer since the beginning of the year.

New head at Reuters. Thomson Reuters has appointed former Nielsen Holdings president Steve Hasker as CEO. He succeeds Jim Smith, in office since 2012.

That's a consolidation. Intuit confirmed rumors of a takeover of Credit Karma for $7.1 billion in cash and shares. Intuit's management and accounting software will be complemented by Credit Karma's loan tracking solutions. This merger in the world of financial tools continues the wave of consolidation observed in the United States in the bank, particularly between financial institutions and stockbrokers.

"Poison Pill". HP Inc. is going to buy back $15 billion of its own shares and is thinking about other ways to prevent its takeover by Xerox. The group has also introduced a "poison pill" that would allow current shareholders to obtain shares at a low price if the 20% threshold is crossed upwards. HP's objective is to push Xerox to improve its proposal.

Severe cuts in the workforce. Expedia will cut 3,000 jobs, about 12% of its workforce, to restructure its activities. The chairman of the board of directors had recently criticized an internal organization that was no longer functioning properly. In December, the company's chief executive officer and chief financial officer were fired.

Warnings because of the coronavirus. MasterCard warns that the coronavirus will negatively impact its first quarter 2020 results, while United Airlines is abandoning its annual targets for the same reason.  The spread of the virus can be tracked via the interface set up by John Hopkins CSSE, based on official data.

Vaccines in preparation. The American laboratory Moderna has sent a first batch of coronavirus vaccines to the US health authorities. Fujifilm Holdings was flaming up in Tokyo this morning after Japan recommended using its Avigan to fight the coronavirus. Sanofi or J&J are also working on vaccines, which will not be available for several months.

Can do better. FINMA has deemed the contingency plans for the insolvency of the systemic banks Credit Suisse and UBS Group (with reservations) to be operational. On the other hand, those of Postfinance, Raiffeisen and Zürcher Kantonalbank are not executable as they stand. All five stabilization plans have been approved.

In other news. J.P. Morgan Chase is to present climate initiatives today at an investor day. Mallinckrodt is proposing $1.6 billion to halt the prosecution of the US opiate investigation, which would result in its US generics subsidiary being placed under "Chapter 11". China's Didi (part of the Softbank portfolio) will launch a meal delivery service in Japan in April. British fintech Revolut valued at $5.5bn as part of a new tabletop package. The Third Point fund invested more than $2bn in Prudential Plc to take just under 5% of the capital and push the British insurer to split into two entities. Implenia ended below expectations.

© MarketScreener.com 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALCON INC. 1.43% 65.46 Delayed Quote.11.25%
ANA HOLDINGS INC. -1.38% 2209.5 End-of-day quote.-2.96%
ASM INTERNATIONAL N.V. -1.86% 221.7 Real-time Quote.23.20%
AT HOME GROUP INC. 0.73% 24.93 Delayed Quote.61.25%
CREDIT SUISSE GROUP AG -0.45% 12.18 Delayed Quote.6.84%
CRODA INTERNATIONAL PLC 0.82% 6424 Delayed Quote.-2.61%
DEERE & COMPANY -0.11% 305.17 Delayed Quote.13.55%
ENDESA, S.A. 0.74% 21.92 Delayed Quote.-1.92%
EXPEDIA GROUP, INC. -1.70% 136.52 Delayed Quote.3.11%
FUJIFILM HOLDINGS CORPORATION 1.60% 6287 End-of-day quote.15.61%
HP INC. -0.35% 25.27 Delayed Quote.2.77%
IMPLENIA AG -1.19% 24.82 Delayed Quote.3.24%
INGENICO GROUP 0.00%End-of-day quote.30.99%
INTUIT INC. -1.81% 374.85 Delayed Quote.-1.32%
LETS HOLDINGS GROUP CO., LTD. 5.79% 7.86 End-of-day quote.1.03%
LOOK HOLDINGS INCORPORATED -1.40% 918 End-of-day quote.-4.08%
MASTERCARD INCORPORATED -1.63% 328.99 Delayed Quote.-7.83%
MEGGITT PLC -1.42% 417.7 Delayed Quote.-10.46%
MODERNA, INC. -1.47% 131.02 Delayed Quote.25.41%
NEXITY -1.11% 37.5 Real-time Quote.5.75%
NEXT PLC -2.99% 7914 Delayed Quote.11.69%
PRUDENTIAL PLC -2.17% 1395 Delayed Quote.3.56%
SALESFORCE.COM, INC. 1.62% 225.77 Delayed Quote.1.46%
SANOFI 0.05% 81.46 Real-time Quote.3.51%
SIG CO., LTD. -0.93% 961 End-of-day quote.5.72%
SIG COMBIBLOC GROUP AG 1.40% 21.66 Delayed Quote.5.45%
SOFTBANK GROUP CORP. -1.63% 8800 End-of-day quote.9.21%
THE BOEING COMPANY -0.76% 205.84 Delayed Quote.-3.11%
THE HOME DEPOT, INC. 1.77% 284 Delayed Quote.6.92%
THOMSON REUTERS CORPORATION 0.68% 103.72 Delayed Quote.-0.44%
UBS GROUP AG -0.68% 13.15 Delayed Quote.5.45%