GLOBAL MARKETS LIVE: Boeing, Target, Apple…

11/18/2020 | 10:01am

Target’s results topped expectations, Apple has a new commission structure for its App store, Boeing is about to have its B737MAX back in the air again and Robinhood is considering an IPO.

Earnings season: Nvidia, Lowe's, Target Corporation, The TJX, A.P. Møller - Mærsk, ZTO Express, SSE Plc, NIBE Industrier, Soitec, Royal Unibrew, LDC and Pharmagest are among companies reporting their results today.

A few results:

  • Lowe's reported third-quarter net income of $692 million, or 91 cents per share, compared with $1.05 billion, or $1.36 per share, at the same time last year. Sales exceeded the consensus and were up 28.3% year-on-year.
  • Nio Limited: the "Chinese Tesla" increased its quarterly automotive revenues by 146% to approximately $650 million and reduced its losses, delivering 12,206 vehicles over the period. The market reacted negatively with a stock that lost 1% in the off-season.
  • Target reported net income of $1.01 billion in the third quarter of 2020, or $2.01 per share, up sharply from $714 million, or $1.39 per share, in the same period last year. Revenues reached $22.63 billion (+21.3%), well ahead of the consensus ($18.67 billion).

In other news:

  • Apple changed its App Store commission structure. From January, small and individual developers earning up to $1 million in revenue per year are entitled to a reduced commission rate of 15%, half the standard App Store commission.
  • The U.S. Federal Aviation Administration (FAA) today announced the lifting of the Boeing 737 MAX flight ban in the United States. The approval is conditional on changes being made to the aircraft's software and wiring. Pilots will also be required to undergo re-training.
  • Pfizer and BioNTech announced that their Covid-19 candidate vaccine was 95% effective in Phase III clinical trials. Efficacy was consistent across all demographics  and the efficacy observed in adults over 65 years of age was greater than 94%.
  • European new vehicle registrations fell 7.8% in October and 26.8% over 10 months, according to ACEA.
  • Deutsche Börse acquires US consulting firm ISS, valued at €2 billion.
  • LafargeHolcim issues a €850 million "green" bond with a 0.5% coupon and a maturity date of 2021.
  • Equinor will increase the production capacity of the Johan Sverdrup field in the Norwegian Sea.
  • Unilever wants to become a vegetable meat giant.
  • Croda will acquire Iberchem for €820 million.
  • Nokia, Qualcomm and Elisa reach 5G speed records in Finland.
  • Embracer buys several studios.
  • The Robinhood trading application, popularized by lockdowns, is considering going public, according to several sources.
Romain Fournier
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