GLOBAL MARKETS LIVE: Intel, Mattel, Nordea…
|10/23/2020 | 10:05am|
Several large companies have released their results, which generally show good performance. In the United States, not all technology stocks are immune to the difficult economic context, as Intel's quarterly reports show.
A few results:
Kering: third-quarter revenues exceed expectations, but Gucci disappoints. Other brands took over, such as Bottega Veneta, Balenciaga and Ulysse Nardin.
L'Oréal: growth returned in the third quarter, which was good news as the market feared a slight contraction. Revenues should increase in the fourth quarter, but management remains cautious due to the pandemic
Michelin: the third quarter is slightly more robust than expected, enabling the company to raise its 2020 forecast. The 2019 level of activity should be restored from the second half of 2022.
Renault: revenues for the first nine months are down 3.2% like-for-like, but the group reports a recovery from September, with a sharp increase in order books and a fall in inventories. The group should achieve positive free cash flow from operations in the automotive business in the second half of the year.
Barclays: the British bank reported better-than-expected results, despite very high provisions.
Daimler: the German carmaker is banking on 2020 operating income close to that of 2019.
Intel: the quarterly results are disappointing, in particular because of the data center activity. The share lost 10% outside of the trading session.
Intercontinental Hotels: the group reported that its average revenue per room (RevPar) collapsed by 53.4% in the third quarter. However, it improved compared with the first half of the year.
Mattel: The owner's quarterly Barbie quarters are attractive, with the stock earning more than 5% after the session.
Moncler: the Italian luxury brand confirmed the good trend in the sector with quarterly figures that exceeded expectations.
Nordea: the Scandinavian bank reported net profit of €837 million in the first half of the year, compared to a consensus of €697 million. Targets for 2020 and 2022 have been reiterated.
Norsk Hydro: the aluminum producer significantly improved its operating performance in the third quarter, well beyond expectations.
Schindler: the Swiss group logically experienced a contraction in its accounts in the third quarter, but the figures are higher than the market feared.
In other news:
Wells Fargo, shaken by the scandal of the ghost accounts, is considering selling its asset management business, said Reuters quoting sources close to the file. It could be valued at more than 3 billion dollars and has 578 billion dollars in assets under management.
Walmart is suing the U.S. Department of Justice (DOJ) and the DEA, asking a federal court to clarify the roles and responsibilities of pharmacists and pharmacies under the Controlled Substances Act (CSA).
The United States fully authorizes Gilead's anti-viral remdesivir against Covid-19.
Syncapay acquires Wirecard's North American assets.
Equinor changes CFO.
Difficult first stock market steps for McAfee.
Novartis obtains orphan drug designation in Europe for
Palantir will help U.S. authorities track the coronavirus.