Corporate news:

  • Adobe: The stock gained 3% in after-hours trading after the release of its quarterly results and new targets.
  • ASML: The group is targeting €61-6.6 billion in Q4 revenue and sees little impact for now from new U.S. technology restrictions on China.
  • ASOS: The group warned on its outlook as consumers feel the effects of inflation.
  • BHP: The mining group is keeping its production guidance unchanged for the year ending September 30, 2023.
  • Just Eat Takeaway: Cost cuts help it reach operating breakeven slightly earlier than expected.
  • Nestlé: Sales are boosted by price increases. Growth is expected to grow 8% this year.
  • Netflix added more subscribers than expected in the third quarter, while being slightly more optimistic than analysts for the end of the year.
  • Procter & Gamble - The consumer products maker lowered its annual sales forecast due to the stronger dollar, but posted better-than-expected quarterly sales and profit from price increases.
  • Baker Hughes reported a quarterly loss, after a profit a year ago, due to restructuring and impairment charges related to its latest reorganization.
  • Travelers Companies reported a 20% drop in quarterly profit on Wednesday, hurt in part by hurricane-related claims.
  • Nasdaq reported a 15% increase in adjusted third-quarter profit on strong demand for its investment products, which helped offset a slowdown in the number of IPOs.
  • Omnicom posted adjusted earnings and third-quarter sales that beat analysts' expectations.
  • Adobe reaffirmed its financial targets for this year and said it expects 2023 revenue to exceed $19 billion.
  • United Airlines reported its largest quarterly profit in three years, with adjusted third-quarter earnings per share of $2.81, compared with the $2.28 Refinitiv consensus forecast.

 

In other news:

  • Apple is cutting production of the iPhone 14 Plus, according to The Information.
  • Holcim pays $778 million for Lafarge's actions in Syria.
  • Credit Suisse is reportedly working with RBC and Morgan Stanley to raise funds.
  • Merck KGaA announces its indictment for "aggravated deception" in the criminal case of the Levothyrox drug formula change.
  • Eli Lilly buys genetic drug developer Akouos for up to $610 million.
  • Meta Platforms agrees to divest Giphy after exhausting its appeals in the UK.
  • Textron lands an order for up to 20 Cessna Citation business jets from Fly Aviation.
  • Mobileye (Intel) will go public on a $16bn valuation.
  • Amazon announced the launch of a U.K. platform offering home insurance services where third-party companies such as Ageas, Co-op and LV will offer their services.

Main earnings reports today: Tesla, Procter & Gamble, Nestlé, Abbott, ASML, International Business Machines, Atlas Copco, Sartorius Stedim Biotech and Deutsche Börse. All the agenda is here.