Corporate results:

  • BAE Systems beats earnings forecasts and expects further growth.
  • HSBC reports lower-than-expected earnings due to a large write-down on its Chinese assets.
  • JDE Peet's forecasts organic sales growth at the lower end of its medium-term target.
  • Rio Tinto meets annual earnings expectations, but expects higher costs in 2024.
  • Wolters Kluwer reports lackluster 2023 results, but shareholder returns rise sharply and the outlook for 2024 is unsurprising.
  • Chesapeake Energy reported better-than-expected fourth-quarter results on Tuesday, as the US natural gas producer offset lower commodity prices with cost reductions. However, the share price was down 2% in after-hours trading, as the group announced a 20% cut in production-related expenses this year.
  • International Flavors & Fragrances reported a lower-than-expected full-year sales forecast on Tuesday evening and announced a $2.6 billion write-down in the fourth quarter, as the group faces weak demand. The stock fell by 8.5% in pre-market trading.
  • Palo Alto Networks published a lower-than-expected sales forecast for the third quarter on Tuesday evening, causing the stock to plunge 23% in pre-market trading and dragging down other cybersecurity companies. Fortinet fell by 5.9%, Crowdstrike Holdings by 9.4%, SentinelOne by 7.6% and Zscaler by 9.2%.

Important (and not so important) announcements

  • Amazon to replace Walgreens Boots in the Dow Jones on February 26.
  • EasyJet is set to return to the FTSE 100 at the expense of Endeavour Mining.
  • Nvidia dethrones Tesla as Wall Street's most traded stock. It will publish its quarterly results after the close of trading. The group should post a threefold increase in sales in the fourth quarter, as demand for its chips dedicated to AI applications remains strong. But this remarkable performance may not be enough to satisfy high expectations and justify the company's valuation. On Tuesday, Nvidia's share price fell by more than 4% in a context of caution.
  • Occidental Petroleum considers selling Western Midstream for over $18 billion.
  • The Capital One-Discover Financial deal incurs the wrath of US Senator Elizabeth Warren.
  • Grifols recovers 7% after Gotham City Research's second blade.
  • French NGO files complaint against Nestlé
  • Indian authorities reveal $241 million in accounting problems at Zee, which denies them.
  • Tesla - Swedish trade union Seko said Wednesday that its members could stop installing and maintaining the group's charging stations in the country, in support of the dispute between the IF Metall union and the automaker.
  • Meta Platforms- Group CEO Mark Zuckerberg is planning to visit South Korea, Meta reported on Wednesday, without giving further details. According to sources close to the matter, Mark Zuckerberg is scheduled to meet with Samsung Electronics president Jay Y. Lee, among others, to discuss AI-related issues. Samsung declined to comment.
  • Boeing - The Federal Aviation Administration (FAA) said Tuesday it had launched an investigation into the diversion of a United Airlines Boeing 757-200 after the crew reported a problem with the plane's wing. Boeing declined to comment.
  • Citigroup - The head of the US bank, Jane Fraser, has seen her compensation rise by around 6% in 2023, to $26 million, according to a group document.

Today's main earnings reports : Nvidia, Glencore, HSBC, Rio Tinto, BAE Systems, Wolters Kluwer, Aedifica, JDE Peet's, Synopsys, Pioneer Natural Resources...