Corporate results:

  • Alcon reports higher net income and sales for fiscal 2023.
  • ASM International forecasts stable first-quarter revenues.
  • eBay gains 3% after its quarterly results.
  • Holcim reports slightly better-than-expected fourth-quarter results.
  • Just Eat Takeaway forecasts a nearly 40% jump in earnings in 2024.
  • Reckitt reports sales below expectations.
  • Uniper forecasts lower earnings in 2024 due to falling energy prices.

In other news:

  • Apple abandons its electric vehicle project. In addition, the group reportedly met with Justice Department officials to avoid an antitrust lawsuit, according to Bloomberg.
  • The EU investigates Microsoft's security software practices.
  • Warner Bros halts the merger talks with Paramount Global, according to CNBC.
  • Eli Lilly CEO says its anti-obesity drug could be marketed in India as early as 2025.
  • Aston Martin postpones the launch of its first battery-electric vehicle by a year.
  • The US Justice Department opens an antitrust investigation into UnitedHealth, according to the WSJ.
  • Country Garden faces winding-up petition for non-payment of $205m loan. The Chinese group will oppose the creditor's request.
  • Glencore takes an interest in Shell's Singapore assets, while CNOOC pulls out.
  • Viking Therapeutics soared 122% yesterday after promising Phase II results for its anti-obesity treatment.
  • Intel plans to deliver 100 million AI-enabled personal computers by 2025.
  • Swisscom is in advanced negotiations to buy Vodafone Italy, according to Bloomberg.
  • Applied Materials receives SEC subpoena over shipments to China.
  • Sony cuts 900 jobs in its PlayStation division.
  • Qualcomm's proposed acquisition of Autotalks is investigated by the UK regulator.
  • Lufthansa faces new ground staff strike from Wednesday to Friday.
  • TikTok starts to remove Universal Music content after settlement deadlock.
  • AVIC Aviation High Technology abandons a planned joint venture with Evonik.
  • Swedish neobank Klarna eyes a US IPO with a valuation that could reach $20 billion, according to Bloomberg.
  • Ebay - The online shopping platform exceeded market expectations with fourth-quarter sales and earnings, against a backdrop of strong consumer spending over the festive season. The share price is up 3.5% in pre-market trading.
  • Eli Lilly plans to launch its obesity treatment Tirzepatide in India as early as next year, David Ricks told Reuters on Wednesday. The drug is marketed in the United States under the name Mounjaro for diabetes and Zepbound for weight loss. Its worldwide market is estimated to be worth at least $100 billion by the end of the decade, according to analysts.
  • Alphabet - Group CEO Sundar Pichai told employees in a note on Tuesday that Google was working to fix its Gemini generative artificial intelligence technology, acknowledging that some of the answers generated by the tool were "biased" and "totally unacceptable".
  • Tesla - The carmaker's CEO, Elon Musk, announced on Tuesday evening, in a message published on the X network (formerly Twitter), that the group aims to deliver its new Roadster electric sports car next year, a model presented in 2017 and originally scheduled for release in 2020.
  • Beyond Meat announced on Tuesday evening that it intends to raise product prices and cut costs sharply this year, after reporting better-than-expected quarterly sales. The stock soared 70% in pre-market trading.
  • Bumble announced on Tuesday evening its intention to cut around 350 jobs, the first major decision taken by the group's new CEO, Lidiane Jones. The online dating site also said it anticipated sales growth for the current quarter of between 8% and 11%, against analysts' forecasts of 13%, according to LSEG data, against a backdrop of slowing user spending. The share price fell by 8.5% in pre-market trading.
  • KKR is considering selling its 53.8% stake in India's JB Chemicals & Pharmaceuticals, valued at over $3 billion, Bloomberg reported on Wednesday, citing sources close to the matter.

Today's main earnings reports: Dell Technologies, Salesforce, The TJX Companies, Snowflake, Monster Beverage, Universal Music, Reckitt Benckiser, Holcim, Amadeus, Uniper, UCB...