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GLOBAL MARKETS LIVE: Airbnb’s IPO, Amazon’s pharmacy, Walmart’s results…

11/17/2020 | 10:13am

Today, we’re talking about Airbnb's IPO projects and the merger under discussion between BBVA and Sabadell in Spain. Amazon launched an online pharmacy offering, while Berkshire Hathaway is investing in healthcare.

Earnings season. The Home Depot, Sea Limited, NIO Limited, Experian, Fortum, Imperial Brands, Iliad, Eurazeo, Paradox Interactive and Zooplus are among companies reporting their results today.

A few results:

  • Baidu: the Chinese search engine achieved better-than-expected results, with a return to growth in Q3.
  • The Home Depot recorded a 24.1% increase in sales on a comparable basis for the third quarter, well above expectations. The group of DIY and home improvement department stores announced plans to increase employee compensation by $1 billion per year.
  • Kohl’s, the department store chain, announced a 13.3% decline in same-store sales in the third quarter.
  • Walmart saw a stronger than expected 6.4% increase in its U.S. same-store sales excluding fuel in the quarter ended October.
  • Zooplus: Nine-month revenues were up 18% and Ebitda increased sevenfold compared to the same period in 2019. The forecasts raised in October are confirmed.

In other news:

  • Amazon.com launched today an online pharmacy offering in the U.S. that includes prescription drugs, which represents new competition for the major drugstore chains.
  • Banco Bilbao Vizcaya Argentaria is negotiating a merger with Banco de Sabadell, a new stage in the consolidation of the banking sector in Southern Europe, which would give rise to a group worth some €27.5 billion.
  • Banco Santander will acquire Wirecard's European activities for an unspecified amount. The Süddeutsche Zeitung had recently reported €100 million.
  • Volkswagen has not taken a decision on the future of Lamborghini and Ducati, but is modifying their shareholder structure with a view to an operation that could constitute a demerger.
  • Berkshire Hathaway is investing in healthcare: Merck, Pfizer, Bristol-Myers Squibb, AbbVie are among the recent investments.
  • Ryan Cohen (Chewy) owns nearly 10% of Gamestop and wants the company to think about its strategy.
  • Costco Wholesale will distribute a special dividend of USD 10 per share.
  • Tesla will enter the S&P 500.
  • The bosses of Facebook and Twitter are heard again in the U.S. Senate today.
  • Airbnb launches its initial public offering on the Nasdaq.
  • Huawei sells its Honor brand to a consortium of Chinese distributors not including Digital China, contrary to rumors, for an undisclosed price.
  • Komax will cut 70 jobs in Switzerland.
Romain Fournier
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