Every day, the MarketScreener team selects the most important news about listed companies across the world. Here’s a short recap for your convenience:Thank you for reading this post, don't forget to subscribe!
In corporate news:
- Iberdrola raises its outlook after a 17% rise in net profit.
- IBM gains 1.4% post-trade after its quarterly results.
- Mercedes is a little more cautious in its automotive division due to fierce competition.
- Rheinmetall exceeds expectations thanks to its arms and ammunition business.
- Saab increases its third-quarter profit and raises its sales outlook.
- Standard Chartered falls in Asia after poor figures.
- Unilever reports quarterly revenues fairly close to expectations.
- Volkswagen misses third-quarter profitability targets.
- Wacker Chemie cuts its profit forecast for 2023 after quarterly earnings collapse.
- WPP reduces its annual ambitions.
- Meta Platforms reported higher-than-expected sales for the July-September period on Wednesday, but warned of accelerating expenses next year and additional regulatory pressures. The group reported quarterly sales up 23% to $34.15 billion, against a consensus of $33.56 billion.
- IBM reported third-quarter sales slightly ahead of Wall Street expectations on Wednesday, supported by stable demand for its software solutions and stronger-than-expected activity in the computer sector. IBM’s third-quarter sales rose by around 5% to $14.8 billion, against a consensus of $14.73 billion.
- UPS lowered its sales and adjusted operating margin forecasts for 2023 on Thursday, due to a drop in demand for package deliveries from e-commerce and as the group tries to regain customer confidence after tumultuous union negotiations. The share price fell by more than 5% in pre-market trading.
- Mattel warned on Wednesday of a slowdown in demand in the toy sector. The stock fell by around 8% after the close, after the toymaker reiterated that its annual net sales forecasts would be “comparable” to last year’s figures of $5.44 billion.
- Hasbro – The manufacturer of games, including the famous Monopoly, has sharply lowered its annual sales forecast against the backdrop of slowing demand in the sector. It now expects a decline of 13% to 15%, compared with the 3% to 6% previously expected. The share price fell by 11% in pre-market trading.
- Merck reported better-than-expected third-quarter sales and earnings on Thursday, boosted by surprisingly robust demand for its COVID-19 treatment, particularly in Japan. The share gained 1.3% in pre-market trading.
- Whirlpool moderated its full-year earnings forecasts on Wednesday, citing a drop in demand for its washing machines and kitchen appliances amid the crisis in purchasing power. The company now expects earnings per share of around $16, compared with a previous forecast of $16 to $18.
- Teradyne reported better-than-expected third-quarter sales on Wednesday, thanks to sustained demand for the company’s chip testing tools. Teradyne’s third-quarter net sales fell by around 15% to $703.7 million from $827.1 million a year ago, but beat consensus of $684.6 million.
- Ford Motor – Production at one of the automaker’s plants in Canada could grind to a halt by next Wednesday if no agreement is reached on the ongoing strike in Kentucky, a Canadian union representative told Reuters. Ford and negotiators from the United Auto Workers (UAW) union have, however, reached an agreement that still needs to be approved by the union’s leadership, CNBC reported on Wednesday.
- Marathon Petroleum – The US refiner announced a new $5 billion share buyback plan on Wednesday, and also raised its quarterly dividend by 10%.
The Federal Reserve proposed on Wednesday to cut by nearly a third the amount of “swipe fees” that banks can charge merchants for processing debit card transactions.
- Southwest Airlines said Wednesday it had reached a tentative agreement with Transport Workers Union Local 556, which represents nearly 19,000 flight attendants.
- United Rentals – The equipment rental company beat consensus in the third quarter on Wednesday, thanks to strong demand for industrial tools. The company reported adjusted earnings of $11.73 per share, beating analysts’ average estimate of $11.2 per share.
- Globe Life reported a nearly 24% jump in third-quarter earnings on Wednesday, helped by higher insurance underwriting and investment income. Net operating income was $2.71 per diluted share in the three months to September 30, compared with $2.19 last year.
- Align Technology fell by 25.1% before the opening, with the company now forecasting sales for fiscal 2023 of between $3.83 and $3.85 billion, compared with a previous forecast of $3.97 to $3.99 billion.
- EQT – The natural gas producer reported a surprise profit on Wednesday, helped by higher sales volumes that offset lower gas prices. The company reported adjusted earnings of 30 cents per share for the quarter, against a consensus loss of 8 cents per share, according to LSEG data.
In other news:
- Ford reaches agreement in principle with UAW strikers.
- Ted Pick is to take the helm at Morgan Stanley.
- Apple raises the price of its TV subscriptions.
- Morgan Stanley appointed Ted Pick as its new CEO on Wednesday. The stock had little reaction in pre-market trading, although analysts at JPMorgan considered the news positive, believing it likely to take some weight off the stock.
Today’s main earnings reports: Amazon, BNP Paribas, Schneider Electric, TotalEnergies, Honeywell International, Intel Corporation, Altria, Comcast Corporation, Bristol-Myers Squibb Company, Boston Scientific Corporation, Merck & Co, United Parcel Service, MasterCard, Volkswagen, China Life Insurance, China Construction Bank Corporation, Unilever, American Tower Corporation, Linde…All the agenda is here.