Market Update
U.S. Movers: Automobile Industry Stocks, Chevron, Deckers Outdoor, MasterCard, PulteGroup
Scott Peters
03 Feb, 2025
New York City
U.S. investors sold stocks and market confidence waned in the chaotic Trump administration, after the U.S. imposed stiff tariffs on its three largest trading partners and launched a global trade war.
Automobile and parts makers after the announcements of new tariffs on imports from the three largest trading partners.
U.S. automobile production relies on a highly integrated supply chain network spanning from Mexico to Canada, and several parts cross borders multiple times before they are sold to consumers in North America.
General Motors declined 6.5% to $46.32, Ford Motor dropped 3.7% to $9.71, Stellantis NV decreased 4.9% to $12.53, and Tesla dropped 3.6% to $390.02.
Aptiv declined 3.6% to $59.38, Avery Dennison fell 2.2% to $180.71, and Cummins Inc. decreased 3.2% to $345.15.
Chipotle Mexican Grill declined 2% to $57.31 after avocado shipments from Mexico face 25% tariffs as early as Wednesday.
Constellation Brands declined 4% to $170.09 after the alcoholic beverage importer and distributor faced higher product costs from Mexico.
Recent Earnings Movers
MasterCard Inc dropped 1.9% to $555.43 despite the payments company reporting strong revenues for its fourth quarter ending in December, driven by strength in holiday sales.
Revenue advanced 16% to $7.5 billion from $6.5 billion, net income surged 22% to $3.3 billion from $2.8 billion, and earnings per diluted share rose 25% to $3.64 from $2.97 a year ago.
Pre-tax charges of $280 million were associated with an U.K. consumer class action settlement and legal provisions with a number of U.K merchants.
The company repurchased 6.5 million shares at a cost of $3.4 billion and paid $606 million in dividends.
Quarter-to-date through January 27, MasterCard repurchased 1.2 million shares at a cost of $644 million, which leaves $14.5 billion remaining under the approved share repurchase programs.
Deckers Outdoor Corp plunged 20.5% to $177.36 despite the parent company of Hoka and Ugg reporting better-than-expected results for its third quarter of fiscal year 2025.
Revenue increased 17% to $1.83 billion from $1.56 billion, net income climbed to $456.7 million from $389.9 million, and earnings per diluted share rose 19% to $3.0 from $2.52 a year ago.
For fiscal year 2025 the company estimated net sales to increase 15% to $4.9 billion, and earnings per diluted share in the range of $5.75 to $5.80.
Deckers Outdoor repurchased common stock for a total of $44.7 million in the third quarter at $162.85 per share, and as of December 31, 2024, the company had $640.7 million remaining under its stock repurchase authorization.
Chevron Corp dropped 4.6% to $149.19 after the energy company reported a decline in downstream operations in the fourth quarter ending in December.
Revenue climbed to $52.23 billion from $47.18 billion, net income jumped to $3.26 billion from $2.26 billion, and earnings per diluted share rose to $1.84 from $1.22 a year ago.
In the United States, upstream sales improved to $1.42 billion compared to a loss of $1.35 billion, and international sales declined to $2.88 billion from $2.93 billion a year ago.
Sales from downstream operations in the United States swung to a negative of $348 million from a positive of $470 million, and downstream international sales dropped to $100 million from $677 million a year ago.
Overall upstream operations brought in $4.30 billion from $1.59 billion, while downstream remained in the red at a negative $817 million from a negative $474 million a year earlier.
Pultegroup Inc dropped 4% to $113.78 despite the home builder reporting strong results for its fourth quarter ending in December.
Revenue jumped to $4.92 billion from $4.29 billion, net income surged to $913.23 million from $710.99 million, and earnings per diluted share rose to $4.43 from $3.28 a year ago.
Both the home and land divisions as well as the financial services segment marked steadily increasing sales, but home sales in Florida and Texas declined.
The company’s board raised the dividend by 10% and approved a $1.5 billion increase of stock repurchases, bringing the remaining authorization to $2.1 billion.
Wall Street Investors Stunned After Trump Administration Kicked Off Global Trade War
Barry Adams
03 Feb, 2025
New York City
Stock market indexes dropped, bond yields advanced, and market confidence wavered after investors returned from a weekend.
The S&P 500 index declined 1.7%, and the Nasdaq Composite dropped 2.2% in Monday's trading after the U.S. slapped tariffs on imports from its three largest trading partners.
The U.S. imposed 25% tariffs on imports from Mexico and Canada and imposed an additional 10% tariff on manufactured goods from China.
The move is likely to cover about $1.2 trillion, or about half of all imports, and could raise as much as $240 billion over a year.
Tariffs are paid by the U.S. importing companies, which are generally passed on to American consumers in the form of higher prices.
The Republican Party in the past had advocated free trade and decried trade barriers and tariffs, but as the party supports higher indirect taxes on all citizens and raises government revenue to pay for tax cuts for the wealthy donors.
The U.S. imports about $1.2 trillion of goods from its three largest trading partners, and the world's largest economy has run deficits for decades with its six key trade partners—Mexico, Canada, China, the European Union, Japan, and Korea.
The U.S. has run an annual trade deficit since 1964 and rarely bothered to focus on improving its trade competitiveness, as the dollar's reserve currency status provides an advantage that no other country enjoys.
Market confidence in the Trump administration has substantially weakened, and global financial markets are roiled from New York, Frankfurt, to Tokyo after the newly appointed presidential administration's actions are likely to start a new trade war.
Stock market indexes are likely to face a sharp selloff as investors worry about the announcements of more policies that could push the U.S. economy into a recession and stoke inflation, forcing the Federal Reserve to keep higher rates for longer.
U.S. Indexes and Treasury Yields
The S&P 500 index decreased 1.7% to 5,940.61, the Nasdaq Composite edged down 2.2% to 19,204.90, and the Russell 2000 index was down 2.5% to 2,231.23.
The yield on 2-year Treasury notes edged higher to 4.25%, 10-year Treasury notes declined to 4.51%, and 30-year Treasury bonds dropped to 4.74%.
WTI crude oil increased $1.83 to $74.36 a barrel, and natural gas prices edged higher by $0.27 to $3.32 a thermal unit.
Gold rose by $16.64 to 2,813.51 an ounce, and silver edged up by $0.06 to $31.34.
The dollar index, which weighs the US currency against a basket of foreign currencies, climbed 0.90 to 109.27 and traded at a two-year high.
U.S. Stock Movers
Automobile and parts makers after the announcements of new tariffs on imports from the three largest trading partners.
U.S. automobile production relies on a highly integrated supply chain network spanning from Mexico to Canada, and several parts cross borders multiple times before they are sold to consumers in North America.
General Motors declined 6.5% to $46.32, Ford Motor dropped 3.7% to $9.71, Stellantis NV decreased 4.9% to $12.53, and Tesla dropped 3.6% to $390.02.
Aptiv declined 3.6% to $59.38, Avery Dennison fell 2.2% to $180.71, and Cummins Inc. decreased 3.2% to $345.15.
Chipotle Mexican Grill declined 2% to $57.31 after avocado shipments from Mexico face 25% tariffs as early as Wednesday.
Constellation Brands declined 4% to $170.09 after the alcoholic beverage importer and distributor faced higher product costs from Mexico.
Wall Street Investors Stunned After Trump Administration Kicks Off Global Trade War
Barry Adams
03 Feb, 2025
New York City
Stock market indexes dropped, bond yields advanced, and market confidence wavered after investors returned from a weekend.
The S&P 500 index declined 0.7%, and the Nasdaq Composite dropped 1.1% in Monday's trading after the U.S. slapped tariffs on imports from its three largest trading partners.
The U.S. imposed 25% tariffs on imports from Mexico and Canada and imposed an additional 10% tariff on manufactured goods from China.
The move is likely to cover about $1.2 trillion, or about half of all imports, and could raise as much as $240 billion over a year.
Tariffs are paid by the U.S. importing companies, which are generally passed on to American consumers in the form of higher prices.
The Republican Party in the past had advocated free trade and decried trade barriers and tariffs, but as the party supports higher indirect taxes on all citizens and raises government revenue to pay for tax cuts for the wealthy donors.
The U.S. imports about $1.2 trillion of goods from its three largest trading partners, and the world's largest economy has run deficits for decades with its six key trade partners—Mexico, Canada, China, the European Union, Japan, and Korea.
The U.S. has run an annual trade deficit since 1964 and rarely bothered to focus on improving its trade competitiveness, as the dollar's reserve currency status provides an advantage that no other country enjoys.
Market confidence in the Trump administration has substantially weakened, and global financial markets are roiled from New York, Frankfurt, to Tokyo after the newly appointed presidential administration's actions are likely to start a new trade war.
Stock market indexes are likely to face a sharp selloff as investors worry about the announcements of more policies that could push the U.S. economy into a recession and stoke inflation, forcing the Federal Reserve to keep higher rates for longer.
U.S. Stock Movers
Automobile and parts makers after the announcements of new tariffs on imports from the three largest trading partners.
U.S. automobile production relies on a highly integrated supply chain network spanning from Mexico to Canada, and several parts cross borders multiple times before they are sold to consumers in North America.
General Motors declined 6.5% to $46.32, Ford Motor dropped 3.7% to $9.71, Stellantis NV decreased 4.9% to $12.53, and Tesla dropped 3.6% to $390.02.
Aptiv declined 3.6% to $59.38, Avery Dennison fell 2.2% to $180.71, and Cummins Inc. decreased 3.2% to $345.15.
Chipotle Mexican Grill declined 2% to $57.31 after avocado shipments from Mexico face 25% tariffs as early as Wednesday.
Constellation Brands declined 4% to $170.09 after the alcoholic beverage importer and distributor faced higher product costs from Mexico.
Europe Movers: Deutsche Bank, Julius Baer, Kone, Roche, Sanofi
Inga Muller
03 Feb, 2025
Frankfurt
The possibilities of higher trade barriers for the EU's exports to the U.S. come at a critical time as the region is struggling to expand its economic activities and reeling under stiff competition from China.
The DAX index decreased by 1.6% to 21,378.03; the CAC-40 index dropped 1.5% to 7,831.65; and the FTSE 100 index declined by 1.2% to 8,569.99.
The yield on 10-year German bonds inched lower to 2.43%, French bonds declined to 3.15%, the UK gilts moved down to 4.54%, and Italian bonds edged higher to 3.56%.
Automobile makers and advanced semiconductor equipment makers led the decliners across Europe in Monday's trading.
All leading automobile makers in the European Union declined, led by Mercedes-Benz Group AG, which fell 4.3% to €56.39; BMW plunged 4% to €75.42; Volkswagen AG dropped 5.8% to €95.55; and Stellantis NV fell 6% to €12.19.
Among leading tech equipment companies, Infineon Technologies AG decreased 4.2% to €30.74, and ASML Holding dropped 2.7% to €702.80.
Julius Baer Gruppe AG dropped 11% to CHF 56.70 despite the Swiss wealth management company posting strong fiscal year 2024 results, boosted by a substantial tax release.
The Swiss asset management company's new chief executive announced plans to trim its workforce by 5% as the company looks for ways to lower its operating costs.
Fiscal 2024 operating income jumped to CHF 3.86 billion from CHF 3.24 billion, net profit surged to CHF 1.02 billion from CHF 453.4 million, and earnings per diluted share rose to CHF 4.97 from CHF 2.21 a year ago.
Total assets increased to CHF 105.1 billion from CHF 96.79 billion a year earlier.
Operating income in the Americas decreased to CHF 51 million from CHF 63 million, while income advanced in other regions.
Earlier in January, the company agreed to sell its domestic Brazilian wealth management business to Banco BTG Pactual S.A. for CHF 91 million in a deal expected to close in the first quarter of 2025.
Julius Baer is extending its cost reduction program for 2023-2025, aiming at a CHF 110 million gross general expense and personnel cost savings on a run-rate basis by the end of 2025.
The costs to achieve these savings are estimated at approximately CHF 55 million, and they will be booked in 2025.
The company proposed a dividend of CHF 2.60 per share to be paid on April 16 and matched the rate in the previous year.
Kone Oyj dropped 0.9% to €50 after the Finnish elevator engineering company posted lower earnings in the fourth quarter ending in December.
Sales jumped 5.9% to €2.98 billion from €2.81 billion; net income declined 11.5% to €244.5 million from €276.3 million, and earnings per share fell 11.2% to 47 cents from 53 cents a year ago.
The annual growth in new orders declined, driven by the weakness in China, but new orders in the other regions were more stable.
Greater China comprised 23% of total sales, compared to a 27% share a year earlier, and quarterly sales in the region declined 13.3% to €620.5 million from €715.3 million a year ago.
Sales in the new building solutions segment declined 2.2%, while service and modernization sales increased by 11.2% and 13.6%, respectively.
Kone holds a 19.9% stake in Toshiba Elevator and Building Systems Corporation.
The company’s board proposed a dividend of €1.80 to be paid on outstanding class A and class B shares beginning on March 14 and resulting in a total amount of €931.36 million.
Furthermore, the board proposed that the distributable profits of €2.28 billion be retained and carried forward.
Deutsche Bank AG gained 0.2% to €18.94 after Germany’s largest bank reported an increase in revenue in the fourth quarter ending in December, but profit slumped as a result of a higher provision for legal expenses and restructuring costs.
Revenue climbed 8% to €7.2 billion from €6.7 billion; profit slumped to €106 million from €1.3 billion, and earnings per diluted share declined to 15 cents from 67 cents a year ago.
For fiscal year 2025, the company estimated revenue growth to range between 5.5% and 6.5% to approximately €32 billion.
The bank plans to propose a cash dividend of 68 cents per share, up from 45 cents per share last year, and the company approved a share buyback of €750 million year to date.
Roche Holding AG gained 0.3% to CHF 286 after the Swiss pharmaceutical company reported sales growth in fiscal 2024, but profit declined.
Revenue increased 3% to CHF 60.5 billion from CHF 58.7 billion, net income slumped 26% to CHF 9.19 billion from CHF 12.36 billion, and earnings per diluted share fell to CHF 10.31 from CHF 14.31 a year ago.
Pharmaceutical sales increased by 8%, and diagnostics sales rose by 4%, while excluding COVID-19-related products, which grew by 8%, driven by higher demand for immunodiagnostic products.
The company raised its dividend per share to CHF 9.70 from CHF 9.60 a year earlier.
Sanofi S.A. gained 0.75% to €104.40 after the French pharmaceutical company beat fourth-quarter earnings estimates, driven by improved pipeline momentum.
Revenue increased 9.1% to €10.56 billion from €9.69 billion, net income jumped to €695 million from a net loss of €558 million, and earnings per diluted share rose to 54 cents from a loss of 44 cents a year ago.
Gross profit jumped 5.4% to €7.84 billion from €7.44 billion a year earlier.
The company’s board proposed a dividend of €3.92 for 2024, to be approved by shareholders on April 30, and in 2025 Sanofi plans to buy back shares worth €5 billion.
Europe Movers: Deutsche Bank, Julius Baer, Kone, Roche, Sanofi
Inga Muller
03 Feb, 2025
Frankfurt
The possibilities of higher trade barriers for the EU's exports to the U.S. come at a critical time as the region is struggling to expand its economic activities and reeling under stiff competition from China.
The DAX index decreased by 1.6% to 21,378.03; the CAC-40 index dropped 1.5% to 7,831.65; and the FTSE 100 index declined by 1.2% to 8,569.99.
The yield on 10-year German bonds inched lower to 2.43%, French bonds declined to 3.15%, the UK gilts moved down to 4.54%, and Italian bonds edged higher to 3.56%.
Automobile makers and advanced semiconductor equipment makers led the decliners across Europe in Monday's trading.
All leading automobile makers in the European Union declined, led by Mercedes-Benz Group AG, which fell 4.3% to €56.39; BMW plunged 4% to €75.42; Volkswagen AG dropped 5.8% to €95.55; and Stellantis NV fell 6% to €12.19.
Among leading tech equipment companies, Infineon Technologies AG decreased 4.2% to €30.74, and ASML Holding dropped 2.7% to €702.80.
Julius Baer Gruppe AG dropped 11% to CHF 56.70 despite the Swiss wealth management company posting strong fiscal year 2024 results, boosted by a substantial tax release.
The Swiss asset management company's new chief executive announced plans to trim its workforce by 5% as the company looks for ways to lower its operating costs.
Fiscal 2024 operating income jumped to CHF 3.86 billion from CHF 3.24 billion, net profit surged to CHF 1.02 billion from CHF 453.4 million, and earnings per diluted share rose to CHF 4.97 from CHF 2.21 a year ago.
Total assets increased to CHF 105.1 billion from CHF 96.79 billion a year earlier.
Operating income in the Americas decreased to CHF 51 million from CHF 63 million, while income advanced in other regions.
Earlier in January, the company agreed to sell its domestic Brazilian wealth management business to Banco BTG Pactual S.A. for CHF 91 million in a deal expected to close in the first quarter of 2025.
Julius Baer is extending its cost reduction program for 2023-2025, aiming at a CHF 110 million gross general expense and personnel cost savings on a run-rate basis by the end of 2025.
The costs to achieve these savings are estimated at approximately CHF 55 million, and they will be booked in 2025.
The company proposed a dividend of CHF 2.60 per share to be paid on April 16 and matched the rate in the previous year.
Kone Oyj dropped 0.9% to €50 after the Finnish elevator engineering company posted lower earnings in the fourth quarter ending in December.
Sales jumped 5.9% to €2.98 billion from €2.81 billion; net income declined 11.5% to €244.5 million from €276.3 million, and earnings per share fell 11.2% to 47 cents from 53 cents a year ago.
The annual growth in new orders declined, driven by the weakness in China, but new orders in the other regions were more stable.
Greater China comprised 23% of total sales, compared to a 27% share a year earlier, and quarterly sales in the region declined 13.3% to €620.5 million from €715.3 million a year ago.
Sales in the new building solutions segment declined 2.2%, while service and modernization sales increased by 11.2% and 13.6%, respectively.
Kone holds a 19.9% stake in Toshiba Elevator and Building Systems Corporation.
The company’s board proposed a dividend of €1.80 to be paid on outstanding class A and class B shares beginning on March 14 and resulting in a total amount of €931.36 million.
Furthermore, the board proposed that the distributable profits of €2.28 billion be retained and carried forward.
Deutsche Bank AG gained 0.2% to €18.94 after Germany’s largest bank reported an increase in revenue in the fourth quarter ending in December, but profit slumped as a result of a higher provision for legal expenses and restructuring costs.
Revenue climbed 8% to €7.2 billion from €6.7 billion; profit slumped to €106 million from €1.3 billion, and earnings per diluted share declined to 15 cents from 67 cents a year ago.
For fiscal year 2025, the company estimated revenue growth to range between 5.5% and 6.5% to approximately €32 billion.
The bank plans to propose a cash dividend of 68 cents per share, up from 45 cents per share last year, and the company approved a share buyback of €750 million year to date.
Roche Holding AG gained 0.3% to CHF 286 after the Swiss pharmaceutical company reported sales growth in fiscal 2024, but profit declined.
Revenue increased 3% to CHF 60.5 billion from CHF 58.7 billion, net income slumped 26% to CHF 9.19 billion from CHF 12.36 billion, and earnings per diluted share fell to CHF 10.31 from CHF 14.31 a year ago.
Pharmaceutical sales increased by 8%, and diagnostics sales rose by 4%, while excluding COVID-19-related products, which grew by 8%, driven by higher demand for immunodiagnostic products.
The company raised its dividend per share to CHF 9.70 from CHF 9.60 a year earlier.
Sanofi S.A. gained 0.75% to €104.40 after the French pharmaceutical company beat fourth-quarter earnings estimates, driven by improved pipeline momentum.
Revenue increased 9.1% to €10.56 billion from €9.69 billion, net income jumped to €695 million from a net loss of €558 million, and earnings per diluted share rose to 54 cents from a loss of 44 cents a year ago.
Gross profit jumped 5.4% to €7.84 billion from €7.44 billion a year earlier.
The company’s board proposed a dividend of €3.92 for 2024, to be approved by shareholders on April 30, and in 2025 Sanofi plans to buy back shares worth €5 billion.
European Markets Tumble 2% After U.S. Launches Trade War and Targets EU and Key Trading Partners
Bridgette Randall
03 Feb, 2025
London
Stock market indexes in Europe dropped sharply amid a growing realization that the region's exports are likely to face higher trade barriers to the U.S.
Benchmark indexes in Paris, Milan, Frankfurt, and London plunged between 1.3% and 1.7% after the U.S. slapped tariffs on shipments from its three largest trading partners.
The latest measures include 25% tariffs on all manufactured goods from Mexico and Canada and an additional 10% tariffs on goods imported from China.
The U.S. imports about $1.2 trillion of goods from its three largest trading partners, and the world's largest economy has run deficits for decades with its six key trade partners—Mexico, Canada, China, the European Union, Japan, and Korea.
The European Union exports over €500 billion in goods to the U.S. and imports about €345 billion from the world's largest economy, resulting in a trade surplus of €155 billion.
The European Union's average annual trade surplus has ranged between €100 billion and €160 billion since 2015.
In 2023, the United States was the largest partner for EU exports of goods (19.7%) and the second largest partner for EU imports of goods (13.7%), according to the latest annual statistics available from Eurostat.
Among EU member states, the Netherlands was the largest importer of goods from the United States, and Germany was the largest exporter of goods to the United States in 2023.
Tariffs are federal government taxes on foreign goods paid by U.S. consumers, and the new round of trade barriers will certainly stoke inflation and force the U.S. Federal Reserve to keep rates higher for longer.
The newly appointed Republican Party administration is seeking a halt of all illegal migrants from its two neighboring partners and curtailing of illegal shipments of dangerous drugs.
Europe Indexes and Yields
The DAX index decreased by 1.6% to 21,378.03; the CAC-40 index dropped 1.5% to 7,831.65; and the FTSE 100 index declined by 1.2% to 8,569.99.
The yield on 10-year German bonds inched lower to 2.43%, French bonds declined to 3.15%, the UK gilts moved down to 4.54%, and Italian bonds edged higher to 3.56%.
The euro declined to $1.02; the British pound was lower at $1.23; and the U.S. dollar was higher and traded at 91.92 Swiss cents.
Brent crude increased $0.88 to $76.55 a barrel, and the Dutch TTF natural gas was higher by €0.17 to €49.91 per MWh.
Europe Stock Movers
Automobile makers and advanced semiconductor equipment makers led the decliners across Europe in Monday's trading.
All leading automobile makers in the European Union declined, led by Mercedes-Benz Group AG, which fell 4.3% to €56.39; BMW plunged 4% to €75.42; Volkswagen AG dropped 5.8% to €95.55; and Stellantis NV fell 6% to €12.19.
Among leading tech equipment companies, Infineon Technologies AG decreased 4.2% to €30.74, and ASML Holding dropped 2.7% to €702.80.
Julius Baer Gruppe AG dropped 11% to CHF 56.70 despite the Swiss wealth management company posting strong fiscal year 2024 results, boosted by a substantial tax release.
The Swiss asset management company's new chief executive announced plans to trim its workforce by 5% as the company looks for ways to lower its operating costs.
European Markets Tumble 2% After U.S. Launches Trade War and Targets EU and Key Trading Partners
Bridgette Randall
03 Feb, 2025
London
Stock market indexes in Europe dropped sharply amid a growing realization that the region's exports are likely to face higher trade barriers to the U.S.
Benchmark indexes in Paris, Milan, Frankfurt, and London plunged between 1.3% and 1.7% after the U.S. slapped tariffs on shipments from its three largest trading partners.
The latest measures include 25% tariffs on all manufactured goods from Mexico and Canada and an additional 10% tariffs on goods imported from China.
The U.S. imports about $1.2 trillion of goods from its three largest trading partners, and the world's largest economy has run deficits for decades with its six key trade partners—Mexico, Canada, China, the European Union, Japan, and Korea.
The European Union exports over €500 billion in goods to the U.S. and imports about €345 billion from the world's largest economy, resulting in a trade surplus of €155 billion.
The European Union's average annual trade surplus has ranged between €100 billion and €160 billion since 2015.
In 2023, the United States was the largest partner for EU exports of goods (19.7%) and the second largest partner for EU imports of goods (13.7%), according to the latest annual statistics available from Eurostat.
Among EU member states, the Netherlands was the largest importer of goods from the United States, and Germany was the largest exporter of goods to the United States in 2023.
Tariffs are federal government taxes on foreign goods paid by U.S. consumers, and the new round of trade barriers will certainly stoke inflation and force the U.S. Federal Reserve to keep rates higher for longer.
The newly appointed Republican Party administration is seeking a halt of all illegal migrants from its two neighboring partners and curtailing of illegal shipments of dangerous drugs.
Europe Indexes and Yields
The DAX index decreased by 1.6% to 21,378.03; the CAC-40 index dropped 1.5% to 7,831.65; and the FTSE 100 index declined by 1.2% to 8,569.99.
The yield on 10-year German bonds inched lower to 2.43%, French bonds declined to 3.15%, the UK gilts moved down to 4.54%, and Italian bonds edged higher to 3.56%.
The euro declined to $1.02; the British pound was lower at $1.23; and the U.S. dollar was higher and traded at 91.92 Swiss cents.
Brent crude increased $0.88 to $76.55 a barrel, and the Dutch TTF natural gas was higher by €0.17 to €49.91 per MWh.
Europe Stock Movers
Automobile makers and advanced semiconductor equipment makers led the decliners across Europe in Monday's trading.
All leading automobile makers in the European Union declined, led by Mercedes-Benz Group AG, which fell 4.3% to €56.39; BMW plunged 4% to €75.42; Volkswagen AG dropped 5.8% to €95.55; and Stellantis NV fell 6% to €12.19.
Among leading tech equipment companies, Infineon Technologies AG decreased 4.2% to €30.74, and ASML Holding dropped 2.7% to €702.80.
Julius Baer Gruppe AG dropped 11% to CHF 56.70 despite the Swiss wealth management company posting strong fiscal year 2024 results, boosted by a substantial tax release.
The Swiss asset management company's new chief executive announced plans to trim its workforce by 5% as the company looks for ways to lower its operating costs.
India Movers: Bandhan Bank, Nestle India, ONGC, Pfizer, PNB, Sun Pharma, Relaxo Footwear, Vedanta
Arun Goswami
03 Feb, 2025
Mumbai
The Sensex and Nifty indexes dropped 1% after the U.S. started a new round of a trade war that will slow down global economic growth and push several nations on the brink of a recession.
Market indexes in Japan and Korea plunged nearly 3%.
The Sensex index decreased by 0.9% to 76,825.15, and the Nifty index declined by 1% to 23,249.55.
On the Mumbai stock exchange, 46 stocks traded at their 52-week highs, and 73 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.7%, and the Indian rupee hovered near a record and traded at 87.17 against the U.S. dollar.
Resource industry-linked stocks led the decliners in Monday's trading after the rupee dropped to a new record low.
ONGC dropped 3.7% to ₹248.10, Reliance Industries decreased 1.6% to ₹1,244.75, and Coal India plunged 3.7% to ₹371.0.
Software and business services exporters dropped between 1% and 3% on the worries that India will be included in the new round of tariffs that are likely to be announced over the next two months.
TCS decreased 1% to ₹4,030.45, Infosys declined 0.4% to ₹1,844.55, Wipro gained 1.2% to ₹308.80, and HCL Technologies fell 1.4% to ₹1,682.40.
Bandhan Bank Ltd. decreased 2.7% to ₹147.15 after the company reported a 42% plunge in quarterly profit from a year ago.
Consolidated revenue in the December quarter decreased to ₹6,574.6 crore from ₹5,210.6 crore, after-tax profit fell to ₹426.5 crore from ₹732.7 crore, and diluted earnings per share dropped to ₹2.65 from ₹4.55 a year ago.
Nestle India Ltd. increased 1.2% to ₹2,355.35 after the company reported a rise in revenue and net income in the December quarter.
Consolidated revenue in the December quarter increased to ₹4,784.1 crore from ₹4,630.7 crore, net income advanced to ₹688 crore from ₹655.6 crore, and diluted earnings per share rose to ₹7.14 from ₹6.80 a year ago.
Sun Pharmaceutical Industries Ltd. rose 0.1% to ₹1,745 after the company reported a rise in revenue and net income in the December quarter.
Consolidated revenue in the December quarter increased to ₹14,141 crore from ₹12,630.9 crore, after-tax profit rose to ₹2,917.5 crore from ₹2,568 crore, and diluted earnings per share jumped to ₹12.1 from ₹10.5 a year ago.
Vedanta Limited dropped 4.1% to ₹421.90 despite the company saying profit in the December quarter soared 70% from a year ago.
Consolidated revenue in the December quarter increased to ₹39,795 crore from ₹36,320 crore, net income jumped to ₹4,876 crore from ₹2,868 crore, and diluted earnings per share rose to ₹9.02 from ₹5.38 a year ago.
Oil And Natural Gas Corporation Ltd. decreased 4.2% to ₹246.50 after the company reported a decline in earnings in the December quarter.
Consolidated revenue in the December quarter declined to ₹1,68,507 crore from ₹1,71,113.1 crore, after-tax profit fell to ₹9,783.64 crore from ₹10,511.23 crore, and diluted earnings per share jumped to ₹6.85 from ₹8.51 a year ago.
Pfizer Ltd. fell 3.4% to ₹4401.15 after the after the company reported a decline in quarterly profit.
Consolidated revenue in the December quarter increased to ₹580.75 crore from ₹575.82 crore, net income declined to ₹127.6 crore from ₹130 crore, and diluted earnings per share rose to ₹27.89 from ₹28.42 a year ago.
Punjab National Bank decreased 1.7% to ₹97.60 despite reporting a sharp increase in revenue and earnings.
Consolidated revenue in the December quarter increased to ₹1,03,157.8 crore from ₹89,417.5 crore, after-tax profit rose to ₹12,796.8 crore from ₹5,228 crore, and diluted earnings per share jumped to ₹12.07 from ₹5.24 a year ago.
Relaxo Footwears Ltd. decreased 1.8% to ₹546.25 after the company reported a decline in quarterly revenue and earnings.
Consolidated revenue in the December quarter decreased to ₹673.70 crore from ₹718.70 crore, net income fell to ₹33 crore from ₹39 crore, and diluted earnings per share declined to ₹1.32 from ₹1.54 a year ago.
India Movers: Bandhan Bank, Nestle India, ONGC, Pfizer, PNB, Sun Pharma, Relaxo Footwear, Vedanta
Arun Goswami
03 Feb, 2025
Mumbai
The Sensex and Nifty indexes dropped 1% after the U.S. started a new round of a trade war that will slow down global economic growth and push several nations on the brink of a recession.
Market indexes in Japan and Korea plunged nearly 3%.
The Sensex index decreased by 0.9% to 76,825.15, and the Nifty index declined by 1% to 23,249.55.
On the Mumbai stock exchange, 46 stocks traded at their 52-week highs, and 73 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.7%, and the Indian rupee hovered near a record and traded at 87.17 against the U.S. dollar.
Resource industry-linked stocks led the decliners in Monday's trading after the rupee dropped to a new record low.
ONGC dropped 3.7% to ₹248.10, Reliance Industries decreased 1.6% to ₹1,244.75, and Coal India plunged 3.7% to ₹371.0.
Software and business services exporters dropped between 1% and 3% on the worries that India will be included in the new round of tariffs that are likely to be announced over the next two months.
TCS decreased 1% to ₹4,030.45, Infosys declined 0.4% to ₹1,844.55, Wipro gained 1.2% to ₹308.80, and HCL Technologies fell 1.4% to ₹1,682.40.
Bandhan Bank Ltd. decreased 2.7% to ₹147.15 after the company reported a 42% plunge in quarterly profit from a year ago.
Consolidated revenue in the December quarter decreased to ₹6,574.6 crore from ₹5,210.6 crore, after-tax profit fell to ₹426.5 crore from ₹732.7 crore, and diluted earnings per share dropped to ₹2.65 from ₹4.55 a year ago.
Nestle India ltd. increased 1.2% to ₹2,355.35 after the company reported a rise in revenue and net income in the December quarter.
Consolidated revenue in the December quarter increased to ₹4,784.1 crore from ₹4,630.7 crore, net income advanced to ₹688 crore from ₹655.6 crore, and diluted earnings per share rose to ₹7.14 from ₹6.80 a year ago.
Sun Pharmaceutical Industries Ltd. rose 0.1% to ₹1,745 after the company reported a rise in revenue and net income in the December quarter.
Consolidated revenue in the December quarter increased to ₹14,141 crore from ₹12,630.9 crore, after-tax profit rose to ₹2,917.5 crore from ₹2,568 crore, and diluted earnings per share jumped to ₹12.1 from ₹10.5 a year ago.
Vedanta Limited dropped 4.1% to ₹421.90 despite the company said profit in the December quarter soared 70% from a year ago.
Consolidated revenue in the December quarter increased to ₹39,795 crore from ₹36,320 crore, net income jumped to ₹4,876 crore from ₹2,868 crore, and diluted earnings per share rose to ₹9.02 from ₹5.38 a year ago.
Oil And Natural Gas Corporation Ltd. decreased 4.2% to ₹246.50 after the company reported a decline in earnings in the December quarter.
Consolidated revenue in the December quarter declined to ₹1,68,507 crore from ₹1,71,113.1 crore, after-tax profit fell to ₹9,783.64 crore from ₹10,511.23 crore, and diluted earnings per share jumped to ₹6.85 from ₹8.51 a year ago.
Pfizer Ltd. fell 3.4% to ₹4401.15 after the after the company reported a decline in quarterly profit.
Consolidated revenue in the December quarter increased to ₹580.75 crore from ₹575.82 crore, net income declined to ₹127.6 crore from ₹130 crore, and diluted earnings per share rose to ₹27.89 from ₹28.42 a year ago.
Punjab National Bank decreased 1.7% to ₹97.60 despite the reporting a sharp increase in revenue and earnings.
Consolidated revenue in the December quarter increased to ₹1,03,157.8 crore from ₹89,417.5 crore, after-tax profit rose to ₹12,796.8 crore from ₹5,228 crore, and diluted earnings per share jumped to ₹12.07 from ₹5.24 a year ago.
Relaxo Footwears Ltd. decreased 1.8% to ₹546.25 after the company reported a decline in quarterly revenue and earnings.
Consolidated revenue in the December quarter decreased to ₹673.70 crore from ₹718.70 crore, net income fell to ₹33 crore from ₹39 crore, and diluted earnings per share declined to ₹1.32 from ₹1.54 a year ago.
U.S. Movers: Apple, Intel, Sanmina, Qualcomm, UPS, Visa
Scott Peters
31 Jan, 2025
New York City
Apple Inc. gained 3.3% to $245.65 after the mobile phone device maker beat earnings targets for its first quarter of 2025 ending in December.
Total sales jumped 4% to $124.3 billion from $119.58 billion, net income climbed 7.1% to $36.3 billion from $33.9 billion, and diluted earnings per share rose to $2.40 from $2.18 a year ago.
Net sales in Greater China declined to $18.5 billion from $20.8 billion a year earlier, while sales in the other regions advanced.
Sales of iPhones, wearables, home, and accessories dropped, while Mac, iPad, and the services segments increased.
Apple spent $30 billion on dividends and share repurchases during the first quarter and now plans to pay a dividend of 25 cents per share.
Intel Corp. gained 1.8% to $20.36 despite the CPU products maker swinging to a net loss in the fourth quarter ending in December.
Revenue dropped 7% to $14.3 billion from $15.4 billion; net income swung to a loss of $153 million from a profit of $2.7 billion, and diluted loss per share was 3 cents compared to a positive 63 cents a year ago.
Intel received $1.1 billion from the Department of Commerce under the U.S. Chips and Science Act.
For the first quarter of 2025, the company estimates revenue between $11.7 billion and $12.7 billion and a loss per share of 27 cents.
Visa Inc. surged 2.1% to $343.05 after the payments company reported strong earnings for the first quarter of fiscal year 2025, driven by higher holiday results.
Revenue increased to $9.51 billion from $8.63 billion, net income climbed to $5.12 billion from $4.89 billion, and earnings per share rose to $2.58 from $2.39 a year ago.
The company’s board increased the quarterly cash dividend by 13% to 59 cents per share, and share repurchases and dividends totaled $20.9 billion for the full year.
UPS Inc. slumped 14.1% to $114.9 after the parcel delivery company reported better-than-expected earnings, but revenue fell short of market expectations in the fourth quarter.
The company reached a deal with Amazon, its largest customer, to lower shipment volume by 50% by the second half of 2026.
Revenue increased 1.5% to $25.3 billion from $24.9 billion, operating profit climbed 18.1% to $2.9 billion from $2.5 billion, and earnings per diluted share rose to $2.75 from $1.87 a year ago.
Sanmina Corp. gained 1.7% to $84.21 after the electronics manufacturing services provider beat estimates in the first quarter of 2025.
Sales increased to $2.01 billion from $1.87 billion, net income climbed to $65.0 million from $57.07 million, and earnings per diluted share rose to $1.16 from 98 cents a year ago.
Looking ahead to the second quarter, the company estimates revenue between $1.9 billion and $2.0 billion and earnings per share of $1.30 to $1.40.
As of December 28, 2024, approximately $37 million remained available under the company’s current $300 million stock repurchase program, which has no expiration date.
Qualcomm Inc. gained 1.4% to $174.30 after the intelligent computing company said financial results for its first quarter of 2025 will be released on February 5.
The company announced a quarterly cash dividend of 85 cents per share, payable on March 27 to stockholders on record as of March 6.
Exxon Mobil increased 0.7% to $110.30 after the energy company reported better-than-expected adjusted earnings and free cash flow in the fourth quarter.
Revenue declined 1.1% to $83.43 billion, adjusted earnings per share increased to $1.67 compared to an estimate of $1.55, and free cash flow was $8 billion compared to an estimate of $6.5 billion.
Chevron Corp. declined 1.1% to $154.60 after the energy company reported mixed results in the fourth quarter.
Revenue in the quarter increased to $52.2 billion from $47.2 billion; adjusted earnings per share declined to $2.06, down from $3.45 a year ago.
Atlassian Corp. surged 19.5% to $320.01 after the project management software developer reported better-than-expected results in the fourth quarter.
Revenue in the fiscal second quarter increased 21% to $1.29 billion, and the company's fiscal third quarter revenue was ahead of market estimates.
Deckers Outdoor decreased 12.5% to $195.66 despite the parent company of Hoka and Ugg reporting better-than-expected quarterly results.
Revenue increased 17% to $1.8 billion, net income advanced to $456.7 million from $389.9 million, and diluted earnings per share rose to $3 from $2.52 a year ago.
U.S. Movers: Apple, Intel, Sanmina, Qualcomm, UPS, Visa
Scott Peters
31 Jan, 2025
New York City
Apple Inc. gained 3.3% to $245.65 after the mobile phone device maker beat earnings targets for its first quarter of 2025 ending in December.
Total sales jumped 4% to $124.3 billion from $119.58 billion, net income climbed 7.1% to $36.3 billion from $33.9 billion, and diluted earnings per share rose to $2.40 from $2.18 a year ago.
Net sales in Greater China declined to $18.5 billion from $20.8 billion a year earlier, while sales in the other regions advanced.
Sales of iPhones, wearables, home, and accessories dropped, while Mac, iPad, and the services segments increased.
Apple spent $30 billion on dividends and share repurchases during the first quarter and now plans to pay a dividend of 25 cents per share.
Intel Corp. gained 1.8% to $20.36 despite the CPU products maker swinging to a net loss in the fourth quarter ending in December.
Revenue dropped 7% to $14.3 billion from $15.4 billion; net income swung to a loss of $153 million from a profit of $2.7 billion, and diluted loss per share was 3 cents compared to a positive 63 cents a year ago.
Intel received $1.1 billion from the Department of Commerce under the U.S. Chips and Science Act.
For the first quarter of 2025, the company estimates revenue between $11.7 billion and $12.7 billion and a loss per share of 27 cents.
Visa Inc. surged 2.1% to $343.05 after the payments company reported strong earnings for the first quarter of fiscal year 2025, driven by higher holiday results.
Revenue increased to $9.51 billion from $8.63 billion, net income climbed to $5.12 billion from $4.89 billion, and earnings per share rose to $2.58 from $2.39 a year ago.
The company’s board increased the quarterly cash dividend by 13% to 59 cents per share, and share repurchases and dividends totaled $20.9 billion for the full year.
UPS Inc. slumped 14.1% to $114.9 after the parcel delivery company reported better-than-expected earnings, but revenue fell short of market expectations in the fourth quarter.
The company reached a deal with Amazon, its largest customer, to lower shipment volume by 50% by the second half of 2026.
Revenue increased 1.5% to $25.3 billion from $24.9 billion, operating profit climbed 18.1% to $2.9 billion from $2.5 billion, and earnings per diluted share rose to $2.75 from $1.87 a year ago.
Sanmina Corp. gained 1.7% to $84.21 after the electronics manufacturing services provider beat estimates in the first quarter of 2025.
Sales increased to $2.01 billion from $1.87 billion, net income climbed to $65.0 million from $57.07 million, and earnings per diluted share rose to $1.16 from 98 cents a year ago.
Looking ahead to the second quarter, the company estimates revenue between $1.9 billion and $2.0 billion and earnings per share of $1.30 to $1.40.
As of December 28, 2024, approximately $37 million remained available under the company’s current $300 million stock repurchase program, which has no expiration date.
Qualcomm Inc. gained 1.4% to $174.30 after the intelligent computing company said financial results for its first quarter of 2025 will be released on February 5.
The company announced a quarterly cash dividend of 85 cents per share, payable on March 27 to stockholders on record as of March 6.
Exxon Mobil increased 0.7% to $110.30 after the energy company reported better-than-expected adjusted earnings and free cash flow in the fourth quarter.
Revenue declined 1.1% to $83.43 billion, adjusted earnings per share increased to $1.67 compared to an estimate of $1.55, and free cash flow was $8 billion compared to an estimate of $6.5 billion.
Chevron Corp. declined 1.1% to $154.60 after the energy company reported mixed results in the fourth quarter.
Revenue in the quarter increased to $52.2 billion from $47.2 billion; adjusted earnings per share declined to $2.06, down from $3.45 a year ago.
Atlassian Corp. surged 19.5% to $320.01 after the project management software developer reported better-than-expected results in the fourth quarter.
Revenue in the fiscal second quarter increased 21% to $1.29 billion, and the company's fiscal third quarter revenue was ahead of market estimates.
Deckers Outdoor decreased 12.5% to $195.66 despite the parent company of Hoka and Ugg reporting better-than-expected quarterly results.
Revenue increased 17% to $1.8 billion, net income advanced to $456.7 million from $389.9 million, and diluted earnings per share rose to $3 from $2.52 a year ago.
Wall Street Indexes Register Solid Gains in January, Apple In Focus After Earnings Report
Barry Adams
31 Jan, 2025
New York City
Wall Street indexes extended monthly and weekly gains as investors reviewed the latest batch of earnings and a key measure of inflation.
The S&P 500 index increased 0.5%, and the Nasdaq Composite rose 0.9% after the alternative measure of inflation met investor expectations.
Market indexes are set to close higher in Friday's trading after Apple reported strong quarterly results and provided estimates that matched expectations set by analysts.
Investors also reviewed earnings from Exxon Mobil, Chevron, Intel, KLA Corp, Visa, Mastercard, Deckers Outdoor, and Atlassian Corp.
The Personal Consumption Expenditure price index in December accelerated to an annual rate of 2.6% from 2.4% in November, the U.S. Bureau of Economic Analysis reported Friday.
Core PCE price index held steady at 2.8%.
The alternative measure of inflation understates inflation felt by most families because it includes lower-priced products preferred by consumers to stretch monthly budgets in response to high prices.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.5% to 6,099.70, the Nasdaq Composite edged up 0.9% to 19,865.18, and the Russell 2000 index was up 1.07% to 2,307.45.
The yield on 2-year Treasury notes edged lower to 4.21%, 10-year Treasury notes increased to 4.53%, and 30-year Treasury bonds advanced to 4.77%.
WTI crude oil increased $0.12 to $72.85 a barrel, and natural gas prices edged lower by $0.05 to $3.00 a therm. unit.
Gold rose by $9.21 to $2,805.09 an ounce, and silver edged down by $0.03 to $31.60.
The dollar index, which weighs the US currency against a basket of foreign currencies, climbed 0.23 to 108.41 and traded at a two-year high.
U.S. Stock Movers
Apple Inc. increased 3.1% to $244.97 after the mobile phone device maker reported better-than-expected sales in the fiscal first quarter.
Total sales increased 4% to $124.3 billion, but iPhone sales decreased 1% to $69.1 billion.
Service revenue surged 14% to a record high of $26.3 billion, and the company said fiscal second-quarter revenue is likely to increase in "low-to-mid single digits."
The company reported better-than-expected $2.40 per share.
Exxon Mobil increased 0.7% to $110.30 after the energy company reported better-than-expected adjusted earnings and free cash flow in the fourth quarter.
Revenue declined 1.1% to $83.43 billion, adjusted earnings per share increased to $1.67 compared to an estimate of $1.55, and free cash flow was $8 billion compared to an estimate of $6.5 billion.
Chevron Corp. declined 1.1% to $154.60 after the energy company reported mixed results in the fourth quarter.
Revenue in the quarter increased to $52.2 billion from $47.2 billion; adjusted earnings per share declined to $2.06, down from $3.45 a year ago.
Atlassian Corp. surged 19.5% to $320.01 after the project management software developer reported better-than-expected results in the fourth quarter.
Revenue in the fiscal second quarter increased 21% to $1.29 billion, and the company's fiscal third quarter revenue was ahead of market estimates.
Deckers Outdoor decreased 12.5% to $195.66 despite the parent company of Hoka and Ugg reporting better-than-expected quarterly results.
Revenue increased 17% to $1.8 billion, net income advanced to $456.7 million from $389.9 million, and diluted earnings per share rose to $3 from $2.52 a year ago.
Wall Street Indexes Register Solid Gains in January, Apple In Focus After Earnings Report
Barry Adams
31 Jan, 2025
New York City
Wall Street indexes extended monthly and weekly gains as investors reviewed the latest batch of earnings and a key measure of inflation.
The S&P 500 index increased 0.5%, and the Nasdaq Composite rose 0.9% after the alternative measure of inflation met investor expectations.
Market indexes are set to close higher in Friday's trading after Apple reported strong quarterly results and provided estimates that matched expectations set by analysts.
Investors also reviewed earnings from Exxon Mobil, Chevron, Intel, KLA Corp, Visa, Mastercard, Deckers Outdoor, and Atlassian Corp.
The Personal Consumption Expenditure price index in December accelerated to an annual rate of 2.6% from 2.4% in November, the U.S. Bureau of Economic Analysis reported Friday.
Core PCE price index held steady at 2.8%.
The alternative measure of inflation understates inflation felt by most families because it includes lower-priced products preferred by consumers to stretch monthly budgets in response to high prices.
U.S. Indexes and Treasury Yields
The S&P 500 index increased 0.5% to 6,099.70, the Nasdaq Composite edged up 0.9% to 19,865.18, and the Russell 2000 index was up 1.07% to 2,307.45.
The yield on 2-year Treasury notes edged lower to 4.21%, 10-year Treasury notes increased to 4.53%, and 30-year Treasury bonds advanced to 4.77%.
WTI crude oil increased $0.12 to $72.85 a barrel, and natural gas prices edged lower by $0.05 to $3.00 a therm. unit.
Gold rose by $9.21 to $2,805.09 an ounce, and silver edged down by $0.03 to $31.60.
The dollar index, which weighs the US currency against a basket of foreign currencies, climbed 0.23 to 108.41 and traded at a two-year high.
U.S. Stock Movers
Apple Inc. increased 3.1% to $244.97 after the mobile phone device maker reported better-than-expected sales in the fiscal first quarter.
Total sales increased 4% to $124.3 billion, but iPhone sales decreased 1% to $69.1 billion.
Service revenue surged 14% to a record high of $26.3 billion, and the company said fiscal second-quarter revenue is likely to increase in "low-to-mid single digits."
The company reported better-than-expected $2.40 per share.
Exxon Mobil increased 0.7% to $110.30 after the energy company reported better-than-expected adjusted earnings and free cash flow in the fourth quarter.
Revenue declined 1.1% to $83.43 billion, adjusted earnings per share increased to $1.67 compared to an estimate of $1.55, and free cash flow was $8 billion compared to an estimate of $6.5 billion.
Chevron Corp. declined 1.1% to $154.60 after the energy company reported mixed results in the fourth quarter.
Revenue in the quarter increased to $52.2 billion from $47.2 billion; adjusted earnings per share declined to $2.06, down from $3.45 a year ago.
Atlassian Corp. surged 19.5% to $320.01 after the project management software developer reported better-than-expected results in the fourth quarter.
Revenue in the fiscal second quarter increased 21% to $1.29 billion, and the company's fiscal third quarter revenue was ahead of market estimates.
Deckers Outdoor decreased 12.5% to $195.66 despite the parent company of Hoka and Ugg reporting better-than-expected quarterly results.
Revenue increased 17% to $1.8 billion, net income advanced to $456.7 million from $389.9 million, and diluted earnings per share rose to $3 from $2.52 a year ago.
Europe Movers: ABB, ATOSS, Glencore, Hexagon AB, Novartis, SKF, Symrise, Stolt-Nielsen
Inga Muller
31 Jan, 2025
Frankfurt
Benchmark indexes in Germany and the UK hovered near record highs, and investors reviewed the latest batch of corporate updates.
France's consumer inflation in January accelerated for the fourth month in a row, Germany's jobless rate in January jumped to a multi-month high, and Spain's retail sales in December advanced by an annual pace of 4%.
The DAX index moved higher by 0.06% to 21,739.32; the CAC-40 index climbed 0.4% to 7,972.21; and the FTSE 100 index advanced by 0.4% to 8,682.65.
The yield on 10-year German bonds inched higher to 2.48%, French bonds declined to 3.23%, the UK gilts moved down to 4.54%, and Italian bonds edged lower to 3.57%.
ABB Ltd plunged 2% to 606.60 krona although the Swedish engineering company reported higher sales, earnings and orders in the fourth quarter 2024.
Revenue increased 4% to $8.09 billion from $7.65 billion, net income jumped 7% to $987 million from $921 million, and earnings per diluted share rose to 54 cents from 50 cents a year ago.
Revenue in Europe declined 2% although orders in the region rose 9% on comparable basis, led by the Netherlands, while orders in Italy slumped 39%.
Orders in the Americas and Asia, Middle East and Africa also jumped, up 7% and 4%, respectively, led by Brazil and the United Arab Emirates, and despite weakness in Canada and India.
Orders in the machine builder segment declined, while the buildings segment improved despite weakness in China.
On December 18, the company agreed to acquire the power electronics product business of Gamesa Electric in Spain from Siemens Gamesa Renewable Energy, the provider of onshore wind turbine technologies.
The company’s board proposed to increase an ordinary dividend to 0.90 Swiss franc compared to 0.84 Swiss franc in the previous year.
ABB also announced a new $1.5 billion stock repurchase plan, ending on January 28, 2026.
Glencore surged 2.7% to 354.90 pence after the Swiss commodity company released its 2024 production report.
The company’s coal business was supported by the acquisition of Elk Valley Resources, following the significant growth in its Argentina copper resources base reported in 2023.
Glencore saw steady additions to its mineral reserve base, notably in copper, bauxite and steelmaking coal.
In the second half of year 2024 copper production increased 6% and zinc volumes jumped 17% compared to the first half of the year.
Coal energy volumes increased 5.2 million tons in line with operational and logistical improvements in Australia and South Africa, while steelmaking coal added 13.1 million tons, a near fivefold increase versus first year-half, reflecting a 12.5 million tons contribution from EVR.
For full-year 2024, steel making coal production soared to 19.9 million tons from 7.5 million tons, and realized price decreased $201.5 per ton from $267.40 per ton a year ago, respectively.
Unit production cost fell to $115.6 per ton in2024 from $141.30 a ton in 2023.
Symrise AG dropped 1.9% to €99.46 although the German chemicals company reported strong full-year 2024 results.
Gross profit increased to €1.96 billion from €1.69 billion, net income jumped to €478.2 million from €340.5 million, and earnings per share rose to €3.42 from €2.44 a year ago.
Sales in Europe, Africa and the Middle East grew 10.9%, in North America up 1.5%, in the Asia Pacific region up 9.3%, and in Latin America up 15.2% year-on-year.
Growth in the taste, nutrition and health segment was 7.8% and in scent and care sales were up 8.9%.
Stolt-Nielsen Ltd dropped 1.5% to €26.55 after the sea farm and transportation company posted mixed fourth-quarter earnings.
Revenue increased to $709.4 million from $695.2 million, net profit declined to $130.4 million from $140 million, and earnings per diluted share fell to $1.71 from $1.84 a year ago.
The company swung to profit in four of its eight business segments, with the highest growth in tank containers, sea farm, and terminals.
Stolt-Nielsen agreed to acquire all shares of Avenir LNG Ltd during the first quarter of 2025.
Avenir LNG owns and operates a fleet of five small-scale liquefied natural gas (LNG) bunkering vessels, with two new-buildings under construction.
SKF gained 0.9% to 227.80 krona after the Swedish bearing and seal manufacturing company reported strong fourth-quarter results.
Net sales increased to 24.73 billion krona from 24.44 billion krona; operating profit climbed to 2.33 billion krona from 1.93 billion krona, and earnings per share rose to 3.31 krona from 1.37 krona a year ago.
Sales in the company’s industrial segment rose 1.1%, while in automotive they were up 1.8%, supported by strong sales in India and Southeast Asia.
In October SKF completed the acquisition of John Sample Group’s lubrication and flow management businesses.
Novartis AG jumped 3.8% to CHF 97.40 after the Swiss pharmaceutical company reported better-than-expected sales in the fourth quarter, and the company lifted its dividend.
Hexagon AB soared 8.2% to 128.55 krona after the Swedish engineering company reported an unexpected increase in its operating profit.
ATOSS Software SE jumped 4.7% to €120.0 after the workforce management software developer proposed to increase the dividend after profit advanced in the fourth quarter.
Smiths Group plc soared 11.5% to 2,084.0 pence after the UK-based diversified industrial company announced a number of steps to improve its operations.
In addition, the company announced its plans to expand its stock repurchase program to £500 million from £150 million and extended the period to December 2025 from March 2025.
Europe Movers: ABB, ATOSS, Glencore, Hexagon AB, Novartis, SKF, Symrise, Stolt-Nielsen
Inga Muller
31 Jan, 2025
Frankfurt
Benchmark indexes in Germany and the UK hovered near record highs, and investors reviewed the latest batch of corporate updates.
France's consumer inflation in January accelerated for the fourth month in a row, Germany's jobless rate in January jumped to a multi-month high, and Spain's retail sales in December advanced by an annual pace of 4%.
The DAX index moved higher by 0.06% to 21,739.32; the CAC-40 index climbed 0.4% to 7,972.21; and the FTSE 100 index advanced by 0.4% to 8,682.65.
The yield on 10-year German bonds inched higher to 2.48%, French bonds declined to 3.23%, the UK gilts moved down to 4.54%, and Italian bonds edged lower to 3.57%.
ABB Ltd plunged 2% to 606.60 krona although the Swedish engineering company reported higher sales, earnings and orders in the fourth quarter 2024.
Revenue increased 4% to $8.09 billion from $7.65 billion, net income jumped 7% to $987 million from $921 million, and earnings per diluted share rose to 54 cents from 50 cents a year ago.
Revenue in Europe declined 2% although orders in the region rose 9% on comparable basis, led by the Netherlands, while orders in Italy slumped 39%.
Orders in the Americas and Asia, Middle East and Africa also jumped, up 7% and 4%, respectively, led by Brazil and the United Arab Emirates, and despite weakness in Canada and India.
Orders in the machine builder segment declined, while the buildings segment improved despite weakness in China.
On December 18, the company agreed to acquire the power electronics product business of Gamesa Electric in Spain from Siemens Gamesa Renewable Energy, the provider of onshore wind turbine technologies.
The company’s board proposed to increase an ordinary dividend to 0.90 Swiss franc compared to 0.84 Swiss franc in the previous year.
ABB also announced a new $1.5 billion stock repurchase plan, ending on January 28, 2026.
Glencore surged 2.7% to 354.90 pence after the Swiss commodity company released its 2024 production report.
The company’s coal business was supported by the acquisition of Elk Valley Resources, following the significant growth in its Argentina copper resources base reported in 2023.
Glencore saw steady additions to its mineral reserve base, notably in copper, bauxite and steelmaking coal.
In the second half of year 2024 copper production increased 6% and zinc volumes jumped 17% compared to the first half of the year.
Coal energy volumes increased 5.2 mt in line with operational and logistical improvements in Australia and South Africa, while steelmaking coal added 13.1 mt, a near fivefold increase versus first year-half, reflecting a 12.5 mt contribution from EVR.
Symrise AG dropped 1.9% to €99.46 although the German chemicals company reported strong full-year 2024 results.
Gross profit increased to €1.96 billion from €1.69 billion, net income jumped to €478.2 million from €340.5 million, and earnings per share rose to €3.42 from €2.44 a year ago.
Sales in Europe, Africa and the Middle East grew 10.9%, in North America up 1.5%, in the Asia Pacific region up 9.3%, and in Latin America up 15.2% year-on-year.
Growth in the taste, nutrition and health segment was 7.8% and in scent and care sales were up 8.9%.
Stolt-Nielsen Ltd dropped 1.5% to €26.55 after the sea farm and transportation company posted mixed fourth-quarter earnings.
Revenue increased to $709.4 million from $695.2 million, net profit declined to $130.4 million from $140 million, and earnings per diluted share fell to $1.71 from $1.84 a year ago.
The company swung to profit in four of its eight business segments, with the highest growth in tank containers, sea farm, and terminals.
Stolt-Nielsen agreed to acquire all shares of Avenir LNG Ltd during the first quarter of 2025.
Avenir LNG owns and operates a fleet of five small-scale liquefied natural gas (LNG) bunkering vessels, with two new-buildings under construction.
SKF gained 0.9% to 227.80 krona after the Swedish bearing and seal manufacturing company reported strong fourth-quarter results.
Net sales increased to 24.73 billion krona from 24.44 billion krona; operating profit climbed to 2.33 billion krona from 1.93 billion krona, and earnings per share rose to 3.31 krona from 1.37 krona a year ago.
Sales in the company’s industrial segment rose 1.1%, while in automotive they were up 1.8%, supported by strong sales in India and Southeast Asia.
In October SKF completed the acquisition of John Sample Group’s lubrication and flow management businesses.
Novartis AG jumped 3.8% to CHF 97.40 after the Swiss pharmaceutical company reported better-than-expected sales in the fourth quarter, and the company lifted its dividend.
Hexagon AB soared 8.2% to 128.55 krona after the Swedish engineering company reported an unexpected increase in its operating profit.
ATOSS Software SE jumped 4.7% to €120.0 after the workforce management software developer proposed to increase the dividend after profit advanced in the fourth quarter.
Smiths Group plc soared 11.5% to 2,084.0 pence after the UK-based diversified industrial company announced a number of steps to improve its operations.
In addition, the company announced its plans to expand its stock repurchase program to £500 million from £150 million and extended the period to December 2025 from March 2025.