Market Update
Europe Movers: Costain, Deliveroo, Hill & Smith, Hugo Boss, Rheinmetall
Bridgette Randall
13 Mar, 2025
Frankfurt
Costain Group Plc. dropped 4.1% to 106.90 pence after the UK-based provider of infrastructure solutions reported lower revenue in fiscal 2024.
Revenue declined to £1.25 billion from £1.33 billion, profit jumped to £30.6 million from £22.1 million, and diluted earnings per share edged up to 11.1 pence from 7.8 pence a year ago.
The company proposed a final dividend of 2.0 pence per share for 2024, up from 0.8 pence in 2023, payable on May 29 to shareholders on record as of April 22.
The total dividend per share for the year after the final dividend will increase to 2.4 pence, compared to 1.2 pence in 2023.
Hill & Smith Plc. surged 8.9% to 1,884 pence after the UK-based provider of sustainable infrastructure and transport reported increased revenue in 2024.
Revenue jumped 3% to £855.1 million from £829.8 million, profit rose to £84.3 million from £68.8 million, and diluted earnings per share rose to 93.9 pence from 85.0 pence a year ago.
The company proposed a 14% increase in the final dividend to 32.5 pence per share, payable on July 4 to shareholders on the register as of May 30.
After the final dividend, the total dividend for the year is 49 pence per share, up from 43 cents per share in 2023.
The company paid a total of £34.5 million in dividends during 2024, up from £28 million in 2023.
Hill & Smith said that it is “confident of another year of good progress in 2025,” driven by its proven M&A strategy, and seeing attractive growth opportunities in its business in India.
“Our US businesses delivered around 76% of group underlying operating profit in 2024 and we expect the strong trading momentum to continue in 2025,” as the overall market’s trade tensions do not pose any significant threats, the company said in a release to investors.
Rheinmetall AG surged 9.6% to €1,265 after the German armored vehicle, weapon, and ammunition maker reported increased revenue in fiscal 2024.
Revenue jumped 36% to €9.75 billion from €7.18 billion, operating income climbed 61% to €1.48 billion from €918 million, and earnings per share rose to €16.51 from €12.32 a year ago.
Sales in the defense business, which accounts for around 80% of group sales, increased by 50% during the year.
The company proposed a dividend of €8.10 per share, compared to €5.70 per share in 2023.
Rheinmetall guided for fiscal 2025 group sales to grow between 25% and 30% and the operating margin to be approximately 15.5%, compared to 15.2% in 2024.
In the defense business, the company estimated sales growth between 35% and 40% in 2025.
“This outlook does not yet take into account the improvement in market potential that is expected to arise in the markets that are particularly relevant for Rheinmetall in Europe, Germany, and Ukraine as a result of the geopolitical developments in recent weeks,” the company said in a release to investors.
Deliveroo Plc. dropped 7.1% to 115.74 pence despite the food and retail products delivery platform operator reporting sales growth in fiscal 2024.
Revenue increased to £2.07 billion from £2.03 billion, profit edged up to £2.9 million from a loss of £31.8 million, and diluted earnings per share were zero compared to a loss of 1 cent a year ago.
Sales in the U.K. and Ireland rose to £1.25 billion from £1.21 billion, and international sales declined to £817.5 million from £821.0 million a year earlier.
Total orders increased 2% to 296 million from 290 million, and average order size rose 3% £25.1 from £24.30 a year ago, respectively.
During the year, the company purchased 22.6 million shares for a total of £30 million, including transaction costs of £0.2 million, and held by the earnings before tax.
The company announced a new stock repurchase commenced in August 2024 to purchase for a maximum of £150 million.
During the year, 61.1 million shares were purchased for £90.0 million, including transaction costs of £0.6 million, and 60 million of these shares were cancelled at a cost of £88.5 million and a nominal value of £0.3 million.
Deliveroo guided fiscal 2025 adjusted EBITDA to be between £170 million and £190 million, compared to £130 million in 2024, as the company makes targeted investments to capture future growth opportunities.
The growth in transaction value is expected to increase at “a high single digit” in 2025.
Hugo Boss AG dropped 2.2% to €37.16 despite the German clothing, leather goods, and accessories retailer reporting higher sales in fiscal 2024.
Sales increased to €4.31 billion from €4.20 billion, net income edged down to €225.95 million from €242.53 million, and earnings per share fell to €3.09 from €3.74 a year ago.
The company paid a dividend of €1.40 per share, up from €1.35 per share in 2023.
Hugo Boss guided for fiscal 2025 sales to range between €4.2 billion and €4.4 billion, a 2% increase or decrease said from last year, and EBIT is expected to reach €380 to €440 million euros, up 5% to 22% from €360.82 million in 2024.
Expectations of Higher Rates In Japan Kept Tokyo Market Sentiment In Check
Akira Ito
13 Mar, 2025
Tokyo
Market sentiment in Tokyo dampened amid rapidly escalating trade tensions with the U.S., and the yen continued its advance.
The Nikkei 225 Stock Average edged down a fraction, and the broader TOPIX advanced 0.1% as investors worried about the looming U.S. trade tariffs.
The yen closed at 147.5 against the U.S. dollar after Bank of Japan Governor Kazuo Ueda reaffirmed the central bank's plans to shrink its balance sheet.
The central bank is prepared to raise rates following strong wage growth and rising consumption, permitting policymakers to end long-overdue ultra-loose monetary policy.
Japanese exporters are bracing for higher U.S. tariffs on electrical and electronic goods, vehicles, and semiconductor equipment as the Trump administration expands the list of countries and industries.
Japan Indexes and Stocks
The Nikkei 225 Stock Average closed down 0.1% to 36,790.03, and the broader TOPIX edged up 0.1% to 2,698.36, and both indexes erased the session's gains.
Mitsubishi Electric Corp. increased 1.3% to ¥2,757.0, and the company said it plans to expand its missile and cross-domain operations as Japan expands its arms production and defense capabilities.
Semiconductor equipment makers were in focus in Tokyo's trading, following a rebound in advanced chipmaker stocks in New York in overnight trading.
Tokyo Electron decreased 0.1% to ¥21,320.0, Disco Corp. soared 5.2% to ¥34,430.0, and Advantest Corp. jumped 3.7% to ¥7,830.0.
Japan Steel Works soared 6.2% to ¥5,933.0, despite the looming U.S. tariffs on Japanese exports.
Kawasaki Heavy Industries gained 1.9% to ¥8,870.0, and IHI Corp. increased 2.9% to ¥10,605.0 amid expectations of rising orders from the defense ministry as the Japanese government plans to spend about 44 trillion yen on modernizing its military.
Expectations of Higher Rates In Japan Kept Tokyo Market Sentiment In Check
Akira Ito
13 Mar, 2025
Tokyo
Market sentiment in Tokyo dampened amid rapidly escalating trade tensions with the U.S., and the yen continued its advance.
The Nikkei 225 Stock Average edged down a fraction, and the broader TOPIX advanced 0.1% as investors worried about the looming U.S. trade tariffs.
The yen closed at 147.5 against the U.S. dollar after Bank of Japan Governor Kazuo Ueda reaffirmed the central bank's plans to shrink its balance sheet.
The central bank is prepared to raise rates following strong wage growth and rising consumption, permitting policymakers to end long-overdue ultra-loose monetary policy.
Japanese exporters are bracing for higher U.S. tariffs on electrical and electronic goods, vehicles, and semiconductor equipment as the Trump administration expands the list of countries and industries.
Japan Indexes and Stocks
The Nikkei 225 Stock Average closed down 0.1% to 36,790.03, and the broader TOPIX edged up 0.1% to 2,698.36, and both indexes erased the session's gains.
Mitsubishi Electric Corp. increased 1.3% to ¥2,757.0, and the company said it plans to expand its missile and cross-domain operations as Japan expands its arms production and defense capabilities.
Semiconductor equipment makers were in focus in Tokyo's trading, following a rebound in advanced chipmaker stocks in New York in overnight trading.
Tokyo Electron decreased 0.1% to ¥21,320.0, Disco Corp. soared 5.2% to ¥34,430.0, and Advantest Corp. jumped 3.7% to ¥7,830.0.
Japan Steel Works soared 6.2% to ¥5,933.0, despite the looming U.S. tariffs on Japanese exports.
Kawasaki Heavy Industries gained 1.9% to ¥8,870.0, and IHI Corp. increased 2.9% to ¥10,605.0 amid expectations of rising orders from the defense ministry as the Japanese government plans to spend about 44 trillion yen on modernizing its military.
China Indexes Extended Losses to Fifth Consecutive Session, Two Sessions Failed to Shed More Light On Stimulus Measures
Li Chen
13 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong declined for the fifth session in a row amid escalating global trade tensions and a lack of clarity about the stimulus implementation plan.
The Hang Seng index declined as much as 1%, and the mainland-focused CSI 300 index dropped 0.4% after the European Union announced its retaliatory tariffs on U.S. imports.
The constantly changing U.S. trade policy and chaotic administration of the Trump administration are driving Chinese companies to look for markets elsewhere.
Chinese companies are rapidly adjusting to the U.S. trade policy uncertainty, and the leadership in Beijing is altering its trade stance with the European Union, ASEAN region, India, and South America.
Moreover, investors were disappointed after the ending of Two Sessions failed to provide additional clarity on the fiscal implementation plans that were announced several months ago.
Despite bold announcements of fiscal measures to support the property market, revive consumer confidence, and tackle elevated local government debts, little progress has been made in implementation plans.
China Indexes and Stocks
The Hang Seng index decreased 0.9% to 23,389.09, and the mainland-focused CSI 300 index fell 0.4% to 3,910.60.
Technology and property developers led the decliners for the fifth session in a row amid worries about rising trade tensions.
Alibaba Group Holding decreased 2.5% to HK $131.40, Tencent Holdings declined 1.2% to HK $506.0, and JD.com Inc. increased 0.1% to HK $156.90.
Longfor Group decreased 10.6% to HK $10.60, China Vanke Co. Ltd. dropped 2.5% to HK $5.86, and Sun Hung Kai Properties fell 0.9% to HK $74.95.
China Indexes Extended Losses to Fifth Consecutive Session, Two Sessions Failed to Shed More Light On Stimulus Measures
Li Chen
13 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong declined for the fifth session in a row amid escalating global trade tensions and a lack of clarity about the stimulus implementation plan.
The Hang Seng index declined as much as 1%, and the mainland-focused CSI 300 index dropped 0.4% after the European Union announced its retaliatory tariffs on U.S. imports.
The constantly changing U.S. trade policy and chaotic administration of the Trump administration are driving Chinese companies to look for markets elsewhere.
Chinese companies are rapidly adjusting to the U.S. trade policy uncertainty, and the leadership in Beijing is altering its trade stance with the European Union, ASEAN region, India, and South America.
Moreover, investors were disappointed after the ending of Two Sessions failed to provide additional clarity on the fiscal implementation plans that were announced several months ago.
Despite bold announcements of fiscal measures to support the property market, revive consumer confidence, and tackle elevated local government debts, little progress has been made in implementation plans.
China Indexes and Stocks
The Hang Seng index decreased 0.9% to 23,389.09, and the mainland-focused CSI 300 index fell 0.4% to 3,910.60.
Technology and property developers led the decliners for the fifth session in a row amid worries about rising trade tensions.
Alibaba Group Holding decreased 2.5% to HK $131.40, Tencent Holdings declined 1.2% to HK $506.0, and JD.com Inc. increased 0.1% to HK $156.90.
Longfor Group decreased 10.6% to HK $10.60, China Vanke Co. Ltd. dropped 2.5% to HK $5.86, and Sun Hung Kai Properties fell 0.9% to HK $74.95.
India Movers: Cupid, Gandhi Special Tubes, GOCL, Hisar Metal, Prime Focus, Syncom Formulations, TCPL
Arun Goswami
13 Mar, 2025
Mumbai
GOCL Corporation Ltd. increased 0.9% to ₹281.50, and the company reported a sharp increase in revenue and earnings.
Consolidated revenue increased to ₹328.2 crore from ₹229.7 crore, after-tax profit rose to ₹92.4 crore from ₹15.4 crore, and diluted earnings per share jumped to ₹18.64 from ₹3.12 a year ago.
TCPL Packaging Limited rose 2.9% to ₹4,448.45 after the folded cartons maker reported a two-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹469.3 crore from ₹357.3 crore, net income jumped to ₹38.2 crore from ₹19.6 crore, and diluted earnings per share rose to ₹41.99 from ₹21.55 a year ago.
Cupid Ltd. rose 0.06% to ₹63.73 after the company reported a 27% increase in net income in the December quarter.
Consolidated revenue increased to ₹50.8 crore from ₹40.8 crore, after-tax profit rose to ₹11.3 crore from ₹8.9 crore, and diluted earnings per share advanced to ₹0.41 from ₹0.33 a year ago.
Hisar Metal Industries Ltd. decreased 0.6% to ₹191.25 after the stainless-steel strips, coils, tubes, and pipes maker reported a 47% plunge in quarterly profit.
Consolidated revenue advanced to ₹57.1 crore from ₹53.3 crore, net income decreased to ₹0.8 crore from ₹1.5 crore, and diluted earnings per share fell to ₹1.52 from ₹2.83 a year ago.
Gandhi Special Tubes Ltd. jumped 4.6% to ₹662.80 after the seamless and welded steel tubes maker reported a marginal decline in revenue and a slight increase in net income in the December quarter.
Consolidated revenue declined to ₹41.8 crore from ₹44.2 crore, net income advanced to ₹15.2 crore from ₹13.2 crore, and diluted earnings per share rose to ₹12.48 from ₹10.87 a year ago.
Syncom Formulations (India) Ltd. dropped 1% to ₹15.58 despite the pharmaceutical company reporting a two-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹130.9 crore from ₹67.7 crore, after-tax profit jumped to ₹12.8 crore from ₹6.4 crore, and diluted earnings per share increased to 14 paisa from 9 paisa a year ago.
Prime Focus Limited decreased 2.5% to ₹93.07 after the media services company swung to a loss in the December quarter.
Consolidated revenue declined to ₹11.8 crore from ₹19.9 crore, after-tax losses swung to ₹12.2 crore from a profit of ₹0.5 crore, and diluted losses per share swung to 41 paisa from a profit of 0.02 paisa a year ago.
India Movers: Cupid, Gandhi Special Tubes, GOCL, Hisar Metal, Prime Focus, Syncom Formulations, TCPL
Arun Goswami
13 Mar, 2025
Mumbai
GOCL Corporation Ltd. increased 0.9% to ₹281.50, and the company reported a sharp increase in revenue and earnings.
Consolidated revenue increased to ₹328.2 crore from ₹229.7 crore, after-tax profit rose to ₹92.4 crore from ₹15.4 crore, and diluted earnings per share jumped to ₹18.64 from ₹3.12 a year ago.
TCPL Packaging Limited rose 2.9% to ₹4,448.45 after the folded cartons maker reported a two-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹469.3 crore from ₹357.3 crore, net income jumped to ₹38.2 crore from ₹19.6 crore, and diluted earnings per share rose to ₹41.99 from ₹21.55 a year ago.
Cupid Ltd. rose 0.06% to ₹63.73 after the company reported a 27% increase in net income in the December quarter.
Consolidated revenue increased to ₹50.8 crore from ₹40.8 crore, after-tax profit rose to ₹11.3 crore from ₹8.9 crore, and diluted earnings per share advanced to ₹0.41 from ₹0.33 a year ago.
Hisar Metal Industries Ltd. decreased 0.6% to ₹191.25 after the stainless-steel strips, coils, tubes, and pipes maker reported a 47% plunge in quarterly profit.
Consolidated revenue advanced to ₹57.1 crore from ₹53.3 crore, net income decreased to ₹0.8 crore from ₹1.5 crore, and diluted earnings per share fell to ₹1.52 from ₹2.83 a year ago.
Gandhi Special Tubes Ltd. jumped 4.6% to ₹662.80 after the seamless and welded steel tubes maker reported a marginal decline in revenue and a slight increase in net income in the December quarter.
Consolidated revenue declined to ₹41.8 crore from ₹44.2 crore, net income advanced to ₹15.2 crore from ₹13.2 crore, and diluted earnings per share rose to ₹12.48 from ₹10.87 a year ago.
Syncom Formulations (India) Ltd. dropped 1% to ₹15.58 despite the pharmaceutical company reporting a two-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹130.9 crore from ₹67.7 crore, after-tax profit jumped to ₹12.8 crore from ₹6.4 crore, and diluted earnings per share increased to 14 paisa from 9 paisa a year ago.
Prime Focus Limited decreased 2.5% to ₹93.07 after the media services company swung to a loss in the December quarter.
Consolidated revenue declined to ₹11.8 crore from ₹19.9 crore, after-tax losses swung to ₹12.2 crore from a profit of ₹0.5 crore, and diluted losses per share swung to 41 paisa from a profit of 0.02 paisa a year ago.
Escalating Trade Tensions and Slower Progress On Inflation Weighs On Wall Street
Barry Adams
12 Mar, 2025
New York City
Wall Street indexes lacked direction and struggled to hold on to early gains amid escalating trade tensions between the U.S. and key trading partners.
The S&P 500 index hovered near the flat line, and the Nasdaq Composite advanced more than 0.5% after Canada and the European Union imposed retaliatory tariffs on U.S. exports.
Benchmark indexes have been under pressure as investors fear that escalating tariffs could trigger a U.S. recession following the chaotic trade policies of the Trump administration.
Over the last three weeks, the S&P 500 index and the Nasdaq Composite have lost nearly 10%, erasing market capitalization by $4 trillion after the Trump administration launched a global tariff war targeting key trade partners.
Investors are worried that the prospects of higher inflation driven by tariffs may force the Federal Reserve to delay its future rate cuts.
On the economic front, the consumer price inflation in February eased to 2.8% from 3% in January, the U.S. Bureau of Labor Statistics reported Wednesday.
The easing of inflation was partly driven by a sharp fall in gasoline prices, but shelter inflation inched down a little to 4.2% from 4.4%, and food price inflation accelerated to 2.6% from 2.5%.
Core inflation, which excludes volatile food and energy prices, slowed to 3.1% from 3.3% and dropped to the lowest level since April 2021.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 1% to 5,571.69, the Nasdaq Composite edged up 0.6% to 17,533.54, and the Russell 2000 index fell 0.5% to 2,015.59.
The yield on 2-year Treasury notes edged higher to 4.00%, 10-year Treasury notes increased to 4.32%, and 30-year Treasury bonds advanced to 4.63%.
WTI crude oil increased $1.13 to $67.38 a barrel, and natural gas prices edged lower by $0.24 to $4.21 a thermal unit.
Gold decreased by $3.08 to 2,910.52 an ounce, and silver edged up by $0.18 to $33.03.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.17 to 103.67 and traded at a two-year high.
U.S. Stock Movers
Casey's General Stores jumped 6% to $401.14 after the convenience store retailer reported higher sales and earnings in the latest quarter.
Inside same-store sales increased 3.7% compared to the prior year and 8.0% on a two-year stack basis, with an inside margin of 40.9%.
Same-store fuel gallons were up 1.8% from a year ago, with a fuel margin of 36.4 cents per gallon.
Same-store operating expenses excluding credit card fees were up 3.2%, favorably impacted by a 2% reduction in same-store labor hours.
For fiscal 2025, the company expects same-store sales to increase between 3% and 5% with the inside margin to be comparable to the prior year.
The company expects to add approximately 270 stores for the year.
Same-store fuel gallons sold is expected to be negative 1% to positive 1%.
Groupon Inc. soared 32% to $12.93, and the online marketplace operator estimated higher-than-expected annual revenue range between $493 million and $500 million.
The company said it returned to positive free cash flow in 2024, and adjusted earnings in the fiscal fourth quarter surpassed market expectations.
Escalating Trade Tensions and Slower Progress On Inflation Weighs On Wall Street
Barry Adams
12 Mar, 2025
New York City
Wall Street indexes lacked direction and struggled to hold on to early gains amid escalating trade tensions between the U.S. and key trading partners.
The S&P 500 index hovered near the flat line, and the Nasdaq Composite advanced more than 0.5% after Canada and the European Union imposed retaliatory tariffs on U.S. exports.
Benchmark indexes have been under pressure as investors fear that escalating tariffs could trigger a U.S. recession following the chaotic trade policies of the Trump administration.
Over the last three weeks, the S&P 500 index and the Nasdaq Composite have lost nearly 10%, erasing market capitalization by $4 trillion after the Trump administration launched a global tariff war targeting key trade partners.
Investors are worried that the prospects of higher inflation driven by tariffs may force the Federal Reserve to delay its future rate cuts.
On the economic front, the consumer price inflation in February eased to 2.8% from 3% in January, the U.S. Bureau of Labor Statistics reported Wednesday.
The easing of inflation was partly driven by a sharp fall in gasoline prices, but shelter inflation inched down a little to 4.2% from 4.4%, and food price inflation accelerated to 2.6% from 2.5%.
Core inflation, which excludes volatile food and energy prices, slowed to 3.1% from 3.3% and dropped to the lowest level since April 2021.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 1% to 5,571.69, the Nasdaq Composite edged up 0.6% to 17,533.54, and the Russell 2000 index fell 0.5% to 2,015.59.
The yield on 2-year Treasury notes edged higher to 4.00%, 10-year Treasury notes increased to 4.32%, and 30-year Treasury bonds advanced to 4.63%.
WTI crude oil increased $1.13 to $67.38 a barrel, and natural gas prices edged lower by $0.24 to $4.21 a thermal unit.
Gold decreased by $3.08 to 2,910.52 an ounce, and silver edged up by $0.18 to $33.03.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased 0.17 to 103.67 and traded at a two-year high.
U.S. Stock Movers
Casey's General Stores jumped 6% to $401.14 after the convenience store retailer reported higher sales and earnings in the latest quarter.
Inside same-store sales increased 3.7% compared to the prior year and 8.0% on a two-year stack basis, with an inside margin of 40.9%.
Same-store fuel gallons were up 1.8% from a year ago, with a fuel margin of 36.4 cents per gallon.
Same-store operating expenses excluding credit card fees were up 3.2%, favorably impacted by a 2% reduction in same-store labor hours.
For fiscal 2025, the company expects same-store sales to increase between 3% and 5% with the inside margin to be comparable to the prior year.
The company expects to add approximately 270 stores for the year.
Same-store fuel gallons sold is expected to be negative 1% to positive 1%.
Groupon Inc. soared 32% to $12.93, and the online marketplace operator estimated higher-than-expected annual revenue range between $493 million and $500 million.
The company said it returned to positive free cash flow in 2024, and adjusted earnings in the fiscal fourth quarter surpassed market expectations.
German Bond Yield Jumps to 16-Year High, Ukraine Agrees to Temporary Ceasefire U.S. Terms
Bridgette Randall
12 Mar, 2025
London
European markets rebounded amid hopes of a ceasefire between Russia and Ukraine, and the euro rose to a multi-month high.
Benchmark indexes in Frankfurt, Paris, London, and Milan advanced after Ukraine agreed to a 30-day ceasefire, according to a social media post by the U.S. president.
However, diplomats in Europe were cautious about the possibility of a lasting ceasefire as both sides remain far apart.
Ukraine is looking for the return of land occupied by the Russian forces since 2014 and additional security guarantees from the North Atlantic Treaty Organization.
So far, Russia has shown no interest in ceding any land to Ukraine, and President Vladimir Putin has asked for the removal of financial sanctions imposed by the European nations.
Bond yields in Germany soared to a 13-year high and above 2.9% as leading political parties negotiated to form a coalition government, which could sharply increase government borrowing.
Europe Indexes and Yields
The DAX index increased by 1.3% to 22,617.90, the CAC-40 index edged higher 1% to 8,017.76; and the FTSE 100 index advanced by 0.5% to 8,541.46.
The yield on 10-year German bonds inched higher to 2.90%, French bonds decreased to 3.58%, the UK gilts moved up to 4.64%, and Italian bonds edged lower to 3.95%.
The euro increased to $1.09; the British pound was lower at $1.29; and the U.S. dollar was higher and traded at 88.27 Swiss cents.
Brent crude increased $0.31 to $69.87 a barrel, and the Dutch TTF natural gas was lower by €0.18 to €43.24 per MWh.
Europe Stock Movers
INDITEX dropped 2.3% to €48.90 after the Spain-based fashion retailer reported results for fiscal 2024.
The parent company of apparel retailer Zara proposed a dividend increase of 9% to €1.68 per share for 2024, payable in two equal payments on May 2 and on November 3.
Porsche Automobil Holding SE eased 1.5% to €38.99 after the German luxury vehicle slashed its profit outlook amid uncertainty about the global demand.
Vehicle sales in the fourth quarter amounted to 91,316 units, compared to 83,413 units in the same period in 2023.
PUMA SE dropped 22.4% to €21.41 after the sports products maker's weak outlook and dividend cut overshadowed the results of the fourth quarter.
Zealand Pharma soared 32% to DKK 647.0 after the Danish biotech company struck a deal with Switzerland-based Roche Holdings AG.
German Bond Yield Jumps to 16-Year High, Ukraine Agrees to Temporary Ceasefire U.S. Terms
Bridgette Randall
12 Mar, 2025
London
European markets rebounded amid hopes of a ceasefire between Russia and Ukraine, and the euro rose to a multi-month high.
Benchmark indexes in Frankfurt, Paris, London, and Milan advanced after Ukraine agreed to a 30-day ceasefire, according to a social media post by the U.S. president.
However, diplomats in Europe were cautious about the possibility of a lasting ceasefire as both sides remain far apart.
Ukraine is looking for the return of land occupied by the Russian forces since 2014 and additional security guarantees from the North Atlantic Treaty Organization.
So far, Russia has shown no interest in ceding any land to Ukraine, and President Vladimir Putin has asked for the removal of financial sanctions imposed by the European nations.
Bond yields in Germany soared to a 13-year high and above 2.9% as leading political parties negotiated to form a coalition government, which could sharply increase government borrowing.
Europe Indexes and Yields
The DAX index increased by 1.3% to 22,617.90, the CAC-40 index edged higher 1% to 8,017.76; and the FTSE 100 index advanced by 0.5% to 8,541.46.
The yield on 10-year German bonds inched higher to 2.90%, French bonds decreased to 3.58%, the UK gilts moved up to 4.64%, and Italian bonds edged lower to 3.95%.
The euro increased to $1.09; the British pound was lower at $1.29; and the U.S. dollar was higher and traded at 88.27 Swiss cents.
Brent crude increased $0.31 to $69.87 a barrel, and the Dutch TTF natural gas was lower by €0.18 to €43.24 per MWh.
Europe Stock Movers
INDITEX dropped 2.3% to €48.90 after the Spain-based fashion retailer reported results for fiscal 2024.
The parent company of apparel retailer Zara proposed a dividend increase of 9% to €1.68 per share for 2024, payable in two equal payments on May 2 and on November 3.
Porsche Automobil Holding SE eased 1.5% to €38.99 after the German luxury vehicle slashed its profit outlook amid uncertainty about the global demand.
Vehicle sales in the fourth quarter amounted to 91,316 units, compared to 83,413 units in the same period in 2023.
PUMA SE dropped 22.4% to €21.41 after the sports products maker's weak outlook and dividend cut overshadowed the results of the fourth quarter.
Zealand Pharma soared 32% to DKK 647.0 after the Danish biotech company struck a deal with Switzerland-based Roche Holdings AG.
U.S. Movers: Casey's General, Ciena Corp., Dick's Sporing Goods, Kohl's, United Natural Foods
Scott Peters
12 Mar, 2025
New York City
United Natural Foods Inc. gained 1% to $26.09 after the grocery wholesaler reported results for the fiscal second quarter of 2025.
Net sales increased 4.9% to $8.16 billion from $7.77 billion, net loss shrank to $3 million from a loss of $15 million, and adjusted earnings per share rose to 22 cents from 7 cents a year ago.
The company guided raising the full-year outlook for all financial metrics other than capital spending.
Net sales in fiscal 2025 are expected to be between $31.3 billion and $31.7 billion, up 3.6% from $30.98 billion a year ago, adjusted EBITDA between $550 million and $580 million, up from $518 million, and adjusted earnings per share between 70 cents and 90 cents, up from 14 cents in 2024.
Casey's General Stores Inc. surged 3.2% to $391.0 after the convenience store operator reported results for the fiscal third quarter of 2025.
Revenue increased to $3.90 billion from $3.33 billion, net income jumped to $87.10 million from $86.93 million a year ago, and diluted earnings per share were flat at $2.33.
Inside same-store sales increased 3.7% compared to the prior year and 8.0% on a two-year stack basis, with an inside margin of 40.9%.
Same-store fuel gallons were up 1.8% from a year ago, with a fuel margin of 36.4 cents per gallon.
Same-store operating expenses excluding credit card fees were up 3.2%, favorably impacted by a 2% reduction in same-store labor hours.
For fiscal 2025, the company expects same-store sales to increase between 3% and 5% with the inside margin to be comparable to the prior year.
The company expects to add approximately 270 stores for the year.
Same-store fuel gallons sold is expected to be between negative 1% and positive 1%.
The company expects total operating expenses to increase between 11% and 13% for the fiscal year, including $25 million to $30 million in one-time deal and integration costs related to the Fikes acquisition, while same-store operating expenses excluding credit card fees are expected to only increase 2% for the year.
Casey’s estimated EBITDA is expected to increase 11%, and the purchase of property and equipment is expected to be approximately $500 million.
The company has approximately $295 million remaining under its existing share repurchase authorization.
Casey's proposed a quarterly dividend of 50 cents per share, payable on May 15 to shareholders on record as of May 1.
DICK'S Sporting Goods dropped 1.2% to $208.50 after the athletic goods retailer reported increased sales in the fiscal fourth quarter of 2024.
Net sales increased to $3.89 billion from $3.88 billion, net income jumped to $300 million from $296 million, and diluted earnings per share edged up to $3.62 from $3.57 a year ago.
For the full year, comparable sales advanced 5.2%, driven by growth in average ticket size and transactions.
The company guided for fiscal 2025 comparable sales to grow between 1% and 3% and diluted earnings per share to be between $13.80 and $14.40, compared to $14.05 in 2024.
Net sales are estimated to be between $13.6 billion and $13.9 billion, up from $13.44 billion in 2024, and net capital expenditure would be approximately $1.0 billion, compared to $726 million in 2024.
DICK’S authorized a new five-year share repurchase program for up to $3 billion.
The sporting products retailer proposed a quarterly cash dividend of $1.2125 per share, up 10% from the previous dividend, and an annualized dividend of $4.85, payable on April 11 to stockholders on record as of March 28.
Kohl's Inc. plunged 14.5% to $10.30 after the department store chain reported lower sales in the fiscal fourth quarter of 2024.
Net sales declined to $5.17 billion from $5.71 billion, net income slumped to $48 million from $186 million, and diluted earnings per share fell to 43 cents from $1.67 a year ago.
Comparable sales in the quarter decreased 6.7% and declined 6.5% during the full year.
The company guided for fiscal 2025 net sales to drop between 5% and 7%, comparable sales down 4% to 6%, and diluted earnings per share between 10 cents and 60 cents, compared to 98 cents in 2024.
The operating margin is estimated to be between 2.2% and 2.6% and capital expenditures between $400 million and $425 million.
Kohl’s proposed a quarterly cash dividend of 12.5 cents per share, payable on April 2 to shareholders on record as of March 21.
Ciena Corp. dropped 0.4% to $63.71 after the provider of optical switches and routing systems, services, and automation software reported results for the fiscal first quarter of 2025.
Revenue increased to $1.07 billion from $1.04 billion, net income declined to $44.57 million from $49.55 million, and diluted earnings per share fell to 31 cents from 34 cents a year ago.
The company repurchased approximately 1.0 million shares of common stock for the aggregate price of $79.2 million during the quarter.
U.S. Movers: Casey's General, Ciena Corp., Dick's Sporing Goods, Kohl's, United Natural Foods
Scott Peters
12 Mar, 2025
New York City
United Natural Foods Inc. gained 1% to $26.09 after the grocery wholesaler reported results for the fiscal second quarter of 2025.
Net sales increased 4.9% to $8.16 billion from $7.77 billion, net loss shrank to $3 million from a loss of $15 million, and adjusted earnings per share rose to 22 cents from 7 cents a year ago.
The company guided raising the full-year outlook for all financial metrics other than capital spending.
Net sales in fiscal 2025 are expected to be between $31.3 billion and $31.7 billion, up 3.6% from $30.98 billion a year ago, adjusted EBITDA between $550 million and $580 million, up from $518 million, and adjusted earnings per share between 70 cents and 90 cents, up from 14 cents in 2024.
Casey's General Stores Inc. surged 3.2% to $391.0 after the convenience store operator reported results for the fiscal third quarter of 2025.
Revenue increased to $3.90 billion from $3.33 billion, net income jumped to $87.10 million from $86.93 million a year ago, and diluted earnings per share were flat at $2.33.
Inside same-store sales increased 3.7% compared to the prior year and 8.0% on a two-year stack basis, with an inside margin of 40.9%.
Same-store fuel gallons were up 1.8% from a year ago, with a fuel margin of 36.4 cents per gallon.
Same-store operating expenses excluding credit card fees were up 3.2%, favorably impacted by a 2% reduction in same-store labor hours.
For fiscal 2025, the company expects same-store sales to increase between 3% and 5% with the inside margin to be comparable to the prior year.
The company expects to add approximately 270 stores for the year.
Same-store fuel gallons sold is expected to be between negative 1% and positive 1%.
The company expects total operating expenses to increase between 11% and 13% for the fiscal year, including $25 million to $30 million in one-time deal and integration costs related to the Fikes acquisition, while same-store operating expenses excluding credit card fees are expected to only increase 2% for the year.
Casey’s estimated EBITDA is expected to increase 11%, and the purchase of property and equipment is expected to be approximately $500 million.
The company has approximately $295 million remaining under its existing share repurchase authorization.
Casey's proposed a quarterly dividend of 50 cents per share, payable on May 15 to shareholders on record as of May 1.
DICK'S Sporting Goods dropped 1.2% to $208.50 after the athletic goods retailer reported increased sales in the fiscal fourth quarter of 2024.
Net sales increased to $3.89 billion from $3.88 billion, net income jumped to $300 million from $296 million, and diluted earnings per share edged up to $3.62 from $3.57 a year ago.
For the full year, comparable sales advanced 5.2%, driven by growth in average ticket size and transactions.
The company guided for fiscal 2025 comparable sales to grow between 1% and 3% and diluted earnings per share to be between $13.80 and $14.40, compared to $14.05 in 2024.
Net sales are estimated to be between $13.6 billion and $13.9 billion, up from $13.44 billion in 2024, and net capital expenditure would be approximately $1.0 billion, compared to $726 million in 2024.
DICK’S authorized a new five-year share repurchase program for up to $3 billion.
The sporting products retailer proposed a quarterly cash dividend of $1.2125 per share, up 10% from the previous dividend, and an annualized dividend of $4.85, payable on April 11 to stockholders on record as of March 28.
Kohl's Inc. plunged 14.5% to $10.30 after the department store chain reported lower sales in the fiscal fourth quarter of 2024.
Net sales declined to $5.17 billion from $5.71 billion, net income slumped to $48 million from $186 million, and diluted earnings per share fell to 43 cents from $1.67 a year ago.
Comparable sales in the quarter decreased 6.7% and declined 6.5% during the full year.
The company guided for fiscal 2025 net sales to drop between 5% and 7%, comparable sales down 4% to 6%, and diluted earnings per share between 10 cents and 60 cents, compared to 98 cents in 2024.
The operating margin is estimated to be between 2.2% and 2.6% and capital expenditures between $400 million and $425 million.
Kohl’s proposed a quarterly cash dividend of 12.5 cents per share, payable on April 2 to shareholders on record as of March 21.
Ciena Corp. dropped 0.4% to $63.71 after the provider of optical switches and routing systems, services, and automation software reported results for the fiscal first quarter of 2025.
Revenue increased to $1.07 billion from $1.04 billion, net income declined to $44.57 million from $49.55 million, and diluted earnings per share fell to 31 cents from 34 cents a year ago.
The company repurchased approximately 1.0 million shares of common stock for the aggregate price of $79.2 million during the quarter.
Europe Movers: 4imprint, Brenntag, Balfour & Beatty, Headlam, INDITEX, Legal & General, Porsche, Puma
Inga Muller
12 Mar, 2025
Frankfurt
Headlam Group Plc. dropped 5.4% to 104.00 pence after the UK-based floor coverings provider reported results for 2024.
Revenue declined to £593.1 million from £656.5 million, profit before tax swung to a loss of £34.3 million from a profit of £11 million, and loss per share was 35.0 pence compared to a profit of 9.6 pence a year ago.
The company said that so far in 2025, consumer spending on home improvements had remained negative despite weak comparatives and Headlam’s transformation plan.
Group revenue for January and February was 6% below the previous year.
“Lead indicators point to market recovery, but timing is uncertain,” the company said in a note to investors.
INDITEX dropped 2.3% to €48.90 after the Spain-based fashion retailer reported results for fiscal 2024.
Net sales jumped to €38.63 billion from €35.95 billion, net profit edged up to €5.87 billion from €5.38 billion, and earnings per share rose to €1.884 from €1.729 a year ago.
The company guided for fiscal 2025 an increase in annual gross retail space to be around 5% and ordinary capital expenditure to be around €1.8 billion.
INDITEX proposed a dividend increase of 9% to €1.68 per share for 2024, payable in two equal payments on May 2 and on November 3.
Porsche Automobil Holding SE eased 1.5% to €38.99 after the German luxury vehicle manufacturer reported results for 2024.
Revenue declined to €40.08 billion from €40.53 billion, profit before tax slumped to €5.23 billion from €7.37 billion, and diluted earnings per ordinary share fell to €3.94 from €5.66 a year ago.
Vehicle sales in the fourth quarter amounted to 91,316 units, compared to 83,413 units in the same period in 2023.
PUMA SE dropped 22.4% to €21.41 after the sports products maker's weak outlook and dividend cut overshadowed the results of the fourth quarter.
Sales increased 15.5% to €2.29 billion from €1.98 billion, net income surged to €24.5 million from €0.8 million, and diluted earnings per share jumped to 16 cents from 1 cent a year ago.
The company announced a share buyback program for up to €100 million, ending in May 2025.
PUMA will propose a dividend of 61 cents per share for 2024 at the annual general meeting on May 21.
The company guided fiscal 2025 currency-adjusted sales growth at a “low- to mid-single-digit percentage rate” and estimated adjusted EBIT excluding one-time costs in the range between €520 million and €600 million.
The company had previously estimated revenue growth in 2025 to surpass that of the previous year.
After the company released the financial results, PUMA stock plunged as much as 23% to a level not seen since 2016.
Legal & General Group Plc. eased 0.2% to 244.30 pence after the UK-based financial services company announced the return of capital to shareholders despite the slump in earnings.
Revenue increased to £12.69 billion from £12.11 billion, profit slumped to £191 million from £457 million, and diluted earnings per share dropped to 2.86 pence from 7.28 pence a year ago.
The company paid a dividend of 21.36 pence per share, up from 20.34 pence per share in 2023.
In addition, Legal & General announced a £500 million stock buyback program for 2025, planning to return more than £5 billion through dividends and buybacks within three years.
Balfour Beatty Plc. eased 0.6% to 430.80 pence after the UK-based construction and infrastructure services provider reported results for 2024.
Revenue increased to £10.01 billion from £9.59 billion, profit declined to £178 million from £194 million, and basic earnings per share fell to 34.2 pence from 35.3 pence a year ago.
The company’s order book amounted to £18.4 billion, up from £16.5 billion in 2023.
Balfour Beatty estimated “further profitable growth from earnings-based businesses” over the next two years, with the expected net finance income of around £25 million for 2025.
The total cash return to shareholders in 2025 is expected to be £188 million, compared to £161 million in 2024.
The company proposed a final dividend of 8.7 pence per share, up from 8.0 pence in 2023, giving a total dividend for the year of 12.5 pence per share, up from 11.5 pence in 2023.
In addition, Balfour Beatty plans to repurchase £125 million of shares during 2025, bringing the cumulative return to shareholders since the program’s introduction in 2021 to over £940 million.
4imprint Group Plc. plunged 14.9% to 4.077 pence despite the UK-based provider of direct marketing promotional products reporting higher sales in 2024.
Revenue increased 3% to $1.37 billion from $1.33 billion, profit before tax surged 10% to $154.4 million from $140.7 million, and basic earnings per share rose 10% to 416.3 cents from 377.9 cents a year ago.
The company finished 2024 with cash and bank deposits of $147.6 million, up from $104.5 million in 2023.
4imprint proposed a final dividend of 160 cents per share, up from 150 cents in 2023, giving a total paid and proposed regular dividend per share of 240 cents, up 12% from 215 cents in 2023.
In addition, the company proposed a special dividend of 250 cents per share for 2024, bringing total regular and special 2024 dividends to 490 cents per share.
Investors sold stock on the worry that orders in the current quarter may lag from the previous year amid the tariff war and slowing economic growth in the U.S.
"In the first two months of 2025, revenue at the order intake level was slightly down compared to the same period in 2024, reflecting continued uncertainty in the market," Group Chairman Paul Moody said in a release issued to investors.
Brenntag SE gained 0.2% to €64.50 after the German chemicals and ingredients distributor reported results for fiscal 2024.
Sales declined to €16.24 billion from €16.81 billion, profit fell to €536.2 million from €714.9 million, and earnings per share dropped to €3.71 from €4.73 a year ago.
The company guided for fiscal 2025 operating EBITA to be between €1.1 billion and €1.3 billion, compared to €1.10 billion in 2024, taking into account the earnings contributions from acquisitions already completed.
Brenntag will propose a dividend of €2.10 per share to the annual general meeting on May 22.
Europe Movers:
Inga Muller
12 Mar, 2025
Frankfurt
Headlam Group Plc. dropped 5.4% to 104.00 pence after the UK-based floor coverings provider reported results for 2024.
Revenue declined to £593.1 million from £656.5 million, profit before tax swung to a loss of £34.3 million from a profit of £11 million, and loss per share was 35.0 pence compared to a profit of 9.6 pence a year ago.
The company said that so far in 2025, consumer spending on home improvements had remained negative despite weak comparatives and Headlam’s transformation plan.
Group revenue for January and February was 6% below the previous year.
“Lead indicators point to market recovery, but timing is uncertain,” the company said in a note to investors.
INDITEX dropped 2.3% to €48.90 after the Spain-based fashion retailer reported results for fiscal 2024.
Net sales jumped to €38.63 billion from €35.95 billion, net profit edged up to €5.87 billion from €5.38 billion, and earnings per share rose to €1.884 from €1.729 a year ago.
The company guided for fiscal 2025 an increase in annual gross retail space to be around 5% and ordinary capital expenditure to be around €1.8 billion.
INDITEX proposed a dividend increase of 9% to €1.68 per share for 2024, payable in two equal payments on May 2 and on November 3.
Porsche Automobil Holding SE eased 1.5% to €38.99 after the German luxury vehicle manufacturer reported results for 2024.
Revenue declined to €40.08 billion from €40.53 billion, profit before tax slumped to €5.23 billion from €7.37 billion, and diluted earnings per ordinary share fell to €3.94 from €5.66 a year ago.
Vehicle sales in the fourth quarter amounted to 91,316 units, compared to 83,413 units in the same period in 2023.
PUMA SE dropped 22.4% to €21.41 after the sports products maker's weak outlook and dividend cut overshadowed the results of the fourth quarter.
Sales increased 15.5% to €2.29 billion from €1.98 billion, net income surged to €24.5 million from €0.8 million, and diluted earnings per share jumped to 16 cents from 1 cent a year ago.
The company announced a share buyback program for up to €100 million, ending in May 2025.
PUMA will propose a dividend of 61 cents per share for 2024 at the annual general meeting on May 21.
The company guided fiscal 2025 currency-adjusted sales growth at a “low- to mid-single-digit percentage rate” and estimated adjusted EBIT excluding one-time costs in the range between €520 million and €600 million.
The company had previously estimated revenue growth in 2025 to surpass that of the previous year.
After the company released the financial results, PUMA stock plunged as much as 23% to a level not seen since 2016.
Legal & General Group Plc. eased 0.2% to 244.30 pence after the UK-based financial services company announced the return of capital to shareholders despite the slump in earnings.
Revenue increased to £12.69 billion from £12.11 billion, profit slumped to £191 million from £457 million, and diluted earnings per share dropped to 2.86 pence from 7.28 pence a year ago.
The company paid a dividend of 21.36 pence per share, up from 20.34 pence per share in 2023.
In addition, Legal & General announced a £500 million stock buyback program for 2025, planning to return more than £5 billion through dividends and buybacks within three years.
Balfour Beatty Plc. eased 0.6% to 430.80 pence after the UK-based construction and infrastructure services provider reported results for 2024.
Revenue increased to £10.01 billion from £9.59 billion, profit declined to £178 million from £194 million, and basic earnings per share fell to 34.2 pence from 35.3 pence a year ago.
The company’s order book amounted to £18.4 billion, up from £16.5 billion in 2023.
Balfour Beatty estimated “further profitable growth from earnings-based businesses” over the next two years, with the expected net finance income of around £25 million for 2025.
The total cash return to shareholders in 2025 is expected to be £188 million, compared to £161 million in 2024.
The company proposed a final dividend of 8.7 pence per share, up from 8.0 pence in 2023, giving a total dividend for the year of 12.5 pence per share, up from 11.5 pence in 2023.
In addition, Balfour Beatty plans to repurchase £125 million of shares during 2025, bringing the cumulative return to shareholders since the program’s introduction in 2021 to over £940 million.
4imprint Group Plc. plunged 14.9% to 4.077 pence despite the UK-based provider of direct marketing promotional products reporting higher sales in 2024.
Revenue increased 3% to $1.37 billion from $1.33 billion, profit before tax surged 10% to $154.4 million from $140.7 million, and basic earnings per share rose 10% to 416.3 cents from 377.9 cents a year ago.
The company finished 2024 with cash and bank deposits of $147.6 million, up from $104.5 million in 2023.
4imprint proposed a final dividend of 160 cents per share, up from 150 cents in 2023, giving a total paid and proposed regular dividend per share of 240 cents, up 12% from 215 cents in 2023.
In addition, the company proposed a special dividend of 250 cents per share for 2024, bringing total regular and special 2024 dividends to 490 cents per share.
Investors sold stock on the worry that orders in the current quarter may lag from the previous year amid the tariff war and slowing economic growth in the U.S.
"In the first two months of 2025, revenue at the order intake level was slightly down compared to the same period in 2024, reflecting continued uncertainty in the market," Group Chairman Paul Moody said in a release issued to investors.
Brenntag SE gained 0.2% to €64.50 after the German chemicals and ingredients distributor reported results for fiscal 2024.
Sales declined to €16.24 billion from €16.81 billion, profit fell to €536.2 million from €714.9 million, and earnings per share dropped to €3.71 from €4.73 a year ago.
The company guided for fiscal 2025 operating EBITA to be between €1.1 billion and €1.3 billion, compared to €1.10 billion in 2024, taking into account the earnings contributions from acquisitions already completed.
Brenntag will propose a dividend of €2.10 per share to the annual general meeting on May 22.