European Market

Bridgette Randall
23 May, 2025
London

European stock market indexes advanced and halted a two-slide, and the euro hovered near recent highs amid the elevated demand for euro-denominated securities. 

Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher and booked gains amid demand for defense industry-linked stocks. 

Market sentiment stabilized after the U.S. and Europe signaled ongoing discussions about trade negotiations, but officials cited slow progress. 

Moreover, European officials are looking to impose tariffs or sales tax on direct shipments from China using the postal system as package arrivals continue to soar. 

In 2024, about 4.6 billion small packages worth less than €150 enter the European Union; about 91% of these packages arrive from China.  

France alone received 800 million low-value small packages, and the public accounts minister, Amelie de Montchalin, said France plans to impose a small handling fee to process these packages. 

However, European Union ministers are looking to finalize an agreement for all member states as customs and border control agencies step up checks for counterfeit goods and security risks. 

Europe Indexes and Yields

The DAX index increased by 0.2% to 24,057.19, the CAC-40 index edged higher 0.3% to 7,884.52, and the FTSE 100 index advanced 0.4% to 8,775.17.

For the week, the DAX advanced 1.7%, the CAC-40 gained 0.2%, and the FTSE 100 index added 1%. 

The yield on 10-year German bonds inched lower to 2.61%, French bonds decreased to 3.29%, the UK gilts moved down to 4.72%, and Italian bonds edged lower to 3.63%.

The euro increased to $1.13; the British pound was higher at $1.35; and the U.S. dollar was lower and traded at 82.60 Swiss cents.

Brent crude decreased $0.40 to $64.04 a barrel, and the Dutch TTF natural gas was lower by €0.06 to €36.30 per MWh.

Europe Stock Movers

Siemens AG increased 0.7% to €218.65, MTU Aero Engines AG advanced 1.4% to €347.30, and Rheinmetall AG gained 0.5% to €1,779.50.

Dassault Aviation decreased 0.3% to €310.20, Safran jumped 0.5% to €261.90, Airbus SE increased 0.5% to €162.08, BAE Systems plc inched up 0.4% to 1,849.50 pence, and Rolls Royce Holdings PLC advanced 1.5% to 855.40 pence. 

Rolls Royce traded at a new intraday high amid expectations of new orders as the UK and France ramp up spending for military hardware in support of Ukraine.  

U.S. Movers: Advance Auto Parts, Autodesk, Copart, Deckers Outdoor, Intuit, Ralph Lauren, Ross Stores

Scott Peters
23 May, 2025
New York City

Intuit Inc. surged 8% to $719.10 after the financial technology platform operator reported strong third-quarter results and raised its full-year outlook.

Revenue increased to $7.75 billion from $6.74 billion, net income jumped to $2.82 billion from $2.39 billion, and diluted earnings per share rose to $10.02 from $8.42 a year ago.

The company guided fourth-quarter revenue to be between $3.723 billion and $3.760 billion, an increase of 17% to 18% from $3.2 billion, and non-GAAP diluted earnings per share between $2.63 and $2.68, compared to $1.99 a year ago, respectively.

For the full year, Intuit estimated revenue to be between $18.723 billion and $18.760 billion, an increase of 15% from $16.3 billion, and non-GAAP earnings per share between $20.07 and $20.12, compared to $16.94 a year earlier, respectively.

Copart Inc. dropped 3.1% to $58.75 despite the online vehicle auction company reporting higher revenue and earnings in the third quarter of fiscal 2025.

Revenue edged up 7.5% to $1.21 billion from $1.13 billion, net income jumped 6.4% to $406.61 million from $382.29, and diluted earnings per share rose to 42 cents from 39 cents a year ago.

For the nine months to April 30, revenue climbed 11.2% to $3.52 billion from $3.17 billion, net income edged up 11.1% to $1.16 billion from $1.04 billion, and diluted earnings per share increased 10.3% to $1.18 from $1.07 a year earlier.

Ross Stores Inc. plunged 11.4% to $134.86 after the off-price apparel and home fashion chain reported slightly lower earnings for the first quarter of 2025.

Revenue edged up to $4.98 billion from $4.85 billion, net earnings declined to $479.25 million from $487.99 million, and diluted earnings per share rose to $1.47 from $1.46 a year ago.

During the quarter, the company repurchased 2.0 million shares for a total of $263 million, and $1.05 billion remained under repurchase authorization through fiscal 2025.

“The earnings guidance range includes an approximate $0.11 to $0.16 per share cost impact from announced tariffs,” the company said in a release to investors.

The department store retailer said comparable store sales in the second quarter are projected to be flat to up 3% on top of a 4% gain in the same period last year.

The company estimated earnings per share to be between $1.40 and $1.55, compared to $1.59 a year earlier.

Deckers Outdoor Corp. slipped 15.2% to $106.86 despite the footwear, apparel, and accessories retailer reporting steady fourth-quarter 2025 results.

Net sales climbed to $1.02 billion from $959.76 million, net income jumped to $151.41 million from $127.54 million, and diluted earnings per share rose to $1.00 from 82 cents a year ago.

Domestic net sales of $647.7 million were flat, while international sales increased 19.9% to $374.1 million from $312.0 million as compared to last year, respectively.

During the quarter, the company repurchased approximately 1.778 million shares at an average price of $149.62 per share for a total of $266.0 million, and approximately $2.5 billion remains under repurchase authorization.

The company guided first-quarter net sales to be between $890 million and $910 million, compared to $825.35 million, and diluted earnings per share between 62 cents and 67 cents, compared to $4.52 a year ago, respectively.

Autodesk Inc. surged 3.3% to $304.79 after the 3D software developer reported higher revenue in the first quarter of fiscal 2026.

Revenue edged up to $1.63 billion from $1.42 billion, net income slipped to $152 million from $252 million, and diluted earnings per share fell to 70 cents from $1.16 a year ago.

Separately, the company announced new funding, technology, and support to accelerate rebuilding efforts in wildfire-affected areas of Los Angeles, following this January's devastating fires across the region.

Ralph Lauren Corp. inched up 0.03% to $277.50 after the lifestyle products retailer reported strong fourth-quarter 2025 results.

Revenue edged up to $1.70 billion from $1.57 billion, net income jumped to $129.0 million from $90.7 million, and diluted earnings per share rose to $2.03 from $1.38 a year ago.

The company returned $625 million to shareholders through dividends and repurchases and approved a 10% dividend increase and a $1.5 billion expansion of the existing share repurchase program.

The fashion retailer guided fiscal 2026 revenue to grow at low single digits on a constant currency basis, compared to $7.08 billion a year earlier.

Advance Auto Parts Inc. advanced 0.7% to $49.50 after the automotive aftermarket parts provider reported first-quarter 2025 results.

Net sales declined to $2.58 billion from $2.77 billion, net income dropped to $24 million from $40 million, and diluted earnings per share fell to 40 cents from 67 cents a year ago.

Advance Auto Parts surged more than 57% in the previous session after the company backed its annual outlook despite tariff pressures.

The company guided full-year net sales to be between $8.40 billion and $8.60 billion, compared to $9.09 billion, and comparable store sales to increase between 0.5% and 1.5%, following a decrease of 0.7% in the previous year, respectively.

The company reaffirmed full-year adjusted earnings per share to range between $1.50 and $2.50. 

Auto Parts plans to open 30 new stores and 10 new market hubs during the current fiscal year.

U.S. Movers: Advance Auto Parts, Autodesk, Copart, Deckers Outdoor, Intuit, Ralph Lauren, Ross Stores

Scott Peters
23 May, 2025
New York City

Intuit Inc. surged 8% to $719.10 after the financial technology platform operator reported strong third-quarter results and raised its full-year outlook.

Revenue increased to $7.75 billion from $6.74 billion, net income jumped to $2.82 billion from $2.39 billion, and diluted earnings per share rose to $10.02 from $8.42 a year ago.

The company guided fourth-quarter revenue to be between $3.723 billion and $3.760 billion, an increase of 17% to 18% from $3.2 billion, and non-GAAP diluted earnings per share between $2.63 and $2.68, compared to $1.99 a year ago, respectively.

For the full year, Intuit estimated revenue to be between $18.723 billion and $18.760 billion, an increase of 15% from $16.3 billion, and non-GAAP earnings per share between $20.07 and $20.12, compared to $16.94 a year earlier, respectively.

Copart Inc. dropped 3.1% to $58.75 despite the online vehicle auction company reporting higher revenue and earnings in the third quarter of fiscal 2025.

Revenue edged up 7.5% to $1.21 billion from $1.13 billion, net income jumped 6.4% to $406.61 million from $382.29, and diluted earnings per share rose to 42 cents from 39 cents a year ago.

For the nine months to April 30, revenue climbed 11.2% to $3.52 billion from $3.17 billion, net income edged up 11.1% to $1.16 billion from $1.04 billion, and diluted earnings per share increased 10.3% to $1.18 from $1.07 a year earlier.

Ross Stores Inc. plunged 11.4% to $134.86 after the off-price apparel and home fashion chain reported slightly lower earnings for the first quarter of 2025.

Revenue edged up to $4.98 billion from $4.85 billion, net earnings declined to $479.25 million from $487.99 million, and diluted earnings per share rose to $1.47 from $1.46 a year ago.

During the quarter, the company repurchased 2.0 million shares for a total of $263 million, and $1.05 billion remained under repurchase authorization through fiscal 2025.

“The earnings guidance range includes an approximate $0.11 to $0.16 per share cost impact from announced tariffs,” the company said in a release to investors.

The department store retailer said comparable store sales in the second quarter are projected to be flat to up 3% on top of a 4% gain in the same period last year.

The company estimated earnings per share to be between $1.40 and $1.55, compared to $1.59 a year earlier.

Deckers Outdoor Corp. slipped 15.2% to $106.86 despite the footwear, apparel, and accessories retailer reporting steady fourth-quarter 2025 results.

Net sales climbed to $1.02 billion from $959.76 million, net income jumped to $151.41 million from $127.54 million, and diluted earnings per share rose to $1.00 from 82 cents a year ago.

Domestic net sales of $647.7 million were flat, while international sales increased 19.9% to $374.1 million from $312.0 million as compared to last year, respectively.

During the quarter, the company repurchased approximately 1.778 million shares at an average price of $149.62 per share for a total of $266.0 million, and approximately $2.5 billion remains under repurchase authorization.

The company guided first-quarter net sales to be between $890 million and $910 million, compared to $825.35 million, and diluted earnings per share between 62 cents and 67 cents, compared to $4.52 a year ago, respectively.

Autodesk Inc. surged 3.3% to $304.79 after the 3D software developer reported higher revenue in the first quarter of fiscal 2026.

Revenue edged up to $1.63 billion from $1.42 billion, net income slipped to $152 million from $252 million, and diluted earnings per share fell to 70 cents from $1.16 a year ago.

Separately, the company announced new funding, technology, and support to accelerate rebuilding efforts in wildfire-affected areas of Los Angeles, following this January's devastating fires across the region.

Ralph Lauren Corp. inched up 0.03% to $277.50 after the lifestyle products retailer reported strong fourth-quarter 2025 results.

Revenue edged up to $1.70 billion from $1.57 billion, net income jumped to $129.0 million from $90.7 million, and diluted earnings per share rose to $2.03 from $1.38 a year ago.

The company returned $625 million to shareholders through dividends and repurchases and approved a 10% dividend increase and a $1.5 billion expansion of the existing share repurchase program.

The fashion retailer guided fiscal 2026 revenue to grow at low single digits on a constant currency basis, compared to $7.08 billion a year earlier.

Advance Auto Parts Inc. advanced 0.7% to $49.50 after the automotive aftermarket parts provider reported first-quarter 2025 results.

Net sales declined to $2.58 billion from $2.77 billion, net income dropped to $24 million from $40 million, and diluted earnings per share fell to 40 cents from 67 cents a year ago.

Advance Auto Parts surged more than 57% in the previous session after the company backed its annual outlook despite tariff pressures.

The company guided full-year net sales to be between $8.40 billion and $8.60 billion, compared to $9.09 billion, and comparable store sales to increase between 0.5% and 1.5%, following a decrease of 0.7% in the previous year, respectively.

The company reaffirmed full-year adjusted earnings per share to range between $1.50 and $2.50. 

Auto Parts plans to open 30 new stores and 10 new market hubs during the current fiscal year.

Japan's Panic Rice Buying Accelerates Core Inflation In April

Akira Ito
23 May, 2025
Tokyo

Japan's market indexes traded higher and trimmed weekly losses as investors shifted their focus to the economy and global trade outlook. 

The Nikkei 225 Stock Average increased 0.5%, the broader Topix gained 0.7%, and investors reviewed the latest update on inflation.

Consumer price inflation held steady at 3.6% in April, the Ministry of Internal Affairs and Communications reported Friday.

The annual rate of inflation was steady and remained at the slowest pace since December, and the core rate of inflation advanced to 3.5% from 3.2% in March.  

On a monthly basis, food prices rose at a slower pace of 0.1% compared to the 0.3% rate in March. 

Food prices rose at a slower pace of 6.5% compared to 7.4% in the previous month, after the government took measures to contain prices that have doubled over the past year. 

Japan's rice prices started soaring last summer and surged to twice the normal level after a warning about a possible "megaquake" set in motion panic buying. 

In April, rice prices are 98.4% higher compared to a year ago, and the government's efforts to release emergency reserves so far have failed to calm demand and lower prices. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average rose 0.5% to 37,167.79, and the broader Topix index advanced 0.7% to 2,735.92. 

Industrial stocks led the most actively traded stocks in Tokyo. 

IHI Corp. added 0.6% to ¥13,835.0, Fujikura Ltd. rose 4.3% to ¥6,218.0, and Mitsubishi Heavy Industries advanced 5.2% to ¥3,204.0. 

Japan's Panic Rice Buying Accelerates Core Inflation In April

Akira Ito
23 May, 2025
Tokyo

Japan's market indexes traded higher and trimmed weekly losses as investors shifted their focus to the economy and global trade outlook. 

The Nikkei 225 Stock Average increased 0.5%, the broader Topix gained 0.7%, and investors reviewed the latest update on inflation.

Consumer price inflation held steady at 3.6% in April, the Ministry of Internal Affairs and Communications reported Friday.

The annual rate of inflation was steady and remained at the slowest pace since December, and the core rate of inflation advanced to 3.5% from 3.2% in March.  

On a monthly basis, food prices rose at a slower pace of 0.1% compared to the 0.3% rate in March. 

Food prices rose at a slower pace of 6.5% compared to 7.4% in the previous month, after the government took measures to contain prices that have doubled over the past year. 

Japan's rice prices started soaring last summer and surged to twice the normal level after a warning about a possible "megaquake" set in motion panic buying. 

In April, rice prices are 98.4% higher compared to a year ago, and the government's efforts to release emergency reserves so far have failed to calm demand and lower prices. 

Japan Indexes and Stocks 

The Nikkei 225 Stock Average rose 0.5% to 37,167.79, and the broader Topix index advanced 0.7% to 2,735.92. 

Industrial stocks led the most actively traded stocks in Tokyo. 

IHI Corp. added 0.6% to ¥13,835.0, Fujikura Ltd. rose 4.3% to ¥6,218.0, and Mitsubishi Heavy Industries advanced 5.2% to ¥3,204.0. 

Hang Seng Advances Sixth Consecutive Week Supported by Busy Week of IPOs

Li Chen
23 May, 2025
Hong Kong

Stock market indexes in China and Hong Kong advanced, and investors shifted their focus to the domestic economy. 

The Hang Seng index gained 0.5%, and the CSI 300 index edged up 0.3% amid hopes that the U.S. and China will strike a deal before the end of the 90-day tariff pause in early August. 

The Hang Seng index is set to extend its weekly advance for the sixth consecutive session after the two largest economies in the world agreed to pause the implementation of sky-high tariffs. 

China's goods exports to the U.S. declined about 20% in April, but the total goods exports increased 8%, driven by the rise in demand in the ASEAN region.  

Investors are hoping that consumer spending will continue to advance, supported by the stimulus measures to purchase electric vehicles and home appliances, but the outlook for the residential property markets remains dim. 

New home prices continued to slide for the 22nd month in April, and demand in the second- and third-tier cities remained weak amid persistent worries about the financial health of property developers. 

Foreign investors are tiptoeing in Hong Kong-listed stocks in the hopes that the boom in electric vehicles, renewable energy, and artificial intelligence-linked companies is likely to persist over several years. 

China Indexes and Stocks 

The Hang Seng index gained 0.5% to 23,684.48, and the CSI 300 index increased 0.3% to 3,925.58. 

Jiangsu Hengrui Pharmaceuticals, one of China's largest drug companies, completed its Hong Kong listing. 

The company raised HK $9.9 billion, or $1.26 billion, and priced its stock at HK $44.05 per share. 

The Hong Kong-listed stock surged as much as 30% to HK$57.04, and the retail tranche was oversubscribed by 450 times and the institutional tranche by 17 times.

The state-owned generic drug maker's public offering follows CATL's $5.2 billion offering earlier this week, the largest initial public offering so far this year in 2025.

Hang Seng Advances Sixth Consecutive Week Supported by Busy Week of IPOs

Li Chen
23 May, 2025
Hong Kong

Stock market indexes in China and Hong Kong advanced, and investors shifted their focus to the domestic economy. 

The Hang Seng index gained 0.5%, and the CSI 300 index edged up 0.3% amid hopes that the U.S. and China will strike a deal before the end of the 90-day tariff pause in early August. 

The Hang Seng index is set to extend its weekly advance for the sixth consecutive session after the two largest economies in the world agreed to pause the implementation of sky-high tariffs. 

China's goods exports to the U.S. declined about 20% in April, but the total goods exports increased 8%, driven by the rise in demand in the ASEAN region.  

Investors are hoping that consumer spending will continue to advance, supported by the stimulus measures to purchase electric vehicles and home appliances, but the outlook for the residential property markets remains dim. 

New home prices continued to slide for the 22nd month in April, and demand in the second- and third-tier cities remained weak amid persistent worries about the financial health of property developers. 

Foreign investors are tiptoeing in Hong Kong-listed stocks in the hopes that the boom in electric vehicles, renewable energy, and artificial intelligence-linked companies is likely to persist over several years. 

China Indexes and Stocks 

The Hang Seng index gained 0.5% to 23,684.48, and the CSI 300 index increased 0.3% to 3,925.58. 

Jiangsu Hengrui Pharmaceuticals, one of China's largest drug companies, completed its Hong Kong listing. 

The company raised HK $9.9 billion, or $1.26 billion, and priced its stock at HK $44.05 per share. 

The Hong Kong-listed stock surged as much as 30% to HK$57.04, and the retail tranche was oversubscribed by 450 times and the institutional tranche by 17 times.

The state-owned generic drug maker's public offering follows CATL's $5.2 billion offering earlier this week, the largest initial public offering so far this year in 2025.

Bu

Li Chen
23 May, 2025
Hong Kong

Stock market indexes in China and Hong Kong advanced, and investors shifted their focus to the domestic economy. 

The Hang Seng index gained 0.5%, and the CSI 300 index edged up 0.3% amid hopes that the U.S. and China will strike a deal before the end of the 90-day tariff pause in early August. 

The Hang Seng index is set to extend its weekly advance for the sixth consecutive session after the two largest economies in the world agreed to pause the implementation of sky-high tariffs. 

China's goods exports to the U.S. declined about 20% in April, but the total goods exports increased 8%, driven by the rise in demand in the ASEAN region.  

Investors are hoping that consumer spending will continue to advance, supported by the stimulus measures to purchase electric vehicles and home appliances, but the outlook for the residential property markets remains dim. 

New home prices continued to slide for the 22nd month in April, and demand in the second- and third-tier cities remained weak amid persistent worries about the financial health of property developers. 

Foreign investors are tiptoeing in Hong Kong-listed stocks in the hopes that the boom in electric vehicles, renewable energy, and artificial intelligence-linked companies is likely to persist over several years. 

China Indexes and Stocks 

The Hang Seng index gained 0.5% to 23,684.48, and the CSI 300 index increased 0.3% to 3,925.58. 

Jiangsu Hengrui Pharmaceuticals, one of China's largest drug companies, completed its Hong Kong listing. 

The company raised HK $9.9 billion, or $1.26 billion, and priced its stock at HK $44.05 per share. 

The Hong Kong-listed stock surged as much as 30% to HK$57.04, and the retail tranche was oversubscribed by 450 times and the institutional tranche by 17 times.

The state-owned generic drug maker's public offering follows CATL's $5.2 billion offering earlier this week, the largest initial public offering so far this year in 2025.

U.S. Treasurys Extend Selloff After House Narrowly Passes Trump Tax Plan

Barry Adams
22 May, 2025
New York City

Wall Street indexes struggled to rebound from the previous session's losses, and bond yields edged higher after the U.S. House passed the budget bill. 

The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.3% amid worries of rising U.S. debt levels, higher interest rates, and increased deficit. 

The U.S. House of Representatives passed the budget bill after a 21-hour marathon session in a vote across party lines. Not a single Democrat voted for the bill. 

The bill advances to the U.S. Senate before it goes to the U.S. president for his approval. 

The budget proposal in its current form is likely to add between $3 trillion and $5 trillion to the U.S. debt over the next 10 years, deteriorating the U.S. fiscal position further. 

The worries of the federal government's rising deficit and the debt levels sparked a selloff for the second consecutive session, and the U.S. dollar weakened in early trading. 

Commodities, Currencies, Indexes, Yields

The S&P 500 index decreased 0.1% to 5,837.34, the Nasdaq Composite edged up 0.2% to 18,907.52, and the Russell 2000 index declined 0.4% to 2,038.84.

The yield on 2-year Treasury notes edged lower to 3.99%, 10-year Treasury notes decreased to 4.59%, and 30-year Treasury bonds advanced to 5.10%.

WTI crude oil decreased $0.91 to $60.66 a barrel, and natural gas prices edged lower by $0.08 to $3.29 a thermal unit.

Gold decreased by $14.58 to 3,306.15 an ounce, and silver edged down by $0.47 to $32.99.

The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.23 to 99.79 and traded at the lowest level since April 2022.

U.S. Stock Movers 

Urban Outfitters soared 17% to $70.14 after the specialty apparel retailer reported better-than-quarterly profit. 

Net sales jumped to $1.33 billion from $1.20 billion, net income surged to $108.35 million from $61.76 million, and diluted earnings per share rose to $1.16 from 65 cents a year ago.

The company said total inventory as of April 30 stood at $84.8 million, an increase of 14.6% from a year earlier, and the company opened 13 new retail locations.

Snowflake Inc. soared 10.6% to $197.28, and the cloud-storage company reported a solid first quarter. 

Lumen Technologies Inc. soared 10.2% to $4.118 after AT&T agreed to acquire nearly all of Mass Markets' high-speed internet fiber business. 

U.S. Treasurys Extend Selloff After House Narrowly Passes Trump Tax Plan

Barry Adams
22 May, 2025
New York City

Wall Street indexes struggled to rebound from the previous session's losses, and bond yields edged higher after the U.S. House passed the budget bill. 

The S&P 500 index decreased 0.2%, and the Nasdaq Composite declined 0.3% amid worries of rising U.S. debt levels, higher interest rates, and increased deficit. 

The U.S. House of Representatives passed the budget bill after a 21-hour marathon session in a vote across party lines. Not a single Democrat voted for the bill. 

The bill advances to the U.S. Senate before it goes to the U.S. president for his approval. 

The budget proposal in its current form is likely to add between $3 trillion and $5 trillion to the U.S. debt over the next 10 years, deteriorating the U.S. fiscal position further. 

The worries of the federal government's rising deficit and the debt levels sparked a selloff for the second consecutive session, and the U.S. dollar weakened in early trading. 

U.S. Stock Movers 

Urban Outfitters soared 17% to $70.14 after the specialty apparel retailer reported better-than-quarterly profit. 

Net sales jumped to $1.33 billion from $1.20 billion, net income surged to $108.35 million from $61.76 million, and diluted earnings per share rose to $1.16 from 65 cents a year ago.

The company said total inventory as of April 30 stood at $84.8 million, an increase of 14.6% from a year earlier, and the company opened 13 new retail locations.

Snowflake Inc. soared 10.6% to $197.28, and the cloud-storage company reported a solid first quarter. 

Lumen Technologies Inc. soared 10.2% to $4.118 after AT&T agreed to acquire nearly all of Mass Markets' high-speed internet fiber business. 

U.S. Movers: Guess, Lowe’s, Medtronic, Target, TJX, Urban Outfitters, VF Corp.

Scott Peters
22 May, 2025
New York City

TJX Companies Inc. inched up 0.01% to $131.04 after the off-price apparel and home fashion retailer reported higher revenue in the first quarter of 2025.

Net sales climbed to $13.11 billion from $12.48 billion, net income edged down to $1.04 billion from $1.07 billion, and diluted earnings per share fell to 92 cents from 93 cents a year ago.

First-quarter comparable sales increased 3%, at the high end of the company’s plan, driven by an increase in customer transactions.

The company returned $1.0 billion to shareholders in the quarter through share repurchases and dividends.

The department store retailer guided second-quarter comparable sales to be up 2% to 3% and diluted earnings per share between 97 cents and $1.00, compared to 96 cents a year earlier.

For the full year, the company estimated same-store sales to be up 2% to 3% and diluted earnings per share between $4.34 and $4.43, compared to $4.26 a year ago.

Lowe's Companies Inc. eased 0.1% to $227.15 after the home improvement retailer reported first-quarter 2025 results.

Net sales declined to $20.93 billion from $21.36 billion, net earnings dropped to $1.64 billion from $1.75 billion, and diluted earnings per share fell to $2.92 from $3.06 a year ago.

The company estimated full-year comparable sales to be flat to up 1% as compared to the prior year, revenue between $83.5 billion and $84.5 billion, and diluted earnings per share between $12.15 and $12.40.

In comparison, revenue in 2024 was $83.67 billion, and diluted earnings per share stood at $12.23.

Medtronic Plc. traded flat at $84.41 after the medical device provider reported higher revenue and earnings in the fourth quarter of 2025.

Net sales climbed to $8.93 billion from $8.59 billion, net income edged up to $1.06 billion from $654 million, and diluted earnings per share rose to 82 cents from 49 cents a year ago.

The medical technology company plans to separate its diabetes business into a standalone public company within 18 months.

The company announced a cash dividend of 71 cents per share, or an annual amount of $2.84 per share, payable on July 11 to shareholders on record on June 27.

Medtronic guided fiscal year 2026 organic revenue to grow by approximately 5%, compared to $33.54 billion, and diluted non-GAAP earnings per share to increase by 4%, compared to $5.49 a year earlier, respectively.

Target Corp. eased 0.1% to $92.90 after the big-box retailer reported mixed first-quarter results and lowered its annual outlook.

Net sales slipped 2.8% to $23.85 billion from $24.53 billion, net earnings climbed 10% to $1.04 billion from $942 million, and diluted earnings per share rose 11.7% to $2.27 from $2.03 a year ago.

Comparable sales edged down 3.8% in the quarter amid a lower number of transactions and a lower average transaction amount, partially offset by comparable digital sales growth of 4.7%.

The company guided full-year sales to decline in low single digits, compared to $106.57 billion, and GAAP earnings per share to be between $8.00 and $10.00, compared to $8.86 a year earlier, respectively.

Target paid dividends of $510 million in the first quarter, compared with $508 million last year, reflecting a 1.8% increase in the dividend per share.

In addition, the company repurchased $251 million of its own shares, retiring 2.2 million shares at an average price of $114.60, and as of the end of the quarter, the company had approximately $8.4 billion remaining under repurchase authorization.

VF Corp. traded up 0.4% to $12.20 after the apparel and footwear company reported fourth-quarter 2025 results.

Revenue edged down to $2.14 billion from $2.25 billion, net loss narrowed to $150.79 million from a loss of $418.31 million, and diluted loss per share shrank to 39 cents from a loss of $1.08 a year ago.

The company guided first-quarter sales to decrease by 3% to 5%, compared to $1.9 billion, and operating loss to be between $110 million and $125 million, compared to a loss of $239.89 a year ago, respectively.

Urban Outfitters Inc. soared 17.4% to $70.00 after the lifestyle and homeware retailer reported strong first-quarter 2025 results.

Net sales jumped to $1.33 billion from $1.20 billion, net income surged to $108.35 million from $61.76 million, and diluted earnings per share rose to $1.16 from 65 cents a year ago.

The company said total inventory as of April 30 stood at $84.8 million, an increase of 14.6% from a year earlier, and the company opened 13 new retail locations.

The clothing retailer repurchased and subsequently retired 3.3 million shares for approximately $152 million during the quarter and 1.2 million shares for $53 million during the fiscal year, and as of April 30, 14.7 million shares remained under repurchase authorization.

Guess? Inc. traded flat at $11.05 after the fashion clothing retailer reported fourth-quarter 2025 results.

Net revenue edged up to $932.25 million from $891.05 million, net earnings dropped to $81.40 million from $115.27 million, and diluted earnings per share fell to $1.16 from $1.71 a year ago.

The company guided first-quarter revenue to increase between 5.8% and 7.5%, compared to $569.8 million, and GAAP diluted loss per share to be between 75 cents and 66 cents, compared to a loss of 22 cents a year ago, respectively.

For the full year, Guess estimated revenue to increase between 3.9% and 6.2%, compared to $2.8 billion, and GAAP diluted earnings per share to be between $1.03 and $1.37, compared to $3.09 a year earlier, respectively.

During the fiscal year 2025, the company repurchased approximately 2.6 million shares for $60.3 million, and a capacity of $139.8 million remained under repurchase authorization.

U.S. Movers: Guess, Lowe’s, Medtronic, Target, TJX, Urban Outfitters, VF Corp.

Scott Peters
22 May, 2025
New York City

TJX Companies Inc. inched up 0.01% to $131.04 after the off-price apparel and home fashion retailer reported higher revenue in the first quarter of 2025.

Net sales climbed to $13.11 billion from $12.48 billion, net income edged down to $1.04 billion from $1.07 billion, and diluted earnings per share fell to 92 cents from 93 cents a year ago.

First-quarter comparable sales increased 3%, at the high end of the company’s plan, driven by an increase in customer transactions.

The company returned $1.0 billion to shareholders in the quarter through share repurchases and dividends.

The department store retailer guided second-quarter comparable sales to be up 2% to 3% and diluted earnings per share between 97 cents and $1.00, compared to 96 cents a year earlier.

For the full year, the company estimated same-store sales to be up 2% to 3% and diluted earnings per share between $4.34 and $4.43, compared to $4.26 a year ago.

Lowe's Companies Inc. eased 0.1% to $227.15 after the home improvement retailer reported first-quarter 2025 results.

Net sales declined to $20.93 billion from $21.36 billion, net earnings dropped to $1.64 billion from $1.75 billion, and diluted earnings per share fell to $2.92 from $3.06 a year ago.

The company estimated full-year comparable sales to be flat to up 1% as compared to the prior year, revenue between $83.5 billion and $84.5 billion, and diluted earnings per share between $12.15 and $12.40.

In comparison, revenue in 2024 was $83.67 billion, and diluted earnings per share stood at $12.23.

Medtronic Plc. traded flat at $84.41 after the medical device provider reported higher revenue and earnings in the fourth quarter of 2025.

Net sales climbed to $8.93 billion from $8.59 billion, net income edged up to $1.06 billion from $654 million, and diluted earnings per share rose to 82 cents from 49 cents a year ago.

The medical technology company plans to separate its diabetes business into a standalone public company within 18 months.

The company announced a cash dividend of 71 cents per share, or an annual amount of $2.84 per share, payable on July 11 to shareholders on record on June 27.

Medtronic guided fiscal year 2026 organic revenue to grow by approximately 5%, compared to $33.54 billion, and diluted non-GAAP earnings per share to increase by 4%, compared to $5.49 a year earlier, respectively.

Target Corp. eased 0.1% to $92.90 after the big-box retailer reported mixed first-quarter results and lowered its annual outlook.

Net sales slipped 2.8% to $23.85 billion from $24.53 billion, net earnings climbed 10% to $1.04 billion from $942 million, and diluted earnings per share rose 11.7% to $2.27 from $2.03 a year ago.

Comparable sales edged down 3.8% in the quarter amid a lower number of transactions and a lower average transaction amount, partially offset by comparable digital sales growth of 4.7%.

The company guided full-year sales to decline in low single digits, compared to $106.57 billion, and GAAP earnings per share to be between $8.00 and $10.00, compared to $8.86 a year earlier, respectively.

Target paid dividends of $510 million in the first quarter, compared with $508 million last year, reflecting a 1.8% increase in the dividend per share.

In addition, the company repurchased $251 million of its own shares, retiring 2.2 million shares at an average price of $114.60, and as of the end of the quarter, the company had approximately $8.4 billion remaining under repurchase authorization.

VF Corp. traded up 0.4% to $12.20 after the apparel and footwear company reported fourth-quarter 2025 results.

Revenue edged down to $2.14 billion from $2.25 billion, net loss narrowed to $150.79 million from a loss of $418.31 million, and diluted loss per share shrank to 39 cents from a loss of $1.08 a year ago.

The company guided first-quarter sales to decrease by 3% to 5%, compared to $1.9 billion, and operating loss to be between $110 million and $125 million, compared to a loss of $239.89 a year ago, respectively.

Urban Outfitters Inc. soared 17.4% to $70.00 after the lifestyle and homeware retailer reported strong first-quarter 2025 results.

Net sales jumped to $1.33 billion from $1.20 billion, net income surged to $108.35 million from $61.76 million, and diluted earnings per share rose to $1.16 from 65 cents a year ago.

The company said total inventory as of April 30 stood at $84.8 million, an increase of 14.6% from a year earlier, and the company opened 13 new retail locations.

The clothing retailer repurchased and subsequently retired 3.3 million shares for approximately $152 million during the quarter and 1.2 million shares for $53 million during the fiscal year, and as of April 30, 14.7 million shares remained under repurchase authorization.

Guess? Inc. traded flat at $11.05 after the fashion clothing retailer reported fourth-quarter 2025 results.

Net revenue edged up to $932.25 million from $891.05 million, net earnings dropped to $81.40 million from $115.27 million, and diluted earnings per share fell to $1.16 from $1.71 a year ago.

The company guided first-quarter revenue to increase between 5.8% and 7.5%, compared to $569.8 million, and GAAP diluted loss per share to be between 75 cents and 66 cents, compared to a loss of 22 cents a year ago, respectively.

For the full year, Guess estimated revenue to increase between 3.9% and 6.2%, compared to $2.8 billion, and GAAP diluted earnings per share to be between $1.03 and $1.37, compared to $3.09 a year earlier, respectively.

During the fiscal year 2025, the company repurchased approximately 2.6 million shares for $60.3 million, and a capacity of $139.8 million remained under repurchase authorization.

Europe Movers: British Land, CTS Eventim, Iliad, Intertek, Johnson Matthey, Julius Baer, Mitchells & Butlers

Inga Muller
22 May, 2025
Frankfurt

Iliad Group, the French private telecom company, reported higher revenue and earnings in the first quarter of 2025.

Revenue edged up to €2.53 billion from €2.43 billion, profit surged to €517 million from €91 million, and diluted earnings per share rose to €8.69 from €1.53 a year ago.

“The French market continues to experience a slower dynamic than in the previous quarters in the fixed segment despite the introduction of connectivity-only offers,” the company said in a release to investors.

The company added 3,000 net new subscribers in the quarter, driving a 1% increase year-on-year in the total subscriber base to 7.57 million.

Sales in Italy edged up 9.4% in the quarter, while in Poland they were up 2.1%.

Julius Baer Gruppe AG traded flat at CHF 54.56 after the Swiss bank released an investor update for the first four months of 2025.

Assets under management stood at CHF 467 billion, a 6% decline over the previous year, reflecting a stronger Swiss franc and the deconsolidation of Julius Baer Brazil, while the company opened an onshore branch in Italy.

The company said net new money inflows accounted for CHF 4.2 billion despite ongoing de-risking of the client book.

CTS Eventim AG eased 0.6% to €112.60 after the German ticketing services and live entertainment company reported higher sales in the first quarter of 2025.

Revenue increased 22% to €498.6 million from €408.7 million, adjusted EBITDA rose 8.9% to €100.3 million from €92.2 million, and the adjusted EBITDA margin was down to 20.1% from 22.6% a year ago.

The company said sales in the ticketing segment improved by 16.9%, and they were up 24.5% in the live entertainment segment from a year ago, respectively.

Intertek Group dropped 2.6% to 4.792 pence after the British product testing services provider reported higher sales in the first four months of 2025.

Revenue climbed to £1.09 billion from £1.08 billion a year ago, as comparable revenue rose 4.5% in constant currency and 1.1% at actual rates.

The company said it will target a dividend payout ratio of 65% through fiscal 2025.

British Land Company Plc. plunged 5.1% to 390.40 pence after the property development and investment company reported lower revenue in the fiscal year 2025.

Revenue declined to £454 million from £575 million, net income swung to a profit of £338 million from a loss of £1 million, and diluted earnings per share swung to a profit of 35.0 pence from a loss of 0.1 pence a year ago.

The company proposed a dividend of 10.56 pence per share payable on July 25 to shareholders on record on June 20.

Looking ahead, British Land expects fiscal year 2026 underlying earnings per share to be broadly flat, compared to 28.5 pence a year ago, which equates to underlying profit growth of 2%.

The property company reiterated its guidance of 3% to 5% per annum estimated rental value growth across the portfolio.

Mitchells & Butlers Plc surged 4.1% to 287.36 pence after the UK-based restaurants, bars, and pubs operator reported higher revenue in the first six months of fiscal 2025.

Revenue jumped to £1.45 billion from £1.40 billion, profit edged up to £100 million from £81 million, and diluted earnings per share rose to 16.7 pence from 13.5 pence a year ago.

Same-store sales increased by 4.3% compared to the prior year, as comparable drink sales edged up 4.3% and food sales jumped 3.8%.

The company expects food and drink inflation to increase heading into fiscal 2026 and estimates higher labor costs as well.

Johnson Matthey Plc. soared 30.4% to 1,812 pence after the UK-based specialty chemicals and technologies company reported a sharply higher profit in fiscal 2025.

Revenue declined to £11.67 billion from £12.84 billion, profit surged to £373 million from £108 million, and diluted earnings per share rose to 211.2 pence from 58.3 pence a year ago.

The company has agreed to sell Catalyst Technologies Inc. to Honeywell International Inc. at an enterprise value of £1.8 billion, and £1.4 billion of the net sale proceeds will be returned to shareholders.

For the year ahead, the engineering company expects mid-single-digit percentage growth in underlying operating profit at constant precious metal prices and constant currency, compared to £389 million in fiscal 2025.

Europe Movers: British Land, CTS Eventim, Iliad, Intertek, Johnson Matthey, Julius Baer, Mitchells & Butlers

Inga Muller
22 May, 2025
Frankfurt

Iliad Group, the French private telecom company, reported higher revenue and earnings in the first quarter of 2025.

Revenue edged up to €2.53 billion from €2.43 billion, profit surged to €517 million from €91 million, and diluted earnings per share rose to €8.69 from €1.53 a year ago.

“The French market continues to experience a slower dynamic than in the previous quarters in the fixed segment despite the introduction of connectivity-only offers,” the company said in a release to investors.

The company added 3,000 net new subscribers in the quarter, driving a 1% increase year-on-year in the total subscriber base to 7.57 million.

Sales in Italy edged up 9.4% in the quarter, while in Poland they were up 2.1%.

Julius Baer Gruppe AG traded flat at CHF 54.56 after the Swiss bank released an investor update for the first four months of 2025.

Assets under management stood at CHF 467 billion, a 6% decline over the previous year, reflecting a stronger Swiss franc and the deconsolidation of Julius Baer Brazil, while the company opened an onshore branch in Italy.

The company said net new money inflows accounted for CHF 4.2 billion despite ongoing de-risking of the client book.

CTS Eventim AG eased 0.6% to €112.60 after the German ticketing services and live entertainment company reported higher sales in the first quarter of 2025.

Revenue increased 22% to €498.6 million from €408.7 million, adjusted EBITDA rose 8.9% to €100.3 million from €92.2 million, and the adjusted EBITDA margin was down to 20.1% from 22.6% a year ago.

The company said sales in the ticketing segment improved by 16.9%, and they were up 24.5% in the live entertainment segment from a year ago, respectively.

Intertek Group dropped 2.6% to 4.792 pence after the British product testing services provider reported higher sales in the first four months of 2025.

Revenue climbed to £1.09 billion from £1.08 billion a year ago, as comparable revenue rose 4.5% in constant currency and 1.1% at actual rates.

The company said it will target a dividend payout ratio of 65% through fiscal 2025.

British Land Company Plc. plunged 5.1% to 390.40 pence after the property development and investment company reported lower revenue in the fiscal year 2025.

Revenue declined to £454 million from £575 million, net income swung to a profit of £338 million from a loss of £1 million, and diluted earnings per share swung to a profit of 35.0 pence from a loss of 0.1 pence a year ago.

The company proposed a dividend of 10.56 pence per share payable on July 25 to shareholders on record on June 20.

Looking ahead, British Land expects fiscal year 2026 underlying earnings per share to be broadly flat, compared to 28.5 pence a year ago, which equates to underlying profit growth of 2%.

The property company reiterated its guidance of 3% to 5% per annum estimated rental value growth across the portfolio.

Mitchells & Butlers Plc surged 4.1% to 287.36 pence after the UK-based restaurants, bars, and pubs operator reported higher revenue in the first six months of fiscal 2025.

Revenue jumped to £1.45 billion from £1.40 billion, profit edged up to £100 million from £81 million, and diluted earnings per share rose to 16.7 pence from 13.5 pence a year ago.

Same-store sales increased by 4.3% compared to the prior year, as comparable drink sales edged up 4.3% and food sales jumped 3.8%.

The company expects food and drink inflation to increase heading into fiscal 2026 and estimates higher labor costs as well.

Johnson Matthey Plc. soared 30.4% to 1,812 pence after the UK-based specialty chemicals and technologies company reported a sharply higher profit in fiscal 2025.

Revenue declined to £11.67 billion from £12.84 billion, profit surged to £373 million from £108 million, and diluted earnings per share rose to 211.2 pence from 58.3 pence a year ago.

The company has agreed to sell Catalyst Technologies Inc. to Honeywell International Inc. at an enterprise value of £1.8 billion, and £1.4 billion of the net sale proceeds will be returned to shareholders.

For the year ahead, the engineering company expects mid-single-digit percentage growth in underlying operating profit at constant precious metal prices and constant currency, compared to £389 million in fiscal 2025.

European Markets Turn Lower Amid U.S. Fiscal Outlook Worries

Bridgette Randall
22 May, 2025
London

European markets faced renewed selling pressure amid a worsening U.S. fiscal debt outlook, a weakening dollar, and rising interest rates.

Benchmark indexes in Frankfurt, Paris, Milan, and London declined more than 0.6% as concerns over the U.S. fiscal debt rattled global markets. 

In overnight trading on Wall Street, the S&P 500 index and the Nasdaq Composite dropped more than 1%, the worst decline in over five weeks, amid deteriorating U.S. fiscal outlook, rising debt levels, and higher interest rates. 

Moreover, the yield on 30-year U.S. Treasury bonds advanced to 5.09% amid fears that the latest U.S. budget would add between $3 trillion and $5 trillion over the next 10 years. 

The U.S. fiscal debt in the current fiscal year ending in September is on track to surpass $38 trillion, or about 100% of gross domestic product, and the federal deficit is estimated to hover above 7% of GDP. 

Amid the "sell U.S. assets" narrative, investors are trimming exposures to U.S. stocks and bonds, and investors are shifting their allocation to European bonds. 

The U.S.'s safe-haven status has been tarnished since the launch of unilateral tariffs on all imports by the U.S. president. 

Moreover, Europe is attracting interest from global investors amid its issuance of debt to finance its infrastructure development and rearmament. 

Nations and corporations raised more than one trillion euros in the year to May 20; despite global trade tensions, investors appeared to be ready to finance Europe's debt boom. 

Europe Indexes and Yields

The DAX index decreased by 0.9% to 23,906.17, the CAC-40 index edged lower 0.9% to 7,839.96, and the FTSE 100 index declined 0.6% to 8,731.50.

The yield on 10-year German bonds inched higher to 2.66%, French bonds increased to 3.34%, UK gilts moved up to 4.78%, and Italian bonds edged higher to 3.67%.

The euro decreased to $1.13; the British pound was higher at $1.34; and the U.S. dollar was lower and traded at 82.48 Swiss cents.

Brent crude decreased $0.64 to $64.27 a barrel, and the Dutch TTF natural gas was higher by €0.54 to €37.06 per MWh.

Europe Stock Movers 

Assicurazioni Generali SpA rose 0.7% to €33.08 after Italy's largest insurance company reported better-than-expected profit in the first quarter.  

easyJet plc declined 3.5% to 545.20 pence after the discount airline reported wider-than-expected losses in the first half, but the company reiterated its annual outlook.