Corporate results:

  • Abrdn recorded cash outflows in H2 2023 and launched a cost-cutting plan.
  • ASML exceeded expectations and booked many more orders than expected. Forecasts are confirmed.
  • Barry Callebaut reported volumes up 0.4% in its last quarter, but results are burdened by higher cocoa prices.
  • EasyJet expects lower-than-expected first-half losses, despite a direct impact of around £40m from the Middle East conflict.
  • Netflix gained 9% after the publication of its results and a better-than-expected number of subscribers.
  • SAP published results slightly above expectations and launched a vast restructuring plan that will result in cutting 8,000 jobs, around 7% of the workforce.
  • Siemens Energy announced slightly better-than-expected results for its fiscal Q1, but did not change its annual forecasts.
  • Texas Instruments sees quarterly sales below market expectations, as chip inventories swell and the first signs of weakness are felt in the automotive sector.
  • Vitrolife takes an impairment charge of $409 million in Q4 on the acquisition of Igenomix.
  • AT&T reported a below-consensus annual profit on Wednesday, as it faces competition from other operators and the depreciation of some of its older equipment.
  • Elevance Health on Wednesday reported fourth-quarter sales ahead of analysts' estimates, thanks to higher premiums in its health insurance business and demand for its healthcare services.
  • General Dynamics reported a jump in fourth-quarter sales on Wednesday, as geopolitical tensions supported demand for its military equipment.
  • Baker Hughes - The oil technology company beat analysts' estimates for fourth-quarter earnings on Tuesday, thanks to strong demand for its services and equipment in international markets. 
  • Intuitive Surgical beat Wall Street estimates for fourth-quarter sales and earnings on Tuesday, as a recovery in surgical operations boosted demand for its robots used in minimally invasive procedures.
  • Steel Dynamics reported a 33% drop in fourth-quarter earnings on Tuesday, penalized by higher raw material costs and lower product prices.

In other news:

  • eBay will cut 9% of its workforce, i.e. a thousand people.
  • Apple postpones its automotive ambitions to 2028.
  • Tesla has informed its suppliers of its intention to launch production of a new mass-market electric vehicle codenamed "Redwood" in mid-2025.
  • Walgreens plans to sell Shields Health for more than $4 billion, according to Bloomberg.
  • The European Commission opens an investigation into Lufthansa's acquisition of a stake in ITA Airways.
  • Rio Tinto signs 25-year solar power purchase agreement in Australia.
  • Nokia and China's Oppo settled their differences through a cross-licensing agreement.
  • UBS changes its Board of Directors.
  • Skanska wins a $181 million contract with Aker BP in Norway.
  • A British court validated Mars' takeover of Hotel Chocolat at GBp 375 per share.
  • Boeing – Alaska Airlines has found "loose bolts on many" 737 MAX 9s, the group said on Tuesday. Boeing will suspend 737 production for one day on Thursday. In other news, the nose wheel of a 757 operated by Delta Air Lines came off as the plane lined up for takeoff, according to the US Civil Aviation Authority (FAA).
  • Walgreens Boots Alliance is studying the possibility of selling specialty pharmacy company Shields Health Solutions, Bloomberg News reported on Tuesday. The group could be valued at more than $4 billion. 

    Today's main earnings reports: Tesla, Abbott Laboratories, IBM, ASML, SAP, ServiceNow, AT&T, Elevance Health, Lam Research, Barry Callebaut... The full earnings calendar is here.