Earnings season. Lowe's, Target Corporation, Analog Devices, Xiaomi, Experian, Compass, Bandai Namco, Altice Europe, CTS Eventim and LDC are among companies reporting their earnings today.
Target misses profit targets but sales explode. Target lost 64% of its profit in the quarter ended May 2, but its sales rose 10.8% over the period thanks to e-commerce. Additional costs related to Covid-19 supplanted revenue growth.
Lowe's is reassuring. The number two do-it-yourselfer in the United States saw its quarterly sales increase by 11.2%. Lowe's also withdrew its annual forecast, but this was expected.
Giant investment. Alibaba is going to devote $1.4bn to artificial intelligence and the Internet of Things for the development of its voice-controlled personal assistant.
Exxon wants to leave CAG. Information obtained by Reuters suggests that Exxon Mobil will restart the sale of its 6.8% stake in the giant ACG oil field in Azerbaijan. The deal had been put on hold until rival Chevron sold its own shares to Hungary's MOL (9.6% for $1.57bn).
9 million more for VW. The German courts have put an end, in return for a payment of €9 million, to a procedure for manipulation of the financial markets linked to the "dieselgate", which was aimed at Volkswagen director Herbert Diess and the chairman of the supervisory board, Hans Dieter Pötsch. The manufacturer will pay the bill, as it has not identified any breach of duty to the company by the two managers. Volkswagen's large-scale fraud has already cost it more than €30 billion, but has not really damaged its market share.
Hijackers. Rumors suggest that the vast cyber attack on EasyJet was mounted by "Chinese hackers". The airline reported that the data of 9 million of its customers had been compromised, including bank details for 2200 of them. News agency sources told him that the method used was reminiscent of a group of Chinese hackers who had already attacked airlines.
No more baby powder. Johnson & Johnson stops selling baby powder in the United States and Canada. The company has faced thousands of complaints orchestrated by law firms about the alleged carcinogenicity of talc. J&J explains that changing habits had already led to a sharp reduction in baby talc consumption and that the market was even more affected by the legal news surrounding the product in North America.
Rolls-Royce will be cutting its workforce. The British engine manufacturer will cut at least 9,000 of its 52,000 jobs to save £1.3 billion over a full year and counter the effects of Covid-19, which has wiped out the aeronautics industry. Consultation with the unions has begun at Rolls-Royce.
In other news. Lockheed Martin may delay the delivery of 24 F-35 jets due to supply problems with its suppliers. Facebook is launching an e-commerce platform to help small businesses overcome Covid-19. Lenovo's earnings contracted 64 percent in the last quarter. Urban Outfitters not spared by the crisis either. Mikron launches a restructuring plan. Fujifilm Holdings' Avigan would not have proven effective against Covid-19, according to Kyodo.