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GLOBAL MARKETS LIVE: Starbucks' earnings to tumble, Credit Suisse and UBS halve dividends…

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04/09/2020 | 09:47am EDT

This is the last session of the week before the Easter break. And as in the previous days, companies are communicating about abandoning their objectives due to coronavirus. Of particular note today, Starbucks expects its earnings to fall by half in its second fiscal quarter of 2020. We also have the decision by UBS and Credit Suisse to adjust their dividends in response to the regulator's demands.

Starbucks expects its earnings to fall by half in its second fiscal quarter of 2020. The U.S. coffee chain forecasts adjusted earnings per share of 32 cents for the period, compared to 60 cents a year earlier, as stores are closed. Detailed results for the second fiscal quarter will be published at the end of April. Starbucks also waived the annual guidance communicated last October.

We're cutting the pear in half. Credit Suisse and UBS Group are halving their dividend proposals to incorporate Finma's recommendations, but plan to pay the missing half in the autumn if conditions improve. This is the compromise reached by the two banks. Finma welcomed this decision, but pointed out that both institutions are solid. Elsewhere in Europe, many banks have waived their dividends altogether, particularly in the euro zone and the United Kingdom.

$1 billion. Saudi Arabia's sovereign investment fund has taken a $1bn stake in four European oil majors (Equinor, Royal Dutch Shell, Total, ENI), taking advantage of falling prices, according to information obtained by the Wall Street Journal. The PIF (Public Investment Fund) is said to have taken about $200 million worth of Equinor shares last week, the only amount obtained from its sources by the American publication. But the total commitments are close to one billion dollars.

Disney+ crosses a symbolic milestone. Walt Disney's streaming service, Disney+, passed the 50 million subscribers mark worldwide five months after its creation. "We are honored that Disney+ appeals to millions of people and this bodes well for our future expansion into Western Europe, Japan and all of Latin America later this year," the group said. But we know that the streaming jungle is more of a marathon than a sprint. We'll have to wait a while before we can judge the success of the bid. By way of comparison, Netflix had 167 million subscribers in January.

In other news. Costco Wholesale recorded a 9.6% increase in sales in March, slightly less than expected. The German Foreign Office restricts the use of Zoom Video for security reasons. The Fed allows Wells Fargo to lend more to SMEs. Chugai, the Chinese partner of Roche Holding, will start a phase III trial with Actemra in Covid-19. According to Nikkei, Nissan is seeking $4.6 billion in credit lines to ensure its sustainability in this time of crisis. SAP SE is reviewing its objectives.

Stocks mentioned in the article
ChangeLast1st jan.
CHUGAI PHARMACEUTICAL CO., LTD. 5.76% 15890 End-of-day quote.57.64%
COSTCO WHOLESALE CORPORATION -0.35% 308.47 Delayed Quote.4.95%
CREDIT SUISSE GROUP AG -3.97% 8.768 Delayed Quote.-33.09%
ENI SPA -4.35% 8.123 Delayed Quote.-41.33%
NETFLIX, INC. 1.52% 419.73 Delayed Quote.29.72%
NIKKEI 225 -0.18% 21877.89 Real-time Quote.-7.52%
NISSAN MOTOR CO., LTD. -10.79% 400.9 End-of-day quote.-36.98%
ROCHE HOLDING AG -2.51% 332.7 Delayed Quote.5.96%
ROYAL DUTCH SHELL PLC -4.82% 14.182 Delayed Quote.-45.80%
SAP SE 0.80% 113.5 Delayed Quote.-5.67%
STARBUCKS CORPORATION -0.70% 77.99 Delayed Quote.-11.29%
TOTAL S.A. -2.03% 33.625 Real-time Quote.-31.66%
UBS GROUP AG -1.86% 10.3 Delayed Quote.-15.75%
WALT DISNEY COMPANY (THE) 0.47% 117.3 Delayed Quote.-18.90%
WELLS FARGO & COMPANY -2.76% 26.47 Delayed Quote.-50.80%
ZOOM VIDEO COMMUNICATIONS, INC. 9.74% 179.48 Delayed Quote.163.79%

Romain Fournier
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