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GLOBAL MARKETS LIVE: A flurry of earnings reports, day 3

07/31/2020 | 10:52am EDT

Yesterday, after the close of Wall Street, American tech stars once again thwarted the predictions in their favor. Merck, Exxon Mobil, AbbVie, Chevron, Charter Communications, Keyence, British American Tobacco, Caterpillar, KDDI, EssilorLuxottica, Vinci, BNP Paribas, ENI SpA, DSV Panalpina, Engie, Nokia, Swiss Re and Legrand are among companies reporting their results today.

Among the results:

EssilorLuxottica: Franco-Italian sales are down 29% in the first half, but managed to maintain positive adjusted operating income. It signals a clear upturn in business after a low point in April. Management believes that market conditions are still too uncertain to restore 2020 financial targets. "The third quarter will represent a new transition period on the road to normalization," which means pretty much everything and nothing.

L'Oréal: Sales contracted by 11.7% like-for-like in the first half, with an operating margin of 18% (vs. 19.5%) and net profit of €1.82bn (vs. €2.33bn). "We are thus determined to outperform the market, return to growth if health conditions allow, and deliver solid profitability," commented CEO Jean-Paul Agon.

Alphabet: Quarterly results are considered correct, with a symbolic share price increase after the close.

Amazon.com: Sales up 40 percent, and investors welcome the results, with a 5% increase in the group’s share after the close.

Apple: Quarterly results are robust, allowing the stock to win 6.4% post session.

Facebook: here again, the figures reassured investors, with the stock gaining 6.5% post-closing.

Ford: second-quarter losses are lower than expected, despite halving sales. The stock gained more than 3% after the session.

Gilead: the stock is losing ground post-trade, despite higher annual targets, thanks to Remdesivir.

Leonardo: the Italian aerospace and defense group did better than expected in the second quarter, with net income of €119 million.

MasterCard: results are resilient, but investors are not enthusiastic.

Nokia: the Finnish telecoms equipment maker reported operating profit of €423 million in the second quarter, compared with a consensus of around €290 million. A higher than expected profitability achieved while sales, at €5.1 billion, are rather disappointing compared to expectations.

Procter & Gamble: the share is stable despite the publication of its most dynamic growth in nearly 15 years.

Swiss Re: the reinsurer posted a loss of $1.1bn in the first half of the year as a result of the pandemic. It had already provided the content of its results last week.

In other news. Australia has unveiled plans to put Google, Facebook and the like on the checkout counter. The London Stock Exchange announces that, as part of its acquisition of Refinitiv, it has begun exploratory discussions to sell its shares in MTS or even its entire stake in Borsa Italiana. Taisho is reportedly holding the line for the $3 billion buyout of Takeda's over-the-counter drug division. Genentech (Roche) obtains new US approval for Tecentriq. Affirm prepares a $10 billion IPO. Proximus signs an agreement with Eurofiber to accelerate the deployment of fibre in Wallonia.

ę MarketScreener.com 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.15% 2441.12 Delayed Quote.37.82%
AMAZON.COM, INC. 2.12% 3485.58 Delayed Quote.4.86%
APPLE INC. 1.51% 131.995 Delayed Quote.-1.91%
ENGIE -0.95% 12.128 Real-time Quote.-2.20%
ESSILORLUXOTTICA 0.85% 149.26 Real-time Quote.16.03%
EXXON MOBIL CORPORATION -3.11% 62.06 Delayed Quote.55.51%
FACEBOOK INC 1.71% 336.4022 Delayed Quote.21.20%
FORD MOTOR COMPANY -1.80% 14.74 Delayed Quote.70.88%
GILEAD SCIENCES, INC. -0.51% 67.0031 Delayed Quote.15.57%
L'ORÉAL 0.57% 391.4 Real-time Quote.25.23%
LEONARDO S.P.A. -0.33% 7.156 Delayed Quote.21.49%
MASTERCARD 1.22% 368.23 Delayed Quote.1.93%
NOKIA OYJ 0.27% 4.388 Delayed Quote.38.88%
PROXIMUS SA -1.99% 17.27 Real-time Quote.8.70%
ROCHE HOLDING AG 0.37% 348.4 Delayed Quote.12.33%
SWISS RE LTD 0.23% 86.36 Delayed Quote.3.38%
TAISHO PHARMACEUTICAL HOLDINGS CO., LTD. -0.64% 6220 End-of-day quote.-10.50%