Earnings season. Intuit, Netease, Knorr-Bremse, Bouygues, CNP Assurances, Kingfisher, Halma, Altice Europe, Colas, Cofinimmo, ThyssenKrupp and Royal Mail are among companies reporting their results today.
A few results:
- L Brands, the parent company of the Victoria's Secret brand, reported better than expected quarterly results thanks to strong demand for its lingerie. The group reported third quarter net income of $330.6 million, compared to a loss of $252 million a year earlier. Revenues increased to $3.06 billion from $2.68 billion.
- Macy's stores recorded a loss of $91 million in the third quarter of 2020, compared to a profit of $2 million a year earlier. Sales did better than expected at $3.99 billion.
- Nvidia presented better than expected results and forecasts. The processor and graphics card specialist saw its net income increase by 49% to $1.336 billion. Revenues jumped 57% to $4.73 billion, exceeding expectations at $4.41 billion.
- ThyssenKrupp: in addition to its quarterly results, the German steelmaker announced it will cut 5,000 additional jobs.
In other news:
- The potential vaccine developed by AstraZeneca and Oxford University produces a robust immune response in older adults, according to data from the mid-term trials published today in the Lancet. The phase 3 study is ongoing.
- Nasdaq announced the acquisition of financial crime prevention software publisher Verafin for $2.75 billion in cash.
- Starbucks plans to raise U.S. employee wages by at least 10 percent, according to documents obtained by Reuters.
- U.S. airlines are once again calling on Congress for help.
- Former Wirecard boss Markus Braun is on the grill of German MPs today.
- Google is strengthening its banking services offer, Google Pay, including the ability to open a current account directly in the app from next year in the United States.
- Goldman Sachs carries out a second round of redundancies in three months.
- According to the Financial Times, Cineworld could start industrial action in the UK to survive the crisis.
- Apple will pay $113 million for a dispute over the iPhone slowdown.
- Muddy Waters attacks Joyy, believing that YY Live is "an ecosystem of mirages".
- Affirm applies for an IPO in the United States.