Earnings season: Inditex, Oak Street, SoftwareOne, Wendel, Virbac, Synergie, Aubay and Inventiva are among companies reporting their earnings today.

US cheese. The Kraft Heinz sold its North American cheese division to the French company Lactalis for $3.2 billion. This major transaction for the unlisted French company is expected to be completed by the end of June. The United States becomes Lactalis' second largest market after France.

Job cuts. According to the latest rumors, Deutsche Lufthansa could tighten its restructuring plan, cutting 2,000 more jobs than the 26,000 planned and reducing its fleet by 130 aircraft instead of the 100 mentioned so far. The company had about 140,000 employees before the Covid-19 crisis.

Facebook targeted. Information from the Wall Street Journal suggests that American antitrust authorities are preparing a lawsuit against Facebook. The FTC could sue the social network for abuse of dominant position, but no final decision has yet been taken. If FB finds itself implicated, it is hard to see how other tech giants would not be implicated as well.

Apple's annual conference. Apple presented yesterday its latest offers (a service package, a connected watch with new features ...) saying that its next iPhones would be a few weeks late. 

TikTok under review. Oracle and ByteDance are awaiting the White House verdict on the proposed setup to ensure the survival of TikTok in the United States. The project foresees that ByteDance remains in majority, which might not be to Donald Trump's liking. To be continued...

In other news. FedEx surged after the U.S. closing (+8%) following the release of its quarterly results. Microsoft increased its quarterly dividend by 10% after the publication of strong results. Snowflakes, which is in the process of going public in the United States, is expected to price its IPO at USD 120, compared to the previously estimated USD 100-110 and even USD 78-85 in the initial project. Kohl's will cut 15% of its support functions. The U.S. Department of Justice has opened an investigation into allegations of fraud against Nikola. Julius Bär could pay more than 10 million in the Fifa case. Geberit launches a share buyback program.