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GLOBAL MARKETS LIVE: Gilead sells Remdesivir to the E.U, Morgan Stanley’s new acquisition…

10/08/2020 | 10:31am EST

Gilead signs an agreement with the EU. The earnings season has already resumed, with Korean electronics giant Samsung and Swiss flavor and fragrance champion Givaudan, while in the US, investment fund Third Point advised Disney to drop its dividend and invest.

Earnings season. Givaudan, Mediatek, Delta Air Lines, Domino's Pizza, ICA Gruppen, Hargreaves, OMV and Electrocomponents are among companies reporting their results today.

Fast food chains do pretty well. Domino's Pizza reported its results for its third fiscal quarter 2020, with net income of $99.1 million for the period, or $2.49 per share, compared to net income of $86.4 million, or $2.05 per share, a year earlier. McDonald's reported third-quarter 2020 sales down 2.2% year-on-year, but better than the FactSet consensus.

Gilead in the EU. The Commission signed a joint framework purchase agreement with the pharmaceutical company Gilead for the supply of up to 500,000 doses of Veklury, the brand name of Remdesivir, and the possibility of increasing the supply beyond the 500,000 treatments. Veklury is, at this stage, the only drug with a conditional marketing authorization in the European Union for the treatment of COVID-19 patients requiring oxygen, according to Reuters.

Morgan Stanley announced the acquisition of asset manager, Eaton Vance, for $7 billion, half of it in cash. The new entity will have more than $1.2 trillion in assets under management and revenues in excess of $5 billion.

A shareholder against dividends. Activist investor Dan Loeb has urged The Walt Disney Company to forego the dividend paid to shareholders in order to use the funds to strengthen its streaming platform. This represents about $3 billion annually, which would, according to the boss of Third Point, be better employed in the production and distribution of content, and would help create a gap with the competition.

Thanks Huawei! Samsung announced that its earnings in the third quarter should have increased by 58% to reach a two-year high, beating analysts' estimates. A boost notably allowed by the restrictions imposed on Huawei, as explained very well in this paper.

Citi punished. The Fed fined Citigroup $400 million for its poor risk management. The American authorities accuse the bank of having failed to improve its processes despite several years of warnings. In addition, Citi was placed under supervision since it could not carry out a major acquisition without the regulator's approval. The insult is added to the outrage. Jane Fraser, who will take command in February, has a lot of work to do.

Twitch reigns. Twitch, Amazon.com's streaming video game games service, increased its market share to 91.1% in the third quarter, according to data from Streamlabs and Stream Hatchet, leaving only crumbs for its competitors. After the shutdown of Microsoft's Mixer, Amazon leaves only crumbs to its competitors: 5.5% market share for YouTube Gaming (Google) and 3.4% for Facebook Gaming.

In other news. Leonardo Del Vecchio does not intend to take control of the Italian investment bank Mediobanca after increasing his stake to just over 10% of the capital. Regeneron goes public after its Covid-19 treatment was praised by Donald Trump. Coty will launch Kylie Skin in France, Germany and the UK. Eli Lilly has filed an emergency approval application for a synthetic antibody treatment against Covid-19. Givaudan achieved 3.7% organic growth for the nine months, close to expectations. Idorsia wants to raise CHF 575 million to prepare the launch of daridorexant.

© MarketScreener.com 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 2.15% 3185.07 Delayed Quote.72.37%
CITIGROUP INC. 0.00% 57.06 Delayed Quote.-28.58%
COTY INC. -3.84% 7.26 Delayed Quote.-35.47%
DELTA AIR LINES, INC. 0.07% 41.29 Delayed Quote.-29.39%
DOMINO'S PIZZA INC. 0.08% 383.44 Delayed Quote.30.52%
EATON VANCE CORP. -0.17% 68.58 Delayed Quote.46.88%
ELECTROCOMPONENTS PLC -1.01% 785 Delayed Quote.16.59%
ELI LILLY AND COMPANY -0.10% 144.75 Delayed Quote.10.13%
FACEBOOK INC -0.48% 275.59 Delayed Quote.34.27%
GILEAD SCIENCES, INC. -1.24% 59.5 Delayed Quote.-8.43%
GIVAUDAN SA 0.47% 3619 Delayed Quote.18.87%
HARGREAVES LANSDOWN PLC -1.35% 1427.5 Delayed Quote.-25.19%
HUAWEI CULTURE CO.,LTD. -1.68% 2.93 End-of-day quote.-7.86%
ICA GRUPPEN AB 0.49% 409.5 Delayed Quote.-6.79%
IDORSIA LTD -0.74% 26.68 Delayed Quote.-9.08%
MCDONALD'S CORPORATION -0.17% 219.34 Delayed Quote.11.00%
MEDIATEK INC. 0.83% 730 End-of-day quote.64.60%
MEDIOBANCA S.P.A. -0.82% 7.766 Delayed Quote.-20.30%
MICROSOFT CORPORATION 0.00% 213.87 Delayed Quote.35.62%
MORGAN STANLEY -0.19% 63.48 Delayed Quote.24.18%
OMV AKTIENGESELLSCHAFT -2.24% 29.72 End-of-day quote.-40.65%
REGENERON PHARMACEUTICALS 0.44% 508.31 Delayed Quote.35.38%
SAMSUNG ELECTRONICS CO., LTD. 2.10% 68000 End-of-day quote.21.86%
THE WALT DISNEY COMPANY -1.58% 149.09 Delayed Quote.3.08%