Earnings season. Tencent Holdings, Cisco Systems, Sony Corporation, Takeda, Verbund, Deutsche Wohnen, A.P. Møller - Mærsk, DiaSorin, ABN Amro, Ageas, Euronext and Pirelli are posting their results today.

GhrubhUber? Uber is reportedly in discussions to buy the meal delivery company GrubHub, according to several corroborating rumors. CNBC reported overnight that the two companies had failed to agree on a share exchange. However, talks could continue.

Elon kind of wins. California is allowing Tesla to resume production if the automaker follows the required protocols. After Elon Musk's victimization operation, which was even supported by Donald Trump in this case, authorities allowed Tesla to resume production. By complying with regulatory obligations. Almost a non-event, then.

A vast reorganization. Nissan is planning to save $2.8 billion through a restructuration plan. The information, obtained by Bloomberg, suggests that the Japanese manufacturer intends to break the negative spiral that has gripped its business for the past three years. This news is in line with recent rumors. Reuters had indeed recently announced a refocusing of the company on its main markets.

$420 per BlackRock share. PNC Financial places its BlackRock shares at 4$20 each. The manager is going to buy back 2.65 million of its own shares as part of this operation, at a preferential price of $414.96. PNC holds 34.8 million shares, representing 22.4% of the capital of BlackRock. It announced at the beginning of the week its intention to exit the round. BlackRock shares were trading at $493.11 before the announcement of the exit. It was trading yesterday at the close at $454.44.

Big Flop. Covéa waives the $9 billion buyout of Partner Re (Exor). The holding company of the Agnelli family has taken note of the French insurer's decision. The reinsurer will therefore remain in the fold of Exor, which has no intention of selling it. Covéa's ambitions are once again thwarted, as the group already has a very complicated relationship with Scor in France.

Time for cancellations. Boeing received no orders for commercial aircraft in April and sees its order book fall below 5,000 units, due to cancellations. Last month, the manufacturer removed 108 B737 MAXs from its order book and cancelled 101 other planes ordered by companies that will not be able to afford them.

O'Leary is counterattacking. Ryanair is taking the matter to the European Court of Justice over the aid given to certain airlines on the old continent. The carrier run by the boiling Michael O'Leary is not failing to live up to its reputation as a herald of free trade. It reproaches the guaranteed loans enjoyed by SAS in Sweden and the tax exemptions that benefit French companies in France. "We will appeal against any European Commission decision on government aid that creates illegal discrimination between airlines," Ryanair said.

In other news. Alcon Inc. increases its revenues by 3% in Q1, but results are contracting due to additional costs related to coronavirus. Salvatore Ferragamo recorded a loss of €41 million in the first quarter, due to a 30% drop in revenues, but medium-term objectives are confirmed. Landis+Gyr wins an order for 350,000 smart meters in the U.S. Luckin Coffee separates from its CEO, Jenny Qian, following an investigation into accounting practices. Commonwealth Bank of Australia is to hand over control of its asset management to KKR. Vedanta Limited may delist. Porsche has increased its stake in Volkswagen to 53.3%. Volvo has agreed not to pay a dividend. ABN Amro plans to take €2.5bn of write-downs this year. TUI AG burns €250 million cash per month. Sony records a 57% drop in profits in the fourth quarter of the 2019/2020 financial year, and cannot produce annual targets. Commerzbank is already running a deficit in the first quarter of 2020.