Corporate results:

  • Adidas forecasts lower sales in 2024 due to overstocked North American market.
  • EON will increase investments to €42 billion by 2028.
  • Geberit reports lower 2023 results.
  • Inditex will post €5.4 bn net profit in 2023.
  • Sandoz sees profitability decline in 2023 and targets 20% Ebitda margin this year.
  • Solvay expects its sales volume difficulties in 2023 to continue into 2024 and its Ebitda to decline.
  • Tod's reports higher revenues in January and February in all regions except China.
  • Volkswagen expects an increase in orders in Western Europe thanks to new vehicles.

In other news:

  • Bayer rejects Brazilian farmers' claim that a court found it liable for $2 billion in royalties to be returned.
  • EQT launches Galderma IPO in Zurich.
  • Eni concludes the sale of certain upstream licenses in Congo to Perenco.
  • Boeing strengthens its safety and quality procedures.
  • Intel gave up 1.5% in premarket trading, as the Pentagon withdrew from a proposed subsidy of up to $2.5 billion for the American group's chips, Bloomberg reported, citing sources close to the matter.
  • Teledyne Technologies acquires Valeport.
  • Orsted sells interests in US wind farms for $300m.
  • CME Group seeks to enter the US Treasury bill clearing market.
  • Zalando launches a share buyback program worth up to €100m.
  • GE Healthcare Technologies was down 6.5% in premarket trading, its parent company GE having decided to further reduce its stake in the medical equipment company through a 14 million share issue.
  • Eli Lilly announced on Wednesday that it had teamed up with Amazon to deliver medicines via its direct-to-consumer service, LillyDirect. In the wake of this agreement, the Walgreens Boots Alliance pharmacy chain fell by 1.13% in pre-market trading.
  • Beauty Health soared 20% in pre-market trading after the manufacturer of skin treatment devices reported better-than-expected fourth-quarter sales, thanks in particular to strong demand for its HydraFacial.
  • Dollar Tree announced on Wednesday its intention to close 600 Family Dollar Stores in the first half of the year and around 370 additional stores when current leases expire, against the backdrop of a pre-tax net loss of $1.92 billion in the fourth quarter. The share price plunged 8.3% in pre-market trading.
  • Spotify announced the launch of a music video service in a test version reserved for its premium subscribers, which will bring the streaming platform into competition with Alphabet's YouTube, which has dominated this segment for almost two decades.

Today's main earnings reports: Adidas, Volkswagen, Inditex, PDD Holdings, Lennar Corporation, Williams-Sonoma...