Corporate results:
- Advanced Micro Devices: The stock lost 7% after the close and the release of its quarterly results.
- Airbnb said it expects bookings in the current quarter to be on par with the previous quarter.
- BMW: The automaker's net profit was higher than expected in Q2.
- Commerzbank: The German bank reported a stronger-than-expected net profit in Q2, helped by rising interest rates.
- Infineon: The semiconductor group slightly raised its annual margin forecast.
- PayPal: The stock soared 11% after the release of its results, the announcement of a new share buyback and the presence of activist fund Elliott in the capital.
- Starbucks: The stock gained 1.5% after the publication of its quarterly results.
- Moderna on Wednesday maintained its annual sales target for its Covid-19 vaccine at $21 billion and announced a $3 billion share buyback program.
- Advanced Micro Devices expects third-quarter revenue to fall slightly short of Wall Street estimates despite reporting good results in July.
- CVS Health raised its full-year profit forecast as healthy insurance business and sales of COVID-19 tests helped the U.S. drugstore chain post a 6% increase in second-quarter profit.
- Regeneron Pharmaceuticals reported a 72.5% drop in quarterly profit on Wednesday, hurt by disappointing sales of its COVID-19 antibody cocktail.
- Gilead Sciences said Tuesday that its adjusted second-quarter profit fell due in part to higher research costs and lower sales of its COVID-19 treatment, Veklury, but total revenue came in above expectations.
- Starbucks gained 1.5% in premarket trading after reporting a better-than-expected quarterly profit, as higher prices and strong demand in the U.S. helped offset a hit to its China business from further confinements.
- Paypal Holdings raised its annual profit forecast, announced a $15 billion buyback program and that activist fund Elliott Management had a stake of more than $2 billion in its stock.
- Occidental Petroleum on Tuesday reported better-than-expected quarterly earnings, lower debt and a share buyback program thanks to high oil and gas prices.
- Electronic Arts reported lower-than-expected adjusted quarterly revenue on Tuesday as the easing of COVID-19 restrictions led to a decline in video game purchases.
- Chesapeake Energy and Pioneer Natural Resources on Tuesday reported strong second-quarter earnings and increased cash distributions to shareholders via dividends or stock buybacks.
- Under Armour lowered its full-year profit target, hurt by higher transportation costs, raw materials and increased promotions to attract customers.
- Yum Brands, owner of KFC, reported same-store sales in line with expectations.
- Robinhood Markets - The online brokerage announced Tuesday that it would lay off 23% of its staff as it posted a 44% drop in revenue due to a slump in trading.
- General Motors said it will pay Livent $198 million up front for a guaranteed six-year supply of lithium, a deal that reflects the auto industry's growing concern about a tightening market for the metal used in electric vehicle batteries.
In other news:
- Match Group announced the resignation of the CEO of its dating app Renate Nyborg and disappointing quarterly guidance.
- Tod's founding chairman will delist the stock at EUR 40 per share.
- The U.K. Competition and Markets Authority provisionally approved NortonLifeLock's $8.6 billion takeover of cybersecurity company Avast.
- Just Eat Takeaway takes a €3bn write-down on the Grubhub acquisition.
- Uber Technologies on Wednesday sold its 7.8 percent stake in Indian meal delivery company Zomato for $392 million, two sources close to the matter told Reuters.
Main earnings reports today: Costco, CVS Health, Booking, Siemens Healthineers, AXA, Nutrien, Infineon, Wolters Kluwer, Societe Generale, Veolia, Tenaris... All the agenda here.