Corporate results:
- Anheuser-Busch InBev improves Q3 results despite lower volumes, thanks to price increases and cost reductions.
- BASF reports lower results and targets the lower end of its guidance range.
- BBVA posts Q3 profits of €2.08 billion, slightly ahead of expectations.
- BP Plc reports Q3 profits of $3.3 billion, but misses forecasts due to weak gas production.
- Carlsberg reports Q3 in line with expectations.
- Pinterest gains 16% after its quarterly results.
- Redcare Pharmacy beats Q3 earnings forecasts and confirms guidance.
- Welltower raises its targets. No reaction from the stock.
- Caterpillar fell by almost 5% in pre-market trading due to a rise in dealer inventories and a drop in order backlog, indicating a slowdown in demand for equipment. However, the Group reported a rise in third-quarter earnings, driven by major infrastructure investments in key markets.
- Pfizer reported its first quarterly loss since 2019 on Tuesday, as the pharmaceutical company recorded charges largely linked to its COVID-19 products, such as the antiviral treatment Paxlovid and the Comirnaty vaccine developed in partnership with BioNTech.
- Amgen, which this month acquired Horizon Therapeutics for $27.8 billion, gained 2.6% in pre-market trading after reporting better-than-expected quarterly earnings.
- Pinterest jumped 15.9% in premarket trading after reporting better-than-expected third-quarter results on Monday, amid a recovery in the advertising market.
- Western Digital fell 6% in after-hours trading after the company announced its intention to raise $1.3 billion in capital via convertible bonds.
- VF Corp - The owner of Vans shoes fell 6.1% in premarket trading after dropping its annual sales and profit forecasts, citing a difficult wholesale market environment in the US and fears of poor demand in the second half.
- Marathon Petroleum gains 2.1% in pre-market trading after reporting better-than-expected third-quarter earnings.
In other news:
- Apple presented new MacBook Pro and M3 chip family.
- Microsoft and Siemens announced on Tuesday that they were working together on a project to use artificial intelligence (AI) to increase productivity and human-machine collaboration.
- Unilever freezes CEO Hein Schumacher's fixed salary for two years.
- Logitech appoints Hanneke Faber (ex-Unilever) as CEO, effective December 1.
- Meta Platforms offers ad-free subscriptions to Instagram and Facebook in Europe.
- Tesla suffers as battery supplier Panasonic's production cuts fuel fears about demand for electric vehicles.
- Prysmian signs €900m contract with Clean Path New York to supply submarine and land cable systems.
- Repsol suspends hydrogen investment plan in Spain due to tax uncertainties.
- Roche fails in EMBARK study on Duchenne disease.
- Vodafone sells its Spanish branch to Zegona for €5 billion.
- Galapagos signed a letter of intent to sell Jyseleca to Alfasigma for an upfront payment of €50m and milestone payments totaling €120m. The laboratory will lay off 100 staff to cut costs.
- BP Plc seeks partners for its US shale gas operations.
- Intesa Sanpaolo strengthens its position in Romania with the acquisition of First Bank.
- BlackBerry CEO steps down.
- Nvidia tests chatbots in chip design process to make greater use of AI.
Today's main earnings report: Caterpillar, Amgen, Ecolab, Toyota Motor, Samsung Electronics, Marathon Petroleum, BP Plc, Midea Group, Advanced Micro Devices, Pfizer, Anheuser-Busch InBev, Stellantis... The full earnings calendar is here.