United States:

  • GE Vernova reported mixed results with losses in its wind segment but strong demand for gas turbines and electrical grid equipment, while expecting $45 billion in revenue and a 14% adjusted EBITDA margin by 2028, resuming blade installations, approving a $6 billion share repurchase, and projecting robust sales and cash flow through 2028.
  • A US federal judge has blocked Kroger's $25 billion acquisition of rival Albertsons, citing concerns about reduced competition and potential higher prices for consumers, amidst other related corporate activities including insider trading and market reactions to holiday spending optimism.
  • Microsoft is expanding its AI and renewable energy initiatives through partnerships with OpenAI and Acadia Infrastructure Capital, while facing challenges from Google and its own shareholders regarding exclusive hosting deals and Bitcoin proposals.
  • Macy's has lowered its annual profit forecast amid weak demand and an accounting error, reported a decrease in Q3 earnings and revenue, identified a material weakness in financial controls, yet still managed to exceed Q3 earnings expectations, and projected fiscal year 2024 revenue between $22.3B and $22.5B with an EPS range of $2.25 to $2.50.
  • Walgreens Boots Alliance is reportedly in discussions to be acquired by private equity firm Sycamore Partners in a deal potentially valued between $7.5 billion and $9 billion, causing its shares to surge by 21%.
  • General Motors has discontinued its Cruise robotaxi business due to escalating costs and growing competition, while Tesla, experiencing robust sales in China, renews efforts to establish a showroom in New Delhi with real estate developer DLF.
  • Alphabet and Google are heavily investing in AI applications across various sectors including search and healthcare, while also partnering with Hub71 to support startups and managing online content like reviews.
  • United States Steel Corporation President Biden is poised to block the acquisition of US Steel by Nippon Steel pending the outcome of a national security review.
  • JPMorgan Chase has revised its 2025 net interest income guidance to be $2 billion above current estimates, expects a 45% increase in Q4 investment banking fees, and will maintain its quarterly dividend at $1.25 per share.
  • Blackstone is set to double its private equity exits in North America by 2025 amid an improving M&A and IPO environment, while also withdrawing from acquisitions of a London office tower and Bausch + Lomb due to high pricing, alongside Nippon Life Insurance's acquisition of Resolution Life Group for $8.2 billion.

Europe and Asia:

  • Inditex experienced a 9% increase in sales at the start of its final quarter driven by its autumn and winter collections, despite facing lower than expected Q3 earnings and challenges from currency fluctuations, floods in Spain, and intense competition from low-cost retailers like Temu and Shein.
  • Ola Källenius has been appointed as the new president of the ACEA auto makers body, amidst a series of management reshuffles at Mercedes-Benz and debates within the EU Parliament over reversing the ban on combustion engines, highlighting the challenges in the automotive industry such as the slower-than-expected growth in Germany's electric vehicle market and potential EU climate fines impacting innovation.
  • UniCredit's bid for Banco BPM faces obstacles from the Italian government and its largest shareholder, while also dealing with internal changes such as the resignation of board member Marcus Johannes Chromik and stalled discussions with Credit Agricole, amidst broader financial activities including Tesoro's last BTP auction and the Caltagirone Group's interest in Anima Holding Spa.
  • UBS is restructuring its US wealth management business into six divisions to better serve a broader range of affluent clients, amidst mixed performances in financial stocks and recent economic data releases.
  • British American Tobacco reaffirms its 2024 financial targets, reporting solid progress and expecting stronger second-half revenue growth, particularly in non-combustible products and combustibles, while advocating for better regulation in North America.
  • Zalando, a leading online fashion retailer based in Germany, is set to acquire its local competitor About You for approximately €1.2 billion through a voluntary public tender offer priced at 6.50 euros per share.
  • Adidas' German headquarters were raided as part of a years-long tax investigation into potential customs and tax regulation violations, even as Moody's upgraded the company's credit outlook to stable from negative due to improving financial performance and good liquidity.
  • Ashtead Group announced a $1.5 billion share buyback program, while overall London-listed shares dipped due to weak Chinese trade data impacting market optimism for a stimulus-driven rally.
  • Moody's affirmed Vodafone's rating following regulatory approval for its merger with Three UK, even as the company faces a lawsuit in the UK from franchisees alleging sudden and unexplained cuts to their commission payments since 2020.
  • KKR and Bain Capital have escalated their bids for Fuji Soft, with Bain Capital now leading by 1.6 percent, while Japanese eyecare products maker TopCon explores privatization to enhance corporate value.
  • Coca-Cola has agreed to sell a 40% stake in Hindustan Coca-Cola Beverages to the Jubilant Bhartia Group.
  • The Bank of China has issued 20 billion yuan worth of bonds in the interbank market, featuring a 2.17% coupon rate and offering redemption options starting from the fifth year.
  • Taqa Water Solutions has launched a AED95 million project to automate water treatment facilities in the UAE.
  • The depreciation of the Korean Won is raising financial worries for Samsung Electronics and SK Hynix, possibly postponing their expansion plans for US facilities.