Corporate results:
  • Ericsson believes that uncertainty in network activities will persist until 2024. The Swedish company pre-announced its results last week.
  • Lonza confirms its sales outlook for 2023 and raises its dividend payout range.
  • Rio Tinto reports a 1% drop in iron ore production and a 1% rise in shipments. The market is reassured and the share price rises.
  • Bank of America reported third-quarter net income of $7.27 billion or 91 cents per share, compared with $6.58 billion or 81 cents per share a year earlier.
  • Bank of New York Mellon beat consensus for third-quarter earnings on Tuesday, as Federal Reserve rate hikes bolstered net interest income. Net interest income jumped nearly 10% year-on-year to $1.02 billion, compared with $926 million a year earlier.
  • Johnson & Johnson gained 1.56% in pre-market trading after raising its earnings forecast for 2023. Excluding its consumer healthcare unit, the company now expects adjusted earnings of $10.07 to $10.13 per share in 2023, compared with a previous forecast of $10 to $10.10 per share.
In other news:
  • Volkswagen is behind schedule on its €10 billion cost-cutting plan.
  • Pfizer shares finally rose yesterday despite its warning, thanks to the major savings plan announced at the same time.
  • Rolls-Royce plans to cut around 2,500 jobs as part of a cost-cutting drive, according to Sky News.
  • Lululemon on a two-year high after announcing its entry into the S&P500.
  • Trian Fund takes a stake in The Allstate Corporation.
  • Microsoft cuts 668 jobs at LinkedIn.
  • ING completes €1.6 billion share buyback program.
  • Georg Fischer crosses the 10% threshold for its stake in Uponor.
  • Software group Waystar, with EQT as a shareholder, plans an IPO in the USA.
  • Umicore and AESC sign long-term supply agreement for electric vehicle battery materials in North America.
  • Merck's Keytruda receives FDA approval for expanded use in lung cancer.
  • Citigroup to repurchase $1.5 billion in preferred shares.
  • Apple fell by 0.4% before the opening, as Morgan Stanley reduced its price target due to supply constraints.
  • Marathon Oil said Monday it had signed a five-year liquefied natural gas (LNG) sales agreement with a Glencore unit, and expects to see its EBITDA grow by more than $300 million next year.
  • Amazon said on Tuesday that it would launch its online shopping service in South Africa in 2024, as the country experiences a surge in online shopping.
  • NetScout Systems fell 22.4% in after-hours trading, after the enterprise software company lowered its revenue and earnings guidance for 2024.
  • Brookfield is considering entering the UK pension insurance market and is open to a local acquisition to support its growth, three people familiar with the matter told Reuters.
  • U.S. auto safety regulators said on Tuesday they had opened a preliminary investigation into 594 vehicles from General Motors’ cruise autonomous driving unit.
  • Some 3,700 Detroit casino employees are set to strike Tuesday if a wage agreement is not reached, the Detroit Casino Council said Monday.
  • Vistagen jumped 12% in after-hours trading, after Citadel founder Ken Griffin revealed a 5.7% passive stake in the company.
Today's main earnings reports: Johnson & Johnson, Bank of America, Lockheed Martin, Prologis, Goldman Sachs, EQT, Ericsson, Bellway... The full earnings calendar is here.