Corporate results:
- BBVA exceeds expectations and will buy back €781 million of shares.
- Diageo missed sales estimates for the first half of the year, as a sharp decline in Latin America weighed on the group's results.
- Hapag-Lloyd announced on Tuesday a 92% drop in EBITDA in the fourth quarter, as attacks on shipping in the Red Sea had a negative impact on transport volumes to the end of 2023.
- Pets At Home cut its earnings forecast due to a slowdown in accessory sales.
- Nucor - The steelmaker posted a drop in fourth-quarter earnings on Monday, penalized by lower product prices and sales volumes in all segments.
- Renewi warned that its results will be below expectations.
- Super Micro Computer jumped 12.4% after raising its full-year guidance. In its quarterly report, Super Micro said its net sales for the first quarter of 2024 would reach between $3.7 and $4.1 billion, against a consensus of $2.87 billion. Artificial intelligence-related stocks rose before the opening, with NVIDIA gaining 1.1% and MICROSOFT 1%.
- WPP reported growth of 0.9% in 2023 and expects at best a similar result in 2024, with a slight increase in its operating profit margin of 20 to 40 basis points.
- UPS said it was targeting below-consensus full-year sales, as delivery demand remains sluggish. The company expects full-year sales for 2024 to be between $92.0 billion and $94.5 billion, below consensus of $95.57 billion. FEDEX loses 1.4% in pre-market trading in the wake of UPS, down 5%.
- General Motors reported lower fourth-quarter pre-tax earnings on Tuesday, but gave investors an optimistic outlook for 2024 and signaled that more capital could be returned to shareholders. The automaker expects adjusted pre-tax profits of between $12 and $14 billion this year, compared with $12.4 billion for 2023. The stock gained 5.2% in pre-market trading and Ford Motors 2.3% in its wake.
- Whirlpool reported annual sales and profit forecasts below analysts' estimates on Monday, as the appliance maker faces pressure from rivals and higher expenses. The stock lost around 4% after the close.
In other news:
- Renault abandons Ampere IPO due to unfavorable market conditions. The market is likely to be torn between short-term disappointment and satisfaction that Renault will not become an empty shell.
- BP Plc is under pressure from the Bluebell fund to abandon its investments in oil and gas in favor of renewable energies, which would be contrary to shareholders' interests.
- Eli Lilly is in talks with the German government for coverage of the slimming drug Mounjaro.
- Zurich Insurance failed to sell a life insurance portfolio in Germany to Viridium Group.
- Gilead Sciences increases its stake in Arcus Biosciences to 33%.
- Tesla expects capital expenditure to exceed $10 billion in 2024, declining over the following two years.
- Microsoft appoints Johanna Faries, former CEO of "Call of Duty", as President of Blizzard.
- HSBC fined £57m for failure to protect deposits.
- Albemarle lays off 300 employees.
- American Airlines said Monday that about 600 jobs in its customer support team would be affected by its efforts to reorganize the team.
- Ford Motor - The chairmen of two House of Representatives committees have asked the Biden administration to investigate four Chinese companies they believe are involved in Ford Motor's battery plant project in Michigan, according to a letter seen by Reuters on Monday.
- Flutter will make New York its main stock exchange at the expense of London.
- iRobot launches restructuring plan following failure of Amazon takeover, blocked by European antitrust authorities.
- Boeing withdraws its request for a safety exemption for the Boeing 737 MAX 7.
- Inchcape confirms that it is considering the sale of its UK retail business, following rumours reported by Sky News.
Today's main earnings reports: Microsoft Corporation, Alphabet, Advanced Micro Devices, Danaher Corporation, Pfizer, United Parcel Service, Diageo, BBVA, Stryker Corporation, Starbucks Corporation, Mondelez International, Chubb Limited, HCA Healthcare, Canadian Pacific Kansas City Limited, Marathon Petroleum Corporation... The full earnings calendar is here.