Corporate results:
  • Prosus raised its forecast for the current year.
  • Sonova revised its annual forecasts downwards.
  • Zoom Video raised its annual sales and earnings forecasts on Monday, as hybrid working and the integration of artificial intelligence into its products supported demand.
  • Best Buy said on Tuesday that it expected a larger decline in sales for the full year. The U.S. electronics retailer now expects full-year like-for-like sales to fall by 6.0% to 7.5%, having previously forecast a decline of 4.5% to 6.0%.
  • Symbotic was up 22.5% before the opening following the publication of a solid quarterly report by the warehouse robotics company. The group posted fourth-quarter sales of $391.9 million, up 60% year-on-year, against a consensus of $306.9 million.
  • Lowe's on Tuesday forecast a larger-than-expected decline in annual sales and lowered its earnings guidance as inflation-hit consumers cut back on spending on home improvement projects. It now expects a 5% fall in annual sales on a like-for-like basis, having previously forecast a drop of between 2% and 4%. Analysts on average expect a decline of 3.4%. The share price lost 6% before the opening.
  • Medtronic on Tuesday raised its annual profit forecast for the second time this year, betting on increased demand for its medical devices. The group now expects earnings of between $5.13 and $5.19 per share for fiscal 2024, above the $5.08 to $5.16 per share range previously expected.
  • Kohl's posted a larger-than-expected drop in quarterly sales on Tuesday, as customers spent less money in its department stores amid persistently high inflation. Like-for-like sales fell by 5.5% in the third quarter, while analysts were expecting a 3% decline.
  • Nvidia will publish its quarterly results after the close. The chipmaker is again expected to present record revenue forecasts, but the focus will be on the impact of US restrictions on sales of its high-end chips in China.
  • Agilent - The medical equipment manufacturer gained 6.4% after the close, as the company posted fourth-quarter adjusted earnings per share of $1.38, against a consensus of $1.34.
    C3.AI - The software company cut jobs last week, citing employee performance and the need to reduce costs, Bloomberg News reported Monday.
In other news:
  • New car registrations rose by 15% in October in Europe, according to ACEA.
  • UAW says 64% of General Motors, Ford and Stellantis workers voted to ratify new contracts.
  • Microsoft CEO said OpenAI governance must change, regardless of Altman's destination.
  • AstraZeneca launched a healthcare technology company called Evinova.
  • Orsted announced that the South Fork offshore wind project in New York State is equipped with the first of its 12 turbines.
  • Permira reduced its stake in TeamViewer.
  • TSMC plans 3rd plant in Japan.
  • Muddy Waters takes on Germany's CPI Property Group.
  • Rome sold 25% stake in Banca Monte dei Paschi di Siena on the open market for €920m.
  • ThyssenKrupp builds new €800 million facility in Duisburg.
  • Oshkosh won a $160 million order from US Army for Joint Light Tactical Vehicles.
  • Uber Technologies was down 1% in pre-market trading after raising more capital than expected to refinance part of its debt. The company raised $1.5 billion through a convertible bond issue, compared with its initial planned size of $1.2 billion.
  • General Motors - The co-founder of its Cruise unit, which specializes in driverless vehicles, Daniel Kan, has resigned, the company told Reuters on Monday.