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| This week's gainers and losers |
| Tops Affirm Holdings +39.89 %: The platform that offers shopping loan services posted excellent results to close its financial year. Fourth-quarter sales totaled $294 million, up from $207.8 million in the same period last year. The company is still not generating a profit, but the net loss narrowed dramatically to $45.1 million, down from more than $200 million a year ago. Forecasts for the future have exceeded analysts' expectations. There is also speculation about the integration of Apple Pay into the platform's services. Juventus Football Club +22.37 %: Juventus Football Club SpA announces that it has reached an agreement with Liverpool FC for the sale of footballer Federico Chiesa for €12 million. Schott Pharma +17.65 %: The German company raises its sales forecast for the current year following strong growth in the third quarter. Revenues are expected to increase between 11% and 13%, after previously forecasting a rise of between 9% and 11%. Best Buy +13.9%: The electronics retailer soared 14% Thursday after beating expectations for the first half of the year. Margins are doing well and expenses are under control. As a result, the full-year outlook has been revised upward. Earnings per share are now expected to come in between $6.1 and $6.35, up from $5.75 to $6.20 previously. The stock has also benefited from the announcement that artificial intelligence is expected to drive innovation “significantly” in the future. Apple's new product launches could also provide additional growth points. Bunzl Plc +10.14 %: The British distributor specializing in professional hygiene products, personal protective equipment and food packaging raises its full-year forecast and announces that it will devote additional funds to remunerate its shareholders. Delivery Hero +15.02 %: The online food ordering platform has announced plans to float its fast-growing Talabat brand on the Dubai Stock Exchange. The group would hold a majority stake in the company. PDD Holdings -31.29%: It has been a nightmare start to the week for the owner of e-commerce platforms Temu and Pinduoduo. The group has missed analysts' estimates on its quarterly sales (despite an 86% increase). Investors question the relevance of low-cost consumption in China, at a time when inflation is expected to push households towards these items. Domestic demand is at historic lows, and this is unlikely to change in the coming months. Dollar General -32.87%: The low-priced retailer plunged 32% on Thursday after a sharp drop in the second quarter. Logically, the outlook has been revised downward. Earnings per share are now expected between $5.50 and $6.20, versus previous estimates of between $6.80 and $7.55. Super Micro Computer -28.63 %: It has been a bad week for the server assembler. On Tuesday, activist fund Hindenburg Research declared a short position in the stock, accusing it of accounting manipulation. The fund released a report, the result of a three-month investigation. The next day, Super Micro Computer asked for an extension to release its annual 10-K report. Birkenstock Holding -21.5%: The footwear brand missed forecasts in the face of falling consumer spending on expensive products. Although sales reached a new record of €565 million in the third quarter (+19%), profitability is struggling. Gross margin fell to 59.5% from 61.7% a year earlier. The German-based company, now based in London, explains this decline by the temporary impact of measures taken to increase its production and by an increase in B2B activities. Ambu A/S -12.66 %: The Danish company publishes its quarterly results. Uncertainty about contract volumes in anesthesia and patient monitoring worries investors about future revenue stability. The company does not expect significant urethroscope revenues during the year. Higher operating costs are also expected in the third and fourth quarters. TX Group -8.96 %: Switzerland's largest media group falls after announcing a major reorganization involving the loss of about 300 newsroom jobs. Overall sales were flat at CHF 461 million, but organic revenues fell by 6.3%. The group plans to focus on digital channels and restructure its product portfolio, which will entail the closure of printing plants. ID Logistics -8.13 %: The European contract logistics specialist posted solid first-half results, in line with expectations. The only drawback was the contraction of free cash flow, down 10 %, due to heavy investments. Teleperformance -6.34 %: The global leader in customer relationship outsourcing announces a series of management changes. The unexpected departure of Bhupender Singh, co-CEO and presumed successor to Daniel Julien, raises concerns, particularly with regard to the group's digital transformation. Flughafen Zürich -3.64 %: Despite half-year results in line with expectations, with a record half-year profit of CHF 151.8 million, the Zurich airport's share price has fallen. Sales rose by 9.4% to CHF 631.1 million, but margins were affected by higher-than-expected operating costs. |
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| Commodities |
Energy: Geopolitical tensions are continuing, which tends to slow down the downward pressure on oil prices. There is no shortage of trouble spots: the crossing of the Red Sea remains uncertain due to the threat of Yemeni Houthis, Israel has carried out pre-emptive strikes in Lebanon, with the risk of triggering a long-awaited response from Iran, and Russia has attacked energy facilities in Ukraine. However, oil remains locked in a narrow price range, evidence that the financial community is vacillating between the prospects of central bank rate cuts and the dynamics of oil demand, especially in China. In terms of prices, crude oil remains stable this week, with Brent and WTI trading at $79.30 and $75.90 respectively. |
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| Macroeconomics |
Ambience: PCE core inflation was expected to be +2.7% y/y in July, and it came out perfectly in line. Obviously, this lends credence to the Fed's plans to cut its policy rate in September. However, there has been little change in forecasts for the extent of the cut. According to the CME's Fedwatch tool, 70% of traders are still betting on a 25 basis point cut. We will have to wait a little longer for the next macroeconomic data. And if they are not satisfactory, the Fed may be tempted not to cut rates as quickly as the market expects. |
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*The weekly movements of indexes and stocks displayed on the dashboard are related to the period ranging from the open on Monday to the sending time of this newsletter on Friday. The weekly movements of commodities, precious metals and currencies displayed on the dashboard are related to a 7-day rolling period from Friday to Friday, until the sending time of this newsletter. These assets continue to quote on weekends. |
