Alfred Gray

WELLS CARGO RESULTS FOR 3Q (USA)

US bank Wells Fargo beats analyst consensus on almost all levels with its 3Q 2023 results and has once again raised its outlook for the full fiscal year 2023.

3Q results

Among the segments, consumer banking earned Wells Fargo the most, at USD 9.58 billion. Corporate and investment banking earned $4.92 billion. Commercial banking and wealth...
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On Wednesday, the minutes of the US Fed meeting held on 19-20 September will be published, at which the FOMC members left rates unchanged in the range of 5.25-5.5%. The next Fed meeting takes place from 31 October to 1 November and the money market is currently pricing in only a 16% chance of a Fed-indicated next rate hike (the latest so-called dot plot with individual FOMC...
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WHAT ATTACKING ISRAEL MEANS FOR THE MARKETS

This weekend saw a significant escalation of violence as surprise attacks from Gaza claimed hundreds of lives, dozens of captives and thousands of wounded. This disturbing development has cast a shadow over the ongoing peace talks between Israel and Saudi Arabia and raised questions about the possibility of their continuation. Although...
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Levi Strauss $LEVI, the well-known jeans retailer, again cut its full-year sales forecast following poor quarterly earnings results that fell short of Wall Street expectations. The company's shares fell slightly in extended trading as shopping trends at department stores and major retail chains in the U.S. weakened.

Levi's had expected its fiscal third quarter net sales to be...
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ExxonMobil nears deal to buy Pioneer Natural Resources

US oil giant ExxonMobil is just a short distance away from closing a deal to take over Pioneer Natural Resources in a deal worth around USD 60 billion, according to the WSJ.

The vertically integrated oil giant ExxonMobil is expected to close a deal to buy Pioneer Natural Resources in the coming days.

The Wall Street Journal...
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Investors and analysts say sandal company Birkenstock needs to sell more clogs and boots and boost sales from its own website and boutiques before listing on the New York Stock Exchange next week to attract new customers amid a cost-of-living crisis. Birkenstock is the latest major stock market entry to draw investor attention to the initial public offering (IPO) market, which...
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USA

New claims for unemployment benefits (30 September):
current value: 207k
market expectation: 210k
previous value: 204k / revision: 205k.

Continuing claims for unemployment benefits (Sept 23):
current value: 1664k
market expectation: 1671k
previous value: 1670k / revision: 1665k.

Trade Balance (August):
current value: -58.3 billion
market expectation: -59.8 billion
previous value: -65.0...
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Amazon.com $AMZN used an algorithm code-named "Project Nessie" to test how much it could raise prices so that competitors would follow suit, according to redacted portions of the Federal Trade Commission's monopoly lawsuit against the company.

According to people familiar with the allegations in the complaint, the algorithm helped Amazon increase profits on items across shopping...
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Labour market in the USA

This week's most closely watched macroeconomic indicators will be the labour market in the United States. According to Bloomberg, it is expected to cool down slowly, especially after the end of Taylor Swift and Beyonce's summer concerts. The agency expects that the ratio of newly opened positions to the number of unemployed people should fall to 1.4....
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A major milestone awaits RENK, a company known for its production of high-quality components for military vehicles, fighter jets and the automotive industry. On 5 October 2023, RENK will take centre stage when it goes public on the German stock exchange in Frankfurt. This IPO promises to become the largest in the German financial world this year and strengthen RENK's position...
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British-American cruise company Carnival Corp. has released its third quarter 2023 financial results.

Results

Carnival Corp.'s revenue grew 59% year-over-year.

Adjusted EBITDA reached USD 2.22 billion against analyst estimates of USD 2.1 billion.

The company carried 3.6 million passengers in the third quarter, up 40% year-on-year. Analysts had expected 3.78 million passengers.

Carni...
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This week marks the end of second quarter results and the slow arrival of third quarter 2023 results. Among the US companies reporting will be food company McCormick & Co and beer, wine and spirits producer Constellation Brands. In Europe, for example, retail chain Tesco.

An overview of selected companies reporting their results this week (source: Twitter Earnings Whispers)

Tuesd...
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MillerKnoll, an American manufacturer of office and home furnishings, has released its financial results for the first quarter of fiscal year 2024.

Results

MillerKnoll's revenue decreased by 15% year-on-year. Organic sales declined 6.9%.

Gross margin increased to 39% from 34.5%, first quarter last year. Analysts had expected 37%.

Adjusted EBITDA was EUR 83.9 million. USD.

Outlook

The...
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The market for initial public offerings has been surprisingly normal over the past two weeks, at least on the surface.

British chipmaker Arm Holdings, food delivery company Instacart and Klaviyo represented a chance to revive an IPO market that has long been in tatters. But the results have not been convincing.

Arm, Instacart and Klaviyo priced their offerings at or above recent...
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Dividend stocks are a multi-purpose instrument of the markets. They offer investors a dual route to profitable returns, including some defence against challenging market conditions along with a stable source of passive income. This is an attractive combination.

The best dividend stocks will provide inflation-beating income based solely on the dividend and backed by a long-term...
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