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14 minutes ago
Puma rises 2.5% despite analyst lower price target
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Puma stock price.
Puma shares rose 2.5% in morning trading, reversing some of the previous session’s 4% decline, even though analysts at Goldman Sachs and TD Cowen lowered their price targets for the stock on Wednesday.
The German sportswear retailer said on Tuesday that currency-adjusted sales rose 6.6% and earnings before interest and taxes (EBIT) rose to 622 million euros ($671.9 million), in line with previous guidance. ) was reported to be within the range.
He also pointed to the “unstable environment affecting the entire industry” and said the market remains in a difficult situation. He once again highlighted the impact of the devaluation of the Argentine peso on business.
— Jenny Reid
2 hours ago
Vodafone Group agrees to sell Italian operations to Swisscom for €8 billion
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Vodafone Group.
Vodafone Group said on Wednesday it was in exclusive talks with Swisscom for the sale of its Italian business, with a deal worth 8 billion euros ($8.66 billion) agreed on a debt and cash-free basis, subject to confirmation. Admitted.
The British carrier rejected the latest offer from France’s Iliad to combine its Italian operations at the end of January. The company had provided Vodafone with €6.6 billion in cash and €2 billion in shareholder financing.
Commenting on the Swisscom deal, the company said on Wednesday: “Vodafone is working extensively with multiple parties to explore the integration of the Italian market, and we believe that this potential transaction offers the best possible combination of value creation, upfront cash proceeds and transaction certainty. “We believe this combination will deliver a good combination for Vodafone shareholders.”
He also stressed that the transaction is uncertain and further announcements will be made in the future.
— Jenny Reid
10 hours ago
CNBC Pro: Ark Investments says this ‘optimal’ Bitcoin strategy will generate better returns
12 hours ago
The S&P 500 and Nasdaq Composite closed slightly higher on Tuesday.
Traders work during the closing bell of the New York Stock Exchange (NYSE) on Wall Street in New York City, March 17, 2020.
Johannes Eisel | AFP | Getty Images
The S&P 500 and Nasdaq Composite ended Tuesday’s trading in the green. Meanwhile, the Dow Jones Industrial Average was under pressure.
The S&P 500 and Nasdaq rose 0.17% and 0.37%, respectively. The Dow Jones Industrial Average fell nearly 97 points, or 0.25%.
— Ha-Kyung Kim
10 hours ago
CNBC Pro: This Big Tech stock’s valuation is ‘absolutely compelling’, says top fund manager
One major tech stock has plummeted more than 65% from its all-time high despite rising sales and profits.
Andrew Lapping, chief investment officer at Ranmore, believes the share price is now at an “absolutely attractive” valuation for investors.
CNBC Pro subscribers can read more here.
— Ganesh Rao
13 hours ago
Apple reportedly cancels electric car plans and focuses on generative artificial intelligence
Apple has scrapped plans to make electric cars and is leaning instead toward generative artificial intelligence, Bloomberg News reports.
Bloomberg added that Apple scaled back its vision for the EV project last month, pushing back the original launch date from 2026 to 2028. The company originally planned for fully self-driving cars, but moved to a semi-self-driving model last month. Some of Apple’s employees dedicated to EV projects will now work on generative AI, the report added.
Apple shares rose 0.5% on the news.
— Brian Evans
13 hours ago
Citi’s Scott Kronert says the current market rally is nothing compared to the tech bubble.
While it’s true that the current bull market is being driven by AI and tech stocks, Citi’s Scott Kronert disagrees with comparisons to the great tech bubble.
“The current multiple is well below where it was in 1999-2000,” said Citi Research’s head of U.S. equity strategy. “Furthermore, our subjective view is that the fundamental situation is very different now than it was back then.” said.
But Kronert cautioned that stock fundamentals still need to support gains to maintain the S&P 500’s year-end target of 5,100.
“That said, the current increase in spending on artificial intelligence infrastructure and products should translate into increased revenue and growth drivers. But it is too early to tell,” he said. added. “Although the index could exceed its year-end target of 5100 in the near term, it seems premature to raise the possibility of a 5700 bullish scenario.”
— Lisa Kailai Han
4 hours ago
European Market: Click here for opening call
European markets are set to open higher on Wednesday.
According to IG data, the UK’s FTSE 100 index rose six points to 7,689, Germany’s DAX rose 28 points to 17,587, France’s CAC rose seven points to 7,957 and Italy’s FTSE MIB rose 21 points to open at 32,753. It is expected that
Proceeds are expected from Moncler, Reckitt Benckiser, Aston Martin Lagonda, Cooperative Bank and Holcim. The data release includes Russia’s unemployment rate and retail sales for January.
— Holly Ellyatt
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