Corporate results:

  • Soitec reports lower sales for fiscal Q2 and slightly reduces its targets.
  • Vallourec raises its EBITDA target for 2023 following higher profitability in Q3. Here, you can also read this here.
  • Burberry announced that it was affected by a global slowdown in luxury spending, which could threaten its sales growth forecasts for the current financial year, and weigh on earnings.
  • Cisco sunk 11% after a disappointing out-of-session performance.
  • HelloFresh revised its forecasts downwards due to disappointing results in the United States.
  • MorphoSys reduced its third-quarter loss, but sales decline.
  • Palo Alto lost 6% in after-hours trading after disappointing performance.
  • Walmart raised its sales and annual profit forecasts and reported third-quarter adjusted earnings of $1.53 per share, against a consensus of $1.52.
  • Cisco Systems cut its annual sales forecast. The share price was down 10.1% in after-hours trading.
  • Palo Alto Networks - The cybersecurity company was down 8.5% in after-hours trading after announcing that it expects second-quarter sales below estimates.
  • Maxeon Solar Technologies - The group's US-listed shares fell 7.5% after the close, as the solar panel group posted higher losses in Q3.

In other news:

  • Sanofi has entered into preliminary discussions with Rothschild with a view to a separate listing through a spin-off of its consumer healthcare business, Bloomberg News reported, with a valuation of up to $20bn.
  • Meta on Wednesday appealed the gatekeeper designations for its Messenger and Marketplace platforms in the EU, but will not challenge those of WhatsApp, Facebook and Instagram.
  • Adobe fears EU antitrust warning in Figma case.
  • Great Britain will increase guaranteed prices for offshore wind projects by 66% at next auction, in support of the sector (Orsted, Vestas, Siemens Energy, Nordex...).
  • Leonardo will sell 6.3% of its US subsidiary Leonardo DRS, down to 79.3%.
  • Microsoft unveils two custom-designed AI chips.
  • Kraft Heinz announces the appointment of Carlos Abrams-Rivera as Chief Executive Officer.
  • ValueAct Capital acquires a stake in Expedia.
  • Bristol-Myers Squibb - The U.S. Food and Drug Administration (FDA) has approved the group's lung cancer drug, acquired in last year's $4.1 billion takeover of Turning Point Therapeutics.
  • General Motors acquires Tooling & Equipment International.
  • Exxon Mobil - The oil major plans to invest up to $15 billion in a petrochemical project and carbon capture and storage facilities in Indonesia.
  • Crispr Therapeutics - US-listed shares in the Swiss genetic engineering company rise 5.28% after the company and its partner Vertex Pharmaceuticals announce that the UK health regulator has granted conditional marketing authorization for a gene therapy to treat blood disorders.
  • Walt Disney - Activist investor ValueAct Capital has taken a major stake in the company and believes the group's share price could double.
  • Tesla - Chinese President Xi Jinping told CEO Elon Musk that he supported Tesla's development in China.
  • Eli Lilly - The pharmaceutical company plans to invest around $1 billion in a new plant in western Germany, Reuters reports.

Today's main earnings reports: Walmart, Macy's, Alibaba, Lenovo, Acciona, United Utilities, Pershing Square, Allegro, CTS Eventim, Aegon, Bâloise... All the agenda here.