Corporate results:

  • Geberit: Q1 sales of CHF 893m were down 8.9%, but Ebitda was down only 2.5% to CHF 296m.
  • HSBC: Quarterly pre-tax profit is higher than expected, at $12.9bn. The group will buy back up to $2bn of its own shares.
  • Logitech: Fiscal Q4 revenue down 22% to $960M.
  • Pfizer beat first-quarter earnings estimates Tuesday on strong demand for its recently acquired drugs and steady demand for its COVID-19-related products. The stock is up nearly 3% in pre-market trading.
  • Uber said Tuesday it expects quarterly profit to beat estimates, after a surge in demand for travel and food delivery helped the U.S. VTC services giant report better-than-expected results for the January-March period. The stock is up 10% in pre-market trading, while rival Lyft's is up 4%.
  • Marriott International on Tuesday raised its full-year profit forecast as the U.S. hotel operator benefited from pent-up demand for leisure and business travel.
  • Marathon Petroleum said Tuesday it more than tripled its quarterly profit, driven by higher margins linked to sustained fuel demand and limited crude reserves, and increased its $5 billion share buyback program. 

In other news:

  • Astellas acquires IVERIC Bio for $5.9 billion.
  • China's Midea reportedly approached Electrolux about an acquisition, according to Bloomberg.
  • IBM is expected to suspend hiring as some 7,800 jobs could eventually be replaced by artificial intelligence, the IT group's CEO told Bloomberg.
  • Axon will replace First Republic in the S&P 500.
  • Educational support specialist Chegg slumps in the stock market due to competition from dialogue AIs.
  • UBS is considering a spin-off of the Swiss part of Credit Suisse, according to NZZ.
  • Adidas wants to double down on the US market.
  • Repsol is buying out Sinopec's share in their UK joint venture.
  • Longtime Qantas executive Vanessa Hudson named CEO.
  • Morgan Stanley will cut 3,000 jobs in the second quarter, according to Reuters.
  • Sanlorenzo announces acquisition of a majority stake in Duerre.
  • Arm, controlled by Softbank, files for an IPO in New York.
  • BlackBerry will proceed with a review of strategic alternatives for its business, including the potential separation of one or more of its operations.
  • BP PLC agrees to acquire Shell' s interest in the Browse gas project in Australia.
  • Petrofac won an EPC contract to upgrade a refinery in Lithuania.
  • Glanbia sells mozzarella assets for MEUR 178.9.
  • AstraZeneca "disappointed" by ODAC's recommendations on Lynparza.
  • Main earnings reports today: Pfizer, HSBC, Advanced Micro Devices, BP PLC, Starbucks, Marriott, Unicredit, Royal DSM, Geberit, Davide Campari, Traton, Logitech... All the agenda is here.