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3:32 a.m. April 28, 2021 - By Callum Keown
GlaxoSmithKline delivers profit beat, but sales disappointGlaxoSmithKline stock ticked higher on Wednesday after the British drugmaker beat profit expectations and said progress had been made on plans to split the company into two. GlaxoSmithKline reported turnover of £7.42 billion ($10.26 billion) in the first quarter, a 15% fall on the previous year at constant exchange rates, missing consensus estimates for £7.83 billion. Pre-tax profit fell 9% to £1.52 billion and operating profit declined 8% to £1.69 billion also lower than the Dow Jones consensus. However, adjusted earnings per share (EPS) of 22.9 pence beat the consensus for 21.9 pence. The company confirmed its full-year guidance for mid to high-single digit percentage adjusted EPS decline. Its 2022 outlook also remained unchanged, as the company saw meaningful improvements in revenues and margins. GlaxoSmithKline said it was "on track" to separate into two -- a new GSK and a standalone consumer healthcare company in 2022 -- and will reveal more details in June.
3:26 a.m. March 31, 2021 - By Tonya Garcia
Walgreens sales miss expectations after weak cold and flu seasonWalgreens Boots Alliance Inc. reported fiscal second-quarter net income of $1.03 billion, or $1.19 per share, up from $946.0 million, or $1.07 per share last year. Adjusted EPS of $1.40 beat the FactSet consensus for $1.10 per share. Sales of $32.78 billion were up from $31.34 billion last year but below the FactSet consensus for $36.59 billion. Walgreens total excludes sales from discontinued operations of $4.8 billion. Comparable sales in the U.S. fell 3.5% due to a weak cough, cold and flu season. Comp sales for Boots UK fell 17.9% as COVID-19 restrictions reduced foot traffic on major high streets and transportation hubs. "Overall, we have achieved a good financial quarter with results well ahead of expectations, despite significant impacts from COVID-19, and we have raised our full-year EPS guidance," said Walgreens' new Chief Executive Roz Brewer in a statement. The former Starbucks Corp. executive assumed the role on . "I am optimistic about our ability to drive sustainable, long-term value for our shareholders, while acknowledging that there is still work to be done to stabilize the base business." Walgreens raised its fiscal 2021 adjusted EPS guidance to mid-to-high single digit growth in constant currency from low single-digit growth. The pharmacy retailer also expects the $6.5 billion divestiture of to be complete before the end of the fiscal year. Walgreens says it has administered eight million COVID-19 vaccinations and conducted five million COVID-19 tests. Walgreens stock rose 2.6% in Wednesday premarket trading and have gained 15.8% over the past year. The S&P 500 index is up 53.2% for the last 12 months.
1:50 a.m. March 18, 2021 - By Steve Goldstein
Fevertree Drinks shares slump on margin guidanceShares of Fevertree Drinks fell as much as 11% as the maker of tonic water reported a 29% drop in earnings per share in 2020 on a 3% decline in revenue. It expects revenue growth of between 12% to 16% in 2021 on similar gross and EBITDA margins as in 2020. Analysts at Liberum Capital said the margin guidance was over 3 percentage points worse than expectations. The stock is up 158% over the last 12 months.
3:16 a.m. Feb. 11, 2021 - By Tomi Kilgore
Molson Coors stock sinks after profit, revenue miss as Europe weakness weighsShares of Molson Coors Beverage Co. sank 3.1% in premarket trading Thursday, after the beer brewer reported a fourth-quarter adjusted profit and sales that missed expectations, weighed by weakness in Europe amid further on-premise restrictions in the U.K. amid a surge in COVID-19 cases. On a net basis, the company swung to a net loss of $1.37 billion, or $6.32 a share, from income of $163.7 million, or 75 cents a share, in the year-ago period. Excluding nonrecurring items, such as a $1.5 billion Europe goodwill impairment charge, adjusted earnings per share declined to 40 cents from $1.02, missing the FactSet consensus of 77 cents. Sales fell 7.7% to $2.29 billion, below the FactSet consensus of $2.41 billion, as North America sales slipped 0.8% while Europe sales tumbled 37.2%. For 2021, the company expects sales growth in the mid-single digit percentage range, when excluding current impacts. "While uncertainty and on-premise challenges remain, particularly in Europe, we anticipate 2021 to be a year of both top-line growth, as we begin to benefit from the early successes of our revitalization plan, and of investment, as we continue to drive toward long-term revenue and underlying EBITDA growth," said Chief Financial Officer Tracey Joubert. The stock has run up 15.6% over the past three months through Wednesday, while the S&P 500 has gained 9.4%.
9:22 a.m. Jan. 11, 2021 - By Tomi Kilgore
Tata Motors stock soars, as electrified vehicles made up more than half of latest quarter's salesThe U.S.-listed shares of Tata Motors Ltd. ran up 14.1% in afternoon trading Monday, toward the highest close since April 2019, after the India-based automaker, which brands include Land Rover and Jaguar, reported fourth-quarter retail sales data, and stressed its commitment to an electrification strategy. The company's U.K.-based Jaguar Land Rover unit said it sold 128,469 vehicles during the quarter ended Dec. 31, down 9.0% from the same period a year ago, but up 13.1% from the previous quarter. Sales in China were up 19.1% on the year and up 20.2% sequentially. More than half of retail sales for the quarter (53%) were of electrified vehicles, lifting the share of electrification to 43.3% of total sales for 2020. Jaguar Land Rover said the share of electrification is "poised for further growth in 2021 and beyond." Tata's stock has soared 62.8% over the past three months, while the S&P 500 has gained 9.7%.
2:51 a.m. Jan. 11, 2021 - By Ciara Linnane
U.K. chemicals tech company Atotech files for U.S. IPOAtotech Ltd. , a U.K. chemicals technology company, filed for an initial public offering on Monday, with plans to list on the New York Stock Exchange, under the ticker 'ATC.' The company said it aims to raise up to $100,000, likely a placeholder sum until it sets terms and estimates fees and expenses. There are 12 banks underwriting the deal, led by Citigroup and Credit Suisse. Proceeds will be used to repay debt. The company had a loss of $311.8 million in the first nine months of 2020, after earnings of $12 million in the year-earlier period. Revenue edged down to $869 million from $877.4 million.
1:14 a.m. Dec. 7, 2020 - By Steve Goldstein
AstraZeneca upped to overweight by Morgan StanleyAstraZeneca was upgraded to overweight from equal-weight by Morgan Stanley, which said the rotation out of momentum, sterling strength and deterioration in vaccine sentiment has created a buying opportunity. AstraZeneca will deliver 9% sales growth and 19% earnings per share growth over the next five years, the broker said.
9:59 a.m. Dec. 3, 2020 - By Tomi Kilgore
Cruise operator stocks surge toward multi-month highs, as BofA analyst boosts price targetsShares of cruise operators surged toward multi-month highs Thursday, after BofA Securities analyst Andrew Didora boosted his price targets, and as recent news on have emboldened investors. Royal Caribbean Group's stock rallied 4.5% in afternoon trading, which puts it on track to close at the highest price since Feb. 25. Shares of Carnival Corp. shot up 9.1% and Norwegian Cruise Line Holdings Ltd. jumped 8.5%, and were both headed for the highest closes since June 8. Meanwhile, the S&P 500 gained less than 0.1% but was still on track for a record close. BofA's Didora said the driver of the travel recovery in recent months as been led by leisure travel, and cruises are "a pure play" on that theme. He said the positive COVID-19 vaccine news "could help cruise lines reach peak earnings power sooner than previously expected," leading him to raise his earnings outlooks. He lifted his stock price target for Royal Caribbean to $60 from $34 and for Norwegian Cruise to $25 from $18. For Carnival, his target for the U.K.-listed stock was raised by 26% to 1,640 pence.
12:17 a.m. Dec. 3, 2020 - By Steve Goldstein
3i upgraded to buy at Citi due to its holding discount retailer ActionPrivate-equity group 3i was upped to buy from neutral at Citi, mostly due to its largest current investment, European discount retailer Action. "Although the business saw a temporary impact from the COVID-19 pandemic, it has bounced back even stronger, with growth rates ahead of management's expectations following the lifting of the first round of domestic lock-downs," said Citi. More recent investments including Cirtec Medical, Evernex and SaniSure are "promising given attractive growth potential within the underlying sectors and, additionally, are impressed by the recent operationally driven value accretion in Royal Sanders and strong earnings growth within Luqom Group."
12:12 a.m. Dec. 3, 2020 - By Steve Goldstein
Glaxo downgraded to neutral at UBS, which says European pharma 'cheap but not a bargain'GlaxoSmithKline was downgraded to neutral from buy at UBS, which said the European pharma sector is cheap -- trading at a double-digit discount to the market on forward price-to-earnings -- but not a bargain, since earnings per share are seen growing 8% next year vs. about 30% for the broader market. On Glaxo in particular, UBS said investors will gravitate toward a sum-of-the-parts valuation until things are clearer on the separation of its consumer health joint venture with Pfizer . UBS said its top European pharma picks are Novartis , Bayer and H. Lundbeck .
11:47 a.m. Nov. 25, 2020 - By Jack Denton
The U.K. is increasing the minimum wage. How does it compare with the U.S. and rest of the world?Chancellor Rishi Sunak sets out his spending review warning the economy will contract by 11.3% — the largest drop in more than three centuries.
10:34 a.m. Nov. 12, 2020 - By Tomi Kilgore
Manchester United swings to loss, will play matches despite new lockdowns in EnglandManchester United Ltd. reported Thursday that it swung to a fiscal first-quarter loss as revenue dropped 20%, given the negative effects of the COVID-19 pandemic, but fans of the English soccer team are likely more interested in the fact that the club said it will continue to play matches despite , and European matches are also currently expected to continue as planned. Also on the fans radar, Executive Vice Chairman Ed Woodward said the club remains "absolutely committed to the positive path we are on under Ole [Gunnar Solskjaer] as the team continues to develop." He was apparently trying to squash media speculation that the Red Devils would move to hire well-regarded former Tottenham Hotspur manager Mauricio Pochettino. Separately, the club reported a net loss for the quarter to Sept. 30 of GBP30.3 million ($39.7 million), or 18.58 pence per share, after net income of GBP1.1 million, or 69 pence per share. Total revenue fell 19.5% to GBP109.0 million ($143.0 million), as matchday revenue fell 92.3% to GBP1.7 million and commercial revenue dropped 25.7% to GBP59.7 million, while broadcast revenue rose 44.7% to GBP47.6 million. The stock, which fell 0.5% in afternoon trading, has dropped 23.2% year to date, while the S&P 500 has gained 9.3%.
4:40 a.m. Nov. 11, 2020 - By Steve Goldstein
AstraZeneca upped to hold at HSBC on oncology drugs and COVID-19 vaccineAstraZeneca was upgraded to hold from reduce, citing stronger-than-anticipated commercial execution and vaccine news flow tailwinds. HSBC said the third-quarter results showed a strong performance from its oncology pillars, Tagrisso, Imfinzi and Lynparza. HSBC said AstraZeneca is still commanding a premium valuation, at 20.3 times core price-to-earnings versus a sector average of 17.
1:17 a.m. Nov. 9, 2020 - By Steve Goldstein
Anglo American upped to overweight at Morgan Stanley Anglo American was upgraded to overweight from equal-weight by Morgan Stanley, which also lifted its price target to 2280 pence from 1900 pence. "Anglo American's earnings power is more resilient than peers, less dependent on iron ore and underpinned by an accelerating diamond recovery. This, together with a superior volume growth profile, should support a multiple re-rating into 2021," said analysts led by Ioannis Masvoulas. The stock rose 3.8% to 1984 pence.
1:18 a.m. Nov. 3, 2020 - By Steve Goldstein
Shell upped to overweight and BP lifted to equal-weight at Morgan StanleyMorgan Stanley upgraded Royal Dutch Shell to overweight from equal-weight, and BP to equal-weight from underweight, while it downgraded Equinor to equal-weight from overweight. Shell's new financial framework and dividend policy send a strong signal about management's confidence in the firm's cash generating ability, the broker said. On Equinor, Morgan Stanley said the dividend hike has now materialized, and so its energy transition strategy, exposure to European gas prices and lack of exposure to refining are priced in. Following BP's underperformance and its yield expanding to 8.1%, the broker said concern about its uncertain earnings and cash flow outlook also is priced in. The broker kept its overweight on Total and underweight on Eni .
6:16 a.m. Oct. 27, 2020 - By Tomi Kilgore
Tata Motors' stock surges after revenue falls less than expected, Jaguar Land Rover turns a profitThe U.S.-listed shares of Tata Motors Ltd. rallied 5.1% in morning trading Tuesday, after the India-based automaker reported fiscal second-quarter revenue that fell less than expected, with its Jaguar Land Rover division returning to profit in the quarter. Revenue for the quarter fell 18.2% to INR535.30 billion ($7.26 billion), but beat the FactSet consensus of INR528.77 billion. For the Jaguar Land Rover unit (JLR), revenue rose 52.2% sequentially but fell 28.5% from a year ago. JLR generated a profit of £65 million ($84.8 million), compared with a loss of £413 million in the previous quarter but down from a profit of £156 million a year ago. "A gradual improvement in sales is expected to continue and will be supported by new and refreshed products, including the short wheel-base Land Rover Defender 90, the refreshed Jaguar F-PACE as well as 2021 model year Range Rover Velar, Jaguar XF and Jaguar XE," the company said i a statement. "Furthermore, Jaguar Land Rover continues to expand its offering of electrification across its model range." The stock has soared 40.2% over the past three months, while the S&P 500 has gained 5.1%.
6:15 a.m. Sept. 28, 2020 - By Lina Saigol
Uber wins 18-month license to continue to operate London Judge rules Uber “fit and proper,” after the ride-hailing app won an appeal to hold a license in London despite “historical failings.”
6:41 a.m. Sept. 2, 2020 - By Lina Saigol
Surge in megadeals points to M&A recovery as tech sector dominates Six of the largest 10 deals announced globally during August involved tech sector targetsNine deals worth $5 billion or more were announced in August, the biggest tally for that month since 1999.
7:24 a.m. Aug. 7, 2020 - By Ciara Linnane
GW Pharma shares slide 12% after company swings to loss during pandemicShares of GW Pharmaceuticals PLC slumped 12% Friday, after the company swung to a loss in the second quarter, hurt by the effect of the coronavirus pandemic. The U.K. company is the only one to have U.S. Food and Drug Administration approval for a cannabis-based drug, Epidiolex, a treatment for severe forms of childhood epilepsy. The company posted a loss of $8.8 million, or 2 cents a share, for the quarter, after income of $79.7 million in the year-earlier period. Revenue rose to $121.3 million from $72.0 million. "We were pleased with the strength of U.S. Epidiolex sales in the second quarter in spite of the COVID-19 pandemic," Chief Executive Justin Gover said in a statement. Epidiolex sales came to $117.7 million. "Further, the recent approval and imminent launch of Epidiolex for the treatment of seizures associated with TSC provides a meaningful new opportunity to accelerate momentum through the second half of 2020 and beyond," he said. Leerink analyst Marc Goodman said the numbers were "solid" coming in the midst of the pandemic, and in line with management's guidance from its first-quarter conference call. "... we think GW executed through the volatility well, and thus we are surprised that the stock is down ~10% in the after market," he wrote in a Thursday note to clients. Leerink rates the stock as outperform with a $190 stock price target. Shares have gained 11% in the year to date, as the S&P 500 has gained 3.6%.
3:51 a.m. Aug. 7, 2020 - By Lina Saigol
Hargreaves Lansdown profits rise as savers turn to share trading during pandemic Hargreaves plans to target younger savers and investors to maintain growth momentumThe U.K’s biggest investment platform Hargreaves Lansdown added a record 188,000 new customers during the year.
2:02 a.m. Aug. 6, 2020 - By Lina Saigol
ITV suffers steepest advertising slump in its history amid pandemic ITV has restarted production on around 70% of its TV shows as lockdown restrictions have easedITV said ad revenue dropped 43% drop in the second quarter but advertisers are starting to return as production restarts.
10:25 a.m. Aug. 4, 2020 - By Pierre Briançon
These companies have been hit hard as coronavirus causes earnings to plungeEarnings at major European companies sank in the second quarter of the year, revealing the impact of the COVID-19 pandemic on the economy and reflecting major uncertainties about the region’s continuing recovery.
7:16 a.m. July 31, 2020 - By Barbara Kollmeyer
Sterling surges at the end of a month that’s been less than kind to the FTSE 100 BT Group tumbles after resultsThe pound climbed on Friday, closing out a month that is set to deliver sharp gains for the U.K. currency but the rally did no favors for the broader stock market.
5:53 a.m. July 29, 2020 - By Barbara Kollmeyer
Next gains but Barclays, GlaxoSmithKline head the other way in quiet London stock market Mixed earnings news keeps FTSE -100 gains subdued London stocks had a subdued session on Wednesday, as investors waited for a Federal Reserve decision and absorbed a busy earnings reporting day, which include results from Barclays and GlaxoSmithKline.
5:51 a.m. July 29, 2020 - By Barbara Kollmeyer
European stocks struggle amid earnings rush and as Fed decision looms Deutsche Bank, Santander, Barclays among stocks on the move European stocks tilted mostly lower on Wednesday as investors waded through a ton of corporate results, largely from big banks. A Federal Reserve decision is expected later.
3:17 a.m. July 29, 2020 - By Rupert Steiner
Amazon expands its grocery service in head-to-head battle with U.K. supermarkets Amazon is expanding its online grocery service in a major offensive aimed at winning more customers in the fiercely competitive U.K. grocery market.Amazon is expanding its online grocery service ahead of its second-quarter earnings this week, in a major offensive to win more customers in the fiercely competitive U.K. grocery market.
10:24 a.m. July 21, 2020 - By Michael Brush
You should invest in big banks now for their rich dividends These stocks look cheap, and banks perform well as economies recoverThese stocks look cheap. Plus banks perform well as economies recover.
2:08 a.m. July 15, 2020 - By Ciara Linnane
Coronavirus update: Global cases of COVID-19 climb above 13 million as California, Hong Kong and India reimpose restrictions on movement Earnings season kicks off with bank earnings showing expected boost in loan loss provisions and strong trading and investment banking resultsThe number of confirmed cases of the coronavirus illness COVID-19 climbed above 13 million on Tuesday, and the world’s eighth biggest economy, California, moved to again temporarily shut down higher-risk businesses such as bars and restaurants after a spike in hospitalizations.
10:10 p.m. July 12, 2020 - By Steve Goldstein
G4S says first-half earnings to be 'significantly' better than consensus expectationsSecurity firm G4S said its first-half earnings will be "significantly" above market expectations. The median expectations was for earnings per share of 4.3 pence and an adjusted profit before interest, tax and amortization of £159 million, the company said. G4S said it will bring forward its earnings release to the week of July 20.
3:34 a.m. July 10, 2020 - By Barbara Kollmeyer
European stocks rise, but focus remains on coronavirus pandemic spread Second-quarter earnings reporting begins next weekEuropean stocks were headed for a weekly loss, amid continued concerns over the spread of coronavirus in the U.S. and fresh outbreaks elsewhere in the world, though equities still pushed higher on Friday.
3:12 a.m. July 10, 2020 - By Lina Saigol
England risks running out of water within the next 20 years unless ‘urgent action’ is taken “It is very hard to imagine, in this country, turning the tap and not having enough clean, drinkable water come out — but that is exactly what we now face,” MP warnsMore than three billion liters, a fifth of the volume that is currently used, is being lost to leaks each day.
11:06 a.m. July 9, 2020 - By Ciara Linnane
Coronavirus update: Global cases of COVID-19 top 12 million, and WHO warns pandemic is ‘not under control’ ‘We have to shut down again and bring the U.S. back up slowly, in a measured way,’ says Michael OsterholmThe number of confirmed cases of the illness caused by the coronavirus rose above 12 million on Thursday, as the World Health Organization warned that the pandemic is still accelerating and most countries do not have it under control.
12:21 a.m. July 8, 2020 - By Barbara Kollmeyer
European stocks led lower by HSBC, U.S. virus worries Electrolux shares rally on upbeat forecast The spread of coronavirus in the U.S. continues to weigh on investor sentiment in Europe, where other big movers for Wednesday included HSBC, Electrolux and Nokia.
6:27 a.m. July 6, 2020 - By Steve Goldstein
Warren Buffett finally opens his wallet during the pandemic, with nearly $10 billion purchaseWarren Buffett’s Berkshire Hathaway finally deploys cash during the pandemic, with nearly $10 billion purchase of natural-gas assets.
8:39 a.m. July 2, 2020 - By Callum Keown
U.K. stocks rise after U.S. jobs boost but lag behind European peersU.K. stocks climbed on Thursday amid a global wave of optimism but lagged behind their European counterparts.
5:13 a.m. June 30, 2020 - By Lina Saigol
Pandemic ‘wrecks’ FTSE 100 dividend outlook for 2020, as U.K. payouts fall to lowest levels since 2014 Dividend payments are now expected to fall for two consecutive years before starting to forge a recovery in 2021, according to AJ Bell’s latest Dividend Dashboard reportThe forecast dividend payout for the FTSE 100 in 2020 has plunged by 17% compared with last year, AJ Bell data show.
12:32 a.m. June 26, 2020 - By Barbara Kollmeyer
European stocks rise, but gains tempered by U.S. coronavirus concerns Lufthansa, H&M, Tesco and Wirecard on the moveEuropean stocks rose on Friday, brushing aside gloomy news on a record rise in coronavirus cases in the U.S., with gains for German business software group SAP SE and losses for Swedish retailer Hennes & Mauritz AB.
4:45 a.m. June 24, 2020 - By Barbara Kollmeyer
A surge in U.K. retail stocks has gone ‘too far, too fast,’ warns Citigroup Investors are underestimating downside risks from COVID-19, and the run enjoyed by the retail sector lately is probably not going to last, said analysts at Citigroup, in a note to clients on Wednesday.
2:32 a.m. June 23, 2020 - By Lina Saigol
Fish-and-chip shops have been battered by the coronavirus — but this chain pivoted to online orders and sales soared ‘We made quick-fire decisions to preserve not only the business but the mortgages of 600 people,’ says the owner of one of the biggest chains selling the traditional British stapleJust five weeks after closing, one of Britain’s biggest fish-and-chip shop chains overhauled its business model and reopened all 40 of its stores.
11:07 a.m. June 18, 2020 - By Ciara Linnane
Coronavirus update: 100 days since COVID-19 declared a pandemic, and U.S. has highest case and death tallies by a wide margin Kroger’s earnings boosted for demand for staples like pasta, and cruise stocks pressured by Carnival’s bigger-than-expected lossA full 100 days since the official start of the coronavirus pandemic and the U.S. death toll is approaching 118,000, with new cases still climbing in 20 states, even as governors push to reopen more businesses.
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