stocks, news, data and profits
25 minutes ago
Main players: Hellofresh down 20%, Burberry down 10%, Embracer up 15%, Siemens up 5%
Hellofresh shares fell 20% Thursday morning after the German meal kit delivery company lowered its annual core profit forecast due to weak sales growth and rising costs in North America.
Burberry shares plunged 10% after the British luxury fashion brand warned it could miss its annual revenue forecast amid a slowdown in global spending.
Top of the Stoxx 600 index, shares of Swedish game developer Embracer Group jumped more than 14% after the company beat quarterly profit expectations and confirmed its full-year forecast .
Shares of Siemens rose more than 5% after the German industrial conglomerate posted record quarterly profits.
-Elliot Smith
37 minutes ago
Negative open for Europe
European stock markets opened in slightly negative territory on Thursday.
The pan-European Stoxx 600 index was down 0.2% in early trading, with chemicals losing 0.7% to lead the losses while utilities gained 0.6%.
An hour ago
Siemens beats profit forecasts, forecasts slowing sales growth in 2024
The logo of the German industrial company Siemens can be found on a stele on the Siemens campus in Erlangen.
Daniel Karmann | photo wedding ring | Getty Images
Siemens on Thursday reported a 10% rise in revenue growth for its fiscal fourth quarter to a record 21.4 billion euros ($23.2 billion), beating forecasts, but expects a slowdown in 2024.
The German industrial conglomerate expects sales growth of 4% to 8% over the next 12 months, down from the 11% increase recorded for the 2023 fiscal year ended in September, mainly due to a gloomy outlook for its industrial automation division.
However, the industrial powerhouse posted record quarterly and annual results as the fiscal year closed.
Industrial profit rose 7% to a record 3.4 billion euros in the fourth quarter, above the company’s forecast of 3.34 billion euros, to reach a record 11 .4 billion euros for the year.
Net profit stood at €1.9 billion for the quarter, taking the annual figure to an all-time high of €8.5 billion, while free cash flow also hit a record 10 billion euros for the whole year.
Read the full story here.
-Elliot Smith
7 hours ago
CNBC Pro: UBS expects Fed to cut interest rates in half next year. Here are 3 of their favorite jobs
UBS has highlighted several stock ideas it favors for 2024 as it predicts massive interest rate cuts next year.
The investment bank expects the United States to see slowing economic growth and sharp disinflation, which would result in a 275 basis point reduction in interest rates. This would bring the federal funds rate from the current range of 5.25% to 5.5% to between 2.50% and 2.75%.
Given the economic outlook, UBS strategists recommend a number of deals to clients for 2024. CNBC Pro highlighted three. Subscribers can learn more here.
-Ganesh Rao
7 hours ago
CNBC Pro: “Pretty cheap relative to earnings growth”: Morgan Stanley is bullish on this Magnificent Seven stock
Shares of the tech giant are expected to jump more than 10% over the next 12 months, according to Brian Nowak, an equity analyst at Morgan Stanley.
The American investment bank’s price target on the stock gives it an upside potential of around 11.5%.
“What we really liked (about the stock) is that we think the market still underappreciates the sustainability of its revenue growth in 2024 and 2025,” he told CNBC on Wednesday.
CNBC Pro subscribers can learn more here.
-Amala Balakrishner
3 hours ago
European markets: here are the opening calls
European markets are expected to open in negative territory on Thursday.
Britain’s FTSE 100 index is expected to open 8 points lower at 7,456, Germany’s DAX down 33 points at 15,713, France’s CAC down 17 points at 7,192 and Italy’s FTSE MIB down 114 points to 29,201, according to IG data.
Profits are expected to come from Siemens, Aegon, Premier Foods, Burberry, Aviva, Smiths Group and United Utilities.
—Houx Ellyatt
Gn En bus
