By Swissquote Analysts
Elon Musk Names Linda Yaccarino New Twitter CEO
Topic of the day
Elon Musk has hired NBC Executive Linda Yaccarino as the new CEO of Twitter. Musk confirmed the news through a tweet: 'I am excited to welcome Linda Yaccarino as the new CEO of Twitter! @LindaYacc will focus primarily on business operations, while I focus on product design & new technology.' 'Looking forward to working with Linda to transform this platform into X, the everything app,' he added. The announcement comes a day after Musk said via Twitter that he would step down from the role and that there would be a new CEO of the social media website. He didn't reveal the name of the person, however, said that the person would start in about six weeks. In the tweet, he said, 'Excited to announce that I've hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops.' In December last year, Musk had stated that he would resign as Twitter's chief executive as soon as he finds a replacement, but would plan to keep running key software & servers teams. He was responding to a then Twitter poll, in which majority of users had voted in favor of Musk resigning as Twitter chief, a role he holds following his $44 billion acquisition of the social media platform in late October last year.
Looking for New Structured Product Ideas?
The Switzerland stock market ended modestly higher on Friday thanks to selective buying at a few frontline counters. The benchmark SMI, which stayed positive right through the session, ended with a gain of 41.76 points or 0.36% at 11,564.73. The index moved between 11,539.79 and 11,606.10. Richemont rose sharply and gained nearly 10% early on in the session as it posted record earnings, benefiting strongly from a return in business in China. However, the stock gave up most of its gains and ended 3.5% up. Holcim gained 1.04%. Roche Holding, Partners Group, Credit Suisse, Swiss RE, ABB and UBS Group ended higher by 0.5 to 0.8%. Sonova and Logitech ended lower by 1.23% and 1.15%, respectively. Swiss Life Holding declined 0.74%, while Givaudan and Alcon ended down 0.53% and 0.5%, respectively. In the Mid Price Index, AMS gained 2.35%. Kuehne & Nagel, Belimo Holding, Flughafen Zurich and Helvetia ended higher by 0.8 to 1.2%. Swatch Group, Dufry, SGS, Galenica Sante and Tecan Group lost 0.5 to 1%.
The major European markets closed higher on Friday as investors picked up stocks, reacting to earnings announcements and on optimism that the Federal Reserve would halt interest-rate increases in the next policy review in June. The pan European Stoxx 600 climbed 0.4%. The U.K.'s FTSE 100 gained 0.31%, Germany's DAX surged 0.5% and France's CAC gained 0.45%, while Switzerland's SMI ended with a gain of 0.36%. Other markets in Europe closed on a mixed note. Denmark, Netherlands, Norway, Poland, Spain and Sweden posted gains. Austria, Czech Republic, Finland, Iceland, Russia and Turkiye closed weak, while Belgium, Greece, Ireland and Portugal ended flat. In the UK market, Just Eat Takeaway.com rallied 4.5%. JD Sports Fashion and Persimmon gained about 2.75% and 2.6%, respectively. Compass, GSK, 3i, Rolls-Royce Holdings, SSE, Pearson, Polymetal International, BP, Glencore, Centrica, HSBC Holdings, Antofagasta, ICP and Royal Dutch Shell gained 1 to 2%. Carnival drifted down more than 3%. TUI, British Land Company, Diageo and Prudential ended lower by 2 to 3%. Land Securities, Smurfit Kappa, Royal Mail, ITV, Mondi, Kingfisher, Vodafone and Fresnillo also ended notably lower. In Paris, Teleperformance surged about 3%. Alstom gained 2.3%. BNP Paribas, Capgemini, Thales, Michelin, TotalEnergies, Credit Agricole, Airbus Group and ArcelorMittal gained 1 to 2%. Societe Generale closed notably higher after the lender posted better-than-expected revenues and net profit. In the German market, Siemens Energy rallied 3.3%. Continental, Infineon, RWE, Commerzbank, Puma and Porsche gained 1 to 2%. BMW dropped more than 8%. HeidelbergCement and Vonovia ended lower by 2.4% and 2.2%, respectively. Adidas, Sartorius and Fresenius Medical Care also closed notably lower.
The S&P and Dow fell Friday and posted a second straight weekly loss as regional bank concerns lingered and survey data showed rising consumer inflation expectations. The S&P 500 slid 0.2%. The Dow Jones Industrial Average was roughly flat, dropping about 9 points. The tech-heavy Nasdaq Composite fell 0.4%. Stocks opened little changed but losses accelerated after the release of the University of Michigan's consumer sentiment gauge, which showed consumer sentiment dropping to a six-month low and stubbornly high inflation expectations. Meanwhile, regional banks stayed in focus, with PacWest shares coming under pressure yet again. The Beverly Hills, Calif.-based regional bank has repeatedly offered reassurances about its business but has been unable to placate investors. PacWest shares plunged 23% Thursday after it said deposits fell in the week ended May 5, and they slipped another 3% Friday. Companies representing more than 90% of the S&P 500's market value have now reported earnings, and the results have been largely better than feared, helping support the index in the face of economic concerns. More than three quarters of S&P 500 companies that have reported so far beat analyst expectations for earnings, compared with 66% in a typical quarter, according to Refinitiv. On Friday, News Corp shares finish among the S&P 500's best performers. The media company reported a drop in revenue but continued growth at its Dow Jones unit, which publishes The Wall Street Journal. First Solar was the best performer in the large-cap index, closing up 26% after the solar-module maker announced the acquisition of Evolar, a perovskite technology company.
The stock markets in East Asia and Australia are mixed at the beginning of the week. While the stock exchange in Japan recorded gains, most other stock markets fell slightly. The Chinese central bank left important reference interest rates unchanged on Monday. In Hong Kong, the Hang Seng Index is trading 0.1 per cent higher, recovering from moderate losses earlier in the day. Meanwhile, on the Chinese mainland, the Shanghai Composite is down 0.9 per cent, weighed down by economic concerns.
U.S. bond yields edged higher after the survey, with the 10-year Treasury yield climbing to 3.461% from 3.396% Thursday.
UBS raises the ING target to EUR 16.80 (16.60) – Buy
MS lowers Lanxess to EUR 50.50 (51)/Overweight – Trader
Dt. Bank lowers the Hapag-Lloyd target to EUR 150 (167) – Hold
Produced by MBI Martin Brückner Infosource GmbH & Co. KG on behalf of Swissquote. All news is acquired with journalistic accuracy. No liability is assumed for delays or errors.