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Morgan Stanley Earnings Fall for Third Consecutive Quarter

A deal-making drought dinged Morgan Stanley’s third-quarter results, sending profit down 29%. The bank said Friday it posted a profit of $2.63 billion, or $1.47 a share. Analysts had expected $1.52 a share, according to estimates compiled by FactSet. Revenue fell 12% to about $13 billion in the quarter, which also missed expectations of $13.3 billion. It was Morgan Stanley’s third consecutive year-over-year profit decline. Investment banking revenue, including fees from mergers and acquisitions, declined 55%.

17.10.2022

BlackRock Profit Falls 16%

A souring market weighed on investing giant BlackRock Inc. (+6.7%) in the third quarter, pushing profit down 16%. The world’s largest asset manager reported net income of $1.41 billion, down from $1.68 billion in the same period a year earlier. Earnings amounted to $9.25 a share. That exceeded the $7.06 expected by analysts polled by FactSet. Revenue dipped 15% to $4.31 billion, above analysts’ estimates of $4.2 billion. BlackRock is a top provider of exchange-traded funds and other low-cost alternatives that track market indexes, and demand for passive investing has helped fuel the firm’s growth.

14.10.2022

PepsiCo Raises Guidance After Earnings Beat

PepsiCo on Wednesday again lifted its sales outlook for the year as it continues to push through price increases on its snacks and drinks, sending shares up $6.80, or 4.2%, to $169.39. The beverage and snacks giant posted better-than-expected quarterly earnings and raised its full-year guidance for sales and profits. It now expects organic sales to rise 12% this year, double the original forecast at the outset of the year, and forecast per-share earnings growth of 10% when excluding the effects of currency translation, up from 8% previously.

13.10.2022

Givaudan loses momentum despite solid growth

Givaudan, the Geneva-based fragrance and flavour giant, closed the first nine months of 2022 with significantly higher sales, despite a challenging environment. However, revenue growth was below analysts' expectations. Turnover reached 5.46 billion francs, 7.7% higher than a year earlier. Adjusted for currency effects, growth was 6.1% on an annual basis. In the third quarter alone, sales increased by 6.7% to CHF 1.69 billion.

12.10.2022

Credit Suisse Ramps Up Efforts to Strengthen Finances

Credit Suisse surged 5.4% on Friday, after the embattled Swiss lender said it would buy back up to 3 billion Swiss francs ($3 billion) of senior debt securities. Credit Suisse Group AG has intensified efforts to sell or shrink holdings in key businesses in recent days, part of a planned restructuring to remake the bank, people familiar with the matter said. Around 10 bidders have submitted offers for the bank’s securitized products group, some of the people said. The Swiss bank put the business, one of its most profitable, on the block in July, saying it wanted to find an outside investor to conserve capital.

10.10.2022

Shell Profit Set to Be Hit by Volatile Natural-Gas Prices, Rising Costs

Shell PLC said it expects its third-quarter earnings to be hit by lower refining margins along with "significantly lower" profit from trading gas, as a global scramble for energy supplies riles markets. The London-based company said in a trading update that pricing and cost swings from shortfalls of liquefied natural gas would likely cut into profit from its huge gas business, typically its biggest cash generator. But Shell said its overall marketing profit from trading oil and other products was higher in the third quarter compared with the previous quarter.

07.10.2022

Holcim Buys Wiltshire Heavy Building Materials In UK

Holcim said it acquired Wiltshire Heavy Building Materials, a building solutions and material circularity company in the UK. The financial terms of the deal were not disclosed. Wiltshire was founded over thirty years ago and currently employs 80 people. The company generated net sales of over 20 million Swiss francs in 2021. Driving circular construction, Wiltshire recycles 150,000 tons of construction & demolition waste each year into aggregates and concrete with its state-of-the art material recovery system.

06.10.2022

Elon Musk Proposes Closing Twitter Deal on Original Terms

Elon Musk has offered to close his acquisition of Twitter Inc. on the terms he originally agreed to, according to a person familiar with the matter, a sudden and unexpected comedown for the billionaire entrepreneur that could end a monthslong battle he has waged to get out of the $44 billion deal. Mr. Musk’s lawyers communicated the proposal to Twitter’s lawyers overnight Monday and filed a letter confidentially with the Delaware Chancery Court ahead of an emergency hearing on the matter Tuesday, the person said.

05.10.2022

Credit Suisse Seeks to Calm Market Jitters

Credit Suisse Group AG tried to assuage fears about its health in a memo to employees and in a round of phone calls to investors and clients, according to people familiar with the matter. Credit Suisse shares tumbled 9% early Monday and are down nearly 30% over the past month. Spreads on its credit-default swaps, a type of insurance against default, rose to their highest level of the year on Friday. The deteriorated market condition indicates that Credit Suisse could struggle to raise new shares to pay for a planned restructuring and that its funding costs could rise sharply.

04.10.2022