Closing call: AEX closes sharply higher again and ASMI increases festive spirit

The AEX index ended the day with a nice plus of 0.96%, while the AMX (+0.6%) and the AScX (+1.3%) also closed convincingly higher.

Two main funds came out with figures before the market opened (Akzo Nobel and Randstad) and they, of all people, were treated mercilessly. The duo was in the minority: only six stocks lost ground and they were mainly in the defensive or cyclical corner. The chippers, who were the favorites yesterday, managed to regain some ground.

ASMI: higher margins and strong order inflow

One of them is ASMI, which has just come through with the figures. In the run-up to this, investors have already put the share up 3.1%. The numbers look strong at first glance. At €639 million, turnover was at the top end of the forecast outlook, but it was mainly the order inflow and margin improvement that surprised in a positive way.

The group reported an order inflow of €698 million, while analysts had expected around €20 million less. And the gross margin came to 52.9%, while the market had expected 48.3%.

ASML advisory increase

Order development at industry peer ASML was disappointing last week. The share had the wind in its sails today (+2.6%), but last week the price was under considerable pressure. Reason for Ivo Breukink of the IEX Investor Desk to take another look at the share. This has led to an adjustment of the advice.

Claim in Australia ruins party for AkzoNobel

AkzoNobel opened the books at dawn. The numbers looked quite OK at first glance. How is it possible that the price still goes to the basement? This may have to do with a legal dispute in Australia, which emerged like a rabbit out of a hat during the annual report. Two companies (INPEX Operations Australia and JKC Australia LNG) are holding Akzo Nobel liable for damage to the coating on part of the pipelines and are also claiming repair costs. Mediation yielded no results, so the parties met in court in June. This sword of Damocles seemed to play tricks on the share today: the price plummeted by 6.9%.

Randstad was also mercilessly defeated

Today’s third figure was Randstad. Although turnover was slightly better than expected, the temporary employment agency had to report profits that had almost halved and that usually does not go down well with investors. Things continue to struggle, especially in Northern Europe and North America. The share made a belly slide of 7.2%.

A condition for entry is of course that the bottom has been reached. Is that pretty much the case now? Or do you have to be patient a little longer in the eyes of analyst Martin Crum?

Record turnover for Allfunds

The less well-known Spanish fintech company Allfunds did manage to cash in on its quarterly figures. The company achieved record turnover, while also attracting more capital.

Furthermore, Allfunds, which was once on the Euronext menu, announced a collaboration with Google in the field of AI. Whether it was the word ‘AI’ or ‘record turnover’, investors put the stock up 1.6% today.

Three times is a charm for CVC

After dipping a toe in the water twice before, it seems to be happening on Friday: the IPO of British private equity house CVC Capital Partners. It will be the largest IPO in years. Unfortunately you are not allowed to participate. Not again. Private investors are often sidelined. This was, for example, the case with the IPO of coffee group JDE Peet’s, but also recently with the IPO of Theon International, a Greek manufacturer of night vision goggles.

As soon as the first price appears on the board, you can get in. But is that a wise move? Or is there a threat of a ‘Douglasje’, where the price ends up in a kind of sinkhole?

CVC, with a dizzying one €186 billion under management, is, among other things, a major shareholder in the aforementioned perfumery chain. But that’s where any similarity ends. By investing in this company you gain access to a market that is normally inaccessible to private investors: private equity. You should accept a very low free float, although this can of course increase if existing major shareholders sell their shares.

Analyst Martin Crum lists all the pluses and minuses of this stock market newcomer for you.

Tech stocks are leading the charge on Wall Street

Wall Street is also in a great mood again, with tech stocks in particular selling like hot cakes. Stock exchange darling Nvidiawhich saw more than 13% of its stock market value evaporate last month, is more than 3% higher. Netflixpreviously the dog that has been bitten after figures, sees the price rise by 3.2%. Super Micro Computer, which fell by 23% on Friday, is now recovering more than 6%. And we can go on like this for a while.

Even Apple (+0.2%) is in the green, while research firm Counterpoint today reported that iPhone sales in China – the world’s largest smartphone market – have fallen by as much as 19%:

The group feels Huawei’s hot breath on its neck and the ban on iPhone use for Chinese officials does not help either. But it doesn’t really seem to bother investors: today is the party and we’ll see what happens tomorrow.

Figures received mixed

Furthermore, the earnings season is now really picking up steam. The results have been met with mixed reception. General Motors raised its forecast for the rest of the year and also published better-than-expected earnings figures. And the share is rewarded royally for this (+4.7%). Also the results of UPS are so far well received: the price is 2% higher. Although turnover and profit have fallen, the market had expected worse. Investors also seem relieved that the outlook is maintained. Lockheed Martin (+0.9%) is being applauded for exceeding analyst expectations.

Also PepsiCo (-2.5%) and Halliburton (-0.6%) performed better than expected, but they still had to take a step back on the stock market.

Waiting for Tesla figures

Open after Wall Street closes Visa, Texas Instruments and Tesla the books, where Tesla in particular has the spotlight on him. Things have not been going well for the EV manufacturer lately. The group had to reduce prices again in the US and China due to cutthroat competition. The production figures are disappointing and the market is in the dark whether or not the cheaper model will be brought onto the market. To top it all off, Tesla is sending 10% of its workforce home.

All in all, these are not encouraging messages. The price is already more than 40% underwater YTD. Will Elon Musk manage to turn the tide? Investors seem optimistic: the price is 2.6% higher a few hours before the figures are published.

Advice

Silence before the storm. Few advice and price target changes.

• Randstad: to €43 from €45 and advice continues to sell – Degroof Petercam

The broad market

• The AEX closed 0.96% lower higher and that puts us at the forefront. The CAC40 (+0.8%), Bel20 (+0.7) and FTSE100 (+0.3%) performed worse, but we have to acknowledge our superiority in the DAX 40 (+1.6%).
• The CBOE VIX index (volatility) takes the lift down to 16.28.
• Green prices on Wall Street. The S&P 500 is up 1.2%, the Dow is up 0.7% and the Nasdaq is up as much as 1.6%.
• The euro is virtually unchanged at 1.0700.
• The Dutch ten-year interest rate is 2.75%, while the rate on American government bonds slows down slightly and amounts to 4.59%.
• The gold price rose slightly to $2,329.38 per troy ounce.
• Bitcoin also rises slightly to $66,683.
• Oil prices are rising sharply. The price of a barrel of WTI is 1.1% higher at $82.98. Brent is 1% higher at $87.96.

Further on the Damrak

A painful day for Randstad and AkzoNobel, who released figures today.

• Shell (-0.1%) is one of the few decliners, despite a significant recovery in the oil price and the report from Bloomberg news agency that the company is in discussions to acquire a stake in the LNG activities of Abu Dhabi National Oil.
• NSI loses 3.9%, which amounts to €0.70. But the share went €0.77 ex-dividend today.
• Prosus today achieved the podium spot at Beursplein 5 after its subsidiary Tencent once again shone on the Hong Kong stock exchange last night.
• Vivoryon (+26% or 15 cents) has been a target of speculators for some time after the biotech company reported that research into an Alzheimer’s drug had failed. The group will present figures tomorrow.
• got in Germany JUICE (+5.3%) investors on the banks after the figures. The software giant plunged into the red, but a one-off charge of €2.2 billion (due to restructuring) was the culprit.

Agenda: Tesla tonight and Texas Instruments, and tomorrow Heineken, Vopak, KPN, Wereldhave, IBM and Meta

As mentioned, Tesla, Texas Instruments and Visa will soon come up with figures. Tomorrow will be another packed figures day, with the quarterly figures of, among others, Heineken, Vopak, Wereldhave, KPN, MotorK (before trading), Boeing, AT&T (after the afternoon sandwich) and Meta and IBM (after closing of Wall Street). The share of AEX heavyweight ING goes €0.756 ex-dividend. And in the US, orders for durable goods are appearing.

Here is the full agenda for tonight and tomorrow:

This evening:

• 10:00 PM Tesla first quarter results
• 10:00 PM Texas Instruments first quarter results
• 10:00 PM Visa first quarter figures

Wednesday April 24:

• 07:00 Heineken first quarter results
• 07:00 Vopak first quarter results and annual meeting
• 07:00 Wereldhave first quarter results and annual meeting
• 07:00 Roche first quarter results
• 07:30 KPN first quarter figures
• 08:00 Ctac first quarter figures
• 00:00 Hydratec first quarter figures
• 00:00 MotorK first quarter figures
• 09:00 ING €0.756 ex-dividend
• 00:00 ABN AMRO – annual meeting
• 00:00 ASML – annual meeting
• 00:00 WDP – annual meeting
• 00:00 Intervest – annual meeting
• 00:00 Van de Velde – annual meeting
• 10:00 Tue, Ifo business confidence index April
• 1:00 PM AT&T first quarter results
• 1:00 PM Boeing first quarter results
• 1:00 PM Hasbro first quarter results
• 1:00 PM US mortgage applications – weekly
• 13:30 Vastned Belgium – Annual meeting
• 2:30 PM US orders for durable goods in March
• 4:30 PM US Oil Stocks – Weekly
• 10:00 PM IBM first quarter results
• 22:00 Meta figures first quarter

IEX Model Portfolios: 11.1% better than the market

Finally, we take a quick look at the three IEX Model Portfolios. Since inception, they have beaten the benchmark by 11.1%. The dividend portfolio in particular is doing excellently with an outperformance of 26.7%.

Patrick Beijersbergen today highlighted one share from the international model portfolio that is now up by more than 40%, but where the stretch does not yet appear to be over. From the picture you may be able to deduce which share it concerns. Otherwise, you can find out by getting a Premium subscription.

You’ve caught up again. I wish you a nice evening!