48 Mins Ago
Aston Martin shares tumble as losses widen
Aston Martin DBX707 SUV
Courtesy: Sassy Films | Aston Martin
Aston Martin shares fell more than 11% in early deals, after the luxury carmaker said its adjusted loss before tax nearly doubled to £110.5 million ($137.8 million) in the first quarter. The results were worse than the market forecast.
Shares pared losses and were 7% lower by 9:05 am London time.
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Aston Martin share price.
Analysts at Jefferies said the results were a “big miss across metrics,” flagging a 26% drop in sales volumes.
Aston Martin said the delivery of four new models in 2024 would power “significant growth” in the second half of the year and beyond, and that the quarter represented an “expected period of transition.”
Read more here.
—Jenni Reid
An Hour Ago
FTSE 100 opens higher
The UK’s FTSE 100 was 0.2% higher at 8:30 am London time.
Most European exchanges are closed for the May Day public holiday. The regional Stoxx 600 index closed lower Tuesday as it clocked its first monthly decline since October.
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Stoxx 600 index.
2 Hours Ago
GSK hikes full-year profit outlook
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GSK share price.
GSK reported a 27% rise in core operating profit in the first-quarter, coming in above expectations in a company-compiled consensus, as the pharmaceutical giant raised its growth outlook for the full-year.
The British company said it now expects core operating profit growth of 9% to 11% in 2024, up from a previous outlook between 7% and 10%. It now also anticipates core earnings per share will expand by between 8% and 10%, from a previous guidance of 6% to 9% growth.
—Jenni Reid
9 Hours Ago
CNBC Pro: Only 2 stocks in Europe have beaten estimates for 5 quarters and rallied each time
Only two European stocks have positively surprised markets every quarter for the past five quarters, according to analysis by CNBC Pro.
CNBC Pro screened for Stoxx 600 stocks that report EPS figures and have analysts’ estimates available on FactSet.
One of the stocks stood out for several large share price jumps following quarterly earnings releases. Most recently, the company beat earnings estimates by 6.1% and shares rallied by more than 8% in the following session. Similarly, the stock rallied by 12.8% in a single session four quarters ago.
CNCB Pro subscribers can read more about the stocks here.
—Ganesh Rao
6 Hours Ago
Oil on pace for three straight days of losses amid rising inventory and ceasefire hopes
Oil prices have fallen for a third straight day as US inventories rise as well as optimism for a ceasefire agreement in the Middle East.
Brent contracts slid 0.88% to $85.57 per barrel, while US West Texas Intermediate crude saw a larger loss of 1.03% to $81.09 per barrel.
Reuters reported that US crude oil inventories swelled last week by 4,906 million barrels, while gasoline and distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.
— Lim Hui Jie
9 Hours Ago
CNBC Pro: Citi names 3 biotech stocks to play a growing $2.9 billion opportunity — giving one about 50% upside
The outlook is starting to look bright for biotech stocks, according to some.
With markets now expecting the first rate cut to be in September rather than June or July, as previously thought, biotech stocks could start to do well.
Biotech encompasses many different areas, but Citi has identified one with a $2.9 billion market — which it says is set for even more growth. According to Citi, the market for it is set to grow by mid-single digit over the next five years.
CNBC Pro subscribers can read more here.
— Weizhen Tan
5 Hours Ago
European markets: Here are the opening calls
Only London’s FTSE index is open today with the German DAX, French CAC and Italian FTSE MIB closed for the May Day/Labour Day holiday.
The FTSE 100 index is expected to open 11 points lower at 8,132, according to data from IG.
Earnings come from GSK, Next, Abrdn, Metro Bank, Aston Martin Lagonda and Domino’s Pizza Group.
—Holly Ellyatt
