23.10.2024
IBM with strong profit growth but sales disappoint + Tesla share jumps after quarterly figures + Musk promises two million robotaxis per year + Coca-Cola exceeds expectations in the third quarter + TUI picks up speed: Break made and share price continues to rise
Strong demand for software has IBM $IBM (-0.87%) a surprisingly high quarterly profit. The artificial intelligence (AI) developed by the IT group is trustworthy and powerful, said CEO Arvind Krishna on Wednesday. He expects similar growth rates for the annual financial statements as in the past quarter. He is also confident of achieving the full-year target for free cash flow, which was raised to twelve billion dollars a few months ago and is used as an indicator for the dividend amount. Thanks to the growing demand for profitable AI software, IBM made a net profit of 2.30 dollars per share in the past quarter. The volume of the AI order book, which includes orders and booked sales related to this technology, has grown by one to three billion dollars in recent months, emphasized CEO Krishna. However, due to a weakening consulting and infrastructure business, total sales fell short of expectations at 14.97 billion dollars. The gloomy economic outlook had an impact here, explained IBM CFO James Kavanaugh in an interview with the Reuters news agency.
The electric car manufacturer Tesla $TSLA (-4.58%) earned more in the past quarter than Wall Street had expected. The share price jumped by more than nine percent at times in after-hours trading in New York on Wednesday. In terms of turnover, Tesla just missed analysts' forecasts. Revenue rose by eight percent year-on-year to just under 25.2 billion dollars. The market had expected an average of around 25.4 billion dollars. The money that Tesla earns from the sale of CO2 certificates to car manufacturers with combustion engines also played a role here. In the pure car business, turnover rose by two percent to a good 20 billion dollars. On the bottom line, Tesla's profit rose by 17 percent year-on-year to around 2.17 billion dollars. Adjusted earnings per share amounted to 72 US cents - while analysts had only expected 58 US cents. Tesla increased deliveries in the past quarter by six percent to just under 463,000 vehicles. The lion's share of this was made up of around 440,000 cars from the more affordable Models 3 and Y. However, the new electric pickup "Cybertruck" now follows them in third place in the ranking of electric vehicles sold in the USA, Tesla announced without providing a specific sales figure.
Elon Musk is backtracking on his bold promises to make Tesla the leading provider of self-driving cars. At least two million vehicles of the specialized robotaxi model "Cybercab" will be built annually, "maybe four million in the end", Musk said at the presentation of fresh quarterly figures. He qualified that the forecast was his "best possible estimate". Moreover, every current Tesla electric car will be able to drive autonomously anyway.
The Coca-Cola Co. $KO (-0.4%) beat analysts' estimates of USD 0.75 with earnings per share of USD 0.77 in the third quarter. Sales of USD 11.9 billion above expectations of USD 11.63 billion. Coca-Cola exceeds expectations in the third quarter with organic sales growth of nine percent, although net sales declined slightly. The Group is more optimistic for 2024 and is raising its forecast for organic sales growth to ten percent.
The TUI share $TUI1 (+2.78%) gains more than one percent to 7.62 euros on Wednesday. The next resistance level is the psychologically important 8 euro mark. If further buyers come onto the scene, it could continue above this level towards 9.50 euros. A horizontal resistance can be identified there - the November 2022 high was around EUR 9.48.
Thursday: Stock market dates, economic data, quarterly figures
ex-dividend of individual stocks
BAE Systems GBP 0.12
Quarterly figures / company dates USA / Asia
07:00 Hyundai quarterly figures
07:30 LG Electronics quarterly figures
12:00 UPS quarterly figures
12:30 Honeywell quarterly figures
13:00 American Airlines quarterly figures
14:00 Dow Inc quarterly figures
No time specified: Harley-Davidson | Valero Energy | ResMed | Hasbro | Southern Company | Northrop Grumman | Weyerhaeuser Quarterly figures
Quarterly figures / Company dates Europe
06:45 Equinor ASA Quarterly figures
07:00 Beiersdorf | Siltronic | Takkt | Amadeus Fire quarterly figures | Renault sales 3Q
07:30 Orange SA | Symrise Trading Update 9 months | Danone sales 3Q
08:00 MTU | LPKF Laser | Villeroy & Boch | Anglo American | Barclays Quarterly Figures | Hermes Turnover 3Q | Unilever | Relx | London Stock Ex. Trading Statement
17:45 Vinci | Accor 3Q sales
18:30 Valeo 3Q sales
Without time information: Sodexo | Dassault Systemes quarterly figures | Atos sales 3Q
Economic data
- 08:00 JP: Machine tool orders 9/24 (final)
- 08:45 FR: Business Climate Index October PROGNOSIS: 98 previously: 99
- 09:15 FR: Purchasing Managers' Index/PMI non-manufacturing | Purchasing Managers' Index/PMI manufacturing
- 09:30 DE: Purchasing Managers' Index/PMI non-manufacturing (1st release) October FORECAST: 50.6 PREVIOUS: 50.6 Total Purchasing Managers' Index (1st release) FORECAST: 47.6 PREVIOUS: 47.5
- 09:30 DE: Purchasing Managers' Index/PMI manufacturing (1st release) October FORECAST: 40.7 PREVIOUS: 40.6
- 10:00 EU: Purchasing Managers' Index/PMI non-manufacturing Eurozone (1st release) October FORECAST: 51.5 PREVIOUS: 51.4
- 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (1st release) October FORECAST: 45.3 PREVIOUS: 45.0 Total Purchasing Managers' Index (1st release) FORECAST: 49.8 PREVIOUS: 49.6
- 10:30 UK: Purchasing Managers' Index/PMI non-manufacturing | Purchasing Managers' Index/PMI manufacturing
- 14:30 US: Initial jobless claims (week) FORECAST: 245,000 Previous: 241,000
- 15:45 US: Purchasing Managers' Index/PMI Services (1st release) October FORECAST: 55.3 PREVIOUS: 55.2
- 15:45 US: Purchasing Managers' Index/PMI Manufacturing (1st release) October FORECAST: 47.5 PREVIOUS: 47.3
- 16:00 US: New Home Sales September FORECAST: +0.6% yoy previous: -4.7% yoy
