Hornbach Holding sets itself modest targets + Wolfspeed prepares to file for insolvency + Siemens senses a unique opportunity in AI

Hornbach Holding $HBH (+1.28%)sets itself cautious targets

• The poor consumer sentiment and ongoing cost pressure will weigh on the DIY store and building materials group Hornbach Holding in the coming months.
• Despite ongoing spending discipline, further cost increases are expected due to inflation-driven salary rises, as the company announced on Wednesday in Bornheim when presenting its figures for the past 2024/2025 financial year (to the end of February).
• Meanwhile, the start to the spring season was "very successful", according to the statement.
• However, the volatile macroeconomic and geopolitical environment continues to pose risks with regard to supply chains and consumer sentiment.
• The management expects sales for the new financial year, which has been running since the beginning of March, to be at or slightly above the previous year's level, when 6.2 billion euros were generated.
• This will be helped not least by newly opened stores. At the same time, only stable adjusted operating earnings before interest and taxes are expected compared to the 270 million euros achieved last year.
• Analysts had expected an increase.
• Hornbach had already presented preliminary figures for the past financial year almost two months ago.
• These have now been confirmed.

Wolfspeed $WOLF (-18.01%)is preparing to file for insolvency in the coming weeks

• Semiconductor supplier Wolfspeed is preparing to file for insolvency in the coming weeks as the company is struggling to cope with its mountain of debt.
• This was reported by the Wall Street Journal on Tuesday, citing people familiar with the matter.
• The company's shares fell by more than 57 percent in after-hours trading.
• Wolfspeed is struggling with sluggish demand in the industrial and automotive markets as well as uncertainty caused by tariffs.
• According to the report, the company plans to file for Chapter 11 bankruptcy with the support of a majority of its creditors after several out-of-court restructuring proposals were previously rejected by creditors.Wolfspeed declined to comment to Reuters.
• The company, which manufactures chips based on silicon carbide, had already expressed doubts about its ability to continue as a going concern earlier this month and forecast weaker annual sales than expected.
• Wolfspeed expects sales of USD 850 million for 2026, which is significantly below analysts' estimates of USD 958.7 million.

Siemens $SIE (+3.21%)senses a unique opportunity in artificial intelligence (AI)

• to take the digitalization and automation of industry to a new level.
• Peter Körte, who has been responsible for technology and strategy on the Siemens Managing Board since October, sees Europe as a leader in industrial AI, and Siemens in particular, and announced a major AI model for industry with which the technology group intends to expand its leading role.
• In his opening speech at the two-day AI conference, he referred to the larger industrial base in Europe compared to the United States and the leading role of companies in aviation, car production, the pharmaceutical industry and mechanical engineering. (FAZ)

Wednesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Nemetschek SE € 0.55
• Symrise AG € 1.20
• Jungheinrich AG € 0.80
• SAF Holland SE € 0.85
• SMT Scharf AG Reg- istered Shares € 0.21
• FCR Immobilien A- G Ordinary Shares € 0.45

• Quarterly figures / Company dates USA / Asia
• 18:00 Amazon AGM

• Quarterly figures / Company dates Europe
• 07:00 Hornbach Holding Annual results
• 10:00 CTS Eventim | Porsche AG | SGL Carbon | Swatch AGM
• 11:00 Puma AGM
• 16:00 Halliburton | United Airlines | Mondelez AGM
• 18:00 Freenet quarterly figures

• Economic data

01:50 JP: April trade balance

08:00 UK: Consumer prices April Forecast: +1.0% yoy/+3.4% yoy Previous: +0.3% yoy/+2.6% yoy Core Forecast: +1.2% yoy/+3.6% yoy Previous: +0.5% yoy/+3.4% yoy

10:00 EU: ECB, Financial Stability Report May 2025

16:30 US: Crude oil inventory data (week) from the government Energy Information Administration (EIA) previous week

No time specified:

- US: U.S. President Trump, meets South Africa's President Ramphosa

- CA: Continuation of the meeting of G7 finance ministers and central bank governors (20-22.05.)

$CEC (+3.53%)
$HBH (+1.28%)
$HEN (+0.49%)
$HM B (-1.25%)

Closed stores and dormant businesses on Sundays and public holidays are a tradition - but is this still in keeping with the times? For many working people, it means that shopping and errands are concentrated on Saturdays, which are already full. This leads to overcrowded stores, long queues and stress for customers and retail employees. But that's not all: private work is also restricted. Car washing, gardening or minor repairs are not permitted in many places. While online stores are selling around the clock, bricks-and-mortar stores remain closed. Should there be more flexibility to better balance business and everyday life? Or do the advantages of a common day of rest outweigh the disadvantages? What do you think?$

US tariff threats send Hong Kong stock market plummeting + Novo Nordisk secures rights to weight loss and diabetes drugs + Hornbach defies weak consumer sentiment and increases earnings + Bayer is recommended to stop glyphosate sales in the USA + Heidelberg Materials wants to pay more dividends

US tariff threats send Hong Kong stock market plummeting

• Similar to the start of the week, stock markets in East Asia and Australia were mostly little changed on Tuesday.
• The very firm guidance from Wall Street fizzled out.
• In the US, share prices rose sharply on Monday, supported by media reports that the punitive tariffs announced by the Trump administration for the beginning of April will be less drastic than initially announced.
• The planned introduction date of April 2 also no longer appears to be set in stone.
• There is a sharp drop in Hong Kong, with the Hang Seng Index falling by 2 percent.
• Observers point to the US President's announcement to impose punitive tariffs of 25 percent on imports from countries that purchase oil from Venezuela.
• China is one of the countries affected, notes equity strategist Kai Wang from Morningstar.
• Although there is no direct correlation with the Hong Kong stock exchange, he admits, the market reaction could be a kind of "side effect" of the impending risks.
• Other market participants are talking about profit-taking, especially in the technology sector, which had recently benefited from AI fantasies.
• In Shanghai, meanwhile, the Composite Index is up 0.1 percent.

Novo Nordisk $NOVO B (+1.03%)secures rights to weight and diabetes medication

• The Danish pharmaceutical company Novo Nordisk has secured the rights to a potential next-generation weight loss drug for up to 2 billion US dollars.
• According to a statement on Monday, the Danes are paying an initial 200 million dollars (185 million euros) for the rights to the active ingredient UBT251 from the Chinese company United Laboratories.
• This excludes mainland China, Hong Kong, Macau and Taiwan.
• Depending on certain targets and possible sales figures, up to 1.8 billion dollars may be added at a later date.
• UBT251 is said to target three different mechanisms in the fight against obesity, diabetes and other diseases.
• Studies in early test phases are ongoing.
• It may therefore take some time before approval is granted for the various indications.
• The deal strengthens Novo Nordisk's pipeline of novel drugs for the treatment of diabetes and obesity.
• The Danes were the top dog for a long time, but competition in this lucrative business has been increasing rapidly for some time now.

Hornbach $HBH (+1.28%)defies weak consumer sentiment and posts surprisingly strong earnings growth

• The DIY group Hornbach Holding continued to struggle in the past 2024/25 financial year due to its customers' reluctance to spend.
• However, because the management kept costs firmly under control and lower commodity prices also had a favorable effect, the company increased its operating profit surprisingly significantly.
• In the twelve months to the end of February, earnings adjusted for special items (adjusted EBIT) climbed by 6 percent to 270 million euros, the SDax-listed company announced in Bornheim on Tuesday based on preliminary calculations.
• The Group thus exceeded analysts' profit expectations.
• Albrecht Hornbach, CEO of shareholder Hornbach Management AG, expressed his satisfaction.
• "We look back positively on the results of the past financial year", he said according to the press release.
• "Despite subdued consumer sentiment, especially in Germany, we successfully developed our business further.
• We were able to expand our market share in Germany and other important European markets."
• At EUR 6.2 billion, sales in the period under review were only slightly up on the previous year, meaning Hornbach performed in line with the revenue forecast lowered in December.
• As the largest operating subgroup, the DIY store business posted sales growth of 1.2 percent in the past year, while the builders' merchant business suffered losses of a good six percent due to the weak sector economy in Germany.
• The Board of Management will publish further details on the past financial year and its sales and earnings forecasts for the current year 2025/26 on May 21.

For will Bayer $BAYN (+2.69%)recommended a halt to glyphosate sales in the USA

• Due to the ongoing wave of glyphosate lawsuits, Markus Manns, fund manager at Union Investment, is recommending that Bayer stop selling glyphosate in the USA.
• "If there is no progress in the lobbying activities or the legislative proposals, or if the Supreme Court does not deal with the case, then Bayer must urgently consider stopping glyphosate sales in the USA," Manns told the Rheinische Post.
• "The company and its shareholders cannot tolerate any further large waves of lawsuits."
• Manns further emphasized: "The amount of damages in Georgia is astronomically high and a bitter setback for Bayer's litigation strategy.
• However, the amount will probably be significantly reduced by an appellate court."
• A jury in Georgia has just ordered Bayer to pay more than 2 billion US dollars to a man suffering from cancer. (Rheinische Post)

Heidelberg Materials $HEI (+2.71%)wants to pay more dividends

• The building materials group Heidelberg Materials wants to pay out more to its shareholders despite a decline in profits.
• A dividend of 3.30 euros per share is to be paid for 2024, as the DAX-listed company announced in its annual report on Tuesday.
• This is 30 cents more than in the previous year.
• Analysts had estimated an average of 3.25 euros.
• The company had already presented preliminary full-year figures in February and provided an initial outlook for the current year.
• As already announced, the bottom line for 2024 was a net profit attributable to shareholders of just under EUR 1.8 billion, compared to around EUR 1.9 billion in the previous year.
• The management confirmed the profit target for the current year.
• The Executive Board expects adjusted earnings before interest and taxes (EBIT) of 3.25 to 3.55 billion euros for 2025, compared to 3.2 billion euros in the previous year.

Tuesday: Stock market dates, economic data, quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 TAG Immobilien detailed annual results and dividend
• 07:00 Hornbach Holding AG Trading Statement 2024
• 07:30 Jenoptik annual results | Indus Holding Capital Markets Day
• 07:50 Medios annual results
• 11:00 Jenoptik BI-PK
• Without time information: Heidelberg Materials | MTU Aero Engines Annual Report | Tui Capital Markets Day

• Economic data

06:00 EU: Acea, new car registrations, February

08:00 DE: Construction industry, new orders and sales January | Residential real estate prices (house price index) 4Q

10:00 DE: NordLB Norddeutsche Landesbank Girozentrale, annual results

10:00 DE: Ifo Business Climate Index PROGNOSE: 86.6 PREVIOUS: 85.2 Situation assessment PROGNOSE: 85.5 PREVIOUS: 85.0 Business expectations PROGNOSE: 88.0 PREVIOUS: 85.4

11:00 DE: Bundestag, Constituent Session, Berlin

11:30 EU: ECB, allotment of 7-day main refi tender

14:00 HU: Hungary's central bank PROGNOSE: n.a. previous: 6.50%

14:40 US: Fed Governor Kugler, speech on "Economic Landscape and Entrepreneurship"

15:00 BE: Business Climate Index March PROGNOSIS: n.a. previous: -12.3

15:00 US: Consumer Confidence Index March PROGNOSIS: 93.5 previous: 98.3

15:00 US: New Home Sales February FORECAST: +3.0% yoy previous: -10.5% yoy

Sensible $HBH (+1.28%) sell and in $IWDA (+0.6%) go in. Does the $IWDA (+0.6%) make sense with $IUSA (+0.44%) position ?

Thank you in advance 😊

⬆️⬆️⬆️

- BERENBERG raises the price target for SIEMENS from EUR 215 to EUR 245. Buy. $SIE (+3.21%)

- BERNSTEIN raises the price target for SIEMENS ENERGY from EUR 15 to EUR 22. Underperform. $ENR (+1.98%)

- JPMORGAN PUTS SARTORIUS ON 'POSITIVE CATALYST WATCH' - 'OVERWEIGHT' $SRT (-0.23%)

- GOLDMAN raises the price target for FRAPORT from EUR 87 to EUR 90. Buy. $FRA (+2.88%)

- UBS raises the price target for NORDEA from EUR 145 to EUR 146. Buy. $NDA FI (+1.23%)

- BERNSTEIN raises the target price for SCHNEIDER ELECTRIC from EUR 275 to EUR 280. Outperform. $SU (+5.81%)

- UBS raises the target price for WPP from GBP 6.80 to GBP 7.20. Sell. $WPP (+1.69%)

- BERNSTEIN raises the price target for ALSTOM from EUR 17 to EUR 24. Market-Perform. $ALO (+1.63%)

- STIFEL upgrades HERMES from Hold to Buy and raises target price from EUR 2150 to EUR 2560. $RMS (+0.86%)

- INFINEON +4.2% - 'TOP PICK' OF THE UBS $IFX (+0.08%)

⬇️⬇️⬇️

- RBC downgrades UNILEVER from Sector-Perform to Underperform and lowers target price from GBP 48 to GBP 40. $ULVR (-0.15%)

- BERNSTEIN downgrades ABB from Market-Perform to Underperform and lowers price target from CHF 46 to CHF 45. $ABBN (+3.84%)

- BERNSTEIN downgrades SIGNIFY from Outperform to Market-Perform and lowers price target from EUR 30 to EUR 24. $LIGHT (+1.09%)

- DEUTSCHE BANK RESEARCH lowers the price target for UMICORE from EUR 10.50 to EUR 10. Hold. $UMICY (+4.79%)

- DEUTSCHE BANK RESEARCH lowers the price target for DOCMORRIS from CHF 45 to CHF 25. Hold. $DOCM (+2.84%)

- BERENBERG lowers the price target for HORNBACH HOLDING from EUR 100 to EUR 94. Buy. $HBH (+1.28%)

- CITIGROUP downgrades ROLLS-ROYCE from Buy to Neutral. $RR. (+2.25%)

- JEFFERIES lowers the target price for BHP GROUP from GBP 22.50 to GBP 21.50. Hold. $BHP (-0.19%)

- JEFFERIES lowers the price target for GLENCORE from GBP 5.50 to GBP 4.50. Buy. $GLEN (-1.9%)

- JEFFERIES lowers the target price for RIO TINTO from GBP 64 to GBP 60. Buy. $RIO (+0.37%)

- BERENBERG lowers the target price for NOVO NORDISK from DKK 975 to DKK 725. Hold. $NOVO B (+1.03%)

Good evening!

I've had my portfolio for a few years now (2018) and was very involved with stocks when I was young, but since about 2021 I've lost the time and desire to do so and wanted to let everything run long, which was of course a mistake...

For about 1 month now, I have been motivated again to change this situation and to stick with it in the long term.

Titles like: $BAYN (+2.69%) , $BRN (-0.87%) , $SVA , $PHE (+1.85%) and $HYSR (+0.29%) I have been holding them for ages and always hoped that they would go through the roof and missed the chance to sell them when the wind was blowing so that I could cut my losses... so I would rather hold them now than sell them because I missed the chance.

Title like: $KO (+1.04%) and $HBH (+1.28%) I bought a new one last week to lay a good foundation for the realignment ... Long on dividends.

The fund: $Raiffeisen Wachstum (RZ) T I had to take out at the time, I can no longer give the exact reason, as I have repeatedly taken out the necessary small change over the years and have kept the thing running for 2 years (monthly approx. 150€ as a savings plan permanent investment), whereby I am ready to switch this money at any time.

So much for the information on the portfolio ... I would like to try to limit my losses a little over the next 3, 5, 10, 20 years and make my portfolio healthy in the long term.

Budget apart from what is in my portfolio, which could of course be reallocated, would be around €3000.

Stocks like : $NOVO B (+1.03%) and $O (-0.41%) would really appeal to me right now.

Please give me some feedback or information, I am grateful for everything.

Greetings Julian 😃

Goldman lowers Teamviewer to 'Neutral' - target down to 12 euros + Hornbach Holding adjusts sales forecast + Nike outperforms in second fiscal quarter + Today is big expiration day

Downgrade for Teamviewer $TMV (+0.62%)

• The US investment bank Goldman Sachs has downgraded Teamviewer from "Buy" to "Neutral" and lowered its target price from 17 to 12 euros.
• Analyst Mohammed Moawalla wrote on Thursday evening that his buy recommendation was based, among other things, on the prospect of share buybacks.
• However, distributions have become more uncertain in view of the takeover of 1E.
• However, Moawalla remains optimistic about the company's growth potential.

Key figures HORNBACH Holding AG & Co. KGaA Group $HBH (+1.28%)

• Hornbach Holding adjusts its sales forecast for the 2024/25 financial year to the previous year's level, while the forecast for adjusted earnings before interest and taxes (EBIT) is confirmed.
• Third-quarter sales increase by 1.3 percent to EUR 1.505 billion thanks to the European business, while EBIT falls by 28 percent to EUR 34.6 million, mainly due to wage increases

Nike $NKE (+17.01%)
with quarterly figures

• Nike exceeds analysts' expectations in the second quarter with sales of 12.35 billion dollars, although sales fell by 8 percent year-on-year.
• Profit falls by 26 percent to 1.16 billion dollars, while the share price rises by around 8 percent in after-hours trading.

Friday: Stock market dates, economic data, quarterly figures

Big expiry day

• ex-dividend of individual stocks

Hewlett Packard Enterprise 0.13 USD

British American Tobacco USD 0.74

• Quarterly figures / company dates Europe

07:00 Hornbach Holding AG Quarterly figures

• Economic data

08:00 DE: Producer prices November FORECAST: +0.3% yoy/-0.3% yoy previously: +0.2% yoy/-1.1% yoy

08:00 UK: Retail Sales November OUTLOOK: -0.3% yoy/+1.5% yoy previous: -0.7% yoy/+2.4% yoy

12:00 DE: Expiry futures and options STOXX family (Eurex)

13:00 DE: Expiry DAX futures and options (Eurex)

13:00 DE: Expiry TecDAX futures and options (Eurex)

14:30 US: Personal Spending and Income November Spending / Income FORECAST: +0.5% yoy/+0.4% yoy previous: +0.4% yoy/+0.6% yoy PCE Price Index / Total Rate FORECAST: +0.2% yoy/+2.5% yoy previous: +0.2% yoy/+2.3% yoy PCE price index / core rate PROGNOSE: +0.2% yoy/+2.9% yoy PREV: +0.3% yoy/+2.8% yoy

16:00 EU: Eurozone Consumer Confidence Index (flash estimate) December FORECAST: -14.0 previous: -13.7

16:00 US: Index Consumer Sentiment Uni Michigan (2nd survey) December FORECAST: 74.0 1st survey: 74.0 PREVIOUS: 71.8

17:20 DE: Expiry SMI future (Eurex)

17:30 DE: Expiry equity options (Eurex)

21:15 US: Expiry e-mini Nasdaq future | e-mini S&P future

Once upon a time....

A stock market recommendation with a dividend strategy

Aareal Bank
$ARLN

Purchase was made in 2014, buy into rising prices, buy bank stocks with dividends

was said 😊

After several lows and takeover recommendations, the share price has not really recovered for over 10 years

recovered and has not seen a new ATH. 😭

Dividends were canceled in 2021 nor collected in previous years: EUR 3816

After the bank was finally taken over in 2023, trading was low except for some stock exchanges, where trading was

possible anymore.

Sale comes after a long wait and consideration, probably the price is now rising like Hella $HLE (+4.11%) and Hornbach $HBH (+1.28%) after I sold.

Money will either be put into the savings plan or bought in stages for interesting stocks.

Economy on 22.05.2024...

Markets take a breath near the ATH. A lot going on today. Paypal AGM, Nvidia figures and so on... ⤵️

There has been a lot going on in the last few weeks. Nevertheless, trading went very well and I still have a few positions open.

I'll take a long look at Hugo Boss after the figures and the co-op with David Beckham.

I have gone long on some solar stocks and I am still working on a turnaround $VNA (+1.66%) Vonovia, $PYPL (+0.33%) Paypal and $PAH3 (+3.26%) Porsche.

Closed trades of the last weeks are:

$BAYN (+2.69%) Bayer, $ADE (-0.24%) Bitcoin Group, $JNJ (+0.12%) Johnson & Johnson, $FME (+0.52%) Fresenius Medical Care and $AFX (+0.66%) Carl Zeiss

My savings plans on the ETFs are continuing and otherwise I am building up a lot of cash in order to be able to participate in one or two setbacks

Cryptos have also started well again, especially Ethereum, after the chances of an ETH ETF being approved rose to 75%.

Let's take a look at today's trading day and the dates. There are a few general meetings that are interesting. Paypal, McDonalds and so on, among others. See for yourself:

Singapore stock market holiday

Economic data

08:00

• UK: Consumer prices April PROGNOSE: +0.2% yoy/+2.1% yoy previous: +0.6% yoy/+3.2% yoy Core PROGNOSE: +0.7% yoy/+3.6% yoy previous: +0.6% yoy/+4.2% yoy

10:05

• EU: ECB President Lagarde, video message for Esma event on Capital Markets Union

16:00

• US: Existing Home Sales April PROGNOSE: +1.4% yoy previous: -4.3% yoy

16:30

• US: Crude Oil Inventories EIA

20:00

• US: Fed, minutes of the FOMC meeting April 30/May 1

ex-dividend of individual stocks

Renault EUR 1.85

Quarterly figures / company dates USA / Asia

16:00 $MCD (+1.66%)
McDonalds | $MDLZ (+0.14%)
Mondelez

16:00 $UAL (+1.48%)
United Airlines AGM

16:30 US: Crude Oil Inventories EIA

17:00 PayPal AGM

18:00 $AMZN (+1.62%)
Amazon AGM

22:20 $NVDA (+1.3%)
Nvidia quarterly figures

Quarterly figures / Company dates Europe

07:00 $EVT (-1.8%)
Evotec | $HBH (+1.28%)
Hornbach Holding

10:00 $COP (+0.64%)
Compugroup Medical AGM

10:30 Indus Holding AGM

11:00 $PUMA (+0%)
Puma AGM

14:00 Evotec Earnings-Call

Untimed: Einhell quarterly figures

𝗠𝗮𝗿𝗸𝗲𝘁 𝗡𝗲𝘄𝘀 🗞️

𝗠𝗲𝗴𝗮𝗸𝗮𝘂𝗳 𝗯𝗲𝗶 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 / 𝗘𝗹𝗼𝗻 𝗠𝘂𝘀𝗸 𝗵𝗮𝘁 𝗴𝗲𝗻𝘂𝗴

𝗘𝘅-𝗗𝗮𝘁𝗲𝘀 📅

As of today, among others, Philip Morris International ($PHMO11BF), Altria Group Inc. ($MO (-0.18%)), and Ralph Lauren Corporation ( $RL (+0.86%)) are trading ex-dividend.

𝗤𝘂𝗮𝗿𝘁𝗮𝗹𝘀𝘇𝗮𝗵𝗹𝗲𝗻 📈

Today, among others, Hornbach Holding. ($HBH (+1.28%)) and Carmax Inc. ($KMX (-0.51%)) present their quarterly figures.

𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🏛️

Tesla ($TSLA (-1%)) - Tesla shareholders can breathe a sigh of relief, CEO Elon Musk announced that he has now sold enough Tesla shares. After a total of 13.5 million shares sold, he now has $13 billion, of which he says he will pay $11 billion in taxes.

Rocket Internet ($RKET) - Rocket Internet shares rose by a full 26% yesterday. The reason for this is the company's offer to buy its own shares now for €35. Last year, the company already announced a delisting from the stock exchange, at that time the takeover price of the shares was around €18.50.

𝗖𝗿𝘆𝗽𝘁𝗼 💎

Bitcoin ($BTC (-0.19%)) - The dip in the crypto market was neatly exploited. A previously unknown investor covered himself with 3000 Bitcoins worth 150 million US dollars. In total, the value of this investor's wallet is close to 6 billion US dollars. This makes him the third largest Bitcoin investor in the world.

Follow us for french content on @MarketNewsUpdateFR