Market (@MarketNewsUpdate) en getquin

29.10.2024

Electric cars continue to bring Ford high losses + VARTA annual report further delayed + Ceconomy's day-to-day business slightly better than expected + SAP wants to significantly expand its partner network

Ford $F (+0,74 %) continues to write deep red figures in the electric car business. In the last quarter, the division posted an operating loss of a good 1.2 billion dollars. In contrast, Ford posted earnings before interest and taxes of 1.6 billion dollars for cars with combustion engines and a further 1.8 billion dollars for commercial vehicles. CFO John Lawler pointed out on Monday after the close of the US stock exchange that Ford would reduce the costs of its electric car division by one billion dollars this year. And when developing new electric models, the company is making sure that expenditure is on a par with the cheapest competitors. It is a tough market in which costs play a decisive role, he said on CNBC. Ford shares fell by more than five percent in after-hours trading. The Group is now only expecting adjusted earnings before interest and taxes of ten billion dollars for this year - after a range of ten to twelve billion had previously been given.

The Varta $VAR1 (-1,19 %) -annual report for 2023 continues to be delayed. The battery manufacturer, which is struggling to survive and is currently undergoing pre-insolvency restructuring proceedings, is now targeting the end of January 2025 as the publication date. The outstanding quarterly reports for 2024 are also to be presented then. This can be seen in the updated financial calendar on the Swabian company's investor relations website. A company spokesperson justifies the new delay with the financial restructuring in accordance with the German Corporate Stabilization and Restructuring Act (StaRUG). An auditor's certificate and thus a publication are only possible after the completion of this reorganization process. Varta had previously announced the publication for October 30. Information on the first quarter of 2024 should follow in November. (Börsen-Zeitung)

The MediaMarkt and Saturn parent company Ceconomy $CEC (-2,46 %) earned slightly more than expected in the past financial year. Based on preliminary figures, earnings before interest and taxes (EBIT) adjusted for special effects were in the upper half of the range of 290 to 310 million euros, the company, which is listed in the second-tier stock index SDax, announced in Düsseldorf on Tuesday. Excluding exchange rate fluctuations and portfolio effects, turnover in the 2023/2024 financial year (as at the end of September) climbed by 5.3 percent to around 22.4 billion euros. On average, analysts had expected slightly less for both key figures. Group CEO Karsten Wildberger is entering the first quarter of the new year "with confidence". In the medium term, he also sees his company on course to achieve its growth targets for the 2025/2026 financial year. According to previous statements, Ceconomy aims to earn more than 500 million euros in day-to-day business (ber EBIT) by then and at the same time grow slightly faster than the market.

The software group SAP $SAP (-0,03 %) wants to significantly expand its partner network. Business in the cloud brings with it a different sales approach and more new customers, "the only way to reach everyone is with partners," says the responsible "Chief Partner Officer" Karl Fahrbach to the FAZ. The business will also become more financially lucrative for partners. In a "revenue share model", they receive a larger share of the cake. Among other things, they would receive remuneration if customers extend their cloud contracts, and they could also share in revenues through innovations and industry-specific extensions to the largely standardized cloud software. (FAZ)

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

ASML Holding USD 1.66

Alcoa 0.10 USD

Levi Strauss & Registered (A) USD 0.13

Quarterly figures / company dates USA / Asia

11:45 Pfizer quarterly figures

12:00 EU: ECB, allotment of a 3-month long-term tender

12:00 McDonald's Corp, 3Q results

12:15 Paypal Holdings Inc, 3Q results

21:05 Alphabet | Visa | Mondelez | Stryker quarterly figures

21:15 AMD quarterly figures

Quarterly figures / Company dates Europe

05:00 HSBC quarterly figures

07:30 Adidas | Drägerwerk quarterly figures

08:00 BP quarterly figures

08:30 Hellofresh Earnings-Call | Covestro Interview with CEO

10:00 Deutsche Lufthansa Analyst Conference

11:30 OMV Analyst Conference

13:00 Drägerwerk Investor Conference

14:00 Covestro Analyst Conference

15:00 Adidas Analyst Conference

18:00 ASM International quarterly figures

18:05 Saint-Gobain Turnover 9M

Economic data

08:00 DE: GfK consumer climate indicator October FORECAST: -20.5 points previously: -21.2 points
15:00 US: Consumer Confidence Index October FORECAST: 99.2 previously: 98.7
15:00 US: Number of job openings, quits and layoffs (Jolts) September