SMA Solar

22.11.2024

Snowflake rises up to 25% + Bitcoin almost at $100,000 + Rotation in MDax + Carl Zeiss Meditec falls to low since 2018 + Berenberg rates CTS Eventim a 'Buy' - target 100 euros

The Snowflake $SNOW (-0,26 %) shares rose 25% after the data analytics provider raised its full-year product revenue guidance and announced that it has partnered with AI company Anthropic to expand its cloud services.

The Bitcoin $BTC (+1,38 %) reached just under $100,000 overnight and currently stands at $99,000.

What do you think, will Bitcoin reach $100,000 in November, or even today?

The US bank JPMorgan expects only a few changes for the next index review by Deutsche Börse at the beginning of December. While everything should remain the same in the leading Dax index, analyst Pankaj Gupta expects a swap in the mid-cap index below it, the MDax, where, according to him, industrial recycler Befesa will probably make way for drug researcher Evotec $EVT (+0,48 %) will have to give way. Befesa $BFSA (-0,58 %) would be relegated to the SDax, the index of smaller stocks. In the TecDax, Gupta expects that SMA Solar $S92 (-0,47 %) will make way for the internet service provider Ionos $IOS (+0,43 %) Deutsche Börse will review the indices of the Dax family (Dax, MDax, SDax and TecDax) on Wednesday, December 4, and announce any changes after the close of trading in the US. The changes will come into effect on Monday, December 23.

The downturn in the share price of Carl Zeiss Meditec $AFX (+0,5 %) continued on Thursday with a new six-year low. The trend at the medical technology manufacturer has been pointing downwards since 2021, and this trend has intensified in the current year since March. At that time, the shares were still trading above 123 euros. On Thursday, the drop of over four percent pushed them down to 54.45 euros. This marks the lowest level since April 2018. With brief exceptions in August and late October and early September, the shares have been trading below the 200-day line, which is a popular long-term indicator for chart-oriented investors, for months. Jack Reynolds-Clark from RBC Research did not paint a good picture for the company at the beginning of November, downgrading it to "Sector Perform" due to uncertain demand in the various end markets. He emphasized that the consensus for 2025 depicts a rather optimistic scenario that is difficult to justify.

The private bank Berenberg has raised its rating for CTS Eventim $EVD (+1,25 %) to "Buy" with a target price of 100 euros. The event organizer presented mixed quarterly figures, wrote analyst Gerhard Orgonas on Thursday evening. He cut his earnings estimates until 2026, taking into account integration costs and a slightly lower ticketing margin.

• CTS Eventim increased its consolidated revenue by 15.8 percent to EUR 2.027 billion in the first nine months of 2024. Adjusted EBITDA grows by 12.1 percent to EUR 322.7 million in the same period. The company's management is sticking to its forecast and expects a significantly higher Adjusted EBITDA for the full year compared to the previous year.
• CTS Eventim records a 22.9 percent increase in revenue to EUR 564.6 million in the Ticketing segment and a 13.6 percent increase to EUR 1.494 billion in the Live Entertainment segment. The company is also awarded the contract for the construction and operation of a new large arena by Wien Holding.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Schloss Wachenheim EUR 0.60

Cummins Inc. USD 1.82

CRH 0.35 GBP

Quarterly figures / company dates Europe

No time specified: Vinci Investor Day | Unilever Capital Markets Day

Economic data

• 08:00 DE: GDP (2nd release) 3Q calendar and seasonally adjusted yoy FORECAST: +0.2% yoy 1st release: +0.2% yoy 2nd quarter: -0.3% yoy calendar-adjusted yoy FORECAST: -0.2% yoy 1st release: -0.2% yoy 2nd quarter: -0.3% yoy
• 09:15 FR: Purchasing Managers' Index/PMI non-manufacturing (1st release) November FORECAST: 49.0 PREV: 49.2 Total Purchasing Managers' Index (1st release) FORECAST: 48.1 PREV: 48.1
• 09:15 FR: Purchasing Managers' Index/PMI manufacturing (1st release) November FORECAST: 44.0 PREVIOUS: 44.5
• 09:30 DE: Purchasing Managers' Index/PMI non-manufacturing (1st release) November PROGNOSE: 51.8 PREVIOUS: 51.6 Total Purchasing Managers' Index (1st release) PROGNOSE: 48.3 PREVIOUS: 48.6
• 09:30 DE: Purchasing Managers' Index/PMI manufacturing (1st release) November FORECAST: 43.0 PREVIOUS: 43.0
• 10:00 EU: Purchasing Managers' Index/PMI non-manufacturing Eurozone (1st release) November FORECAST: 51.5 previously: 51.6
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (1st release) November PROGNOSE: 46.0 PREVIOUS: 46.0 Total Purchasing Managers' Index (1st release) PROGNOSE: 49.8 PREVIOUS: 50.0
• 10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (1st release) November FORECAST: 52.0 PREVIOUS: 52.0
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (1st release) November FORECAST: 50.0 PREVIOUS: 49.9
• 15:45 US: Purchasing Managers' Index/PMI Services (1st release) November FORECAST: 55.0 PREVIOUS: 55.0
• 15:45 US: Purchasing Managers' Index/PMI Manufacturing (1st release) November FORECAST: 48.8 PREVIOUS: 48.5
• 16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) November FORECAST: 73.5 1st survey: 73.0 previous: 70.5

Analyst updates, 21.11.

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- BERNSTEIN RAISES TARGET FOR NVIDIA TO USD 175 (155) - 'OUTPERFORM' $NVDA (-0,36 %)

- JPMORGAN RAISES TARGET FOR NVIDIA TO 170 (155) USD - 'OVERWEIGHT' $NVDA (-0,36 %)

- EVERCORE ISI RAISES TARGET FOR NVIDIA TO 190 (189) USD - 'OUTPERFORM' $NVDA (-0,36 %)

- JEFFERIES RAISES TARGET FOR SIXT STEMS TO EUR 110 (100) - 'BUY' $SIX2 (-0,36 %)

- DEUTSCHE BANK RESEARCH RAISES RHEINMETALL TO 'BUY' (HOLD) - TARGET 700 (550) EUR $RHM (+0,36 %)

- BARCLAYS RAISES TARGET FOR FRESENIUS SE TO EUR 40 (38) - 'OVERWEIGHT' $FRE (-0,14 %)

- WARBURG RESEARCH raises the target price for ALSTRIA OFFICE from EUR 3.40 to EUR 7.10. Hold. $AOX (+0 %)

- BERNSTEIN raises the price target for ESSILORLUXOTTICA from EUR 194 to EUR 200. Market-Perform. $EL (+0,04 %)

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- DEUTSCHE BANK RESEARCH lowers the price target for NESTLE from CHF 87 to CHF 85. Hold. $NESN (+0,15 %)

- DEUTSCHE BANK RESEARCH lowers the price target for MEDIOS from EUR 23 to EUR 18. Buy. $ILM1 (-1,04 %)

- ODDO BHF lowers the price target for GRENKE from EUR 27.30 to EUR 18.30. Neutral. $GLJ (+0,44 %)

- BERNSTEIN lowers the price target for KERING from EUR 260 to EUR 220. Market Perform. $KER (-0,41 %)

- BERNSTEIN lowers the price target for LVMH from EUR 795 to EUR 700. Outperform. $MC (-0,4 %)

- BERNSTEIN lowers the price target for VESTAS from DKK 250 to DKK 215. Outperform. $VWS (+0,37 %)

- JEFFERIES lowers the price target for SMA SOLAR from EUR 19 to EUR 14. Hold. $S92 (-0,47 %)

- JEFFERIES lowers the price target for VERBIO from EUR 27 to EUR 22. Buy. $VBK (-0,72 %)

- JEFFERIES lowers the price target for PVA TEPLA from EUR 14.50 to EUR 12. Hold. $TPE (+5,3 %)

- HSBC downgrades TARGET to Hold. Target price USD 138. $TGT (+0,23 %)

- UBS lowers the price target for BAYER from EUR 30 to EUR 22. Neutral. $BAYN (-0,05 %)

Analyst updates, 19.11.

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- JEFFERIES raises the price target for NETFLIX from USD 800 to USD 1000. Buy. $NFLX (+0,16 %)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS from EUR 200 to EUR 210. Buy. $SIE (+0,12 %)

- DZ BANK raises the price target for WALT DISNEY from USD 115 to USD 130. Buy. $DIS (-0,25 %)

- KEPLER CHEUVREUX raises the target price for ALZCHEM from EUR 69 to EUR 73. Buy. $ACT (-0,33 %)

⬇️⬇️⬇️

- BOFA downgrades SIEMENS from Buy to Neutral and raises target price from EUR 196 to EUR 200. $SIE (+0,12 %)

- BERENBERG lowers the price target for BAYER from EUR 28 to EUR 22. Hold. $BAYN (-0,05 %)

- BERENBERG lowers the price target for SMA SOLAR from EUR 21 to EUR 14. Hold. $S92 (-0,47 %)

- DZ BANK downgrades SHOPIFY from Hold to Sell and raises target price from USD 68 to USD 91. $SHOP (+0,3 %)

- STIFEL lowers the price target for BECHTLE from EUR 50 to EUR 45. Buy. $BC8 (+0,34 %)

- WARBURG RESEARCH lowers the price target for JUNGHEINRICH from EUR 49 to EUR 47. Buy. $JUN3 (-0,54 %)

- HAUCK AUFHÄUSER IB lowers the target price for KNAUS TABBERT from EUR 16 to EUR 8. Sell. $KTA (+0,34 %)

- DEUTSCHE BANK RESEARCH lowers the price target for JOST WERKE from EUR 70 to EUR 60. Buy. $JST (+0,12 %)

- GOLDMAN lowers the price target for TEAMVIEWER from EUR 18 to EUR 17. Buy. $TMV (+0,24 %)

Analyst updates, 15.11. 👇🏼

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- JEFFERIES raises the price target for ASML from EUR 760 to EUR 840. Buy. $ASML (-0,57 %)

- RBC raises the price target for TESLA from USD 249 to USD 313. Outperform. $TSLA (+0,16 %)

- JPMORGAN raises the price target for WALT DISNEY from USD 125 to USD 128. Overweight. $DIS (-0,25 %)

- JPMORGAN raises the price target for SIEMENS from EUR 215 to EUR 230. Overweight. $SIE (+0,12 %)

- BARCLAYS raises the target price for SIEMENS ENERGY from EUR 21 to EUR 35. Equal-Weight. $ENR (+0,34 %)

- LBBW raises the target price for EON from EUR 13.80 to EUR 13.90. Buy. $EOAN (+0,04 %)

- HAUCK AUFHÄUSER IB raises the target price for ADESSO from EUR 80 to EUR 85. Hold. $ADN1 (+0,39 %)

- DEUTSCHE BANK RESEARCH raises the target price for BURBERRY from GBP 7.40 to GBP 8.60. Hold. $BRBY (-0,79 %)

- BERENBERG raises the price target for TALANX from EUR 76.20 to EUR 91.10. Buy. $TLX (+0,22 %)

- BERENBERG raises the price target for HAPAG-LLOYD from EUR 163 to EUR 169. Hold. $HLAG (+0,09 %)

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- JPMORGAN lowers the price target for BAYER from EUR 34 to EUR 25. Neutral. $BAYN (-0,05 %)

- SANTANDER downgrades SHELL from Neutral to Outperform and lowers target price from GBP 30.50 to GBP 30. $SHEL (+0,52 %)

- WARBURG RESEARCH lowers the price target for SECUNET from EUR 216 to EUR 210. Buy. $YSN (+4,64 %)

- METZLER lowers the price target for SIXT-STÄMME from EUR 105 to EUR 95. Buy. $SIX2 (-0,36 %)

- ODDO BHF lowers the target price for MERCK KGAA from EUR 187 to EUR 176. Outperform. $MRK (-0,16 %)

- METZLER lowers the price target for SMA SOLAR from EUR 20 to EUR 16. Hold. $S92 (-0,47 %)

- DEUTSCHE BANK RESEARCH lowers the price target for GRENKE from EUR 28 to EUR 24. Buy. $GLJ (+0,44 %)

- BERENBERG lowers the target price for K+S from EUR 15.70 to EUR 14.70. Buy. $SDF (+0,16 %)

- BERENBERG lowers the price target for AUMANN from EUR 17 to EUR 14.50. Hold. $AAG (+0,84 %)

- BERENBERG lowers the price target for DERMAPHARM from EUR 58 to EUR 50. Buy. $DMP (+1,01 %)

- BARCLAYS lowers the price target for SYMRISE from EUR 123 to EUR 115. Equal-Weight. $SY1 (+0,12 %)

The "underestimated opportunity" has delivered in full. 📉

I really don't understand why you would think you're smarter than the market by "hoping(?)" that it's not too bad.

A little tidbit from a contract manufacturer for some industries: Yes, the situation is indeed precarious. It may not (yet) be fatal, but how do you explain to employees who are dependent on their monthly payment that you have to go into short-time working for economic reasons?

This goes explicitly to the author of the attached post, because you were so kind to me. Here you have your kiss back attached.😘

Now then.

On to the factual part:

SMA Solar $S92 (-0,47 %) has merely reflected the current picture of the inverter market today and has once again revised its forecast. There is still no improvement in sight. In particular due to the relatively uncertain political situation in Germany and the lack of transparency in the economic outlook.

With underutilization of production facilities, it is almost uneconomical to be a producer when you also consider the competitive pressure from the Far East. However, before we verbally defend Germany as a location once again, the general economic environment in Europe, particularly in the EU, must be taken into account. Ultimately, it is down to the consumer behaviour of citizens, who are currently very hesitant and are more likely to turn to cheap products from the Far East to realize their projects. This applies in particular to more expensive investments, as can be seen in the renewable energy sector or especially in the automotive sector. Although the ECB is already taking measures in this regard, uncertainty remains.

Foreign companies, particularly from the USA and China, can therefore score points here, as plant capacity utilization can be scaled up through massive subsidies so that the unit costs only correspond to fractions of the sales price. Unfortunately, under the current market conditions in Germany, this is not possible without a loss of profitability.

In particular, stock corporations such as SMA are designed by their structure to generate added value for their shareholders, which is hardly possible without losses in order to maintain the market position. The biggest competitors for this are Huawei, Sungrow $300274 and Fronius.

Conclusion:

Unfortunately, I cannot currently see any added value for a possible investment. This would require additional subsidies from the EU, which I personally would consider inappropriate in order to keep manufacturers in the economic area. You cannot stop globalization by hoping that an almost hopeless situation can only get better. That contradicts the spirit of a public limited company, which lives solely from the added value of its shareholders.

Fortunately, I can say goodbye to the industry at the end of the year and return to my old "love". Although this time has given me a lot of experience, it has also shown me the limits of challenges.

14.11.2024

Spotify share price records tumble thanks to customer popularity + SMA Solar cuts its annual targets again + ASML continues to focus on AI boom

The shares of Spotify $SPOT (-0,31 %) shares soared to a record high on Wednesday following the music streaming provider's strong quarterly figures. At its peak, it rose by more than 10 percent to a good 462 US dollars. It was the fifth consecutive trading day with a record high for the shares. Since the beginning of the year, the shares have gained more than 140 percent. Since their record low in November 2022, the shares have increased almost sevenfold. Following this rally, the company's market capitalization amounts to more than 92 billion dollars. Spotify recorded 252 million paying subscribers in the third quarter, 12 percent more than a year earlier. The number of monthly active users, a key figure taken into account by advertisers, rose by eleven percent to 640 million. Both trends were stronger than experts had expected. Turnover climbed by almost a fifth to just under 4 billion US dollars.

The inverter manufacturer SMA Solar $S92 (-0,47 %) has again lowered its expectations for the current year. The company announced late Wednesday evening that it now expects sales of 1.45 to 1.50 billion euros. The targets lowered in mid-June had been 1.55 to 1.70 billion euros. Experts had previously expected 1.54 billion euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) are now expected to be between minus 20 million euros and plus 20 million euros. Previously, the target had been 80 to 130 million euros. Analysts are actually expecting just under 95 million euros. The company referred to the ongoing market weakness in the Home Solutions and Commercial & Industrial Solutions segments. In addition, the restructuring and transformation program announced in September 2024 would have an impact. These one-off effects, such as write-downs on inventories and restructuring expenses, are expected to total between 100 and 140 million euros. In addition, balance sheet write-downs as part of the annual financial statements are expected to lead to a further reduction in earnings before interest and taxes (EBIT) of EUR 20 to 30 million. According to the press release, the amount of the provisions is still subject to further review. The company also expects to cut up to 1,100 full-time positions worldwide.

The chip industry supplier ASML $ASML (-0,57 %) is sticking to its broad long-term targets despite the recent difficult business situation. The increasing importance of artificial intelligence is also expected to provide momentum. Sales are set to rise to between 44 and 60 billion euros by 2030, the Group announced at a capital market day on Thursday. By way of comparison, the Dutch company had only lowered its sales forecast for 2025 to between 30 and 35 billion euros in mid-October. A gross margin of 56 to 60 percent of turnover is expected in 2030. The specialist for so-called lithography systems for the production of state-of-the-art computer chips, which are also important for AI applications, has recently felt a certain reluctance to buy on the part of customers. Many chip manufacturers had partially curtailed their investment plans, partly due to the sluggish development of electromobility. Added to this is the technology dispute between China and the USA with the debate on export bans for state-of-the-art chip production systems to China. However, ASML CEO Christophe Fouquet remains confident. The long-term prospects for the semiconductor industry remain promising, as semiconductors play a decisive role in the implementation of numerous megatrends in society, he said on Thursday, according to a press release. In addition to the growth potential of several other important end markets, the AI trend offers a significant opportunity for the semiconductor industry.

Thursday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Shell USD 0.34

Exxon Mobil USD 0.99

GSK 0.15 GBP

Quarterly figures / company dates USA / Asia

12:30 Walt Disney Quarterly figures

Quarterly figures / company dates Europe

07:00 Swiss Re | Bilfinger | Deutsche Telekom | Eon | K+S | Merck | Siemens | SMA Solar | Cewe Foundation | Grenke | Wacker Neuson | Grand City Properties Quarterly figures

07:30 Prosiebensat1 | Nagarro | Talanx | Adesso | Aumann | Dermapharm | GFT Technologies | Hamburger Hafen | Hapag-Lloyd | Mister Spex quarterly figures

07:35 MLP SE, 9 months results

07:45 Eckert & Ziegler quarterly figures

07:50 MBB | Energiekontor quarterly figures

08:00 Jost Werke | Burberry quarterly figures | Siemens | Talanx PK

08:30 Baywa | Foxconn quarterly figures | Baywa analyst conference

09:30 Merck PK

10:00 Deutsche Telekom PK | K+S Analyst Conference

10:30 Baywa PK

11:00 Borussia Dortmund quarterly figures | Eon analyst conference

11:30 Grenke PK

12:30 Walt Disney quarterly figures

13:00 Wacker Neuson Earnings Call | Nagarro Analyst Conference

13:30 SMA Solar Analyst Conference

14:00 Merck | Aumann | GFT Technologies Analyst Conference

14:30 Volvo AB Capital Markets Day

16:30 Biontech: 'Innovation Series Day' on research & development via webcast

18:00 Deutsche Euroshop 9 months results

18:10 Patrizia result 9 months

Without time information: Allgeier | Einhell quarterly figures

Economic data

11:00 EU: GDP (2nd release) 3Q Eurozone FORECAST: +0.4% yoy/+0.9% yoy 1st release: +0.4% yoy/+0.9% yoy 2nd quarter: +0.2% yoy/+0.6% yoy

11:00 EU: Industrial Production September Eurozone FORECAST: -1.2% yoy/-1.6% yoy previous: +1.8% yoy/+0.1% yoy

14:30 US: Initial jobless claims (week) FORECAST: 220,000 previous: 221,000

14:30 US: Producer prices October PROGNOSE: +0.2% yoy previous: 0.0% yoy Core rate (excluding food and energy) PROGNOSE: +0.3% yoy previous: +0.2% yoy

$S92 (-0,47 %)

📉 SMA Solar Technology AG: An underestimated opportunity despite scaremongering 📈

- 📊 Share price declineSMA Solar Technology AG has fallen to the sales level before the last hype. P/B ratio is at 0,73which indicates a clear undervaluation indicating a clear undervaluation.

- 🛡️ Financial stability: With an Altman Z-Score of 7 the company is financially stable.

- 🚫 Varta comparison unfounded: Despite challenging market conditions and high inventories, SMA remains strong, continues to invest in production capacities and demonstrates confidence in future growth.

- 🎯 Price target of €25: In the next three quarters, SMA could show that there is potential for recovery. A decisive release is due in 6 days coming up - more insights to follow!

The downturn has simply massively overshot what was there before the hype in terms of price and figures and the share is where it is now purely because of negative momentum.

💡 ConclusionSMA Solar offers an attractive opportunity for patient investors. Despite short-term setbacks, the company remains strategically and financially well positioned.

⚠️ NoteThis is not investment advice.

$S92 (-0,47 %)

What is your opinion on the StaRUG?

Will the shareholders be expropriated when the cash runs out?

26.09.2024

Tilray: In the fast lane with HDD9 drinks + SMA Solar is cutting back - job cuts likely + SAP is being targeted by the US Department of Justice + 50,000 Wirecard shareholders can hope for a little cash + Delivery Hero rally continues - 12-month high

The US investment bank Jefferies has raised its rating for Tilray $TLRY (+0 %) to "Buy" with a price target of 2.50 dollars. Based on the current share price, this corresponds to a potential return of 48%. In his current study, analyst Kaumil Gajrawala highlighted the launch of a new range of beverages containing hemp-derived Delta-9-THC (HDD9). These products are expected to be available in key US markets from October 2024.

https://de.investing.com/news/stock-market-news/tilray-mit-hdd9drinks-auf-die-uberholspur--jefferies-sieht-49-potenzial-2715190

The weakening inverter manufacturer SMA Solar $S92 (-0,47 %) wants to make substantial savings due to the problems in the business with private and commercial solar systems and is also likely to cut jobs. The Managing Board intends to launch a restructuring and transformation program that is expected to result in cost savings of 150 to 200 million euros, as the SDax company announced late Wednesday evening in Niestetal, Hesse. The sales development in the Home Solutions and Commercial & Industrial Solutions segments continues to be significantly influenced by persistently high inventories at dealers and installers as well as a generally very challenging market environment, it said. The share price rose by two percent after the close of trading on the Tradegate trading platform compared to the Xetra close. "In order for SMA to remain an integral part of the global energy transition in the future, we must now position ourselves better and for the future," said CEO Jürgen Reinert according to the press release. He wants to use the cost-cutting program to stabilize the company financially in the short term and realign it on the market.

SAP $SAP (+0,09 %) was under pressure to sell following a report that the company in the USA, as well as the US IT reseller Carahsoft, had been targeted by the US Department of Justice. Since at least 2022, lawyers have been investigating whether the German software group had entered into possible price agreements with Carahsoft in order to obtain excessive prices from the US Army and other US authorities. This is according to court documents filed, reported the news agency Bloomberg. An SAP spokesperson did not want to comment on this when asked by Dow Jones Newswires.

Following a new decision by the Munich Higher Regional Court, a good 50,000 Wirecard $WDI -shareholders can hope for compensation in the insolvency proceedings for the time being. The fifth senate of the Higher Regional Court has decided that Wirecard shareholders can file their claims in the insolvency proceedings. The lawsuit against the insolvency administrator Michael Jaffé was brought by the asset management company Union Investment, which had purchased Wirecard shares for 33 of its clients between 2015 and 2020. First reported by the "Süddeutsche Zeitung". The case is not yet closed. It is a so-called "interim judgment"; the judges in the case did not decide on the grounds or the amount of the claims for damages filed by Union Investment.

The mood of optimism among investors in Delivery Hero $DHER (+0,03 %) continued on Wednesday. The shares continued their rapid recovery, which began at the beginning of August, with a 7.7 percent jump in price to EUR 34.53. This was the first time in more than a year that they had exceeded the EUR 34 mark. The old highs from November 2023 and April 2024 were recently close to this level, but the increase was recently put back into perspective to almost 5%. Recently, the prospect of an IPO of the rapidly growing Middle East and North Africa brand Talabat, among other things, has been arousing the imagination of investors, who have been used to a lot of grief since the record high from the coronavirus era. In January 2021, up to EUR 145 was paid when the pandemic lockdowns triggered hype around online services. In the spring of this year, the sell-off then ended at a level of just under EUR 15, from which there have only been temporary recovery rallies so far. In July and August, the shares came even closer to the low.

Thursday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

British American Tobacco 0.59 GBP

Philip Morris International 1.35 US

Quarterly figures / company dates USA / Asia

17:00 Intuit Investor Day

22:00 Costco Wholesale quarterly figures

Quarterly figures / Company dates Europe

07:00 KWS Saat detailed annual results + annual report

08:00 Verbio annual results and annual report | Hennes & Mauritz 9-month results

10:00 KWS Saat BI-PK

11:30 BASF Capital Markets Day, Day 1

14:00 Verbio Earnings-Call

Untimed: Thyssenkrupp: Supervisory Board meeting at Thyssenkrupp Steel

Economic data

• 08:00 DE: GfK consumer climate indicator September FORECAST: -21.3 points previously: -22.0 points
• 09:30 CH: Swiss National Bank (SNB), outcome of the Monetary Policy Council meeting
• 10:00 EU: ECB, M3 money supply and lending August M3 money supply FORECAST: +2.6% yoy previously: +2.3% yoy
• 14:30 US: New orders for durable goods August PROGNOSE: -3.0% yoy previous: +9.8% yoy
• 14:30 US: GDP (3rd release) 2Q annualized PROGNOSE: +3.0% yoy 2nd release: +3.0% yoy 1st quarter: +1.4% yoy GDP deflator PROGNOSE: +2.5% yoy 2nd release: +2.5% yoy 1st quarter: +3.1% yoy
• 14:30 US: Initial jobless claims (week) FORECAST: 223,000 Previous: 219,000

$S92 (-0,47 %)

Habeck has mercilessly shorted Germany

game over