On October 1, the model replaced 18 of its 30 positions. One month later, all six of the month’s top-performing stocks are new additions resulting from that very rebalancing. However, three of the six worst-performing stocks are as well. The Wikifolio ended October down 11.64 percent, its weakest month since its launch in March.

October was not a good month for tech stocks. Concerns about AI spending by the major cloud companies have resurfaced; the SOX semiconductor index lost 15.4 percent over the month, and the Nasdaq fell 5.3 percent. That was its weakest month since March 2025. Quarterly earnings reports came out last week. Seagate and Teradyne beat expectations but still saw their shares fall. On October 30, $INTC (+9,91 %) l issued a weak outlook for the fourth quarter and plummeted 28.6 percent in a single day. SanDisk $SNDK (+2,03 %) , Marvell $MRVL (+5,79 %) and $AMD (+9,62 %) also saw double-digit declines. In the meantime, on October 28, the Fed kept interest rates at 3.75 to 4.00 percent; two members would have preferred to raise them already.

For a portfolio that, after rebalancing, is invested nearly half in semiconductors and memory

, this was the worst possible month:

📊 Monthly performance: −11.64%

📊 Price as of October 30: €104.23

📊 Performance since inception (March 13): +4.2%

📊 Largest loss since inception: −18.6% (previously −14.6%)

📊 Next rebalancing: Early January 2027

Performance & Comparison 🚀

The Nasdaq fell, the broad indices held steady, and the DAX even gained ground. The model clearly lagged behind this time, falling more than twice as far behind as the Nasdaq.

Performance Comparison (September 30–October 30, 2026, end of day, all as euro-denominated ETFs):

Global Quant 6-Factor: −11.64%

NASDAQ 100: −5.27%

FTSE All-World: −0.52%

S&P 500: +0.25%

DAX: +2.43%

The Wikifolio is now 17.5% below its high of €126.30 on June 22.

Buys & Sales 💶

On October 1, the third rebalancing took place—the largest one yet. 18 stocks out, 18 in, 12 remained.

The model sold all nine banks: Bankinter $BKT (-0,31 %) , Swedbank $SWED A (-1,85 %) , UniCredit $UCG (+1,02 %) , CaixaBank $CABK (+0 %) , BBVA $BBVA (-1,01 %) , BPER $BPE (-2,1 %) , Monte dei Paschi $BMPS (+0,15 %) , Banca Mediolanum $BMED (-0,22 %) and HSBC $HSBA (+1,16 %) . Also, Interactive Brokers $IBKR (+5,35 %) , Antofagasta $ANTO (-0,55 %) , Coeur Mining $CDE (+6,83 %) , AppLovin $APP (+12,74 %) , Airtel Africa $AAF (-3,25 %) , Merlin Properties $MRL (+2,81 %) , Solaria $SLR (+4,29 %) , Investor AB $INVE B (-2,61 %) and Pershing Square $PS (+2,9 %) . All were ranked below 40th place. You can see the returns on each position since the purchase on the slides.

It bought six healthcare stocks (Eli Lilly $LLY (+0,03 %) , Bristol-Myers Squibb $BMY (-0,9 %) , Vertex $VRTX (+1,56 %) , Incyte $INCY (+2,14 %) , Illumina $ILMN (+6,24 %) , WuXi AppTec $603259 ) and five semiconductor companies (Seagate $STX (-0,72 %) , Marvell $MRVL (+5,79 %) , Applied Materials $AMAT (+5,41 %) , Teradyne $TER (+4,04 %) , KLA $KLAC (+7,52 %) ). Also included is Fortinet $FTNT (-2,36 %) , CF Industries $CF (+1,37 %) , Marathon Petroleum $MPC (+0,46 %) , APA $APA (+3,03 %) , Pop Mart, the Hong Kong Stock Exchange $HKXCY , and Lion Finance $BGEO (+2,32 %) . Applied Materials and KLA had been sold by the model in July; now they’re back in the portfolio.

After the reshuffle, twelve of the thirty positions were semiconductor and memory stocks, accounting for a combined 44.8% of the portfolio.

Top Movers in October 🟢

The sectors that gained were those unrelated to AI. APA topped the list with +28.95%. The oil company reported preliminary third-quarter results on October 7 and repurchased 10.5 million of its own shares. Eli Lilly rose +24.24%. Third-quarter revenue rose 39 percent to $24.4 billion, driven by Mounjaro and Zepbound, and Lilly raised its full-year revenue forecast to $91 billion to $92 billion.

Marathon Petroleum gained +14.06%, even though the stock fell 7.4% on October 27 along with other refiners. CF Industries rose by +8.54%, Vertex by +8.41%, and Bristol-Myers Squibb by +1.54%. All six have been in the portfolio since October 1.

October’s Worst Performers 🔴

This list consists almost entirely of chip stocks. SanDisk saw the biggest loss at −32.92%; on October 30 alone, it fell by 13.5%. Teradyne dropped −30.60%. The earnings report on October 28 beat expectations, as did the outlook, yet the stock still fell. Seagate (−29.13%) saw the same pattern following its earnings report on October 27. Lam Research fell −26.19%, Marvell by −24.61%. Comfort Systems lost −24.43%. It’s not a chip stock, but the company manufactures climate control and electrical systems for data centers and is thus tied to the same sector. On October 23, following the quarterly earnings report—which did not include a 2027 outlook—the stock dropped about 8 percent in a single day.

Teradyne, Seagate, and Marvell were added to the portfolio on October 1. SanDisk, Lam Research, and Comfort Systems $FIX (+5,85 %) were already in the portfolio and were still among the gainers in September.

What’s in the portfolio now 🔍

Stock prices have fallen. The companies’ financial results look different so far. Key metrics for the 30 positions, each showing the median value as of October 31:

P/E ratio: 24.6

Revenue growth: +21.2%

Earnings per share growth: +48.8%

Net margin: 39.0%

Return on equity: 39.4%

Debt-to-equity ratio: 0.2

With a P/E ratio of 24.6, this portfolio isn’t exactly cheap. However, revenue is growing by one-fifth per year, and debt plays virtually no role. The next earnings season will show whether these figures hold up.

Conclusion 💡

October showed what a 44.8% gain means in this sector. When the sector turns, the entire portfolio turns with it. The pharmaceutical and oil stocks added during the rebalancing performed well, but they couldn’t keep up with the chip stocks. A few weeks ago, I calculated a sector limit. At 20 percent, it reduced the maximum drawdown by 2.1 points, but I haven’t implemented it yet. I don’t tinker with the rules in the middle of a drawdown.

What I want to look into is the timing. Rebalancing always takes place just before earnings season, and this time the earnings reports came out right in the first few weeks after the purchase. I’ll run the numbers to see if this is a real disadvantage or if it just happened to look that way this time before I make any changes.

❓ Question for the community

How did October go for you? Did you also have chips in your portfolio, and did you buy more, sell, or just sit it out?

👇 Share your thoughts in the comments!

➡️ Every month, you’ll find the complete Wikifolio update here—even in bad months—along with research from the model.

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

$VZ (+0,32 %)
$P911 (+0,26 %)
$NOVN (+1,11 %)
$PYPL (+2,34 %)
$SOFI (+2,98 %)
$UPS (-1,59 %)
$GLW (+4,24 %)
$KO (+0,81 %)
$RCL (+2,5 %)
$NXPI (+3,47 %)
$V (+1,12 %)
$STX (-0,72 %)
$HOOD (+4,98 %)
$SKHY (+3,62 %)
$MBG (-2,52 %)
$DBK (-2,95 %)
$GEV (+1,64 %)
$TER (+4,04 %)
$ADYEN (+1,64 %)
$WM (-0,86 %)
$AIR (-0,6 %)
$GOOGL (+2,52 %)
$CMG (-1,04 %)
$FTNT (-2,36 %)
$NOW (+2,23 %)
$KLAC (+7,52 %)
$MSFT (+1,13 %)
$CVNA (+3,14 %)
$006400
$VOW3 (-2,3 %)
$BMY (-0,9 %)
$INCY (+2,14 %)
$CAT (+2,14 %)
$N1CL34
$MO (-1,53 %)
$MA (+0,17 %)
$AIXA (+5,86 %)
$LLY (+0,03 %)
$SBUX (+0,08 %)
$RDDT (+3 %)
$RBLX (+5,49 %)
$ILMN (+6,24 %)
$SNDK (+2,03 %)
$INTC (+9,91 %)
$MDLZ (+0,75 %)
$COIN (+0,26 %)
$AMZN (+1,98 %)
$TWLO (+1,24 %)
$PINS (-3,4 %)
$285A (+6,56 %)
$CL (-1,48 %)
$GD (-0,84 %)
$ABBV (+1,46 %)
$PUM (-0,47 %)
$CVX (+0,45 %)

In August, gold mines were the market's top performers. In September, they were the most expensive. Fresnillo
$FRES (+2,51 %) down 15 percent, Micron
$MU (+4,29 %) up 17. At the end of the month, the Wikifolio was up 1.03 percent, and one day later, I swapped out 18 of 30 positions.

September was all about interest rates and oil. Brent rose above $100 in the second week and, following a Saudi pipeline outage, briefly hit $110. U.S. inflation stood at 3.4 percent in August. On September 16, the Fed raised the benchmark interest rate by a quarter point to 3.75 to 4.00 percent, for the first time since July 2023. The 10-year U.S. yield subsequently climbed to 5.19 percent, a level last seen in 2007. This hardly bothered tech stocks. The Nasdaq hit a record high on September 21, and AMD has been worth one trillion dollars ever since. The situation was different in Europe. German inflation jumped to 3.3 percent, and the DAX lost about four percent over the month.

📊 Monthly performance: +1.03%

📊 Price as of September 30: €117.97

📊 Largest loss since inception: −14.6%

📊 Max performance: +18% (since March 13, 26)

Next rebalancing: Early January 2027

Performance & Comparison 🚀

The U.S. indices posted clear gains when calculated in euros, with the Nasdaq leading the way. The Wikifolio did not keep pace. It lagged behind the Nasdaq, S&P 500, and FTSE All-World, and outperformed only the DAX.

Performance Comparison (September 1–30, 2026, end of day):

Global Quant 6-Factor: +1.03%

NASDAQ 100: +4.18%

S&P 500: +2.90%

FTSE All-World: +1.95%

DAX: −4.07%

You can see what caused this in the two lists below. Tech stocks delivered, while mining stocks and a few individual stocks ate up a good chunk of those gains.

Purchases & Sales 💶

None in September itself. The model trades only on four dates per year, and the third was on October 1. What happened then is detailed in its own section below.

Top Movers in September 🟢

The month belonged to semiconductors and memory stocks. Midway through the month, Intel’s CEO said the company could currently only meet about half of the demand for processors. After that, the entire industry picked up steam. Micron
$MU (+4,29 %) topped the list with +16.91%, followed by SanDisk
$SNDK (+2,03 %) at +13.90% and TSMC
$2330 at +11.85%. Lam Research
$LRCX (+5,12 %) rose +11.12%, ASML
$ASML (+5,23 %) +10.06%. In between is Comfort Systems $FIX (+5,85 %) , a stock that has nothing to do with chips, up 10.47%. In August, Comfort Systems was still among the losers.

September’s Big Losers 🔴

Gold and silver declined in September, with silver falling much more sharply. Rising yields and a stronger dollar weighed on prices. Mining stocks followed suit. Fresnillo
$FRES (+2,51 %) lost −14.53%, Coeur Mining
$CDE (+6,83 %) −10.65%, and Endeavour Mining $EDV (+0,47 %) -7.50%. In August, all three were still on the other list with gains of over 25 percent. Merlin Properties fell −8.98%, Airtel Africa
$AAF (-3,25 %) down 7.76%, and Interactive Brokers
$IBKR (+5,35 %) fell by 6.79%.

Rebalancing on October 1 🔄

On October 1, the third rebalancing since the start took place. I swapped out 18 of 30 positions—more than ever before. In July, it was nine.

All nine banks are out: Bankinter
$BKT (-0,31 %) , CaixaBank
$CABK (+0 %) , BBVA
$BBVA (-0,88 %) , UniCredit
$UCG (+1,02 %) , BPER
$BPE (-2,1 %) , Monte dei Paschi $BMPS (+0,15 %) , Banca Mediolanum
$BMED (-0,22 %) , Swedbank$SWED A (-1,85 %) and HSBC
$HSBA (+1,16 %) . In addition, Interactive Brokers $IBKR (+5,35 %) , Antofagasta $ANTO (-0,55 %) , Coeur Mining
$CDE (+6,83 %) , AppLovin
$APP (+12,74 %) , Airtel Africa
$AAF (-3,25 %) , Merlin Properties and Solaria
$SLR (+4,29 %) . Investor AB
$INVE B (-2,61 %) and Pershing Square
$PSH (+0,44 %) are also no longer in the portfolio. So four of the six underperformers listed above are no longer in the portfolio.

Six stocks from the healthcare sector were added: Eli Lilly
$LLY (+0,03 %) , Bristol-Myers
Squibb
$BMY (-0,9 %) , Vertex $VRTX , Incyte
$INCY (+2,14 %) , Illumina
$ILMN (+6,24 %) and WuXi AppTec
$603259 . Five are from the semiconductor and storage sectors: Seagate
$STX (-0,72 %) , Marvell
$MRVL (+5,79 %) , Applied
Materials
$AMAT (+5,41 %), Teradyne
$TER (+4,04 %) and KLA
$KLAC (+7,52 %) . The rest is split among Fortinet
$FTNT (-2,36 %) , CF Industries
$CF (+1,37 %) , Marathon Petroleum
$MPC (+0,46 %) , APA
$APA (+3,03 %) , Pop Mart $9992 (-0,92 %) , Hong Kong Exchanges
$388 (+0,63 %) and Lion Finance
$BGEO (+2,32 %) .

Twelve remain: SanDisk, Micron, Western Digital, Nvidia, Lam Research, TSMC, ASML, Alphabet, Comfort Systems, Fresnillo, Endeavour and Newmont. All six of September’s top movers are included.

Two names stand out. Applied Materials and KLA I sold on July 1, up 92 and a gain of 90 percent. Now both are back in my portfolio. The model doesn’t remember what it has sold in the past. It only looks at where a stock stands in the ranking today.

Conclusion 💡

The portfolio looks different after October 1 than it did before. In September, about 41 percent was still in financial stocks; now there are two positions out of 30. Instead, 12 out of 30 are in semiconductors and memory, and six are in the healthcare sector. There’s no sector limit; the model sorts by score, not by industry. Trading won’t resume until early January.

How was your September? And did you hold onto your stocks after the pullback, or did you sell them? 👇

➡️ Every month, you’ll find the complete Wikifolio update here, along with research in between.

📈 Wikifolio $DE000LS9V052 (+2,31 %)

My dears,

As promised, another share that scored quality check 15 points in the quality check. And which scores 14 points in the growth check.

TraderFox has developed a quality check to find the best shares in the world that are suitable for long-term investing. A total of 15 different key figures are evaluated in the following areas:

- Growth and stability

- Profitability and profitability

- Price development and volatility

- Security and balance sheet

- Excessive valuation

Each share is compared with all other shares in order to react dynamically to changing markets. The quality check is designed to help investors reduce the risk of investments. At the same time, the selection offers excellent investment opportunities.

Despite the still not outstanding performance in the pharmaceutical sector, I have selected a stock from this sector for you today.

(Dear all, even if there are 15 points in the check, pharma and biotech stocks always have a slightly higher risk).

$EXEL (+1,98 %)

Exelixis is derived from Exelixi the Greek word for evolution - an apt name that reflects the company's growth from a functional genomics startup to a fully integrated biopharmaceutical company that has learned to adapt, survive and thrive.

Exelixis - Oncology specialist with strong pipeline, Positive Phase III clinical trial data on zanzalintinib opens up billion-dollar sales potential!

Business driver: The US company Exelixis (EXEL) specializes in the development of active ingredients and drugs in the field of oncology. With Cabometyx, Exelixis has a blockbuster drug in this high-margin segment that has already been approved for various indications (including renal cell carcinoma, hepatocellular carcinoma and medullary thyroid cancer), including advanced renal cell carcinoma (RCC), hepatocellular carcinoma (HCC) and medullary thyroid cancer (MTC). Cabometyx acts as a tyrosine kinase inhibitor.

Exelixis advances cancer research with successful active ingredients

Exelixis, Inc. (ISIN: US30161Q1040) is a biopharmaceutical company that develops cancer drugs. Its goal is to discover innovative therapies for various types of cancer using advanced drug development technologies. The company was founded in 1994 and has been listed on the NASDAQ since 2000.

In recent months, the Exelixis share price has risen significantly after the cancer drug Cabometyx was approved by the FDA in March 2025. On 20.06.2025, it was also announced that approval by the EMA would follow this year, which would further increase the sales market for the new cancer drug.

Exelixis published its results for Q1 2025 on 13.05.2025. Revenue increased by 31% to USD 555.4 million, exceeding expectations. At USD 0.62, earnings per share also significantly exceeded the previous year's result (USD 0.17) and analysts' estimates (USD 0.36). Following the strong results, the company also raised its annual sales forecast by USD 100 million to up to USD 2.35 billion.

In addition, positive results from the phase 3 approval trial with the active ingredient zanzalintinib caused euphoria among investors on June 22, 2025. Analysts subsequently raised their price targets further. The share also scored an outstanding 15/15 in the TraderFox growth check and is close to its all-time high of USD 50.50 from the year 2000. The share offers an interesting starting point for both risk-taking investors and traders.

Conclusion

Exelixis is a leading biotechnology company that focuses on the development of innovative cancer drugs. With the aim of fundamentally changing the treatment of cancer, the company is working on the further development of Cabometyx and the novel drug zanzalintinib. The company is now growing profitably and at the same time offers potential thanks to promising phase 3 candidates. A breakout to a new all-time high would trigger a buy signal.

Exelixis, Inc. is an oncology company. The company is at the forefront of developing drugs and combination products for the treatment of cancer. It has four marketed pharmaceutical products, two of which are formulations of its flagship molecule, cabozantinib. Cabozantinib is an inhibitor of multiple tyrosine kinases, including MET, AXL, VEGF receptors and RET, and has been commercialized as CABOMETYX tablets for advanced renal cell carcinoma (RCC), pretreated hepatocellular carcinoma (HCC) and pretreated, differentiated thyroid carcinoma (DTC) refractory to radioactive iodine (RAI) and COMETRIQ capsules for progressive, metastatic medullary thyroid carcinoma (MTC). The company's two other products are COTELLIC, a MEK inhibitor approved as part of several combination treatments for the treatment of certain forms of advanced melanoma, and MINNEBRO, an oral, non-steroidal, selective blocker of the mineralocorticoid receptor (MR) approved for the treatment of hypertension.

Number of employees: 1,147

Dear all, please share your opinions in the comments.

Clinical trials & pipeline

Small molecule drug discovery: past successes inspire future potential

Our small molecule legacy began with the discovery of our franchise molecule, cabozantinib, which has been successfully commercialized in multiple cancer indications and countries. We complement our small molecule discovery activities with research collaborations and licensing agreements with other small molecule discovery companies.

Cabozantinib | Zanzalintinib | XL309

Biotherapeutics: A new dimension to our pipeline

Much of our drug discovery activity is focused on the discovery and development of various biotherapeutics that have the potential to become anti-cancer therapies, such as bispecific antibodies, ADCs and other innovative treatments. Several biotherapeutic product candidates have entered clinical trials.

ADU-1805* | XB010 | XB628 | XB371 | XB064 | XB773

USD estimates

Year Sales Change

2024 2.169 18,49 %

2025 2.335 7,66 %

2026 2.614 11,96 %

2027 3.004 14,91 %

Year EBIT change

2024 604,6 253,82 %

2025 837,1 38,45 %

2026 959,8 14,66 %

2027 1.223 27,41 %

Year Net result Change

2024 521,3 150,89 %

2025 716,1 37,37 %

2026 775,7 8,33 %

2027 1.034,0 33,3 %

Year Net debt CAPEX

2024 -1.111 28,44

2025 -580 26.45

2026 -1.104 32.20

2027 -2.107 33,13

Year Free cash flow Change

2024 671,5 129,31 %

2025 655,9 -2,32 %

2026 803,7 22,53 %

2027 1.013,0 26,1 %

Year EBIT Margin ROE

2024 27,88 % 23,13 %

2025 35,85 % 28,29 %

2026 36,72 % 23,95 %

2027 40,71 % 24,28 %

Year Earnings per share Change

2024 1,76 170,77 %

2025 2,548 44,75 %

2026 2,972 16,67 %

2027 3,922 31,96 %

Number of shares (in thousands) 269,203

Market value11,732

Year P/E ratio PEG

2024 18.9x 0x

2025 17.1x 0.4x

2026 14.7x 0.9x

2027 11.1x 0.3x

Date of publication 11.02.25

What was the performance of the Exelixis share?

2025 +31,62 %

2024 +38,81 %

2023 +49,56 %

Moderna Inc.
$MRNA (+9,49 %)

CRISPR Therapeutics AG
$CRSP (+3,12 %)

Incyte Corp.
$INCY (+2,14 %)

Guardant Health Inc.
$GH (-0,67 %)

Exelixis Inc.
$EXEL (+1,98 %)

Legend Biotech Corp. (ADRs)
$LEGN (+5,82 %)

THANKS FOR READING!

Hot takeover rumors about Incyte - fresh speculation is driving. $INCY (+2,14 %)

Incyte. The name of the US biotech company based in Wilmington (Delaware) has repeatedly been mentioned in connection with takeover speculation in the industry. On Wednesday, the rumors surrounding the company were given new impetus. The Swiss pharmaceutical giant Novartis is said to be among the interested parties.

As the Swiss business newspaper Finanz und Wirtschaft (FuW) reported, Incyte had granted power of attorney to five lawyers in Germany in September, further fueling the speculation. The paper has heard that Novartis may also be interested in Incyte.

The biopharmaceutical giants Gilead and Merck & Co have also been mentioned in connection with a potential interest in Incyte. The potential acquisition target currently has a market capitalization of over 14 billion dollars and has already led to the approval of several products, primarily in the fields of haematology and oncology. These include the cancer drug Monjuvi, which Incyte developed together with the German biotech company Morphosys. And here we have come full circle: Novartis again swallowed Morphosys this year. However, the Swiss pharmaceutical giant recently had to make a massive write-down on the acquisition

Following the renewed takeover speculation, Incyte shares have gained almost three percent in value. Novartis shares, on the other hand, are at the bottom of the SMI, Switzerland's most important share index, with a drop of around three percent.

If the takeover rumors are confirmed, Incyte's share price could continue to rise. The biotech stock has already built up some strength in recent weeks.

https://www.deraktionaer.de/artikel/pharma-biotech/heisse-uebernahmegeruechte-um-incyte-frische-spekulationen-treiben-an-20371196.html

Hello my dears,

I came across the company in an analysis based on Buffet`s Alpha $INCY (+2,14 %) company.

I noticed the enormous increase in the margin starting next year, which will lead to a profit growth of 356% and a reduction in the P/E ratio.

Here is my question: Are you from the community here aware of anything that leads to this?

(New drugs etc.)

The company currently has 25 drugs in the pipeline, some of which are already in Phase II trials.

https://www.businesswire.com/news/home/20240914790655/de/?feedref=JjAwJuNHiystnCoBq_hl-fqAEv9pSZdGqAJdw4Iq7e9U4rmZA-nBjgeWBHud0QIeWJT50v2g3Ei-19qH0fyPszGrim8IhAkVNXbaI1AGppOzkqEXpa07kut2m9xviGvGa_1ODKU0VK5ZMo7hwGX8wg==

Business model and segments

Incyte's business model is easy to understand. The company conducts research in the fields of myeloproliferative neoplasms (MPNs), graft-versus-host disease (GVHD), hematology, oncology and dermatology as well as other inflammatory and autoimmune diseases. Since its foundation in 2002, Incyte has succeeded in obtaining marketing authorization for seven drugs. These include Jakafi, which is used to treat chronic blood cancer.

Another important drug from Incyte is Opzelura. This is available on prescription and is used on the skin for the short-term and non-continuous treatment of mild to moderate eczema. The market share of Opzelura in new patients who do not respond to steroid treatment is over 12%. Pemazyre is a drug for the treatment of cancer of the biliary tract.

The company is active worldwide. At 72%, the majority of sales are currently generated in the USA. Total sales amounted to USD 2.96 billion in 2021. The largest turnover is generated with Jakafi. While this amounted to USD 1.938 billion in 2020, it soared to USD 2.13 billion in 2021. License revenue for Jakavi, Olumiant and Tabrecta amounted to USD 569 million in 2021.

03.07.2024 +++ Tesla no longer growing so strongly +++ Moderna to develop new vaccine +++ Eli Lilly receives approval for Alzheimer's drug +++ Purchasing Managers' Index in DE, IT, FR and UK today +++

$TSLA (+6,12 %) Tesla's vehicle sales fell again in the second quarter in the face of increasing competition. The company reported sales of 443,956 vehicles worldwide, a decrease of 4.8 percent compared to the same quarter last year. According to Factset, analysts had expected Tesla to deliver only 436,000 units. The US company is no longer growing as fast as in previous years, which underlines the challenges facing the entire industry. Other carmakers have launched dozens of new electric models, but demand has fallen short of initial expectations - despite falling prices and a series of low-interest and leasing offers. CEO Elon Musk is facing his biggest test in years. The Tesla founder wants to spend more money on developing new and more affordable models, while also investing in costly new technologies amid a slowing market for electric cars.

The pharmaceutical manufacturer Moderna $MRNA (+9,49 %) is to develop an mRNA-based vaccine against avian flu for humans. The company has announced that it has been awarded 176 million US dollars by the government. The contract follows an unprecedented outbreak of avian flu in US livestock. So far, 137 dairy herds in a dozen states are known to be infected. Only three known cases of human infection with the H5N1 virus have been reported in the US since the outbreak. However, the authorities are monitoring the situation very closely. Scientists fear a potential pandemic threat. The US government, in collaboration with GSK, Sanofi and CSL Sequirus, has developed its own vaccines that could be used in the event of an H5N1 outbreak. However, production capacity is limited. Moderna is developing a pandemic influenza vaccine candidate called mRNA-1018 and began trials last year. Initial results are expected this year.

Eli Lilly $LLY (+0,03 %) has received US approval for its Alzheimer's drug Kisunla, which will accelerate change in the treatment of this dementia. Kisunla is administered monthly and costs about $12,522 for six months of treatment, $32,000 for 12 months and $48,696 for 18 months. Some patients diagnosed with the disease have taken a pill to alleviate their symptoms. Others ended up in institutions that took care of them once they could no longer look after themselves. With the launch of drugs like Eli Lilly's Kisunla, Alzheimer's treatment promises to slow cognitive decline, albeit modestly.

More company news:

The shares of Tesla $TSLA (+6,12 %) fell 1.6% after sales of electric vehicles manufactured in China fell 24.2% year-on-year in June, data from the China Passenger Car Association showed on Tuesday.

Paramount Global $PARA (-0,14 %) shares rose 3.1% after the New York Times reported that billionaire Barry Diller is considering a takeover bid for the company after the studio he used to run backed out of a merger with Skydance Media.

The shares of Boeing $BA (+2,1 %) fell 0.4% after the Associated Press reported that the U.S. Justice Department is waiting for the planemaker to accept an agreement to settle fraud allegations related to two fatal crashes of its 737 Max planes.

The shares of Carnival $CCL fell 1.1% and Norwegian Cruise Line (NYSE:NCLH) shares fell 1.2% as Hurricane Beryl made its way through the Caribbean, potentially impacting cruise operations.

Shares of Polestar $PSNY fell 5% after the electric vehicle maker announced a first-quarter operating loss, adding that it will have to take steps to offset steep EU and U.S. import tariffs on its Chinese-made electric cars.

The shares of Pure Storage $PSTG (+4,97 %) fell 5% after UBS downgraded the company, which develops all-flash data storage hardware and software products, to "sell" from "neutral," citing concerns about slowing growth, declining market share and an overvalued share price.

CrowdStrike $CRWD (+0,15 %) fell 2.5% after Piper Sandler downgraded its stance on the cybersecurity company to "neutral" from "overweight", citing valuation concerns.

Incyte $INCY (+2,14 %) fell 3.1% after BMO Capital Markets downgraded the drugmaker to "underperform" from "market perform", citing concerns that revenue from its key eczema cream Opzelura was likely to be "challenged".

Wednesday: Stock market dates, economic data, quarterly figures

Shortened trading hours US bond market (until 8 pm), US stock market (until 7 pm)

ex-dividend of individual stocks

Bank of Nova Scotia CAD 1.06

Quarterly figures / company dates Europe

07:00 Grenke new business 2Q

10:00 Voestalpine AGM

11:00 Krones AG Capital Markets Day

Economic data

• 09:45 IT: Purchasing Managers' Index/PMI non-manufacturing June FORECAST: 53.7 previous: 54.2
• 09:50 FR: Purchasing Managers' Index/PMI non-manufacturing (2nd release) June PROGNOSIS: 48.8 1st release: 48.8 previous: 49.3 Total Purchasing Managers' Index (2nd release) FORECAST: 48.2 1st release: 48.2 previous: 48.9
• 09:55 DE: Purchasing Managers' Index/PMI non-manufacturing (2nd release) June PROGNOSE: 53.5 1st release: 53.5 previous: 54.2 Total Purchasing Managers' Index (2nd release) PROGNOSE: 50.6 1st release: 50.6 previous: 52.4
• 10:00 EU: Purchasing Managers' Index/PMI non-manufacturing euro area (2nd release) June PROGNOSE: 52.6 1st release: 52.6 previous: 53.2 Total Purchasing Managers' Index (2nd release) PROGNOSE: 50.8 1st release: 50.8 previous: 52.2
• 10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (2nd release) June FORECAST: 51.2 1st release: 51.2 previous: 52.9
• 11:00 EU: Producer Prices May Eurozone Forecast: +0.1% yoy/-4.0% yoy Previous: -1.0% yoy/-5.7% yoy
• 14:15 US: ADP Labor Market Report June Private Sector Employment PROGNOSIS: +160,000 jobs previously: +152,000 jobs
• 14:30 US: Initial Jobless Claims (week) FORECAST: 233,000 Previous: 233,000
• 14:30 US: Trade Balance May FORECAST: -76.30 bn USD previously: -74.56 bn USD
• 15:45 US: Purchasing Managers' Index/PMI Services (2nd release) June Forecast: 55.1 1st release: 55.1 Previous: 54.8
• 16:00 US: Industrial New Orders May PROGNOSE: +0.3% yoy previous: +0.7% yoy
• 16:00 US: ISM Non-Manufacturing Index June FORECAST: 52.8 points previous: 53.8 points
• 16:30 US: EIA oil report (week)
• 19:00 US: US stock market closes (shortened trading session)
• 20:00 US: Minutes of the FOMC meeting June 11/12
• 20:00 US: US bond market closes (abbreviated trading)