27.09.2024

Micron with strong share price gains after figures + Ceconomy share price jumps after buy vote + Commerzbank courted + Evotec and Mutares with news

Micron $MU (+2,58%) reported brisk demand for chips for AI applications and forecast higher profits for the current quarter than the market had expected. "In times of real growth fears, positive company assessments of future profits are welcome news and can easily push share prices higher," says Jan von Gerich, chief analyst at Nordea. The shares of other chip manufacturers are also recording price gains. Nvidia and AMD are up 1.9 percent each. Broadcom gained 1.5 percent and Intel 2.6 percent. Some tailwind is also likely to come from Asia. Following the latest economic stimulus measures by the Chinese central bank, further support measures for the weakening economy of the second-largest national economy are to come from the Chinese government. This caused prices to rise sharply on the stock exchanges in China.

Following a new buy recommendation Ceconomy $CEC (-2,46%) jumped in price on Thursday. With a recent gain of 14.3 percent to 3.24 euros, the electronics retailer secured first place in the small cap index SDax - ahead of the biofuel producer Verbio . Ceconomy shares have now also broken above the 100-day moving average, which is an indicator of the medium to long-term trend. They had already broken above the other trend lines days ago in view of the recent gains. The share price correction since June, when the shares reached their highest level since spring 2022 at EUR 3.39, has thus been virtually ironed out. Since the beginning of the year, the shares have gained a whopping 31%, which also puts them at the top of the index for this period.

For the shares of Commerzbank $CBK (-1,64%) went up by 6.9 percent. There were two reasons for this. Firstly, it intends to increase its return on equity more than previously planned in the coming years. The return on equity is set to rise to over 12 percent in 2027. Previously, the bank had forecast more than 11 percent. It also wants to distribute more money to its shareholders. In addition, a first meeting between the Frankfurt-based bank and Unicredit will take place tomorrow following the latter's share purchase. It is possible that a second acquirer will enter the ring, in which case things could get expensive.

Evotec $EVT (+1,24%) rose by 3.5 percent with the announcement of a technology partnership with the pharmaceutical giant Novo Nordisk. Also in the SDAX Mutares $MUX (-2,14%) fell by a further 14 percent. In trading, reference was made to a report by short-seller Gotham City Research. The report mentions inconsistencies in Mutares' balance sheet. According to the report, Gotham City has built up a position together with partners that is betting on a falling Mutares share price. The share price recovered significantly in the afternoon after Mutares rejected the allegations made by the short seller as misleading.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

British American Tobacco USD 0.74

Quarterly figures / company dates Europe

08:30 BASF Capital Market Day Day 2

08:30 Baywa quarterly figures + analyst conference

10:30 Baywa PK

11:00 Borussia Dortmund detailed annual results

Untimed: Commerzbank first meeting with Unicredit SpA after share purchase | Vossloh Capital Markets Day - Innotrans

Economic data

• 08:45 FR: Private consumption August FORECAST: n/a previous: +0.3% yoy/-0.6% yoy
• 08:45 FR: Consumer prices (preliminary) September FORECAST: N/A yoy/+1.6% yoy Previous: +0.5% yoy/+1.8% yoy HICP FORECAST: N/A yoy/+1.9% yoy Previous: +0.6% yoy/+2.2% yoy
• 09:00 ES: HICP and consumer prices (preliminary) September HICP FORECAST: +2.0% yoy previously: +2.4% yoy
• 09:55 DE: Labor market data September seasonally adjusted unemployment rate PROGNOSE: +15,000 yoy previously: +2,000 yoy Unemployment rate seasonally adjusted PROGNOSE: 6.0% previously: 6.0%
• 11:00 EU: Economic Sentiment Index September Eurozone Economic Sentiment Forecast: 96.5 Previous: 96.6 Industrial confidence Eurozone Forecast: -10.3 Previous: -9.7 Consumer confidence Eurozone Forecast: n.a. flash estimate: -12.9 previous: -13.5 | Eurozone Business Climate Index September
• 14:30 US: Personal Spending and Income August Personal Spending PROGNOSE: +0.3% yoy previous: +0.5% yoy Personal Income PROGNOSE: +0.4% yoy previous: +0.3% yoy PCE Price Index / Core Rate PROGNOSE: +0.2% yoy/+2.7% yoy previous: +0.2% yoy/+2.6% yoy
• 16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) September FORECAST: 69.3 1st survey: 69.0 previous: 68.4