22.10.2024

SAP's quarterly figures are better than expected + SHARES IN THE FOCUS: Fresenius and FMC higher - Confidence ahead of quarterly figures + Jefferies lowers Basler to 'Hold' - Target almost halved to 7 euros +

SAP $SAP (-0,03%) unexpectedly increases adjusted pre-tax profit in the third quarter by 27% to 2.24 billion euros and raises its forecast for the year. The SAP share rises by 4% in after-hours trading.

Investors in Fresenius $FRE (-0,84%) and Fresenius Medical Care $FME (-0,96%) seem to be gaining confidence ahead of the quarterly figures due at the beginning of November. In the early afternoon, Fresenius shares, which are listed in the Dax, were the best index stock, gaining 1.4 percent in an attempt to shake off the somewhat weaker trend since mid-September. Fresenius holding FMC rose by 2.1 percent in the MDax, but the shares remained just below their interim high from the beginning of October. Above that, they would cost as much as they last did in mid-June. The third quarter is usually the weakest for the medical group Fresenius, but the management should spread optimism, wrote Berenberg analyst Victoria Lambert. As recently as mid-October, the company was confident of achieving the upper end of the targeted range for the operating result (EBIT) for the full year. According to the expert, the growth in treatment figures at dialysis provider FMC should finally have turned positive in the third quarter and offset the effects of the mortality rate.

The analyst firm Jefferies has Basler $BSL (-0,65%) from "buy" to "hold" after the figures and almost halved its target price from 13.50 to 7 euros. The machine vision specialist surprised with a comparatively significant weakening of the order situation, wrote analyst Martin Comtesse in a study published on Tuesday. This was preceded by three quarters of improvements. A profit warning, restructuring and management changes were the consequences of the third quarter.

Tuesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Dell USD 0.45

Quarterly figures / company dates USA / Asia

12:30 3M | GE Aerospace, | General Motors | RTX quarterly figures

13:00 Philip Morris | Verizon Communications quarterly figures

13:30 Lockheed Martin quarterly figures

22:00 Texas Instruments quarterly figures

Untimed: Paccar quarterly figures

Quarterly figures / Company dates Europe

03:00 Logitech quarterly figures

14:0 Logitech Call

18:00 Flatexdegiro | Vivendi quarterly figures | LOreal SA, sales 3Q

19:00 Deutsche Börse quarterly figures

Untimed: Givaudan SA: Start of Investor Day (until 23.10.) | Randstad quarterly figures | Tecan: Capital Markets Day

Economic data

11:00 EU: Public finances (2nd publication) 2023 | Government debt 2Q

11:00 DE: German Savings Banks and Giro Association (DSGV), Pk on the Wealth Barometer 2024

14:30 US: Philadelphia Fed services index 10/24

15:00 USInternational Monetary Fund (IMF), World Economic Outlook

15:15 US: Governing Council member Nagel, speech at Harvard University

16:00 US: Richmond Fed manufacturing index 10/24

16:00 US: ECB President Lagarde, interview with Bloomberg TV

16:30 US: US Treasury Secretary Yellen, press conference at the start of the IMF and World Bank Annual Meetings

17:00 US: ECB Chief Economist Lane, interview at New York Fed central banking seminar