08.07.2024 +++ Nike cuts costs +++ Boeing fined heavily +++ Tesla with high legal costs +++ Falling oil price depresses EXXON Mobile +++ Delivery Hero makes higher provision +++ Paramount merges +++ German imports worse than expected +++ (Update 3:10 pm)
From 2027 onwards Nike $NKE (+0,59%) the German national soccer teams. But the 100 million deal seems to be an act of desperation. Nike boss John Donahoe urgently needs a success. And snatching away its most important symbol from rival Adidas in its home market after almost 80 years is a success. However, it was one that immediately fizzled out. Donahoe's deal not only caused astonishment among experts, but also head-shaking in his own ranks. Because while the boss is throwing millions at the DFB, he is implementing a rigid cost-cutting program at Nike. Costs are to be reduced by two billion US dollars and around 1700 jobs are to be cut, 740 of them at the company headquarters in Beaverton, Oregon. Because business is going worse than ever. (Süddeutsche Zeitung)
The Boeing share $BA (+0,9%) rose by 0.7 % after the aircraft manufacturer agreed to pay a fine of USD 243.6 million as part of the US Department of Justice's investigation into two fatal 737 MAX crashes.
The Tesla share $TSLA (+0,56%)fell 1% after hitting its highest level this year on Friday, while the electric vehicle maker's shareholders will argue in court on Monday that an unprecedented demand for more than $7 billion in legal fees that the company is ordered to pay is "preposterous".
The shares of Exxon Mobil $XOM (+0,46%) fell 1.2% on Monday as crude oil prices declined. This overshadowed the oil major's statement that changes in oil prices would boost the company's second-quarter upstream earnings by $300 million to $700 million compared with the first quarter.
DELIVERY HERO $DHER (+0,25%) reports bad news on Sunday evening. The delivery service had to announce that it would have to significantly increase its provisions for anti-competitive agreements. Delivery Hero had previously set aside EUR 186 million for this purpose. Now it could even be more than EUR 400 million
Paramount Global $PARA (-0,04%) merges with Skydance Media - a complicated transaction that ends the Redstone family's involvement in the Hollywood company. Shari Redstone sells her family's majority stake in Paramount Global and merges the entertainment giant with Skydance Media. This ends the almost four decades of power she and her father held in the entertainment industry. Skydance and its investors have agreed to spend more than 8 billion dollars to acquire National Amusements, the family business that controls Paramount, and invest in the new version of the company. The deal provides the struggling entertainment giant with a cash injection at a time when the traditional media landscape is in decline
In the midst of the trade dispute with China, German exports slumped in May. Exports fell both to EU countries and to so-called third countries. Overall, exporters sold 3.6 percent less abroad than in the previous month, adjusted for calendar and seasonal effects, according to the Federal Statistical Office (Destatis). Economists surveyed by Dow Jones Newswires had expected a drop of 3.0 percent. Compared to the same month last year, exports were 1.6 percent lower. Imports fell by 6.6 percent in May compared to the previous month. The economists surveyed had predicted a drop of 2.0%. For the year as a whole, the decline amounted to 8.7 percent. In total, calendar and seasonally adjusted goods worth 131.6 billion euros were exported from Germany and goods worth 106.7 billion euros were imported into Germany in May.
Monday: Stock market dates, economic data, quarterly figures
ex-dividend of individual stocks
Defama Deutsche Fachmarkt EUR 0.57
Hornbach Holding EUR 2.40
Masterflex EUR 0.25
Quarterly figures / company dates Europe
18:00 Repsol Trading Statement 2Q
Economic data
- 08:00 DE: Trade Balance May Trade Balance calendar and seasonally adjusted FORECAST: +19.5 billion euros previously: +22.1 billion euros Exports FORECAST: -3.0% yoy previously: +1.6% yoy Imports FORECAST: -2.0% yoy previously: +2.0% yoy
- 10:30 DE: Sentix Economic Index Germany and Eurozone July
- 21:00 US: Consumer Credit 5/24
