Merck backtracks on annual forecast + Deutsche Telekom increases profits significantly + Siemens grows strongly + Mediamarkt parent Ceconomy improves profitability + RWE records losses as expected

Merck $MRK (+1,44%)rows back with annual forecast

• The pharmaceutical and technology group Merck KGaA is lowering its targets for the year due to the recent strong exchange rate fluctuations, for example in the US dollar.
• In addition, the slight adjustment of the forecast in the laboratory business also reflects the "current uncertainties with regard to customs duties", the DAX-listed company announced in Darmstadt on Thursday.
• Nevertheless, Merck remains confident of achieving sustainable growth.
• Management now expects sales for the year as a whole to be in the range of EUR 20.9 to 22.4 billion, compared to the previous forecast of EUR 21.5 to 22.9 billion.
• Earnings before interest, taxes, depreciation and amortization adjusted for special items (adjusted EBITDA) are now expected to come in at 5.8 to 6.4 billion dollars in 2025 instead of the previously targeted 6.1 to 6.6 billion dollars.
• Meanwhile, Merck continued its recovery from a post-corona dip at the start of the year.
• Sales climbed by around three percent year-on-year to 5.28 billion euros, with the Group benefiting from the recovery in the pharmaceutical manufacturing business, particularly in the laboratory sector.
• However, semiconductor materials for AI applications also remained in demand.
• The operating result (adjusted EBITDA) rose by almost six percent to EUR 1.54 billion and exceeded analysts' average expectations.
• Merck earned 738 million euros after taxes, compared to 699 million euros a year earlier.

Deutsche Telekom $DTE (+2,53%)increases profit significantly

• Deutsche Telekom continued to benefit from the growth of its US subsidiary in the first quarter and slightly raised its profit outlook for the year as a whole.
• Thanks in part to the even stronger dollar in the first quarter, the DAX-listed company's revenue increased by 6.5 percent to 29.8 billion euros, as the Bonn-based company announced on Thursday.
• Increasing service revenues in German mobile communications also contributed to this.
• The operating result adjusted for special items (EBITDA AL) rose by 7.9 percent to just under 11.3 billion euros.
• Below the line, special effects in particular led to a significant increase in profit of 43.5 percent to 2.8 billion euros.
• Based on constant exchange rates from the previous year, Deutsche Telekom CEO Tim Höttges now expects an operating result of around 45.0 billion euros and a free cash flow AL of around 20.0 billion euros.
• This is 100 million euros more than before. The reason for this is that the US subsidiary had already slightly increased its forecast due to acquisitions.

Siemens $SIE (-0,34%)grows strongly

• The technology group Siemens grew strongly in the second quarter and performed better than expected.
• The company benefited from robust business in the field of intelligent infrastructure, the Mobility train division and the medical technology subsidiary Healthineers.
• Turnover rose by seven percent to just under 19.8 billion euros at the end of March, as the company announced in Munich on Thursday. Adjusted for currency and portfolio effects, the increase was six percent.
• The result of the industrial business increased by almost 30 percent to 3.24 billion euros.
• Siemens also benefited from the sale of non-core activities at Smart Infrastrucure.
• Order intake grew significantly by ten percent to 21.6 billion euros.
• The Train Division and Siemens Healthineers recorded significantly more new business.
• Incoming orders in the Digitalization division were at the previous year's level.
• There were rays of hope in the automation business, which has been weakening for some time: Siemens recorded significant growth there again thanks to higher demand from China.
• According to Siemens, the excess inventory in the region, which had been persisting for several quarters, was coming to an end.
• In contrast, automation orders in Germany had declined considerably.
• The figures were significantly better than analysts had expected.
• Siemens confirmed its forecast for the current fiscal year.
• The recently completed takeover of the US software group Altair is still not included.

Mediamarkt parent company Ceconomy $CEC (-4,71%)improves profitability

• The Mediamarkt and Saturn parent company Ceconomy has further improved its profitability.
• Adjusted earnings before interest and taxes (EBIT) doubled to ten million euros in the traditionally weaker second quarter, as the retail group announced in Düsseldorf on Thursday.
• "For the ninth time in a row, we are growing sustainably and improving our profitability - proof that our strategy is successful and is being implemented consistently," said interim CEO Kai-Ulrich Deissner.
• The former CFO has taken over the position from Carsten Wildberger, who has moved into politics and is now in charge of the Digital Ministry in the new German government.
• According to the company, it is on course to achieve its medium-term targets.
• "We are focusing on strict cost discipline and adapting quickly to market changes," commented interim CFO Remko Rijnders.
• Turnover fell from 5.3 to 5.2 billion euros in the three months to the end of March.
• Analysts had expected an increase. Adjusted for currency and portfolio effects, Ceconomy achieved growth of 1.3 percent.
• Ceconomy's realignment from a traditional retailer to an omnichannel platform is reportedly progressing.
• Adjusted for currency and portfolio effects, online sales increased by 7.4 percent to just under 1.3 billion euros, accounting for a quarter of total sales.
• Ceconomy confirmed its forecast for 2024/25.

RWE $RWE (+0,39%)records losses as expected

• As expected, the energy group RWE suffered a decline in operating profit at the start of the year.
• Among other things, the DAX-listed company recorded a rather weak start to the year in energy trading.
• Furthermore, weak wind conditions in Europe led to lower wind power production at sea and on land and thus to a drop in earnings, RWE announced in Essen on Thursday.
• The Executive Board confirmed its forecast for the year and operating earnings before interest, taxes, depreciation and amortization (ber EBITDA) fell by 23.5 percent to 1.3 billion euros in the first quarter.
• Adjusted for special effects, net profit even fell by almost 38 percent to just under half a billion euros.
• The results were thus roughly in line with the analysts' estimates made by the company in advance.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• BMW € 4.30
• Microsoft Corp $0.83
• Unilever PLC £ 0.39
• Shell PLC $ 0.36
• BP PLC £ 0.06
• Exxon Mobil Corp $ 0.99
• GSK PLC £ 0.16

• Quarterly figures / company dates USA / Asia
• 13:00 Walmart quarterly figures
• 13:30 Alibaba Group quarterly figures
• 14:00 Blackrock | Morgan Stanley AGM
• 22:30 AT&T AGM
• No time specified: Applied Materials | Deere & Co Quarterly figures

• Quarterly figures / Company dates Europe
• 07:00 TAG Immobilien | Allianz | Ceconomy | Deutsche Telekom | Merck KGaA
• 07:00 RWE | Siemens quarterly figures
• 07:00 Thyssenkrupp | Aareal Bank | Grenke | Schott Pharma | Südzucker
• 07:00 Thyssenkrupp Nucera quarterly figures
• 07:30 Prosiebensat1 | Talanx | Dermapharm | Douglas | Port of Hamburg
• 07:30 MLP quarterly figures
• 07:50 Engie | Energiekontor quarterly figures
• 08:00 RTL Group | Wüstenrot & Württembergische | Villeroy & Boch | Jost Werke
• 08:00 National Grid quarterly figures | Siemens PK
• 09:00 Thyssenkrupp PK | Ceconomy Analyst Conference
• 09:30 Merck KGaA PK | Siemens Analyst Conference
• 10:00 Aixtron | Commerzbank | Eon | Heidelberg Materials | Hugo Boss
• 10:00 Elmos Semiconductor | Redcare Pharmacy | Just Eat Takeaway AGM
• 10:00 Deutsche Telekom | RWE PK
• 11:00 Borussia Dortmund Quarterly Figures | United Internet AGM | Allianz PK
• 11:00 Thyssenkrupp Analyst Conference
• 11:30 Grenke PK
• 13:00 RWE Analyst Conference
• 14:00 Allianz | Merck KGaA Analyst Conference

• Economic data

08:00 DE: Wholesale prices April

08:00 UK: GDP (1st release) | GDP March | Trade Balance March | Industrial Production March

08:45 FR: Consumer prices April

09:00 FR: ECB Director Cipollone, speech at French payments forum

11:00 EU: GDP (2nd release) 1Q Eurozone FORECAST: +0.4% yoy/+1.2% yoy 1st release: +0.4% yoy/+1.2% yoy 4th quarter: +0.2% yoy/+1.2% yoy

11:00 EU: Industrial Production March Eurozone FORECAST: +1.1% yoy/+2.1% yoy Previous: +1.1% yoy/+1.2% yoy

14:30 US: Initial jobless claims (week) PROGNOSE: 226,000 previous: 228,000 | April producer prices PROGNOSE: +0.3% yoy previous: -0.4% yoy | Philadelphia Fed Index May PROGNOSE: -10.5 previous: -26.4

14:30 US: Retail Sales April PROGNOSE: +0.1% yoy previous: +1.4% yoy Retail Sales ex Motor Vehicles PROGNOSE: +0.3% yoy previous: +0.5% yoy 14:30 US: Empire State Manufacturing Index May PROGNOSE: -9.0 previous: -8.1

15:15 US: Industrial Production and Capacity Utilization April Industrial Production PROGNOSE: +0.1% yoy previous: -0.3% yoy Capacity utilization PROGNOSE: 77.8% previous: 77.8%

16:00 US: Inventories March PROGNOSE: +0.2% yoy previous: +0.2% yoy

Link to the first post https://getqu.in/cbIOkg/

I will also link all parts in the first post and pin the first post in my profile.

This part of the post is about the following 2 topics

• Trading versus Buy&Hold
• What are the requirements for trading

To Buy&Hold I don't need to explain much more here 😉 It's a well-known and proven method, particularly suitable for more passive investors or those who don't want to deal with the stock market on an ongoing basis. Start with a savings plan - "time in the market" pays off!

When trading the situation is somewhat different. Active trading is required here. "Timing the market" is the motto. With the appropriate knowledge, a careful approach, good risk management and, above all, discipline, it is far more than just "gambling" or "gambling".

When I analyze my losing trades, the cause is almost always a lack of discipline, such as impatience or poor risk management. Sounds simple, but it's not... "The spirit was willing, the flesh was weak" 🤪🤷‍♂️

Conclusion:

• B&H and trading are not mutually exclusive, but can be combined well and sensibly. Part of my trading income, for example, flows into my B&H share on an ongoing basis.

• Trading means being responsible inform - plan trade - execute trade!

• Without a genuine interest in active trading and having fun trading, this will not work. If you just follow tips or influencers, you will almost certainly end up with the ominous 80% who only lose money (if only because the timing is no longer right).

The last two points in the conclusion are a good transition to the topic "Prerequisites for trading". In my view, in addition to the points already mentioned, the following aspects are essential in order to be sustainably profitable:

• Money management
• A trading tool
• Knowledge of chart analysis "a fool with a tool is still a fool"
• Discipline

Money management:

On the subject of money management, I would like to refer you to one of my older posts. It is essentially about determining the capital investment and the position size based on the maximum acceptable loss.

A proven guideline in trading is: Never risk more than 0.5% to max. 1% of your available capital per trade. You can find details on this in the following post https://getqu.in/tzhXqc/

Trading Tool:

Since trading is all about "timing the market", there is no getting around a trading tool. There are several tools on the market, and almost all of them offer a free version to get you started. The free versions are usually not sufficient for professional trading, as important indicators and data are missing. However, they are perfectly adequate for starting out and testing a little.

Tip: Use the free trial months of the subscription models to decide for yourself whether and which paid subscriptions are of interest to you.

I use TradingView https://www.tradingview.com and I'm really happy with it. In addition to the chart tool, there are lots of functions such as share screeners, market information, watchlists, price alerts, calendars for events such as earnings and dividends and a news feed. There is also a community, but I haven't used it yet.

Tip for beginners: TradingView also offers a demo account (paper trading), where you can safely start trading and test your strategies without using real money. Paper Trading — main functionality — TradingView

If you are interested in TradingView, I can offer you a referral link (just ask for it in the comments - I don't want to actively post the link here). Then we both get 15$ credited to our fees. PS: I am not a Finfluencer and have nothing else to do with TradingView. It is not a source of income nor the goal of these posts - it would just be the usual friend-referral.

Knowledge of chart analysis:

Well, as written above, "a fool with a tool is still a fool". Of course, you can't do it without learning and dealing with the subject. The trading tools are all very helpful, but without understanding what you are doing with them and how to use the charts, indicators or oscillators, it won't work. Fortunately, today there are lots of tutorials on YouTube, communities etc. where you can acquire knowledge free of charge.

There will be more on chart analysis in the last part of the articles when it comes to my trading setup.

Discipline:

This last point is the most important; in combination with the 3 previous points, discipline is the key to success. Even long-time traders are subject to FOMO with accompanying ill-considered or not properly analyzed trades. This often ends the way it must... "Know yourself and your trading behavior!"

Please note, this article only reflects my experience. There are many different approaches to trading - there is no right or wrong. In the end, everyone has to find a setup that suits them.

Actually, I wanted to cover the first three points today, but as this post is already quite long, I'd rather end it in the spirit of TL:TR and will cover the points "Time spent" and "Trade frequency" in the next post. Possibly also "Profit and loss trades YTD 2025", which would fit in with the trade frequency / number of trades.

PS: as I'm traveling for work for the rest of the week, there won't be any more parts until next week.

#trading

In the feed of the linked shares you will find posts of the last few days/weeks from me $UBER (-0,24%)
$ADYEN (-1,16%)
$MMK (-1,05%)
$VRTX (+2,31%)
$RDC (-1,48%)
$KTN (+1,01%)
$NOVO B (+1,73%)
$MRK (+1,44%)

$MRK (+1,44%)
@7Trader My assessment for Sunday 😉

As a trader, there is currently no clear trend for me, so I would not consider Merck for a trade at the moment.

Why "in a nutshell"?

• The current price is in a "low volume zone" (white arrow on the left), i.e. even a small volume can have a strong influence on the price - both negative and positive.

• The price is approximately in the middle of standard deviation 1 and 2 of the VWAP

• The next zone with high "volume on price" is significantly lower - up to the volume peak -11%.5 (white parallel channel)

• The current trend after SMA is negative

Taking all these points into account, I currently see more risk of prices falling further than opportunities for prices to rise.

As I said, chart analysis does not provide 100% certainty, it is more about recognizing the opportunities and risks and then entering a trade or not depending on the risk appetite 🤷‍♂️

PS: I have not looked at the fundamental figures at all, this is a purely technical chart analysis.

Hello dear community,

I've cracked 60k and now I need to implement more ideas. I was planning to add a bit more dividend. I still have 20k cash and would like to invest around 15k. My ideas are $MRK (+1,44%)
$HNR1 (+2,67%) and $UPS (+0,61%)

Do you have 1 or 2 more ideas? I would have real estate $PLD (+0,82%) in mind.

Happy Saturday everyone and good investing.

Here's to Xi and Trump having a good day today ;)

First of all, thank you for taking the time to read this post🙄 it's getting a bit long😅

As you know, the market has only gone in one direction in recent weeks and months📉, but now the wind seems to have changed 📈

since my portfolio presentation last year, I have now used the correction to some changes in the portfolio, which I would like to share with you 🙃 "Unfortunately" there was no reduction in the portfolio for the time being because there were too many attractive opportunities🥹

At the beginning of April in particular, I massively reduced my cash reserves and expanded or even doubled my positions. I also made a a few new additions in my portfolio begrüßen✌️(I actually had a few stocks inspired by the dear @Aktienhauptmeister 👀) Greetings go out 😆

In my portfolio introduction post, I mentioned that I would like to $DHR (+1,29%) against $SYK (+0,93%) would exchange. Now it has actually been implemented ✅ necessity is the mother of invention, which is why I have also parted with $OR (+1,38%) I also parted with

I didn't want to share all my purchases now, that would be too much, so I'll list what I bought here 🙂

I tried as best I could to increase "every" position in the portfolio a bit🧐

First of all, I'll mention the positions that were further expanded

$VWCE (+0,47%) + ~10k

$GRAB (-4,16%) + ~1k to (3.38)

$BLK (+2,76%) + ~ 1.3k (678)

$ASML (-1,01%) + ~2.7k (555,45)

$GOOGL (-0,7%) + ~ 1.5k (124,66)

$MPWR (-3,1%) + ~ 1.6k (409,21)

$SOFI (-3,24%) + ~ 0.7k (7,78)

$LIN (+0,85%) + ~ 1.1k (388,20)

$QCOM (-0,39%) + ~ 1.5k (113,62)

$CRWD (-0,96%) + ~ 0.9k (289,75)

$MSCI (+1,42%) + ~1.3k (451)

$V (+1,71%) + ~ 1.4K (274)

$AMZN (-2,43%) + ~ 1.4K (159,74/159,34)

$MSFT (-0,28%) + ~ 1.7k (335/337,75)

$MC (-3,18%) + ~ 1.9k (482,31)

$NOVO B (+1,73%) + ~ 2.5k (51,68)

$ABBV (+1,51%) +~ 1.5k (152)

$NVDA (-1,26%) +~ 2k (85,04)

$UNH (-10,33%) +~ 1.7k (336,30)

$PEP (+2,07%) +~ 1.1k (114,97)

$MRK (+1,44%) +~ 1k (67,70)

------------------

now to the new arrivals 🤩 the ones now mentioned below I opened the positions for the first time 😇

$SYK (+0,93%) ~ 2.1k (305,72)

$META (-2,38%) ~ 1.4k (467,30)

$AVGO (+0,12%) ~ 1.1k (156,76)

$ISRG (-0,64%) ~ 1.6k (398,30)

$SPGI (+1,33%) ~ 1.2k (403,22)

$ANET (-2,5%) ~ 1.8k (70,50/58,65)

$UNP (+2,12%) ~ 0.9k (187,56)

$CAT (+0%) ~ 1.5k (246,50)

(I hope I have not forgotten anything)

I have invested a total of about 45k and am absolutely satisfied with my investment case. Now I have no more buffer to add 🥲 in the next few months I will build up cash again 😬

Now I'm curious to see what you've bought, my dear investors?

Like for example @Aktienhauptmeister
@Max095
@Tenbagger2024
@Simpson 🫣

thanks again for reading 🥸

in that sense

have a nice weekend ✌️

Merck warns of tariff consequences

Merck & Company $MRK (+1,44%) recently informed its investors that it expects a loss of around 200 million euros due to new tariffs. This news was not exactly unexpected, but it is causing concern among investors. The potential impact on the company's future returns could be significant. In particular, the impact of the tariffs could severely impact profitability in certain areas of Merck's business. Investors should follow developments closely and keep a close eye on possible adjustments to the company's strategy. In these turbulent times, it is crucial to stay informed and make the right decisions to protect the portfolio.

Procter & Gamble focuses on expensive products

In the USA, Procter & Gamble $PG (+2,61%) has developed an exciting new strategy to meet the challenges posed by rising tariffs. The company plans to launch a product line that includes high-priced items such as €380 electric toothbrushes and improved razors. CFO Andre Schulten explained that price increases are a key strategy for the company to offset the financial burden of the government's volatile tariff policies. This approach has already proven successful during the COVID-19 pandemic, when Procter & Gamble was able to maintain its market position despite the economic uncertainties. However, the risks should not be underestimated, as consumer spending in the US is already showing a decline, which could potentially jeopardize sales figures. Nevertheless, Schulten sees a growth opportunity of EUR 5 billion in the USA, provided that more consumers can be won over to the new products. This will show how well the company can overcome the challenges.

Sources:

https://finance.yahoo.com/video/merck-warns-big-tariff-hit-172053404.html

https://finance.yahoo.com/news/p-g-leans-380-electric-163000777.html

Johnson & Johnson (Pharmaceuticals) - $JNJ (+1,89%) Invests over 55 billion US$ in the USA within four years to expand production and researchreuters.com. Four new plants are planned (the first in Wilson, North Carolina, has already been launched)reuters.com. This step was taken in March 2025, shortly after the Trump administration imposed a import tariff of 25 % on medicines on medicines and is intended to help produce more medicines domesticallyreuters.com
reuters.com. (Source: company statement/Reuters)

Roche (Pharmaceuticals) - $ROG (+1,21%) The Swiss pharmaceutical company announced 50 billion US$ investments in the USA over the next five yearsfaz.net. This is Roche's response to President Trump's threat to impose tariffs of ~25 % on pharmaceutical importsto produce more important medicines in the USAfaz.net
faz.net. Plans include 1,000 new jobs in production and research (plus approx. 11,000 jobs with suppliers and construction) in the USAfaz.net. Announcement was made in April 2025 (Source: Company statement/F.A.Z.)

Eli Lilly (Pharma) - $LLY (+1,93%) Announced in Feb. 2025, 27 billion US$ to invest in the construction of four new production facilities in the USAreuters.com. This is expected to more than double US production capacity and create over 3,000 new high-tech jobs (plus ~10,000 construction jobs)reuters.com. The background to this is the threat of a 25% tariff on drug imports, which is prompting Lilly to relocate production from Ireland & Co. to the USAfaz.net. (Source: Company statement/Reuters)

Novartis (Pharma) - $NOVN (+2,07%) Plant 23 billion US$ for the expansion of 10 US sites (including 6 new production plants and an R&D center in San Diego)reuters.com. This five-year investment offensive (announced on April 10, 2025) comes two days after Trump announced "big tariffs" on drug imports
reuters.com. Novartis wants to relocate the production of important drugs to the USA (>1,000 new highly qualified jobs plus ~4,000 jobs in construction and support)reuters.com
reuters.com. (Source: Company statement/Reuters)

Merck & Co (Pharmaceuticals) - $MRK (+1,44%) In March 2025, the US pharmaceutical company (not to be confused with Merck KGaA) opened a new US$ 1 billion plant in North Carolina and announced plans to invest a total of ~8 billion US$ in the USA by 2028reuters.com
reuters.com. Trump is increasing the pressure on the industry to move production back and has threatened to impose 25 % tariffs on pharmaceutical products
reuters.com. Merck has responded by investing over USD 12 billion in US plants since 2018 and is continuing to expand in order to circumvent import tariffsreuters.com
reuters.com. (Source: Reuters)

Hyundai (Automotive) -$HYUD In March 2025, the South Korean manufacturer announced a package of 21 billion US$ of investments in the USAspectrumlocalnews.com. This includes, among other things US$ 5.8 billion for a new steel mill in Louisiana (approx. 1,400 jobs)spectrumlocalnews.com and a new e-car plant in Georgia (US$ 8 billion)which will create over 8,500 jobsspectrumlocalnews.com. Hyundai is thus increasing its US production capacity to over 1 million vehicles/year
autohaus.de
spectrumlocalnews.com. President Trump saw this as a success for his tariffs - Hyundai would "produce its steel in America and build cars in America and thus not have to pay tariffs"
autohaus.de
spectrumlocalnews.com. (Source: Company statement/Spectrum News)

Stellantis (Automotive) - $STLAM (-1,62%) The Fiat-Chrysler/PSA Group provides 5 billion US$ to expand its US production facilitieswhitehouse.gov. The centerpiece is the reopening of the Belvidere plant (Illinois), which was shut down in 2023 to produce new models (including a mid-size pickup)automotivemanufacturingsolutions.com. This will create around 1,500 jobs for regular UAW employees will be restoredautomotivemanufacturingsolutions.com
automotivemanufacturingsolutions.com. This investment was announced in late 2024/early 2025 in connection with the new UAW collective bargaining agreement and Trump's auto tariffs (25% on imported cars from April 2025) agreed - Stellantis' Chairman met personally with Trump to "secure the future of the company"automotivemanufacturingsolutions.com. (Source: Company statement/FT/AMS)

TSMC (Semiconductor) - $TSM (-0,34%) The Taiwanese chip contract manufacturer TSMC announced in March 2025 that it will invest an additional 100 billion US$ to invest in the USAreuters.com. The plan is to build five new factories over the next few years (three chip fabs, two packaging plants and a large R&D center)reuters.com
reuters.com. The background to this is US efforts to be less dependent on Asian chips (national security) - Trump emphasized that key semiconductors "be built here in the USA"reuters.com. TSMC's expansion is expected to create 40,000 construction jobs in four yearsreuters.com and reduce dependence on imports. (Source: Company statement/Reuters)

Apple (Electronics) - $AAPL (-0,5%) The tech company announced 2025, 500 billion US$ to invest in US manufacturing and educationwhitehouse.gov. This enormous sum (over 4 years) includes already planned expenditures, but signals Apple's willingness, to relocate more production and value creation to the USA
reuters.com. Apple has been under pressure because many of its products (iPhone, Mac) are manufactured in China and are being targeted by Trump's China tariffs could be targeted by Trump's China tariffs. The investment pledge - including new US locations and supplier programs - is intended to help maintain exemptions from import tariffs and promote "Made in USA"reuters.com
reuters.com. (Source: Company statement/White House, Reuters)

Sources: Primary data from the companies and reports (F.A.Z., Reuters, Spectrum News, etc.), see citations.