Corporate results:

  • Adobe plunged 11.4% in pre-market trading on Thursday evening, when the Photoshop publisher forecast sales for the current quarter of between $5.25 billion and $5.30 billion, against a consensus of $5.31 billion. The group's quarterly forecasts also raised fears of strong competition and disappointed investors hoping for a boost from the integration of generative AI.
  • Brunello Cucinelli reported net profit of €123.8m in 2023 (+42%).
  • Hon Hai jumped 5% after Q4 results.
  • Interroll hopes for an upturn in 2024 after a complicated financial year.
  • Ulta Beauty fell 7% after the publication of its quarterly results.
  • Vonovia reported a loss of €6.8 billion in 2023, after writing down its assets.

In other news:

  • Swisscom signs a contract to acquire Vodafone Italia for €8 billion. Vodafone plans to buy back €4 billion of shares with part of the proceeds.
  • Honda and Nissan will sign a memorandum of understanding on global cooperation in electric vehicles, according to NHK.
  • The FDA approved the first treatment for MASH (previously called NASH), Madrigal Pharmaceuticals' Rezdiffra, an area targeted by many laboratories.
  • Intel has postponed its investments in Italy, according to the local industry minister.
  • Holcim plans a CHF 1 bn share buyback for fiscal 2024.
  • Partners Group plans to dispose of $5bn worth of infrastructure assets in Europe, according to Bloomberg.
  • Baywa will not distribute a dividend for 2023.
  • Fitch Ratings downgraded Bayer's long-term issuer default rating from BBB+ to BBB.
  • Walt Disney in talks with India's Tata Group to sell its stake in Tata Play, according to Bloomberg.
  • Mead Johnson, a subsidiary of Reckitt Benckiser, will pay $60 million to the mother of a premature baby who died of intestinal disease after being fed the company's Enfamil infant formula.
  • Subsea 7 wins subsea installation services contract offshore Mexico.
  • Amadeus issues €500 million bond maturing in 2029.
  • Ingram Micro works with banks on an $8 billion IPO, according to Bloomberg.
  • McDonald’s said Friday that a technology failure had disrupted operations at many of its locations worldwide, including Japan and Australia, but ruled out the possibility of a cybersecurity incident.
  • Merck said on Friday that its blockbuster immunotherapy Keytruda, combined with chemoradiotherapy, had met the primary endpoint of a late-stage study and was improving survival in patients newly diagnosed with a form of cervical cancer.
  • Alphabet, Meta - Advertisers prepare contingency plans with TikTok's rivals in case the app is sold or banned in the US. Short video-sharing platforms Meta and YouTube, TikTok's biggest competitors, stand to benefit from increased advertising budgets if the app is banned, according to advertising experts.
  • Ulta Beauty lost 6.6% in pre-market trading after announcing on Thursday evening that it expected to post a lower-than-expected annual profit due to higher supply chain costs and increased promotions.