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But how are investors picking their bets? The reopening hopes, alongside the summer weather, have also boosted hard-hit hospitality sector shares such as pub groups Mitchells and Butler and Wetherspoons. ‘STARTING TO BOOM’More than half of British adults have had two vaccine doses, double the percentage seen in many euro zone countries. Investors are also watching Citi's economic surprise index that measures the degree to which data is beating forecasts. The government has reduced the list of “green” countries tourists can visit, hitting shares in airlines EasyJet and British Airways operator IAG.
Persons: Henry Nicholls, , , Kasper Elmgreen, Jefferies, Travis Perkins, ” Jefferies, Butler, Phil Milburn, Milburn, Liontrust, Nomura, John Keeble, Keeble Organizations: REUTERS, UK Cinema Association, SUN Investment, Kingfisher, Liontrust’s, Milburn, Jefferies, JET, British Airways, Charter Company Locations: London, Britain, Europe, United Kingdom, United States, India, Luton, Iceland, Greece
Vigna will join Ferrari on Sept. 1, and will replace Acting CEO John Elkann, who will stay on as chairman. A subnuclear physics graduate of the University of Pisa, Vigna has been with STMicroelectronics since 1995. Among his credits, Vigna helped developed the gyro system that allows smartphones to change their displays when turned sideways. The late Sergio Marchionne, then chief executive of Fiat Chrysler Automobiles, stepped in to guide Ferrari’s spin-off and October 2015 initial public offering. Even conventionally powered Ferrari products will continue to use more electronics for their infotainment systems, advanced safety gear and drivetrain controls.
Persons: Benedetto Vigna, Ferrari, John Elkann, , ’ Ferrari, ” Jefferies, Philippe Houchois, Vigna, , Luca Di Montezemolo, Sergio Marchionne, Marchionne, Louis Camilleri, Elkann, Lamborghini, Pietro Solidoro Organizations: Ferrari, University of Pisa, Fiat Chrysler Automobiles, Fiat Chrysler, France’s PSA Group, Formula, Bestinver Locations: Covid,
Nissan shares tumble 12% after guidance disappoints
  + stars: | 2021-05-12 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: The logo of Nissan Motor Corp. is displayed the company's showroom in Tokyo, Japan November 11, 2020. REUTERS/Issei KatoTOKYO (Reuters) -Nissan Motor Co shares slumped as much as 12.2% on Wednesday to their lowest in five months after the Japanese automaker’s weaker-than-expected guidance for the current fiscal year. The forecast by Japan’s No.3 car maker by sales to break even for the year that began on April 1 was lower than a 241.7 billion yen ($2.23 billion) profit predicted by SmartEstimate. Nissan CEO Uchida said on Tuesday that the automaker foresees an operating profit even as it faces a huge impact from business risks including semiconductor supply issues. The company said its annual operating loss in the year ended March 31 widened to 150.65 billion yen from a 40 billion yen shortfall in the previous year, though it beat its February forecast.
Persons: Issei Kato TOKYO, Uchida, Toshihide Kinoshita, , ” Jefferies, Takaki Nakanishi, ” Nakanishi Organizations: Nissan Motor Corp, REUTERS, Nissan Motor, Nissan, SmartEstimate, foresees Locations: Tokyo, Japan
REUTERS/Rebecca CookIt is a very good time for car rental companies. “(This) is very beneficial for the business model.”Lower depreciation costs, a major operating expense for car rental companies, has helped lift Avis Budget Group’s profit. With rental bookings set to rebound in the summer, following widespread COVID-19 vaccinations, car rental firms stand to benefit from a jump in rates, as well as lower depreciation costs, analysts say. “That’s Goldilocks in the car rental world,” said Morgan Stanley analyst Adam Jonas. Rental rates at Avis could rise for the first time in seven years this year, and set a new record.
Persons: Rob Ferretti, Gothamdreamcars, Rebecca Cook, “ I’m, that’s, , Ferretti, Avis, Hertz, Avis ’, Morgan Stanley, Adam Jonas, , Jonas, ” Jefferies, Hamzah Mazari, ” Avis, Mazari, ” Mazari Organizations: Reuters, Benz, REUTERS, Mercedes, Avis Budget, Avis, Privately, Enterprise Holdings Locations: Detroit, Romulus , Michigan, New Jersey, Avis ’, United States, Avis, Americas
Amgen profit, sales fall on lower drug prices; shares drop 3.4%
  + stars: | 2021-04-27 | by ( Deena Beasley | ) www.reuters.com + 0.00   time to read: +2 min
(Reuters) -U.S. biotech Amgen Inc on Tuesday said its first-quarter sales and profit fell due to a 7% drop in its net drug prices and the COVID-19 pandemic, which continued to limit patient interactions with healthcare providers. FILE PHOTO: An Amgen sign is seen at the company's office in South San Francisco, California October 21, 2013. Revenue for the quarter fell 4% to $5.9 billion - also below analyst estimates of $6.26 billion. First-quarter sales of its rheumatoid arthritis drug Enbrel fell 20% to $924 billion, shy of analysts’ estimate of $1.1 billion. The U.S. Food and Drug Administration in February granted priority review status to sotorasib, Amgen’s experimental lung cancer drug.
Persons: Robert Galbraith Amgen, ” Jefferies, Michael Yee, Amgen, , Robert Bradway, Enbrel, Aimovig Organizations: Reuters, Amgen Inc, REUTERS, Wall Street, Refinitiv, Revenue, Wall, U.S . Food, Drug Administration Locations: South San Francisco , California, U.S
Asian shares slip, dollar wallows at one-month lows
  + stars: | 2021-04-15 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +4 min
SYDNEY (Reuters) - Asian shares slipped on Thursday dragged down by Chinese stocks as recent upbeat economic data raised fears of monetary policy tightening, while the dollar index struggled near one-month lows. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1% after two straight days of gains. Chinese shares stumbled with the blue-chip CSI300 index down 0.9% and Hong Kong’s Hang Seng index dropping 0.8%. Against the Japanese yen, the dollar slipped for a fourth day to 108.90. The Australian dollar hovered near three-week highs at $0.7716 after posting its biggest one-day percentage gain since Feb. 19 on Wednesday.
Persons: Aly, Germany’s DAX, Patrik Schowitz, ” Jefferies, Management’s Schowitz, Coinbase, jitters, Brent Organizations: SYDNEY, REUTERS, FTSE, Japan’s Nikkei, JPMorgan Asset Management, ” Global, Treasury, JPMorgan, Nasdaq, U.S ., Federal Reserve, U.S, Reuters Locations: Shanghai, Shenzhen, China, Asia, Pacific, Japan, , U.S, Zealand, United, Russia
Asian shares defensive, dollar struggles near one-month lows
  + stars: | 2021-04-15 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +4 min
SYDNEY (Reuters) - Asian shares were on the backfoot on Thursday following mixed cues from Wall Street where a sharp sell-off in the largest bitcoin exchange Coinbase hit tech shares while the dollar index struggled near one-month lows. REUTERS/Kim Kyung-Hoon/File PhotoMSCI’s broadest index of Asia-Pacific shares outside Japan paused after two straight days of gains. Australia’s benchmark index slipped 0.4% as miners were dented by weaker prices for iron ore and coal. JPMorgan Asset Management is less keen on tech shares, which Schowitz said, should have less upside to earnings expectations in the near-term and are “very expensive” relative to value. Against the Japanese yen, the dollar slipped for a fourth day to 108.93.
Persons: Kim Kyung, ” Jefferies, Patrik Schowitz, Schowitz, Coinbase, , Rodrigo Catril, Goldman Sachs, JP Morgan, Wells, Brent Organizations: SYDNEY, REUTERS, Japan, Japan’s Nikkei, Global, JPMorgan Asset Management, Nasdaq, U.S ., U.S . Federal Reserve Locations: Tokyo, Japan, Asia, Pacific, U.S, China, Rodrigo Catril . U.S, Zealand
FILE PHOTO: A Nomura commercial is shown on a television screen in Osaka, western Japan October 22, 2017. The firm in a statement said the $2 billion hit derived from transactions with a U.S. client. The trades were linked to sales of holdings by Archegos Capital Management, a person with knowledge of the matter told Reuters. Nomura’s loss was related to Archegos’ trades, Bloomberg reported citing people familiar with the matter, one of whom said Archegos was a prime brokerage customer of Nomura. The recent performance has been driven by its U.S. business, which includes investment banking and equity and bond trading.
Persons: Nomura, Thomas White, Archegos, Reuters ’, Archegos ’, ” Jefferies, “ Nomura, Katsunobu Kato, Monday Organizations: Nomura Holdings Inc, Japan’s, REUTERS, Archegos Capital Management, Reuters, Bloomberg, Nomura, , “ Nomura Holdings, Financial Services Agency, Bank of Japan Locations: TOKYO, Osaka, Japan, U.S, United States, York
Westpac could lead Australian exit from New Zealand banking
  + stars: | 2021-03-25 | by ( Paulina Duran | ) www.reuters.com + 0.00   time to read: +4 min
SYDNEY (Reuters) - Westpac Banking Corp’s potential spin-off of its New Zealand unit due to tighter regulation could see some of the other three Australian-owned banks that make-up the bulk of the kiwi banking system follow its lead, investors and analysts said. The units of the Big Four - Australia and New Zealand Banking Group, Commonwealth Bank, National Australia Bank, and Westpac - dominate over 85% of the New Zealand banking market. “Westpac will not be the only Australian bank looking at its NZ operations,” Jefferies banking analysts Brian Johnson said. With profitability becoming more challenging, “we don’t think an Australian bank owning a New Zealand bank makes sense,” Johnson said. “There are unlikely to be multiple buyers for banking businesses of that size.”Westpac’s New Zealand unit represents about 10% of its earnings and credit exposure.
Persons: Loren Elliott, , Sean Sequeira, RBNZ, ” Jefferies, Brian Johnson, ” Johnson, Jarrod Martin, John Kensington Organizations: SYDNEY, Westpac Banking, Westpac, Central Business District of, REUTERS, Eagle Asset Management, New Zealand Banking Group, Commonwealth Bank, National Australia Bank, New, Reserve Bank of New Zealand, Reserve Bank of New, Westpac NZ, “ Westpac, NZ, New Zealand, ANZ, NAB, Credit Suisse, KPMG, Banking, Finance Locations: Zealand, Central Business District of Sydney, Australia, New Zealand, Reserve Bank of New Zealand, , Westpac’s, KPMG’s, Kensington
Westpac operates one of New Zealand’s Big Four lenders dominating that market, with its New Zealand unit accounting for A$656 million ($498.76 million) in net profit for the group in the year to September 2020, its accounts show. “Westpac NZ is a valuable part of the Westpac Group and has been for over 160 years,” Westpac said in a statement to the exchange. “Westpac NZ will likely be forced to deploy technology investment to projects where the financial return is not compelling,” Jefferies banking analyst Brian Johnson said. Westpac shares dipped 0.9% on Wednesday, underperforming a wider market that posted slight gains on the day. The reprimand in New Zealand, where Westpac holds close to a 20% share of the commercial banking market, echoes criticism levelled at the bank by the Australian regulator in December about “long-standing weaknesses” in its risk controls.
Persons: RBNZ, ” Jefferies, Brian Johnson, Paulina Duran, Rashmi, Aditya Soni, Sriraj, Ana Nicolaci da Organizations: Westpac, New Zealand, Westpac NZ, SYDNEY, Reserve Bank of New Zealand, Big, “ Westpac NZ, Westpac Group, ” Westpac, NZ, Wednesday Locations: Zealand, Australia, New Zealand, Sydney, Bengaluru, Ana Nicolaci da Costa
Ladbrokes owner Entain CEO quits days after snubbing MGM approach
  + stars: | 2021-01-11 | by ( Tanishaa Nadkar | ) www.reuters.com sentiment -1.00   time to read: +2 min
He said MGM’s approach had no bearing on his decision to leave. Entain, shares of which fell 1.4% to 1,455 pence in early trade, reiterated that MGM’s proposal of 1,383 pence per share significantly undervalued the company. It has asked MGM for more information on the strategic rationale for a combination. “This changes nothing with respect to the Board’s view of the recent proposal from MGM Resorts International to acquire Entain,” Chairman Barry Gibson said. However, analysts at Jefferies and Peel Hunt suggested that Segev’s exit makes a takeover by MGM more likely.
Persons: Entain, Shay Segev, Segev, Barry Gibson, Peel Hunt, ” Jefferies, DAZN, Kenny Alexander, Shay, ” Entain’s Gibson Organizations: Reuters, MGM Resorts, MGM, MGM Resorts International, Jefferies, Entain Locations: Entain, GVC
Shareholders in Peugeot's parent company PSA on Monday approved a merger with Fiat Chrysler Automobiles, creating the world’s fourth-largest automaker, Stellantis. As Stellantis, meanwhile, there could be significant pressure to dump some of the new company’s weaker brands, including FCA’s namesake Fiat and Chrysler. The list also includes Jeep, Ram, Dodge, Maserati and Alfa-Romeo on the Fiat Chrysler side, as well as Peugeot, Citroën, DS, Opel and Vauxhall. But it is strong in China, where Fiat Chrysler has only a modest presence. But it is strong in China, where Fiat Chrysler has only a modest presence.
Persons: Stellantis, , , Jefferies, Philippe Houchois, Dodge, Sergio Marchionne, Italy’s, Barack Obama, Mike Manley, France’s Renault, Manley, John Elkann —, Carlos Tavares, Marchionne, ” Jefferies Organizations: PSA, Fiat Chrysler Automobiles, General Motors, Volkswagen, FCA’s, Fiat, Chrysler, Maserati, Fiat Chrysler, Peugeot, Opel, Vauxhall, Italy’s Fiat, FCA, GM, Motors, Toyota, Renault, Nissan, Mitsubishi Alliance Locations: U.S, China, Detroit, Americas, Canada
Cyberpunk 2077 sales miss analyst estimates after players demand refunds
  + stars: | 2020-12-23 | by ( Anna Pruchnicka | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: Billboard displays an advertisement for the Cyberpunk 2077 video game by CD Projekt in Gdynia, Poland December 19, 2020. REUTERS/Peter Pawlowski/File Photo(Reuters) - Polish video game maker CD Projekt SA said it sold more than 13 million copies of its Cyberpunk 2077 game through Dec. 20, below analyst forecasts, hurt in part by refunds demanded by players who complained it was littered with bugs. A futuristic role-playing game featuring Hollywood star Keanu Reeves, Cyberpunk 2077 was widely seen as one of the biggest premieres this year. “This figure represents the estimated volume of retail sales across all hardware platforms (factoring in returns),” CD Projekt said. The game’s troubled roll-out sent CD Projekt’s shares tumbling 40% from a record touched before its release.
Persons: Peter Pawlowski, Keanu Reeves, Piotr Bogusz, ” Jefferies Organizations: Projekt, REUTERS, Hollywood, Sony Corp, PlayStation, Microsoft Corp Locations: Gdynia, Poland
U.S. biotech firm Certara raises $670 million in IPO - sources
  + stars: | 2020-12-10 | by ( Chibuike Oguh | ) www.reuters.com sentiment -0.99   time to read: +1 min
(Reuters) -U.S. biotech firm Certara Inc sold shares in its initial public offering on Thursday at $23 apiece, above its target range, to raise about $670 million, according to people familiar with the matter. The IPO valued Certara, which is owned by Stockholm, Sweden-based private equity firm EQT, at $3.5 billion. Certara sold 29.1 million shares after it had aimed to sell 24.4 million shares at a target price range of $19-$22 per share. In 2017, EQT acquired a majority stake in Certara from New York-based private equity firm Arsenal Capital Partners for $850 million. EQT will continue to own majority stake in Certara after the IPO, the company said.
Persons: EQT, ” Jefferies, Morgan Stanley Organizations: Reuters, Certara Inc, International, Pharsight Corporation, Arsenal Capital Partners, Nasdaq, CERT, BofA Securities, Credit Suisse, underwriters Locations: Stockholm, Sweden, Princeton , New Jersey, Certara, New York
Drug development services firm Certara raises $670 million in IPO
  + stars: | 2020-12-10 | by ( Chibuike Oguh | ) www.reuters.com sentiment -0.99   time to read: +1 min
(Reuters) -U.S. drug development consultancy Certara Inc said on Thursday it sold shares in its initial public offering at $23 apiece, above its target range, to raise about $670 million. The IPO valued Certara, which is owned by Stockholm-based private equity firm EQT, at $3.5 billion. Certara said it sold 29.1 million shares after it had aimed to sell 24.4 million shares at a target price range of $19-$22 each. In 2017, EQT acquired a majority stake in Certara from New York-based private equity firm Arsenal Capital Partners for $850 million. EQT will continue to own a majority stake in Certara after the IPO, the company said.
Persons: Certara, EQT, ” Jefferies, Morgan Stanley Organizations: Reuters, Certara Inc, International, Pharsight Corp, Arsenal Capital Partners, Nasdaq, CERT, BofA Securities, Credit Suisse, underwriters Locations: Stockholm, Princeton , New Jersey, Certara, New York
REUTERS/Carlo Allegri/File PhotoIn the U.S. central bank’s latest “Beige Book” compendium of anecdotes from businesses across the country, Fed officials seemed to signal that the winter slowdown they’ve feared would follow a new coronavirus outbreak is taking root. Meanwhile, the pandemic is spreading at a rate of a million new cases a week and around 1,500 deaths a day. But “banking contacts in numerous Districts reported some deterioration of loan portfolios, particularly for commercial lending into the retail and leisure and hospitality sectors,” Fed officials reported. Firms in several districts said they feared “employment levels would fall over the winter” before improving. In Boston, “a supplier to commercial aviation announced major layoffs over the summer and has not had any reason to revise those plans either up or down,” local Fed officials noted.
Persons: Carlo Allegri, Jerome Powell, , Trump, Donald Trump’s, ” Jefferies, Thomas Simon Organizations: WASHINGTON, Federal Reserve, REUTERS, ” Fed, Boston Fed Locations: Manhattan, New York City , New York, U.S, United States, delinquencies, Boston
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