Corporate results:
- ABB: Double-digit growth, higher margins and revised sales forecasts.
- Akzo Nobel: Exceeds operating profit forecast for the first quarter.
- Bayer confirms 2023 sales and earnings guidance.
- Bpost withdraws 2023 guidance.
- First Republic: Deposits fall 41% in Q1 as bank plans job cuts. The stock plunged 22% in the after-hours.
- Medpace; The stock soared 22% after results.
- General Motors was up more than 3% in premarket trading as the automaker raised its annual profit and cash flow forecasts, citing stronger-than-expected demand and higher prices.
- 3M Company will cut about 6,000 jobs worldwide to reduce costs, the U.S. conglomerate said, as it reported lower first-quarter earnings per share but better-than-expected results. The stock was up 1.8% in pre-market trading.
- McDonald's reported like-for-like sales up 12.6% in the first quarter, beating consensus. The stock gained 1% in premarket trading.
- PepsiCo raised its annual sales and profit forecasts after beating market expectations on its first-quarter sales thanks to sustained demand despite price hikes. The company was up more than 1% in premarket trading.
- General Electric raised the low end of its annual profit forecast, thanks to strong demand for aircraft engine parts and services. The stock was up 1.4% in pre-market trading.
- Verizon - The U.S. telecom operator reported lower-than-expected revenue and mobile subscribers as the pandemic-related demand boom fizzled out. The stock was down 0.6% in premarket trading.
- United Parcel Service said it expects to report lower-than-expected full-year revenue due to a slowing economy. The global parcel delivery giant was down 5% in premarket trading.
- Biogen reported better-than-expected quarterly profit on sales of the spinal muscular atrophy drug Spinraza, but said it would pause or stop some studies to cut costs.
- Centene gained 2% in pre-market trading after raising its 2023 earnings guidance.
- Halliburton - The oil company reported a better-than-expected quarterly profit, as tightness in the services and equipment market supported demand and therefore prices. However, the stock was down 1.36% in pre-market trading.
- Nestlé exceeded quarterly sales estimates on strong price gains.
- Novartis raises its 2023 targets.
- Randstad beats first-quarter earnings estimates despite hiring slowdown.
- UBS: Quarterly profits halved under the impact of provisions.
- Whirlpool: Q1 earnings and sales down, but targets confirmed. The stock gained 3.6% in the after-hours.
In other news:
- Carrier is reportedly buying German Viessmann for more than $10 billion, according to the WSJ.
- Johnson & Johnson wants to raise $3 billion by listing its Kenvue subsidiary.
- Apple wins its appeal against Epic Games over App Store rules.
- Microsoft will stop bundling its Office software with its Teams video conferencing app to avoid a formal antitrust investigation by EU regulators, the Financial Times reported.
- Italy and Lufthansa extend exclusive negotiations on ITA Airways.
- General Motors and Samsung SDI plan to build a new battery plant in the United States.
- Netflix to invest $2.5 billion in South Korea for content production.
- EnBW raided for possible market manipulation, according to German press.
- Eli Lilly sells its hypoglycemia drug Baqsimi to Amphastar Pharmaceuticals.
- Genmab will appeal arbitration ruling rejecting claims for milestone payments for Daratumumab.
- Smith & Nephew launches new device for knee surgery.
- Leclanché will supply battery systems for two new Grimaldi Ro-Ro hybrid vessels, adding to the nine already in service.
- ASML will build a new research facility on the campus of the Eindhoven University of Technology.
- Technoprobe shares transferred to the regulated market Euronext Milan.
- Cancom wants to acquire Austrian company KBC Beteiligungs.