BITTER ACCOUNTS FOR TECH: APPLE -7%, MICROSOFT -4%. IN EUROPE THE BULL IS HOLDING DOWN AWAITING THE VOTE IN ATHENS
Warren Buffett has issued a statement announcing that the news of his interest in buying a Greek island is "a completely fabricated hoax." Meanwhile, no less unlikely but true, comes the news of the promotion of Athens' rating by S&P: from CCC- to CCC+, i.e. still in the default area but with some hope. Who knows if this will help Alexis Tsipras in today's parliamentary battle for the approval of the stricter measures agreed with the Eurogroup.
The markets, meanwhile, have already “digested” the overcoming of Grexit. The spotlights of the markets have already moved to the front of the US quarterly, with an eye to the queen of the price lists: Apple.
THE APPLE DISAPPOINTS WALL STREET: 66 BILLION CAPITALIZATION LOST
The market response to Apple's post-exchange results has been negative. The Apple stock lost 7% against results in line with analyst forecasts: profit of 1,85 dollars per share (1,81 estimates), revenues of 49,6 billion (against 49,31). There was therefore no positive surprise, as many expected. In addition, iPhone and iWatch have sold less than expected. 47,53 million iPhones against a forecast of 48-49 million pieces. The oWatch (2,64 million sold) also fell short of the target (3 million). The stock burned 66 billion in capitalization in the after hours.
The verdict for Microsoft -4% after the Stock Exchange was also negative. The devaluation of Nokia and the fall in revenues from software licenses for PCs, linked to lower personal computer sales, weigh on the results of the software giant. Hence a loss of 3,2 billion dollars, the worst in a quarter also affected by the strength of the dollar. Yahoo's drop was more modest -1,84%: profits fell but turnover increased.
Yesterday Wall Street had already taken a step back yesterday under the pressure of the sales of IBM (-5%) and United Technologies (-7%). The Dow Jones lost 0,99%, S&P -0,43%. The Nasdaq held up better -0,21%. In the wake of the negative notes arriving from the USA and Europe, the positive series of Tokyo -1,3% and Sydney -1,1% is interrupted. Positive Shanghai +0,2% and Shenzhen +1,2%.
GOLD AND OIL, A MINICOUNCIL
Gold and oil rebound. The yellow metal, after Monday's plunge (-6%) was traded at 1.106 dollars an ounce (+0,6%). WTI crude oil climbs back above the 50 dollar a barrel threshold. Brent at 57,1 dollars (+0,9%). The recovery of oil helped the holding of Eni unchanged. They go up Saipem +1,7% and Tenaris +1,4%. Wall Street's difficulties favor the rebound of the euro which rises above the level of 1,09 against the dollar.
MILAN SLIDES. SALES ON BTPs
Yesterday it took profits on European stock markets after the strong rebounds following the agreement with Greece. Piazza Affari closed the session with a drop of 1,32%, the most marked among the European lists. Frankfurt closed down 1,12%. Fractional losses, however, for the Parisian CAC -0,7% and the London FTSE 100 -0,29%. According to Morgan Stanley, however, "the volatility caused by Greece has brought many peripheral markets to attractive levels". Strong sales in the afternoon also on BTPs: the 1,96-year yield rose to 1,87% (from 118% in the morning). The spread widened to XNUMX basis points.
ATHENS, TODAY THE VOTE ON BRUSSELS' REQUESTS
The Greek government yesterday presented in Parliament the second tranche of reforms requested by creditors as a precondition of the country's bailout plan. The measures implement the new EU rules for rescuing banks in difficulty, the so-called bail in, and a reform of the civil justice system, with the aim of speeding up processes and reducing costs. Negotiations between Athens and Brussels will start immediately after the Parliament's vote on the new tranche of reforms, which will take place tomorrow, and which will end by 20 August.
Above all, bank stocks, in retreat after the fireworks of recent days, influenced the downward trend of Piazza Affari. The most speculated stocks are holding back in view of the expected risk of the Popolari. Bper -3,03% led the sub-fund's declines, followed by bpm -2,7%. Also declining Banco Popolare -2,1% which successfully launched the one billion five-year senior bond with a yield set at 240 basis points.
The Bigs are also under pressure: Intesa Sanpaolo –2,3%, Unicredit –1,6%, Mediobanca –1,2%. Mount Paschi -0,64% limited damage. In asset management it corrects Azimuth -2,7%: Main First reduced the target price from 25 to 19 euros.
ZALANDO DRAG YOOX DOWN. FERRAGAMO STRONG BUY
Alternating current day for luxury stocks, despite the favorable push of Hermès which announced a 20,6% increase in sales in the first six months, thanks to demand from Japan and the weak euro.
Ferragamo closes up 0,8%. The US broker Raymond James has raised the rating to strong buy from outperform. The target price rises to 33 euros from 27.
Instead, it closes lower Yoox -3% on the day the shareholders' meeting gave the go-ahead for the merger with Net-a-Porter announced in March. After the operation, the giant Richemont will have 50% of the capital in the new company but only 25% of the voting rights. The meeting also approved a capital increase of up to 200 million to be reserved for the entry of new strategic shareholders yet to be identified.
The crash in Frankfurt by Zalando -5%, on which cash on delivery sales weigh: in Germany and Switzerland it is possible to pay with this formula upon receipt of the goods. The result is that turnover rises but profitability falls. On positive ground Tod’s +0,9%. Weak Moncler -0,4%. The slowdown of the dollar weighs on Luxottica -2,02%.
EXOR CRACKS THE RESISTANCE OF PARTNER RE
The Agnelli stable is weak. Slow down your run Fiat Chrysler -0,77%. Cnh -1% closed down despite the promotion by Natixis which raised the target price to 10 euros from 9,3, confirming the buy recommendation. Weak too Exor -1,6%, which managed to get an opening from PartnerRe to start a due diligence phase, The US company's board of directors admitted that the latest offer from the Turin holding "could probably result in a superior proposal" compared to the previous one merger agreement with Axis Capital.
ASTALDI-DE LONGHI. THE POCKET MULTINATIONAL COMPANIES HIT THE CENTER
It is worth noting the appeal of De Longhi +3,5% which peri established a new all-time high. The results of the second quarter support the progress of the pocket-sized multinational from Treviso: Consolidated revenues in the first half were equal to 791 million euros, up by 12,9% year on year (7,9% at constant exchange rates) while in second quarter growth was 16,6% (9,6%) with revenues of 422 million euros, thanks to the boom in the Asia Pacific area.
Mark the pace Astaldi -0,3% which yesterday also signed a contract for the design and construction of two lots of the Moscow-St. Petersburg motorway in Russia, for a total of 140 kilometres. The total amount of the contract amounts to 68 billion rubles, equal to approximately 1,1 billion euros. The share pertaining to the Roman group is equal to 50%, therefore 550 million euros.
