THE TREND
The 5,700 points were crossed at the start of the session by the CAC40 which allowed itself a gain of 0.50% at the opening, but the Parisian index falters somewhat over the minutes, which leads it back below this symbolic level as 9:30 am approaches. Relative stability in the end, which conceals significant differences due to publications of disparate results and interpreted in different ways. If Societe Generale sees its title progressing, Ubisoft is widely sold …
Supported are: Air Liquide, Orpea, Société Générale, Amundi or Natixis, which will also be the subject of an offer from its parent company BPCE at 4 Euros. So far, the annual results have been fairly well received by investors, who note significant resilience. In the United States, quarterly profits are now expected to rise 2.5% for the components of the S & P-500, against an expected decline of 10.3% at the start of the year.
Aside from corporate accounts, the expected catalyst for markets today remains the Biden administration’s $ 1.9 trillion stimulus package, seen as the engine of the reflation eagerly awaited by investors. The markets are also counting on prolonged support from the Federal Reserve, including boss Jerome Powell, is due to speak publicly on Wednesday.
WALL STREET
The US stock market took a break on Tuesday, the day after a triple record for the main indices. The Nasdaq composite still finished with a record Tuesday night. Investors continue to bet on an economic recovery this year thanks to the Covid vaccination and support from the Fed and the Biden plan under consideration in Congress. The corporate earnings season continues actively, with Twitter and Cisco Systems expected after the close. Brent oil signed its eighth straight increase, and has since Monday moved above $ 60 a barrel for the first time since January 2020.
At the close, the Dow Jones index lost 0.03% to 31,375 points, while the large S&P 500 index fell by 0.11% to 3,911 pts, and the Nasdaq Composite, rich in technology and biotech stocks , again rose 0.14% to 14.007 pts, a new high therefore.
ECO AND CURRENCIES
France :
– Industrial production in France. (8:45 am)
United States :
– Consumer price index. (2:30 p.m.)
– Stocks and wholesale sales. (4:00 p.m.)
– Weekly report from the Department of Energy on domestic oil stocks. (4.30 p.m.)
– US budget balance. (8:00 p.m.)
Europe :
– Final consumer price index in Germany. (08h00)
– Italian industrial production. (10h00)
An ounce of yellow metal is trading at $ 1,836. For its part, the euro / dollar parity reached $ 1.2125 this morning. A barrel of Brent is trading at $ 60.96.
RISING VALUES
Amundi (+ 3.70% to 67.75 Euros) recorded in the 4th quarter of 2020 a net profit of 288 ME, up + 5.1% compared to the last quarter of 2019 and + 22.5% compared to Q3 2020. This is the highest quarterly result since the creation of Amundi.
Natixis (+ 7.60% to 3.98 Euros): BPCE will file a public offer targeting the 29.3% of the capital of Natixis that it does not hold at the price of 4 euros per Natixis share (dividend attached ). BPCE has announced its intention to implement a squeeze-out procedure for all securities not held by it in the event that minority shareholders do not hold more than 10% of the Company’s share capital and voting rights at the time. ‘resulting from the offer. In addition, Natixis published declining quarterly results, while highlighting its good financial health, at a time when its parent company BPCE announces that it wants to acquire the share of the group’s capital that it does not yet own at a price of 4 euros per share. The establishment posted net income group share of 323 million euros over the last three months of fiscal 2020, down 13%. Net banking income fell 4% year on year, to 2.23 billion euros, while the cost of risk rose to 159 million, against 119 million a year earlier. The underlying quarterly result stood at 442 million euros in the fourth quarter, its highest level for more than two years, underlines Natixis management. For the full year 2020, Natixis posted net profit group share of 101 million euros for net banking income of 7.306 billion (-14%).
Herige (+ 3.85% to 32.40 Euros): Sales for the 2020 financial year amounted to 600.4 million euros, a limited decline of 3.5% or -4.9% at scope comparable including -17.5% in the 1st half and + 8.9% in the 2nd half. In the 4th quarter of fiscal 2020, the company achieved a turnover of 168.6 ME, an increase of 10.5% and + 8.6% on a like-for-like basis compared to the same period in 2019.
Orpea (+ 0.65% to 116 Euros) achieves growth of nearly 5% of its turnover to 3.922 ME in 2020. While the second wave of Covid-19 imposes confinements almost everywhere in Europe, the 4th quarter revenue reflects the resilience of the business with growth accelerating to + 6.4%. Thus, over this quarter, Orpea achieved an increase in its activity close to the objective set before the Covid-19 pandemic, which was + 8%.
Technip (+ 2% to 8.43 Euros) Energies, a few days before its IPO, has just won a mega contract of $ 13 billion with its Japanese partner Chiyoda, in Qatar, to increase by more than 40% the country’s liquefied natural gas production.
Societe Generale (+ 3.70% to 18.04 euros): Over the whole of 2020, SG posted a net loss, group share of -258 million euros, but a profit excluding exceptional items of 1.435 billion. Annual GNP fell 10.4% to 22.1 billion euros, while costs were reduced 5.7% to 16.7 billion. For 2021, Societe Generale expects a slight increase in revenues, as well as a reduction in the cost of risk and confirms its objective of a payout rate of 50% of the underlying net income group share. The group will propose to the general meeting in spring the payment of a dividend of 0.55 euros per share.
FALLING VALUES
Haulotte Group (-0.60% to 6.33 Euros) achieved a turnover of 114.5 million euros in the last quarter of 2020, down -12% compared to that of the year before, but up + 13% compared to the previous quarter. The activity is mainly driven by Asia-Pacific. Haulotte Group achieves cumulative 2020 sales of 439.6 ME (610.8 ME in 2019), i.e. a decrease of -27% between the two periods, in a global market heavily impacted by the health crisis.
Ubisoft (-6.75% to 78.06 Euros) posts a record quarter and a performance exceeding expectations, citing excellent execution, high quality launches and the power of the catalog. The group is also tightening its 2020-21 objectives, now counting on net bookings of between 2.22 and 2.28 billion euros, for non-IFRS operating income of between 450 and 500 million euros. IFRS15 sales for the third quarter of 2020-21 amounted to € 965.1 million, up 131.9% (+ 138% at constant exchange rates) compared to € 416.2 million achieved in the third quarter of 2019 -20. IFRS15 revenue for the first nine months of 2020-21 amounted to € 1.722 billion, up 54.6% (+ 57.4% at constant exchange rates) compared to the first nine months of 2019-20.
Aperam (-1.25% to 36.59 Euros) today announces its results for the quarter and year ending December 31, 2020. Steel shipments stand at 1,677 thousand tonnes in 2020, down by 6.1% compared to steel shipments of 1,786 thousand tonnes in 2019. EBITDA stood at 343 million euros in 2020, including an exceptional gain of 50 million euros, compared to a EBITDA of 357 million euros in 2019, including an exceptional gain of 17 million euros. EBITDA was 159 million euros in the fourth quarter of 2020, including an exceptional gain of 50 million euros, compared to an EBITDA of 65 million euros in the third quarter of 2019. Net profit was 175 million euros. euros in 2020, compared to 148 million euros in 2019. Basic earnings per share stood at 2.19 euros, compared to 1.82 euros in 2019.
Air Liquide (-0.25% to 137.15 Euros) once again demonstrates its resilience, including in times of crisis. The industrial gas giant posted recurring operating income last year of 3.79 billion euros, down 0.1% as reported but up 3.6% on a comparable basis, for revenue of 20.485 billion euros, down 1.3% on a like-for-like basis. The operating margin improved by 120 basis points to 18.5% and the recurring net income increased by 1.5% to 2.341 billion euros.
THEY PUBLISHED THEIR TURNOVER / RESULTS …
ALD, Vente-Unique.com, Ordissimo, AST Groupe, Energisme, ESI Group, Linedata, Ober
THE LATEST “RECOS” FROM ANALYSTS …
Goldman Sachs is neutral on Atos with a target price of 74 euros and is long on Total with an adjusted target of 42 to 46 euros.
Morgan Stanley goes back from ‘overweighting’ to ‘online weighting’ on Renault, targeting a price of 40 euros.
MARKET INFO
Gecina: 3 responsible credit lines.
Medesis Pharma: is paid at the top of the range at 6.76 Euros.
IN SHORT
Asit biotech: approved reorganization plan.
Sanofi: The FDA approves Libtayo (cemiplimab-rwlc).
Genfit: positive results for the Phase 2 clinical trial.
Thales Alenia Space will build the Lightspeed constellation.
Emova Group: a commercial partnership with Uber Eats.
Median Technologies signs a research agreement with the University of San Diego.
Arkema: Bostik acquires Poliplas in Brazil.
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