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By Swissquote Analysts
Morning News

Holcim achieves record sales and profit in the summer quarter

Swiss building materials firm Holcim Group reported that its third-quarter recurring EBIT reached 1.55 billion Swiss francs, up 1.2 percent from last year's 1.53 billion francs. Recurring EBIT grew 7.7 percent on a like-for-like basis. Net sales were 8.05 billion francs, up 10.4 percent from 7.29 billion francs a year ago. Net sales increased 16.3 percent on a LFL basis.

By
Nadine PEREIRA
Morning News

Credit Suisse Resets with a Retreat from Wall Street

Credit Suisse said it would raise $4 billion in fresh capital from a Saudi Arabian bank and other investors to fund a retreat from Wall Street and recover from a near-existential crisis. The Swiss bank said it would sharpen its markets trading businesses and rebrand its capital markets and advisory business as an independent unit called CS First Boston. Michael Klein, a board member who helped plan Credit Suisse’s latest pivot, will step down to become the new unit’s chief executive under the plan. The bank confirmed it is poised to transfer its securitized products group - a large business within the investment bank - to a consortium made up of Apollo Global Management and Pacific Investment Management.

By
Nadine PEREIRA
Morning News

Microsoft Earnings Fall, Stock Slides as PC Demand and Strong Dollar Hurt Sales

Microsoft Corp. shares tumbled after it said it expects a sharp decline in personal computer sales and the dollar’s strength to continue to weigh on growth. The Redmond, Wash., firm’s revenue rose 11% to $50.1 billion in the three months through September compared with a year earlier, while its net income fell 14% to $17.6 billion. Analysts surveyed by FactSet had predicted sales of $49.66 billion and a net income of $17.36 billion for the period. It was the worst quarterly net income decline Microsoft has reported in more than two years and the weakest revenue growth in over five years.

By
Nadine PEREIRA
Morning News

UBS Group Q3 Profit Down on Weak Revenues

UBS Group AG reported a 24% decline in third-quarter net profit as corporate deal making slowed and its wealthy clients pulled back on investments. Revenue was down 19% at UBS’s investment bank and by 4% in its wealth management arm, with some of the reduced activity offset by gains from selling two businesses. Net profit was $1.73 billion for the quarter, more than the $1.5 billion analysts had expected.

By
Nadine PEREIRA
Morning News

Credit Suisse sells Stake in Energy Infrastructure Partners

Credit Suisse has divested itself of another asset. The bank's asset management division has sold its 30% stake in Energy Infrastructure Partners AG (EIP) to its co-founder and managing partner, EIP announced on Friday evening. EIP is an infrastructure investor with a focus on the energy transition sector and, according to its own records, manages more than five billion Swiss francs, particularly for Swiss pension funds.

By
Ludovica SCOTTO DI PERTA
Morning News

Philip Morris Raises Offer for Swedish Match

Philip Morris International Inc. raised its offer for Swedish Match AB by 9.4% and has agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco products from Altria Group Inc. Philip Morris said it is now offering 116 Swedish kronor, equivalent to $10.34, for each Swedish Match share, up from the original offer in May of 106 Swedish kronor. The total value of that deal, though in dollar terms, is roughly unchanged from the original offer because of the appreciation in the U.S. currency against the Swedish krona. That made it easier for the company to raise its offer.

By
Nadine PEREIRA
Morning News

Tesla Reports Near-Record Profit; Sales Miss Estimates

Tesla Inc. cut its full-year growth expectations as it adjusts vehicle-shipping patterns, but Chief Executive Elon Musk brushed off worries about weakening demand amid recession fears. The company expects to “sell every car that we make for as far into the future as we can see,” Mr. Musk said as Tesla reported near-record quarterly profit. Strong vehicle pricing helped Tesla generate nearly $3.3 billion in quarterly profit for the three months ended in September, ahead of expectations of analysts surveyed by FactSet.

By
Nadine PEREIRA
Morning News

Lafarge Pleads Guilty to Conspiring to Support Islamic State

French cement firm Lafarge SA pleaded guilty Tuesday in a New York federal court to paying Islamic State and an al Qaeda affiliate to protect its Syrian cement plant, marking what the Justice Department said was the first time it has charged a company with supporting terrorist organizations. Lafarge agreed to pay about $778 million in financial penalties and serve a term of three years probation. The company and its defunct subsidiary, Lafarge Cement Syria, pleaded guilty to conspiracy to provide material support to foreign terrorist organizations.

By
Nadine PEREIRA
Morning News

BP Buys Renewable Natural-Gas Company in $4.1 Billion Deal

BP PLC said it had agreed to buy U.S. biogas producer Archaea Energy Inc. for $3.3 billion plus debt in a bet on growing demand from customers for renewable fuel. The British oil major said Monday that the acquisition of Houston-based Archaea - its biggest deal since its 2018 acquisition of U.S. shale assets - would expand the company's clean-energy portfolio. BP, like other big oil companies, is shifting more resources into lower-carbon energy, even as it continues with its core business of producing oil and gas.

By
Mathieu VILLARD
Morning News

Morgan Stanley Earnings Fall for Third Consecutive Quarter

A deal-making drought dinged Morgan Stanley’s third-quarter results, sending profit down 29%. The bank said Friday it posted a profit of $2.63 billion, or $1.47 a share. Analysts had expected $1.52 a share, according to estimates compiled by FactSet. Revenue fell 12% to about $13 billion in the quarter, which also missed expectations of $13.3 billion. It was Morgan Stanley’s third consecutive year-over-year profit decline. Investment banking revenue, including fees from mergers and acquisitions, declined 55%.

By
Mathieu VILLARD