Stocks, news, data and earnings

Hello Fresh Shares fell 20% Thursday morning after the German meal kit delivery company cut its annual core earnings forecast on the back of weak sales growth and higher costs in North America.

barbaric The company’s shares fell 10% after the British luxury fashion brand warned that it may not meet its annual revenue expectations amid a slowdown in global spending.

At the top of the Stoxx 600 index, shares of Swedish game developer Embracer Group jumped more than 14% after the company beat quarterly earnings expectations and confirmed its full-year forecasts.

Siemens Shares rose more than 5% after the German industrial group reported record quarterly profits.

-Elliot Smith

European stocks opened in slightly negative territory on Thursday.

Pan-European Stoxx 600 index It fell 0.2% in early trading, with chemicals falling 0.7% to lead losses while utilities rose 0.6%.

Siemens On Thursday, it reported a 10% increase in revenue growth for the fiscal fourth quarter to a record 21.4 billion euros ($23.2 billion), beating expectations, but forecasting a slowdown in 2024.

The German industrial group expects sales to grow by 4-8% over the next 12 months, down from the 11% increase recorded for the 2023 fiscal year that ended in September, primarily due to the subdued outlook for its industrial automation division.

However, the industrial powerhouse enjoyed record quarterly and full-quarter results as the fiscal year concluded.

Industrial profits grew 7% to a record level of 3.4 billion euros in the fourth quarter, exceeding the company’s expectations of 3.34 billion euros, to reach a record level of 11.4 billion euros for this year.

Net income was €1.9 billion for the quarter, taking the full-year figure to a historic high of €8.5 billion, while free cash flow also hit a record high of €10 billion for the full year.

Read the full story here.

-Elliot Smith

UBS highlighted several of its favorite stock ideas for 2024, as it expects massive interest rate cuts next year.

The investment bank expects the United States to witness slowing economic growth and strong deflation, leading to an interest rate cut of 275 basis points. This would lower the federal funds rate from the current range of 5.25% and 5.5% to between 2.50% and 2.75%.

Given the economic outlook, UBS strategists are recommending a number of trades to clients for 2024. CNBC Pro has highlighted three of them. Subscribers can read more here.

– Ganesh Rao

Shares of this tech giant are expected to jump more than 10% in the next 12 months, according to Brian Novak, an equity analyst at Morgan Stanley.

US Investment Bank’s price target for the stock gives it a potential upside of about 11.5%.

“What we really liked [the stock] Do we think the market is still underestimating the durability of its revenue growth in 2024 and 2025?” Wednesday.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

European markets are expected to open in negative territory on Thursday.

United kingdom FTSE 100 index The index is expected to open 8 points lower at 7,456 in Germany Dax Down 33 points to 15,713 points for France Kak Down 17 points at 7192 and Italy FTSE MIB indicator Down 114 points to 29,201, according to IG data.

Profits are set to come from Siemens, Aegon, Premier Foods, Burberry, Aviva, Smiths Group and United Utilities.

– Holly Eliatt