Snap Inc (NYSE:SNAP) shares tumbled in after-hours trading Thursday after the social media company’s first quarter result missed revenue expectations.
The company reported revenue of $989 million, down from $1.06 billion a year earlier and short of an expected $1.01 billion. Earnings were $0.01 per share, narrowly beating Street projections of a $0.01 per share loss.
Unilever PLC (LSE:ULVR) and very likely rivals such as Nestle S.A. (OTC:NSRGF, VTX:NESN) and Danone (OTCQX:DANOY) are expected to keep on hiking prices into 2023, according to Barclays.
The bank still forecasts a net material inflation increase of €1.5bln (£1.3bn) in Unilever products as it sees inflation “remaining high in the first half, before softening through the year.”
Blencowe Resources said it has passed a key hurdle for engagement with US project development financial institution, the DFC, which can provide funding assistance for the Orom-Cross graphite development as part of the US critical minerals policy.
Orom-Cross, in Uganda, has successfully negotiated the key Project Screening test within DFC, said Blencowe, with both parties now moving to a binding grant agreement that could see 50% or US$4.5mln of grant funding made available for a Definitive Feasibility Study.
Downing Street has fired back at the fierce criticism from Microsoft of Britain's gaming industry after the US company's planned takeover of Call of Duty maker Activision was blocked on regulatory grounds.
Number 10 fought to defend the industry following comments from the Silicon Valley giant that the UK's regulatory stance was "bad for Britain", "the darkest day" in Microsoft’s history in the country, which should "shake the confidence among the business community [and] people’s confidence in technology in the United Kingdom", sparking spluttering columns in right-leaning newspapers about red tape "wrecking dreams of a British silicon valley".
Barclays got the earnings seasons for the UK’s big four banks off to a bright start said analysts, with the likely outcome to be upgrades when all the numbers have been crunched.
Jefferies said there was little to quibble about. Profits were around 23% ahead of forecasts with the strong performance of the investment bank a pleasant surprise though most of Barclays' metrics were ahead of consensus forecasts.
Vodafone Group PLC (LSE:VOD) has appointed interim chief executive Margherita Della Valle as full-time boss after months of speculation.
Della Valle took over as acting chief executive on January 1, after the abrupt farewell of Nick Read in December.
“You have to take the long-term view,” says Richard Tonthat on investing in the nascent European cannabis and cannabidiol (CBD) sectors.
“At the same time, you should never take things at face value. Stress testing assumptions also needs to be done.”
Britain is to face three more days of rail strikes as drivers’ union Aslef announced industrial action on 12 May, 31 May and 3 June, cup final day.
Mick Whelan, general secretary, said the decision had been taken after a 'risible' proposal from the industry body, the rail delivery group (RDG).
Universal Music can protect itself against the coming AI storm, that’s according to analysts at Deutsche Bank.
The German bank in a note following the record label’s quarterly results repeated a ‘buy’ recommendation.
Shares in bookmakers Entain, Flutter and 888 all rose Thursday as investors reckoned the sector had got off lightly in the long-awaited white paper.
Culture, media, and sports secretary Lucy Frazer said new proposals would focus on six key areas - online protection, marketing, the gambling commission's power, protecting children, on-premises operations, and dispute resolutions.
Shell PLC (LSE:SHEL, NYSE:SHEL), BT Group PLC (LSE:BT.A) and Virgin Media O2 are among the most complained-about broadband, mobile and television providers, according to regulator Ofcom.
Shell’s 1.4mln-strong customer broadband wing, Shell Energy, faced the most complaints over broadband and landline coverage of any UK provider between October and December, Ofcom said on Thursday.
KEFI said it has signed the final umbrella agreement for project financing of the Tulu Kapi gold project in Ethiopia.
Signing took place at a ceremony in Addis Ababa attended by a number of senior Ethiopian Government officials, the British Prime Minister's trade envoy and the ambassadors to Ethiopia for Britain and for Australia.
NextEnergy Solar Fund Ltd's (LSE:NESF) proposed measures to reduce leverage and validate its portfolio valuations have been praised by broker Stifel, which suggested other funds in the sector may follow suit.
"At this stage there is no indication given on the potential valuation of the five projects which will be sold," the analyst said, noting that NESF is confident that it will be above their latest valuation.
Puma, the sports fashion retailer, will be eager that it can capitalise on the rebounding Chinese market to counteract reduced growth in North America, according to analysts.
The German company saw North American revenues decline by 19% annually in its first quarter.
Barclays PLC (LSE:BARC) chief executive C. S. Venkatakrishnan (aka Venkat) has called the allegations against his predecessor Jes Staley’s links to deceased sex offender Jeffrey Epstein “very serious”.
Staley, who resigned as Barclays’ chief in November 2021, has denied allegations that he provided services at JPMorgan Chase & Co (NYSE:JPM) (where he previously served as an executive) that were integral to Epstein's sex-trafficking operations.
JP Morgan predicts a bright summer for European airlines, driven by strong consumer demand for travel and limited capacity compared to 2019, according to a research note.
The investment bank expects that the focus will shift to the strength of pricing and profitability during the summer months.
Virgin Galactic Holdings Inc (NYSE:SPCE) shares are expected to float further away from recent all-time lows after it took another step towards starting commercial zero-gravity flights on the edge of space in the next two months.
The space tourism company said its Unity rocket carried out a nine-minute glide flight, after being carried to 47,000 ft by its Eve mothership.
Leading US gambling company Draftkings Inc (NASDAQ:DKNG) is putting its chips on streaming in a bid to stay competitive against major rival Flutter Entertainment Inc’s FanDuel platform.
According to sources familiar with the matter, DraftKings intends to launch an ad-supported, free video service featuring video podcasts sponsored by the company.
JP Morgan expects Glencore to upgrade its offer for Teck Resources, especially now that the Canadian miner has dropped its own separation plans.
Glencore’s offer currently is worth around C$63 a piece for the B shares, but JP Morgan believes it can increase this to C$70, or a 19% premium to the close yesterday, valuing Teck at US$27bn or 50% above its value before the approach was made public.
Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF)'s investment case largely depends on the ongoing permitting process at its Inmaculada mine in Peru, according to a research note from RBC Markets.
The Canadian bank believes the company can manage any delays until the end of 2023, and that permitting risks are already reflected in its current valuation.
J Sainsbury PLC (LSE:SBRY)’s 5% fall in annual profits is merely the result of its bid to lower prices and tempt shoppers, according to analysts.
Sainsbury’s confirmed it had spent £560mln to freeze prices in the past two years in its preliminary update on Thursday, likely aimed at boosting its market share.
Shares in unsecured consumer lending provider International Personal Finance (LSE:IPF) rose 6% to 101p after the reported trading ahead of plan in the first quarter.
It said all its divisions started the year well, with 15% growth in customer lending compared to a year ago.
Flutter Entertainment PLC (LSE:FLTR) has named former breakfast cereal executive John Bryant as its next non-executive chair.
The Sky Bet and Paddy Power owner said Bryant's appointment as director and chair-designate will take effect following Flutter's AGM today, and he will assume the role of chair from September 1.
The CMA’s decision to nix Microsoft Corporation (NASDAQ:MSFT)’s US$70bn Activision Blizzard Inc (NASDAQ:ATVI) takeover was met with stunning vitriol from Microsoft president Brad Smith today, who condemned the decision as a hex on Britain’s post-Brexit appeal.
“We’re of course very disappointed about the CMA’s decision, but it’s more than that. Unfortunately I think it’s bad for Britain,” Smith told BBC Radio 4.
Shares in communication software firm Mobile Tornado Group Plc (AIM:MBT) fell over 18% in early trading as it reported lower revenue, profit and higher net debt for the year to December 2022.
Total revenue fell 12% to £2.3mln, while profit was 10% lower at £2.2mln, the group reported, confirming it was yet to reach its goal of penning deals with public sector organisations in south and central America despite “successful” trials.
Glencore PLC (LSE:GLEN)’s plan to merge with Teck Resources Ltd (TSX:TECK.B) seemingly got a shot in the arm last night as the Canadian group dropped its own plans to split off its coal business.
In a statement, Glencore said it had noted Teck’s decision and that its own proposal for splitting off and merging the two companies' coal and metal businesses into separate entities offers “a simple and direct approach to separation”.
Hotel Chocolat PLC saw its shares slump 8.57% to 160.00p in Thursday’s early deal after the chocolate brand warned that sales will miss market forecasts for the year to 23 April 2023.
The company said it now expects underlying pre-tax profit to break even, after a transitional year during which the company focused on re-shaping the business.
INSPECS Group PLC (AIM:SPEC) saw its shares fall in Thursday’s early deals after its 2022 results confirmed a wider loss from the prior year and lower underlying earnings.
The company, in a statement, said it remains optimistic and noted that in the first half of 2023 it traded in line with its expectations, supported by the expansion of its branded partnerships with the likes of Botaniq, Superdry and Savile Row Titanium.
Taylor Wimpey PLC (LSE:TW.) has reiterated full-year guidance, reporting continued recovering demand in the UK’s housing sector and higher sales than were announced in March.
“We have seen continued recovery in demand from the low levels experienced towards the end of 2022,” the FTSE 100-listed housebuilder said in a statement.
Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) told investors it sees “major resource potential” at its Cottesloe project in Western Australia, following analysis of newly digitised drilling results from historic exploration programmes.
The company has analysed the data from some 483 drill holes drilled in 1976 at the earliest to the latest holes which were drilled in 1996, along with various sampling programmes.
Shares in EnSilica PLC (AIM:ENSI) shot up over 11 % in early trade on Thursday after the mixed signal chip maker revealed that underlying profits for the current year are set to come in "significantly" above analysts’ forecasts.
Following strong trading in the second half, “excellent” new contract momentum and the completion of projects, the company now expects EBITDA for the year to 31 May 2023 to be around 30% higher than the £1.18mln predicted by the market.
WPP PLC (LSE:WPP) shares fell on Thursday as the advertising giant reported slower growth in the first quarter, although client companies "continued spending" in communications, customer experience, commerce, data and technology despite recession worries in several major economies.
On a like-for-like (LFL) basis growth was 4.9% for the first three months of 2023 compared to the same period last year. When pass-through costs are excluded, LFL growth was 2.9%.
Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) has reported results for the year ended 31 January 2023, showing strong growth in cash and reduced losses as it advances the South Crofty tin project in Cornwall to a construction decision.
At the year-end, Cornish Minerals had cash of C$55,495,233, up from C$6,922,704 a year earlier, while its loss for the year was reduced to C$1,218,257, down from a C$2,911,140 loss in 2021.
Just over £4bn was added to the value of AstraZeneca PLC, whose shares opened 2.25% higher after the company reported better-than-expected first-quarter profit and revenue.
Adjusted earnings of US$1.92 per share on sales of approximately US$10.9bn outpaced the average analyst estimate of US$1.71 per share on sales of around US$10.6bn.
Scirocco Energy PLC (AIM:SCIR) has added Matt Bower to its board as a non-executive director.
The company, in a statement, noted that Bower brings relevant expertise, having served as the chief operating officer and chief financial officer at various listed and private companies in the energy sector.
Synairgen PLC (AIM:SNG, OTC:SYGGF) reported it had £19.7mln of cash and deposits in the bank at the end of what chief executive Richard Marsden said was an “insightful year”.
He said the period pointed the respiratory company “towards a clear clinical development plan” following analysis of the Phase 3 SPRINTER data and other important data.
Power Metal Resources PLC (AIM:POW) said exploration drilling at the Molopo Farms Complex (MFC) project in Botswana has confirmed the presence of nickel sulphides and platinum group metals, but not yet in economic quantities.
The junior carried out a total of 2,402.8 metres of drilling across five drill holes targeting four individual target areas, resulting in multiple intersections of nickel, platinum and also gold.
Graft Polymer (UK) PLC said it is targeting "several key initiatives" to increase product and sales growth this year after a busy and productive 12 months in which it listed on the stock market and doubled its production capacity.
In commentary alongside its prelims, Graft pointed out it also won its first revenue-generating commercial order for 50,000 units of MGC Pharmaceuticals product, ArtemiC Rescue, while at the same time expanding into the cosmetics sector.
Mosman Oil and Gas Ltd (AIM:MSMN) has increased its footprint in Texas, picking up a new lease adjacent to its Cinnabar project.
It comes after analysis of the project, including the interpretation of 3D seismic data, which identified the potential for the Cinnabar field to extend beyond the existing 350-acre Cinnabar lease.
Europa Oil & Gas (Holdings) PLC (AIM:EOG) has announced that William Ahlefeldt, a director of the company since 2004, has decided to retire with immediate effect.
The company noted that Ahlefeldt, an experienced petroleum engineer, played a critical role in bringing it to the AIM Market of the LSE in 2004 and remains one of Europa's largest shareholders.
J Sainsbury PLC (LSE:SBRY) has posted a 26% rise in free cash flow and profits at the top end of expectations following a year of high inflation led by huge food price hikes.
Retail free cash flow climbed by 26.2% from £503mln to £635mln for the full year to March 4, 2023, driven by working capital reductions and dividends received from its banking wing, Sainsbury’s reported.
Naked Wines PLC (AIM:WINE, OTCQX:NWINF) has said its profits for the past year are likely to be at the top end or slightly above of its previous guidance.
Total revenue for the 53 weeks to 3 April 2023 will be circa £350mln, the online wine merchant said in a statement, almost precisely flat on a reported basis, but down 6-8% on a comparable basis if removing the extra week compared to the previous year.
Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) said it is "very" optimistic about the future as it gears up for a full US commercial push of its lead asset, the iron deficiency drug Accrufer.
With cash in the bank at the end of last month of £19.2mln, it is well funded for the roll-out. At the same time, it is on course to have completed the recruitment and training of its newly expanded sales team by the start of May.
Tower Resources PLC (AIM:TRP) chief executive Jeremy Asher has told investors he believes that the explorer is close to having a final schedule for the NJOM-3 well, in Cameroon, which he says will be transformational for the company.
The company, in a statement, said that talks are continuing with the Cameroon authorities over an application to extend the initial exploration period in its PSC, meanwhile, it is also advancing negotiations for rig operations.
Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF) said it is on track to meet guidance this year with power issues stabilising in the first three months of 2023.
Vanadium production was 943 metric tonnes in the quarter, against 973 mTv a year ago, with costs easing slightly to US$25.9/kgV from US$26.6.
Cornerstone FS PLC (AIM:CSFS) has announced the successful completion of the sale of Avila House Ltd to Aspire Commerce Ltd following regulatory approval from the Financial Conduct Authority (FCA).
The foreign exchange and payments company has received £300,000 in cash as consideration for the sale.
4GLOBAL PLC (AIM:4GBL) has reported strong revenue generation in the second half of its financial year and expects to report total revenues of £5.6mln for the year ending March 31, 2023, marking a 55% year-on-year improvement.
Adjusted EBITDA is expected to be “in line with expectations”, though the UK-based data software company did not provide a specific figure in today’s trading update.
Unilever PLC (LSE:ULVR) reported accelerated growth for the first quarter as underlying sales increased 10.5% to €14.8bn, with growth broad-based including a strong showing from its billion+ Euro brands.
The strongest sales growth came in Personal Care, up 12.7%, while Home Care and Nutrition rose 10.2% and 11.9% respectively. More modest advances were seen in Beauty & Wellbeing and Ice Cream, up 9.3% and 6%.
NextEnergy Solar Fund Ltd (LSE:NESF) (NESF) said it plans to sell off a 236MW portfolio of subsidy-free UK solar assets to expedite the next phase of its growth, including reducing gearing, buying back shares and investing in new assets.
The investment trust, which is focused on solar and battery storage said subsidy-free solar assets in its portfolio, said it has created additional value throughout construction and energisation that its board and investment adviser “do not consider to be truly reflected in the company's recent share price”.
Greatland Gold PLC (AIM:GGP, OTC:GRLGF) and partner Newcrest Mining Limited (ASX:NCM) have reported more high-grade intercepts from drilling at the Havieron mine in Paterson, Western Australia.
In-fill drilling continues to confirm high grades in the initial discovery area, Greatland said.