logo-loader

EARLY MOVERS: Deutsche Bank shares under pressure as investigators raid offices, but Veeva Systems Inc shares boosted after results

Also in focus in pre-market was the new Dogpper burger from Burger King and the third quarter results from apparel group Express Inc

1543497171_deutsche-bank.jpg
Deutsche Bank offices have been raided in Frankfurt

As US stocks are poised for a lower close, several stocks are in focus in pre-market deals including Deutsche Bank (ETR:DBK).

The under-pressure bank has seen shares drop 3.24% in pre-market deals to stand at €8.31 as news emerged that the group's headquarters in Frankfurt had been raided as part of an investigation into alleged money laundering.

The raid was also in connection with the Panama Papers revelations.

The Panama Papers were published by the British newspaper, the Guardian and a consortium of international journalists in April 2016.

They revealed how offshore tax havens including the British Virgin Islands, were used to hide billions of dollars

About 170 police officers, prosecutors and tax inspectors were involved in the search, it was reported.

Investigators are looking at two Deutsche Bank employees who allegedly helped clients to set up offshore companies to launder money.

Veeva Systems Inc (NYSE:VEEV) saw shares add 5.63% to $103.30 before the bell after its third-quarter numbers topped the Street's expectations.

Adjusted profit for the three months rose to $0.45 per share from $0.25 per share last year, while analysts had expected earnings of $0.38 per share.

Revenues for the quarter came in at $224.7 million, up 27% from $177.0 million last year. Analysts had a consensus revenue estimate of $216.02 million.

Elsewhere, in other news, it may sound barking mad but another story doing the rounds on Thursday morning came from fast food giant Burger King.

It has created a Whopper burger just for our canine friends.

The "Dogpper" is said to be a flame-grilled, Whopper-flavored biscuit bone that's made just for dogs.

Elsewhere, Express Inc (NYSE:EXPR) shares shed over 13% to $6.22 in pre-market trade.

The American fashion retailer reported 3Q results that beat expectations, but the market focused on its earnings and sales guidance for the current quarter that was well below estimates.

For the fourth quarter, the company expects EPS (earnings per share) of between $0.11 and $0.20, compared to consensus which was for $0.31 and same-store sales to decline 5% to 7%, compared with expectations of flat.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Global Energy Metals in London discussing plans to develop cobalt projects...

Global Energy Metals Corporation (CVE:GEMC) (OTCMKTS:GBLEF) CEO Mitchell Smith caught up with Proactive's Andrew Scott while in London to update shareholders on progress within its portfolio of cobalt and battery metal projects. Smith says the firm's well-placed to take advantage of the...

8 hours, 19 minutes ago

2 min read