HCA Market Close 31.10.22 – @Danske bank receives price target upgrades, Omnicar announced a new partnership, and River Tech announced its Q3 results
Denmark: OMX:C25 (+0.51%) ; Sweden: OMX:S30 (-0.29%) ; Norway: OBX:OSL (+0.94%) ; S&P 500 (-0.59%) ; Nasdaq (-0.99%); Stoxx 600 (+0.35%)
Markets fall ahead of Wednesday’s Fed rate hike decision and on expectations of a windfall tax on energy companies from President Biden.
Markets dropped today, led lower by mega-cap tech as Treasury yields rose in a risk-off session. The Nasdaq was also led lower by Apple on a report that tighter Covid-19 restrictions in China could reduce iPhone output by as much as 30%.
Markets will likely be focused on the US this week with the ISM manufacturing numbers tomorrow, the Fed rate hike decision Wednesday, non-farm payrolls data Friday, and it is the penultimate week ahead of the US mid-term elections. Energy stocks pared their gains on today on the rumours that President Biden is set to announce a windfall tax on energy companies.
In Europe, inflation rose again, coming in higher than analyst expectations as Eurozone inflation reached a record 10.7% year on year in October.
Snacks from the HCA Platform:
This morning, OmniCar announced a new partnership with XPENG Denmark to handle the service agreements and a new strategic decision, pausing its online E-car sales platform following a strategic review. This implies that OmniCar has withdrawn the company's previous 2022 financial guidance. The share gained 8.3% in today's trading.
Following last week’s Q3 2022 report and the DKK 14bn provision related to the Estonian matter, part of the market has changed its view on Danske Bank and sent its shares up by almost 20%. Several investment banks have turned more positive, and this morning Handelsbanken raised its recommendation to Buy from Hold while UBS raised their price target to DKK 175 from DKK 151 and sticks to its Buy-recommendation. On the contrary, BNP Paribas kept their Underperform recommendation but raised their target price to DKK 141 from DKK 123. Danske Bank closed today’s trading at DKK 121.6 per share.
River Tech published its Q3 results this morning, announcing year-on-year revenue growth of 23% and yoy EBITDA growth of 18%. However, the share closed down 6.7% today, perhaps reflecting a slowdown from the year-on-year growth rate compared to H1 2022. River Tech presented its results earlier today, catch up at www.Inderes.dk