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Bayer’s farming business drives Q1 earnings beat

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© Reuters. The logo of Bayer AG is seen in a showroom of the German drugmaker where the annual results news conference takes place in Leverkusen, Germany February 27, 2020. REUTERS/Wolfgang Rattay/Files

By Ludwig Burger

FRANKFURT (Reuters) – Agriculture and pharmaceuticals company Bayer (OTC:BAYRY) reported quarterly adjusted earnings rose a better-than-expected 27.5% on strong gains at its seeds and pesticides business.

First quarter earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-off items, came in at 5.25 billion euros ($5.55 billion), well above the average analyst estimate of 4.65 billion euros posted on the company’s website.

The Crop Science division, which generates the bulk of its earnings during the first half of the year, saw adjusted EBITDA jump by half to 3.67 billion euros, beating a market consensus of 2.95 billion euros, more than off-setting weaker pharmaceutical earnings.

Prices of agricultural commodities like corn and soy have surged globally amid concern that Russia’s attack on Ukraine will disrupt farming there as both countries are major grains exporters.

Bayer’s Chief Executive Werner Baumann told shareholders at last month’s annual general meeting that favourable agricultural markets had helped the group to a very successful start to the year.

The group confirmed its guidance for full-year results.

($1 = 0.9455 euros)

Stock Markets

Snowflake Stock Plunges 7% Despite Rosenblatt Upgrade to Buy on Valuation and Growth

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© Reuters. Snowflake (SNOW) Stock Plunges 7% Despite Rosenblatt Upgrade to Buy on Valuation and Growth

By Senad Karaahmetovic

Shares of Snowflake Inc (NYSE:SNOW) are down more than 7% today on broader sector weakness despite the fact that Rosenblatt analyst Blair Abernethy upgraded it to Buy from Neutral.

A new price target is $255.00 per share, down from the prior $325.00. The upgrade call comes as the company prepares to report Q1 results on Wednesday after market close.

“Given the ongoing enterprise Digital Transformation momentum, strong Q1 growth reported by the leading Cloud Service Providers (CSPs), and Snowflake’s healthy +160% Net Revenue Retention (NRR) rate, we expect Snowflake to meet or marginally exceed our Q1 Product Revenue growth estimate of 81% y-o-y,” Abernethy said in an upgrade note.

The price target implies a near 100% upside from current levels.

As of 10:15 EST, Snowflake stock price trades at $128.89.

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Exclusive-Oracle to win unconditional EU nod for $28.3 billion Cerner deal -sources

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© Reuters. FILE PHOTO: The company logo for Oracle Corp. is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS/Brendan McDermid

By Foo Yun Chee

BRUSSELS (Reuters) – U.S. business software maker Oracle Corp (NYSE:ORCL) is set to gain unconditional EU antitrust clearance for its $28.3 billion acquisition of U.S. healthcare IT company Cerner Corp (NASDAQ:CERN), three people familiar with the matter said on Tuesday.

Oracle announced the deal, its biggest ever, in December last year. It will give it access to a trove of data and could attract more healthcare clients to its cloud platform.

Cerner’s data can help Oracle train and improve the software maker’s artificial intelligence-based cloud services. The company, whose software traditionally ran in its customers’ data centers, has started shifting its service to cloud computing providers.

The European Commission, which is scheduled to decide on the deal by June 1, and Oracle declined to comment.

Tech giants such as Microsoft Corp (NASDAQ:MSFT). have ramped up investments in the healthcare sector, spurred by demand for cloud-based solutions during the pandemic.

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Wall St plunges as Snap’s bleak forecast sparks selloff

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2/2

© Reuters. FILE PHOTO: Snapchat app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

2/2

By Devik Jain and Anisha Sircar

(Reuters) – Wall Street’s main indexes fell on Tuesday, with the tech-heavy Nasdaq leading the slump, as a weak earnings forecast from Snapchat-owner Snap Inc (NYSE:SNAP) added to nerves about an inflation-struck economy.

Snap Inc plummeted 39.7%, dragging down several social media and internet stocks, after the company slashed its second-quarter earnings forecast and said the economy had worsened faster than expected in the last month.

The stock was set for its worst single-day drop.

Twitter Inc (NYSE:TWTR), Google-owner Alphabet (NASDAQ:GOOGL) Inc, Meta Platforms Inc and Pinterest (NYSE:PINS) Inc, which rely heavily on advertising revenue, fell between 3.0% and 24.8%.

“Snap is a proxy for online advertising and when you see weakness there then you automatically think Facebook (NASDAQ:FB), Pinterest and Google,” Dennis Dick, a trader at Bright Trading LLC in Las Vegas, said.

“The back half of the earnings season has seen major disappointments. Expectations are a lot lower, but these companies seem to be finding a way to even get under the lower bar.”

Nine of the 11 major S&P sectors declined in morning trade after rising broadly in the previous session. The communication services sector slid 5.2%.

Wall Street rebounded on Monday from a steep selloff last week that saw both the S&P 500 and the Nasdaq mark their longest streak of weekly declines since the dotcom bust in 2001 on mounting concerns about a recession.

Data showed U.S. business activity slowed moderately in May as higher prices cooled demand for services, while renewed supply constraints because of COVID-19 lockdowns in China and the ongoing conflict in Ukraine hampered production at factories.

“Yesterday’s rally and Friday’s action suggested that the market hit a near-term bottom, but there’s still a lot of negative sentiment … (macro worries) are a big part of this decline,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

U.S. Federal Reserve Chair Jerome Powell is scheduled to speak later in the day, with investors looking for fresh comments about the path of future interest rate hikes.

Markets are pricing in 50 basis point rate hikes by the Fed in June and July..

At 10:06 a.m. ET, the Dow Jones Industrial Average was down 246.25 points, or 0.77%, at 31,633.99, the S&P 500 was down 70.15 points, or 1.77%, at 3,903.60, and the Nasdaq Composite was down 376.45 points, or 3.26%, at 11,158.83.

Abercrombie & Fitch Co slumped 27.2% after the apparel retailer trimmed its annual sales and margins outlook, citing a surge in freight and raw material costs.

Zoom Video Communications (NASDAQ:ZM) Inc inched up 0.9% after raising its full-year profit forecast on strong enterprise demand.

The CBOE volatility index, also known as Wall Street’s fear gauge, rose to 29.24 points.

Declining issues outnumbered advancers for a 2.96-to-1 ratio on the NYSE and a 4.46-to-1 ratio on the Nasdaq.

The S&P index recorded two new 52-week highs and 37 new lows, while the Nasdaq recorded five new highs and 237 new lows.

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