3 hours ago
BT stock soars 10.5%, breaking daily record
BT Group on Thursday reiterated its full-year outlook.
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Shares in British telecoms company BT soared 10.5% following the announcement of a cost-cutting program, marking the biggest single-day rise since November 2021.
Full-year results released Thursday showed sales for the year to March were flat at 20.8 billion pounds ($26.3 billion), up slightly from 20.7 billion pounds a year earlier. However, after-tax profits fell by 55% to £855m.
CEO Alison Kirkby said the company is now committed to doubling its free cash flow over the next five years and may sell its global operations to focus on the UK.
“As we move into the next phase of BT Group’s transformation, we are focused on doing better for our customers and the country by accelerating the modernization of our operations and exploring options to optimize our global business. “This leaves us with a simpler BT Group, fully focused on connecting the UK, and well placed to deliver significant growth for all our stakeholders,” she said.
— Karen Gilchrist
4 hours ago
Siemens' industrial profits fall due to slowdown in automation sector
German technology giant Siemens on Thursday reported lower profits in its industrial business for the second quarter and announced a slowdown in its automation division.
The company's industrial profit for the three months to March was 2.51 billion euros ($2.73 billion), down 2% from a year earlier. This figure was also lower than the 2.68 billion euros expected by analysts compiled by companies reported by Reuters.
Siemens shares were down 2.6% as of 8:48 a.m. London time on Thursday.
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— Sophie Kiderin
5 hours ago
easyJet posts a higher-than-expected loss in the first half
British low-cost airline EasyJet on Thursday reported a slightly better-than-expected first-half pre-tax loss of 350 million pounds ($443 million), even as inflationary pressures on the sector were starting to ease. .
The shortfall was higher than analysts' expectations of £340m, according to an LSEG poll cited by Reuters, but was higher than the tax reported in the previous year as airlines continued to emerge from Covid-19. This was lower than the previous comprehensive loss of £411m. The era of travel recession.
CEO Johan Lundgren told CNBC that the company is seeing “positive momentum” heading into the summer travel season, with consumers prioritizing travel to traditional European destinations, especially Spain, Portugal and Turkey. ” he said.
The chief executive, who announced he would step down in 2025, added that easyJet plans to take all deliveries of its new aircraft from Airbus, despite widespread concerns about supply constraints.
“That doesn't necessarily mean we will have less capacity compared to last year. It will certainly be less than some airlines were expecting, but we are not affected by that.”
— Karen Gilchrist
12 hours ago
CNBC Pro: Citi names one lesser-known stock to buy for the AI opportunity and gives it 22% upside.
Citi recently named a lesser-known company as an acquisition target for “data and AI opportunities.”
Citi noted that the company said its total addressable market has tripled thanks to artificial intelligence opportunities.
CNBC Pro subscribers can read more here.
— Tan Weizhen
17 hours ago
Inflation remains “frustratingly high,” says Bankrate's Hamrick.
Mark Hamrick, senior economist at Bankrate, said April's consumer price index showed a slight easing in inflation and, unlike the disappointing high in March, there were “no nasty surprises”. said he was welcomed.
That said, he noted that interest rates will still remain high for an extended period of time.
“Overall growth is 3.4% year-over-year and core (excluding food and energy) growth is 3.6%, which remains frustratingly high,” Hamrick said. “Given the situation in the fight against inflation, it is necessary for interest rates to continue rising in the short term.”
— Michelle Fox
12 hours ago
CNBC Pro: India's mid-cap stocks are in a 'bubble', investor says – and names the only stock he owns
8 hours ago
European Market: Click here for opening call
European markets are expected to open higher on Thursday.
According to IG data, the UK's FTSE 100 index rose 22 points to 8,442, Germany's DAX rose 26 points to 18,896, France's CAC rose 7 points to 8,244 and Italy's FTSE MIB rose 64 points to open at 35,091. It is expected that
Proceeds are expected to come from Swiss Re, Zurich Insurance, Siemens, Deutsche Telekom, BT, EasyJet and others. No major data released.
— Holly Ellyatt