FTSE 100 concede gains as AstraZeneca slides on earnings miss
Proactive Investors
Published Feb 08, 2024 12:40
FTSE 100 Live: Stocks concede gains as AstraZeneca slides on earnings miss
Proactive Investors -
- FTSE 100 down 7 points at 7,621
- Unilever (LON:ULVR), BAT (LON:BATS), Compass rise after updates
- DS Smith climbs after Mondi (LON:MNDI) approach
Shares in AstraZeneca PLC (LON:AZN) are down 5.5% now after fourth quarter results fell short of expectations.
Shore Capital analyst Sean Conroy said while revenue was in line with consensus expectations, core EPS was 3% behind forecasts.
Oncology sales were 1% behind estimates, with Tagrisso missing by around 4%, he said.
Core operating income came in well behind expectations, he noted, 14% below forecast, with both research and development, and selling, general and administrative expense higher than expected in the quarter.
Nonetheless, Conroy remains positive on the stock - reiterating a 'buy' rating and 13,000 pence share price target.
"We continue to believe a premium is warranted based on its earnings growth and pipeline prospects," he said.
h2 NatWest to poach UBS executive to join Coutts/h2Sky News reported that NatWest Group PLC (LON:NWG) has poached Emma Crystal from UBS to join its wealth management division, which includes Coutts private-banking.
Crystal will join the state-backed lender from the Swiss banking giant to replace a top Coutts executive who was forced out during last year's 'debanking' row involving Nigel Farage.
Crystal, who has also worked for Credit Suisse (SIX:CSGN), will become the next chief executive of its wealth management division, which includes Coutts, replacing Peter Flavel, who left NatWest last summer.
h2 DS Smith jumps after Mondi approach/h2We mentioned the bid rumours earlier and DS Smith has now confirmed that it has received a "highly preliminary expression of interest" from Mondi PLC (LSE:MNDI) regarding a combination with DS Smith.
"The board of DS Smith understands that Mondi is considering a possible offer for DS Smith although no proposal has been received at this stage," it said.
Shares are up 13% after the announcement with Mondi now down 2.2%.
Smurfit Kappa (LON:SKG) is up 5.6% - also supported by positive comments from JPMorgan (NYSE:JPM).
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