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Intel planlægger at reducere sin arbejdsstyrke med 15% og droppe europæiske chipanlægsplaner på grund af øget konkurrence og tab. Aktieprisen faldt 4,6%, og andet kvartals tab steg til 2,9 milliarder dollars. Swiss Market Index faldt 0,3%, med Nestlé som største taber grundet skuffende salgstal. Stoxx Europe 600 steg 0,2%, trods STMICROELECTRONICS’ store tab på grund af svag kvartalsprognose. I USA nåede S&P 500 og Nasdaq nye højder, mens Dow faldt 0,7%. Chipotle, American Airlines og Southwest så et fald i aktiekurser på grund af svage økonomiske udsigter. I Asien faldt Nikkei 225 med 0,7%, drevet af tab i bilsektoren.
Fra Swissquote:
Topic of the day
Intel will cut 15% of its workforce and scrap plans to spend tens of billions of dollars on new chip facilities in Europe, as it takes steps to revive its sagging fortunes. Intel, which has long dominated the business of making chips for laptops and desktop computers, fell far behind competitors such as Nvidia, Advanced Micro Devices and Taiwan Semiconductor Manufacturing Co. after it failed to anticipate the surge in demand for the powerful chips fuelling the artificial-intelligence boom. Shares fell 4.6% in after-hours trading. Revenue in the June quarter was roughly flat at $12.9 billion, beating Wall Street expectations, the company said. Intel’s loss for the second quarter widened to $2.9 billion, from a $1.6 billion loss in the year-earlier period. The results represent the company’s sixth-consecutive quarterly loss, extending its longest streak in 35 years. Intel forecast a range of $12.6 billion to $13.6 billion in revenue for the current quarter, higher than estimates by analysts polled by FactSet.
Swiss stocks
On Thursday, the SMI lost 0.3 per cent to 12,046 points. Of the 21 SMI stocks, twelve gained and nine lost ground. A total of 29.55 (previously: 22.01) million shares were traded. By far the biggest loss in the SMI was recorded by index heavyweight Nestlé, the business figures of which were not convincing in all respects. Investors were particularly concerned about the decline in sales. Consumer restraint and the generally uncertain environment are causing problems for the food company. The turnaround in earnings is likely to take even longer. The share fell by 4.6 per cent. The second-quarter figures of logistics group Kühne + Nagel (-2%) were also received with disappointment. By contrast, Roche’s figures (+1.5%) turned out to be convincing. Despite the uncertain political situation, the pharmaceutical group has confirmed its outlook, commented Vontobel. Among smaller caps, Galderma improved by 7.6 per cent following surprisingly strong figures. The skin care specialist also lifted its annual targets. In contrast, the results from private bank Vontobel turned out to be disappointing, with its share price dropping by 12.5 per cent.
International markets
Europe
On Thursday, the Stoxx Europe 600 index gained 0.2% to 551.6 points. In Paris, the CAC 40 and the SBF 120 both lost 0.4%. The DAX 40 advanced by 0.2% in Frankfurt and the FTSE 100 climbed by 0.9 points in London. As expected, the ECB decided on Thursday to leave its main key rate unchanged at 2%. STMICROELECTRONICS (-16.6%): the semiconductor manufacturer reported a disappointing outlook for the current quarter, after falling into the red in the second quarter due to impairments and restructuring charges. The group posted a net loss of 97 million dollars in the second quarter of this year. SEB (-9.8%): the small domestic equipment specialist issued a warning about its results for 2025. Seb explained that it was suffering from ‘persistent uncertainty’ surrounding trade tensions ‘and consequent disruption due to a wait-and-see attitude on the part of customers, mainly in North America’. IPSOS (+6.9%): sales of this market research group returned to organic growth in the second quarter. Over this period, sales progressed by 0.7% like-for-like, ‘unexpectedly’, following a slump of 1.8% in the first quarter, observes Oddo BHF in a note.
United States
Trade tensions, weaker-than-expected housing data and a mixed bag of earnings results didn’t keep the S&P 500 and Nasdaq composite from hitting new records on Thursday. The S&P 500 added less than 0.1% for its fourth consecutive record, the longest such streak since December. The tech-heavy Nasdaq gained 0.2% to hit its 12th record of July, already the most in a calendar month since August 2020. The Dow Jones Industrial Average slipped about 316 points, or 0.7%, to 44693.91. Earnings results remained a primary driver of stock moves. American Airlines’ shares fell 9.6% after the company lowered its profit outlook compared with January, citing weaker travel demand, and Southwest Airlines slipped 11% after its revenue fell. Chipotle retreated 13% when the burrito chain reported a same-store sales decline for the latest quarter and said its consumer outlook remains volatile. Big tech, however, continued buoying the market to fresh highs. Shares of Google-parent Alphabet rose 1% after the company reported a jump in revenue and said it was increasing capital expenditure expectations as part of an escalating AI arms race. A fall in shares of IBM and UnitedHealth weighed on the Dow industrials. The health conglomerate lost 4.8% after it said it was responding to requests from criminal and civil investigators at the Justice Department. IBM late Wednesday said it posted higher sales and profit, bolstered by growth in its cloud software sales. Shares fell 7.6%. Economic data was mixed. The Labor Department said that initial jobless claims declined last week, continuing to show that layoffs have remained constrained. New home sales struggled to gain pace in June, inching slightly higher albeit below economists’ projections. That added to signs of weakness in the housing market.
Asia
Stocks in Asia mostly fell on Friday. The Nikkei 225 in Tokyo is down 0.7 per cent. Following the recent rally, automotive stocks in particular are losing ground. Mazda Motor shares dropped 5.7 per cent, Toyota Motor 1.8 per cent, Nissan Motor 2.7 per cent, and Mitsubishi Motors 8.6 per cent. The Shanghai Composite slipped 0.3 per cent and the Hang Seng Index 1.1 per cent. The Hong Kong index is up 3 per cent. Technology stocks in particular have risen sharply there, as Nvidia is allowed to sell AI chips to China again after months of export restrictions.
Bonds
Long-dated U.S. government debt yields increased on Thursday. The 10-year Treasury note yield climbed 2 basis points to 4.41%. Weekly US labour market data was better than expected, and the Chicago Fed National Activity Index improved in June, albeit from a low level, reducing the likelihood of interest rate cuts in the US in the near future.
Analysis
Berenberg raises Lindt & Sprüngli target to CHF 11,045 (10,580) – Hold
Jefferies lowers Lonza target to CHF 734 (715) – Buy
DZ Bank downgrades Givaudan target to CHF 3,800 (4,085) – Hold
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