Akcie společnosti Jerónimo Martins po zveřejnění finančních výsledků za čtvrté čtvrtletí klesly o 1,5 %.
Ačkoli EBITDA společnosti na úrovni skupiny překonala konsensuální odhady o 5 % díky vysoké hrubé marži a lepším než očekávaným výsledkům v Kolumbii, nákladům skupiny a Hebe, její akcie zaznamenaly pokles.
K poklesu akcií došlo navzdory tomu, že společnost vykázala 11% a 13% překonání zisku před zdaněním (PBT), resp. čistého zisku. Také volný peněžní tok (FCF) dopadl lépe, než se očekávalo, s odlivem 62 milionů EUR oproti předpokládaným 130 milionům EUR.
Dividenda na akcii (DPS) však byla mírně nižší, než se očekávalo, a to 0,59 na akcii oproti očekávaným 0,61.
Výhledové prohlášení společnosti, ačkoli bylo obecně optimistické, se zdálo být v souladu s komentáři ze čtvrtého čtvrtletí i se současnými prognózami.
Společnost Morgan Stanley komentovala výsledky slovy: „Prozatím si celkově myslíme, že je zde dostatek důvodů k tomu, abychom zítra podpořili akcie vzhledem k jejich ocenění – prognózy Biedronky se pravděpodobně udrží a jinde očekáváme malé revize směrem nahoru.“
S&P500
Update on US market: pullback ahead of the Fed's policy meeting
Snapshot of major US stock indexes on Tuesday:
The stock market came under selling pressure for the second session in a row. The S&P 500 fell 0.8%, and the Nasdaq Composite declined 0.9%. Efforts to consolidate were among the key drivers of today's trading. Renewed tariff concerns and cautious corporate outlooks also weighed on sentiment.
Ford (F 10.44, +0.27, +2.7%) and Mattel (MAT 16.65, +0.45, +2.8%), both of which reported first-quarter earnings above consensus, refrained from providing full-year guidance. Ford warned that tariffs could cut its profits by $1.5 billion, while Mattel cited an unstable macroeconomic environment and announced plans to raise toy prices.
President Trump announced upcoming pharmaceutical tariffs, expected to be detailed within two weeks. This comes amid a US trade deficit of $140.5 billion in March, driven by a preemptive import surge, including a $20.9 billion increase in pharmaceutical imports.
Treasury Secretary Bessent stated during oversight hearings on Capitol Hill that some trade deals may be announced as early as this week and that up to 90% of deals could be completed by year-end. However, markets showed little reaction. Investors are also closely watching the upcoming Federal Reserve policy announcement for insights into inflation and growth risks related to tariffs.
The FOMC decision for May is scheduled for Wednesday at 2:00 p.m. ET.
Treasuries ended higher, with the 10-year yield falling 4 basis points to 4.31%, and the 2-year yield dropping 5 basis points to 3.79%.
Year-to-date performance:
Economic data review
The trade deficit widened to a record $140.5 billion in March (consensus: -$127.5B) from a downwardly revised $123.2 billion in February (previously -$122.7B).
The expansion was driven by a $0.5 billion increase in exports and a sharp $17.8 billion increase in imports, largely due to a $22.5 billion jump in consumer goods, including a $20.9 billion surge in pharmaceutical imports ahead of Trump's tariffs.
The main takeaway: the spike in imports weighed heavily on Q1 GDP.
Looking ahead to Wednesday, market participants await the following:
Investors are also watching the Fed's upcoming policy decision, with expectations that rates will remain steady between 4.25% and 4.50%, and speculation about possible rate cuts later this year, a supportive factor for gold.
Gold rose to $3,436 yesterday.
Energy: Brent oil is trading at $62.80 a barrel.
Conclusion The US market may recover, but today everything hinges on the wording of the Fed's decision.
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