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The Swiss stock market experienced a downturn, with the SMI dropping 0.50% amid significant company reports, particularly focusing on UBS and Sandoz. UBS saw profit-taking after reaching a multi-year high, while Sandoz rose 2.7% following strong earnings. Tensions are rising ahead of the US labor market report and the upcoming presidential election, influencing investor behavior.
Ford reported a staggering $1.2 billion operating loss in its electric vehicle division for Q3, contributing to a share price drop of over 5%. Meanwhile, UBS shares surged to their highest level since 2008 after posting a $1.43 billion profit, exceeding expectations. In the tech sector, Alphabet's quarterly profit rose by a third, boosting its share price by 4% in after-hours trading.
The Swiss stock exchange is experiencing a busy reporting season, with UBS reporting a better-than-expected billion-euro profit and Sandoz raising its sales outlook. The SMI is up 0.27% in pre-market trading, while Novartis received FDA approval for a leukemia treatment. Meanwhile, Swatch faces a "Sell" rating, and Kühne+Nagel sees a decline after a target cut.
The Swiss stock exchange is active with the reporting season, highlighted by UBS exceeding profit expectations and Sandoz raising its sales outlook. The SMI is up 0.27%, while major US tech firms, including Microsoft and Meta, are set to report, amid anticipation for the US labor market data. Novartis received FDA approval for a leukemia treatment, while Swatch and Richemont received mixed ratings from Berenberg.
UBS has maintained its "Buy" rating for Novartis, setting a target price of 111 francs, despite a recent disappointment regarding the prostate cancer drug Pluvicto. Analyst Matthew Weston noted that Novartis exceeded expectations overall, but the focus remains on the drug's performance. Currently, Novartis shares are trading at 102.40 EUR, down 3.87%.
Biogen has appointed Daniel Quirk as its new chief medical officer and Robin Kramer as chief financial officer, succeeding Michael McDonnell, who will retire in February. Meanwhile, Novartis has written down $800 million in goodwill related to its MorphoSys acquisition, delaying the approval of the drug pelabresib for myelofibrosis. Additionally, Sanofi has invested in Resalis Therapeutics, which is developing an RNA medicine for metabolic diseases, while Moderna and Merck & Co. have launched a third Phase 3 trial for their personalized cancer vaccine in lung cancer.
UBS has maintained a "Buy" rating for Novartis, setting a target price of 111 Swiss francs. Analyst Matthew Weston noted a small sales surprise and a core EPS that exceeded consensus by 6% in his initial assessment of the company's recent figures. Novartis shares are currently trading at 102.40 EUR, down 3.87%.
UBS AG has maintained a "Buy" rating for Novartis shares, setting a price target of 111 francs. Analyst Matthew Weston noted a small sales surprise and a 6% above-consensus result in core EPS. Despite a 3.2% drop to CHF 96.62, the stock has potential for a 14.88% increase, with a year-to-date rise of 18.1%. Novartis is set to release its Q3 2024 earnings on October 29, 2024.
Novartis AG, a leading global pharmaceutical company, generates sales primarily from oncology (29.9%), immunology (17.2%), and cardiovascular, renal, and metabolic diseases (14.1%). With 33 production sites worldwide, its sales are distributed across Europe (33%), the USA (39.5%), Asia-Africa-Australasia (20.5%), and Canada and Latin America (7%).
Novartis AG, a leading global pharmaceutical company, generates sales primarily from oncology (29.9%), immunology (17.2%), and cardiovascular, renal, and metabolic diseases (14.1%). With 33 production sites worldwide, its sales are distributed across Europe (33%), the USA (39.5%), Asia-Africa-Australasia (20.5%), and Canada and Latin America (7%).
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