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International Market Update
- European stock markets closed mixed Tuesday after a strong start to November trading. The pan-European Stoxx 600 closed up 0.11%, with mining stocks leading the losses, down 2.8%, while health care stocks gained 1.2%. Oil and gas giant BP beat third-quarter earnings expectations Tuesday. Tuesday’s third-quarter earnings expectations. The British energy company posted third-quarter adjusted profit at replacement cost, which equals net income, of $3.3 billion, beating analysts’ estimates of $3.1 billion, Refinitiv said.
- The S&P 500 rose to a record high on Tuesday ahead of a key Federal Reserve decision as strong corporate earnings gave investors confidence in a year-end rally. The small-cap benchmark Russell 2000 rose slightly to close at an all-time high. Shares of Pfizer rose 4.1% after the drugmaker’s third-quarter profit beat expectations. The company also raised its 2021 revenue and profit forecast. Shares of Under Armour rose 16.4% after the sporting goods maker raised its full-year forecast and said the company is making progress under CEO Patrik Frisk to improve its brand image.
- Stocks in the Asia-Pacific region were mixed in morning trade today as investors await the end of the U.S. Federal Reserve’s two-day policy meeting for clues on tapering. Australia’s S&P/ASX 200 led gains in the region’s major markets, rising about 1.2%, with shares of Commonwealth Bank of Australia and BHP both rose at least 1%. In South Korea, the Kospi slipped 0.72%. Shares of Kakao Pay jumped on their debut on Wednesday, as they more than doubled from their issue price of 90,000 Korean won. The stock was last trading about 108% higher than its issue price.
In International news
Under Armour shares rise after profit beat and full-year outlook hike
Shares of Under Armour surged on Tuesday after strong third-quarter results showed the sportswear maker is making progress in improving its brand image under Chief Executive Officer Patrik Frisk. Net income for the three-month period ended Sept. 30 rose to $113.4 million, or 24 cents a share, from $38.9 million, or 9 cents a share, a year earlier. Excluding $17 million in restructuring charges, Under Armour earned 31 cents per share. That’s more than double the 15 cents per share analysts had expected. In April 2020, Frisk announced a $550 million to $600 million restructuring plan. The company now expects to take charges of $525 million to $575 million to cut costs by the end of its fiscal first quarter.
Shares of Avis double in one day
Shares of car rental company Avis Budget jumped Tuesday after the company reported a stronger-than-expected third quarter, prompting massive trading volume. The company reported third-quarter earnings of $10.74 per share, beating the Refinitiv consensus estimate by more than $4. Revenue also beat expectations. Avis Budget’s board also authorised $1 billion inadditional share repurchases. The stock closed 108.3% higher at $185.7% on Tuesday. Trading in the stock was halted several times Tuesday morning, and the stock rose more than 200% at times during the day.