(Boursier.com) — THE TREND
The CAC40 crossed the 7,400 point mark in the afternoon of Tuesday to reach a new historic high at 7,403.67 points and finally close at 7,390 points, up 0.89% after a long week. -end of 4 days. The publication of the US government’s monthly report on the employment situation for March on Friday reassured investors. According to this report, the US economy has created slightly fewer jobs than expected, even if the momentum remains strong… The Department of Labor thus reported 236,000 non-agricultural jobs created last month in United States, while revising upwards the figures for February, to 326,000, against 311,000.
According to CME Group’s FedWatch Barometer, investors now expect the U.S. Federal Reserve to raise rates another 25 bps at the end of its upcoming monetary policy meeting on 2-3 March, at 66.7%. may…
On the business front, the quarterly season will begin in the coming days with major American banks such as JPMorgan Chase, Citigroup and Wells Fargo expected on Wall Street and luxury in the spotlight in France with LVMH and Hermès.
On the oil market, crude is moving in the green with a barrel of Brent trading at $85. On the currency market, the dollar index is close to 102 pts while the euro is climbing sharply against the greenback (+0.5%), around $1.09 between banks. Bitcoin remains in demand and is moving at the $30,000 mark (+6%) on Coindesk.
RISING VALUES
Orpea rises 15%, followed by AB Science (+8%) and McPhy (+5.5%)
Soitec climbs 5.5% despite its warning. The current financial year is not impacted because the Grenoble-based firm still forecasts internal growth of around +20% associated with an EBITDA margin of 36%. Profitability would thus be of the same order as in 2021/2022, a fiscal year which ended with an Ebitda margin of 35.8%… It is thereafter that things go wrong. While demand for phones tends to weaken, stocks have accumulated in the sector amid a shortage of chips. Soitec thus expects unchanged revenues for the 2023/2024 vintage with a 15% decline in the first half followed by a rebound in the second part of the year. As for the Ebitda margin, it should remain at 36%… This delay will weigh on the 2026 roadmap. While the manufacturer of semiconductor materials had $2.3 billion in billings in its sights, it reduces its ambition to $2.1 billion. On the other hand, the Ebitda margin is still announced at 40%.
BigBen : +5% with P&V, Metabolic Explorer
ALD : +3.5% with Vallourec, Eramet, Assystem, Peugeot Invest, S30
Faurecia : +3% with Solocal, Covivio, Rexel
Valeo : +2.5% followed by Manitou, Arkema, Schneider, Saint-Gobain, Innate
CDL (+1.7%) revealed 2022-2023 turnover up 15.3% to 5.8 billion euros, with volumes down 5.6%. At identical scope and constant exchange rates, sales increased by 15.5% with volumes falling by 6.2% in connection with the episode of avian influenza. In view of a successful year-end, the Group is now confident of achieving a current operating margin rate of around 5% of sales, thus returning to its standard rate. In the medium term, LDC confirms all of the objectives set as part of its strategic plan: to cross the threshold of 7 billion euros in turnover in 4 years.
TotalEnergies wins 1.6%. Redburn is taking a more neutral stance on the energy sector than the cautious view he had had since January due to the latest OPEC+ decision. The drop in supply following the OPEC+ move is unlikely to be fully compensated even if demand disappoints, and the market balance should therefore tighten in the second half of the year, according to the analyst. Redburn expects a deficit of 1.8 Mb/d in the 4th quarter and forecasts that Brent will exceed the mark of $90 a barrel before falling thereafter. The broker is still not clearly bullish though as he believes “fundamentally the oil market remains balanced (minus the OPEC+ cuts) rather than stretched, and the anticipated tightening in the second half of the year is relatively well understood by the market “. The broker thus goes from ‘sell’ to ‘neutral’ on TotalEnergies.
Accor climbed 1.1% at the start of the stock market week in Paris. The hotel group is benefiting from a boost from Morgan Stanley, which raised its recommendation on the value to ‘overweight’ with a target raised from 35 to 37 euros. The American bank highlights the hotel group’s orientation towards luxury and lifestyle. Two segments that MS deems “poorly defined and not sized”, which should represent around 4% of the hotel park, but generate 20% of the industry’s revenues in the medium term. In addition, the broker claims that Accor is about to see the most significant transformation of its portfolio allowing it to remove the valuation discount it previously applied to it. MS also sees the potential for improved earnings, asset disposals or even a share buyback plan as potential positive catalysts for Accor.
Alstom (+0.8%) won an operation and maintenance contract with the Maryland Transit Administration (MTA). The base duration of the initial contract of 5 years with a budget of approximately 367 million euros ($401 million) can be extended by two potential extensions in 2028 and 2033, which together would bring the total value to approximately 1.2 billion euros.
FALLING VALUES
Mauna Kea down 5% with Lumibird (-4%) and Bic
Trangene : -3% followed by Fermentalg
quadient : -2.5% followed by Guillemot, Stedim
Eutelsat : -2% with Claranova, LNA Health
Xilam : -1.5% with Aubay, Nicox, Inventiva
Sanofi (-0.9%) will take commercial control in the United States of Beyfortus (nirsevimab) developed jointly with AstraZeneca. In a press release, Sanofi says it has simultaneously entered into a direct royalty agreement with Swedish biotech Sobi to share a portion of U.S. net sales of nirsevimab, an experimental long-acting antibody designed to protect infants against infections with Respiratory Syncytial Virus (RSV). The existing collaboration agreement with AstraZeneca remains in effect for nirsevimab-related activities outside the United States, the company said.
Airbus (-0.1%) delivered 127 commercial aircraft in the first quarter against 140 a year earlier. The aircraft manufacturer, which remains affected by pressures on the global supply chain, sold 5 A350s and 6 A330s. Airbus has set itself a delivery target of 720 aircraft in 2023, the same it had originally set for 2022, before giving up on it. The gross order book reached 156 units over the quarter (20 orders in March) and fell to 142 net taking into account 14 cancellations.