Trending tickers: Glencore | HSBC | Infosys | AmEx
Glencore (GLEN.L)
Mining giant Glencore's stock headed lower on Friday even as its commodities trading unit forecast an annual profit of between $3.5bn and $4bn.
Its latest forecast showed numbers falling short of the record $6.4bn core profit it brought in 2022. The numbers beat its longstanding guidance range of $2.2bn to $3.2bn.
“The particularly elevated commodity market imbalances and volatility levels that prevailed through much of 2022 have largely normalised, which, while clearly impacting profitability, has allowed for the release of some of the investment made in non-RMI marketing working capital in 2022” said Glencore CEO Gary Nagle in a statement.
Alongside its trading business, Glencore's mining segment saw an increase in output for copper, zinc and nickel in the second half, meaning it reiterated its full-year forecasts.
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HSBC (HSBC)
HSBC stock headed to a four-year high on Friday as the London-headquartered bank said it had benefited from a rebound in Hong Kong's interbank lending rates (Hibor) and expectations for further share buybacks. It announced a $2 billion share buyback plan and a resumption of quarterly dividend payments in May.
Shares were up for a seventh consecutive day in London trading, on track for its longest streak of gains since January 2022.
Infosys (INFY)
Software services provider Infosys' headed into the red in US trading hours on Thursday, falling its most in about three months, as cuts to its annual sales forecasts rang alarm bells.
The company expects to see revenue growth between 1% and 3.5% i the year to March 2024. This was down from 4% to 7% growth it originally projected.
The cut is partially down to a pullback in demand for services following a boom during covid.
“In the short-term, we see some clients stopping, or slowing down transformation programs and discretionary work. This is especially so in financial services, in mortgages, asset management, investment banking and telecom,” CEO Salil Parekh said at a news conference according to a Bloomberg report. “We also see some impact in high-tech industry and in parts of retail.”
American Express (AXP)
Payments giant American Express' results are on the slate later on Friday. The company is expected to report earnings per share of $2.81 on revenue of $15.4bn.
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