Alibaba Group Holding Limited (BABA) plummeted 8.1 percent, after the abrupt suspension of the IPO in Shanghai and Hong Kong of its financial subsidiary, Ant Group. The Shanghai Stock Exchange has addressed changes in the regulatory environment to postpone the trade, with 48 hours to go before the IPO scheduled for Thursday. As a consequence, Ant Group will no longer fulfill the criteria for financial disclosure. The Chinese regulator had already warned Jack Ma’s company on Monday that it would be subject to increased supervision and be subject to the same restrictions on capital and debt as Chinese banks.
PayPal (-2%), an online payment specialist, is fixing the fourth quarter’s disappointing forecast. For the third fiscal quarter, the company posted adjusted earnings per share up 75 percent to $1.07 and sales increased 25 percent to $5.46 billion. These figures are higher than anticipated, but the company expects its profits to increase by 17-18% in Q4, with revenues rising by 20-25%.
Mondelez surged 0.09% after posting better-than-expected quarterly results and expects annual profit to rise by more than 5%. The Oreo and Cadbury group, which will resume its share buybacks, reported $6.67 billion in sales, up 5 percent, with adjusted earnings per share of 63 cents for the three months ended. The consensus was 62 cents per share and revenues of 6.5 billion.
Sysco’s added 5.5% afterlower-than-expected first-quarter fiscal income and sales from the pandemic were announced by the US food company. Compared to $454 million a year earlier, net sales were $217 million and 42 cents per share. Adjusted earnings per share dropped to 34 cents from 98 cents a year ago and consensus of 25 cents. Against a consensus of $11.7 billion, sales fell 23% to $11.8 billion.
The German hotel search engine listed on Wall Street, Trivago jumped 0.8 percent after reporting a smaller-than-expected quarterly loss.