Taylor Wimpey shares rose amid a steady rally for London’s top stocks yesterday as it reassured investors about its trading performance.
The FTSE 100 housebuilder’s results for the full year to the end of December will be “in line with market expectations”, despite the impact of lockdowns that affected the construction sector in the second quarter.
It added the “continuing resilience” of the UK’s housing market – which has shrugged off the pandemic to record ever-greater record average prices – had allowed sales and production to “recover strongly” at the end of the year.
Home completions dropped by 39pc to 9,609 during 2020, primarily as a result of disruption in the second quarter. Cancellation rates were elevated, and its net private reservation rate was 0.76 homes per outlet per week, compared to 2019’s 0.96 rate. It ended the year with a total order book of £2.68bn, about half a billion ahead of the end of 2019.
The group said it had started 2021 in an “excellent financial position”, and remains confident of hitting a medium-term operating margin target of 21pc to 22pc.
Liberum’s Marcus Cole said Taylor Wimpey’s “relatively slow” recovery in unit production had boosted its start-of-year order book, but warned it faced risks if cancellations were to rise.
Shares closed up 4p to 165p as the FTSE 100 shook off its early-week doldrums and managed a solid gain, driven in part by stimulus hopes.
Renewed hopes that Joe Biden will unleash a wave of stimulus, as well as continued vaccine rollouts, lifted British Airways owner IAG 9.7p to 162.2p, leaving it as the top blue-chip riser, while mining companies also gained ground.
Premier Inn owner Whitbread was not far behind, climbing 132p to £31.92 after analysts praised its market share gains in the UK despite an overall plunge in sales. Its total market share grew 4.1 percentage points to 11.4pc during the third quarter.
Citi’s Monique Pollard said the results were “slightly better than expected”, adding the group had shown “solid cost and cash control”.
Just Eat was among the biggest fallers again, dropping 396p to £82.80 after disappointing investors with its guidance on Wednesday.
On the FTSE 250, Just Group shares jumped by nearly a fifth, up 13.3p at 82.25p, after analysts praised a strong second half for the retirement products group. Sales rose 12pc to £2.15bn during the year to the end of December, with defined benefit products proving popular.
Royal Bank of Canada’s Gordon Aitken noted that “crucially” the improved sales had come hand-in-hand with a lower level of “capital strain”, an encouraging sign.
Recruiter Hays climbed 4.4p to 145.8p after saying fees continued to recover in the three months to the end of December – down 19pc, compared to a 29pc drop the prior quarter.
Dunelm led mid-cap fallers, dropping 107p to £11.89 after analysts cautioned over the furniture retailer’s cagey outlook.
Despite “buoyant” demand over Christmas, it warned the second half of its year looked “uncertain”.
Markets Hub embed test
06:46 PM
Wrapping up
That is all the blogging for today done. Hope you enjoyed our updates, and check out the market report above.
Thanks for joining - Louis will be back with you in the morning! Here is what to look forward to...
Update from: Ashmore, The Gym Group
Numbers on: November GDP, trade balance (UK); trade balance (eurozone); inflation (France, Spain); retail sales, producer prices, industrial production (US)
06:35 PM
AA shareholders approve £2.8bn takeover
Edmund King
AA investors have given the green light to a £2.8bn takeover by private equity backers, TowerBrook Capital and Warburg Pincus.
The 35p-per-share offer was voted through this afternoon by shareholders holding 88.6pc of the shares.
The new owners previously said they would drive the breakdown firm's business forward to "better serve its customers and capitalise on its considerable strengths".
05:49 PM
Everyman secures rent concessions
Everyman
Cinema group Everyman Media - which runs 35 venues - announced it has agreed further rent concessions from landlords.
It told investors it has spent recent weeks concentrating on "reducing capital expenditure and operating costs to a minimum".
Everyman re-opened all of its venues in August, before shutting them again amid the latest Covid wave and restrictions.
Paul Wise, executive chairman of Everyman, said the company is "optimistic" for 2021 and has "confidence in people's appetite to socialise and to be entertained" once current restrictions ease. Its stock ended up 2.2pc to 115p.
05:34 PM
3/4 UK workers suffering from burnout
Mental health
Three quarters of UK workers have suffered from burnout during the pandemic as lockdowns take a toll on the nation’s mental health, a new survey has shown.
My colleague Simon Foy reports:
Three in four Britons reported experiencing symptoms of exhaustion as a result of workplace stress and 86pc said home working has extended their working days by an average of one hour and 46 minutes, according to a study by Asana, a work management platform.
The survey also found that more time than ever is being wasted as a result of remote working, with higher volumes of unnecessary video calls and meetings leading to three hours and 17 minutes of wasted time each week.
It comes after separate research found that almost two in three workers at small and medium-sized businesses felt their mental health has suffered as a result of Covid restrictions.
Mental health support
05:03 PM
America blacklists China oil giant CNOOC
The US Commerce Department has added China's state oil giant CNOOC to its blacklist, over what it called "belligerent" actions in the South China Sea.
The S&P Dow Jones Indices de-listed the company on Wednesday evening.
CNOOC's international arm is responsible for around a quarter of the UK's oil output in the North Sea.
It is the latest company under outgoing President Trump to have been blacklisted, as he ramps up pressure on Beijing during his last days in office.
US Commerce Secretary Wilbur Ross said in a statement: "China's reckless and belligerent actions in the South China Sea and its aggressive push to acquire sensitive intellectual property and technology for its militarization efforts are a threat to US national security and the security of the international community".
As of this afternoon transport secretary Grant Schapps has decided to ban arrivals from a whole host of South American countries, along with some other fresh travel rules. See his tweets here:
I’ve taken the urgent decision to BAN ARRIVALS from ARGENTINA, BRAZIL, BOLIVIA, CAPE VERDE, CHILE, COLOMBIA, ECUADOR, FRENCH GUIANA, GUYANA, PANAMA, PARAGUAY, PERU, SURINAME, URUGUAY AND VENEZUELA – from TOMORROW, 15 JAN at 4AM following evidence of a new variant in Brazil. 1/3
This measure does not apply to British and Irish Nationals and third country nationals with residence rights – but passengers returning from these destinations must self-isolate for TEN DAYS along with their households 🏠 3/3
It’s time for me to hand over to my colleague Louise Moon, who shall steer the good ship blog into the uncharted waters of mid-afternoon. Thanks for following along today!
04:15 PM
Norwegian axes 1,100 jobs at Gatwick
Norwegian - Simon Dawson/Bloomberg
More than 1,000 jobs have been lost at Gatwick airport after Norwegian culled long-haul services in its latest bid to survive.
My colleague Oliver Gill reports:
The budget airline, which had been Gatwick’s third-biggest carrier before the pandemic, will now focus on short-haul flights to European destinations.
On the other side of the Atlantic, the boss of Delta, one of the America’s biggest carriers, struck a more upbeat tone, saying the airline would return to profitability in the summer.
Accountancy firm KPMG has been lined up to liquidate the Norwegian subsidiary in the UK that employs the staff.
Recruitment firm Hays said the City of London will see improved jobs growth this year even without an equivalence deal with the EU, quashing fears that a flood of financial services roles could still move to the continent post-Brexit.
My colleague Simon Foy reports:
Finance Director Paul Venables said he expects hiring patterns in the Square Mile to improve over the next six to nine months, even if the UK and EU do not agree regulatory “equivalence”, a system that outlines one set of rules for trade.
He said growth in financial services recruitment will remain “modest” as the pandemic trundles on, but added that any Brexit-related disruption has likely already happened and most jobs are now “reasonably protected”.
It comes after almost €6bn (£5.3bn) of EU share trading shifted from London to the continent earlier this month on the first trading day after the City lost its vital EU "passporting" rights, raising fears that more London-based jobs could be lost.
The FTSE 250 company, which operates in 33 countries, said overall net fees fell 19pc during the three months to the end of December. However, the decline was an improvement on the 29pc drop it recorded in the first quarter.
03:16 PM
Pound goes nowhere fast against dollar
Equities are rising steadily, and it’s all quiet on the sterling front. A sense of unusual calm is pervading over markets ahead of a few big weeks for company earnings and amid tense times in the US.
03:10 PM
Tesco says it’s committed to Northern Ireland despite disruptions
My colleagues Laura Onita and Simon Foy have more on going on at Tesco, as well. They write:
The boss of Tesco said the supermarket was committed to trading in Ireland despite some disruption to food supply due to Brexit after it posed booming Christmas sales.
Chief executive Ken Murphy, who took over from Dave Lewis in October, said that it was “not a crisis more a challenge to be overcome”, but the supply of ready meals, processed meat and citrus fruit had been affected.
Tesco is one of the largest food retailers in Northern Ireland and the Republic of Ireland.
Full report: 888 Holdings subject of takeover speculation
888
My colleague Oliver Gill has more details on online gambling operator 888 Holdings, which reported booming December trading this morning. He writes:
The update came amid growing speculation that, similar to its peers, 888 Holdings could be the subject of a takeover approach from a US casino operator.
Caesars Entertainment struck a deal to buy William Hill at the end of last year and Las Vegas counterpart MGM Resorts is circling Ladbrokes owner Entain.
Over the weekend it emerged that Las Vegas Sands, whose flagship Nevada resort is the Venetian, had held discussions with a number of potential partners to expand into sports betting.
02:42 PM
Wall Street opens higher
US stocks jumped at the open after a report suggested President-elect Joe Biden plans Covid-19 relief of about $2tn (£1.5tn).
US market data - Bloomberg
01:57 PM
Bonmarché sold back to Philip Day in job-saving deal
Sir Philip Day - John Wellings
A deal has been struck to sell Bonmarché back to retail tycoon Philip Day, saving 531 jobs and 72 stores.
My colleague Laura Onita reports:
Administrators at RSM have sold the remaining stock as well as the head office and the distribution centres in Wakefield to Purepay Retail Limited, a subsidiary of secured creditor EWM Group, backed by an international investor consortium.
It mirrors a similar deal, first reported by The Daily Telegraph, this week by administrators at FRP Advisory, which sold the Edinburgh Woollen Mill and Ponden Home brands to the same entity.
The remaining 148 Bonmache stores are currently closed due to the third lockdown and the administrators are reviewing all options for these sites. The staff at these stores are currently furloughed, but they could lose their jobs.
Damian Webb, at RSM, said: “The business has been widely marketed and the sale protects the core business.”
RSM was appointed in November. This is the third time Bonmarché has been in administration.
Initial unemployment claims in the US leapt last week, rising to the higher level since late August. Some 965,000 claims were made for jobless benefits.
Meanwhile, the number of continuing claims also edged up to 5.3m:
01:26 PM
Business closures return to spring lockdown levels
Businesses are suffering severe consequences from the new wave of Covid as the number shutting their doors reaches levels not seen since June last year.
My colleague Tim Wallace reports:
The number of shoppers visiting high streets and other retail locations last week fell to just 35pc of the level a year ago, marking the deepest decline since early June, before non-essential shops were allowed to reopen from the first lockdown.
It raises expectations of a double-dip recession, as Andrew Bailey, Governor of the Bank of England, this week warned the economy faces its “darkest hour” with surging Covid deaths.
Trips to high streets and shopping centres are down to around one-quarter of pre-Covid levels, while visits to more spacious retail parks have been cut in half.
We’re well past the halfway mark, but European equities still haven’t shifted much, with a moderate gain for the FTSE 100 the biggest shift visible today.
IG analyst Chris Beauchamp said investors are twiddling their thumbs slightly until the inauguration of Joe Biden:
A more positive tone in markets has developed ahead of the expected stimulus announcement from Joe Biden, investors hoping that the president-elect will move quickly and in substantial form to secure a new package that will bolster the US economy as the vaccine programme moves into a higher gear.
“The week has seen little real movement across most markets, the small bounce in the dollar notwithstanding, and the hope for traders will be that the Biden news will at least inject some more excitement into what has been a dull few days for markets.
Wall Street is set to open slightly higher in a bit over an hour.
12:44 PM
Dechra shares hit record high as customers stock up
Animal health company Dechra had a strong first half as customers stocked up on veterinary products ahead of Brexit and office expenditure fell.
My colleague Julia Bradshaw reports:
Closing offices because of Covid-19, with staff working from home, led to significantly lower spending on things like electricity and travel.
As a result, sales increased by about £7m in the six months to the end of December, a fifth higher than the same period last year. Dechra’s recent acquisitions in North America and Europe have been performing well, too.
Ian Page, chief executive of the FTSE 250 company, said: “Trading globally has been strong as the business benefitted from favourable market conditions.”
12:05 PM
Dunelm drops amid cautious outlook
Dunelm is leading fallers on the FTSE 250 today, after analysts cautioned over the furniture retailer’s cagey outlook.
The group’s sales rose 11.8pc in the quarter to December 26th, desite closures across much of the period. Dunelm said demand for homewares remained “buoyant” during the period, with its online business doubling as it ramps up capabilities.
It expects profit before tax for the full first half to be about £112m compared with the previous year’s £83.6m. The figure takes into account the £14.5m in furlough money it has repaid.
But it warned the outlook for the second half of its financial year was “uncertain” given the majority of its stores are closed with no clear indication of when restrictions will be lifted. It said:
As a result, we are unable to provide meaningful guidance for the full year outturn.
Chief executive Nick Wilkinson said:
Beyond this near term uncertainty, we've never felt more confident about the future. Our scalable proposition combines an in-store and digital offer which, with agile technology, we will continue to develop at pace.
11:32 AM
Centrica says first-half was ‘resilient’
British Gas - Steve Parsons/PA Wire
British Gas owner Centrica says its financial performance during the second half of 2020 was “resilient” despite the impact of coronavirus.
My colleague Rachel Millard reports:
The FTSE 100 company, which is in the middle of a major dispute with British Gas workers over pay and conditions, said electricity demand from businesses was down by about 15pc in the second half of the year, compared to a fall of about 30pc in the second quarter.
Residential boiler installations were about 15pc lower than during the second half of 2019, albeit higher than in the first half of 2020. It ended the year with about 7m UK energy supply customers, broadly unchanged since the first half of the year.
But bosses said they were cautious heading into 2021 as coronavirus restrictions tighten, which could depress demand and affect customers’ ability to pay their bills.
Centrica has just completed the sales of its US business Direct Energy; most of the £2.7bn proceeds will be used to cut debt and pay into pension schemes.
11:09 AM
888 Holdings reports record trading in December
Revenue and active customer numbers at online gambling operator 888 Holdings hit record levels during December.
The FTSE 250 group said it now expects sales and adjusted underlying profits to be “moderately ahead” of its prior expectations, but did not provide updated numbers.
Its board cautioned that there are a number of “possible headwinds” over the coming months, despite entering 2021 with “good momentum” – including macro-economic pressures and regulatory changes.
It added:
Notwithstanding, the Board remains confident that, with 888's outstanding product proposition, advanced technology and diversification across global regulated markets, the Group remains well positioned to deliver further progress.
10:42 AM
Parler ‘may never return’ – tech live
The boss of Parler, the free speech focused app favoured by Donald Trump supporters, has warned it may never be able to return after bans by Apple, Google and Amazon.
My colleague Matthew Field reports:
John Matze, its chief executive, told Reuters: “It could be never. We don’t know yet.”
Parler has said it will sue Amazon after the tech giant stopped hosting it. The app has been blamed for giving free reign to hate speech in the run up to the storming of the US Capitol last week, and failing to take down threats of violence.
Reaction: German economy likely stagnated in fourth quarter
Germany’s 5pc annual contraction suggests GDP figures for the fourth quarter – due for release at the end of the month – will show its economy was merely stagnant in the last three months of 2020, avoid the ‘double-dip’ recessions likely elsewhere.
Capital Economics’ Andrew Kenningham said the (comparatively) moderate decline “confirms that [Germany] withstood the lockdown well in Q4”. he added:
It now seems likely that GDP will decline in Q1 this year, but it should expand rapidly after that as the vaccination programme is rolled out. We forecast GDP to regain its pre-pandemic level by Q4.
ING’s Carsten Brzeski concurred that strict extended lockdowns bode poorly for the German economy, especially as one-off factors including stockpiling disappear:
While it currently looks as if the German economy avoided a black eye in the final quarter of 2020, it is hard to see how it can perform the same magic again in the first quarter.
Here are some of the day’s top stories from the Telegraph Money team:
One in four freelancers forced to delay paying ‘unaffordable’ tax bills: Tens of thousands of sole traders and company directors have amassed growing debts with the tax authority, struggling to pay off larger-than-normal tax bills due at the end of the month.
Premier Inn - REUTERS/Toby Melville/File Photo/File Photo
Premier Inn-owner Whitbread is leading risers on the FTSE 100 today, after analysts praised its market shares gains in the UK despite an overall plunge in sales.
Total accommodation sales across the company’s UK portfolio were down 55.2pc in the third quarter, with occupancy at just 49.3pc.
However, those figures left it nearly nine percentage points ahead of the sector. and its total market share grew 4.1 percentage points to 11.4pc during the period.
Chief executive Alison Brittain said:
We expect the current travel restrictions in the UK and Germany to remain until at the very least the end of our financial year. With the vaccination programme underway, we look forward to the potential gradual relaxation of restrictions from the spring, business and leisure confidence returning, and our market recovering over the rest of the year.
The significant tightening of restrictions in the second half of December forced further closures and caused many Britons to scrap travel plans, meaning sales were down 66.4pc across the five weeks to the end of December – once again, better than the 73.4pc decline experienced across the sector.
Whitbread said the short-term trading outlook remained “challenging”.
Citi’s Monique Pollard said the results were “slightly better than expected”, adding the group had shown “solid cost and cash control”.
09:04 AM
German economy shrank 5pc in 2020
The German economy shrank by 5pc in 2020 in its worst annual performance since the financial crisis.
The drop was less severe than the 5.2pc drop predicted by economists, and is likely to be substantially smaller than the decline seen in the UK and other parts of Europe.
That is partially due to Germany’s large stimulus, its comparatively limited initial Covid-19 breakout, and the resilience of its dominant manufacturing sector through the pandemic.
08:50 AM
Taylor Wimpey sees results in line with expectations
Taylor Wimpey says its results for the full year to the end of December will be “in line with market expectations”, despite the impact of lockdowns that affected the contruction sector in the second quarter.
The FTSE 100 housebuilder said the “continuing resilience” of the UK’s housing market – which has shrugged off the pandemic to record ever-great record average prices – had allowed sales and production to “recover strongly” at the end of the year.
Chief executive Pete Redfern said:
We start the year with an excellent order book and ongoing focus on strengthening the business and improving margins. This will position Taylor Wimpey well to deliver strong and reliable returns for our stakeholders over the medium term.
Home completions dropped by 39pc to 9,609 during 2020, primarily as a result of disruption in the second quarter, Cancellation rates were elevated, and its net private reservation rate was 0.76 homes per outlet per week, compared to 2019’s 0.96.
It ended the year with a total order book of £2.68bn, about half a billion ahead of the end of 2019.
The group said its build cost inflation had been lower than in recent years, and said it had not experienced any disruption related to Brexit so far.
Taylor Wimpey said it had started 2021 in an “excellent financial position”, and remains confident of hitting a medium-term operating margin target of 21pc to 22pc.
08:35 AM
Tesco sales boom as Britons look for Christmas treats
Tesco - Victoria Jones/PA Wire
Tesco posted booming Christmas sales as Britons treated themselves at home after a difficult 2020 and online revenues surged by more than four-fifths.
My colleague Simon Foy reports:
The FTSE 100 grocer said like-for-like sales at its core UK business rose by 8.1pc during the six weeks to Jan 9 as internet trading soared by more than 80pc to nearly £1bn.
The company said its UK performance was driven by a 14pc rise in sales of its Finest range products as “customers looked for more opportunities to treat themselves”. Total sales increased by 6.1pc over the 19 weeks to Jan 9.
However, it now expects the pandemic to cost it £810 million this year, with the increased severity of the virus in recent months causing it to increase its previous prediction by £85 million.
Chief executive Ken Murphy said: “Our focus on looking after our customers, including delivering record availability, robust safety measures and great value, has enabled us to maintain strong momentum through the Christmas period, outperforming the market every week.
“We delivered a record Christmas across all of our formats and channels... We’re in great shape to keep delivering in 2021 and beyond.”
08:31 AM
Card Factory warns it will breach covenants at end of month
Card Factory has warned it expects to breach its covenants with its lenders at the end of this month due to the “significant impact” of the current lockdowns and the one in November.
The retailer said its short-term cash requirements can be met within its existing £200m bank facility, adding that it does not expect to fully utilise the facility unless current restrictions on non-essential retailing extend beyond the end of April. The company added:
Whilst our short term cash requirement can be covered within our existing £200m bank facility, we anticipate that current covenants will be breached at the end of January as the significant impact of the November and current national lockdowns are reflected in our trading performance.We continue to have constructive discussions with our banking syndicate.
Sales over the 11 months to the end of December stood at £281.4m, compared to £424.5m for the same period a year before. Stores sales fell 38.1pc, with mandatory closures preventing openings across 37pc of trading days during the period.
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It said strong trading November had hit the rocks as new restrictions came into force across England from early November:
The launch of Christmas ranges was accelerated, as customers shopped the season earlier this year, which contributed to the positive LFL. The November national lockdown halted the momentum and diverted that seasonal trade to essential retailers, which inevitably and frustratingly, impacted the performance of our stores during the key trading month of December.
Card Factory said its website had performed well, with like-for-like sales up 137pc.
Executive chairman Paul Moody said:
Despite the obvious uncertainties in the first half of 2021, I am confident that we have the opportunity to return the business to sustainable profitable growth and will do all that is necessary in the near term to ensure that we can maximise that opportunity.
08:21 AM
Services and cycling boost Halfords
Halfords - AKP Photos / Alamy Stock Photo
Retailer Halfords says its “strong” trading momentum continued during the quarter to the start of January, with demand for its Autocentre and cycling offerings particularly high.
Group like-for-like sales growth over the period was 11.7pc, reflecting retail growth of 9.8pc and 21.1pc in Autocentres, which offering car servicing and repairs.
Cycling was also a continued bright spot, with growth of 35.4pc despite supply hiccups.
Chief executive Graham Stapleton said:
We are pleased to have delivered a strong performance under hugely challenging circumstances, including our best ever Christmas week.
The group said it remains confident that it can navigate the ongoing challenges arising from Covid-19, but said it did not think it appropriate to issue profit guidance at this stage.
It is also still mulling whether to pay back money taken from the Government’s support schemes, adding:
Our position with respect to business rates relief and the Coronavirus Job Retention Scheme is still under review and we will provide an update when the Covid-19 situation becomes clearer.
08:09 AM
FTSE opens flat
Another day, another flat open for the FTSE 100, with European equities still struggling for direction.
Bloomberg TV - Bloomberg TV
08:06 AM
Boohoo boosts sales forecast
Online fashion retailer Boohoo has raised its sales forecast as customer shop online and cut down on returns during the pandemic.
It expects sales to rise 36pc to 38pc in the year to the end of February, compared to previous estimate of 28pc to 32pc, with an underlying profit (ebitda) margin of about 10pc despite cost headwinds related to the pandemic.
The company also released the first report from judge Brian Leveson (of media inquiry fame) into its supply chain, after an independent review found it had ignored “red flags” about labour rights violations at some of its Leicester-based suppliers.
Mr Leveson said Boohoo has sped up changes to its supply chain, but added:
It is clear that there is a long way to go
Boohoo said it expected a “small cost headwind” related to Brexit, which it said it would aim to mitigate where possible.
Chief executive John Lyttle said:
The Group is in an excellent position entering 2021, which we expect to be another year of progress towards our goal of leading the fashion e-commerce market globally.
07:54 AM
Primark expects £1bn sales hit from lockdowns
Primark - Matthew Horwood/Getty Images
The owner of Primark has warned it will lose £1.05bn in sales if its stores are forced to remain shut until the end of February after retail revenues plunged by nearly third in the run-up to Christmas.
My colleague Simon Foy reports:
Associated British Foods said uncertainty about the length of store closures had increased due to the third national lockdown, adding that it would lose £1.05bn if its shops were forces to stay closed until Feb 27.
However, if current restrictions on the retail sector remain in place until the end of March, sales losses would rise by a further £800m. More than three-quarters of its retail estate is currently closed, it said.
“The impact of store closures on Primark's performance is significant. We now expect full year sales and adjusted operating profit for Primark to be somewhat lower than last year,” ABF added.
Good morning. The FTSE 100 and other major European indices are set to open higher following reports that President-elect Joe Biden plans a Covid-19 relief package worth about $2tn (£1.5tn).
It comes after Donald Trump was impeached for a second time by the US House of Representatives.
A gauge of Asia-Pacific shares edged up, on track for another record. S&P 500 contracts and European stock futures pointed higher. Technology shares led Wall Street gains Wednesday, with the Nasdaq 100 outperforming the S&P 500.
Alibaba Group and Tencent climbed after the US decided against banning American investment in the Chinese tech giants. Oil held losses and Bitcoin was steady at about $37,700.
Coming up today
Corporate: Safestore (Full-year) Associated British Foods, Boohoo, Card Factory, Dechra Pharmaceuticals, Dunelm, Halfords, Hays, Hilton Food, Taylor Wimpey, Whitbread, John Wood, Workspace (Trading statements)
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Palantir followed up its “bombastic” December quarter with even better results for the March quarter as the data analytics software company continued to gain traction with its artificial-intelligence tools in particular with U.S. commercial customers. Palantir shares, which rallied 8.1% in Monday’s regular session, were down 9.8% at $22.74 in premarket trading Tuesday. For the March quarter, Palantir posted revenue of $634 million, up 21% from a year ago, and ahead of both the company’s guidance range of $612 million to $616 million and Wall Street’s consensus of $615 million as tracked by FactSet.
It delivered 75 of its hydrogen fuel cell trucks in the first two quarters of production and completed the delivery of its reworked battery truck at the end of the first quarter. The company, however, delayed its delivery timeline for its reworked battery trucks to 2024 end from its earlier plan to complete it by the end of the second quarter or early third quarter. Revenue from the company's trucks fell 26% to $7.4 million, despite ramping up production for its hydrogen big rigs.
Walt Disney reported fiscal second-quarter earnings that beat analysts’ estimates and the entertainment giant boosted its fiscal-year profit guidance. Paid core subscribers to Disney+ in the second quarter were 117.6 million, topping expectations. Disney shares were down 0.6% in premarket trading.
