Paris opening: doped Carrefour!

    Paris opening: doped Carrefour!

    Photo credit © Reuters

    THE TREND

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    (Boursier.com) – The timid start of the session, slightly down, gives way to a modest increase as we approach 9:30 am (+ 0.20% to 5,660 points). Clearly, investors are on the alert as the start of earnings publications approaches and initiatives taken are indeed reduced on the Parisian market. US banks JP Morgan, Citigroup and Wells Fargo will launch on Friday first. But the deterioration in the health situation does not help risky assets either, as it raises fears of a slowdown in an already fragile economic recovery! The United States yesterday experienced a new death record with 4,500 deaths in 24 hours.

    The political situation is also puzzling investors as Democrats in the US House of Representatives move closer to launching a historic impeachment proceeding against Donald Trump, seven days before the end of the president’s term.

    Side values, Carrefour takes off as expected after the surprise announcement this morning concerning a possible merger of the Canadian Couche-tard.

    WALL STREET

    At the end of a hesitant session, the New York Stock Exchange ended up slightly on Tuesday evening, supported by the prospect of a new stimulus plan in the United States, which will be presented Thursday by President-elect Joe Biden . Risk appetite continues to push up long-term interest rates, leading investors to undervalued cyclicals, which should benefit from fiscal and monetary stimulus.

    At closing, the index Dow Jones gained 0.19% to 31,068 points, while the broad index S&P 500 climbed 0.04% to 3,801 pts, and that index Nasdaq Composite, rich in technological and biotech stocks, gained 0.28% to 13,072 pts.

    ECO AND CURRENCIES

    The Banque de France estimates the loss of GDP for the month of December at 7% compared to the pre-crisis level, i.e. a situation a little less degraded than anticipated last month (-8%) and significantly less than last May, in the previous situation of semi-containment (-17%). A development which should lead to a contraction of activity of 4% in the fourth quarter compared to the three previous months and of 9% over the whole of 2020.

    France :
    – Final index of consumer prices. (8:45 am)

    United States :
    – Consumer price index in the United States. (2:30 p.m.)
    – Weekly report from the Department of Energy on domestic oil stocks. (4.30 p.m.)
    – Fed Economic Beige Book. (8:00 p.m.)
    – US budget balance. (8:00 p.m.)

    Europe :
    – Italian industrial production. (10h00)
    – European industrial production. (11:00)

    An ounce of yellow metal is trading at $ 1,859. For its part, the euro / dollar parity reached $ 1.2217 this morning. A barrel of Brent is trading at $ 57.12.

    RISING VALUES

    Carrefour (+ 8.40% to 16.76 Euros) announced this morning that it had been approached, “in a friendly manner”, by the Canadian group Alimentation Couche-Tard for a merger project … “The discussions are very preliminary” specifies the management of the French distributor. With a multi-format network of 12,300 stores in more than 30 countries, the Carrefour group is one of the world leaders in the food trade. It achieved a turnover of 80.7 billion euros in 2019. It currently employs more than 320,000 people worldwide.

    Realities (+ 4% to 25.50 Euros) announces the upward revision of its 2020 turnover target. Despite the penalizing context linked to the health crisis, the group now anticipates a turnover of over 200 ME, growth of at least 20%. On the occasion of the publication of its latest half-year results, the group announced a consolidated annual turnover objective “above 190 ME”.

    Manitou (+ 7.30% to 29.15 Euros) has set itself the objectives of achieving in 2025 a turnover of over 2.5 billion euros, a current operating income of over 8% of turnover, a Current EBITDA greater than 10% of turnover. In addition, the Manitou group anticipates investments of around 460 million euros over the duration of the plan.

    FALLING VALUES

    Pierre and Vacances Center Parcs (-3.07% to 11.05 Euros): biggest drop on the SRD this morning.

    THEY PUBLISHED THEIR TURNOVER / RESULTS …

    Ekinops, Thanks, Gaussin

    THE LATEST “RECOS” FROM ANALYSTS …

    Goldman Sachs remains for purchase on Safran but with an adjusted target down from 154 to 145 euros.

    JP Morgan returns to ‘overweight’ on the file Capgemini by targeting a price of 150 euros.

    Citigroup returns to purchase on Saint Gobain with a target price of 50 euros.

    Exane BNP Paribas returns from ‘outperformance’ to ‘neutral’ on Valeo by targeting a price of 32 euros.

    HSBC adjusts its buy to ‘hold’ opinion on Edenred by targeting a price of 49.50 euros.

    MARKET INFO

    Bouygues Construction : draft offer at 3950 Euros.

    Sodexo : no dividend for the 2019-2020 financial year.

    MBWS will be able to launch its capital increase at 1.5 euros per share.

    Green Property : OPR at 420 euros per share.

    Genfit : lack of quorum, a new Extraordinary GA will be convened on January 25.

    Visiomed Group : success of the capital increase by private placement.

    IN SHORT

    Hoffmann Green Cement : contract with the real estate developer Ouest Réalisations.

    Colas and Parsons will complete the extension of a subway line in Edmonton.

    Gensight : the journal Ophthalmology publishes the results of the pivotal phase III RESCUE trial.

    Prodways : commercial successes in medical applications.

    TechnipFMC : appointment of Alf Melin as Executive Vice President and Chief Financial Officer.

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