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Yahoo BusinessOct 27, 2020
SAP Sends Warning for Software Earnings With Forecast
(Bloomberg) -- Dire earnings results at SAP SE wiped out more than 35 billion euros ($41 billion) from the German software company's market value in a matter of minutes, sending a warning to tech investors about the health of the business software industry.In a surprise release late Sunday, SAP, one of Europe's largest tech companies, cut its revenue forecast for the full year and said it expected the fresh wave of Covid-19 lockdowns to hurt demand through the first half of 2021. The results caused shares to fall the most ever in a single day, according to data compiled by Bloomberg since 1989.SAP's collapse caused the wider tech market to drop, with Europe's Stoxx Technology index falling 7.6%, its biggest one-day loss since March. Shares of cloud-applications giant Inc. fell 4.1% at 2:28 p.m. in New York. Oracle Corp. -- SAP's main rival -- dropped 3.9%."SAP is a bellwether stock for European technology and global software," said Citigroup Global Markets analyst Amit Harchandani. "They have an insight into Fortune 500 companies and when SAP tells you they see headwinds, there will be some truth to the fact that some of the customers are challenged and don't have the money to spend."For some investors, SAP's results have called into question the wider assumption that software companies will prosper during the pandemic, due to millions of employees working from home. Many of these companies, which deliver applications or services over the internet, have so far resisted the worst effects of a pandemi

Yahoo BusinessOct 27, 2020
Europe Stocks Open Lower, U.S. Futures Fluctuate: Markets Wrap
(Bloomberg) -- European stocks opened down on Tuesday and U.S. futures fluctuated as investors weighed positive earnings reports against concerns that surging coronavirus cases will hurt the global economy.Declines in European energy and auto share offset gains in banks after powerhouse HSBC Holdings Plc reported credit losses would be at the lower end of its previously announced range. Spanish lender Banco Santander SA's earnings beat estimates and may have boosted its case to resume dividends. Swiss drugs giant Novartis AG erased an early share gain after lifting its earnings forecast.S&P 500 futures signaled the index may hold much of Monday's decline, which was the largest in a month. Crude oil nudged higher, while Treasuries and German bunds were steady."Even as equities sold off yesterday, bond yields did not fall by much," ING Groep NV strategists including Padhraic Garvey wrote in a note. "The bond market is still sniffing a slightly better medium-term outlook, especially in the U.S."Investors will look for market catalysts later on Tuesday from U.S. pharmaceutical company earnings and data on durable-goods orders and consumer confidence. In the meantime, surging coronavirus infections are adding to an already cautious mood with the U.S. election a week away and time running out to finish an aid package before then.Europe took a step closer to the strict rules imposed during the initial wave of the pandemic, with leaders struggling to regain control of the spread while confronting growing opposit

MarketWatch MarketPulseOct 27, 2020
3M's stock ticks up after profit beats expectations, sales rise just above forecasts
Shares of 3M Co. edged up less than 0.1% in premarket trading Tuesday, after the consumer, health care and industrial products company reported third-quarter profit that beat expectations, while sales rose just above forecasts, helped by a surge in health care sales. Net income fell to $1.41 billion, or $2.43 a share, from $1.58 billion, or $2.72 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $2.43, above the FactSet consensus of $2.26. Sales rose 4.5% to $8.35 billion, above the FactSet consensus of $8.31 billion. Health care sales rose 25.5% to $2.2 billion, beating the FactSet consensus of $2.06 billion; safety and industrial sales grew 6.9% to $3.0 billion to top expectations of $2.95 billion; and consumer sales grew 5.6% to $1.4 billion, in line with expectations of $1.37 billion; while transportation and electronics sales fell 7.4% to $2.3 billion to fall shy of expectations of $2.35 billion. The company didn't provide full financial guidance given uncertainties related to the COVID-19 pandemic, but said October sales are expected to be in the flat to up low-single digits percentage range from a year ago. The stock has lost 5.8% year to date through Monday, while the Dow Jones Industrial Average has slipped 3.0%.

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Google Business NewsOct 26, 2020
Dow Jones Futures: Stock Market Rally Struggles As Coronavirus Cases Soar; Dexcom, Twilio Are Key Movers Late - Investor's Business Daily
Dow Jones Futures: Stock Market Rally Struggles As Coronavirus Cases Soar; Dexcom, Twilio Are Key Movers Late  Investor's Business DailyDow drops 650 points as S&P 500, Nasdaq post worst day since September  Fox BusinessAsian shares slip after Wall St's worst day in a month  KTAR.comDow Slumps as Record Surge in Infection Triggers Bloodbath  Investing.comWall Street tumbles as virus cases soar  Reuters

MarketWatchOct 26, 2020
Market Snapshot: Dow ends 650 points lower as rising COVID-19 cases, stalled stimulus efforts highlight recovery jitters
Stocks stumble Monday as the number of daily U.S. COVID-19 infections hit a record at the end of last week and a final agreement on a new round of aid to the economy remains elusive.

MarketWatch Breaking NewsOct 26, 2020
Software stocks down in premarket after SAP warns on sales and profit
Software stocks down in premarket after SAP warns on sales and profit

MarketWatchOct 26, 2020
Capitol Report: Washington finally abandons economic stimulus plan until after the election
With the Dow Jones Industrial Average suffering its biggest single-day drop since early September and the coronavirus pandemic picking up steam, Washington threw in the towel Monday on efforts to help the economy.

Yahoo BusinessOct 26, 2020
Stock market news live updates: Stock futures tick higher after Dow's worst drop in nearly two months
Stock futures opened flat to slightly higher Monday evening after a selloff on Wall Street pushed the Dow and S&P 500 to their biggest one-day drops in more than a month.

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