Earnings update: Home Depot, Tencent, JD.com, Infineon, and Siemens Energy
Earnings results are still being released over the past two days we have got some interesting results. Home Depot raised their guidance yesterday as the home improvement market seems to finally be hitting a turning point. Tencent has just reported Q3 results beating estimates underscoring that the Chinese consumer is coming back and the online advertising market seems to be improving. JD.com’s Q3 results showed similar strength as Tencent beating estimates. In Europe, Infineon Technologies which is one of the largest semiconductor suppliers to the global car market has reported slightly better than expected fiscal Q4 results and more importantly an improved sales outlook despite margins came in a bit lower than expected.
Finally, Siemens Energy announced yesterday that it got a deal with its parent company Siemens and the German government worth €15bn in guarantees to support the fast growing order book in grid technology and gas turbines as the company is working through its problems in its wind turbine designs. Siemens Energy has capital markets day next week where the company will update the market on its wind turbine business which has hit massive difficulties with a faulty design costing the company a lot of money.
It is worth noting that 12-month forward earnings estimates have not moved higher since the Q3 earnings season started except for Nasdaq 100 companies highlighting once again that the big winner and driver this year has been US technology stocks.
Key earnings for the rest of the week are:
- Today: TJX, Cisco, Palo Alto Networks, Target
- Thursday: Siemens, Copart, NetEase, Walmart, Ross Stores, Applied Materials, Alibaba
- Friday: Johnson Controls, Generali