Yahoo Finance Trending tickers: Burberry | BlackRock | Ericsson | Alphabet
The latest investor updates on stocks that are trending on Friday
Burberry (BRBY.L)
Burberry has reported a surge in sales as the reopening of the Chinese economy after lockdowns delivered a strong recovery.
Burberry generated revenues of £589m in the three months to July 1, up from £505m the previous year, the company said on Friday.
Comparable store sales for the group excluding Mainland China was up 11%. Within that, Europe, Middle East, India and Africa sales were up 17%, South Asia Pacific up 39%, Japan up 44% and South Korea up 6%. The Americas division was an outlier, falling 8%.
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The British designer, best known for its tartan bags and scarfs, said outerwear comparable store sales were up 36%, led by “heritage rainwear,” such as its trench coat which sell for upwards of £1,400.
"We have made good progress in the quarter delivering high teens comparable revenue growth led by the ongoing recovery in Mainland China,” said Burberry’s CEO Jonathan Akeroyd.
Burberry also reopened its flagship store on New Bond Street as part of 19 stores refurbished or opened in the quarter.
BlackRock (BLK)
BlackRock shares are up in pre-trading as the world’s largest asset manager is set to report earnings this Friday before the Wall Street opening bell.
Analysts expect BlackRock to record $4.47bn (£3.41bn) in revenue for the second quarter of 2023, just below the $4.53bn in the year-ago period. They are also forecasting stronger earnings of $8.50 per share, up 15% from $7.36 per share a year ago.
"The big banks benefited from ample deposit inflows following the Silicon Valley Bank collapse in March, but their net interest income is expected to have declined, credit costs are normalising, and they have increased expenses due to inflation," Swissquote Bank analyst Ipek Ozkardeskaya said.
"So, the numbers could be soft, but what matters for investors is the comparison between the numbers and expectations."
BlackRock reported assets under management of $9.09tn, by the end of the first quarter.
Ericsson (ERIC-B.ST)
Ericsson has reported a 62% fall in second-quarter adjusted operating profit, slightly beating market expectations.
The Swedish telecom equipment maker's operating profits, excluding restructuring charges, fell to 2.8bn Swedish crowns (£206m/$271m), compared with 7.4bn the previous year.
Net sales rose 3% to 64.4bn crowns and Ericsson's reported gross margin for the second quarter fell to 37.4% from 38.6% the previous quarter.
Richard Webb, analyst at CSS Insight, told Reuters the company’s quarterly earnings were "Okay, but not stellar".
"It’s a little lukewarm," said Webb, noting that Ericsson’s business strategy may take until the end of the year to show results.
"In a couple of quarters, we’ll be in a better position to judge how their strategy is working. I remain cautiously optimistic."
Alphabet (GOOG)
Shares of Google parent Alphabet jumped more than 4% Thursday as the company announced it is expanding the availability of its generative AI-powered chatbot Bard to more countries and adding additional features to the software.
Bard's launch in the European Union had been held up until now by local privacy regulators but Google said it had met watchdogs to reassure them on issues relating to transparency, choice and control.
Danni Hewson, head of financial analysis at investment firm AJ Bell, attributed the rally to the launch in Europe and in Brazil and Bard's expansion into new languages.
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"There were some concerns about data, about privacy. Clearly, they've been able to reassure European regulators about those issues, which just paves the way for further advantage really," said Hewson.
According to Google, Bard is now available in more than 40 languages including Arabic, Chinese, and Spanish.
Watch: Alphabet teases plans to improve Google Bard AI capabilities
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