Trending tickers: TSMC, Birkenstock, Flutter and Sainsbury's

TSMC forecasts return to strong growth as global chip market recovers. (Reuters / Reuters)

TSMC (TSM)

Shares in the world’s most valuable chipmaker were higher in premarket trading as projected an upwards of 20% revenue growth driven by demand for artificial intelligence.

Taiwan Semiconductor Manufacturing Co reported net profit dropped 19% from a year earlier to 238.71bn new Taiwan dollars (£5.95bn/$7.56bn) for the three months to December.

Fourth-quarter revenue stayed flat from a year earlier at NT$625.53bn.

Looking forward, TSMC expects revenue for 2024 to increase in the low to mid-20% range in US dollar terms.

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"We expect 2024 to be a healthy growth year for TSMC, supported by... robust AI-related demand. AI models need to be supported by more powerful semiconductor hardware... thus the value of TSMC's technology position is increasing," chief executive officer C.C. Wei said in a post-earnings call.

Birkenstock (BIRK)

The Germany-based sandal maker is set to report earning before Wall Street opens, with investors keen to see whether the negative reaction to its 2023 IPO was right.

Birkenstock has recovered from one of the worst market debuts in over two decades after it snubbed its German homeland to list in New York, with shares around 7% higher since its IPO.

“The expectation is that you beat your first earnings by a certain amount, so if you don’t beat as strongly as some investors are expecting, then there may be some grumbling,” Richard Truesdell Jr, a partner at law firm Davis Polk & Wardwell, told Bloomberg.

Flutter Entertainment (FLTR.L)

Paddy Power owner Flutter has confirmed it will list in New York by the end of the month as it posted a rise in fourth-quarter revenue.

The world's largest online betting company said its move to Wall Street was on track for January 29 as it revealed revenues grew 11% to £2.7bn in the fourth quarter, driven by 19% growth in UK and Ireland.

The company, which runs FanDuel, the biggest sportsbook in the US with 43% gross revenue market share, said US fourth-quarter revenues were up 26% year-on-year.

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CEO Peter Jackson said: We are very excited that the addition of a US Flutter listing is now just days away. This is a pivotal moment for the group as we make Flutter more accessible to US based investors and gain access to deeper capital markets.”

Sainsbury's (SBRY.L)

Sainsbury’s said it has decided to wind down its banking division as part of plans to focus its efforts on the retail business.

The company said it was exploring several options as part of a “phased withdrawal” from the banking business in a move which could its 1.9 million Sainsbury’s Bank customers.

Sainsbury’s Bank currently offers loans, credit cards and savings accounts from its own bank.

Sainsbury’s stressed it will be “business as usual for now” at the bank, with nothing immediately changing for customers or the products and services it offers.

There is no current timeline for how long the exit will take.

Watch: TSMC beats Q4 revenue estimates, still boosted by AI demand

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