Sonova Holding AG (PHBA.BE)

Sonova's profit warning less severe than feared; shares jump 7%

Sonova's shares jumped more than 7% early on Tuesday after the Swiss hearing aid maker's downward adjustment of full-year core earnings estimates was less severe than investors had feared. The world's largest maker of hearing aids expects its annual adjusted core earnings (EBITA) to grow between 4% and 8% in local currency, compared with a previous target of 6% to 10%. "Shares are trading up, most likely because there is a relief in the market that the profit warning was not bigger than what it turned out to be," Carnegie analyst Niels Granholm Leth said.