Trending tickers: Apple, Coinbase, Anglo American and Diageo

Apple (AAPL)

Apple shares climbed in pre-market trading after the iPhone maker reported fiscal second-quarter earnings that topped estimates and announced an expanded stock buyback programme.

The tech company reported revenue of $90.75bn ($72.22bn) in the first three months of 2024, down 4% from the year before but slightly ahead of consensus estimates for $90.3bn.

Sales of its flagship iPhone were down 10% from the year before to $46bn, compared with $51.3bn the previous year, and sales in China fell to $16.3bn for the quarter, against $17.8bn a year ago.

Apple reported net income of $23.64bn, or $1.53 per share, down 2% from $24.16bn, or $1.52 per share, in the year-earlier period.

Read more: FTSE 100 LIVE: London near all-time high as Asia stocks surge

CEO Tim Cook attempted to reassure investors about the state of the business in the world's second largest economy, noting that iPhone sales were actually up in mainland China.

"I maintain a great view of China in the long term," he said.

The company also announced another $110bn in share buybacks and raised its quarterly dividend by 4%.

Coinbase (COIN)

Coinbase reported better-than-expected revenue in its first-quarter earnings report, helped by an uptick in cryptocurrency trading following the launch of the first US-listed exchange traded funds (ETFs) tracking bitcoin in January.

Coinbase, the primary marketplace in the US for buying and selling digital tokens, reported net income of $1.18bn or $4.40 per share, compared to a year-ago loss of $78.9m, or 34 cents a share.

Yet the stock of the largest US cryptocurrency exchange fell by as much as 4% in pre-market trading.

Net income rose to $1.17bn, the highest mark in nine quarters, while net revenue rose by 115% when compared to the year-ago period.

Consumer transaction revenue doubled from the previous quarter, reaching $935.2m, and volume was up over 93%, to $56bn.

Anglo American (AAL.L)

Anglo American has jumped 3% after Reuters reported that Glencore (GLEN.L) was considering an approach for the 107-year old miner, a move that could spark a bidding war.

Glencore has had internal preliminary discussions and those may not lead to the company making an approach to Anglo, Reuters said Thursday. A Glencore spokesperson told Reuters the company doesn’t comment on rumour or speculation.

Anglo American is already the subject of bid interest from larger peer BHP Group Ltd.

Last Friday, Anglo American ‘unanimously’ rejected an ‘opportunistic’ offer from BHP on grounds that it ‘significantly undervalues’ the London-based miner.

Diageo (DGE.L)

Guinness owner Diageo has poached the finance boss of the world’s largest Coca-Cola bottler as it seeks to recover from a drop in sales and profits.

Lavanya Chandrashekar, who joined the Guinness and Johnnie Walker maker as finance chief of its North America business in 2018, will be replaced by Nik Jhangiani, CFO at Coca-Cola’s largest bottler, Coca-Cola Europacific Partners (CCEP).

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Shares have fallen by around 15% over the past six months after Diageo issued a profit warning due to a substantial slowdown in sales in the Latin America and the Caribbean.

“Diageo’s weak share price performance has, in part, reflected questions around financial communication and some perceived mis-steps from senior management, so we think this will be moderately well received,” said RBC Capital analyst James Edwardes Jones.

Watch: Market strategist debunks 'sell in May' strategy

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Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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