The markets are up on the back of strong earnings announcements as the week promises to hold even more forecasts and results from major companies. Overnight, beijing released a 31 point action plan to boost the economy via the private sector and investment into entrepreneurship. Investors are awaiting announcements from the tech giants Microsoft and Alphabet today, which could be a turning point for the markets. UBS is also set to announce earnings today, which could be a little disappointing given the hefty fines they’re facing having recently taken on their collapsed rival Credit Suisse.
Dominos pizza announced profits that beat analysts expectations yesterday, sending their share price up. Whilst there are still ongoing issues with inflation and cost of food, it seems that the easing on certain ingredients, like the all important cheese, have helped to boost their profits. With menu costs up, many feared that this could’ve been a tough quarter for Domino’s, but spenders are still prioritising their pizza fix keeping the chain in the green for a few months to come.
Wandisco won the proverbial wooden spoon prize on the markets yesterday, as the Yorkshire based tech company saw their share price fall 96% to £0.50. Five months ago, shares were put on hold, which means investors cannot buy nor sell shares, as they were investigated for fraud issues by the FCA. Yesterday, shares were available to trade once again and it seems that investors are still perturbed by the fraudulent activities for which they were initially investigated. Whilst they’ve said that they’re seeking to issue more stock, their current share price may change the appeal to new investors.
Sources: Nasdaq, AJ Bell, Financial Times, Reuters