Estée Lauder to Reduce Risky Innovation Investments

/ / Consumer Discretionary /

Estée Lauder is shifting its innovation in China so the company can understand what local consumers really want, CEO Fabrizio Freda says at UBS Global Consumer and Retail Conference. The beauty giant has rationalized its innovation to reduce the amount of what it calls risky innovation, and dramatically increased practical innovation with scientific advantages and clear consumer desire, Freda says. Estée Lauder is also focused on boosting consumer activation in this market by looking into the way it uses its social media channels. Overall, the company is setting its efforts toward winning the global consumer through its profit recovery plan, Estée Lauder’s Executive Group President Jane Hudis says. Shares fall 1.3% to $155.88.

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Eli Lilly’s Phase 3 Trial of Tirzepatide in Sleep Apnea Likely to Miss Expectations, UBS Says

/ / Health Care /

Eli Lilly and Company’s (LLY) phase 3 clinical trial of tirzepatide in obstructive sleep apnea is likely to miss consensus expectations given the gender imbalance in the study, but could still meet study endpoints, UBS said in a note Thursday. The investment bank said it expects a 12% to 14% weight loss and a 30% to 37% reduction in the apnea-hypopnea index, or AHI, compared with the Street consensus for 20% weight loss and over 50% AHI reduction from baseline. “We think gender imbalances are the main culprit as it’s well-documented females disproportionately lose more weight than males,” UBS said in the note. Males make up 70% of the trial participants, while females account for the remaining 30%, according to the note. The firm maintained its buy rating on the company’s stock with a 12-month price target of $910.

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Corporate Defaults Are Happening at Fastest Pace Since Financial Crisis, According to SP

/ / Financials /

By Joseph Adinolfi Companies around the world are defaulting on their debt at the fastest pace since the global financial crisis as high interest rates and stubborn inflation continue to take their toll, according to a report from S&P Global Ratings. According to S&P, the number of corporate defaults has climbed to 29 since the start of the year, the most highest tally at this point in a year since 2009. While the majority of defaults occurred in the U.S., an uptick in European bankruptcies is alarming analysts. Since January, eight European companies have defaulted, more than double the three defaults that had been seen by this point in 2023. By comparison, 17 defaults occurred in the U.S., slightly less than the 18 seen at this juncture from last year. While the U.S. has seen a plurality of defaults, Europe has seen companies fail to make payments on their debt

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Estée Lauder to Reverse Discounts to Boost Luxury Perception, CEO Says

/ / Consumer Discretionary /

Estée Lauder is shifting its strategy toward pricing to boost the image of its luxury beauty brands, CEO Fabrizio Freda says at UBS Global Consumer and Retail Conference. The executive acknowledged that “there’s been too much discounting” due to the volatility seen during Covid-19, and said the company has “all the plans to reabsorb these discounts correctly without impacting volume.” The company is also maximizing the capacity utilization of its factories. These measures are aimed at boosting Estée Lauder’s gross profit, Freda adds. Shares fall 3.3% to $152.76.

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Adobe Reports Record Revenue in Q1 Fiscal 2024

/ / Technology /

Adobe Reports Record Revenue in Q1 Fiscal 2024 Record Q1 Net New Document Cloud ARR; Enterprise strength drives RPO growth of 16 percent year over year SAN JOSE, Calif.–(BUSINESS WIRE)–March 14, 2024– Adobe (Nasdaq:ADBE) today reported financial results for its first quarter fiscal year 2024 ended March 1, 2024. “Adobe drove record Q1 revenue demonstrating strong momentum across Creative Cloud, Document Cloud and Experience Cloud,” said Shantanu Narayen, chair and CEO, Adobe. “We’ve done an incredible job harnessing the power of generative AI to deliver groundbreaking innovation across our product portfolio.” “Adobe’s Q1 results and record RPO reflect strong customer adoption of our innovative products and services,” said Dan Durn, executive vice president and CFO, Adobe. “As a result of our strong trajectory of growth and profitability, we are announcing a new $25 billion share repurchase program, which demonstrates Adobe’s continued commitment to returning capital to our shareholders.” First Quarter

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Adobe Q1 2024 Adj EPS $4.48 Beats $4.38 Estimate, Sales $5.180B Beat $5.143B Estimate

/ / Technology /

Adobe (NASDAQ:ADBE) reported quarterly earnings of $4.48 per share which beat the analyst consensus estimate of $4.38 by 2.28 percent. The company reported quarterly sales of $5.180 billion which beat the analyst consensus estimate of $5.143 billion by 0.73 percent. This is a 11.28 percent increase over sales of $4.655 billion the same period last year.

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