Microsoft is facing a broad antitrust investigation by the US Federal Trade Commission (FTC), Bloomberg reports.
The investigation reportedly focuses on multiple areas of the company, ranging from cloud computing and software licensing to AI products.
Bloomberg said a key focus of this investigation is the bundling of Microsoft’s office productivity and security software with its cloud offerings.
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Another aspect of the investigation is reportedly related to the practices surrounding security software Microsoft Entra ID, which aims to authenticate users who log into cloud-based software.
Spokespeople for Microsoft and the FTC had not responded to Yahoo Finance UK’s request for comment at the time of writing.
Shares of Microsoft ended Wednesday’s session just over 1% in the red, while U.S. markets were closed on Thursday for Thanksgiving.
The world’s largest asset manager BlackRock is nearing a deal to acquire private credit group HPS Investment Partners, the Financial Times (FT) reports.
The two companies have reportedly agreed on the broad terms of the deal and could announce terms after the Thanksgiving holiday.
HPS is said to have been exploring an initial public offering that would have valued the company at around $10 billion (£7.9 billion) and sources said a final sale price could be closer to $12 billion, according to the FT report.
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This deal would be the latest in a series of recent acquisitions by BlackRock, after completing its acquisition of infrastructure investment firm Global Infrastructure Partners last month.
A spokesperson for BlackRock declined to comment, while HPS had not responded to Yahoo Finance UK’s request for comment at the time of writing.
Shares in BlackRock ended Wednesday’s session less than 1% in the red.
Despite a first-half sales decline, shares of French spirits company Rémy Cointreau rose 4.5% on Thursday morning as its latest results were still better than what investors expected.
First-half sales fell almost 16% year-on-year to €533m (£433.9m), while the company’s current operating profit was down 17.6% to €147.3m.
However, a note from Barclays said this is better than consensus expectations of a 22.3% decline in corporate profits.
Rémy Cointreau, which makes spirits including French cognac, also said it now expects organic sales to fall between 15% and 16% this year.
The company warned that its operations in the Americas were not expected to see a recovery until the fourth quarter of the fiscal year at the earliest and that its operations in Asia Pacific were expected to see a “ sequential turnover deterioration” compared to the first six months of the financial year. the year. Meanwhile, it said “sluggish consumer trends” in Europe, the Middle East and Africa (EMEA) will continue in the second half of the year.
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Barclays’ equity research team said: “Rémy’s comments that market conditions in China are deteriorating should not surprise anyone.
“The risks of cognac tariffs are difficult to underestimate (we expect a serious hit to profitability in FY26) and are likely to lead to further excess inventories in other parts of the world, particularly in the US, leading to further sustained promotions. “
China imposed tariffs on European brandy imported into the country in October, with duties reaching as high as 39%.
Kelsey Lu performing at Dr Martens Made Strong NYC in New York on October 12, 2023. ·Jemal Gravin via Getty Images
The shares of the iconic shoe brand Dr. Martens rose 13% on Thursday morning after delivering better-than-expected results and saying the autumn-winter season was off to a solid start.
Revenue fell 18% to £324.6 million ($411.11 million) in the first half of fiscal 2025, with the company reporting a pre-tax loss of £28.7 million, down from £25.8 million pre-tax profit the company generated for the first half of the fiscal year 2025. the same period last year.
Dr. However, Martens said it had reduced its net debt pile by 27% from £478.9m to £348.7m. The company also maintained its full-year guidance, saying results were “supported by the rapid cost actions taken.”
Kenny Wilson, CEO of Dr. Martens, said: “As we shared in May, this is a year of transition and we have made good progress on our four key objectives: focusing our marketing on a relentless focus on our product, turning around our US DTC performance, reducing our operating cost base and strengthen the balance sheet.”
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In a separate statement on Thursday, Dr. Martens also stated that Ije Nwokorie would take over as CEO on January 2, 2025.
Dan Coatsworth, investment analyst at AJ Bell, said: “The half-year results are too early to assess turnaround efforts, but there is enough to silence the critics and pique investor interest.
“Turnover and profit are declining and the dividend has been significantly reduced. That’s no surprise. The reason the stock has risen is that new cost savings guidance is hitting the high end of previous guidance, the stock is declining and the company has reported strong new product sales. These nuggets are exactly what is needed to rebuild credibility with the market.”
Direct Line shares rose 40% on Thursday morning after the insurer rejected a £3.28 billion takeover bid from bigger rival Aviva (AV.L).
“The board discussed the proposal with its advisors and concluded that it was highly opportunistic and significantly undervalued the company,” Direct Line said in a statement released late on Wednesday.
Aviva confirmed the offer was made in another statement released shortly before Direct Line’s, after the market closed on Wednesday.
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The insurer said it believed its proposal to Direct Line was “very attractive”.
AJ Bell’s Coatsworth said: “Direct Line’s board has rejected Aviva’s approach, but shareholders could still welcome an offer, especially if the takeover price helps recoup the big losses of the past two years. Aviva’s offer of 250p represents a 57.5% premium to last night’s closing price.
“That’s a decent bid premium and some Direct Line investors could be happy with that price. Should Aviva be able to dig deeper and offer something in the region of 275 cents, Direct Line shareholders might feel like Christmas It’s come early.”
Ocado (OCDO.L)
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