UBS stock had risen about 5.3% by midday in London, charting its biggest one-day gain since March this year, and hitting the highest level since 2008.
The moves higher come following its first earning report, giving Q2 figures, since its takeover in March of Credit Suisse. These figures have been delayed by over a month because of the deal’s complexities.
The group outlined targets including 3,000 domestic job cuts and more than $10bn (£7.89bn) in cost savings.
It reported a $29bn profit before tax, a result of the accounting difference between the $3.8bn price UBS paid for Credit Suisse and the value of the acquired lender’s balance sheet.
Salesforce (CRM)
Salesforce was up again in premarket trade on Thursday following a better than expected second quarter and upbeat earnings call on Wednesday night where AI efforts took centre stage.
“We are very thirsty to make sure that Salesforce is the No. 1 AI CRM, and we have done a lot organically to do that in the last six months,” Salesforce CEO Marc Benioff said to analysts on the company’s earnings call following the news.
Salesforce’s fiscal second quarter revenue beat represented an 11% year-over-year jump.
Additionally, the company raised its 2024 revenue outlook to $34.7 billion to $34.8 billion, after previously seeing $34.5 billion to $34.7 billion, beating estimates of $34.66 billion.
Read more: LIVE: FTSE snaps green streak even as UK consumer confidence improves
Glencore (GLEN.L) is the top faller in a subdued FTSE today. Three weeks ago it was revealed that the miner’s profits have been halved due to falling commodity prices. Now, its investors are seeking damages over what they described as “untrue statements” in prospectuses, per the FT.
Almost 200 funds are making the complaint, including some managed by Fidelity, Vanguard, Legal & General, HSBC, Abrdn and Invesco.
The complaints allege they “suffered loss” as a result of “untrue statements” and omissions in Glencore’s 2011 prospectus for its listing on the London Stock Exchange as well as its, prospectus for its merger with Xstrata in 2013.
Stock is down 4.5% as of midday London time.
Retail group Marks & Spencer enjoyed a modest rally as it was revealed it would be rejoining the FTSE 100 after a relegation and subsequent business turnaround.
It returns to the top group alongside technical products supplier Diploma, and drugmakers Hikma Pharmaceuticals and Dechra Pharmaceuticals.
Watch: Inflation data, jobless claims, earnings: What to watch
Download the Yahoo Finance app, available for Apple and Android.
