Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Paddy Power Betfair
Paddy Power Betfair has published Q3 trading figures today and the business has put in a solid performance in terms of revenue increases, although EBITDA has taken something of a tumble. US sports betting losses and tax increases have taken a toll here, although once removed from the picture the impression is rather more upbeat. Full year earnings guidance has been revised higher, although only by a modest £5m (around 1%).
A quick look across the Atlantic at last night’s earnings from Apple. The company disappointed with low handset sales and some significant changes to the reporting structure being announced, too. Shares sold off heavily, leaving the company to lose its $1 trillion market cap crown. It’s been interesting to see that the reaction to slowing sales has been to increase handset prices in a bid to maintain revenue levels, however. With brand loyalty like that, does the decision to dump stock look rash?
Sage Group has this morning announced the appointment of a new CEO. Steve Hare – who has held the role on an interim basis since August – has taken up the post on a full-time basis. With the share price having lost over 30% since the start of the year, investors will be hoping that having a new man at the helm will help resurrect the company’s fortunes.