EM CEEMEA CREDIT: TCELLT: FY24 results, neutral for credit
Feb-27 16:37
Turkcell (TCELLT; B1pos/BB/BB-)
FY24 results, neutral for credit
- Turkish TMT champion Turkcell posted solid FY24 results, supported by growth across segmnets.
- Net profit beat @ TRY23.5bn +29.8% YoY. Rev’s show +7.8% @ TRY166.6bn (‘25s guidance of rev’s growth @ 7-9%), EBITDA +10.2% YoY @TRY69.8bn, with ’25 guidance on margin @ 41-42%.
- Net leverage reported @ 0.1x, down from 0.5x.
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US STOCKS: Early Equities Roundup: Tech Sector Leads Modest Rebound
Jan-28 16:32
- Still well off last Friday's levels, socks are trading higher Tuesday - continuing to unwind yesterday's sell-off tied to China's AI startup DeepSeek. New competition for US AI developers rattled global markets Monday, the tech heavy Nasdaq -3.65% as leading chip maker stocks tumbled as much as 25%. Currently, the DJIA trades up 62.08 points (0.14%) at 44774.11, S&P E-Minis up 18.5 points (0.31%) at 6065, Nasdaq up 190.2 points (1%) at 19533.06.
- Information Technology and Communication Services sectors outperformed in the first half, software & hardware makers rebounding faster than semiconductor makers: Crowdstrike +7.83%, Salesforce +5.45%, Apple Inc +3.83%, Arista Networks +3.0% while Nvidia regained approximately 2% after falling over 18% on Monday.
- Interactive media and entertainment shares helped support the Communication Services sector: Alphabet +1.69%, Meta +1.62%, Live Nation +1.26%.
- On the flipside, Utilities and Energy sectors underperformed in the first half, electricity providers and oil companies weaker with Constellation Energy -4.83%, NextEra Energy -4.37%, Entergy -2.6%, Diamondback Energy -1.0%.
- Earnings update after the close: NextEra Energy, Starbucks, Qorvo and Stryker Corp. Heavy Wednesday schedule: Wednesday: Super Micro Computer, Corning, Danaher, Norfolk Southern, Flex, Brinker International, Lennox Int, Hess Corp, MSCI Inc, General Dynamics, Otis Worldwide, Stifel Financial, T-Mobile US, Nasdaq, IBM, Waste Management, Tesla, ServiceNow, Lam Research Corp, Meta Platforms, Microsoft, Ameriprise Financial, Wolfspeed, Western Digital, United Rentals, Teradyne, Las Vegas Sands Corp, Raymond James Financial, Whirlpool Corp and Dow Inc.
FED: US TSY 42D AUCTION: HIGH RATE 4.260%; 28.02% AT HIGH
Jan-28 16:32
- US TSY 42D AUCTION: HIGH RATE 4.260%; 28.02% AT HIGH
- US TSY 42D BILL AUCTION: DEALERS TAKE 34.46% OF COMPETITIVES
- US TSY 42D BILL AUCTION: DIRECTS TAKE 4.46% OF COMPETITIVES
- US TSY 42D BILL AUCTION: INDIRECTS TAKE 61.08% OF COMPETITIVES
- US TSY 42D AUCTION: BID/COVER 2.71
FED: US TSY 2Y FRN AUCTION: HIGH MARGIN 0.098%; ALLOTMENT 88.62%
Jan-28 16:32
- US TSY 2Y FRN AUCTION: HIGH MARGIN 0.098%; ALLOTMENT 88.62%
- US TSY 2Y FRN AUCTION: DEALERS TAKE 20.87% OF COMPETITIVES
- US TSY 2Y FRN AUCTION: DIRECTS TAKE 1.67% OF COMPETITIVES
- US TSY 2Y FRN AUCTION: INDIRECTS TAKE 77.46% OF COMPETITIVES
- US TSY 2Y FRN AUCTION: BID/CVR 3.01
