Netherlands stocks lower at close of trade; AEX down 0.20%

Investing.com – Italy stocks were higher after the close on Thursday, as gains in the Technology, Industrials and Oil & Gas sectors led shares higher.

At the close in Milan, the Investing.com Italy 40 rose 0.35%.

The best performers of the session on the Investing.com Italy 40 were Interpump Group (BIT:ITPG), which rose 3.91% or 1.70 points to trade at 45.16 at the close. Meanwhile, Stellantis NV (BIT:STLAM) added 3.58% or 0.35 points to end at 10.18 and STMicroelectronics (BIT:STMMI) was up 3.49% or 0.75 points to 22.07 in late trade.

The worst performers of the session were Italgas SpA (BIT:IG), which fell 1.58% or 0.15 points to trade at 9.31 at the close. Davide Campari Milano SpA (BIT:CPRI) declined 1.33% or 0.08 points to end at 5.80 and Banca Monte dei Paschi di Siena SpA (BIT:BMPS) was down 1.20% or 0.09 points to 7.64.

Rising stocks outnumbered declining ones on the Milan Stock Exchange by 354 to 281 and 54 ended unchanged.

Crude oil for January delivery was up 1.34% or 0.79 to $59.74 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February rose 1.05% or 0.66 to hit $63.33 a barrel, while the February Gold Futures contract rose 0.25% or 10.75 to trade at $4,243.25 a troy ounce.

EUR/USD was unchanged 0.09% to 1.17, while EUR/GBP unchanged 0.05% to 0.87.

The US Dollar Index Futures was up 0.10% at 98.89.

Investing.com – Germany stocks were higher after the close on Thursday, as gains in the Software, Food & Beverages and Media sectors led shares higher.

At the close in Frankfurt, the DAX gained 0.85%, while the MDAX index climbed 0.91%, and the TecDAX index added 0.80%.

The best performers of the session on the DAX were Porsche Automobil Holding SE (ETR:PSHG_p), which rose 6.13% or 2.30 points to trade at 39.84 at the close. Meanwhile, Daimler Truck Holding AG (ETR:DTGGe) added 6.06% or 2.15 points to end at 37.63 and Mercedes Benz Group AG (ETR:MBGn) was up 4.80% or 2.77 points to 60.42 in late trade.

The worst performers of the session were BASF SE NA O.N. (ETR:BASFN), which fell 3.28% or 1.45 points to trade at 42.77 at the close. Bayer AG NA (ETR:BAYGN) declined 1.97% or 0.68 points to end at 33.58 and Scout24 AG (ETR:G24n) was down 1.88% or 1.65 points to 86.35.

The top performers on the MDAX were Dr Ing hc F Porsche AG Preferred (ETR:P911_p) which rose 4.34% to 46.84, Aixtron SE (ETR:AIXGn) which was up 4.11% to settle at 18.10 and Thyssenkrupp AG O.N. (ETR:TKAG) which gained 3.67% to close at 9.21.

The worst performers were AUTO1 Group SE (ETR:AG1G) which was down 2.60% to 23.94 in late trade, Lanxess AG (ETR:LXSG) which lost 2.40% to settle at 17.05 and United Internet AG NA (ETR:UTDI) which was down 1.79% to 25.20 at the close.

The top performers on the TecDAX were Aixtron SE (ETR:AIXGn) which rose 4.11% to 18.10, SMA Solar Technology AG (ETR:S92G) which was up 3.59% to settle at 36.32 and Nagarro SE (ETR:NA9n) which gained 2.79% to close at 75.55.

The worst performers were United Internet AG NA (ETR:UTDI) which was down 1.79% to 25.20 in late trade, Siltronic AG (ETR:WAFGn) which lost 0.96% to settle at 49.42 and Infineon Technologies AG NA O.N. (ETR:IFXGn) which was down 0.67% to 36.50 at the close.

Rising stocks outnumbered declining ones on the Frankfurt Stock Exchange by 371 to 251 and 25 ended unchanged.

Shares in Porsche Automobil Holding SE (ETR:PSHG_p) rose to 52-week highs; rising 6.13% or 2.30 to 39.84. Shares in SMA Solar Technology AG (ETR:S92G) rose to 52-week highs; up 3.59% or 1.26 to 36.32.

The DAX volatility index, which measures the implied volatility of DAX options, was down 2.10% to 17.32.

Gold Futures for February delivery was up 0.25% or 10.50 to $4,243.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January rose 1.41% or 0.83 to hit $59.78 a barrel, while the February Brent oil contract rose 1.13% or 0.71 to trade at $63.38 a barrel.

EUR/USD was unchanged 0.09% to 1.17, while EUR/GBP unchanged 0.06% to 0.87.

The US Dollar Index Futures was up 0.10% at 98.89.

Investing.com -- European pharmaceutical stocks present varied opportunities according to Morgan Stanley’s latest analysis, with clear leaders emerging based on growth prospects, pipeline strength, and valuation metrics.

Morgan Stanley has identified several standout performers in the European pharmaceutical sector, highlighting companies with compelling growth trajectories and addressing key challenges facing others. Their analysis points to significant differentiation among major players.

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AstraZeneca Morgan Stanley views AstraZeneca as offering sector-leading earnings growth of 11% over FY’26-29, compared to 6% for peers. Their optimistic assessment of AstraZeneca’s pipeline suggests longer-term earnings potential exceeding current market expectations. The firm believes AstraZeneca’s 2026 guidance will likely reassure investors, with projected mid-single-digit sales growth and low double-digit EPS growth. Potential upside catalysts include Brinsupri royalties (over $1 billion to profit), faster Datroway rollout, and Calquence in finite CLL (approximately $1 billion peak sales). While acknowledging a challenging first half of 2026, Morgan Stanley sees a more attractive risk-reward profile emerging in the second half.

AstraZeneca announced that its new drug application for baxdrostat, a treatment for hard-to-control hypertension, has been accepted for priority review by the U.S. Food and Drug Administration (FDA). A decision on the application is expected in the second quarter of 2026.

Sanofi Sanofi continues to offer "growth at a reasonable price" according to Morgan Stanley. The firm notes a shift in focus from R&D execution to the company’s undemanding valuation relative to its strong earnings growth projection of 11% from 2026-29. Morgan Stanley expects Sanofi to guide conservatively for 2026, with mid-to-high single-digit sales growth and high single-digit EPS growth. Their forecast shows 7% year-over-year sales growth and 12% earnings growth for FY’26, with potential upside if anticipated tariff headwinds don’t materialize. Despite recent share price rebounds, the valuation remains attractive given the EPS momentum.

In recent developments, Sanofi reported that its Phase III trial for the atopic dermatitis treatment amlitelimab met its endpoints, but efficacy measures fell below some analyst expectations. Separately, the company’s Paris headquarters was searched as part of a French tax fraud investigation.

Bayer Morgan Stanley has upgraded Bayer to Overweight following the solicitor general’s recommendation to the Supreme Court to review the Durnell case in the glyphosate litigation. They see potential upside through further litigation de-risking in 2026, beginning with the Supreme Court’s decision on whether to accept the case, expected in January 2026. The firm also notes improving fundamentals with upside potential in Bayer’s Pharma business driven by momentum from Nubeqa and Kerendia. After earnings revisions stabilized in late 2024, Morgan Stanley anticipates positive revisions in 2026.

Bayer’s menopause drug, Lynkuet, received a recommendation for approval from the European Medicines Agency (EMA), moving it closer to market access in the EU. The company is also set to receive a €180 million sales-based milestone payment from its partner Orion for the drug Nubeqa.

GSK Despite recent rallies supported by a new CEO, stronger near-term earnings momentum, and attractive valuation, Morgan Stanley maintains an Underweight rating on GSK. While strong specialty medicines and improved product mix underpin FY’26 estimates of 5% sales growth and 7% operating profit growth, the firm identifies longer-term headwinds that could present mid-single-digit percentage downside risk to earnings. Their longer-term sales forecast sits below GSK’s guidance, projecting approximately £35 billion in FY’31 sales versus GSK’s guidance of over £40 billion.

GSK received U.S. Food and Drug Administration (FDA) approval for its multiple myeloma treatment Blenrep to return to the market, though with some restrictions. The company also announced it would discontinue studies of latozinemab for frontotemporal dementia after a clinical trial did not show a benefit on its clinical endpoint.

Roche Morgan Stanley expresses caution about Roche despite recent success for giredestrant in adjuvant breast cancer. They note the trial design suggests lidERA may only target approximately 20% of the early breast cancer population. The firm forecasts giredestrant peak sales of about $7 billion across adjuvant and metastatic disease but sees risk-reward skewed negatively ahead of upcoming data presentations. Trading at 15x FY’26 P/E (6% premium to peers) despite offering softer earnings growth over 2026-29 compared to peers (4% vs 8%), Morgan Stanley believes continued delivery is required to sustain momentum.

Analysts at Jefferies recently downgraded Roche to Underperform from Hold, citing concerns that the company’s valuation is at a premium compared to peers without sufficient growth prospects to justify it.

Novartis Morgan Stanley looks beyond Novartis’s unattractive short-term outlook (2% sales/0% EBIT growth in 2026), focusing instead on accelerating growth from H2’26 and projected 6% sales/8% EBIT CAGR for 2026-2029. They see upside potential from the Rhapsido (remibrutinib) launch in CSU in 2026, illustrating the drug’s potential exceeding $5 billion across indications. While acknowledging concerns about patent expirations from 2031, Morgan Stanley believes Novartis can overcome these challenges through business development and pipeline delivery.

Novartis entered into a collaboration with Monte Rosa Therapeutics to develop molecular glue degraders for immune-mediated diseases, which includes a $120 million upfront payment to Monte Rosa. Additionally, Deutsche Bank reiterated its Buy rating on the company following the announcement of a separate RNA deal.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- The furniture and mattress sector showed resilience during Black Friday weekend despite challenging weather conditions in the Northeast and Midwest, according to Piper Sandler’s latest industry analysis. While sales were generally flat year-over-year, this represents a slowdown from previous holiday weekends in 2025, largely due to tough comparisons with last year’s post-election surge and recent snowstorms affecting retail traffic.

Two standout stocks in the furniture sector have emerged as top picks for investors looking ahead to 2026:

Somnigroup International (SGI): Retailers reported Tempur brand outperformance during Black Friday weekend, with Sealy products either meeting or slightly exceeding expectations. The company’s proposed acquisition of LEG is viewed as a strategic move that could significantly enhance vertical integration and profit margins. According to Piper Sandler, this acquisition would give SGI control over springs, foam, and potentially adjustable bases, creating substantial operational efficiencies. While regulatory hurdles remain, industry insiders believe these can be navigated successfully. SGI remains one of Piper Sandler’s favorite names in the sector due to healthy industry trends and specific margin improvement opportunities in 2026 and beyond.

Wayfair (W): The online furniture retailer appears to have benefited from the recent snowstorms that disrupted brick-and-mortar shopping, boosting e-commerce sales over the holiday weekend. Despite overall flattish year-over-year performance across the furniture and mattress categories, Wayfair is positioned as Piper Sandler’s other top pick in the sector. The company’s digital-first approach provides resilience against weather-related disruptions that affected physical retailers during this crucial shopping period.

In recent news, Wayfair received varied analyst commentary; Jefferies downgraded the company to Hold citing valuation, while firms including Truist Securities and Piper Sandler reiterated their positive ratings.

The broader furniture and mattress industry faced challenging year-over-year comparisons, as last year’s Black Friday weekend saw exceptional growth (mean of +15%, median of +8%) driven by post-election optimism and pent-up demand. Despite this difficult comparison and weather disruptions, November sales generally remained positive year-over-year for retailers not severely impacted by late-month snowstorms.

As the industry moves into 2026, both SGI and Wayfair are positioned to capitalize on stable market conditions and company-specific growth initiatives, according to Piper Sandler’s analysis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.