Nyse Order Imbalance 619281.0 Shares On Sell Side

Investing.com – Germany stocks were mixed after the close on Friday, as gains in the Software, Telecoms and Consumer & Cyclical sectors led shares higher while losses in the Construction, Basic Resources and Technology sectors led shares lower.

At the close in Frankfurt, the DAX rose 0.85%, while the MDAX index declined 0.27%, and the TecDAX index climbed 1.03%.

The best performers of the session on the DAX were Adidas AG (ETR:ADSGN), which rose 3.94% or 5.65 points to trade at 149.15 at the close. Meanwhile, SAP SE (ETR:SAPG) added 3.61% or 5.94 points to end at 170.56 and Brenntag AG (ETR:BNRGn) was up 2.68% or 1.34 points to 51.40 in late trade.

The worst performers of the session were Vonovia SE (ETR:VNAn), which fell 0.89% or 0.22 points to trade at 24.61 at the close. Volkswagen AG VZO O.N. (ETR:VOWG_p) declined 0.87% or 0.90 points to end at 102.65 and Rheinmetall AG (ETR:RHMG) was down 0.78% or 14.00 points to 1,781.50.

The top performers on the MDAX were Redcare Pharmacy NV (ETR:RDC) which rose 4.69% to 62.55, TeamViewer AG (ETR:TMV) which was up 3.00% to settle at 5.66 and TKMS GmbH (ETR:TKMS) which gained 2.38% to close at 98.85.

The worst performers were Delivery Hero AG (ETR:DHER) which was down 4.45% to 23.60 in late trade, Krones AG O.N. (ETR:KRNG) which lost 2.86% to settle at 135.80 and Aumovio Se (ETR:AMV0n) which was down 2.77% to 40.72 at the close.

The top performers on the TecDAX were Jenoptik AG (ETR:JENGn) which rose 11.92% to 26.66, SUSS MicroTec SE (ETR:SMHNn) which was up 7.05% to settle at 49.78 and Elmos Semiconductor AG (ETR:ELGG) which gained 6.07% to close at 115.40.

The worst performers were Sartorius AG VZO O.N. (ETR:SATG_p) which was down 2.20% to 235.80 in late trade, United Internet AG NA (ETR:UTDI) which lost 1.43% to settle at 27.50 and Eckert & Ziegler AG O.N. (ETR:EUZG) which was down 1.19% to 14.97 at the close.

Rising stocks outnumbered declining ones on the Frankfurt Stock Exchange by 345 to 280 and 33 ended unchanged.

Shares in Jenoptik AG (ETR:JENGn) rose to 52-week highs; rising 11.92% or 2.84 to 26.66. Shares in Elmos Semiconductor AG (ETR:ELGG) rose to all time highs; gaining 6.07% or 6.60 to 115.40.

The DAX volatility index, which measures the implied volatility of DAX options, was up 5.83% to 17.75.

Gold Futures for April delivery was down 6.99% or 374.46 to $4,980.34 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in March rose 0.40% or 0.26 to hit $65.68 a barrel, while the April Brent oil contract rose 0.32% or 0.22 to trade at $69.81 a barrel.

EUR/USD was down 0.70% to 1.19, while EUR/GBP unchanged 0.09% to 0.87.

The US Dollar Index Futures was up 0.60% at 96.71.

Investing.com -- Citizens downgraded SAP to Market Perform from Market Outperform after the company posted weaker-than-expected top-line results for the fourth quarter and signaled slower cloud momentum into 2026.

SAP reported non-IFRS EPS of €1.62 and operating profit of €2.83 billion, both ahead of consensus, but revenue missed forecasts. Total revenue came in at €9.68 billion versus expectations of €9.75 billion, while cloud revenue of €5.61 billion also fell short. More importantly, current cloud backlog growth slowed to 25% at constant currency, below expectations and the slowest pace in nine quarters.

Citizens said SAP cited a more pronounced slowdown than anticipated, driven by a deal mix skewed toward larger transformation projects with longer ramp periods and flexible structures. The firm also pointed to rising geopolitical tensions, which are pushing customers to consider sovereign SaaS options. The shares fell about 15% following the results and are down roughly 18% year to date.

Guidance for 2026 also came in largely below expectations on an as-reported basis due to foreign exchange. SAP guided to cloud revenue of about €25.3 billion to €25.7 billion, below consensus of €26.0 billion, and cloud and software revenue of €35.6 billion to €36.1 billion versus €36.3 billion expected. Non-IFRS operating profit guidance of €11.5 billion to €11.9 billion was roughly in line, while free cash flow of €10 billion was slightly ahead of consensus. SAP also said constant-currency cloud backlog growth will slightly decelerate in 2026 from 25% in 2025.

While Citizens said SAP remains a high-quality business with strong leadership and long-term potential in AI and the Business Data Cloud, it struck a more cautious tone heading into 2026. The firm said SAP appears to be past the peak of the S/4HANA upgrade cycle as a growth driver, while the Business AI cycle is still early and may require changes to products, implementation, pricing and support to scale meaningfully.

Citizens cut its 2026 non-IFRS EPS estimate to €6.84 from €6.87 and lowered its 2027 forecast to €7.41 from €8.00, both below consensus. It also introduced a 2028 EPS estimate of €8.08. The broker said SAP looks fairly valued at about 4.5x 2027 EV/revenue and 17x 2027 EV/free cash flow, broadly in line with peers.

Investing.com -- As fourth-quarter earnings approach, BofA Securities is highlighting companies best positioned to navigate AI-driven disruption, cost discipline pressures, and uneven enterprise spending patterns. 

While macro uncertainty persists, the firm’s analysis identifies several leaders with durable competitive advantages, improving fundamentals, and catalysts that could unlock significant shareholder value in 2026. 

Among these, SAP emerges as the sector’s premier large-cap pick, backed by accelerating cloud adoption and a compelling AI monetization strategy, according to BofA Securities analysts.

The brokerage also sees opportunities across travel software, fintech, and payments platforms where structural growth and improving profitability are creating attractive entry points.

SAP SE

SAP remains the sector’s premier large-cap name, supported by resilient cloud demand and strong profitability. 

The latest Q4 results showed solid revenue performance and a meaningful 31% jump in operating profit to €10.42 billion, with continued momentum in AI adoption across the ERP suite, SAP Business AI featured in two-thirds of Q4 cloud orders.

Cloud growth stayed healthy at 26% for the full year, though backlog expansion of 25% and 2026 cloud guidance of €25.8-26.2 billion came in lighter than hoped.

Even so, SAP’s high recurring revenue base (86% of total revenue), improving margins (28.3% operating margin, up 4.5pp), and roadmap for AI-driven upsell keep it well positioned, reinforced by a new €10 billion buyback program launching February 2026. 

Free cash flow nearly doubled to €8.24 billion, underscoring the company’s strong cash generation despite near-term growth concerns.

Sabre  

Sabre offers a compelling turnaround opportunity as global travel volumes normalize and its technology modernization program reaches critical milestones. 

The company is steadily improving its operational efficiency, reducing technical debt, and scaling its next-gen retailing and distribution solutions. 

These initiatives are enabling margin expansion and strengthening Sabre’s competitive positioning against industry peers. 

As airlines increasingly adopt advanced merchandising tools and dynamic pricing, Sabre stands to capture incremental revenue growth. Its "buy" rating reflects confidence in continued execution and operating leverage.

Klarna  

Klarna, though private, is one of the sector’s most influential fintech platforms and is entering a new phase of disciplined growth. 

With a renewed focus on profitability, Klarna has optimized credit performance, enhanced monetization across merchants and consumers, and invested strategically in AI-driven customer engagement. 

The platform’s scale in “buy now, pay later” and adjacent financial services provides a foundation for long-term expansion.

Its strong brand, improving cost structure, and advancing AI capabilities make Klarna an attractive fintech exposure within the broader payments ecosystem.

Paysafe  

Paysafe continues to show operational stabilization as management focuses on simplifying its portfolio and pursuing cost efficiencies.

The company has achieved incremental progress in key segments such as digital wallets and iGaming payments, though top-line momentum remains more limited compared to sector peers.

While profitability is improving and the balance sheet is strengthening, competitive pressures and moderate organic growth temper upside potential.

With a "neutral" stance, Paysafe is best viewed as a steady operator rather than a high-conviction outperformer in the current market environment.

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