CIE soars almost 5% on the BMV
Inter-American Entertainment Corporation (CIE) was among the winners in Wednesday's trading session, after announcing the sale of an additional stake in the event-organizing company OCESA to the U.S.-based Live Nation.
The company's shares rose 4.28% to trade around 41.40 pesos on Wednesday, on a day of declines for the main stock market indices in Mexico and gains in the United States.
The company announced Tuesday that Live Nation will purchase an additional 24% stake in OCESA, bringing its total stake to 75% of the company specializing in organizing concerts, festivals, and other entertainment events.
Although details of the transaction were not disclosed, CIE said it will provide liquidity with resources exceeding 12 billion pesos (US$646 million), which could be used to repay bank or stock market debt, as well as meet working capital and investment needs.
Novo Nordisk shares fell again on Wednesday amid analysts' warnings about competition from imitation drugs in the United States, a day after a profit warning and the appointment of a new chief executive led investors to wipe $70 billion off the drugmaker's value.
The day before, the manufacturer of Wegovy drastically reduced its sales growth outlook for 2025 and announced the appointment of veteran Maziar Mike Doustdar as its new CEO, with the mission of boosting its results in the United States, the largest market for weight-loss drugs.
Novo said the lower sales outlook reflects competition from Wegovy's "compounded" imitators, custom-made drugs based on the same ingredients as the brand-name drugs, which caught investors by surprise.
United Parcel Service (UPS) reported slightly weaker-than-expected second-quarter results , but the extreme lack of visibility into the second half of the year is more concerning amid risks such as macroeconomic uncertainty, declining Amazon volume, the internalization of the U.S. Postal Service, and uncertainty over the impact of tariff policy, Morgan Stanley said in an emailed note.
While total revenue fell 2.7% year-over-year, the U.S. domestic segment missed Morgan Stanley and consensus expectations due to higher Ground Saver program costs and slower-than-expected employee turnover, which undermined initial cost-cutting progress, the note said.
Employee turnover hasn't kept pace with Amazon's decline in deliveries, making it difficult to eliminate costs along with volume cuts.
Aecom has been awarded two contracts from the U.S. Army Corps of Engineers' European District for a combined total of more than $490 million to provide architectural and engineering services.
The contracts, with indefinite delivery and quantity, cover projects in Germany, Poland, the Benelux region, the Czech Republic, Norway, and Denmark, the company announced Wednesday. The five-year project will include the design and planning of new and renovated military facilities, financed with Military Construction funds and non-MILCON sources, it added.
Eleconomista
