The bulls keep liking what they see from earnings.
Here’s enterprise software maker SAP, via AP:
“We had outstanding growth in strategic markets like the U.S. and we saw continued double-digit growth in key emerging markets in Latin America and Asia,” co-CEO Bill McDermott said in a statement. He credited “renewed customer confidence” as a factor in the second-quarter performance.
First-half net earnings were up 41 per cent at euro878 million from last year’s euro622 million. Total revenue was up 9 per cent at euro5.4 billion, while software and software-related service revenue climbed 14 per cent to euro4.2 billion.
And here’s UBS, via MarketWatch:
Shares in Swiss bank UBS jumped over 7% Tuesday after the firm swung to a second-quarter net profit of 2.01 billion Swiss francs ($1.91 billion), helped by strong equity trading, and said withdrawals in its private banking arm have continued to slow. The bank’s hefty profit compared to a loss of CHF1.4 billion a year earlier and was comfortably ahead of the CHF1.26 billion consensus estimate in a Dow Jones Newswires poll of analysts.