Hannover Re cancels profit forecast – dividend should remain

Hanover The world’s third largest reinsurer Hannover Re withdraws its 2020 profit target due to the corona pandemic. The expected negative consequences of the crisis cannot yet be assessed due to the great uncertainties, the company listed in the MDax surprisingly announced on Tuesday evening in Hanover.

Management expects increased burdens, especially in capital investments and property and casualty reinsurance. In mid-March, Hannover Re boss Jean-Jacques Henchoz had targeted an annual profit of 1.2 billion euros.


IBM earns less – but maintains dividends

San Francisco This was not how Arvind Krishna imagined his entry. Born in India, he has been CEO of IBM. The disaster began in March. In the first two months of the year, IBM was still on target with its self-set goals. But then the full corona braking came.

IBM is the first company in the tech industry to present its figures. Giants like Microsoft, Amazon, alphabet, Alibaba or Oracle will follow. They will not be able to avoid every negative trend either.

On Monday, as expected, Krishna canceled all forecasts for 2020 due to the extreme uncertainty and at the same time emphasized the healthy balance sheet and financial situation of the company: “We will emerge from the pandemic more than we entered”, he promises to investors.

The cloud business is growing strongly. And the high dividend is also certain, he emphasizes. But Wall Street doesn’t want to hear about it at the moment. The stock plummeted by a good four percent.

March turned everything upside down. First, new business broke away because customers across the world suddenly changed their priorities. It was no longer about breaking into a new, digital millennium. Instead, the existing IT systems had to be prepared for the emerging corona crisis in an almost panic.

Within a few days, entire companies were converted to home offices that had never heard of them. IBM cites an insurer as an example, in which 40,000 employees were converted to remote work within a few days.

Overall, there have been clear shifts on the customer side. Above all, industries that predominantly rely on transactions, such as retail or car trading, suddenly saw themselves against nothing. Contracts have been canceled or not concluded.

Many contracts believed to be void

Financial institutions, payment processors, government organizations and important authorities in turn had to expand their IT in order to cope with the extreme increase in demand. For a children’s hospital in Atlanta, according to Krishna, IBM used the artificial intelligence “Watson”, for example, to set up a digital assistant to handle the countless calls from concerned parents. The system can answer over a thousand different inquiries. This greatly relieved the hospital and the staff.

But none of this was enough to compensate for the loss of contracts for business software that were actually believed to be safe. The industry traditionally brings contracts under wraps in the last two weeks of a quarter, said CFO James Kavanaugh. Now the signature dates had been canceled. Competitors Microsoft, Amazon, Google and Oracle may be affected.

The break-away was particularly noticeable among retail and automotive customers, it is said. But the CFO also emphasized that “around 70 percent” of IBM customers come from industries that, according to data from market researchers such as Gartner and IDG, are only “minimally” or “moderately” affected by Corona, such as credit card or utility companies.

In the end, from January to March, IBM had consolidated sales of $ 17.57 billion, compared to $ 18.18 billion a year earlier. Factset analysts had predicted $ 17.59 billion. Net earnings are reported at $ 1.18 billion, or $ 1.31 per share. Last year it was $ 1.59 billion, or $ 1.78 per share.

The new cloud division went particularly well with the acquisition of the software manufacturer “Red Hat”. $ 5.24 billion in sales are up five percent.

Red Hat had $ 1.1 billion in sales, which would have been an increase of 20 percent in isolation. But for accounting reasons, only 719 million of them can be reported, explains CEO Krishna. Nevertheless, the acquisition is still of crucial importance.

Good liquidity

IBM relies on the “hybrid cloud”. Here, the old existing IT infrastructure is merged with new IT in a cloud. The US group believes that it can offer companies fast and affordable cloud solutions. IBM sees a potential trillion market in the hybrid cloud.

“Global Business Services” performed well with $ 4.14 billion. Analysts had expected $ 3.91 billion. For example, strategic advice, system integration and all programming work are summarized here. Services that are in demand now. All in all, however, was not enough to compensate for the failures in business software.

Even if IBM does not provide a forecast for the further course of business, the CEO remains cautiously optimistic. Recurring sales from long-term contracts now accounted for 60 percent of IBM’s business, ten years ago it was less than 50 percent.

In April, the CEO also points out, there were “no significant deviations” in the subscription business with software or services, Krishna encouraged in an interview with analysts. He feels “pretty good” with it. That’s why IBM maintains the fairly high dividend yield of over five percent. Krishna is “very confident” that she is not in danger.

IBM paid $ 1.4 billion in dividends in the prior-year quarter that were covered by free cash flow. In the twelve months to the end of March combined, total free cash flow was $ 11.6 billion.

Free cash flow not only pays dividends, but also share buybacks or acquisitions. IBM stopped buying back shares in mid-2019. Cash and cash equivalents were three billion dollars higher than last year. Such numbers are currently important to survive in these times.

More: Many companies are back on or near their record prices. But the choice for investors is not easy. What investors should know.


Oil price collapse also pushes the Dax down

Dax curve

View of the Dax curve in the Frankfurt trading hall.

(Photo: dpa)

Dusseldorf The German stock market cannot escape yesterday’s drop in the price of oil. The DAX is down 2.3 percent in the morning trade at 10,435 points.

The topic on the markets is the oil price collapse on Monday evening, which occurred in Germany after the market closed. In the United States, the price of oil plummeted for the first time in its history due to the coronavirus pandemic. Sellers had to pay money for someone to take their oil: The price of the futures contract for the US variety WTI for May plummeted Monday by almost $ 56 to minus $ 37.63 a barrel (159 liters).

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Oil price collapse also pulls the Dax into the red

Dusseldorf The German stock market cannot escape yesterday’s drop in the price of oil. Of the Dax is down 1.9 percent in the first hour of trading at 10,473 points.

The topic on the markets is the oil price collapse on Monday evening, which occurred after Germany closed on the stock exchange. In the United States, the price of oil plummeted for the first time in its history due to the coronavirus pandemic. Sellers have to pay money for someone to take their oil: The price for the US WTI futures contract for May plummeted Monday by almost $ 56 to minus $ 37.63 a barrel (159 liters).

Why this is relevant: Should the US oil industry with its many smaller companies come under even greater pressure, experts fear a wave of bankruptcies that could possibly also burden the financial sector.

The other burden is the new quarterly figures. Already on Monday, exchange expert Stephan Heibel warned after evaluating the Handelsblatt survey Dax-Sentiment: “Downside potential threatens during the reporting season, because company figures will show the extent of the economic damage of the quarantine measures in the coming days and weeks”.

This forecast became reality a day later: IBM was the first company in the US tech industry to present figures and, due to the extreme uncertainty, canceled all forecasts for 2020. Even if company boss Arvind Krishna emphasized the healthy balance sheet and financial situation of the company. After all, the “high dividend is certain”.

But Wall Street does not want to hear anything about it: the stock plummeted by a good four percent. And IBM paper also fell by around four percent on the German stock market.

In the US, the other technology giants are like Microsoft, Amazon (AWS Cloud), Google Cloud, Alibaba or Oracle will follow in the coming days. They will not be able to avoid every negative trend either.

In Germany, accordingly SAP– Share under pressure, which has to work out two negative reports. In addition to the weak numbers from IBM, the company separates from its co-boss Jennifer Morgan in the midst of the corona crisis. The 48-year-old will leave SAP on April 30.

The share loses 2.6 percent at the opening. The software manufacturer is the most valuable DAX company and, due to its high market capitalization, has the greatest influence of all 30 values ​​on the price development of the stock market barometer.

It doesn’t help that Europe’s largest software company made a significant profit in the first quarter. Between January and March, Walldorf residents earned 811 million euros. SAP had already released preliminary figures and had to cut its annual forecast due to the Corona crisis. The final indicators from SAP corresponded to the preliminary, a dealer said.

The requirements from overseas are weak: the oil price collapse has not only burdened the US stock exchanges, but has also clearly lost the Asian markets. Futures on the US selection index S&P 500 have turned negative after initial gains, signaling a weaker opening of the trade.

Look at the individual values

Drägerwerk: The medical technology manufacturer, which is very busy due to the corona pandemic, has apparently raised new capital. The manufacturer of ventilation machines and other devices for intensive care medicine claims to have gross proceeds of EUR 76.50 million from the issue of around one million preferred shares. The shares were placed with institutional investors by means of an accelerated placement process. The share loses 1.7 percent. Last week had the hedge fund Sandbar Asset Management its speculation on falling prices of the Drägerwerk share has increased to 0.71 percent three freely tradable shares.

Danone: Due to the uncertainties resulting from the corona pandemic, the French food company has now completely withdrawn its already reduced annual targets. The effects of the global shutdown are not foreseeable. In the first quarter, the group posted sales growth of 1.7 percent to 6.24 billion euros. The share loses 0.4 percent.

Sartorius: The laboratory supplier started the year with double-digit growth rates. With an increase in sales of 16.5 percent to EUR 509.9 million, the operating result rose by 20.9 percent to EUR 137.9 million. The Management Board raised its forecast for the full year and increased the share by 4.9 percent.

Look at other asset classes

The price of US oil is after its historic fall into negative territory on Tuesday again climbed slightly above zero dollars. With weak trading, the price of the US WTI futures contract rose by $ 39 in May to $ 0.94 a barrel (159 liters). In contrast, the price of the North Sea variety Brent fell by 3.6 percent to $ 24.67.

On Monday, the oil price in the United States plummeted by just under $ 56 to minus $ 37.63 a barrel (159 liters) due to the coronavirus pandemic, thus falling for the first time in its history.

The pandemic has caused global oil demand to collapse by almost a third. Buyers are faced with the problem that the oil storage capacity will soon be exhausted.

The yield differential remains on the bond market (Spread) between German and Italian government bonds at a high level. With a term of ten years, this value is 2.37 percent. The corresponding Italian bonds are currently returning at 1.944 percent and are approaching their monthly highs.

The European heads of state and government are unlikely to make a final decision about a reconstruction fund at the EU summit. That was what EU diplomats said. Chancellor Angela Merkel had already rejected so-called corona bonds yesterday.

“When planning wealth, the rule is: never get out completely!”

What the chart technique says

The leading German index is again approaching its important support zone, which is in the range of 10,391 to 10,279 points. From the second brand, the leading index started its rally in December 2018, which continued until a record high in February 2020. The brand was “confirmed” last Tuesday because the index ended trading right there.

Just below that there are so-called price gaps for which there were no quotes this year. The last gap would be closed at a Dax level of 10,097 points.

At 11,025 meters there is an important resistance on the top. There is the so-called 50 percent correction of the overarching trend, at which counter-movements very often end. Currently related to the Dax, this means that the downward trend has so far been from the record high in mid-February at 13,795 points to the low point in mid-March at 8255 points.

The 50 percent mark is accordingly at 11,025 points, i.e. exactly in the middle between record high and low point. With the increase to 10,820 points last Tuesday, the index of this brand has already approached.

Should the Frankfurt benchmark break this 11,025 point mark, the next resistance would be at 11,266 points, the August 2019 interim low.

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.


Despite surge in medical technology: Philips cancels annual targets

Frankfurt A sharp decline in the business with household appliances and consumer products due to the corona crisis has occurred in the Dutch PhilipsGroup slump in profit in the first quarter. In medical technology, however, the pandemic led to higher sales of ventilators and monitoring monitors for patients and ventilators, among other things. The demand for IT solutions for the healthcare industry and telemedical offerings also increased.

CEO Frans van Houten withdrew the annual targets still issued at the end of January, according to which sales should increase between four and six percent. Now the Philips CEO only expects a modest increase in sales and a similar improvement in the margin.

“Given the uncertainties and volatility, we cannot give a more specific outlook for 2020 at this point,” said van Houten. The company anticipates a further decline in business in the second quarter as the pandemic has spread worldwide since March. The company boss hopes for a recovery in the second half of the year.

The bottom line, the Philips boss sees the corona crisis as a confirmation of the corporate strategy of the past few years, in which the company has focused heavily on digital technologies. “We have always said that health IT and cloud-based solutions have to play a greater role in order to network providers with each other and with the patient.

The demand for such offers is now accelerating due to this crisis, ”said van Houten in an interview with the Handelsblatt. Among other things, Philips has developed a smartphone app that makes it easier for doctors to remotely care for Covid patients.

Nevertheless, medical technology was unable to compensate for the weak business with consumer products at Philips: Overall, sales in the first quarter remained almost stable at 4.2 billion euros. Calculated on a comparable basis – i.e. without currency effects and purchases and sales – sales shrank by two percent. Net profit decreased from € 162 million in the prior-year quarter to € 39 million.

Order intake increases by 23 percent

The first quarter results were below analysts’ expectations. Still, many stuck to their recommendations. Philips’ position as a manufacturer of urgently needed medical products will help the company to survive the crisis without major damage, say the analysts of the Commerzbank.

Positive news from Philips includes that order intake rose 23 percent in the first quarter. The company also adheres to the planned dividend payment of 0.85 cents, which is now to be paid out in shares.


At the Euronext in Paris, Philips’ shares temporarily rose by more than seven percent. The titles of other medical technology companies such as Drägerwerk and Siemens Healthineers won.

The fact that the corona crisis brings medical technology companies an order boost does not apply to all companies in the industry. Because the pandemic is delaying some predictable operations, which has negative effects on manufacturers of artificial joints and surgical equipment.

The US company, for example, had last week Johnson & Johnson significantly reduced its sales forecast for the medical technology division. The family-owned company B. Braun, whose subsidiary Aesculap manufactures artificial joints and surgical devices, also expects demand in this business area to decline temporarily in the regions affected by the Corona crisis.

Philips also feels that these predictable, so-called elective interventions are being postponed. Especially in the cardiovascular area. Many cardiovascular surgeries that are supported with Philips imaging technology are being put on hold.

Frans Van Houten believes the impact on imaging techniques is quite large. For this reason, Philips expects sales in the Diagnostics & Treatment business areas to decline overall. “We expect these patients to come back in the third quarter when the situation normalizes,” says van Houten.

Production capacity is greatly expanded

In order to meet the significantly increased need for ventilators and patient monitoring systems, Philips is investing more than 100 million euros in expanding production capacities in the USA and also at the German location in Böblingen.

For example, the production of clinical ventilators is expected to increase fourfold by the third quarter. Among other things, Philips wants to serve a major order from the US government for 43,000 respiratory advisors and at the same time supply other regions with the urgently needed medical equipment.

Despite its corona crisis, Philips is sticking to its plan to split off the household appliances division. The company announced in January that it was parting from the 2.3 billion euro business with coffee machines, deep fryers and vacuum cleaners because it does not fit the company’s medical technology focus.

“We are making progress with the preparations to split off the household appliances division. We said the process takes 12 to 18 months. We are on target. ”Although the division saw double-digit sales losses in the first quarter, Houten does not believe that this will have a negative impact on price negotiations in a possible sales process.

“The household products business is a strong business. We know from previous crises like the SARS pandemic or the economic crisis how quickly business is recovering. We have a strong brand, ”the Philips boss is confident.

More: Philips CEO: “There will be no Google model in the health sector”


Current Dax rate: Dax gives way slightly

Dusseldorf The German stock market starts the new trading week in a friendly manner, but slips further down the line. In afternoon trading, the leading German index Dax is down around 0.2 percent and is trading at 10,559 points.

The negative signs are increasing: According to a study, the Germans will put more money on the high edge this year. The savings rate is expected to climb to 12.5 percent this year from 10.9 percent in 2019, the economists at DZ Bank calculate. That is the highest private savings rate since 1992.

According to DZ Bank, uncertainties about job security and income prospects in particular contribute to a greater propensity to save. In return, consumption will shrink accordingly.

For example, less durable consumer goods such as cars would be bought. Private consumption in Germany is likely to fall by 2.8 percent, which would be the worst slump since reunification. The slump in consumption increases the proportion of savings in disposable income.

Overall, the disposable income of private households is expected to shrink by 1.1 percent this year, according to the DZ Bank experts. That would be the first decline since the 2009 financial crisis.

And according to the VDMA industry association, machine builders in Germany are increasingly feeling the drop in orders due to the corona crisis. In mid-April, 89 percent of the companies surveyed said they were affected by the effects of the pandemic. Overall, 45 percent of the companies report noticeable, 32 percent of those surveyed even serious order losses or cancellations.

As a result, the prices of cyclical stocks in particular are slipping. Daimler leads the list of losers with a minus of around 2.6 percent, as does the supplier Continental. In return, shares in non-cyclical companies such as the medical technology group Fresenius Medical Care (plus 3.2 percent) and the reinsurer Munich Re (plus 2.5 percent).

Investor sentiment is currently “wait and see neutral”, the possibility of a continuation of the recovery rally is limited in the short term, the risk of a setback is greater. This can also be seen in the current evaluation of the weekly Handelsblatt survey Dax-Sentiment.

Because surprisingly, the investment rate of investors is again at a relatively high level. This can also be seen from the overbought condition of the US selection index S&P 500, which rose too quickly after the price slump.

The insider barometer shows a similar picture, which analyzes the trading of Germany’s board of directors and supervisory boards in the shares of their company. Because with the recovery on the stock markets, insider buying has decreased.

The executives, who know their companies better than anyone else, go bargain hunting if they think their company’s shares on the stock market are undervalued. That is no longer so clearly the case.

Olaf Stotz, a professor at the Frankfurt School of Finance & Management, would only be able to support a new, larger rush of directors and supervisory boards to buy shares in their own companies Dax-Stands around 8500 points expected.

Look at individual values

Deutsche Bank: Germany’s largest money house is preparing for higher credit risks in the wake of the corona crisis. Actually, CEO Christian Sewing had promised a black zero in operating profit for 2020 after a billion minus in the previous year.

However, analysts now expect the bank to face a loss of around two billion euros. The share is down 1.8 percent.

Ceconomy: The restrictions on public life cause Saturn / Mediamarkt’s mother to plummet sales and lose quarterly. These numbers come as no surprise, a trader said. Nevertheless, the share of the electronics retailer loses 3.6 percent.

Philips: The Dutch medical technology group posted a significant drop in profits in the first quarter due to the virus crisis. Philips cited a drop in demand for electric toothbrushes, shavers and other health products as a result of the virus crisis as the reason for the decline. However, the share price rose 5.9 percent.

Look at other asset classes

The fall in oil prices cannot be stopped: In the afternoon, a barrel (159 liters) of the North Sea Brent cost $ 26.73, down 4.9 percent. The price of a barrel of the American grade WTI dropped temporarily by around 40 percent to around eleven dollars, the lowest level in 21 years.

While the slump in demand due to the corona crisis continues, concerns have recently increased on the US market that the oil deposits there may be reaching their capacity limits.

The slump in prices for US oil has thus amounted to almost 75 percent since the beginning of the year. Concerns about crude oil storage caused prices to plummet compared to North Sea oil, where discounts last year were 68 percent.

As market watchers from the Australia & New Zealand Banking Group reported, inventory levels in Cushing, Oklahoma, have increased by a whopping 50 percent since the beginning of March. “We still have hope of a recovery at the end of the year,” said the experts.

The EU summit on Thursday with the discussion on corona bonds has already on Monday impact on the bond market. The yield spread between German and Italian government bonds continues to increase and is now 2.32 percentage points. The yield on ten-year bonds is currently approaching the monthly highs reached last week at 1.940 percent.

This “spread” has become a kind of fever curve in the Italian economy. This risk premium reached a record level of 3.3 percentage points in 2018 when the EU Commission rejected the draft budget for the second time in November.

“Residential properties could emerge from the crisis as winners”

In any case, the Italian bond market is facing another test at the end of the week when S&P Global reviews Italy’s BBB rating with a negative outlook.

What the chart technique says

Corrections within the overall trend very often end at the 50 percent mark. Currently related to the Dax, this means that the downward trend has so far been from the record high in mid-February at 13,795 points to the low point in mid-March at 8255 points.

The 50 percent mark is accordingly at 11,025 points. With the increase to 10,820 points last Tuesday, the index of this brand has already approached.

Should the Frankfurt benchmark break this 11,025 point mark, the next resistance would be at 11,266 points, the August 2019 interim low.

The important resistance zone is in the range of 10,279 to 10,391 points. From the first-mentioned brand, the leading index started its rally in December 2018, which continued until a record high in February 2020. The brand was “confirmed” last Tuesday because the index ended trading right there.

Just below that there are so-called price gaps for which there were no quotes this year. The last gap would be closed at a Dax level of 10,097 points.

Here is the page with the DAX course, here is the current tops & flops in the Dax. Current Short sales of investors can be found in our Short sales database.


Investors are heavily invested, increasing the risk of a setback

Dusseldorf With regard to the stock market, investors are currently asking three questions: Has the worst survived on the financial markets? Is it time to buy the stocks that sold the most? Or should the recovery be used to make the portfolio crisis-proof for the next low blow?

Sentiment expert Stephan Heibel describes the current mood as “wait and see neutral”. The owner of the analysis house Animusx evaluates the weekly Handelsblatt survey on stock market sentiment, called Dax-Sentiment, among more than 3500 investors.

As long as the facts about the future easing measures and the economic effects do not become clearer, Heibel’s view should not see any major swings in one direction or the other: “Downside potential threatens during the reporting season, because company numbers will become the extent of the economic trend in the coming days and weeks Show damage to the quarantine measures. “

However, the sentiment analysis this week does not provide a clear recommendation to investors’ questions. “Gains in prices such as the opening on today’s trading day are an opportunity to sell one or the other position in the portfolio in order to have enough cash for subsequent purchases in the event of a setback,” says Heibel.

After the panic mood in March followed the bargain hunters, who are currently taking their speculative profits with them. Now the Dax has left its sales level again. If prices continued to rise, individual stocks and sectors would again be overvalued in Heibel’s view.

Among other things, the investment quota is queried in his more extensive Animusx sentiment survey. This rate is already back at a relatively high level. Many investors are already heavily invested again, as the overbought constitution of the US stock barometer S&P 500 shows, which has risen too high too quickly. “This means that the possibility of a continuation of the recovery rally is limited in the short term, the risk of a setback is greater,” explains Heibel. Because if many investors are already heavily invested, few potential buyers remain.

Results of the current survey

Overall, the mood among investors is divided: relief on the one hand that Chancellor Angela Merkel took the direction of “easing” on Wednesday. Disappointment on the other hand about the moderate steps.

This can also be seen from the current results of the Handelsblatt survey Dax-Sentiment. The panicky mood of the previous weeks has evaporated, but nobody can really be happy about the low stock market level. The short-term sentiment is neutral.

Accordingly, complacency is not yet back. Uncertainty remains a dominant feeling among investors, because politicians have only announced action “on sight”. How long will this exceptional situation last? Uncertainty about the answer to this question continues to cause great uncertainty among shareholders.

Investor expectations are also slipping further in the Handelsblatt survey. With a minus of 0.3 the bears dominate over the bulls for the first time since February. Because the hope for a quick end to the measures has been destroyed. Everyone will have to live with the special situation longer than we previously imagined.

Before that, investors hoped for a short shutdown followed by a violent restart including a backlog that should more than compensate for the losses in the second half of the year.

Since this hope has been destroyed, investors no longer want to invest. The willingness to invest has also decreased further. At the end of March, this sub-area of ​​the Dax sentiment reached a historic high of 5.8, since the start of the survey in September 2014, more investors than ever have been invested. Now this value has dropped to just 1.1.

Look at other indicators

The Stuttgart Euwax sentiment, in which private investors trade, has dropped to minus 11.4. That leads to the conclusion: They are buying more hedging products against falling prices again because they fear a second sell-off wave.

The professionals who secure themselves through the Frankfurt derivatives exchange Eurex, on the other hand, are betting on further rising prices. The put-call ratio has dropped to 0.8 and the average is 1.5. Institutionals have bought significantly more calls.

In the weeks before, the hedging positions of investment professionals in the United States were significantly larger than in Germany. But the put-call ratio of the Chicago futures exchange CBOE is currently returning to a normal level.

The investment ratio in US fund manager shares rose only marginally from 27 percent to 29 percent and remains at a historically low level. US private investors remain pessimistic, the bull-bear ratio is minus eight percent.

The “fear and greed indicator” of the US stock markets, calculated on the basis of technical market data, now shows a neutral state of the markets again with 44 percent. Other short-term indicators indicate that a correction in the US equity markets is imminent.

More: Exaggeratedly cheap: Analysts now see these 18 stocks as bargains

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How much dividend does Merck pay?

Will the 2020 Merck Annual General Meeting take place despite the corona virus?

No. The Merck Annual General Meeting is being postponed due to the current corona crisis. A new date has not yet been set.

When did the 2020 Merck Annual General Meeting actually take place?

On April 24, 2020, the Merck Annual General Meeting would have taken place in the Jahrhunderthalle Frankfurt, Pfaffenwiese 301, 65929 Frankfurt am Main.

how high is the Merck-Dividend 2020?

Merck KGaA shareholders proposed a dividend of EUR 1.30 per share for the 2019 financial year.

How high was the 2019 Merck dividend?

The 2019 dividend for the 2018 financial year was EUR 1.25.

When will Merck pay the 2020 dividend?

The dividend is due on the third banking day after the Annual General Meeting.

When does Merck Post share “ex dividend”?

On the first business day after the Annual General Meeting, the share is listed “ex dividend” – the price of the share is reduced by the value of the dividend.

When do I have to buy Merck shares in 2020 to receive dividends?

In order to receive the Merck dividend for the 2019 financial year, the shares must have been purchased at the latest on the day of the Annual General Meeting.

Author: Merck


Dax current: Dax is giving way significantly – cyclical stocks come under pressure

The release of new data illustrates the extent of the corona crisis. The savings rate is increasing and consumption is likely to shrink significantly. .

Corona exposes the companies that are only apparently digital

Uber office in Hong Kong

The travel agent Uber announced billions in depreciation and withdrew its forecast.

(Photo: dpa)

The analysis was as short as it was hard. “Most people will be poorer after the corona crisis,” said Winfried Kretschmann, Prime Minister of Baden-Württemberg, a few days ago. But this hardly applies to many founders of large internet companies. The assets of AmazonChief Jeff Bezos can’t do anything about the corona pandemic. The richest man in the world has even risen a few billion dollars since New Year’s Eve. No stock was able to recover as quickly from the stock market crash in March as the papers of the world’s largest online delivery service.

Crisis? What crisis? Many technology companies are emerging as preliminary economic winners of the pandemic. The streaming service Netflix overtook the traditional group for the first time this week Disney as the most valuable media company in the world. In the shadow of Corona, a changing of the guard that has already begun is gaining momentum. “Euphoria is your enemy,” is one of the bon mot of legendary investor Warren Buffett.

But there is much to suggest that the enthusiasm of the stock exchange is more rational than many might think – although investors should carefully differentiate. Because Covid-19 is primarily a virus that hits the analogue world with full force. Corona, on the other hand, is becoming a turbocharger for the digital world: In the home office, people are now communicating via online video conferences, ordering their food and new shoes via digital delivery services and discovering that films can be streamed quite well at home.

Even if normal life returns little by little, many people will never forget this: Digitization offers – also and especially in crisis situations – many opportunities that make life easier.

But Corona is also currently exposing which companies are digital, but which are not really. So the operator broke Over already posted depreciation in the billions and withdrew its forecast. Uber is essentially a taxi business. The company is more like the car rental company Sixt, which, however, has a solid balance sheet.

Investors should therefore weigh it up carefully. Only companies whose heart beats as completely as possible in the digital world are little affected by the economic consequences of Covid-19. That should ensure that Netflix & Co. emerge stronger from the crisis. Technology stocks have so far been considered more volatile on the stock exchange. That could change. Large technology companies like Google, Facebook and Apple have what it takes to become the safe havens of the future on the stock exchange.

More: Softbank puts € 38 billion package against the stock collapse.