Apple, Oracle, Novo Nordisk, Inditex and Vistry

Tech giant Apple (AAPL) unveiled the highly-anticipated iPhone Air at its annual product launch event in Cupertino, California on Tuesday.

The company described the new phone as “impossibly thin” at 5.6 millimetres thick but also “more durable than any previous model” with a grade 5 titanium frame.

Apple also launched the iPhone 17 and iPhone 17 Pro and Pro Max, featuring improvements including upgraded cameras and batteries and better overall durability.

In addition, the company unveiled its latest Apple Watch lineup, which also promise improved durability among other features. Apple also debuted the Airpods Pro 3, offering improved audio and built-in heart rate tracking.

Despite the raft of product announcements, shares in Apple were little changed in pre-market trading on Wednesday.

Shares in Oracle soared 30% in pre-market trading on Wednesday, after the software company offered a bullish revenue outlook.

In first quarter results, released on Tuesday, Oracle CEO Safra Catz said: “We expect Oracle Cloud Infrastructure revenue to grow 77% to $18bn (£13.3bn) this fiscal year — and then increase to $32bn, $73bn, $114bn, and $144bn over the subsequent four years.”

The jump in shares came despite Oracle's first quarter earnings coming in below Wall Street expectations. The company reported revenue of $14.9bn, just shy of the $15bn expected by analysts polled by Bloomberg. The software giant's adjusted earnings per share of $1.47 also came in below the projected $1.48.

At the same time, Catz said that Oracle had signed four multi-billion-dollar contracts with three different customers in the first quarter.

“It was an astonishing quarter—and demand for Oracle Cloud Infrastructure continues to build,” she said. “Over the next few months, we expect to sign-up several additional multi-billion-dollar customers and RPO [recovery point objective] is likely to exceed half-a-trillion dollars.”

Ozempic-maker Novo Nordisk (NOVO-B.CO) announced on Wednesday that it planned to cut 9,000 jobs globally, as part of efforts to “streamline operations”.

The Danish pharmaceuticals company said around 5,000 of the job losses would be in Denmark and expected the overall cuts to deliver annualised savings of 8 billion Danish krone (£926m) by the end of 2026.

However, Novo Nordisk said one-off restructuring costs of 8 billion Danish krone would lead to an updated full-year 2025 operating profit growth outlook of 4% to 10%, compared to a previous range of 10% to 16%.

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Shares rose 3% following the announcement on Wednesday but are down 44% year-to-date, as the company has faced increasing competition in the weight-loss treatment space.

Mike Doustdar, CEO of Novo Nordisk, said that the company's “markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven. Our company must evolve as well.”

“This means instilling an increased performance-based culture, deploying our resources ever more effectively, and prioritising investment where it will have the most impact – behind our leading therapy areas,” he said.

Shares in Zara-owner Inditex (ITX.MC) jumped 7% on Wednesday, after the clothing company reported strong first half results and a positive start to autumn/winter trading.

Inditex posted net sales of €18.4bn (£15.9bn) for the first half of the year, up from €18.07bn for the same period last year. Net income came in at €2.79bn, versus €2.77bn last year.

The company said its autumn/winter collections had been “very well received” by customers, with store and online sales in constant currency up 9% compared to the same period last year.

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Mamta Valechha, consumer discretionary analyst at Quilter Cheviot, said: “Zara’s parent company's, Inditex, results for May to July are fairly encouraging after both revenue and earnings came in line with expectations. What was most heartening from today’s update is that Inditex reported an acceleration in current trading as it heads into the autumn months.”

“Today’s results demonstrate the strength of Inditex’s business model. In the midst of macro pressures, foreign currency headwinds and weather variances across regions, the group continues to benefit from good traction from consumers, and very impressively continues to maintain its margins,” she said.

On the London market, shares in Vistry (VTY.L) fell more than 4%, as the housebuilder reported a fall in completions and profits.

Vistry reported total completions of 6,889 for the first half of the year, down 12% on the same period in 2024, which it said reflected the expected lower level of partner demand.

Revenue of £1.64bn on a reported basis was down 5% on the same six months last year, while profit before tax of £40.9m was 55% on the year prior.

Mark Crouch, market analyst at Etoro, said: “After a bruising 2024, 2025 was supposed to be a time to rebuild for Vistry. However the latest results suggest the foundations remain shaky at best.

“For a sector starved of confidence, this update will do little to steady nerves, and for investors, it raises fresh doubts about just how long the recovery will take.”

“The broader backdrop remains hostile,” he added. “High rates, planning delays, and sluggish transactions continue to choke momentum, much of which was expected to ease following Labour’s victory. In that context, the newly signed joint venture with Homes England feels less like a growth lever and more like a lifeline.”

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