Bayer raises its forecast and the share price drops to its lowest level for the year.
That describes the broken relationship between the pharmaceutical and agrochemical company and its shareholders very well.
Shareholders are used to more and more provisions due to the dispute over glyphosate, and Bayer CEO Werner Baumann is honestly making an effort to communicate transparently what setbacks could be expected.
But now the operational business is also causing upset: Because Bayer delivers less in the agricultural sector than analysts had expected due to high production costs.
Even raising the forecast fizzles out.
This was already priced in and apparently many expected even higher.
The DAX group has a market capitalization of 49 billion euros, which is a good half of the vaccine manufacturer BioNTech.
It is ironic that Bayer has backed the wrong horse with its competitor CureVac.
True to the motto: first no luck, and then there was also bad luck.
In any case, the stock market lacks the imagination for a quick recovery.