>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • REAL +29%, VIAV +26.6%, LZ +24.7%, LASR +23.4%, PSIX +22.9%, SOUN +22.2%, OUST +20.6%, TRUP +20.1%, EXPE +16.5%, FROG +15.9%, ABCL +15.1%, ARLO +14.5%, CART +14%, NTRA +13.4%, JAMF +13.2%, EMBC +12.9%, ANIP +12.7%, NGVC +12.3%, GCT +12.2%, WLDN +12%, AORT +10.4%, ABL +10%, FIGS +9.6%, XYZ +8.7%, DOCS +8.5% (also acquires Pathway), PGNY +8.3%, MNST +8.1%, ARRY +7.9%, MP +7.7%, TXG +7.4% (also to acquire Scale Biosciences), ORGO +7.1%, DVAX +7%, TEM +7%, SYNA +6.3% (also authorizes new $150 mln share repurchase program), TTWO +6.3%, KRMN +5.8%, TRIP +5.7%, GILD +5.6%, AMPX +5.6%, AHR +5.5%, PLUS +5.3% (also initates dividend), ASTH +5.1%, WEST +5.1%, GSAT +4.7%, ZYME +4.4%, CMPO +4.4%, CLMT +4.3%, EGY +4.2%, IAS +4.1%, CGC +3.8%, WULF +3.6%, AKAM +3.3%, DH +3.3%, ALRM +3.2%, ATMU +3.1%, G +3%, POST +3% (also COO to retire), CRSR +2.8%, GMED +2.5%, TEAM +2.3%, ATGE +2.3%, CRNX +2.2%, AKRO +2%, INDI +1.8%, SOLV +1.8%, CYTK +1.8%, RKLB +1.7% (also successful completion of Systems Integration Review), WPM +1.7%, AMCX +1.5%, ONTO +1.4%, ACA +1.3%, DNN +1.3%, GEN +1.2%, MSI +1.1%, ED +1%, OTEX +1% (also increases dividend, announces $300 mln repurchase), AQN +1%
Other news:
  • MRCC +9% (MRCC and HRZN to merge)
  • OBIO +3.5% (announces the roll out of a protocol update, approved by the U.S. FDA, that significantly expands patient eligibility criteria for enrollment of the BACKBEAT study evaluating AVIM therapy in pacemaker-indicated patients with uncontrolled hypertension despite the use of antihypertensive medications)
  • NXDR +2.7% (restructuring plan, CFO to retire)
  • MDU +2.3% (files mixed securities shelf offering; also enters into $400 mln distribution agreement)
  • HGTY +2.2% (prices secondary offering of 9.7 mln shares of common stock at $9.34 per share)
  • LUMN +1.9% (CEO discloses purchase of 135,870 shares)
  • ATYR +1.7% (files for $300 mln mixed securities shelf offering)
  • OI +1.5% (insiders buying additional stock)
  • AEE +1.1% (amends equity distribution sales agreement increasing aggregate gross sales price authorized by $1.25 bln)
  • CXW +1% (judge orders construction of detention center be halted, according to AP)
  • LITE +1% (announces capacity expansion of US facility)
  • ARMK +1% (CEO disclosed the purchase of 6,387 shares)
  • TFX +1% (discloses flurry of insider buys)
  • BWIN +1% (CFO / Member of 10% owner group bought 10,000 shares)
  • JCI +1% (entered into accelerated share repurchase transactions to repurchase $5.0 bln ordinary shares)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • REAL +31.9%, PSIX +29.3%, LZ +21.9%, SOUN +21.1%, TRUP +21%, LASR +20.7%, OUST +19.5%, EXPE +17.8%, FROG +17%, DVAX +16.5%, VIAV +16.4%, ABCL +14.9%, JAMF +14.6%, CART +14%, AORT +13.8%, NTRA +13.4%, GCT +13.3%, ARLO +12.6%, TEM +12.4%, NGVC +12.3%, FIGS +12.1%, WLDN +11.7%, MP +9.3%, XYZ +9.1%, KRMN +8.8%, DOCS +8.7%, ABL +8.5%, PGNY +8.4%, MNST +7.8%, MRCC +7.5%, ORGO +7.1%, SYNA +6.3%, LION +6.3%, AMPX +6.3%, CRNX +5.7%, GSAT +5.3%, TTWO +5.1%, ASTH +5.1%, WEST +5.1%, CTEV +5%, DNA +4.5%, ZYME +4.4%, PLUS +4.3%, EGY +4.2%, IAS +4.1%, CYTK +4.1%, OTEX +4.1%, TRIP +4%, ARRY +3.9%, GMED +3.7%, CRSR +3.6%, GILD +3.6%, DH +3.3%, BBDC +3.2%, AKAM +3.2%, ALRM +3.2%, TXG +3%, POST +3%, NXDR +2.7%, AHR +2.7%, VCTR +2.5%, ATGE +2.3%, MSI +2.2%, OMDA +2.1%, CMPO +2.1%, CARG +1.9%, TEAM +1.8%, EHTH +1.6%, LITE +1.6%, LUMN +1.6%, GLXY +1.4%, ACA +1.3%, ARMK +1.2%, HGTY +1.2%, AEE +1.1%, BWIN +1%
  • Gapping down:
    • IOVA -30.7%, TTD -30.1%, SG -25.8%, VTEX -22.6%, SEZL -19.9%, XPOF -19.7%, HCAT -16.5%, TWLO -13.3%, AVDL -11.9%, PINS -11.3%, GRND -9.8%, TECX -9.6%, MCHP -8.5%, MTW -8.2%, BLND -7.6%, CTRI -7.3%, GT -7.1%, SERV -6.9%, AMN -6.6%, EVH -5.6%, RXT -5.5%, NRDS -5.1%, KBR -5%, CTMX -4.8%, GTN -4.6%, FNKO -4.4%, ACLX -4.4%, ESE -3.9%, FLUT -3.9%, GDDY -2.6%, DBX -2.6%, ETNB -2.2%, BTG -2.1%, YELP -2%, AGO -2%, LAMR -2%, AAOI -1.9%, RXST -1.9%, CPK -1.9%, WYNN -1.8%, ASND -1.8%, ICUI -1.5%, TXRH -1.4%, KTOS -1.2%, SMR -1.2%

>>> Europe : Brokers Upgrades & Downgrades - 8th of August 2025 V2(+)

>>> Up
* America Movil ADRs Raised to Neutral at JPMorgan; PT $21
* Athens Intnl Airport Raised to Buy at HSBC; PT 12.80 euros
* Diageo ADRs Raised to Neutral at Goldman; PT $107
* Diageo Raised to Neutral at Goldman; PT 2,000 pence
* Henkel Raised to Equal-Weight at Morgan Stanley; PT 72 euros
* Lassila & Tikanoja Raised to Buy at SEB Equities; PT 11.20 euros (+)
* Lotus Bakeries Raised to Buy at KBC Securities; PT 10,750 euros (+)
* MTELEKOM HB Raised to Outperform at Santander Biuro Maklerskie (+)
* Novartis ADRs Raised to Equal-Weight at Morgan Stanley; PT $123
* Novartis Raised to Equal-Weight at Morgan Stanley
* Novo Raised to Hold at Intron Health; PT 300 kroner (+)
* OTP Bank Raised to Buy at Citi; PT 33,500 forint
* Paradox Interactive Raised to Buy at SEB Equities; PT 195 kronor
* Peloton Raised to Buy at Goldman; PT $11.50
* Ralph Lauren PT Raised to $423 from $406 at JPMorgan
* Sanofi Raised to Overweight at JPMorgan; PT 105 euros

>>> Down
* Bankinter Cut to Hold at Deutsche Bank; PT 12.75 euros (+)
* Crocs Cut to Hold at Stifel; PT $85
* Crocs Cut to Equal-Weight at Barclays; PT $81
* CTP Cut to Hold at Jefferies; PT 20.30 euros
* Fraport Cut to Neutral at JPMorgan; PT 73 euros
* Honda ADRs Cut to Hold at CFRA
* Just Group Cut to Equal-Weight at Barclays; PT 220 pence
* Multiconsult Cut to Sell at SEB Equities; PT 205 kroner
* Roche Cut to Underweight at Morgan Stanley; PT 245 Swiss francs
* Roche ADRs Cut to Underweight at Morgan Stanley; PT $39
* Sandoz Group Cut to Hold at Jefferies; PT 47.60 Swiss francs
* Soitec Cut to Neutral at BNPP Exane; PT 36 euros

>>> Initiation
* Egetis Therapeutics AB Rated New Buy at Van Lanschot Kempen (+)
* Rheinmetall ADRs Rated New Outperform at BNPP Exane; PT $532
* Swissquote Rated New Neutral at Oddo BHF; PT 555 Swiss francs
* Tesla Reinstated Overweight at Morgan Stanley; PT $410

>>> Call
* Mastercard, Visa Not Threatened by Fee Ruling: Jefferies

>>> What to look at today - 8th of August 2025

European shares are set for a firmer open Friday, tracking a rally in Japanese equities as signs of easing trade tensions with the US and upbeat tech earnings lifted sentiment. Equity-index futures for Europe advanced 0.2%. Contracts for US stocks also rose by a similar level after the Nikkei-225 index advanced 1.8%. Japan’s trade negotiator said the US agreed to end so-called stacking on universal tariffs and cut car levies. SoftBank Group Corp. jumped to a record. A gauge of the dollar rose 0.1% while Asian shares were flat after they erased all their morning gains. Gold futures in New York surged following a Financial Times report that said bullion bars face US tariffs. The most-active contract jumped to an all-time intraday high above $3,534 an ounce in New York, widening its premium over the spot price in London. Oil headed for the biggest weekly loss since June. Asian shares are on track for their best week since June, buoyed by growing speculation of a Federal Reserve interest-rate cut, even as tariff headlines continue to jolt sentiment. In his latest trade salvo, President Donald Trump escalated tensions by targeting India and imposing a 39% levy on Swiss exports to the US, while saying he’s “getting very close to a deal” with China. The US confirmed it would end stacking of universal tariffs on Japan and cut car levies as promised, Tokyo’s top trade negotiator Ryosei Akazawa said after a meeting on Thursday with his counterparts in Washington. American officials expressed regret that the stacking rule had been applied to Japan despite a verbal agreement, and said Washington would refund any overpaid levies, he said. No time frame was agreed for the implementation, Akazawa said after the meetings. Toyota Motor Corp., Honda Motor Co. and other carmakers jumped on the comments. Technology companies also helped the rally in Japanese stocks. SoftBank shares surged to a record after it swung to a quarterly profit. Sony shares extended gains after boosting its operating income guidance. In geopolitical news, Israeli Prime Minister Benjamin Netanyahu secured cabinet approval on Friday for a military takeover of Gaza City, which he described as part of a final push to topple Hamas after 22 months of fighting and recover its last 50 hostages, dead or alive.  Also, Trump said he’d be willing to meet with Vladimir Putin, even if the Russian leader hadn’t yet agreed to also sit down with Ukrainian President Volodymyr Zelenskiy. Johanna Chua of Citigroup Global Markets says the view that the US Federal Reserve will resume cutting rates in September remains in place. Meanwhile, Fed Governor Christopher Waller is emerging as a top candidate to serve as the central bank’s chair among President Trump’s advisers as they look for a replacement for Jerome Powell, according to people familiar with the matter. Trump said he had chosen Council of Economic Advisers Chairman Stephen Miran to serve as a Fed governor. The US president said that Miran, who will need to be confirmed by the Senate, would only serve the expiring term of Adriana Kugler, which expires in January. US After Hours TRUP +19%, LASR +18.4%, EXPE +16.9%, FROG +15.4%, DOCS +7.3% higher on earnings; TTD -28.7%, SG -25.7%, SEZL -22.2%, XPOF -19.5%, TWLO -10.8%, PINS -10.3% lower on earnings.

Nikkei Hang Seng CSI Shanghai Shenzen

Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH

S&P Nasdaq EuroStoxx FTSE Dax SMI


Macro :
- Japan Hurries to Ascertain Details Around US Chip Tariff Threat
- Trump Signs Order on Banks For Discrimination: Financials Wrap

Keep an eye on :
- AIR FP : Airbus July Aircraft Deliveries 67 Jets
- POST AV : Austrian Post 1H Revenue EU1.49B, Guidance Confirmed (1)
- BBVA SM : Binance, BBVA Partner to Let Clients Hold Assets Off Exchange:FT
- BCP PL : BCP Sells Stake in Brown & Root Industrial Services
- BC8 GY : Bechtle 2Q Ebit Meets Estimates
- BHP LN : BHP, Vale Offered $1.4b to Settle Brazil Mining Dam Lawsuit: FT
- BITTI FH : Bittium 2Q Net Sales Meet Estimates
- BPOST BB : Bpost 2Q Adjusted Ebitda EU151.4M Vs. EU134.1M Y/y
- CYTK US : Cytokinetics 2Q Total Revenue Beats Estimates
- DBX US : Dropbox 2Q Adjusted EPS Beats Estimates
- GMAB DC : Genmab Boosts FY Revenue Forecast
- 3750 HK : GM to Buy EV Batteries From China’s CATL for Low-Cost Bolt EV
- HTZ US : Hertz Shares Jump on Company’s Better-Than-Expected Loss
- INTC US : Intel CEO Says Has Board Support as Trump Calls for Resignation
- INTC US : Intel Says Committed to Advancing US National, Economic Security
- JUN3 Gy : Jungheinrich 2Q Ebit Misses Estimates
- COXG SM : Cox’s $200M Spanish IPO Was Key to Nailing $4.2B Deal: ECM Watch
- LOTB BB : Lotus Bakeries 1H Revenue Meets Estimates
- MOBN SW : Mobimo 1H Ebit Beats Estimates (1)
- MUV2 GY : Munich Re Cuts FY Insurance Revenue Forecast, Misses Estimates
- NN NA : NN Group 1H Operating Profit Beats Estimates (1)
- OCDO LN : Ocado Shares Accelerate Monthly Gain as Short Interest Dwindles
- MAR US : Marriott Increases Buyback Authorization by 25m Shares
- SAP GY : SAP Plans to Invest More Than $175M in Vietnam R&D Center: Media
- TKA GY : Thyssenkrupp Eyes Naval Unit Spinoff to Tap Europe Defense Boom
- TRIP US TripAdvisor 2Q Adjusted EPS Beats Estimates
- TSLA US : Tesla Disbands Dojo Supercomputer Team in Blow to AI Effort (2)
- UNI IM : Unipol 1H Consolidated Net EU740M Vs. EU568M Y/y
- VEON US : Veon Expressed Interest in Uzbekistan’s Mobiuz Amid Tender
- WITH FH : CVC, Risto Siilasmaa Make €1.70 Per Share Offer for WithSecure

>>> Stoxx 600 Pre-Market Indications

  • Bechtle (BC8 TH) +3.6%
    • Bechtle 2Q Ebit Meets Estimates
  • Novo (NOV TH) +2%
  • Ahold Delhaize (AHOG TH) +1.6%
  • Rolls-Royce (RRU TH) +1.6%
  • NN Group (2NN TH) +1.4%
    • NN Group 1H Operating Profit Beats Estimates (1)
  • Thyssenkrupp (TKA TH) +1.4%
  • Ageas (FO4N TH) +1.2%
  • Wartsila (MTA TH) -1.1%
  • Redcare Pharmacy NV (RDC TH) -1.4%
  • Munich Re (MUV2 TH) -2.6%
    • Munich Re Cuts FY Insurance Revenue Forecast, Misses Estimates

>>> TradeGate Pre-Market Indications

DAX:
  • Rheinmetall (RHM TH) +1.4%
  • Deutsche Telekom (DTE TH) +0.7%
  • Henkel (HEN3 TH) +0.7%
    • Henkel Raised to Equal-Weight at Morgan Stanley; PT 72 euros
  • Munich Re (MUV2 TH) -1.7%
    • Munich Re Cuts FY Insurance Revenue Forecast, Misses Estimates
MDAX:
  • Bechtle (BC8 TH) +2.9%
    • Bechtle 2Q Ebit Meets Estimates
  • Thyssenkrupp (TKA TH) +2.4%
    • Thyssenkrupp Eyes Naval Unit Spinoff to Tap Europe Defense Boom
  • Fraport (FRA TH) -3.5%
    • Fraport Cut to Neutral at JPMorgan; PT 73 euros
SDAX:
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +1.2%
  • SGL (SGL TH) +1.2%
  • Patrizia (PAT TH) +1.1%
  • Heidelberger Druck (HDD TH) -1.1%
  • Eckert & Ziegler (EUZ TH) -1.2%

>>> Europe : Brokers Upgrades & Downgrades - 8th of August 2025

>>> Up
* America Movil ADRs Raised to Neutral at JPMorgan; PT $21
* Athens Intnl Airport Raised to Buy at HSBC; PT 12.80 euros
* Diageo ADRs Raised to Neutral at Goldman; PT $107
* Diageo Raised to Neutral at Goldman; PT 2,000 pence
* Henkel Raised to Equal-Weight at Morgan Stanley; PT 72 euros
* Novartis ADRs Raised to Equal-Weight at Morgan Stanley; PT $123
* Novartis Raised to Equal-Weight at Morgan Stanley
* OTP Bank Raised to Buy at Citi; PT 33,500 forint
* Paradox Interactive Raised to Buy at SEB Equities; PT 195 kronor
* Peloton Raised to Buy at Goldman; PT $11.50
* Ralph Lauren PT Raised to $423 from $406 at JPMorgan
* Sanofi Raised to Overweight at JPMorgan; PT 105 euros

>>> Down
* Crocs Cut to Hold at Stifel; PT $85
* Crocs Cut to Equal-Weight at Barclays; PT $81
* CTP Cut to Hold at Jefferies; PT 20.30 euros
* Fraport Cut to Neutral at JPMorgan; PT 73 euros
* Honda ADRs Cut to Hold at CFRA
* Just Group Cut to Equal-Weight at Barclays; PT 220 pence
* Multiconsult Cut to Sell at SEB Equities; PT 205 kroner
* Roche Cut to Underweight at Morgan Stanley; PT 245 Swiss francs
* Roche ADRs Cut to Underweight at Morgan Stanley; PT $39
* Sandoz Group Cut to Hold at Jefferies; PT 47.60 Swiss francs
* Soitec Cut to Neutral at BNPP Exane; PT 36 euros

>>> Initiation
* Rheinmetall ADRs Rated New Outperform at BNPP Exane; PT $532
* Swissquote Rated New Neutral at Oddo BHF; PT 555 Swiss francs
* Tesla Reinstated Overweight at Morgan Stanley; PT $410

>>> Call
* Mastercard, Visa Not Threatened by Fee Ruling: Jefferies

>>> US After Hours Summary: TRUP +19%, LASR +18.4%, EXPE +16.9%, FROG +15.4%, DO

After Hours Summary: TRUP +19%, LASR +18.4%, EXPE +16.9%, FROG +15.4%, DOCS +7.3% higher on earnings; TTD -28.7%, SG -25.7%, SEZL -22.2%, XPOF -19.5%, TWLO -10.8%, PINS -10.3% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: REAL +21.6%, OUST +20.3%, ABCL +19.4%, TRUP +19%, LASR +18.4%, EXPE +16.9%, FROG +15.4%, ARLO +15.3%, NTRA +14.5%, VIAV +13.8%, GCT +12.4%, SOUN +11.6%, WLDN +11.1%, LZ +10.8%, PGNY +10.6%, AORT +10.1%, MP +9.1%, CART +8.9%, NGVC +8.8%, ARRY +7.9%, KRMN +7.9%, WEST +7.4%, DOCS +7.3% (also acquires Pathway), ABL +7.3%, ASTH +7.2%, FIGS +7.1%, PLUS +6.6% (also initates dividend), MNST +6.5%, TRIP +6.4%, CMPO +6.3%, ZYME +6.1%, AMPX +6%, LION +5.8%, XYZ +5.7%, TTWO +4.6%, ONTO +4.4%, XIFR +4.4%, IAS +4.1%, GMED +4%, TXG +4% (also to acquire Scale Biosciences), SYNA +3.9% (also authorizes new $150 mln share repurchase program), DVAX +3.9%, SOLV +3.5%, VCTR +3.5% (also increases share repurchase authorization by $300 mln), CLNE +3.4%, GILD +3.4%, DH +3.3%, GSAT +3.3%, ALRM +3.2%, CARG +3.2% (also to wind down CarOffer Transactions business, increases share buyback auth by $150 mln), CRSR +2.5%, AKAM +2.3%, ACA +2.1%, AHR +1.8%, LYV +1.8%, GEN +1.7%, ACLX +1.5%, G +1%, RNA +0.9%, DBX +0.8%, OMDA +0.7%, SAND +0.7%, OMDA +0.7%, SMR +0.5%, RPD +0.4% (also CFO to retire), WPM +0.4%, DRH +0.3%, FLUT +0.3%, MSI +0.3%, RLJ +0.3%, ASND +0.3%, CLSK +0.2%, PTCT +0.2%, GDDY +0.1%, TEAM +0.1%

Companies trading higher in after hours in reaction to news: MRCC +12.2% (MRCC and HRZN to merge), CRSR +2.5% (files for $300 mln mixed shelf; also files offering by selling shareholders), CTMX +1.9% (files for $250 mln mixed securities shelf offering), KOPN +1.9% (names new CFO), CTEV +1.7% (files for $400 mln mixed securities shelf offering), LDOS +1.5% (awarded a $105.5 mln Navy contract), ATYR +1.3% (files for $300 mln mixed securities shelf offering), LITE +1.2% (announces capacity expansion of US facility), ARMK +1.2% (CEO disclosed the purchase of 6,387 shares), LUMN +1.2% (CEO discloses purchase of 135,870 shares), AEE +1.1% (amends equity distribution sales agreement increasing aggregate gross sales price authorized by $1.25 bln), RDW +0.8% (stock offering by selling shareholders; also files mixed shelf), VRTX +0.8% (insiders buy nearly $6 mln in shares), GLXY +0.7% (partners with Mill City Ventures), ANNX +0.4% (EMA selects vonaprument for pilot ), META +0.2% (acquiring AI audio company WayForms, according to The Info), TSN +0.1% (increases share repurchase program by 43 mln shares), TEAM +0.1% (TEAM and Google Cloud partner on AI-powered productivity)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: IOVA -31.4%, TTD -28.7% (also names new CFO), SG -25.7%, SEZL -22.2%, XPOF -19.5%, GRND -13.8%, ORGO -13.3%, FNKO -12.8%, TWLO -10.8%, PINS -10.3%, MTW -9.8%, VTEX -9.1%, TECX -8.8%, BLND -7.3%, GT -7.2%, MCHP -6.5%, AAOI -6.4%, AMN -5.8%, EVH -4.1%, NRDS -3.9%, YELP -3.7%, AVPT -2.9%, INDI -2.9%, KTOS -2.7%, BTG -2.4%, BHF -2.3%, RXST -2.3%, RKLB -2.2% (also successful completion of Systems Integration Review), ESE -2.1%, CENX -2.1%, SERV -2%, ETNB -2%, RXT -1.6%, ICUI -1.5%, TXRH -1.4%, WYNN -1.3%, BBDC -1.1%, CRNX -1%, EOG -1%, QNST -0.7%, ED -0.6%, CHYM -0.3%, FOXF -0.3%, CHYM -0.3%, AGO -0.1%, CON -0.1%, CPK -0.1%, SLF -0.1%, HE -0.1%

Companies trading lower in after hours in reaction to news: FNKO -12.8% (files for $100 mln mixed shelf; also files for offering by selling shareholders), HCAT -10.6% (CEO stepping down), HRZN -7.3% (MRCC and HRZN to merge), CTRI -6.9% (SWX commences 15 mln share offering of CTRI shares), DNA -2.4% (files for $500 mln mixed securities shelf offering), EBS -2.2% (files for $250 mln mixed securities shelf offering), CENX -2.1% (to restart idled production at smelter), AVDL -1.4% (files mixed securities shelf offering), TLN -1.4% (files mixed securities shelf offering), EHTH -1.1% (files for $300 mln mixed securities shelf offering), NXDR -1.1% (restructuring plan, CFO to retire), MDU -0.5% (files mixed securities shelf offering; also enters into $400 mln distribution agreement), CNL -0.4% (rejects allegations made in short report), CXW -0.1% (judge orders construction of detention center be halted, according to AP), CSL -0.1% (increases dividend)