>>> Embraer SA reports Q2 revs of $1.82 bln vs $1.77 bln FactSet consensus

Embraer SA reports Q2 revs of $1.82 bln vs $1.77 bln FactSet consensus
  • 2025 Guidance reiterated: Commercial Aviation deliveries between 77 and 85 aircraft, and Executive Aviation deliveries between 145 and 155 aircraft. Total company revenues in the US$7.0 to US$7.5 billion range, adjusted EBIT margin between 7.5% and 8.3%, and adjusted free cash flow of US$200 million or higher for the year. The company highlights 2Q25 results were not materially impacted by U.S. tariffs.
  • Revenues totaled US$1,819 million in 2Q25 -- all time high 2nd quarter -- +22% year over year (yoy). Highlight for Executive Aviation revenues with +64% yoy growth.
  • Adjusted EBIT reached US$191.8 million with a +10.5% margin in 2Q25 (+9.3% in 2Q24).\
  • Adjusted free cash flow w/o Eve was US$(161.6) million during the period in preparation for a higher number of aircraft deliveries in the coming quarters.
  • Embraer delivered 61 aircraft in 2Q25, of which 19 were commercial jets (10 E2s and 9 E1s), 38 were executive jets (21 light and 17 medium) while 4 were defense related; +30% versus the 47 aircraft delivered yoy.
  • Firm order backlog of US$29.7 billion in 2Q25 -- all-time high. F

WSJ : Voice Startup ElevenLabs Launches AI Music Service

Voice Startup ElevenLabs Launches AI Music Service
New model allows customers to create music with AI that is cleared for commercial use. But AI-generated music still faces legal battles and stiff opposition from artists.

  • ElevenLabs launched Eleven Music, an AI tool for generating music from text prompts, entering a market where copyright concerns are already present.
  • ElevenLabs has deals with Merlin Network and Kobalt Music Group to train its AI model, aiming to provide legal cover for commercial use of generated music.
  • The AI-music model includes safeguards and targets businesses needing music for projects, but faces legal and ethical challenges from the music industry.

Startup ElevenLabs said it has launched a new service called Eleven Music that lets individuals and businesses generate their own music with its artificial intelligence model.

Users enter a prompt in plain English, such as “create a smooth jazz song with a ‘60s vibe and powerful lyrics, but relaxing for a Friday afternoon,” and the startup’s AI model generates a tune within minutes, complete with vocals and instrumentals.

With the launch, ElevenLabs—best known for its voice generation software—enters a fraught sphere where major music labels have already sued two music-generation startups, Suno and Udio, for their alleged use of copyrighted works to train their AI.

ElevenLabs Co-founder and Chief Executive Mati Staniszewski said the three-year-old startup has a deal with Merlin Network, a digital rights agency for independent labels, to train its model on artists’ work whose rights are represented by Merlin. ElevenLabs has a similar deal with Kobalt Music Group, an independent rights management and music publishing firm.

Both Merlin and Kobalt are still finalizing which artists’ music will be involved in the training for ElevenLabs’ music AI model, the company said.

Those deals give the model’s AI-created music legal cover for broad commercial use, Staniszewski said. He hopes to also strike deals with the major labels, including Universal Music Group, Sony Music Group and Warner Music Group, he said.

“Currently we aren’t using their data in our model,” Staniszewski said, referring to the major labels’ music trove. “The model is strictly created on data that we have access to.”

ElevenLabs has also built safeguards, it said, which prevent its model from creating songs with artists’ names or specific lyrics from an album or a label. It also blocks lyrics that could incite violence, or are obscene or unlawful.

Eleven Music is geared toward both businesses and creators, the company added, allowing them to produce their own music for commercial projects or creative endeavors without the need to hire a composer or pay for a restricted-use license from a major label.

So far, the company has given 20 customers access to its AI-music model who’ve used it for film, TV and gaming, as well as fitness and meditation apps, and as individual creators. ElevenLabs declined to specify who those customers are.

Other businesses that might use AI-generated music include telecom and car companies, apps that incorporate music in their user experiences and ad firms and entertainment companies—a collection of uses commonly known as stock or production music.

Many of the jingles and stock music that would’ve required expensive and complicated licensing can be achieved at “a fraction of the cost” with AI—and that’s especially a boon to companies with limited resources, said Daniel Newman, a technology analyst who is chief executive at The Futurum Group.

Still, ElevenLabs faces challenges—not just from competitors like Suno and Udio, but from the broader creative community that wants its work shielded from AI.

The American Society of Composers, Authors and Publishers, a performing rights organization that represents over one million people in those fields, said AI is both exciting, and sobering.

“AI can be a tool for innovation, but only if technology companies play fair and respect the rights of human creators,” said Ascap Chief Executive Elizabeth Matthews. “Allowing the unauthorized use of copyrighted works to train generative AI models for commercial purposes will threaten the livelihoods of millions of American music creators and undermine the foundation of this nation’s thriving creative economy.”

Fair use, sampling and potential licensing problems could arise for customers using AI-generated music, but lawsuits involving those issues will likely involve “a complicated and lengthy journey in the court system,” Futurum’s Newman said.

There’s also the risk of public backlash when businesses use AI-generated music, said Forrester analyst Mike Proulx.

“We continue to see a groundswell of public outcry to protect human jobs,” he said.

FT : Disney set to stream La Liga matches in UK and Ireland

Disney set to stream La Liga matches in UK and Ireland
US giant in advanced talks to show one top-flight Spanish game a week on Disney+, signalling a drive for live sport

Disney is in advanced talks to show top-flight Spanish football matches in the UK and Ireland, in a sign of the US company’s desire to screen live sport on its streaming platform.

La Liga, which runs the top two divisions in Spain, is closing in on a deal for Disney+ to screen one match a week, according to three people with knowledge of the matter.

Pay TV company Premier Sports is to remain the league’s main broadcaster in the territories, screening more than 300 matches, the people said.

Top English players such as Jude Bellingham and Trent Alexander-Arnold play for Real Madrid, while former Manchester United player Marcus Rashford has signed for Barcelona on loan. International stars such as Kylian Mbappé and Lamine Yamal also play in La Liga.

The hope for La Liga, which is targeting weekend slots that do not typically feature English Premier League matches, is that a deal with Disney would reinforce the Spanish league’s appeal in the post-Lionel Messi and Cristiano Ronaldo era.

Ahead of the talks with Disney, sports agency Peak Sport Media, which works with La Liga to commercialise its rights, had flagged the competition’s popularity in the 18-24 and 25-34 age ranges that are key to growing subscriber numbers.

The agreements would be worth less than £20mn a year to La Liga, according to a person with knowledge of the deal.

La Liga clubs made just shy of €1.8bn in broadcasting revenue in 2023-24, second only to rivals in the Premier League, which made €3.8bn, according to Deloitte’s annual review of football finance. Disney’s ESPN broadcasts La Liga in the US in a deal worth $1.4bn over the eight seasons to 2028-29.

The large US streamers are increasingly seeking to buy rights to live events around the world, with sport in particular seen by executives as unique content to act as a valuable subscription driver in a crowded TV market.

Amazon has acquired a number of sporting rights, including the NBA, NFL Thursday Night Football and Uefa Champions League, while Netflix shows Christmas Day NFL games and has agreed to show WWE wrestling.

Disney has been less active in this market than some rivals, although it has agreed the rights to show the Uefa Women’s Champions League across Europe from next season and Uefa Europa League and Uefa Conference League football in Sweden and Denmark.

However, the value of media rights in top-level European football has fallen in real terms in recent years.

Analysts at Enders have estimated that the total value of live football TV rights in the top five European markets, spanning domestic and Uefa competitions, will be worth €7.3bn in the 2025-26 season, unchanged from 2018-19 — the final season before the pandemic.

Disney, La Liga and Premier Sports declined to comment.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • AIP +64.7%, STAA +45.2%, CSTL +19.1%, PRIM +18.7%, AMRC +18.4%, SNDX +17.1%, TCMD +14.2%, BWXT +14%, TDUP +13.6%, SNN +12.8%, RAIL +11.8%, ARDX +11.8%, PRAA +11.6%, LMND +10.1%, VMEO +9.7%, GTM +8.7%, PAY +8%, HSII +8%, PLOW +7.7%, NGVT +7.7%, HLIO +7.7%, TDW +7.6%, DORM +7.4%, BMRN +6.9%, AXON +6.5%, LDOS +5.6%, KLTR +5.3%, PLTR +5.3%, CRGY +5.2%, STRL +4.7%, YOU +4.7%, CBT +4.4%, DD +4.4%, VTS +4.1%, EQR +3.7%, VVX +3.7%, IEP +3.1%, YUMC +3.1%, STR +3%, VG +2.9%, ALGT +2.9%, IDYA +2.6%, RIG +2.5%, DENN +2.4%, EHC +2.3%, OTTR +2.3%, BP +2.2%, SEE +2%, DEO +2%, SIRI +1.8%, ARW +1.7%, LSCC +1.6%, FLR +1.4%, OKE +1.2%, CSR +1%, JBTM +1%, ADUS +1%
  • Gapping down:
    • INSP -27.8%, AGL -25.6%, ICHR -24.5%, VRTX -15.4%, SEMR -14.8%, NVTS -14.7%, HIMS -13.1%, KD -12.8%, EVER -12.6%, SES -11.7%, CRSP -9.7%, EPC -8.5%, ODD -8.4%, ANDE -6.7%, SCLX -6.3%, IAC -5.3%, MELI -5%, FMS -4.3%, NJR -3.8%, IT -3.5%, TREX -3.4%, AL -3.2%, MD -3%, FANG -2.8%, AWK -2.3%, PLMR -2.3%, OCSL -2.3%, SBRA -2.1%, WEAV -2%, ALSN -1.7%, BRBR -1.7%, AGIO -1.6%, SAND -1.6%, NSA -1.5%, WMB -1.5%, MSA -1.4%, UFPT -1.4%, SBAC -1.3%, VOYG -1.2%, BGS -1%

>>> US Research Calls I

Research Calls I
  • Upgrades
    • Bar Harbor Bankshares (BHB) upgraded to Overweight from Neutral at Piper Sandler, tgt $35
    • CommScope (COMM) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $17
    • CommScope (COMM) upgraded to Outperform from Underperform at Raymond James, tgt $19
    • Dow Inc. (DOW) upgraded to Buy from Neutral at Rothschild & Co Redburn, tgt $40
    • Electronic Arts (EA) upgraded to Buy from Neutral at Arete, tgt $192
    • Fulgent Genetics (FLGT) upgraded to Buy from Neutral at UBS, tgt $30
    • Globe Life (GL) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $166
    • Lloyds Banking (LYG) upgraded to Buy from Neutral at Goldman
    • Logitech (LOGI) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $109
    • Palantir (PLTR) upgraded to Hold from Sell at Deutsche Bank, tgt $160
    • Penske Automotive (PAG) upgraded to Neutral from Underweight at JPMorgan, tgt $175
    • Societe Generale (SCGLY) upgraded to Buy from Neutral at UBS
    • Sprouts Farmers Market (SFM) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $180
    • Wayfair (W) upgraded to Buy from Neutral at Citigroup, tgt $93
  • Downgrades
    • Akamai (AKAM) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $85
    • Amalgamated Financial (AMAL) downgraded to Underweight from Neutral at Piper Sandler, tgt $27
    • Block (XYZ) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $73
    • Bristol Myers (BMY) downgraded to Neutral from Outperform at Daiwa, tgt $42
    • Ichor Holdings (ICHR) downgraded to Neutral from Buy at B. Riley, tgt $18
    • Inspire Medical (INSP) downgraded to Neutral from Overweight at JPMorgan, tgt $110
    • Inspire Medical (INSP) downgraded to Sector Weight from Overweight at KeyBanc
    • International Paper (IP) downgraded to Neutral from Overweight at JPMorgan, tgt $54
    • Novo Nordisk (NVO) downgraded to Neutral from Buy at UBS
    • onsemi (ON) downgraded to Neutral from Buy at BofA Securities, tgt $56
    • Selective Insurance (SIGI) downgraded to Underweight at Morgan Stanley, tgt $72
  • Others
    • APA Corp. (APA) initiated with an Equal Weight at Stephens, tgt $24
    • D-Wave Quantum (QBTS) initiated with a Buy at Stifel, tgt $26
    • Gildan Activewear (GIL) initiated with an Outperform at RBC Capital, tgt $61
    • Lionsgate Studios (LION) initiated with an Overweight at Wells Fargo, tgt $9
    • MBX Biosciences (MBX) initiated with an Outperform at Mizuho, tgt $38
    • QXO (QXO) initiated with an Overweight at Wells Fargo, tgt $30
    • Quince Therapeutics (QNCX) initiated with an Outperform at Citizens JMP, tgt $9

>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2025 V2(+)

>>> Up
* Barclays PT Raised to 435 pence from 355 pence at RBC
* Carlsberg Raised to Hold at Nordea
* Dow Raised to Buy at Rothschild & Co Redburn; PT $40
* Hermes Raised to Hold at DZ Bank; PT 2,050 euros (+)
* Huber+Suhner PT Raised to 120 Swiss francs at Bank Vontobel (+)
* Interroll Raised to Buy at Jefferies; PT 2,600 Swiss francs
* JDE Peet's Raised to Accumulate at KBC Securities; PT 27 euros (+)
* Kardex PT Raised to 360 Swiss francs at Jefferies
* Krones Raised to Outperform at Oddo BHF; PT 152 euros
* Lloyds Raised to Buy at Goldman; PT 99 pence
* Lloyds Raised to Buy at Intesa Sanpaolo; PT 96 pence (+)
* Logitech Raised to Outperform at BNPP Exane; PT 88 Swiss francs
* Netcompany Raised to Buy at ABG; PT 300 kroner

>>> Down
* Actia Group Cut to Hold at TP ICAP Midcap; PT 3.80 euros (+)
* AO World Cut to Hold at Deutsche Bank; PT 105 pence
* Bristol Myers Cut to Neutral at Daiwa; PT $42
* Heidelberger Druck Cut to Add at Baader Helvea; PT 2.40 euros
* Maersk Cut to Sell at Arctic Securities; PT 11,000 kroner (+)
* ON Semi Cut to Neutral at BofA
* Phoenix Group Cut to Hold at Peel Hunt
* Protector Forsikring Cut to Hold at SEB Equities; PT 544 kroner
* SFC Energy Cut to Hold at Berenberg

>>> Initiation
* Also Rated New Buy at Berenberg; PT 320 Swiss francs
* Hacksaw Rated New Buy at Jefferies; PT 130 kronor
* Hacksaw Rated New Buy at Citi; PT 113 kronor
* Hacksaw Rated New Buy at Berenberg; PT 100 kronor
* Innovatec Rated New Neutral at EnVent S.p.A.; PT 30 euro cents
* Standard Chartered Rated New Add at Pacific Securities Co Ltd
* Vinci ADRs Rated New Outperform at BNPP Exane; PT $40.50

>>> Call
* Also Gets a Buy Rating at Berenberg on Secular Growth Trends
* Goldman Says European Profit Misses Are Punished Most in Decades
* Interroll Upgraded to Buy at Jefferies, PT Boosted on Kardex
* Positioning Risks Decline After Friday’s Move: Citi Strategists (+)

>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2025

>>> Up
* Barclays PT Raised to 435 pence from 355 pence at RBC
* Carlsberg Raised to Hold at Nordea
* Dow Raised to Buy at Rothschild & Co Redburn; PT $40
* Interroll Raised to Buy at Jefferies; PT 2,600 Swiss francs
* Kardex PT Raised to 360 Swiss francs at Jefferies
* Krones Raised to Outperform at Oddo BHF; PT 152 euros
* Lloyds Raised to Buy at Goldman; PT 99 pence
* Logitech Raised to Outperform at BNPP Exane; PT 88 Swiss francs
* Netcompany Raised to Buy at ABG; PT 300 kroner

>>> Down
* AO World Cut to Hold at Deutsche Bank; PT 105 pence
* Bristol Myers Cut to Neutral at Daiwa; PT $42
* Heidelberger Druck Cut to Add at Baader Helvea; PT 2.40 euros
* ON Semi Cut to Neutral at BofA
* Phoenix Group Cut to Hold at Peel Hunt
* Protector Forsikring Cut to Hold at SEB Equities; PT 544 kroner
* SFC Energy Cut to Hold at Berenberg

>>> Initiation
* Also Rated New Buy at Berenberg; PT 320 Swiss francs
* Hacksaw Rated New Buy at Jefferies; PT 130 kronor
* Hacksaw Rated New Buy at Citi; PT 113 kronor
* Hacksaw Rated New Buy at Berenberg; PT 100 kronor
* Innovatec Rated New Neutral at EnVent S.p.A.; PT 30 euro cents
* Standard Chartered Rated New Add at Pacific Securities Co Ltd
* Vinci ADRs Rated New Outperform at BNPP Exane; PT $40.50

>>> Call
* Also Gets a Buy Rating at Berenberg on Secular Growth Trends
* Goldman Says European Profit Misses Are Punished Most in Decades
* Interroll Upgraded to Buy at Jefferies, PT Boosted on Kardex