TheChek News Flow

US Pauses Tariffs on Canada, Mexico USMCA Trade Until April 2

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

MDB -18.6% (also authorizes new $200 mln share repurchase program), MRVL -17.3%, MEI -17.2%, MLR -14.1%, RGTI -11.7%, SNBR -9.6% (also names new CEO and Chairperson; not issuing guidance until new CEO evaluates strategies), GRND -9.3% (also authorizes new $500 mln share repurchase program), DSGX -7.6%, GMS -7.4%, KGS -6.1%, YEXT -5.2% (also increases repurchase authorization by $50 mln), SOBO -3.7%, CMPO -3.5%, M -3.5%, VG -3%, VSCO -2.9%, UMC -2.6% (Feb revs), ALNT -2.3%, MRX -1.7%, ZYME -1.4%, FSM -1.3%, LB -1.1%, LOGI -0.7% (guidance)

Other news:

CORZ -16.1% (provides Feb production and operations updates)
AVGO -3.8% (in sympathy with weak MRVL earnings)
TCRX -1.6% (files $300 mln mixed shelf securities offering)
LGIH -1.6% (reports Feb home closings)
TMHC -1% (to update financial targets and introduce long-term growth aspirations at today's investor day)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

TREE +16.2%, BURL +12.3%, ACDC +10.7%, JD +6.8%, CLMB +6.5%, BALY +6%, VEEV +5.9%, TPB +5.6%, ZS +4.2%, WEN +1% (Investor Day guidance), BTSG +0.9%

Other news:

ALGM +9.8% (Allegro Microsystems receives proposal from onsemi (ON) to be acquired for $35.10 per share)
CXW +4.8% (resumes operations at Texas facility)
ECPG +4.4% (two insider buys)
SPRY +3% (FDA approves neffy 1 mg)
LAC +1.8% (Announces $250 Million Strategic Investment from Orion Resource Partners for Thacker Pass)
SLN +1.1% (stock offering by selling shareholders)
DVAX +1% (announces convertible debt refinancing and common stock share repurchase)
QGEN +0.8% (receives U.S. clearance for second QIAstat-Dx mini gastrointestinal panel, expanding U.S. syndromic testing portfolio)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
- TREE +15.6%, ACDC +12.1%, CMPO +8.1%, ALGM +7.4%, VEEV +6.4%, BALY +6%, JD +6%, BTSG +5.6%, CXW +4.8%, ZS +4.4%, ECPG +4.1%, LAC +1.8%, QGEN +1.6%, CLMB +1.3%, SLN +1.1%, UCTT +1%, STRA +0.9%
Gapping down:
- MDB -18.2%, MEI -17.1%, MRVL -16.5%, CORZ -14.3%, MLR -14.1%, GRND -10.5%, RGTI -10%, SNBR -9.5%, DSGX -7.6%, GMS -6.3%, KGS -6.1%, YEXT -5.2%, VSCO -4.6%, SOBO -3.7%, AVGO -3.5%, DVAX -2.7%, UMC -2.5%, ALNT -2.3%, FSM -2%, TCRX -1.6%, ZYME -1.4%, BEN -1.3%, VG -1.2%, LB -1.1%

>>> Europe : Brokers Upgrades & Downgrades - 6th of March 2025 V2(+)

>>> Up

* Abrdn Raised to Buy at Jefferies; PT 215 pence

* Acerinox Raised to Add at AlphaValue/Baader

* Adidas Raised to Hold at Hauck & Aufhaeuser; PT 210 euros (+)

* Baltic Classifieds Group Raised to Buy at Wood & Company

* Danone Raised to Outperform at Davy; PT 77.50 euros (+)

* Fugro Raised to Outperform at Oddo BHF; PT 18 euros

* Helvetia Cut to Hold at Octavian; PT 177 Swiss francs (+)

* Leonardo PT Raised to 52 euros from 32 euros at Mediobanca SpA (+)
* PolyPeptide Group Raised to Buy at Baader Helvea

* Poste Italiane Raised to Overweight at JPMorgan; PT 18.50 euros

* Salzgitter Raised to Buy at DZ Bank; PT 28 euros

* Sensirion Raised to Buy at Research Partners; PT 84 Swiss francs (+)

* SSAB Raised to Hold at ABG; PT 63 kronor

>>> Down

* Alleima Cut to Hold at ABG; PT 98 kronor

* CaixaBank Cut to Sell at Deutsche Bank; PT 6.20 euros

* H+H Cut to Hold at Nordea
* Lindt & Spruengli Cut to Reduce at Baader Helvea

* Marvell Technology Cut to Hold at Summit Insights

* NatWest Cut to Add at Peel Hunt; PT 510 pence

* Ryanair Cut to Equal-Weight at Morgan Stanley; PT 22.20 euros

* Sabadell Cut to Hold at Deutsche Bank; PT 2.70 euros

* Unicaja Cut to Hold at Deutsche Bank; PT 1.75 euros

>>> Initiation
* Asmodee Rated New Buy at Nordea; PT 118 kronor

>>> Call

* Poste Italiane Raised at JPMorgan on Cash Generation, Valuation
* Ryanair Cut at Morgan Stanley, Jet2 Favored in Europe Shorthaul

* Richemont Price Target Raised at Cowen on Jewelry Momentum (+)

>>> What to look at today - 6th of March 2025

A global bond selloff accelerated in Asia on Thursday, pushing Japanese benchmark yields to the highest in more than a decade after heavy selling in German bunds spread across fixed income markets. Asian stocks were buoyed by a delay to some US tariffs on Mexico and Canada.

Japan’s 10-year yield touched 1.5% for the first time since June 2009, as the country manages rising inflation and higher borrowing costs. Treasuries fell, pushing the US 10-year yield higher for a third day to trade around 4.3%. Bund futures extended Wednesday’s decline, while European equity-index futures rose 0.7%. The moves show how geopolitical volatility over the past few weeks that includes fraying US support for Ukraine and whipsawing news on tariffs has impacted financial markets as traders gauge the impact on growth and inflation. Also weighing on the fixed-income markets is Germany’s historic plan to ramp up spending with Chancellor-in-waiting Friedrich Merz declaring his country would do “whatever it takes” to defend itself. The selloff was sparked by a sudden drop in German bonds that sent 10-year bund yields as much as 31 basis points higher Wednesday, the most since 1990. The euro had its best three-day rally since 2015 ahead of the European Central Bank’s policy meeting on Thursday. Analysts polled by Bloomberg almost unanimously predict a quarter-point cut by the ECB. US data expected Thursday includes initial jobless claims ahead of Friday’s monthly payrolls figures. Bund futures extended Wednesday’s decline, with markets paring wagers on further rate cuts by the ECB as expectations build around the scale of borrowing required to finance spending plans to counter the threat of Russian aggression. Year-to-date gains on euro-denominated investment-grade corporate bonds were wiped out on Wednesday, a Bloomberg index showed. The notes have now lost 0.2% so far in 2025, after suffering their biggest drop Wednesday since June, 2022. On Wednesday, Chinese officials announced an expansion target of about 5% for 2025 at its annual parliamentary session, marking the first time in more than a decade Beijing had set the same goal for three straight years. President Xi Jinping signaled China’s determination to push ahead with an ambitious growth goal this year, despite the trade war. The NPC’s message of focusing on technology innovation and consumption was encouraging and “should help to sustain the market’s momentum,” according to Morgan Stanley’s strategist Laura Wang. US equity-index futures edged lower, weighed by tech stocks. Shares in Marvell Technology Inc. dropped in after-hours New York trading late Wednesday after delivering an underwhelming revenue forecast, disappointing investors expecting a greater payoff from the AI boom. Broadcom Inc., another chipmaker tied to the AI surge, fell 3.5% in after-hours trading ahead of its earnings report Thursday. Meanwhile, the White House said auto tariffs on Mexico and Canada would face a one-month delay. After talks with Canadian Prime Minister Justin Trudeau, White House press spokesperson Karoline Leavitt said US President Donald Trump is open to hearing about additional tariff exemptions. An index of the dollar was steady after falling 1% Wednesday, weakening against most major currencies, with losses particularly stark against the euro. Overnight, the yen climbed around 0.6% to just below 149 per dollar. Oil edged higher from the lowest close in six months and gold was steady near its record high. US After Hours MDB -18.3%, MRVL -15.8%, MEI -12.1% lower on earnings; TREE +13%, VEEV +7.4%, ZS +4.3% higher on earnings; SPRY +5.1% on FDA approval

Nikkei +0.77% Hang Seng +2.72% CSI +1.34% Shanghai +1.12% Shenzen +1.74%

Eur$ 1.0803 CNH 7.2420 CNY 7.2422 JPY 148.81 GBP 1.2898 CHF 0.8910 RUB 90.2995 TRY 36.4462 WTI$ 66.74 +0.63% Gold 2,921 +0.06% BTC 91,850 +1.64% ETH 2,294 +2.62%

S&P -0.05% Nasdaq -0.16% EuroStoxx +098% FTSE +0.63% Dax +0.67% SMI +0.45%

Macro :
- FTSE MIB Index Review Results in No New Inclusions, Exclusions

- Diesel Tanker Diverted to Europe from US After Tariffs: Vortexa

- European Stocks Set to Jump as Trump Delays Tariffs on Autos

Keep an eye on :

- AAREAL BAnk : Advent-Backed Aareal Bank To Pay Out €1.9 Billion to Its Owners

- ACE IM : Suez Mulls Sale of Stake in Italian Utility Acea: MF

- ADEN SW : Adecco to Benefit From More Defense Spending: Barclays Analysts

- ADKO AV : Addiko FY Net Income EU45.4M, Dividend Halt Remains in Place

- AF FP : Air France-KLM 4Q Ebitda Beats Estimates

- ANDR AV : Andritz FY Dividend Beats Est.; Sees Lower 2025 Revenue (1)

- BABA US : Alibaba Shares Jump 7% After Unveiling Latest DeepSeek Rival (1)

- ALGM US : Allegro Says Onsemi’s Proposal is Inadequate

- BAS GY : BASF Names Remley New US Division Head After Sales Decline

- BLND LN : *BRITISH LAND TO JOIN FTSE 250 INDEX

- BMW GY : BMW Files Lawsuit Against BYD Indonesia Over M6 Brand Use

- EN FP : Bouygues FY Adj. Current Oper Income EU2.54B Vs. EU2.41B Y/y

- BRAV SS : Bravida Names Petra Vranjes CFO From Middle of 2Q

- CCEP LN : *COCA COLA EUROPACIFIC TO REPLACE BRITISH LAND ON FTSE 100

- COP GY : CompuGroup FY Adjusted Ebitda Margin Misses Estimates

- COPN SW : Cosmo FY Revenue Beats Estimates

- DHL GY : Deutsche Post Sees 2025 Ebit at Least EU6B, Est. EU6.39B (1)

- DUE GY : Duerr Sees 2025 Adjusted Ebit Margin 5.5% to 6.5%, Est. 6.35%

- DWS GY : DWS Group, Flatexdegiro, Renk to Be Added to the MDAX Index

- ELIS FP : Elis FY Ebitda Matches Estimates

- RF FP : Eurazeo FY Net Loss EU430M Vs. Profit EU1.82B Y/y
- ETL FP : Eutelsat Soars 554% in Three Days, Becomes Chatroom Favorite

- FDJ FP : FDJ United FY Net Income Misses Estimates

- FTK GY : DWS Group, Flatexdegiro, Renk to Be Added to the MDAX Index

- GALD SW : Galderma Sees 2025 Sales at Constant Exchange Rates +10% to +12%

- GEBN SW : Geberit FY Dividend per Share CHF12.80

- GET FP : Getlink Feb. Passenger Shuttle Traffic Y/y +6%, Getlink Sees 2025 Ebitda EU780M to EU830M, Est. EU814.1M

- GFT GY : GFT 2025 Revenue Forecast Meets Estimates

- HAVAS NA : Havas NV 4Q Organic Net Revenue -0.8%

- HELN SW : Helvetia FY Dividend per Share CHF6.70 Vs. CHF6.30 Y/y

- ITV LN : ITV FY Adjusted Pretax Profit Beats Estimates

- DEC FP : JCDecaux Sees 1Q Organic Adjusted Revenue About +5%, Est. +6.17%

- KARN SW : Kardex FY Ebit Misses Estimates

- KMR LN : Kenmare Resources: Statement Regarding Possible Offer

- LDO IM : Italy’s Leonardo to Partner With Turkey’s Baykar on Drones

- LOGN SW : Logitech 2026 Sales Forecast Misses Estimates

- LTMC IM : Lottomatica Holder Offers about 26m Shares, Terms Show, Lottomatica Offering by Gamma Intermediate Prices at EU15.60/Shr

- LHA GY : Lufthansa Sees 2025 Adj. Ebit 'Significantly Higher' Y/y

- MAU FP : Maurel & Prom: 2024 Annual Results

- MRK GY : Merck KGaA Sees 2025 Adjusted Ebitda EU6.1B to EU6.6B (1)

- MTX GY : Galderma Sees 2025 Sales at Constant Exchange Rates +10% to +12%

- R3NK GY : DWS Group, Flatexdegiro, Renk to Be Added to the MDAX Index

- PSM GY : ProSieben in Talks to Buy NuCom, ParshipMeet Stakes, ProSieben Sees 2025 Adj. Ebitda EU500M to EU600M, Est. EU574.1M

- RKT LN : Reckitt 4Q Like-for-Like Sales Miss Estimates

- RIO LN : Rio Tinto to Invest $1.8B to Develop Brockman Mine Extension

- SAN SM : Santander Picks Goldman Sachs, Barclays for Ebury IPO: Expansion

- WAF GY : Siltronic FY Profit EU67.2M Vs. EU201.3M Y/y

- SOLB BB : Solvay 4Q Underlying Ebitda Beats Estimates

- SPIE FP : Spie FY Ebita Beats Estimates

- SAX GY : Stroeer FY Adjusted Ebitda Meets Estimates

- SGSN SW : Swiss Testing Firm SGS Holder Seeks $888 Million in Share Sale

- TSLA US : Italy Is Getting Cold Feet Over Deal to Use Musk’s Starlink

- TIT IM : Telecom Italia Reports FY 2024 Loss of EU610Mcoca

- TEF SM : Telefonica del Peru Creditors Tap Houlihan Lokey, Law Firm CMS

- TSLA US : Tesla Gets Tax Sweetener for Houston-Area Megapack Factory

- VIE FP : Suez Mulls Sale of Stake in Italian Utility Acea: MF

- VITR SS : Vitrolife to Evaluate Class Action Lawsuit Filed in the US

- ZAL GY : Zalando Sees 2025 Adjusted Ebit EU530M to EU590M, Est. EU570.2M

>>> Europe : Brokers Upgrades & Downgrades - 6th of March 2025