TheChek News Flow

Gapping down
In reaction to earnings/guidance:

XPOF -29.5% (also restates 2023 financials), AIRS -15%, LI -6.4%, AVD -3.2% (files to delay its 10-K; also discloses preliminary results for fourth quarter) EVCM -3.1%, ZUMZ -3% (also authorizes new $25 mln share repurchase program), MRC -2.3%, ATYR -2%, OI -1.5%, DOYU -1.1%

Other news:

STRO -13.6% (CEO to step down, provides portfolio review update, will reduce headcount by nearly 50%, also reports earnings)
IVT -3.7% (increases dividend)
NRIX -2.9% (treatment of Waldenstrom macroglobulinemia gets orphan status)
CPA -2.5% (February traffic)
BYRN -1.2% (begins ammo production at Indiana facility)
SSP -1.1% (signs deal with Las Vegas Aces)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

RBRK +18.2%, CLLS +16.3%, GOGO +13.1%, SMTC +11%, DOCU +10.1%, WOW +9.4%, TTAN +7.5%, CCI +7.4% (also to sell its Fiber segment for $8.5 bln; announces $3 bln repurchase plan, to cut dividend), AFYA +7%, ULTA +5.9%, BKE +5.3%, RLX +5.1%, PD +4.2% (also authorizes new $150 mln share repurchase program), WPM +2.4% (also increases dividend), WRD +1.2%

Other news:

RDUS +109.6% (to be acquired by Toyota Tsusho America)
AAOI +53% (issues warrant to AMZN to purchase shares)
ETON +13.1% (positive results from its bioequivalence study of ET-600, a proprietary, patented oral solution of desmopressin under development for the treatment of central diabetes insipidus)
PPC +5.4% (approves special dividend of $6.30 per share)
VTLE +4.6% (files mixed shelf securities offering)
IPG +3.4% (IPG and OMC receive second request from FTC relating to proposed acquisition)
ALCO +3.4% (files development application for first of two villages)
ALAB +2.9% (expands its Cloud-Scale Interop Lab)
PLTR +2.6% (Warp Speed announces 6 new customers)
BV +2.4% (authorizes new $100 mln share repurchase program)
CNL +2.4% (Collective Mining: Agnico Eagle (AEM) agreed to subscribe for 4,741,984 common shares in the capital of the Company at a price of C$11.00 per Share)
XYZ +2.1% (Square Financial receives FDIC approval to offer Cash App Borrow)
TEL +1.7% (increases dividend)
AEM +1.3% (Collective Mining: Agnico Eagle (AEM) agreed to subscribe for 4,741,984 common shares in the capital of the Company at a price of C$11.00 per Share)
FAST +1.2% (releases Investor Day presentation yesterday)
WPC +1.1% (increases dividend)
DBRG +1.1% (Zayo unit to acquire CCI's Fiber Solutions business)
FF +1.1% (to delay release of FY24 results)
ITGR +1.1% (prices offering of $875.0 mln of 1.875% convertible senior notes due 2030)
ANIP +1.1% (FDA approval for expansion of ILUVIEN label)
ORLY +1% (approves 15-for-1 stock split)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
- RDUS +109.4%, AAOI +55.1%, CLLS +22.5%, RBRK +20.7%, SMTC +12.3%, DOCU +9.4%, CCI +8%, ULTA +7.2%, AFYA +7%, NRIX +6.1%, TTAN +5.9%, BLNK +5.5%, VTLE +4.6%, PD +4.5%, PPC +4.3%, RLX +4.3%, IPG +3.4%, ALCO +3.4%, ALAB +2.6%, WRD +2.5%, EGY +2.4%, PLTR +2.3%, BV +2%, XYZ +1.8%, WPM +1.8%, TEL +1.7%, CNL +1.2%, WPC +1%, AEM +1%
Gapping down:
- XPOF -33.3%, STRO -14.4%, LI -5.1%, IVT -3.7%, AVD -3.2%, ZUMZ -3%, EVCM -2.6%, CPA -2.5%, WMB -2.1%, OI -1.5%, AIRS -1.4%, BYRN -1.2%, DOYU -1.1%, EQT -1%

>>> US Research Calls I

Research Calls I

Upgrades:
- Allogene (ALLO) upgraded to Mkt Outperform from Mkt Perform at Citizens JMP; tgt $5
- American Express (AXP) upgraded to Neutral from Underperform at Robert W. Baird; tgt $265
- Check Point Software (CHKP) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $280
- Chipotle Mexican Grill (CMG) upgraded to Buy from Hold at Loop Capital; tgt raised to $65
- Crown Castle (CCI) upgraded to Strong Buy from Outperform at Raymond James; tgt lowered to $122
- Crown Castle (CCI) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $120
- Danaher (DHR) upgraded to Buy from Hold at Stifel; tgt $260
- Green Dot (GDOT) upgraded to Buy from Hold at Craig Hallum; tgt $14
- MYR Group (MYRG) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $136
- National Cinemedia (NCMI) upgraded to Outperform from Neutral at Wedbush; tgt $7.50
- Nektar Therapeutics (NKTR) upgraded to Outperform from Perform at Oppenheimer; tgt $6
- Nuvalent (NUVL) upgraded to Buy from Neutral at UBS; tgt $100
- Peloton (PTON) upgraded to Buy from Hold at Canaccord Genuity; tgt $10
- Philip Morris International (PM) upgraded to Buy from Hold at Argus
- RELX (RELX) upgraded to Overweight from Equal Weight at Barclays
- Revolve Group (RVLV) upgraded to Buy from Hold at Jefferies; tgt $30
- Skyward Specialty Insurance Group (SKWD) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $63
Downgrades:
- Advanced Flower Capital (AFCG) downgraded to Hold from Buy at Jefferies; tgt lowered to $7
- Copart (CPRT) downgraded to Hold from Buy at Argus
- Equifax (EFX) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $265
- Sutro Biopharma (STRO) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $1
- Sutro Biopharma (STRO) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $2
- Sutro Biopharma (STRO) downgraded to Mkt Perform from Mkt Outperform at Citizens JMP
- T-Mobile US (TMUS) downgraded to Neutral from Buy at Citigroup; tgt $268
- Xponential Fitness (XPOF) downgraded to Hold from Buy at Stifel; tgt lowered to $12
Others:
- 89bio (ETNB) initiated with a Neutral at Goldman; tgt $11
- ANI Pharma (ANIP) initiated with a Buy at Jefferies; tgt $80
- Astera Labs (ALAB) initiated with an Outperform at Raymond James; tgt $82
- Avient (AVNT) initiated with a Neutral at Robert W. Baird; tgt $43
- Charter Comm (CHTR) resumed with a Buy at Citigroup; tgt $425
- Corporación América Airports (CAAP) initiated with an Overweight at JP Morgan; tgt $22.50
- Penumbra (PEN) initiated with a Buy at BofA Securities; tgt $320
- Protara Therapeutics (TARA) initiated with an Overweight at Cantor Fitzgerald
- Sana Biotechnology (SANA) initiated with a Buy at Jefferies; tgt $7
- Six Flags Entertainment (FUN) initiated with an Overweight at Barclays; tgt $41
- United Parks & Resorts Inc. (PRKS) initiated with an Equal Weight at Barclays; tgt $50
- Viper Energy Partners (VNOM) initiated with an Overweight at Wells Fargo; tgt $51
- Waystar Holding Corp. (WAY) initiated with a Buy at Truist; tgt $45

>>> Europe : Brokers Upgrades & Downgrades - 14th of March 2025 V2(+)

>>> Up

* Adecco Raised to Outperform at BNPP Exane (+)

* Ahold Raised to Buy at Goldman Amid ‘Solid’ Retail Sales Outlook

* Atlantic Sapphire ASA Raised to Neutral at SpareBank

* AUTO1 Raised to Outperform at BNPP Exane (+)

* Carel Raised to Hold at Kepler Cheuvreux

* Carlsberg Raised to Outperform at RBC; PT 1,020 kroner

* Erste Raised to Outperform at KBW; PT 80 euros

* Hays Raised to Outperform at BNPP Exane (+)

* Heineken Raised to Outperform at RBC; PT 92 euros

* Kuehne + Nagel Raised to Buy at Kepler Cheuvreux

* Micron Raised to Buy at Aletheia Capital; PT $145
* Novo Raised to Outperform at Oddo BHF; PT 720 kroner

* Redcare Pharmacy NV Raised to Buy at Kepler Cheuvreux

* RELX Raised to Overweight at Barclays; PT 4,275 pence

* Rightmove PT Raised to 840 pence from 700 pence at Peel Hunt

* Schneider Electric Raised to Buy at DZ Bank; PT 270 euros

* Siemens Healthineers Raised to Outperform at Oddo BHF (+)

* SUSS MicroTec Raised to Buy at DZ Bank; PT 52 euros

>>> Down

* AIB Group Cut to Neutral at JPMorgan; PT 7.30 euros
* Biovica International Cut to Hold at Pareto Securities

* Forbo Cut to Reduce at Baader Helvea; PT 881 Swiss francs

* Generali Cut to Sell at DZ Bank; PT 29 euros

* Hugo Boss Cut to Hold at Deutsche Bank; PT 45 euros

* Hugo Boss Cut to Neutral at UBS (+)

* Novartis Cut to Neutral at Oddo BHF; PT 110 Swiss francs

* Prosus Cut to Neutral at Prescient Securities; PT 49 euros

* Puma Cut to Sell at UBS (+)

* RS Group Cut to Neutral at BNPP Exane (+)

* T-Mobile Cut to Neutral at Citi; PT $268

* Tecan PT Cut to 205 Swiss francs at Bank Vontobel

* Thyssenkrupp Cut to Underweight at Morgan Stanley; PT 6.60 euros

* Vienna Insurance Cut to Neutral at Oddo BHF; PT 38 euros

>>> Initiation

* Alcon AG Re-Initiated Outperform at Bernstein (+)

* Amplifon Re-Initiated Market Perform at Bernstein (+)

* Autostore Rated New Buy at Deutsche Bank; PT 14.10 kroner (+)
* Canal+ SA Rated New Buy at Deutsche Bank; PT 240 pence

* Carl Zeiss Meditec Re-Initiated Outperform at Bernstein (+)

* Demant Re-Initiated Market Perform at Bernstein; PT 271 kroner (+)

* GN Store Nord Re-Initiated Underperform at Bernstein (+)

* Halcor Rated New Buy at Kepler Cheuvreux; PT 2.60 euros

* Sonova Re-Initiated Market Perform at Bernstein (+)

* Straumann Re-Initiated Outperform at Bernstein (+)

* Wise Rated New Sell at Investec; PT 800 pence (+)

>>> Call

* AIB Downgraded to Neutral at JPMorgan on Tariff and Tax Risks (+)

* Barclays Strategists Favor European Value Stocks and Small Caps (+)

* Burberry, Kering Placed on Negative Catalyst Watch at JPMorgan
* Carlsberg, Heineken Upgraded at RBC on ‘Prudent’ Expectations

* Puma Cut to Sell at UBS as Further Underperformance Expected (+)

>>> What to look at today - 14th of March 2025

Asian stocks and US and European equity-index futures rallied Friday as signs the US will avoid a government shutdown boosted sentiment. Shares in Japan, Australia and China climbed and futures contracts for US equities advanced Friday as a stopgap funding bill looked set to pass and avoid a US government shutdown. The news from Washington triggered a shift in sentiment after battering stocks through the week. On Thursday, the S&P 500 dropped 1.4% on Thursday to a six-month low, bringing its three-week rout past 10% — a correction in trader parlance. The Nasdaq 100, also in a correction, fell 1.9%. Treasuries eased up some of the gains from the prior session, when investors dashed to haven assets in a move that lifted gold to a record and supported an the dollar. Gains for the greenback extended into Friday, strengthening a gauge of the dollar for a third day. Avoiding the government close down removes an uncertainty for the markets, already nervous about economic growth in the US due to the tariff war of President Donald Trump. Two months into his presidency, sentiment in Wall Street has turned from optimism to nervousness. The slump has erased $5 trillion from US stocks as investors pared risk. The CSI 300 index of mainland China stocks touched the highest level this year, reflecting fresh optimism over the prospect of more policy support to boost consumption. Congressional Democrats and Republicans have been engaged in a high-stakes game of chicken over Democrats’ insistence that a spending package include some restraints on Elon Musk’s DOGE’s cost-cutting crusade, with Republicans refusing and daring the opposition party to risk blame for a shutdown. Senate Democratic leader Chuck Schumer dropped his threat to block a Republican spending bill, opening the way to avoid a US government shutdown. Treasuries rallied Thursday taking four basis points off the US 10-year yield which ended the session at 4.27% while an index of the dollar edged higher, as investors sought haven assets. US wholesale inflation stagnated in February thanks to a sharp decline in trade margins. In another sign of a trade-war escalation, Trump threatened to enact a 200% tariff on European wine, champagne and other alcoholic beverages. Later Thursday, Trump said he would not repeal tariffs on steel and aluminum that took effect this week, nor back off plans for sweeping reciprocal tariffs on global trading parters set to start as soon as April 2. In Asia, consumption stocks drove Chinese shares higher on policy hopes and gold miner shares tracked a rise in bullion. CK Hutchison Holdings Ltd. plunged Friday after China’s top office on Hong Kong issues reposted a sharp attack on the conglomerate’s decision to appease Trump by selling its stake in Panama ports. Former Treasury Secretary Steven Mnuchin discounted risks of a US recession, and played down the current selloff in equities, advising investors against overreacting to Trump’s aggressive trade tactics. The Federal Reserve’s Treasury-based recession model flagged year-ahead recession risk a year ago, and may be proven right if tariff uncertainty continues to hamper economic activity, according to Gina Martin Adams and Michael Casper at Bloomberg Intelligence. Historically, a model reading exceeding 30% has accurately predicted recession one year out. And the current probability is 29.76%. However, US equities are pricing in a recession risk much bigger than credit markets, leaving room for a positive surprise, JPMorgan Chase & Co. strategists including Nikolaos Panigirtzoglou and Mika Inkinen wrote in a note. Elsewhere, oil pared weekly loss after US sanctions offset a bleak outlook. An $8 billion exchange-traded fund tracking junk bonds saw one of its biggest losses in 2025. Bitcoin rebounded Friday after declining Thursday. US After Hours RDUS +108.6% to be acquired; AAOI +81.4% after issuing warrant to AMZN to purchase shares; RBRK +14.9%, SMTC +11.8%, DOCU +7.6%, ULTA +5.7%, PD +4% higher on earnings; XPOF -26.4% lower on earnings.

Nikkei +0.72% Hang Seng +2.23% CSI +2.30% Shanghai +1.71% Shenzen +1.96%

Eur$ 1.0855 CNH 7.2432 CNY 7.2413 JPY 148.38 GBP 1.2942 CHF 0.8841 RUB 86.2141 TRY 36.6832 WTI$ 67.02 +0.71% Gold 2,993 +0.12% BTC 81,975 +2.06% ETH 1,894 +2.82%

S&P +0.65% Nasdaq +0.85% EuroStoxx +0.17% FTSE +0.28% Dax +0.25% SMI +0.11%

Macro :

- Goldman Sees Stronger China Construction Activity Aiding Steel

- Trump Vows 200% Tariff on EU Wine, Escalating Trade Tensions
- Spain’s IBEX 35 Stock Index Unchanged After Quarterly Review

- Euronext Makes No Changes to CAC 40 Index in Quarterly Review

- Xiaomi, China EV Makers Defy Tariffs: Asia Earnings Week Ahead

- Ontario’s Ford Says He’s Meeting with the US Again Next Week

- Mexico’s Peso Lifts EM Currency Gauge as Tariff Woes Swirl

- Kremlin Asked for US Envoy to Be Excluded From Talks, NBC Says

- Oil Still Expected to Trade in $70-$75 Range in 2025

Keep an eye on :

- ANIM IM : Banco BPM Says Regulator Approves Document for Anima Bid (1)

- BLV FP : Believe Sees 2025 Organic Revenue Above +13%

- BMW GY : BMW Sees 2025 Automotive Ebit Margin 5% to 7%, Est. 6.65%,*BMW posts 37% drop in annual net profit, warns of 'subdued' Chinese demand

- BOY LN : Bodycote FY Revenue Misses Estimates

- BA US : *CITI, APOLLO TEST NEW PRIVATE CREDIT TIE-UP IN BOEING UNIT SALE

- BP/ LN : BP Seeks to Sell 50% of Solar Unit; Bids Due in June: Rtrs

- BRK/A US : Compass in Talks to Buy Berkshire’s Property Brokerage, WSJ Says

- BN CN : Brookfield Demands $2.7 Billion From Peru Over Toll Roads (1)
- BC IM : Brunello Cucinelli FY Net Income Misses Estimates

- CPRI US : Donatella Versace Assumes Role of Chief Brand Ambassador of Versace --> +8.42%

- 1 HK : CK Hutchison shares fall after Beijing urges group to ‘think twice’ on Panama deal -4.55% in HK

- DTG GY : Daimler Truck Sees 2025 Industrial Business Rev. EU52B to EU54B, to Cut Costs at Mercedes-Benz Trucks Unit After Earnings Decline

- DMP GY : Dermapharm 2025 Revenue Forecast Misses Estimates

- DGE LN : Trump Vows 200% Tariff on EU Wine, Escalating Trade Tensions (1)

- ENEL IM : Enel Profit Beats Estimates on Asset Sales, Lower Debt Costs, Enel FY Adjusted Net Income Beats Estimates

- EQT SS : EQT Gets Proceeds of About $400m from Galderma Share Sale

- EQT SS : EQT's Fund to Buy Crown Castle's Small Cells Solutions Business in $4.3 Billion Deal

- FDE FP : FDE Secures EUR10 Million in Loans from Bpifrance

- GALD SW : Galderma Placed New Dual Tranche CHF 435M CHF Bonds

- GBLB BB : GBL FY Dividend per Share Beats Estimates, GBL to Name Huth as CEO, Gallienne as Chairman

- IMPN SW : Implenia wins major rail project in Sweden

- IDR SM : Indra Creates Land Vehicle Subsidiary to Drive Industrial Growth

- IFX GY : Infineon, ON Semi Scouting For India Partners, ET Reports

- INTRUM SS : Intrum Wins Over Holdout Bondholders by Paying Off Certain Fees

- IPR PL : Impresa FY Net Loss EU66.2M Vs. Loss EU2M Y/y, Impresa Says It Plans to Cut Costs By About 10% in 4 Years

- IPG US : Omnicom, Interpublic Get Second Request From US FTC for Merger

- KER FP : Kering Appoints Demna as Gucci’s Artistic Director, Kering ADRs Fall on ‘Surprise’ Appointment of Demna to Gucci

- KESKOB FH : Kesko Feb. Sales From Continuing Operations EU906.1M

- LNZ AV : Lenzing FY Ebitda Beats Estimates

- MC FP : Trump Vows 200% Tariff on EU Wine, Escalating Trade Tensions (1)

- MBG GY : Mercedes Unveils Entry-Level Electric Sedan in Swipe at Tesla
- PGHN SW : Partners Group to Boost Hiring as it Seeks to Triple Assets

- 1913 HK : Versace Names Ex-Miu Miu Executive Vitale Chief Creative Officer -0.59% in HK

- RGNX US : Regenxbio 4Q Total Revenue Misses Estimates

- RUI FP : Rubis FY Ebitda Beats Estimates

- 9984 JP : SoftBank, OpenAI to Run AI Agents at Former Sharp Plant: Nikkei

- 4X0 GY : Steyr Motors Signs Framework Agreement in Brazil

- 4X0 GY : *STEYR MOTORS SAYS ORDER BACKLOG THROUGH 2027 ALMOST EU200M

- STMPA FP : Italy Set to Use Veto Powers Over STMicro Governance: Sole

- SLHN SW : Swiss Life in 2024: fee result up 33% and net profit up 13% - "Swiss Life 2024" Group-wide programme successfully

- TEF SM : Telefonica Tells Staff in Spain They Must Be in Office More (1)

- TSLA US : Tesla Warns It Faces Retaliation, Costs From Trump Trade War

- HO FP : Thales Sees Europe Defense as Growth Driver With Orders by 2026

- TTE FP : US swings behind TotalEnergies’ vast Mozambique gas project

- UBSG SW : UBS Asks Staff to Be in Office Three Days a Week: Financial News

- UMG NA : Ackman’s Pershing Offers 2.7% Stake in Universal Music Placement

- UMG ?A : Ackman Says Position in UMG Still Largest at ~17% of Portfolio

- UCG IM : UniCredit Gets ECB Nod for Banco BPM Offer Share Issuance

- UCG IM : *ECB AUTHORIZES UNICREDIT TO BOOST COMMERZBANK STAKE UP TO 29.9%

- VIRP FP : Virbac Maintains 2025 Organic Revenue at Constant FX, Scope View

- WKL NA : Wolters Kluwer Prices €500M Seven-Year Eurobond

>>> Europe : Brokers Upgrades & Downgrades - 14th of March 2025