>>> US Research Calls I

Research Calls I
  • Upgrades:
    • argenx (ARGX) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $697
    • Avidbank Holdings (AVBH) upgraded to Buy from Neutral at Janney; tgt $26
    • Bristol-Myers (BMY) upgraded to Outperform from Market Perform at Leerink Partners; tgt $73
    • Buckle (BKE) upgraded to Neutral from Sell at UBS; tgt raised to $46
    • Canadian Nat'l Rail (CNI) upgraded to Buy from Neutral at Citigroup; tgt raised to $130
    • Carter's (CRI) upgraded to Neutral from Sell at Citigroup; tgt $50
    • C.H. Robinson (CHRW) upgraded to Buy from Neutral at Citigroup; tgt raised to $127
    • iHeartMedia (IHRT) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $3
    • Intl Flavors (IFF) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt lowered to $110
    • SentinelOne (S) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $32
    • South Atlantic Bancshares (SABK) upgraded to Buy from Neutral at Janney; tgt $17.25
    • Twilio (TWLO) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $120
    • Viking Holdings Ltd (VIK) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $49
  • Downgrades:
    • AeroVironment (AVAV) downgraded to Hold from Buy at Jefferies; tgt $240
    • Airbnb (ABNB) downgraded to Reduce from Neutral at Phillip Securities
    • Alnylam Pharma (ALNY) downgraded to Underperform from Peer Perform at Wolfe Research
    • Asbury Automotive (ABG) downgraded to Neutral from Buy at Seaport Research Partners
    • Atlas Energy Solutions (AESI) downgraded to Equal Weight from Overweight at Barclays; tgt lowered to $19
    • First Mid-Illinois Bancshares (FMBH) downgraded to Neutral from Buy at DA Davidson; tgt raised to $47
    • Five9 (FIVN) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $40
    • GlaxoSmithKline (GSK) downgraded to Hold from Buy at Jefferies; tgt lowered to $39.50
    • Horace Mann (HMN) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt raised to $44
    • Hudson Pacific Properties (HPP) downgraded to Hold from Buy at Jefferies; tgt lowered to $5
    • Knight-Swift (KNX) downgraded to Sell from Neutral at Citigroup; tgt $56
    • Okta (OKTA) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $85
    • Phunware (PHUN) downgraded to Neutral from Buy at H.C. Wainwright; tgt lowered to $6
    • Ross Stores (ROST) downgraded to Neutral from Buy at Citigroup; tgt lowered to $152
    • RXO, Inc. (RXO) downgraded to Neutral from Buy at Citigroup; tgt $33
    • Schneider National (SNDR) downgraded to Sell from Neutral at Citigroup; tgt lowered to $30
    • Sprinklr (CXM) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $6
    • TriCo Bancshares (TCBK) downgraded to Neutral from Buy at DA Davidson; tgt raised to $53
  • Others:
    • Allegro Microsystems (ALGM) initiated with a Buy at Loop Capital; tgt $30
    • Altimmune (ALT) initiated with a Buy at UBS; tgt $26
    • Cadence Design (CDNS) initiated with a Buy at Loop Capital; tgt $360
    • Illumina (ILMN) resumed with an Equal-Weight at Morgan Stanley; tgt $156
    • Inventiva (IVA) initiated with a Neutral at UBS; tgt $3
    • Marvell (MRVL) initiated with a Hold at Loop Capital; tgt $95
    • Monday.com (MNDY) resumed with a Neutral at DA Davidson; tgt $300
    • Monolithic Power (MPWR) initiated with a Hold at Loop Capital; tgt $660
    • NVIDIA (NVDA) initiated with a Buy at Redburn Atlantic; tgt $178
    • NXP Semi (NXPI) initiated with a Buy at Loop Capital; tgt $300
    • ON Semiconductor (ON) initiated with a Buy at Loop Capital; tgt $95
    • Qorvo (QRVO) initiated with a Hold at Loop Capital; tgt $73
    • Qualcomm (QCOM) initiated with a Hold at Loop Capital; tgt $180
    • Rambus (RMBS) initiated with a Buy at Loop Capital; tgt $70
    • Sagimet Biosciences (SGMT) initiated with a Buy at UBS; tgt $12
    • Skyworks (SWKS) initiated with a Hold at Loop Capital; tgt $90
    • Synopsys (SNPS) initiated with a Buy at Loop Capital; tgt $675
    • VEON (VEON) initiated with a Buy at The Benchmark Company; tgt $48
    • Wells Fargo (WFC) added to BofA Securities' US 1 List

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • FOUR -11.4%, THS -11.3%, SWTX -10.6%, ANGI -8% (IAC also considering spin-off of its ownership stake), JRVR -7.1%, TME -6.6%, PLUG -4%, SLVM -3.6%, PGY -3.3%, ZETA -3.1%, NPWR -3.1%, NUVL -2%, GATO -1.7%, TALO -1.5%, FLNG -1.5%, AVDL -1.5%, AZN -1.2%, PLL -1.2%, VLN -1.1%
Other news:
  • NGNE -33.6% (reports interim data from NGN-401 trial)
  • SNDX -17.4% (pivotal topline results from relapsed or refractory mNPM1 AML cohort in AUGMENT-101 trial of revumenib)
  • CWAN -4.9% (secondary public offering)
  • KRUS -3.7% (stock offering)
  • FWRG -3.1% (launches secondary offering by certain funds managed by Advent International of 8,000,000 shares of common stock)
  • UPST -2.9% (proposes private offering of $425 mln of Convertible Senior Notes due 2030)
  • TER -2% (increases share repurchase plan for 2024)
  • FCPT -1.4% (raises quarterly dividend by 2.9% to $0.3550 per share)
  • ALV -1.3% (raises dividend and extends share repurchase)
  • IVZ -1.1% (prelim month-end AUM)
  • CDXS -1% (to present data)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • NVRO +17.5%, CAMT +10.8%, EVGO +9.3%, TGI +7.9%, SE +6.5%, GRAB +6.4%, LYV +5.8%, AGO +5.5% (also increases repurchase plan), LAZR +4.9%, SHLS +4%, ONON +3.8%, HUYA +3.4%, TH +3.1%, SRRK +3%, AROC +2.9%, IBRX +2.6%, AXSM +2.2%, YALA +2.1%, GENI +2.1%, HD +1.8%, ROIV +1.6%, EGY +1.3%, LEGN +1.1%, IAC +0.8%
Other news:
  • ORGO +12.3% (reports interim analysis of trial of ReNu)
  • ZGN +2.2% (controlling shareholder Monterubello purchased 913,000 shares and intends to acquire additional 2 mln shares in the coming weeks)
  • DOMO +2.1% (selected by Bond Vet for its tech platform)
  • LIVN +1.3% (OSPREY study meets safety and efficacy endpoints)
  • CAH +1.3% (acquires two strategic additions to its portfolio)
  • BEN +0.8% (prelim month-end AUM)
  • GILD +0.8% (Scientific Leadership Spotlighted as Gilead Presents Research Data Across Its Broad and Innovative HIV Treatment Portfolio and Pipeline)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • NVRO +16%, LAZR +14.7%, TGI +13.3%, ORGO +12.3%, GRAB +10.7%, CAMT +9.8%, SE +7.1%, LYV +6.6%, ZGN +5.6%, AROC +5.6%, YALA +5.3%, KRUS +4.9%, HUYA +4.6%, AGO +4%, ONON +3.9%, EGY +3.4%, HD +2.4%, EAF +2.4%, TH +2.4%, DOMO +2.1%, IAC +1.8%, LIVN +1.3%, GILD +0.8%
  • Gapping down:
    • NGNE -34.6%, ANGI -10.3%, SWTX -9.2%, JRVR -7.1%, TME -6.5%, ZETA -6.3%, CWAN -3.4%, NPWR -3.1%, FWRG -2.9%, TER -2.5%, SGMT -2.2%, AZN -2.1%, HOOD -2%, BGNE -2%, NUVL -2%, ALV -1.6%, BEN -1.5%, TALO -1.5%, FCPT -1.4%, IVZ -1.1%, TT -1.1%, VLN -1.1%, CDXS -1%, FUFU -0.9%

TechCrunch : SoftBank Vision Fund co-CEO Misra to leave firm


SoftBank said the co-CEO of Vision Fund, Rajeev Misra, will soon step down from his leadership roles at the firm’s flagship technology investment vehicles, marking the departure of one of the Japanese group’s most prominent dealmakers.

The company said on Tuesday that Misra, who helped steer the $100 billion Vision Fund through both its explosive rise and subsequent challenges, will relinquish his positions as co-head of SoftBank Investment Advisers and SoftBank Global Advisers. Alex Clavel will assume sole leadership as chief executive of both units.

The move comes after Misra withdrew from his executive positions at SoftBank Group in August 2022, when he stepped back from his roles as corporate officer and executive vice president of the parent company. The former Deutsche Bank executive launched One Investment Management, a $6.8 billion fund backed by Abu Dhabi, in 2022.

Misra will no longer have an official role at SoftBank, the company said.

During his ten-year tenure at SoftBank, Misra’s Vision Fund also became known for several troubled investments including WeWork, dog-walking app Wag and Greensill Capital, while he also clashed with senior colleagues including Nikesh Arora and Marcelo Claure, both of whom eventually left the firm.

>>> Stoxx 600 Pre-Market Indications

  • AstraZeneca (ZEG TH) +3%
    • AstraZeneca Expects Higher Profit, Sales Boosted by Cancer Drugs
  • BMW (BMW TH) +0.6%
    • European Autos Risk-Reward Improving, BMW Raised: Morgan Stanley
  • Diageo (GUI TH) +0.5%
    • Diageo Must Persuade Consumers to Buy More of Its Matured Brands
  • Air Liquide (AIL TH) -1.6%
  • IAG (INR TH) -1.6%
  • Hexagon (HXG TH) -1.7%
  • NN Group (2NN TH) -1.7%
  • STMicro (SGM TH) -1.7%
    • Infineon Forecast Sales Decline as Car Chip Demand Struggles
  • Hochtief (HOT TH) -1.7%
  • Bayer (BAYN TH) -2.7%
    • *BAYER SEES FY ADJ. EBITDA EU10.4B TO EU10.7B, EST. EU10.35B
  • Brenntag (BNR TH) -3.1%
    • Brenntag 3Q Operating Ebita Misses Estimates

>>> US After Hours Summary: NVRO +20.1%, LYV +5.9% gaining on earnings results;

After Hours Summary: NVRO +20.1%, LYV +5.9% gaining on earnings results; ANGI -13.7% sliding following Q3 results and IAC considering spin-off of ownership stake


After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: NVRO +20.1%, LYV +5.9%, YALA +4.5%, LAZR +3.9%, AROC +3.8%, IAC +2.5%, GATO +1.4%

Companies trading higher in after hours in reaction to news: ORGO +5.4% (reports interim analysis of trial of ReNu), HOOD +2.3% (October 2024 operating data), BEN +0.8% (prelim month-end AUM), ZVRA +0.7% (to present data)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: ANGI -13.7% (IAC also considering spin-off of its ownership stake), ZETA -5.7%, JRVR -5.6%, NPWR -3%, TALO -1.5%

Companies trading lower in after hours in reaction to news: NGNE -35% (reports interim data from NGN-401 trial), CWAN -4.3% (secondary public offering), KRUS -2.5% (stock offering), IVZ -2.4% (prelim month-end AUM), EDR -0.7% (to sell OpenBet and IMG ARENA for $450 mln)

>>> TradeGate Pre-Market Indications

DAX:
  • BMW (BMW TH) +0.9%
    • European Autos Risk-Reward Improving, BMW Raised: Morgan Stanley
  • Bayer (BAYN TH) -2%
    • *BAYER SEES FY ADJ. EBITDA EU10.4B TO EU10.7B, EST. EU10.35B
  • Brenntag (BNR TH) -2.7%
    • Brenntag 3Q Operating Ebita Misses Estimates
MDAX:
  • Nordex (NDX1 TH) +0.4%
    • Nordex Gets Order for More Than 100 MW for Wind Farm in Canada
  • Lanxess (LXS TH) -1.2%
  • Jenoptik (JEN TH) -1.5%
    • Jenoptik 3Q Ebitda Beats Estimates
  • United Internet (UTDI TH) -1.6%
    • United Internet 9M Ebitda EU978.4M
SDAX:
  • Evotec SE (EVT TH) +2.4%
    • Triton Said to Weigh Takeover Deal for Drug Developer Evotec (2)
  • SAF-Holland SE (SFQ TH) +0.9%
    • SAF-Holland SE Cuts FY Sales Forecast
  • Sixt (SIX2 TH) -3.5%
    • Sixt FY Pretax Profit Forecast Misses Estimates
  • Cancom (COK TH) -9.7%
    • Cancom Cuts FY Revenue Forecast, Misses Estimates

>>> Europe : Brokers Upgrades & Downgrades - 12th of November 2024

>>> Up
* Almirall Raised to Buy at Alantra Equities; PT 10.90 euros
* Antofagasta Raised to Equal-Weight at Barclays; PT 2,000 pence
* Argenx ADRs Raised to Outperform at Wolfe; PT $697
* Crayon Group Raised to Buy at ABG; PT 140 kroner
* Land Sec. Raised to Hold at Jefferies; PT 525 pence
* Nichols Raised to Buy at Peel Hunt; PT 1,300 pence
* PNE AG Raised to Buy at SMC Research; PT 13 euros
* Stratec Raised to Hold at Hauck & Aufhaeuser; PT 31 euros
* Terveystalo Raised to Accumulate at Inderes; PT 10.80 euros

>>> Down
* Adecco Cut to Neutral at BNPP Exane
* GSK ADRs Cut to Hold at Jefferies; PT $39.50
* Nexus Cut to Neutral at BNPP Exane
* Nykode Therapeutics Cut to Hold at ABG; PT 2.50 kroner

>>> Initiation
* Eiffage Assumed Outperform at RBC; PT 125 euros
* Ferrovial Assumed Sector Perform at RBC; PT 42 euros
* Getlink Assumed Sector Perform at RBC; PT 15.50 euros
* NetGem Rated New Buy at Euroland Corporate; PT 1.54 euros
* Soiltech Rated New Buy at Fearnley; PT 61 kroner
* Tomra Re-Initiated Hold at Kepler Cheuvreux; PT 165 kroner
* Vinci Assumed Outperform at RBC; PT 130 euros
* Viridien Rated New Buy at Clarksons; PT 74 euros

>>> Call
* BA Owner’s Share Price Is 50% Undervalued, Liberum’s Khoo Says
* GSK’s Valuation Disconnect May Linger, Cut to Hold at Jefferies
* Wienerberger’s Revised Guidance to See Consensus Cuts, Citi Says