TheChek News Flow

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

XOM -5.6% (guidance), GBX -4.5%

Select oil/gas related names showing early weakness:

XOM -5.6%, XLE -4.7%, HAL -4.1%, PSX -3.9%, SHEL -3.7%, TTE -3.3%, BP -3.2%, SLB -2.3%,

Other news:

TBN -22.9% (prices offering of 2,956,602 shares of Common Stock at $35.00)
USO -12.5% (Crude oil collapses after 2-week ceasefire agreement)
LXU -11.6% (settlement related to construction of ammonia plant)
BETR -11.3% (announces pricing of public offering of class A common stock)
VET -10.6% (reports Q1 production; advances portfolio repositioning)
STNG -2.4% (prices $325 mln convertible notes; to repurchase ~$100 mln of stock)
MGPI -1.7% (to idle two distilling operations; reaffirms FY26 guidance)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

DAL +10.6%, RPM +10.4%, LEVI +10.3% (also CFGO to retire), AEHR +8.5%, OR +5.7%, PXED +5.1% (also authorizes new $50 mln share repurchase program), UMC +3.3% (March sales), NRIX +1%

Select Index ETFs trading higher:

IWM +3.6%, QQQ +3.4%, SPY +2.7%, DIA +2.6%

Other news:

OSCR +11.3% (CEO bought 1 mln shares worth ~$11.9 mln)
PONY +8% (launches first commercial robotaxi service in Europe)
RGTI +7.9% (general availability of Cepheus-1-108Q)
NNE +7.5% (confirms it has recently submitted a private proposal to Dioxitek S.A., an Argentinian state-owned nuclear fuel cycle and uranium dioxide production company) IPHA +7.4% (to present at the AACR 2026 Oncology Industry Partnering Event)
ANIP +7.1% (FDA approval and launch of Isosorbide Mononitrate Tablet - generic version of the reference listed drug (RLD) Monoket)
BLCO +6.8% (FDA has granted 510(k) clearance for the Bi-Blade+ advanced dual-port vitrectomy cutter and the Adaptive Fluidics advanced update on the Stellaris Elite Vision Enhancement System)
KDK +6.3% (expands autonomous trucking beyond the Sunbelt)
MESO +6.2% (receives FDA clearance to begin registrational DMD trial for Ryoncil)
ATAI +6.2% (BPL-003 shows rapid, durable antidepressant response in treatment-resistant depression patients on SSRIs; Phase 2a Data Published in CNS Drugs)
APP +6% (names new CTO and new Chairperson)
LITE +5.8% (entered into privately-negotiated exchange agreements; expected to close on or about April 13)
SMCI +5.5% (provides update on investigation)
EQ +5% (stock offering by selling shareholders)
ECX +5% (explores acquisition of DreamSmart IP and minority stake to strengthen OS capabilities)
TLRY +5% (launch of PORTAL)
KEEL +4.9% (files mixed securities shelf offering)
DBD +4.8% (to join S&P SmallCap 600)
WLTH +4.4% (March monthly metrics)
GRAL +4.2% (collaboration with Epic)
BLRX +4% (collaborator initiates Phase 1/2a GBM trial for novel TET2 activator)
VALE +3.8% (accelerates Oman maintenance outages, according to Bloomberg)
YOU +3.5% (CLEAR1 achieves FedRAMP ‘In Process' status, advancing federal market opportunity)
GTX +3.4% (showcases oil-free compressor tech targeting data center and industrial cooling growth)
NTNX +3.3% (authorizes $750 mln increase to its share repurchase program)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
- LEVI +10.7%, OSCR +10.4%, KDK +9.1%, AEHR +8.6%, PONY +8.2%, RGTI +7.9%, ATAI +7.8%, NNE +7.4%, APP +5.9%, GRAL +5.8%, VALE +5.4%, MESO +5.4%, SMCI +5.3%, LITE +5.2%, ECX +5%, GTX +5%, DBD +4.8%, WLTH +4%, UMC +3.9%, NTNX +3.7%, YOU +3.7%, IWM +3.6%, BLRX +3.5%, QQQ +3.4%, NRIX +3.2%, SPY +2.6%, LGN +2.6%, DIA +2.4%, INSM +2.1%, GSK +2%, VISN +2%
Gapping down:
- TBN -22.6%, USO -11.8%, LXU -9.6%, VET -7.5%, PSX -5.6%, GBX -5.5%, KRUS -5.5%, XOM -5.2%, XLE -4.7%, BP -3.7%, SHEL -3.6%, TTE -3.5%, HAL -3.3%, SLB -2.9%, SLB -2.9%, STNG -1.8%, MGPI -1.7%

FT : Hedge funds suffered worst losses since Covid in Iran war turmoil

Hedge funds suffered worst losses since Covid in Iran war turmoil

Managers have struggled to navigate huge market swings sparked by conflict

Hedge funds were blindsided by the onset of the US and Israeli war with Iran last month, suffering their biggest losses since the lockdowns in March 2020 shuttered the global economy at the start of the Covid-19 pandemic.

The flagship hedge fund performance index of data provider HFR recorded a 3.1 per cent fall last month, more than any month since a 9.1 per cent drop six years ago.

Hedge funds have struggled to get to grips with violent market swings, often provoked by US President Donald Trump’s social media posts. Oil prices soared above $110 a barrel in recent weeks as Iran has closed the Strait of Hormuz, a vital oil shipping route.

Having threatened to “end” Iranian civilisation earlier this week, Trump announced a 14-day ceasefire this morning, which sent Brent crude oil prices tumbling below $95 a barrel and sparked big rallies in stocks and bonds.

“I’ve been managing money for 40 years and I’ve never been less certain on how things are going to turn out,” said one macro hedge fund manager.

Major multi-manager hedge funds such as Ken Griffin’s Citadel, Izzy Englander’s Millennium Management and Dmitry Balyasny’s eponymous firm were down 1.9 per cent, 1.2 per cent and 4.3 per cent in their flagship funds for March respectively, according to people familiar with the returns.

But the pain was most acute among macro hedge funds that trade assets such as bonds and currencies to make bets on economic trends.

After anticipating interest rate cuts before the war, markets quickly became far more pessimistic about inflation and priced in several rate increases.

That shift inflicted big losses on so-called steepener trades, bets that shorter-dated bonds will perform better than longer-dated ones.

“Rates got hit particularly hard right at the beginning and that was where most of the losses were concentrated,” said one person at a big multi-manager hedge fund. “Just brutal.”

Gold, a traditional safe haven during times of intense volatility, did not protect hedge funds from the intense volatility in markets either.

The macro fund of London-based Caxton fell 15 per cent to March 20, while Citadel’s fixed income fund GFI was down 8.2 per cent in March. ExodusPoint, a multi-manager hedge fund that specialises in macro bets and bond trading, was down 4.5 per cent for the month while macro hedge fund Brevan Howard’s master fund was down 6.6 per cent.

Citadel, Millennium, Balyasny, ExodusPoint and Brevan all declined to comment. Caxton did not respond to a request for comment.

Kenneth Heinz, president of HFR, said that many large hedge funds actually made money on oil wagers; the trouble was they lost even more on other positions including bonds.

“There were not enough long oil to offset the rapid repricing of the dovish interest rate and positive growth scenario that people had priced in for 2026,” he said.

>>> Europe : Brokers Upgrades & Downgrades - 8th of April 2026

>>> Up

* AIB Group PT Raised to 11.45 euros from 10.95 euros at Davy (+)

* Bank of Ireland PT Raised to 22.11 euros at Davy (+)

* Deere Raised to Hold at Jefferies; PT $550

* Perella Weinberg Partners Raised to Outperform at KBW; PT $21

* PJT Partners Raised to Outperform at KBW; PT $166

* RELX Raised to Buy at Citi

* Rightmove Raised to Neutral at Citi
* Spie Raised to Overweight at Morgan Stanley; PT 51 euros

* Stadler Rail Raised to Outperform at ZKB (+)

* Viasat Raised to Equal-Weight at Barclays; PT $49 (+)

* Volution Raised to Outperform at Davy; PT 700 pence (+)

>>> Down

* AQ Group Cut to Hold at Pareto Securities; PT 202 kronor

* Autotrader Group PLC Cut to Neutral at Citi

* Balder Cut to Hold at ABG; PT 60 kronor

* BHG Group Cut to Hold at Danske Bank Markets; PT 26 kronor (+)

* Coinbase Cut to Underweight at Barclays; PT $140

* Diamondback Cut to Neutral at Roth Capital Partners; PT $200

* Fabege Cut to Sell at ABG; PT 75 kronor

* H&M PT Cut to 120 kronor from 130 kronor at Morgan Stanley

* Hemnet PT Cut to 106 kronor from 149 kronor at JPMorgan

* InPost Cut to Hold at HSBC; PT 15.50 euros

* Kion PT Cut to 46 euros from 63 euros at Citi

* Lanxess Cut to Hold at mwb research AG; PT 17 euros (+)

* Lazard Cut to Market Perform at KBW; PT $47

* Magnolia Oil & Gas Cut to Neutral at Roth Capital Partners

* Matador Resources Cut to Neutral at Roth Capital Partners

* OMV Cut to Underperform at Grupo Santander; PT 61 euros

* Permian Resources Cut to Neutral at Roth Capital Partners

* Platzer Cut to Sell at ABG; PT 65 kronor

* Repsol Cut to Neutral at Grupo Santander; PT 26.50 euros

* Senior Cut to Hold at Panmure Liberum; PT 300 pence

* SM Energy Cut to Neutral at Roth Capital Partners; PT $33

* Solaria Energia Cut to Neutral at BofA

* Talos Energy Cut to Neutral at Roth Capital Partners; PT $16

* Tele2 Cut to Hold at Nordea
* Verizon Cut to Hold at DBS Bank; PT $52

* Verve Group Cut to Accumulate at Inderes; PT 1.65 euros

* Vopak Cut to Neutral at Oddo BHF; PT 50 euros

* Wallenstam Cut to Sell at ABG; PT 40 kronor

>>> Initiation

* Capital Tankers Rated New Buy at Fearnley; PT 166 kroner (+)

* Linde Rated New Buy at William O'Neil

* NTG Nordic Transport Group Rated New Buy at ABG; PT 255 kroner
* Prysmian Reinstated Buy at William O'Neil

* Selectirente SCA Rated New Buy at Euroland Corporate (+)

* STMicro Reinstated Buy at William O'Neil

* Vestas Rated New Buy at William O'Neil

>>> Call

* Barclays’s Cau Says Stocks Prone to ‘Powerful Short Squeeze’ (+)

* Citi Shuffles European Media Ratings Over AI, Mideast War Impact (+)

* H&M PT Cut to New Street-Low at Morgan Stanley After Results

* Spie Raised to Overweight at Morgan Stanley on Positive Backdrop
* Vopak Downgraded at Oddo BHF on Exposure to Middle East Flows

(BFW) Danone Working on Potential Purchase of Mead Johnson: La Lettre

>>> What to look at today - 8th of April 2026

Oil fell the most in almost six years and stocks surged after the US and Iran agreed to a two-week ceasefire, giving markets a respite from the turbulence driven by the Middle East conflict. West Texas Intermediate tumbled as much as 19% after President Donald Trump agreed to suspend bombing of Iran in a move that will help restore oil flows through the Strait of Hormuz. Iran said safe passage through the waterway will be possible during that period. Global benchmark Brent crude slid 13% to about $95 per barrel. MSCI’s Asia Pacific equity index jumped 4.5% to a three-week high as traders bet lower oil prices will help contain inflation and revive economic growth. Stock-index futures for Wall Street gauges rose more than 2% and European contracts surged 5%. Treasuries rallied as easing price pressures encouraged traders to revive bets on Federal Reserve interest-rate cuts. A gauge of the dollar, which emerged as the haven of choice during the conflict, fell 0.7%, while gold rose. The ceasefire proposal — announced just hours before a Trump deadline to escalate bombing of Iran — is reviving risk sentiment after turmoil that drove stocks lower and pushed several gauges into correction territory since the Middle East war began six weeks ago. For the cross-asset relief rally to hold, traders will need confirmation that the ceasefire will last and energy flows through the Strait of Hormuz normalize, analysts said. Trump announced the agreement hours after Pakistan, a mediator in talks, implored the US leader to back off his deadline to unleash massive devastation on Iran. The deal buys time for the two sides to reach a longer agreement to end the war, which has killed thousands of people and sparked a global energy crisis. Trump’s decision represents a dramatic climb-down from a bellicose social media post earlier Tuesday, in which he warned “a whole civilization will die tonight, never to be brought back again” if Iran didn’t give in. Some investors remained skeptical. A key test for investors will be whether oil and gas flows through the Strait of Hormuz remain uninterrupted. Safe passage through the waterway will be possible via coordination with Iran’s armed forces and with “due consideration of technical limitations,” Iranian Foreign Minister Abbas Araghchi said in a post on X. Shipowners are scrambling to understand the fine print in the ceasefire, hoping to take advantage of a potential window to extract more than 800 vessels trapped in the Persian Gulf. US After Hours PXED +7.9%, LEVI +6.5% higher on earnings; OSCR +6% as CEO bought shares; DBD +3.8% to join S&P SmallCap 600.

Nikkei +5.30% Hang Seng +3.13% CSI +3.15% Shanghai +2.30% Shenzen +3.89%

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

S&P +2.56% Nasdaq +3.26% EuroStoxx +5.35% FTSE +2.86% Dax +5.20% SMI

Macro :
- Goldman, JPMorgan Traders Map Stock Outcomes as War Risks Rise

- DOT Secretary Duffy Says There’s ‘Room’ for US Airline Mergers

- US carmakers accuse EU of blocking supersized pick-up trucks from roads

- TikTok Plans to Invest $1.16b for Next Finland Data Center: Rtrs

Keep an eye on :

- AIR FP : Oil Surge May Drive Airlines to Buy New Jets, Airbus Says

- AAPL US : Apple’s Foldable iPhone Remains on Track for September Debut

- BA US : Boeing Having a ‘Comeback Story,’ Transportation Secretary Says

- CVX US : Chevron Awards CEO Wirth 3.9% Salary Increase to $1.98M in 2026

- BN FP : Danone Working on Potential Purchase of Mead Johnson: La Lettre

- DBD US : Diebold Nixdorf to Join S&P SmallCap 600 Chevron Awards CEO Wirth 3.9% Salary Increase to $1.98M in 2026

- ELD CN : Eldorado Gold Wins Investor Support to Buy Foran

- EMEIS FP : Emeis to Propose Olivier Dussopt as Chairman of Board

- ENGI FP : Engie Reports Near 400 MW BESS Projects in Europe

- ERA FP : Eramet’s top shareholder weighs exit as $500mn capital raise looms

- EVT GY : Evotec FY Adjusted Ebitda Beats Estimates

- FM CN : First Quantum Gets Panama OK to Process Cobre Ore Stockpile

- GAMA LN : Gamma Communications Is Said to Explore Options Including Sale, Gamma Communications Confirms Talks With Potential Bidders

- HTZ US : Hertz, Avis Shares Rally as Manheim Used Vehicle Index Jumps

- INSM US : Insmed Provides Clinical Update on Phase 2b CEDAR Study

- INTC US : Intel Partners With SpaceX, Tesla to Operate New Chip Plant - WSJ

- LSG NO : Leroy Prelim 1Q Norway Farming Harvested Volume Beats Estimates

- MAERSKB DC : Maersk Vessel Hit by Projectile at Hormuz Strait: ShippingWatch

- BMPS IM : Monte Dei Paschi Di Siena Ends Luigi Lovaglio Labor Contract

- NATU3 BZ : Natura Says Advent Affiliates To Buy Shares, Don’t Have Any Now

- NVDA US : Bain Data Center Unit Cuts Ties With Nvidia Buyer After US Probe

- ORCL US : Pimco Said to Weigh $14 Billion Debt Deal for Oracle Data Center

- Perplexity IPO : Perplexity Revenue Jumps 50% in a Month, FT Reports

- RECSI NO : REC Silicon Received Subscriptions for About 153M Offer Shares

- RDC GY : Redcare Pharmacy NV Prelim 1Q Revenue EU848M

- RCO FP : Rémy Cointreau Starts Transformation Plan To Boost Profitability

- SUBC NO : Subsea 7, SLB OneSubsea Sign Strategic Agreement With Petronas

- TEF SM : Telefonica Sells Mexico Unit to Group for $450 Million

- UBSG SW : UBS Loses Legal Bid to Modify 1999 Holocaust Asset Settlement

- VET CN : Vermilion Energy Prelim 1Q Avg Production About 125,000 BOE/D