>>> Europe : Brokers Upgrades & Downgrades - 8th of November 2024

>>> Up
* BioNTech ADRs Raised to Buy at Goldman; PT $137
* Chemometec Raised to Hold at Nordea
* Equinor Raised to Buy at ABG; PT 325 kroner
* Great Portland Double-Upgraded at Citi, Best Value in a Decade
* IHG Raised at Peel Hunt on US Growth Outlook Following Election

>>> Down
* Airbnb Cut to Hold at Punto Casa de Bolsa; PT $157.52
* Celanese Cut to Underweight at Piper Sandler; PT $98
* Kambi Cut to Hold at Pareto Securities; PT 117 kronor
* Sandvik Cut to Hold at ABG; PT 230 kronor
* Verallia Cut to Hold at Berenberg

>>> Initiation


>>> Call
* Deutsche Bank Strategists See European Earnings Recovery in 4Q
* Great Portland Double-Upgraded at Citi, Best Value in a Decade
* IHG Raised at Peel Hunt on US Growth Outlook Following Election

>>> What to look at today - 8th of November 2024

Asian equities pared an earlier advance as investors awaited the outcome of a key legislature meeting in China that’s expected to unveil policy support to boost flagging growth. Chinese shares swung to a loss as traders debated whether any measures from the meeting of the Standing Committee of the National People’s Congress, the equivalent of the nation’s parliament, will be enough to counter the threat of higher tariffs under a second Donald Trump presidency. Elsewhere, stocks gained in Australia and Taiwan, helping push the region’s benchmark gauge higher for a second day. That was after the S&P 500 advanced 0.7% and the Nasdaq 100 jumped 1.5% as the Federal Reserve cut interest rates as economists forecast. European equity futures rose, while their US counterparts were little changed.  Possible measures from China may include support for local government debt and consumer spending, according to Michelle Lam, greater China economist at Societe Generale SA in Hong Kong. Any new policies must be balanced against the prospect of potential tariffs, she said, noting that the 60% levies proposed by Trump may fail to emerge. Thursday’s cross-asset rally was helped by comments from Fed Chair Jerome Powell who pointed to the strength of the US economy and said he doesn’t rule “out or in” a December rate cut. Powell added the election will have no effect on policy in the near term, and said he would not step aside if asked by Trump. Nissan Motor’s shares slumped as much as 10% in Tokyo, touching the lowest since October 2020, after the automaker said it will dismiss 9,000 workers and cut a fifth of its manufacturing capacity after net income plummeted in the first half. United Overseas Bank rose in Singapore as the lender said it plans to consider a share buyback and reported higher-than-expected earnings. Singapore banks are expanding wealth management services to generate extra fees and mitigate the impact of lower interest rates. Local Chinese banks are joining more higher-yielding offshore loans of mainland firms as rates fall at home amid monetary easing measures. South Korea said it will bolster its monitoring of financial markets and respond “actively” to ease any excessive volatility. Bloomberg’s dollar index edged higher in Asia after sliding 0.8% Thursday, its worst day since August. Australia’s dollar weakened against all its Group-of-10 peers amid jitters before the outcome of China’s key legislative meeting. Fed officials unanimously lowered the federal funds rate 25 basis points and tweaked language to note “labor market conditions have generally eased,” and repeated “the unemployment rate has moved up but remains low.” The statement removed the reference to “further” inflation progress, noting inflation “has made progress toward the committee’s 2% objective but remains somewhat elevated.” A Bloomberg gauge of the “Magnificent Seven” US megacaps gained 2.3%. Lyft Inc. jumped 23% after the ride-hailing company gave a bullish outlook. A closely watched gauge of banks dropped 2.7% after gaining over 10% in the previous session. JPMorgan Chase & Co. slid 4.3% after an analyst downgrade. Gold trimmed some of its advance from Thursday, while oil headed for a weekly gain. 

Nikkei +0.30% Hang Seng -0.79% CSI -1.07% Shanghai -0.65% Shenzen -0.37%

Eur$ 1.0777 CNH 7.1628 CNY 7.1511 JPY 152.76 GBP 1.2969 CHF 0.8728 RUB 97.8594 TRY 34.3641 WTI$ 71.75 -0.84% Gold 2,685.5 -0.79% BTC 75,940 -0.02% ETH 2,912 +0.61%

S&P +0.00% Nasdaq +0.02% EuroStoxx +0.12% FTSE +0.16% Dax +0.13% SMI

Macro :
- Deutsche Bank Strategists See European Earnings Recovery in 4Q
- Trump’s Tariff Plans to Loom Over Europe’s 2025 IPO Pipeline
- BlackRock Fund Powers US Bitcoin ETFs to a Record Daily Inflow

Keep an eye on :
- APAM NA : Aperam 3Q Adjusted Ebitda Beats Estimates
- AZN LN : Astrazeneca Plc: Tezspire met both co-primary endpoints in the Phase III WAYPOINT trial in patients with chronic rhinosinusitis
- BC8 GY : Bechtle 3Q Ebit Misses Estimates, Withdrew Forecast
- BA US : Reuters: Boeing CEO Kelly Ortberg said that employees furloughed during a seven-week strike by factory workers would be repaid
- BPOST BB : Bpost Sees FY Adjusted Ebit EU205M to EU230M, Est. EU206.6M
- IAG LN : IAG 3Q Revenue Beats Estimates
- IAG LN : IAG Announces Share Buyback Program of €350 Million
- ACA FP : Credit Agricole SA Share Repurchase Program Completed Nov. 6
- CVC NA : Offering of About 6m CVC Capital Shares via Goldman Sachs: Terms
- DNB NO : DNB’s Pillar 2 Requirement Reduced to 1.7% of TREA From 2.0%
- ENX FP : Euronext 3Q Adjusted Ebitda Beats Estimates
- FNTN GY : Freenet Boosts FY Free Cash Flow Forecast, Beats Estimates
- GRF SM : Grifols 3Q Adjusted Ebitda Meets Estimates
- HSBA LN : HSBC French Life Insurer Attracts Several Offers, Echos Says (3)
- IMCD NA : IMCD 9M Revenue EU3.58B Vs. EU3.38B Y/y
- INCY US : Betaville Mentionned after The closed +2%
- INPST NA : InPost 3Q Adjusted Ebitda Beats Estimates
- DEC FP : JCDecaux 3Q Adjusted Revenue Meets Estimates
- LEG GY : LEG Immobilien Sees 2025 AFFO EU205M to EU225M, Est. EU209.4M
- LightOn Ipo : LightOn Launches IPO on Euronext Growth Paris at €10.35/Shr
- MAERSKB DC : Maersk Says Canadian Port Strikes Are Affecting Operations
- BMPS IM : Monte Paschi 3Q Net Income Beats Estimates
- NEX FP : Nexans: Nexans to Sell Amercable to Mattr
- NEXI IM : Nexi 3Q Ebitda Meets Estimates
- 7201 JP : Nissan Shares Drop on Profit Warning, Plan to Slash Output (1)
- PIRC IM : Pirelli 3Q Adjusted Ebit Beats Estimates
- CFR SW : Richemont 1H Sales Misses Estimates
- SIFG NA : SIF Holding 9M Adj. Ebitda EU31.3M vs EU28.5M Y/Y
- TTE FP : Business Day.za: Court bid to block TotalEnergies gas project off west coast
- UNI IM : Unipol 9M Consolidated Net EU724M Vs. EU769M Y/y
- VGP BB : VGP 10-Month Annualized Committed Leases €394.3M, +12.4% YTD

>>> US After Hours Summary: Busy earnings session; DOCS +38%, LITE +24%, FIVN +2

After Hours Summary: Busy earnings session; DOCS +38%, LITE +24%, FIVN +22.1%, UPST +19%, TOST +17.1%, ALRM +11.7%, CARG +11.5%, SYNA +6.8% higher on earnings; EVH -35%, RDFN -13.9%, PINS -12.2%, TTD -10.3% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: DOCS +38%, LITE +24%, FIVN +22.1%, UPST +19%, TOST +17.1%, WBTN +16.5%, SEZL +15.8%, AXON +13.3%, BILL +12.6%, ALRM +11.7%, CARG +11.5% (also authorizes new $200 mln share repurchase program), G +11.1%, INGN +11%, ACVA +9.2%, INDI +8.5%, PBI +7.8%, AAOI +7.7%, FLYW +7.5%, SYNA +6.8%, LCID +6%, AAON +5.6%, VCTR +5.5% (also increases dividend), EXPE +5.3% (also CFO to step down), GRND +5.3%, ADMA +5.2%, PRA +4.7%, ADPT +4.6%, INVX +4.3%, OPK +4.1%, ASTH +3.8%, GCT +3.3%, KURA +3%, QDEL +3%, DIOD +2.6%, GPRO +2.6%, SOLV +2.6%, AMPL +2.5%, PODD +2.5%, DXC +2.4%, DH +2.1% (also authorizes new $100 mln share repurchase program), OVV +2%, RIVN +1.9%, RUN +1.7%, CYRX +1.6%, NWSA +1.6% (also CFO to step down, names new CFO), PEB +1.4%, RCKT +1.4%, CIVI +1.2%, ED +1.1%, OPEN +1.1%, CPAY +1% (also increases share repurchase authorization by $1 bln), COLL +0.8% (also names new CEO), GSAT +0.8%, ATEN +0.4% (also authorizes new $50 mln share repurchase program), DBX +0.4%, EOG +0.4% (also approves $5 bln increase to its share repurchase authorization; also increases dividend), ENV +0.2%, MLNK +0.2%, MSI +0.2%, REZI +0.2% (also CEO to retire; also Vice-Chair to become Chairman), OEC +0.1%

Companies trading higher in after hours in reaction to news: EB +7.5% (names new CFO), ACGL +3.6% (declares special cash dividend of $5/sh), UVV +2.8% (authorizes new $100 mln share repurchase program), TRML +2.7% (files $350 mln mixed shelf securities offering), RLI +2.2% (declares special cash dividend of $4/sh), GEHC +1.8% (announces offering for holders related to debt-for-equity exchange), TRIN +1.8% (authorizes new $30 mln share repurchase program), FORM +1.4% (announces partnership to develop test cell and measurement system), NRG +1.3% (partners with Renew Home), TEM +0.8% (clinical launch of its Immune Profile Score algorithmic test), BLK +0.7% (in early-stage discussions with Millennium about a strategic partnership, may take equity stake, according to FT.com), AMC +0.4% (announces AMC's Go Plan; to invest up to $1.5 bln over 4-7 years), GHM +0.3% (to construct cryogenic propellant testing facility), WFRD +0.3% (awarded a three-year contract), EFX +0.2% (says its CEO will remain beyond employment agreement in 2025), RTX +0.2% (RTX and Air New Zealand announce $150 mln expansion), HUM +0.1% (expands strategic medical oncology partnership with EVH), WGS +0.1% (announces results of an extensive study)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: EVH -35% (also expands strategic medical oncology partnership with HUM), AGL -25.1%, MRVI -23.7% (also to acquire the DNA and RNA business of Officinae Bio), ARLO -19.6%, RVNC -18.7%, PACB -14.1% (also announces convertible notes exchange), FIGS -13.9%, RDFN -13.9% (also files mixed shelf securities offering), PINS -12.2%, TDW -10.4%, TTD -10.3%, IOVA -9.4%, SG -9.4%, BLNK -9%, ESTA -8% (also announces $50 mln registered direct offering), AKAM -7.8%, SPT -7.7%, ADEA -7.7% (also files patent infringement lawsuits against DIS), NVEE -7%, STEP -7%, PDFS -7%, CPRI -6.7%, RXST -6.6%, NET -6.5%, ANET -6.1%, SEMR -6%, GDOT -5.9%, LGF.A -5.9%, DKNG -5.6%, U -5.3% (also names new CFO), AMN -5.1%, CABO -5%, GETY -5%, RRR -4.8%, CNH -4.8%, SVV -4.6%, MNST -4.4%, OS -4.3%, HASI -4.2%, FTNT -4.1%, ABNB -4%, ARRY -4%, OLO -4%, MNKD -3.9%, MGNI -3.6%, KTOS -3.4% (also Zeus 1 and Zeus 2 Rocket Motors complete first successful flight), YELP -2.8% (also to acquire RepairPal for $80 mln), WEST -2.7%, BE -2.6% (also announces landmark project to deliver fuel cells to largest single-site installation to date in history ; also announces major expansion of existing agreement with Quanta Computer; also announces an agreement with FPM Development), ETNB -2.6%, AVPT -2.4%, FROG -2.4%, HRB -2.4%, AFRM -2.1%, STN -2%, SMR -2%, FNKO -1.9%, RNG -1.9% (also names new CFO; also announces partnership with VRNT), LPRO -1.8%, XPOF -1.5%, LASR -1.4%, CLFD -1.3%, EXPI -1.3%, SQ -1.3%, AL -1.2%, MTD -0.7%, ALTM -0.5%, NUS -0.5%, ASLE -0.2%, BHF -0.2%, MP -0.2%, WTI -0.2%, DRH -0.1%, MTUS -0.1%

Companies trading lower in after hours in reaction to news: SERV -12.1% (to acquire the assets of Vebu), LTRX -9.2% (to acquire from NetComm Wireless), VLY -3.6% (stock offering), IONQ -3.4% (developing photonic ICs and chip-scale ion trap technology), NEXT -2.9% (provides Q3 update), ACHV -2.8% (stock offering by selling shareholders), TVTX -2.3% (stock offering), LW -1.9% (opens new facility in The Netherlands), CUZ -1.2% (commences 6 mln share offering), VTYX -0.4% (stock offering by selling shareholders), NGS -0.3% (names new CFO), INFA -0.2% (files mixed shelf securities offering; also selling shareholders commence 16 mln share offering), APTV -0.1% (names new Vice Chairman and new CFO)

The Information : Musk Could Prove China’s Ace in Dealing With Trump

Musk Could Prove China’s Ace in Dealing With Trump
Tesla wants approval for its full self driving software, China wants fewer tariffs

The Takeaway
Elon Musk has ties to President-elect Donald Trump and Chinese leaders, which may ease hostilities between the nations.

Donald Trump’s election could put Tesla CEO Elon Musk in a tough spot, caught between his support for the president-elect and Trump’s tough stance toward China, Tesla’s second-biggest market. But Musk could instead thrive by proving a valuable bridge between Trump and Chinese leader Xi Jinping.

Here’s why: Tesla’s electric vehicle sales in China have slipped over the past year even as EVs and plug-in hybrids have soared to more than half of new car sales in the country. Tesla’s problem: Its models are outdated and outstripped by zippy, tech-filled competition from Chinese rivals like Byd and Nio.

To get back on track, Tesla desperately needs to update its cars—specifically, equip them with autonomous-driving software, an increasingly decisive feature of EVs in the brutally competitive Chinese market. But to do so, it needs a permit, for which it’s still waiting despite a tentative green light from the country’s second-most-powerful official.

Some analysts think Trump’s victory Tuesday could give Musk leverage with Chinese officials—and accelerate approval of Tesla’s self-driving permit. But Xi may ask for something in return, such as persuading Trump to go easy on new tariffs or to scrap an effective U.S. ban on sales of Chinese EVs.

For Musk, the permit allowing Teslas equipped with Full Self Driving software is an urgent priority. Tesla had no real rivals for its prior product launches in China. Now it has fallen behind.

Multiple Chinese companies—from EV makers to tech giants to developers of self-driving software—are already using partial or full autonomous driving technology on urban roads. EV makers XPeng, Nio and Li Auto developed and operate advanced driver assistance systems, similar to Tesla’s FSD, which require drivers to keep their eyes on the road and hands on the wheel. Baidu, Momenta, Pony.ai and WeRide operate pilot robotaxi programs in several Chinese cities, using driverless software.

The main battleground in China is for ADAS in mainstream vehicles. Without it, you increasingly can’t compete: More than half of new cars sold in China last year included ADAS, according to Canalys, an industry research firm.

“China is by far the biggest potential market for advanced driver assistance systems. And it’s also the most competitive market,” said Gerhard Steiger, chair of Momenta’s European unit. “We strongly believe that nearly all new cars in China will eventually be equipped with higher levels of driver assistance systems as the cost of mass production comes down.”

A Go-between
If Musk serves as a go-between in U.S.-China relations, it won’t be the first time. In April 2018, during Trump’s first term as president, he imposed a 25% tariff on $50 billion of Chinese imports; China matched the tariffs in retaliation. For the next year, the two countries imposed new tariffs on each other.

Amid the tit-for-tat exchange, the Chinese government granted Tesla permission to make cars in the country without a local partner—the first foreign automaker it allowed to operate alone. The Shanghai government backed the plant with a 50-year land lease, a low-interest $520 million loan and low income taxes for four years.

Xi had multiple reasons to grant Tesla permission. For one, he wanted to light a fire under Chinese automakers, who he hoped would respond to Tesla’s advanced technology and style with competing models.

But it also was a bit of car diplomacy: In June 2019, Trump—meeting face to face with Xi—agreed to impose no new tariffs and Xi said China would buy an unspecified amount of U.S. farm products.

Xi’s move had its intended impact on China’s EV companies: Over the next six years, scores of them launched into a brutal competition to stand out. Byd emerged as China’s leading carmaker, producing dozens of models of EVs and plug-in hybrids. In October, it sold more than 500,000 units in a month for the first time. In the third quarter, Byd’s quarterly revenue surpassed Tesla’s for the first time, too, reaching $28.2 billion, compared with Tesla’s $25.2 billion.

Tesla’s China sales are falling—3% in the first 10 months of 2024. Byd, meanwhile, has already exceeded its 2023 sales and is on track to sell 33% more cars this year than last.

Tesla’s self-driving problems stem in part from China’s security restrictions. Last year, Chinese authorities banned Teslas from some government office areas, military zones and airports. But there also was the matter that, next to Chinese models, Tesla’s EVs started to look outmoded.

A Meeting With the Premier
In April, Musk made a surprise two-day trip to Beijing to try to lift the effective block on using FSD. In a meeting with China’s premier, Li Qiang, he got preliminary permission to use FSD in a limited pilot program in Shanghai. Musk asked for permission to bring a small fleet of Tesla’s prototype Robotaxis to Shanghai, but it’s not clear whether Li approved that or just the use of FSD in Tesla Models 3 and Y plying Shanghai roads. As a bonus, in a separate meeting, Musk sealed a deal with Chinese tech giant Baidu to use the group’s mapping and navigation systems, considered the best in the country. Musk did not respond to an email.

In June, Tesla said it had received final approval to start the FSD road test, but it is still held up. In a tweet in September, Tesla said it expected to have FSD in its cars on Chinese roads in the first quarter of next year; it wasn’t clear whether the company meant the pilot or cars for customers.

Meanwhile, Tesla’s biggest EV competitors in China, such as Byd and Nio, are equipping their vehicles with ADAS, in addition to driverless pilot programs, while software providers like Momenta are supplying their ADAS to more carmakers.

The question is whether Trump’s election will help Tesla: Analysts expect Musk’s relationship with Trump to smooth over issues like the stuck FSD permit. Chinese authorities, already friendly to Musk, could become even more so now. Musk may also engage in some diplomatic horse trading, using his closeness to Trump.

But Xi, regarded as a sophisticated negotiator by U.S. experts who have dealt with him, could seek to take advantage of Musk’s desire for FSD approval to gain leverage with Trump. One big potential ask is to lift an effective U.S. ban on Chinese EVs, imposed by President Joe Biden.

Trump might be open to that: In recent months, he has repeatedly invited Byd to build its cars in the U.S. He threatened 200% tariffs if it builds them in Mexico and attempts to export them into the U.S. tariff-free under the U.S.-Mexico-Canada Agreement.

Bill Russo, China-based founder of Automobility and Chrysler’s former head in the region, said he expects such diplomacy to take place but is skeptical that Musk will get a large share of the market for autonomous Chinese EVs. “Tesla’s going to get a lane, but it’s going to be a thin lane,” he said. “Fully self-driving vehicles deployed at scale in China—good luck with that.”

Tu Le, managing director of Sino Auto Insights, said he saw more room for give and take between Musk, Xi and Trump. For China, Tesla continues to be a prod to local carmakers to produce EVs with global appeal. Tesla also is the only automaker in China apart from Byd that produces EVs at large scale, helping make China the world leader in EV technology.

“Tesla needs China and China needs Tesla for the foreseeable future,” Le said. “The economy isn’t great. The Chinese government can use Tesla as an example of ‘Look at a successful foreign company doing business here.’”

WSJ : U.S. Cellular to Sell Some Spectrum Licenses to AT&T for $1.02B

U.S. Cellular to Sell Some Spectrum Licenses to AT&T for $1.02B
The transaction is contingent on an earlier deal with T-Mobile.

U.S. Cellular agreed to sell a portion of its retained spectrum licenses to AT&T T 1.22%increase; green up pointing triangle for a consideration of $1.02 billion.

Chicago-based U.S. Cellular, which caters mostly to rural customers across several states, said the purchase price is payable in cash. It noted that substantially all of the transaction is contingent on an earlier deal with T-Mobile.

“As with the other mobile network operators, we are confident that AT&T can put it to productive use in communities throughout the U.S.,” U.S. Cellular Chief Executive Laurent Therivel said.

T-Mobile US in May agreed to buy much of U.S. Cellular’s operations in a roughly $4.4 billion deal. The agreement, which includes up to $2 billion of assumed debt, would give T-Mobile more than four million new customers and a trove of valuable spectrum rights to carry more of their data over the air. The companies said they expect the deal to close in mid-2025.

U.S. Cellular said that, including the proposed deal with T-Mobile, it will have reached agreements to monetize about 70% of its total spectrum holdings.

Shares of U.S. Cellular rose 4% to $67.77 in premarket trading.

FT : John Wood shares slump 50 per cent after announcing review of write-offs

John Wood shares slump 50 per cent after announcing review of write-offs
Engineering company says the evaluation was prompted by ‘dialogue’ with its auditor

John Wood Group shares fell more than 50 per cent on Thursday as the UK energy engineering company announced an independent review of one of its core divisions following multimillion dollar write-offs this year.

Shares in the London-listed group, a subject of two failed takeover bids in the past 18 months, fell after it said had agreed to a review of its projects division “in response to dialogue with its auditor”. The division designs and procures for large engineering projects in sectors such as energy and mineral processing

Aberdeen-based Wood said the evaluation, to be undertaken by Deloitte, would include looking at governance and determining if there was a need for previously reported information to be restated.

It is a blow for Wood and chief executive Ken Gilmartin, who is under pressure to prove the company can implement a turnaround plan and succeed as an independent entity after a turbulent period.

Wood announced write-offs of almost $1bn in August after deciding to exit certain types of work and recognise costs related to legacy acquisitions, pushing the company into an operating loss of $899mn in the six months to June.

“This review will focus on reported positions on contracts in projects, accounting, governance and controls, including whether any prior year restatement may be required,” Wood said. “An update will be provided as appropriate following its conclusion.”

Wood, which employs about 35,000 on engineering and consulting projects across the world, has been struggling to turn its fortunes around after a £2.2bn takeover of Amec Foster Wheeler in 2017 saddled it with high debts and legal liabilities.

Earlier this year, the company was repeatedly pursued by Sidara, known as Dar Al-Handasah, in a bid that valued it at about £1.6bn. Dubai-based Sidara walked away in August, citing “geopolitical risks and financial uncertainty”.

It was the second potential deal for Wood to collapse in just over a year. Private equity company Apollo Global decided in May 2023 against concluding a 240p-a-share bid that valued Wood at about £2.2bn at the time, including debt. Wood is now worth about £431mn after Thursday’s decline.

The company has also come under pressure from some investors to move its listing from London, but Gilmartin rejected that and told the Financial Times in August that such a move would not solve the company’s problems.

In Thursday’s trading update, Gilmartin said Wood had a “mixed quarter” in the three months to September despite strong growth in its operations division, which maintains and manages projects.

The projects division had a disappointing quarter after it was “impacted by delayed awards in our chemicals business and our continued weakness in minerals and life sciences”, he said. 

Group revenue for the first nine months of the year fell about 3 per cent to $4.3bn, and the company reiterated a full-year guidance of “high single-digit growth”. 

Analysts at Citi said the trading update was “below market expectations” and they “would like to see improved operational delivery”. 

>>> US Research Calls I

Research Calls I

  • Upgrades:
    • Clearwater Analytics (CWAN) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $33
    • McKesson (MCK) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $688
    • Sarepta Therapeutics (SRPT) upgraded to Overweight from Neutral at Cantor Fitzgerald; tgt raised to $167
    • Schneider National (SNDR) upgraded to Buy from Underperform at BofA Securities; tgt $34
    • Sinclair Broadcast (SBGI) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $19
    • Super Group (SGHC) upgraded to Outperform from Perform at Oppenheimer; tgt $6
    • Telephone & Data (TDS) upgraded to Outperform from Mkt Perform at Raymond James; tgt $51
    • US Cellular (USM) upgraded to Outperform from Mkt Perform at Raymond James; tgt $86
    • Zymeworks (ZYME) upgraded to Outperform from Market Perform at Leerink Partners; tgt raised to $25
  • Downgrades:
    • Array Tech (ARRY) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $7
    • Array Tech (ARRY) downgraded to Neutral from Buy at Guggenheim
    • Atlas Energy Solutions (AESI) downgraded to Neutral from Buy at Goldman; tgt lowered to $21
    • Coty (COTY) downgraded to Underweight from Equal Weight at Barclays; tgt lowered to $7
    • Crocs (CROX) downgraded to Hold from Buy at Loop Capital; tgt lowered to $110
    • Devon Energy (DVN) downgraded to Hold from Buy at Truist; tgt lowered to $43
    • Dollar Tree (DLTR) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Duolingo (DUOL) downgraded to Neutral from Buy at Seaport Research Partners
    • D.R. Horton (DHI) downgraded to Mkt Perform from Outperform at Raymond James
    • Enphase Energy (ENPH) downgraded to Underperform from Hold at Jefferies; tgt lowered to $61
    • Essential Utilities (WTRG) downgraded to Hold from Buy at Jefferies; tgt lowered to $41
    • Five Below (FIVE) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Ford Motor (F) downgraded to Mkt Perform from Outperform at Bernstein; tgt $11
    • HubSpot (HUBS) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $640
    • JPMorgan Chase (JPM) downgraded to Underperform from Neutral at Robert W. Baird; tgt $200
    • KeyCorp (KEY) downgraded to Neutral from Buy at Citigroup; tgt $19
    • Lemonade (LMND) downgraded to Underperform from Mkt Perform at Keefe Bruyette; tgt raised to $21
    • MacroGenics (MGNX) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
    • Meritage (MTH) downgraded to Mkt Perform from Outperform at Raymond James
    • Nikola Corporation (NKLA) downgraded to Neutral from Buy at Bryan Garnier
    • Palantir Technologies (PLTR) downgraded to Underperform from Hold at Jefferies; tgt $28
    • SolarEdge Technologies (SEDG) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $9
    • SolarEdge Technologies (SEDG) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $14
    • Sunnova Energy (NOVA) downgraded to Neutral from Buy at Guggenheim
    • Sunrun (RUN) downgraded to Neutral from Buy at Guggenheim
    • Sunrun (RUN) downgraded to Sell from Hold at GLJ Research
    • Sun Communities (SUI) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $126
  • Others:
    • Allegro Microsystems (ALGM) initiated with an Equal-Weight at Morgan Stanley; tgt $21
    • Edison (EIX) initiated with a Buy at Jefferies; tgt $93
    • Martin Marietta (MLM) initiated with a Buy at UBS; tgt $730
    • Vulcan Materials (VMC) initiated with a Buy at UBS; tgt $349

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • APPS -38.6%, CDLX -30.9%, WOLF -25.2%, CRSR -17.3%, SEDG -17.1% (also names new Chairman), MTCH -14.1%, YOU -11.8%, DNUT -11.8%, ARHS -11.2%, DT -10.7%, KVYO -10.1%, CLOV -9.2%, MELI -8.4%, CTVA -7.8%, SUI -6.6% (also announces restructuring and CEO retirement), ARM -6.2%, RXO -6%, BMBL -5.9%, JXN -5.7%, ASH -5.6%, DV -5.4%, XPEL -5.4%, TRIP -5.2%, ACLS -5.1%, IPAR -5%, PRVA -5%, OLPX -5%, DUOL -4.9%, CLNE -4.9%, XRAY -4.9%, PTC -4.7% (also authorizes new $2 bln share repurchase program), GEO -4.7%, JANX -4.5%, OSUR -4.5%, KAR -4.5%, HAIN -4.5%, SPTN -4.5%, IBP -4.5%, KRUS -4.3%, BYND -4.1%, NABL -4.1%, TNDM -3.9%, OSCR -3.8%, BTG -3.5%, HSY -3.4%, DDOG -3.4%, COTY -3.2%, CCOI -3.2%, AMC -3.1%, KW -3.1%, HL -3.1%, TS -3% (also approves a $700 mln follow-on share buyback program), RXRX -2.9%, IIPR -2.9%, TPC -2.9%, BKH -2.9%, HGV -2.9%, CCJ -2.7%, ROK -2.7%, JOBY -2.4%, WES -2.4%, RGNX -2.4%, ORA -2.4%, TDG -2.4%, RDN -2.3%, PBH -2.3%, PRKS -2.3%, BSY -2.3%, POWI -2.2%, CCRN -2%, APD -2%, TEF -2%, NFE -2%, PZZA -1.9%, CARS -1.9%, PCRX -1.8%, GOLD -1.8%, ALB -1.7% (also provides update on operating structure review; announces a 6-7% workforce reduction), FSLY -1.6%, VCYT -1.6%, FWRG -1.6%, IONQ -1.5% (also to acquire Qubitekk; also partners with ANSS to enhance engineering simulation), KROS -1.5%, TAP -1.5%, AGI -1.4%, UPB -1.4%, NTR -1.2%, CSGS -1.2%
Other news:
  • SPCE -11.7% (enters at-the-market equity program)
  • BIRD -5.7% (signs agreements with distributors in Europe and Latin America)
  • CNTX -5.4% (files $250 mln mixed shelf securities offering)
  • ADPT -5.2% (receives expanded medicare coverage of clonoSEQ for assessing measurable residual disease in mantle cell lymphoma)
  • ALKT -4.6% (prices secondary offering of 7.5 mln shares of common stock)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • APP +32.6% (also increases its share repurchase authorization by $2 bln), LYFT +23.9%, FRSH +19.6% (also authorizes new $400 mln share repurchase program), GH +19.2%, BROS +18.3%, ZG +13.5%, OPFI +12.6%, WAY +11.7%, MKSI +11.3%, EPAM +11%, UAA +10.3%, ELF +10.2%, MEOH +10%, ECG +9.6%, DCO +8.9%, ML +8.6%, MRNA +8.5%, ZIP +7.3%, ASPN +7.1%, UPWK +7% (also to acquire Objective AI, announces new $100 mln share repurchase auth), CPRX +6.9%, STRA +6.8%, BBSI +6.6%, MCK +6.4%, LZ +6.1%, ALNT +6%, QCOM +6% (also authorizes a new $15 bln stock repurchase plan; also files mixed shelf securities offering), CERT +5.9%, HUBS +5.8%, SRAD +5.8%, NVMI +5.6%, COHR +5.5%, ACMR +5.5%, AU +5.4%, CEVA +5.3%, VTLE +5.2%, LFST +5.2%, YETI +5.2%, TPR +5.2%, MRX +5.1%, CDRE +5%, INSW +5%, TGLS +5%, GOLF +4.6%, TTWO +4.5%, RAMP +4.5%, FSM +4.5%, GERN +4.4%, MODV +4.3%, GOOS +4.1%, HIMX +4%, REAX +3.9%, ENLC +3.8%, LTM +3.8%, MT +3.7%, LSPD +3.7%, NVGS +3.6%, VYX +3.6%, NXST +3.6%, CXW +3.5%, HCAT +3.5% (also to acquire Intraprise Health), SBGI +3.3%, TBLA +3.3%, CDE +3.2%, TPX +3.2%, NTLA +3.2%, HST +3.1%, HBI +3.1%, CRH +3%, ACIW +2.9%, PLTK +2.9%, RPRX +2.8%, VITL +2.8%, RCUS +2.5%, MTSI +2.5%, SEE +2.4%, AMED +2.3%, ARDT +2.3%, MXCT +2.3%, MUR +2.3%, LCII +2.3%, RLJ +2.2%, JAZZ +2%, GILD +1.9%, QGEN +1.9%, IMVT +1.8%, BKE +1.7% (Comps), MLTX +1.7%, SRPT +1.6%, VTRS +1.6%, ANSS +1.5%, KD +1.5%, BAK +1.5%, EYPT +1.5%, SITM +1.4%, TRP +1.4%, RNR +1.3% (also increases share repurchase auth to $750 mln), CLDX +1.3%, HAE +1.3%
Other news:
  • EBS +22.8% (brincidofovir will be included in a clinical trial)
  • SWTX +13.5% (announces that long-term efficacy and safety data from the Phase 3 DeFi trial of nirogacestat)
  • CDMO +11.7% (to be acquired for $12.50/sh by investment firms)
  • BBIO +2.5% (Viking Global (Andreas Halvorsen) affirmed 13.4% active stake)
  • PACB +2.3% (Unveils the Vega System, a New Sequencing Platform Bringing HiFi to the Benchtop)
  • IMVT +1.8% (reports development updates)