>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • FANH +0.7%
Other news:
  • SEDG +6.7% (announced that Zvi Lando has stepped down as SolarEdge's CFO)
  • XPEV +3.7% (was informed by Xiaopeng He, the co-founder, executive director, chairman, chief executive officer and a controlling shareholder of the Company, that he had purchased in the open market)
  • JOBY +1.4% (autonomous logistics aircraft operations in an evolving mission environment, in partnership with the U.S. Air Force during the ‘Agile Flag 24-3' exercise)
  • X +0.7% (Nippon Steel takeover of US Steel is being impacted by both political and labor opposition, according to NY Times)
  • VVX +0.7% (receives $747 million contract for crucial F-5 aircraft maintenance)
  • NSC +0.6% (reaches tentative collective agreements with four labor unions)

>>> US Research Calls I

Research Calls I
  • Upgrades:
    • American Homes 4 Rent (AMH) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $42
    • BJ's Wholesale (BJ) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $78
    • Camden Property (CPT) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $127
    • Kymera Therapeutics (KYMR) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $65
    • Mid-America Aptmt (MAA) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $174
    • Ollie's Bargain Outlet (OLLI) upgraded to Buy from Accumulate at Gordon Haskett; tgt raised to $107
    • Petrobras (PBR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $20
    • Xcel Energy (XEL) upgraded to Buy from Hold at Argus; tgt $68
  • Downgrades:
    • BlackRock TCP Capital (TCPC) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $8
    • Compania Cervecerias Unidas (CCU) downgraded to Sell from Neutral at Goldman; tgt $10.50
    • Enova International (ENVA) downgraded to Neutral from Buy at Janney
    • Equity Residential (EQR) downgraded to Equal Weight from Overweight at Wells Fargo; tgt raised to $77
    • Invitation Homes (INVH) downgraded to Equal Weight from Overweight at Wells Fargo; tgt raised to $38
    • MoonLake Immunotherapeutics (MLTX) downgraded to Peer Perform from Outperform at Wolfe Research
    • Oaktree Specialty Lending Corp (OCSL) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $17
    • Premier (PINC) downgraded to Hold from Buy at The Benchmark Company
    • Wayfair (W) downgraded to Hold from Buy at Argus
  • Others:
    • Cormedix (CRMD) initiated with a Buy at Rodman & Renshaw; tgt $13
    • First Bancorp (FBP) resumed with a Neutral at Piper Sandler; tgt $22
    • FTAI Aviation Ltd. (FTAI) resumed with a Buy at BTIG Research; tgt raised to $140
    • OFG Bancorp (OFG) resumed with an Overweight at Piper Sandler; tgt $49
    • Popular (BPOP) resumed with an Overweight at Piper Sandler; tgt $112
    • PTC Therapeutics (PTCT) resumed with a Buy from Neutral at UBS; tgt $47
    • Summit Materials (SUM) initiated with an Overweight at Morgan Stanley; tgt $51

>>> US Weekend Reading Summary

Weekend Reading Summary
Macro Related:
  • Israel launched preemptive strike against Hezbollah targets in southern Lebanon and Hezbollah fired rockets in response (EIS, USO, XLE). CNN
  • Israel and Hezbollah signal willingness to avoid wider conflict. WSJ
  • President Biden is expected to announce steep tariff increases on certain imports from China this week (FXI). Reuters
Stock Specific:
  • Positive views on GM and IAC. Barron's
  • Positive views on HON, JCI, ITW, EMR, CHRW, CAT, AOS. Barron's
  • Positive and cautious view on how Harris administration could impact markets. Barron's
  • Mixed views on robotaxi competition (TSLA, UBER, GM). Barron's
  • Elliott considers bid for Citgo (USO, XLE). Bloomberg
  • Seattle airport was impacted by cyberattacks (JETS, UAL, AAL, DAL, JBLU, SAVE, HA, LUV). Seattle News
  • Apple (AAPL) considers moving into robotics industry (IRBT). Bloomberg
  • A fire occurred at a Rivian (RIVN) plant parking lot. Reuters
  • Lululemon (LULU) having success with less expensive versions of premium products. WSJ
  • Nestle (NSRGY) aiming to keep its Health Science business. Reuters
  • Johnson & Johnson (JNJ) in discussions with holdouts regarding talc settlement. Reuters
  • Unilever (UN, UL) mulling sale of Kate Somerville brand. Sky News
  • Telegram CEO Pavel Durov was detained by French authorities (META, SNAP). WSJ
  • Edgar Bronfman wants to partner Paramount (PARA) with Amazon (AMZN) and Apple (AAPL). Bloomberg
  • IBM (IBM) tells employees it's closing its China R&D division. WSJ
  • Didi Global (DIDAY) in discussions to sell its smart driving and cockpit assets. Reuters
  • Analysts expect strong cash flows in defense sector (LMT, NOC, GD, LHX). FT
  • Former President Trump says he doesn't think Tesla (TSLA) CEO Elon Musk will have time to be in his cabinet. CNBC
  • World Health Organization regulations are slowing release of Mpox vaccines (SIGA, GOVX, AEMD, INO, CMRX, TNXP, CODX, VRAX, BVNRY, BNTX). NY Times

>>> Europe : Brokers Upgrades & Downgrades - 26th of August 2024 V3(++)

>>> Up
* Elia Group Raised to Outperform at Oddo BHF; PT 112 euros
* Huscompagniet Raised to Buy at Nordea; PT 75 kroner
* MPC Container Ships ASA Raised to Buy at Arctic Securities (+)
* Optomed Raised to Accumulate at Inderes; PT 5.70 euros
* Petrobras ADRs Raised to Overweight at Morgan Stanley; PT $20
* Rieter Raised to Add at Baader Helvea; PT 116 Swiss francs
* Sagax Raised to Buy at SEB Equities; PT 318 kronor

>>> Down
* DocMorris AG Cut to Hold at M.M. Warburg; PT 50 Swiss francs (+)
* Haugesund Sparebank Cut to Sell at Norne Securities (++)
* Instalco AB Cut to Hold at Kepler Cheuvreux; PT 49 kronor (++)
* Kellanova Cut to Neutral at DA Davidson; PT $83.50
* Nykode Therapeutics Cut to Neutral at Kempen & Co; PT 10 kroner (++)
* Royal Unibrew Cut to Hold at Jyske Bank; PT 590 kroner (+)
* Sensirion Cut to Hold at Stifel; PT 75 Swiss francs
* Seplat Energy Cut to Hold at Vetiva Capital Management Ltd (++)
* Sparebank 1 Oestlandet Cut to Neutral at SpareBank

>>> Initiation
* Public Property Invest Rated New Buy at ABG; PT 25 kroner

>>> Call

>>> Europe : Brokers Upgrades & Downgrades - 26th of August 2024 V2(+)

>>> Up
* Elia Group Raised to Outperform at Oddo BHF; PT 112 euros
* Huscompagniet Raised to Buy at Nordea; PT 75 kroner
* MPC Container Ships ASA Raised to Buy at Arctic Securities (+)
* Optomed Raised to Accumulate at Inderes; PT 5.70 euros
* Petrobras ADRs Raised to Overweight at Morgan Stanley; PT $20
* Rieter Raised to Add at Baader Helvea; PT 116 Swiss francs
* Sagax Raised to Buy at SEB Equities; PT 318 kronor

>>> Down
* DocMorris AG Cut to Hold at M.M. Warburg; PT 50 Swiss francs (+)
* Kellanova Cut to Neutral at DA Davidson; PT $83.50
* Royal Unibrew Cut to Hold at Jyske Bank; PT 590 kroner (+)
* Sensirion Cut to Hold at Stifel; PT 75 Swiss francs
* Sparebank 1 Oestlandet Cut to Neutral at SpareBank

>>> Initiation
* Public Property Invest Rated New Buy at ABG; PT 25 kroner

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • STMicroelectronics (SGM TH) +1.2%
  • Legal & General (LGI TH) +1.2%
  • Stellantis (8TI TH) +1.1%
  • Zealand Pharma (22Z TH) +0.9%
  • Scor (SDRC TH) +0.9%
  • Lufthansa (LHA TH) -1.3%
  • Lanxess (LXS TH) -1.3%
  • Telefonica (TNE5 TH) -1.4%
  • Enel (ENL TH) -1.4%
  • Elekta (EJXB TH) -2%
  • Frontline PLC (HF6 TH) -2%
  • Grifols (OZTA TH) -2.2%
  • Ryanair (RY4C TH) -2.3%
  • Qiagen (QIA TH) -2.5%
  • Bakkafrost (6BF TH) -5.7%
    • Bakkafrost 2Q Operating Ebit Misses Estimates

>>> TradeGate Pre-Market Indications

DAX:
  • No major mover
MDAX:
  • Aroundtown (AT1 TH) -1%
  • Lufthansa (LHA TH) -1.3%
    • LUFTHANSA DISCOVERY UNIT STRIKE TO START AUG. 27, END AUG. 30
SDAX:
  • Borussia Dortmund (BVB TH) +2.5%
  • PNE AG (PNE3 TH) +2.1%
  • MLP (MLP TH) +1.6%
  • Deutsche PBB (PBB TH) -1.2%

>>> Europe : Brokers Upgrades & Downgrades - 26th of August 2024

>>> Up
* Elia Group Raised to Outperform at Oddo BHF; PT 112 euros
* Huscompagniet Raised to Buy at Nordea; PT 75 kroner
* Optomed Raised to Accumulate at Inderes; PT 5.70 euros
* Petrobras ADRs Raised to Overweight at Morgan Stanley; PT $20
* Rieter Raised to Add at Baader Helvea; PT 116 Swiss francs
* Sagax Raised to Buy at SEB Equities; PT 318 kronor

>>> Down
* Kellanova Cut to Neutral at DA Davidson; PT $83.50
* Sensirion Cut to Hold at Stifel; PT 75 Swiss francs
* Sparebank 1 Oestlandet Cut to Neutral at SpareBank

>>> Initiation
* Public Property Invest Rated New Buy at ABG; PT 25 kroner

>>> Call