FT ; Jared Kushner rules out joining next Trump administration

Jared Kushner rules out joining next Trump administration
President-elect’s son-in-law was a key figure in previous term and may serve as an outside adviser

Donald Trump’s son-in-law, Jared Kushner, will not return to the White House in the new administration but could advise on Middle East policy, according to people familiar with the matter.

Kushner was a senior adviser to the president-elect during his last term and played a key role negotiating the Abraham Accords, which established diplomatic relations between Israel and several Arab states, including the UAE, Bahrain, Sudan and Morocco.

The next Trump administration is expected to try to increase the number of Arab states with diplomatic ties to Israel, with Saudi Arabia being the ultimate prize.

Kushner and his wife, Trump’s daughter Ivanka, were central figures in the former president’s administration and have been living in Miami since he left office.

Kushner in 2021 founded a $3bn investment fund, Affinity Partners, which is financed almost entirely by overseas investors, with significant contributions from Gulf sovereign wealth funds.

The Senate finance committee has been investigating the company and the fees it charges to foreign clients. In a September letter Democratic Senator Ron Wyden raised concerns that Kushner’s fundraising and real estate deals “give foreign governments leverage over the Trump family”.

Kushner has denied accusations of conflicts of interest and said his company adheres to all relevant regulations.

Trump allies expect that Kushner will play an advisory role on the next administration’s Middle East policy, though it could depend on the final make-up of the team. He has maintained close ties with senior officials in the Gulf and in Israel.

Trump’s transition team has been looking to tap a senior national security official to work on Middle East issues — potentially with Kushner’s input.

Two people under consideration, according to a person familiar with the matter, are former senior National Security Council official Victoria Coates and Miguel Correa, a retired major general who worked with Kushner on the Abraham Accords and was also US defence attaché in Abu Dhabi.

The transition team has also been assembling shortlists for top national security jobs in the next administration. Richard Grenell, Trump’s former ambassador to Germany, is a contender to be secretary of state or national security adviser. Senator Bill Hagerty, former ambassador to Japan, and former national security adviser Robert O’Brien are also potential picks.

Brian Hook, the Trump administration’s former envoy on Iran, is leading the transition at the state department, according to people familiar with the matter.

Kash Patel, a controversial former senior defence official, is also expected to have a senior national security role, while Congressman Mike Waltz and former secretary of state Mike Pompeo are among the top picks to lead the Pentagon.

During his father-in-law’s last administration, Kushner played a key role in drawing up the Trump Middle East peace plan, which attempted to solve the decades-long conflict but was criticised for supporting Israeli demands while failing to satisfy Palestinian aspirations for an independent state. It was immediately rejected by the Palestinians.

Hook, who also worked on the Abraham Accords, described Jared’s work on the plan as “important” in an interview with CNN on Thursday.

“If you look at the plan that Jared put forward during the first term, that has all of the elements” that Saudi officials have asked for, including a path to a Palestinian state, Hook said.

He added: “I’m confident that that sort of thinking and working with the Palestinians and the Israelis, as much as circumstances will allow, are going to do a lot.”

FT :Euronext plans US-style prospectus to boost corporate fundraisings

Euronext plans US-style prospectus to boost corporate fundraisings
European exchanges operator aims to harmonise listing information across seven countries

Euronext will create a US-style single prospectus for companies raising money on its seven stock exchanges, aiming to make information more accessible to investors and kick-start Europe’s flagging fundraising market.

Executives at Europe’s largest stock exchange group will in the coming weeks develop a standardised form that can be used by companies looking to raise funds on its venues.

The documents would contain key information for investors and be written in English, with an appendix in their local language, chief executive Stéphane Boujnah told the Financial Times.

Its move comes in response to growing concern among European policymakers at the region’s faltering capital markets. Politicians want to harmonise Europe’s fragmented markets, to attract investment and deter companies and capital from heading to the more active US equity market.

Euronext’s aim is to create “one single form, an S1 type of document with one single template so that anyone in Europe in any [equity capital markets] desk, in any asset manager looking for info can go to the same thing,” said Boujnah, referring to the forms companies file with regulators when registering new securities in the US.

Although many European stock markets have hit record highs this year, fundraising in the EU remains comparatively low. New listings and secondary share sales have raised $52.5bn so far this year, a 16 per cent rise on 2023. But US IPOs and share sales have raised $183.6bn, up 62 per cent in the same period, according to Dealogic data.

Many have argued a key difference is the US’s simpler and more unified capital market, which has fewer clearing and settlement houses — as well as legal structures and languages.

Euronext owns stock exchanges across the continent, including the main bourses of Paris, Amsterdam, Dublin and Lisbon. “Each country has similar rules [but] the problem with similar rules is that similar documents are different documents,” Boujnah said.

“Just like there is an ISDA contract for derivatives, we want to have a single prospectus,” he said. He added that the exchange group had discussed the plan with local regulators who “liked the idea” and encouraged the company to try it.

The 60-year old has led Euronext since 2015, making him one of Europe’s longest-serving exchange chief executives. He was “hopeful” that other countries would follow suit with the standardised document but the former banker admitted: “I don’t know how this initiative will be received.”

EU policymakers have spent more than a decade trying to dissolve national barriers and foster a ‘capital markets union’, but their efforts have been hampered by resistance from some countries.

Euronext’s attempt to homogenise offering documents also comes as the company unveiled a new three-year strategy on Thursday, focused on expanding its post-trade, listings and data businesses in a bid to become the region’s capital markets powerhouse. The company also announced a €300mn share buyback plan.

Boujnah wants to boost the company’s clearing and settlement offering across Europe. “Then we’ll see whether other domestic [central securities depositories] are looking for a better future,” he added, hinting at future deals.

FT : Warren Buffett’s Apple share sales and cash pile spark intrigue over motive

Warren Buffett’s Apple share sales and cash pile spark intrigue over motives
Berkshire Hathaway has investors asking questions after filling its coffers by unwinding its most profitable trade

Warren Buffett is unwinding his most profitable trade in history, filling Berkshire Hathaway’s coffers with cash. But it is unclear if the Oracle of Omaha is ready to go elephant-hunting with his recent bounty.

Buffett last Saturday revealed that he had continued to slash his position in iPhone maker Apple and other stocks in the third quarter, generating $97bn in gains for Berkshire Hathaway, the sprawling industrial-to-insurance conglomerate he has controlled since 1965.

By crystallising a gain, Buffett has raised Berkshire’s cash levels to unprecedented heights. At $325bn, cash now accounts for 28 per cent of Berkshire’s asset value — the highest level since at least 1990. And it has left his followers attempting to pinpoint the motivation for the sale.

Some investors and analysts believe Buffett, who trained under legendary value investor Benjamin Graham — first at Columbia University and then at Graham’s investment firm — is sticking to his principles. They point to Apple’s relatively high price-to-earnings ratio compared with its potential earnings growth.

Apple warned investors this week that its future products may never be as profitable as the iPhone, as it ploughs capital into artificial intelligence to try to catch up with rivals including Google owner Alphabet.


Others believe something else is afoot, given Buffett’s praise for Apple over the years and a dearth of other investment opportunities, which the 94-year-old has repeatedly lamented. They have been left asking if Buffett is creating a runway for his successor, or if he sees a crisis on the horizon, giving him reason to raise cash.

“It is such a strange thing to see . . . [and it] begs the question, ‘Why is so much cash being built up?’” asked Morningstar analyst Greggory Warren.

Warren said he did not believe Buffett was poised to clinch one of the mega acquisitions that came to epitomise his investment playbook, given his trouble competing with other buyers. Nor is Berkshire stepping in to provide capital to giant US businesses like Intel that have sought out tens of billions of dollars of capital to fund their operations.

Buffett has also limited his buying of other stocks this year, purchasing equities worth just $5.8bn through the end of September. That sum is dwarfed by the $133.2bn of stock sales Berkshire has executed.

The sales have reduced the equity risk Berkshire is taking and gives it ample liquidity to invest, which it has put to work in past times of stress. But some investors sense other reasons for the shift.

Jeff Muscatello, a research analyst at Berkshire investor Douglass Winthrop, said that valuation was unlikely to be “the entire reason” Buffett had been cashing out.

“The nearing inevitable management transition makes it an opportune time to clear the decks for the next generation,” he said.

Warren of Morningstar agreed, saying it was cash that Greg Abel, Buffett’s heir apparent, would be likely to put to work.

“[Buffett] has been a bit more cognisant about how he talks about Berkshire and the future,” Warren said. “He knows he won’t be there that much longer. He doesn’t necessarily want to saddle the guys with situations they have to deal with.

“He wants Greg to have as large of a cash pile to work with,” he added.


Berkshire has always run a large cash position, in part to satisfy regulations that it has enough liquidity in its investment portfolio to pay out future claims from its mammoth insurance operation.

The investment in Apple dates back to 2016 when the company bought just under 10mn shares worth $1.1bn. The purchases were a shock, given Berkshire had long avoided fast-growing technology companies. As recently as 2012, Buffett had told shareholders that even with its growing profitability, he “wouldn’t want to buy” Apple.

The initial investment was made by Buffett’s deputy Ted Weschler, according to a person with knowledge of the matter. In the months that followed, Buffett himself came to appreciate the company’s business model, won over by the amount of time customers spent using their iPhones and that few were willing to switch to a competitor once they had bought one.

Buffett soon followed Weschler with his own buying spree, and alongside a small fund run by a subsidiary, Berkshire amassed a 5.9 per cent stake in Apple. At its peak last year, the position was worth nearly $178bn. Quarterly disclosures analysed by the Financial Times suggest that Berkshire spent about $39bn.

Acolytes of the investor say there are good reasons to take Buffett at his word: that he finds the return on short-term Treasury bills more attractive than the “alternative of what’s available in the equity markets”, as he said in May.

“Stocks, including Apple and Bank of America, haven’t become cheaper since then,” said Bill Stone, chief investment officer of Glenview Trust. “It seems like it might be just that simple.”

The iPhone maker’s shares trade at more than 30 times its projected earnings over the next year, according to FactSet. Darren Pollock, a fund manager at investment group Cheviot and a Berkshire shareholder, notes that when Buffett was buying, that multiple was closer to 12 or 13 times and that “Apple was growing at a significantly faster rate”.

“When stocks are overvalued, Berkshire’s cash piles up because Buffett is finding less and less to buy,” Pollock added. “He’s not a market timer. Selling down Apple and having this much cash in a richly valued market is classic Buffett.”

Investors will have to wait another three months before they know for sure. The company told the FT that Buffett was waiting to share any thoughts on the matter for his annual letter due in February.

FT : Elon Musk might be Wall Street’s great white whale

Elon Musk might be Wall Street’s great white whale
The US election and elevation of the Tesla boss could lead to big deal fees. The race is on to be his favourite consigliere

Wall Street consiglieri are readying for a rush of new business. Bankers who advise on capital raisings or mergers and acquisitions expect a deluge of fees as Donald Trump returns to the presidency. But some clients are suddenly more valuable than others.

The potential snapback in deals is enormous. Global mergers are traditionally equivalent to around 20 per cent of US GDP in any given year, but in 2024 are around half that. If M&A volumes bounced to 25 per cent, as in 2021, that’s $4tn of additional activity. Fees range anywhere from 1 to 5 per cent for banks that win hearts, minds and mandates.

First in line is Goldman Sachs. A fifth of its revenue typically comes from M&A and underwriting, versus less than 10 per cent at Bank of America, which also runs a huge retail bank. Goldman generally tops the merger advisory ranks, with rival Morgan Stanley second or third. Goldman boss David Solomon has been positioning to pick off artificial intelligence-related deals too, assembling a special council for the purpose.


One client now has extra cachet: Elon Musk. His corporate empire is a potential fee machine, between his AI firm xAI, rocket-maker SpaceX and electric-car maker Tesla. Those companies have already generated $317mn of investment banking fees since 2010, according to LSEG data. Since the election, Tesla’s market capitalisation is closing in on $1tn. With the president’s ear, Musk is an invaluable ally.

In that race, Goldman may not be in pole position. The bank was once Musk’s go-to adviser: it lent him money, underwrote Tesla’s IPO in 2010, helped on several equity issues, and counselled him on a later-abandoned take-private plan in 2018. But when Musk made a hostile bid for Twitter, now X, Goldman was on the other side of the table. Having agreed a deal, Musk tried to jilt Goldman’s client at the altar. Twitter sued; Musk backed down.


There are probably no hard feelings. Solomon and Musk still break bread. But if Musk is the must-have client, crosstown rival Morgan Stanley may have an edge. It arranged $13bn of loans for the Twitter takeover, and assumed a portion of the losses that resulted. It has also flattered Musk liberally: chair James Gorman praises his “extraordinary capabilities”. Morgan Stanley’s Tesla analyst values Tesla stock at $310 a share; Goldman’s target is $250, below Wednesday’s closing price.

When deals revive, Goldman will do swimmingly, of course. But there is no room for complacency. Morgan Stanley boss Ted Pick, who took over at the beginning of this year, inherited a business that is persistently second fiddle in M&A. The political reversal could lead to a Wall Street reversal too.

>>> TradeGate Pre-Market Indications

MDAX:
  • Bechtle (BC8 TH) +2.3%
    • Bechtle 3Q Ebit Misses Estimates, Withdrew Forecast
  • Hensoldt (HAG TH) +1.6%
  • Fraport (FRA TH) +1.2%
  • HelloFresh (HFG TH) +1.1%
  • Thyssenkrupp (TKA TH) +1.1%
SDAX:
  • RENK Group AG (R3NK TH) +2.1%
  • Vossloh (VOS TH) +2%
  • Salzgitter (SZG TH) +1.2%
  • ProSieben (PSM TH) +1%

FT : UK government explores privately-funded Birmingham-Manchester rail link

UK government explores privately-funded Birmingham-Manchester rail link
Mayors argue new train line is needed after northern leg of HS2 was axed on cost grounds

Proposals for a new privately-funded rail link connecting Birmingham with Manchester are “perfectly viable to explore”, UK transport secretary Louise Haigh has said for the first time.

“We’re working with Andy [Burnham] and with Richard Parker,” she said on Thursday, referring to the mayors of Greater Manchester and the West Midlands. “We’re assessing the options, including the potential for private finance, which look perfectly viable to explore.”

The proposals for the line, which could run along a similar route to the axed northern leg of the high-speed rail line HS2, were first published in September by Burnham and Parker. 

A study carried out on their behalf concluded that without a new rail line, the already congested west coast transport corridor would collapse within a decade. 

But despite support for the idea in parts of government, ministers have been previously tight-lipped about the plan.

Analysis by businesses including Arup and Mace suggests a new line is needed in the absence of HS2’s northern leg, which was axed by the last government due to cost overruns on the southern phase of the high speed rail project.

They argue the new route could be provided more cheaply, using a lower specification and a form of public-private partnership.

Haigh’s comments came as the chair of HS2 Ltd, the state-owned company building the high speed rail project, said the government had “frozen” the wind-down of the cancelled northern leg.

“We haven’t sold any of the land. We haven’t reversed any of the early works we’ve done. We’re waiting on a decision about what the government wants to do, while it looks at its options,” said Sir Jon Thompson at a conference on Thursday.

Haigh was speaking during a visit to Greater Manchester with chancellor Rachel Reeves, where they committed to the upgrade of the Transpennine route, a decade-long electrification project which is already well under way.

As well as the Manchester-Birmingham proposals, Burnham is also working with his counterpart in Liverpool, Steve Rotheram, on plans for a new rail line between their two cities. 

Asked whether east-west links in the north were more of a priority than the west coast route, Haigh and Reeves confirmed that was the case, citing the Labour manifesto. 

The manifesto promises to improve rail connectivity “across the north of England”.

However it remains unclear whether the Labour government will match a £17bn funding commitment for the Liverpool to Manchester project, pledged by the last government. 

Haigh acknowledged that ministers were “under huge amounts of pressure to start investing” in new infrastructure. 

“The previous government went round, pointed at marginal constituencies and announced projects in a very random way,” she said.

“We want to make sure it’s done in a strategic way that supports the economy as a whole.”

All major transport investments are being considered as part of the government’s new 10-year national infrastructure strategy, Haigh added. The plan is currently in development and not expected until the spring. 

>>> 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)