FT : BHP proposes £31bn takeover of Anglo American in mining mega-deal

BHP proposes £31bn takeover of Anglo American in mining mega-deal
Combination would bring together two of the industry’s largest companies as copper demand soars

BHP has proposed a £31bn takeover of Anglo American that would bring together two global mining companies and rank as one of the industry’s largest transactions in years.

The world’s largest mining group said on Thursday that it had offered 0.7097 BHP shares for each Anglo share, as it seeks to expand its portfolio of copper mines.

BHP said its offer valued each Anglo share at £25.08. Anglo shares rose 13 per cent to £24.89 in early trading in London, giving the company a market capitalisation of £30.5bn.

Demand for copper is expected to soar because of a global transition away from fossil fuels. The metal is heavily used in renewable energy projects and electric vehicles.

The deal would increase its “exposure to future facing commodities through Anglo American’s world class copper assets”, BHP said. A tie-up involving the two listed groups would be one of the most influential in the mining sector since Glencore’s acquisition of Xstrata in 2013.

Anglo owns some of the sector’s most coveted copper mines in Peru and Chile, but chief executive Duncan Wanblad has come under intense pressure since December, when the company revealed big downgrades to its production forecasts. Anglo said it had received an unsolicited bid from BHP and was reviewing it.

Its De Beers diamond division and platinum metals unit have been hit by low prices. The company’s London-listed shares had fallen by more than a third since the start of last year before rising on the bid news.

Shares in BHP, whose primary listing is in Sydney and has a market capitalisation of A$229bn (US$149bn), fell 0.6 per cent to A$45.23 on Thursday.

Anglo said that as part of any deal, BHP was proposing spin-offs of two Anglo units — Anglo American Platinum, the platinum division known as Amplats, and Kumba Iron Ore. Both are listed in South Africa.

The proposal is likely to cause controversy in South Africa ahead of the country’s general election in May.


BHP’s approach to Anglo comes a year after the Melbourne-based mining company completed a A$9.6bn takeover of Australian rival Oz Minerals, which increased its exposure to copper.

The deal started a wave of transactions in the industry, but BHP management has since said it would be disciplined in its approach towards further M&A as it focused on integrating Oz and funding the development of its potash operations.

BHP dropped its primary listing in London in 2022, which simplified its corporate structure to better prepare it for potential consolidation opportunities following divestment of its oil and gas business, which merged with Australia’s Woodside in the same year.

Anglo, founded 107 years ago, is among the 25 most valuable companies on the London Stock Exchange, and BHP’s proposal is likely to fuel anxiety over the flight of companies away from the UK capital.

Some BHP investors said there was too little detail on whether the acquisition would appeal to shareholders, but others said it made sense given BHP’s focus on growing its copper portfolio.

Andy Forster, senior investment officer from Argo Investments, which holds shares in BHP, said the deal would ultimately be judged by its cost. “It makes sense for copper, but as always with large complex transactions [it is] hard to complete without destroying value along the way,” he said. 

Christopher LaFemina, an analyst at Jefferies, said in a note that Anglo “could be a compelling fit at the right price” but said any deal could face antitrust issues because of the companies’ combined position in copper.

“If BHP does indeed continue to pursue this deal, we would be surprised if other bidders do not emerge,” he said.

Anglo is being advised by Centerview, Goldman Sachs and Morgan Stanley. UBS and Barclays are advising BHP on the proposal, according to people familiar with the matter.

Bloomberg first reported that BHP was considering a takeover of Anglo.

>>> Stoxx 600 Pre-Market Indication

  • Anglo American (NGLB TH) +6.7%
    • BHP Makes Takeover Approach For Rival Miner Anglo American (3)
  • Delivery Hero (DHER TH) +5.8%
    • Delivery Hero Boosts 2024 Total Segment Revenue Forecast
  • HelloFresh (HFG TH) +2.6%
    • HelloFresh 1Q Adjusted Ebitda Beats Estimates
  • Aixtron (AIXA TH) +2.3%
    • Aixtron Maintains FY Ebit Margin Forecast
  • Weir (42W TH) +2.1%
    • Weir Group PLC WEIR Q1 Trading Update
  • BNP Paribas (BNP TH) +1.3%
    • BNP’s Fixed Income Traders Trail for Fourth Straight Quarter
  • Reckitt (3RB TH) +1.2%
    • Nestle Sales Volumes Fall Again as North America Slows Down
  • BASF (BAS TH) +1%
    • BASF Earnings Decline in First Quarter on Lower Prices (2)
  • AstraZeneca (ZEG TH) +0.8%
    • *ASTRAZENECA 1Q CORE EPS $2.06, EST. $1.89
  • Wacker Chemie (WCH TH) +0.8%
    • Wacker Chemie 1Q Ebitda Beats Estimates
  • NKT (NKT TH) -1.2%
  • Adyen (1N8 TH) -1.3%
    • *ADYEN 1Q NET REVENUE €438M, EST. €438M
  • ASML (ASME TH) -1.5%
  • Raiffeisen (RAW TH) -1.6%
    • Kontron Issues €125m Five Year Fixed, Floating Schuldschein
  • Sartorius (SRT3 TH) -1.7%
  • Symrise (SY1 TH) -2%
    • Symrise 1Q Sales Beats Estimates
  • Pernod Ricard (PER TH) -3%
    • Pernod Ricard 3Q Organic Sales Misses Estimates
  • Infineon (IFX TH) -3.7%
  • Kion (KGX TH) -5.4%
    • Kion 1Q Revenue Meets Estimates
  • BE Semiconductor (BSI TH) -8.3%
    • BE Semiconductor 1Q Orders Misses Estimates
  • STMicroelectronics (SGM TH) -11%
    • STMicro Revenue Forecast Misses As Auto Sales Slump (1)

>>> Stoxx 600 Pre-Market Indications

  • Delivery Hero (DHER TH) +4.7%
    • Delivery Hero Boosts 2024 Total Segment Revenue Forecast
  • Anglo American (NGLB TH) +4.4%
    • BHP Makes Takeover Approach For Rival Miner Anglo American (3)
  • HelloFresh (HFG TH) +2.6%
    • HelloFresh 1Q Adjusted Ebitda Beats Estimates
  • Aixtron (AIXA TH) +2.3%
    • Aixtron Maintains FY Ebit Margin Forecast
  • Weir (42W TH) +2.1%
    • Weir Group PLC WEIR Q1 Trading Update
  • BNP Paribas (BNP TH) +1.3%
    • BNP’s Fixed Income Traders Trail for Fourth Straight Quarter
  • Reckitt (3RB TH) +1.2%
    • Nestle Sales Volumes Fall Again as North America Slows Down
  • BASF (BAS TH) +1%
    • BASF Earnings Decline in First Quarter on Lower Prices (2)
  • AstraZeneca (ZEG TH) +0.8%
    • *ASTRAZENECA 1Q CORE EPS $2.06, EST. $1.89
  • Wacker Chemie (WCH TH) +0.8%
    • Wacker Chemie 1Q Ebitda Beats Estimates
  • NKT (NKT TH) -1.2%
  • Adyen (1N8 TH) -1.3%
    • *ADYEN 1Q NET REVENUE €438M, EST. €438M
  • ASML (ASME TH) -1.5%
  • Raiffeisen (RAW TH) -1.6%
    • Kontron Issues €125m Five Year Fixed, Floating Schuldschein
  • Sartorius (SRT3 TH) -1.7%
  • Symrise (SY1 TH) -2%
    • Symrise 1Q Sales Beats Estimates
  • Infineon (IFX TH) -3.7%
  • Kion (KGX TH) -6.7%
    • Kion 1Q Revenue Meets Estimates
  • BE Semiconductor (BSI TH) -8.3%
    • BE Semiconductor 1Q Orders Misses Estimates
  • STMicroelectronics (SGM TH) -11%
    • STMicro Reven

>>> TradeGate Pre-Market Indications

DAX:
  • BASF (BAS TH) +1%
    • BASF Earnings Decline in First Quarter on Lower Prices
  • Deutsche Bank (DBK TH) +0.2%
    • Deutsche Bank’s Investment Bankers Step Up as Rate Lift Ends
  • Symrise (SY1 TH) -1.4%
    • Symrise 1Q Sales Beats Estimates
  • Infineon (IFX TH) -3.1%
MDAX:
  • Delivery Hero (DHER TH) +6.3%
    • Delivery Hero Boosts 2024 Total Segment Revenue Forecast
  • HelloFresh (HFG TH) +4.4%
    • HelloFresh 1Q Adjusted Ebitda Beats Estimates
  • Aixtron (AIXA TH) +3%
    • Aixtron Maintains FY Ebit Margin Forecast
  • Redcare Pharmacy NV (RDC TH) -0.9%
    • Redcare Pharmacy NV 1Q Adjusted Ebitda Margin 2.2% Vs. 2.4% Y/y
  • Jungheinrich (JUN3 TH) -1.8%
  • Kion (KGX TH) -6.7%
    • Kion 1Q Revenue Meets Estimates
SDAX:
  • Kloeckner (KCO TH) +0.6%
  • Hamborner REIT (HABA TH) +0.6%
  • Heidelberger Druck (HDD TH) +0.6%
  • DWS (DWS TH) +0.5%
    • Deutsche Bank’s DWS Reports Inflows; Assets Climb to Record High
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) -0.6%
  • Metro AG (B4B TH) -1%
  • Elmos Semiconductor (ELG TH) -1.2%

>>> What to look at today - 25th of April 2024

Asian equities declined after Meta Platforms Inc.’s disappointing outlook raised concern about whether the bull market has run too far. Stock gauges slid in South Korea and Japan, while US stock futures also fell. The yen extended losses after weakening beyond 155 per dollar for the first time in more than three decades on Wednesday, heightening the chances of intervention ahead of Bank of Japan’s policy decision Friday.
Facebook parent Meta tumbled 15% in US after-hours trading as it projected second-quarter sales below analyst expectations and increased spending estimates for the year. The yen depreciated to as low as 155.51 per dollar on Thursday, a new 34-year low versus the dollar. The Bank of Japan is forecast to keep its interest rate settings unchanged Friday, while the currency’s plunge makes it more likely the bank will tone down its stance on keeping policy easy. Japan’s weak currency is a “big problem,” Japan Airlines Co. Chief Executive Officer Mitsuko Tottori said in a group interview, adding that a stronger rate than the current level of around 155 to the dollar would be better.  In the corporate world, shares of South Korea’s SK Hynix Inc. plunged even after the company said it expects a full recovery in the memory market as AI demand spurred the chipmaker to log its fastest pace of revenue expansion since at least 2010. The stock was sold “on the news after its big gain on Wednesday — and Meta’s 15% fall is also denting investor sentiment,” said Marcello Seongsoo Ahn, a portfolio manager at Quad Investment Management Co. in Seoul. BHP Group Ltd. has made a takeover offer for Anglo American Plc in a move that may spark the biggest shakeup of the global mining industry in over a decade.  In India, Kotak Mahindra Bank’s shares tumbled as much as 10%, the most since April 2020, after the central bank curbed the onboarding of new customers via its online and mobile banking channels, citing risks in its technology systems. Elsewhere, Gold fell for a fourth day ahead of the release of inflation data that will shape expectations for US monetary policy and the trajectory of the dollar.
For weeks, markets have been scaling back how many rate cuts are expected from the Fed amid a string of resilient economic data. Economists surveyed by Bloomberg predict gross domestic product likely cooled to around 2.5% in the first quarter, with the figures still potentially suggesting persistent inflationary pressures.
Treasuries were little changed in Asia after yields rose on Wednesday. Stocks in Hong Kong rose as southbound investors may be using the nation’s-listed equities to diversify their currency exposure, given increased yuan depreciation pressure due to US-China interest rate differentials, according to BNP Paribas. Mainland traders have snapped up $20 billion of Hong Kong stocks on a net basis since March, putting the market on track for the biggest two-month inflow since 2021, BNP strategists including Jason Lui said in a note. Meanwhile, Secretary of State Antony Blinken said the world’s largest economies must “lay out our differences,” as he began two days of talks in China, with the threat of US sanctions targeting Beijing over its support of Russia’s war in Ukraine looming over his visit.

Nikkei Hang Seng CSI Shanghai Shenzen

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

S&P Nasdaq EuroStoxx FTSE Dax SMI


Macro :
- Goldman Sachs Hires JPMorgan’s European M&A Co-Head Woehrn
- US BIRTHS FELL LAST YEAR TO LOWEST TOTAL SINCE 1979, CDC SAYS
- Einhorn’s Greenlight Underperformed ‘Broken’ Market Last Quarter
- Biggest Oil ETF Has Record Outflow on Thawing Geopolitical Risks
- Budget Airlines Face Bankruptcy on US Refund Rules, Says Seaport

Keep an eye on :
- ADYEN NA : Adyen 1Q Net Revenue Meets Estimates
- ADYEN NA : *ADYEN 1Q NET REVENUE €438M, EST. €438M
- AIXA GY : Aixtron Maintains FY Ebit Margin Forecast
- AKSO NO : Aker Solutions 1Q Revenue Beats Estimates
- AZE BB : Azelis 1Q Adjusted Ebita EU124.3M Vs. EU134.0M Y/y
- AAL LN : BHP Approaches Rival Miner Anglo American About Takeover
- ANDR AV : Andritz 1Q Net Income Meets Estimates
- ATEA NO : Atea 1Q Ebitda Beats Estimates
- ATO FP : Atos 1Q Revenue EU2.48B Vs. EU2.79B Y/y
- AUTO NO : Autostore 1Q Adjusted Ebitda Misses Estimates
- AXFO SS : Axfood 1Q Operating Profit Beats Estimates
- SAB SM : Banco de Sabadell to Launch €340m Buyback Program
- BARC LN : Barclays to Dispose of EU3.3b Italian Mortgage Portfolio
- BAS GY : BASF 1Q Adjusted Ebitda Beats Estimates; FY Forecast Affirmed
- BLV FP : Believe 1Q Revenue Misses Estimates
- BHP AU : *BHP GROUP IS SAID TO WEIGH POTENTIAL TAKEOVER OF ANGLO AMERICAN
- BHP LN : BHP Taps UBS, Barclays for Potential Anglo American Deal: AFR
- BMW GY : BMW to Roll Out Future EV In-Car Technology to All Other Models
- BNP FP : BNP’s Fixed Income Traders Trail for Fourth Straight Quarter
- BA US : Boeing’s Credit Rating on Cusp of Junk After Moody’s Downgrade
- BUCN SW : Bucher 1Q Sales CHF853M Vs. CHF970M Y/y
- BVI FP : Bureau Veritas 1Q Organic Revenue Beats Estimates
- CPRI US : Arb Traders See 30% Downside Risk for Capri Stock on FTC Lawsuit
- CA FP : Carrefour Needs More Sales to Support Rising Profit Goal: React
- CA FP : Carrefour Says Dispute With PepsiCo Didn’t Affect Sales
- CO FP : Casino Implements Reverse Share Split
- CO FP : Casino 1Q Net Sales EU2.11B Vs. EU2.21B Y/y
- CO FP : Casino Flat Sales Need Free Cash Flow, Profit to Improve: React
- CNP FP : CNP Assurances in Talks to Sell Cyprus and Greece Unit for €182M
- COPN SW : Cosmo to Appoint Medtronic’s Di Napoli as New CEO
- DHER GY : Delivery Hero Boosts 2024 Total Segment Revenue Forecast
- DTE GY : T-Mobile Results Likely to Show Subscriber Slowdown: Preview
- DRW3 GY : Draegerwerk 1Q Ebit EU15.1M Vs. EU29.1M Y/y
- DRX LN : Drax Says Performance is in Line With Consensus
- DWS GY : DWS 1Q Net Inflows Beats Estimates
- EMSN SW : EMS-Chemie 1Q Net Sales CHF545M Vs. CHF614M Y/y
- EQNR NO : Equinor 1Q Avg Production Meets Estimates
- EQT US : EQT Cuts Sales Guidance, Plans to Cut Production Through May (1)
- ESIGM IM : Esi Rated New Outperform at EnVent S.p.A.; PT 2.50 euros
- ESSITYA SS : Essity 1Q Adjusted Ebita Beats Estimates
- EPR NO : Europris 1Q Revenue Matches Estimates
- FABG SS : Fabege 1Q Rental Income Beats Estimates
- FNAC FP : Fnac Darty 1Q Revenue Meets Estimates
- FSKRS FH : Fiskars 1Q Comparable Ebit Beats Estimates
- FLOW NA : Flow Traders 1Q Normalized Ebitda EU61.1M Vs. EU40.2M Y/y
- FUR NA : Fugro 1Q Adjusted Ebit Beats Estimates
- GET FP : Getlink 1Q Revenue Beats Estimates
- GSR IM : G. Rent Rated New Neutral at EnVent S.p.A.; PT 65 euro cents
- HFG GY : HelloFresh 1Q Adjusted Ebitda Beats Estimates
- RMS FP : Hermes Defies Luxury Slowdown With Sales Jump in Asia
- SONG LN : Concord Boosts Hipgnosis Bid to $1.51 Billion to Top Blackstone
- GRNG SS : Granges 1Q Adjusted Operating Profit Beats Estimates
- HOLN SW :
- IBST LN : Ibstock Says Performance is in Line With Expectations
- IBM US : IBM 1Q REV. $14.46B VS $14.25B Y/Y
- IPAR US : Inter Parfums 1Q Net Sales Misses Estimates
- KCR FH : Konecranes 1Q Adjusted Ebita Beats Estimates
- KKR US : KKR Raises $11 Billion for Its Newest Global Infrastructure Fund
- MRX US : UK FUTURES BROKER MAREX GROUP’S IPO RAISES $292 MILLION
- MRN FP : Mersen Consensus May Rise Following Sales Beat, Berenberg Says
- MIPS SS : Mips 1Q Operating Profit Misses Estimates
- MRIT LN : Merit Group PLC Sees Earnings Ahead of Market Expectations
- ML FP : Michelin 1Q Revenue Meets Estimates
- MSFT US : Microsoft-Backed Rubrik Exceeds IPO Goal to Raise $752 Million
- MONC IM : Moncler 1Q Revenue Beats Estimates, Moncler Beat Honors High-End Status Despite Uncertainty
- MOON LN : Moonpig Holders Offer About 25 Million Shares: Terms
- NANOFH FH : Nanoform Finland Offering of 7m Shares Prices at EU2.20/Share
- NAS NO :
- NOVOB DC : SENATE COMMITTEE INVESTIGATES OZEMPIC AND WEGOVY COSTS: NYT
- NVDA US : Nvidia Agrees to Acquire Israeli AI Software Provider Run:ai
- OKDBV FH : Oriola 1Q Net Sales Beats Estimates
- PNDXB SS : Pandox 1Q Ebitda Misses Estimates
- RI FP : Pernod Ricard 3Q Organic Sales Misses Estimates
- PFV GY : Pfeiffer Vacuum FY Ebit Misses Estimates
- PSN LN : Persimmon Says Performance is in Line With Expectations
- PPH LN : PPHE Hotel Sees Earnings in Line With Market Expectations
- PUIG IPO : CVC and Puig Debuts Set to Test European IPO Rebound: ECM Watch
- PCELL SS : PowerCell 1Q Ebit Loss SEK29.3M Vs. Loss SEK26.2M Y/y
- QS US : QuantumScape 1Q Loss per Share 24C, Est. Loss/Shr 21C
- RESURS SS : Resurs Holding 1Q Operating Income Beats Estimates
- RWE GY : RWE Peer-Busting Green Aim Sees Past Power-Price Drop, Coal Exit
- SAN FP : Sanofi 1Q Business EPS Beats Estimates
- SU FP : Schneider Electric 1Q Organic Revenue Beats Estimates
- SMCP FP : SMCP 1Q Organic Sales -5%
- SNBM Sw : SNB Returns to Quarterly Profit Thanks to Swiss Franc Weakness
- SF SS : Stillfront 1Q Ebit Misses Estimates
- STR AV : Strabag FY Ebit Beats Estimates
- STMPA LN : STMicro Revenue Forecast Misses As Auto Sales Slump
- STERV FH : Stora Enso 1Q Sales Misses Estimates
- SYF US : Synchrony Shares Hit Two-Year High on 1Q Net Revenue Beat
- SY1 GY : Symrise 1Q Sales Beats Estimates
- SCMN SW : Swiss Regulator Fines Swisscom CHF18M for Unlawful Conduct
- SPIE FP : Spie 1Q Revenue EU2.23B Vs. EU1.99B Y/y
- TEL NO : Telenor’s Grameenphone 1Q Operating Profit NOK1.49B vs NOK1.47B
- TTK GY : Takkt 1Q Ebitda EU16.8M Vs. EU30.2M Y/y
- TIETO FH : Tietoevry Stops Demerger of Banking Business After Review
- TSLA US : Tesla’s Self-Driving Software Is a Perpetual Revenue Letdown
- TCELL TI : Turkcell Says Ukrainian Courts Lift Seizure Order
- UCB BB : UCB Says It’s ‘Tracking Well’ Towards Its FY Guidance
- VRLA FP : Verallia 1Q Adjusted Ebitda Beats Estimates
- VIV FP : Canal+ Holds 41.6% of MultiChoice Shares After More Purchases
- VKTX US : Viking Therapeutics 1Q Cash and Cash Equivalents Beats Estimates
- VOS GY : Vossloh 1Q Ebit Beats Estimates
- WCH GY : Wacker Chemie 1Q Ebitda Beats Estimates
- WBD IM : Webuild 1Q Orders EU5.5B
- WEIR LN : Weir Says Performance is in Line With Expectations
- WH US : Wyndham Hotels Boosts FY Adjusted EPS Forecast
- WPP LN : WPP Says Performance is in Line With Expectations

>>> Europe : Brokers Upgrades & Downgrades - 25th of April 2024

>>> Up
* Akzo Nobel Raised to Neutral at Goldman; PT 70 euros
* Gilead Raised to Hold at HSBC; PT $69
* Kone Raised to Accumulate at Inderes; PT 50 euros
* Nordic Semiconductor Raised to Hold at Arctic Securities
* Storebrand Raised to Add at AlphaValue/Baader
* Storebrand Raised to Buy at Pareto Securities; PT 120 kroner
* Tesla Raised to Hold at China Merchants; PT $155
* WithSecure Raised to Accumulate at Inderes; PT 1.30 euros

>>> Down
* Boreo Cut to Reduce at Inderes; PT 24 euros
* Carrefour Cut to Equal-Weight at Morgan Stanley; PT 18 euros
* Fortum Cut to Accumulate at Inderes; PT 13.50 euros
* Gram Car Carriers Cut to Hold at Nordea
* Kering Cut to Sell at CLSA; PT 300 euros
* Meta Platforms Cut to Hold at Punto Casa de Bolsa; PT $514.43
* Nordic Semiconductor Cut to Hold at SEB Equities; PT 130 kroner
* Orange Cut to Neutral at Oddo BHF; PT 11.50 euros
* Siili Solutions Cut to Reduce at Inderes; PT 9.30 euros
* Steico Cut to Hold at Hauck & Aufhaeuser; PT 38 euros

>>> Initiation
* Nordic Aqua Partners Rated New Buy at Arctic Securities

>>> Call
* STMicro Results and Guidance Both Weak, Morgan Stanley Says
* Verallia 1Q Sales Miss, Sequential Recovery Expected, Citi Says

>>> After Hours Summary: META -15.4%, IBM -8.7%, NOW -5.4%, ORLY -4% lower on ea

After Hours Summary: META -15.4%, IBM -8.7%, NOW -5.4%, ORLY -4% lower on earnings; PI +11.7%, TER +7.2%, CLS +5.9%, ALGN +4.5%, CMG +3.1% higher on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: MTH +16.4%, PI +11.7%, TER +7.2%, CLS +5.9%, CHDN +5.4%, ALGN +4.5%, UHS +4.3%, CYH +3.9%, CASH +3.8%, URI +3.5%, CMG +3.1%, WU +3.1%, CCS +2.7%, F +2.5%, TYL +2.5%, MEOH +2.2%, WM +2.1%, WHR +1.8%, ASGN +1% (also authorizes new $750 mln share repurchase program), CHX +1%, TX +0.8%, NLY +0.3%, AR +0.2%, ICLR +0.2%, EHC +0.1%, ETD +0.1%, IRT +0.1%, MC +0.1%, NBHC +0.1%, PFSI +0.1%

Companies trading higher in after hours in reaction to news: ACRV +19.3% (reports initial clinical data for ACR-368), HCP +4.7% (to be acquried by IBM for $35/sh), CLPT +1.5% (initiates limited release for its SmartFrame OR Stereotactic System), ANET +1.3% (META to boost cap-ex), ADT +0.8% (names new CFO), BALL +0.8% (authorizes new 40 mln share repurchase program), CVAC +0.4% (starts Phase 1 part of a combined Phase 1/2 study of H5N1), PUMP +0.1% (authorizes $100 mln increase to share repurchase program)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: META -15.4%, ATNI -10.3%, IBM -8.7% (also to acquire HCP), MXL -6.6%, NOW -5.4%, CNMD -4.1% (also names COO), NBR -4%, ORLY -4%, BMRN -3.8%, VKTX -3.2%, QS -2.6%, LRCX -2.3%, IPAR -2%, CHE -1.6%, AM -1.5%, PEGA -1.5%, AGI -1.2%, HP -1%, MOH -0.7%, GSHD -0.5% (also authorizes new $100 mln share repurchase program), SLM -0.4%, AMED -0.3%, URG -0.3%, ROL -0.2%, FAF -0.1%, FIBK -0.1%, SNBR -0.1%

Companies trading lower in after hours in reaction to news: SNAP -6.2% (in sympathy with META earnings), PINS -5.6% (in sympathy with META earnings), TTD -3.6% (in sympathy with META earnings), AZZ -3.5% (4 mln share offering), MGNI -2.1% (in sympathy with META earnings), BHP -1.5% (mulling takeover of Anglo American Plc, according to Bloomberg), SNPS -0.6% (announces broad EDA and IP collaborations with TSM), CDNS -0.2% (extends collaboration with TSM), PLAY -0.1% (names new CFO), PX -0.1% (Bonaccord Capital acquire minority equity interest in Lead Edge Capital), BX -0.1% (to acquire Tropical Smoothie Café)