-
Upgrades:- Alarum Technologies Ltd. (ALAR) upgraded to Buy from Hold at Canaccord Genuity; tgt $42
- Birkenstock Holding Plc (BIRK) upgraded to Buy from Neutral at BofA Securities; tgt raised to $65
- Oatly Group AB (OTLY) upgraded to Outperform from Neutral at Exane BNP Paribas
- Polaris Industries (PII) upgraded to Buy from Neutral at DA Davidson; tgt $87
- Roper (ROP) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $635
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Downgrades:
- Avery Dennison (AVY) downgraded to Neutral from Buy at UBS; tgt lowered to $235
- Edwards Lifesciences (EW) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $70
- Edwards Lifesciences (EW) downgraded to Hold from Buy at Truist; tgt lowered to $82
- Edwards Lifesciences (EW) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $72
- Kering SA (PPRUY) downgraded to Neutral from Buy at UBS
- Lamb Weston (LW) downgraded to Hold from Buy at TD Cowen; tgt lowered to $61
- Lamb Weston (LW) downgraded to Hold from Buy at Stifel; tgt lowered to $60
- lululemon athletica (LULU) downgraded to Neutral from Buy at Citigroup; tgt lowered to $300
- National Bank (NBHC) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $46
- NextEra Energy Partners (NEP) downgraded to Peer Perform from Outperform at Wolfe Research
- Omega Health (OHI) downgraded to Neutral from Outperform at Mizuho; tgt raised to $35
- Rogers Comms (RCI) downgraded to Hold from Buy at Canaccord Genuity
- SAGE Therapeutics (SAGE) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $12
- Sirius XM (SIRI) downgraded to Sell from Neutral at Citigroup; tgt $2.80
- Tesla (TSLA) downgraded to Neutral from Outperform at KGI Securities
- Universal Music Group N.V. (UMGNF) downgraded to Equal Weight from Overweight at Barclays
- Universal Music Group N.V. (UMGNF) downgraded to Hold from Buy at Kepler
- Universal Music Group N.V. (UMGNF) downgraded to Equal Weight from Overweight at Wells Fargo
- Universal Music Group N.V. (UMGNF) downgraded to Neutral from Buy at Citigroup
- Universal Music Group N.V. (UMGNF) downgraded to Neutral from Buy at Guggenheim
- Western New England Bancorp (WNEB) downgraded to Neutral from Buy at Janney
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Others:
- ARS Pharmaceuticals (SPRY) initiated with an Outperform at Raymond James; tgt $18
- Aura Biosciences (AURA) initiated with a Buy at H.C. Wainwright; tgt $21
- D-Wave Quantum (QBTS) initiated with a Buy at B. Riley Securities; tgt $3
- Flotek Industries (FTK) initiated with a Buy at ROTH MKM; tgt $6.50
- LandBridge (LB) initiated with a Buy at Janney; tgt $36
- Panasonic (PCRHY) initiated with an Equal-Weight at Morgan Stanley
- Perspective Therapeutics (CATX) initiated with a Buy at BofA Securities; tgt $24
- Rigetti Computing (RGTI) initiated with a Buy at B. Riley Securities; tgt $3
- Shopify (SHOP) resumed with an Overweight at KeyBanc Capital Markets; tgt $80
- Universal Technical Institute (UTI) initiated with a Buy at Truist; tgt $22
- Wix.com (WIX) resumed with a Sector Weight at KeyBanc Capital Markets
Early premarket gappers
-
Gapping up:
- VKTX +18.3%, MOH +10.7%, ROL +8.8%, DAWN +7.9%, ARGX +7.6%, NOW +6%, UL +6%, PI +5.5%, PEB +5%, PEGA +4.8%, GGG +4.7%, INVH +4.1%, IBM +4.1%, GTY +4.1%, GL +3.9%, CMG +3.7%, CLS +3.2%, CHDN +3.1%, BTI +3.1%, BITF +2.7%, SNY +2.5%, MRAM +2.4%, GSHD +2.3%, WCN +2.3%, SPR +2.2%, UHS +2.2%, TOWN +2.2%, KLAC +2.1%, URI +2%, TXT +1.9%, PCG +1.9%, CVBF +1.7%, MMC +1.6%, TYL +1.6%, PTEN +1.5%, MTH +1.3%, CMCSA +1.2%, RSG +1.2%, KMPR +1%
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Gapping down:
- EW -21.9%, MXL -18.1%, F -13.3%, STM -12.4%, RHI -9.8%, WST -9.8%, TER -8.1%, QS -8%, STLA -7.6%, LKQ -6.2%, HON -5.9%, ORLY -5.2%, CYH -4.8%, WBD -4.7%, KALU -4.4%, ALGN -4.4%, AZN -4.4%, DOW -4.4%, WM -4.3%, ASGN -3.8%, SLM -3.3%, RIOT -3.2%, WFG -3.1%, NEM -3%, WTW -3%, CLB -2.4%, DHI -2.3%, RNR -2.1%, LVS -2%, CHX -1.9%, TTE -1.9%, ALGM -1.6%, VMI -1.5%, TPH -1.4%, RJF -1.3%, MC -1.3%, ICLR -1%, VOD -1%
>>> Up
* Kempower Raised to Accumulate at Inderes; PT 16 euros
* Kempower Raised to Accumulate at Inderes; PT 16 euros
* Metso Raised to Buy at Inderes; PT 11 euros
* Norsk Hydro Raised to Hold at SEB Equities; PT 65 kroner
* Sanoma Raised to Buy at SEB Equities; PT 7.90 euros
* Spectris Raised to Buy at Berenberg
>>> Down
>>> Down
* Ascential Cut to Equal-Weight at Barclays; PT 570 pence
* Equinor Cut to Hold at DZ Bank; PT 295 kroner
* ID Logistics Group SACA Cut to Add at IDMidcaps; PT 441 euros (+)
* NextEra Energy Partners Cut to Peerperform at Wolfe
* OTP Bank Cut to Underweight at Morgan Stanley; PT 20,100 forint
* Repsol Cut to Sector Perform at RBC; PT 16 euros
* Repsol Cut to Sector Perform at RBC; PT 16 euros
* RS Group Cut to Hold at HSBC; PT 810 pence
* Seco/Warwick Cut to Hold at Erste Group; PT 30.90 zloty
* Sirius XM Cut to Sell at Citi; PT $2.80
* Solutions 30 Cut to Hold at Marex; PT 2.30 euros
* Tesla Cut to Neutral at KGI Securities; PT $236
* UMG Cut to Equal-Weight at Barclays; PT 26 euros
* UMG Cut to Neutral at Guggenheim; PT 27.50 euros
* UMG Cut to Neutral at Citi; PT 29.50 euros
* Valmet Cut to Hold at SEB Equities; PT 28 euros
>>> Initiation
* Hargreaves Rated New Corporate at Cavendish; PT 850 pence (+)
>>> Call
>>> Initiation
* Hargreaves Rated New Corporate at Cavendish; PT 850 pence (+)
>>> Call
* Bucher Seen Lower After Guidance Cut and Weak Orders: Baader
* Elis Consensus May Rise After Solid Results, Morgan Stanley Says
* Goldman’s Rubner Says Stocks Flash Sell Signal to Systemic Funds
* Goldman’s Rubner Says Stocks Flash Sell Signal to Systemic Funds
* Nestle Guidance Cut Raises Concerns on Profitability: Jefferies (+)
* Sanofi 2Q Is Solid Beat, Dupixent Outperforming, Intron Says (+)
* Stellantis Falls as Morgan Stanley Points to Weak Cash Flow (+)
Nissan Motor Cuts Sales, Profit Forecasts After Weak Quarter
The Japanese carmaker’s net profit dropped 73% from a year earlier
Nissan Motor 7201 -6.98%decrease; red down pointing triangle lowered its annual vehicle-sales and profit forecasts after reporting a sharp drop in first-quarter net profit.
The Japanese carmaker said Thursday that net profit dropped 73% from a year earlier to 28.56 billion yen, the equivalent of $185.6 million, for the three months ended June. That missed the estimate of Y98.87 billion in a poll of analysts by data provider Quick.
First-quarter revenue increased 2.8% to Y2.998 trillion.
Nissan said higher sales and marketing expenses weighed on the bottom line.
For the year ending March 2025, it forecast net profit to drop 30% to Y300.00 billion, compared with its previous view of an 11% decline. Nissan now expects global sales to rise 6.0% to 3.65 million units, down from its earlier forecast of 3.7 million units.
The automaker projected that sales in China would drop 3.0% to 770,000 units this fiscal year, compared with a previous forecast of a 0.8% increase. The lowered guidance followed a 24% decline in Chinese sales the previous year due to intense competition and consumers’ shift away from conventional gas-powered vehicles.
The carmaker has been reshaping its global strategy following a restructuring of its alliance with Renault and Mitsubishi Motors last year.
Nissan and Honda Motor said in March that they would study ways to collaborate on electric vehicles, their core parts, and software.
DAX:
- Bayer (BAYN TH) +0.2%
- Australian Court Rejects Claim Bayer’s Roundup Causes Cancer
- Continental (CON TH) -1.6%
- Infineon (IFX TH) -2.7%
MDAX:
- Nordex (NDX1 TH) +2.9%
- Nordex Narrows FY Ebitda Margin Forecast
- Aixtron (AIXA TH) +1.7%
- Aixtron 2Q Ebit Misses Estimates
- Hensoldt (HAG TH) -1%
- Aroundtown (AT1 TH) -1.1%
- Bloomberg Europe Corporate Index Up, OAS Unchanged
- HelloFresh (HFG TH) -1.2%
SDAX:
- BayWa (BYW6 TH) +16%
- BayWa Prelim 2Q Ebit EU61.3m, Withdraws FY Ebit Forecast
- PVA TePla (TPE TH) +0.7%
- CompuGroup (COP TH) +0.7%
- Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +0.5%
- Hamborner REIT (HABA TH) -0.2%
- Deutsche PBB (PBB TH) -0.3%
- SUSS MicroTec (SMHN TH) -0.3%
- Kloeckner (KCO TH) -0.8%
- Duerr (DUE TH) -1.1%
- AUTO1 (AG1 TH) -2.6%
Apple Maps launches on the web to challenge Google Maps
Apple announced on Wednesday that Apple Maps is now available on the web via a public beta, which means you can now access the service directly from your browser. The launch puts Apple Maps in direct competition with Google Maps, which has long been available on the web.
Maps on the web is accessible in English and is compatible with Safari and Chrome on Mac and iPad, as well as Chrome and Edge on Windows PCs. Apple plans to bring support for additional languages, browsers and platforms in the future.
Apple Maps on the web works like it does on the mobile app. You can get driving and walking directions; order food from the Maps place card; browse curated guides and reviews; and more. Apple plans to bring additional functionality, like its 360-degree panoramic views “Look Around” feature, to the web version in the coming months.
Apple notes that developers can link out to Maps on the web, allowing their users to get driving directions, see detailed place information, and more.
The launch of the web version of Apple Maps comes 12 years after Apple launched the service on the iPhone. By expanding the availability of Apple Maps, the company is seeking to reach more users and take on Google Maps, which has largely been the go-to place for maps on the web.
- AstraZeneca (ZEG TH) +1.2%
- *ASTRA RAISES FY CORE EPS VIEW TO MID TEENS PERCENTAGE GROWTH
- Deutsche Boerse (DB1 TH) +1%
- Deutsche Boerse’s Ebitda Outlook Gets Expected Lift: Street Wrap
- Sanofi (SNW TH) +0.7%
- *SANOFI RAISES FY BUSINESS EPS GROWTH EX-FX GUIDANCE
- Stellantis (8TI TH) -2.1%
- Stellantis Earnings Nearly Halve on Weak US Shipments
- Hermes (HMI TH) -2.1%
- ASM Intl (AVS TH) -2.5%
- ASML (ASME TH) -2.8%
- Infineon (IFX TH) -3.1%
- China’s Soft Contribution Another Blow to DAX Earnings Momentum
- Verbund (OEWA TH) -3.5%
- Verbund 1H Ebitda Misses Estimates, Narrows FY Forecast
- Renault (RNL TH) -4.1%
- BE Semiconductor (BSI TH) -6.2%
- BE Semiconductor 2Q Orders Misses Estimates
- Kering (PPX TH) -6.2%
- Kering Drops as Results, Outlook Worse Than Feared: Street Wrap
- STMicroelectronics (SGM TH) -9.5%
- *STMICROELECTRONICS SEES FY NET REV. $13.2B TO $13.7B
Equities in Asia declined as investors began pulling back on the artificial-intelligence frenzy that has powered the bull market this year. The yen rose for a fourth day ahead of next week’s Bank of Japan meeting. The MSCI Asia Pacific Index declined 1.6%, the most in nearly two months, as Japan’s Nikkei 225 Stock Average headed for a technical correction. South Korea’s benchmark lost nearly 2%, with chipmaker SK Hynix Inc. tumbling as much as 8.9% even after an earnings beat. In the US, the S&P 500 slumped 2.3%, its worst showing since December 2022. The yen climbed 1% against the dollar for a second day. The Japanese currency is trading at the strongest levels relative to the greenback since May as traders start positioning for a potential policy rate hike by the BOJ. Former New York Fed President William Dudley called for lower borrowing costs — preferably at next week’s gathering. For many analysts, such a move would be worrisome as it would indicate officials rushing to avoid a recession. Later Thursday in the US, investors will see further evidence of the health of the economy with US GDP and initial jobless claims data being released. In Asia, the People’s Bank of China cut its medium-term lending facility rate to 2.3% from 2.5% on Thursday, following a surprise reduction to a key short-term rate to boost slowing economic activity. The nation’s 10-year bond futures was steady. Stocks in Hong Kong and the mainland fell. In the Philippines, the nation’s central bank suspended currency trading for a second day due to Typhoon Gaemi. Taiwan’s market remained closed due to Gaemi, meaning Asian chip heavyweight Taiwan Semiconductor Manufacturing Co. is not trading again Thursday. An index of dollar strength was little changed Thursday after a similarly flat Wednesday. The tech-heavy Nasdaq 100 fell 3.7% weighed down by its largest constituents. Alphabet Inc. slid 5% with spending higher than analysts expected, while Tesla Inc.’s Robotaxi delay spurred a 12% stock plunge. Treasuries rallied in Asian trading after the bond curve steepened in the previous session on bets the Fed is close to cutting rates. After driving the rally in stocks for most of 2024, big tech slammed into a wall. Traders rotated from megacaps to lagging parts of the market, spurred by bets on Fed rate cuts and concern AI still needs to pay off. The drubbing in these stocks has seen some of the air come out of valuations. While that’s something that could argue in favor of dip buying, the earnings season is just getting started. Apple Inc., Microsoft Corp., Amazon.com Inc. and Meta Platforms Inc. are all due to report results next week. Oil fell, joining a broad retreat in commodities, as a soft economic outlook for China outweighed lower US stockpiles. Gold extended losses from Wednesday. Digital assets, such as Bitcoin and Ether, also slid. US After Hours PI +6.9%, NOW +6.8%, KLAC +3.2%, CMG +2.9%, IBM +1.8% higher on earnings; EW -16.2%, MXL -15.9%, F -11%, RHI -9.8% lower on earnings.
Nikkei -3.09% Hang Seng -1.64% CSI -0.56% Shanghai -0.45% Shenzen +0.24%
Eur$ 1.0840 CNH 7.2553 CNY 7.2528 JPY 152.84 GBP 1.2889 CHF 0.8833 RUB 86.1685 TRY 32.9653 WTI$ 76.96 Gold 2,370 BTC 64,150 ETH 3,182
S&P +0.14% Nasdaq +0.19% EuroStoxx -0.70% FTSE -0.29% Dax -0.55% SMI -0.31%
Macro :
- Goldman’s Rubner Says Stocks Flash Sell Signal to Systemic Funds
Keep an eye on :
- AALB NA : Aalberts 1H Revenue Misses Estimates
- AC FP : Accor 1H Ebitda Beats Estimates
- AIXA GY : Aixtron 2Q Ebit Misses Estimates
- ANDR AV : Andritz 2Q Net Income Meets Estimates, Confirms Outlook
- AAL LN : Anglo American 1H Adjusted Profit Beats Estimates
- AAPL US : Huawei plans tri-fold smartphone as Apple weighs foldable iPhone, reports say
- ARCAD NA : Arcadis 2Q Oper Ebitda EU141M Vs. EU120M Y/y
- ARGX BB : Argenx 2Q Vyvgart Sales Beats Estimates
- AZN LN : AstraZeneca 2Q Core EPS Beats Estimates
- AUTN SW ; Autoneum Narrows FY Ebit Margin Forecast
- BANB SW : Bachem 1H Sales Misses Estimates (1)
- BAMNB NA : BAM Narrows FY Adjusted Ebitda Margin Forecast
- BATS LN : BAT 1H Adjusted Operating Profit Misses Estimates
- BAYN GY : Australian Court Rejects Claim Bayer’s Roundup Causes Cancer
- BYW6 GY : BayWa Prelim 2Q Ebit EU61.3m, Withdraws FY Ebit Forecast
- BFSA GY : Befesa 2Q Adjusted Ebitda Misses Estimates
- BESI NA : BE Semiconductor 2Q Orders Misses Estimates (1)
- BT/A LN : BT 1Q Adjusted Ebitda Beats Estimates
- BUCN SW : Bucher 1H Sales Meets Estimates
- BRBY LN : Burberry Seeks Board Member Who Could Replace Chairman: Sky
- CARM FP : Carmila 1H Gross Rental Income Beats Estimates
- CAR FP : Carrefour 1H Recurring Operating Income Misses Estimates
- DSY FP : Dassault Systemes 3Q Non-IFRS EPS Forecast Misses Estimates
- DB1 GY : Deutsche Boerse Boosts FY Ebitda Forecast
- DRW3 GY : Draegerwerk 2Q Ebit EU40.7M Vs. EU18.7M Y/y
- ECONB BB : Econocom 1H Rev. Cont Ops EU1.34B Vs. EU1.30B Y/y
- ELIS FP : Elis 2Q Organic Revenue Misses Estimates, Elis Raises FY Organic Growth, Ebitda Margin Goals
- RF FP : Eurazeo Assets Under Management EU35.36B Vs. EU32.41B Y/y
- F US : Ford Shares Sink After 2Q Adjusted EPS Misses Estimate
- FRA GY : Frankfurt Airport Says Flights Suspended Due to Demonstration
- FRES LN : Fresnillo Maintained at Add by Peel Hunt
- GALD SW : Galderma 1H Core Ebitda $514M
- GET FP : Getlink 1H Ebitda Beats Estimates
- HMSO LN : Hammerson 1H Gross Rental Income Misses Estimates
- HUH1V FH : Huhtamaki 2Q Adjusted Ebit Matches Estimates
- IBM US : IBM Reports Boost in AI Bookings, Better-Than-Expected Revenue
- IDIA SW : Idorsia Sees FY Operating Loss CHF320M, Saw Loss CHF340M
- IPR PL : Impresa 1H Net Loss EU4M Vs. Loss EU4M Y/y
- IPN FP : Ipsen Boosts FY Sales at Constant Exchange Rates Forecast, Ipsen in Exclusive US Licensing Pact With Day One
- IPS FP : Ipsos FY Organic Revenue Forecast Misses Estimates
- DEC FP : JCDecaux 2Q Adjusted Revenue Beats Estimates
- JMT PL : J. Martins 2Q Net Income Misses Estimates, J. Martins 2Q Net Income Misses Estimates Amid Higher Costs
- BAER SW : Julius Baer 1H Net New Money Gain Beats Estimates, Julius Baer Sees Client Inflows Accelerate Amid Benko Clean-Up
- KEMIRA FH : Nasdaq Adds Kemira to OMX Helsinki 25 Index, Drops Telia
- KER FP : Kering Warns of Profit Plunge as Gucci Turnaround Sputters
- LVS US : Las Vegas Sands Reports Second Quarter 2024 Results
- LONN SW : Lonza 1H Core Ebitda Beats Estimates
- MOVE SW : Medacta 1H Revenue Meets Estimates
- MERY FP : Mercialys 1H Rental Rev. Beats Estimates
- ML FP : Michelin 1H Segment Operating Margin Beats Estimates
- ML FP : Michelin ADRs Rise on Segment Operating Income Beat
- MONC IM : Moncler 2Q Revenue Meets Estimates
- NEM US : Newmont Corp 2Q Sales Beats Estimates
- NESTE FH : Neste 2Q Adjusted Ebitda Misses Estimates
- NESN SW : Nestle Sees FY Organic Revenue at Least +3%, Saw About +4%
- NDX1 GY : Nordex Narrows FY Ebitda Margin Forecast
- NOVOB DC : Ozempic Maker Novo Reports Minor Fire at Malov Research Site
- NOVOB DC : Ozempic Maker Novo Reports Minor Fire at Malov Research Site
- RNO FP : Renault’s Profit Margin Widens to Record on Cost Cuts, SUV Sales
- RTO LN : Rentokil 1H Adjusted Pretax Profit Meets Estimates
- ROG SW : Roche 1H Core EPS Beats Estimates, Raises FY Guidance
- SPM IM : Saipem 2Q Revenue Beats Estimates
- SAN FP : Sanofi 2Q Business EPS Beats Estimates
- SAN FP : Sanofi, Teva See Topline Results for Anti-TL1A Trial in 4Q
- SIFI : Benetton Scion Is Said to Consider Sale of Eye Care Firm Sifi
- WAF GY : Siltronic 2Q Sales Beats Estimates; Siltronic Sees 2H Margin Hit, Sees FY Margin at Top of Range
- S30 FP : Solutions 30 2Q Revenue EU252.0M Vs. EU263.4M Y/y
- SOP FP : Sopra Steria 1H Net Income EU123.2M Vs. EU112.5M Y/y
- STLA US : Stellantis 1H Net Income Misses Estimates: Snapshot
- STMPA FP : STMicroelectronics Cuts FY Net Rev. Forecast, Misses Estimates
- TELIA SS : Nasdaq Adds Kemira to OMX Helsinki 25 Index, Drops Telia
- TSLA US : Musk Poll Shows 68% of X Voters Want Tesla Investment in xAI
- FP FP : *TOTALENERGIES 2Q ADJ NET $4.67B, EST. $4.92B
- UCB BB : UCB Sees FY Revenue High End of EU5.5B to EU5.7B, Est. EU5.69B
- UMG NA : UMG 2Q Ebitda Misses Estimates
- ULVR LN : Unilever 2Q Revenue Meets Estimates
- ULVR LN : Unilever Sells Stake in Qinyuan Group to Yong Chao; No Terms
- VASTN NA : Vastned 1H EPS EU0.92 Vs. EU0.95 Y/y
- VRLA FP : Verallia 2Q Revenue Beats Estimates
- VER AV : Verbund 1H Ebitda Misses Estimates
- VKTX US : Viking Shares Rally on Plans to Advance Weight-Loss Drug
- VOD LN : Vodafone Says Performance is Consistent With Guidance
- VOS GY : Vossloh 1H Revenue Misses Estimates
- WRT1V FH : Wartsila Gets Battery Order From Origin Energy in Australia
- WHR US : Whirlpool FY Ongoing EPS Forecast Misses Estimates