Gapping down
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- LEN -2.7%, VTOL -1.2% (guidance), CRMT -0.5%
Other news:
- ZNTL -26.7% (provides update on azenosertib clinical development program)
- NEE -4.9% (to sell $2.0 bln of equity units)
- JELD -4.5% (names new CFO)
- URGN -3.2% (prices $107.5 mln offering consisting of ordinary shares and pre-funded warrants)
- VRE -2.9% (stock offering) PM -2.8% (discloses District of Columbia subpoena)
- GRFS -2.3% (completes sale of a 20% equity stake in SRAAS and forges strategic alliance with Haier Group)
- IONS -1.8% (announces expanded licensing agreement with Otsuka (OTSKY) in Asia Pacific for investigational medicine donidalorsen in hereditary angioedema)
- SYRE -1.7% (Announces First Participants Dosed in Phase 1 Trial of SPY001)
- DJT -1.5% (discloses that Truth Social vows to punish short sellers, says streaming service 'moving forward')
- FUN -1.1% (Cedar Fair and and Six Flags Entertainment Corporation (SIX) announce the senior management team that will lead the combined company following the completion of their previously announced merger of equals)
- AZN -1% (provides update on the CAPItello-290 Phase III trial for Truqap plus chemotherapy in advanced or metastatic triple-negative breast cancer)
Gapping up
In reaction to earnings/guidance:
In reaction to earnings/guidance:
- LZB +9.8%, PDCO +7.6%, CGNT +3.6%, DTE +1.2% (reaffirms guidance)
Other news:
- SILK +23.3% (to be acquired by Boston Scientific (BSX) for $27.50 per share in cash)
- CHGG +19.5% (restructuring plan)
- FLFV +18.1% (Announces Approval of Business Combination by Stockholders)
- RKLB +8.8% (Signs Record Deal for 10 Electron Launches with Synspective)
- TSHA +6.5% (announces positive clinical data across adult and pediatric patients from low dose cohort in ongoing REVEAL phase 1/2 trials evaluating TSHA-102 in rett syndrome)
- KROS +4.3% (CEO appointed Board Chair)
- AEIS +3.8% (announces no intention to make an offer for XP Power Limited)
- SIGA +3.1% (to expand access to TPOXX to ASEAN member states)
- CTMX +2.9% (names new CFO)
- IMCR +2.7% (announces randomization of the first patient in the PRISM-MEL-301 trial)
- AMCX +2.5% (prices offering of $125 mln of 4.25% convertible senior notes due 2029)
- PRCT +2.4% (AMA establishes new CPT Category I code)
- KALV +1.9% (submits New Drug Application to FDA for Sebetralstat)
- ATRO +1.8% (awarded contract for U.S. Army Radio Test Set TS-4549/T valued at ~$215 million)
- MRK +1.4% (FDA approves KEYTRUDA plus other medication; also approves CAPVAXIVE)
- ALIT +1.1% (announces $75 million accelerated share repurchase agreement)
- RGNX +1% (completed a successful Pre-Biologics License Application meeting for RGX-121 for the treatment Mucopolysaccharidosis Type II, where it finalized details of its BLA with the U.S. FDA)
- BBIO +1% (announces it has surpassed its interim analysis enrollment target and expects topline interim data from its Phase 3 registrational study in individuals with LGMD2I/R9 in 2025)
Research Calls
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Upgrades:
- Juniper Networks (JNPR) upgraded to Buy from Hold at Argus
- Kroger (KR) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $60
- QuinStreet (QNST) upgraded to Buy from Hold at Craig Hallum; tgt $22
- STMicroelectronics (STM) upgraded to Neutral from Sell at Goldman; tgt raised to $45.80
- Sunoco LP (SUN) upgraded to Buy from Neutral at Citigroup; tgt $65
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Downgrades:
- Aerovate Therapeutics (AVTE) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $2
- Aerovate Therapeutics (AVTE) downgraded to Hold from Buy at TD Cowen
- Aerovate Therapeutics (AVTE) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $2
- Apple (AAPL) downgraded to Neutral from Accumulate at Phillip Securities
- Equitable Holdings (EQH) downgraded to Neutral from Buy at UBS; tgt raised to $43
- First Solar (FSLR) downgraded to Neutral from Buy at Janney
- Ovid Therapeutics (OVID) downgraded to Perform from Outperform at Oppenheimer
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Others:
- Autoliv (ALV) resumed with a Neutral at Exane BNP Paribas
- Celldex Therapeutics (CLDX) initiated with a Buy at Stifel; tgt $58
- CRH Plc. (CRH) initiated with an Overweight at Stephens; tgt $95
- Innoviva (INVA) initiated with an Overweight at Cantor Fitzgerald
- Knife River Corp. (KNF) initiated with an Overweight at Stephens; tgt $85
- Omega Therapeutics (OMGA) initiated with an Outperform at Raymond James; tgt $12
- Pilgrim's Pride (PPC) initiated with a Buy at Argus; tgt $41
- Praxis Precision Medicines (PRAX) initiated with a Buy at Guggenheim; tgt $155
- RB Global (RBA) initiated with a Sector Outperform at CIBC
- Repligen (RGEN) initiated with a Neutral at Guggenheim
- Sportradar Group AG (SRAD) resumed with a Neutral at JP Morgan; tgt $12
- Third Harmonic Bio (THRD) initiated with a Buy at Stifel; tgt $23
Apple target raised to $245 at JP Morgan (216.67)
JP Morgan raises their AAPL tgt to $245 from $225. Analyst Samik Chatterjee said, "We are updating our volume forecasts for the iPhone 16 and iPhone 17 cycle following the WWDC event, which laid out a collection of AI features that in our view will drive an upgrade cycle that starts with the iPhone 16 launch (primarily FY25 impact to financials) followed by a cycle peak with the launch of iPhone 17 (primarily FY26 impact to financials). We are raising our iPhone volume expectations to 250 mn units in CY25 (244 mn in FY25) and 275 mn in CY26 (268 mn in FY26), led by our expectations for an upgrade cycle for AI-capable iPhones, while still incorporating: 1) conservative replacement rates relative to the recent 5G cycle; 2) 2-year ramp to peak volumes and revenues as witnessed in the 5G cycle; although, in this case we expect a more robust step-up year-over-year in both FY25 and FY26, while 5G benefitted from pull-through of demand into FY21 (Year-1 of 5G phones); and 3) backward compatibility of AI features on iPhone 15 Pro/Pro Max also support in principle a bigger upgrade cycle in FY26 when we also expect more significant hardware upgrades. In addition to the tailwinds in relation to the iPhone upgrade cycle, we are raising our estimates modestly for Services growth, led by expectations for higher Services monetization through third-party AI applications in the coming years. The combination of the above leads us to raise our FY25E and FY26E estimates to $8.10 and $9.69, respectively, relative to consensus expectations for $7.26 and $7.64 for FY25E and FY26E, respectively. While buy-side estimates are clearly higher than sell-side estimates following the WWDC event, which served to raise investor expectations around an upgrade cycle with broad-based proliferation of AI enabled features across native apps, we still see further upside to the shares that are valued at ~22x on our FY26E estimates relative to a more appropriate 25x in our view. However, our updated model only incorporates AI led upsides to iPhone volumes, and we envision further potential upsides in the form of upgrades to the iPad and Mac devices from AI led capabilities. We are raising our Dec-24 price target to $245 (vs. $225 prior) on our higher estimates."
Early premarket gappers
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Gapping up:
- CHGG +19.5%, LZB +10.3%, RKLB +3.9%, AEIS +3.8%, ALIT +3.2%, SIGA +3.1%, PRCT +2.4%, CTMX +1.5%, AMCX +1.4%, MRK +1.3%, DTE +1.2%, REXR +0.9%, LNG +0.6%, ITRI +0.6%
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Gapping down:
- NEE -6.3%, JELD -4.5%, DJT -4.3%, URGN -3.8%, LEN -3.5%, VRE -2.5%, PM -2%, VTOL -1.2%, AZN -1%, KROS -0.9%
Apple’s big-budget F1 movie finally has a release date, hitting cinemas worldwide
The highly-anticipated Apple Original Films project has finally gotten a release date. The as-yet-untitled F1 movie, starring Brad Pitt and Damson Idris, will premiere in cinemas on June 25, 2025, with a North America release on June 27.
The film will later stream exclusively on Apple TV+, Apple’s streaming service. The theatrical distribution, which will include IMAX screens, is being handled by Warner Bros in partnership with Apple.
The F1 film is directed by Joseph Kosinski, the director behind smash hit Top Gun: Maverick. Kosinski has said they are using cutting-edge camera rigs to capture the feel of the cars in motion like never before. The actors drive in specially-designed F2 cars that have been modified to look like F1 livery. The rumored budget for the movie is believed to be in excess of $250 million.
Filming has taken place across the last year at many real F1 circuits, during real Grand Prix race weekends. Production was halted during 2023 by the strike, however. The cast and production crew are expected to appear at a few more races during the 2024 F1 season, until filming concludes.
Although still officially untitled, the project is generally referred to as ‘Apex F1’, as the fictional racing team in the film is called Apex. Brad Pitt plays a former driver who returns to the grid to help out his teammate, played by Damson Idris. The cast also includes other big names, including Kerry Condon, Javier Bardem, Tobias Menzies, and Sarah Niles.
For this year, Apple Original Films slate includes another Brad Pitt vehicle, ‘Wolfs’, which is dated for theatrical distribution on September 20. In action comedy ‘Wolfs’, Brad Pitt teams up with George Clooney as two fixers assigned to the same job.
Mytheresa on Saudi Arabia’s Plugged-in Fashion Fans
CEO Michael Kliger discussed the importance of comfort, and unique occasion wear, for a burgeoning clientele from the kingdom.
Menswear brands wishing to make inroads in Saudi Arabia had better come to market with soft fabrics and forgiving fits.
“There’s a heavy emphasis on comfort in this region and we see this in the numbers,” Michael Kliger, chief executive officer of Mytheresa, told the WWD Global Fashion Summit in Riyadh.
The German retail executive delved into the evolution of Saudi customers, describing them as globally minded, “very well educated about fashion,” accustomed to high service standards, and oriented toward newness and originality, especially for special occasions, of which there are many.
“You want to be sure you have some unique pieces,” Kliger said during a conversation with James Fallon, editorial director of WWD and Fairchild Media Group, highlighting the active social lives of its Saudi customers. “What does impact the consumption here is the lifestyle, the culture, the occasions, many family affairs, having large weddings — that drives certain types of categories and products that we sell more.”