>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • PI +12.5%, NNBR +4.7% (guidance), EOLS +4.5%, PRGS +4%
Other news:
  • NTRA +8.1% (verdict reached in patent case; no willful infringement damages significantly less than what Ravgen was seeking)
  • RCUS +4.9% (RCUS announces survival data from ARC-8 a Phase 1b study co-developed with GILD)
  • TFPM +3.5% (reports Q4 revenue above consensus metal sales of 26243 gold equivalent ounces)
  • IXHL +3.4% (received approval to commence a Phase 2/3 clinical trial)
  • SBGI +2.1% (announces global settlement of all diamond sports group-related litigation issues including agreement with diamond on management services agreement amendment)
  • NRIX +1.9% (receives FDA Fast Track Designation for NX-5948)
  • ENLC +1.8% (expands 2023 common unit repurchase auth of $250 mln authorizes 2024 $200 mln repurchase plan increases distribution)
  • EU +1.8% (provides update on South Texas uranium operations)
  • ALB +1.6% (outlined a series of proactive measures underway to re-phase its organic growth investments and optimize its cost structure)
  • REPX +0.9% (reduces debt outstanding by $30 mln)
  • CBUS +0.8% (announces that the Company is moving forward in the next step of commercialization of its developed traits) .
Analyst comments:
  • CART +3% (upgraded to Outperform from Peer Perform at Wolfe Research)
  • EXLS +1.5% (upgraded to Buy from Neutral at Citigroup)

>>> US Research Calls

Research Calls
  • Upgrades:
    • Automatic Data (ADP) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $243
    • Burlington Stores (BURL) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $240
    • CNH Industrial (CNHI) upgraded to Buy from Neutral at Goldman; tgt $19
    • ExlService (EXLS) upgraded to Buy from Neutral at Citigroup; tgt raised to $36
    • Futu Holdings (FUTU) upgraded to Overweight from Neutral at JP Morgan; tgt $64
    • Instacart (CART) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $35
  • Downgrades:
    • Allakos (ALLK) downgraded to Hold from Buy at Jefferies; tgt lowered to $1.50
    • American Axle (AXL) downgraded to Sell from Neutral at UBS; tgt lowered to $6.50
    • CrowdStrike (CRWD) downgraded to Hold from Buy at WestPark Capital
    • DXC Technology (DXC) downgraded to Sell from Neutral at Citigroup; tgt lowered to $21
    • Fisker (FSR) downgraded to Market Perform from Outperform at TD Cowen; tgt lowered to $1
    • Ford Motor (F) downgraded to Neutral from Buy at UBS; tgt $12
    • Fortinet (FTNT) downgraded to Equal Weight from Overweight at CapitalOne
  • Others:
    • Accolade (ACCD) resumed with a Neutral at DA Davidson; tgt lowered to $14
    • American Coastal Insurance Corporation (ACIC) initiated with an Outperform at Raymond James; tgt $15
    • Aramark (ARMK) initiated with a Buy at Goldman; tgt $33
    • AutoNation (AN) initiated with an Outperform at Evercore ISI; tgt $185
    • E2open (ETWO) initiated with an Equal-Weight at Morgan Stanley; tgt $4
    • Global-E Online (GLBE) initiated with an Overweight at Wells Fargo; tgt $50

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • NTRA +9.5%, PI +7.7%, RCUS +4.9%, PRGS +2.9%, EOLS +2.4%, SBGI +2.1%, NRIX +1.9%, ENLC +1.8%, CMP +0.9%, WAFD +0.8%
  • Gapping down:
    • GOL -10.9%, BGFV -10.2%, ALEC -9.8%, CVGW -5.6%, IBKR -4.6%, FULT -4.4%, PLXS -4%, INTR -3.2%, DH -3%, SPWR -3%, PNFP -1.7%, HLN -1.6%, BP -1.4%, CRSP -1.3%, MS -1.2%, ACHR -1.2%, PAAS -1.2%, GPRO -0.9%

>>> Manchester United misses single estimate on top and bottom lines; lowers gui

Manchester United misses single estimate on top and bottom lines; lowers guidance (21.20)
  • Reports Q1 EPS of (GBP0.05) vs GBP0.03 single estimate; revs of GBP157.1 mln vs GBP175.0 mln single estimate
  • Outlook
    • For fiscal 2024, the Company is forecasting revenue guidance to be within a range of £635 million to £665 million from prior guidance of £650 million to £680 million and adjusted EBITDA guidance to be within a range of £125 million to £150 million from prior guidance of £140 million to £165 million, owing to the early Champions League exit and related reduction in Broadcasting revenues.

>>> Europe : Brokers Upgrades & Downgrades - 17th of January 2024 V2(+)

>>> Up
* Allianz Raised to Buy at SocGen; PT 275 euros
* Basic-Fit Raised to Buy at Jefferies; PT 33 euros
* IAG Raised to Buy at Goldman; PT 238 pence
* CNH Industrial Raised to Buy at Goldman; PT $19
* CTP Raised to Buy at Goldman; PT 17.80 euros
* Deliveroo Raised to Overweight at Barclays; PT 155 pence
* Egetis Therapeutics AB Raised to Buy at Pareto Securities (+)
* IMI Raised to Buy at Goldman; PT 2,020 pence
* Indra Raised to Neutral at BNPP Exane; PT 15 euros (+)
* Melia Hotels Raised to Neutral at BNPP Exane; PT 6.40 euros (+)
* Proximus Raised to Outperform at BNPP Exane; PT 11 euros (+)
* Publicis Raised to Buy From Neutral by Goldman Sachs, Target from 89.30 to 106.10
* Scor Raised to Buy at SocGen; PT 32 euros

>>> Down
* Addtech Cut to Hold at ABG; PT 215 kronor
* ArcelorMittal price target lowered to EUR 31 from EUR 33 at Deutsche Bank
* BBVA Cut to Hold at Bestinver; PT 8.40 euros
* IAG Cut to Neutral at Davy (+)
* Celanese Cut to Underperform at BofA; PT $135
* Danske Bank Cut to Hold at ABG; PT 190 kroner
* Enento Group Cut to Hold at SEB Equities; PT 20 euros
* Equinor Cut to Sell at UBS; PT 290 kroner
* Fiskars Cut to Sell at Inderes; PT 15 euros
* Glencore Cut to Hold at Deutsche Bank
* Grifols Cut to Underperform at Oddo BHF; PT 9 euros
* Inmobiliaria Colonial Cut to Underperform at BNPP Exane (+)
* Indutrade Cut to Sell at ABG; PT 225 kronor
* Kojamo Cut to Sell at Goldman; PT 10 euros
* Lifco Cut to Sell at ABG; PT 220 kronor
* Pandora ADRs Cut to Hold at Hedgeye
* Rockwool Cut to Underweight at Morgan Stanley; PT 1,630 kroner
* Shell Cut to Neutral at UBS
* TietoEVRY Cut to Accumulate at Inderes; PT 25 euros
* Wacker Chemie Cut to Neutral at Oddo BHF; PT 103 euros (+)
* Wizz Air Cut to Neutral at Davy (+)

>>> Initiation
* BE Semiconductor Rated New Buy at Goldman; PT 165 euros
* Diaceutics Rated New Outperform at RBC; PT 145 pence

>>> Call
* Grifols Gets First Downgrade After Gotham Report by Oddo (+)
* Inficon’s Prelim Results Imply Strong Finish to Year: Vontobel

WSJ : Hyundai Sells China Plant for Half Price

Hyundai Sells China Plant for Half Price
The latest sale brings the number of Hyundai Motor factories in China to three from five

Hyundai Motor 005380 -2.36%decrease; red down pointing triangle sold a factory in Chongqing for less than half the amount sought initially, as it pushed to streamline operations in China.

The South Korean carmaker’s China-based joint venture sold its Chongqing plant to Yufu Industrial Complex Construction, a local government-backed entity, for 1.62 billion yuan ($225.9 million). It had sought CNY3.68 billion for the factory, according to Hyundai officials in Seoul on Wednesday.

“Beijing Hyundai Motor sold its plant in Chongqing, China, late last year as part of its continued efforts to optimize operations in China,” Hyundai Motor said in an email statement.

Yufu officials weren’t immediately available for comment.

The latest sale brings the number of Hyundai Motor factories in China to three from five.

The Chongqing plant, which began operating in August 2017, is the second Hyundai Motor-invested factory sold in China. Hyundai sold one of its plants in Beijing in 2021.

The South Korean auto manufacturer has recently suffered from sluggish vehicle sales in China.

>>> Stoxx 600 Pre-Market Indications

  • Rolls-Royce (RRU TH) +1%
  • Vodafone (VODI TH) +0.9%
  • Verbund (OEWA TH) -1.8%
  • Glencore (8GC TH) -1.9%
    • Glencore Cut to Hold at Deutsche Bank
  • Shell (R6C0 TH) -2%
    • Oil Drops as Risk-Off Tone Drowns Out Impact of Mideast Crisis
  • Fresenius Medical Care A (FME TH) -2%
  • Infineon (IFX TH) -2.1%
  • Rational (RAA TH) -2.1%
  • Fortum (FOT TH) -2.4%
  • Zalando (ZAL TH) -2.8%
  • Bakkafrost (6BF TH) -3.2%
  • Prosus (1TY TH) -3.6%

>>> TradeGate Pre-Market Indications

DAX:
  • E.On (EOAN TH) -0.5%
  • Commerzbank (CBK TH) -0.6%
  • Allianz (ALV TH) -0.6%
    • Allianz Raised to Buy at SocGen; PT 275 euros
  • Deutsche Bank (DBK TH) -1.3%
    • Deutsche Bank Hires Guimaraes as Brazil Investment-Banking Chief
  • Adidas (ADS TH) -1.3%
  • Deutsche Post AG (DHL TH) -1.3%
  • Infineon (IFX TH) -1.9%
  • Zalando (ZAL TH) -2.5%
MDAX:
  • Hensoldt (HAG TH) +0.6%
  • Evotec SE (EVT TH) -1.4%
    • Evotec SE Investor Cut Voting Rights to 4.84% on Jan. 12
  • Fresenius Medical Care A (FME TH) -1.4%
  • Wacker Chemie (WCH TH) -1.6%
    • Wacker Chemie Cut to Neutral at Oddo BHF; PT 103 euros
  • Aroundtown (AT1 TH) -1.8%
  • Siltronic (WAF TH) -2.8%
    • GlobalWafers GmbH Prices Offer of €345m Exchangeable Units
SDAX:
  • MorphoSys (MOR TH) +2.1%
  • SFC Energy (F3C TH) -1.6%
  • Kloeckner (KCO TH) -1.7%
  • Eckert & Ziegler (EUZ TH) -1.7%
  • Mutares (MUX TH) -1.8%
  • Deutz (DEZ TH) -3%