>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • BB -2.0%
Other news:
  • TXG -1.9% (launches its Xenium Catalyst Network, a group of four research institutions to accelerate access to its proof-of-concept data)
  • PARA -1.6% (The Wall Street Journal reports that Warner Bros. Discovery and Paramount have not engaged in formal merger talks)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • MU +5.8%, KMX +4.4%, MLKN +3.3%, APOG +2.0%
Other news:
  • ANNX +24.7% (reports Phase 1 Results for ANX1502, its Oral Small Molecule Inhibitor of the Classical Complement Pathway; announces pricing of $125 million public offering of common stock)
  • MGTX +22.2% (announced an asset purchase agreement with Janssen Pharmaceuticals)
  • CALT +16.3% (announces full FDA approval of TARPEYO®, the only FDA-approved treatment for IgA nephropathy to significantly reduce the loss of kidney function)
  • IMVT +10.5% (Reports Positive Initial Phase 2 Results for Batoclimab in Graves' Disease)
  • IREN +7.8% (10 EH/s equity raising program complete)
  • LQDA +6.0% (announces that U.S. Federal Circuit affirmed earlier decision to invalidate all claims of United Therapeutics patent No. 10,716,793)
  • EXAI +4.8% (announces expansion of its current collaboration with Sanofi (SNY) to include existing exscientia programme)
  • BCAB +4.0% (Chief Executive Officer / 10% owner bought 50,000 shares at $2.02 - $2.215 worth ~$107K)
  • GSAT +3.5% (Director bought 750,000 shares at $1.655 - $1.70 worth ~$1.3 mln.)
  • AA +2.7% (names Matt Reed as COO, effective January 1)
  • MOND +2.3% (completed private placement of the Series A-3 Preferred Stock and warrants)
  • BNTX +2.2% (Company and DualityBio receive FDA breakthrough therapy designation for Antibody-Drug Conjugate Candidate BNT323/DB-1303 in Endometrial Cancer)
  • FLNC +2.1% (responds to an article reporting that it is a defendant in a counterclaim relating to its Diablo Energy Storage contract noting that it believes the counterclaim is without merit)
  • QDEL +2.0% (receives 510(K) clearance for Savanna Multiplex Molecular Platform and Savanna HSV 1+2/VZV PCR assay)
  • JOBY +2.0% (successfully completes series of air traffic simulations with NASA's Ames Research Center evaluating how air taxi operations can be integrated into today's airspace)
  • LMND +1.9% (Co-CEOs Shai Wininger and Daniel Schreiber to return to their previously held positions as the President and CEO, respectively, effective January 1, 2024)
  • BA +1.8% (secured CAAC clearance for 737 Max deliveries in China, according to Air Current)
  • TSLA +1.7% (ARK Innovation ETF's are purchasing shares of Tesla (TSLA), according to Market Watch)
  • IMOS +1.7% (Board approved the proposed US$137.1 million sale of the equity interests in Unimos Microelectronics (Shanghai) Co.)
  • AEM +1.8% (announces financing and an earn-in agreement with FireFox Gold Corp.)
  • RJF +1.5% (reports November operating data; investment banking activity remains challenging across the industry despite a healthy pipeline)
  • TPH +1.4% ( announces $250 million stock repurchase program)
  • BHC +1.4% (announces positive topline results from global phase 2 study evaluating amiselimod (an s1p antagonist) to treat ulcerative colitis)
  • CRH +1.3% (continues share buyback program)
  • UUUU +1.3% (has commenced uranium production at three of its permitted and developed uranium mines located in Arizona and Utah; expects to sell 200,000 pounds of uranium in 2024)
  • E +1.1% (signs agreement for Energy Infrastructure Partners to invest in Plenitude, progressing strategy and confirming quality and value of business)
  • LUV +1.0% (announces that a Tentative Agreement has been reached with the Southwest Airlines Pilots Association and will be voted on by the airline's nearly 11,000 Pilots)
Analyst comments:
  • ANNX +20.1% (upgraded to Buy from Neutral at BofA Securities; tgt raised to $6)
  • GKOS +3.3% (upgraded to Overweight from Neutral at JP Morgan; tgt raised to $91)
  • FROG +3.0% (upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $42)
  • SPOT +2.6% (upgraded to Buy from Hold at Pivotal Research Group; tgt raised to $265)
  • CRM +2.2% ( upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $350)
  • BROS +2.1% (added to Wedbush's Best Ideas List)
  • OVID +1.4% ( initiated with a Buy at BTIG Research; tgt $11)
  • PODD +1.1% (upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $238)
  • EXR +1.0% (upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $150)

FT : UK public borrowing falls as energy support schemes end

UK public borrowing falls as energy support schemes end
November figure of £14.3bn comes in higher than economists expected

UK public sector borrowing fell to £14.3bn in November, as lower spending on government energy support schemes offset a higher bill for benefits.

According to data published by the Office for National Statistics on Thursday, the figure was £0.9bn less than in the same month in 2022, but higher than the £12.9bn forecast by economists polled by Reuters.

“Payments relating to the energy price schemes that began in October 2022 have now stopped; however, these reductions in spending were offset by other inflation-related costs, such as increased benefit payments,” the ONS said.

Since the start of the financial year in April, the government has borrowed £116.4bn, which is £24.4bn more than in the same period last year and the second-highest financial year-to-November borrowing on record.

Public sector borrowing had undershot the forecast from the Office for Budget Responsibility, the UK fiscal watchdog, for most of this year, thanks to stronger tax receipts than in its March forecast.

Last month the OBR revised down its borrowing forecasts for this year — April 2023 to March 2024 — to £127.9bn, down from £134bn previously expected.

>>> Europe : Brokers Upgrades & Downgrades - 21st of December 2023 V2(+)

>>> Up
* Amgen Raised to Buy at Daiwa; PT $320
* EasyJet Raised to Outperform at Oddo BHF; PT 630 pence
* Plastiques Du Val De Loire Raised to Buy at TP ICAP Midcap (+)
* Rio2 Raised to Buy at Cantor; PT 60 Canadian cents
* Salesforce Inc Raised to Overweight at Morgan Stanley; PT $350
* Sartorius Raised to Overweight at KeyBanc
* Spotify Raised to Buy at Pivotal; PT $265
* WithSecure Raised to Buy at SEB Equities; PT 1.40 euros
* WSO1 GR Raised to Buy at Pareto Securities; PT 11 euros

>>> Down
* Admiral Cut to Hold at Berenberg; PT 2,961 pence
* Argenx ADRs Cut to Market Perform at William Blair
* Argenx ADRs PT Cut to $370 from $550 at Truist Secs
* Argenx ADRs PT Cut to $481 from $600 at Jefferies
* Aurubis Cut to Hold at M.M. Warburg; PT 80 euros (+)
* CropEnergies Cut to Hold at DZ Bank; PT 11.50 euros (+)
* Eli Lilly Cut to Outperform at Daiwa; PT $610
* Husqvarna Cut to Hold at Handelsbanken (+)
* Indutrade Cut to Reduce at Kepler Cheuvreux; PT 239 kronor (+)
* Know IT Cut to Sell at ABG; PT 135 kronor
* Loomis Cut to Hold at Kepler Cheuvreux; PT 300 kronor (+)
* Nacon Cut to Add at IDMidcaps; PT 1.70 euros (+)
* Rusta Cut to Hold at SEB Equities; PT 77 kronor
* Simon Property Cut to Equal-Weight at Morgan Stanley; PT $143
* Storebrand Cut to Hold at Jefferies; PT 99 kroner (+)
* Texas Instruments Cut to Sell at DZ Bank; PT $148 (+)
* VAT Cut to Hold at Berenberg; PT 450 Swiss francs
* Verbund Cut to Neutral at Oddo BHF; PT 85 euros
* Vow Green Metals Cut to Hold at Pareto Securities (+)

>>> Initiation
* Aker BP Re-Initiated Buy at Kepler Cheuvreux; PT 350 kroner
* Linde Rated New Overweight at Guotai Junan Sec
* Monster Beverage Rated New Neutral at Haitong Intl; PT $60
* Straumann Reinstated Buy at William O'Neil
* Trigano Rated New Buy at William O'Neil
* Warehouses Estates Rated New Accumulate at KBC Securities (+)

>>> Call
* Admiral Cut to Hold at Berenberg on Accounting, Valuation
* AXA Reinsurance Deal Seen Positive By Jefferies, Morgan Stanley (+)
* Citi Strategists Say Buy Into US Equity Pullbacks, Raise Banks (+)
* Morgan Stanley Bullish on GM, Ford For 2024 as Headwinds Ease
* Sartorius Raised at KeyBanc as Destocking Overhang Subsides
* Swatch Profit Estimates Cut at ZKB on Challenging Environment

>>> Stoxx 600 Pre-Market Indications

  • IG Group (I5G TH) +2.5%
  • BT (BTQ TH) +1.7%
    • Saudis dial up investors’ interest in BT
  • Vodafone (VODI TH) +0.8%
    • Swisscom Is Said to Plan Vodafone Italy Bid Early Next Year
  • Commerzbank (CBK TH) +0.8%
    • Commerzbank Gets ECB Approval for New €600m Share Buyback
  • Prosus (1TY TH) -1.6%
    • ByteDance’s Sales Break $110 Billion to Pass Tencent in 2023 (1)
  • Unibail (1BR1 TH) -1.6%
  • Thyssenkrupp (TKA TH) -1.7%
  • Evotec SE (EVT TH) -1.7%
  • Wacker Chemie (WCH TH) -1.7%
  • TUI (TUI1 TH) -1.9%
  • Kion (KGX TH) -2%
  • TeamViewer SE (TMV TH) -2.2%
  • Adyen (1N8 TH) -2.3%
  • Philips (PHI1 TH) -2.9%
    • Philips Recalls Medical Imaging Device Due to Risk of Explosion

>>> TradeGate Pre-Market Indications

DAX:
  • Commerzbank (CBK TH) +0.8%
    • Commerzbank Gets ECB Approval for New €600m Share Buyback
  • Deutsche Post AG (DHL TH) -0.9%
  • Daimler Truck (DTG TH) -0.9%
  • RWE (RWE TH) -1%
  • Mercedes (MBG TH) -1.1%
    • Remember Takata? Another Massive Air Bag Recall Is Looming
  • Deutsche Bank (DBK TH) -1.2%
MDAX:
  • Lufthansa (LHA TH) -1.2%
  • Aixtron (AIXA TH) -1.3%
    • Watch European Chip Stocks as Micron Gives Strong Forecast
  • Aroundtown (AT1 TH) -1.3%
  • TeamViewer SE (TMV TH) -2%
  • Kion (KGX TH) -2%
SDAX:
  • Metro (B4B TH) +1.4%
  • MorphoSys (MOR TH) -1.6%
  • Verbio Vereinigte Bioenergie AG (VBK TH) -1.8%
  • AUTO1 (AG1 TH) -1.8%
  • BayWa (BYW6 TH) -1.9%
  • Ionos (IOS TH) -2.2%