>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • GES -14.2%, SOL -13.7%, DLO -12.2%, DE -6.7%, ADSK -6.5%, URBN -5.0%, JACK -3.5%, HPQ -1.8%
Other news:
  • CAT -2.2% (in sympathy with DE)
  • TGH -1.7% (announces expiration of "go-shop" period)
  • DELL -1.1% (in sympathy with HPQ)
Analyst comments:
  • ADSK -6.5% (downgraded to Neutral from Overweight at Piper Sandler)
  • HSBC -1.7% (downgraded to Sector Perform from Outperform at RBC Capital)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • NVDA +1.0%
Other news:
  • COMM +5.8% (Director bought 60,000 shares at $1.86 worth ~$111K)
  • CERT +4.0% (introduces Simcyp Biopharmaceutics software to increase efficiency of novel and generic drug formulation & development)
  • DCBO +2.6% (announces CEO succession plan and approves a issuer bid under which the company will repurchase up to $100 mln of common stock)
  • CCJ +1.6% (pushing up along with uranium prices)
  • HITI +1.4% (announces purchases of shares by insiders)
  • AGL +1.2% (CEO bought 44,690 shares at $11.14 worth ~$498K)
  • INFY +1.1% (Co. and TK Elevator extend strategic collaboration)
  • AMD +1.0% (up after NVDA results)
  • BABA +1.0% (Jack Ma ends plans to lower stake in Alibaba, according to Bloomberg)
Analyst comments:
  • CLX +1.5% (upgraded to Neutral from Underweight at JPMorgan)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • COMM +5.8%, HITI +5.6%, CERT +4.0%, AGL +1.2%, INFY +1.1%
  • Gapping down:
    • SOL -18.3%, GES -14.0%, DLO -12.8%, URBN -6.5%, DE -5.9%, ADSK -5.8%, JACK -3.5%, HPQ -2.2%, TGH -1.7%, DELL -1.5%

>>> Europe : Brokers Upgrades & Downgrades - 22nd of November 2023 V3(++)

>>> Up
* Anglo American Raised to Buy at Liberum; PT 2,500 pence (++)
* Aperam Raised to Outperform at BNPP Exane; PT 34 euros
* Applied Materials Raised to Buy at Redburn; PT $127.31 (+)
* ASMI Raised to Buy at Redburn; PT 350.30 euros (+)
* Clorox Raised to Neutral at JPMorgan; PT $145
* Coca-Cola Femsa ADRs Raised to Outperform at Grupo Santander
* Holcim Raised to Outperform at On Field; PT 85 Swiss francs (+)
* Hugo Boss Raised to Buy at Deutsche Bank; PT 79 euros (+)
* Hugo Boss Raised to Buy at BofA; PT 75 euros (++)
* MPC Container Ships ASA Raised to Hold at DNB Markets (++)
* Terna Energy Raised to Buy at Eurobank Equities; PT 18 euros (++)

>>> Down
* ABN Amro GDRs Cut to Underperform at KBW; PT 15 euros
* Adevinta Cut to Hold at DNB Markets; PT 115 kroner (+)
* Adevinta Cut to Neutral at Oddo BHF; PT 110 kroner (+)
* Adevinta Cut to Hold at Kepler Cheuvreux; PT 115 kroner (++)
* Aker Horizons Cut to Sell at SpareBank; PT 3 kroner
* Alior Cut to Hold at Erste Group; PT 80.60 zloty (+)
* BE Semiconductor Cut to Hold at KBC Securities; PT 115 euros (+)
* Brunel Cut to Neutral at Oddo BHF; PT 13.90 euros
* CA Immo Cut to Hold at Deutsche Bank; PT 30 euros (+)
* Givaudan Cut to Underweight at Morgan Stanley
* Glencore Cut to Hold at Liberum; PT 515 pence (++)
* Handlowy Cut to Hold at Erste Group; PT 100 zloty (+)
* Helical Cut to Add at Numis; PT 300 pence (+)
* HSBC Cut to Sector Perform at RBC; PT 775 pence
* Inditex Cut to Neutral at JB Capital Markets; PT 41.20 euros (+)
* Interroll Cut to Hold at Berenberg; PT 2,750 Swiss francs
* Kion Cut to Hold at Berenberg; PT 37 euros
* MBank Cut to Sell at Erste Group; PT 495 zloty (+)
* Millennium Cut to Reduce at Erste Group; PT 7.20 zloty (+)
* MPC Container Ships ASA Cut to Hold at Fearnley; PT 15 kroner
* Orkla Rated New Buy at Kepler Cheuvreux; PT 95 kroner (++)
* Outokumpu Cut to Neutral at BNPP Exane; PT 4 euros
* Pekao Cut to Hold at Erste Group; PT 150 zloty (+)
* PKO Bank Polski Cut to Accumulate at Erste Group; PT 55 zloty (+)
* Rheinmetall PT Raised to 370 euros from 340 euros at JPMorgan
* Santander Bank Polska Cut to Reduce at Erste Group; PT 446 zloty (+)
* Schibsted Cut to Hold at Kepler Cheuvreux; PT 265 kroner (++)
* UCB Resumed Buy at KBC Securities; PT 110 euros (++)
* Verbund Cut to Sell at Citi; PT 75 euros
* Victoria Cut to Add at Peel Hunt; PT 400 pence (+)
* Walmart Cut to Neutral at President Capital Management; PT $162 (++)

>>> Initiation
* Ambev ADRs Rated New Hold at Jefferies; PT $2.86
* Basic-Fit Rated New Corporate at Edison Investment Research
* BE SEMI REINSTATED AT KBC SECURITIES WITH HOLD RATING, EU115 PT
* Devolver Digital Re-Initiated Buy at Berenberg; PT 31 pence
* Frontier Developments Re-Initiated Hold at Berenberg
* Howden Joinery Reinstated Buy at Jefferies; PT 835 pence
* Inmobiliaria Colonial Reinstated Hold at Deutsche Bank (+)
* KLA Corp Rated New Neutral at Redburn; PT $550 (++)
* Merlin Properties Reinstated Buy at Deutsche Bank; PT 11 euros (+)
* Optima bank Rated New Overweight at Pantelakis Securities (++)
* Prysmian Rated New Neutral at Oddo BHF; PT 40 euros

>>> Call
* Aperam Rises After BNP Upgrades to Outperform (++)
* Brunel Drops as Oddo Downgrades on Limited Earnings Visibility (++)
* RBC’s Calvasina Sees S&P 500 Rallying to a Record 5,000 in 2024
* Givaudan Downgraded at Morgan Stanley on Weak Growth Prospects
* Howden Joinery a Buy at Jefferies, Scope For More Outperformance
* HSBC Cut to Sector Perform at RBC Following Outperformance
* Hugo Boss Rises as BofA, Deutsche Bank Both Upgrade to Buy (++)
* Kion, Interroll Downgraded at Berenberg; Kardex Top Sector Pick
* Novo Nordisk PT, Wegovy Peak Sales Expectations Lifted at Intron (+)
* Verbund Offers Limited Upside Risk, Downgraded to Sell at Citi

>>> Europe : Brokers Upgrades & Downgrades - 22nd of November 2023 V2(+)

>>> Up
* Aperam Raised to Outperform at BNPP Exane; PT 34 euros
* Applied Materials Raised to Buy at Redburn; PT $127.31 (+)
* ASMI Raised to Buy at Redburn; PT 350.30 euros (+)
* Clorox Raised to Neutral at JPMorgan; PT $145
* Coca-Cola Femsa ADRs Raised to Outperform at Grupo Santander
* Hugo Boss Raised to Buy at Deutsche Bank; PT 79 euros (+)

>>> Down
* ABN Amro GDRs Cut to Underperform at KBW; PT 15 euros
* Adevinta Cut to Hold at DNB Markets; PT 115 kroner (+)
* Adevinta Cut to Neutral at Oddo BHF; PT 110 kroner (+)
* Aker Horizons Cut to Sell at SpareBank; PT 3 kroner
* Alior Cut to Hold at Erste Group; PT 80.60 zloty (+)
* BE Semiconductor Cut to Hold at KBC Securities; PT 115 euros (+)
* Brunel Cut to Neutral at Oddo BHF; PT 13.90 euros
* CA Immo Cut to Hold at Deutsche Bank; PT 30 euros (+)
* Givaudan Cut to Underweight at Morgan Stanley
* Handlowy Cut to Hold at Erste Group; PT 100 zloty (+)
* Helical Cut to Add at Numis; PT 300 pence (+)
* HSBC Cut to Sector Perform at RBC; PT 775 pence
* Inditex Cut to Neutral at JB Capital Markets; PT 41.20 euros (+)
* Interroll Cut to Hold at Berenberg; PT 2,750 Swiss francs
* Kion Cut to Hold at Berenberg; PT 37 euros
* MBank Cut to Sell at Erste Group; PT 495 zloty (+)
* Millennium Cut to Reduce at Erste Group; PT 7.20 zloty (+)
* MPC Container Ships ASA Cut to Hold at Fearnley; PT 15 kroner
* Outokumpu Cut to Neutral at BNPP Exane; PT 4 euros
* Pekao Cut to Hold at Erste Group; PT 150 zloty (+)
* PKO Bank Polski Cut to Accumulate at Erste Group; PT 55 zloty (+)
* Rheinmetall PT Raised to 370 euros from 340 euros at JPMorgan
* Santander Bank Polska Cut to Reduce at Erste Group; PT 446 zloty (+)
* Verbund Cut to Sell at Citi; PT 75 euros
* Victoria Cut to Add at Peel Hunt; PT 400 pence (+)

>>> Initiation
* Ambev ADRs Rated New Hold at Jefferies; PT $2.86
* Basic-Fit Rated New Corporate at Edison Investment Research
* BE SEMI REINSTATED AT KBC SECURITIES WITH HOLD RATING, EU115 PT
* Devolver Digital Re-Initiated Buy at Berenberg; PT 31 pence
* Frontier Developments Re-Initiated Hold at Berenberg
* Howden Joinery Reinstated Buy at Jefferies; PT 835 pence
* Inmobiliaria Colonial Reinstated Hold at Deutsche Bank (+)
* Merlin Properties Reinstated Buy at Deutsche Bank; PT 11 euros (+)
* Prysmian Rated New Neutral at Oddo BHF; PT 40 euros

>>> Call
* RBC’s Calvasina Sees S&P 500 Rallying to a Record 5,000 in 2024
* Givaudan Downgraded at Morgan Stanley on Weak Growth Prospects
* Howden Joinery a Buy at Jefferies, Scope For More Outperformance
* HSBC Cut to Sector Perform at RBC Following Outperformance
* Kion, Interroll Downgraded at Berenberg; Kardex Top Sector Pick
* Novo Nordisk PT, Wegovy Peak Sales Expectations Lifted at Intron (+)
* Verbund Offers Limited Upside Risk, Downgraded to Sell at Citi

>>> Stoxx 600 Pre-Market Indications

  • Hugo Boss (BOSS TH) +3.1%
    • Hugo Boss Raised to Buy at Deutsche Bank; PT 79 euros
  • Tomra (TMRA TH) +1.5%
  • Nel (D7G TH) +1.4%
  • Orsted (D2G TH) +1%
  • Rio Tinto (RIO1 TH) +1%
  • ABN Amro (AB2 TH) -0.7%
    • ABN Amro GDRs Cut to Underperform at KBW; PT 15 euros
  • Solvay (SOL TH) -1%
  • Verbund (OEWA TH) -1.9%
    • Verbund Offers Limited Upside Risk, Downgraded to Sell at Citi
  • Kion (KGX TH) -3.3%
    • Kion, Interroll Downgraded at Berenberg; Kardex Top Sector Pick

>>> TradeGate Pre-Market Indications

DAX:
  • Fresenius SE (FRE TH) +0.9%
  • Rheinmetall (RHM TH) +0.7%
    • Rheinmetall PT Raised to 370 euros from 340 euros at JPMorgan
MDAX:
  • Hugo Boss (BOSS TH) +3.6%
    • Hugo Boss Raised to Buy at Deutsche Bank; PT 79 euros
  • ProSieben (PSM TH) +2.1%
  • HelloFresh (HFG TH) +1%
  • Kion (KGX TH) -2.5%
    • Kion, Interroll Downgraded at Berenberg; Kardex Top Sector Pick
SDAX:
  • AUTO1 (AG1 TH) +1%
  • Ceconomy (CEC TH) -1.3%

>>> What to look at today - 22nd of November 2023

Stocks traded within narrow ranges while the dollar hovered near its weakest level in almost three months ahead of national holidays. A gauge for Asian equity benchmarks was mostly unchanged as artificial intelligence stocks slipped following a tepid reaction from investors on Nvidia Corp.’s earnings. Futures for European and US stocks were little changed as trading became more muted in the leadup to a holiday in Japan and US Thanksgiving on Thursday.  Mainland Chinese shares edged lower, with tech and industrial companies among the laggards. Chinese stocks will remain around current levels for some time, according to Hao Hong, chief economist at Grow Investment Group.  The offshore yuan extended its winning streak into a fifth day after China’s central bank set the currency fixing at the strongest level since June. The yuan had jumped beyond the daily reference rate for the first time since July in the previous session. Treasuries were little-changed in Asian hours after climbing Tuesday, led by the shorter end. The greenback traded in narrow ranges against its Group-of-10 peers. Cryptocurrencies fell as Binance Holdings Ltd. and its CEO Changpeng “CZ” Zhao pleaded guilty to antimoney-laundering and US sanctions violations under a sweeping settlement with the US. The deal allows Binance to continue operating, though Zhao stepped down as CEO and will be replaced by Richard Teng. Bitcoin fell as much as 3.2% to $35,663, and Ether declined as much as 2.8% to $1,930.75 before paring the loss. The Fed’s minutes released Tuesday show policymakers united around a strategy to “proceed carefully” on future interest-rate moves and base any further tightening on progress toward their inflation goal. Swap contracts linked to Fed meetings currently price in around 25% probability of a first Fed rate cut in March.
Meanwhile, among areas of focus in Asia is China’s latest probe into company executives after the arrest of game-streaming company DouYu International Holdings Ltd.’s founder Chen Shaojie on unspecified charges. A series of unexplained executive detentions have created jitters across the country’s private sector. Markets took news of a limited pause in fighting between Israel and Hamas in stride. Israel’s deal with Hamas will free about 50 hostages in return for a four-day pause in fighting in the Gaza Strip and some Palestinians will be released from Israeli prisons. Oil steadied, with signs of another stockpile build in the US coming ahead of an OPEC+ meeting on supply over the weekend. US After Hours NVDA -1.1% is the big headline after hours, ticks lower on earnings; other names lower on earnings: ADSK -4%, HPQ -3.3%, GES -14.4%, DLO -12.5%, JACK -5.6%, URBN -2.8%.

Nikkei +0.29% Hang Seng -0.37% CSI -0.86% Shanghai -0.65% Shenzen -1.03%

Eur$ 1.0915 CNH 7.1405 CNY 7.1394 JPY 148.67 GBP 1.2527 CHF 0.8839 RUB 88.2451 TRY 28.8105 WTI$ 77.75 -0.03% Gold 1,998 -0.02% BTC 36,400 -1.16% ETH 1,986

S&P -0.11% Nasdaq -0.24% EuroStoxx +0.09% FTSE +0.01% Dax +0.11% SMI +0.19%

Macro :
- Israel, Hamas Agree To Pause Fighting for Release of Hostages
- Banks Tap Convertible Talent as Debt Wall Looms: ECM Watch
- ECB Says Tax Hit to Bank Valuations Can Create Stability Risks
- FTC Probes $10b Deal for Subway Sandwich Chain, Politico Says
- VIX Traders Place $4.5 Million Bet Fear Gauge to Climb in Month
- RBC’s Calvasina Sees S&P 500 Rallying to a Record 5,000 in 2024

Keep an eye on :
- ADE NO : Adevinta Take-Private Deal May Sway Minority Shareholders
- ADE NO : Adevinta 3Q Ebitda Beats Estimates
- BA US : Boeing Hack Targeted Flaw With Citrix System, Investigators Say
- BMW GY : Dubai Warms to BEVs, Boosting Tesla, BMW's Sales View: BI Survey
- CO FP : Casino Sees FY Ebitda Loss After Leases EU78M to EU140M
- CLNX SM : Cellnex Readies Sale of Irish Unit Ahead of Deal Wave, CEO Says
- DEME BB : DEME Group 9M Turnover EU2.28B Vs. EU1.97B Y/ydes
- ELIOR FP : Elior Group Cuts 2024 Adjusted Ebita Margin Forecast
- ENEL IM : Enel Sees 2024 Adj Net EU6.6B to EU6.8B, Est. EU6.78B
- EQNR NO : Equinor and BP Offshore Wind Farm Near New York Wins Approval
- ERF FP : Eurofins Says Lactalis Claims Over Salmonella Case ‘Unjustified’
- FME GY : Fresenius Medical Resolves US Lawsuit, Raises Guidance
- GJF NO : Gjensidige Targets Return on Equity Above 22% for 2024, 2025
- HL/ LN : Hargreaves Lansdown Faces End to 12-Year Stay in FTSE 100 Index
- HELN SW : Helvetia Sees Exceptionally High Severe Weather Claims Expenses
- HDLY NO : Huddly Offering of 260m Shares Prices via Pareto Securities
- IFX GY : SOX Index Falls 1.9%; Intel Leads Decline
- ITX GY : Guess Cuts FY Adjusted EPS Forecast, Misses Estimates --> -16%
- ITP FP : Interparfums 2024 Sales Forecast Misses Estimates
- JMAT LN : Johnson Matthey to Cut Over Quarter of Management Team: Sky
- MC FP : Antoine Arnault to Step Down as Berluti CEO on Jan. 1: Figaro
- MSFT US : Microsoft’s Nadella Praises OpenAI Board, Governance Changes
- BMPS IM : BlackRock, Algebris Among Buyers in Paschi Share Placement: MF
- NVDA US : Nvidia 4Q Revenue Forecast Beats Estimates
- ORSTED DC : Orsted Opts Out of Planned Vietnam Wind Projects: VietnamFinance
- SAS SS : Airline SAS Gets US Court Approval for $1.2 Billion Rescue Plan
- SCHA NO : Schibsted Set for Big Returns Boost After Adevinta Deal: React
- SHOT SS : Scandic Hotels Group’s Largest Shareholder Cuts Ownership Stake
- SIGN SW : SIG Group Keeps Mid-Term Revenue Growth Target of 4% to 6%
- SIP BB : Sipef Closely Monitoring Ulawun Volcano Eruption Impact (Nov 21)
- SMCP FP : Guess Cuts FY Adjusted EPS Forecast, Misses Estimates
- HO FP : Thales Gets A$2b Australian Naval Maintenance Contract
- TKA GY : Thyssenkrupp FY Net Loss Misses Estimates
- TKA GY : Thyssenkrupp Writes Down Steel Unit Again as Energy Crisis Bites
- STAT NO : Vesteralen Havbruk Offers Shares at NOK25/Share

>>> Europe : Brokers Upgrades & Downgrades - 22nd of November 2023

>>> Up
* Aperam Raised to Outperform at BNPP Exane; PT 34 euros
* Clorox Raised to Neutral at JPMorgan; PT $145
* Coca-Cola Femsa ADRs Raised to Outperform at Grupo Santander

>>> Down
* ABN Amro GDRs Cut to Underperform at KBW; PT 15 euros
* Aker Horizons Cut to Sell at SpareBank; PT 3 kroner
* Brunel Cut to Neutral at Oddo BHF; PT 13.90 euros
* Givaudan Cut to Underweight at Morgan Stanley
* HSBC Cut to Sector Perform at RBC; PT 775 pence
* Interroll Cut to Hold at Berenberg; PT 2,750 Swiss francs
* Kion Cut to Hold at Berenberg; PT 37 euros
* MPC Container Ships ASA Cut to Hold at Fearnley; PT 15 kroner
* Outokumpu Cut to Neutral at BNPP Exane; PT 4 euros
* Rheinmetall PT Raised to 370 euros from 340 euros at JPMorgan
* Verbund Cut to Sell at Citi; PT 75 euros

>>> Initiation
* Ambev ADRs Rated New Hold at Jefferies; PT $2.86
* Basic-Fit Rated New Corporate at Edison Investment Research
* Devolver Digital Re-Initiated Buy at Berenberg; PT 31 pence
* Frontier Developments Re-Initiated Hold at Berenberg
* Howden Joinery Reinstated Buy at Jefferies; PT 835 pence
* Prysmian Rated New Neutral at Oddo BHF; PT 40 euros

>>> Call
* RBC’s Calvasina Sees S&P 500 Rallying to a Record 5,000 in 2024
* Givaudan Downgraded at Morgan Stanley on Weak Growth Prospects
* Howden Joinery a Buy at Jefferies, Scope For More Outperformance
* HSBC Cut to Sector Perform at RBC Following Outperformance
* Kion, Interroll Downgraded at Berenberg; Kardex Top Sector Pick
* Verbund Offers Limited Upside Risk, Downgraded to Sell at Citi