Wired : OpenAI Staff Threaten to Quit Unless Board Resigns

OpenAI Staff Threaten to Quit Unless Board Resigns
Nearly 500 employees of OpenAI have signed a letter saying they may quit and join Sam Altman at Microsoft unless the startup's board resigns and reappoints the ousted CEO.

OpenAI was in open revolt on Monday with 490 employees threatening to leave unless the board resigns and reinstates Sam Altman as CEO, along with cofounder and former president Greg Brockman. Altman was controversially fired by the board on Friday.

“The process through which you terminated Sam Altman and removed Greg Brockman from the board has jeopardized all of this work and undermined our mission and company” the letter reads. “Your conduct has made it clear you did not have the competence to oversee OpenAI.”

Remarkably, the letter’s signees include Ilya Sutskever, the company’s chief scientist and a member of its board, who has been blamed for coordinating the boardroom coup against Altman in the first place.

Shortly before the letter was released, Sutskever posted on X: "I deeply regret my participation in the board's actions. I never intended to harm OpenAI. I love everything we've built together and I will do everything I can to reunite the company.|

The letter’s release follows an extraordinary, head-spinning weekend in Silicon Valley. OpenAI’s board removed Altman from his position on Friday, claiming “he was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.”

Mira Murati, OpenAI’s chief technology officer, was appointed as interim CEO.

After blowback from investors including Microsoft, OpenAI’s board seemed open to having Altman return to lead the company. Altman posted a photo of himself wearing a visitors’ badge at the company’s headquarters on Sunday. But last night, the board told staff that Altman would not be returning to the company. Hours later, Microsoft CEO Satya Nadella announced that Altman and Brockman would be joining the tech giant to head a new advanced AI research unit.

In another rapid-fire reshuffle, OpenAI’s board chose to remove Murati and appoint another interim CEO, Emmett Shear, the former CEO of the video game streaming site Twitch.

Some OpenAI staff stayed up all night debating a course of action following news that Altman would not return to OpenAI. Many staff were frustrated about a lack of communication over Altman’s firing.

In their letter, the OpenAI staff threaten to join Altman at Microsoft. “Microsoft has assured us that there are positions for all OpenAI employees at this new subsidiary should we choose to join," they write.

Microsoft has been approached for comment.

>>> US Research Calls

Research Calls I
  • Upgrades:
    • Arvinas (ARVN) upgraded to Buy from Neutral at Guggenheim
    • Boeing (BA) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $270
    • Comp Siderurgica (SID) upgraded to Buy from Underperform at BofA Securities
    • Dorian LPG (LPG) upgraded to Buy from Hold at Jefferies; tgt raised to $50
    • Dutch Bros (BROS) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $35
    • Compass Minerals (CMP) upgraded to Neutral from Underweight at JP Morgan; tgt lowered to $24
    • Panasonic (PCRFY) upgraded to Buy from Hold at Jefferies
    • PENN Entertainment (PENN) upgraded to Buy from Neutral at BofA Securities; tgt raised to $30
    • Six Flags (SIX) upgraded to Buy from Hold at Jefferies; tgt raised to $32
    • Ternium S.A. (TX) upgraded to Buy from Neutral at BofA Securities
    • Vale S.A. (VALE) upgraded to Buy from Neutral at BofA Securities
  • Downgrades:
    • ADTRAN (ADTN) downgraded to Hold from Buy at Argus
    • Biotricity (BTCY) downgraded to Neutral from Buy at H.C. Wainwright
    • Chegg (CHGG) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $9
    • ChargePoint (CHPT) downgraded to Neutral from Buy at BofA Securities
    • ChargePoint (CHPT) downgraded to Hold from Buy at Stifel
    • The Children's Place (PLCE) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $19
    • Destination XL Group (DXLG) downgraded to Hold from Buy at Craig Hallum; tgt $4.50
    • Energizer (ENR) downgraded to Neutral from Buy at UBS; tgt lowered to $34
    • Gerdau S.A. (GGB) downgraded to Neutral from Buy at BofA Securities
    • HIVE Digital Technologies (HIVE) downgraded to Neutral from Buy at H.C. Wainwright
    • Krispy Kreme, Inc. (DNUT) downgraded to Neutral from Overweight at JP Morgan; tgt $13
    • KB Home (KBH) downgraded to Neutral from Outperform at Wedbush
    • Morgan Stanley (MS) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $85
    • Ryan Specialty Group (RYAN) downgraded to Neutral from Buy at Goldman; tgt lowered to $53
    • Spectrum Brands (SPB) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $73
    • SSR Mining (SSRM) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $12.50
    • Wingstop (WING) downgraded to Neutral from Buy at Northcoast
  • Others:
    • Alkermes Plc (ALKS) resumed with a Neutral at JP Morgan; tgt $33
    • Amarin (AMRN) resumed with an Underweight at JP Morgan
    • Arm Holdings plc (ARM) initiated with an Overweight at Wells Fargo; tgt $70
    • BioCryst Pharma (BCRX) resumed with an Overweight at JP Morgan; tgt $10
    • Caterpillar (CAT) initiated with a Hold at HSBC Securities; tgt $250
    • Cerevel Therapeutics (CERE) resumed with a Neutral at JP Morgan; tgt $25
    • Crane (CR) initiated with a Hold at Vertical Research; tgt $110
    • Crinetics Pharmaceuticals (CRNX) resumed with an Overweight at JP Morgan; tgt $35
    • Deciphera Pharmaceuticals (DCPH) resumed with a Neutral at JP Morgan; tgt $14
    • Dell (DELL) initiated with a Buy at Melius Research
    • Denali Therapeutics (DNLI) resumed with an Overweight at JP Morgan; tgt $28
    • Emergent BioSolutions (EBS) resumed with an Underweight at JP Morgan
    • Equifax (EFX) initiated with a Buy at Citigroup; tgt $243
    • Esperion Therapeutics (ESPR) resumed with a Neutral at JP Morgan
    • Global Payments (GPN) initiated with a Buy at BTIG Research; tgt $135
    • Harpoon Therapeutics (HARP) initiated with an Outperform at TD Cowen
    • Insmed (INSM) resumed with an Overweight at JP Morgan; tgt $36
    • Iovance Biotherapeutics (IOVA) initiated with a Buy at Goldman; tgt $12
    • Immunocore (IMCR) resumed with an Overweight at JP Morgan; tgt $60
    • ImmunoGen (IMGN) initiated with a Neutral at Goldman; tgt $17
    • Kosmos Energy (KOS) initiated with a Buy at Stifel; tgt $10
    • Krystal Biotech (KRYS) initiated with a Buy at Goldman; tgt $160
    • Mach Natural Resources (MNR) initiated with a Strong Buy at Raymond James; tgt $23
    • Mach Natural Resources (MNR) initiated with a Buy at Stifel; tgt $31
    • Mach Natural Resources (MNR) initiated with an Overweight at Stephens; tgt $24
    • Mirum Pharmaceuticals (MIRM) resumed with an Overweight at JP Morgan; tgt $37
    • Nektar Therapeutics (NKTR) resumed with an Underweight at JP Morgan
    • NovoCure (NVCR) resumed with a Neutral at JP Morgan; tgt $15
    • Stoke Therapeutics (STOK) resumed with a Neutral at JP Morgan
    • Tarsus Pharmaceuticals (TARS) initiated with a Neutral at Goldman; tgt $19
    • Travere Therapeutics (TVTX) initiated with a Neutral at Citigroup; tgt $7
    • Vital Energy (VTLE) initiated with a Buy at Citigroup; tgt $60
    • ZipRecruiter (ZIP) initiated with an Overweight at Wells Fargo; tgt $15

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • URI -4.4% (in sympathy with lower FY23 revenue guidance from ASHTF)
Other news:
  • BMY -4.1% (BMY and 2seventy bio (TSVT) announce the U.S. FDA's Oncologic Drugs Advisory Committee will meet to review data supporting the supplemental Biologics License Application for Abecma for earlier lines of triple-class exposed relapsed or refractory multiple myeloma based on results from the pivotal Phase 3 KarMMa-3 study)
  • PRDO -3.4% (appoints Todd Nelson as President and CEO; Andrew Hurst resigned on Nov 15)
  • NKLA -1.0% (CFO Anastasiya Pasterick to resign)
Analyst comments:
  • CHGG -4.6% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
  • DNUT -1.8% (downgraded to Neutral from Overweight at JPMorgan)
  • GGB -1.7% (downgraded to Neutral from Buy at BofA Securities)
  • ENR -1.3% (downgraded to Neutral from Buy at UBS)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • VEON +5.7%, LEGN +5.3%
Other news:
  • LUXH +5.0% (files for 2 mln share common stock offering by selling shareholder)
  • GPCR +4.1% (files for 8,006,405 ADS offering by selling shareholders)
  • MSFT +1.7% (announces that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team)
  • MDT +1.5% (announces FDA approval of minimally invasive device to treat hypertension)
Analyst comments:
  • ARVN +5.6% (upgraded to Buy from Neutral at Guggenheim)
  • BROS +2.3% (upgraded to Overweight from Neutral at JPMorgan)
  • VALE +1.7% (upgraded to Buy from Neutral at BofA Securities)
  • BA +1.4% (upgraded to Buy from Hold at Deutsche Bank)

>>> Uber announces that it proposes to offer $1.2 bln aggregate principal amount

Uber announces that it proposes to offer $1.2 bln aggregate principal amount of Convertible Senior Notes due 2028 (54.44)
  • Uber intends to use a portion of the net proceeds from the notes offering to fund the cost of entering into the capped call transactions described below. Uber intends to use the remainder of the net proceeds from the notes offering to repay, redeem or repurchase outstanding indebtedness, including the redemption of the outstanding $1 bln aggregate principal amount of Uber's 7.500% senior notes due 2025, plus accrued and unpaid interest and any call premium thereon. This press release does not constitute a redemption notice for the 2025 Notes. If the initial purchasers of the notes exercise their option to purchase additional notes, Uber expects to enter into additional capped call transactions with the option counterparties and to use the remainder of such net proceeds for general corporate purposes, which may include repayments, redemptions or repurchases of additional outstanding indebtedness.
  • In connection with the pricing of the notes, Uber expects to enter into privately negotiated capped call transactions relating to the notes with one or more of the initial purchasers of the notes or their respective affiliates and/or other financial institutions. The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of Uber's common stock that will initially underlie the notes

Haaretz : With Antisemitism Spiking, UK Jews Ask if They Have a Future in Britai

With Antisemitism Spiking, UK Jews Ask if They Have a Future in Britain
In Britain we have the worst of all worlds: Islamic extremist antisemitism merging with simplistic interpretations of U.S. critical race theory and post-colonial guilt. Since the Hamas assault there's been an eruption of Jew-hatred – and a dearth of allies

It was, finally, the antisemitic pizza which made me hysterical in almost every sense of the word. Ecco Pizzeria in the city of Leeds in northern England, where I spend several happy years as a student, announced on its Instagram page that Zionists were not welcome and our government was "perfectly possessed by Satan" for supporting Israel.

Then it asked for recommendations for the toppings for an upcoming offering: "anti-Zionist pizza".

I laughed because it was just so ridiculous; mozzarella and basil with a hint of Zionist blood? I cried too, when I remembered the scared student who had showed me the posts. Universities are the frontline of the war against antisemitism in the West and she couldn’t even get a pizza without having hatred dished out on a plate.

And I felt like punching something. Hard. The anger and frustration, fear and stress are constantly bubbling within.

We British Jews are not fighting a war as our family and friends in Israel are. We are not facing daily rocket barrages like those in Israel or bombings like those in Gaza. We are not rushing into bomb shelters or experiencing the fear of knowing our sons, daughters or partners could be killed in action. We feel each of those things keenly too. But we have a very different battle on our hands. It is one that has been brewing for some time. And we truly don’t know the outcome. The question many are asking is, ‘Do we have a future in Britain?’

Earlier this week, Tracy Ann Oberman, a friend and well-known actress who once starred in our most popular soap opera, EastEnders, and is currently touring the nation in a reclaimed version of Shakespeare’s antisemitic play, The Merchant of Venice, was the most depressed and defeated I’ve ever seen.

She'd spent years deflecting hatred as a key activist in the fight against Jeremy Corbyn, the leader of the Labor party, who famously called Hamas "friends" (and who still refuses to call them a terror group). She wrote on her social media channels Monday night: ‘Don’t worry UK – keep going like you’re going; you won’t have many Jewish people living here in a few years. The rise in anti-Jewish hate crimes soaring daily. The acceptable vernacular. So many conversations with friends talking exit strategies. You’ll miss us, I think.’

British Jews once knew we were the luckiest community in Europe. Britain fought Hitler back and so we never had to see whether our countrymen would turn on us as they did everywhere else on the continent.

But we’ve also always known that we have not always been loved. The Blood Libel originated here in 1144 when a 12-year-old boy was found murdered in Norwich. Local Jews were killed and accusations of ritual murder spread throughout the land – and expelled entirely in 1290. It was 400 years until we were allowed back.

When we returned to escape the pogroms 150 years ago, Britain enacted its first ever anti-immigration law to limit our numbers.

Outside every one of our schools and synagogues are security gates and security guards, because there has never been a time when we have not been under threat. We can’t even release details of where our vigils for the kidnapped Israelis will be until a few hours before they start, because of security fears.

We always knew there was an undercurrent of antisemitism boiling under a thin crust of British civility. But since Hamas attacked Israel on October 7 there has been an eruption of Jew hatred which has taken us – even those well-versed in antisemitism – by surprise.

We see the signs everywhere – from hospital doctors who write, "The Jews are our misfortune’" to comments by a prominent talent agent to a Scotland Yard employee.

'It feels like somehow the word settler has lost its meaning if it can be understood as "civilian", said a tweet reposted by the talent agent, Kitty Laing.

Facebook poetry groups are churning out gems like this haiku: ‘Marching in protest/ Is it anti-Semitic/ Or antiseptic’, while there are memes about the best ovens to burn babies in. There is a molten flood of online hatred.

And there are seemingly thousands – even people I know - who don’t believe that October 7 happened. They are pulling down kidnapped posters of abducted children because they see it is as "propaganda". Or they think it happened but that Israeli Prime Minister Benjamin Netanyahu wanted it to. Some mutter darkly about oil. The only outsiders who see this as part of a wider conflict are the scores of Iranians in London who, in a surprising and wonderful show of solidarity, are at almost every pro-Israel rally.

The hatred has impacted on real life with record numbers of antisemitic incidents; Jews are threats in the street, at schools, outside synagogues. Some are taking down their mezuzahs while others are donning kippahs and Magen Davids for the first time outside of synagogue to put a brave front on the hatred.

Every week, in most cities there are pro-Palestine marches brimming with antisemitic images and people who often don’t know which "river" or which "sea" merrily chanting, "From the River to the Sea, Palestine will be free."

They may be well-meaning; but none are marching for peace – only a ceasefire with no conditions – no demands for a hostage release - which means Israel would be left vulnerable to future attacks. Others are singing "Jihad" or revelling in songs about a previous massacre of Jews. It feels like Antisemitism dressed as anti-Zionism, fashionable among the young, most of whom are not versed with the complexities of the region.

Possibly the worst thing is the people who do recognize this hatred for what it is but say nothing; the anti-racism charities who back the marchers. The feminist charities – all of them – who don’t mention the rape of Israeli women that took place October 7 or speak out against the special vulnerability of women hostages.

In Britain we have the worst of all worlds: Islamic extremist antisemitism merging with simplistic interpretations of American critical race theories about white and brown people.

And then there is what we recognize as classic Foreign Office Arabist bias. It is epitomised both by the row with the BBC over whether to call Hamas terrorists and by the historian William Dalrymple, who has a Bafta and nearly 1 million more X followers than there are Jews in the UK, and whose tweets constantly whip up malign suspicion that Israel wants ‘a new Nakba’.

Added into the mix of different forms of hatreds is a looming post-colonial guilt in which the problem of Palestine is not the fault of the British who left the land so deeply divided but - of course – the Jews for needing the refuge of a homeland.

Almost every Jewish person I know is in multiple WhatsApp groups with fellow British Jews – work ones, school ones, friend ones – because no one else seems to understand either our continuing grief about October 7, our connection to the hostages, or our distress at the horrendous antisemitism that came in its wake.

We exchange stories of hatred we’ve witnessed, we write letters that never get satisfactory answers, we comfort one another too. And we self soothe by talking about food even if pizza off the menu. There are age-old debates over how to pronounce bagel (bay-gel – like the Americans or bi-gel like our Ashkenazi ancestors) where to get the best challah and which Israeli restaurants to support because suddenly they are empty; a metaphor for how friendless we feel.

FT : Bayer shares plunge after blood-thinning drug trial halted

Bayer shares plunge after blood-thinning drug trial halted
German group says prospective blockbuster asundexian failed to demonstrate efficacy

Bayer shares plunged to their lowest level in more than a decade after the group abandoned a key late-stage trial of a blood-thinning drug that was seen as a prospective blockbuster, saying it did not work as hoped.

The German company on Monday said its Oceanic trial studying asundexian as a treatment for atrial fibrillation had shown “inferior efficacy” compared with standard treatment.

Over the weekend, Bayer also lost a key case in the US related to the weed killer Roundup, which it acquired when it bought Monsanto in 2016. Shares fell as much as 20 per cent in morning trading on Monday, their biggest-ever drop, reaching lows not seen since 2008. More than €7.5bn in market value was wiped off the company within hours.

The abandoned asundexian trial “is a major setback for Bayer”, said Markus Manns, a portfolio manager and healthcare expert at Union Investment, Germany’s third-largest asset manager. Manns said asundexian was the most promising drug in Bayer’s pharma pipeline. “Without it, the pharma unit is left without sustainable growth.”

Bayer’s pharma unit is facing the expiry of patents on some of its best-selling drugs, including its anti-clotting medication Xarelto, and had high hopes for asundexian. The company previously estimated that the new drug could generate up to €5bn in sales a year — a quarter of the group’s entire 2022 pharma revenue.

Bayer said it had decided to end the trial on the recommendation of an independent committee monitoring the study. It said it would “further analyse the data to understand the outcome” and publish it. The company said it would continue to study the drug in a separate trial for stroke patients.

Analysts at Barclays said they saw the failure as “a total surprise” and downgraded the stock.

Shares in Bayer have underperformed since the group’s €63bn takeover of US agrochemical giant Monsanto, which saddled the company with debt and exposed it to costly and drawn-out litigation over allegations that Roundup causes cancer, which Bayer denies.

Bayer has already paid more than $10bn to settle claims related to the best-selling weedkiller and has earmarked another $6.4bn for future legal costs. After winning nine consecutive court cases over the past years, it has suffered a string of defeats in US courts since the summer.

Bayer said it would appeal against the verdicts and accused plaintiffs of having misrepresented “worldwide regulatory and scientific support for our products” in court, adding that it had “strong arguments to get the recent unfounded verdicts overturned”.

Bayer replaced its chief executive earlier this year, hiring former Roche executive Bill Anderson, who has promised to explore “all options” for the struggling group, including splitting the pharma unit from the crop sciences business. He has also promised to make the business less bureaucratic and more efficient.

The abandoned trial and the court loss compound the challenges facing Anderson, who recently said the conglomerate’s performance was “not acceptable” as it struggled to revive its fortunes after the Monsanto deal.

WSJ : Office Landlords Can’t Get a Loan Anymore

Office Landlords Can’t Get a Loan Anymore
Owners are scrambling to pay back lenders, throwing in more cash or facing default

The office sector’s credit crunch is intensifying. By one measure, it’s now worse than during the 2008-09 global financial crisis.

Only one out of every three securitized office mortgages that expired during the first nine months of 2023 was paid off by the end of September, according to Moody’s Analytics.

That is the smallest share for the first nine months of any year since at least 2008 and well below the nadir reached in 2009, when 47% of these loans got paid off. That share is also well below the rate before the pandemic, when more than eight out of every 10 maturing securitized office mortgages were paid back in some years.

While the numbers cover only office mortgages packaged into bonds—so-called commercial mortgage-backed securities—they reflect a broader freeze in the lending market for office buildings.

Many office owners can’t pay back their old loans because they can’t get new mortgages. Remote work and rising vacancies have hit building profits, making it harder to pay interest. Higher interest rates have pushed debt costs up and building values down.

That combination is fueling a rise in defaults. The share of office CMBS loans that are delinquent has tripled over the past year to 5.75%, according to Trepp. It doesn’t help that many banks no longer issue new office loans and that many insurance companies and debt funds have become more cautious.

“People just don’t want to touch it,” said Alex Killick, managing director at CWCapital, a company that handles troubled CMBS loans.

The office sector relies on a steady stream of debt. Landlords typically buy buildings with big mortgages, and when they mature they pay them off by taking out new loans or by selling. That worked well when buildings were full and loans cheap and plentiful: In the first nine months of 2019, for example, 88% of CMBS office loans were paid off when they matured, according to Moody’s Analytics.

As interest rates and vacancies rose, that share dropped to 71% in the first nine months of 2022 and to just 31.2% this year.

Many banks are trying to reduce their exposure to the struggling office sector, and the easiest way to do that is to not issue any new loans. Insurance companies also lend less, and borrowing from bond markets means accepting much smaller loans at much higher rates, leaving landlords with too little money to pay off their old loans, said Michael Gigliotti, co-head of the New York office at brokerage JLL Capital Markets.

“It’s very hard to get done,” he said. Selling buildings to pay back mortgages is also tough because prices are down and buyers can’t get loans, either.

Not all troubled mortgages are headed for foreclosure. About half the CMBS office loans that didn’t get paid off in the first nine months of this year ended up in default, but the other half got extended or otherwise modified, according to Moody’s. Often, lenders don’t want to take over struggling buildings and are willing to extend loans for a while at higher interest rates as long as landlords throw in cash to pay them down.

“So far, the borrowers have been willing to put in money,” said Kevin Fagan, head of commercial real-estate economic analysis at Moody’s Analytics.

Killick said CWCapital recently extended a Denver office loan after the landlord agreed to set aside more cash to pay for building out floors and other lease-related expenses. But in many other cases, the lender and borrower don’t reach a deal.

In 2018, Kushner Cos. and RFR Realty borrowed $480 million against four Brooklyn office buildings, including $180 million in CMBS debt. The most senior part of the mortgage had an interest rate of just 4%, according to the bond prospectus, and the buildings were 94% occupied.

By 2023, occupancy had slipped to around 78%, partly because co-working company WeWork moved out, according to data from Trepp. When the balloon mortgage came due in September, the owners didn’t pay it off and defaulted.

“The borrower engaged various lenders to secure financing but was unable to obtain any loan commitments,” the company handling the loan on behalf of bondholders wrote in a commentary. When the loan was issued in 2018, the buildings were valued at $640 million, according to Trepp. An appraiser recently cut the value to just $207 million.

>>> Europe : Brokers Upgrades & Downgrades - 20th of November 2023

>>> Up
* Atlas Copco Raised to Buy at Nordea; PT 180 kronor
* CD Projekt Raised to Hold at Wood & Company; PT 120 zloty
* Compass Minerals Raised to Neutral at JPMorgan; PT $24
* Currys Raised to Outperform at RBC; PT 70 pence
* Ferrovial Raised to Add at AlphaValue/Baader
* National Bank of Greece Raised to Buy at Deutsche Bank
* Rolls-Royce price target raised to 310 GBp from 210 GBp at Deutsche Bank
* SAF-Holland SE Raised to Buy at M.M. Warburg; PT 20 euros (+)
* Standard Chartered Raised to Buy at Goldman; PT 868 pence

>>> Down
* Aurubis Cut to Neutral at Oddo BHF; PT 86 euros
* Bayer Cut to Equal-Weight at Barclays; PT 40 euros (+)
* Glencore Cut to Equal-Weight at Morgan Stanley; PT 510 pence
* Ipsen Cut to Hold at Jefferies; PT 116 euros
* Maersk Cut to Add at AlphaValue/Baader
* Maximum Entertainment Cut to Hold at Pareto Securities (+)
* Pandora Cut to Hold at Jyske Bank; PT 1,000 kroner
* Worldline Cut to Neutral at Goldman; PT 17 euro

>>> Initiation
* Bayer Reinstated Equal-Weight at Morgan Stanley; PT 52 euros

>>> Call
* Bayer Study Halt, Roundup Verdict Both Negatives: Morgan Stanley
* Ipsen Cut to Hold at Jefferies on Potential Pipeline Risks