>>> Amer Sports beats by $0.03, beats on revs; guides Q1 EPS below consensus, re

Amer Sports beats by $0.03, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY26 EPS below consensus, revs above consensus
  • Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.28; revenues rose 28.5% year/year to $2.1 bln vs the $1.99 bln FactSet Consensus.
  • Co issues mixed guidance for Q1, sees EPS of $0.28 to $0.30, excluding non-recurring items, vs. $0.33 FactSet Consensus; sees Q1 revs of +22 to +24% yr/yr or $1.796 bln to $1.826 bln vs. $1.74 bln FactSet Consensus.
  • Co issues mixed guidance for FY26, sees EPS of $1.10 to $1.15, excluding non-recurring items, vs. $1.16 FactSet Consensus; sees FY26 revs of +16 to +18% yr/yr or $7.617 bln to $7.748 bln vs. $7.49 bln FactSet Consensus.
  • Carrie Ask to become Wilson President & CEO.

>>> La Lettre 23/02/2026 (FR)

1. La numéro deux de La Banque Postale rejoint Revolut
Perrine Kaltwasser, membre du directoire et directrice des risques, de la conformité et du secrétariat général de La Banque postale, a démissionné. Son départ s’inscrit dans une longue série d’évictions sous la direction de Stéphane Dedeyan. Elle rejoint Revolut comme responsable des risques pour l’expansion en Europe de l’Ouest. Ancienne cadre de la BCE et de l’ACPR, son départ est perçu comme un effet boomerang pour Dedeyan et sa stratégie de « postalisation ».
2. Rachida Dati s’affiche avec des patrons de la musique pour sa campagne parisienne
La ministre de la Culture a obtenu le soutien d’Angelo Gopee (Live Nation France), Alexandre Kirchhoff (Universal Music/Capitol) et Saïd Boussif (Indifference Prod) pour la mairie de Paris en 2026. Avant de quitter la Rue de Valois, elle a lancé une mission sur le partage de la valeur des captations de spectacles vivants et répondu favorablement à une demande de Fimalac Entertainment.
3. White & Case conseillera la DGEC
La Direction générale de l’énergie et du climat a confié à White & Case un contrat d’assistance juridique transversale de 4,8 millions d’euros pour l’accompagner sur la régulation des installations de production, transport, distribution et stockage d’énergie.
4. Le plan com’ en solo d’Hélène Mercier-Arnault
La femme de Bernard Arnault a lancé une offensive médiatique (TF1, RTL, Vogue Business, Gala, Le Figaro) autour de son prochain album, orchestrée par Louis Jublin (ex-conseiller de Gabriel Attal, via sa société Minerva). LVMH n’était pas au courant. Ses interventions ont attiré l’attention sur la succession au sein de la famille Arnault en pleine crise.
5. Télérama maintient des résultats stables malgré la chute publicitaire
L’hebdomadaire culturel du Groupe Le Monde affiche un résultat d’exploitation positif de 7 M€ en 2025 pour un CA de 68 M€. Les revenus publicitaires ont chuté à 5,7 M€ (contre 11,6 M€ en 2017). Les abonnements représentent 74 % du CA. Le numérique atteint 6,6 % du CA. La hausse de 7 % du tarif postal par La Poste représente un risque financier estimé à 800 000 €.
6. L’INPI refuse la marque « C’est Nicolas qui paie » à Frontières
L’Institut national de la propriété intellectuelle a refusé d’enregistrer cette marque déposée par Artefakt (société mère de Frontières, fondée par Erik Tegnér), estimant qu’elle n’est pas distinctive et constitue une expression du débat public.​​​​​​​​​​​​​​​​

>>> La Lettre 23/02/2026

1. La Banque Postale’s No. 2 leaves for Revolut
Perrine Kaltwasser, a member of La Banque Postale’s board and head of risk, compliance, and the general secretariat, has resigned. Her departure follows a series of executive purges by CEO Stéphane Dedeyan. The 45-year-old will join British fintech Revolut as head of risk for Western European expansion, working alongside Béatrice Cossa-Dumurgier (ex-Société Générale) and Frédéric Oudéa. Before La Banque Postale, Kaltwasser held senior supervisory roles at the ECB and ACPR. Her exit is seen as a boomerang for Dedeyan, who had pushed a “postalization” strategy and sidelined numerous senior figures.
2. Rachida Dati courts music industry bosses for Paris mayoral bid
Culture minister Rachida Dati has secured the support of three major music industry figures — Angelo Gopee (Live Nation France), Alexandre Kirchhoff (Universal Music/Capitol), and Saïd Boussif (Indifference Prod) — for her 2026 Paris mayoral campaign. Before leaving office, she also launched a mission on revenue sharing from live performances and satisfied a longstanding request from the Fimalac Entertainment group.
3. White & Case to advise the DGEC
The French energy and climate directorate (DGEC) has awarded a €4.8 million legal advisory contract to White & Case for guidance on energy infrastructure regulation, production, transport, and storage frameworks.
4. Hélène Mercier-Arnault’s solo media strategy
Bernard Arnault’s wife has launched a major media blitz (TF1, RTL, Vogue Business, Gala, Le Figaro) tied to her upcoming album, orchestrated by Louis Jublin (ex-adviser to PM Gabriel Attal). LVMH was reportedly not informed. Her interviews have shifted attention to the Arnault family succession battle, drawing both praise and criticism.
5. Télérama holds steady despite advertising decline
The Groupe Le Monde cultural weekly posted a €7M operating profit in 2025 on €68M revenue, stable year-on-year, even as ad revenue fell to €5.7M (from €11.6M in 2017). Subscriptions generate 74% of revenue. Digital now represents 6.6% of turnover. A 7% postage price increase by La Poste poses a future financial risk of ~€800K.
6. Frontières blocked by INPI on trademark
The INPI refused to register the trademark “C’est Nicolas qui paie” filed by Artefakt (parent company of the far-right magazine Frontières, founded by Erik Tegnér), ruling the expression is not distinctive and constitutes a widely-used public debate phrase.

>>> Europe : Brokers Upgrades & Downgrades - 24th of February 2026 V2(+)

>>> Up
* Adtraction Group Raised to Buy at Pareto Securities (+)
* Ashmore Raised to Buy at Jefferies; PT 285 pence
* Belimo Raised to Buy at Bank Vontobel; PT 985 Swiss francs (+)
* Equinox Gold Raised to Outperform at CIBC; PT C$32
* Fox Corp Raised to Buy at Seaport Global Securities; PT $64
* Ilkka Oyj Raised to Accumulate at Inderes; PT 4.25 euros
* MONY Group Raised to Neutral at BofA
* Orthex Raised to Buy at Nordea; PT 6.20 euros
* Stanley Black & Decker PT Raised to $87 at Morgan Stanley
* Talenom Raised to Buy at Inderes; PT 3 euros
* Telenor Raised to Neutral at SB1 Markets; PT 175 kroner

>>> Down
* Galenica Cut to Sell at UBS; PT 86 Swiss francs
* Gurit Cut to Sell at Research Partners; PT 20 Swiss francs
* Elia Group Cut to Neutral at UBS; PT 144 euros
* Gerresheimer Cut to Sell at UBS; PT 12.90 euros
* Johnson Matthey Cut to Neutral at JPMorgan; PT 2,000 pence
* Legrand Cut to Hold at Kepler Cheuvreux
* Novo Cut to Neutral at JPMorgan; PT 250 kroner
* Novo PT Cut to 200 kroner from 230 kroner at Intron Health
* Novo Cut to Hold at Nordea
* Novo Cut to Hold at Kepler Cheuvreux
* Novo Cut to Hold at Jyske Bank; PT 305 kroner (+)
* Rentokil Cut to Hold at Deutsche Bank; PT 465 pence
* Rio Tinto Cut to Equal-Weight at Barclays; PT 6,600 pence
* Sika PT Cut to 140 Swiss francs from 145 Swiss francs at BofA (+)
* Solvay Cut to Hold at KBC Securities; PT 27 euros (+)
* Stainless Tankers Cut to Hold at Fearnley; PT 40 kroner (+)
* Weir Group Cut to Equal-Weight at Oxcap

>>> Initiation
* Chemring Group Rated New Buy at Peel Hunt; PT 600 pence
* Cohort Rated New Buy at Peel Hunt; PT 1,430 pence
* Elis Rated New Sector Perform at RBC; PT 27.50 euros
* QinetiQ Rated New Hold at Peel Hunt; PT 500 pence
* Sensorion Rated New Outperform at Baird; PT 2 euros
* Theon International Rated New Outperform at Oddo BHF

>>> Call
* Aegon Placed on Positive Watch at JPMorgan on Possible UK Deal
* Ashmore Raised to Buy at Jefferies on Turning Point in EM Cycle
* BofA Says Blue Owl Is Buying Opportunity Due to ‘Misinformation’
* Elis New Sector Perform at RBC, Market Leader But Fairly Priced
* Goldman Sachs Sees ‘HALO’ Stocks in Vogue as AI Disrupts Markets
* Johnson Matthey Cut to Neutral at JPMorgan on Lower Deal Price
* Novo Cut to Neutral at JPMorgan After CagriSema Data Disappoints (+)
* StanChart Swings to Gain as Jefferies Cites Stronger Guidance
* Weir Cut to Hold at Oxcap on Limited Upside to 2025 FY Earnings

>>> What to look at today - 24th of February 2026

Asian shares edged higher, shrugging off US weakness driven by anxiety over artificial intelligence’s impact on corporate profits, as investors bet the region’s chipmakers stand to benefit from supplying the AI buildout.
Shares in South Korea rose 1.9% and Taiwan jumped 2.7% as investors piled into chipmakers, viewing them as the “picks and shovels” of the AI supply chain. Chinese shares also gained on their return from Lunar New Year holidays, helping the broader MSCI Asia Pacific Index erase earlier losses to advance 0.1%. Futures contracts on the S&P 500 rose 0.3%, pointing to firmer sentiment after Monday’s decline in the underlying index. As risk appetite improved, gold slipped following a four-day rally and Treasuries pared gains from the US session, when investors had sought traditional haven assets. Bitcoin slipped to trade around $63,200. The moves in Asia — where markets have outperformed the US this year and largely sidestepped tech-led declines — came after US gauges fell Monday. Tech, delivery and payment shares slid following a Citrini Research report outlining potential AI risks across industries. The weakness was compounded by lingering uncertainty over President Donald Trump’s tariffs. The so-called AI scare trade has become a dominant market theme, with selling spreading beyond software to hit US insurance brokers, private credit firms, cybersecurity names and even real estate services stocks. In comparison, Asian shares have outperformed in 2026, with MSCI’s regional gauge rising 12% this year, while the S&P 500 Index has been little changed. That marks the Asian index’s strongest start to a year relative to the US benchmark on record. Investors are turning to AI infrastructure-related stocks like cablemakers, with that demand “offsetting the worries around software,” said Yugo Tsuboi, chief strategist at Daiwa Securities.  The artificial intelligence “scare trade” erupted again in the US on Monday as growing concerns about the disruptive power of AI dragged down shares of companies and sent International Business Machines Corp. to its worst plunge in 25 years. It began after a bearish report was published over the weekend by a little-known firm called Citrini Research. At risk are intermediation businesses like insurers and banks. His firm had short positions in some of the companies cited in the report, Shah said, while owning “a lot” of semiconductor stocks poised to benefit. Shares of South Korea’s SK Hynix Inc. jumped 4.5% on Tuesday and reached the psychologically key 1 million won per-share price. Taiwan Semiconductor Manufacturing Co. advanced 3.4%, while Samsung Electronics Co. rose 2.8% — its ninth straight day of gains — to an all-time high. All three stocks hit an all-time high. In other corners of the market, Treasuries edged lower with the yield on the benchmark 10-year rising one basis point to 4.04%. The dollar held its gains from the previous session. Oil steadied as Trump said his preference was for a nuclear deal with Iran ahead of talks between the two nations this week. Meanwhile, questions over US tariffs added to the downbeat mood on Monday.  After the Supreme Court’s decision Friday to nix Trump’s “reciprocal” tariffs, the White House announced plans to replace the prior levies with a new, across-the-board 15% tariff on US imports. The European Union froze ratification of its US trade deal amid the uncertainty. The US is readying a spate of additional national security investigations that would enable Trump to impose new tariffs, as the administration seeks to rebuild his global tariff regime. US After Hours VIR +65.3% surging on earnings and trial results; MYGN +18.3%, SGHC +18.1%, KEYS +15.5%, MAX +14.8% higher on earnings; UCTT -12.5%, ZD -8.1%, HIMS -6.7%, PAY -5.3%, PRIM -5.2% lower on earnings.

Nikkei +0.92% Hang Seng -1.93% CSI +1.33% Shanghai +1.17% Shenzen +1.57%

Eur$ 1.1770 CNH 6.8929 CNY 6.8966 JPY 155.26 GBP 1.3481 CHF 0.7765 RUB 77.0944 TRY 43.8566 WTI$ 66.87 +0.83% Gold 5,170 -1.13% BTC 63,256 -2.03% ETH 1,827 -1.91%

S&P +0.22% Nasdaq +0.30% EuroStoxx +0.18% FTSE -0.05% Dax -0.06% SMI +0.36%

Macro :
- Dimon Sees Parallel to Pre-Crisis Era as Rivals Do ‘Dumb Things’
- European Auto Sales Fall Even as EV Demand Cushions the Drop
- Saudi Arabia Posts Biggest Quarterly Budget Deficit Since 2020
- Anthropic Says DeepSeek, MiniMax Distilled AI Models for Gains
- Trump Eyes New Trade Probes to Revive Tariffs After Court Defeat
- Jane Street Sued for Insider Trading by Terraform Administrator

Keep an eye on :
- ALMB DC : Alm. Brand Promotes Ruben Madsen to CEO as Werner Nielsen Leaves
- AMZN US : Amazon Investing $12b in Data Center Campuses in Louisiana
- ANthropic : Anthropic Kicks Off Share Sale for Staffers of Up to $6 Billion
- Apotex IPO : Drugmaker Apotex Is Said to Seek $730 Million in First-Half IPO
- AAPL US : Apple Plans to Manufacture Mac Mini in Houston -- WSJ
- AZE BB : Azelis Holder EQT Offers About 24m Shares, Terms Show priced @ 7.85/share
- BMRN US : BioMarin 2026 Revenue Forecast Misses Estimates
- OWL US : Blue Owl Anxiety Rattles $1.8 Trillion Private Credit Market, BofA Says Blue Owl Is Buying Opportunity Due to ‘Misinformation’
- CWC GY : Cewe Stiftung Prelim FY Ebit EU88.2M
- C US : Citi to Sell 24% Banamex Stake for $2.5b
- CRDA LN : Croda FY Adjusted Operating Profit Meets Estimates
- DOKA SW : Dormakaba 1H Net Sales Miss Estimates
- EDEN FP : Edenred Sees 2026 Organic Ebitda -8% to -12%
- ED US : Con Edison Is Said to Seek $785 Million in Forward Share Sale
- ELE SM : Endesa FY Net Income Beats Estimates, Endesa Sees €10.6 billion Investments in 2026-2028 Strategy
- ZIL2 GY : ElringKlinger Prelim FY Sales Beat Estimates
- ERICB SS : *VERIZON, ERICSSON DIDN'T INFRINGE 5G PATENT, JURY FINDS: BLAW
- EL FP : Ambani's Jio set to take on Ray-Ban Meta with affordable AI smart glasses
- EL FP : Meta and EssilorLuxottica Spar Over Ray-Ban AI Glasses Pricing
- FME GY : Fresenius Medical Care 4Q Operating Income Beats Estimates
- FRVIA FP : Forvia Sees 2026 Operating Margin 6% to 6.5%, Est. 5.69%, Forvia Targets 2028 Operating Margin of at Least 7%
- GALE SW : Galenica To Cut 170 Jobs, Ends Bichsel’s Pharma Production
- HIMS US : Hims & Hers Health 4Q Revenue Meets Estimates
- IBM US : IBM is the latest AI casualty. Shares are tanking on Anthropic COBOL threat
- IBM US : IBM’s Thomas Says Cobol Translation Isn’t Modernization
- INH GY : Indus Holding FY Revenue Matches Estimates
- JPM US : JPMorgan Boosts FY Net Interest Income Forecast
- LSG NO : Leroy 4Q Operational Ebit Beats Estimates
- LSG NO : Leroy 4Q Norway Farming Harvested Volume Meets Estimates
- MANTA FH : Mandatum Holder Altor Fund VI Offers 35m Shares via Citi, SEB, priced @ 6,80/share
- MTX GY : MTU Aero 4Q Adjusted Ebit Beats Estimates
- NEX FP : Nexans Holder Invexans Offers Up to 2.2m Shares: Terms, priced @ 120.01/Share
- NEX FP : Luksic Clan Sells More Nexans Shares for ‘Strategic Investments’
- NVOB DC : Novo’s Latest Obesity Flop Prompts Investors to Call for a Pivot
- PYPL US : PayPal Takeover Interest ‘Encouraging,’ Shares Rise
- PFE US : Pfizer Secures China Rights to Obesity Drug in $495 Million Deal
- 1913 HK : Prada : -2%
- PSPN SW : PSP Swiss FY Rental Income Meets Estimates
- RHM GY : Rheinmetall to Receive Drone Order After Lagging Competition
- RR/ LN : Rolls-Royce propels the case for thoughtful subsidies - FT Lex
- SPM IM : Saipem Gets Offshore Contract in Saudi Arabia Worth About $500m
- SIKA SW : Sika Proposes to Increase Gross Dividend by 2.8% to CHF3.70
- SPOT US : Spotify rolls out AI-powered Prompted Playlists to the U.K. and other markets - TechCrunch
- SOLB BB : Solvay 4Q Underlying Ebitda Misses Estimates, Solvay Sees 2026 Underlying Ebitda EU770M to EU850M, Est. EU824M
- STAN LN : StanChart Announces $1.5b Buyback
- TEG GY : TAG Immobilien’s Polish Unit Robyg Is Working on IPO: Parkiet
- TE FP : Technip Energies Wins ‘Significant’ LNG Contract in Mozambique
- TTK GY : TAKKT Plans To Skip Dividend After €125.5m Impairment
- TEF SM : Telefonica 4Q Revenue Misses Estimates
- TSLA US : Tesla Sues California DMV Over Autopilot Marketing Allegations
- Thames Water : Thames Water Creditors Take Rescue Deal to Ratings Firms for Nod
- VIR US : Astellas, Vir Biotechnology Collaborate on VIR-5500
- WBD US : Paramount Is Said to Submit Higher Offer for Warner Bros.
- WBD US : Warner to Review New Paramount Bid, Still Backs Netflix: Variety
- WHR US : Whirlpool Is Said to Market Stock, Convertible Deals for One Day

>>> Europe : Brokers Upgrades & Downgrades - 24th of February 2026

>>> Up
* Ashmore Raised to Buy at Jefferies; PT 285 pence
* Equinox Gold Raised to Outperform at CIBC; PT C$32
* Fox Corp Raised to Buy at Seaport Global Securities; PT $64
* Ilkka Oyj Raised to Accumulate at Inderes; PT 4.25 euros
* MONY Group Raised to Neutral at BofA
* Orthex Raised to Buy at Nordea; PT 6.20 euros
* Stanley Black & Decker PT Raised to $87 at Morgan Stanley
* Talenom Raised to Buy at Inderes; PT 3 euros
* Telenor Raised to Neutral at SB1 Markets; PT 175 kroner

>>> Down
* Galenica Cut to Sell at UBS; PT 86 Swiss francs
* Gurit Cut to Sell at Research Partners; PT 20 Swiss francs
* Elia Group Cut to Neutral at UBS; PT 144 euros
* Gerresheimer Cut to Sell at UBS; PT 12.90 euros
* Johnson Matthey Cut to Neutral at JPMorgan; PT 2,000 pence
* Legrand Cut to Hold at Kepler Cheuvreux
* Novo Cut to Neutral at JPMorgan; PT 250 kroner
* Novo PT Cut to 200 kroner from 230 kroner at Intron Health
* Novo Cut to Hold at Nordea
* Novo Cut to Hold at Kepler Cheuvreux
* Rentokil Cut to Hold at Deutsche Bank; PT 465 pence
* Rio Tinto Cut to Equal-Weight at Barclays; PT 6,600 pence
* Weir Group Cut to Equal-Weight at Oxcap

>>> Initiation
* Chemring Group Rated New Buy at Peel Hunt; PT 600 pence
* Cohort Rated New Buy at Peel Hunt; PT 1,430 pence
* Elis Rated New Sector Perform at RBC; PT 27.50 euros
* QinetiQ Rated New Hold at Peel Hunt; PT 500 pence
* Sensorion Rated New Outperform at Baird; PT 2 euros
* Theon International Rated New Outperform at Oddo BHF

>>> Call
* Aegon Placed on Positive Watch at JPMorgan on Possible UK Deal
* Ashmore Raised to Buy at Jefferies on Turning Point in EM Cycle
* BofA Says Blue Owl Is Buying Opportunity Due to ‘Misinformation’
* Elis New Sector Perform at RBC, Market Leader But Fairly Priced
* Goldman Sachs Sees ‘HALO’ Stocks in Vogue as AI Disrupts Markets
* Johnson Matthey Cut to Neutral at JPMorgan on Lower Deal Price
* StanChart Swings to Gain as Jefferies Cites Stronger Guidance
* Weir Cut to Hold at Oxcap on Limited Upside to 2025 FY Earnings

>>> Stoxx 600 Pre-Market Indications

  • Edenred (QSV TH) +4.1%
    • Edenred Sees 2026 Organic Ebitda -8% to -12%
  • Admiral (FLN TH) +2.8%
  • Rolls-Royce (RRU TH) +1.3%
  • ASML (ASME TH) +1.1%
  • Pernod Ricard (PER TH) +1%
  • Barclays (BCY TH) -1%
  • Schneider Electric (SND TH) -1%
  • Prosus (1TY TH) -1.1%
  • Rio Tinto (RIO1 TH) -1.2%
  • Wienerberger (WIB TH) -1.4%
    • Wienerberger Reports FY Net Income of EUR 168 Million
  • Fresnillo (FNL TH) -2.4%
  • Elia Group (E4S TH) -4.5%
    • Elia Group Cut to Neutral at UBS; PT 144 euros

>>> TradeGate Pre-Market Indications

SDAX:
  • SFC Energy (F3C TH) +6.5%
    • EQS-News: SFC Energy AG presents preliminary Group figures for 2025 - Q4 marks return to growth trajectory - Accelerated shift t
  • Heidelberger Druck (HDD TH) +1.8%
  • PNE AG (PNE3 TH) -2.2%
  • Gerresheimer (GXI TH) -3.1%
    • Gerresheimer Cut to Sell at UBS; PT 12.90 euros