- Zealand Pharma (22Z TH) +1.2%
- Zealand Pharma Rated New Buy at Berenberg; PT 815 kroner
- KBC (KDB TH) +0.5%
- KBC Can Outperform Guidance, Upgraded to Buy at Berenberg
- Glencore (8GC TH) -1.4%
- Watch Europe Sectors Exposed to China on Ambitious Growth Goal
- Lanxess (LXS TH) -1.4%
- Hermes (HMI TH) -1.4%
- Deutsche Post AG (DHL TH) -1.5%
- Deutsche Post AG Cut to Hold at SocGen; PT 46 euros
- Siemens (SIE TH) -1.5%
- BE Semiconductor (BSI TH) -1.7%
- OCI (OIC TH) -1.8%
- STMicroelectronics (SGM TH) -1.9%
- AMD Hits US Roadblock in Selling AI Chip Tailored for China
- Rational (RAA TH) -2.4%
- Prosus (1TY TH) -3%
- China Sets GDP Goal That Needs Policy Support ‘From All Fronts
DAX:
- Infineon (IFX TH) -1.2%
- Deutsche Post AG (DHL TH) -1.4%
- Deutsche Post AG Cut to Hold at SocGen; PT 46 euros
- Siemens (SIE TH) -1.6%
- Siemens Cut to Reduce at HSBC; PT 150 euros
MDAX:
- Stroeer (SAX TH) +2.9%
- Stroeer FY Adjusted Ebitda Meets Estimates
- Redcare Pharmacy NV (RDC TH) +2.6%
- Redcare Pharmacy NV Sees 2024 Adjusted Ebitda Margin 2% to 4%
- Nordex (NDX1 TH) +1.1%
- Nordex Raised to Buy at HSBC; PT 15 euros
- Hensoldt (HAG TH) -1.2%
- Aroundtown (AT1 TH) -1.3%
- SMA Solar (S92 TH) -1.3%
SDAX:
- SAF-Holland SE (SFQ TH) +1.6%
- Schaeffler (SHA TH) -1.3%
- Schaeffler FY Adjusted Ebit Meets Estimates
- Traton (8TRA TH) -1.6%
- Traton Sees 2024 Adjusted Operating Margin 8% to 9%, Est. 8.08%
- AUTO1 (AG1 TH) -4.6%
- AUTO1 Cut to Hold at Bankhaus Metzler; PT 5.80 euros
Asian equities were mixed Tuesday as investors weighed official announcements from China including an ambitious 5% growth target. Mainland China stocks rose and Japan’s Nikkei 225 index surpassed the 40,000 level it breached Monday. Hong Kong’s Hang Seng Index fell alongside benchmarks in South Korea and Australia. US equity futures edged lower following a small decline for the S&P 500 on Monday. There’s been a slew of announcements from China’s National People’s Congress, including 5.5% urban unemployment and 3% inflation targets, and steps to support the economy hampered by a property slump and entrenched deflation. The measures got a lukewarm response from investors and strategists in the absence of any big-bang fiscal stimulus. Hong Kong’s Hang Seng Tech index fell as much as 4% in a decline that partly reflected a new US government ban on Advanced Micro Devices Inc. selling an artificial intelligence chip tailored for the Chinese market, according to people familiar with the matter. Other measures mentioned by Chinese leaders at the annual parliamentary meetings in Beijing included a 7.2% rise in defense spending, the biggest in five years. The nation’s premier will defy recent convention by not holding a press briefing for investors to learn more about the policy direction. This may undermine its ability to boost confidence in an economy grappling with a prolonged real estate crisis and headwinds from geopolitical tensions with the US. A Bloomberg Intelligence index of Chinese property developers fell as the country’s property debt crisis showed new signs of trouble with one of the country’s major state-backed developers placed under unprecedented scrutiny by investors. Elsewhere, the yen was steady at around 150 per dollar as price growth in Tokyo surged back above the Bank of Japan’s target in February. The increase supports the case for the central bank’s first interest rate hike since 2007. BOJ Governor Ueda is scheduled to speak later Tuesday. Fed Chair Jerome Powell heads to Capitol Hill for his semiannual testimony before Congress on Wednesday and Thursday and is expected to double down on his message that there’s no rush to cut rates. Fed officials’ most recent quarterly forecast in December was for three quarter-point cuts this year — and the bond market has embraced that view, based on the prices of swap contracts that reference future Fed meeting dates. Nouriel Roubini, the economist known for his bearish outlook ahead of the 2008 global financial crisis, expressed optimism that US growth will remain brisk this year — though that might be a negative for stocks. In commodities, oil prices fell and gold was flat after it surged to near a record high in the previous session. Bitcoin slipped in Asian afternoon trading, declining from near a 2021 record high of around $69,000 to little over $66,800.
Nikkei -0.03% Hang Seng -2.52% CSI +0.37% Shanghai +0.00% Shenzen -0.94%
Eur$ 1.0849 CNH 7.2104 CNY 7.1985 JPY 150.53 GBP 1.2677 CHF 0.8860 RUB 91.4664 TRY 31.6015 WTI$ 78.30 -0.56% Gold 2,117 BTC 67,152 -0.52% ETH 3,715 +3.62%
S&P -0.23% Nasdaq -0.46% EuroStoxx -0.29% FTSE -0.32% Dax -0.39% SMI -0.11%
Macro :
- Citi’s Montagu Says Bullish Momentum in US Stock Futures Eases
- Former Goldman Sachs Partner’s Hedge Fund Plans New York Office
- Former Goldman Sachs Partner’s Hedge Fund Plans New York Office
- China to Mobilize Nation as It Fights US for Tech Supremacy
- Biden Says JetBlue-Spirit Deal Cancellation a Win for Consumers
- Bitcoin Bulls May Look Beyond $70,000 to Post-Halving Surges
- Watch Europe Sectors Exposed to China on Ambitious Growth Goal
Keep an eye on :
Keep an eye on :
- AC FP : Hoxton Hotels Owner Ennismore Said to Seek Capital for Expansion
- AIR FP : American Orders 260 Jets in Haul for Boeing, Airbus, Embraer
- ALB US : Albemarle Offers 7%-7.50% Coupon For $1.75B Convertibles: Terms
- BABA US : Alibaba Backs $2.5 Billion AI Startup in Second Major 2024 Deal
- BAYN GY : Bayer 2024 Adjusted Ebitda Forecast Beats Estimates, Provision for Glyphosate Litigation Was $6.3B at Dec. 31
- BAYN GY : Bayer CEO Keeping ‘Open Mind’ on Possible Break-Up, But Not Now
- BLK US : BlackRock Gains as Much as 3.1% Amid Potential Breakout
- BA US : Boeing, Spirit Audit by FAA Finds ‘Multiple’ Quality Lapses
- IAG LN : British Airways Plans to Spend £750 Million on Digital Upgrades
- CLNX SM : Cellnex CEO to Focus on Debt, Higher Returns in Strategy Refresh
- COFA FP : Coface Launches 2024-2027 Strategic Plan, Raises Targets
- COFA FP : Coface Launches 2024-2027 Strategic Plan, Raises Targets
- DOKA SW : Dormakaba 1H Adjusted Ebitda Beats Estimates
- DIS US : Peltz Publishes Plan to ‘Restore Magic’ at Disney as AGM Looms
- Douglas IPO : Douglas Listing Boosts Hopes of European IPO Revival
- ERA FP : Eramet in Pact to Convert Lossmaking SLN Nickel Unit’s Debt
- FLS DC : FLSmidth Buys Farnell-Thompson Applied Technologies; No Terms
- FORN SW : Forbo FY Ebit Misses Estimates
- GSK LN : Reuters: GSK's new HIV drug formula could support longer dosing intervals https://t.co/5ticLGFbxo https://t.co/Mleswv0jWL
- GRG LN : Greggs FY Pretax Profit Beats Estimates
- HUBN SW : Huber+Suhner FY Ebit Beats Estimates
- IFCN SW : Inficon Sees 2024 Operating Margin About 20%, Est. 20.1%
- KOS US : Kosmos Offers Up to 3.375% Coupon For $300M Convertibles: Terms
- LISN SW : Lindt & Spruengli Sees 2024 Organic Sales +6% to +8%
- MSTR US : MicroStrategy Is Said to Offer 0.5%-1% Coupon For Convertibles
- MITRA BB : Mithra Considers Sale, Enters Bridge Loan Facility
- EGL PL : Mota-Engil FY Net Income EU113M Vs. EU52M Y/y
- NOVOB DC : Eli Lilly in Pacts With National Resilience, BSP Pharma: FT
- PLX FP : Pluxee to Buyback €30m Shares
- RDC GY : Redcare Pharmacy NV Sees 2024 Adjusted Ebitda Margin 2% to 4%
- SHA GY : Schaeffler FY Adjusted Ebit Meets Estimates
- SAX GY : Stroeer FY Adjusted Ebitda Meets Estimates
- SWON SW : SoftwareOne Says Founding Holders Can Vote After Bain Pact Ended
- SCLN SW : Switzerland Sees No Scope to Stop Swisscom Bid For Vodafone Unit
- TSLA US : BANKS STUCK WITH X DEBT HELD REFINANCING TALKS WITH ELON MUSK
- HO FP : Thales FY Ebit Beats Estimates
- TWEKA NA : TKH FY Revenue Matches Estimates
- TTE FP : TotalEnergies Applies to Build LPG Plant in Uganda: New Vision
- 8TRA GY : Traton Sees 2024 Adjusted Operating Margin 8% to 9%, Est. 8.08%
- VACN SW : VAT FY Ebitda Meets Estimates
- VIV FP : Vivendi Boosts MultiChoice Offer, Valuing Shares at $2.9 Billion
- VOD LN : Switzerland Sees No Scope to Stop Swisscom Bid For Vodafone Unit
>>> Up
* Covivio SA Raised to Buy From Hold by Jefferies, Target Raised to EUR53.00 From EUR48.00
* Inmobiliaria Colonial Raised to Hold at Jefferies; PT 5 euros
* Intesa Sanpaolo Raised to Overweight at Morgan Stanley
* KBC Raised to Buy at Berenberg
* Marks & Spencer Raised to Buy at Redburn; PT 305 pence
* Nordex Raised to Buy at HSBC; PT 15 euros
* PVA TePla Raised to Buy at Quirin Privatbank AG; PT 22.90 euros
* PVA TePla Raised to Buy at Quirin Privatbank AG; PT 22.90 euros
* Vestas Raised to Buy at HSBC; PT 230 kroner
>>> Down
>>> Down
* Alfa Laval Cut to Hold at HSBC; PT 385 kronor
* Bank of Ireland Cut to Equal-Weight at Barclays; PT 10.90 euros
* Deutsche Post AG Cut to Hold at SocGen; PT 46 euros
* EuroAPI Cut to Sell at Deutsche Bank; PT 3 euros
* Fluidra Cut to Hold at Jefferies; PT 23 euros
* Rational Cut to Reduce at HSBC; PT 650 euros
* Schindler Cut to Equal-Weight at Barclays; PT 230 Swiss francs
* Siemens Cut to Reduce at HSBC; PT 150 euros
* Siemens Cut to Reduce at HSBC; PT 150 euros
* SKF Cut to Reduce at HSBC; PT 190 kronor
* UniCredit Cut to Equal-Weight at Morgan Stanley; PT 37.70 euros
* Wartsila Cut to Hold at HSBC; PT 14 euros
>>> Initiation
>>> Initiation
* Antin Rated New Hold at Deutsche Bank; PT 18 euros
* Mediobanca Rated New Overweight at Morgan Stanley
* Nike Reinstated Buy at CTBC Securities; PT $124
* Novo Reinstated Buy at Citi; PT 975 kroner
* SolGold Rated New Speculative Buy at Argonaut Securities
* Tikehau Capital Rated New Buy at Deutsche Bank; PT 28 euros
* Tikehau Capital Rated New Buy at Deutsche Bank; PT 28 euros
* Vastned Reinstated Hold at ING; PT 22 euros
* Zealand Pharma Rated New Buy at Berenberg; PT 815 kroner
>>> Call
>>> Call
* Citi’s Montagu Says Bullish Momentum in US Stock Futures Eases
* Covivio Risks Skewed to Upside, Raised to Buy at Jefferies
* Fluidra Cut at Jefferies, Limited Upside to Valuation, Estimates
* Italian Banks’ Fee Recovery Underestimated, Morgan Stanley Says
* Italian Banks’ Fee Recovery Underestimated, Morgan Stanley Says
* KBC Can Outperform Guidance, Upgraded to Buy at Berenberg
* Novo Reinstated Buy at Citi on Continued Obesity Strength
After Hours Summary: PAY +23.8%, AVAV +17.5% up big on earnings; GTLB -20.5% tumbling following weak earnings guidance
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: PAY +23.8%, AVAV +17.5%, CRGY +5.3%, AKYA +2.8%
Companies trading higher in after hours in reaction to news: BWXT +3.5% (awarded $45 bln DoE contract), BIIB +0.6% (new data on Alzheimer's and Parkinson's Diseases), CABO +0.1% (appoint new COO), AMD +0.1% (hires Thomas Zacharia to accelerate adoption of AMD tech for sovereign AI deployments)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: GTLB -20.5%, SEMR -9.5%
Companies trading lower in after hours in reaction to news: TNDM -7.3% (proposes $250 mln of convertible notes), ALB -7.1% ($1.75 bln public offering), STXS -5% (regulatory submissions made for MAGiC catheter), KOS -5% (offering $300 mln of convertible notes), MSTR -3.1% (offering $600 mln convertible senior notes), ADVM -3% (secondary stock offering), INTA -3% (secondary stock offering), BHLB -1.9% (to sell 10 of its NY branches), BBIO -1.3% ($250 mln public offering), BG -0.2% (approve decision with CVX to build new oilseed facility WTTR -0.1% (appoints new CFO)
Closing Stock Market Summary
It was a lackluster start to the week for stocks. The S&P 500 only moved about 22 points between its intraday high and low, ultimately settling with a 0.1% decline. The muted action was related to a wait-and-see mentality in front of busy week due to the understanding that stocks are trading near all-time highs.
The S&P 500 and Nasdaq Composite briefly traded above their prior closing levels, but quickly pulled back to session lows, following the price action in mega cap stocks. Meta Platforms (META 498.19, -4.11% -0.8%), Amazon.com (AMZN 177.58, -0.64, -0.4%), and Microsoft (MSFT 414.92, -0.58, -0.1%), for example, had all been trading higher at their best levels of the session, but rolled over and settled lower.
Some other mega cap stocks traded down through the whole session, also having an outsized impact on index performance. Apple (AAPL 175.10, -4.56, -2.5%) shares declined on news that the EU is fining it more than EUR1.8 billion for "abusing its dominant position on the market for the distribution of music streaming apps to iPhone and iPad users (‘iOS users') through its App Store."
A sharp decline in Tesla (TSLA 188.14, -14.50, -7.2%) was related to a Bloomberg report that shipments from its China factory decline 19% year-over-year.
Still, the broader market held up okay despite the aforementioned losses in heavily-weighted constituents. The Invesco S&P 500 Equal Weight ETF (RSP) eked out a 0.2% gain.
Market participants were hesitant on either side of the tape in front of earnings results from retailers like Target (TGT 150.49, -4.80, -3.1%) and Costco (COST 759.18, +9.74, +1.3%), and earnings from Broadcom (AVGO 1402.26, +3.09, +0.2%) this week. The economic calendar is headlined by the February ISM Non-Manufacturing Index on Tuesday and February Jobs Report on Friday.
Also, Fed Chair Powell will deliver his semiannual monetary policy testimony before Congress on Wednesday and Thursday, but this is not expected to produce any surprises. Mr. Powell is largely expected to reiterate the Fed's view that there is no rush to cut rates.
Atlanta Fed President Bostic (FOMC voter) echoed this narrative in a speech today, saying that inflation has decelerated over the past year, but that price pressures are still widespread in his view.
The communication services sector (-1.5%) had a weak showing, weighed down by losses in Alphabet (GOOG 134.20, -3.88, -2.8%) and Meta Platforms.
It was the worst performing S&P 500 sector, followed by the consumer discretionary sector (-1.3%), which felt the pinch of the sharp decline in Tesla. Weakness in shares of Amazon.com also contributed to the sector's performance. These two sectors comprise nearly 20% of the index.
The energy sector was the only other sector that declined more than 1.0% today, sliding 1.1% as WTI crude oil futures fell 1.3% to $78.70/bbl.
There was no US economic data of note today.
Nasdaq Composite: +8.0% YTD
S&P 500: +7.6% YTD
Dow Jones Industrial Average: +3.5% YTD
S&P Midcap 400: +5.4% YTD
Russell 2000: +2.3% YTD
Looking ahead, Tuesday's economic calendar features:
9:45 ET: Final February S&P Global U.S. Services PMI (prior 52.5)
10:00 ET: January Factory Orders (consensus -2.5%; prior 0.2%) and February ISM Non-Manufacturing Index (consensus 52.7%; prior 53.4%)
Biogen Highlights New Data at the International Conference on Alzheimer’s and Parkinson’s Diseases (AD/PD™) 2024 Annual Meeting
- New data advances understanding of new approaches to treating Alzheimer’s disease
- Research on disease progression could help inform future clinical trials
CAMBRIDGE, Mass., March 04, 2024 (GLOBE NEWSWIRE) -- Biogen Inc. (Nasdaq: BIIB) announced it will present new data from its Alzheimer’s disease (AD) portfolio at the upcoming International Conference on Alzheimer’s and Parkinson’s Diseases (AD/PD™ 2024), taking place March 5-9 in Lisbon, Portugal and virtually. The presentations include new data for its oral small molecule inhibitor of tau aggregation (BIIB113), as well as presentations providing insights into the underlying mechanisms of Alzheimer’s disease.
“These data reflect our approach of exploring multiple pathologies and modalities in Alzheimer’s disease to create a leading portfolio that can transform the course of Alzheimer’s care,” said Priya Singhal, M.D., M.P.H., Executive Vice President, Head of Development at Biogen. “Our ongoing investments in areas of Alzheimer’s research reinforce our commitment to push the boundaries of innovation and make a real difference in the lives of those affected by this complex disease.”
Biogen presentations will provide new data on brain target engagement and the safety profile in healthy volunteers of an oral small molecule O-GlcNAcase (OGA) enzyme inhibitor intended to reduce tau aggregation (BIIB113). In addition to BIIB113, Biogen is researching the potential of tau reduction in AD with its investigational antisense oligonucleotide targeting the microtubule associated protein tau (MAPT) gene (BIIB080). Other presentations will discuss the long-term efficacy of lecanemab as well as the presence of alpha-synuclein pathology in AD which could inform future research on its role in AD clinical progression.
Key presentations include:
- Oral presentation: Results of the first in-human, randomized, blinded, placebo-controlled, single- and multiple-ascending dose study of BIIB113 in healthy volunteers. Friday, March 8, 9:55-10:10 AM GMT / 4:55-5:10 AM ET.
- Oral presentation: Distribution of Alpha-Synuclein co-pathology in MCI, mild Alzheimer’s disease and progressive supranuclear palsy clinical trial cohorts. Friday, March 8, 6:55-7:10 PM GMT / 1:55-2:10 PM ET.
- Oral presentation: Treatment with lecanemab disrupts tau accumulation across brain regions in early Alzheimer’s disease. Presented by Eisai. Thursday, March 7, 1:50-2:05 PM GMT / 8:50-9:05 AM ET.
- Oral presentation: Lecanemab for the treatment of early Alzheimer’s disease; the extension of efficacy results from Clarity AD. Presented by Eisai. Saturday, March 9, 9:10-9:25 AM GMT / 4:10-4:25 AM ET.
- On-demand oral presentation: A Neuro-Dynamic Quantitative Systems Pharmacology (QSP) Model for Alzheimer’s disease Incorporating Amyloid and Tau Pathophysiology, online.
- Poster presentation: Minimum Inclusion Criteria and Relation to Subsequent Cognitive Decline, P#0250, Wednesday, March 6, 9:00 AM GMT.
- E-poster presentation: Occupancy of BIIB113, an inhibitor of the enzyme O-GlcNAcase (OGA) in the human brain.
BIIB080 is licensed from Ionis.
About Biogen
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patient’s lives and to create value for shareholders and our communities. We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.
Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patient’s lives and to create value for shareholders and our communities. We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.
We routinely post information that may be important to investors on our website at www.biogen.com. Follow us on social media - Twitter, LinkedIn, Facebook, YouTube.
Biogen Safe Harbor
This news release contains forward-looking statements, the potential clinical effects of lecenamab, BIIB113 and BIIB080; the potential benefits, safety and efficacy of lecenamab, BIIB113 and BIIB080; the clinical development program for lecenamab, BIIB113 and BIIB080; the identification and treatment of Alzheimer’s and Parkinson’s Diseases; our research and development program for the treatment of ALS; the potential of our commercial business and pipeline programs, including lecenamab, BIIB113 and BIIB080; and risks and uncertainties associated with drug development and commercialization. These forward-looking statements may be accompanied by words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “possible,” “will,” “would” and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on our forward-looking statements.
These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including without limitation, uncertainty of success in the development and potential commercialization of lecenamab, BIIB113 and BIIB080; the risk that we may not fully enroll our clinical trials or enrollment will take longer than expected; unexpected concerns may arise from additional data, analysis or results obtained during our clinical trials; regulatory authorities may require additional information or further studies, or may fail or refuse to approve or may delay approval of our drug candidates, including BIIB113 and BIIB080; the occurrence of adverse safety events; the risks of unexpected hurdles, costs or delays; failure to protect and enforce our data, intellectual property and other proprietary rights and uncertainties relating to intellectual property claims and challenges; product liability claims; results of operations and financial condition. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. Investors should consider this cautionary statement, as well as the risk factors identified in our most recent annual or quarterly report and in other reports we have filed with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this news release.
We do not undertake any obligation to publicly update any forward-looking statements.