>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • UPWK +21.2%, ENVX +15%, PETQ +14.4%, EOLS +13.2%, LZ +12.2%, MQ +12.1%, KD +11.3%, PWSC +11.2%, JHX +9.4%, ODD +8.3%, MNKD +7.4%, FNA +7.2%, PRIM +7.2%, RIVN +6.9%, DVA +6.7%, AGTI +6.4%, AMR +6.3%, BALY +6.2%, AJG +5.9%, IPAR +5.9%, BBAI +5.8%, CARG +5.3%, BEKE +5.2%, YOU +5%, EVRI +4.9%, AKAM +4.5%, AGO +4.2%, VCYT +4.2%, PGNY +4.1%, AXON +4%, GMED +3.9%, DNLI +3.6%, AMBC +3.4%, INGN +3.4%, BROS +3.2%, MRC +3.1%, FSM +3.1%, AMEH +2.6%, FG +2.4%, ATPC +2.4%, FLNG +2.4%, XNCR +2.3%, EXR +2.2%, TKO +2.1%, BHF +2.1%, CRSR +2%, ZLAB +1.9%, LFST +1.6%, WISH +1.4%, COTY +1.2%, APLE +1.1%, GXO +1.1%
  • Gapping down:
    • SNBR -32.7%, NRDY -25.8%, ESTA -25.3%, UPST -22.9%, EXFY -20.7%, TOST -18.6%, FLYW -17.3%, LPRO -16.9%, SPR -15.4%, INSP -14.4%, ARRY -11.6%, POWI -11.6%, MASI -11.4%, CTKB -11.2%, AMRK -8.9%, RXT -8.6%, GO -8.5%, HOOD -7.8%, BMBL -7.1%, EBAY -7%, CPNG -6.4%, KVYO -6.2%, OSUR -6.1%, MRVI -6%, ANDE -5.8%, MRCY -5.8%, OCUL -4.9%, INZY -4.7%, CLDX -4.4%, LCID -4.4%, IDA -4.3%, PAAS -4.1%, KRMD -3.5%, CCO -2.7%, CIVI -2.6%, IAC -2.5%, TVTX -2.5%, JKHY -2.5%, EGY -2.4%, SRE -2.3%, CBAY -2.2%, BRP -2%, CTOS -2%, DAR -1.9%, IRBT -1.9%, RIOT -1.6%, ATEN -1.6%, OGN -1.5%, STE -1.5%, IOVA -1.4%, ARVN -1.1%, KIND -1.1%, GILD -1.1%, METC -1.1%, DVN -1%

>>> Europe : Brokers Upgrades & Downgrades - 8th of November 2023 V2(+)

>>> Up
* Amadeus Raised to Outperform at Oddo BHF; PT 78 euros (+)
* Dassault Systemes Raised to Neutral at BNPP Exane (+)
* Fidelity National Raised to Outperform at Wolfe; PT $65
* Genmab Raised to Buy at DNB Markets; PT 2,450 kroner
* Heidelberg Materials Raised to Overweight at Morgan Stanley
* Maersk Raised to Overweight at JPMorgan; PT 13,800 kroner
* Nemetschek Raised to Outperform at BNPP Exane (+)
* Orthex Raised to Buy at Inderes; PT 6 euros
* Rolls-Royce Raised to Overweight at Morgan Stanley; PT 275 pence
* Telefonica Deutschland Raised to Hold at HSBC; PT 2.35 euros
* Vetoquinol Raised to Buy at TP ICAP Midcap; PT 101 euros (+)
* Virbac Raised to Hold at TP ICAP Midcap; PT 239 euros (+)

>>> Down
* Capgemini Cut to Neutral at Oddo BHF; PT 200 euros (+)
* Gestamp Cut to Neutral at Oddo BHF; PT 4 euros (+)
* Technotrans Cut to Hold at Hauck & Aufhaeuser; PT 17 euros (+)

>>> Initiation
* Aroundtown Rated New Underperform at Jefferies
* Carmila Rated New Buy at Jefferies
* Covivio SA/France Rated New Hold at Jefferies
* Crossject Rated New Outperform at Oddo BHF; PT 7.10 euros
* CTP Rated New Buy at Jefferies
* Gecina Rated New Hold at Jefferies
* EKF Diagnostics Rated New Hold at Stifel; PT 29 pence (+)
* Eurocommercial Rated New Buy at Jefferies
* FDJ Rated New Buy at Stifel; PT 38 euros (+)
* Grand City Properties Rated New Underperform at Jefferies
* ICADE Rated New Hold at Jefferies
* Inmobiliaria Colonial Rated New Underperform at Jefferies
* Klepierre Rated New Hold at Jefferies
* LEG Immobilien Rated New Buy at Jefferies
* LXI REIT Plc Rated New Overweight at Barclays; PT 110 pence
* Mercialys Rated New Hold at Jefferies; PT 8.50 euros
* TAG Immobilien Rated New Buy at Jefferies
* Thyssenkrupp Nucera Rated New Buy at Berenberg; PT 21 euros
* Unibail Rated New Buy at Jefferies
* Vonovia Rated New Underperform at Jefferies
* WDP Rated New Underperform at Jefferies

>>> Call
* Deutsche PBB Sell Rating at Citi Reiterated After Profit Warning (+)
* E.On Reports Solid Results; Maintains FY Ebitda Forecast: RBC (+)
* Heidelberg Materials at Attractive Price, Morgan Stanley Raises
* Rolls-Royce Upgraded as Morgan Stanley Sees Cash Flow Upside
* Thyssenkrupp Nucera New Buy at Berenberg on Growth Outlook
* Vicat Estimates May Rise by Mid-Single Digits, Citi Says

>>> Stoxx 600 Pre-Market Indications

  • Vestas (VWSB TH) +2.9%
    • Vestas Upgrades Earnings Outlook for 2023 After Boost in Orders
  • Commerzbank (CBK TH) +2.3%
    • *COMMERZBANK RAISES 2023 NET PROFIT, NII FORECAST
  • Nemetschek (NEM TH) +1.5%
    • Nemetschek Raised to Outperform at BNPP Exane
  • Nel (D7G TH) +1.4%
  • Heidelberg Materials (HEI TH) +1.4%
    • Heidelberg Materials at Attractive Price, Morgan Stanley Raises
  • Tomra (TMRA TH) +1.2%
  • Rolls-Royce (RRU TH) +1%
    • Rolls-Royce Upgraded as Morgan Stanley Sees Cash Flow Upside
  • Equinor (DNQ TH) +1%
  • Continental (CON TH) -0.8%
    • *CONTINENTAL CUTS FY SALES VIEW TO €41B-€43B FROM €41.5B-€44.5B
  • Deutsche Post AG (DHL TH) -0.8%
    • Deutsche Post AG Narrows FY Ebit Forecast
  • Vinci (SQU TH) -1%
  • Engie (GZF TH) -1.2%
  • Bayer (BAYN TH) -1.3%
    • *BAYER 3Q ADJ. EBITDA EU1.69B, EST. EU1.82B
  • Vonovia (VNA TH) -1.3%
    • Vonovia Rated New Underperform at Jefferies
  • ABN Amro (AB2 TH) -1.9%
    • ABN Amro Profit Beats Estimates on Higher Rates, Divestments
  • E.On (EOAN TH) -2.2%
    • EON Sees Significant Negative Earnings Impact in Fourth Quarter

>>> TradeGate Pre-Market Indications

DAX:
  • Commerzbank (CBK TH) +2.7%
    • Commerzbank Boosts FY Net Income, NII Forecast
  • Heidelberg Materials (HEI TH) +1.3%
    • Heidelberg Materials at Attractive Price, Morgan Stanley Raises
  • Fresenius SE (FRE TH) +0.8%
    • Fresenius Sells Eugin Group to IVI RMA for Up to €500M
  • Munich Re (MUV2 TH) +0.7%
    • Munich Re 3Q Net Income EU1.17B
  • Bayer (BAYN TH) -1.3%
    • Bayer 3Q Adjusted Ebitda Misses Estimates
  • Continental (CON TH) -1.3%
    • Continental Sees FY Sales EU41B to EU43B, Saw EU41.5B to EU44.5B
  • Vonovia (VNA TH) -1.4%
    • Vonovia Rated New Underperform at Jefferies
  • E.On (EOAN TH) -2.2%
    • EON Sees Significant Negative Earnings Impact in Fourth Quarter
MDAX:
  • Nemetschek (NEM TH) +2%
    • Nemetschek Raised to Outperform at BNPP Exane
  • Sixt (SIX2 TH) +1.9%
    • Sixt Narrows FY Pretax Profit Forecast
  • Fresenius Medical (FME TH) +1.8%
  • TAG Immobilien (TEG TH) +0.8%
    • TAG Immobilien Rated New Buy at Jefferies
  • GEA Group (G1A TH) +0.5%
    • GEA Group 3Q Adjusted Ebitda Beats Estimates
  • Evotec SE (EVT TH) -0.3%
    • Evotec SE 9M Adjusted Ebitda EU50.2M
  • Telefonica Deutschland (O2D TH) -0.5%
    • Telefonica Deutschland Raised to Hold at HSBC; PT 2.35 euros
  • Thyssenkrupp (TKA TH) -0.9%
  • Duerr (DUE TH) -1.4%
    • Duerr Cuts FY Profit Forecast on HOMAG Efficiency Measures
SDAX:
  • AUTO1 (AG1 TH) +8.7%
    • CORRECT: AUTO1 Boosts FY Adjusted Ebitda Loss Forecast
  • Borussia Dortmund (BVB TH) +3.5%
  • Deutsche PBB (PBB TH) -12%
    • Deutsche PBB Sell Rating at Citi Reiterated After Profit Warning

>>> Europe : Brokers Upgrades & Downgrades - 8th of November 2023

>>> Up
* Fidelity National Raised to Outperform at Wolfe; PT $65
* Genmab Raised to Buy at DNB Markets; PT 2,450 kroner
* Heidelberg Materials Raised to Overweight at Morgan Stanley
* Maersk Raised to Overweight at JPMorgan; PT 13,800 kroner
* Orthex Raised to Buy at Inderes; PT 6 euros
* Rolls-Royce Raised to Overweight at Morgan Stanley; PT 275 pence
* Telefonica Deutschland Raised to Hold at HSBC; PT 2.35 euros

>>> Down


>>> Initiation
* Aroundtown Rated New Underperform at Jefferies
* Carmila Rated New Buy at Jefferies
* Covivio SA/France Rated New Hold at Jefferies
* Crossject Rated New Outperform at Oddo BHF; PT 7.10 euros
* CTP Rated New Buy at Jefferies
* Gecina Rated New Hold at Jefferies
* Eurocommercial Rated New Buy at Jefferies
* Grand City Properties Rated New Underperform at Jefferies
* ICADE Rated New Hold at Jefferies
* Inmobiliaria Colonial Rated New Underperform at Jefferies
* Klepierre Rated New Hold at Jefferies
* LEG Immobilien Rated New Buy at Jefferies
* LXI REIT Plc Rated New Overweight at Barclays; PT 110 pence
* Mercialys Rated New Hold at Jefferies; PT 8.50 euros
* TAG Immobilien Rated New Buy at Jefferies
* Thyssenkrupp Nucera Rated New Buy at Berenberg; PT 21 euros
* Unibail Rated New Buy at Jefferies
* Vonovia Rated New Underperform at Jefferies
* WDP Rated New Underperform at Jefferies

>>> Call
* Heidelberg Materials at Attractive Price, Morgan Stanley Raises
* Rolls-Royce Upgraded as Morgan Stanley Sees Cash Flow Upside
* Thyssenkrupp Nucera New Buy at Berenberg on Growth Outlook
* Vicat Estimates May Rise by Mid-Single Digits, Citi Says

>>> What to look at today - 8th of November 2023

Stocks in Asia ticked lower on Wednesday as investors waited to hear more from Federal Reserve officials who are due to speak this week, including Chair Jerome Powell.  A gauge of the region’s equities fell, as Japan’s Topix led declines. Japanese banks extended their drop on falling yields that tempered expectation of higher profitability. Chinese benchmarks fluctuated between gains and losses.  Treasuries steadied in Asian trading after bets on a Fed pivot next year sent bond rates sharply down Tuesday. The 10-year yield fell below 4.6% as traders dismissed hawkish comments from the Fed. US equity futures were also little changed.  Traders are awaiting comments from US policymakers this week, including Powell and New York Fed President John Williams, to see how hard the central bank will push back against the recent loosening of financial conditions. Oil extended losses after tumbling to a three-month low as a forecast drop in US gasoline consumption added to a growing array of indicators suggesting the demand outlook is worsening. China, the world’s biggest importer, is also seeing dimming oil demand as winter approaches.  Global equities are poised for a double-digit rally in 2024 if the Fed pivots its monetary policy and allows the economy to avoid a recession, according to HSBC Holdings Plc strategists.  Chinese equities whipsawed after falling yesterday on the nation’s trade data Tuesday. Beaten-down Chinese equities may have an opportunity for gains with the possible upcoming meeting between leaders of the US and China next week, according to the chief investment officer of Templeton Global Equity Investments. Dollar bonds for two Chinese investment-grade developers continued to rally Wednesday after the country’s central bank and regulators discussed with some builders their financing needs and liquidity. Elsewhere, the bond market is betting on a “dovish pivot” for the seventh time since the Federal Reserve and other central banks embarked on a tightening cycle, raising the prospect of another false dawn, according to Deutsche Bank macro strategist Henry Allen. Australia’s 10-year yield declined after the central bank signaled a higher hurdle to further policy tightening on Tuesday.  US After Hours UPWK +17.8%, PETQ +14.4%, KD +12%, LZ +10.2%, ODD +9.5% higher on earnings; SNBR -27.6%, UPST -21.9%, LPRO -20.6%, INSP -17.8%, TOST -17.7%, EBAY -6.4% lower on earnings.

Nikkei -0.33% Hang Seng -0.50% CSI -0.27% Shanghai -0.21% Shenzen +0.06%

Eur$ 1.0686 CNH 7.2817 CNY 7.2770 JPY 150.66 GBP 1.2277 CHF 0.9011 RUB 92.2097 TRY 28.5054 WTI$ 77.09 -0.36% Gold 1,966 -0.15% BTC 35,230 -0.76% ETH 1,877 -0.86%

S&P -0.12% Nasdaq -0.16% EuroStoxx -0.46% FTSE -0.29% Dax -0.43% SMI -0.26%

Macro :
- JPMorgan Plans Active ETF Range Expansion in Europe: FT
- Israel Latest: Saudi Arabia Says Normalization Talks to Continue
- European Bank Sub-€100 Billion Loan-Provision Estimates May Rise

Keep an eye on :
- ABN NA : ABN Amro 3Q Profit Beats Estimates
- AC FP : Covivio, AccorInvest to Consolidate Hotel Properties
- ADS GY : Adidas 3Q Operating Profit EU409M
- AH NA : Ahold Delhaize 3Q Adjusted Operating Margin Misses Estimates
- ABNB US : Airbnb Says Possible Loss on Italy Tax Matter Could be Material
- AMBUB DC : Ambu Sees 2024 Organic Revenue +7% to +10%
- ANTIN FP : Antin Cuts FY Underlying Ebitda Forecast
- AG1 GY : AUTO1 Boosts FY Adjusted Ebitda Loss Forecast
- BAMI IM : Banco BPM Sees FY Net Income Above EU1.20B, Saw at Least EU1.2B
- BAYN GY : Bayer 3Q Adjusted Ebitda Misses Estimates
- BAYN GY : Bayer Rules Out Three-Way Split in Structural Review
- BMRN US : BioMarin Pharma Gains on Elliott Investment Stake: Health Wrap
- BNP FP : Santander Asset Management to Buy BNP’s Argentina Asset Unit
- BURE SS : Mycronic Offering by Holder Bure Equity Prices at SEK235/Share
- CIRCLE IPO : Stablecoin Issuer Circle Internet Said to Consider 2024 IPO
- CBK GY : Commerzbank 3Q Net Income Beats Estimates, Commerzbank Boosts FY Net Income, NII Forecast, Announces €600 Million Buyback Plan
- CON GY : Continental Cuts Revenue Outlook on FX as Auto Unit Improves
- 2007 HK : China authorities ask Ping An to take controlling stake in Country Garden, sources say - Reuters
- COV FP : Covivio, AccorInvest to Consolidate Hotel Properties
- ACA FP : Credit Agricole 3Q Net Income Beats Estimates, Credit Agricole Beats Estimates With Fixed Income Trading Up 26%
- PBB GY : Deutsche PBB Cuts FY Forecast; Prelim 9M Pretax Profit EU91M
- DPW GY : Deutsche Post AG Narrows FY Ebit Forecast
- DUE GY : Duerr Cuts FY Profit Forecast on HOMAG Efficiency Measures
- EQR NO : Equinor Prepares Sale of 20% Stake in North Sea Project: Rtrs
- ENEL IM : Enel Boosts FY Adjusted Net Income Forecast, Beats Estimates
- ENT LN : Entain to Stack Up Winnings on BetMGM, But Venture Needs Clarity
- EOAN GY : E.On 9M Adjusted Ebitda EU7.8B, E.On Maintains FY Adjusted Ebitda Forecast
- RF FP : Eurazeo SE Assets Under Management EU33.47B
- EVT GY : Evotec SE Maintains FY Adjusted Ebitda Forecast
- FRE GY : Fresenius Sells Eugin Group to IVI RMA for Up to €500M
- G1A GY : GEA Group 3Q Adjusted Ebitda Beats Estimates
- GILD US : Gilead Boosts FY Adjusted EPS Forecast, Beats Estimates
- HHFA GY : MSC Is Said to Buy Hamburger Hafen Stock Outside Tender Offer
- SKB GY : Koenig & Bauer 9M Revenue EU891.1M Vs. EU805.7M Y/y
- LXS GY : Lanxess 3Q Sales Misses Estimates
- LR FP : Legrand 9M Adjusted Operating Profit Matches Estimates
- HLUNB DC : Lundbeck Boosts FY Adjusted Ebitda Forecast, Beats Estimates
- MAU FP : Maurel & Prom Inks Deal to Restart Venezuela Production
- MEKKO FH : Marimekko 3Q Adjusted EPS Beats Estimates
- META US : Mark Zuckerberg Taps the Strengths of WhatsApp
- MOWI NO : Mowi Sees 2024 Harvest 500,000 Metric Tons
- MUV2 GY : Munich Re 3Q Net Income EU1.17B
- NAS NO : Norwegian Air Says Trademark Dispute Over Bank Norwegian Settled
- NKT DC : NKT 3Q Oper Ebitda EU76.5M
- ORRON SS : Orron Energy 3Q Net Loss EU7.8M Vs. Profit EU1.8M Y/y
- PNDORA DC : Pandora Boosts FY Organic Revenue Forecast
- RNO FP : Renault Is Said to Finalize Transfer of 28% Stake in Nissan
- ROVI SM : Rovi 9M Net Income EU118.8M Vs. EU121.5M Y/y
- RUI FP : Rubis 3Q Revenue EU1.60B Vs. EU2.04B Y/y
- SAV LN : Savannah Confirms Portuguese Investigators Visited Locations
- SHL GY : Siemens Healthineers 4Q Adjusted Ebit Beats Estimates
- SIX2 GY : Sixt Narrows FY Pretax Profit Forecast
- SLHN SW : Swiss Life 9M Premium Revenue CHF15.47B Vs. CHF14.99B Y/y
- SYAB GY : Synlab 3Q Adjusted Ebitda Misses Estimates
- UBSG SW : Ex-Carlyle Partner Sues UBS Over $2 Million Account Liquidation
- VEI NO : Veidekke 3Q Pretax Profit Beats Estimates
- VWS DC : Vestas 3Q Ebit Before Significant Items Beats Estimates, Vestas Narrows FY Adjusted Ebit Margin Forecast
- VCT LN : Vicat Sees FY Ebitda at Least EU700M, Est. EU670.1M
- VIMIAN SS : Vimian 3Q Adjusted Ebita EU18.3M Vs. EU17.2M Y/y
- VOE GY : Voestalpine Sees FY Ebitda Low End of EU1.7b to EU1.9b

Reuters : China authorities ask Ping An to take controlling stake in Country Gar

China authorities ask Ping An to take controlling stake in Country Garden, sources say

Nov 8 (Reuters) - Chinese authorities have asked Ping An Insurance Group to take a controlling stake in embattled Country Garden (2007.HK), the nation's biggest private property developer, four people familiar with the plan said.

China's State Council, which is headed by Premier Li Qiang, has instructed the local government of Guangdong province, where both companies are based, to help arrange a rescue of Country Garden by Ping An, said two of the sources who have direct knowledge of the matter.

A spokesperson for Ping An (601318.SS) said the company had not been approached by the government and denied the information reported by Reuters.

Ping An has "not been asked by (the) Government to takeover Country Garden. We categorically deny this story. It is untrue," the company said in a statement.

The insurer, which vies with China Life (601628.SS) for the title of the country's biggest insurance group by market value, declined to make its founder and chairman, Ma Mingzhe, available for an interview. Ma, who also uses the English first name Peter, did not respond to an emailed Reuters request for comment.

China's State Council Information Office and the Guangdong local government did not respond to requests for comment. Country Garden declined to comment.

A state-engineered rescue of Country Garden by Ping An would be one of the most significant interventions to date by authorities to support the cash-squeezed and highly indebted property sector, which accounts for one-quarter of China's economic activity and has sparked fears of a broader financial crisis.

Authorities are keen that any risks posed by Country Garden's liquidity problems should not spill over to the wider economy, said three of the sources.

While in China companies can rarely ignore a request from the central government, the three sources said Ping An has been asked to come up with details of the plan and will have leeway to negotiate terms of any deal.

Talks between authorities and core Ping An leaders began in late August and are still at an early stage, said two of them.

Ping An has been asked to conduct due diligence on Country Garden, two sources also said, adding that authorities understood the insurer was a listed company answerable to shareholders.

A fifth person with knowledge of the matter said some talks between Ping An and the Guangdong local government about a rescue of Country Garden took place in September.

All sources declined to be identified due to the sensitivity of the matter.

Discussions between Ping An and authorities are being led by officials in the financial markets department of the People's Bank of China (PBOC), which is the central bank, and include Country Garden, said two sources.

The National Financial Regulatory Administration (NFRA) is also involved in the talks, they added.

Neither the PBOC nor the NFRA responded to Reuters requests for comment.

Authorities want Ping An to take a stake of more than 50%, according to one person with direct knowledge and one person briefed on the plan.

Country Garden's largest shareholder with a stake of about 52% is Yang Huiyan, chairperson and daughter of a co-founder. Reuters was not able to reach Yang for comment.

If Ping An were to become Country Garden's controlling shareholder, authorities would like it to inject capital in stages to ease the developer's liquidity problems, according to four sources.

The property developer last month missed a deadline to pay a $15 million coupon and the market has deemed it to be in default on its offshore bonds which total some $11 billion.

Country Garden has said it expects to be unable to meet all of its offshore debt obligations and hopes to seek a "holistic" solution to its difficulties.

Chinese authorities are eager to make the proposed takeover a possible template for other financially troubled developers, two of the sources also said.

GUANGDONG SOLUTION
Authorities are keen for the Country Garden's liquidity problems to be resolved within Guangdong, three sources said. Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, according to two of the sources.

The insurer had as of Aug. 11 a 4.99% stake in Country Garden, according to Hong Kong stock exchange data. Reuters could not determine if Ping An currently holds Country Garden shares.

A state-engineered takeover of one company by another is not without precedent in China. But there has not been one in the property sector since Beijing flagged measures in 2020 to tackle the industry's very high debt levels, triggering a liquidity crunch.

Although many other Chinese property developers, including giant China Evergrande (3333.HK), have defaulted on their debt, policy steps have mostly concentrated on lowering mortgage rates and relaxing rules so that it is easier for people to buy homes.

But in a sign that governmental authorities are willing to play a bigger role, China Vanke's (000002.SZ) top shareholder, state-owned Shenzhen Metro on Monday said it had prepared 10 billion yuan ($1.4 billion) worth of "market tools" to support the country's No. 2 developer.

Country Garden had total liabilities of 1.4 trillion yuan ($190 billion) at the end of June. It has more than 3,000 projects under development nationwide.

Ping An has been tapped by authorities as a rescuer for an ailing company before.

It participated in state-guided aid for Peking University Founder Group in 2021 and 2022. Its main unit, Ping An Life, was part of a consortium that was involved in restructuring the group's debt and then the unit took 67% ownership of the reorganised company.