>>> Lazard misses by $0.06, misses on revs (27.55)

Lazard misses by $0.06, misses on revs (27.55)
  • Reports Q3 (Sep) earnings of $0.10 per share, $0.06 worse than the FactSet Consensus of $0.16; revenues fell 26.8% year/year to $532 mln vs the $572.54 mln FactSet Consensus.
  • Financial Advisory operating revenue was $261 million, 42% lower than the third quarter of 2022.
  • Asset Management operating revenue was $262 million, flat compared to the third quarter of 2022.

>>> TechnipFMC beats by $0.02, beats on revs (19.93)

TechnipFMC beats by $0.02, beats on revs (19.93)
  • Reports Q3 (Sep) earnings of $0.21 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $0.19; revenues rose 18.7% year/year to $2.06 bln vs the $1.98 bln FactSet Consensus.
  • Co sees Subsea Revenue in a range of $5.9 - 6.3 billion

>>> Manchester United reports Q4 results, beats on revs; guides FY24 revs below

Manchester United reports Q4 results, beats on revs; guides FY24 revs below consensus
  • Reports Q4 (Jun) loss of GBP0.06 per share, excluding non-recurring items, GBP0.02 worse than the single analyst estimate of (GBP0.04); revenues rose 41.2% year/year to GBP167.3 mln vs the GBP154 mln single analyst estimate.
  • Co issues downside guidance for FY24, sees FY24 revs of GBP650-680 mln vs. GBP709.33 mln FactSet Consensus

>>> Harley-Davidson beats by $0.02, beats on revs; reaffirms FY23 guidance (28.8

Harley-Davidson beats by $0.02, beats on revs; reaffirms FY23 guidance (28.82)
  • Reports Q3 (Sep) earnings of $1.38 per share, excluding non-recurring items, $0.02 better than the FactSet Consensus of $1.36; revenues rose 7.8% year/year to $1.55 bln vs the $1.36 bln FactSet Consensus.
  • For the full year 2023, the Company reaffirms its most recent guidance and continues to expect: HDMC: revenue growth of flat to 3% and operating income margin of 13.9 to 14.3%. HDFS: operating income decline of 20 to 25%. LiveWire: motorcycle unit sales of 600--1,000 and operating loss of $115 to $125 million. Harley-Davidson, Inc.: capital investments of $225 to $250 million.
  • "Against a challenging macro and consumer backdrop, we have been able to achieve a result that preserves profitability at an industry leading level. In addition, we successfully launched our pinnacle CVO motorcycles, with CVO retail sales up 25%," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. "Harley-Davidson remains committed to its Hardwire strategy with a focus on both desirability and profitability, and we will do everything possible to achieve our goals while being realistic that current market conditions are complex. We are gearing up for '24 and will ensure that we are fully aligned and ready as we close out the year with Q4."

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • EDR +23.4%, PI +18.4%, FLEX +9.8%, NOVA +8.9%, EGBN +7.5%, CNMD +6.8%, FIBK +5.8%, CCS +5.2%, CMPR +5.2%, CBUS +4.9%, NOW +4.7%, AGI +4.4%, SELB +4.3%, WFG +4.3%, ORLY +4%, FLS +4%, SUI +3.6%, ROL +3.5%, NTGR +3.5%, STM +3.5%, RKLB +3.2%, TAL +3.1%, CASH +3%, LXFR +2.8%, TIGO +2.7%, PEGA +2.6%, F +2.3%, AM +2.2%, BG +2.1%, FLR +2%, CHDN +2%, BHE +2%, KRC +2%, ESI +2%, PLXS +2%, STC +2%, WU +1.9%, ASX +1.9%, AMSF +1.6%, IBM +1.6%, CHH +1.5%, VSTO +1.4%, NXT +1.3%, CVBF +1.3%, LKQ +1.3%, BKR +1.2%, BIIB +1.1%, EQT +1.1%, EPR +1.1%, MDC +1.1%
  • Gapping down:
    • ALGN -24%, MXL -20.2%, SLP -13.1%, MAT -10.2%, MEOH -7.7%, MYRG -6.6%, VKTX -6.4%, EW -6.3%, UCTT -5.1%, WHR -4.9%, OII -4.7%, CLS -4.3%, AGR -4.2%, FTAI -4%, TPH -3.9%, ALSN -3.8%, KALU -3.8%, CYH -3.7%, ENSG -3.3%, UL -3.2%, IEX -3%, META -2.8%, INVH -2.7%, URI -2.6%, EIG -2.6%, BC -2.6%, GSHD -2.3%, OSTK -2%, WCN -1.9%, UPS -1.9%, ITRI -1.8%, WPP -1.8%, LSTR -1.7%, EG -1.7%, SIRI -1.4%, QS -1.4%, ATR -1.4%, STLA -1.3%, TER -1%, FCFS -1%

>>> Precision Drilling misses by $0.28, beats on revs (60.31)

Precision Drilling misses by $0.28, beats on revs (60.31)
  • Reports Q3 (Sep) earnings of $1.45 per share, excluding non-recurring items, $0.28 worse than the FactSet Consensus of $1.73; revenues rose 4.1% year/year to $446.8 mln vs the $337.14 mln FactSet Consensus.
  • "During the third quarter, our Adjusted EBITDA was $115 million and excluding our share-based compensation of $31 million increased year over year. This increase was driven by our Canadian drilling operations where strong fundamentals continue to support improving returns. Net earnings were $20 million for the quarter and year to date we have delivered earnings of $10.45 on a per share basis.
  • Outlook: "Today, oil prices are supported by increasing global demand and limited supply growth as OPEC continues to honour its lower production quotas and producers remain committed to returning capital to shareholders versus increasing production. Natural gas has demonstrated short-term price weaknesses; however, this lower-carbon energy source is becoming increasingly favored as countries around the world stress the importance of sustainability, decarbonization and energy security. With demand for Liquefied Natural Gas (LNG) exports grog and the next wave of North American LNG projects expected to begin coming online in 2025 (including LNG Canada), we anticipate a sustained period of elevated natural gas drilling activity in both the U.S. and Canada."

>>> UPS beats by $0.05, misses on revs; guides FY23 revs below consensus (146.9

UPS beats by $0.05, misses on revs; guides FY23 revs below consensus (146.93)
  • Reports Q3 (Sep) earnings of $1.57 per share, $0.05 better than the FactSet Consensus of $1.52; revenues fell 12.8% year/year to $21.06 bln vs the $21.4 bln FactSet Consensus.
  • Co issues downside guidance for FY23, sees FY23 revs of $91.3-92.3 bln vs. $92.87 bln FactSet Consensus.
    • Co sees consolidated adjusted operating margin of between 10.8% and 11.3%.
    • The company is maintaining its full-year planned capital expenditures target of about $5.3 billion and dividend payment expectations of around $5.4 billion, subject to board approval

>>> Europe : Brokers Upgrades & Downgrades - 26th of October 2023 V3(++)

>>> Up
* Axfood Raised to Hold at Danske Bank Markets (++)
* Biotage Raised to Buy at Nordea; PT 150 kronor
* DSV Raised to Neutral at BNPP Exane; PT 1,060 kroner
* Eurofins Scientific Raised to Hold at Deutsche Bank; PT 50 euros
* Heba Fastighets Raised to Hold at Handelsbanken (++)
* Holmen Raised to Hold at SEB Equities; PT 426 kronor
* Kitron Raised to Buy at Norne Securities; PT 38 kroner
* Know IT Raised to Buy at Nordea; PT 149 kronor
* Know IT Raised to Buy at Pareto Securities; PT 170 kronor
* Kuehne + Nagel Raised to Hold at HSBC; PT 250 Swiss francs (++)
* Lagercrantz Raised to Buy at SEB Equities; PT 116 kronor
* Nel Raised to Hold at Fearnley; PT 6 kroner (++)
* OVH Raised to Equal-Weight at Morgan Stanley; PT 7.10 euros
* Purmo Group Raised to Buy at Inderes; PT 8 euros
* Snap Raised to Hold at China Renaissance; PT $9
* Sotkamo Silver Raised to Accumulate at Inderes; PT 0.90 kronor
* SSAB Raised to Buy at Deutsche Bank; PT 86 kronor
* Storebrand Raised to Buy at Nordea; PT 101 kroner
* SwedenCare Raised to Buy at Handelsbanken (++)
* Traton Raised to Buy at SEB Equities; PT 21.69 euros
* Valmet Raised to Buy at Inderes; PT 27 euros
* Visa Raised to Buy at Punto Casa de Bolsa; PT $274.32

>>> Down
* Barclays Cut to Underperform at BofA; PT 150 pence (++)
* Cint Cut to Hold at Nordea
* Geox Cut to Neutral at Banca Akros (ESN); PT 75 euro cents (++)
* Haulotte Cut to Reduce at IDMidcaps; PT 2.30 euros (++)
* Infotel Cut to Add at Gilbert Dupont; PT 48.70 euros
* Kesla Cut to Reduce at Inderes; PT 4 euros
* Koenig & Bauer Cut to Sell at Hauck & Aufhaeuser; PT 9.50 euros (+)
* LeadDesk Cut to Accumulate at Inderes; PT 8 euros
* Puma Cut to Add at Baader Helvea; PT 62 euros
* Reckitt Cut to Hold at HSBC; PT 6,400 pence (++)
* Stillfront Cut to Hold at ABG; PT 13 kronor (+)
* Suess MicroTec Cut to Underperform at Oddo BHF; PT 15 euros
* Thermo Fisher Cut to Sector Weight at KeyBanc
* Thermo Fisher PT Cut to $515 from $580 at Raymond James (+)
* UCB Cut to Hold at Jefferies; PT 79 euros
* Viscofan Cut to Hold at Berenberg
* Worldline Cut to Hold at Deutsche Bank; PT 11 euros
* Worldline Cut to Underweight at Morgan Stanley; PT 8.90 euros
* Worldline Cut to Neutral at Mediobanca SpA; PT 15 euros

>>> Initiation
* NTG Nordic Transport Group Rated New Buy at Berenberg
* Osmosun Rated New Hold at TP ICAP Midcap; PT 8.70 euros (+)
* Pernod Ricard Rated New Buy at DBS Bank; PT 203 euros (++)

>>> Call
* Atos Update ‘Disappointing’ as Organic Growth a Big Miss: Oddo
* OVH Valaution Now Reflects Risks, Upgraded at Morgan Stanley
* UCB Cut at Jefferies on Lower Bimzelx Peak Sales Expectations
* Viscofan Cut to Hold at Berenberg on Lower Demand Outlook
* Worldline Results Put Focus on Firm Internal Controls, JPM Says (+)

>>> Europe : Brokers Upgrades & Downgrades - 26th of October 2023 V2(+)

>>> Up
* Biotage Raised to Buy at Nordea; PT 150 kronor
* DSV Raised to Neutral at BNPP Exane; PT 1,060 kroner
* Eurofins Scientific Raised to Hold at Deutsche Bank; PT 50 euros
* Holmen Raised to Hold at SEB Equities; PT 426 kronor
* Kitron Raised to Buy at Norne Securities; PT 38 kroner
* Know IT Raised to Buy at Nordea; PT 149 kronor
* Know IT Raised to Buy at Pareto Securities; PT 170 kronor
* Lagercrantz Raised to Buy at SEB Equities; PT 116 kronor
* OVH Raised to Equal-Weight at Morgan Stanley; PT 7.10 euros
* Purmo Group Raised to Buy at Inderes; PT 8 euros
* Snap Raised to Hold at China Renaissance; PT $9
* Sotkamo Silver Raised to Accumulate at Inderes; PT 0.90 kronor
* SSAB Raised to Buy at Deutsche Bank; PT 86 kronor
* Storebrand Raised to Buy at Nordea; PT 101 kroner
* Traton Raised to Buy at SEB Equities; PT 21.69 euros
* Valmet Raised to Buy at Inderes; PT 27 euros
* Visa Raised to Buy at Punto Casa de Bolsa; PT $274.32

>>> Down
* Cint Cut to Hold at Nordea
* Infotel Cut to Add at Gilbert Dupont; PT 48.70 euros
* Kesla Cut to Reduce at Inderes; PT 4 euros
* Koenig & Bauer Cut to Sell at Hauck & Aufhaeuser; PT 9.50 euros (+)
* LeadDesk Cut to Accumulate at Inderes; PT 8 euros
* Puma Cut to Add at Baader Helvea; PT 62 euros
* Stillfront Cut to Hold at ABG; PT 13 kronor (+)
* Suess MicroTec Cut to Underperform at Oddo BHF; PT 15 euros
* Thermo Fisher Cut to Sector Weight at KeyBanc
* Thermo Fisher PT Cut to $515 from $580 at Raymond James (+)
* UCB Cut to Hold at Jefferies; PT 79 euros
* Viscofan Cut to Hold at Berenberg
* Worldline Cut to Hold at Deutsche Bank; PT 11 euros
* Worldline Cut to Underweight at Morgan Stanley; PT 8.90 euros
* Worldline Cut to Neutral at Mediobanca SpA; PT 15 euros

>>> Initiation
* NTG Nordic Transport Group Rated New Buy at Berenberg
* Osmosun Rated New Hold at TP ICAP Midcap; PT 8.70 euros (+)

>>> Call
* Atos Update ‘Disappointing’ as Organic Growth a Big Miss: Oddo
* OVH Valaution Now Reflects Risks, Upgraded at Morgan Stanley
* UCB Cut at Jefferies on Lower Bimzelx Peak Sales Expectations
* Viscofan Cut to Hold at Berenberg on Lower Demand Outlook
* Worldline Results Put Focus on Firm Internal Controls, JPM Says (+)