Early premarket gappers
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Gapping up:
- NSTG +20%, AKRO +14.1%, U +7.7%, LXRX +7%, H +5.3%, PSTX +4.4%, PEP +2.8%, STLA +2.7%, BKD +1.6%, AOS +1.5%, NDAQ +1%, INMD +0.8%, HON +0.8%, FLR +0.6%
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Gapping down:
- VTYX -17.5%, PD -6.2%, XENE -0.7%
>>> Up
* Bayer Raised to Hold at HSBC; PT 43 euros
* BioPharma Credit Raised to Buy at Stifel (+)
* Chr. Hansen Raised to Buy at DNB Markets; PT 536 kroner
* Eiffage Raised to Buy at Jefferies; PT 115 euros
* Novozymes Raised to Buy at DNB Markets; PT 350 kroner
* Novozymes Raised to Buy at DNB Markets; PT 350 kroner
* Pagegroup's MSCI ESG Rating Raised to A from BBB
* Sacyr Raised to Buy at Alantra Equities; PT 3.60 euros (+)
* SSAB Raised to Overweight at Barclays; PT 85 kronor
* Swedbank Raised to Buy at Deutsche Bank; PT 260 kronor
* Tele2 Raised to Buy at Redburn; PT 96 kronor (+)
* Viaplay Raised to Hold at DNB Markets; PT 30 kronor
* Wolters Kluwer PT Raised to 142 euros at Morgan Stanley
>>> Down
* Croda Cut to Hold at HSBC; PT 5,000 pence
>>> Down
* Croda Cut to Hold at HSBC; PT 5,000 pence
* EuroAPI Cut to Neutral at Oddo BHF; PT 11.80 euros (+)
* Euronav Cut to Hold at Stifel; PT 17.49 euros
* Euronav Cut to Neutral at Citi; PT 17.56 euros
* Fluidra Cut to Underperform at BNPP Exane; PT 15 euros
* Outokumpu Cut to Equal-Weight at Barclays; PT 4.30 euros
* Starwood Property Cut to Market Perform at KBW; PT $20
* Telenor Cut to Sell at DNB Markets; PT 110 kroner
* Tesla PT Cut to $250 from $265 at Jefferies
* Vitesco Cut to Hold at HSBC; PT 93 euros
* Vitesco Cut to Hold at M.M. Warburg; PT 91 euros (+)
* YIT Cut to Sell at Inderes; PT 1.60 euros
>>> Initiation
>>> Initiation
* ARM Holdings PLC ADRs Rated New Buy at Daiwa; PT $63
* ARM Holdings PLC ADRs Rated New Outperform at Oddo BHF; PT $70
* ARM Holdings PLC ADRs Rated New Outperform at Oddo BHF; PT $70
* ARM Holdings PLC ADRs Rated New Buy at BofA; PT $65(Earlier)
* AutoZone Rated New Outperform at Cowen; PT $2,975
* Frontier Developments Reinstated Under Review at Liberum
* H&M Rated New Accumulate at Inderes; PT 165 kronor (+)
* Maersk Reinstated Equal-Weight at Morgan Stanley
* Sandoz Group Rated New Buy at Redburn; PT 47 Swiss francs (+)
* Schlumberger Rated New Buy at SocGen on Decades of Growth
* Sensirion Rated New Market Perform at ZKB (+)
* Severn Trent Reinstated Outperform at BNPP Exane; PT 2,725 pence
* SKF Reinstated Underweight at Barclays; PT 162 kronor
* Trelleborg Rated New Overweight at Barclays; PT 324 kronor
* Vinfast Auto Ltd Rated New Buy at Chardan Capital Markets
>>> Call
>>> Call
*Citi’s Montagu Says US Futures Positioning Is Moderately Bearish (+)
* Eiffage Raised to Buy at Jefferies, Cautious on Fraport, Skanska
* EuroAPI Estimates Slashed at Morgan Stanley Following Warning
* EuroAPI Estimates Slashed at Morgan Stanley Following Warning
* Fluidra Cut as BNPP Exane Questions if Earnings Yet at Trough (+)
* Maersk Equal-Weight, Net Cash Protects Downside: Morgan Stanley
Gartner Says Worldwide PC Shipments Declined 9% in Third Quarter of 2023
After Eight Consecutive Quarters of Decline, PC Market is Expected to Begin Recovery in Fourth Quarter of 2023
Worldwide PC shipments totaled 64.3 million units in the third quarter of 2023, a 9% decrease from the third quarter of 2022, according to preliminary results by Gartner, Inc. While the third quarter’s results mark the eighth consecutive quarter of decline for the global PC market, Gartner is expecting to see growth again starting in the fourth quarter of this year.
“There is evidence that the PC market’s decline has finally bottomed out,” said Mikako Kitagawa, Director Analyst at Gartner. “Seasonal demand from the education market boosted shipments in the third quarter, although enterprise PC demand remained weak, offsetting some growth. Vendors also made consistent progress towards reducing PC inventory, with inventory expected to return to normal by the end of 2023, as long as holiday sales do not collapse.”
The top vendors in the worldwide PC market remained unchanged in the third quarter of 2023, with Lenovo maintaining the No. 1 spot in shipments with 25.1% market share (see Table 1).
Table 1. Preliminary Worldwide PC Vendor Unit Shipment Estimates for 3Q23 (Thousands of Units)
Company |
3Q23 Shipments |
3Q23 Market Share (%) |
3Q22 Shipments |
3Q22 Market Share (%) |
3Q23-3Q22 Growth (%) |
Lenovo |
16,146 |
25.1 |
16,887 |
23.9 |
-4.4 |
HP Inc. |
13,531 |
21.0 |
12,713 |
18.0 |
6.4 |
Dell |
10,320 |
16.1 |
12,022 |
17.0 |
-14.2 |
Apple |
6,266 |
9.7 |
8,267 |
11.7 |
-24.2 |
ASUS |
4,876 |
7.6 |
5,512 |
7.8 |
-11.5 |
Acer |
4,388 |
6.8 |
4,494 |
6.4 |
-2.4 |
Others |
8,753 |
13.6 |
10,709 |
15.2 |
-18.3 |
Total |
64,279 |
100.0 |
70,604 |
100.0 |
-9.0 |
Notes: Data includes desktop and laptop PCs that are equipped with Windows, macOS or Chrome OS. All data is estimated based on a preliminary study. Final estimates will be subject to change. The statistics are based on shipments selling into channels. Numbers may not add up to totals shown due to rounding.
Source: Gartner (October 2023)
Source: Gartner (October 2023)
While Lenovo once again saw a year-over-year decline in shipments, it was eased to a single digit decrease. Meanwhile, HP was the only vendor to exhibit year-over-year growth, with shipments increasing across all regions. Dell reported a sixth consecutive quarter of shipment decline, impacted by weak enterprise PC demand given its a strong presence in the market.
Apple's shipments declined sharply compared to a year ago, in part because its shipment volume increased significantly in 3Q22 once supply disruptions from earlier in 2022 due to China's lockdown had eased. In the third quarter of 2023, Apple’s shipments followed seasonal trends, primarily driven by demand from students and educators.
“The good news for PC vendors is that that the worst could be over by the end of 2023,” said Kitagawa. “The business PC market is ready for the next replacement cycle, driven by the Windows 11 upgrades. Consumer PC demand should also begin to recover as PCs purchased during the pandemic are entering the early stages of a refresh cycle.”
Gartner is projecting 4.9% growth for the worldwide PC market for 2024, with growth expected in both the business and consumer segments.
Regional Overview
The U.S. PC market declined 9.3% in the third quarter of 2023 (see Table 2).
The U.S. PC market declined 9.3% in the third quarter of 2023 (see Table 2).
Table 2. Preliminary U.S. PC Vendor Unit Shipment Estimates for 3Q23 (Thousands of Units)
Company |
3Q23 Shipments |
3Q23 Market Share (%) |
3Q22 Shipments |
3Q22 Market Share (%) |
3Q23-3Q22 Growth (%) |
HP Inc. |
4,153 |
24.6 |
4,054 |
21.7 |
2.4 |
Dell |
4,123 |
24.4 |
4,687 |
25.1 |
-12.0 |
Apple |
2,824 |
16.7 |
3,806 |
20.4 |
-25.8 |
Lenovo |
2,781 |
16.4 |
2,751 |
14.8 |
1.1 |
Acer |
1,021 |
6.0 |
1,007 |
5.4 |
1.5 |
ASUS |
644 |
3.8 |
708 |
3.8 |
-9.0 |
Others |
1,363 |
8.1 |
1,630 |
8.7 |
-16.4 |
Total |
16,909 |
100.0 |
18,643 |
100.0 |
-9.3 |
Notes: Data includes desktop and laptop PCs that are equipped with Windows, macOS or Chrome OS. All data is estimated based on a preliminary study. Final estimates will be subject to change. The statistics are based on shipments selling into channels. Numbers may not add up to totals shown due to rounding.
Source: Gartner (October 2023)
Source: Gartner (October 2023)
The U.S market’s decline was primarily caused by weak enterprise PC demand. However, Chromebook growth driven by replacement demand in K-12 educational institutions offset some of the decline.
The EMEA PC market declined 3.6% year-over-year. Continued political unrest, inflationary pressures and interest rate increases culminated in a new low in demand for PCs, although this quarter’s decrease was less severe than the previous two quarters.
“Organizations in EMEA are continuing to realign to the disruptive business outlook, limiting business PC spending as companies reduce PC budgets as a cost management strategy,” said Kitagawa. “Meanwhile, consumer demand in EMEA remains low, as all income brackets are affected by inflationary pressures and interest rates.”
The Asia Pacific PC market declined 13% year-over-year, driven by a steep 20% decline in China. In China, consumer PC spending remained weak due to unemployment issues, while enterprise PC demand also slowed due to spending cuts in the government.
In India, the Directorate General of Foreign Trade (DGFT) announced new restrictions on the import of certain devices in August 2023 as part of a bid to encourage local manufacturing. While the initial announcement caused a minor disruption as several vendors had to halt imports, a revised announcement soon after extended the deadline to November 2023 and imports resumed to normal volumes. The decision to implement any restrictions has now been moved to October 2024, meaning that the India PC market will see minimal impacts through the rest of this year.
These results are preliminary. Final statistics will be available soon to clients of Gartner’s PC Quarterly Statistics Worldwide by Region program. This program offers a comprehensive and timely picture of the worldwide PC market, allowing product planning, distribution, marketing and sales organizations to keep abreast of key issues and their future implications around the globe.
About Gartner for High Tech
Gartner for High Tech equips tech leaders and their teams with role-based best practices, industry insights and strategic views into emerging trends and market changes to achieve their mission-critical priorities and build the successful organizations of tomorrow. Additional information is available at www.gartner.com/en/industries/high-tech.
Gartner for High Tech equips tech leaders and their teams with role-based best practices, industry insights and strategic views into emerging trends and market changes to achieve their mission-critical priorities and build the successful organizations of tomorrow. Additional information is available at www.gartner.com/en/industries/high-tech.
Sabato De Sarno Adds a Personal Touch to ‘Gucci Cosmos’ in London
The exhibition will include two new rooms thought out by De Sarno with Es Devlin and Maria Luisa Frisa.
LONDON — Two medium-sized white octagonal domes resembling the dome of the Florentine cathedral Santa Maria del Fiore have arrived outside 180 Studios at 180 The Strand in London as part of Gucci’s immersive exhibition “Gucci Cosmos,” which made its debut in Shanghai in April.
The timing of the exhibition was a tricky one — it was post Alessandro Michele’s exit in November 2022, but pre new creative director Sabato De Sarno’s first collection, which was shown last month at Milan Fashion Week.
Still, the show must go on and it did, but it’s in London that it’s regrouping and restarting the process with a touched-up appearance and new concepts that take into consideration De Sarno’s vision.
The exhibition and domes outside the building will stay put until Dec. 31, when the show will end.
“Gucci Cosmos” has been a collaboration process between British artist Es Devlin and Italian fashion theorist and critic Maria Luisa Frisa, who has curated a selection of images, objects and illustrations that tell the story of the brand’s 102 years of craftsmanship within fashion and the wider culture.
The rooms inside the exhibition touch upon the key moments that have made Gucci a household name; revisits the brand’s colorful archive with nuggets of nuances dotted around each corner and inside each drawer, and dives into what an Anglophile its founder Guccio Gucci was.
The London iteration will include two new rooms thought out by De Sarno with Devlin.
The journey into the Gucci Cosmos starts inside the famed lobby of the luxury hotel The Savoy, where Guccio Gucci worked as a luggage porter. His observations of guests coming in and out with their exquisite luggage is what inspired him to start an artisanal luggage atelier in 1921.
In 2021, the hotel collaborated with Gucci on the transformation of the Royal Suite, featuring pieces from the Gucci Décor line: wallpaper with the brand’s double G logo; monogrammed cushions; scented candles, and more.
The Savoy has always been at the forefront of modernity, as it was one of the first hotels in the U.K. to have electric elevators, en-suite bathrooms, and to be lit by electricity, which have all been translated into the exhibition.
Guests will be welcomed by a café offering red-colored beverages and snacks.
The lobby leads into a red room, a new addition to “Gucci Cosmos” replicating the elevator of The Savoy with six backless vanity chairs seated under mirrors that turn into a screen that plays a video for seven minutes, the same time that it took the elevator to go up and down during Gucci’s time at the hotel.
The voice in the elevator is Devlin’s, retelling the story of the elevator.
“I started to imagine this 18-year-old intern [Gucci] and what he would do with the guests. When he had rather competent travelers, he would probably talk to them and start finding out about their country pursuits, their horses, cars and country houses. And when they were nervous, he’s not to meet their gaze, so he was probably looking at the detail of their luggage, the stitching, the materiality and polish, and how each piece of luggage and bag came to be,” said Devlin in a preview interview.
Out of the elevator, a spiral staircase awaits for the third section, “Portals,” modeled after the baggage claim area in an airport with a circular conveyor belt installation showcasing Gucci’s luggage history, as well as its lifestyle arms, such as monogrammed tennis and golf bags from the ‘70s.
A few of the suitcases have an interactive element to them with pop-outs and moving images coming out from within. Unlike the Shanghai exhibition, the suitcases are plain white and clay-like to emphasize a new vision, a cleanser palette almost.
Exiting “Portals” is a wooden hallway plastered with the history of Gucci, from Tom Ford’s tenure to Frida Giannini, Alessandro Michele and De Sarno.
On the way to the rooms “Eden” and “Zoetrope,” two paths await, one focused on Gucci’s signature floral motifs and the other on its equestrian roots.
“Eden” is an intimate, low-ceilinged room with plants and animals coming off the wall in white paint. The space traces how Italian artist and illustrator Vittorio Accornero de Testa’s floral design featuring 43 varieties of flowers, insects and plants with 37 colors, commissioned by Rodolfo Gucci for Princess Grace of Monaco, has been reimagined by the house’s creative directors over the years, from Ford’s floral Jackie bag to a sheer gown by Giannini for the Gucci Flora fragrance campaign.
In “Zoetrope,” Frisa has peeled back the layers to examine the relationship between human and horse with Gucci’s horsebit accessories that waves into fetishism. It’s the first place in the exhibition where a look from De Sarno’s spring 2024 show is featured, a python effect jacket and HotPants in red, teal green and white with matching platform loafers — signaling the brand’s drive to restore its luxury appeal as it concentrates on a timeless approach with a more minimal bent.
In Shanghai, the room “Two” contained 10-meter-tall white statues, but because of the space constraints at 180 Studios, the statues now hover just above the floor rotation of six collections being projected onto them.
A piece of Gucci’s archives in Florence comes to life in “Archivio,” a baby blue maze filled with cabinets, drawers and mirrored ceilings that showcases the brand’s rich handbag history including the Bamboo 1947, the Jackie 1961, the Horsebit 1955, the Gucci Diana, the Dionysus and De Sarno’s two red bags, a mini version of the Jackie with a hook clasp in silver hardware and a bucket version of the bag.
The deep, mature red shade is a combination of all red Gucci bags mixed together to form this new shade.
“Red is actually everywhere at Gucci. The very first Jackie bag was black with a red lining. I went to the Savoy Hotel, where Guccio Gucci worked and the elevator, inside, is red,” De Sarno told WWD in his first interview in September.
There are bags in the archive that have not yet been revisited, but in due time could be popular, such as a classic boxy top-handle bag with a horseshoe clasp or a rectangular crossbody with a silver tiger’s head attached to a piece of gold hardware.
Under the cabinets, guests can pull out the draws to rediscover past Gucci artifacts, including books, illustrations and campaign imagery.
The eighth room, “Cabinet of Wonders,” contains a red rotating cabinet that opens and closes to display key Gucci moments with an homage to the U.K. Items include Harry Styles’ sequined Coachella jumpsuit; a jacket from Michele’s collaboration with Elton John, and a black dress with blue bows worn by Irish disability activist Sinéad Burke.
De Sarno’s gold jewelry that debuted on Gucci’s Instagram with a photo of Daria Werbowy at Chateau Marmont wearing only a bikini bottom also features in the cabinet along with a crystal studded Jackie bag and top that Jessica Chastain has worn.
“‘Carousel’ is again another way of expressing the relay dance from one designer to the next within the house,” explained Devlin, referencing the penultimate room that contains 25 mannequins dating back to the ‘70s.
As the looks rotate on a conveyor belt, illustrations by four U.K.-based artists are projected onto the screens, as well as the illustrations that were featured in the Shanghai exhibition.
The exhibition concludes in an empty room called “Gucci Ancora” with a large rectangular box that plays a collage of videos and images with a red hue layered over.
“It picks up from that revolving red box we had in ‘Cabinet of Wonders.’ This time it’s a glass heart [metaphorically] for a special film using his personal footage. It’s almost vulnerable, it’s somebody peeling their skin off and saying, ‘I’m so committed to this, I’m actually going to peel off a layer of me and share it,’” said Devlin.
In the shadowed room, phrases run across in Italian and English while a voiceover of Devlin and De Sarno plays on a loop.
On one side of the room, small hooks are attached to the wall with interchangeable clear plastic slabs that contain words chosen by De Sarno for the guests to interact with and tell their own narrative.
“I like words a lot, they have weight and a precise meaning, they convey emotions, so I like artists who use words, Robert Barry or Alighiero Boetti,” said De Sarno.
The expression of art seems to be a recurring theme so far in the designer’s work.
Gucci’s recently opened 15,000-square-foot store on New Bond Street is filled with artwork from Liliana Moro, Franco Mazzucchelli, Alighiero Boetti, Matilde Cassani, Jonny Niesche, Massimo Uberti, Joshua Woolford, Simon Callery and Tim Etchells.
The works have been selected by art consultant Truls Blaasmo to celebrate Italian artistry, as well as art forms such as geometry, primary colors, sculptures and text-based art.
Lucio Fontana’s red “1967,” artwork will be on display during Frieze Week in the Salon room this week and stay there afterward.
More artwork will be introduced later in the year as the brand pushes to turn the store not only into a shopping destination but a living space that tells the story of Gucci in a museum-like way.
Loewe and On Release Fourth Capsule Collection, the Cloudtilt Sneaker
The sneaker is part of On's lifestyle product lineup intended for everyday wear.
Loewe‘s ongoing partnership with On has been something of a case study on how two hot brands can maximize each other’s buzz. Now the duo is taking on an entirely new sneaker.
For the brands’ fourth capsule, the LVMH Moët Hennessy Louis Vuitton-owned brand and the Swiss athletic company are introducing the Cloudtilt. As part of On’s Cloud series (and overall design philosophy), the new sneaker silhouette is part of the brand’s lifestyle-focused product intended for everyday wear.
The Cloudtilt is the first shoe in On’s lifestyle series to incorporate the brand’s CloudTec Phase, which uses computer-generated midsole technology to provide cushioning with fewer components. The brand also utilized its Finite Element Analysis software, which simulates the ways in which walking stresses parts of the legs and feet.
The sneaker features a knitted sock upper made of 99 percent recycled polyester, On’s speed laces and an EVA foam outsole that minimizes the use of rubber, plus packaging made from 100 percent recycled industrial materials.
Done in both men’s and women’s sizing, the Cloudtilt will come in two drops, the first on Thursday (with pre-launch on the Loewe site on Wednesday), done in black, lime green, khaki and blue. A second drop is set for January with a series of more nuanced colorways (sand, wild rose, slate gray and beet red). Each pair is priced at $490.
The two brands tapped Thibaut Grevet to shoot the new capsule’s campaign, which shows athletes from all walks of life in the Cloudtilt to highlight the silhouette’s emphasis on movement. The cast includes world champion and Olympic gold medalist race walker Liu Hong; gymnast Yonghon Huh; dancers Roy Kaneza and Hortense de Gromard; BMX rider Cindy Dos Reis; animal flow instructor Stefan Crainic, and first-ever female Emirati motor racing driver Amna Al Qubaisi.
Both Loewe and On have excelled during a challenging year. For the second quarter, the Swiss athletic brand was one of the few footwear brands to post positive results in North America, reporting 66.8 percent growth for the region during that quarter. The brand recently also said it intends to double its projected 2023 net sales by 2026.
Loewe, meanwhile, topped Lyst’s Index Report for 2023’s second quarter, becoming the “World’s Hottest Brand” with a 19 percent rise in searches for that period.
Saronic, a defense startup building autonomous ships, raises $55M
Saronic, a startup developing autonomous ships for defense, has raised $55 million in a Series A round led by Caffeinated Capital with participation from 8VC, Andreessen Horowitz, Lightspeed Venture Partners, Point72 Ventures, Silent Ventures, Overmatch Ventures, Ensemble VC, Cubit Capital and the U.S. Innovative Technology Fund.
Saronic CEO Dino Mavrookas, a former Navy SEAL, launched the company last year with the goal of building autonomous surface ships for the Navy and U.S.-aligned defense customers.
Autonomous seagoing vessels is a growing field, albeit one not necessarily focused on defense. Saildrone, which this spring took the wraps off its autonomous vessel for research, has raised well over $100 million in venture capital. Meanwhile, startups like Shone, backed by Y Combinator, are creating tech to retrofit existing ships with autonomous navigation capabilities.
Saronic builds autonomous boats from the ground up, Mavrookas says.
“We build our boats around the mission, not the mission around the boat,” he told TechCrunch in an email interview. “Saronic fills a gap where shipbuilders, traditionally focused on manufacturing large naval ships, lack the capacity and expertise [for autonomous ship design], while other vendors provide legacy platforms and struggle with production at scale.”
Saronic is currently prototyping two ships, the 6-foot Spyglass and 13-foot Cutlass, each outfitted with remotely updatable software and capable of carrying “diverse” payloads even in communication dead zones. Evidently, the Navy was impressed with these; Mavrookas claims that Saronic already has two R&D agreements with the maritime service branch.
My colleagues Anna Heim and Connie Loizos recently wrote about how VC firms are opening the floodgates for defense tech. Historically, defense tech hasn’t drawn in the venture capital associated with other industries. But that started to change last year, when U.S.-based defense tech startups raised a total of $2.1 billion across 53 total deals, which includes defense firm Anduril’s $1.5 billion Series E.
Momentum isn’t slowing down. In the last few months, Helsing, a “defense AI” startup backed by Spotify founder Daniel Ek, broke a record for European AI startups, raising a $223 million Series B. Castelion, which aims to mass-produce defense hardware starting with hypersonics, secured a $14.2 million initial funding round. And defense startup Mach Industries landed $79 million at a $335 million valuation.
There’s a number of geopolitical factors contributing to the boom, the ongoing war in Ukraine being one of them. Certain startup segments in China have become less attractive than they once were, given newly imposed export controls and rules restricting U.S.-based investors from backing critical tech. And the U.S. government and its allies — through laws like the CHIPS and Science Act and funds such as defense alliance’s NATO’s $1 billion startup tranche — are actively promoting investments in semiconductors and broader industrial development.
The climate’s to Saronic’s benefit. But, Mavrookas asserts, the startup’s also competing on its own merits.
“Saronic is unlike any other company in the maritime autonomy arena — our competitors are predominantly boat builders trying to be technology companies,” Mavrookas said. “Autonomy at sea has unique challenges. Constants for space, land, and air autonomy; like fixed positions and constant distances, aren’t reliable on the ever-shifting surface of the ocean … Saronic is a technology company delivering capabilities through autonomous boats.”
Saronic, which is based in Austin, Texas, has raised around $70 million in venture capital to date and has roughly 45 employees.
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