From: Laurent Chekroun (MAKOR CAPITAL MARKET) At: 12/13/23 23:27:51 UTC+1:00
Subject: WWD : The Clock Is Ticking at FarfetchThe Clock Is Ticking at Farfetch
Sources on both sides of the Atlantic say that if Farfetch doesn't find a new investor in the coming days, it will have to call in administrators in the U.K.
LONDON — Time is running out for the troubled Farfetch, which will likely have a new owner, or cease to exist in its current state, by Christmas.
WWD has learned that there are at least two investors looking to swoop in and rescue Farfetch.
While the identity of one could not be learned, it’s understood to be a company and not a private investor.
The other is Carmen Busquets, known for her savvy, early-stage investments in tech-driven brands. She is looking to raise between $500 million and $1 billion to rescue the company, and has proposed a five-year plan with the aim of driving fast growth and profitability.
Busquets, a businesswoman and entrepreneur, is best known as the majority cofounding investor of Net-a-porter and as a vocal proponent of sustainability. She has invested in start-ups in the U.S. and Britain including Farfetch, Moda Operandi, Flowerbx, Tagwalk, Cult Beauty and the cosmetics brand Dr Jackson’s.
“Fundamentally, I believe in the fashion and technology marketplace sector and I believe Farfetch remains the leading company in the industry. It has driven fundamental change to the distribution of fashion globally over the last 15 years,” Busquets told WWD.
“The industry is cyclical, and Farfetch is navigating a complex environment, made harder with the complexities of managing multiple corporate transactions. Farfetch remains a strategic asset, and given the collapse in market confidence and valuations in the sector there are a number of strategic tie-ups and consolidation opportunities for Farfetch as a leading e-commerce platform for the 21st century,” she added.
In the event that a rescue does not materialize from either investor, Farfetch has already lined up administrators in the U.K., where the head office is based.
If administrators take control, Farfetch assets — including Browns, New Guards Group, Stadium Goods, Farfetch’s $200 million stake in Neiman Marcus and its Platform Solutions IP — would be sold to pay off the principal debt holders, who are mainly institutional investors.
A source close to Farfetch said that whatever happens in the short term, it will be business as usual for the company’s suppliers, customers and partners.
Two of Farfetch’s biggest commercial partners, Compagnie Financière Richemont and Alibaba, are both keeping their distance and are not interested in rescuing the company.
Richemont was in the final stages of a deal to sell a 47.5 percent stake in Yoox Net-a-porter to Farfetch, but has already said it won’t invest in the ailing company. Alibaba is said to have been willing to put money in, but did not want to buy Farfetch outright.
Last month Richemont said it has “no financial obligations toward Farfetch,” and it does not envisage lending or investing in the company. The luxury giant also said it was “reviewing its options in respect of its arrangements with Farfetch,” calling into question the transfer of YNAP.
Richemont said its maisons and YNAP had not yet adopted Farfetch Platform Solutions, which was part of a wider deal forged with the fashion platform in 2022.
Farfetch has a separate partnership with Richemont and Alibaba, for distribution in China.
The Chinese e-comm giant’s president Mike Evans resigned last week from Farfetch’s board, which the luxury platform attributed to the “furtherance of the arm’s-length commercial relationship between Alibaba…and the company.”
An investor who does not hold shares in Farfetch and who spoke on condition of anonymity said that whatever happens, Farfetch needs to find a way to preserve its core tech expertise.
The investor added that Farfetch should build a new, smaller business around its tech IP, “without getting muddled up in fashion, branding or marketing ever again.”
Many say that tech expertise remains Farfetch’s superpower, with founder José Neves and the Farfetch team continuing to help brands strategize about digital retail, customer and shop-floor experiences.
Chanel’s president of fashion Bruno Pavlovsky told WWD last week that while the French brand no longer holds a stake in Farfetch, the two groups still work together.
“We continue to collaborate, brainstorm together and talk about the future of retail and our relationship with the customer. We are talking about many different initiatives to nourish the future of our boutiques, such as AI tools, to better understand the needs of the customer. We might not end up using those tools, but we want to understand what they mean,” Pavlovsky said.
Despite its allure of uniting the luxury world online, Farfech’s business model has always raised eyebrows among investors and industry members. But Neves has been able to turn things around before, by posting a promising quarter or inking a new high-profile partnership with a big luxe name.
Neves, who leads the business as chairman and chief executive officer, was both architect of Farfetch’s grand vision and technology and relentless cheerleader.
In August, after the company axed its push into beauty and said it eliminated $150 million of planned fixed costs this year over a couple months, Neves put a brave face on the situation and, as usual, remained optimistic.
“This company was built from zero, from nothing, and actually launched in 2008, amid a global financial crisis,” Neves told WWD at the time.
“We got our first venture capital money in 2010, so the first three years were just my money, which was no money. And so we really have that DNA of resiliency and frugality and we’ve grown this business from those humble, very humble origins to be a global platform present in all large luxury goods markets in the world.…The North Star of this company remains absolutely intact, which is to be the global platform for luxury.”
Even so, the money-losing operation has seen its valuation steadily shrivel.
While shares rebounded on Wednesday, rising 18.2 percent to close at 74 cents, the stock has still lost more than 41 percent of its value this week alone, and is well off its 52-week high of $8.02.
Earlier this week, Moody’s Investors Service lowered its rating of Farfetch to “Caa2” from “B3,” and put Farfetch on review for a further downgrade. The Moody’s decision came a week after Standard & Poor’s cut its rating on the luxury platform.
According to industry sources, the YNAP deal, which was supposed to close before the end of 2023, will not go through if the company goes into administration, although it could still be resuscitated if a new owner were to take over.
As reported, Farfetch has also been speaking to potential investors including Mike Ashley’s Frasers Group, about Browns and its stock.
Spokespeople for Farfetch and Frasers declined to comment.
VIV FP. : Preliminary view
Subject: FW: Vivendi short comment
Our SOP value is E15.6 per share.
VIV is currently trading at a 42.5% discount. Canal + is 29% of the GAV, Havas is 16%.
If 1/Havas and Canal + are spun-off (tax free),
2/ The Investment comapny keeps all the debt and cash
3/ The investment company trades at a similar 42.5% discount than the current VIV discount. The combo is then worth today E12.4 per share.
Key questions will be 1/the discount to be applied on the Investment company
2/ What will Bollore do with it, will it ever be merged into Bollore (what is the point of having 2 separate investment vehicles?) . At 20% discount instead of 42.5% Vivendi is worth E14.1 per share.
Detailed SOTP analysis below :
From: LCHEKROUN@makor-cm.com At: 12/14/23 09:32:36 UTC+1:00
To: Laurent Chekroun (MAKOR CAPITAL MARKET ) Subject: FW: Vivendi short comment
Subject: Vivendi short comment
All,
Vivendi announced yesterday that
“ The Management Board of Vivendi proposed to the Supervisory Board – which gave its approval on the matter today – to explore the feasibility of a project to split the company into several entities, each of which would be listed on the stock market and structured around:
- Canal +
- Havas
- An investment company with listed and unlisted financial stakes in the cultural, media and entertainment sectors, which would notably include the majority stake in the Lagardère group
Very preliminary on VIV FP:
- Our SOP value is E15.6 per share
- VIV is currently trading at a 42.5% discount
- Canal + is 29% of the GAV, Havas is 16%
If
- Havas and Canal + are spun-off (tax free)
- The Investment company keeps all the debt and cash
- The investment company trades at a similar 42.5% discount than the current VIV discount
The combo is then worth today E12.4 per share.
Key questions will be:
- The discount to be applied on the Investment company
- What will Bollore do with it, will it ever be merged into Bollore (what is the point of having 2 separate investment vehicles?)
At 20% discount instead of 42.5% Vivendi is worth E14.1 per share.
VIV latest SOP as of Q3 2023:
Vivendi press release
Vivendi will study a project to split its activities into several entities
Since the distribution and listing of Universal Music Group in 2021, Vivendi has endured a significantly high conglomerate discount, substantially reducing its valuation and thereby limiting its ability to carry out external growth transactions for its subsidiaries.
Canal+, Havas and Lagardère are currently experiencing strong growth in an international context marked by numerous investment opportunities.
In order to fully unleash the development potential of all its activities, the Management Board of Vivendi proposed to the Supervisory Board – which gave its approval on the matter today – to explore the feasibility of a project to split the company into several entities, each of which would be listed on the stock market and structured around:
Canal+
Canal+ Group has experienced significant growth in recent years, reaching a subscriber base of over
25 million in nearly 50 countries. Following the acquisitions of M7 and SPI, the company has taken strategic stakes in businesses such as Multichoice, VIU, and Viaplay, demonstrating its ability to identify and seize promising opportunities across all its geographical areas. In light of these successes, Canal+ is well-positioned to capitalize on further consolidation opportunities on a global scale.Havas
As one of the global leaders in communications, Havas brings together over 23,000 employees spread across more than 100 countries. The group has maintained a steady pace of targeted acquisitions over the past two years, thereby strengthening its range of expertise and geographic footprint. Havas has also launched numerous innovative solutions to meet the needs of its clients. The impressive momentum demonstrated by Havas on a global scale paves the way for an accelerated development and the continuation of its successful transformation.
An investment company
An investment company with listed and unlisted financial stakes in the cultural, media and entertainment sectors, which would notably include the majority stake in the Lagardère group, a global leader in publishing and Travel Retail delivering remarkable performances.
The investment company would actively support the strategic development of its portfolio companies and would focus on value creation and capital return to its shareholders, through an effective portfolio rotation and a targeted reinvestment policy.
This split project would provide all the entities with the human resources and the financial agility necessary for their development.
This project will have to prove its added value for all stakeholders and include an analysis of the tax consequences of the various contemplated operations.
To conduct this study, Vivendi will be assisted by its usual banks and advisors.
An update on the progress of the study of this split project, and its feasibility, will be provided in due course.
Laurent Chekroun Equity Sales
Makor Securities London Ltd. | Makor Group
E: LCHEKROUN@makor-cm.com
M: +41 79 350 71 09
O: +33 1 42 33 02 05
W: www.makor-group.com
This message has been sent by Makor Securities, London, part of Makor Group, which is authorised and regulated by the FCA (625054). This message is for professional clients and eligible counterparties only, not intended for "retail clients". The information contained in this message is confidential and is for the exclusive use of the intended recipient. If you receive this message in error please inform us and delete all copies of it. The information is not intended as an offer or solicitation to buy or sell any financial instrument. All comments and statements are to be considered the opinions of the author not the Company and are not intended to be relied upon. We cannot guarantee that this message or any attachments are virus free and accept no liability for any viruses or the consequences thereof. v20230124
>>> Up
* AMS-Osram Raised to Buy at Jefferies; PT 2.70 Swiss francs
* ArcelorMittal Raised to Overweight at JPMorgan; PT 30 euros
* Compass Group Raised to Overweight at JPMorgan; PT 2,500 pence
* Credit Agricole Raised to Buy at SocGen; PT 13.50 euros
* Credit Agricole Raised to Buy at SocGen; PT 13.50 euros
* Deoleo Raised to Outperform at Renta 4; PT 29 euro cents
* Elior Group Raised to Neutral at JPMorgan; PT 3 euros
* Figeac-Aero Raised to Outperform at Oddo BHF; PT 6 euros (+)
* Finnair Raised to Hold at HSBC; PT 4 euro cents
* Live Nation Raised to Overweight at Morgan Stanley; PT $110
* Logista Raised to Buy at Alantra Equities; PT 29.50 euros
* Logista Raised to Buy at Alantra Equities; PT 29.50 euros
* Marathon Petroleum Raised to Overweight at Wells Fargo; PT $169
* Marston's Raised to Overweight at JPMorgan; PT 58 pence
* Norwegian Cruise PT Raised to $23 from $18 at Stifel
* Oeneo Raised to Add at IDMidcaps; PT 12.70 euros (+)
* Rio Tinto Raised to Overweight at JPMorgan; PT 7,000 pence
* UMG Raised to Buy at Citi; PT 29 euros
* U.S. Steel Raised to Strong Buy at CFRA; PT $46
* WithSecure Raised to Accumulate at Inderes; PT 1.10 euros
>>> Down
>>> Down
* Admicom Cut to Accumulate at Inderes; PT 48 euros
* Aena Cut to Underperform at Renta 4; PT 166.20 euros
* Aena Cut to Underperform at Renta 4; PT 166.20 euros
* Ahold Delhaize Cut to Neutral at BNPP Exane; PT 29 euros (+)
* Barratt Cut to Neutral at Citi; PT 571 pence
* BBVA Cut to Market Perform at Renta 4; PT 8.90 euros
* BBVA Cut to Market Perform at Renta 4; PT 8.90 euros
* Berkeley Cut to Hold at Peel Hunt; PT 4,450 pence
* Cyfrowy Cut to Accumulate at Erste Group; PT 15 zloty
* Graines Voltz Cut to Reduce at Gilbert Dupont; PT 28.50 euros (+)
* Komplett Raised to Buy at Pareto Securities; PT 15 kroner (+)
* Next Cut to Hold at Stifel; PT 8,400 pence (+)
* Severn Trent Cut to Underweight at JPMorgan; PT 2,450 pence
* Storebrand Cut to Hold at Pareto Securities; PT 100 kroner
* UniCredit Cut to Neutral at Oddo BHF; PT 34 euros
* Vestas Cut to Hold at Jyske Bank; PT 185 kroner (+)
* Wolters Kluwer Cut to Sell at Citi; PT 112.50 euros
>>> Initiation
>>> Initiation
* American Tower Rated New Buy at HSBC; PT $245
* Bilia Reinstated Buy at Nordea; PT 140 kronor
* Capital Gearing Trust Rated New Outperform at Peel Hunt (+)
* Care Property Invest NV Raised to Buy at KBC Securities (+)
* d'Amico Intl Shipping Reinstated Buy at Fearnley; PT 7.80 euros (+)
* DiscoverIE Rated New Buy at Redburn; PT 925 pence (+)
* Fasadgruppen Group Rated New Buy at Kepler Cheuvreux (+)
* Qiagen Rated New Peerperform at Wolfe
* Qiagen Rated New Peerperform at Wolfe
* Quilter Reinstated Neutral at Goldman; PT 100 pence
* Safilo Rated New Hold at Stifel; PT 99 euro cents
* Vonovia Reinstated Buy at ING; PT 35 euros
>>> Call
* Berkeley Cut to Hold on Valuation Grounds by Peel Hunt (+)
>>> Call
* Berkeley Cut to Hold on Valuation Grounds by Peel Hunt (+)
- Vivendi (VVU TH) +9.8%
- Vivendi Explores Breakup of Media Empire in Chase for Deals
- CNH Industrial (37C TH) +3.5%
- Siemens Energy (ENR TH) +3.4%
- Vonovia (VNA TH) +3.3%
- Vonovia Reinstated Buy at ING; PT 35 euros
- Nel (D7G TH) +3.2%
- Anglo American (NGLB TH) +3%
- AMS-Osram (DQW1 TH) +3%
- Orsted (D2G TH) +3%
- Delivery Hero (DHER TH) +2.4%
- Zalando (ZAL TH) +2.4%
- Mowi (PND TH) -1.3%
- Wolters Kluwer (WOSB TH) -2.2%
- Wolters Kluwer Cut to Sell at Citi; PT 112.50 euros
DAX:
- Siemens Energy (ENR TH) +3.4%
- Vonovia (VNA TH) +3.4%
- Vonovia Reinstated Buy at ING; PT 35 euros
- Zalando (ZAL TH) +3.3%
- Mercedes (MBG TH) +1.5%
- VW (VOW3 TH) +1.2%
MDAX:
- TAG Immobilien (TEG TH) +3.3%
- SMA Solar (S92 TH) +2.5%
- Delivery Hero (DHER TH) +2.4%
- RTL (RRTL TH) +2.3%
- HelloFresh (HFG TH) +1.9%
SDAX:
- Deutz (DEZ TH) +5.5%
- Deutz and Rolls-Royce’s Power Systems Unit Reach General Pact
- Metro (B4B TH) +4.4%
- Metro FY EPS Beats Estimates
- Aroundtown (AT1 TH) +3.3%
- Aroundtown Won’t Use Option to Call €400M 2.125% Perpetual Notes
- Kontron (KTN TH) +3.3%
- PVA TePla (TPE TH) +2.4%
- MorphoSys (MOR TH) -10%
- MorphoSys Offering of 3.4m Shares Prices at EU30/Share
Stocks and bonds rallied after the Federal Reserve signaled interest-rate cuts next year, reigniting a bullish pulse across markets as inflation eases. A global gauge of stocks gained for a sixth straight session after the S&P 500 ended Wednesday within 2% of its record high and climbed further in Asian futures trading on Thursday. Apple Inc and the Dow Jones Industrial Average both hit record highs. European equity futures advanced alongside stock indexes in Australia, South Korea and Hong Kong. Japan was the region’s outlier, declining while the yen climbed by more than 1% against the dollar as an index of the greenback fell to a four-month low. Those moves followed dovish signs Wednesday from the Fed, which held rates steady and forecast that their next moves would be cuts. The dot plot showed 75 basis points of reduction in 2024 — a sharper pace of cuts than indicated in September. Traders are now awaiting the Bank of England and European Central Bank meetings due later today to determine whether developed-market peers are at the cusp of a global easing cycle. Treasuries staged a sharp rally following the meeting that extended in Asian trading. The 10-year yield fell below 4% for the first time since August. Swap contracts show bets of 140 basis points of easing in the next 12 months. Global corporate bond spreads — the difference in yield between Treasuries and company debt — tightened to levels last seen in February 2022, in a further sign of bullish sentiment. Spreads in Asia tightened Thursday toward a record low touched last week. US data prior to the Fed meeting on Wednesday showed slowing producer-price gains as energy costs fell. That follows Tuesday’s consumer price data that showed a decrease in the annual rate of inflation — further signs that prices are trending back toward the Fed’s target. Falling Treasury yields weighed on the dollar and buttressed the yen, which traded at levels not seen since August. The New Zealand and Australian dollars also rallied, despite yields for their respective government bonds declining. The 10-year Treasury yield could tumble to the low 3% range next year, DoubleLine Capital’s Jeffrey Gundlach predicted on CNBC following the Fed meeting. Respondents to Bloomberg’s latest Instant Markets Live Pulse survey see modest gains for stocks and bonds in 2024 and highlighted the prospect rates may not fall as sharply as markets currently predict. Australia added more jobs than expected in November. Monetary decisions of the Philippines and Taiwan are due later Thursday. Country Garden Holdings Co. shares rose on Thursday after a unit of the distressed developer unexpectedly repaid an 800 million yuan ($111 million) bond, allaying default concerns. West Texas Intermediate, the US crude benchmark, edged higher but remained around $70. Bitcoin pared a Wednesday advance to trade close to $43,000, and gold rose above $2,000 per ounce after surging 2.4% on Wednesday. US After Hours Quiet session; ADBE -6.2%, MWA -1.8% both amid selling pressure following light revenue forecasts.
Nikkei -0.73% Hang Seng +1.09% CSI -0.27% Shanghai -0.13% Shenzen -0.37%
Eur$ 1.0901 CNH 7.1428 CNY 7.1362 JPY 141.65 GBP 1.2642 CHF 0.8690 RUB 90.1577 TRY 29.0356 WTI$ 69.76 +0.42% Gold 2,034 +0.35% BTC 42,921 -0.18% ETH 2,281 +0.86%
S&P +0.38% Nasdaq +0.59% EuroStoxx +1.19% FTSE +0.93% Dax +1.16% SMI +0.36%
Macro :
- Jeffrey Gundlach Says Fed Will Cut Rates More Than Anticipated
- Advanced Nuclear Reactor Approval Signals Shift in US
- Startup Founded Ex-Google Search Team Nears $2 Billion Valuation
Keep an eye on :
Keep an eye on :
- ABN NA : ABN Amro to Buy Mobile Brokerage BUX to Boost Digital Presence
- AT1 GY : Aroundtown Won’t Use Option to Call €400M 2.125% Perpetual Notes
- ATO FP : Onepoint Says It Crossed 10% Threshold in Atos Shareholding
- ATO FP : Atos Says to Seek Constructive Talk After Onepoint Reports Stake
- BDT GY : Bertrandt FY Ebit Misses Estimates
- BMW GY : BMW Sees EV Growth in US Slowing Down, But Remains Bullish
- BNP FP : Santander Acquires BNP Paribas Mexico Asset Management Business
- BC IM : Brunello Cucinelli Raises 2023 Revenue Target to 22%-23% Range
- BWE NO : BW Group Offers NOK27/Share for Remaining Shares of BW Energy
- CON GY : Continental Chairman Open to All Options for Future of Auto Unit
- ACA FP : Credit Agricole to Stop Financing New Fossil Fuel Extraction
- DSY FP : Dassault Aviation, Dassault Systèmes Extend Cloud Partnership
- DEZ GY : Deutz and Rolls-Royce’s Power Systems Unit Reach General Pact
- DRW3 GY : Draegerwerk Sees FY Ebit Margin Above 4%, Saw 2% to 4%
- DRW3 GY : Draegerwerk Sees FY Ebit Margin Above 4%, Saw 2% to 4%
- EDF FP : EDF CEO Says Italy’s Edison Not for Sale: Sole
- EVN AV : EVN FY23 Ebitda of EU869M Beats Est., Special Divedend Proposed
- GALE SW : Galenica, Planzer Form JV to Supply Pharmacies, Hospitals
- GAM SW : GAM Sees Underlying FY Pretax Loss, Updates Strategy
- GAM SW : Swiss Asset Manager GAM Revamps Strategy, Sees Full-Year Loss
- IHP LN : IntegraFin FY Revenue Meets Estimates
- LDO IM ; Leonardo and KNDS Form Strategic Alliance on Defence
- MAREL NA : JBT Raises Offer for Marel to EU3.40/Shr: M&A Snapshot
- B4B GY : Metro's 2024 Ebitda Guidance Slips Lower on Costs, Russia: React
- MOR GY : MorphoSys Offers Up to 3.42m Shares, MorphoSys Offering Expected to Price at €30/Share: Terms
- OVS IM : Ovs 3Q Net Sale Down 3.5% Y/Y at €367.6m on Weather Anomalies
- RAL FP : Rallye Says French Appeals Court Orders Stay of Fine by AMF
- RR/ LN : Deutz and Rolls-Royce’s Power Systems Unit Reach General Pact
- SCHP SW : Schindler’s Ammann, Keswick Won’t Stand for Re-Election to Board
- TEL NO : Telenor to Sell Pakistan Unit to Pakistan Telecommunication
- UBSG SW : *UBS STEPS UP BID TO CLAW BACK CASH FROM CREDIT SUISSE DEFECTORS
- DG FP : EU Approves Budapest Airport Acquisition by Hungary, Vinci
- VIV FP : Vivendi Considering Splitting Into Several Public Companies
- ZURN SW : Zurich Insurance Names Claudia Cordioli as Group CFO
>>> Up
* AMS-Osram Raised to Buy at Jefferies; PT 2.70 Swiss francs
* ArcelorMittal Raised to Overweight at JPMorgan; PT 30 euros
* Compass Group Raised to Overweight at JPMorgan; PT 2,500 pence
* Credit Agricole Raised to Buy at SocGen; PT 13.50 euros
* Credit Agricole Raised to Buy at SocGen; PT 13.50 euros
* Deoleo Raised to Outperform at Renta 4; PT 29 euro cents
* Elior Group Raised to Neutral at JPMorgan; PT 3 euros
* Finnair Raised to Hold at HSBC; PT 4 euro cents
* Live Nation Raised to Overweight at Morgan Stanley; PT $110
* Logista Raised to Buy at Alantra Equities; PT 29.50 euros
* Logista Raised to Buy at Alantra Equities; PT 29.50 euros
* Marathon Petroleum Raised to Overweight at Wells Fargo; PT $169
* Marston's Raised to Overweight at JPMorgan; PT 58 pence
* Norwegian Cruise PT Raised to $23 from $18 at Stifel
* Rio Tinto Raised to Overweight at JPMorgan; PT 7,000 pence
* UMG Raised to Buy at Citi; PT 29 euros
* U.S. Steel Raised to Strong Buy at CFRA; PT $46
* WithSecure Raised to Accumulate at Inderes; PT 1.10 euros
>>> Down
>>> Down
* Admicom Cut to Accumulate at Inderes; PT 48 euros
* Aena Cut to Underperform at Renta 4; PT 166.20 euros
* Aena Cut to Underperform at Renta 4; PT 166.20 euros
* Barratt Cut to Neutral at Citi; PT 571 pence
* BBVA Cut to Market Perform at Renta 4; PT 8.90 euros
* BBVA Cut to Market Perform at Renta 4; PT 8.90 euros
* Berkeley Cut to Hold at Peel Hunt; PT 4,450 pence
* Cyfrowy Cut to Accumulate at Erste Group; PT 15 zloty
* Severn Trent Cut to Underweight at JPMorgan; PT 2,450 pence
* Storebrand Cut to Hold at Pareto Securities; PT 100 kroner
* UniCredit Cut to Neutral at Oddo BHF; PT 34 euros
* Wolters Kluwer Cut to Sell at Citi; PT 112.50 euros
>>> Initiation
>>> Initiation
* American Tower Rated New Buy at HSBC; PT $245
* Bilia Reinstated Buy at Nordea; PT 140 kronor
* Qiagen Rated New Peerperform at Wolfe
* Qiagen Rated New Peerperform at Wolfe
* Quilter Reinstated Neutral at Goldman; PT 100 pence
* Safilo Rated New Hold at Stifel; PT 99 euro cents
* Vonovia Reinstated Buy at ING; PT 35 euros
>>> Call
>>> Call
After Hours Summary: Quiet session; ADBE -6.2%, MWA -1.8% both amid selling pressure following light revenue forecasts
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: None
Companies trading higher in after hours in reaction to news: CDXS +9.1% (enters into agreement with Aldevron), ESPR +3.9% (FDA updates LDL-C for NEXLETOL and NEXLIZET), HOOD +1.6% (reports November data), CHSN +0.5% (expanding its new coffee brand in China), BABA +0.4% (investing $634 mln in Lazada, according to Nikkei), MCY +0.2% (appoints new COO), NX +0.1% (CEO to become Chairman)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: ADBE -6.2%, MWA -1.8%
Companies trading lower in after hours in reaction to news: NEXT -2.1% (stock offering), OR -0.6% (sale of common shares), PBA -0.5% (purchasing stakes in two of ENB's pipelines for $3.1 bln), ENB -0.5% (selling stakes in two of its pipelines to PBA), JMIA -0.2% (closing food delivery business), CADE -0.1% (authorizes new repurchase plan)