>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • CCCC +7.5%, BBAI +6.6%, LFMD +6.4%, SLM +3.8%, TTWO +3.4%, CRBU +2.8%, COMP +2.6%, HCM +2.6%, TTC +2.4%, VERX +2.3%, VET +1.4%, HBNC +1.3%, PLAB +1.3%, ABNB +1.1%, VRTX +1.1%, CVLY +0.8%, UGI +0.7%
  • Gapping down:
    • SOS -3.3%, XPEV -2.8%, SHEL -0.6%, WBD -0.5%

>>> Europe : Brokers Upgrades & Downgrades - 13th of December 2023 V3(++)

>>> Up
* Arkema Raised to Buy at UBS (++)
* Atlantic Sapphire ASA Raised to Hold at SpareBank
* BASF Raised to Buy at UBS (++)
* CGG Raised to Outperform at Oddo BHF; PT 90 euro cents
* Continental Raised to Buy at BofA; PT 89 euros (++)
* Paragon Raised to Outperform at RBC; PT 850 pence
* Porsche AG Raised to Buy at HSBC; PT 100 euros
* TotalEnergies Raised to Outperform at BNPP Exane; PT 75 euros
* VW Raised to Neutral at BNPP Exane
* Wavestone Raised to Buy at IDMidcaps; PT 55 euros (+)
* Wolters Kluwer Raised to Overweight at JPMorgan; PT 145 euros

>>> Down
* Adevinta Cut to Equal-Weight at Barclays; PT 115 kroner
* Anglo American Cut to Hold at HSBC; PT 1,800 pence
* Aixtron Cut to Hold at M.M. Warburg; PT 36.50 euros (+)
* Ferrari Cut to Hold at HSBC
* Ferrari Cut to Neutral at BNPP Exane
* Ford Cut to Neutral at BNPP Exane
* Hemnet Cut to Hold at Pareto Securities; PT 230 kronor
* Inditex Cut to Sell at Alantra Equities; PT 39.50 euros (+)
* LVMH Cut to Neutral at JPMorgan; PT 790 euros
* Mercedes Cut to Underperform at BNPP Exane
* Repsol Cut to Neutral at BNPP Exane; PT 15 euros
* S&U Cut to Add at Peel Hunt; PT 2,500 pence (++)
* Shell Cut to Neutral at BNPP Exane
* Viaplay Cut to Sell at DNB Markets; PT 5.30 kronor (+)
* WPP Cut to Neutral at JPMorgan; PT 850 pence

>>> Initiation
* Avolta AG Rated New Hold at Research Partners (++)
* Better Collective Rated New Buy at Jefferies; PT 340 kronor
* Cibus Nordic Real Estate Rated New Sell at ABG; PT 125 kronor (+)
* Exclusive Networks Rated New Underperform at Oddo BHF
* Gigante Salmon Rated New Buy at SpareBank; PT 16 kroner
* Grifols Rated New Buy at SocGen
* Metso Cut to Underperform at BofA (++)
* Sagax Rated New Buy at ABG; PT 290 kronor (++)
* Siegfried Rated New Buy at SocGen; PT 966 Swiss francs
* Syensqo Rated New Buy at Deutsche Bank; PT 115 euros
* VAT Rated New Buy at William O'Neil (+)
* Visteon Cut to Neutral at BNPP Exane; PT $130 (+)
* Weir Cut to Underperform at BofA (++)

>>> Call
* BASF, Arkema Rise as UBS Upgrades to Buy on 2024 Volume Recovery (++)
* Better Collective Rises; Jefferies Rates New Buy on Growth Path (++)
* Goldman, Citi Bet Rate Cuts Will Fuel Equity Rally: Taking Stock (+)
* JPMorgan Sees a Regional Bank Stock Rally as Investor Angst Ebbs
* Inditex Update Points to More Consensus Upgrades: Jefferies (+)
* Porsche Raised to Buy at HSBC as Pricing Worries Appear Overdone (+)
* Storebrand Drops as Jefferies Says New Goals Below Consensus (++)
* Weir Group Drops on Double Downgrade to Underperform From BofA (++)

WWD : Adidas Responds to Thom Browne’s ‘Unclean Hands’ Argument

Adidas Responds to Thom Browne’s ‘Unclean Hands’ Argument
The sports brand is seeking a new trial over the designer's use of stripes due to some newly discovered emails.


It’s not important how Adidas discovered the “smoking gun” emails it unearthed regarding Thom Browne’s use of stripes. But the fact that they exist at all warrants a new trial.

That was the response of the attorneys for Adidas in its ongoing battle with the designer over the use of stripes in his athletic-inspired offering.

As reported, Judge Jed Rakoff of the Southern District of New York has scheduled a hearing between the two parties on Dec. 21 to hear arguments devoted to intent in the discovery of several emails that surfaced following a jury decision earlier this year.

Adidas sued Browne for using four stripes on some of the American designer’s active-inspired merchandise, saying it created confusion with the sports brand. The designer had been using stripes on his collections for many years to reference collegiate varsity sweaters, but, after being approached by Adidas in 2007, agreed to change the design to four parallel bars. Adidas has been using its three-stripe bar in the U.S. since the 1950s and spends $300 million a year in advertising the stripes, and products sporting the mark account for $3.1 billion in annual sales.


In January, an eight-person jury in Manhattan’s Southern District came back with a verdict that found Browne was not liable for damages or profits that it made selling products with four stripes or its trademark grosgrain ribbon.

Adidas in October discovered four emails that it characterized as “bad faith” from employees who cautioned the designer about using specific stripe designs in its collections because they could potentially create confusion with Adidas. The emails surfaced in August during a separate trademark dispute between the two companies in the U.K. but were not disclosed during the initial trial.

Browne’s legal team on Friday said “Adidas’ hands are not clean” — alleging the sports brand breached a U.K. confidentiality agreement by sharing the emails with the company’s U.S. counsel much earlier than it had originally disclosed.

In response, Adidas’s attorney wrote: “For Thom Browne, there is no escaping the fact that it withheld smoking-gun evidence and got caught.” The company’s argument about when Adidas found the emails is irrelevant, it claimed. “Thom Browne asks the court to ignore its own egregious misconduct and focus instead on how that egregious misconduct was brought to light. The court should deny that unjust request and reject Thom Browne’s meritless ‘unclean hands’ argument.”

The filing went on to say that while Adidas’ attorney admitted the company had seen the emails earlier than it originally acknowledged, that breach was “inadvertent and harmless,” opening the door for a new trial.

>>> Europe : Brokers Upgrades & Downgrades - 13th of December 2023 V2(+)

>>> Up
* Atlantic Sapphire ASA Raised to Hold at SpareBank
* CGG Raised to Outperform at Oddo BHF; PT 90 euro cents
* Paragon Raised to Outperform at RBC; PT 850 pence
* Porsche AG Raised to Buy at HSBC; PT 100 euros
* TotalEnergies Raised to Outperform at BNPP Exane; PT 75 euros
* VW Raised to Neutral at BNPP Exane
* Wavestone Raised to Buy at IDMidcaps; PT 55 euros (+)
* Wolters Kluwer Raised to Overweight at JPMorgan; PT 145 euros

>>> Down
* Adevinta Cut to Equal-Weight at Barclays; PT 115 kroner
* Anglo American Cut to Hold at HSBC; PT 1,800 pence
* Aixtron Cut to Hold at M.M. Warburg; PT 36.50 euros (+)
* Ferrari Cut to Hold at HSBC
* Ferrari Cut to Neutral at BNPP Exane
* Ford Cut to Neutral at BNPP Exane
* Hemnet Cut to Hold at Pareto Securities; PT 230 kronor
* Inditex Cut to Sell at Alantra Equities; PT 39.50 euros (+)
* LVMH Cut to Neutral at JPMorgan; PT 790 euros
* Mercedes Cut to Underperform at BNPP Exane
* Repsol Cut to Neutral at BNPP Exane; PT 15 euros
* Shell Cut to Neutral at BNPP Exane
* Viaplay Cut to Sell at DNB Markets; PT 5.30 kronor (+)
* WPP Cut to Neutral at JPMorgan; PT 850 pence

>>> Initiation
* Better Collective Rated New Buy at Jefferies; PT 340 kronor
* Cibus Nordic Real Estate Rated New Sell at ABG; PT 125 kronor (+)
* Exclusive Networks Rated New Underperform at Oddo BHF
* Gigante Salmon Rated New Buy at SpareBank; PT 16 kroner
* Grifols Rated New Buy at SocGen
* Siegfried Rated New Buy at SocGen; PT 966 Swiss francs
* Syensqo Rated New Buy at Deutsche Bank; PT 115 euros
* VAT Rated New Buy at William O'Neil (+)
* Visteon Cut to Neutral at BNPP Exane; PT $130 (+)

>>> Call
* Goldman, Citi Bet Rate Cuts Will Fuel Equity Rally: Taking Stock (+)
* JPMorgan Sees a Regional Bank Stock Rally as Investor Angst Ebbs
* Inditex Update Points to More Consensus Upgrades: Jefferies (+)
* Porsche Raised to Buy at HSBC as Pricing Worries Appear Overdone (+)

FT : UK economy shrinks unexpectedly in October

UK economy shrinks unexpectedly in October
Economy weaker than forecast as every sector declines

The UK economy unexpectedly contracted in October, driven by falls in every sector and fuelling concerns that high interest rates could push the country into a downturn.

Gross domestic product fell 0.3 per cent between September and October, data published by the Office for National Statistics showed on Wednesday.

Economists had expected no change in GDP after a 0.2 per cent expansion the previous month.

Services output fell by 0.2 per cent in October, driven by a fall in information and communication, and was the main contributor to the decline in GDP.

Production and construction also fell sharply, by 0.8 per cent and 0.5 per cent, respectively.

The data comes ahead of Thursday’s Bank of England decision on monetary policy. The central bank is expected to keep interest rates unchanged at a 15-year high of 5.25 per cent.

WSJ : COP28 Nations Agree to Transition Away From Fossil Fuels

COP28 Nations Agree to Transition Away From Fossil Fuels
Conference host, the United Arab Emirates, brokered the compromise that calls for a clean energy shift to accelerate this decade

DUBAI—More than 190 governments at the United Nations climate conference approved an agreement Wednesday calling for the world to transition away from fossil fuels, an accord that bridged differences between big energy-producing nations and countries that want to completely phase out coal, oil and natural gas.

The deal, the result of all-night talks, calls for “transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner.” It says the shift to clean energy for the global economy should accelerate this decade with the aim of net-zero greenhouse gas emissions by 2050. Scientists say that is crucial to fulfilling the Paris Accord, the landmark climate agreement that calls for governments to attempt to limit global warming to 1.5 degrees Celsius above preindustrial temperatures.

The deal marks the first time a U.N. climate agreement has called for governments to cut back on all fossil fuels. Scientists have long said it, but big fossil-fuel producers led by Saudi Arabia and fast-growing developing nations such as China and India have rebuffed pressure to call for burning less.

“We should be proud of our historic achievement,” said Sultan Al Jaber, the chief executive of the U.A.E.’s national oil company who is running COP28. “We have delivered a robust action plan to keep 1.5 within reach.”

>>> Stoxx 600 Pre-Market Indications

  • Rolls-Royce (RRU TH) +2%
  • BASF (BAS TH) +1.8%
  • Continental (CON TH) +1.3%
  • Porsche AG (P911 TH) +1.2%
  • Vodafone (VODI TH) +1%
  • BAT (BMT TH) +0.9%
  • Zalando (ZAL TH) +0.8%
  • TUI (TUI1 TH) +0.7%
  • Maersk (DP4B TH) +0.6%
  • Safran (SEJ1 TH) +0.5%
  • BBVA (BOY TH) -1%
    • Watch European Stocks Tied to Argentina as Peso Devalued by 54%
  • LVMH (MOH TH) -1%
  • Mercedes (MBG TH) -1.2%
    • Mercedes Cut to Underperform at BNPP Exane
  • Delivery Hero (DHER TH) -1.3%
  • Haleon (H6D0 TH) -1.4%
  • Ferrari (2FE TH) -1.8%
    • Ferrari Cut to Neutral at BNPP Exane
  • Akzo Nobel (AKU1 TH) -1.9%
  • Prosus (1TY TH) -1.9%
    • Prosus Says Vegrow Raised $46m in Primary & Secondary Funding
  • Nel (D7G TH) -2%
  • UCB (UNC TH) -2.6%