Gapping up
In reaction to earnings/guidance:
- COOK +24.3%, INFA +19.8%, UPWK +16.4%, W +14.2%, RELY +13.6%, EVGO +13% (also CEO to retire; names new CEO), FARO +12.8%, CENT +11.9%, WIX +11.9%, CYH +10.6%, RUN +8.8%, CFLT +8.3% (also names new CFO), MOD +8.2%, NARI +7.9%, FSLY +7.7%, CTSH +7.1% (also expands generative AI partnership with Google Cloud), QRVO +6.8%, FVRR +6.8%, NCR +6.5%, APTV +6.3%, CLX +6.1%, MELI +6%, LUNG +6%, RGR +5.7% (also increases dividend), U +5.7%, ALB +5.5%, BOOT +5.1%, FOUR +5.1%, SABR +5.1%, ALKT +5%, PBH +5%, PACK +5%, REGN +4.8%, DOX +4.7%, ITCI +4.7%, LEV +4.6%, WRK +4.3%, BCRX +4.3%, IR +4.2%, KAR +4.2%, HLF +4.1%, FUN +4%, ATUS +3.9%, DASH +3.9%, BBIO +3.9%, AGIO +3.8%, SUM +3.7%, ZETA +3.7%, DLX +3.5%, PH +3.5%, MKSI +3.3%, DNB +3.3%, CORT +3.2%, WBD +3.2%, BUD +3%, GOLF +3%, BLD +3%, DIN +3%, UPBD +3%, SRI +2.9%, MCK +2.9% (also increases stock repurchase authorization by additional $6 bln), BRKR +2.9%, CIVI +2.7%, CIVI +2.7%, SBGI +2.6%, TFX +2.6%, MGPI +2.6%, ACLS +2.4%, TRIP +2.4%, APA +2.4%, EPAM +2.4%, BAND +2.3%, FROG +2.2%, KGC +2.2%, CHRW +2.1%, ETD +2.1% (also declares $0.50 special div), IIPR +2.1%, MRNA +2.1%, EVH +2%, KW +2%, NVST +2%, VRNA +2%, KYMR +2%, DFH +2%, NTLA +2%, ESTE +1.8%, CPE +1.8% (also share buyback program to commence in 3Q), RMAX +1.7%, SRPT +1.7%, ALLO +1.5%, CSGS +1.5% (also authorizes new $100 mln share repurchase program), WD +1.5%, KTB +1.5%, PACB +1.4% (also to acquire Apton Biosystems), ENOV +1.4%, HAS +1.4%, LSPD +1.4%, CW +1.3% (also raises dividend 5%), AUPH +1.3%, IDA +1.3%, TPX +1.3%, BTG +1.2%, MD +1.2%, NVMI +1.2%, CWAN +1.1%, MIDD +1.1%, BALY +1.1%, APO +1.1%, .
Other news:
- HWKN +4.2% (increases dividend also reports earnings)
- TMDX +3.1% (acquires assets and IP related to the Ex-Vivo Organ Support System)
- FLR +2.4% (awarded contract for LNZA fuel facility)
- BWXT +1.2% (contract with TerraPower)
- GPI +1% (increases stock repurchase auth to $250 mln)
Analyst comments:
- CSGS +1.5% (upgraded to Buy from Hold at Stifel)
- HAYW +1.2% (upgraded to Buy from Hold at Stifel)
Research Calls
- Upgrades:
- CSG Systems (CSGS) upgraded to Buy from Hold at Stifel; tgt raised to $60
- Hayward Holdings (HAYW) upgraded to Buy from Hold at Stifel; tgt raised to $16.50
- Pacira BioSciences (PCRX) upgraded to Outperform from Market Perform at TD Cowen; tgt $50
- Qorvo (QRVO) upgraded to Outperform from Neutral at Exane BNP Paribas; tgt $135
- Ross Stores (ROST) upgraded to Outperform from Market Perform at TD Cowen; tgt raised to $129
- Sunrun (RUN) upgraded to Buy from Neutral at Janney
- Triumph Group (TGI) upgraded to Peer Perform from Underperform at Wolfe Research
- Wingstop (WING) upgraded to Buy from Hold at The Benchmark Company; tgt $200
- Downgrades:
- Amwell (AMWL) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $2.50
- Apellis Pharmaceuticals (APLS) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $60
- Cerevel Therapeutics (CERE) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $31
- Claros Mortgage Trust (CMTG) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $11
- Columbia Sportswear (COLM) downgraded to Market Perform from Outperform at TD Cowen; tgt lowered to $83
- Crestwood Equity Partners (CEQP) downgraded to Neutral from Buy at Citigroup; tgt lowered to $28
- dLocal Limited (DLO) downgraded to Neutral from Buy at BofA Securities; tgt $16
- Doximity (DOCS) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $36
- Dorian LPG (LPG) downgraded to Hold from Buy at Jefferies; tgt $30
- DXC Technology (DXC) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $23
- DXC Technology (DXC) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $25
- DXC Technology (DXC) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $29
- Etsy (ETSY) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $105
- International Money Express (IMXI) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
- Lemaitre Vascular (LMAT) downgraded to Hold from Buy at Jefferies; tgt raised to $67
- Procore Technologies (PCOR) downgraded to Hold from Buy at Loop Capital; tgt lowered to $75
- Qualcomm (QCOM) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $121
- Roku (ROKU) downgraded to Neutral from Buy at Citigroup; tgt raised to $105
- Simon Properties (SPG) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $129
- Southwest Air (LUV) downgraded to Underperform from Hold at Jefferies; tgt $25
- Spirit Aerosystems (SPR) downgraded to Hold from Buy at Truist; tgt lowered to $25
- Spirit Aerosystems (SPR) downgraded to Neutral from Buy at Goldman; tgt lowered to $30
- STAAR Surgical (STAA) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $48
- Thomson Reuters (TRI) downgraded to Sector Perform from Outperform at National Bank Financial
- Thomson Reuters (TRI) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt raised to $139
- TriplePoint Venture Growth (TPVG) downgraded to Sell from Neutral at Compass Point; tgt $9.75
- Wallbox (WBX) downgraded to Market Perform from Outperform at TD Cowen; tgt $4
- Others:
- Immutep (IMMP) initiated with an Outperform at Robert W. Baird; tgt $7
- O'Reilly Auto (ORLY) resumed with an Outperform at William Blair
Miu Miu’s very good year
Long referred to as “Prada’s little sister”, Miu Miu’s growth is now outpacing Prada’s as it bets on accessories and China
When Nicole Kidman sported a low-waist, micro-mini skirt and a matching bralette from Miu Miu on the cover of Vanity Fair last year, she sparked a volley of debate about “age-appropriate” dressing. The actress later defended her choice, saying she “begged” to wear the outfit. The incident encapsulates the essence of the 30-year-old brand and the vision of its founder and creative director Miuccia Prada.
“It’s an experimental brand . . . it addresses customers who are very confident in their individuality and accept their contradictions, we help them dress freely,” Benedetta Petruzzo, Miu Miu’s chief executive, says in an interview via Zoom from Los Angeles, where she is about to give birth to her first child.
“That mini skirt was absurdly short, but the Miu Miu women just don’t care,” continues Petruzzo. “The brand is the utmost expression of la signora Prada.
“She’s not just the creative director, she’s the soul of the brand. Miu Miu is Miuccia Prada; it’s the space where she can be entirely herself.”
The 37-year-old Petruzzo joined the €4.2bn-revenue Prada group from Kering Eyewear’s US division, where she was the chief’s deputy, in 2020, only weeks before Italy became the first European country to go into full lockdown following the outbreak of the Covid pandemic.
She admits it wasn’t an easy start, but says the brand is now on the right track and while “Miu Miu is a revolutionary brand, I don’t really see any revolutions ahead”. In its half-year earnings last week, the group posted €1.97bn in retail sales, up 21 per cent year on year, with Miu Miu’s “remarkable performance” driving the result. The brand’s sales were up 50 per cent over the period, outpacing the larger Prada’s 18 per cent increase.
Japan led the group’s growth with sales up 49 per cent. Asia and Europe followed with sales up 25 per cent and 24 per cent, respectively.
Luca Solca, a luxury industry analyst at Bernstein, says Miu Miu is particularly popular in China. This year, the brand featured 85-year-old Chinese actress Wu Yanshu among a group of Gen Z celebrities in its Women’s Tales, a series where female directors are invited to produce short films on the subjects of vanity and femininity in the 21st century. “Miu Miu isn’t a brand for young women; it’s an attitude,” explains Petruzzo. Wu’s involvement was a hit.
Miu Miu isn’t a brand for young women; it’s an attitude
“The brand has recently doubled on its spending on China’s [social media platform] Little Red Book, and started selling bags via the hottest live streamer on the platform,” says Solca. The Shanghai-based app, known as Xiaohongshu in Chinese, appeals to European luxury labels as it has more than 200mn monthly active users, mostly younger women on the lookout for trends and products that can be harder to find in the country.
Petruzzo says Miu Miu is betting on accessories as one of its catalysts for growth. The breakout success of its ballet flats, mini skirts and Wander bag made it the hottest brand in fashion search platform Lyst’s 2022 annual rankings.
“Miu Miu handbags are attractively priced and popular in China, less so in the west, where Miu Miu seems yet to succeed in accessories,” says Solca.
This summer Miu Miu launched the Arcadie bag, which starts at €1,950 and offers a fresh take on Miu Miu’s flagship matelassé leather motif.
Meanwhile, the brand’s 2023 autumn/winter ready-to-wear line, featuring heavy coats and turtlenecks worn over colourful sparkly knickers has taken last year’s miniskirt debate to new lengths.
Singers Rihanna and Olivia Rodrigo, and model sisters Bella and Gigi Hadid are often photographed in the brand, which is also loved by other designers. Dior’s Kim Jones, for example, often wears Miu Miu for highly visible occasions such as runway shows and magazine shoots.
Petruzzo, who wore a Miu Miu blazer for her finance graduation at Milan’s Bocconi University in 2009, and then went on to work for consultancy Bain & Company before joining Kering, does not have a creative education, but says she understands the brand’s aesthetic and values. “I don’t think you can work in this industry without having some sort of creative awareness,” she says.
The executive owes hers to her mother, a retired modern art history professor, who taught her that beauty is not objective but it is very much linked to emotions. “Modern art is the maximum expression of this idea, which essentially means something is beautiful because it triggers emotions though you may not understand it,” Petruzzo explains.
It’s an approach Miuccia Prada has applied to high fashion during the past three decades, inspiring the notion that “ugly-chic” is desirable.
The designer once explained that what is perceived as ugly to her has greater potential than what is defined as beautiful because it is a more truthful representation of reality. “The investigation of ugliness is, to me, more interesting than the bourgeois idea of beauty. And why? Because ugly is human. It touches the bad and the dirty side of people,” she said in a 2013 interview with the Sunday Telegraph’s Stella magazine.
Her pleated and pencil-shaped skirts; challenging palettes of brown, black and green; and ironic takes on bows, headbands, Mary Janes and other tropes of femininity are quintessentially Prada. With Miu Miu, however, she has gone even further by creating a ground for quirky exploration: from sheer nylon dresses in the 1990s to the preppy pleated miniskirts and strappy ballet flats of more recent seasons.
Petruzzo says that the brand has strived to create a community of people that goes beyond the clothes and accessories it sells. “It’s an ode to freedom,” she says. This resonates with her own progressive ethos, as well as Prada’s, a self-defined leftist feminist.
“I don’t believe in being defined by other people’s opinions, conditioning or tags, I never did,” says Petruzzo.
As part of a turnaround initiated in 2017 to revive lacklustre profits and sales, the Prada group cut back its wholesale network hoping to align prices between retail and ecommerce channels. Last year it increased prices across its brands. Analysts now expect the balance between average price and volumes to improve compared to last year, when price increases had a more significant impact on the group’s earnings.
Petruzzo says she feels “lucky to have the two founders as my bosses and to work for a group which is also a family”.
The Italian luxury group, which is in the process of completing a secondary listing in Milan, has also implemented a succession plan that will eventually see Lorenzo Bertelli, the eldest of Bertelli’s and Prada’s two children, take the helm. The fashion house, of which Miu Miu is the second-largest brand, after Prada, also owns the Church’s and Car Shoe labels.
In December it appointed former Luxottica chief Andrea Guerra as successor to co-chief executives Bertelli and Prada. It also appointed Gianfranco D’Attis, the former boss of Dior US, as the first ever chief executive of Prada.
The younger Bertelli, 34, a former racing car driver who now heads the group’s marketing and corporate social responsibility departments, is expected to take the helm within a few years. Some have criticised the lack of a clear timeline, but Petruzzo is not worried.
“Succession plans are hard,” she says, “but I don’t have any negative perceptions and it doesn’t scare me.”
UK and EU divide opens up on dealmaking regulation
Executives now have to pay much more attention to British watchdog on M&A
Executives looking to do multinational deals should brace themselves for more blows from regulators amid intensifying uncertainty over whether transactions will be cleared.
The Brexit vote has been the catalyst for a new world order in merger scrutiny, with the UK now more empowered to influence the fate of global multibillion-dollar transactions.
Before the UK voted to leave the EU, large corporations had to mainly worry about EU antitrust decisions. But, after Brexit, the one-stop-shop principle — where cases referred to Brussels took precedence over reviews in individual EU countries — ceased to apply to the UK. So dealmakers now have to pay more attention to the British antitrust watchdog, the Competition and Markets Authority.
Earlier this year, the CMA caused shockwaves with the announcement that it was blocking Microsoft’s $75bn purchase of gaming giant Activision Blizzard, a deal regulators in Brussels happily cleared with concessions that appeased their competition concerns. The companies threw a tantrum, drawing accusations from Microsoft’s Brad Smith that the country was effectively shooting itself in the foot by “discouraging technology innovation and investment” in the UK.
The deal may end up being cleared after antitrust regulators in the US suffered a setback in the courts. And, unusually, the UK competition watchdog has reopened its consultation on Microsoft-Activision, in a move that could lead to a reversal of its decision to block the deal.
But even if the CMA climbs down from its earlier opposition, the move signalled its willingness to diverge from the views of officials in Brussels. In March last year, the UK also vetoed the $5bn tie-up between Cargotec and Konecranes even though Brussels cleared it. This led to the deal being abandoned altogether.
The British antitrust watchdog is putting an end to deals in other ways too. Decisions by the CMA to review or veto a deal led to the abandonment of three times as many transactions compared with rulings from the EU regulator from 2018 and 2020, according to Linklaters. The trend is accelerating, with the law firm reporting nearly 70 per cent of deals that become subject to in-depth probes either being abandoned or killed in the past three years.
And the issue is not just that the CMA is killing deals to which Brussels is giving its blessing. In addition, dealmakers feel uncertain on which way the British regulators will go. Take Facebook’s acquisition of customer relations management provider Kustomer. The CMA took the view that the deal did not present a threat to competition and quickly cleared it, while Brussels opened it to extra scrutiny although eventually cleared it.
More recently — and following the CMA decision to block Microsoft — investors were concerned that the British regulator would open an in-depth probe into Amazon’s $1.7bn proposed acquisition of iRobot, the company best known for its Roomba robot vacuum cleaner. The CMA cleared it and the EU was the one to open to an in-depth investigation instead.
To add to dealmakers’ nightmares, the CMA is arming itself with new powers to scrutinise tech mergers, even if the target company has very little sales in the UK, via a newly formed digital markets unit.
“Getting deals through has become much messier since Brexit, and recent deals like the Microsoft one illustrate that very clearly,” says a seasoned EU official in Brussels. “I find it regrettable that the British are usually more pragmatic but they have gone off track recently.”
To be sure, London and Brussels are aligned on mergers. Both the EU and the UK see competition concerns in Adobe’s $20bn bid for cloud-based design tools maker Figma — with both regulators eventually heading towards in-depth probes. Both sides cleared S&P Global’s €39bn acquisition of IHS Markit with conditions. And they were also aligned on Broadcom’s $69bn acquisition of VMware: the EU has cleared the deal with conditions, while the CMA has given its provisional approval.
But investors and dealmakers are becoming concerned about their ability to read the tea leaves and worry about immediate dealmaking activity being subdued. “The CMA is now often at odds with the EU and it is becoming more arbitrary in its rulings on mergers,” said an investor at a large hedge fund. “With the UK’s newly found powers to kill deals there are going to be fewer deals, at least in the short term.”
Early premarket gappers
- Gapping up:
- COOK +23.8%, UPWK +18.2%, EVGO +14.4%, RELY +14.4%, ZETA +13%, CENT +11.9%, WIX +11.6%, FARO +10.9%, CYH +10.6%, CFLT +9.7%, RUN +9.5%, FSLY +7.6%, CTSH +6.9%, BOOT +6.7%, HLF +6.6%, AUPH +6.6%, NCR +6.5%, U +6.3%, NARI +6.1%, CLX +5.8%, RGR +5.7%, MOD +5.4%, QRVO +5.3%, ALKT +5%, PBH +5%, ALB +4.7%, DASH +4.7%, MELI +4.7%, KGC +4.4%, RSI +4.3%, IR +4.2%, KAR +4.2%, FUN +4%, ATUS +3.9%, SUM +3.7%, MKSI +3.3%, ACLS +3.2%, CORT +3.2%, TMDX +3.1%, MCK +3.1%, EPAM +3%, SRI +2.9%, APA +2.5%, BUD +2.5%, FVRR +2.5%, FLR +2.4%, BAND +2.3%, TRIP +2.2%, NOG +2.2%, FROG +2.2%, ETD +2.1%, GOLF +2.1%, HWKN +2%, EVH +2%, KW +2%, NVST +2%, VRNA +2%, FICO +1.9%, ESTE +1.8%, FRT +1.7%, SRPT +1.7%, CF +1.6%, CSGS +1.5%, WD +1.5%, EPR +1.4%, PACB +1.4%, ENOV +1.4%, CW +1.3%, BWXT +1.2%, NNN +1.2%, LESL +1.2%, PSA +1.2%, MD +1.2%, CWAN +1.1%, GPI +1%
- Gapping down:
- RBOT -26.1%, DXC -20.3%, SDGR -17.7%, STAA -14.5%, CCRN -12.5%, OM -12.2%, QS -10.8%, GT -9.6%, AMWL -9.5%, FWRD -9.2%, NGVT -9%, RGNX -8.8%, QCOM -8.7%, RVLV -8.6%, ETSY -8.4%, KRP -8.3%, HUBS -8.1%, PYPL -8%, ACAD -7.5%, LMND -7.2%, VAC -7%, MGM -6.6%, WCC -6.4%, HOOD -6.3%, ERII -5.8%, CODI -5.1%, NFG -4.6%, UGI -4.6%, ADPT -4.5%, MUSA -4.4%, AFG -4.3%, HST -4.1%, ECPG -3.8%, SNN -3.5%, PCOR -3.3%, UFPI -3.2%, TS -3.1%, FNA -3%, NRDS -3%, ABEV -2.9%, AMN -2.8%, NXPI -2.8%, NTR -2.8%, SAVE -2.8%, AHH -2.7%, HCC -2.5%, OXY -2.5%, JOBY -2.4%, WSC -2.2%, OHI -2.2%, KN -2%, EQIX -2%, MMS -2%, FORM -2%, MRO -2%, CGNX -2%, HEP -2%, NE -1.9%, SHOP -1.6%, MET -1.5%, CHRW -1.5%, ZG -1.5%, OCSL -1.5%, PR -1.4%, MUR -1.4%, BV -1.4%, SPG -1.2%, RYN -1.1%, CLVT -1.1
Israeli tech sector sounds the alarm over Benjamin Netanyahu’s judicial changes
Entrepreneurs warn about economic impact of controversial drive to weaken power of courts
Eran Shir has helped create about 120 jobs in Israel since he co-founded Nexar, an automotive start-up, in 2015. But this year, as prime minister Benjamin Netanyahu has embarked on a bitterly contested drive to weaken the judiciary, he has decided to boost activities abroad instead.
“We’re investing more in our locations outside Israel and generating intellectual property outside Israel . . . and we’re actively looking at opening in other locations,” said Shir. “We haven’t done any incremental hiring in Israel this year, but we hired five people in Portugal,” he added, noting that the decisions were “heavily influenced” by the judicial overhaul.
Shir’s decisions reflect the growing alarm among Israeli tech entrepreneurs and business leaders about the economic implications of the overhaul being pushed by Netanyahu’s hardline coalition. The judicial changes have sparked seven months of mass protests, drawn criticism from the US, and prompted thousands of reservists to threaten to stop volunteering for duty.
For now, the fundamentals of Israel’s $500bn economy are solid. Growth is forecast at around 3 per cent this year, unemployment stands at 3.3 per cent while inflation, at 4.2 per cent, is low by global standards. Although numerous companies joined a brief strike last week, the economic disruption from the battle over the judicial changes has so far been relatively limited.
But the political gyrations have already affected Israel’s financial markets. As the crisis progressed, the shekel has lost around 8 per cent against the dollar, while the blue-chip index has barely risen. Morgan Stanley warned last week that the turmoil could feed into higher borrowing costs. Israel’s central bank said in April that it could knock an average of up to 2.8 per cent annually off the country’s economic output over the next three years.
Government officials insist the overhaul was needed to rein in an overly activist judiciary. Measures include a law passed last week that limits the top court’s ability to strike down government decisions, and plans to give the coalition greater control over the appointment of judges.
They have also played down concerns about the economic impact. After rating agencies Moody’s and Standard & Poor’s warned last week about the economic repercussions of the overhaul, Netanyahu and finance minister Bezalel Smotrich issued a statement drawing attention to big investments in Israel planned by chipmakers Intel and Nvidia, and insisting the country’s economy remained “very strong”.
But many economists, executives and investors see the proposed judicial changes as a recipe for erratic policymaking that could erode Israel’s business-friendly environment.
“Israel until now had good institutions, an array of checks and balances, separation of power, and an efficient bureaucracy. But all that is being targeted by the government,” said Itzchak Raz, an economist at the Hebrew University of Jerusalem. “The real concern is that this will be translated into a lower economic growth rate over a very long period.”
Nexar co-founder Shir said his biggest worry was the way that the government had been prepared to barrel ahead with the overhaul despite pushback from large swaths of Israeli society, and urgings from the US, Israel’s most important ally, not to enact the changes without consensus.
“The government demonstrated last week that they don’t care about the wellbeing of the Israeli economy,” he said. “They have a mission to grab power, and they’ll sacrifice anything they need in order to do that.”
Others in Israel’s tech sector — which accounts for more than a sixth of economic output and more than half of exports — have similar concerns. A survey last month by the Start-Up Nation Central think-tank found 68 per cent of start-ups had taken legal or financial steps, like moving activities or cash outside Israel, since the judicial battle began. Investment in the sector was 67 per cent lower in the first half of the year than in the same period a year earlier.
Some are betting that this reaction is overdone. Michael Fertik, founder of Heroic Ventures, a venture capital firm, said he had put more money into Israel this year than last, and that the fundamental reasons for investing in the country’s tech sector remained unchanged. “You have the same level of creativity, the same level of activity, the same level of ambition,” he said.
Other are less bullish. Nadav Zafrir, from Team8, which runs a start-up platform as well as a venture capital arm, said fundraising had “definitely” become more difficult, particularly from new investors.
The strength and the depth and importance of Israel as a global innovation hub is so critical that, so far, most investors who’ve already invested in Israel have remained,” he said. But he also said he knew “for a fact” that some investors who have not yet invested in Israel had decided to “wait and see what happens”.
The longer-term question is whether the small steps towards relocating business activities made so far by Israeli companies — particularly in the highly mobile tech sector — become something bigger. Executives and investors said that, so far, this was not the case. But they also said that such an exodus was the biggest threat hanging over Israel’s economy.
“[The Israeli economy] is almost like an energy dependent economy that gets all of its sales from taking minerals out of the ground. The minerals in this case are entrepreneurs,” said Adam Fisher, managing partner at Bessemer Venture Partners, which has invested $1.5bn in Israeli start-ups.
“The only problem . . . is that while minerals can’t be taken out of the ground and moved elsewhere, entrepreneurs and employees can move. And that’s why high tech is screaming at the top of our lungs.”
Thibault de Montbrial: «La France approche dangereusement d’un point de bascule»
ANALYSE - L’avocat au barreau de Paris et président du Centre de réflexion sur la sécurité intérieure livre son analyse sur l’origine et la problématique complexe des émeutes qui ont secoué le pays au début de l’été.
Qui aurait pu prévoir ce qui vient de se passer?», a questionné à plusieurs reprises le président de la République Emmanuel Macron dans les jours qui ont suivi les émeutes de ce début d’été. Posée sous forme rhétorique par l’homme le mieux informé de France, cette question est vertigineuse. En effet, policiers et gendarmes, procureurs et préfets, hauts fonctionnaires chargés de près ou de loin des questions régaliennes, élus de tous bords dès lors qu’ils sont lucides et de bonne foi, tous avaient anticipé depuis plusieurs années ce scénario tant redouté d’un embrasement généralisé de nos banlieues.
Depuis longtemps, seules demeuraient deux incertitudes: le facteur déclenchant et l’intensité du phénomène. L’embrasement eut pour origine le coup de feu tiré après plusieurs minutes de course-poursuite en pleine ville de Nanterre par un policier sur le fils d’un ancien délinquant parmi les plus chevronnés des Hauts-de-Seine, «petit ange» déjà engagé à 17 ans dans un parcours en marge de la légalité.
Quant à l’intensité de ces émeutes, elle fut, à la fois statistiquement (nombre de communes concernées, dégâts observés) et de l’avis unanime des policiers et gendarmes, bien supérieure à celle de novembre 2005. Seul Emmanuel Macron a estimé l’inverse en évacuant le sujet dans son entretien accordé à TF1 et France 2, depuis la Nouvelle-Calédonie, la semaine passée.
Émeutes, immigration, gouvernement... Emmanuel Macron s’explique enfin : https://www.lefigaro.fr/politique/emeutes-immigration-borne-emmanuel-macron-s-explique-enfin-20230802
Pays fracturé
De son côté, la première ministre, ex-socialiste, Élisabeth Borne a appelé à «prendre le temps du diagnostic», comme si elle aussi avait été surprise par cette irruption de violence et avait besoin de temps (des semaines? des mois?) pour prendre la mesure d’un pays fracturé comme jamais et miné par un ensauvagement désormais endémique.
Même le ministre de l’intérieur Gérald Darmanin y est allé, certes sans enthousiasme, de sa déclaration décalée. La capacité du «premier flic de France» à prendre la mesure de l’inflammation et à mobiliser ses troupes a sans doute contribué à mettre un terme plutôt rapide à la crise et à éviter une catastrophe. Mais, contre l’évidence, il a ensuite cru devoir écarter le lien entre cet embrasement et l’immigration.
La semaine du FigaroVox - «Les émeutes, et après?» : https://www.lefigaro.fr/vox/societe/la-semaine-du-figarovox-les-emeutes-et-apres-20230707
La raison? «Seuls 10 % des auteurs sont étrangers.» Et d’évoquer devant le Sénat les «Kevin et Matteo», auteurs majoritaires supposés des exactions. Compte tenu des informations auxquelles il a accès, l’embarras manifeste de l’intéressé lors de cette audition est compréhensible. Difficile de tout dire, même depuis Beauvau, au temps du «en même temps».
Point de bascule
Car, enfin, que s’est-il passé en ce début d’été?
Les événements qui ont suivi l’affaire de Nanterre résultent de façon éminemment prévisible de l’affaissement de l’État et de la crise d’autorité qui minent le pays depuis des décennies, ainsi que d’une immigration non maîtrisée, génératrice de multiples déséquilibres. Ses effets délétères culturels, sociaux et sécuritaires ne peuvent plus être dissimulés sous des slogans désormais vides de sens («chance pour la France», «enrichissement», «vivre-ensemble») et narratif («la France a toujours été une terre d’immigration»). Ces antiennes sont historiquement fausses (peu d’immigration avant 1850) et fallacieuses (jusque dans les années 1960, l’immigration était très majoritairement de culture chrétienne et non musulmane. La distinction est fondamentale).
La vérité, c’est que la France approche dangereusement d’un point de bascule.
Un fonds de calamités pour les artisans victimes des émeutes : https://www.lefigaro.fr/societes/un-fonds-de-calamites-pour-les-artisans-victimes-des-emeutes-20230707
À supposer même que «10 %» seulement des émeutiers aient été des étrangers, cela signifie-t-il qu’il n’y a «aucun lien avec l’immigration»? Bien sûr que non, et le communiqué lunaire du gouvernement algérien publié en pleine séquence n’en est pas le seul indice flagrant.
Bonne politique migratoire
Les multiples attaques contre les symboles matériels (mairies, écoles, services publics) et humains (forces de sécurité intérieure, mais aussi élus) signent une haine de la France désormais ouvertement omniprésente dans une partie de notre société. C’est, par exemple, le cas sur les réseaux sociaux ou lors des centaines d’agressions qui se déroulent au quotidien sur notre territoire.
Limiter l’analyse à la question administrative de la nationalité, c’est occulter la principale exigence attendue d’une bonne politique migratoire: la capacité à assimiler les nouveaux arrivants. Nombreux sont ceux qui le souhaitent mais ne le peuvent, premières victimes des conséquences d’arrivées massives qui plombent les politiques de la ville malgré les dizaines de milliards dépensés.
Ces Français ordinaires victimes oubliées des émeutes : https://www.lefigaro.fr/vox/societe/ces-francais-ordinaires-victimes-oubliees-des-emeutes-20230705
Échouer dans cette assimilation, c’est faire de centaines de milliers, voire de millions de binationaux ou de Français de fraîche date, les acteurs potentiels d’un affrontement dont même un président (François Hollande) et un ministre de l’intérieur (Gérard Collomb), socialistes de surcroît, ont ouvertement évoqué l’hypothèse depuis des années.
Courage politique
Alors que l’Insee établit que près de 30 % de personnes vivant en France sont immigrées ou descendantes d’immigrés à une ou deux générations, il est vital de reprendre en main de façon drastique notre politique migratoire, que ce soit en termes de contrôle des frontières, d’octroi de visa, d’asile, de reconduite à la frontière ou d’accès à la nationalité.
Casser l’attractivité sociale et durcir l’accès à la nationalité sont des impératifs. Des solutions existent, compatibles avec un droit européen, pourtant, hélas, devenu un obstacle en la matière. Confrontés à un danger comparable, le Danemark, la Suède ou le Royaume-Uni ont commencé à agir. Il y a urgence. Aujourd’hui, même les petites villes (Montargis, Laval et tant d’autres) ont été la proie de bandes ultraviolentes. La politique dite de peuplement (sic), décidée en 2022 (mais après sa réélection) par le chef de l’État, et qui consiste à répartir les migrants sur le territoire est une folie dont les premiers effets sont visibles notamment en termes de délinquance, et qui accélère la marche vers une libanisation de notre pays.
Les émeutes ont bouleversé le clivage entre banlieues et France périphérique : https://www.lefigaro.fr/vox/societe/les-emeutes-ont-bouleverse-le-clivage-entre-banlieues-et-france-peripherique-20230718
Nier la dimension migratoire et ses conséquences culturelles, ethniques et religieuses sous-jacentes aux émeutes de 2023, et plus largement à la violence qui s’est installée en France, c’est s’interdire de réfléchir à la façon dont nous pouvons encore changer de trajectoire. Croire que la prospérité prévaudra toujours sur l’identité est un leurre tragique, comme l’histoire l’a démontré.
Au début des années 1970, le Liban était surnommé «la Suisse du Proche-Orient».
Adidas Q2 Sales Flat But Guidance Up, Thanks to Yeezy Sales
Despite declines in revenues, the German sportswear giant still beat market expectations, due to the sale of products from its cancelled collaboration with Kanye West.
BERLIN – Adidas sales remained flat during the second quarter, with the German sportswear brand bringing in 5.34 billion euros in the three months to June 30.
In currency neutral terms, sales were flat. Last year’s sales over the same period totaled 5.6 billion euros.
That brought the German brand’s revenues to 10.62 billion euros for the first half of 2023.
This was as expected, the company’s chief executive officer Bjørn Gulden said in a statement. “We are happy with the way the second quarter developed. 2023 is not about trying to show short-term results,” he explained, adding that he didn’t expect to see “a good and profitable Adidas” until 2025.
Nonetheless, the company’s second-quarter results came in ahead of market expectations. Analysts had predicted Adidas would earn just over 5 billion euros and might see a sales drop of 9 percent.
In its statement on the results, Adidas explained this slightly better-than-expected result was partially due to revenues from the first drop of the Yeezy range in May.
Adidas severed ties with longtime collaborator Kanye West, who helped design the Yeezy products, last October. This left a significant hole in its earnings – sector experts have suggested the collaboration could have been making Adidas as much as around 40 percent of the company’s annual profits due to the line’s favorable pricing.
In its statement on second-quarter results, Adidas said the first drop of the left-over Yeezy products brought in around 400 million euros over the second quarter.
In terms of product categories, sales of footwear rose 1 percent in currency-neutral terms in the second quarter to 3.11 billion euros. Apparel sales fell 3 percent to 1.82 billion euros.
The apparel market for sportswear continues to be overstocked, the company explained in a statement, adding that it was pursuing a conservative strategy in this area as a result. In what it calls its lifestyle category, sales also fell, Adidas reported. Performance categories – that is, the clothing and gear used for sports, rather than streetwear – had “positive momentum,” the statement noted.
Sales of Adidas accessories and gear grew 8 percent over the second quarter to 405 million euros. This growth was driven by increased interest in football, Adidas explained.
Sales in Adidas’ home market of Europe also remained comparatively static, with a decrease of just under 1 percent in currency neutral terms to 1.98 billion euros.
In North America, the decrease was more significant, with sales there falling 16 percent to 1.4 billion euros. Over the same period last year, Adidas had made 1.7 billion euros in North America.
“[North America] is particularly affected by elevated inventory levels in the market,” Adidas explained.
Sales in Latin America and Asia Pacific were positive, with increases of 30 percent and 7 percent respectively. Adidas also saw an 16 percent increase in sales in Greater China.
Adidas had already released preliminary results for this quarter in late July, at which stage it had adjusted guidance for 2023 upwards. The change was partially due to the successful sale of the Yeezy products.
Previously Adidas expected revenues to decline at a high-single digit rate. Now it forecasts declines in the mid-single digits. And instead of an operating loss of around 700 million euros for the whole year, Adidas now expects this to be closer to 400 million euros.
The company’s statement on Thursday suggested there could be more changes to guidance later in the year. The second drop of Yeezy products begins this week and Adidas said: “If successful, this second drop would further improve the company’s results. However, as the results of this drop are yet unknown, it is not accounted for in the company’s current top and bottom line outlook for 2023.”
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