>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • PTCT -20.7%, ENPH -19.3%, SNY -17.6% (cut FY24 outlook; will split consumer and pharm businesses), NWL -12%, NWG -11% (also provides key findings from Phase 1 of Travers Smith review), BIO -7.4%, GTLS -6.6%, CRI -5.8%, SBCF -5.7%, OLN -5.5%, ELME -4.6% (also authorizes new $50 mln share repurchase program), EXPO -4.6%, AON -4.6%, HUBG -4.3% (also 2-for-1 split; initiates dividend; new $250 mln share repurchase plan), CC -4.1%, BJRI -4.1%, LYB -4%, CHTR -3.8%, F -3.3%, PEB -3.2%, COLM -3%, XEL -2.5%, AX -2.2%, ESS -2.2%, CVX -2.2%, CBRE -2.2%, TEX -2.1%, B -2.1%, LECO -2.1%, SAM -1.9%, NOV -1.5% (also to consolidate operating structure), ROG -1.2%, BAH -1.1%, FTS -1%
Other news:
  • MCBC -2% (increases dividend)
  • CSTR -1.9% (ONB to acquire CSTR)
  • ONB -1% (ONB to acquire CSTR)
Analyst comments:
  • ULCC -1.9% (downgraded to Hold from Buy at Deutsche Bank)
  • LUV -1.5% (downgraded to Market Perform from Outperform at TD Cowen)

>>> Exxon Mobil misses by $0.43, misses on revs (107.60)

Exxon Mobil misses by $0.43, misses on revs (107.60)
  • Reports Q3 (Sep) earnings of $1.94 per share, excluding non-recurring items, $0.43 worse than the FactSet Consensus of $2.37; revenues fell 19.0% year/year to $90.76 bln vs the $93.41 bln FactSet Consensus.
  • Upstream third-quarter earnings were $6.1 billion, an increase of $1.5 billion from the second quarter, driven by higher crude prices, lower scheduled maintenance, and favorable tax impacts. Identified items unfavorably impacted earnings by $14 million in the quarter.
  • Delivered the best-ever third-quarter global refinery throughput at 4.2 million barrels per day.
  • Compared to the same quarter last year, earnings decreased $6.3 billion. Excluding identified items, earnings declined $5.7 billion, driven by a nearly 60% decrease in natural gas realizations and a 14% decrease in crude realizations. Excluding the impacts from divestments, entitlements, and government-mandated curtailments, net production grew about 80,000 oil-equivalent barrels per day, driven by the Permian and Guyana.
  • Year-to-date earnings were $17.2 billion, a decrease of $11.1 billion versus the first nine months of 2022. The prior-year period was impacted by net negative identified items totaling $2.4 billion, including an identified item associated with the Sakhalin-1 expropriation. Excluding identified items, earnings declined $13.3 billion. Higher production from advantaged projects in Guyana and the Permian provided a partial offset to lower crude and natural gas realizations. Year-to-date production was 3.7 million oil-equivalent barrels per day. The portfolio mix continued to improve with liquid production growth from Guyana and the Permian, offsetting lower natural gas production from divestments.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • DXCM +17.2%, COUR +16.3%, SWI +11.5%, CUBI +9.7%, EVTC +9.6%, MASI +9.5%, DECK +9.4%, MGRC +8.6%, FIX +8.1%, APPF +7.7%, NRDS +7.2%, INTC +7.2%, JNPR +6.6%, TBBK +6.1%, AMZN +6%, MMSI +5.5%, COF +5.4%, MTX +5.3%, BFST +5.1%, AVTR +5%, GRPN +4.9%, CPT +4.6%, CMG +4.1%, SKX +3.8%, ATGE +3.4%, CBOE +3.3%, MITK +3%, EQNR +2.7%, SWK +2.7%, ERIE +2.6%, EMN +2.3%, CDP +2%, MHK +2%, TARO +2%, CUZ +1.9%, DAR +1.8%, PII +1.7%, APO +1.4%, SHO +1.3%, EHC +1.3%, GLUE +1.2%, LTC +1.2%, WSR +1%
  • Gapping down:
    • PTCT -22%, ENPH -21.4%, SNY -16.7%, NWG -11%, BIO -8.8%, SBCF -5.7%, OLN -5.5%, ELME -4.6%, EXPO -4.6%, HUBG -4.3%, CC -4.1%, BJRI -4.1%, PEB -3.2%, F -3.1%, COLM -3%, AX -2.2%, ESS -2.2%, TEX -2.1%, MCBC -2%, SAM -1.9%, XEL -1.9%, CSTR -1.8%, CVX -1.6%, NOV -1.5%, ROG -1.2%, STAG -1.1%, NMR -1.1%, ONB -1%, FTS -1%

>>> Europe : Brokers Upgrades & Downgrades - 27th of October 2023 V2(+)

>>> Up
* Addlife Raised to Buy at SEB Equities; PT 102 kronor
* Cargotec Raised to Buy at Inderes; PT 49 euros
* Centamin Raised to Outperform at BMO; PT 140 pence
* Corem Property Raised to Buy at Nordea; PT 8 kronor
* Fondia Raised to Accumulate at Inderes; PT 6.80 euros
* GSF LN Raised to Overweight at Barclays; PT 95 pence (+)
* Glaston Raised to Accumulate at Inderes; PT 80 euro cents
* Intel Raised to Hold at HSBC; PT $33
* MFE Raised to Buy at AlphaValue/Baader
* Paradox Interactive Raised to Buy at SEB Equities; PT 250 kronor
* QT Group Raised to Buy at Inderes; PT 65 euros
* Remedy Entertainment Raised to Accumulate at Inderes
* Revenio Raised to Hold at SEB Equities; PT 20.50 euros
* Seagate Raised to Hold at Summit Insights
* SEB Raised to Buy at SocGen; PT 107 euros
* TietoEVRY Raised to Buy at Inderes; PT 25 euros
* Trainline Raised to Overweight at JPMorgan; PT 300 pence
* Varonis Systems Raised to Neutral at JPMorgan; PT $35
* Vincit Raised to Buy at Inderes; PT 4.30 euros

>>> Down
* Altria PT Cut to $42 from $47 at Cowen
* BHG Group Cut to Hold at SEB Equities; PT 11 kronor
* Comcast Cut to Sector Perform at Scotiabank; PT $49
* Enphase Energy Cut to Neutral at Piper Sandler; PT $75
* Euronav Cut to Hold at Arctic Securities; PT 17.51 euros
* Gaussin Cut to Reduce at Kepler Cheuvreux; PT 70 euro cents
* GRID LN Cut to Equal-Weight at Barclays; PT 104 pence (+)
* Kerry Group Cut to Hold at Deutsche Bank; PT 84 euros
* Mercedes Cut to Neutral at BofA; PT 65 euros (+)
* Paradox Interactive PT Cut to 215 kronor from 315 kronor at Citi
* Reckitt Cut to Hold at Berenberg; PT 6,400 pence
* Sanoma Cut to Reduce at Inderes; PT 7.50 euros
* SpareBank 1 Sorost-Norge Cut to Hold at DNB Markets
* TietoEVRY Cut to Hold at Pareto Securities; PT 20 euros
* Transocean Cut to Hold at Arctic Securities; PT $7
* Vantiva SA Cut to Underperform at Oddo BHF (+)
* VP Bank Cut to Underperform at ZKB (+)
* Worldline Cut to Neutral at Redburn; PT 12 euros (+)

>>> Initiation
* CrowdFundMe Rated New Buy at Corporate Family Office; PT 3 euros
* Hornbach Holding Rated New Buy at Dr. Kalliwoda Equity Research
* Sanlorenzo/Ameglia Rated New Outperform at Mediobanca SpA
* Telekom Austria Resumed Neutral at Citi; PT 7 euros
* Tronox Cut to Neutral at JPMorgan; PT $11
* Valica Rated New Outperform at EnVent S.p.A.; PT 8.36 euros
* Zion Oil Rated New Overweight at Guotai Junan Sec; PT $154.80

>>> Call
* US Earnings Are Faring Better Than Europe: JPMorgan Strategists (+)
* Goldman Strategists Trim US Firms’ Dividend Forecast for 2024 (+)
* Thule Results Miss on Weakness in RV Segment, Jefferies Says (+)

>>> Stoxx 600 Pre-Market Indications

  • Siemens Energy (ENR TH) +4.6%
  • FUCHS SE (FPE3 TH) +1.4%
    • FUCHS SE 9M Revenue EU2.70B Vs. EU2.54B Y/y
  • Imperial Brands (ITB TH) +1.1%
  • Prosus (1TY TH) +1%
  • Veolia (VVD TH) +0.9%
  • Sabadell (BDSB TH) +0.8%
  • Gerresheimer (GXI TH) +0.7%
  • Infineon (IFX TH) +0.6%
  • Alstom (AOMD TH) +0.5%
  • TUI (TUI1 TH) +0.5%
  • Novo Nordisk (NOV TH) -0.7%
  • Mercedes (MBG TH) -0.7%
  • Sartorius (SRT3 TH) -0.8%
  • Nel (D7G TH) -1%
  • TotalEnergies (TOTB TH) -1%
  • Thyssenkrupp (TKA TH) -1.1%
  • Eni (ENI TH) -1.2%
    • Eni 3Q Adjusted Net Income Beats Estimates
  • Pernod Ricard (PER TH) -1.8%
  • Moncler (MOV TH) -6.5%
    • Moncler Consensus Estimates Likely to Be Trimmed: Street Wrap
  • UMG (0VD TH) -12.8%
    • UMG 3Q Ebitda Misses Estimates

>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Energy (ENR TH) +4.2%
  • Infineon (IFX TH) +1.1%
  • Covestro (1COV TH) -0.2%
    • Covestro FY Ebitda Forecast Misses Estimates
MDAX:
  • Kion (KGX TH) +1.2%
  • FUCHS SE (FPE3 TH) +1.1%
  • Lufthansa (LHA TH) +0.9%
  • Thyssenkrupp (TKA TH) -1.1%
  • Nordex (NDX1 TH) -1.6%
    • German Holdings Round-Up: Scout24 SE, SMA Solar, Nordex
  • SMA Solar (S92 TH) -3.1%
SDAX:
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +2.2%
  • PNE AG (PNE3 TH) +1.2%
  • Cancom (COK TH) +1.1%
  • MorphoSys (MOR TH) +0.9%
  • Schaeffler (SHA TH) +0.9%
  • DWS (DWS TH) +0.7%
    • Amundi Defies Risk Aversion With Better-Than-Expected Inflows

Reuters : Secondhand luxury jewelry marketplaces Worthy and CIRCA to merge

Secondhand luxury jewelry marketplaces Worthy and CIRCA to merge

Oct 26 (Reuters) - Privately held U.S. fine jewelry and luxury watch marketplaces Worthy and CIRCA Jewels told Reuters on Thursday they will merge to create a company worth more than $100 million.

The deal comes as a high inflation rate and slowing economy has sent many consumers with tight budgets into the arms of secondhand retailers, such as The RealReal (REAL.O), Poshmark and ThredUp (TDUP.O).

Worthy and CIRCA connect sellers and buyers of pre-owned fine jewelry and watches, with Cartier and Rolex being the most-traded signed jewelry and watch brands on the platforms.

The companies said they will continue to operate under their own banners for now. Worthy's Steven Schneider will continue to serve as chief executive officer while CIRCA CEO Oren Schneider will become General Manager.

"You have to have deep product expertise and have a path to create transparency and value and I think we do that better than anyone else in the market, certainly as a combined business," Steven Schneider said in an interview.

Worthy made headlines last year when actress-model Shanna Moakler, the ex-wife of Blink 182 band member Travis Barker, auctioned off her engagement ring for nearly $100,000 on the platform.

The global secondhand luxury goods market rose to 43 billion euros ($45.40 billion) in 2022, with watches and jewelry accounting for a majority of the category showed a report from consultancy Bain & Co.

Worthy's stakeholders include Israeli investment firm Viola Group and the investment division of Israeli insurance company The Phoenix, while CIRCA counts New York venture firm Adama Partners as an investor.