FT : Mikhail Fridman challenges UK sanctions to cover London mansion’s running c

Mikhail Fridman challenges UK sanctions to cover London mansion’s running costs
Russian businessman asks High Court to be allowed to pay staff salaries, including for a driver

Mikhail Fridman, the sanctions-hit Russian businessman, has asked London’s High Court to allow him to make payments, including a £30,000 monthly fee for the running costs of his London mansion plus payments to cover a driver.

Fridman, who is now in Moscow, is challenging the Treasury — which oversees the UK sanctions regime — to grant a licence authorising the payment of a £30,000 monthly management fee to a company that maintains Athlone House, the Victorian mansion in Highgate, north London, which he bought for £65mn in 2016.  

He also wants another £1,850 monthly payment to be made for utilities including TV equipment, lighting, heating and security — including for his art collection at Athlone House, the High Court heard on Tuesday.

Fridman is also asking the High Court to order the Office of Financial Sanctions Implementation (OFSI), which is part of the Treasury, to grant a licence to pay wages and salaries dating back to December 2022 for all non-security staff, including his driver.

The Treasury is opposing any changes to the existing licences. 

The High Court heard on Tuesday that OFSI’s refusal to allow licence payments for a driver was “on the basis that the defendant is able to travel by public transport (notwithstanding the defendant had previously accepted that the claimant had particular security needs)”.

Fridman, who was hit with sanctions by the UK, EU and US, returned to Moscow this month for the first time since Russia’s full-scale invasion of Ukraine in February last year. The Ukraine-born businessman is among the few oligarchs to have offered even guarded criticism of President Vladimir Putin’s invasion. 

Rachel Barnes KC, representing Fridman, told the High Court that the UK government was now saying the businessman was “not an oligarch” or “associated with President Putin” and his sanctions designation was based on his former significant stake in Russia’s Alfa-Bank.

She told the court that “for many years he has made his home in London and lives here with his family”, adding that he hoped to return.

The court heard that Athlone House was “a heritage property of historical value”.

“The licence application in relation to that property is not about the maintenance of the oligarch lifestyle but the maintenance upkeep of that heritage asset,” Barnes told the court.

Malcolm Birdling, barrister for the Treasury, said in written arguments that the UK government opposed the changes to sanctions and contended the applications for the additional payments were “decided lawfully” and “rightly rejected”.

OFSI rejected a licence for payments to “numerous staff”, including an estate director/manager, six housekeeping assistants, two handymen and one individual providing ad hoc services that would “enable Mr Fridman to continue enjoying the lifestyle he had prior to being designated”, Birdling claimed.

He said in written arguments that Fridman already had the benefit of a licence for several payments relating to security, including an ongoing monthly payment of £1,974 for CCTV maintenance. 

The hearing continues.

FT : Italian authorities arrest two suspected Isis recruiters

Italian authorities arrest two suspected Isis recruiters
Milan acts as security fears across Europe rise after gunman in Brussels claims to be member of jihadist group

Italian authorities have arrested two men suspected of carrying out online recruitment activities on behalf of the Islamist terror group Isis on Tuesday, in yet another sign of the heightened security alert across Europe following the outbreak of the Israel-Hamas conflict.

The counter-terrorism operation, co-ordinated by the Milan prosecutor’s office, took place in the early hours of the morning. The two men whose names were not released by authorities, were an Egyptian citizen aged 49 and a naturalised Italian of Egyptian origin, 44, who had been active on social media to try to find recruits for the jihadist group.

Giuseppe Petronzi, head of police in Milan, said the authorities had decided to detain the two men now given the “particularly sensitive international context,” with the risks that Islamist extremists could be inspired to emulate terrorist attacks carried out elsewhere.

The arrest comes just a day after a gunman of Tunisian origin who claimed to be an Isis member shot and killed two Swedish football fans in Brussels in what Belgium’s prime minister Alexander de Croo has described as a “brutal terrorist attack”.

The two suspects in Italy were charged with being Isis members and are suspected of financing propaganda and support initiatives for the jihadist group, the prosecutor’s office said.

Milan prosecutor Marcello Viola said the men had been under investigation since August 2021. One had taken an oath of allegiance to Isis one year ago, and posted it on Facebook. Both were part of jihadi WhatsApp groups linked to Isis. They knew each other and had been in Italy since 2008 and 2001, respectively.

Officials said the two were involved in “the glorification of terrorist actions” and used social media to advise others on how to handle weapons. They were sending torrents of messages attempting to recruit susceptible young people to take up the fight for Isis.

“There were continuous exchanges of messages . . . their goal was one: to bring anyone who came in contact with them closer to the world of [Isis] and to participate in any kind of initiative,” said Daniele Calenda, director of the Italian police’s special investigations unit.

Authorities did not say that the two were planning any imminent attack in Italy, but said that their threats to Italian government institutions had come from their social media accounts.

Like other European countries, Italy has been on heightened alert and stepped up security in sensitive sites across the country since Hamas attacked Israel earlier this month. Foreign minister Antonio Tajani said that there were “no imminent threats”.

FT : Choice Hotels launches $10bn hostile bid for rival Wyndham

Choice Hotels launches $10bn hostile bid for rival Wyndham
A deal would unite the Radisson and Ramada brands

Choice Hotels International has launched a nearly $10bn hostile bid for rival Wyndham Hotels and Resorts, after six months of takeover talks to create one of the biggest US budget hotel operators collapsed. 

The decision to go hostile came after Wyndham decided to walk away from late-stage deal talks in recent weeks after rejecting two offers from its rival, Choice said on Tuesday. 

“A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents. We were therefore surprised and disappointed that Wyndham decided to disengage,” said Choice chief executive Patrick Pacious.

“While we would have preferred to continue discussions with Wyndham in private, following their unwillingness to proceed, we feel there is too much value for both companies’ franchisees, shareholders, associates and guests to not continue pursuing this transaction,” said Pacious.

Choice has offered Wyndham shareholders $90 a share, which includes $49.50 in cash and the remainder in stock, valuing the equity at $7.8bn. Choice would also take on Wyndham’s $2bn debt. The offer is 30 per cent above Wyndham’s share price on Monday after markets closed. 

Maryland-based Choice Hotels has brands including Radisson, the Econo Lodge and Sleep Inn and has a market capitalisation of $6.1bn. New Jersey-based Wyndham is home to the La Quinta and Ramada brands and has a market capitalisation of about $5.7bn.

The potential tie-up would create one of the biggest budget hotel owners in the US, with significant operations overseas. Choice has 7,827 hotels in its portfolio worldwide, about four-fifths of which are in the US, while Wyndham has around 9,100 hotels, with 845,000 rooms. Both companies run a franchised model. 

Choice’s latest offer is the third it has sent to Wyndham since they first held talks six months ago. In April, it proposed buying Wyndham for $80 a share, mainly in stock, and in September it increased its bid to $85 a share, while also increasing the cash portion of the offer. 

Wyndham rejected both, although Choice claimed that the rival acknowledged the benefits of a combination that they believe would create annual synergies worth about $150mn.

Wyndham raised questions about the value of Choice’s stock and timing for regulatory approval, Choice said in its statement. The company added that the cash portion of its offer would be funded with a combination of cash on hand and issuing debt.

Moelis & Company and Wells Fargo are serving as financial advisers to Choice, alongside legal adviser Willkie Farr & Gallagher.

>>> US Research Calls

Research Calls
  • Upgrades:
    • Air Products (APD) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $345
    • Array Tech (ARRY) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $23
    • Broadridge Financial (BR) upgraded to Peer Perform from Underperform at Wolfe Research
    • Cactus (WHD) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $60
    • ChampionX (CHX) upgraded to Overweight from Equal Weight at Barclays; tgt raised to $42
    • Con Edison (ED) upgraded to Equal Weight from Underweight at Wells Fargo; tgt lowered to $94
    • CyberArk (CYBR) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $200
    • Dollar Tree (DLTR) upgraded to Buy from Neutral at Goldman; tgt lowered to $137
    • Fidelity Nat'l Info (FIS) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $65
    • Hannon Armstrong Sust. Infr. (HASI) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $23
    • Nabors Industries (NBR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $175
    • Ollie's Bargain Outlet (OLLI) upgraded to Buy from Neutral at Goldman; tgt raised to $83
    • Sensient (SXT) upgraded to Outperform from Neutral at Robert W. Baird; tgt $70
    • TC Energy (TRP) upgraded to Peer Perform from Underperform at Wolfe Research
    • Viasat (VSAT) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $30
    • WEX (WEX) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $240
  • Downgrades:
    • APA Corp. (APA) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $50
    • BJ's Wholesale (BJ) downgraded to Neutral from Buy at Goldman; tgt lowered to $73
    • CRISPR Therapeutics (CRSP) downgraded to Neutral from Overweight at Cantor Fitzgerald
    • Devon Energy (DVN) downgraded to Mkt Perform from Outperform at Bernstein; tgt $48
    • DXC Technology (DXC) downgraded to Underperform from Peer Perform at Wolfe Research; tgt $22
    • Enbridge (ENB) downgraded to Underperform from Peer Perform at Wolfe Research
    • EOG Resources (EOG) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $146
    • Guild Holdings (GHLD) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $13
    • H.B. Fuller (FUL) downgraded to Neutral from Outperform at Robert W. Baird; tgt $80
    • Kosmos Energy (KOS) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $9
    • National Vision (EYE) downgraded to Neutral from Buy at Goldman; tgt lowered to $16
    • NOV Inc. (NOV) downgraded to Underweight from Equal Weight at Barclays; tgt $20
    • Oportun Financial (OPRT) downgraded to Neutral from Overweight at JP Morgan; tgt raised to $8
    • Patterson-UTI (PTEN) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $17
    • Pioneer Natural Resources (PXD) downgraded to Mkt Perform from Outperform at Bernstein; tgt lowered to $246
    • ProFrac Holding (ACDC) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $14
    • SunPower (SPWR) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $5
    • Thoughtworks (TWKS) downgraded to Peer Perform from Outperform at Wolfe Research
  • Others:
    • Amazon (AMZN) initiated with a Buy at Stifel; tgt $173
    • Amgen (AMGN) resumed with an Equal-Weight at Morgan Stanley; tgt $300
    • Apollo Medical (AMEH) initiated with a Buy at BTIG Research; tgt $45
    • ASML (ASML) initiated with a Strong Buy at Raymond James; tgt $725
    • Bluebirdbio (BLUE) initiated with a Neutral at Cantor Fitzgerald
    • Casella Waste (CWST) initiated with an Outperform at Wolfe Research; tgt $96
    • Clean Harbors (CLH) initiated with an Outperform at Wolfe Research; tgt $184
    • Coty (COTY) initiated with a Market Perform at TD Cowen; tgt $11
    • Chevron (CVX) initiated with a Mkt Perform at Bernstein; tgt $184
    • Clear Secure (YOU) initiated with a Buy at Goldman; tgt $24
    • eBay (EBAY) initiated with a Hold at Stifel; tgt $46
    • Etsy (ETSY) initiated with a Hold at Stifel; tgt $64
    • Exxon Mobil (XOM) initiated with an Outperform at Bernstein; tgt $140
    • Ferguson plc (FERG) initiated with an Equal Weight at Wells Fargo; tgt $175
    • Freeport-McMoRan (FCX) initiated with a Neutral at JP Morgan; tgt $42
    • GFL Environmental (GFL) initiated with an Outperform at Wolfe Research; tgt $36
    • Ivanhoe Electric (IE) initiated with an Overweight at JP Morgan; tgt $18
    • KB Home (KBH) initiated with an Equal Weight at Wells Fargo; tgt $49
    • Lennar (LEN) initiated with an Overweight at Wells Fargo; tgt $123
    • Masco (MAS) initiated with an Overweight at Wells Fargo; tgt $58
    • Mohawk (MHK) initiated with an Underweight at Wells Fargo; tgt $85
    • Owens Corning (OC) initiated with an Equal Weight at Wells Fargo; tgt $143
    • PulteGroup (PHM) initiated with an Overweight at Wells Fargo; tgt $80
    • Republic Services (RSG) initiated with a Peer Perform at Wolfe Research
    • Teck Resources (TECK) initiated with an Overweight at JP Morgan; tgt $52
    • Toll Brothers (TOL) initiated with an Overweight at Wells Fargo; tgt $80
    • Transcat (TRNS) initiated with an Outperform at Oppenheimer; tgt $110
    • TripAdvisor (TRIP) initiated with a Buy at Goldman; tgt $22
    • Tyler Tech (TYL) initiated with an Outperform at Oppenheimer; tgt $450
    • Vacasa (VCSA) assumed with a Neutral at Goldman; tgt lowered to $11
    • Waste Connections (WCN) initiated with an Outperform at Wolfe Research; tgt $152
    • Waste Mgmt (WM) initiated with a Peer Perform at Wolfe Research
    • Wayfair (W) initiated with a Hold at Stifel; tgt $51

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • CFB +7.4%, METC +5.8% (guidance), JNJ +1.7%, BK +1%, BAC +1%
Other news:
  • GLUE +25% (announces strategic collaboration with Roche (RHHBY) to discover novel molecular glue degraders targeting cancer and neurological diseases)
  • WH +14.9% (Wyndham Hotels & Resorts receives proposal to be acquired by Choice Hotels (CHH) for $90.00 per share)
  • CDNA +3.5% (Presents New Data at the American Society for Histocompatibility and Immunogenetics Annual Meeting)
  • CLVT +1.7% (Impactive Capital discloses 5.3% passive stake)
  • MRO +0.9% (five-year LNG sales agreement with Glencore)
Analyst comments:
  • HASI +4.6% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
  • ARRY +3.4% (upgraded to Equal-Weight from Underweight at Morgan Stanley)
  • OLLI +2.4% (upgraded to Buy from Neutral at Goldman)
  • DLTR +2.2% (upgraded to Buy from Neutral at Goldman)
  • SXT +1.2% (upgraded to Outperform from Neutral at Robert Baird)
  • NBR +1.1% (upgraded to Overweight from Equal-Weight at Morgan Stanley)

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • NTCT -20.2% (guidance), SFBS -9.1%, ERIC -4.8%, EPAC -2%, ADTN -1.8% (guidance), LMT -1.5%, GOL -1% (guidance)
Other news:
  • CHH -6% (Wyndham Hotels & Resorts receives proposal to be acquired by Choice Hotels (CHH) for $90.00 per share)
  • LTRX -4.5% (Chairman passes away; names interim Chairman)
  • TWKS -2.1% (partners with hipages Group)
  • TXT -1.4% (names fleet launch customer)
  • GMAB -1.2% (reports net sales of DARZALEX in the third quarter of 2023 totaled $2499 million)
  • SGML -1% (readies third shipment of Triple Zero Green Lithium)
Analyst comments:
  • SPWR -8.8% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
  • EYE -3.6% (downgraded to Neutral from Buy at Goldman)
  • ACDC -3.1% (downgraded to Equal-Weight from Overweight at Morgan Stanley)
  • BJ -1.8% (downgraded to Neutral from Buy at Goldman)
  • FUL -1.2% (downgraded to Neutral from Outperform at Robert Baird)

WSJ : Tucker Carlson’s Media Company Secures Investment Led By New ‘Anti-Woke’ F

Tucker Carlson’s Media Company Secures Investment Led By New ‘Anti-Woke’ Firm 1789 Capital
Firm co-founded by Omeed Malik invests in ‘parallel economy’ of conservative-friendly companies

Five years ago, Omeed Malik was a self-described “run-of-the-mill corporate Democrat,” with a seat on the Council on Foreign Relations, a summer house in the Hamptons, and stints at Bank of America and white-shoe law firm Weil, Gotshal under his belt.

Then Covid happened. Chafing under government mandates he found illogical and corporate limits on speech that felt to him like censorship, he moved from Manhattan to Florida and began hanging out with Republican donors. He discovered a business opportunity in a so-called “parallel economy” of conservative-friendly companies.

Now, he is one of their financiers. Malik this year launched 1789 Capital, which aims to capitalize on the opportunities that it sees left open by the “wokeness” of more traditional sources of capital.

Its first fund, with a modest $150 million, made its initial investment Monday, leading a $15 million seed round with other private investors into Tucker Carlson and Neil Patel’s new media company. Carlson and Patel’s company has been registered in Nevada under the holding company name Last Country, Inc. Malik is familiar with Carlson and Patel, having invested in an earlier media venture of theirs, the Daily Caller.

The goal of 1789, which is named for the year the Bill of Rights was written, is to get Carlson and Patel’s company to the point of showing a proof of concept for its online video-driven business model, so the pair can continue raising the hundreds of millions of dollars they are eventually targeting, people familiar with the matter said.

Malik thinks some right-leaning business ventures have failed to sustain mass appeal because they didn’t have sophisticated financial backers.

“What has happened up to now is you’ve had some rich benefactor, who is ideological, put a company in business, but then there is no institutional support to continue to finance that business,” Malik said. Silicon Valley venture firms operate with that level of sophistication but typically don’t want to be affiliated with conservative companies, he said.

Malik’s fund is small compared with the giants of the venture-capital world, with their multibillion-dollar funds, so the scope and scale of investments he can make is limited. And he will be facing competition for the most promising firms he targets.

The Carlson investment is structured as a SAFE, short for Simple Agreement for Future Equity, a common arrangement pioneered by Silicon Valley startup accelerator Y Combinator that often doesn’t assign a valuation to the startup, according to the people familiar with the matter.

Carlson and Patel’s venture will be driven by subscriptions but also offer a stream of free online videos of Carlson, a former star at Fox News, and other talent. Already, Carlson has been posting free video content on Elon Musk’s X, such as his high-profile interview with Donald Trump that streamed during a recent GOP presidential debate.

Through connections formed via the Rockbridge Network, a secretive organization run by Chris Buskirk that seeks to connect conservative megadonors with entrepreneurs and tech leaders, Malik teamed up with co-founders Buskirk and Rebekah Mercer to create 1789 Capital.

“The whole vision is to create the next media company that is purpose-built for the 2020s and 2030s, in a way that Fox and Rupert [Murdoch] and Roger [Ailes] built a cable news business that was really purpose-built for its time and place,” Buskirk said.

The investment in Carlson and Patel’s venture is part of 1789’s thesis of “EIG” investing, short for entrepreneurship, innovation and growth. It is meant as a response to the ESG—or environment, social and governance—ethical investing standards that have been championed by funds such as BlackRock as good business but have sparked a backlash on the right.

Malik sees the addressable market as, at minimum, the 74 million Americans who voted for Trump. Entrepreneurs targeting this market point to the market value lost when Bud Light lost its place as the bestselling beer in America after consumers organized a boycott in response to collaboration with a transgender influencer for marketing.

“Where’s the money going to go?” Malik said. “I want us to be the beneficiary of it.”

His fund sees opportunities within three buckets: the “parallel economy” of companies like Carlson’s that use existing business models to reach more right-leaning consumers; “deglobalization,” or companies that bring jobs and technology back to the U.S.; and “anti-ESG,” or companies that can’t get loans because of what Malik calls the “ESG cult.”

“What we are focused on is opportunities that we think have developed in the market because other forms of institutional capital have become politicized,” Buskirk said. He pointed to the challenges that many defense startups face in getting funding because some traditional venture-capital firms are prohibited by their investors from investing in weapons.

1789 is finalizing its next investment in Firehawk, a startup that makes 3D-printable rocket fuel for missiles that it claims is safer and cheaper than traditional methods, according to the 1789’s founders. Firehawk didn’t immediately respond to a request for comment.

Blake Masters, who serves as an adviser to 1789 and ran for the Senate in Arizona as a Republican, compares the current moment to the one in 2014, when he co-wrote the bestselling startup bible “Zero to One” with Peter Thiel, which asked the question, “What valuable company is nobody building?”

“What valuable company is nobody investing in? I think that answer is very likely at any given time to be an ideologically right of center company,” Masters said.

In addition to 1789, Malik runs a bank, Farvahar Partners, which he describes as “apolitical,” and a special-purpose acquisition company that recently merged with PublicSq., a commerce platform for what it describes as patriotic Americans.

1789 joins a movement of businesses aimed at the MAGA side of an increasingly fragmented marketplace, from Black Rifle Coffee to Truth Social to Rumble, all three of which either went public via SPAC or are pursuing doing so. Such firms served as inspiration for 1789, Malik said.

Vivek Ramaswamy, the Republican presidential candidate whose Strive Asset Management has become famous for its critique of corporate “wokeness” and recently crossed $1 billion in assets under management, takes credit for starting the conversation.

He called Malik, who has been a supporter of his campaign, “an intellectual” who has the “curiosity and depth” to challenge the status quo.

“I feel like I spawned what I think is a new cultural current in American business,” he said.

>>> Lockheed Martin beats by $0.06, reports revs in-line; reaffirms FY23 EPS gui

Lockheed Martin beats by $0.06, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance (440.41)
  • Reports Q3 (Sep) earnings of $6.73 per share, $0.06 better than the FactSet Consensus of $6.67; revenues rose 1.8% year/year to $16.88 bln vs the $16.73 bln FactSet Consensus.
  • Co reaffirms guidance for FY23, sees EPS of ~$27.00-27.20 vs. $27.16 FactSet Consensus; sees FY23 revs of ~66.25-66.75 bln vs. $66.68 bln FactSet Consensus.
  • As previously announced on October 6, 2023, the company's board authorized the repurchase of its common stock up to an additional $6.0 billion, increasing the total authorization for potential future common stock repurchases to $13.0 billion. The stock repurchase program does not have an expiration date and may be amended or terminated by the board of directors at any time. The amount of shares ultimately purchased and the timing of purchases are at the discretion of management and subject to compliance with applicable law and regulation.
  • On October 6, 2023, the company authorized a fourth quarter dividend payment of $3.15 per share, representing an increase of $0.15 per share over the prior quarterly dividend payment.

>>> Goldman Sachs beats by $0.05, beats on revs (314.39)

Goldman Sachs beats by $0.05, beats on revs (314.39)
  • Reports Q3 (Sep) earnings of $5.47 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $5.42; revenues fell 1.3% year/year to $11.82 bln vs the $11.15 bln FactSet Consensus.
  • Global Banking & Markets generated quarterly net revenues of $8.01 billion, driven by strong performances in both Fixed Income, Currency and Commodities (FICC), which included record quarterly net revenues in financing, and Equities.
  • Investment banking fees were $1.55 billion, essentially unchanged compared with the third quarter of 2022, due to higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, and higher net revenues in Equity underwriting, primarily from initial public offerings, offset by lower net revenues in Advisory, reflecting a decline in completed mergers and acquisitions transactions. The firm's Investment banking fees backlog3 was lower compared with both the end of the second quarter of 2023 and the end of 2022.
  • Provision for credit losses was $7 million for the third quarter of 2023, compared with $515 million for the third quarter of 2022 and $615 million for the second quarter of 2023.

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • METC +5.8%, CFB +4.6%, CLVT +2.4%, ADTN +1%, GD +0.5%
  • Gapping down:
    • NTCT -23.7%, SFBS -7.5%, ERIC -5.7%, LTRX -4.5%, TWKS -2.1%, EPAC -2%, NUVL -1.7%, TXT -1.4%, RIO -1.3%, TEVA -0.9%