Morgan Stanley suit de très près le dossier Casino pour son client Carrefour
Pour le moment témoin du dépeçage en cours de Casino, le PDG de Carrefour Alexandre Bompard n'entend pas rester inactif. Sa garde rapprochée enchaîne les réunions d'observation avec Yves Ayache, banquier phare de Morgan Stanley.
Les réunions s'enchaînent depuis quelques semaines - la dernière a eu lieu vendredi - entre la principale banque conseil de Carrefour, Morgan Stanley, et la garde rapprochée du PDG Alexandre Bompard, dont son directeur financier, Matthieu Malige, et son directeur chargé des fusions acquisitions, Benoit Camps. Parmi les sujets chauds du moment, outre la clôture des gros dossiers, comme la finalisation de la vente de la filiale de Carrefour à Taïwan, figure, en bonne place, celui d'une participation au dépeçage du concurrent Casino.
Comme le révélait récemment La Lettre A (LLA du 05/06/23), Alexandre Bompard a déjà pris langue personnellement avec Daniel Kretinski, qui se propose de racheter Casino en participant à une augmentation de capital de plus d'un milliard d'euros. Mais derrière ce cordial appel du pied, des scénarios de rachat de magasins Casino, voire de montée au capital du distributeur stéphanois, s'élaborent en grand secret avec le cador de Morgan Stanley, Yves Ayache, vice-président de la banque d'affaires pour l'Europe, l'Afrique et le Moyen-Orient.
La discrétion est essentielle. Car, contrairement au cas du groupe Auchan qui vient, dans un élan quasi désespéré, de proposer une fusion avec Casino, les relations très fraîches entre Alexandre Bompard et le PDG de Casino Jean-Charles Naouri depuis leur rapprochement avorté de 2018, nécessitent de manœuvrer avec finesse.
Le travail des valorisations commence
En attendant, les enseignes et magasins du groupe Casino, soit plus de 6 % de part de marché, sont suspendus à une éventuelle vente à la découpe. Un concurrent très sérieux, Intermarché, vient de prendre une part active au festin en s'offrant à bas prix 200 magasins. Et les acteurs de Teract, aiguillés par Moez-Alexandre Zouari, affichent leurs ambitions de créer un nouveau Grand Frais avec des centaines de magasins à travers la France. Impossible pour Carrefour de se contenter de compter les points.
Pour le moment, Yves Ayache limite son action à une observation active de la partie de Risk commencée sans son client. Comme tous les acteurs du dossier, il attend avec impatience la revue indépendante des actifs du groupe Casino demandée au cabinet d'audit PwC par ses grandes banques créancières, dont BNP Paribas, Natixis et Crédit agricole Corporate & Investment Bank (Cacib). Ses plus de 200 pages de conclusions devraient circuler dès ce lundi 12 juin dans les milieux bancaires. Elles permettront enfin d'effectuer le minutieux travail de valorisation exacte des actifs du groupe endetté à hauteur de plus de 6 milliards d'euros.
Deux banquiers valent mieux qu'un
Yves Ayache et Alexandre Bompard travaillent en toute confiance depuis plus de cinq ans. Ils ont appris à se connaître début 2016 lorsqu'Yves Ayache accompagnait Darty face à l'assaut de la FNAC, alors dirigée par Alexandre Bompard. En cas d'offensive, la position de la firme américaine pourrait être affectée par l'agenda de son banquier. Car l'associé gérant de Morgan Stanley depuis 2005, en désaccord avec le patron du bureau parisien de la banque, Emmanuel Goldstein, est sur le point de faire ses cartons. La date de son départ, après finalisation des dossiers en cours, serait prévue selon nos sources pour février 2024.
Signe qu'Alexandre Bompard est particulièrement à l'affût sur Casino, un autre banquier, Benoit d'Angelin, fondateur depuis 2016 de la banque D'Angelin & Co, le conseille également sur ce dossier. Cet ancien de BNP Paribas et de Lehman Brothers, âgé de 61 ans, était un grand donateur de la campagne d'Emmanuel Macron en 2017 et lui a servi de relais pour lever des fonds auprès des Français de la City (LLA du 29/11/18).
Nigeria’s foray into economic orthodoxy cheers investors
Removal of central bank chief and scrapping of fuel subsidies gives markets ‘everything they hoped for’
Early moves by Nigeria’s new president to put the country on a more orthodox economic trajectory have been praised by investors who are hopeful that Africa’s most populous country has passed an important inflection point.
Bola Tinubu late on Friday suspended Godwin Emefiele, central bank governor since 2014, citing an “investigation and the planned reforms in the financial sector”. Emefiele, later detained by Nigeria’s intelligence agency, pursued a policy at the central bank of spending large amounts of the country’s foreign reserves to prop up the naira.
This followed the decision by Tinubu, who took office last month, to scrap the fuel subsidies that cost Nigeria more than $10bn last year. The IMF and the World Bank had long urged Abuja to end the subsidies and instead channel the money into health and education, but successive governments had shied away from doing so.
Analysts said Tinubu’s early weeks suggested a change of direction for Nigeria’s battered economy, which stagnated under his predecessor, Muhammadu Buhari.
“The markets are getting everything they hoped for from the change of president in Nigeria,” said Charlie Robertson, head of macro strategy at FIM Partners, an asset management firm.
Kevin Daly, investment director at EM specialist asset manager Abrdn, said talk of changes to Nigeria’s foreign exchange system had been “another trigger for a big rally in Nigerian bonds”.
Nigerian eurobonds maturing in 2051 were on Monday 3.8 per cent higher, at 73.8 cents in the dollar, the highest level since January.
“It’s been a long time since we had positive reform momentum in Nigeria and we’re seeing it now,” Daly said. But he said investors still had to be convinced of a lasting conversion to economic orthodoxy by Tinubu, who promised in his inaugural speech to keep interest rates low.
“We’ve seen how that played out in Turkey,” he said. “It’s important for him to understand that rates will have to go up to attract foreign investment into the local bond market, and you can’t start talking rates down until there’s a meaningful decline in inflation.” The annual rate of inflation was 22.22 per cent in April.
Razia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank, said eliminating subsidies and removing Emefiele “signals in part” the promise of coming reforms to Nigeria’s foreign exchange markets. Tinubu said last month that monetary policy needed “thorough housecleaning” and that the system of multiple exchange rates introduced under Emefiele should be unified.
Allowing the naira to trade freely against the dollar to reflect its true value was rejected under Buhari, with the central bank using multiple “windows” to sell dollars cheaply to industries seen as essential to the economy. This provided an avenue for arbitrage as well-connected businesses bought dollars on the cheap from the bank and sold higher on the black market.
The central bank has held the main naira rate at about 460 to the dollar for most of this year, down from about 380 to the dollar before the pandemic. But dollars currently change hands on the parallel market at about 740 to the dollar. Dollar scarcity, also due to low oil production, has forced many businesses to source hard currency at the parallel rate.
Robertson said removing expensive subsidies and a potential convergence of forex rates would be “hugely important for Nigeria’s budget” and pushed back a default risk he said had been “seriously concerning” for at least a year. Folashodun Adebisi Shonubi, one of Emefiele’s deputies, has assumed the role of temporary central bank governor.
Despite investor support for policy and personnel changes at the central bank, there are concerns that Emefiele’s unceremonious removal threatened the institution’s independence. Nigeria’s president can only legally remove a central bank chief on the basis of a two-thirds majority in the country’s 109-member Senate.
In 2014, former president Goodluck Jonathan suspended central bank chief Lamido Sanusi for “financial recklessness” in a move widely seen as politically motivated after Sanusi alleged that $20bn had gone missing from the state oil company. He challenged his dismissal but a court declined to hear the case.
Cheta Nwanze, a partner at the Lagos-based consultancy SBM Intelligence, said the manner of Emefiele’s suspension was “fraught with illegality”.
“The central bank act doesn’t quite give the president the powers he has just exercised,” he said. “This was a bad precedent that was set when Emefiele’s predecessor was removed and another layer of instability has become entrenched in Nigeria’s political economy.”
UNCOOKED ALERT: Euronav NV said to ...
Euronav NV, the Euronext and US-listed Belgian shipping company, is in focus amid takeover speculation.
People following the situation have heard Euronav has attracted takeover interest.
However, the identity of the suitor circling Euronav remains unclear, said people following the situation.
Some people following the situation suggested John Fredriksen, the Norwegian shipping magnate, may be rekindling plans to engineer a takeover, especially has he recently increased is stake in Euronav to around 28.48pc.
The stakebuilding move puts Fredriksen close to the 30pc acceptance level that would trigger a mandatory offer for Euronav, suggest reports.
In January Frontline, another shipping company that Fredriksen controls, scrapped a share-for-share merger with Euronav.
The collapse of the merger deal came after Compagnie Maritime Belge, one of Euronav's largest shareholders, objected to the merger with Frontline.
Compangie Martime Belge is controlled by the Saverys family.
Some people following the situation suggested that Saverys could be working on their own plan to purchase Euronav.
The mystery suitor circling Euronav - whether it's Fredriksen or the Saverys family - is also rumoured to be working with an "oil billionaire" on the potential takeover, said people following the situation.
To be clear, this story is UNCOOKED. I have pasted the definitions of UNCOOKED below in case you don't recall their definitions.
Nasdaq to buy Adenza for $10.5bn in US exchange operator’s biggest deal
Acquisition of software company highlights trend to spread into stable revenues like data and risk management
Nasdaq is acquiring financial risk software company Adenza for $10.5bn in its largest-ever such deal, as the world’s big exchange operators diversify from transactions into more stable revenue streams like data and risk management.
The cash and stock acquisition is expected to “significantly” enhance Nasdaq’s offerings in regulatory technology, compliance and risk management, the company said when announcing the transaction on Monday. It comes as competitors like London Stock Exchange Group and Intercontinental Exchange have bought businesses focused on data and software.
“This is an exceptional opportunity to acquire a leading software company that enhances Nasdaq’s position at the heart of the global financial system,” said Adena Friedman, Nasdaq chief executive.
Shares in Nasdaq opened more than 9 per cent lower. The stock has fallen almost 10 per cent over the past six months, underperforming rival exchanges including ICE, CME Group and LSE, which have gained between 5 and 17 per cent.
Adenza’s software is used by large banks to manage post-crisis regulations and will be included in Nasdaq’s “solutions” business that accounts for more than 70 per cent of the New York-based group’s revenues. Adenza, which is owned by private equity firm Thoma Bravo, is expected to generate $590mn in revenue and $300mn in cash flow this year, Nasdaq said.
Thoma Bravo, a buyouts group that specialises in software deals and manages $127bn in assets, is set to receive a multibillion dollar windfall from the sale.
The US-based investment group built Adenza by buying software firm Calypso in 2021 for $3.7bn and combining it with AxiomSL, a compliance software company it had acquired in 2020 for a reported price of around $2bn.
Thoma Bravo is set to receive $5.75bn in cash from Nasdaq and an equity stake of about 15 per cent in the company, worth nearly $5bn at current prices.
“We are excited to become a strategic shareholder in Nasdaq,” said Holden Spaht, a managing partner at Thoma Bravo who led the group’s investment. Spaht will also join Nasdaq’s board of directors.
Other large exchange groups have bought businesses from private equity firms in recent years, as they seek to lower their exposure to volatile trading conditions and build products beyond offering companies access to capital.
In the first quarter of this year, revenue from Nasdaq’s solutions unit — in which Adenza will sit — grew 5 per cent and made up 71 per cent of its $914mn net revenues, versus 3 per cent growth for its trading business, which will be less than 25 per cent of total revenue after the deal.
In 2020, New York Stock Exchange owner Intercontinental Exchange acquired mortgage software specialist Ellie Mae from Thoma Bravo for $11bn, another deal led by Spaht, that was one of the most successful private equity deals in recent years.
Exchange groups are also becoming increasingly comfortable using their stock to help fund their growth.
LSE Group, the parent company of the London Stock Exchange, acquired Refinitiv, a financial data and risk management business from Blackstone Group for $27bn. LSE’s cash and stock purchase of Refinitiv transformed LSE into a powerhouse vendor to hedge funds and investment groups using its financial data.
Earlier this year, Blackstone sold a block of about $3bn in LSE shares, monetising more of the shares it received from selling Refinitiv, which has become one of the most profitable investments in its history.
Nasdaq will raise about $5.9bn in new debt from a group of banks led by Goldman Sachs and JPMorgan to finance its purchase of Adenza.
The acquisition is expected to result in Nasdaq retaining its investment grade status and will be followed by a deleveraging as it cuts debt from 4.7-times earnings before interest, taxes, depreciation and amortisation after the acquisition to a planned 3.3-times ebitda.
Nasdaq said the purchase would “enhance” its growth, margins, and revenue quality and “deliver non-GAAP diluted EPS accretion by the end of year two”.
EU deal paves way for gig economy workers to receive greater protection
Member states agree to rules that could give employment benefits to Uber drivers and food delivery riders
EU member states have reached a long-awaited agreement on rules that pave the way to give greater employment protection to the bloc’s 28mn gig economy workers.
The agreement on Monday on industry rules could eventually allow workers, including Uber drivers and food delivery riders, to receive social security and other benefits. The deal unlocks drawn-out negotiations among the 27 member states that were delaying the drafting of the legislation.
“The gig economy has brought many benefits to our lives, but this must not come at the expense of workers’ rights,” said Paulina Brandberg, the Swedish minister for gender equality and working life who chaired discussions in Luxembourg.
“The council’s approach strikes a good balance between protecting workers and providing legal certainty for the platforms that employ them,” she added.
Most of the workers at companies such as Deliveroo are registered as self-employed. Under the proposals agreed by the European Council, companies that control workers’ hours, what they wear at work and restrict whether they can accept or turn down work will have to class them as employees and shoulder the extra costs.
The deal also includes the first EU rules on the use of artificial intelligence in the workplace, with companies obliged to guarantee human oversight of their automated monitoring and decision-making systems.
Member states will now engage in discussions on the proposals with the European parliament, with time running out to secure the package before the end of the EU’s legislative cycle in summer 2024.
Talks between ministers broke down in December. Countries were split between those willing to accept European Commission proposals, involving fewer conditions before workers are classed as employees, and those calling for a less restrictive regime for businesses.
The deadlock was broken at a meeting in Luxembourg on Monday. While no member states voted against the plans, Germany, Spain, Greece, Estonia and Latvia abstained on the text, two EU diplomats said.
However, in a sign of persistent division among member states, eight so-called “ambitious” countries, including Spain and the Netherlands, said the agreed position was “less ambitious and effective” than previous proposals by the commission.
Their abstention points to a lack of unanimity among countries and to potential division as talks get under way, said an EU official, especially over the status of an “employee”.
The European parliament has adopted a position that would classify gig workers as employees under fewer conditions than the council position, leading to intense discussions ahead for the two institutions, these people said. “They will need to find a solution that works,” said a person with intimate knowledge of the discussions.
The “employee” definition has huge implications for companies such as Uber and Deliveroo. The more workers registered as employees rather than as self-employed, the more these companies will be liable to pay for employment benefits such as parental leave and social security.
As a result, the text has been one of the most heavily lobbied in Brussels in recent years, according to MEPs and diplomats. Chief executives, including Uber boss Dara Khosrowshahi, and Markus Villig, the head of ride-hailing rival Bolt, this month warned in a letter to the Financial Times that employment conditions would take away couriers’ independence.
“The text voted today does not provide the legal certainty needed to guarantee that the genuine self-employed will not be forced into employment,” Uber said on Monday.
Research Calls
- Upgrades:
- Abercrombie & Fitch (ANF) upgraded to Buy from Hold at Argus; tgt $41
- Adidas AG (ADDYY) upgraded to Outperform from Mkt Perform at Bernstein
- Ameren (AEE) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $90
- AutoZone (AZO) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $2700
- Carnival (CCL) upgraded to Buy from Neutral at BofA Securities; tgt raised to $20
- Carnival (CCL) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $16
- CenterPoint (CNP) upgraded to Buy from Neutral at Guggenheim; tgt $32
- Expensify (EXFY) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt lowered to $5
- Extra Space Storage (EXR) upgraded to Outperform from Underperform at Evercore ISI; tgt $164
- Kinetik (KNTK) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt raised to $37
- Mitsubishi Heavy Industries (MHVYF) upgraded to Buy from Neutral at Citigroup
- MSA Safety (MSA) upgraded to Outperform from Mkt Perform at William Blair
- Ocado (OCDGF) upgraded to Neutral from Underperform at Exane BNP Paribas
- Reata Pharmaceuticals (RETA) upgraded to Outperform from Market Perform at SVB Securities; tgt raised to $115
- Oracle (ORCL) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $130
- Petrobras (PBR) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $15.50
- SentinelOne (S) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $20
- Tesla (TSLA) upgraded to Outperform from Neutral at KGI Securities; tgt $335
- Unibail-Rodamco-Westfield (UNBLF) upgraded to Buy from Neutral at Goldman
- Vitru (VTRU) upgraded to Outperform from Neutral at Bradesco BBI; tgt raised to $22
- Downgrades:
- American Homes 4 Rent (AMH) downgraded to In-line from Outperform at Evercore ISI; tgt $36
- Ares Management (ARES) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $93
- Bill.com (BILL) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $105
- CarMax (KMX) downgraded to Neutral from Buy at Northcoast
- Floor & Decor (FND) downgraded to In-line from Outperform at Evercore ISI; tgt $95
- Methanex (MEOH) downgraded to Sector Perform from Sector Outperform at Scotiabank; tgt lowered to $47
- National Storage Affiliates (NSA) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $42
- NIO (NIO) downgraded to Hold from Buy at CMB International; tgt lowered to $8.50
- NIO (NIO) downgraded to Neutral from Buy at Nomura; tgt lowered to $7.50
- Rexford Industrial Realty (REXR) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $56
- Signet Jewelers (SIG) downgraded to Neutral from Buy at Northcoast
- Symrise (SYIEY) downgraded to Hold from Buy at Deutsche Bank
- Ternium S.A. (TX) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $47
- Valvoline (VVV) downgraded to Neutral from Buy at Seaport Research Partners
- VNET Group (VNET) downgraded to Hold from Buy at HSBC Securities; tgt lowered to $2.90
- VTEX (VTEX) downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $5
- Others:
- Ally Financial (ALLY) initiated with a Sell at Odeon; tgt $25
- ArcBest (ARCB) initiated with a Buy at Jefferies; tgt $110
- Centessa Pharmaceuticals (CNTA) initiated with a Buy at Guggenheim; tgt $9
- Copa Holdings (CPA) removed from Analyst Current Favorites List at Raymond James
- Enhabit Inc. (EHAB) placed on 30-day Negative Catalyst Watch at Citigroup
- GDS Holdings (GDS) resumed with a Buy at HSBC Securities; tgt lowered to $13.60
- Jazz Pharma (JAZZ) assumed with an Equal Weight at Wells Fargo; tgt lowered to $140
- Kimball Electronics (KE) initiated with a Buy at EF Hutton; tgt $37
- Kimco Realty (KIM) removed from Tactical Outperform List at Evercore ISI
- Lazydays Holdings (LAZY) initiated with a Market Outperform at CJS Securities; tgt $20
- MidWestOne Financial Group (MOFG) initiated with an Outperform at Hovde Group
- Saia (SAIA) initiated with a Buy at Jefferies; tgt $350
- Southwest Air (LUV) added to Analyst Current Favorites List at Raymond James; tgt $45
- Old Dominion (ODFL) initiated with a Hold at Jefferies; tgt $350
- U.S. Bancorp (USB) placed on 90-day Negative Catalyst Watch at Citigroup; tgt lowered to $33
- Vontier (VNT) placed on 90-day Negative Catalyst Watch at Citigroup; tgt raised to $36
- Walmart (WMT) initiated with an Outperform at Exane BNP Paribas; tgt $186
- Valvoline (VVV) resumed with an Equal-Weight at Morgan Stanley; tgt $40
Gapping down
News:
- NDAQ -7.5% (to acquire Adenza for $10.5 billion in cash and shares of common stock)
- GNLX -3% (entered into a Securities Purchase Agreement with certain investors pursuant to which the Company agreed to sell and issue 900000 shares of the common stock in a private placement transaction)
- XFOR -1.8% (files for 42784203 shares of common stock by selling shareholders)
- ALLK -1.7% (announces an oral presentation at the European Academy of Allergy and Clinical Immunology Hybrid Congress 2023)
- GRFX -0.9% (launches its strategic advisory committee)
Analyst comments:
- VNET -2.9% (downgraded to Hold from Buy at HSBC Securities)
- FND -1.4% (downgraded to In-line from Outperform at Evercore ISI)
- VTEX -1.1% (downgraded to Neutral from Outperform at Credit Suisse)
- MEOH -0.8% (downgraded to Sector Perform from Sector Outperform at Scotiabank)
Gapping upGapping up
In reaction to earnings/guidance:
- CTLT +1%
Other news:
- KDNY +65.1% (to be acquired by Novartis (NVS) for $40.00 per share upfront plus contingent value right of up to $4.00 per share)
- CCF +9.7% (report it's seeking a sale, according to WSJ)
- NTLA +7% (Clinical Data from Phase 1 Study of NTLA-2002)
- GRCL +6% (Presents Longer-Term Results for FasTCAR-T GC012F in B-Cell Non-Hodgkin's Lymphoma at EHA2023, Highlighting 100% Overall Response Rate)
- HUMA +4.4% (files for 1,333,334 shares of common stock by selling shareholders)
- ORCL +4.2% (report it has invested in Cohere, an AI startup that competes with OpenAI, according to TheInformation)
- IPHA +3.7% (to Present Updated Interim Phase 2 Efficacy Results of Lacutamab in Mycosis Fungoides at the International Conference on Malignant Lymphoma; Highlights Proprietary Tetra-specific ANKET NK Cell Engager IPH6501 at the EHA 2023 Congress)
- CLDX +3.6% (Presents Positive Data from Barzolvolimab Chronic Urticaria Program at EAACI 2023)
- CLLS +3.4% (Presents Updated Clinical and Translational Data on BALLI-01 at the European Hematology Association (EHA))
- AAC +3% (Ares Acquisition Corp. and X-energy provide strategic update to business combination terms)
- MRKR +2.8% (reports first lymphoma patient treated with MT-601 in Phase 1 clinical trial)
- SCU +2.5% (files $600 mln mixed shelf securities offering )
- BIIB +2.5% (FDA Advisory Committee votes unanimously to confirm the clinical benefit of LEQEMBI)
- OCUL +2.4% (Announces 12-Month Topline Data from Ongoing U.S.-Based Phase 1 Clinical Trial Evaluating OTX-TKI)
- NKTX +2.4% (Presents NKX019 Clinical Data at the European Hematology Association 2023 Congress and 17th International Conference on Malignant Lymphoma)
- KURA +2% (Presents Late-Breaking Clinical Data for Menin Inhibitor Ziftomenib)
- KYMR +2% (Updated Clinical Data from the Phase 1 Trials of STAT3 Degrader KT-333 and IRAKIMiD Degrader KT-413)
- RGLD +1.3% (announces commitment to acquire Gold/Platinum/Palladium and Copper/Nickel Royalties on producing Serrote and Santa Rita Mines in Brazil)
- ME +1% (discloses in SEC filing that its CEO approved a workforce reduction involving approximately 75 employees; severance and benefit continuation charges estimated to be about $3.5 mln)
- TEVA +1% (Teva Pharma and Alvotech (ALVO) Secure U.S. license date for AVT04, a proposed biosimilar to Stelara)
- TECK +1% (confirms Glencore's (GLNCY) is one of a number of proposals under consideration related to steelmaking coal business)
Analyst comments:
- RETA +4.5% (upgraded to Outperform from Market Perform at SVB Securities)
- VTRU +4.3% (upgraded to Outperform from Neutral at Bradesco BBI)
- AZO +1.3% (upgraded to Outperform from In-line at Evercore ISI)
Early premarket gappers
- Gapping up:
- KDNY +66.6%, PHVS +16.2%, GRCL +5.8%, NTLA +5.3%, NKTX +4.5%, CLDX +4.2%, BIIB +4%, ORCL +3.6%, AAC +3%, CCF +2.8%, SCU +2.5%, KURA +2%, KYMR +2%, OCUL +1.6%, TEVA +1.4%, RGLD +1.3%, LMND +1.2%, TECK +1.1%, CLLS +0.8%
- Gapping down:
- XFOR -6.2%, NDAQ -1.9%, GRFX -0.9%, KEY -0.7%, AMH -0.5%