>>> Europe : Brokers Upgrades & Downgrades - 31st of March 2023 V2(+)

>>> Up
* Air France-KLM Raised to Buy at Deutsche Bank; PT 2.30 euros
* Cibus Nordic Raised to Buy at Pareto Securities; PT 130 kronor (+)
* H&M Raised to Hold at HSBC; PT 145 kronor (+)
* H&M Raised to Buy at Bryan Garnier; PT 185 kronor (+)
* IAG Raised to Buy at Deutsche Bank; PT 200 pence
* IAG Raised to Overweight at Barclays; PT 170 pence (+)
* Ceres Power Raised to Buy at HSBC; PT 440 pence
* Genus Raised to Buy at Stifel; PT 3,200 pence
* Lufthansa Raised to Buy at Deutsche Bank; PT 14.50 euros
* Pearson Raised to Outperform at Exane; PT 1,050 pence
* Spire Healthcare Raised to Buy at Jefferies; PT 250 pence
* Storebrand Raised to Buy at Kepler Cheuvreux; PT 96 kroner (+)
* Thule Raised to Buy at SEB Equities; PT 260 kronor
* Zimmer Biomet Raised to Hold at Jefferies; PT $130

>>> Down
* Andritz Cut to Accumulate at Erste Group; PT 75 euros
* Bankinter Cut to Underperform at KBW; PT 6.78 euros
* CaixaBank Cut to Market Perform at KBW; PT 4.97 euros
* DSV Cut to Neutral at JPMorgan; PT 1,270 kroner
* HGears Cut to Hold at Hauck & Aufhaeuser; PT 7 euros (+)
* JD.com ADRs Cut to Hold at Loop Capital; PT $49
* Jonix Cut to Hold at Bestinver; PT 80 euro cents
* Pets at Home Cut to Add at Peel Hunt; PT 400 pence
* Terna Cut to Neutral at Grupo Santander; PT 8.20 euros

>>> Initiation
* Alfa Laval Reinstated Buy at HSBC; PT 430 kronor
* Ariston Rated New Buy at HSBC; PT 14 euros
* Belimo Rated New Hold at HSBC; PT 476 Swiss francs
* DiscoverIE Rated New Hold at Liberum; PT 105 pence
* Equasens Rated New Hold at Stifel; PT 85 euros
* Nexus Rated New Buy at Stifel; PT 72 euros
* Nibe Rated New Buy at HSBC; PT 134 kronor
* Sectra Rated New Sell at Stifel; PT 125 kronor

>>> Call
* Berenberg Strategists Prefer UK Equities Over US Peers (+)
* KBW Remains Positive on Iberian, Italian Banks; Raises BBVA (+)
* IAG, Lufthansa, Air France-KLM Raised to Buy at Deutsche Bank (+)
* Citi Strategists Raise US Stocks, Cut Europe on Economic Risks (+)
* CITI STRATEGISTS RAISE GLOBAL TECH STOCKS TO OVERWEIGHT
* CITI STRATEGISTS CUT GLOBAL FINANCIALS STOCKS TO NEUTRAL
* Citi Optimistic on Building Materials; CRH and Holcim Top Picks
* Goldman’s Rubner Sees Stocks Primed for Further Gains in April
* Mining-Equipment Growth Potential Underappreciated, RBC Says
* Nemetschek Sits at Attractive Entry Point, Berenberg Upgrades
* Nibe, Ariston, Alfa Laval Among HSBC’s Preferred Heat-Pump Plays

>>> Stoxx 600 Pre-Market Indication

  • Nemetschek (NEM TH) +2.5%
    • Nemetschek Sits at Attractive Entry Point, Berenberg Upgrades
  • Nibe (NJB TH) +2.3%
    • Nibe, Ariston, Alfa Laval Among HSBC’s Preferred Heat-Pump Plays
  • Lufthansa (LHA TH) +1.6%
  • IAG (INR TH) +1.6%
    • IAG Raised to Overweight at Barclays; PT 170 pence
  • Aroundtown (AT1 TH) +1.5%
  • WPP (0WP TH) +1.3%
  • Delivery Hero (DHER TH) +1.1%
  • Vonovia (VNA TH) +1%
  • Deutsche Post (DPW TH) -0.9%
  • SocGen (SGE TH) -1.1%
  • TUI (TUI1 TH) -2.4%

>>> TradeGate Pre-Market Indication

DAX:
  • No major mover
MDAX:
  • Delivery Hero (DHER TH) +1.9%
  • Jungheinrich (JUN3 TH) +1.7%
    • Jungheinrich FY Dividend per Preferred Share EU0.68
  • Lufthansa (LHA TH) +1.6%
    • Lufthansa Nears ITA Airways Deal as Shared Business Plan Agreed
  • Aroundtown (AT1 TH) +1.5%
  • TAG Immobilien (TEG TH) +1.1%
  • Nordex (NDX1 TH) -5.1%
    • Nordex 4Q Sales Beats Estimates
SDAX:
  • Energiekontor (EKT TH) +4.1%
  • VERBIO Vereinigte (VBK TH) +1%
  • SMA Solar (S92 TH) -1%

WWD : Michael Stanley’s New Lens on the Fashion Deal Market

Michael Stanley’s New Lens on the Fashion Deal Market
The longtime factor is taking on a new gig, teaming with William Susman at the Threadstone advisory firm.

Michael Stanley is getting a fresh view of the fashion dealmaking scene and is ready to dive in — even while the market is roiled by mismatched expectations between buyers and sellers, inflation and the threat of recession.

And Stanley has more than 25 years of close-up experience working with fashion brands to get a read on just when it’s time to take a buyout, merge or acquire.

He is a familiar face around the industry.

Stanley joined Rosenthal & Rosenthal in 1998 and rose to managing director and head of the factoring division — keeping tabs on the health of retailers, helping brands decide when it’s safe to work with stores and financing the shipment.

It was a gig that gave him a deep and real-time understanding of the behind-the-scenes finances of brands across the fashion spectrum.

Now, Stanley has transitioned to senior adviser at Rosenthal and is taking on a new role, as vice chairman of William Susman’s advisory and investment firm Threadstone Capital.

That lets him look at the industry through new eyes — and perhaps make some new connections for longtime acquaintances.

Stanley steps in at a time when there aren’t tons of deals happening, but there are plenty of companies struggling to match their finances with today’s consumer realities.

He said there was an “enormous amount of uncertainty, even before this crazy banking crisis occurred” with the “very high interest rates” the Federal Reserve is using to combat inflation.

“It certainly puts a burden on operations, cash flow,” Stanley said. “The good news is that the transportation cost, that narrowed, but as that narrowed, interest rates soared. It created a very tight credit market. Getting financing for companies in a challenged position may be much more difficult and it creates the deal market where there could be distressed opportunities out there.”

On the flip side, he said there are companies that did “extraordinarily well” during the pandemic and have “a lot of opportunities” to expand.

“There are folks that are looking to buy. Why? Because if you’re just standing still, you’re going backwards,” Stanley said. “You have to go forward. And what’s the easiest way to add on now to your platform? It’s to make an acquisition.”

Beauty brands are still commanding a premium while home goods companies are most challenged now after a big pandemic rush, Stanley said.

Designer fashion and apparel has been a tough area for dealmaking, even for brands with buzzy names.

“Why do some of these brands fail?” Stanley said. “It’s not that they don’t have momentum, but they don’t have the right financial partner or the capital structure to push them forward.

“They really need to focus on their financial capabilities,” he said. “What can they afford to do? How much inventory, how much volume can they take on? They have to have the latitude of a cushion because things happen, a supply chain problems, a banking problem…it’s not because they don’t have an order backlog. It’s because they just ran out of money and they didn’t have the right financing partner.”

Now, Stanley can help brands position themselves and connect in a new way at Threadstone, which has advised more than 150 companies on deals with a total value of more than $5 billion over the past 12 years.

Susman, who is managing director at Threadsone, said Stanley would be an invaluable sounding board.

“Michael is completely a relationship person,” Susman said. “I’m looking to close every deal I can, but early in a process, I have to decide, ‘Does this client really want to close a deal? Is this somebody we want to be doing business with? Is the moral compass pointed due north?’

“Michael is very attuned to what our client needs,” he said. “What are their capabilities? What are they good at? What are their challenges? That sixth sense of really saying, ‘Gosh, XYZ, you’ve built a $500 million business. Let’s talk about you being a billion-dollar company.’ That sixth sense comes from a prioritization of relationship and a prioritization of putting clients first.”

And that is a conversation about growth many brands are no doubt eager to have.

>>> What to look at today - 31st of March 2023

Asian stocks rose with US equity futures Friday as a gauge of global shares headed for a second-straight quarterly gain, underscoring investor optimism in the face of banking turmoil and elevated interest rates.
Technology shares led global stocks this quarter, surging 19%, the most since mid 2020. The upbeat tone has been on display this week, with the S&P 500 climbing 0.6% Thursday in its third advance in four days. The Nasdaq 100 rose 0.9% overnight, pushing further into a bull market.  Benchmark indexes in Japan and Hong Kong led Friday’s rally and were also on course for quarterly gains. The Topix index surged by more than 1% after slightly paring its gains on news that Japan would impose new restrictions on chip exports. The dollar, which has weakened this month, was little changed Friday against most major peers. It rose about 0.2% versus the yen.  The gains Thursday in US stocks came as market watchers digested a round of Fed commentary suggesting more monetary tightening was necessary, even after the collapse of three US banks earlier this month. Boston Fed President Susan Collins said tightening was needed, while Richmond Fed President Thomas Barkin said the Fed can raise rates more if inflation risks persist. Positive signals out of China are helping the Bloomberg Commodity Index pare its quarterly loss, with oil recovering half of the ground it lost since early March.  An official gauge of manufacturing released Friday showed China managed to keep the momentum in its economic recovery March, falling only slightly to 51.9 from 52.6 in February, and beating the median of estimates from economists.  Most market watchers are still betting on China’s recovery underpinning a price rally later this year. That optimism is also apparent in share sale plans for Chinese equities. Alibaba Group Holding Ltd.’s logistics arm Cainiao Network Technology Co. — currently valued at more than $20 billion — has started preparations with banks for its Hong Kong initial public offering. Meanwhile, shares in rival JD.com soared in the US after two of its subsidiaries filed for IPOs in Hong Kong.  Traders were still on guard for any choppiness amid quarter-end rebalancing from pension funds and options hedging activity. And they continue to debate the extent to which policy makers may cut interest rates this year.  Still, several strategists have said markets are wrong to expect cuts by the Fed this this year as the labor market remains robust, though US unemployment claims ticked up for the first time in three weeks. High inflation — as measured by the so-called PCE Core Deflator due Friday — is expected to have persisted last month. oil traded near a two-week high. Gold was little changed on Friday, but headed for the biggest monthly gain since July 2020. US After Hours RUM +19.3% up huge on Q4 earnings; MCB +12.8% surging after noting that it is well capitalized; NKLA -5.7% tumbling on stock offering; BB -2.2% down on mild FebQ earnings.

Nikkei +0,91% Hang Seng +0,87% CSI +0,16% Shanghai +0,22% Shenzen +0,41%

Eur$ 1,0907 6,8603 CNY 6,8601 JPY 132,78 GBP 1,24 CHF 0?9136 RUB 77,2824 TRY 19,1750 WTI$ 74,34 Gold 1,981,23 BTC 28,169 ETH 1,803

S&P +0,17% NAsdaq +0,23% EuroStoxx -0,03% FTSE -0,03% Dax +0,08% SMI +0,05%

Macro :
- Goldman’s Rubner Sees Stocks Primed for Further Gains in April

Keep ane eye on :
- APO US : Apollo Said to Consider at Least $27 a Share Bid for Arconic (1)
- AUTO NO : Autostore Says UK Judgment on Patent Case Has No Business Impact
- IAG LN : Heathrow Security Staff’s Union Confirms Plans for Strike
- COLOB DC : Coloplast Says Study Shows Luja Is Better Than Competitor
- DLAR LN : De La Rue Faces New Campaign to Oust Chairman: Sky
- DBK GY : Ex-Credit Suisse CEO Blames Deutsche Bank Slump on Speculators
- DSM NA : DSM Says Acceptance Period for Firmenich Deal Further Extended
- 9638 HK : Ferretti May Be Active in HK After the End of IPO Lock-up Period
- GTT FP : GTT Gets Order From Hyundai Samho for LNG Carriers Tank Design
- HOLN SW : Citi Optimistic on Building Materials; CRH and Holcim Top Picks
- IIA AV : Immofinanz FY Net Income Misses Estimates
- IIA AV : Immofinanz Skips Dividend Second Year, Plans More Disposals
- INPST NA : InPost 4Q Adjusted Ebitda Beats Estimates
- JUN3 GY : Jungheinrich Sees 2023 Ebit EU350M to EU400M
- KNIN SW : Kuehne+Nagel France Gets 23 Electric Trucks to Lower Emissions
- KWS LN : Keywords Studios Rated New Hold at Deutsche Bank; PT 2,700 pence
- MUV2 GY : Munich Re Seeks Primary Insurance Acquisitions: Euro Am Sonntag
- NKLA US : Nikola Falls After Offering $100m of Shares via Citi
- NZYMB DC : Chr. Hansen, Novozymes Shareholders Approve Merger Plan
- OCDO LN : Ocado Wins Key UK Victory Over Robotic Warehouse Patents
- OX2 SS : OX2 to Buy Esco Pacific in Australia for SEK872m
- SGO FP : Saint-Gobain Divests Glass Processing Business in Switzerland
- SAN FP : Sanofi Seeks to Spin Off Consumer Business in India: ET
- SHELL LN : Shell Splits Up Global Renewables Unit in New CEO’s Shake-Up
- GLE FP : French Banks Challenge Tax Authorities After Cum-Cum Raids
- SMHN GY : Suess MicroTec FY Ebit Beats Estimates
- TRMDA DC : Torm Holder OCM Njord Holdings Terminates Secondary Offering
- TTE FP : Houston’s Opicoil Buys into Mexico Oil Block with Total, Qatar
- UMG NA : Universal Music Extends Grainge’s Contract as Chairman & CEO
- UPM FH : UPM Says $3.5 Billion Uruguay Pulp Mill Ready for Startup
- VORB US : Branson Injects $10.9M Into Virgin Orbit Amid Severances: FT
- ZEAL DC : Zealand Pharma Directed Issue, Private Placement of 6.58m Shares Prices at DKK228/Share

>>> Europe : Brokers Upgrades & Downgrades - 31st of March 2023

>>> Up
* Air France-KLM Raised to Buy at Deutsche Bank; PT 2.30 euros
* IAG Raised to Buy at Deutsche Bank; PT 200 pence
* Ceres Power Raised to Buy at HSBC; PT 440 pence
* Genus Raised to Buy at Stifel; PT 3,200 pence
* Lufthansa Raised to Buy at Deutsche Bank; PT 14.50 euros
* Pearson Raised to Outperform at Exane; PT 1,050 pence
* Spire Healthcare Raised to Buy at Jefferies; PT 250 pence
* Thule Raised to Buy at SEB Equities; PT 260 kronor
* Zimmer Biomet Raised to Hold at Jefferies; PT $130

>>> Down
* Andritz Cut to Accumulate at Erste Group; PT 75 euros
* Bankinter Cut to Underperform at KBW; PT 6.78 euros
* CaixaBank Cut to Market Perform at KBW; PT 4.97 euros
* DSV Cut to Neutral at JPMorgan; PT 1,270 kroner
* JD.com ADRs Cut to Hold at Loop Capital; PT $49
* Jonix Cut to Hold at Bestinver; PT 80 euro cents
* Pets at Home Cut to Add at Peel Hunt; PT 400 pence
* Terna Cut to Neutral at Grupo Santander; PT 8.20 euros

>>> Initiation
* Alfa Laval Reinstated Buy at HSBC; PT 430 kronor
* Ariston Rated New Buy at HSBC; PT 14 euros
* Belimo Rated New Hold at HSBC; PT 476 Swiss francs
* DiscoverIE Rated New Hold at Liberum; PT 105 pence
* Equasens Rated New Hold at Stifel; PT 85 euros
* Nexus Rated New Buy at Stifel; PT 72 euros
* Nibe Rated New Buy at HSBC; PT 134 kronor
* Sectra Rated New Sell at Stifel; PT 125 kronor

>>> Call
* CITI STRATEGISTS RAISE GLOBAL TECH STOCKS TO OVERWEIGHT
* CITI STRATEGISTS CUT GLOBAL FINANCIALS STOCKS TO NEUTRAL
* Citi Optimistic on Building Materials; CRH and Holcim Top Picks
* Goldman’s Rubner Sees Stocks Primed for Further Gains in April
* Mining-Equipment Growth Potential Underappreciated, RBC Says
* Nemetschek Sits at Attractive Entry Point, Berenberg Upgrades
* Nibe, Ariston, Alfa Laval Among HSBC’s Preferred Heat-Pump Plays

WSJ : JD.com’s Property and Industrial Units Seek About $1 Billion Each in Hong

JD.com’s Property and Industrial Units Seek About $1 Billion Each in Hong Kong IPOs
Chinese e-commerce giant says it plans to spin off the two businesses through separate listings

JD.com Inc.’s JD 7.82% property and industrials units are targeting to raise about $1 billion each in Hong Kong initial public offerings, people familiar with the matter said, adding to the supply of potentially sizable deals that could hit the market this year.

The Chinese e-commerce giant said on Thursday that it is planning to spin off Jingdong Property Inc. and Jingdong Industrials Inc. by listing both companies in the city.

JD.com plans to hold on to about 50% of each company after they are public. Its Nasdaq-listed American depositary receipts jumped 7.8% in Thursday trading to $44.40, while its Hong Kong-listed shares gained 7% in early Friday trading.

JD.com said it hasn’t finalized the size and structure of the offerings. Both companies have filed preliminary listing documents with Hong Kong’s exchange, which said the spinoffs can proceed.

The two units’ plans to offer shares follow those of rival e-commerce giant Alibaba Group Holding Ltd. to split itself into six independently run companies that could seek separate IPOs.

JD.com has previously spun off other businesses through public listings. They include JD Health International Inc., a telemedicine provider and online pharmacy business that raised $3.5 billion in a Hong Kong initial public offering in late 2020. The other is JD Logistics, which raised more than $3.5 billion when it went public in the city in mid-2021.

JD Property, which started operations in 2007, develops and manages assets such as logistics and business parks, mostly in China. It posted a profit of $323.1 million on revenue of $337.4 million in 2022.

JD Industrials is a supply-chain technology and service provider. The unit, which JD.com started in 2017, generated a loss of $184.7 million on revenue of $2.06 billion last year.

The once-hot global IPO market hit a snag last year as the Russia-Ukraine war, rising interest rates and higher inflation led to market volatility. For Chinese companies, blockbuster listings have been absent since Beijing intensified its crackdown on homegrown technology companies, with the sudden cancellation of financial-technology giant Ant Group Co.’s IPO in 2020 and ride-hailing company Didi Global Inc.’s ill-fated debut in 2021.

Primary and secondary listings in Hong Kong raised $820 million through the first three months of the year, down 57% from the same quarter a year earlier, according to Dealogic. The market is now holding out hope for Hong Kong IPOs to pick up pace in the second half of the year, deal makers say.

Two new sets of IPO rules came into effect on Friday—which could pave the way for more listings in the Asian financial hub.

Companies in some technology fields that haven’t yet generated revenue will be able to explore listings in Hong Kong, as the city’s stock exchange finalized a new set of rules known as Chapter 18C following a consultation period. Separately, China’s securities regulator last month released long-awaited guidelines that require all mainland Chinese companies that are planning international share sales to inform the regulator beforehand.

FT : Dealmaking at 10-year low in first quarter as bank crisis hits confidence

Dealmaking at 10-year low in first quarter as bank crisis hits confidence
Value of mergers and acquisitions drops 45% year on year to $550.5bn

Global dealmaking suffered its weakest start to the year in a decade, as a darkening economic outlook depressed activity and a transatlantic banking crisis put the brakes on risk taking.

The first quarter of 2023 was the slowest start to the year since 2013 as rising interest rates put an end to the flurry of deals that followed the onset of the Covid-19 pandemic and the cheap borrowing costs it ushered in.

The value of mergers and acquisitions dropped 45 per cent year-on-year to $550.5bn between January and March, the largest decline in the first quarter since 2001, according to data from Refinitiv.

”The environment for M&A transactions continues to be very challenging,” said Frank Aquila, Sullivan & Cromwell senior M&A partner. “Increasing concerns about the broader economy and the prospect for a recession later this year in the United States has certainly made decision makers hesitant to move forward with transactions in some sectors.”

An already slow quarter turned into one of historic tumult in March with the collapse of Silicon Valley Bank in the US and the rescue acquisition of Credit Suisse by its local rival UBS.

Advisers fear those episodes will further reduce the potential for a rebound in activity, given increased volatility in markets and the risk of a recession in the US later this year.

“The other question on everyone’s mind is if this banking crisis has been avoided or just deferred,” said Naveen Nataraj, co-head of Evercore’s US Advisory business.

Europe was the chief laggard this past quarter, with regional deal activity down 63 per cent to $81.6bn, while the US saw a 47 per cent drop to $271.7bn and the Asia-Pacific region only declined by 24 per cent to $134.6bn.


Sectors such as healthcare, technology and industrials were bright spots. Healthcare deals accounted for nearly a fifth of deals, reaching a two-year high in the period, boosted by the top transaction of the quarter — Pfizer’s $43bn acquisition of oncology-focused biotech Seagen.

“Big pharma wants move-the-needle assets that are as de-risked as possible,” said Philippe Gallone, a Moelis & Co managing director specialising in healthcare, who warned that there are only a limited number of targets available

In the shifting market, smaller financial firms have been able to grow market share. While JPMorgan and Goldman Sachs led the rankings for M&A advisers, the smaller Centerview Partners took the third spot in the best showing for a boutique operation in decades.

While it has become slightly easier to borrow funding in order to finance deals, buyout firms agreed their lowest value of transactions this quarter since 2020, at $136.1bn.

A chief obstacle to transactions remains falling valuations, with companies still hesitant to negotiate deals that would crystallise the reality of lower prices. However, pressure on private equity firms to negotiate deals could lead to a flurry of activity once the market reopens, according to Simona Maellare, global co-head of the alternative capital group at UBS.

”If you want to sell, you need to be ready because it will be a traffic jam” when the market reopens, she said.

Rising interest rates have also hit the capacity for buyers to finance larger acquisitions. Mid-size transactions have been more resilient, according to bankers.


Still, some corporations and investment firms sought to take advantage of falling prices to make strategic transactions.

For example, CVS agreed to acquire primary care centre operator Oak Street Health for $10.6bn billion, a move that will accelerate its push into other parts of the healthcare chain.


“We’re starting to see companies poke their heads up and see if any opportunities may exist,” said Daniel Mendelow, who is also co-head of Evercore’s US Advisory business.

Private credit groups have continued to play a prominent role in helping finance transactions. Firms including Apollo, Ares and Blackstone are poised to write the largest direct loan on record at $5.5bn to help fund Carlyle’s acquisition of a 50 per cent stake in healthcare analytics company Cotiviti, the FT reported.

Meanwhile, Silver Lake assembled one of the heftiest equity cheques for a private equity buyout in its $12.5bn acquisition of Qualtrics alongside Canada’s largest pension fund.

“The last three quarters we have seen more creativity out of private equity,” said Kevin Brunner, co-head of global M&A at Bank of America. “We are also seeing several transactions, primarily in growth sectors, where the large majority of the purchase price is being funded through equity”

>>> US After Hours Summary: RUM +19.3% up huge on Q4 earnings; MCB +12.8% surging after noting that it is well capitalized; NKLA -5.7% tumbling on stock offering; BB -2.2% down on mild FebQ earnings


After Hours Summary: RUM +19.3% up huge on Q4 earnings; MCB +12.8% surging after noting that it is well capitalized; NKLA -5.7% tumbling on stock offering; BB -2.2% down on mild FebQ earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: RUM +19.3%, YMAB +4.3% (also files $150 mln mixed shelf), IONQ +3.7%, BRZE +2.3% (also acquiring North Star)

Companies trading higher in after hours in reaction to news: MCB +12.8% (remains well capitalized), DHHC +10.1% (closes business combination), STAR +2.2% (announces consolidation ratio), AMAM +0.7% (files $300 mln mixed shelf), EWTX +0.5% (journal of clinical investigation publication), FRC +0.4% (MA regulator probing insiders' stock sales, according to Reuters), RTX +0.4% (awarded contract), MRO +0.3% (signs HoA with Republic of Equatorial Guinea and Noble Energy), RIO +0.3% (joint venture with First Quantum Minerals)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: BB -2.2%, NUS -1.9% (CFO departing; reaffirms guidance), IGMS -1%

Companies trading lower in after hours in reaction to news: NKLA -5.7% ($100 mln stock offering), THCH -2.8% (acquires PLKC International Limited), VLO -0.3% (seeking US approval to import Venezuelan oil, according to Reuters), ENLC -0.1% (prices $300 mln additional senior notes)