>>> US Research Calls

Research Calls

  • Upgrades:
    • Blackbaud (BLKB) upgraded to Outperform from Mkt Perform at Raymond James; tgt $88
    • Comerica (CMA) upgraded to Buy from Hold at Odeon; tgt $47.24
    • DigitalBridge (DBRG) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $17.50
    • Dominion Energy (D) upgraded to Buy from Neutral at Seaport Research Partners; tgt $59
    • Equitrans Midstream (ETRN) upgraded to Overweight from Underweight at Morgan Stanley; tgt raised to $14
    • Equity Residential (EQR) upgraded to Market Perform from Underperform at BMO Capital Markets; tgt raised to $64
    • Ford Motor (F) upgraded to Buy from Neutral at Citigroup; tgt raised to $16
    • Rio Tinto (RIO) upgraded to Buy from Hold at Deutsche Bank
    • TUI AG (TUIFF) upgraded to Buy from Hold at Deutsche Bank
    • Valley National (VLY) upgraded to Overweight from Neutral at JP Morgan; tgt $10
  • Downgrades:
    • Blueprint Medicines (BPMC) downgraded to Underperform from Market Perform at SVB Securities; tgt lowered to $43
    • Dollar General (DG) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $180
    • Estee Lauder (EL) downgraded to Perform from Outperform at Oppenheimer
    • Magnite (MGNI) downgraded to Neutral from Buy at Cannonball Research; tgt $13.50
    • PROG Holdings (PRG) downgraded to Hold from Buy at Loop Capital; tgt $34
    • Royal Gold (RGLD) downgraded to Underperform from Neutral at BofA Securities; tgt $130
    • Target (TGT) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
    • Vitesse (VTS) downgraded to In-line from Outperform at Evercore ISI; tgt raised to $25
  • Others:
    • Aflac (AFL) resumed with a Buy at BofA Securities; tgt $77
    • Autoliv (ALV) added to Tactical Outperform List at Evercore ISI; tgt $110
    • Axcelis Tech (ACLS) initiated with an Outperform at William Blair
    • Cloudflare (NET) initiated with a Sell at UBS; tgt $55
    • Costco (COST) named Top Pick at Oppenheimer; tgt $575
    • Formula One Group (FWONA) initiated with an Outperform at TD Cowen; tgt $90
    • GoDaddy (GDDY) initiated with a Sector Perform at RBC Capital Mkts; tgt $80
    • Graco (GGG) resumed with a Mkt Perform at William Blair
    • NetEase (NTES) initiated with an Outperform at Bernstein
    • RPM Inc (RPM) initiated with a Hold at Deutsche Bank; tgt $90

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

  • EPAM -14.1%

Select pharma/biotech names showing weakness following ASCO presentations:

  • CSTL -9.2%, RCUS -7.1%, ELTX -3.6%

Select stocks showing early weakness following index changes:

  • RYAM -5.3%, CARA -4.2%, ZUMZ -4.1%, PLCE -3.7%, DOUG -3.7%, LPSN -3.5%, CMTL -3.1%, GCI -3.1%, TREE -3.1%, TG -3.1%, INGN -3.1%, BOOM -2.7%, EGRX -2.5%, FARO -2.4%, GCO -2.1%, PETS -1.7%, BIG -1%

Other news:

  • BLPH -73.8% (Top-Line Data from Phase 3 REBUILD Clinical Trial of INOpulse)
  • LDI -6.3% (announces organizational changes, names new CFO)
  • DISH -4.4% (PANW will replace DISH Network (DISH) in the S&P 500)
  • BEEM -1.8% (files for $150 mln mixed securities shelf offering)
  • DEO -1.8% (appoints Debra Crew interim CEO after Ivan Menezes has medical setback)

Analyst comments:

  • BPMC -2.5% (downgraded to Underperform from Market Perform at SVB Securities)
  • DG -1.2% (downgraded to Equal-Weight from Overweight at Morgan Stanley)
  • EL -1% (downgraded to Perform from Outperform at Oppenheimer)
  • TGT -0.8% (downgraded to Sector Weight from Overweight at KeyBanc Capital Markets)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

  • SAIC +5.5%, CI +0.6% (reaffirms guidance)

Select pharma/biotech stocks trading higher following ASCO presntations:

  • DAWN +25.7%, STRO +10.2%, IMGN +7.4%, GTHX +5.3%, PBYI +3.4%, GRCL +3.3%, ZYME +2.8%, NTRA +2%, IMCR +1.8%, ALLO +1.8%

Select stocks showing strength following index changes:

  • CARG +5.9%, UFPT +5.7%, OVV +3.6%, MC +3%, DOCS +2.9%, APAM +2.8%, GPK +2.4%, CCK +2%, DBX +2%, WCC +2%, PECO +2%, CRC +1.9%, DEI +1.3%, SDGR +1.3%, SITM +1.1%, PLNT +1%, NAVI +1%, BERY +0.9%, DAN +0.9%

Other news:

  • CIR +49.5% (to be acquired by KKR (KKR) for $1.6 bln, or $49/share in cash)
  • FHTX +18.2% (FDA lifts clinical hold on Phase 1 monotherapy dose escalation study of FHD-286 in acute myelogenous leukemia and myelodysplastic syndrome)
  • PANW +5.7% (will replace DISH Network (DISH) in the S&P 500)
  • AKRO +5.2% (releases topline data from an expansion cohort of the Phase 2b SYMMETRY study known as Cohort D)
  • ONCY +4.1% (Updated Randomized Phase 2 Data from BRACELET-1 Metastatic Breast Cancer Trial)
  • AVTA +4% (Engine Capital sends letter to Board, encourages Board to initiate a review of strategic alternatives, suggests value could garner $27-$32/share)
  • ETRN +2.3% (confirms Mountain Valley Pipeline to proceed)
  • ZI +2% (discloses plan to flatten the organizational structure, includes a 3% workforce reduction)
  • ALVR +2% (presents positive final results from a phase 2 randomized, placebo-controlled trial evaluating posoleucel treatment of bk infection in kidney transplant recipients at the American Transplant Congress)
  • PINE +1.7% (provides operational update)
  • MAG +1.5% (reports Juanicipio achieves commercial production)
  • NVO +1.2% (enters exclusive negotiations to acquire a controlling stake in BIOCORP, to be followed by a tender offer on all remaining shares)
  • UBS +1.1% (expects to complete Credit Suisse (CS) acquisition as early as June 12, 2023)

Analyst comments:

  • DBRG +2.8% (upgraded to Outperform from Mkt Perform at Keefe Bruyette)
  • CMA +2.5% (upgraded to Buy from Hold at Odeon)
  • BLKB +1.6% (upgraded to Outperform from Mkt Perform at Raymond James)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • DAWN +29%, IMGN +14.5%, GTHX +9.2%, APAM +7%, ELTX +6.9%, PECO +6.5%, CARG +5.7%, PANW +5%, SDGR +4.9%, UFPT +4.6%, PLNT +4%, MC +4%, GPK +3.1%, WCC +3%, CCK +2.8%, OVV +2.6%, DBX +2.4%, ZYME +2.3%, NTRA +2%, DOCS +2%, BWXT +2%, DAN +1.9%, CRC +1.9%, NVO +1.8%, IMCR +1.8%, ZI +1.6%, NGVT +1.6%, MAG +1.5%, PETS +1.4%, NAMS +1.3%, DEI +1.2%, UBS +1.1%, MAC +1%, AZN +0.8%, GRCL +0.7%, FULT +0.7%
  • Gapping down:
    • RCUS -7.1%, DISH -6.8%, DOUG -6.5%, LDI -6.3%, EPAM -5.6%, RYAM -4.8%, CARA -4.5%, ZUMZ -4.1%, GCO -4%, TG -3.9%, BOOM -3.8%, CMTL -3.6%, TREE -3.3%, GCI -3.1%, INGN -2.9%, CSTL -2.5%, EGRX -2.5%, LPSN -2.1%, BEEM -1.8%, WDAY -1%

Fwd:Business Of Fashion : Will Apple’s New Headset Be the Metaverse’s iPhone Moment?



From: Laurent Chekroun (MAKOR CAPITAL MARKET) At: 06/04/23 15:26:44 UTC+2:00
Subject: Business Of Fashion : Will Apple’s New Headset Be the Metaverse’s iPhone Moment?
Will Apple’s New Headset Be the Metaverse’s iPhone Moment?

Apple’s expected announcement of its mixed-reality headset on June 5 will undoubtedly shape expectations about the metaverse. Many in the fashion industry will be keeping close watch. That, plus what else to watch for in the coming week.
On June 5, Apple will introduce what might become its most important product in more than a decade: a mixed-reality headset that could, in theory, lay the groundwork for a successor to the smartphone — at least that’s if all the rumours swirling prove true. What began as whispers about a product announcement has solidified into confident reports from Apple watchers that the reveal, after years of anticipation and delays, will come at the company’s annual developer conference next week.
The arrival of the new device would undoubtedly shape expectations about the so-called metaverse, a murky term generally referring to a 3D extension of the internet that encompasses virtual and augmented reality, which overlays a digital element on the physical world. Fashion has been standing by to see if this speculative vision of the future materialises to become the primary way consumers go online, rather than remaining the clunky, niche experience VR and AR provide today. It could impact fashion’s fortunes by transforming how consumers shop as much as mobile devices before it and opening up new markets for digital goods, like AR clothing that can exist beyond an app or social media.
Proponents of a mixed-reality technology believe smart glasses or some form of easy-to-wear face computer will be key to taking it mainstream. Apple’s track record with consumer blockbusters such as the iPod and iPhone suggests it could be the company to build it. It faces high hurdles, however. Technological leaps are still needed to make the components for such a device fit into something as small as a pair of glasses. Apple’s headset is said to resemble something more like a pair of ski goggles, powered by a separate battery pack a user could carry in their pocket, than a pair of lightweight frames. It’s also expected to cost about $3,000 — multiple times the price tag of devices like the iPod and iPhone at launch. Investors so far seem unimpressed as analysts predict only modest sales.
If the rumours are just that and Apple delays again, that would say plenty in itself about the challenges of making this vision a reality. Companies have been working for years to produce a commercial hit in the category, with tech giants such as Microsoft (HoloLens) and Google (Glass) as well as start-ups such as Magic Leap all trying and failing. Meta’s Oculus may be the best attempt so far and is still far from being what the iPhone was to smartphones — the version that convinced everyone they need one. Humane, founded by a pair of former Apple employees, aims to dispense with a screen of any sort but still has yet to debut a viable product.
“As we observe the state of [extended reality] in 2023, it’s fair to say the technology has proved harder than many of the best-informed and most financially endowed companies expected,” wrote Matthew Ball, author of “The Metaverse: And How It Will Revolutionize Everything,” in a January blog post.
Hardware is only part of the equation. Smartphones combined functions that were already part of daily lives — making calls, taking photos, listening to music and accessing the internet — into a single, convenient package while adding other apps that have become indispensable, like maps. It’s unclear how a headset would replicate the formula. Apple will reportedly make many of its popular apps available for its headset while developing others for fitness, gaming and entertainment, but consumers still need to find the whole package compelling enough to opt for putting a device on their heads instead of just picking up a phone.
How they respond to Apple’s rumoured headset is likely to reveal a great deal about the potential for mixed reality in the near future, or at least until the technology catches up with the ambitions for it. Fashion businesses will be waiting to see if it’s the next iPhone or the next Apple Watch — a fine moneymaker for Apple, but far from transformative.

FT : Netflix rival Viaplay ousts chief and issues profit warning

Netflix rival Viaplay ousts chief and issues profit warning
Shares in European streamer known for Nordic drama plunge by almost 60%

European streaming service Viaplay has ousted its chief executive and warned on profits, sending shares in the group known for Nordic drama down by more than 50 per cent.

In a press release issued in the early hours of Monday, Viaplay said Anders Jensen would be replaced as chief executive by Jorgen Madsen Lindemann, former head of MTG, the ex-parent company of Viaplay.

The Swedish group, which saw itself as a European rival to Netflix, said it now expected to report an operating loss of SKr400mn-SKr700mn ($37mn-$65mn) and withdrew its long-term guidance for sales, subscriber and profit growth.

It blamed factors including lower demand for streaming subscriptions, an “accelerated deterioration” in Nordic TV and radio advertising, and a slowing of its cost-cutting programme.

Shares in the company plunged by almost 60 per cent in early trading on Monday

>>> Europe : Brokers Upgrades & Downgrades - 5th of June 2023 V2(+)

>>> Up
* Lululemon Raised to Outperform at CICC; PT $454.57
* M&G Raised to Outperform at Mediobanca SpA; PT 254 pence
* Nordic Semiconductor Raised to Buy at Arctic Securities
* Restaurant Group Raised to Buy at Deutsche Bank; PT 56.50 pence (+)
* Rio Tinto Raised to Buy at Deutsche Bank; PT 6,000 pence (+)
* Tristel Raised to Buy at Numis; PT 440 pence (+)
* TUI Raised to Buy at Deutsche Bank; PT 843 pence (+)

>>> Down
* Aviva Cut to Neutral at Mediobanca SpA; PT 471 pence
* Dollar General Cut at Morgan Stanley on Greater Uncertainty
* Estee Lauder Cut to Market Perform at Oppenheimer
* Home Invest Belgium SA Cut to Hold at KBC Securities (+)

>>> Initiation
* DSM-Firmenich Rated New Buy at Redburn (+)
* Eramet Rated New Buy at Stifel; PT 140 euros
* Marimekko Rated New Buy at Nordea; PT 10.80 euros

>>> Call
* Dowlais New Buy at Jefferies as Ideal Play on Auto Recovery
* EU Industrials Could Pivot to Integration, Capex From Large M&A
* Equitrans Double-Upgraded at MS on MVP Pipeline Potential
* H&M, Zalando Both Put on Negative Catalyst Watch at JPMorgan
* Morgan Stanley Sees Shock 16% US Profit Drop Killing Stock Rally
* Morgan Stanley’s Secker Says Europe Stocks to Fall 10% in Summer