- ASMI (AVS TH) +4.8%
- ASMI Prelim 4Q Net Sales About EU720M, Est. EU634.7M
- ASMI Sales ‘Material Beat,’ Should Boost Sentiment: Street Wrap
- Grifols (OZTA TH) +3.2%
- Grifols Upgraded to Buy, Idorsia Downgraded to Hold at Jefferies
- Persimmon (OHP TH) +2%
- Evolution (E3G1 TH) +1.5%
- Evolution Raised to Buy at Deutsche Bank; PT 1,230 kronor
- Gecina (GI6A TH) +1.5%
- Rio Tinto (RIO1 TH) +1.3%
- Philips (PHI1 TH) +1.1%
- Rheinmetall (RHM TH) +1%
- Adyen (1N8 TH) +1%
- Wacker Chemie (WCH TH) +0.8%
- Lanxess (LXS TH) -1.1%
- Covestro (1COV TH) -1.2%
- Essity (ESWB TH) -1.3%
- Unilever Key Pick, Nestle Raised by Jefferies in Food/HPC Sector
- Vonovia (VNA TH) -1.4%
- Voestalpine (VAS TH) -1.5%
- Orsted (D2G TH) -2.3%
- Orsted Cut to Underweight at Barclays; PT 700 kroner
- Encavis (ECV TH) -2.6%
- Encavis Cut to Underweight at Barclays; PT 17 euros
- Continental (CON TH) -2.8%
- Continental Prelim FY Sales About EU39.4B, Est. EU39.01B
- ArcelorMittal (ARRD TH) -2.9%
- UBS downgrades stock to sell from neutral
- BASF (BAS TH) -5.2%
- BASF 4Q Weak as Expected, Peers Already Warned: Street Wrap
Bank of Japan defies market pressure and holds firm on yield curve control
Yen tumbles 2% after decision to maintain ultra-loose monetary policy
The Bank of Japan has defied market pressure and left its yield curve control measures unchanged, sending the yen diving and pushing stocks higher as it stuck to a core pillar of its ultra-loose monetary policy.
Traders in Tokyo said the BoJ’s decision, which came after a two-day meeting, the penultimate under its longest-serving governor, Haruhiko Kuroda, was likely to heap more pressure on his successor to end Japan’s two-decade experiment in massive monetary easing. On Wednesday, Kuroda insisted his programme had been successful, saying the yield controls were sustainable.
The decision followed weeks of turmoil in the Japanese government bond market during which yields surged. The central bank deployed the equivalent of about 6 per cent of Japan’s gross domestic product over the past month on buying bonds to try to hold yields within its target range.
The yield on 10-year Japanese government bonds fell as much as 0.15 percentage points following the announcement, before pulling back to a 0.9 percentage point drop to 0.405 per cent. Japan’s Topix share index rose 1.7 per cent.
Although currency markets have avoided the turbulence that has gripped trading in JGBs, the yen fell more than 2 per cent against the dollar after the BoJ’s announcement.
Benjamin Shatil, a currency strategist at JPMorgan in Tokyo, said it was difficult to interpret the yen’s drop on Wednesday as an inflection, with markets assuming that the BoJ would eventually have to relent to pressure.
“In some ways the decision to make no changes today — neither to policy nor to forward guidance — sets the BoJ up for a protracted battle with the market,” said Shatil.
The BoJ’s unexpected decision in December to allow a higher target yield ceiling on 10-year government debt — permitting yields to fluctuate by 0.5 percentage points above or below its target of zero — had raised the possibility of a historic pivot by the last of the world’s leading central banks still sticking to an ultra-loose monetary regime.
But instead of scrapping its policy of yield curve control (YCC), the central bank made no further changes on Wednesday, sticking to the range set last month. It kept overnight interest rates at minus 0.1 per cent.
The BoJ said it would also extend the duration of its funds-supplying operations to financial institutions, a move aimed at stabilising the JGB yield curve.
Kuroda, who will step down in April after a record 10 years as BoJ governor, said last month that changes to the YCC limits were meant to improve bond market functioning and were not an “exit strategy”.
On Wednesday, Kuroda stressed that it would take more time for the recent YCC revision to play out. “We do believe market functioning will improve in the future,” he said. “The YCC is sufficiently sustainable.”
Since its last policy meeting on December 20, the BoJ has spent about ¥34tn ($265bn) on bond purchases, with the yields on 10-year bonds continuing to rise above 0.5 per cent. That prompted markets to put pressure on the central bank to abandon the yield target altogether.
“The Kuroda bazooka is over and now it’s really up to the new governor to change things and start from scratch,” said Mari Iwashita, chief market economist at Daiwa Securities. Before the policy meeting, Iwashita had said the YCC framework was in “a terminal condition”.
Citigroup, which had expected the BoJ to scrap YCC this week, said that decision would now likely be made during the new governor’s first meeting in April. Fumio Kishida, Japan’s prime minister, is set to name Kuroda’s successor within weeks.
“The problems with YCC are pretty explicit, so there isn’t much of a need to debate about its side effects under the new governor,” said Citigroup economist Kiichi Murashima.
The central bank on Wednesday also raised its inflation outlook for the fiscal year ending in March, projecting Japan’s core inflation, which does not include volatile fresh food prices, to be 3 per cent instead of a previously forecast 2.9 per cent. It now also expects 1.8 per cent inflation in the 2024 fiscal year, instead of 1.6 per cent.
Japan’s consumer price index rose 3.7 per cent in November, its fastest pace in nearly 41 years and above the BoJ’s 2 per cent target for the eighth consecutive month.
Although inflation is still mild in Japan compared with the US and Europe, price rises have gained pace, prompting investors to challenge Kuroda’s assertion that the central bank did not plan to raise interest rates.
The BoJ also lowered Japan’s economic growth forecast for the next two fiscal years, citing a slowdown in other economies.
DAX:
- Continental (CON TH) -2.8%
- Continental Expects to See Lower-Than-Expected Cash Flow in 2022
- BASF (BAS TH) -4.7%
- BASF 4Q Weak as Expected, Peers Already Warned: Street Wrap
MDAX:
- Rheinmetall (RHM TH) +1.4%
- United Internet (UTDI TH) +1.2%
- VERBIO Vereinigte (VBK TH) +1.2%
- Lanxess (LXS TH) -1.2%
- Stroeer (SAX TH) -1.2%
- Encavis (ECV TH) -2.4%
- Encavis Cut to Underweight at Barclays; PT 17 euros
SDAX:
- Eckert & Ziegler (EUZ TH) +2.1%
- DIC Asset (DIC TH) +1.9%
- Suedzucker (SZU TH) +1.1%
- Hensoldt (HAG TH) +1%
- Draegerwerk (DRW3 TH) -1.1%
Australia to Buy U.S. Helicopters, Declares Existing Aircraft Unfit for Purpose
Purchase of 40 Black Hawks deepens defense cooperation as allies seek to counter China’s influence
SYDNEY—When Australia’s military acquired a fleet of European-made helicopters to fly troops into combat, it planned to operate the aircraft for decades.
But there was a problem: The door wasn’t wide enough to allow its self-defense gun to fire while special-operations forces were rappelling to the ground. A new gun mount was designed that could be stowed quickly, but the weapon still couldn’t be fired while troops exited the aircraft. Military commanders said two helicopters might be needed for some missions so one could provide cover while soldiers disembarked from the other.
Those issues have led Australian officials to ditch the MRH-90 Taipan helicopter altogether around 15 years after taking delivery of the first aircraft. In its place, Australia is proceeding with the purchase of 40 U.S.-made UH-60M Black Hawk helicopters. Black Hawks avoid the gun issue by firing through a separate window, according to a parliamentary research report.
“The Black Hawk is a reliable, proven and mature platform supported by a robust global supply chain,” said Maj. Gen. Jeremy King, an official at Australia’s defense department. “This acquisition will mean we can continue to defend Australia and respond in times of need in a safe and effective way.”
The sale is the latest step by the U.S. and Australia to deepen defense cooperation as both nations seek to counter growing Chinese influence. U.S. Marines train in strategic northern Australia, which could be used as a staging ground for military forces in the event of a conflict with China, and the U.S. is working with the U.K. to help Australia develop a nuclear-powered submarine capability.
Australian officials flagged in late 2021 that they were exploring the purchase of new Black Hawk helicopters for its army to replace the Taipans, which were designed and built by NHIndustries, a consortium including Airbus Helicopters, Leonardo Helicopters and Fokker. U.S. officials approved the $1.95 billion sale in August, and Australia said Wednesday it would move forward with the deal. Black Hawks are made by Lockheed Martin Corp.’s Sikorsky arm.
Airbus said it acknowledged Australia’s decision and that it is committed to providing support for the existing Taipan fleet for as long as it remains in service.
The Taipan helicopters are based on the NH90, which was designed to meet requirements for NATO nations for a multirole aircraft and is operated by many European militaries. Other countries, though, have also reported issues. In June, Norway terminated its contract for the helicopters, saying that more than 20 years after signing the deal it still didn’t have helicopters capable of performing its target missions. It said it expected 14 helicopters by the end of 2008, but that only eight had been delivered in a fully operational configuration, and that flight hours for the fleet were much less than required.
“No matter how many hours our technicians work, and how many parts we order, it will never make the NH90 capable of meeting the requirements of the Norwegian Armed Forces,” Norway’s Defense Ministry said at the time.
In response, NHIndustries said it was disappointed with Norway’s decision and refuted the allegations, adding that it wasn’t offered the possibility to discuss a proposal to improve aircraft availability and address Norway’s specific requirements.
Australia’s shift away from the Taipans had the potential to reopen a diplomatic rift with France, where Airbus has its main office, following a dispute in 2021 when Australia’s previous government scrapped a submarine deal with the French in favor of the U.S. arrangement. But Richard Marles, Australia’s defense minister, said Wednesday he has been talking with his French counterpart about the Taipans and that the decision shouldn’t come as a surprise.
“The most important thing here is dealing with the French in an honest way,” he said, noting that French companies still play a big role in Australia’s defense industry. “We’re confident that this won’t interrupt the relationship—the renewed relationship with France.”
The French Embassy in Canberra, Australia’s capital, didn’t immediately comment.
Australia has spent about $2.5 billion on 47 Taipan helicopters for its army and navy, but the program has been plagued by problems for more than a decade, according to the parliamentary report. Aside from the gun issue, other problems included engine failure, poor availability of spare parts and issues with a cargo hook, the report said. Some components had to be removed from the aircraft and returned to Europe for inspection and repair, defense officials previously said.
The Taipan helicopter was also expensive to fly. It cost more to operate than combat aircraft with sophisticated weapons and sensor systems, according to the Australian Strategic Policy Institute, a government-backed think tank. The institute said that it continually missed flying-hour targets.
Continuing delays with the Taipans meant that Australia had to extend the life of some older Black Hawks, which initially had been expected to be retired by the end of 2013, according to the parliamentary report. Military officials had warned that further delays with the Taipans would be problematic as the old Black Hawks couldn’t be used beyond the end of 2022, the report said.
Mr. Marles said he is confident Australia can get what it needs out of the new Black Hawks, noting that the military is already familiar with the platform. The Black Hawks, which could also be used to provide humanitarian assistance and disaster relief, will start arriving later this year.
“We’ve been struggling with the Taipans for many years now in terms of maintenance issues, getting spare parts,” Mr. Marles said. “We’ve just not got the flying hours out of the Taipan that we would need.”
Danone lawsuit could be test case for new war on plastics
Three environmental groups are suing the producer of Evian water and Activia yoghurt
Danone just can’t seem to do right for doing wrong. Two years ago, activist investors helped to oust the chief executive of the bottled water and dairy company, claiming he had put too much emphasis on the pursuit of environmental and social sustainability compared with financial performance.
Now three environmental groups are suing the producer of Evian water and Activia yoghurt for allegedly failing to do enough to help cut rising plastic pollution.
Lawyers expect there will be many more such cases to come. Like the challenge to Shell in 2021, where a Dutch court agreed with environmentalists that the oil major was not doing enough to reduce carbon emissions, the case against Danone could accelerate a new class of challenge over plastics.
The NGOs are suing Danone under a French law that imposes a duty of vigilance on larger companies over the environmental and social impact of their activities. They are obliged to map their impact in these areas, and to set out measures to address any serious harm. Not surprisingly, Danone fiercely denies the allegations that it failed to address plastics in its vigilance plan.
In fact, the company prides itself on its ambition for reducing plastics. According to conservation charity the Ellen MacArthur Foundation, it appears to be doing more than PepsiCo, Coca-Cola, Mondelez, Diageo, Mars and others to cut the amount of virgin plastic it is using — no mean feat for one of the world’s biggest bottled water producers.
But like others in the foundation’s global commitment to cut plastic waste, Danone increased its total volume of plastic packaging last year and is not expected to meet many of the voluntary targets it set for 2025.
Whether Danone wins or loses, this an important milestone in plastics-related litigation. The NGOs are not seeking damages for harm done or for misleading claims on sustainability as in most other cases. Instead, they want to demonstrate that the company’s overall strategy on plastic is not sufficient given the global risks to health and the environment of plastic waste. This argument was key to the case against Shell’s decarbonisation plan two years ago.
There have been a number of plastics-related lawsuits over the years. The first was as far back as 1971, according to Connor Fraser, prime author of the NYU School of Law’s newly launched plastics litigation tracker. But historically these have been infrequent.
Not any longer, say lawyers. Last year United Nations member states agreed to negotiate a legally binding global treaty on plastic pollution by the end of 2024. Meanwhile, individual governments and the EU are also tightening up rules.
As a result, law firm Baker McKenzie expects a “steep increase” in plastics- related lawsuits against companies, a wave that “may even reach the proportions of asbestos, tobacco, or opioid litigation”. A recent study from the philanthropic group Minderoo Foundation suggested that liability risks for plastics-related companies to 2030 could exceed $20bn in the US alone.
Meanwhile, the amount of plastic waste produced globally is expected to triple by 2060, with around half ending up in landfill and less than a fifth recycled, according to the OECD. Currently only 9 per cent is recycled, due to the complexities of collection, sorting and cost.
So recycling is not the answer. Reducing use is.
Investors are increasingly aware of the risks to their portfolio of companies who rely on plastics, and not just those who produce the material. “We are identifying companies that are major plastics users and are starting a dialogue with them to set targets on reduction of plastic use, for ‘re-use’ and for recycling,” says Arthur van Mansvelt, senior engagement specialist at Achmea Investment Management, the asset management arm of Dutch insurer Achmea.
Yet some investors stress the complexity companies face in addressing the problem. “If everyone eradicated all single use plastic and replaced it with environmentally friendly alternatives that could increase the call on land for bioplastics, for example, or increase the weight of every product which would have a negative impact on carbon emissions,” says Nick Stansbury, head of climate solutions at Legal & General Investment Management.
The world is still some way from finding an acceptable solution to the problem. In the meantime, it doesn’t matter whether a company is sincere about reducing its plastics exposure. Danone’s case shows that until the rising trend of plastics pollution begins to reverse, no one is safe.
>>> Up
* Alphabet PT Raised to $125 from $120 at Morgan Stanley
* Atea Raised to Buy at Handelsbanken
* Capgemini Raised to Overweight at Barclays
* Evolution Raised to Buy at Deutsche Bank; PT 1,230 kronor
* Gap Raised to Equal-Weight at Morgan Stanley
* Greggs Raised to Buy at Deutsche Bank; PT 2,950 pence
* Meta Platforms PT Raised to $130 from $100 at Morgan Stanley
* NH Hotel Raised to Neutral at Oddo BHF; PT 3.50 euros
* Nordea Bank Raised to Market Perform at KBW; PT 140 kronor
* Nordea Bank Raised to Market Perform at KBW; PT 140 kronor
* Proximus Raised to Hold at HSBC; PT 10 euros
* Scandic Raised to Buy at Deutsche Bank; PT 45.40 kronor
* Seagate Raised to Overweight at Morgan Stanley; PT $69
* Zignago Vetro Raised to Buy at Berenberg; PT 17 euros
>>> Down
>>> Down
* Aallon Group Cut to Accumulate at Inderes; PT 12 euros
* Altice USA Cut to Underperform at Exane; PT $4
* DNB Bank Cut to Neutral at JPMorgan; PT 185 kroner
* Encavis Cut to Underweight at Barclays; PT 17 euros
* Essity Cut to Underperform at Jefferies; PT 250 kronor
* IBM Cut to Equal-Weight at Morgan Stanley; PT $148
* Idorsia Cut to Hold at Jefferies; PT 16.20 Swiss francs
* IntegraFin Cut to Hold at Investec; PT 330 pence
* Morgan Stanley Cut to Neutral at Citi; PT $100
* Orion Cut to Reduce at Inderes; PT 48 euros
* Orsted Cut to Underweight at Barclays; PT 700 kroner
* Vestas Cut to Hold at Pareto Securities; PT 215 kroner
* Vestas Cut to Hold at Pareto Securities; PT 215 kroner
* Whitbread Cut to Neutral at Oddo BHF; PT 3,500 pence
* Zurich Ins. Cut to Hold at SocGen
>>> Initiation
>>> Initiation
* Koskisen Rated New Buy at Nordea; PT 9 euros
* New Wave Rated New Hold at Handelsbanken
>>> Call
* New Wave Rated New Hold at Handelsbanken
>>> Call
* BofA Stays Bullish on Asia EM Stocks as China Uncertainty Clears
* Capgemini Raised to Overweight at Barclays On Growing Resilience
* Goldman Sees Bullish Sentiment Growing Over Non-US Assets
* Grifols Upgraded to Buy, Idorsia Downgraded to Hold at Jefferies
* Repsol Consensus Could Rise Around 15% After Update, Citi Says
* Unilever Key Pick, Nestle Raised by Jefferies in Food/HPC Sector
Markets whipsawed Wednesday in the wake of the Bank of Japan’s policy meeting, with many Asian equity indexes swinging between gains and losses while Japanese stocks rallied alongside a sharp drop in the yen. US share futures and Treasuries reversed earlier declines and a gauge of dollar strength rose after the BOJ kept its monetary settings unchanged. The yen depreciated as much as 2.6%, the most in almost three years. The moves in Japan’s 10-year government bond yields were even more dramatic — first breaching the central bank’s 0.5% ceiling, then tumbling 15 basis points from an intraday peak. oil contracts traded higher as traders looked to a revival in Chinese demand this year after data showed the economy fared better than expected last quarter. Iron ore rose for a second day as China’s improving economic. Gold extended a drop for a third day as the dollar strengthened. Overnight in the US, Goldman Sachs Group Inc. shares fell after the lender reported a drop in investment-banking fees in the fourth quarter. Morgan Stanley, which also reported Tuesday, was buoyed by revenues from its asset and wealth management divisions, pushing its stock higher. Overnight in the US, Goldman Sachs Group Inc. shares fell after the lender reported a drop in investment-banking fees in the fourth quarter. Morgan Stanley, which also reported Tuesday, was buoyed by revenues from its asset and wealth management divisions, pushing its stock higher. US After Hours OLED +6.3% on OLED evaluation agreement, MRNA +6.1% after RSV vaccine meets efficacy endpoints, IBKR +2.8%, UAL +1.4% on upbeat Q4 earnings; BGFV -7.7% on lackluster Q4 guidance, OLO -3.7% on COO resigning.
Nikkei +2.50% Hang Seng +0.14% CSI -0.09% Shanghai +0.10% Shenzen +0.25%
Eur$ 1.0783 CNH 6.7794 CNY 6.7774 JPY 131.10 GBP 1.2285 CHF 0.9233 RUB 68.9925 TRY 18.7845 WTI$ 81.05 +1.09% Gold 1,901.25 -0.39% BTC 21,255 -0.39% ETH 1,581 -0.02%
S&P +0.14% Nasdaq +0.18% EuroStoxx +0.31% FTSE -0.01% Dax +0.29% SMI +0.19%
Macro :
- Goldman Sees Bullish Sentiment Growing Over Non-US Assets
- Citadel Hires Ex-Balyasny, Snow Lake Managers in Asia Expansion
- BofA Stays Bullish on Asia EM Stocks as China Uncertainty Clears
- *EUROPE CAR SALES JUMP 15% IN DECEMBER LED BY GERMANY, ITALY
Keep an eye on :
- AAPL US : Apple Postpones AR Glasses, Plans Cheaper Mixed-Reality Headset
- ASM NA : ASMI Prelim 4Q Net Sales About EU720M, Est. EU634.7M
- BALN SW : Michael Mueller Named CEO of Baloise From July 1
- BARC LN : Barclays Promotes Two in Expansion of Offerings for Hedge Funds
- BARN SW : Barry Callebaut 1Q Sales Misses Estimates
- BAS GY : BASF Prelim FY Adjusted Ebit Meets Estimates
- BAS GY : BASF, Eramet Plan $2.6 Billion Nickel Smelter in Indonesia
- BNP FP : BNP to Unveil Financial Impact of Bank of West Sale on Feb 7
- BP/ LN : BP Mulls Construction of New Hydrogen Hub in Germany
- BRBY LN : *BURBERRY 3Q RETAIL COMP SALES +1%, EST. +1.43%
- CAST SS : Castellum Names Joacim Sjoeberg as Acting CEO
- CON GY : Continental Expects to See Lower-Than-Expected Cash Flow in 2022
- DMP GY : Dermapharm: FY Guidance Under ‘Significantly’ Higher Uncertainty
- DBN GY : Deutsche Bahn Is Said to Consider Reviving Sale of Arriva Unit
- DOV IM : Efesto Fund Gets More Than €400m in UTP Contributions in Italy
- ENEL IM : Enel Replaces Entire Hybrid Bond Early Amid January Credit Boom
- EQT SS : EQT FY Adjusted Ebitda Meets Estimates
- ERA FP : BASF, Eramet Plan $2.6 Billion Nickel Smelter in Indonesia
- ERICB SS : Ericsson CEO Welcomes Critic Cevian’s Bid for First Board Seat
- ERF FP : Eurofins Acquires Assets to Set up Hyderabad Laboratory Campus
- EXN FP : Exclusive Networks Appoints Nathalie Bühnemann as CFO
- FLS DC : FLSmidth Sees 2023 Revenue DKK23B to DKK24.5B, Est. DKK23.97B
- GLEN LN : Glencore Mine in Peru Faces Restricted Operations Amid Protests
- GTT FP : GTT Gets Orders for LNG Carrier, Ethane Carriers Tank Design
- INGA NA : ING Weighs Buying Controlling Stake in India’s IDBI Bank: ET
- TKWY NA : Just Eat Orders Drop in Latest Quarter Amid Online Food Slowdown
- JYSK DC : Jyske CEO Sees DKK1b Annual Boost From Takeover, Finans Says
- MRNA US : Moderna Has a Seat at the $10 Billion RSV Table: React
- PAY LN : Paypoint Gets FCA Approval of Appreciate Group Acquisition
- REP SM : Repsol 4Q Refining Margin $18.9/bbl vs $4.4/bbl Year Earlier
- CFR SW : Richemont 3Q Sales at Constant Exchange Rates Misses Estimates
- SNH GY : Pepco Group Holder Steinhoff Offers ~34.5m Shares
- TELIA SS : Telia Starts Talks With Nordic Staff to Continue Job Cuts
- TNXT IM : Tinexta Subsidiary Infocert to Acquire 65% of Ascertia in UK
- VOD LN : Emirates Telecoms Raises Stake in Vodafone Group to 12%
- VOD LN : Airtel Will Not Oppose Vodafone’s Bid To Sell Indus Stake: ET
- VOW GY : VW ESG Prospects Beset by Execution Challenges, Rocky Governance
After Hours Summary: OLED +6.3% on OLED evaluation agreement, MRNA +6.1% after RSV vaccine meets efficacy endpoints, IBKR +2.8%, UAL +1.4% on upbeat Q4 earnings; BGFV -7.7% on lackluster Q4 guidance, OLO -3.7% on COO resigningAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: IBKR +2.8%, UAL +1.4%, UCBI +0.9%
Companies trading higher in after hours in reaction to news: OLED +6.3% (OLED evaluation agreement with Seiko Epson), MRNA +6.1% (RSV vaccine meets efficacy endpoints), CSTL +1.5% (presents at 2023 Winter Clinical Dermatology Conference), TUSK +0.3% (subsidiary puts frac spread into operation), CLB +0.2% (reorganizing corporate structure, redomestication), LOB +0.1% (files mixed shelf)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: BGFV -7.7% (guidance), PRGS -1.9%, AUY -0.2% (Q4 and FY22 production results)
Companies trading lower in after hours in reaction to news: FULC -5.6% ($100 mln public offering), OLO -3.7% (COO to resign), QGEN -1.9% (launches EAZ2 Connect MDx), GH -1.3% (to showcase new data), PBR -0.5% (exceeds its oil and natural gas production target), BLCO -0.2% (acquires AcuFocus), KRP -0.1% (files $125 mln mixed shelf; common units by selling unitholders)
Gapping down
In reaction to earnings/guidance:
- MHK -5.2% (guidance), WHR -3% (completes strategic review; issues guidance), GS -2.3%, TRV -1.5% (guidance)
Other news:
- IQ -7.9% (proposes offering of 76500000 American Depositary Shares each representing seven Class A ordinary shares)
- OMGA -5.5% (to Present Trial-in-Progress Poster for Phase 1/2 MYCHELANGELO I Study)
- PTNR -3.2% (announces receiving a letter from the Ministry of Communications stating it is satisfied that the agreement with BEZEQ)
- RIO -1.7% (reports FY22 production; Pilbara operations increased 1% yr/yr)
- ORLA -1.2% (achieves high end of increased 2022 production guidance and provides 2023 guidance)
- GOLD -1.2% (Q4 Gold Production) .
Analyst comments:
- COLD -2.1% (downgraded to Hold from Buy at Truist)
- KIM -1.6% (downgraded to Hold from Buy at Truist)
- LGF.A -1.6% (downgraded to Hold from Buy at Truist)
- AOS -1.1% (downgraded to Hold from Buy at Loop Capital)
- EXR -1% (downgraded to Hold from Buy at Truist)
- MAA -1% (downgraded to Hold from Buy at Truist)
