After Hours Summary: Busy earnings, headliners include SEDG +7.3%, QRVO +6.5%, ZG +5.3%, ETSY +2.4% on upside; SYNA -20.1%, FARO -12.7%, QCOM -6.7% on downside; PACW -57.5% down sharply on report it's mulling options; OPCH to acquire AMED in all-stock dealAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: RSI +13%, LMND +10.9%, ATUS +8.1%, FROG +8%, PCOR +7.9%, CFLT +7.5%, SEDG +7.3%, INFN +6.6%, QRVO +6.5%, CPE +6% (also to acquire Core Delaware Basin assets and Exit Eagle Ford), CTSH +5.5% (also increases dividend), ZG +5.3%, HCC +4.9%, HUBS +4.8%, CODI +4.7%, RELY +4.5%, HST +3.9%, MGY +3.9%, DHT +3.8%, VMEO +3.4%, FLT +3.2%, IR +3.2%, AVT +3.1%, ETSY +2.4%, AEIS +2.3%, AMED +2.3% (also to be acquired by OPCH), CTVA +2.2%, MELI +2.2%, NGVT +2.2%, NSTG +2.2%, SUM +2.1%, VSTO +2.1%, ACLS +2%, OLED +2% (also acquires Phosphorescent OLED Emitter IP assets of Merck), PLMR +2%, RGNX +2%, SRI +2%, ALL +1.9%, MKSI +1.8%, RGLD +1.8%, RGLD +1.8%, KW +1.7%, UDMY +1.7%, KRO +1.5%, FATE +1.4%, OPK +1.3%, CIVI +1.1%, WTS +1.1%, CW +0.7%, FSLY +0.7%, MMS +0.7%, O +0.7%, KLIC +0.6%, CCRN +0.3% (also replenishes repurchase program to $100 mln), EQIX +0.2%, REZI +0.2%, WES +0.2%, WMB +0.2%, BHE +0.1%, EVH +0.1%, NE +0.1%, RPT +0.1%, UGI +0.1% (also increases dividend), ULCC +0.1%
Companies trading higher in after hours in reaction to news: AMED +2.3% (OPCH to acquire AMED in all-stock deal), BTBT +1.9% (reports April production), PAC +1.3% (reports April traffic), VRTX +1.1% (FDA approves KALYDECO for children with cystic fibrosis), STE +0.9% (authorizes new $500 mln share repurchase program), IMGN +0.6% ($200 mln stock offering), LAZ +0.2% (to close multiple office across Latin America to cut costs, according to Bloomberg), CBOE +0.1% (reports April trading volume)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: HOUS -25.2%, SYNA -20.1% (also authorizes new $500 mln share repurchase program), OPCH -16.8% (also to acquire AMED), FARO -12.7% (also CEO to retire), TNDM -10.6%, UPWK -8.2%, TRIP -7.9%, ARDX -7.7%, ALKT -7.1%, QCOM -6.7%, OM -5.2%, GIL -4.5%, RGR -4.5%, CDAY -4.1%, AMWL -4%, LESL -3.5%, GNK -3.2%, RVLV -3.2%, OUT -3.1%, ALLO -3%, STAA -3%, ANSS -2.9%, SITM -2.9%, ADPT -2.7%, RUN -2.6%, DEN -2.3%, EQH -2.2%, NVST -2.1%, CORT -2%, ECPG -2%, MTG -2%, CHRD -2%, CXW -1.9%, GL -1.9%, ACEL -1.8%, FNF -1.6%, MOS -1.6%, ATO -1.5%, INFA -1.5%, INFA -1.5%, QNST -1.1%, ES -0.8%, ALB -0.6%, PGRE -0.5%, APA -0.4%, ERII -0.4%, MET -0.3% (also authorizes new $3 bln share repurchase program), MRO -0.3%, NARI -0.3%, USPH -0.2%, AMK -0.1%, ESTE -0.1%
Companies trading lower in after hours in reaction to news: PACW -57.5% (mulling strategic options including sale, according to Bloomberg), WAL -32.2% (in sympathy with PACW news), ZYXI -22.7% ($50 mln convertible note offering; also CEO commences 2 mln share offering), MCB -21.1% (in sympathy with PACW news), OPCH -16.8% (OPCH to acquire AMED in all-stock deal), RPHM -10.8% (commences public offering), VCYT -3.1% (announces data published in journal), RYI -3% (commences stock offering), SCHW -2.7% (in sympathy with PACW news), AAPL -1.8% (in sympathy with QCOM earnings), LIN -1.3% (files mixed securities shelf offering), JOBY -1.1% (prices offering, also reports earnings), BLNK -0.8% (COO to become new CEO), UBER -0.7% (files mixed securities shelf offering), NOVA -0.6% (teaming up with Amica Insurance to expand services), LGIH -0.6% (reprots April home closings), ABNB -0.5% (introduces Airbnb Rooms), MRVL -0.5% (CEO also named as Chair of the Board, succeeds Rick Hill who is retiring)
From: Laurent Chekroun (MAKOR CAPITAL MARKET) At: 05/03/23 15:53:45 UTC+2:00
Subject: FT : Side Qty BloombergCode Px % Exec Exec. Qty LeavesQuantity Avg Px Ccy ClientRussia accuses Ukraine of attempting to assassinate Vladimir Putin
Unconfirmed report from state newswire says two Ukrainian drones attacked Kremlin
The Kremlin accused Ukraine on Wednesday of attempting to assassinate Russian president Vladimir Putin in a late-night drone attack on his residence and vowed to retaliate.
Russia’s military and secret services “acted in a timely fashion” to shoot down two Ukrainian drones that attacked the Kremlin overnight, according to a statement by Putin’s press service.
The Kremlin said the alleged strike, in which Putin was unharmed, was “a planned terrorist attack and attempted assassination of the president of Russia” ahead of the planned Victory Day parade on adjoining Red Square next Tuesday.
“Russia reserves the right to take retaliatory measures where and when it sees fit,” the Kremlin said.
Ukrainian officials declined to comment. “We do not have such information,” said a spokesperson for Ukraine’s armed forces, describing the Russian claims as “political statements”.
If confirmed, the apparent attempt on Putin’s life would be one of Kyiv’s most daring strikes since Russia launched its full-scale invasion in February 2022 and a glaring indication of how Moscow’s war effort is continuing to sputter.
Russia initially hoped to capture Kyiv in a blitzkrieg in a matter of days, but has found itself bogged down in grinding attritional warfare, suffered a series of humiliating battlefield defeats and faced increasingly audacious Ukrainian strikes behind enemy lines.
In recent months, Ukraine has carried out a series of drone attacks on fuel depots and military bases, some of which were several hundred kilometres into Russian territory.
Earlier this year, pictures emerged of two Pantsir air defence systems in the Kremlin, as well as others at the defence ministry’s nearby headquarters in Moscow. Russia also installed Pantsirs at Putin’s official home outside Moscow, a bucolic residence in northern Russia, and a ski resort near the Black Sea where he spends time, according to Russian independent media.
Though it was not immediately clear whether the alleged attack happened, pro-Kremlin accounts on social media posted footage of what appeared to be a drone flying low over Putin’s residence, then exploding in a ball of flames. Other videos showed what appeared to be anti-aircraft fire over the Kremlin’s golden-domed medieval churches late at night.
Putin worked according to schedule on Wednesday. No casualties or damage were sustained during the alleged attack, the Kremlin said.
Ruslan Pukhov, director of the Center for Analysis of Strategies and Technologies, a Moscow defence think-tank, said the drones could probably have been purchased commercially and outfitted with explosives.
A Ukrainian group working underground in Russia could have launched the drones from somewhere near Moscow, Pukhov said, thus allowing them to evade detection over the 800km distance from the front lines. The small number of drones used probably indicated a partisan effort rather than a broader attack, he added.
Ukraine also has the capability to fly a drone all the way to Moscow, according to a Ukrainian engineer who builds drones to military specs.
“It’s not difficult to build a drone with an 800km range, aiming it is the difficult task,” he said.
As for the apparent failure of Russian air defences to stop the drones, he added: “During the day anti-aircraft systems use optical sights, so hitting a drone is easy, but at night they are not easy targets.”
Russia accuses Ukraine of attempting to assassinate Vladimir Putin
Unconfirmed report from state newswire says two Ukrainian drones attacked Kremlin
The Kremlin accused Ukraine on Wednesday of attempting to assassinate Russian president Vladimir Putin in a late-night drone attack on his residence and vowed to retaliate.
Russia’s military and secret services “acted in a timely fashion” to shoot down two Ukrainian drones that attacked the Kremlin overnight, according to a statement by Putin’s press service.
The Kremlin said the alleged strike, in which Putin was unharmed, was “a planned terrorist attack and attempted assassination of the president of Russia” ahead of the planned Victory Day parade on adjoining Red Square next Tuesday.
“Russia reserves the right to take retaliatory measures where and when it sees fit,” the Kremlin said.
Ukrainian officials declined to comment. “We do not have such information,” said a spokesperson for Ukraine’s armed forces, describing the Russian claims as “political statements”.
If confirmed, the apparent attempt on Putin’s life would be one of Kyiv’s most daring strikes since Russia launched its full-scale invasion in February 2022 and a glaring indication of how Moscow’s war effort is continuing to sputter.
Russia initially hoped to capture Kyiv in a blitzkrieg in a matter of days, but has found itself bogged down in grinding attritional warfare, suffered a series of humiliating battlefield defeats and faced increasingly audacious Ukrainian strikes behind enemy lines.
In recent months, Ukraine has carried out a series of drone attacks on fuel depots and military bases, some of which were several hundred kilometres into Russian territory.
Earlier this year, pictures emerged of two Pantsir air defence systems in the Kremlin, as well as others at the defence ministry’s nearby headquarters in Moscow. Russia also installed Pantsirs at Putin’s official home outside Moscow, a bucolic residence in northern Russia, and a ski resort near the Black Sea where he spends time, according to Russian independent media.
Though it was not immediately clear whether the alleged attack happened, pro-Kremlin accounts on social media posted footage of what appeared to be a drone flying low over Putin’s residence, then exploding in a ball of flames. Other videos showed what appeared to be anti-aircraft fire over the Kremlin’s golden-domed medieval churches late at night.
Putin worked according to schedule on Wednesday. No casualties or damage were sustained during the alleged attack, the Kremlin said.
Ruslan Pukhov, director of the Center for Analysis of Strategies and Technologies, a Moscow defence think-tank, said the drones could probably have been purchased commercially and outfitted with explosives.
A Ukrainian group working underground in Russia could have launched the drones from somewhere near Moscow, Pukhov said, thus allowing them to evade detection over the 800km distance from the front lines. The small number of drones used probably indicated a partisan effort rather than a broader attack, he added.
Ukraine also has the capability to fly a drone all the way to Moscow, according to a Ukrainian engineer who builds drones to military specs.
“It’s not difficult to build a drone with an 800km range, aiming it is the difficult task,” he said.
As for the apparent failure of Russian air defences to stop the drones, he added: “During the day anti-aircraft systems use optical sights, so hitting a drone is easy, but at night they are not easy targets.”
Research Calls
- Upgrades:
- Advanced Micro (AMD) upgraded to Buy from Hold at Craig Hallum; tgt raised to $100
- Amcor (AMCR) upgraded to Hold from Underperform at Jefferies
- Amcor (AMCR) upgraded to Overweight from Neutral at JP Morgan; tgt lowered to $10.80
- BHP Group (BHP) upgraded to Buy from Neutral at Goldman
- CNA Financial (CNA) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $41
- Cogent Communications (CCOI) upgraded to Buy from Underperform at BofA Securities; tgt raised to $85
- Globalstar (GSAT) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt lowered to $0.97
- HSBC Holdings (HSBC) upgraded to Buy from Hold at Berenberg
- Marriott (MAR) upgraded to Outperform from Mkt Perform at Bernstein; tgt $204
- Pearson Plc (PSO) upgraded to Buy from Underperform at BofA Securities
- Prosperity Bancshares (PB) upgraded to Outperform from Underperform at Wolfe Research; tgt $6
- Uber (UBER) upgraded to Positive from Neutral at Susquehanna; tgt raised to $48
- Downgrades:
- Advanced Micro (AMD) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $95
- BP (BP) downgraded to Hold from Buy at DZ Bank
- Clarus Corporation (CLAR) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $10
- Comerica (CMA) downgraded to Peer Perform from Outperform at Wolfe Research
- Logitech Int'l SA (LOGI) downgraded to Sell from Neutral at UBS
- Molson Coors Brewing (TAP) upgraded to Neutral from Underweight at JP Morgan; tgt raised to $64
- Premier (PINC) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $30
- Thomson Reuters (TRI) downgraded to Hold from Buy at Canaccord Genuity; tgt raised to $131
- Viper Energy Partners (VNOM) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
- Others:
- FIGS, Inc. (FIGS) initiated with a Buy at ROTH MKM; tgt $9
- Installed Building Products (IBP) assumed with a Neutral at BTIG Research
- Kanzhun Limited (BZ) initiated with an Outperform at Macquarie; tgt $24.10
- NGM Biopharmaceuticals (NGM) initiated with a Buy at Citigroup; tgt $6
- TopBuild (BLD) assumed with a Neutral at BTIG Research
- Weatherford (WFRD) initiated with a Strong Buy at Raymond James; tgt $100
Gapping down
In reaction to earnings/guidance:
- SPT -19.3% (also announces continued strategic partnership with Twitter), EL -11.5%, MRCY -9.4%, ANDE -8.1%, AMD -7.1%, AMCR -7.1%, SBUX -5.2%, LYG -4.7%, NRDS -4.2% (also files mixed shelf offering; also files for offering by selling shareholders; also authorizes new $20 mln share repurchase program), UFPI -4%, SPR -4%, YUM -3.8%, EAT -3.6%, TTMI -3.1%, PACB -3%, LIVN -3%, BRY -3%, WK -2.8%, CDW -2.7%, SHC -2.6%, JKHY -2.5%, AXTA -2.4%, VOYA -2.4%, PEN -2.3%, CRK -2.3%, HLN -2.3%, BCRX -2.3%, AROC -2.2%, EXR -2.1%, ASH -2.1%, AFG -2% (also AFG will purchase Crop Risk Services from AIG), FDP -2%, PSN -2%, CVS -1.8%, VIAV -1.5%, STLA -1.5%, F -1.4%, HURN -1.4%, DEI -1.4%, INSP -1.3%, SITE -1.2%, HLF -1.1% (also names new COO and other changes), GRMN -1.1%, UTHR -1%, NBIX -0.9%, TT -0.8%, HBI -0.8%
Other news:
- MORF -4.9% (prices offering of 5333334 shares of common stock at $45.00 per share)
- GLPG -2.6% (COO/CFO steps down)
- WULF -2.2% (files to delay its 10-K; additional time is needed for the completion of the filing)
Analyst comments:
- CLAR -4.1% (downgraded to Neutral from Buy at BofA Securities)
- LOGI -1.2% (downgraded to Sell from Neutral at UBS)
Gapping up
In reaction to earnings/guidance:
- LTHM +9.7%, SMCI +8.9%, AVDX +8.5%, UIS +8%, HSC +7.8%, ARWR +7.4%, SPNS +7.1%, FRSH +6.4%, GNRC +6.3%, EXPI +5%, INGR +5%, LFUS +4.8%, WU +4.6%, PRO +4.6%, BAND +4.5%, KAR +4.5% (also to rebrand as OPENLANE), DIN +4.2%, CRTO +4.2%, CCCS +3.8%, CWH +3.8%, CHEF +3.8%, ENLC +3.7%, EMR +3.6%, MTCH +3.5%, YUMC +3.2%, BLDR +3.2%, PERI +3.1%, COCO +2.8%, KHC +2.8%, LMAT +2.3%, ADNT +2.3%, OKE +2%, MCW +1.9%, UNM +1.9%, ASTE +1.9%, ATGE +1.8%, LUMN +1.7%, IONS +1.7%, OSW +1.6%, MUSA +1.5% (also authorizes new $1.5 bln share repurchase program), VRSK +1.3%, SBGI +1.3%, BFAM +1.2%, WWE +1.2%, CZR +1.1%, LNC +1% (also enters into $28 bln reinsurance transaction with Fortitude Re), BG +0.9%, TKR +0.9%
Other news:
- IMGN +95% (ELAHERE Demonstrates Overall Survival Benefit in the Phase 3 MIRASOL Trial in Patients with FRa-Positive Platinum-Resistant Ovarian Cancer)
- COCO +2.8% (files for $200 mln mixed securities shelf offering; also files for offering by selling shareholders)
- GES +2.2% (names new CFO)
- VCYT +2% (reports data published in journal)
- INTC +1.8% (inverse sympathy with AMD earnings)
- MYRG +1% (authorizes new $75 mln share repurchase program)
Analyst comments:
- HSBC +1% (upgraded to Buy from Hold at Berenberg)
- BHP +0.8% (upgraded to Buy from Neutral at Goldman)
- MAR +0.7% (upgraded to Outperform from Mkt Perform at Bernstein)
>>> Up
* Ageas Raised to Buy at ING; PT 50 euros
* Amplifon Raised to Accumulate at Banca Akros (+)
* Belships Raised to Buy at Norne Securities; PT 25 kroner (+)
* BioMerieux Raised to Hold at HSBC; PT 90 euros
* Caltagirone Raised Mediobanca Stake to 9.9%: Stampa
* Camurus Raised to Buy at Carnegie; PT 315 kronor (++)
* Collector Bank Raised to Buy at DNB Markets; PT 40 kronor
* Elmos Semiconductor Raised to Buy at M.M. Warburg (+)
* Globalstar Raised to Equal-Weight at Morgan Stanley; PT 97 cents
* HSBC Raised to Buy at Berenberg; PT 780 pence
* HSBC Raised to Buy at Berenberg; PT 780 pence
* Molson Coors Raised to Neutral at JPMorgan; PT $64
* Permascand Top Holding Raised to Buy at ABG; PT 25 kronor
* Richemont PT Raised to 185 Swiss francs at HSBC
* Saab Raised to Buy at Kepler Cheuvreux; PT 647 kronor (+)
* Stabilus Raised to Buy at SocGen; PT 65 euros (++)
* TUI Raised to Buy at HSBC; PT 9.10 euros
* Vaisala Raised to Buy at Evli Bank (++)
>>> Down
>>> Down
* BP Cut to Hold at DZ Bank; PT 550 pence (++)
* Campari Cut to Accumulate at Banca Akros (+)
* Dormakaba Cut to Neutral at Credit Suisse; PT 447 Swiss francs
* Flutter Cut to Hold at Peel Hunt (++)
* Kingfish Cut to Hold at Arctic Securities; PT 11 kroner (+)
* Logitech Cut to Sell at UBS; PT 43 Swiss francs (++)
* Majorel Cut to Neutral at Citi; PT 30 euros (++)
* Nemetschek Cut to Reduce at Baader Helvea; PT 73 euros
* Nemetschek Cut to Reduce at Baader Helvea; PT 73 euros
* Ordissimo Cut to Accumulate at Euroland Corporate; PT 1.50 euros (++)
* SBB Cut to Hold at Pareto Securities; PT 16 kronor (+)
* Vilmorin Cut to Hold at Gilbert Dupont; PT 62.60 euros (++)
>>> Initiation
>>> Initiation
* Alfen Rated New Accumulate at KBC Securities; PT 83 euros (+)
* Basilea Rated New Buy at Baader Helvea; PT 57.70 Swiss francs
* Eni Maintained at Neutral at Intermonte; PT 15 euros
* Eni Maintained at Neutral at Intermonte; PT 15 euros
* Porvair Rated New Buy at Investec; PT 800 pence (+)
* Stainless Tankers Rated New Buy at Fearnley; PT 67 kroner (++)
* Titan Cement Rated New Buy at Kepler Cheuvreux; PT 20 euros (++)
>>> Call
>>> Call
* Ambu’s Soft Organic Growth Disappointing, Handelsbanken Says
* Citi’s Wealth Unit Adds Asia Stocks, Sells US on Growth Outlook (+)
* Colruyt Guidance Raise Importantly Driven by Cost Savings: MS
* Dormakaba Cut at Credit Suisse on Margin Expansion Pessimism
* Economic Outlook to Support Europe Stocks, HSBC’s Stanford Says (+)
* HSBC Raised at Berenberg With Structural Attractions Undervalued
* Morgan Stanley, UBS Pick Bonds Over Stocks on Recession Risk
* Nemetschek Downgraded at Baader as Good Momentum Set to Slow
* Nemetschek Downgraded at Baader as Good Momentum Set to Slow
* Neoen’s Guidance Clarification Is Encouraging: Morgan Stanley
* Oerlikon Delivers Results Ahead of Soft Expectations, RBC Says
* Pandora 1Q Results Beat Estimates, Helped by UK Sales: RBC (+)
* Sinch Loses Only Sell as Morgan Stanley Upgrades After De-Rating