>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Healthineers (SHL TH) +2.2%
  • Daimler Truck (DTG TH) +1.4%
    • Daimler Truck Margins Surge on Higher Prices, FX Boost
  • Infineon (IFX TH) +1.2%
  • Zalando (ZAL TH) +1.2%
  • Siemens (SIE TH) +1.1%
  • Munich Re (MUV2 TH) +0.3%
    • Admiral Holder Munich Re Offers Shares: Terms
MDAX:
  • United Internet (UTDI TH) +5%
    • United Internet Said to Pick IPO Banks for Web Hosting Unit
  • Jungheinrich (JUN3 TH) +2.4%
    • Jungheinrich Maintains FY Ebit Forecast
  • ProSieben (PSM TH) +1.9%
  • K+S (SDF TH) +1.4%
    • K+S Cut to Sector Underperform at Scotiabank; PT 23 euros
  • TeamViewer (TMV TH) +1.4%
SDAX:
  • Medios (ILM1 TH) +5.2%
  • Synlab (SYAB TH) +2.4%
  • SAF-Holland SE (SFQ TH) +2.1%
  • PATRIZIA SE (PAT TH) +2.1%
  • Bilfinger (GBF TH) +2%
  • SMA Solar (S92 TH) -0.6%
  • Shop Apotheke (SAE TH) -0.8%

>>> What to look at today - 11th of November 2022

Global stocks extended gains as China’s easing of quarantine rules added fuel to the rally that began on Wall Street after slower-than-projected US inflation data. US and European equity futures rose and a benchmark of Asian equities headed for the biggest jump in more than two years. A gauge of Hong Kong-listed technology stocks surged more than 10% as the shift in quarantine came hot on heels of a call by leaders in Beijing for more precise and targeted virus control measures. A Bloomberg gauge of the greenback resumed declines Friday, adding to a 2% slide on Thursday that was the biggest move since 2009.  Government bonds rallied in Japan and Australia after Treasuries surged on Thursday in move that sent yields down by 20 to 30 basis points across the US curve. Rates traders downgraded the odds of another three-quarter-point rate increase by the Federal Reserve in December almost to nil.  Cryptocurrency prices retreated Friday as the knock-on effects from FTX’s downfall persisted, even as other risk assets surged after US inflation data. Headline US inflation came in at 7.7%, the lowest since January, before Russia’s war in Ukraine pushed up commodity prices. More important for the Fed, the core measure that excludes food and energy slowed more than anticipated.  Thursday’s intense rally only partially claws back steep losses for risk assets hammered this year by the Fed’s tightening. The S&P 500 is still down 17% and the Nasdaq 100 is off nearly 30%, with both headed for their worst years since 2008. The MSCI World Index is down about 18% this year. US After Hours DOCS +15.1%, LZ +14.8%, SMRT +10%, TOST +7.6% higher on earnings; DUOL -6.2%, INDI -5.2%, FLO -4.8% lower on earnings

Nikkei +2,98% Hang Seng +6,84% CSI +2,66% Shanghai +1,60% Shenzen +1,28%

Eur$ 1,0212 CNH 7,1029 CNY 7,1058 JPY 141,61 GBP 1,1696 CHF 0,9648 RUB 60,8305 TRY 18,5337 WTI$ 88,31 +2% Gold 1,758 +1,3% BTC 17,245 -3% ETH 1,263 -3,5%

S&P +0,65% Nasdaq +0,85% EuroStoxx +0,88% FTSE +0,38% Dax +0,79% SMI +0,64%

Macro :
- Citi Strategists See European Earnings Contracting 10% in 2023
- Carl Icahn Tells CNBC He Still Thinks We Are in Bear Market
- FTX.com Assets Frozen as Bahamas Regulator Seeks Liquidation
- SoftBank Vision Fund Loses $7.2 Billion as Writedowns Persist
- Crypto Prices Sink Amid Further FTX Woes After Surging on US CPI
- Citi Strategists Say Exit Short US Equity Positions in Shift
- FTX’s Bankman-Fried Invested in Multiple VCs: Information
- Italy May Link Energy Bill Relief to Ban on Paying Dividends

Keep an eye on :
- ACS SM : ACS 9M Net Income EU480M Vs. EU545M Y/y
- A2A IM : A2A 9M Ebitda EU1.15B Vs. EU955M Y/y
- ADP FP : Crédit Agricole Acquires Added 2.5% Stake in Groupe ADP
- ASML NA : ASML Chip Lithography Growth Could Be Stronger Till 2030: React
- ATL IM : Atlantia Sees FY Revenue About EU7.0B, Est. EU6.63B
- POST A V : Austrian Post Raises Ebit Forecast, Sees Headwinds in 2023 (1)
- BMPS IM : Monte Paschi 3Q Net Loss EU387.7M Vs. Profit EU186M Y/y
- CO FP : Casino Buys Back €67M Quatrim 2024 Notes
- CLNX SM : Cellnex 9M Adjusted Ebitda Meets Estimates
- CWC GY : Cewe Stiftung 3Q Sales EU151.4M Vs. EU132.4M Y/y
- CE IM : Credito Emiliano 9M Net Income EU222.6M Vs. EU275.9M Y/y
- DTG GY : Daimler Truck Margins Surge on Higher Prices, FX Boost
- DOV IM : doValue 9M Adjusted Ebitda EU151.9M Vs. EU116.1M Y/y
- FLYR NO: Flyr Offering of 25b Shares Prices at NOK0.01/Share
- FRA GY : Fraport Oct. Frankfurt Airport Passengers +45.3%
- GSF NO : Grieg Seafood 3Q Ebit Misses Estimates
- ILTY IM : Illimity Sees FY Net Income at Least EU75M
- IMPN SW : Implenia Extends CHF650m Unsecured Syndicated Loan to 2027
- JUN3 GY : Jungheinrich Maintains FY Ebit Forecast
- MSEIS NO : TGS Launches Mandatory Offer For Outstanding Magseis Shares
- MRL SM : Merlin Properties 9M Ebitda EU249.4M
- NTI NO : Norsk Titanium Offering of 27.8m Shares Prices at NOK2.70/Share
- PGHN SW : Partners Group to Buy €400 Million Tech Firm Cloudflight
- RENE PL : REN 9M Net Income EU81.4M Vs. EU68.4M Y/y
- CFR SW : Richemont Profit Jumps to Record as Watches and Jewelry Shine
- SZG GY : Salzgitter 9M Sales EU9.77B Vs. EU7.00B Y/y
- STM GY : Stabilus Sees 2023 Revenue EU1.10B to EU1.20B, Est. EU1.13B
- TEP FP : Teleperformance Shares to Resume Trading Friday, Deputy CEO Says
- TOD IM : Tod's 9M Sales EU724.9M Vs. EU622.6M Y/y
- TRUEB SS : Truecaller 3Q Revenue SEK450.1M Vs. SEK312.6M Y/y
- UNI IM : Unipol 9M Consolidated Net EU854M Vs. EU813M Y/y
- US IM : *UNIPOLSAI 9M CONS. NET EU616M, -13% Y/Y
- UTDI GY : United Internet Said to Pick IPO Banks for Web Hosting Unit (1)
- VPK NA : Vopak Boosts FY Adjusted Ebitda Outlook
- WBD IM : Webuild Maintains FY Ebitda Margin Forecast
- WUW GY : W&W 9M Gross Written Premiums EU3.58B Vs. EU3.72B Y/y
- ZAG AV : Zumtobel Prelim 1H Ebit EU50.8M

>>> Europe : Brokers Upgrades & Downgrades - 11th of Novembre 2022

>>> Up
* Duell Raised to Buy at Inderes; PT 2.70 euros
* Grupo Catalana Occidente Raised to Outperform at Oddo BHF
* Scor Raised at Jefferies After Decisive Steps on Balance Sheet
* Seplat Energy Raised to Hold at Meristem Securities

>>> Down
* K+S Cut to Sector Underperform at Scotiabank; PT 23 euros
* SLM Solutions Cut to Hold at Jefferies; PT 20 euros

>>> Initiation
* Brooks Macdonald Rated New Buy at Investec; PT 2,370 pence
* DKSH Rated New Neutral at Credit Suisse; PT 70 Swiss francs
* Porsche AG Rated New Hold at Jefferies; PT 95 euros

>>> Call
* Citi Strategists See European Earnings Contracting 10% in 2023
* Citi Strategists Say Exit Short US Equity Positions in Shift
* Instone Real Estate Faces Challenges, Morgan Stanley Downgrades
* M&G a New Buy at Jefferies on Range of Capital Return Options
* Porsche New Hold, 2022 Earnings to Be Near-Term Peak: Jefferies

>>> US fter Hours Summary: DOCS +15.1%, LZ +14.8%, SMRT +10%, TOST +7.6% higher

After Hours Summary: DOCS +15.1%, LZ +14.8%, SMRT +10%, TOST +7.6% higher on earnings; DUOL -6.2%, INDI -5.2%, FLO -4.8% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: DOCS +15.1%, LZ +14.8%, MTTR +11.6%, SMRT +10%, TOST +7.6%, EDR +6.3%, BZH +5.1%, ITUB +3.9%, BLND +3.7%, CDRE +0.8%, BBDC +0.7%, LAW +0.5%, RYAN +0.3%, MCW +0.2%, AGTI +0.1%, POSH +0.1%

Companies trading higher in after hours in reaction to news: PBYI +6.6% (details settlement agreement), EDR +6.3% (files for 2,305,794 share offering by selling stockholders), RLI +3% (declares special dividend of $7.00/sh), MAXN +1.4% (files for 32,688,454 share offering by selling stockholders), TNDM +0.8% (reports study results for Control-IQ Technology), AZN +0.6% (FDA approves tremelimumab in combination with durvalumab for NSCLC, according to FDA website), MAR +0.6% (increases dividend by 33%, increases share repurchase authorization by 25 mln shares), ALLG +0.4% (signs first long-term Power Purchase Agreement with power producer), STLD +0.4% (authorizes new $1.5 bln share repurchase program), TMO +0.4% (authorizes new $4 bln share repurchase program), CRSP +0.4% (presents data at SITC), TCS +0.3% (promotes CIO Dhriti Saha to COO), DTE +0.1% (increases dividend)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: TTCF -23.4%, EXFY -7.6%, COMP -6.6%, DUOL -6.2%, INDI -5.2%, FLO -4.8%, FIGS -4.6%, AMLX -3.2%, LFG -0.4%, SWIR -0.4%

Companies trading lower in after hours in reaction to news: DV -6.1% (launches 10 mln share offering by selling shareholder Providence), TWO -4.3% (enters into 11 mln share equity distribution agreement with JMP Securities), REXR -2.7% (commences 11.5 mln share offering), LIAN -2.2% (files $500 mln mixed securities shelf offering), KNSL -1.8% (commences 155 mln share offering), CELU -1.4% (CYCART-19 T cells preclinical data presented at SITC), ARIS -0.1% (files $250 mln mixed securities shelf offering)

(ZH) Sam Bankman-Fried Issues Mea Culpa: "I'm Sorry... I F..ked Up"

Sam Bankman-Fried Issues Mea Culpa: "I'm Sorry... I F**ked Up"

In his first words since the (alleged) ponzi fraud of FTX was exposed yesterday, Sam Bankman-Fried, CEO and founder of FTX, has issued a lengthy tweet-thread to try to explain himself.
He begins: "I'm sorry. That's the biggest thing... I f*cked up, and should have done better."
And then goes on...
I also should have been communicating more very recently.
Transparently--my hands were tied during the duration of the possible Binance deal; I wasn't particularly allowed to say much publicly. But of course it's on me that we ended up there in the first place.
So here's an update on where things are.
[THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!]
[TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.]
FTX International currently has a total market value of assets/collateral higher than client deposits (moves with prices!).
But that's different from liquidity for delivery--as you can tell from the state of withdrawals. The liquidity varies widely, from very to very little.
The full story here is one I'm still fleshing out every detail of, but as a very high level, I f*cked up twice.
The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users' margin. I thought it was way lower.
My sense before:
  • Leverage: 0x
  • USD liquidity ready to deliver: 24x average daily withdrawals
Actual:
  • Leverage: 1.7x
  • Liquidity: 0.8x Sunday's withdrawals
Because, of course, when it rains, it pours. We saw roughly $5b of withdrawals on Sunday--the largest by a huge margin.
And so I was off twice.
Which tells me a lot of things, both specifically and generally, that I was shit at.
And a third time, in not communicating enough. I should have said more. I'm sorry--I was slammed with things to do and didn't give updates to you all.
And so we are where we are. Which sucks, and that's on me.
I'm sorry.
Anyway: right now, my #1 priority--by far--is doing right by users.
And I'm going to do everything I can to do that. To take responsibility, and do what I can.
So, right now, we're spending the week doing everything we can to raise liquidity.
I can't make any promises about that. But I'm going to try. And give anything I have to if that will make it work.
There are a number of players who we are in talks with, LOIs, term sheets, etc.
We'll see how that ends up.
Every penny of that--and of the existing collateral--will go straight to users, unless or until we've done right by them.
After that, investors--old and new--and employees who have fought for what's right for their career, and who weren't responsible for any of the fu*k ups.
Because at the end of the day, I was CEO, which means that *I* was responsible for making sure that things went well. *I*, ultimately, should have been on top of everything.
I clearly failed in that. I'm sorry.
So, what does this mean going forward?
I'm not sure--that depends on what happens over the next week.
But here are some things I know.
First, one way or another, Alameda Research is winding down trading.
They aren't doing any of the weird things that I see on Twitter--and nothing large at all. And one way or another, soon they won't be trading on FTX anymore.
Second, in any scenario in which FTX continues operating, its first priority will be radical transparency--transparency it probably always should have been giving.
Giving as close to on-chain transparency as it can: so that people know *exactly* what is happening on it.
All of the stakeholders would have a hard look at FTX governance. I will not be around if I'm not wanted.
All of the stakeholders--investors, regulators, users--would have a large part to play in how it would be run.
Solely trust.
But all of that isn't what matters right now--what matters right now is trying to do right by customers. That's it.
A few other assorted comments:
This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.
It's 100% liquid. Every user could fully withdraw (modulo gas fees etc).
Updates on its future coming.
At some point I might have more to say about a particular sparring partner, so to speak.
But you know, glass houses. So for now, all I'll say is:
well played; you won.
NOT ADVICE, OF ANY KIND, IN ANY WAY
I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I'm trying to be transparent. I'M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING.
And, finally:
I sincerely apologize.
We'll keep sharing updates as we have them.
We are sure the likes of Tom Brady and Sequoia will forgive and forget this outright fraud... and we are also sure that all the Democrats who received funds from this man will return those fraudulently obtained funds to bear their 'fair share' for all Americans caught up in this scheme.
Meanwhile, the price of FTX Token is rising...
As rumors circulate that Tron founder Justin Sun may be the White Knight here...
We wouldn't hold our breaths.

>>> Europe : Brokers Upgrades & Downgrades - 10th of November 2022 V2(+)

>>> Up
* Bilfinger Raised to Buy at HSBC; PT 37 euros
* Bouvet Raised to Neutral at SpareBank; PT 55 kroner (+)
* Drax Raised to Neutral at Credit Suisse; PT 570 pence (+)
* Fractal Gaming Group Raised to Buy at ABG; PT 25 kronor
* St James's Place Raised to Outperform at KBW; PT 1,350 pence
* Telecom Italia Raised to Neutral at New Street Research

>>> Down
* Coinbase PT Cut to $80 from $105 at Citi
* Covestro Cut to Hold at HSBC; PT 40 euros
* Deutsche Post Cut to Add at AlphaValue/Baader
* Iberdrola Cut to Neutral at Citi; PT 10.50 euros (+)
* Idorsia Cut to Neutral at Credit Suisse; PT 15 Swiss francs
* Lenzing Cut to Hold at Erste Group; PT 72.50 euros
* Toivo Group Cut to Sell at Inderes; PT 1.50 euros
* Zur Rose Cut to Sell at Citi; PT 23 Swiss francs

>>> Initiation
* Aston Martin Rated New Overweight at Barclays; PT 175 pence
* Porsche AG Rated New Outperform at Grupo Santander (+)

>>> Call
* Allianz Results, Share Buyback Exceed Expectations: Jefferies (+)
* Credit Agricole Majority Stake Increase May Support Shares: RBC (+)
* Domino’s Pizza Group 3Q Is Mixed Amid Improving LFLs: Jefferies (+)
* Duerr’s 3Q Order Intake is ‘Surprisingly Strong,’ Baader Says (+)
* Grafton Update Solid, Shares Offer ‘Exceptional Value’: Goodbody (+)
* Idorsia Cut at Credit Suisse on Uncertain Aprocitentan Outlook
* Merck KGaA 3Q Beats as Healthcare Offsets Electronics Miss: CS (+)
* Ontex Sales Solid, Unchanged Guidance Seems Optimistic, CS Says (+)
* Poste Italiane 3Q Operating Trends Solid, Guidance Raised: MS (+)
* Tate & Lyle Is Offsetting Cost Inflation ‘Impressively’: Citi (+)
* Telecom Italia 3Q Meets ‘Relatively Low’ Expectations: Jefferies (+)
* Zur Rose Cut to Sell at Citi With E-Rx Adoption Likely Delayed