>>> Europe : Brokers Upgrades & Downgrades - 9th of November 2022 V2(+)

>>> Up
* Handelsbanken Raised to Buy at AlphaValue/Baader
* Intercos Raised to Overweight at Morgan Stanley; PT 14 euros
* Jupiter Raised to Equal-Weight at Barclays; PT 110 pence
* Koenig & Bauer Raised to Buy at Hauck & Aufhaeuser (+)
* Relais Group Raised to Buy at Inderes; PT 13 euros
* SpareBank 1 Nord Norge Raised to Buy at Pareto Securities
* Spire Healthcare Raised to Buy at Peel Hunt

>>> Down
* Arctic Fish Holding Cut to Hold at DNB Markets; PT 115 kroner
* Azoty Cut to Sell at Erste Group; PT 26.40 zloty (+)
* Bakkafrost Cut to Hold at Pareto Securities; PT 540 kroner
* Deutsche Post Cut to Neutral at JPMorgan; PT 41.50 euros
* Handelsbanken Cut to Neutral at Citi; PT 110 kronor
* Martela Cut to Reduce at Inderes; PT 2.80 euros
* Krones Cut to Hold at HSBC; PT 110 euros
* MPC Energy Solutions Cut to Neutral at SpareBank; PT 17 kroner

>>> Initiation
* Abo Group Environment Rated New Buy at Gilbert Dupont
* Liontrust Rated New Overweight at Barclays; PT 1,130 pence
* Saipem Resumed Overweight at JPMorgan; PT 1.75 euros

>>> Call
* Adidas 3Q Shows China Pressures, Resilience Elsewhere: Jefferies (+)
* Citi Positive on Nordic Banks’ Outlook, Cuts Handelsbanken
* Intercos Raised at Morgan Stanley on Improving Fundamentals (+)

>>> Stoxx 600 Pre-Market Indications

  • ABN Amro (AB2 TH) +6.2%
    • ABN Amro Profit Beats Estimates After Gains on Disposing Assets
  • Alfen (703 TH) +2.2%
    • Alfen 3Q Adjusted Ebitda EU24.5M Vs. EU9.7M Y/y
  • Veolia (VVD TH) +1.2%
    • Veolia Sees FY Organic Ebitda High End of +4% to +6%
  • Commerzbank (CBK TH) +0.9%
    • Commerzbank Lifts Revenue Outlook on Surging Lending Income
  • Brenntag (BNR TH) +0.8%
    • Brenntag 3Q Operating Ebitda Beats Estimates
  • Ahold Delhaize (AHOG TH) +0.7%
    • *AHOLD DELHAIZE BOOSTS FY EPS OUTLOOK, ANNOUNCES €1B BUYBACK
  • Deutsche Post (DPW TH) -1.7%
    • Deutsche Post Cut to Neutral at JPMorgan; PT 41.50 euros
  • Siemens Healthineers (SHL TH) -2.1%
    • Siemens Healthineers Plans €300 Million Savings in Diagnostics
  • Lanxess (LXS TH) -2.3%
    • Lanxess Narrows FY Adjusted Ebitda Forecast
  • Evonik (EVK TH) -2.3%
  • Adidas (ADS TH) -2.4%
    • Adidas Cuts Profit Forecast After Terminating Yeezy Partnership
  • Evotec SE (EVT TH) -3.2%
    • Evotec SE 9M Adjusted Ebitda EU44.6M Vs. EU70.1M Y/y
  • Harbour Energy (PQQ0 TH) -3.5%
  • Prosus (1TY TH) -3.8%
  • Ageas (FO4N TH) -5%
    • Ageas 3Q Net Income Misses Estimates
  • Scor (SDRC TH) -12%
    • Scor 3Q Net Loss EU270m, Est. Loss EU193.5m

FT : FTX/Binance: crypto’s leading man gets his comeuppance

FTX/Binance: crypto’s leading man gets his comeuppance
The humbling of Sam Bankman-Fried deals a further blow to the industry

Of all people, Sam Bankman-Fried should have known better. The millennial known as SBF had become the face of the crypto industrial-complex. The shaggy hair, board shorts and Bahamas domicile gave the FTX exchange boss a friendlier image than his business tactics warranted. In the jungle of crypto, he was a predator scooping up weaker players when the market shifted against them.

On Tuesday, he became the prey. Binance, the business of Changpeng “CZ” Zhao, SBF’s only genuine rival, announced it would acquire FTX. Though details are scant, this had all the hallmarks of distressed takeover.

The nascent crypto industry was already struggling with a price crash triggered by the end of the cheap money era. The humbling of SBF is a further blow.

FTX had been valued recently at $32bn. Its celebrity endorsers made it seem safe and respectable. SBF was, at least before this week, a billionaire philanthropist. The exchange’s apparent collapse again shows ordinary investors would be wise to steer clear of the largely unregulated cryptocurrency ecosystem.

The collapse of FTX has been likened to a bank run: Account holders were rushing to get their crypto assets but were blocked from doing so.

FTX is ostensibly a marketplace or exchange where withdrawals should not be problematic. The halt in withdrawals suggests that account holders’ assets were somehow leveraged, lent out or otherwise spoken for.

One question concerns the relationship between FTX and SBF’s separate crypto investing vehicle, Alameda Research. A few days earlier, CZ Zhao had said he was dumping FTX’s own coin, FTT, which according to reports may have been a big part of the Alameda balance sheet.

Just how a collapse in the price of FTT hurt Alameda and then FTX is a crucial issue. FTX, if simply a marketplace, should not be overwhelmed by the stress in crypto price volatility. SBF before Tuesday had brushed off suggestions that FTX account holders would not be able to get demanded liquidity. 

Account holders had little to no visibility into the balance sheet and operations of FTX. Operators will have to share such details with customers if so-called decentralised finance is ever to enter the mainstream.

For now, investors should take the precautionary view that their money may be at risk if they trust it to a crypto exchange.

>>> TradeGate Pre-Market Indications

DAX:
  • Deutsche Post (DPW TH) -1.7%
    • Deutsche Post Cut to Neutral at JPMorgan; PT 41.50 euros
  • Siemens Healthineers (SHL TH) -2%
    • Siemens Healthineers Reports 27% Revenue Growth in Last Quarter
  • Adidas (ADS TH) -2.1%
    • Adidas Cuts Profit Forecast After Terminating Yeezy Partnership
MDAX:
  • Sixt (SIX2 TH) +1.9%
    • Sixt 3Q Sales Beats Estimates
  • Aroundtown (AT1 TH) -1.3%
  • Thyssenkrupp (TKA TH) -1.4%
  • Evonik (EVK TH) -1.6%
  • Lanxess (LXS TH) -1.6%
    • Lanxess Narrows FY Adjusted Ebitda Forecast
  • Evotec SE (EVT TH) -2.7%
    • Evotec SE 9M Adjusted Ebitda EU44.6M Vs. EU70.1M Y/y
SDAX:
  • Heidelberger Druck (HDD TH) +4.7%
  • PNE AG (PNE3 TH) +1.2%
  • Deutz (DEZ TH) +0.6%
    • Deutz 3Q Adjusted Ebit Beats Estimates
  • Schaeffler (SHA TH) -1.4%
  • Shop Apotheke (SAE TH) -1.7%
  • Ceconomy (CEC TH) -1.9%
  • SAF-Holland SE (SFQ TH) -2.5%
  • Krones (KRN TH) -3.3%
    • Krones Cut to Hold at HSBC; PT 110 euros

>>> Europe : Brokers Upgrades & Downgrades - 9th of November 2022

>>> Up
* Handelsbanken Raised to Buy at AlphaValue/Baader
* Intercos Raised to Overweight at Morgan Stanley; PT 14 euros
* Jupiter Raised to Equal-Weight at Barclays; PT 110 pence
* Relais Group Raised to Buy at Inderes; PT 13 euros
* SpareBank 1 Nord Norge Raised to Buy at Pareto Securities
* Spire Healthcare Raised to Buy at Peel Hunt

>>> Down
* Arctic Fish Holding Cut to Hold at DNB Markets; PT 115 kroner
* Bakkafrost Cut to Hold at Pareto Securities; PT 540 kroner
* Deutsche Post Cut to Neutral at JPMorgan; PT 41.50 euros
* Handelsbanken Cut to Neutral at Citi; PT 110 kronor
* Martela Cut to Reduce at Inderes; PT 2.80 euros
* Krones Cut to Hold at HSBC; PT 110 euros
* MPC Energy Solutions Cut to Neutral at SpareBank; PT 17 kroner

>>> Initiation
* Abo Group Environment Rated New Buy at Gilbert Dupont
* Liontrust Rated New Overweight at Barclays; PT 1,130 pence
* Saipem Resumed Overweight at JPMorgan; PT 1.75 euros

>>> Call
* Citi Positive on Nordic Banks’ Outlook, Cuts Handelsbanken

>>> What to look at today - 9th of November 2022

 US equity futures swung between gains and losses and Asian stocks were mixed as investors awaited midterm election results, with potential for government gridlock seen as positive for shares.  Benchmark indexes climbed in South Korea and Australia while Japan saw a small decline. Shares of Chinese developers jumped the most in eight months as a key regulator expanded financing support for the sector. Broader gauges in Hong Kong and the mainland fell. The dollar weakened slightly as Treasury yields retreated from their intraday highs. Bond yields fell in Australia and New Zealand, tracking moves in the US on Tuesday. Crypto tokens were under pressure after a selloff that wiped out about 10% from the price of Bitcoin on Tuesday. Sentiment was dented after the largest crypto exchange swooped in to buy a smaller rival that ran into liquidity trouble.  Optimism for shares has been helped by a history of robust performance following midterm results. Stocks have tended to flourish during times when government is constrained and polls suggest Republicans could make gains, placing a check on Democratic policies. Still, any final outcome may not be known for days or even weeks if races are as close as polls suggest and if losers challenge results. For many investors, the bigger issue facing markets is the Federal Reserve’s monetary tightening. Thursday’s consumer-price-index data may be the next event risk for the Fed’s policy rate and comes on the heels of core consumer prices rising more than forecast to a 40-year high in September. Even if prices begin to moderate, the CPI is far above the central bank’s comfort zone. Thursday’s consumer-price-index data may be the next event risk for the Fed’s policy rate and comes on the heels of core consumer prices rising more than forecast to a 40-year high in September. Even if prices begin to moderate, the CPI is far above the central bank’s comfort zone. Oil steadied after a two-day decline as traders weighed the support from a weaker dollar and gold declined after jumping the most in a month. US After HoursBusy earnings session, DIS -7.3% is main headline; UPST -25.6%, AMRS -22.8%, CARG -20.4%, AFRM -16.9%, EBS -13%, PUBM -11% also lower; RAMP +15.4%, DV +11.4%, AXON +8%, OSUR +7.5% higher on earnings

Nikkei -0.56% Hang Seng -1.67% CSI -0.93% Shanghai -0.50% Shenzen -0.35%

Eur$ 1.0071 CNH 7.2462 CNY 7.2467 JPY 145.55 GBP 1.1547 CHF 0.9863 RUB 61.2447 TRY 18.5645 WTI$ 88.38 -0.60% Gold 1,708.73 -0.22% BTC 18,245 -2.40% ETH 1,306.50 -2.27%

S&P -0.25% Nasdaq -0.10% EuroStoxx -0.51% FTSE -0.37% Dax -0.56% SMI -0.30%

Macro :
- Uzbekistan Is Lobbying EU to Lift Sanctions on Usmanov, FT Says

Keep an eye on :
- ABN NA : ABN Amro Profit Beats Estimates After Gains on Disposing Assets
- ADS GY : Adidas Cuts Profit Forecast After Terminating Yeezy Partnership
- AGS BB : Ageas 3Q Net Income Misses Estimates
- AGFB BB : Agfa-Gevaert 3Q Revenue Beats Estimates
- AH NA : Ahold Delhaize Boosts FY EPS Outlook, Announces EU1B Buyback
- AIR FP : Airbus Delivers 60 Planes in October; 497 Year to Date, Airbus Must Deliver 205 Jets in Two Months to Achieve 2022 Goal
- ALFEN NA : Alfen 3Q Adjusted Ebitda EU24.5M Vs. EU9.7M Y/y
- AAPL US : IPhone City Lifts Lockdown, But Foxconn Factory Stays High Risk
- ATL IM : Atlantia to Name Rogowski as New CEO, MF Reports
- BARN SW : Cocoa Price Could Stay Muted as Shaky Consumption Offsets Pests
- BAVA DC : Bavarian Nordic Maintains FY Revenue Forecast, Misses Estimates
- CRI FP : Chargeurs 9-Mo Rev. Rises 5.2% to EU573.6M
- CBK GY : Commerzbank Now Sees 2024 Operating Result ~EU3.2b, Saw EU3b
- GBF GY : Bilfinger 3Q Sales EU1.08B Vs. EU945M Y/y
- BIRG ID : Bank of Ireland Reaches Agreement to Shed €1.4b in Bad Loans
- BAMI IM : Banco BPM 2023 EPS Consensus Boost of 20% Looks Credible: React
- BNG GY : Brenntag 3Q Oper Ebitda Beats Estimates
- CTPNV NA : CTP 9M Net Rental Income EU328.2M Vs. EU239.9M Y/y
- DEZ GY :Deutz 3Q Adjusted Ebit Beats Estimates
- DIC GY : DIC Asset 9M FFO EU92.4M Vs. EU79.6M Y/y
- ENSU NO : Ensurge Micropower Offering of 27.5m Shares Prices at NOK2/Share
- EQT SS : Sweden’s EQT Ventures Closes €1.1 billion Fund For Early Tech
- EL FP : EssilorLuxottica Says Will Appeal €81M French Antitrust Fine
- EVT GY : Evotec SE 9M Adjusted Ebitda EU44.6M Vs. EU70.1M Y/y
- FLOW NA : Flow Traders Gets Approval For China On-Shore Trading
- SHBA SS : Sweden Property Firms at Risk of Fire Sales, Handelsbanken Warns
- IPAR US : Inter Parfums to Report Results; Shares Down 22.0% YTD: Preview
- IVG IM : Iveco Sees FY Consolidated Adjusted Ebit EU420M to EU440M
- KBC BB : KBC Group 3Q Net Income Beats Estimates
- LXS GY : Lanxess Narrows FY Adjusted Ebitda Forecast
- MOWI NO : Mowi Keeps 2022 Harvest Outlook, Sees 2023 Harvest 470,000 Tons
- OX2 SS : OX2 Gets Approval for Wind Project With Ikea Investment Arm
- RNO FP : Renault Says Strategy ‘Works by Itself’ as Nissan Talks Continue
- ROTH FP : Rothschild & Co 3Q Revenue EU863.7M Vs. EU666.7M Y/y
- RUI FP : Rubis 3Q Revenue +70%
- SFER IM : Salvatore Ferragamo 9M Revenue EU920.7M Vs. EU785M Y/y
- SCR FP : Scor 3Q Net Loss EU270M, Est. Loss EU193.5M
- SIX2 GY : Sixt Sees FY Pretax Profit High End of EU500M to EU550M
- GLE FP : SocGen’s ALD, LeasePlan See Sale of Non-Core Ops for Deal: Echos
- SOBI SS : Sobi’s Kineret Gets US FDA Authorization for Coronavirus
- SOLG LN : Newcrest Slams SolGold’s Mine Financing Deal in South America
- TSLA US ! Musk Sells $3.95 Billion of Tesla Stock After Twitter Takeover
- TONIE GY : Tonies to Sell Up to ~EU60m-Worth Shares by Placing: Terms
- ORP FP : Orpea 3Q Organic Revenue +4%
- UN01 GY : Uniper, NewMed Energy to Collaborate on Gas, Hydrogen Supplies
- VIE FP : Veolia Targets High End of Profit Forecast as Waste Volumes Grow
- RIN FP : Vilmorin 1Q Like-for-Like Sales +23.7%
- VOD LN : KKR, GIP Said Near Deal for Vodafone’s $15 Billion Tower Arm
- VOE AV : Voestalpine 2Q Ebitda Beats Est.; Impairments Hit Net Result

(ZH) Lasers Can "Hack" Self-Driving LiDAR Sensors, Creating False "Blind Spots",

Lasers Can "Hack" Self-Driving LiDAR Sensors, Creating False "Blind Spots", New Study Reveals

In what is likely going to be another thorn in the side of Elon Musk, Tesla and Autopilot, it was revealed in a report last week that many self-driving features in vehicles can be "messed with" using lasers.
A brand new study that was put together and uploaded in late October, called "You Can't See Me: Physical Removal Attacks on LiDAR-based Autonomous Vehicles Driving Frameworks" made the revelation, which was also reported on by Cosmos Magazine.
Researchers in the U.S. and Japan found that vehicles could be tricked into not seeing pedestrians (or other objects in their way) using lasers. These cars, which use LiDAR to sense objects around them, send out laser lights and then use the reflection back to judge how far away objects are.
The study revealed that a perfectly timed laser shone back into a LiDAR system can create "a blind spot large enough to hide an object like a pedestrian," according to Cosmos.
The study's abstract says: "While existing attacks on LiDAR-based autonomous driving architectures focus on lowering the confidence score of AV object detection models to induce obstacle misdetection, our research discovers how to leverage laser-based spoofing techniques to selectively remove the LiDAR point cloud data of genuine obstacles at the sensor level before being used as input to the AV perception. The ablation of this critical LiDAR information causes autonomous driving obstacle detectors to fail to identify and locate obstacles and, consequently, induces AVs to make dangerous automatic driving decisions"
University of Florida cyber security researcher professor Sara Rampazzi commented: “We mimic the LIDAR reflections with our laser to make the sensor discount other reflections that are coming in from genuine obstacles.”
"The LIDAR is still receiving genuine data from the obstacle, but the data are automatically discarded because our fake reflections are the only one perceived by the sensor," she continued.
Any laser used in this manner would not only have to be perfectly timed, but would have to move with the vehicle, the report says.
University of Michigan computer scientist Yulong Cao, co-author of the report, said: “Revealing this liability allows us to build a more reliable system. In our paper, we demonstrate that previous defence strategies aren’t enough, and we propose modifications that should address this weakness.”
The research will be presented at the 2023 USENIX Security Symposium, the report says.

>>> Sam Bankman "Fried" Nearly All Of His $16 Billion Fortune

Sam Bankman "Fried" Nearly All Of His $16 Billion Fortune

Binance’s Changpeng Zhao appears to have cast the death blow on competitor FTX and its "billionaire" founder/CEO, Sam Bankman-Fried. Bankman-Fried's fall from grace has been one of the more stunning losses of net worth in recent history. Despite there likely being issues under the surface prior to Tuesday, a massive $6 billion in withdrawals forced the company into a liquidity crisis. Its FTT token then crashed before SBF reached out to nemisis Zhao at Binance for a bailout.
The situation culminated in all of crypto crashing on Tuesday - including pulling down the entire stock market at points - and Bankman Fried losing a substantial portion of his net worth, according to Bloomberg. In fact, reports say he has lost 94% of his $16 billion fortune.
His fortune was $26 billion at its peak, the report says, but the future of it all is now "in doubt". Now, in a eulogy out Tuesday afternoon, Bloomberg says his fortune "will be annihilated at the hands of his billionaire rival". Going down with the SBF ship are investors like Softbank's Vision Fund (of course), Temasek and the Ontario Teachers’ Pension Plan. which had $400 million invested in FTX at a $32 billion valuation.
SBF had a 53% stake in FTX that was worth about $6.2 billion prior to the week's events. The other $7.4 billion of his fortune was tied up in Alameda Research, which now appears to be completely insolvent. Bloomberg's prognosis was bleak, to say the least:
"The Bloomberg wealth index assumes existing FTX investors, including Bankman-Fried, will be completely wiped out by Binance’s bailout, and that the root of the exchange’s problems stemmed from Alameda. As a result, both FTX and Alameda are given a $1 value. "
They estimate that SBF's remaining fortune will be about $1 billion, or a loss of 94%. We're guessing SBF is going to need some of that remaining $1 billion for legal expenses, too.
Competitor Zhao - now at the top of the crypto heap, at least for the time being - had a fortune was as high as $97 billion back in January 2022.
Recall, we have followed the FTX/Binance story all day today - you can read our coverage and wrap up of the day's events here.

>>> Mytheresa Revenues Up 11.4% In Q1

Mytheresa Revenues Up 11.4% In Q1

The value of goods sold on the luxury e-commerce platform rose 20.8 percent year-on-year in the first quarter, ending Sept. 30, to €197.9 million ($199.4 million). Revenues hit €175.9 million, while adjusted earnings before interest, taxes, depreciation and amortisation were €11.6 million. Shares rose 4 percent in early trading.

The results came as the e-tailer announced plans to bolster its nascent China business with the launch of a new talent initiative, ‘The China Designer Program.’ The move is designed to drive greater awareness of its brand among consumers in the hyper-competitive market, while also forging closer relationships within the local ecosystem.

WWD : Joseph Abboud Brand to Expand to China

Joseph Abboud Brand to Expand to China
Its owner, WHP Global, has signed a licensing deal with YouXiang for marketing and distribution.

A promotional image for the Joseph Abboud brand.


The Joseph Abboud brand is making the jump to China.
WHP Global, the brand management firm that purchased the menswear brand in early 2020 for $115 million, has signed a long-term licensing deal with YouXiang, a Chinese luxury fashion retail group, to market and distribute the Abboud label in that country.
The deal includes e-commerce, freestanding retail stores, in-store shops and wholesale/franchising starting in spring 2023. It will include all men’s apparel, accessories, footwear, bags and luggage.
“We are looking forward to partnering with YouXiang as we focus on the expansion of Joseph Abboud’s reach through both international and digital channels,” said Stanley Silverstein, chief commercial officer of WHP Global. “YouXiang has successfully brought some of the best-known high-end fashion brands to China, making them the perfect partner to help us reach millions of consumers in one of the world’s fastest growing fashion markets.”

YouXiang, which was founded in 2008, operates retail stores under the Via Dante, U D X and Aquascutum names and is also the authorized distributor in China for brands including Armani, Michael Kors, Moncler, Theory, Tod’s, Versace and YSL, which combined generate over $750 million in annual sales.
“We are excited about this partnership as Joseph Abboud is a globally celebrated men’s fashion brand with tremendous opportunity in China,” said Jack Lee, founder of YouXiang. “We intend on fully leveraging our authority in bringing premium fashion brands into the Greater China market as well as our growing retail footprint to build a strong business together with WHP Global.”
Yehuda Shmidman, chief executive officer of WHP Global, said that because of China’s continued restrictions around COVID-19, “it’s impossible to travel there today. But we were still able to put together this partnership with YouXiang. They love the Joseph Abboud brand and believe it will be an anchor for them in the men’s market.”
Although the number of stores YouXiang will open is still undetermined, Shmidman said he is projecting the deal to bring in generate some $50 million in sales after the build-out is complete.
He said WHP Global’s eight “power brands” — Anne Klein, Isaac Mizrahi, Joe’s Jeans, William Rast, Lotto, Toys “R” Us and Babies “R” Us in addition to Abboud — has grown into a $4.5 billion company with holdings in hard goods and sports in addition to fashion. Of that figure, he said $2 billion in sales come from outside the U.S.
“Our mission is to rescue amazing brands that are not being fully maximized,” he said. “That was true with Joseph Abboud.”
The label had previously been owned by Tailored Brands, parent of Men’s Wearhouse. Although the trademark was sold to WHP, the retailer continues to own and operate the factory that produces the Abboud brand in New Bedford, Massachusetts, which Shmidman said has proven to be “the greatest advantage with all the supply chain issues.”
Shmidman said that although his firm closed on the Abboud purchase a few days before the COVID-19 shutdowns, the brand has rebounded nicely since stores were able to reopen.

“It’s doing exceptionally well at Men’s Wearhouse,” he said of the retailer that has an exclusive to sell and rent Abboud-branded apparel in the U.S. and Canada. He said the brand is also performing well in Japan, which it has had a presence since 1995, and he expects to finalize a deal for Latin America in the near future.
Since purchasing the brand, WHP has also inked licensing deals for underwear, socks, eyewear and watches and it is exploring other classification expansions.
The Joseph Abboud label was founded in 1987 by the designer of the same name who is no longer associated with the brand.