TheChek News Flow

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
SHC +52.5%, PRE +44.1%, OSH +32%, FRO +24.7%, ACCD +5%, RGNX +4.7%, SOVO +4.4%, TRIN +4.2%, AZZ +4.2%, UDMY +3%, NKTX +2.8%, WWW +2.8%, TXRH +2.6%, PSMT +2.3%, RCKT +1.9%, DHT +1.8%, OKE +1.5%, CHDN +1.2%, DHR +1%, A +0.9%, TSM +0.9%, MNOV +0.8%, ASRT +0.7%

Gapping down:
KIDS -5.1%, BLI -4.9%, ETWO -3.6%, SGHT -2.5%, LFCR -2.4%, AMRX -2.3%, JEF -2%, FICO -1.8%, AVGO -1.2%, LUV -1.1%, SYNH -0.8%, WDFC -0.7%, GEHC -0.6%

FT : Uniper chief to step down after German government bailout

Uniper chief to step down after German government bailout

Gas importer last year posted one of the biggest losses in corporate history

The stricken gas importer Uniper has announced the departure of its chief executive Klaus-Dieter Maubach, the biggest casualty of a management shake-up after a multibillion-euro bailout of the company by the German government.

Maubach, who has served as chief since 2021, said it was “the right time to clear the way for a new management board team” as the energy company grapples with the fallout from Russian president Vladimir Putin’s invasion of Ukraine.

The company said Maubach would continue in his role until a replacement was appointed some time this year.

Uniper, once Europe’s largest importer of Russian gas, reported a €40bn loss for the first nine months of 2022, one of the biggest in corporate history.

Fearing that a collapse in the company would send shockwaves through the economy, the German government agreed to buy Uniper from the Finnish energy group Fortum in a bailout set to cost as much as €51bn.

Maubach was as recently as May last year defending Gazprom as a reliable supplier of gas to Europe. But his company began to lose tens of millions of euros a day after the Russian state-owned gas exporter drastically reduced supplies to Germany through the Nord Stream 1 pipeline in mid-June.

“That, in hindsight, maybe it was even a mistake to think that gas would not be used,” he said in an interview with CNBC in September. “Maybe it was just wishful thinking.”

>>> Europe : Brokers Upgrades & Downgrades - 10th of January 2023 V2(+)

>>> Up

* AB InBev ‘Undervalued,’ PT Raised To Street High by Berenberg (+)

* Abrdn European Logistics Raised to Outperform at RBC

* AB InBev PT Raised to 88 euros from 81.30 euros at Berenberg

* Admiral Raised to Buy at Deutsche Bank

* Conduit Raised to Buy at Peel Hunt

* Nike Raised to Outperform at KGI Securities; PT $136

* Orsted Raised to Outperform at Exane; PT 787 kroner
* Pirelli Raised to Buy at Deutsche Bank; PT 6 euros

* Prosus PT Raised to 100 euros from 88 euros at Morgan Stanley

* Royal Caribbean Raised to Equal-Weight at Morgan Stanley; PT $50

* Swatch Raised to Sector Perform at RBC

* Warehouse Raised to Sector Perform at RBC

>>> Down

* Ashmore Cut to Equal-Weight at Barclays; PT 280 pence

* Avance Gas Cut to Sell at Cleaves Securities; PT 37 kroner

* Boeing Cut to Equal-Weight at Morgan Stanley; PT $220

* Byggfakta Group Nordic Holdco Cut to Hold at DNB Markets

* Clarkson Cut to Hold at HSBC; PT 3,400 pence

* Demant Raised to Hold at Kepler Cheuvreux; PT 191 kroner (+)

* Edenred Cut to Equal-Weight at Morgan Stanley

* EDP Cut to Neutral at Exane; PT 5 euros

* Ericsson Cut to Neutral at Exane; PT 70 kronor (+)

* EssilorLuxottica Cut to Underperform at RBC; PT 155 euros

* Euronav Cut to Underperform at Oddo BHF; PT 12.12 euros (+)

* Faron Pharma Cut to Reduce at Inderes; PT 264.45 pence

* Froey Cut to Hold at SpareBank; PT 54 kroner

* ITV PT Cut to 44 pence from 47 pence at Morgan Stanley

* Legal & General Cut to Hold at Deutsche Bank

* Nexi Cut to Equal-Weight at Barclays; PT 8.60 euros

* Next Cut to Hold at Investec; PT 6,480 pence (+)

* NN Cut to Hold at Deutsche Bank

* Norwegian Cruise Cut to Underweight at Morgan Stanley; PT $11.50

* Petrobras ADRs Cut to Neutral at Safra; PT $13

* SOL Rated New Buy at Berenberg; PT 24.40 euros

* SSE Cut to Neutral at Exane; PT 1,820 pence

* St James's Place Cut to Hold at Deutsche Bank
* Strix Cut to Hold at Liberum; PT 100 pence

* Superdry Cut to Sector Perform at RBC

>>> Initiation

* AIR FRANCE-KLM ASSUMED EQUAL-WEIGHT AT MORGAN STANLEY

* Boeing Cut as Morgan Stanley Sees Stock Approaching Fair Value (+)

* Centrica Reinstated Outperform at Exane; PT 150 pence

* DEUTSCHE LUFTHANSA ASSUMED UNDERWEIGHT AT MORGAN STANLEY

* EASYJET ASSUMED EQUAL-WEIGHT AT MORGAN STANLEY

* Evotec SE Reinstated Outperform at Oddo BHF; PT 23 euros

* Fortum Reinstated Underperform at Exane; PT 15.20 euros
* LyondellBasell Rated New Hold at Baptista Research; PT $99

* RYANAIR ASSUMED OVERWEIGHT AT MORGAN STANLEY

* Virgin Galactic Resumed Equal-Weight at Morgan Stanley; PT $4

* WIZZ AIR ASSUMED OVERWEIGHT AT MORGAN STANLEY

>>> Call

* AB InBev ‘Undervalued,’ PT Raised To Street High by Berenberg (+)

* Ageas Upgraded to Buy at Berenberg on Improving China Outlook

* Citi Expects Muted Tone From Machinery Stocks, Metso Outotec Cut

* Cucinelli Revenue Update ‘Another Reassuring’ Beat: Jefferies (+)

* Earnings Outlook For Europe Banks Largely Unrewarded: Berenberg (+)

* Flutter, SSP, Evolution, Whitbread and Compass Top Picks at MS (+)

* Holcim Buying Nicem Boosts Sustainable Transformation: Vontobel (+)

* RBC Sees Good Growth For European Luxury and Premium Brands

* Renewables’ Value Creation Concerns Are Overdone, Says MS (+)

FT : Private jet business soars despite commercial airline revival

Private jet business soars despite commercial airline revival

Charter bookings running 14% higher than before pandemic amid ‘record-breaking’ demand

The private jet use that surged in the coronavirus pandemic is showing no signs of abating, even as passengers return by the millions to commercial airlines and inflation raises the cost of a charter.

Global flights on business aircraft rose by 10 per cent in 2022 from the previous year and were 14 per cent higher than before the pandemic in 2019, according to aviation data company WingX. Richard Koe, WingX chief executive, said demand for private jets has been “record-breaking” for the past two years.

Bookings for private flights began to accelerate in 2020 as the wealthy and business travellers sought to avoid crowds and Covid-19 restrictions in place at airlines. Pilot shortages and cutbacks to service at smaller airports have also attracted private flyers.

US private jet companies continued to report strong bookings last year. Flexjet said last month’s holiday season was the busiest in its history. EvoJets said bookings for the holidays began two months earlier than average, as flyers rushed to secure limited aircraft.

“We have individual and corporate members that have fully transitioned to flying private due to reduced or limited commercial service,” said Kenny Dichter, chief executive of private jet charter Wheels Up. The company’s revenue was up 39 per cent year over year, Dichter said.

Demand remains strong despite rising costs and concerns about private planes’ far higher rates of carbon emissions per passenger than commercial aircraft or trains.

“It’s the convenience thing for me,” said Jeffrey Alecci, a financial adviser from New Jersey who flew with his wife and two 75-pound dogs to Florida for the holidays.

There is some evidence that the private jet boom may be reaching a plateau as jet fuel and other costs climb. Prepaid private jet rentals rose 21 per cent to an average hourly price of $11,748 from December 2021 to December 2022, according to Private Jet Card Comparisons, an advisory service.

In December, flights on business jets and turboprops declined 2 per cent compared to December 2021. But they remained 15 per cent higher than in December 2019, according to WingX.

Still, almost three-quarters of private jet flyers expect to fly the same amount this year, according to a recent report by Honeywell. Only 4 per cent said they expected to fly less.

“Inflation never affected the 1 per cent,” said Kevin Singh, president of Icarus Jet, a private jet broker.

(PZM) FRO - Withdrawing Intention to Bid - Communication in Accordance with Article 8, §1 of the Royal Decree of 27 April 2007 on

>>> Stoxx 600 Pre-Market Indications

Evotec SE (EVT TH) +1%
- Evotec SE Reinstated Outperform at Oddo BHF; PT 23 euros
Ageas (FO4N TH) +1%
- Ageas Upgraded to Buy at Berenberg on Improving China Outlook
Rational (RAA TH) -1.5%
Ryanair (RY4C TH) -1.5%
HelloFresh (HFG TH) -1.6%
TUI (TUI1 TH) -1.6%
Lufthansa (LHA TH) -1.7%
Santander (BSD2 TH) -1.8%
Stellantis (8TI TH) -1.9%
- BMW, Mercedes, VW Lofty CES Software Ambitions Create Bottleneck
ASML (ASME TH) -2%
Nel (D7G TH) -2.3%
Compass Group (XGR2 TH) -2.4%

>>> TradeGate Pre-Market Indications

DAX:

No major mover

MDAX:

Evotec SE (EVT TH) +1.2%
- Evotec SE Reinstated Outperform at Oddo BHF; PT 23 euros
TeamViewer (TMV TH) -1%
TAG Immobilien (TEG TH) -1.3%
Lufthansa (LHA TH) -1.5%
HelloFresh (HFG TH) -1.6%
Adtran Holdings (QH9 TH) -2.2%

SDAX:

Shop Apotheke (SAE TH) +1.2%
PNE AG (PNE3 TH) +1.2%
SFC Energy (F3C TH) +1%
MorphoSys (MOR TH) -1%
Heidelberger Druck (HDD TH) -1.1%
CropEnergies (CE2 TH) -1.2%
Metro (B4B TH) -1.4%
Deutz (DEZ TH) -1.8%

>>> What to look at today - 10th of January 2023

Asian stocks fluctuated as investors weighed hawkish comments from Federal Reserve officials and looked toward the release of US inflation data on Thursday for clarity on the trajectory for interest rates. Stock gauges in Australia and Southeast Asia fell, while those in mainland China fluctuated and Japan’s Topix Index advanced after reopening following a public holiday. Contracts on the S&P 500 edged lower after the index failed to stay above the 3,900 level, erasing an advance that reached almost 1.5% Monday. Traders hoping for a quick end to aggressive rate hikes as global inflation cools had a reality check on Monday, when San Francisco Fed president Mary Daly said she expects the central bank to raise rates to somewhere over 5%. Her Atlanta counterpart Raphael Bostic said policy makers should hike above 5% by early in the second quarter and then go on hold for “a long time.” That leaves those betting on slower hikes waiting on Thursday’s US inflation report, which will come out almost a week after the latest jobs data showed wage growth has decelerated. The figures will be among the last such readings policy makers will see before their Jan. 31-Feb. 1 gathering. The Bloomberg Dollar Spot Index was little changed. Treasury 10-year yields held at 3.53%. Japan’s 10-year yield was at 0.5%, the ceiling for the Bank of Japan’s yield-curve control policy. Concerns about recessions in the US and Europe this year have been countered by renewed optimism over China. The world’s second-largest economy made a U-turn on strict Covid restrictions in December and swiftly followed up with other market-friendly changes. The Chinese economy is now forecast to expand by 4.8% this year, according to data compiled by Bloomberg. Still, deflationary pressure worsened in the fourth quarter, with price growth likely to be subdued even when the economy rebounds later this year, according to China Beige Book International. US After Hours

OSH +25.8% on guidance, FRO +17.5% after terminating Euronav agreement, ACCD +4.8% and AZZ +3.8% on earnings; BLI -6.4% on guidance, PLNT -5.0% on year-end metrics

Nikkei +0.78% Hang Seng -0.44% CSI +0.11% Shanghai -0.21% Shenzen +0.27%

Eur$ 1.0728 CNH 6.7865 CNY 6.7773 JPY 132.12 GBP 1.2154 CHF 0.9218 RUB 69.6230 TRY 18.7780 WTI$ 74.38 -0.34% BTC 17,204 +0.13% ETH 1,324 +0.42%

S&P -0.19% Nasdaq -0.23% EuroStoxx -0.81% FTSE -0.52% Dax -0.70% SMI -1.16%

Macro :
- UBS Sees Asia M&A Pick Up in Latter 2023 Despite Recession Woes

Keep an eye on :

- YOU GY : About You Sees FY Rev., Adj. Ebitda at Lower End of Range

- AVGO US : Apple Plans to Drop Broadcom Chip by 2025 to Use In-House Design

- BAYN GY : Activist investor Jeff Ubben urges Bayer to look for external CEO

- BMW GY : Rolls-Royce Says Super Rich Keep on Buying Luxury Cars

- BC IM : Brunello Cucinelli FY Revenue Beats Estimates

- CAV1V FH : *TRITON MAKES COMPETING OFFER OF EU8/SHR FOR FINLAND'S CAVERION

- CGG FP : CGG Prelim 4Q Segment Revenue About $321M, Est. $288M (2 Est.)

- ENGI FP : Belgium, Engie Reach Prelim. Deal to Extend Nuclear Plants: Tijd

- GILD US : *GILEAD SAYS IT REPURCHASED $1.4 BILLION IN SHARES IN 2022

- HOLN SW : Holcim Buys Nicem; No Financial Terms Disclosed

- INPST NA : InPost 4Q Total Parcel Volumes 220M, Up 23% Y/y

- MANU US : Man United, Liverpool Said to Be Buyout Targets for Qatar Fund

- MSFT US : Microsoft Mulls $10 Billion Investment in ChatGPT Creator

- NDX1 GY : Nordex Gets Order for More Than 200 MW in Canada
- NOVN SW : Traders Circulate Post Suggesting Novartis AG 'Misses On 2nd Interim For NATALEE Trial.

- PGN GY : Paragon Offers to Buy Up to CHF10m of 2019-2023 Bonds

- PFE US : Pfizer says it could start making Paxlovid in China in 3-4 months

- PFE US :

- PMAG AV : Pierer Mobility Prelim FY Revenue Beats Estimates

- RIO LN : Vale Weighs Offers for Stake in Base Metals Business: FT

- SKAB SS : Skanska Gets Order in New York Worth About SEK4.9b

- SRG IM : Snam Names Luca Passa as New CFO

- VOW GY : BMW, Mercedes, VW Lofty CES Software Ambitions Create Bottleneck

>>> Europe : Brokers Upgrades & Downgrades - 10th of January 2023