>>> What to look at today - 4th of August 2022

Asian stocks rose Thursday, as Alibaba Group Holding Ltd. led Chinese tech companies higher ahead of its quarterly results. Bets on further Federal Reserve interest-rate hikes supported Treasury yields. A global share gauge pushed toward the highest level since early June, after a US rally triggered by earnings and robust economic data. US futures fluctuated as traders weighed how much further the revival in equities from bear-market lows can go. The dollar was little changed.  Investors Wednesday warmed to earnings and buyback announcements from Moderna Inc. and PayPal Holdings Inc. as well as surprise US service-sector growth. Almost 75% of US firms have so far beaten earnings estimates. Jitters over US-China ties faded after House Speaker Nancy Pelosi departed Taiwan. Federal Reserve officials again signaled they will do what’s required to cool high inflation with rate increases even if that raises the risk of recession. Oiledged higher amid signs of slowing demand in a US inventory report. Goldadvanced and Bitcoin fell.   Global stocks have now rebounded some 10% from a June low, reducing year-to-date losses to about 15%. The big debate is whether that points to complacency given the bond market is flashing a warning of an economic slowdown. Taiwan tension remains among the uncertainties. China is due to kick off military drills starting noon local time to illustrate its ability to surround the island in a show of force following Pelosi’s trip. Later in Europe, the UK is set to add to a global wave of monetary tightening that’s putting the brakes on the world economy. The Bank of England is expected to join some 70 other institutions around the world in delivering a half-point increase in borrowing costs. US After Hours YELL +40.1%, HHC +14.7%, MELI +12%, ADPT +11.2%, SFM +8.6% higher on earnings; TRUP -18.5%, MED -11.6%, BKNG -3.1% lower on earnings; GBT +30% on Bloomberg report it is attracting takeover interest

Nikkei +0,63% Hang Seng +1,26% CSI +0,01% Shanghai -0,20% Shenzen -0,40%

Eur$ 1,0168 CNH 6,7613 CNY 6,7546 JPY 133,83 GBP 1,2155 CHF 0,9610 RUB 60,4136 TRY 17,9471 WTI$ 91,01 Gold 1,774,12 +0,50% BTC 23,095 -1% ETH 1,650 +0,30%

S&P -0,08% Nasdaq -0,18% EuroStoxx +0,33% FTSE +0,11% Dax +0,44% SMI -0,11%

Macro :
- UK New Car Sales Fell 9% in July as Auto Group Cuts 2022 Outlook
- Strategists Fear Pelosi Trip to Have Deeper Impact
- Goldman Affirms Bullish China Stocks Call in Face of Taiwan Rift
- Italy’s Great Divide Tests Europe's Ambitious Recovery Efforts
- GS Strategists Say Stocks Could Fall Without Shift in Macro Data
- Prepare for 15% inflation next year, Britain warned

Keep an eye on :
- 1U1 GY : 1&1 1H Ebitda EU368.2M Vs. EU336.1M Y/y
- ADEN SW : Adecco 2Q Adjusted Ebita Misses Estimates
- ADS GY : Adidas 2Q Revenue Meets Estimates
- ALV GY : *PIMCO HIRES RICHARD CLARIDA AS GLOBAL ECONOMIC ADVISOR
- ANIM IM : Anima Holding July Net Inflows EU101M
- ATUS US : Altice USA Confirms It’s Exploring Sale of Suddenlink Assets
- ATUS US : Altice USA 2Q EPS Misses Estimates
- AMBU DC : Ambu Slashes FY Organic Revenue Forecast, to Cut 200 Jobs
- APPL US : Apple to Delay IPad Software Launch by a Month in Unusual Move
- BAMI IM : Banco BPM 2Q Net Income Beats Estimates
- BYW6 GY : BayWa 1H Revenue EU12.91B Vs. EU9.28B Y/y
- BAYN GY : Bayer 2Q Adjusted Ebitda Beats Estimates
- Back Market IPO : French Tech Startup Back Market Said to Start Early Prep on IPO
- BT/ LN : Altice USA Confirms It’s Exploring Sale of Suddenlink Assets
- CAPMAN FH : CapMan 1H Operating Profit EU33.0M
- CAV1V FH : Caverion 2Q Operating Profit Beats Estimates
- CLX US : *CLOROX FALLS 5% AFTER ADJUSTED EPS FORECAST MISSES ESTIMATES
- COP GY : CompuGroup Boosts FY Revenue Forecast, Beats Estimates
- ACA FP : Credit Agricole 2Q Net Income Beats Estimates
- DOV IM : doValue 1H Gross Rev. EU271.2M Vs. EU254.2M Y/y
- DUE GY : Duerr Boosts FY Order Intake Forecast, Beats Estimates
- ZIL2 GY : ElringKlinger 2Q Ebit Loss Misses Estimates
- XOM US : Exxon in Talks to Transition Russia’s Sakhalin-1 to Third Party
- FAGR BB : Fagron 1H Adjusted Ebitda EU63.3M Vs. EU56M Y/y
- FLS DC : FLSmidth Wins DKK950 Million Contract for Zinc, Lead Mine
- GBT US : Global Blood Therapeutics Is Said to Draw Takeover Interest
- HNR1 GY : Hannover Re Raises FY Return on Investment Goal to Above +2.5%
- HAG GY : Hensoldt 1H Adjusted Ebitda Margin 8.9% Vs. 9.1% Y/y
- IMCD NA : IMCD 1H Revenue Beats Estimates
- INGA NA : ING 2Q Net Income Beats Estimates
- IR US : Ingersoll Rand Narrows FY Adj Ebitda Forecast, Beats Estimates
- INPST NA : InPost Holder Offers 17.5m Shares via Goldman Sachs: Terms
- KTN Y : Kontron 1H Ebitda EU62.6M Vs. EU58.3M Y/y
- LXS GY : Lanxess FY Adjusted Ebitda Forecast Misses Estimates
- LEG GY : LEG Refrains From Buying More Shares in BCP From Adler
- LHA GY : Lufthansa Gives Upbeat Outlook as Fare Surge Survives Disruption
- MRK GY : Merck KGaA Boosts FY Adjusted Ebitda Forecast
- MOR GY : MorphoSys Small Beat, Focus on 2H Data Readouts: Morgan Stanley
- NXT LN : Next 2Q Retail Sales +12%
- NOVO DC : Novo Nordisk Plummets on EPS and Wegovy Miss: Intron Health
- PHARM NA : Pharming 2Q Revenue $50.1M Vs. $49.7M Y/y
- TPEG LN : Property Franchise Says Performance is in Line With Market Views
- RR/ LN : Rolls-Royce 1H Adjusted Revenue Misses Estimates
- SBMO NA : SBM Offshore Sees FY Adj Ebitda Above $950M, Saw About $900M
- SESG FP : Satellite Operators SES, Intelsat in Deal Talks: FT
- SESG FP : SES 1H Revenue Meets Estimates
- SCMN SW : Swisscom 1H Ebitda CHF2.19B Vs. CHF2.32B Y/y
- SGL GY : SGL 1H Sales Revenue EU549.8M Vs. EU496.7M Y/y
- SMHN GY : Suess MicroTec 1H Ebit EU5.1M Vs. EU8.0M Y/y
- TIT IM : Telecom Italia: Stefano Siragusa to Leave by Mutual Agreement
- TEN IM : Tenaris 2Q Net Sales Beats Estimates
- TSLA US : Electrek.co: Tesla applies to patent more precise GPS antenna for self-driving and navigation https://t.co/578rBfxc4G by
- VACN SW : VAT 1H Net Sales Beats Estimates
- VOE AV : Voestalpine 1Q Ebitda Beats Estimates
- YAR NO : Petrobras Fertilizer Units Sale Said to Attract Yara Interest
- ZAL GY : Zalando 2Q Adjusted Ebit Misses Estimates

>>> Europe : Brokers Upgrades & Downgrades - 4th of August 2022

>>> Up
* Centrica PT Raised to 160 pence from 140 pence at Morgan Stanley
* Lloyds Raised to Buy at Goldman; PT 65 pence
* Tod's Raised to Hold at Jefferies; PT 40 euros

>>> Down
* Acciona Energia Cut to Neutral at Goldman; PT 43.50 euros
* AO World Cut to Hold at Panmure Gordon; PT 60 pence
* Avast Cut to Hold at HSBC; PT 655 pence
* Cowen Cut to Neutral at Piper Sandler; PT $39
* HSBC Cut to Neutral at Goldman; PT 705 pence
* JCDecaux Cut to Add at AlphaValue/Baader
* Just Eat Takeaway Cut to Equal-Weight at Barclays
* PNE AG Cut to Reduce at Baader Helvea; PT 14.50 euros
* Travis Perkins Cut to Add at Peel Hunt; PT 1,160 pence

>>> Initiation
* Elior Group Reinstated Neutral at Citi; PT 3.30 euros
* Ergomed Rated New Buy at Berenberg; PT 1,450 pence

>>> Call
* Centrica EPS Estimates Boosted 70%, PT Raised at Morgan Stanley
* doValue Results Beat, Expect Small Positive Reaction, Citi Says
* Ergomed a Buy at Berenberg on Attractive, Niche Positioning
* GS Strategists Say Stocks Could Fall Without Shift in Macro Data
* Lanxess 2Q Ebitda Beats, But Expect ‘Muted’ Reaction: Jefferies
* MorphoSys Small Beat, Focus on 2H Data Readouts: Morgan Stanley
* Travis Perkins Cut to Add at Peel Hunt on Lack of Catalysts

FT : Satellite operators SES and Intelsat in deal talks

Satellite operators SES and Intelsat in deal talks
US and Luxembourg groups exploring tie-up as challengers like Elon Musk push into space industry

Luxembourg-based satellite operator SES is in talks with US group Intelsat about a potential combination as both companies seek to ensure they are not left isolated in a fast-consolidating industry that is battling challengers such as Elon Musk.

The companies are in active discussions about the structure of any potential deal, according to three people familiar with the matter, as a wave of mergers and acquisitions sweeps across the satellite industry.

“Neither wants to be the last one standing,” said one person close to the matter.

A merger would create a group boasting around $4bn of annual revenues but the discussions are at an early stage and there is no guarantee of a deal being reached, the people stressed.

New rivals such as Musk’s SpaceX have shaken up the old order of an industry previously dominated by nation states, betting big on cheaper, smaller satellites that operate from low-earth orbit (LEO). Older players in the industry have become increasingly conscious of the need to achieve scale — and a multi-orbit strategy that spans different altitudes — to compete.

Last week, French satellite operator Eutelsat announced its intention to acquire smaller UK rival OneWeb, causing its shares to fall 30 per cent across two days of trading as investors baulked at what they viewed as a highly risky deal.


In November, US satellite company Viasat announced a takeover of UK group Inmarsat in a $7.3bn deal, combining two of the largest geostationary satellite operators globally in what the industry regarded as a harbinger of more consolidation.

Privately-held Intelsat said that it did not comment on rumours and speculation, but added: “We generally believe that partnerships among satellite communications companies and bringing together complementary capabilities can drive competition, which benefits customers and people around the world who rely on seamless connectivity.”

SES, which has a market capitalisation of €3.5bn and is carrying €3.6bn in net debt, declined to comment.

Headquartered in a castle in Luxembourg, SES has already received a chunk of cash as part of $4.7bn it is due to receive from US regulators for freeing up spectrum for 5G services.

Analysts at Credit Suisse wrote in April that synergies from a potential combination between SES and Intelsat could generate $2.6bn in value for shareholders, which they predicted could provide a 30 per cent uplift to SES’s share price.

SES’s share price has risen by eight per cent this year, to €7.76, still far below its 2015 peak of over €34.

However, the analysts noted that one barrier to a tie-up could be the Luxembourg government, which owns 33 per cent of the voting rights at SES, although a deal would offer voting rights in an enlarged company.

Satellites have suffered weak returns for the past five years, in part because of declining revenues from traditional satellite businesses like broadcast and fragmentation in the sector, with about 55 satellite operators around the world.

Intelsat filed for bankruptcy protection in the US in early 2020, arguing that it could not manage the transition to new technology required to free up the air waves while carrying $16bn in debt. It emerged from bankruptcy earlier this year with $7bn of debt.

The group, which provides broadband services to business and government customers, is exploring the possibility of launching a network at lower altitudes, focusing predominantly on so-called medium earth orbit (MEO), situated more than 2,000km above earth.

These satellites could be integrated with its existing geostationary communications network of 52 satellites flying more than 35,000km above earth. SES already has a MEO constellation, which it is currently upgrading.

>>> US After Hours Summary: YELL +40.1%, HHC +14.7%, MELI +12%, ADPT +11.2%, SFM

After Hours Summary: YELL +40.1%, HHC +14.7%, MELI +12%, ADPT +11.2%, SFM +8.6% higher on earnings; TRUP -18.5%, MED -11.6%, BKNG -3.1% lower on earnings; GBT +30% on Bloomberg report it is attracting takeover interest

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: YELL +40.1%, HHC +14.7%, RELY +13%, MELI +12%, ADPT +11.2%, ATUS +10.1%, SFM +8.6%, CFLT +8.4%, PCOR +7.6%, HCC +6.8%, RUN +6.1%, TTMI +5.1%, WSC +5% (also replenishes share repurchase authorization to $1 bln), AVDX +4.9%, ALB +4.7%, ICFI +4.4%, RCII +4.2%, ZETA +4.2% (also authorizes new $50 mln share repurchase program), ELF +4%, CIVI +4%, DV +3.9%, GRBK +3.6%, NOG +3.6%, STOR +3.4%, ETD +3.3%, ECPG +3.2%, SM +3%, HST +2.9%, PAA +2.8%, IIPR +2.7%, NFE +2.7%, HUBG +2.6%, MGM +2.6%, DRH +2.4%, LSI +2.4%, ACLS +2.3%, ORCC +2.2%, ET +2.1%, WU +1.8%, KD +1.6%, MCK +1.5% (also settles, or reached agreements to settle, opioid-related claims of all 50 states), MTG +1.5%, CHRD +1.4%, FARO +1.3%, UPLD +1.3%, NTR +1%, SIGI +1%, CORT +1%, AFG +0.8%, ONL +0.8%, ANSS +0.7%, LPI +0.7%, CURV +0.7% (lowers Q2 revenue guidance; also names Tim Martin as COO and CFO), BHE +0.6%, TWO +0.6% (also to acquire RoundPoint Mortgage Servicing), BAND +0.5%, GDDY +0.5%, UIS +0.5%, DOX +0.4% (also announces various collaborations and service agreement extensions), IR +0.4%, OUT +0.4%, EQH +0.3%, SRI +0.3%, AEIS +0.2% (also increases share repurchase authorization to $200 mln), AMK +0.2%, BKH +0.2%, GKOS +0.2% (also receives 510(k) FDA clearance for iStent infinite Trabecular Micro-Bypass System), MET +0.2%, WTS +0.2%, CW +0.1%, EBAY +0.1%, HI +0.1%, JAZZ +0.1%, MDU +0.1%, SRC +0.1%, SUM +0.1%

Companies trading higher in after hours in reaction to news: GBT +30% (GBT is attracting takeover interest, according to Bloomberg), EXC +0.9% (files mixed securities shelf offering), GBL +0.8% (names new CEO), CTSH +0.2% (selected by AXA UK & Ireland as a technology partner)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: TRUP -18.5%, RVLV -15.5%, PAY -15.2%, SKLZ -13.6%, LCID -12.5%, MED -11.6%, CCRN -10%, TNDM -10%, FTNT -9.4%, SITM -9.3%, CPE -8.2%, DXC -7.2%, NARI -7% (also names new CEO), XNCR -7%, CLX -6.2%, FSLY -6.1% (also names Cisco exec as new CEO), PACB -6%, LUMN -5.5%, KLIC -5.4%, RGR -5.3%, SGFY -5.3%, ALGT -4.9%, NVRO -4.9%, QNST -4.9%, TPIC -4.9%, IAG -4.3%, ALSN -4.2%, QTWO -4%, CDE -3.3%, BKNG -3.1%, FLT -3.1% (also acquires Accrualify), WES -3.1%, RPD -3%, FATE -2.5%, VMEO -2.5%, TWNK -2.4%, VVV -2.4%, QRVO -2.3%, CHNG -1.6%, CODI -1.6%, LNC -1.5%, ALL -1.3%, PK -1.2%, FROG -1.1%, FICO -0.6%, FSR -0.6%, O -0.6%, COWN -0.6%, BMRN -0.5%, AMPL -0.4%, SLF -0.3%, NVST -0.2%, RGLD -0.2%, APA -0.1%, MMS -0.1%, RPT -0.1%, RYN -0.1%, WHD -0.1%, ROG -0.1%

Companies trading lower in after hours in reaction to news: PSTX -16.2% (commences stock offering), ECVT -12.8% (commences 12 mln stock offering by selling stockholders), APPH -8.2% (files for $300 mln mixed securities shelf offering), TMDX -6.6% (commences $100 mln stock offering; also files mixed securities shelf offering), EVH -4% (stock offering), NTST -2.9% (commences 7.5 mln share offering related to forward sale agreements), WMT -0.7% (to eliminate hundreds of jobs at corporate office, according to WSJ), COST -0.6% (reports July comps), CBOE -0.2% (reports July trading volumes)

>>> What to look at today - 3rd of August 2022

Stocks stabilized in Asia on Wednesday, helped by a climb in Hong Kong, as some of the investor anxiety over fraught US-China ties eased. Treasuries pared a slide sparked by hawkish Federal Reserve comments. Equity markets in China and Japan also pushed higher, while S&P 500 and Nasdaq 100 futures fluctuated after a dip in Wall Street shares on Tuesday. US House Speaker Nancy Pelosi is continuing a visit to Taiwan that has provoked an angry response from China, but markets for the moment are absorbing the developments as traders contemplate their ramifications.   A dollar gauge dipped along with Treasury yields but the two-year rate remained above 3%. A chorus of Fed officials Tuesday said the central bank has some way to go to get inflation under control, leading traders to trim wagers on policy easing next year. China, which regards Taiwan as part of its territory, announcedmissile tests and military drills around the island after Pelosi became the highest-ranking American politician to visit in 25 years.  China also halted natural sand exports to Taiwan and some fish and fruit imports from the island. While fears of an acute deterioration in ties between the US and China appear to have cooled, the ill-will highlights the risk of longer term economic decoupling with an array of potential impacts, such as stickier inflation as supply chains adjust. oil traded at about $94 a barrel ahead of an OPEC+ crude production meeting. Gold climbed and Bitcoin dropped under $23,000. US After Hours : MTCH -22%, CGNX -15.5%, SEDG -12.2%, ABNB -8%, AMD -5.8% lower on earnings; AYX +12.8%, PYPL +11.6%, HLF +10.9%, RNG +7.8%, SOFI +7.3% higher on earnings; SWIR +6.8% as it agrees to be acquired

Nikkei +0,52% Hang Seng +0,62% CSI -0,03% Shanghai +0,40% Shenzen +0,60%

Eur$ 1,0190 CNH 6,7594 CNY 6,7512 JPY 132,50 GBP 1,2185 CHF 0,9548 RUB 60,1967 TRY 17,9441 WTI$ 94,08 Gold 1,769,16 +0,50% BTC 22?882 -0,65% ETH 1,624 -1,75%

S&P +0,22% Nasdaq +0,11% EuroStoxx -0,22% FTSE -0,34% Dax -0,12% SMI

Macro :

Keep an eye on :

>>> Europe : Brokers Upgrades & Downgrades - 3rd of August 2022

>>> Up