WSJ : Bill Gates Says NFTs and Crypto Are ‘100%’ Based on Greater Fool Theory

Bill Gates Says NFTs and Crypto Are ‘100%’ Based on Greater Fool Theory
The Microsoft co-founder joked that ‘expensive digital images of monkeys’ would improve the world

Microsoft Corp. MSFT +2.15% co-founder Bill Gates said he thinks cryptocurrencies and NFTs are “100%” based on the greater fool theory.

The 66-year-old billionaire was referring to the notion that overvalued assets will keep going up because there are enough people willing to pay high prices for them. He joked that “expensive digital images of monkeys” would “improve the world immensely.”

Mr. Gates, who for years has lampooned cryptocurrencies, said Tuesday at a TechCrunch event in Berkeley, Calif., that people bought cryptocurrencies and NFTs based on the idea that, no matter its price, it could be sold for higher because “somebody’s going to pay more for it than I do.”

He said that he wasn’t involved in “any of those things” either long or short. Other wealthy investors and executives, including Warren Buffett and Jamie Dimon, have also expressed skepticism about cryptocurrencies. Mr. Buffett once called bitcoin “rat poison squared.”

NFTs, or nonfungible tokens, are digital proofs of a purchase for goods like art, digital music and sneakers. After surging in popularity, their demand appears to be flatlining recently. Rising interest rates have crushed risky bets across the financial markets—and NFTs are among the most speculative.

In referencing NFTs, Mr. Gates appeared to be commenting on a monkey from the Bored Ape Yacht Club NFT collection.

He said he preferred asset classes “like a farm where they have the output or a company where they make products.”

His comments come as bitcoin and other cryptocurrencies have slid sharply in recent days amid a broad global market rout, undoing much of the gains at the beginning of the pandemic when a wave of investors started betting on digital currencies.

The price of bitcoin recently traded just above $20,000 on Wednesday. It has lost more than two-thirds of its value since its record high in November, the fourth worst selloff in the cryptocurrency’s 13-year history.

Further waves of reckoning have swept through the cryptocurrency industry this week. Crypto exchange Coinbase Global Inc. said it would cut almost a fifth of its staff and crypto lender Celsius Network LLC, one of the largest crypto lenders, told users on Sunday night that it was pausing all withdrawals, swaps and transfers between accounts because of extreme market conditions. The company has hired a law firm to examine restructuring options.

Mr. Gates is the world’s fourth-richest person with a net worth of $113 billion, according to the Bloomberg Billionaires Index. He wrote in a Q&A session on Reddit last month that he didn’t own any cryptocurrencies.

“I like investing in things that have valuable output,” he said.

“The value of crypto,” he added, “is just what some other person decides someone else will pay for it.”

Business Of Fashion : Fashion’s Top M&A Targets

Fashion’s Top M&A Targets
The market may be cooling, but a number of in-demand brands remain of interest to financial backers. BoF identifies the top targets.

KEY INSIGHTS
  • Ganni and Jacquemus are among the high-potential labels that financial backers are targeting.
  • Investors are looking for solid revenue growth, profits and brand DNA, as well as direct-to-consumer success and social media fluency.
  • “There is less forgiveness for underperforming companies or brands that are not relevant to today’s consumers,” said Elsa Berry of Vendôme Global Partners.

In the investment community, fashion has long been considered a risky bet. It’s difficult for brands to differentiate themselves in a saturated market, and even harder to achieve the scale required to turn a significant profit.
However, early in the pandemic, appetite for fashion acquisitions increased as investors saw distressed assets as good deals. (Licensing firm Authentic Brands Group, for instance, picked up Lucky Brand Jeans in August 2020 and Brooks Brothers in September 2020.) Then, as winners emerged from the crisis — with 2021 sales significantly up from 2019 — valuations rose, putting still-flush investors in a race to partner with top brands.
Now, the tables have turned once again. As inflation rises and consumer spending slows, dozens of fashion brands are looking for backers. But potential acquirers are thinking twice before they cut a deal, as stock markets sink and the likelihood of a global downturn grows. In the first quarter of 2022, total transaction value in the global M&A market dropped to $725 billion, nearly 23 percent lower than the previous quarter, according to research firm Global Data.
“Buyers have become very selective,” said Elsa Berry, founder of Vendôme Global Partners, which has advised brands including Dries Van Noten and Bally. “There is still a lot of money looking for investment opportunities, but growth, profits and brand DNA need to be solid. There is less forgiveness for underperforming companies or for brands that are not agile or not relevant to today’s consumers’ interests and expectations.”

So, which are still worth pursuing? BoF spoke with industry executives, financial advisors and investors to identify seven fashion labels with strong identities and sound business models.

Isabel Marant
2022 Estimated Revenue: $320 million
The preeminent export of French bohemian-bourgeois chic since 1994, designer-founder Isabel Marant sold a 51 percent stake in her namesake business in 2016 to Paris-based fund Montefiore Investment, which has helped to steadily increase the label’s sales and expand its reach beyond hero products like the wedge sneaker, a global hit in the early 2010s. The company’s balanced distribution — both geographically and between wholesale, direct retail and e-commerce channels — as well as its accessible-luxury prices, gave it a leg up during the pandemic. Now, Montefiore is seeking an exit at a valuation of about $1 billion, according to multiple sources, most likely to a strategic partner that could help manage further retail expansion. While talks with interested buyer did not continue in February 2022, a deal could be back in play, the source said.

Ganni
2022 Estimated Revenue: $180 million
Ditte and Nicolaj Reffstrup’s transformation of a sleepy Coppenhagen-based knitwear label into a trendy global player known for its accessible, print-heavy separates, is well-documented. In 2017, LVMH-linked investment firm L Catterton took a majority stake in the business, providing the capital to grow its retail network to 36 stores. Now the company — whose mix of desirability and price point could help it weather a downturn — is a prime target for a new investor that could push it above $500 million in annual sales.

Jacquemus
2022 Estimated Revenue: $200 million
Unlike most of the brands on this list, Jacquemus, which blends Mediterranean sensuality with youthful ease, is not seeking a backer, despite the fact that the digital-first label — 70 percent of overall sales are generated via e-commerce — is of interest to plenty of parties. It’s all thanks to designer Simon Porte Jacquemus’ ability to attract attention online — consider his show in the lavender fields — and create hero products — like his teeny-tiny handbags — that are both conceptual and commercial hits.
Now, he has hired former Paco Rabanne and Lemaire head Bastien Daguzan as chief executive to take the label to the next level. A beauty partnership with Spanish fragrance giant Puig — the owner of Rabanne — is in the works, and a Nike collaboration is launching in June 2022.

Amiri
2022 Estimated Revenue: $250 million
Los Angeles-based Mike Amiri has done particularly well in menswear and denim: his ripped, skinny jeans and ornate baseball jackets capture a certain American West Coast fashion niche. In 2019, the designer received a minority investment from Italian entrepreneur Renzo Rosso’s group OTB. The Diesel-owner tends to prefer majority investments in brands — Marni, Maison Margiela and Jil Sander are all part of OTB — so he would be a likely buyer if the brand was to sell. Amiri’s focus on denim, Rosso’s specialty, also helps.

Sézane
2022 Estimated Revenue: $140 million
Morgane Sezalory‘s direct-to-consumer label Sézane, founded in 2013, used classic French tropes — with stripes and florals galore — to develop an easy-to-understand aesthetic that has appeal far beyond Saint-Germain-des-Prés. Its “French girl style” is a hit in the US, where other Paris-based contemporary brands have struggled to succeed because of poorly plotted distribution strategies and sizing that’s not so friendly to many American consumers. Sézane’s online-first approach smartly positioned it as a competitor to Los Angeles-based Reformation.

Amina Muaddi
2022 Estimated Revenue: $58 million
An antithesis to the subdued flats and chunky sneakers that dominated women’s footwear for a decade past decade, Amina Muaddi’s colourful, plastic-fantastic heels — hefty with embellishment and sculptural in shape — managed to buck pandemic trends, with sales hitting $22 million in 2020 after just two years in business. A key challenge in the footwear business is distribution, and scaling up once distribution is secured: most luxury consumers tend to favour well-known brands more than in any other category. A partner could support an expansion into retail and a deeper product assortment.

Casablanca
2022 Estimated Revenue: $40 million
French-Moroccan designer Charaf Tajer made a name for himself co-founding the Paris-based streetwear label Pigalle with Stéphane Ashpool and working with Virgil Abloh and Supreme. With Casablanca, which he launched in 2019, he became the focal point (and a contender for several high-profile creative director positions, according to sources.) The line taps into the growing demand for resort wear for both men and women, with a heavy emphasis on relaxed silhouettes like boxer shorts and bowling shirts, done in silk twills printed with novel, tongue-in-cheek motifs.

WWD : Respect and Utility Key in NFT Success, Says Tag Heuer’s Frédéric Arnault

Respect and Utility Key in NFT Success, Says Tag Heuer’s Frédéric Arnault
The chief executive officer explained why an NFT viewer was the Swiss watchmaker’s first Web3 move.

PARIS — Forget wearing your heart on your sleeve: thanks to Swiss watchmaker Tag Heuer, it’s your NFT collection you’ll be able to display on your wrist, proof of ownership and all.

Owners of its Connected Calibre E4 smartwatch will now be able to showcase their digital collection using the dedicated viewer in its new Lens watch face.

With still and animated digital collectibles supported, it’s a far cry from having to pull out one’s smartphone to open a digital wallet or using static images as device backgrounds or phone cases, the watchmaker’s chief executive officer Frédéric Arnault told WWD.

“That’s not really your NFT, it’s an image of it,” he pointed out, adding that given the value of digital artwork, “you want to be able to showcase it on something as unique and special as it is.”

Proof of ownership will also be displayed as a hexagonal cloud of particles gravitating around the digital artwork, which can be resized to its owner’s liking.

Putting an NFT viewer in a smartwatch felt right to address the needs of collectors, given their affinity toward tech devices and appetite to showcase their digital identities and ownership credentials.

“A watch is a great format for yourself [to admire your collection] and as a conversation starter. [Collectors] are passionate, they talk about them all the time,” he continued, admitting that he was among them.

And the intuitive display has also allowed non-NFT enthusiasts to start seeing the point, the executive added.

This could also pave the way to changing the way time is displayed.

Although Tag Heuer’s most successful watch faces remain those mimicking mechanical timepieces such as the most-downloaded Heuer 02 with its chronograph-style display, Arnault believes connected devices offer new creative avenues and that NFTs will, in time, be a key in moving away from watch hands.

Case in point: while an NFT takes pride of place in the new Lens display, time is indicated by a discreet triangle and circle near the bezel, indicating hours and minutes, respectively.

Asked why the brand didn’t dive into the Web3 space with its own digital artwork, the executive felt there was a positioning challenge toward the NFT community, which numbers around 500,000 around the world but is rapidly growing.

“It’s difficult for a brand to land in that space without showing respect and recognition towards what the community is. Our approach is to show that we are part of it, first by accepting crypto payments and now giving the ability to visualize existing NFTs,” said the executive.

He credited NFTs’ potential monetization for drumming up interest in creators and attracting large volumes of investment that have financed creativity on a scale that didn’t previously exist.

Artistic considerations aside, “what’s most important is why a digital collectible has value. What utility lies behind it: services, access, drops? Launching an NFT collection is a very involving choice because you have to have a vision on how to maintain value so that clients will want to have and continue to be part of the community,” he continued.

Among those successful in harnessing “a good concept with real engagement strategies in terms of drops and the whole universe [each brand] has created around these avatars,” he named Rtfkt, Takashi Murakami’s “Murakami.Flowers” and Bored Ape, who gained “the most traction [by being] the first to work their brand differently, giving the intellectual property to their community [and in succession] creating a universe, a land, a metaverse.”

Given the outsized importance of community in the Web3 space, which he likened to the watch collecting world, Arnault is convinced that blockchain and NFTs will fundamentally change the face of luxury.

“What clients have in their wallet will change the way CRM is done and how brands engage with them,” he said, although he admits it will take time given the steep technological and time-consuming barriers to entry.

Innovations that will lessen the environmental impact of their current energy-intensive production will also be key.

“I’d be surprised if no one finds a way to make crypto efficient within the next decade,” he said, naming quantum computing as another coming paradigm shift for crypto as calculations speed up.

If recent cryptocurrency crashes have made headlines by wiping out billions, Arnault viewed them as a good thing that “repels speculators and puts an end to dilettante projects,” expressing the opinion that the field’s unicorns were now being built.

As for the shape Tag Heuer’s Web3 presence will take, the executive declined to share specifics but noted that “going too fast or being first” wasn’t necessary.

“I could tell you what we’re not going to do right now, or within the next five years, but I never want to say never. A month in crypto is [equivalent to] a year. You have to be agile, to question the way you function — it’s a risk-taking mind-set,” he said.

WWD : Christie’s ‘Six Rings’ Auction Kicks Off Sneakers, Streetwear Vertical

Christie’s ‘Six Rings’ Auction Kicks Off Sneakers, Streetwear Vertical
The auction house sold through the lots, marking the official start of their sneakers and streetwear department.


Christie’s on Tuesday closed its “Six Rings — Legacy of the GOAT” online-only sale dedicated to Michael Jordan’s career.

The auction, comprised of six lots representing key moments in Jordan’s illustrious career, first began on June 1 and closed with 100 percent sell-through and raised almost $1.49 million in sales.

The six lots include game-worn and dual-signed player exclusive Air Jordan XIII sneakers worn by Jordan in game five of the 1998 NBA Finals; player exclusive Air Jordan XIII “Flint” sneakers made for Jordan during his final season on the Chicago Bulls in 1997-98; dual-signed Air Jordan VII “Bordeaux” sneakers from the 1992 All Star Game; a mint condition, restored pair of player exclusive Air Jordan V “Fire Red” sneakers, dual-signed 1985 Air Jordan 1 “Chicago” sneakers, and the Upper Deck Fleer signed rookie card from 1986 that was reclaimed for the 20th anniversary and signed by Jordan. Of the 23 cards released, only 14 are known, graded and owned by collectors — including the one in the auction.

Of the six lots, three achieved or exceeded their estimate, while the others came in under their estimate. The dual-signed 1985 Air Jordan 1 “Chicago” sneakers realized $40,320, and player-exclusive Air Jordan XIII “Flint” sneakers realized $11,340, both meeting their estimates. The dual-signed Air Jordan VII “Bordeaux” sneakers exceeded their estimate by more than $10,000, bringing in $40,320. The three remaining lots — Air Jordan XIII “Playoffs” sneakers for $378,000, Air Jordan V “Fire Red” sneakers for $10,710, and the signed rookie card for just north of $1 million — all sold below estimates.

Sneakers and streetwear specialist Caitlin Donovan, with rare sneaker collector Gerard Starkey, put together the sale. The selection included five game-worn and/or dual-signed Air Jordan sneakers and an Upper Deck trading card with an estimated worth of $3 million. A T206 Honus Wagner baseball trading card from 1909 still holds the record for most expensive trading card at $6.6 million, and the Nike Air Yeezy 1 Prototype holds the record for the most expensive pair of sneakers sold for $1.8 million.

“The strength of the sneakers and sports collectible market is demonstrated by the results of this sale, which achieved 100 percent sell-through by lot and the top lot selling for over $1 million,” Donovan said. “In this new market for Christie’s we saw tremendous interest from new and existing clients with each lot gaining bids within 24 hours of the auction opening. We see great potential for this category at Christie’s, and look forward to building upon the success of this inaugural stand-alone auction and further expanding into this space.”

Starkey explained the significance and rarity of each lot. For instance, the dual-signed Air Jordan 1 “Chicago” sneakers have “two era correct signatures from Jordan,” Starkey said, and they are considered extremely rare among collectors.

The Air Jordan V “Fire Red” sneakers nod to the pair Jordan wore when he scored the most points ever in his career. This pair has a restored midsole so the collector can handle the pair without it falling apart.

The “Bordeaux” Air Jordan VII sneakers were never worn in an official NBA game due to the uniform rules, but were worn for the 1992 All-Star game. Starkey added that Jordan wore a version of these sneakers alongside Michael Jackson in the singer’s music video for Jam on his eighth studio album, “Dangerous.”

The “Flint” XIII sneakers were made specially for Jordan during his last season on the Chicago Bulls. Starkey said, “In my 25 years of collecting, this is the third pair I’ve seen,” adding that the pair has tags signifying their purpose and rare materials no longer used in production on the sneaker.

And finally, the sneaker with the highest estimate, the game-worn and dual-signed player exclusive Air Jordan XIII sneakers, are one of the final pairs of sneakers Jordan played in on the Chicago Bulls in the 1998 NBA Finals. Starkey said Jordan wore this pair — which was featured prominently in documentary “The Last Dance” — in the first half of game 5, and switched to another pair for the second half.

“To try to understand provenance, you have to know the details of how this gets into someone’s hands,” Starkey explained. “Jordan was more inclined to giving things away if you did something for him. A car mechanic who was a very important mechanic to the Bulls received multiple pairs from that playoffs, but that’s how you sense check these things.”

Starkey received his first pair of Jordan sneakers, the Jordan VI “Carmine,” as a teen and continued to collect pairs since then. “The items were not fully understood and I saw a role for me helping collectors buy and source things and to help appreciate things more than they actually are.”

And Christie’s is doing something similar with this auction, which also marks the beginning of a new department for the company that focuses on sneakers and streetwear.

“With all new departments, there is a lot of trial and error in the beginning,” explained Donovan, who was a collector herself as a child. “I want this department to bring a fresh light to Christie’s and be something that new collectors are excited about from the announcements to the events and the education. Sneaker collectors are so advanced and well versed on buying in the secondary market. We want to bring that in and give it our own Christie’s spin.”

“Six Rings — Legacy of the GOAT” follows Christie’s “Handbags x Hype” and “Original Air” sales.

Donovan was hired nine years ago to start Christie’s handbags and accessories department. After Louis Vuitton and Supreme launched their collaboration, she was inspired to try selling those items in a handbag auction, and they sold for higher than primary market value.

“I give Virgil Abloh and Kim Jones a lot of credit, bringing streetwear into the highest couture worlds,” Donovan said. “Following where luxury was going, it was our time to follow.”

Donovan put together two stand-alone sneaker auctions with Stadium Goods and the “Handbags x Hype” sale as well. Their Air Jordan 1 “Shattered Backboard” sneaker auction set a sneaker sale record in 2020.

These auctions follow the long-established trend of non-traditional items being regarded as assets. Sneakers and sports memorabilia were not considered high-value assets when compared to original artworks, vintage cars and vintage watches, but the collectors’ communities around sneakers and memorabilia show the high demand for these items — and what people are willing to spend for them.

Museums showcase centuries-old relics and artifacts of cultural significance from bygone eras, and sneakers and sports memorabilia have stepped in to be the relics of greatness from the modern age.

“I’m so proud of this inaugural sale and for what will be the stand-alone department,” Donovan said. “What is so exciting and cool about this department is that sneakers and streetwear don’t do it justice. We can do so much that play around with culture, sneakers, artist collaborations. My ideas are endless. I think it’s going to be constantly evolving with what’s happening in fashion and luxury around the world.”

>>> 3 AC Massive Liquidation Rumors Run Rampant: ETH Crashes to 17-Month Low

3AC Massive Liquidation Rumors Run Rampant: ETH Crashes to 17-Month Low

Three Arrows Capital – a prominent cryptocurrency fund – is rumored to be facing massive liquidations as ETH prices keep crashing.
The cryptocurrency market continues to take a beating as Bitcoin is approaching $21K whereas ETH is tumbling towards $1.1K. Various accounts on Twitter have shared analytics information pointing out that one of the industry’s largest funds – Three Arrow Capital – is facing liquidations.

Rumors of Three Arrow Capital (3AC), led by the well-known crypto proponent Zhu Su being insolvent, are ramping up within the community.
According to on-chain data, an address that was tagged to belong to 3AC by analytics provider Nansen has been aggressively paying back AAVE debt against a position worth some $264 million (223K ETH) to avoid liquidation.
On-chain Wizard – a well-known analyst – concluded that if ETH goes to $1042, the position would be liquidated:
img1_eth
Source: Twitter

At the time of this writing, ETH is trading at its lowest point since January 2021, charting a 17-month low at slightly above $1,100.
This means that the above position is some 7% away from being liquidated if no collateral is added or if the loan is not repaid.
Zhu Su, co-founder at 3AC, took it to Twitter a few hours ago to share some light, albeit limited and without revealing any precise information:
We are in the process of communicating with relevant parties and fully commited to working this out.

FT : Gazprom cuts gas supplies to Italy, says Eni

Gazprom cuts gas supplies to Italy, says Eni
Reduction comes day after Russian state-owned gas supplier restricted supply to Germany

Gazprom has cut its gas supply to Italy by 15 per cent, says the Italian energy major Eni, a day after Russian flows to Germany were also reduced.

Eni on Wednesday said the state-owned Russian company had not provided a reason for the reduction and that it was monitoring the situation.

“Gazprom has announced a limited reduction in gas supplies for today, amounting to around 15 per cent. The reasons for the decrease have not been notified at the moment,” Eni said in a statement. The Italian government declined to comment.

Italy is the second-largest European buyer of Russian gas after Germany and has complied with Moscow’s demands for buyers to use a rouble payment mechanism to ensure gas continues to flow. Gazprom did not immediately provide a comment when contacted.

The drop in supply to Italy comes a day after Gazprom said it would reduce capacity on the Nord Stream 1 pipeline to Germany by 40 per cent, blaming the reduction on the delayed return of a vital piece of technical equipment that Siemens Energy said had been blocked by Canadian sanctions against Moscow.

The twin disruptions occurred as Italian prime minister Mario Draghi discusses plans to accompany German chancellor Olaf Scholz and French president Emmanuel Macron to Ukraine on Thursday. During this trip, the leaders would be expected to discuss Kyiv’s application to join the bloc as well as financial and military help to fend off Moscow’s military onslaught in the eastern Donbas region and southern coastal regions. Draghi has been a vocal supporter of Ukraine’s bid for EU membership.

Sergiy Makogon, chief executive of Ukraine’s state-owned gas transmission network, accused Gazprom of cutting supply to Italy and Germany to increase pressure on EU member states.

Gazprom could compensate for the reduced flows through Nord Stream 1 by pumping more gas through Ukraine’s transit system without “any additional costs”, Makogon said, adding that the Russian energy giant was at present pumping less than contracted volumes through Ukraine.

The supply cuts amounted to “escalation and [a] weaponisation of gas in order to increase pressure on the EU”, he said.

Gas prices in Europe have soared in the past year after Russia squeezed supplies ahead of its full-scale invasion of Ukraine and as fears of supply disruptions grew, stoking inflation and a cost of living crisis for many countries.

European benchmark prices jumped more than 15 per cent on Tuesday to as much as €99 per megawatt hour after Gazprom’s Nord Stream 1 announcement and the news that a large liquefied natural gas export terminal in the US would be offline for at least three weeks following an explosion.

Prices rose further on Wednesday, climbing 4 per cent to €101 per megawatt hour in morning trading.

>>> US Research Calls I

Research Calls I

  • Upgrades:
    • Arcos Dorados (ARCO) upgraded to Outperform from Neutral at Bradesco BBI
    • Armstrong World Industries (AWI) upgraded to Buy from Hold at Loop Capital; tgt $95
    • Cullen/Frost (CFR) upgraded to Overweight from Underweight at JP Morgan; tgt raised to $155
    • Digital Realty Trust (DLR) upgraded to Buy from Hold at Deutsche Bank; tgt lowered to $144
    • Formula One Group (FWONA) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $72
    • Globe Life (GL) upgraded to Outperform from In-line at Evercore ISI; tgt raised to $112
    • Skechers USA (SKX) upgraded to Buy from Hold at Argus; tgt $44
    • Snowflake (SNOW) upgraded to Buy from Hold at Canaccord Genuity; tgt $185
    • Southwestern Energy (SWN) upgraded to Buy from Hold at The Benchmark Company; tgt $14
    • Spotify (SPOT) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $124
    • Tapestry (TPR) upgraded to Buy from Hold at Jefferies; tgt raised to $45
  • Downgrades:
    • Alpha and Omega Semi (AOSL) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $42
    • Camtek (CAMT) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $29
    • Cano Health (CANO) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $6
    • Community Health (CYH) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $5.50
    • Continental Resources (CLR) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $82
    • Continental Resources (CLR) downgraded to Hold from Buy at Stifel; tgt lowered to $70
    • indie Semiconductor (INDI) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $8
    • Lam Research (LRCX) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $525
    • Marvell (MRVL) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $63
    • Oak Street Health (OSH) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $18
    • Oscar Health (OSCR) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $4.50
    • Robinhood Markets (HOOD) downgraded to Underweight from Neutral at Atlantic Equities; tgt lowered to $5
    • Semtech (SMTC) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $65
    • Sonos (SONO) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $28
    • Surgery Partners (SGRY) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $36
    • Transphorm (TGAN) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $6.50
  • Others:
    • 22nd Century Group (XXII) initiated with a Buy at Craig Hallum; tgt $5
    • Bank of Princeton (BPRN) initiated with a Neutral at Janney; tgt $31
    • Couchbase (BASE) initiated with a Buy at DA Davidson; tgt $21
    • G-III Apparel (GIII) resumed with an Equal Weight at Barclays; tgt $22
    • Jack Henry (JKHY) initiated with an Equal-Weight at Morgan Stanley; tgt $190
    • NIKE (NKE) resumed with an Overweight at Morgan Stanley; tgt $159
    • Rezolute (RZLT) initiated with an Overweight at Cantor Fitzgerald; tgt $9
    • Tenaya Therapeutics (TNYA) initiated with a Buy at H.C. Wainwright; tgt $25
    • Terran Orbital (LLAP) initiated with a Buy at BofA Securities; tgt $9
    • Wheels Up Experience (UP) initiated with a Buy at Goldman; tgt $5

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

  • PL -8.7%, MEI -5.8%

Other news:

  • MEG -5% (issued statement regarding recent ransomware attack)
  • OLN -2.1% (provided operations update and announced temporary curtailment of production of certain products)
  • SPTN -0.9% (announced acquisition of Shop-N-Save Food Centers)
  • VTNR -0.5% (disclosed resignation of COO)

Analyst comments:

  • HOOD -2.6% (downgraded to Underweight from Neutral at Atlantic Equities)
  • SONO -2.3% (downgraded to Equal-Weight from Overweight at Morgan Stanley)