Early premarket gappers
- Gapping up:
- WSM +8.7%, TWTR +5.7%, HYLN +5.2%, BIDU +4.7%, SPLK +4.5%, ELF +3.8%, MOD +3.7%, RH +3.1%, ENS +3.1%, CHNG +2.4%, LEGN +2.1%, ACAD +1.9%, GES +1.6%, W +1.4%, BBBY +1.3%, HMN +1.2%, BZUN +1%, ENLC +0.7%, TSLA +0.5%, INTC +0.5%, LZB +0.5%
- Gapping down:
- NTNX -35.1%, SNOW -14.4%, BBIG -8.9%, VSAT -6.3%, DDOG -5.6%, NVDA -5.4%, MIRM -4.7%, ZUO -4.6%, HQI -3.8%, ADC -3.7%, BOX -2.2%, AMD -1.9%, SB -1.5%, CM -1.3%, MRVL -1.2%, DXC -1.2%, CNK -1.1%, MU -1%, HPQ -0.5%, ENOB -0.5%
FirstGroup evaluates PE offer valuing shares at up to £1.23bn
Aberdeen-based bus and train operator’s stock rises 8% after unsolicited bid from I Squared Capital
FirstGroup is evaluating a bid valuing its shares at up to £1.23bn after “a series of unsolicited, conditional proposals” from private equity group I Squared Capital.
The UK bus and train operator said on Thursday the offer consisted of a cash component of 118p per share and a “contingent right” of “up to a further 45.6p per share” based on the outcome of payouts due to the company following the sale last year of its US transit business and on the net assets of the Greyhound bus business, which was also sold last year.
The full 163.6p-per-share offer would value FirstGroup’s equity at £1.23bn.
FirstGroup said it was “currently evaluating” the latest offer, noting that “the previous approaches were all unanimously rejected by the board”.
Like other bus and train operators, FirstGroup has been grappling with the sudden decline in bus and rail traffic during the coronavirus pandemic and the subsequent slow recovery of demand.
The company last year fought a prolonged battle with activist investors who forced out chief executive Matthew Gregory in July last year.
The activists — led by New York-based Coast Capital Management — were unhappy at the £3.3bn the company received for its First Transit and First Student transit and school bus operations in the US.
The sale of the Greyhound operations in a complex deal for which the company received $172mn cash was announced in October.
Aberdeen-based FirstGroup, the UK’s biggest train operator, is the main shareholder in four UK rail franchises: Great Western Railway, South Western Railway, TransPennine Express and Avanti West Coast.
It also runs Hull Trains and Lumo, two “open access” operations that operate trains on a commercial basis without franchises. In addition, it is the second-biggest operator of regional buses, providing services in Glasgow, Bristol and Leeds.
The company’s shares were up more than 8 per cent at 129.5p in morning trading in London.
Nikkei Asia reported this week that Apple and its suppliers are struggling with iPhone 14 production due to COVID-19 lockdowns in China. Now analyst Jeff Pu of Haitong International Securities has brought more detail to this story by saying that iPhone 14 Max production is delayed by three weeks.
According to Nikkei Asia, Apple has asked suppliers to speed up production of the new iPhone models, which are expected to be released later this year. This is because multiple Apple suppliers have suspended their operations in China as a result of COVID-19 lockdowns.
Yesterday’s report revealed that a specific iPhone 14 model was affected by delays in the engineering verification test (EVT), when suppliers finalize all parts and processes before starting mass production. Analyst Jeff Pu believes that the affected model is the long-rumored iPhone 14 Max (not the Pro Max).
To mitigate the impact of the delays, Apple has been planning to start mass production of the new iPhones earlier than expected. However, the iPhone 14 Max production, which will be primarily assembled by Pegatron, is expected to begin in late August – just a few weeks before the announcement of the new models.
Jeff Pu predicts that Apple will build 91 million iPhone 14 units by the end of the year despite production delays for the 14 Max model, which is more than the 84 million iPhone 13 units Apple shipped in 2021. However, it’s unclear whether production delays will push Apple to hold off on the official announcement of the iPhone 14.
iPhone 14 rumors
iPhone 14 is expected to be available in four different models. A 6.1-inch iPhone 14, a brand new 6.7-inch iPhone 14 Max, a 6.1-inch iPhone 14 Pro, and a 6.7-inch iPhone 14 Pro Max. As you can see, there won’t be a new “mini” model in the iPhone 14 lineup.
Other rumors include a refreshed design for the 14 Pro models with a new “pill-shaped” notch, thinner bezels, and larger camera sensors with a 48-megapixel wide lens. Unfortunately, the regular iPhone 14 models aren’t expected to have significant changes in terms of design and hardware.
9to5Mac independent sources and analyst Ming-Chi Kuo say Apple might break from tradition this year by releasing some iPhone 14 models with the same A15 chip as the iPhone 13.
>>> Up
* Datagroup Raised to Reduce at Baader Helvea; PT 69 euros
* Datagroup Raised to Reduce at Baader Helvea; PT 69 euros
* Electrolux Raised to Neutral at Goldman; PT 142 kronor (+)
* Freenet Raised to Buy at Goldman; PT 30 euros (+)
* Galp Raised to Outperform at RBC; PT 16 euros
* Lululemon Raised to Overweight at Morgan Stanley; PT $303
* MFE Raised to Buy at Banca Akros (ESN) (+)
* Pagegroup Raised to Buy at Citi
* Saipem Raised to Add at AlphaValue/Baader
* Serco PT Raised to 200 pence from 180 pence at Liberum (+)
* Whitbread Raised to Buy at Panmure Gordon; PT 3,500 pence
>>> Down
>>> Down
* Aareal Bank Cut to Sell at AlphaValue/Baader
* Nordex Cut to Reduce at AlphaValue/Baader
* Tesla PT Cut to $1,050 from $1,250 at Jefferies
>>> Initiation
* Tesla PT Cut to $1,050 from $1,250 at Jefferies
>>> Initiation
* Ashtead Assumed Buy at Jefferies; PT 5,000 pence
* BRSA LN Rated New Corporate at Edison Investment Research
>>> Call
* BRSA LN Rated New Corporate at Edison Investment Research
>>> Call
* Citi Strategists Recommend Buying the Dip, Especially in Europe (+)
* FirstGroup a ‘Classic Value Gem,’ Initiated Buy at Berenberg
* Freenet Double Upgraded to Buy at Goldman on Structural Quality (+)
* IntegraFin’s Key Metrics ‘Developing as Expected’: Peel Hunt (+)
* PageGroup Valuation Outweights Near-Term Earnings, Citi Upgrades
* Verbund Upgraded at Deutsche Bank on Reduced Windfall Tax Risk (+)
>>> Up
* Datagroup Raised to Reduce at Baader Helvea; PT 69 euros
* Datagroup Raised to Reduce at Baader Helvea; PT 69 euros
* Freenet Raised to Buy at Goldman; PT 30 euros (+)
* Galp Raised to Outperform at RBC; PT 16 euros
* Lululemon Raised to Overweight at Morgan Stanley; PT $303
* Pagegroup Raised to Buy at Citi
* Saipem Raised to Add at AlphaValue/Baader
* Whitbread Raised to Buy at Panmure Gordon; PT 3,500 pence
>>> Down
>>> Down
* Aareal Bank Cut to Sell at AlphaValue/Baader
* Nordex Cut to Reduce at AlphaValue/Baader
* Tesla PT Cut to $1,050 from $1,250 at Jefferies
>>> Initiation
* Tesla PT Cut to $1,050 from $1,250 at Jefferies
>>> Initiation
* Ashtead Assumed Buy at Jefferies; PT 5,000 pence
* BRSA LN Rated New Corporate at Edison Investment Research
>>> Call
* BRSA LN Rated New Corporate at Edison Investment Research
>>> Call
* Citi Strategists Recommend Buying the Dip, Especially in Europe (+)
* FirstGroup a ‘Classic Value Gem,’ Initiated Buy at Berenberg
* PageGroup Valuation Outweights Near-Term Earnings, Citi Upgrades
* Verbund Upgraded at Deutsche Bank on Reduced Windfall Tax Risk (+)
DAX:
- Bayer (BAYN TH) +0.7%
- Bayer Gets Street-High PT From Citi on Asundexian Potential
- RWE (RWE TH) -0.5%
- Linde (LIN TH) -0.5%
- Delivery Hero (DHER TH) -0.5%
- Infineon (IFX TH) -0.9%
- Watch European Chip Stocks After Nvidia Forecast Falls Short
MDAX:
- Freenet (FNTN TH) +1.7%
- ProSieben (PSM TH) +0.7%
- K+S (SDF TH) -1.4%
SDAX:
- Kloeckner (KCO TH) +1%
- Deutsche PBB (PBB TH) +0.9%
- Suedzucker (SZU TH) -1.2%
Iranian Officer Killed in Tehran Was Involved in Plot to Kill Israeli Diplomat, U.S. General, People Familiar With Matter Say
Iranian leaders pledged to retaliate for shooting of Col. Hassan Sayyad Khodaei, senior figure In Quds Force
An Iranian Islamic Revolutionary Guard Corps officer shot and killed outside his Tehran home Sunday led the group’s efforts to assassinate opponents of Iran around the world, including recent failed plots to kill an Israeli diplomat, an American general and a French intellectual, according to people familiar with the matter.
The officer, Col. Hassan Sayyad Khodaei, planned kidnappings and killings for an arm of the IRCG known as Quds Force Unit 840, the people said. They said he recruited agents to carry out operations globally, including in Colombia and Cyprus, mostly against Israeli targets but also aimed at people from other countries viewed as hostile by Iran.
Col. Khodaei was involved in a foiled plot to kill Israeli businessmen in Cyprus in the fall of 2021, according to some of the people. Cypriot authorities arrested an Azerbaijani national in connection with the killing who was found with a pistol in his possession. The suspect has denied the allegations and is going to trial, according to the Associated Press. Iran denied any involvement in the incident.
Some of the people familiar with the matter said they didn’t know if any of the operations allegedly planned by Col. Khodaei had resulted in any targeted person’s death. No one has claimed credit for killing Col. Khodaei.
Without elaborating, Israeli Prime Minister Naftali Bennett’s office said in April that Israel’s spy agency, the Mossad, with the help of allied intelligence organizations, had foiled dozens of similar attacks over the past year, all planned by the IRGC.
The prime minister’s office said the Mossad had thwarted efforts to set up hit teams to kill the Israeli diplomat in Turkey, the U.S. general in Germany and a French writer who was identified by people familiar with the matter as Bernard-Henri Lévy.
U.S. military officials declined to comment on the alleged plan to try to kill an American general. Iran’s foreign ministry declined to comment. The Iranian delegation at the United Nations in New York didn’t respond to a request for comment.
Iranian President Ebrahim Raisi on Monday blamed the killing of Col. Khodaei on “global arrogance,” a term usually applied to the U.S., which Iran accuses of supporting hostile acts by its enemies such as Israel. “I have no doubt that revenge for the pure blood of this martyr on the hands of the criminals is inevitable,” Mr. Raisi said on state television Monday.
The Revolutionary Guard, which is responsible for Iran’s military operations abroad, called Col. Khodaei the “defender of the shrine,” a term used by Iranian media to describe soldiers fighting in Iraq and Syria.
“There is a cold war between Israel and Iran,” said an Iranian official. “It’s only a matter of time before Iran retaliates.”
Israel has said it would respond to Iranian aggression abroad inside Iran.
“The campaign to weaken Iran has begun,” said Mr. Bennett in a speech in February at the Institute for National Security Studies in Tel Aviv. “This campaign is being conducted in multiple fields: nuclear, economic, cyber, overt and covert operations, both by ourselves and in collaboration with others.”
Israel has carried out a series of attacks in recent years that have hit Iran’s nuclear and military programs, according to people familiar with the campaign. Iran accused Israel of killing one of its top nuclear scientists in 2020 and carrying out an attack on its underground nuclear program at Natanz in 2021.
The killing of Col. Khodaei comes amid a yearslong shadow war in the air, land, sea and cyber arenas between Israel and Iran, with Israel expanding its operations in Iran beyond its protracted attempts to stifle the country’s nuclear program. In turn, Iran has struck out more brazenly against what it calls Israeli targets, including a rocket attack earlier this year against alleged Israeli intelligence sites in northern Iraq.
>>> Up
* Datagroup Raised to Reduce at Baader Helvea; PT 69 euros
* Datagroup Raised to Reduce at Baader Helvea; PT 69 euros
* Galp Raised to Outperform at RBC; PT 16 euros
* Lululemon Raised to Overweight at Morgan Stanley; PT $303
* Pagegroup Raised to Buy at Citi
* Saipem Raised to Add at AlphaValue/Baader
* Whitbread Raised to Buy at Panmure Gordon; PT 3,500 pence
>>> Down
>>> Down
* Aareal Bank Cut to Sell at AlphaValue/Baader
* Nordex Cut to Reduce at AlphaValue/Baader
* Tesla PT Cut to $1,050 from $1,250 at Jefferies
>>> Initiation
* Tesla PT Cut to $1,050 from $1,250 at Jefferies
>>> Initiation
* Ashtead Assumed Buy at Jefferies; PT 5,000 pence
* BRSA LN Rated New Corporate at Edison Investment Research
>>> Call
* BRSA LN Rated New Corporate at Edison Investment Research
>>> Call
* FirstGroup a ‘Classic Value Gem,’ Initiated Buy at Berenberg
* PageGroup Valuation Outweights Near-Term Earnings, Citi Upgrades
Asian stocks and US futures fluctuated in choppy trading Thursday as traders weighed downbeat remarks on China’s economy by Premier Li Keqiang with Federal Reserve minutes that struck a less hawkish note.
An MSCI Inc. gauge of Asia-Pacific shares wavered as Japan edged up, while Hong Kong slipped. S&P 500 and Nasdaq 100 futures swerved between gains and losses. Overnight, the S&P 500 rebounded from a drop to end higher, while the tech-heavy Nasdaq 100 outperformed. Chinese stocks saw mixed trade as investors remain watchful of measures to combat an economic malaise from strict Covid curbs. China’s economy is in some respects faring worse than in 2020 when the pandemic first emerged, Premier Li said, urging efforts to reduce a soaring unemployment rate. “We’ve seen a couple of false dawns where we’ve heard what sounded like very encouraging words, but so far we haven’t seen the follow-up actions coming through the policy space - nothing in the shock-and-awe category to give markets confidence to move forward,” Ben Powell, BlackRock Investment Institute Chief APAC strategist, said on Bloomberg Television. Yields on 10-year Treasuries edged higher, as did two-year rates, which are more sensitive to imminent policy moves. Fed policy makers indicated their aggressive set of moves could leave them with flexibility to shift gears later if needed. The dollar slipped. Investors took some comfort from the Fed minutes that didn’t show an even more aggressive path being mapped to tackle elevated prices. Still, volatility has spiked as the risk of a US recession, the impact from China’s lockdowns and the Ukraine war simmer. Markets continued to show traders pricing in 100 basis points of rate hikes over the next two meetings. The Bank of Korea raised its key interest rate on Thursday as newly installed Governor Rhee Chang-yong demonstrated his intention to tackle inflation at his first policy meeting since taking the helm. New Zealand’s central bank has also shown its commitment this week to combat surging prices. US After Hours NTNX -27.9%, SNOW -14.8%, NVDA -6.6% fall on earnings; TWTR +5.4% higher as Musk increases commitment in takeover bid;
Nikkei -0.19% Hang Seng -0,63% CSI +0,48% Shanghai +0,65% Shenzen 0,79%
Eur$ 1,0691 CNH 6,7460 CNY 6,7266 JPY 127,44 GBP 1,2575 CHF 0,9619 RUB 60,5697 TRY 16,3713 WTI$ 110,91 Gold 1,846,66 BTC 29,800 ETH 1,942
S&P -0,31% Nasdaq -0,61% EuroStoxx -0,27% FTSE -0,18% Dax -0,24% SMI
Macro :
- Fed’s Brainard Sees Need for Regulation Around Crypto Assets
Keep an eye on :
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- DOV IM : DoValue to Trade on Euronext Star Milan Segment From June 3
- EUCAR FP : EU Clears VW’s Europcar Deal; Acceptance Period Ends June 10
- EUCAR FP : EU Clears VW’s Europcar Deal; Acceptance Period Ends June 10
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- FB US : *ZUCKERBERG SAYS WILL BE A 'LONG PATH' TO ROI IN METAVERSE
- NESN SW : Nestle Eyed Biggest-Ever Deal in Aborted Move for GSK Consumer
- VK FP : Vallourec Shareholders Offer ~13.7m Shares: Terms
- VOW GY : EU Clears VW’s Europcar Deal; Acceptance Period Ends June 10
- VK FP : Vallourec Shareholders Offer ~13.7m Shares: Terms
- VOW GY : EU Clears VW’s Europcar Deal; Acceptance Period Ends June 10