>>> Europe : Brokers Upgrades - 16th of August 2022

>>> Up
* KPN Raised to Overweight at Morgan Stanley; PT 3.80 euros

>>> Down
* Alfen Cut to Hold at Berenberg; PT 110 euros
* Gofore Cut to Reduce at Inderes; PT 25.50 euros
* Hargreaves Lansdown Cut to Neutral at Credit Suisse

>>> Initiation


>>> Call
* Alfen Cut to Hold at Berenberg, Which Sees Catalysts Priced In
* Citi Strategists See Return of Bullish Flows After US Inflation

>>> What to look at today - 16th of August 2022


Stocks in Asia resisted mounting signs of a sharp economic slowdown that are weighing on bond yields and commodity prices, a schism underlining some of the tension in global markets. An Asia-Pacific equity index was propped up by modest gains in China and Hong Kong. Stocks and dollar bonds of Chinese developers rallied on a possible moveto let state-owned firms guarantee the sale of new onshore notes. S&P 500 and Nasdaq 100 futures were steady while European contracts rose. By contrast, demand for havens helped Treasuries extend an advance and spurred purchases of Australian and New Zealand debt. Oil slid below $89 a barrel on worries about demand as well as the possible return of Iranian supplies. A dollar gauge was firm. US data Monday pointed to rapidly cooling manufacturing and slumpinghomebuilder sentiment, adding to economic risks after weak Chinese figures.  Bets on cooling inflation and less punitive monetary tightening as the world economy slows have contributed to a near 13% rebound in global equities from June lows. The danger for the bounce lies in the possibility of persistent price pressures that keep borrowing costs higher for longer, leading to recession. US data showed a gauge of New York state manufacturing activity plunged by the second-most in figures going back to 2001. US homebuilder sentiment fell for an eighth-straight month, the worst stretch since the 2007 housing collapse. Those reports followed an unexpected cut in interest rates by China on Monday ahead of figures showing the nation’s economic slowdown deepened in July. The offshore yuan stabilized after sinking in the wake of the disappointing data and monetary steps. US After Hours Lots of 13F filings; FN +11.5%, GSM +8.9%, TME +2.8% higher on earnings; ZIP -4.7% lower on earnings, lots of smaller names reporting

Nikkei +0,05% Hang Seng +0,11% CSI +0,13% Shanghai +0,24% Shenzen +0,53%

Eur$ 1,0156 CNH 6,8043 CNY 6,7880 JPY 133,44 GBP 1,2046 CHF 0,9468 RUB 61,2685 TRY 17,9585 WTI$ 88,90 Gold 1,781,23 BTC 23,950 ETH 1,870

S&P -0,10% Nasdaq -0,12% EuroStoxx +0,34% FTSE +0,38% Dax +0,25% SMI

Macro :
- Citadel Securities First-Half Trading Revenue Hits $4.2 Billion
- BofA Says Quantitative Tightening Would Shave 7% off S&P 500
- Citi Strategists See Return of Bullish Flows After US Inflation

Keep an eye on :
- BSLN SW : Basilea 1H Revenue CHF58.6M Vs. CHF54.2M Y/y
- DARK LN : Darktrace Confirms in Early Talks With Thoma Bravo on Takeover
_ DHER GY : *DELIVERY HERO CONFIRMS GUIDANCE, PRELIM RESULTS FROM JULY 22
- DEMAND DC : Demant 1H Revenue Misses Estimates
- DFDS DC : DFDS Boosts FY Revenue Forecast
- H24 GY : Home24 Cuts FY Rev. Ex-FX Forecast
_ HUBN SW : Huber + Suhner Sees FY Sales +6% to +8%
- KARO SS : EQT Offers to Buy Karo Pharma for SEK60 a Share in Cash
- MED SW : Medartis 1H Ebitda CHF9.9M
- PNDORA DC : Pandora 2Q Ebit Before Significant Items Misses Estimates
- RVRC SS : RVRC Holding 4Q Net Sales SEK318.2M
- RVRC SS : RevolutionRace CEO Pernilla Nyrensten Resigns
- ROG SW : Roche Treatment Granted Orphan Drug Status by FDA
- SOON SW : Sonova Cuts FY Adj. Ebita Forecast
- STORB SS : Storskogen 2Q Sales Beats Estimates
- STMN SW : Straumann 1H Ebit Beats Estimates
- STLN SW : Swiss Steel Group Sees FY Adjusted Ebitda EU220M to EU260M
- TED LN : Ted Baker to Recommend Authentic Brands Takeover Bid: Sky News
- VOW GY : VW Mexico Supports Further Union Consultation on Agreement
- VP/ LN : Vp Says Controlling Holder Ackers Won’t Pursue Disposal

>>> Greenlight Capital (David Einhorn) discloses updated portfolio positions in

Greenlight Capital (David Einhorn) discloses updated portfolio positions in 13F filing: New RIVN CNXC positions, Increased KD AAWW holdings

Highlights from 2022 Q2 filing as compared to Q1 2022:
  • New positions in: RIVN (~0.07 mln shares), CNXC (~0.04 mln)
  • Increased positions in: KD (to ~5.37 mln shares from ~2.42 mln shares), AAWW (to ~1.33 mln from ~0.85 mln), VSCO (to ~0.74 mln from ~0.44 mln), ODP (to ~1.69 mln from ~1.41 mln), CEIX (to ~1.64 mln from ~1.47 mln) CPRI (to ~0.94 mln from ~0.78 mln), GLD (to ~0.28 mln from ~0.18 mln) REZI (to ~1.57 mln from ~1.51 mln), WFRD (to ~0.75 mln from ~0.7 mln),
  • Maintained positions in: GRBK (~17.04 mln shares), SWN (~4.13 mln shares), GPRO (~2.7 mln shares), SLV (~1.56 mln shares), GPK (~0.83 mln shares), GPN (~0.52 mln shares), LIVN (~0.45 mln shares), CIVI (~0.28 mln shares)
  • Closed positions in: MYPS (from ~0.96 mln shares), INTC (from ~0.31 mln), SNX (from ~0.17 mln), GPOR (from ~0.11 mln), FCG (from ~0.03 mln)
  • Decreased positions in: CHNG (to ~1.47 mln shares from ~3.75 mln shares), CC (to ~0.7 mln from ~2.14 mln) INSW (to ~0.45 mln from ~1.02 mln), BHF (to ~3.5 mln from ~3.64 mln), ME (to ~0.02 mln from ~0.07 mln), GLPG (to ~0.15 mln from ~0.16 mln)

>>> ValueAct (Jeffrey Ubben and Bradley Singer) discloses updated portfolio posi

ValueAct (Jeffrey Ubben and Bradley Singer) discloses updated portfolio positions in 13F filing: Affirms new NYT holding, new RKT UNVR positions, affirms increased NSIT

Highlights from 2022 Q2 filing as compared to Q1 2022:
  • New positions in: NYT (confirmed ~3.1 mln share holding), RKT (~2 mln), UNVR (~0.34 mln)
  • Increased positions in: KKR (to ~26.46 mln shares from ~22.61 mln shares), FISV (to ~14.65 mln from ~13.04 mln), BLD (to ~1.2 mln from ~0.21 mln), NSIT (confirms increased to ~4.1 mln from ~3.54 mln)
  • Maintained positions in: BHC (~14.34 mln shares), STX (~13.44 mln shares), CBRE (~9.23 mln shares)
  • Decreased positions in: LKQ (confirms lowered to ~12.55 mln shares from ~17.55 mln shares), SLM (to ~10.89 mln from ~13.9 mln), C (to ~10.99 mln from ~13.85 mln)

>>> Elliott Management (Paul Singer) discloses updated portfolio positions in 13

Elliott Management (Paul Singer) discloses updated portfolio positions in 13F filing: Affirms new PINS WDC PYPL positions

Highlights from 2022 Q2 filing as compared to Q1 2022:
  • New positions in: PINS (~5 mln shares), AJRD (~3 mln), EDR (~3 mln), PSNY (~1.57 mln), WDC (~1.19 mln), PYPL (~1 mln)
  • Increased positions in: NE (to ~2.85 mln shares from ~2.6 mln shares), VAL (to ~1.99 mln from ~1.9 mln)
  • Maintained positions in: HWM (~41.07 mln shares), BTU (~25.86 mln shares), UNIT (~20.48 mln shares), NLSN (~16.6 mln shares), ETWO (~16.17 mln shares), MPC (~11.07 mln shares), SU (~10 mln shares), SWCH (~5.79 mln shares), CTXS (~1.2 mln shares)
  • Closed positions in: T (from ~5 mln shares), APA (from ~2.75 mln), EVRG (from ~2.24 mln)

>>> Paulson & Co (John Paulson) discloses updated portfolio positions in 13F fil

Paulson & Co (John Paulson) discloses updated portfolio positions in 13F filing: New IS VMW positions, Exited XOM

Highlights from 2022 Q2 filing as compared to Q1 2022:
  • New positions in: IS (~7.5 mln shares), VMW (~0.5 mln)
  • Increased positions in: HZNP (to ~6.2 mln shares from ~5.6 mln shares)
  • Maintained positions in: THM (~61.9 mln shares), NG (~22.2 mln shares), BSIG (~8.95 mln shares), TELL (~7 mln shares), AU (~5.97 mln shares), GOLD (~4.55 mln shares), KWEB (~3.3 mln shares), SSRM (~3.1 mln shares), APA (~3 mln shares)
  • Closed positions in: XOM (from ~1 mln shares), GLD (from ~1 mln), TIMB (from ~0.96 mln), OIH (from ~0.17 mln)
  • Decreased positions in: OXY (to ~2.5 mln shares from ~3.1 mln shares), PCRX (to ~0.35 mln from ~0.5 mln), NMRK (to ~1.28 mln from ~1.4 mln)

>>> Carl Icahn discloses updated portfolio positions in 13F filing: Affirms incr

Carl Icahn discloses updated portfolio positions in 13F filing: Affirms increased SWX holding

Highlights from 2022 Q2 filing as compared to Q1 2022:
  • Increased positions in: IEP (to ~277.65 mln shares from ~257.05 mln shares), SWX (to ~5.1 mln from ~2.9 mln), XRX (to ~34.25 mln from ~32.11 mln)
  • Maintained positions in: CVI (~71.2 mln shares), BHC (~34.72 mln shares), NWL (~33.07 mln shares), FE (~18.97 mln shares), DAN (~14.29 mln shares), HRI (~4.02 mln shares)
  • Closed positions in: DK (from ~1.34 mln shares)
  • Decreased positions in: LNG (to ~5.61 mln shares from ~9.72 mln shares)

>>> Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing:

Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing: Affirms new DIS holding, new AR CL TMUS positions

Highlights from 2022 Q2 filing as compared to Q1 2022:
  • New positions in: AR (~3.39 mln shares), CL (~1.99 mln), DIS (~1 mln), TMUS (~0.49 mln)
  • Increased positions in: CVE (to ~7.28 mln shares from ~2 mln shares), OVV (to ~6.12 mln from ~2.25 mln), SMFR (to ~5.55 mln from ~4.3 mln)
  • Maintained positions in: VTYX (~4.31 mln shares), CCK (~0.8 mln)
  • Closed positions in: AVTR (from ~8.36 mln shares), SU (from ~3.5 mln), RIVN (from ~3.05 mln), LESL (from ~3 mln), AA (from ~2.38 mln), DELL (from ~2.03 mln), ZEN (from ~1.9 mln), IR (from ~1.53 mln), CTLT (from ~1.35 mln), AMZN (from ~0.35 mln), MOS (from ~1.28 mln), IQV (from ~1.1 mln), ADGI (from ~0.99 mln), SPGI (from ~0.96 mln), INTU (from ~0.73 mln), MSFT (from ~0.5 mln)
  • Decreased positions in: S (to ~21.08 mln shares from ~26.31 mln shares), HTZ (to ~6.26 mln from ~6.62 mln), CSX (to ~4.97 mln from ~7.39 mln), EQT (to ~7.53 mln from ~8.95 mln), LFG (to ~3.47 mln from ~4.18 mln), CANO (to ~10.83 mln from ~11.5 mln), DD (to ~3.08 mln from ~3.36 mln), DHR (to ~2.3 mln from ~2.49 mln), MCG (to ~3.47 mln from ~3.6 mln), UNH (to ~0.57 mln from ~0.61 mln)

>>> Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F f

Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F filing: Mostly maintained holdings

Highlights from 2022 Q2 filing as compared to Q1 2022:
  • Maintained positions (approximately): HHC (~13.62 mln shares), LOW (~10.21 mln shares), CP (~2.944 mln shares), DPZ (~2.061 mln shares, prior 2.068 mln), CMG (~1.105 mln shares, slightly lower than 1.115 mln prior)
  • Closed positions in: NFLX (from ~3.11 mln shares)
  • Decreased positions in: HLT (to ~9.91 mln shares from ~9.952 mln shares)