Gapping down
News:
- IMGN -20.2% (presents full results from SORAYA trial of Mirvetuximab Soravtansine in Ovarian Cancer)
- NLSN -19.1% (discloses proposal from consortium to acquire company; rejects proposal following extensive review and shareholder opposition)
- SPR -6.7% (in sympathy with BA)
- BA -6.3% (737 jet with 132 people aboard crashed in China)
- SAP -2% (Supervisory Board mutually agreed with Luka Mucic, Chief Financial Officer and Executive Board Member, that he will depart the company on 31 March 2023) COIN -1.5% (Jim Chanos reveals new short position, according to CNBC)
Analyst comments:
- BLND -2.3% (downgraded to Hold from Buy at Truist)
- AVPT -2% (downgraded to Neutral from Buy at Goldman)
- CHKP -1.8% (downgraded to Underweight from Neutral at Piper Sandler)
- EHTH -1.4% (downgraded to Neutral from Buy at Citigroup)
- HUN -1.1% (downgraded to Sector Weight from Overweight at KeyBanc Capital Markets)
Gapping up
Select oil/gas related names showing strength:
- USO +3.8%, WTI +3.6%, SHEL +2.7%, KOS +2.7%, SLB +2.4%, HAL +2.3%, OIH +2.1%, BP +2%, XLE +1.9%, MUR +1.8%, XOM +1.5%, PSX +1.5%
Other news:
- PLAN +28.6% (to be acquired by Thoma Bravo for $66.00 per share)
- GES +3.7% (entered into an accelerated share repurchase agreement to repurchase $175 mln of its common stock)
- MCG +2.8% (authorizes stock repurchase program to repurchase up to $50 mln of the Company's Class A common stock)
- SRNE +2.3% (reports promising results with a universal chimeric mRNA COVID-19 Vaccine that elicits potent neutralizing antibodies and protection against Omicron and Delta Variants)
- PRVB +1.5% (FDA accepts BLA resubmission for teplizumab for the delay of clinical type 1 diabetes)
- CGEN +1.5% (Compugen's computational discovery leverages single cell spatial transcriptomics to gain in-depth understanding of the tumor microenvironment)
- PW +1.4% (agrees to fund energy efficiency improvements at its greenhouse in York County, Maine) .
Analyst comments:
- DUOL +3.5% (upgraded to Overweight from Sector Weight at KeyBanc Capital Markets)
- BB +1.8% (upgraded to Sector Perform from Underperform at RBC Capital Mkts)
- APD +1.6% (upgraded to Overweight from Neutral at JP Morgan)
- ASB +1.2% (upgraded to Overweight from Equal Weight at Wells Fargo)
- AWI +1.1% (upgraded to Buy from Hold at Jefferies)
Early premarket gappers
- Gapping up:
- PLAN +27.3%, WTI +8.6%, USO +3.8%, SRNE +3.1%, MCG +2.8%, SHEL +2.3%, PSX +2.3%, SLB +2.1%, KOS +1.9%, XLE +1.8%, BP +1.7%, XOM +1.7%, HAL +1.6%, MUR +0.8%
- Gapping down:
- IMGN -27.9%, NLSN -16.1%, BA -8.1%, ATHA -5%, BLFS -5%, COIN -2.6%, ZLAB -1.6%, TX -1.2%
>>> Up
* Air Products Raised to Overweight at JPMorgan; PT $275
* BAE Raised to Neutral at Exane; PT 747 pence
* Banco Santander Raised to Buy at Jefferies; PT 3.80 euros
* Bechtle Raised to Buy at Bankhaus Metzler; PT 58 euros (+)
* Eni Raised to Buy at HSBC; PT 14.90 euros
* EssilorLuxottica Raised to Buy at HSBC; PT 210 euros
* Knorr-Bremse Raised to Overweight at JPMorgan; PT 90 euros
* Merlin Properties Raised to Outperform at Exane; PT 12 euros
* National Bank of Greece Raised to Buy at Citi; PT 4.20 euros
* Nordisk Bergteknik Raised to Buy at Nordea; PT 44 kronor (+)
* Sabadell Raised to Buy at Jefferies; PT 90 euro cents
* Workspace Raised to Hold at Peel Hunt
>>> Down
* Aroundtown Cut to Neutral at Exane; PT 5 euros
* Balfour Beatty Cut to Underweight at Morgan Stanley
* CaixaBank Cut to Hold at Jefferies; PT 3.50 euros
* Carmila Cut to Neutral at Exane; PT 13.90 euros
* Covivio Cut to Neutral at Exane; PT 72 euros
* Derwent London Cut to Neutral at Exane; PT 3,250 pence
* Ferrovial Cut to Sell at Alantra Equities; PT 25.62 euros (+)
* Fortune Brands Cut to Hold at Jefferies; PT $95
* H&M Cut to Neutral at JPMorgan; PT 180 kronor
* Klepierre Cut to Underperform at Exane; PT 20 euros
* LEG Immobilien Cut to Neutral at Exane; PT 110 euros
* Segro Cut to Neutral at Exane; PT 1,140 pence
* Topdanmark Cut to Sell at SEB Equities; PT 386 kroner
* TotalEnergies Cut to Hold at HSBC; PT 51.40 euros
* TotalEnergies Cut to Neutral at Grupo Santander; PT 50.90 euros (+)
* Vetropack Cut to Add at Baader Helvea; PT 50 Swiss francs (+)
* Wacker Chemie Cut to Hold at M.M. Warburg; PT 169 euros (+)
>>> Initiation
* Evolution Resumed Buy at Nordea; PT 1,658 kronor (+)
* Funding Circle Rated New Buy at Berenberg; PT 120 pence
* Holcim Resumed Buy at Citi; PT 64 Swiss francs
* Idorsia Rated New Sell at Kempen & Co; PT 13 Swiss francs
* Otovo Rated New Buy at SEB Equities; PT 37 kroner
* S&U Rated New Hold at Berenberg; PT 2,660 pence
* Secure Rated New Buy at Berenberg; PT 1,820 pence
* St James's Place Rated New Buy at Jefferies; PT 1,740 pence
>>> Call
* JPM Strategists Overweight U.K. and Cyclicals on China Recovery (+)
* EssilorLuxottica Synergies Prompt HSBC Upgrade, Street-High PT (+)
* Exane Sees Defense Opportunities; Thales Top Pick, BAE Upgraded (+)
* Exane Cuts Seven Landlord Stocks on Inflation, Economic Slowdown (+)
* Casino PT Trimmed at JPMorgan on Higher Leverage, French Outlook
* H&M Downgraded at JPMorgan; Margin Outlook Seems ‘Ambitious’ (+)
* Hargreaves Cut at Jefferies as Young Clients Less Profitable (+)
* Holcim Resumed at Citi; Well Positioned to Lead Roofing Market (+)
* Idorsia Gets Only Sell as Kempen Takes Cautious View on Launches (+)
* Morgan Stanley Raises U.S. Utilities to Overweight on Late Cycle (+)
* Sabadell, Santander Raised at Jefferies, CaixaBank Downgraded
Ariane 6: the stab of the German OHB
EXCLUSIVE The German satellite manufacturer OHB, a minority shareholder in Arianespace, is campaigning behind the scenes for the next Galileo satellites to be launched by SpaceX Falcon 9s, rather than Ariane 6. Big clash in sight?
It is a discreet lobbying, which is a little less so every day. According to our information, the German industrial group OHB has engaged in an influence operation that is surprising to say the least. Marco Fuchs, the CEO of the private family group based in Bremen, besieges the European Commission to convince it to launch the next Galileo satellites (the European GPS)… on SpaceX Falcon 9 launchers, rather than on the new European rocket Ariane 6. The German group's proposal is as follows: Brussels would buy three Falcon 9 launches, which would put two Galileo satellites into orbit each in the short term. The Commission would then undertake to carry out other launches on RFA One, the mini-launcher of RFA (Rocket Factory Augsburg), a subsidiary of OHB, from 2024. Asked, Arianespace declined to comment . Also contacted by Challenges, OHB and CNES did not respond.
To understand the case, a little background is necessary. It is the Russian Soyuz launcher which was to carry out the next two Galileo satellite launches, respectively in March and September 2022. Following European sanctions linked to Russia's invasion of Ukraine, the Roscosmos space agency withdrew all its Russian teams from Kourou, which forces the European Commission, owner of the Galileo constellation, to find an alternative solution. The most natural plan B was to switch launches to the future Ariane 6, which is due to make its maiden flight at the end of 2022 or the beginning of 2023. The new European heavy launcher had already been selected for three future Galileo satellite launches: all that was needed was add the two left free by Soyuz. This is also the proposal of Arianespace.
"OHB, broker of SpaceX"
Why, then, is OHB behind the scenes supporting an American solution? This choice is all the more surprising since the Bremen group is both a shareholder of Arianespace (a little less than 10% of the capital) and a major industrial partner of the Ariane 6 program. Its subsidiary MT Aerospace, based in Augsburg (Bavaria) , designs approximately 10% of the European heavy launcher, in particular elements of the second stage. It is the second industrial in terms of workload on Ariane, behind the Franco-German ArianeGroup. Seeing the German group push an offer based on the Falcon launchers from great rival SpaceX therefore seems like a stab in the back. "OHB is turning into a SpaceX broker with the Commission, fumes someone familiar with the matter. With friends like that, you don't need an enemy..."
On closer inspection, this is not the first time that OHB has taken liberties with European solidarity. The group, prime contractor for the German military radar satellites SARah, had already entrusted the launch of these satellites to SpaceX in 2013. The Californian group must carry out the two launches of these spy satellites this year, from the base of the US Air Force in Vandenberg (California).
For the past two years, several European manufacturers have also complained about the reluctance of MT Aerospace, a subsidiary of OHB, to do its part to improve the competitiveness of Ariane 6. In March 2021, the boss of Safran Olivier Andriès, whose the group owns 50% of the capital of ArianeGroup (prime contractor of Ariane 6), ranted against European space "actors", accused of not playing the game of space Europe. If OHB was not named, it was he who was targeted, according to our information.
The Scud by Olivier Andriès
What did Olivier Andries say? "Today, there are players who hide behind geographical return clauses (an industrial burden proportional to the investment of the States, editor's note) so as not to play the game of solidarity around Ariane 6 and "ArianeGroup, he denounced. It is a message that we pass on to the ESA (European Space Agency): it is indeed the geographical returns, but it should not be a pretext or an alibi which allows it is up to certain players in the ecosystem not to participate in the common effort. There are centrifugal tendencies. We must be able to maintain the European cement around Ariane as a whole."
The big question remains. How will the European Commission react to the HBO proposal? To the chagrin of some European industrialists, the European commissioner for the internal market Thierry Breton, in charge of space, does not seem to have ruled out the option proposed by the German group, despite its stated desire for space sovereignty for Europe. "We take note at this stage of the proposals of all the players in the European space
Ariane 6: le coup de poignard de l’allemand OHB
EXCLUSIF Le constructeur de satellites allemand OHB, actionnaire minoritaire d’Arianespace, fait campagne en coulisses pour que les prochains satellites Galileo soient lancés par des Falcon 9 de SpaceX, plutôt que par Ariane 6. Gros clash en vue ?
C’est un lobbying discret, qui l’est chaque jour un peu moins. Selon nos informations, le groupe industriel allemand OHB s’est engagé dans une opération d’influence pour le moins étonnante. Marco Fuchs, le PDG du groupe privé familial basé à Brême, fait le siège de la Commission européenne pour la convaincre de lancer les prochains satellites Galileo (le GPS européen)… sur des lanceurs Falcon 9 de SpaceX, plutôt que sur la nouvelle fusée européenne Ariane 6. La proposition du groupe allemand est la suivante : Bruxelles achèterait trois lancements de Falcon 9, qui mettraient en orbite deux satellites Galileo chacun à court terme. La Commission s’engagerait ensuite à effectuer d’autres tirs sur RFA One, le mini-lanceur de RFA (Rocket Factory Augsburg), filiale d’OHB, à partir de 2024. Interrogé, Arianespace s'est refusé à tout commentaire. Egalement contactés par Challenges, OHB et le CNES n'ont pas répondu.
Pour comprendre l’affaire, un petit retour en arrière est nécessaire. C’est le lanceur russe Soyouz qui devait effectuer les deux prochains lancements de satellites Galileo, respectivement en mars et septembre 2022. Suite aux sanctions européennes liées à l’invasion de l’Ukraine par la Russie, l’agence spatiale Roscosmos a retiré toutes ses équipes russes de Kourou, ce qui oblige la Commission européenne, propriétaire de la constellation Galileo, à trouver une solution alternative. Le plan B le plus naturel était un basculement des lancements sur la future Ariane 6, qui doit effectuer son vol inaugural fin 2022 ou début 2023. Le nouveau lanceur lourd européen avait déjà été sélectionné pour trois futurs lancements de satellites Galileo : il suffisait d’ajouter les deux laissés libres par Soyouz. C’est d'ailleurs la proposition d’Arianespace.
"OHB, broker de SpaceX"
Pourquoi, dès lors, OHB en coulisses soutient-il une solution américaine ? Ce choix est d'autant plus étonnant que le groupe brêmois est à la fois actionnaire d’Arianespace (un peu moins de 10% du capital) et gros partenaire industriel du programme Ariane 6. Sa filiale MT Aerospace, basée à Augsbourg (Bavière), conçoit à peu près 10% du lanceur lourd européen, notamment des éléments du deuxième étage. C'est le deuxième industriel en termes de charge de travail sur Ariane, derrière le franco-allemand ArianeGroup. Voir le groupe allemand pousser une offre basée sur les lanceurs Falcon du grand rival SpaceX ressemble donc à un coup de poignard dans le dos. "OHB se mue en broker de SpaceX auprès de la Commission, fulmine un familier du dossier. Avec des amis comme ça, vous n’avez pas besoin d’ennemi..."
A bien y regarder, ce n’est pas la première fois qu’OHB prend des libertés avec la solidarité européenne. Le groupe, maître d’œuvre des satellites radars militaires allemands SARah, avait déjà confié, en 2013, le lancement de ces satellites à SpaceX. Le groupe californien doit effectuer les deux lancements de ces satellites espions cette année, depuis la base de l’US Air Force de Vandenberg (Californie).
Depuis deux ans, plusieurs industriels européens se plaignent également du faible empressement de MT Aerospace, filiale d’OHB, à faire sa part d’efforts pour améliorer la compétitivité d’Ariane 6. En mars 2021, le patron de Safran Olivier Andriès, dont le groupe détient 50% du capital d’ArianeGroup (maître d’œuvre d’Ariane 6), poussait un coup de gueule contre des "acteurs" européens du spatial, accusé de ne pas jouer le jeu de l’Europe spatiale. Si OHB n’était pas nommé, c’est bien lui qui était visé, selon nos informations.
Le Scud d'Olivier Andriès
Que disait Olivier Andriès ? "Aujourd'hui, il y a des acteurs qui s'abritent derrière les clauses de retour géographique (une charge industrielle proportionnelle à l’investissement des Etats, NDLR) pour ne pas jouer le jeu de la solidarité autour d'Ariane 6 et d'ArianeGroup, dénonçait-il. C'est un message que l'on passe à l'ESA (Agence spatiale européenne) : c'est bien les retours géographiques, mais il ne faudrait pas que ce soit un prétexte ou un alibi qui permette à certains acteurs de l'écosystème de ne pas participer à l'effort commun. Il y a des velléités centrifuges. Il faut qu'on puisse maintenir globalement le ciment européen autour d'Ariane."
Reste la grande question. Quel accueil va réserver la Commission européenne à la proposition d’OHB ? Au grand dam de certains industriels européens, le commissaire européen au marché intérieur Thierry Breton, en charge du spatial, ne semble pas avoir exclu l’option proposée par le groupe allemand, malgré sa volonté affichée de souveraineté spatiale pour l'Europe. "Nous prenons note à ce stade des propositions de l’ensemble des acteurs du spatial européen, assure une source européenne à Challenges. Nous prendrons les décisions qui s’imposent, notamment sur les lancements, en fonction des options disponibles et des exigences programmatiques."
Ariane 6 pourrait-elle être exclue du schéma ? Ce serait un comble, vu l'investissement consenti par les Etats européens, et le discours récent de l'ESA et de la Commission. Un seul argument pourrait justifier un tel choix : les retards du lanceur lourd européen, dont le tir inaugural était prévu à l’origine mi-2020, et qui a vu son calendrier glisser à plusieurs reprises. Toujours annoncé pour fin 2022, ce premier vol pourrait être reporté à 2023. C'est sur cet argument que joue manifestement OHB pour pousser sa proposition SpaceX-RFA. "Falcon 9 est la seule solution de court terme, malheureusement, explique une source proche du dossier. On n'en serait pas là si le dernier lot d'Ariane 5 n'avait pas été annulé."
Clause de sécurité
Pour autant, il n’y a pas d’urgence absolue à lancer les satellites Galileo ces prochains mois. La constellation européenne est déjà fonctionnelle, avec 2,3 milliards d'utilsateurs dans le monde. Les satellites à lancer sont des "spare", des engins destinés à pallier d’éventuelles indisponibilités de certains satellites déjà lancés. "La décision russe de stopper les lancements Soyouz depuis Kourou n’a aucune conséquence sur la continuité et la qualité des services de Galileo et Copernicus", souligne d’ailleurs la source européenne citée plus haut. Pourquoi, dès lors, se précipiter dans les bras de SpaceX ?
Un autre facteur rend la proposition d’OHB difficilement envisageable. La réglementation européenne prévoit une clause dite de sécurité, qui impose de lancer les satellites Galileo depuis le territoire d’un Etat européen. Pour pouvoir lancer des Etats-Unis avec SpaceX il faudrait changer cette réglementation. Pas vraiment dans l’air du temps, au moment où l’Europe, en plein traumatisme russo-ukrainien, cherche à reconquérir sa souveraineté sur des secteurs stratégiques. "Imagine-t-on des satellites GPS américains lancés de Kourou ?", s'énerve un observateur du spatial. Dans l'espace aussi, la souveraineté n'a rien d'un fleuve tranquille.
Nielsen Rejects Roughly $9 Billion Takeover Offer From Private-Equity Consortium
TV-ratings firm said it wouldn’t proceed with a bid that would have valued the company at $25.40 a share
Nielsen Holdings NLSN 2.17% PLC rejected a roughly $9 billion takeover offer from a private-equity consortium, saying that it undervalues the TV-ratings company.
The Wall Street Journal reported last week that Elliott Management Corp. was part of a private-equity group in advanced talks to buy Nielsen for roughly $15 billion including debt. Nielsen said Sunday it wouldn’t proceed with a bid that would have valued the company at $25.40 a share, without naming members of the consortium.
Nielsen said that WindAcre Partnership LLC, which has a roughly 10% stake and additional exposure of 14% through swaps, had told the company that if it were to accept the proposal, the Houston investment firm would block the transaction. Nielsen said WindAcre was considering joining the buyer group but ultimately decided against it, believing the proposal undervalued the company.
Nielsen also said it intends to start $1 billion worth of previously approved share repurchases when the window to do so opens, likely after the company’s earnings report scheduled for April 21.
A deal was expected to be announced soon, according to people familiar with the matter. It is possible the talks could resume.
Nielsen had a market value of around $6.2 billion before the Journal’s report, having fallen this year. That has since risen to around $8.8 billion in anticipation of a deal. The shares closed Friday at $24.44.
Nielsen measures U.S. TV ratings, which provide audience estimates that networks use to sell commercial time and reassure advertisers they got what they paid for. But its hold has been loosening as streaming gains steam and traditional broadcast and cable TV lose viewers. While the New York-based company has introduced metrics for streaming in recent years, it is one of many players in that field.
- Admiral (FLN TH) +3.5%
- Tomra (TMR TH) +2.8%
- Rheinmetall (RHM TH) +2.4%
- Ashtead (0LC TH) +2.4%
- Nibe (NJB TH) +2.1%
- Hexagon (HXG TH) +2%
- Macro Risk May Curb European Industrials’ M&A, Dividend Boom
- Equinor (DNQ TH) +1.9%
- Watch Europe Oil Stocks as Crude Rises on Ukraine, Saudi Attack
- Rio Tinto (RIO1 TH) +1.9%
- Russian Aluminum Supply Squeeze Tightens After Australia Ban (2)
- EssilorLuxottica (ESL TH) +1.6%
- EssilorLuxottica Raised to Buy at HSBC; PT 210 euros
- Knorr-Bremse (KBX TH) +1.6%
- LEG Immobilien (LEG TH) -1.2%
- LEG Immobilien Cut to Neutral at Exane; PT 110 euros
- TUI (TUI1 TH) -1.3%
- Intesa Sanpaolo (IES TH) -1.4%
- Adani Green Raises $288M Facility from Seven International Banks
- ASMI (AVS TH) -1.4%
- Danone (BSN TH) -1.4%
- SAP (SAP TH) -1.5%
- SAP CFO to Leave Company Next Year
- Acciona (AJ3 TH) -1.8%
- Just Eat Takeaway (T5W TH) -1.8%
- Nokian Renkaat (NRE TH) -2.7%
- Philips (PHI1 TH) -2.8%
DAX:
- SAP (SAP TH) -1.8%
- SAP CFO Luka Mucic to Depart; Co. Initiates Successor Search
MDAX:
- Rheinmetall (RHM TH) +3%
- Evotec SE (EVT TH) +0.9%
- Evotec Gets EU3m From Bayer on Phase II Milestone
- LEG Immobilien (LEG TH) -0.9%
- LEG Immobilien Cut to Neutral at Exane; PT 110 euros
- Aroundtown (AT1 TH) -1.1%
- Aroundtown Cut to Neutral at Exane; PT 5 euros
- AUTO1 (AG1 TH) -1.4%
- Wacker Chemie (WCH TH) -1.5%
SDAX:
- Global Fashion Group (GFG TH) +5%
- About You (YOU TH) +1.9%
- Traton (8TRA TH) +1.5%
- 1&1 (DRI TH) +1.2%
- Salzgitter (SZG TH) +1.2%
- Salzgitter Maintains 2022 Pretax Profit Forecast
- BayWa (BYW6 TH) -1.2%
- VERBIO Vereinigte (VBK TH) -1.9%