LA LETTRE — 28 MAI 2026 — SYNTHESE
CONSEIL / ACCENTURE FRANCE
• Yves Bernaert (ex-DG Atos 104j, ex-CTO Europe Accenture) entre dans la course a la succession de Koen Derickere; rencontre mi-mai avec la direction parisienne
• Cedric Vatier (DG Strategy & Consulting Europe, 6 ans) reste favori
• Autres pretendants: Stephanie Jandard (Consumer Goods & Services France/Benelux), Khalid Lahraoui (assurances EMEA)
• Derickere parti apres 16 mois -> rejoint IT Cegeka
• Toile de fond: reorg mondiale “Reinvention Services” (mars), 5 verticales fusionnees autour de l’IA; resultats France en demi-teinte depuis 2024 (1ere reduction d’effectifs de l’histoire du groupe)
PARTIS / FNTP-RN
• Diner hors agenda le 20 mai entre la FNTP (Alain Grizaud, DG Cousin Pradere) et une delegation RN: Alexandre Loubet (depute Moselle, prefiguration campagne Bardella), Francois Durvye (conseiller Bardella), Ambroise de Rancourt (dir cabinet Le Pen)
• Objectif: sanctuariser l’investissement public local post-2027, simplification vs normes environnementales, limiter la taxation du gazole non routier
• Sujet immigration / main d’oeuvre etrangere (metiers en tension) soigneusement evite
• AG 11 juin: table ronde animee par Marie Drucker — Tanguy (RN), Juvin (LR), Thevenot (Renaissance), Vallaud (PS), Coquerel (LFI)
PARLEMENT / PESTICIDES (loi Duplomb II)
• L’Assemblee refuse les amendements (cavaliers legislatifs); la majorite senatoriale s’organise le 26 mai: Louault (Indep), Duplomb (LR), Menonville (UC) + Estrosi Sassone (presidente comm. affaires eco)
• 4 amendements pour reintroduire acetamipride et flupyradifurone (interdits en France depuis 2020, autorises ailleurs en UE) dans le PJL urgence agricole de juin
• Pari sur la “sagesse senatoriale”; CMP possible rentree 2026
• Precedent invoque: cavaliers ZFE censures par le Conseil constitutionnel le 21 mai (art. 45)
EDF / RH
• Elisabeth Terrail (DRH EDF) nomme Florence Cordier directrice du dialogue social au 1er sept, en remplacement de Nadege Ghizoli
• Contexte tendu: plan Fontana de reduction des frais de fonctionnement (1 Md EUR a horizon 2030), defiance syndicale
• Ghizoli -> DRH direction projets et partenariats industriels (DPPI, 2 000-3 000 pers., enjeux EPR2)
ENERGIE / FIN DU GAZ BATIMENTS NEUFS
• Conseil superieur de l’energie rejette le projet de decret: 38 contre, 8 pour (26 mai)
• Decret interdirait le gaz dans les batiments collectifs neufs au 1er janv 2027 (transposition directive perf. energetique 2024)
• Vote a contre-pied de la com Macron (“equipe de France de l’electricite” recue le meme jour a l’Elysee)
• Pour: EDF, Enedis, RTE, UFE, DGEC. Le CSCEE avait deja rejete le 19 mai
• Instance presidee par Jean-Luc Fugit (Renaissance)
MEDIAS / TIME FRANCE
• Apres la perte de la licence Forbes France (mars, publireportages non signales), Dominique Busso (360 Business Media) recycle ses contenus dans Time France (licence obtenue ete 2025)
• Depart de la redactrice en chef Elisabeth Lazaroo (refus des publireportages maquilles); Baptiste Mandrillon (ex-Prisma Media) aux commandes
• Publireportages: 4 pages (n1, dec 2025) -> 12 pages (n2 “mars 2026”); contenus factures 2 500 EUR
• Soiree Cannes 21 mai: tickets 9 500 a 40 000 EUR; formule “Signature” a 50 000 EUR
LC / Graham Advisors
LA LETTRE — 28 MAY 2026 — SUMMARY
CONSULTING / ACCENTURE FRANCE
• Yves Bernaert (ex-Atos CEO, 104 days; ex-Accenture CTO Europe) enters the race to succeed Koen Derickere; met Paris leadership mid-May
• Cedric Vatier (Strategy & Consulting head, Europe, 6 yrs) remains the favorite
• Other contenders: Stephanie Jandard (Consumer Goods & Services France/Benelux), Khalid Lahraoui (insurance, EMEA)
• Derickere left after 16 months -> joined IT services group Cegeka
• Backdrop: global “Reinvention Services” reorg (March), 5 verticals merged around AI; soft France results since 2024 (group’s first-ever headcount cut)
POLITICS / FNTP-RN
• Off-agenda dinner 20 May between FNTP (Alain Grizaud, CEO of Cousin Pradere) and an RN delegation: Alexandre Loubet (Moselle MP, running Bardella campaign prep), Francois Durvye (Bardella adviser), Ambroise de Rancourt (Le Pen chief of staff)
• Aim: ring-fence local public investment post-2027, simplification vs environmental norms, limit taxation of off-road diesel
• Immigration / foreign labor for shortage occupations deliberately avoided
• 11 June AGM: roundtable hosted by Marie Drucker — Tanguy (RN), Juvin (LR), Thevenot (Renaissance), Vallaud (PS), Coquerel (LFI)
PARLIAMENT / PESTICIDES (Duplomb II bill)
• National Assembly rejects the amendments (legislative riders); Senate majority regroups 26 May: Louault (Indep), Duplomb (LR), Menonville (UC) + Estrosi Sassone (chair, economic affairs cttee)
• 4 amendments to reintroduce acetamiprid and flupyradifurone (banned in France since 2020, allowed elsewhere in EU) into the June agricultural emergency bill
• Betting on “senatorial wisdom”; joint committee (CMP) possible autumn 2026
• Cited precedent: low-emission zone (ZFE) riders struck down by Constitutional Council on 21 May (art. 45)
EDF / HR
• Elisabeth Terrail (EDF HR director) appoints Florence Cordier as head of social dialogue from 1 Sept, replacing Nadege Ghizoli
• Tense context: Fontana cost-cutting plan (EUR 1bn by 2030), union distrust
• Ghizoli -> HR director, industrial projects & partnerships (DPPI, 2,000-3,000 staff, EPR2 stakes)
ENERGY / GAS BAN IN NEW BUILDINGS
• Higher Energy Council rejects draft decree: 38 against, 8 for (26 May)
• Decree would ban gas in new collective buildings from 1 Jan 2027 (transposing 2024 energy performance directive)
• Vote undercuts Macron’s messaging (“Team France for electricity” hosted same day at the Elysee)
• In favor: EDF, Enedis, RTE, UFE, DGEC. The CSCEE had already rejected it on 19 May
• Body chaired by Jean-Luc Fugit (Renaissance)
MEDIA / TIME FRANCE
• After losing the Forbes France license (March, undisclosed advertorials), Dominique Busso (360 Business Media) recycles the content into Time France (license obtained summer 2025)
• Editor-in-chief Elisabeth Lazaroo out (refused disguised advertorials); Baptiste Mandrillon (ex-Prisma Media) takes over
• Advertorials: 4 pages (issue 1, Dec 2025) -> 12 pages (issue 2, “March 2026”); content billed at EUR 2,500
• Cannes party 21 May: tickets EUR 9,500 to 40,000; “Signature” package at EUR 50,000
LC / Graham Advisors
>>> Up
* ABN Amro GDRs Raised to Add at AlphaValue/Baader
* Adidas Raised to Neutral at BofA; PT 172 euros (+)
* Avolta PT raised from CHF 55 to CHF 59 at Berenberg
* BAE Raised to Outperform at Mediobanca SpA; PT 2,600 pence
* Boliden Raised to Overweight at Barclays; PT 650 kronor
* Boliden Raised to Overweight at Barclays; PT 650 kronor
* Computacenter PT Raised to 4,500 pence at JPMorgan (+)
* Grenergy Renovables PT Raised to 150 euros from 115 euros at RBC
* L'Oreal Raised to Buy at Berenberg; PT 435 euros
* Loihde Raised to Accumulate at Inderes; PT 14.40 euros
* Metro Bank PT Raised to 195 pence from 170 pence at RBC
* MPC Container Ships Raised to Hold at Pareto Securities (+)
* Nokia Raised to Buy at SEB Equities; PT 8.90 euros
* General Motors Files Recall of 4,125 Vehicles: NHTSA (+)
* Quilter PT Raised to 225 pence from 220 pence at RBC
* STMicro PT Raised to 74 euros from 46 euros at Morgan Stanley
* Talanx Raised to Market Perform at Bernstein (+)
>>> Down
>>> Down
* Grenergy Renovables Cut to Neutral at Mediobanca SpA
* Hafnia Cut to Hold at Pareto Securities; PT 79 kroner
* Heineken Cut to Hold at Deutsche Bank; PT 76 euros
* Hiscox Cut to Add at Peel Hunt; PT 1,960 pence
* Puma Cut to Underperform at BofA; PT 27 euros (+)
* Vistry Group Cut to Hold at Goodbody; PT 260 pence (+)
* Wartsila Cut to Neutral at UBS; PT 40 euros
* Wartsila Cut to Neutral at UBS; PT 40 euros
* X-Fab Silicon Foundries Cut to Reduce at KBC Securities
>>> Initiation
* All for One Group SE Rated New Outperform at Oddo BHF
>>> Initiation
* All for One Group SE Rated New Outperform at Oddo BHF
* Atlas Copco Rated New Neutral at SB1 Markets; PT 190 kronor
* Aviva Rated New Buy at Berenberg; PT 800 pence
* Centiel AG Rated New Neutral at UBS; PT 5.50 Swiss francs
* Centiel AG Rated New Neutral at Oddo BHF; PT 5.30 Swiss francs
* Centiel AG Rated New Buy at Octavian; PT 6.20 Swiss francs
* EDP SA Rated New Buy at Citi; PT 5.10 euros
* Lastminute.com Rated New Outperform at Davy (+)
* Omnicom Reinstated Neutral at Rothschild & Co Redburn; PT $89
* Publicis Reinstated Buy at Rothschild & Co Redburn; PT 110 euros
* SGL Rated New Neutral at Oddo BHF; PT 5 euros
* WPP Reinstated Buy at Rothschild & Co Redburn; PT 435 pence
>>> Call
* L’Oreal Growth at Inflection Point, Upgraded to Buy at Berenberg
>>> Call
* L’Oreal Growth at Inflection Point, Upgraded to Buy at Berenberg
* SGL Carbon New Neutral at Oddo BHF, Profitability Growth on Hold
Why Google’s AI can’t spell Google (or anything else)
How many Ps are in Google? According to Google, there are two.
There’s also is also “exactly 1 ‘r’ in the word ‘poop’,” Google’s AI Overview says, as well as two ‘d’s in the word journalism, yet spelled it: j-o-u-r-n-a-d-i-s-m. Google did at least identify that there is one P in the last name of the U.S. president, but spelled it as t-r-p-u-m.
You didn’t need to be a prophet to predict that Google’s AI-forward Search overhaul was going to go over poorly. We’ve done this before. The first time Google added AI Overviews to Search, the feature ended up citing satirical posts from The Onion and Reddit, advising people to eat rocks and put glue on their pizza.
This time around, as Google doubles down on its commitment to make generative AI the centerpiece of its 29-year-old flagship product, it’s not surprising to see it stumble.
“Counting within words has been a known challenge for LLMs, and we’re working to fix this particular issue,” Google told TechCrunch in an emailed statement.
These basic spelling errors may seem familiar. LLMs, the kind of artificial intelligence that powers chatbots and other text-generators, are not built to understand spelling. It’s been a running joke for years that whenever a company unveils a new AI model, you should ask it how many ‘r’s are in the word strawberry. These AI models — which can code an app in seconds, or solve problems that have stumped mathematicians for decades — are about as good as a kindergartener at spelling.
Google’s AI overview woes reach beyond silly spelling mistakes though. Google already patched an issue from last week in which searching the word “disregard” would yield what looked like a dictionary definition of the word, only the definition was shown as, “Understood. Let me know whenever you have a new prompt or question!” But these spelling errors have remained amusing because they’re so difficult to quash.
As researchers have previously explained when we’ve asked about these spelling conundrums, AI doesn’t perceive sentences as units of language made up of words and letters. Many LLMs are built on transformers models, which break down text into tokens, which can be full words, syllables, or letters, depending on the model. Instead of “reading” like a human would, the AI converts the text into numerical representations of itself, which are then contextualized to help the AI come up with a logical response.
Image Credits:TechCrunch
“LLMs are based on this transformer architecture, which notably is not actually reading text. What happens when you input a prompt is that it’s translated into an encoding,” Matthew Guzdial, an AI researcher and assistant professor at the University of Alberta, told TechCrunch. “When it sees the word ‘the,’ it has this one encoding of what ‘the’ means, but it does not know about ‘T,’ ‘H,’ ‘E.’”
The token-based architecture that powers LLMs like Google’s AI overview is inherently limiting, and researchers haven’t been optimistic that they can solve the spelling problem.
“It’s kind of hard to get around the question of what exactly a ‘word’ should be for a language model, and even if we got human experts to agree on a perfect token vocabulary, models would probably still find it useful to ‘chunk’ things even further,” Sheridan Feucht, a PhD student studying large language model interpretability at Northeastern University, told TechCrunch. “My guess would be that there’s no such thing as a perfect tokenizer due to this kind of fuzziness.”
This isn’t necessarily an urgent problem on researchers’ minds, since the utility of LLMs doesn’t come in their capacity to spell. But these blatant failures help us remember that AI is not perfect, even if it may sometimes seem like an all-knowing power beyond our comprehension. We cannot blindly trust AI outputs without double-checking their accuracy.
Snowflake Shows Some Immunity to the SaaSpocalypse
Shares of traditional software providers have been battered this year over AI fears. Investors’ reaction to Snowflake’s and Salesforce’s quarterly results Wednesday suggests some providers are in better shape than others.
Snowflake shares jumped more than 35% to their highest point since December after the database provider said its most-watched sales metric grew 34% during its April quarter from a year-ago, beating the company’s own projection by seven percentage points.
Snowflake CEO Sridhar Ramaswamy, on a call with analysts, said customers are increasingly using its AI coding agent and a product that lets customers search for and get data on their sales or other corporate metrics, tapping information that resides in Snowflake databases or in apps they use from Microsoft, Salesforce and SAP.
Snowflake’s advantage appears to lie in not having a legacy enterprise app business like those of Salesforce, Workday and Intuit. In other words, Ramaswamy basically said that throwing AI on databases is a decent business, even if it has to rely on relatively pricey AI from providers like Anthropic and OpenAI to power Snowflake products. (Snowflake CFO Brian Robins said the company signed a deal to rent Amazon servers and access such AI at a cost that wouldn’t crimp its gross profit margins.)
Salesforce, on the other hand, must bring along a huge group of app customers into the AI age. The sales and customer-service software firm reported a 50% jump in annual recurring revenue from its suite of AI tools, namely Agentforce (which is also partly powered by models from other AI providers), to $1.2 billion in the April quarter from the previous period. That’s nothing to sneeze at, but it didn’t appear to boost its overall revenue much, nor did it change the trajectory of its revenue backlog.
Current remaining performance obligations, a metric reflecting the value of customer contracts it hasn’t yet recognized as revenue, grew 14% in the April quarter from the year-ago quarter, a slightly slower growth rate than in the January quarter. The update comes as customers begin to pressure their enterprise software providers to offer more favorable contract terms, because they are spending more on other AI tools.
Just as notable was Salesforce lowering its projection of operating and free cash flows for the current fiscal year, which ends January next year, by five percentage points compared to what it projected just three months ago. The company said the decline was due to its recent issuance of $25 billion of debt so that it could repurchase its own stock.
But Salesforce’s vote of confidence in itself hasn’t swayed anyone. Shares had fallen more than 30% for the year as of Wednesday’s market close, and shares dipped a fraction of a percent in after-hours trading.
Salesforce was also vague about a key question regarding its AI strategy. Execs largely dodged a question from Goldman Sachs analyst Gabriela Borges about how Salesforce will charge customers for Headless 360, a new collection of tools that lets customers use AI agents such as Claude Code to access data they store in Salesforce apps.
Salesforce president and chief revenue officer Miguel Milano said the company will “work together with our customers and with our partners to find…a fair way monetize” the new tools. The company said it will reveal more about its AI strategy during a webinar Friday.
Meta Launches New Enterprise Push to Boost Business Adoption of Its AI Tools
The Takeaway
- Meta launched a new Enterprise Solutions unit to boost business adoption of its AI tools.
- The unit will embed engineers and product managers directly with clients.
- Meta is seeking to monetize its huge investment in AI and to diversify its revenue streams.
Meta Platforms plans to place engineers and product managers inside large corporate customers as part of a new unit at the social-media giant to push businesses to use its AI tools and services.
In an internal memo, senior executive Naomi Gleit said the new organization, called Enterprise Solutions, will be made up of product managers who lead customer engagements, data engineers who prepare client data for use in Meta’s AI systems, and software engineers who integrate Meta’s tools directly into the systems customers use to run their operations. The move follows similar efforts by Google and others to employ technical consultants, often called forward-deployed engineers, to customize AI for business clients.
“We have seen great success across the industry from companies who have put people with these backgrounds into companies to enable their tools, like AI and advanced data tools, to take off,” Gleit wrote in the memo, which was reviewed by The Information.
Gleit’s memo, which was shared last week, didn’t spell out what specific products and services the enterprise team will promote. Meta’s business overwhelmingly focuses on serving ads to the billions of users of its apps, but CEO Mark Zuckerberg and other executives have spoken recently about expanding their business offerings as they seek to justify the company’s massive spending on AI infrastructure to investors.
In another effort to monetize its huge investments in AI, Meta on Wednesday announced that it is testing new paid subscriptions for its AI chatbot in its Facebook, Instagram and WhatsApp services.
Meta has been trying for at least a decade to build enterprise products, with limited success. In 2016 it launched a business-focused version of Facebook, called Workplace, intended to compete with Slack and Microsoft Teams. It announced two years ago it was closing the product. Meta also helps companies reach customers on its Messenger and WhatsApp messaging services, but that business remains relatively small. Last year, 98% of Meta’s revenue came from advertising.
The Enterprise Solutions org will focus on helping enterprise clients successfully integrate Meta’s AI tools and “building repeatable playbooks and tooling along the way so the work can scale over time,” a Meta spokesperson said.
The approach of the Enterprise Solutions team mirrors a trend among tech companies toward hiring forward deployed engineers who work closely with clients to integrate AI into their workflows. Google’s cloud chief, Thomas Kurian, said earlier this month that the company would form a new team of forward deployed engineers, following similar moves in recent months by companies including OpenAI, Anthropic and Nvidia.
Meta announced the formation of the new enterprise solutions group in an internal memo last week, which also informed employees that it was moving more than 7,000 staffers to several new initiatives including that one. Meta last week also announced layoffs affecting about 8,000 workers.
A ‘Critical Year’ for Meta’s AI Transformation
The enterprise push comes as Meta is rethinking how its own employees use AI internally, and how that could inform potential products. Chief Technology Officer Andrew Bosworth outlined in a separate memo last month how Meta is reorganizing internal work around AI agents through an initiative called the Agent Transformation Accelerator.
The initiative will consist of four teams designed to reorganize internal work around AI agents that increasingly perform tasks traditionally done by employees. Workers will shift from executing tasks to overseeing agents that carry them out, Bosworth said, adding that 2026 “is a critical year” for Meta’s transformation. “The tools we build and the ways of working we establish will define what Meta looks like in this AI era,” he wrote in the memo, also reviewed by The Information.
Bosworth said the company’s current set of AI tools has become fragmented, with overlapping tools creating confusion and diluting impact, and that Meta is now working toward a more unified approach.
He added that employees should use AI tools only when they meaningfully improve productivity, not simply to increase usage metrics, a practice known as “tokenmaxxing.”
“Nobody should be using AI tools just for the sake of using them,” Bosworth wrote. “All motion is not progress and token usage alone is not a measure of impact of any kind. We will be using these tools because they’ll genuinely allow us to do better work, faster.”
Tokenmaxxing is the term for employees trying to demonstrate their AI chops by burning as many AI tokens (units of data processed by large language models) as possible. As previously reported, some Meta employees have even tracked usage on internal leaderboards ranking AI power users based on token consumption, turning AI usage itself into a form of competition and status signaling inside the company.
Asian equities eased from all-time highs after conflicting signals from the US and Iran on prospects for a deal to end the war. Crude oil gained.
MSCI’s Asia Pacific equities gauge fell 0.6%, snapping a five-day rally fueled by surging technology shares. Taiwanese shares bucked the trend, gaining 0.8%. Equity-index futures for the S&P 500 and the Nasdaq 100 retreated. Brent crude climbed 2.3% to $96.45 a barrel as American forces carried out airstrikes on an Iranian military site, underscoring the elusiveness of any resolution to the war despite recent optimism. Authorities described the attack as defensive. Kuwait also said it’s responding to hostile missile and drone threats. The dollar strengthened for a third consecutive day, while gold fell 1% to about $4,400 an ounce. Treasuries dropped as higher oil prices stoked inflation concerns, with the yield on the benchmark 10-year climbing two basis points to 4.50%. Bonds in Australia and New Zealand also declined. While resilient demand for the artificial-intelligence trade has repeatedly pushed global equities to record highs, elevated energy prices and the risk of renewed inflation have kept bond investors cautious. Attention now turns to Thursday’s release of the April personal consumption expenditures index — the Fed’s preferred inflation gauge — for clues on interest rates and the next move for markets. President Donald Trump said he was “not satisfied” in negotiations with Iran, damping expectations for an imminent breakthrough. Trump asserted that no one nation would control the Strait of Hormuz, highlighting a key sticking point in resolving the conflict as it enters its fourth month. US Secretary of State Marco Rubio said that “we’ll see over the next few hours and days whether progress could be made” on Iran. Meanwhile, a US official said the US Central Command forces had shot down a quartet of one-way Iranian attack drones that were fired at a commercial ship and also struck another Iranian drone-launching unit in Bandar Abbas, near the vital Strait of Hormuz. US stocks ended Wednesday’s session roughly where they started, as investors took profits in tech names but remained optimistic that an end to the war in the Middle East was near. Despite the day’s see-saw trading, Wall Street strategists remain largely bullish on stocks, with the S&P 500 hovering near all-time highs. An “exceptionally strong first-quarter reporting season” prompted Goldman Sachs Group Inc. strategists led by Ben Snider to raise the year-end target for the S&P 500 to 8,000 points from a previous forecast of 7,600. Goldman joined Morgan Stanley and Deutsche Bank AG in seeing the benchmark end the year at 8,000 points. The technology sector remained in focus after some mixed earnings. Salesforce Inc. gave a lukewarm outlook and HP Inc. gave a profit outlook that failed to ease the chip-cost concern. Snowflake Inc. shares jumped almost 30% in late trading after the software maker gave a stronger-than-expected annual outlook. Marvell Technology Inc. delivered a quarterly forecast that exceeded analysts’ estimates. Elsewhere, elevated energy prices and inflation risks are clouding the outlook for central banks as traders turn their attention to Thursday’s economic data. The PCE price index rose 3.5% from a year earlier in March and economists anticipate an increase to 3.8% in April. That’s well above the long-run rate of 2% targeted by the Fed. Fed Vice Chair Philip Jefferson said he expects inflation to cool later this year as the effects of tariffs and higher energy costs wear off, though he warned inflationary risks remain tilted to the upside. Earlier, Fed Governor Lisa Cook said inflation is headed in the wrong direction and she would be prepared to raise interest rates if that persists. US after Hours SNOW +35.8% surging on earnings and AWS collaboration; MRVL +2.7%, HPQ +0.8% modestly higher on earnings; BRZE -11.1%, P -7.6%, SNPS -2.1%, CRM -1.3% lower on earnings.
Nikkei +0.06% Hang Seng -1.98% CSI -0.74% Shanghai -0.24% Shenzen -0.27%
Eur$ 1.1600 CNH 6.7853 CNY 6.7850 JPY 159.62 GBP 1.3377 CHF 0.7899 RUB 71.0068 TRY 45.8995 WTI$ 91.74 +3.47% Gold 4,377 -1.66% BTC 73,311 -2.44% ETH 1,983 -3.30%
S&P -0.17% Nasdaq -0.51% EuroStoxx -0.80% FTSE -0.63% Dax -0.65% SMI -0.43%
Macro :
- Abu Dhabi Wealth Funds Are Raising Billions in Share Sale Spree
- EU to Broaden Import Quotas and Tariffs Against China: FT
- China Is Exporting Its Factories Across the World and Spooking the Competition - WSJ
Keep an eye on :
Keep an eye on :
- ABBV US : AbbVie Gets FDA Approval for Decnupaz Blood Cancer Drug
- AC FP : Accor CEO Sébastien Bazin to step down
- ADJ GY : Adler Group Maintains FY Net Rental Income Forecast
- AGN NA : Aegon Publishes Proposal for US-Aligned Governance Framework
- AMZN US : Amazon Names Schoenberg as New Head of Healthcare Business
- AVOL SW : Avolta Secures 12-Year Contract at Norfolk International Airport
- BCP PL : BCP Approves Up to EU407.5M Share Buyback
- BT/A LN : UK Would Block Sunil Bharti Mittal From Raising Stake in BT: FT
- DIE BB : D'Ieteren 1Q Revenue +0.2%; Confirms FY Outlook
- EKTAB SS : Elekta 4Q Net Sales Miss Estimates
- LLY US : Lilly Vows Global Drug Launches Despite Pricing Pressure
- FDX US : FedEx Freight Holding Company Set to Join S&P 500
- GALE SW : Galenica Maintains FY Sales Forecast
- GTT FP : GTT Gets Order From HD KSOE for Two LNG Carriers’ Tank Design
- HPQ US : HP’s 2Q PC Sales Upside May Fade as Costs Rise: Earnings Outlook
- IBE SM : Iberdrola Unit Avangrid and Microsoft Ink 140 MW Solar Deal
- IPN FP : Ipsen Pharma Says Iqirvo Data Showed Improvements in Fatigue
- JMAT LN : Johnson Matthey FY Revenue Beats Estimates
- LLOY LN : Lloyds, National Wealth Fund to Finance University Retrofits
- LULU US :For ailing Lululemon, going private might not be a stretch - FT
- META US : Meta New Unit to Push AI Tools to Enterprise Clients:Information
- MGM US : *MGM RESORTS CLOSES 9.1% HIGHER IN BEST DAY SINCE APRIL 2025
- MUX GY : Mutares Weighs Sale, IPO of Firefighting Tech Company Magirus
- BMPS IM : BPM Could Hire Goldman to Review Potential Paschi Deal: Corriere
- NTGY SM : CVC’s €3.1 Billion Naturgy Selldown Said to Draw About 90 Orders
- NBIS US : Nebius Shares Jump After Situational Awareness Reports Stake
- PPH LN : PPHE Hotel Group Gets Indicative £22/Share Proposal From Fattal
- ROS AV : Mutares Weighs Sale, IPO of Firefighting Tech Company Magirus
- SAABB SS : Sweden in Talks to Sell Saab Jets to Ukraine: Aftonbladet
- SAN FP : Sanofi’s Venglustat Accepted for Priority Review in US
- SCHO DC : Schouw Says BioMar Raises DKK50m in Copenhagen IPO
- SIVE SS : A 1,700% Jump Turns Retail Trader Favorite Sivers Into Short Bet
- SFER IM : Salvatore Ferragamo Launches Buyback Approved by Shareholders
- CRM US : Salesforce 2Q Revenue Forecast Misses Estimates, Salesforce Dips, Results Don’t Ease Disruption Risk: Street Wrap
- SNOW US : Snowflake Expands AWS Collaboration With $6b Five-Year Pact
- SNOW US : Snowflake Soars as Results Speak to AI Strength: Street Wrap
- 9984 JP : SoftBank Is Said to Offer $300 Million Block of Symbotic Shares
- SOI FP : Soitec Margins Disappoint, Outlook Seems Uncertain: Street Wrap
- SOI FP : Soitec Sees 1Q Like-for-Like Sales About +15%
- SPCX US : SpaceX Starship Rocket Grounded by FAA After Launch Mishap
- SYM US : SoftBank Is Said to Offer $300 Million Block of Symbotic Shares
- TSLA US : Early SpaceX Investor Says Tesla Tie-Up Is Only a Matter of When
- SPCE US : Virgin Galactic Prototype Spaceship VSS Unity Makes Glide Flight
- UCG IM : UniCredit Takes SRTs Into Core of Bank Lending in Profit Push
- VIG AV : Vienna Insurance 1Q Pretax Profit EU310.3M
>>> Up
* ABN Amro GDRs Raised to Add at AlphaValue/Baader
* Avolta PT raised from CHF 55 to CHF 59 at Berenberg
* BAE Raised to Outperform at Mediobanca SpA; PT 2,600 pence
* Boliden Raised to Overweight at Barclays; PT 650 kronor
* Boliden Raised to Overweight at Barclays; PT 650 kronor
* Grenergy Renovables PT Raised to 150 euros from 115 euros at RBC
* L'Oreal Raised to Buy at Berenberg; PT 435 euros
* Loihde Raised to Accumulate at Inderes; PT 14.40 euros
* Metro Bank PT Raised to 195 pence from 170 pence at RBC
* Nokia Raised to Buy at SEB Equities; PT 8.90 euros
* Quilter PT Raised to 225 pence from 220 pence at RBC
* STMicro PT Raised to 74 euros from 46 euros at Morgan Stanley
>>> Down
>>> Down
* Grenergy Renovables Cut to Neutral at Mediobanca SpA
* Hafnia Cut to Hold at Pareto Securities; PT 79 kroner
* Heineken Cut to Hold at Deutsche Bank; PT 76 euros
* Hiscox Cut to Add at Peel Hunt; PT 1,960 pence
* Wartsila Cut to Neutral at UBS; PT 40 euros
* Wartsila Cut to Neutral at UBS; PT 40 euros
* X-Fab Silicon Foundries Cut to Reduce at KBC Securities
>>> Initiation
* All for One Group SE Rated New Outperform at Oddo BHF
>>> Initiation
* All for One Group SE Rated New Outperform at Oddo BHF
* Atlas Copco Rated New Neutral at SB1 Markets; PT 190 kronor
* Aviva Rated New Buy at Berenberg; PT 800 pence
* Centiel AG Rated New Neutral at UBS; PT 5.50 Swiss francs
* Centiel AG Rated New Neutral at Oddo BHF; PT 5.30 Swiss francs
* Centiel AG Rated New Buy at Octavian; PT 6.20 Swiss francs
* EDP SA Rated New Buy at Citi; PT 5.10 euros
* Omnicom Reinstated Neutral at Rothschild & Co Redburn; PT $89
* Publicis Reinstated Buy at Rothschild & Co Redburn; PT 110 euros
* SGL Rated New Neutral at Oddo BHF; PT 5 euros
* WPP Reinstated Buy at Rothschild & Co Redburn; PT 435 pence
>>> Call
* L’Oreal Growth at Inflection Point, Upgraded to Buy at Berenberg
>>> Call
* L’Oreal Growth at Inflection Point, Upgraded to Buy at Berenberg
* SGL Carbon New Neutral at Oddo BHF, Profitability Growth on Hold
- OMV (OMV TH) +1.6%
- HSBC (HBC1 TH) -1.8%
- Holcim (HLBN TH) -1.8%
- NKT (NKT TH) -1.9%
- Rio Tinto (RIO1 TH) -2%
- Rolls-Royce (RRU TH) -2.1%
- Storebrand (SKT TH) -2.6%
- Stellantis (8TI TH) -2.6%
- Adyen (1N8 TH) -2.8%
- Puma (PUM TH) -2.8%
- SSE (SCT TH) -3.1%