>>> Europe : Brokers Upgrades & Downgrades - 2nd of January 2026 V3(++)

>>> Up
* ASML Raised to Buy at Aletheia Capital; PT 1,250 euros (++)
* ASML ADRs Raised to Buy at Aletheia Capital; PT $1,500 (++)
* Aspo Raised to Buy at Inderes; PT 7.80 euros

>>> Down
* Bittium Cut to Reduce at OP Corporate Bank; PT 28 euros (++)

>>> Initiation
* Apple Reinstated Market Perform at Raymond James
* Hongkong Land Reinstated Hold at CGS Int'l; PT $4.91

>>> Call
* Berenberg Trims Xaar Price Target, Estimates Amid Cautious EV Outlook
* Vestas Orders Set to Beat in Fourth Quarter, JPMorgan Says (+)

>>> US Gapping down

Gapping down
Other news:
  • OTLK -59.9% (FDA issues CRL for BLA resubmission, indicating it cannot approve the application)
  • RDZN -3.7% (files for 19,157,081 ordinary share offering, relates to warrants)
  • MGM -0.5% (Macau Gaming revs)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • IRWD +14.2% (guidance)
Select metals/mining stocks trading higher:
  • SLV +4.5%, AG +3.5%, IAG +2.8%, GDX +2.5%, HMY +2.4%, AU +2.3%, NEM +2.3%, GLD +2%, GFI +1.8%, BHP +1.7%, RIO +1.3%
Select Index ETFs showing strength:
  • QQQ +1%, IWM +0.8%, SPY +0.6%
Other news:
  • BVC +25.4% (launches new digital assets segment with acquisition of high-efficiency mining fleets)
  • BIDU +11.4% (proposes spin-off and Hong Kong listing of Kunlunxin)
  • NIO +4.6% (reports December deliveries)
  • BITF +3.8% (divests Paso Pe site, completes exit from LATAM)
  • LI +2.8% (reports December deliveries)
  • TNXP +2.6% (Point72 (Steven A. Cohen) discloses 9.2% passive stake)
  • DNN +2.1% (readies Phoenix ISR project for construction; Updates Capex)
  • NRGV +1.1% (files for 4.5 mln share offering by selling shareholder, relates to warrants)
  • SENS +1.1% (Senseonics and Ascensia Diabetes Care Holdings AG entered into a master asset purchase agreement)
  • CACI +0.9% (awarded a $212 mln task order for US Space Force)
  • XPEV +0.8% (reports December deliveries)

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • BIDU +12.2%, NIO +5.7%, SLV +4.9%, TNXP +4.3%, AG +3.8%, LI +2.8%, GDX +2.7%, NEM +2.7%, HMY +2.7%, AU +2.5%, MLCO +2.4%, GFI +2.1%, IAG +2.1%, XPEV +2%, GLD +2%, BHP +1.3%, RIO +1.3%, QQQ +1.1%, NRGV +0.9%, CACI +0.9%, BA +0.9%, IWM +0.8%, LVS +0.6%, SPY +0.6%, NFLX +0.5%
  • Gapping down:
    • OTLK -60.3%, FRT -0.5%, RDZN -0.5%

WWD : Bell & Ross Becomes Time Partner of the Defender Rally Team

Bell & Ross Becomes Time Partner of the Defender Rally Team
As part of the partnership, drivers will be sporting the BR-X3 Black Titanium watch, which retails for 8,400 euros.


START YOUR ENGINES: Bell & Ross is kicking off 2026 in high gear.

The French-designed, Swiss-made watchmaker said Friday that it is becoming the official time partner of Defender Rally, the competition team of British automotive company Land Rover in the World Rally-Raid Championship.

It will also be its timekeeper for the Dakar 2026 rally, the first leg of the annual championship kicking off on Saturday and running until Jan. 17.

“The Dakar Rally is a symbol of boldness, exploration and pushing beyond one’s limits — values that lie at the very heart of Bell & Ross’ DNA,” said the watchmaker’s cofounder and chief executive officer Carlos Rosillo.

As part of the partnership, the brand is equipping the drivers with the BR-X3 Black Titanium watch, a design in Grade 5 titanium that launches a COSC-certified manufacture movement developed with Kenissi.


The timepiece, which retails for 8,400 euros, was conceived with optimal legibility in mind and its dial features a three-day date indicator, nodding to its 70-hour power reserve.

The CEO described the watch as a perfect embodiment of the “precision, legibility and robustness in the most extreme conditions” philosophy at the heart of the brand, which was founded as a passion project with longtime friend and fellow aviation afficionado Bruno Belamich.

“The functional design of our iconic square watch naturally echoes that of Defender Dakar D7X-R,” added Belamich, who serves as creative director of the brand. “Both express a bold, uncompromising character defined by strong lines and purposeful forms.”

The move marks the return of the watchmaker to the automotive space. Best known for its aeronautical slant and being a supplier to France’s air force and elite units, Bell & Ross previously had partnerships with the Renault Sport and Alpine teams in Formula 1.

>>> BMPS IM | DELFIN MAY SELL ITS 17.5% MONTE PASCHI TO UNICREDIT: ITA PRESS

BMPS IM | DELFIN MAY SELL ITS 17.5% MONTE PASCHI TO UNICREDIT: ITA PRESS

From: Guido Pardini

According to Italian Press (OdP), Delfin Milleri and Bardin would consider the possibility to sell 17.5% BMPS stake to Unicredit (UCG IM). Rumors on this story have been around in past few days in Milan. On UCG side, such an acquisition would perfectly comply with Orcel strategy, happy to be the main shareholder ahead of Caltagirone 10.3% and Italian Treasury with 4.8% (BAMI not mentioned).
On Delfin side such a sale would comply with the interest of a few Delfin Shareholders unhappy with Delfin involved in financial deals, with Milleri actively working to sort the Inheritance issues. On the other side, Delfin selling would put in evidence no action in concert with Caltagirone (Milan Prosecutors thesis)

Source: IlGiornale, Wednesday 31st Dec