>>> US Gapping down

Gapping down

News:

  • GFI -11.3% (Yamana Gold to be acquired by Gold Fields (GFI) for $6.7 bln)
  • CS -4.6% (mulling options to increase capital, according to Reuters report)
  • SNY -4% (reports FDA placed Cialis Rx-to-OTC switch on clinical hold)
  • TGTX -3.3% (FDA has extended the Prescription Drug User Fee Act goal date to December 28, 2022)
  • OR -3.2% (signs binding agreement with respect to the previously announced metals stream on the Trixie Mine)
  • AVID -2.5% (elects John P. Wallace as Board Chair)
  • TAK -1.2% (Moderna and Takeda (TAK) announce plans to transfer Marketing Authorization for Spikevax COVID-19 vaccine in Japan to Moderna) .

Analyst comments:

  • PUBM -2.9% (downgraded to Hold from Buy at Jefferies)
  • NTCT -2.7% (downgraded to Underweight from Neutral at Piper Sandler)
  • NWE -1% (downgraded to Underperform from Neutral at BofA Securities)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

  • BEKE +7.5%, NNDM +3.1%

Other news:

  • CTT +35.3% (CatchMark Timber Trust and PotlatchDeltic (PCH) to combine in an all-stock transaction)
  • AUY +15.9% (Yamana Gold to be acquired by Gold Fields (GFI) for $6.7 bln)
  • ELDN +7.8% (topline results from phase 2a trial of tegoprubart demonstrating safety target engagement and biomarker response in patients living with amyotrophic lateral sclerosis)
  • AMC +7.5% (strong "Top Gun: Maverick" box office showing)
  • SWVL +4.9% (announces portfolio optimization program to turn cash flow positive in 2023)
  • CVE +3% (Cenovus Energy and its partners have agreed to restart the West White Rose Project offshore Newfoundland and Labrador)
  • JKS +2.5% (signs a new agreement with Aldo Solar for the distribution of 600 MW N-type Tiger Neo modules)
  • BTAI +1.2% (files for 278520 share common stock offering by selling shareholders)
  • GCMG +1.2% (files for $350 mln mixed securities shelf offering)

Analyst comments:

  • DISH +5.4% (upgraded to Buy from Hold at Truist)
  • NVO +3% (upgraded to Buy from Neutral at Guggenheim)
  • GRAB +2.9% (upgraded to Outperform from Mkt Perform at Bernstein)
  • ZM +1.7% (upgraded to Outperform from Underperform at Daiwa Securities)
  • MRCY +1.1% (upgraded to Outperform from Neutral at Robert Baird)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • CTT +24.1%, AUY +17%, ELDN +16.5%, SWVL +4.9%, BEKE +4.4%, CVE +3.9%, SWBI +3%, AMC +2.6%, JKS +2.2%, E +1.7%, BTAI +1.6%, GCMG +1.2%
  • Gapping down:
    • GFI -11.8%, CS -4.1%, SNY -3.5%, OR -3.2%, AVID -2.5%, TAK -1.8%, BA -0.7%

FT : Unilever gives Nelson Peltz a board seat

Unilever gives Nelson Peltz a board seat
Trian Fund Management has 1.5% stake in consumer goods group

Activist investor Nelson Peltz has been made a non-executive director on the board of consumer goods group Unilever after building a stake in the company through his New York hedge fund Trian Fund Management.

Unilever announced the appointment of Peltz, which will take effect from July 20 this year, on Tuesday. He will also be a member of the group’s compensation committee. Peltz has previously had seats on the boards of Procter & Gamble, Heinz and Mondelez.

The Financial Times reported in January that Peltz’s $8.5bn fund had taken a position in the British company, pressing chief executive Alan Jope to streamline operations and implement governance reforms following the company’s failed takeover of GSK Consumer Health.

Unilever said on Tuesday that Trian had a 1.5 per cent stake. According to data from Refinitiv, that would make it the fourth largest shareholder.

Peltz said that his fund had made a “considerable investment” in Unilever, adding that he was looking forward to “working collaboratively” with the group’s management.

“We believe it is a company with significant potential, through leveraging its portfolio of strong consumer brands and its geographical footprint,” Peltz said.

Unilever made three failed bids for GSK Consumer Health with Jope abandoning the quest after pressure from shareholders. Peltz meanwhile stepped down from the board of Procter & Gamble last year, four years after he had acquired a $3bn stake in the company.

>>> Europe : Brokers Upgrades & Downgrades - 31st of May 2022 V2(+)

>>> Up
* AIB Group Raised to Reduce at AlphaValue/Baader
* Amundi Raised to Outperform at KBW; PT 82 euros
* Aperam Raised to Overweight at Morgan Stanley; PT 51 euros
* Borr Drilling Raised to Buy at SpareBank; PT 55 kroner
* Engie Raised to Buy at HSBC; PT 15.90 euros
* Kering Raised to Buy at HSBC; PT 600 euros
* Northland Power Raised to Buy at Accountability Research
* Shelf Drilling Raised to Buy at SpareBank; PT 25 kroner
* Siemens Healthineers Raised to Overweight at Barclays
* VW Raised to Buy at HSBC; PT 234 euros

>>> Down
* Acerinox Cut to Equal-Weight at Morgan Stanley; PT 13.30 euros
* DWS Cut to Market Perform at KBW; PT 41 euros
* HBM Healthcare Cut to Add at Baader Helvea; PT 292 Swiss francs
* IAG Cut to Equal-Weight at Morgan Stanley; PT 144.89 pence
* Maisons du Monde Cut to Neutral at Citi; PT 14 euros
* REC Silicon Cut to Neutral at SpareBank; PT 20 kroner (+)
* S Immo Cut to Accumulate at SRC Research; PT 26 euros
* S Immo Cut to Hold at Hauck & Aufhaeuser; PT 23.50 euros (+)

>>> Initiation
* Atome Energy Rated New Buy at Liberum; PT 181 pence
* Aurubis Rated New Buy at Bankhaus Metzler; PT 116 euros (+)
* Quilter Rated New Neutral at Goldman; PT 135 pence
* St James's Place Rated New Buy at Goldman; PT 1,770 pence
* Tate & Lyle Resumed Neutral at Citi; PT 850 pence

>>> Call
* AllianceBernstein Likes China Stocks, Sees Policy Support Coming
* Aperam Now Preferred to Acerinox in Stainless Steel, MS Says
* Aurubis Rated New Buy at Bankhaus Metzler on ESG Attractions (+)
* Ferrari PT Cut at Citi, Targets at CMD Expected to Disappoint
* Maisons du Monde Cut to Neutral at Citi on Earnings Headwinds
* Stay Defensive in Airlines, IAG Downgraded: Morgan Stanley

>>> Stoxx 600 Pre-Market Indications

  • Lanxess (LXS TH) +5.4%
    • Lanxess, Advent to Buy DSM Engineering Materials Ops for EU3.7b
  • Unilever (UNVB TH) +2.6%
    • Unilever Names Nelson Peltz as Non-Executive Director
  • Vodafone (VODI TH) +2.1%
  • Kering (PPX TH) +1.5%
  • Rio Tinto (RIO1 TH) +1.4%
  • Valeo (VSA2 TH) +1.1%
  • Siemens Healthineers (SHL TH) +0.9%
    • Siemens Healthineers Raised to Overweight at Barclays
  • Hermes (HMI TH) +0.8%
  • Equinor (DNQ TH) +0.8%
  • Aegon (AEND TH) +0.7%
  • Continental (CON TH) -0.9%
  • HelloFresh (HFG TH) -0.9%
  • Commerzbank (CBK TH) -0.9%
  • Hannover Re (HNR1 TH) -1%
  • Lufthansa (LHA TH) -1%
  • Bayer (BAYN TH) -1.1%
  • Veolia (VVD TH) -1.3%
  • GSK PLC (GS7 TH) -1.6%
    • GSK to Buy Affinivax for $2.1B Upfront, Up to $1.2B Milestones
  • Just Eat Takeaway (T5W TH) -2%
    • Tiger Global’s Just Eat Takeaway Stake Falls to 2.93% (May 30)
  • Delivery Hero (DHER TH) -3.8%

>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Healthineers (SHL TH) +1.1%
    • Siemens Healthineers Raised to Overweight at Barclays
  • Daimler Truck (DTG TH) +0.9%
  • Munich Re (MUV2 TH) -0.8%
  • Zalando (ZAL TH) -0.8%
  • HelloFresh (HFG TH) -0.9%
  • Bayer (BAYN TH) -1.1%
  • Delivery Hero (DHER TH) -1.5%
MDAX:
  • Lanxess (LXS TH) +5.9%
    • Lanxess, Advent to Buy DSM Engineering Materials Ops for EU3.7b
  • Aroundtown (AT1 TH) +1.1%
  • Jungheinrich (JUN3 TH) +1%
  • Rheinmetall (RHM TH) +0.8%
  • RTL (RRTL TH) +0.6%
  • Thyssenkrupp (TKA TH) -0.5%
  • K+S (SDF TH) -0.8%
  • Commerzbank (CBK TH) -0.9%
  • Aixtron (AIXA TH) -1%
  • Telefonica Deutschland (O2D TH) -1.2%
SDAX:
  • Adler Group (ADJ TH) +11%
    • Adler Pulls Development-Project Sale After Buyer Didn’t Pay (1)
  • LPKF (LPK TH) +1.5%
  • VERBIO Vereinigte (VBK TH) +1%
  • Nordex (NDX1 TH) +0.5%
  • Deutsche PBB (PBB TH) -0.7%
  • Heidelberger Druck (HDD TH) -1.5%
  • DWS (DWS TH) -1.5%
  • PVA TePla (TPE TH) -2%
  • SGL (SGL TH) -2%