>>> Europe : Brokers Upgrades & Downgrades - 10th of December 2021 V2(+)

>>> Up
* Aurinia Pharmaceuticals Raised to Outperform at Oppenheimer
* Inditex Raised to Outperform at Oddo BHF; PT 33 euros
* LPP Raised to Overweight at JPMorgan; PT 18,200 zloty
* Petrofac Raised to Overweight at JPMorgan; PT 160 pence
* Royal Caribbean Raised to Hold at Berenberg; PT $80
* Trufin Raised to Buy at Liberum (+)
* TUI Raised to Hold at Nord/LB; PT 2.50 euros
* Tullow Raised to Overweight at JPMorgan; PT 79 pence
* UniCredit Raised to Buy at SocGen; PT 15.30 euros (+)

>>> Down
* Aker Solutions Cut to Underweight at JPMorgan; PT 23 kroner
* Countryside Cut to Underweight at JPMorgan; PT 450 pence
* Deutsche Industrie REIT Cut to Sell at M.M. Warburg
* IMCD Cut to Underperform at Credit Suisse; PT 170 euros (+)
* Lundin Energy Cut to Neutral at JPMorgan; PT 396 kronor
* Schibsted Cut to Equal-Weight at Morgan Stanley; PT 489 kroner
* Subsea 7 Cut to Neutral at JPMorgan; PT 84 kroner
* YouGov Cut to Add at Peel Hunt (+)

>>> Initiation
* Compleo Charging Solutions Rated New Buy at Kepler Cheuvreux
* Pryme Rated New Buy at Nordea; PT 113 kroner (+)
* Vimian Rated New Buy at Handelsbanken; PT 88 kronor

>>> Call
* AB Foods is Performing in Line, Primark Making Progress: RBC (+)
* Airbus, EasyJet, Shell, Among Top Reopening Ideas, MS Says (+)
* Bayer Verdict ‘Positive Development’ for Stock, Berenberg Says (+)
* Covestro Share-Price Weakness Is Buying Opportunity: Barclays

>>> Europe : Brokers Upgrades & Downgrades - 10th of December 2021 V2(+)

>>> Up
* Aurinia Pharmaceuticals Raised to Outperform at Oppenheimer
* Inditex Raised to Outperform at Oddo BHF; PT 33 euros
* LPP Raised to Overweight at JPMorgan; PT 18,200 zloty
* Petrofac Raised to Overweight at JPMorgan; PT 160 pence
* Royal Caribbean Raised to Hold at Berenberg; PT $80
* TUI Raised to Hold at Nord/LB; PT 2.50 euros
* Tullow Raised to Overweight at JPMorgan; PT 79 pence
* UniCredit Raised to Buy at SocGen; PT 15.30 euros (+)

>>> Down
* Aker Solutions Cut to Underweight at JPMorgan; PT 23 kroner
* Countryside Cut to Underweight at JPMorgan; PT 450 pence
* Lundin Energy Cut to Neutral at JPMorgan; PT 396 kronor
* Schibsted Cut to Equal-Weight at Morgan Stanley; PT 489 kroner
* Subsea 7 Cut to Neutral at JPMorgan; PT 84 kroner
* YouGov Cut to Add at Peel Hunt (+)

>>> Initiation
* Compleo Charging Solutions Rated New Buy at Kepler Cheuvreux
* Vimian Rated New Buy at Handelsbanken; PT 88 kronor

>>> Call
* Covestro Share-Price Weakness Is Buying Opportunity: Barclays

>>> Stoxx 600 Pre-Market Indications

  • Bayer (BAYN TH) +3%
    • Bayer Wins Second Roundup Cancer Case in California
  • Swedish Match (SWMC TH) +0.9%
  • Telefonica (TNE5 TH) +0.7%
    • European Telecom Carriers May See Some Cash Flow Respite in 2022
  • UCB (UNC TH) +0.4%
    • UCB’s Rozanolixizumab Phase III Study Met Primary Endpoint
  • Shell (R6C TH) -1.2%
    • Holding EGM today
  • IAG (INR TH) -1.3%
  • Novo Nordisk (NOVC TH) -1.3%
  • ASML (ASME TH) -1.6%
  • Delivery Hero (DHER TH) -1.8%
  • Zalando (ZAL TH) -1.9%
  • TUI (TUI1 TH) -2.7%
  • Carl Zeiss Meditec (AFX TH) -3.4%
    • Carl Zeiss Meditec Sees 2022 Ebit Margin 19% to 21%
  • Daimler (DAI TH) -18% (adjusted for Daimler Truck spinoff)
    • Daimler Truck Spinoff From Mercedes Heralds Hope for Value Gains

>>> TradeGate Pre-Market Indications

DAX:
  • Bayer (BAYN TH) +3.5%
    • Bayer Says It Won Jury Verdict in California Roundup Trial
  • Daimler (DAI TH) -18% (adjusted for Daimler Trucks spinoff)
    • Daimler Truck Spinoff From Mercedes Heralds Hope for Value Gains
MDAX:
  • ProSieben (PSM TH) +0.8%
  • United Internet (UTDI TH) +0.1%
    • United Internet Sees 2022 Ebitda About EU1.25B
  • Carl Zeiss Meditec (AFX TH) -3.1%
    • Carl Zeiss Meditec Sees 2022 Ebit Margin 19% to 21%
SDAX:
  • Deutsche PBB (PBB TH) +1.7%
  • 1&1 (DRI TH) +1.4%
  • Global Fashion Group (GFG TH) -6.8%
    • *GLOBAL FASHION REDUCES YEAR VIEWS FOR NMV, REV.& ADJ EBITDA

>>> What to look at today - 10th of December 2021

Asian stocks followed their U.S. peers lower Friday as traders weighed the economic threat of virus restrictions against optimism about the efficacy of vaccines. 
Equity markets declined across Asia. U.S. futures were little changed after benchmarks ended a three-day rally amid losses consumer discretionary and real estate stocks. Treasuries were steady, with a lackluster sale of 30-year bonds paring gains on Thursday. Oil traded below $71 per barrel and Bitcoin edged higher. The dollar held overnight gains.
Chinese markets are in investors’ focus after China Evergrande Groupand Kaisa Group Holdings Ltd. officially defaulted on their dollar debt. Evergrande shares fell about 2%. Kaisa’s shares, which are also traded in Hong Kong, remained suspended.
China’s central bank took further steps to limit the yuan’s strength -- setting the weakest reference rate relative to estimates compiled by Bloomberg since 2018 -- a day after policy makers raised the foreign currency reserve requirement ratio for banks a second time this year. The yuan shrugged off the moves to advance further.
Meanwhile, the global equity rally faces further road bumps ahead from U.S. consumer inflation numbers on Friday and a Federal Reserve meeting next week that may give clues on the pace of tapering and interest rate increases. 
The dollar was flat. It rose Thursday after a report showed applications for U.S. state unemployment benefits declined to the lowest level since 1969. However, economists flagged difficulties in seasonal adjustments to arrive at that figure. 
US After Hours ORCL +10.5%, AVGO +6.3% up sharply on earnings; AOUT -19.1%, CHWY -7.7%, LULU -2.1% lower on earnings; AI +20.6% jumps on DoD deal

Nikkei -1% Hang Seng -0.90% CSI -0.69% Shanghai -0.29% Shenzen +0.21%

Eur$ 1.1296 CNH 6.3687 CNY 6.3645 JPY 113.58 GBP 1.3223 CHF 0.9248 RUB 73.69 TRY 13.85 WTI$ 70.64 GOLD 1773.30 -1.2% BTC 47,850 -150 ETH 4061 -100

S&P +0.06% Nasdaq +0.05% EuroStoxx -0.58% FTSE -0.45% Dax -0.60% SMI -0.41%

Macro :
- Bitcoin Losses Accelerate After Breaching Key Trading Levels

Keep an eye on :
- ABF LN : AB Foods Says Performance is Ahead of Expectations
- ACCEL NA : Accell Expects FY Ebit Will ‘Substantially’ Exceed FY 2020
- ADS GY : Nike Claims Adidas Copied Shoes Favored by LeBron, Ronaldo (1)
- AFX GY : Carl Zeiss Meditec Sees 2022 Ebit Margin 19% to 21%
- AIR FP : Airbus Seeks Legal Review of A350 Issues in Qatar Air Dispute
- ALV GY : Allianz Weighs Reducing Advertising at Beijing Games: FAZ
- BAYN GY : Bayer Says It Wins Jury Verdict in California Roundup Trial
- BIM FP : BioMerieux Boosts FY Organic Sales Forecast
- BOLS NA : Lucas Bols 2.5m Share Offer Books Are Covered: Terms
- CERV IM : Cerved Board Approves Plan for Reverse Merger With Castor Bidco
- DAI GY : Daimler Truck Spinoff From Mercedes Heralds Hope for Value Gains
- DANSKE DC : Danske Staff to Work From Home Amid New Restrictions: Borsen
- G IM : Generali Approves Changes to List Procedure for Board Renewal
- HOC LN : Hochschild Keeps the Faith in Peru After Permitting Controversy
- KER FP : Kering Board Declares Interim Dividend of EU3.50/Share for 2021
- MONC IM : Moncler: Deed of Partial Demerger of Sportswear Co. Executed
- MOVE SW : Medacta Says German Public Prosecutor Stops Proceedings
- NOBI SS : Nobia Proposes Jan Svensson as New Chairman
- NOVN SW : Novartis CEO Says Sandoz Attracting Interest: WiWo
- PHTM LN : Photo-Me Sees Earnings Slightly Ahead of Previous Expectations
- RLF SW : Relief Says Hungary Agrees on Regulatory Pathway for Aviptadil
- RM IM : Reno de Medici Appoints Moneta as Chairman, Bianchi as CEO
- SREN SW : Swiss Re Agrees to Sell elipsLife to Swiss Life; No Terms
- UCB BB : UCB’s Rozanolixizumab Phase III Study Met Primary Endpoint
- UCG IM : UniCredit Sets Second 2021 Buyback Program
- UCG IM : UniCredit CEO May Consider M&A if it Fits With Bank Strategy
- UNI SM : Unicaja Targets 2024 Rote Above 8%, Pay-Out Ratio of 50%
- UTDI GY : United Internet Sees 2022 Ebitda About EU1.25B
- VTWR GY : 1&1 in Pact With Vantage Towers for Up to 5,000 Antenna Sites
- VOLVB SS : Volvo Cars to Set Up Research Site in $3.3 Billion Battery Push
- VOW GY : Electrek.Co: VW confirms plans for ID California electric camper van https://t.co/biCtH8Zvxz by @fredericlambert
- VPK NA : Vopak to Nominate Insider Michiel Gilsing as New CFO

>>> Europe : Brokers Upgrades & Downgrades - 10th of December 2021

>>> Up
* Aurinia Pharmaceuticals Raised to Outperform at Oppenheimer
* Inditex Raised to Outperform at Oddo BHF; PT 33 euros
* LPP Raised to Overweight at JPMorgan; PT 18,200 zloty
* Petrofac Raised to Overweight at JPMorgan; PT 160 pence
* Royal Caribbean Raised to Hold at Berenberg; PT $80
* TUI Raised to Hold at Nord/LB; PT 2.50 euros
* Tullow Raised to Overweight at JPMorgan; PT 79 pence

>>> Down
* Aker Solutions Cut to Underweight at JPMorgan; PT 23 kroner
* Countryside Cut to Underweight at JPMorgan; PT 450 pence
* Lundin Energy Cut to Neutral at JPMorgan; PT 396 kronor
* Schibsted Cut to Equal-Weight at Morgan Stanley; PT 489 kroner
* Subsea 7 Cut to Neutral at JPMorgan; PT 84 kroner

>>> Initiation
* Compleo Charging Solutions Rated New Buy at Kepler Cheuvreux
* Vimian Rated New Buy at Handelsbanken; PT 88 kronor

>>> Call
* Covestro Share-Price Weakness Is Buying Opportunity: Barclays

>>> Daimler Spin Off - Today

We believe the most interesting trade should be buying DTG around the close tomorrow as Index trackers sell their shares ahead of DTG being removed from the DAX (at close on Dec 10th)

1/ Updated SOP
Theoretically, and using our valuation assumptions, there is still 17% upside to DAI’s last price of €86.2. How long could it take to materialise is the key unknown
Remember that a DAI shareholder only receives 0.5 DTG share per DAI share hence our estimate of a DTG price of €43.5 but an implied value per DAI share of €21.7




2/ Mercedes (DAI GY) Share price
Mercedes should be trading around €79 using the key following assumptions:
  • Valuation of Mercedes at 3.8x EV/EBIT 22E
  • 11% discount to Mercedes NAV (we currently have a 22% discount of the whole DAI to its NAV)

Coming up with a price requires making several assumptions so we are presenting below a sensitivity matrix:
  • If the discount remains the same at 11% and Mercedes trades on BMW multiple, the price could be €95/100 (some believe it should actually trade in line with BMW)
  • If the multiple is the same as our base case at 3.8x but without any discount, the price could be €89



3/ Daimler Trucks (DTG GY) Share price
Daimler Trucks should be trading around €43.5 using the key following assumptions:
  • Valuation of DTG at 8.6x EV/EBIT 22E
  • We are using a 15% discount to Traton/Paccar
Again, the multiple to be applied is anyone’s guess but if Daimler Trucks trades in line with Traton/Paccar, the price could be €49/51

>>> US Close Dow +0.00% S1P -0.72% Nasdaq -1.71% Russell -2.27% VIX 21.58 +8.44%

Closing Stock Market Summary

The S&P 500 declined 0.7% on Thursday, as the market consolidated its gains from the prior three days. The Nasdaq Composite (-1.7%) and Russell 2000 (-2.3%) struggled with steeper losses, while the Dow Jones Industrial Average (unch) closed flat after being down 0.5% intraday. 

Nine of the 11 S&P 500 sectors closed lower, including the consumer discretionary (-1.7%), information technology (-1.1%), and real estate (-1.4%) sectors with losses over 1.0%. The defensive-oriented health care (+0.3%) and consumer staples (+0.1%) sectors closed higher. 

Fatigue seemed to reign in the market on the recognition that the S&P 500 gained 3.6% over the past three days and Apple (AAPL 174.56, -0.52, -0.3%) gained 11.2% over the same period. Apple lost 0.3% today, even though Morgan Stanley named the stock a Top Pick for 2022 with a Street-high price target of $200.

The biggest gainers between Monday and Wednesday were the biggest losers today, and those were typically the risker stocks in the Nasdaq and Russell 2000. The ARK Innovation ETF (ARKK 97.73, -5.49, -5.3%), which entered the session up 10% for the week, declined 5% today. 

In addition, there was a sense of caution in front of the Consumer Price Index report for November, which will be released tomorrow morning. Longer-dated Treasuries edged higher, the CBOE Volatility Index rose 8.4% to 21.58, and the U.S. Dollar Index rose 0.4% to 96.23. 

The 10-yr yield decreased two basis points to 1.49% despite weekly initial claims falling to their lowest level (184,000) since Sept. 6, 1969. The 2-yr yield was unchanged at 0.68%. WTI crude futures fell 2.2%, or $1.56, to $70.87/bbl.

In other developments, the Senate passed a procedural bill to allow the debt ceiling to be raised by a fixed amount, and the FDA expanded the eligibility for the Pfizer (PFE 52.08, +0.68, +1.3%)-BioNTech (BNTX 284.21, -7.73, -2.7%) COVID-19 booster shot to 16- and 17-year-olds.

CVS Health (CVS 97.31, +4.21, +4.5%) was an individual standout after providing upbeat guidance and authorizing a $10 billion share repurchase program.

Reviewing Thursday's economic data:

  • Initial claims for the week ending December 4 dropped by 43,000 to 184,000 (consensus 228,000). That is the lowest level since September 6, 1969. Continuing claims for the week ending November 27 increased by 38,000 to 1.992 million.
    • The key takeaway from the report is that seasonal factors had a lot to do with the sizable drop in initial claims. On an unadjusted basis, initial claims increased by 63,680 to 280,665.
  • Wholesale inventories increased 2.3% m/m in October (consensus 2.2%) following a 1.4% increase in September.

Looking ahead, investors will receive the Consumer Price Index for November, the preliminary University of Michigan Index of Consumer Sentiment for December, and the Treasury Budget for November on Friday.

  • S&P 500 +24.3% YTD
  • Nasdaq Composite +20.4% YTD
  • Dow Jones Industrial Average +16.8% YTD
  • Russell 2000 +12.4% YTD

>>> US After Hours Summary: ORCL +10.5%, AVGO +6.3% up sharply on earnings; AOUT

After Hours Summary: ORCL +10.5%, AVGO +6.3% up sharply on earnings; AOUT -19.1%, CHWY -7.7%, LULU -2.1% lower on earnings; AI +20.6% jumps on DoD deal

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: ORCL +10.5% (also increases share repurchase program by $10 bln), AVGO +6.3% (also increases dividend by 14%; announces new $10 bln share repurchase program), CXM +3.2%, CF +2.6% (raises FY21 adjusted EBITDA guidance), GTE +2.5% (issues FY22 guidance), TGLS +1.9% (raises FY21 revenue and EBITDA guidance; responds to short seller report), LESL +1.8% (also announces $300 mln share repurchase authorization), COST +0.7%

Companies trading higher in after hours in reaction to news: AI +20.6% (receives $500 mln agreement from US Dept of Defense), BTG +5.9% (reaches agreement in principle for Menankoto exploration permit), HALO +5.8% (authorizes new $750 mln share repurchase program), INTT +5.6% (to acquire Acculogic for approx $9 mln), RRD +2.3% (Chatham Asset Mgmt increases offer to acquire RRD to $10.85/sh in cash), ORC +1.8% (increases share repurchase program to bring it up to 10% of shares outstanding), CCK +1.5% (authorizes new $3 bln share repurchase program), WM +1.4% (increases dividend; also approves $1.5 bln share repurchase program), NEWP +1.1% (appoints prior CEO and founder Dr. Rui Feng as Chairman), FTI +0.7% (awarded three frame agreements by Petrobras), AB +0.4% (reports Nov AUM), VAL +0.4% (announces support agreement with the Seatankers)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: AOUT -19.1% (also announces $15 mln share repurchase program), MESA -13.1%, CHWY -7.7%, MTN -5.4%, FIZZ -4.9%, LULU -2.1%

Companies trading lower in after hours in reaction to news: ANGN -19.2% (reports topline results from Phase 2 GUARD Trial of ANG-3777), EVBG -18.1% (CEO to resign; also reiterates Q4 guidance), IMUX -5% (enrolls first patient in its Phase 1 trial of IMU-935), TUP -1.5% (to open strategic global sourcing center in Singapore), YELL -0.5% (provides update for Q4 operating metrics), BK -0.5% (files mixed securities shelf offering), IVZ -0.2% (reports Nov AUM), SNA -0.2% (files mixed securities shelf offering), PTRA -0.1% (names new CEO), FMC -0.1% (signs agreements with CTVA for the supply of growers seed treatment insecticides), MSFT -0.1% (offered to bring Xbox-exclusive games to iPhone, according to TheVerge)

(ZH) Blain: The Problem With Money Is...

Blain: The Problem With Money Is...

“Money is better than poverty, if only for financial reasons.”
The problem with money is there is just too much of it, and all the wrong people have got it.
No particular theme to the porridge this morning. Just some observations on what looks a very confusing market.
I’m not in the UK at present, but if I was I’d be shaking my head in horror at the latest noises out of Downing Street. As an Irish chum put it: “If Boris was football team manager, he’d be gone by the weekend,” but this is Politics.
Despite all the indications Omicron will not decimate the population, and vaccinations mean we’re most likely to survive, there is nothing like a bit of gold old fashioned panic. It sounds like lockdown is just around the corner to show just how much the Tories care. (Or is it because a furious Chief Medical Officer Chris Whitty read the riot act to them?)
Working from Home has very clear economic implications – and kills the December party season. Consequences, consequences. More and more the UK feels like a struggling health service with a inefficient nation attached. It’s not a good look. The stalling UK outlook and the political shenanigans explain why Sterling is looking a tad Turkish this morning.
Meanwhile global markets take it all in their stride – convinced Omicron is a distraction and central banks will keep the liquidity juice flowing. What’s the problem? Higher, higher, higher scream the pundits! But it’s all noise. Look at the detail – the flows are all into the story stocks, the big tech, the big names, or the latest stocks picked for their Covid resilience, or those that look best placed to benefit from a turnaround. Markets feel frothy and unconvinced – rushing like the ball in a pinball machine between the buffers looking for the high score.
The economic reality is markets are no longer functioning to efficiently distribute capital. Headlines about the collapse of small stocks, funding issues for developing nations and the lack of available capital for early stage alternative energy firms sit uneasy with future growth.
I suspect the problem with everything, and particularly markets, is there is just far too much money around, and all the wrong people have got it… They are pushing that too-much-money in all the wrong directions.
It’s very difficult to be coldly analytical about company fundamentals or the future economic outlook and direction when it would appear the world has lost sight of any value metrics. This morning is no exception. Fantabulous valuations based on an utter absence of reality has changed finance and way economic decisions are made.
In the FT I read about how the computing power now expended on bitcoin mining has risen to a record high, with more and more expensive tech dedicated to digging out digital gold to sell to digital marks. China has banned bitcoin mining, and now the miners have moved elsewhere and brought in more powerful machines. The carbon footprint is huge – but hey-ho, that apparently doesn’t matter because it doesn’t. (Yes it does – whatever US miners say about how they’ve built a renewable energy site in Texas to accommodate more green miners. The bottom line is buttcon mining is an obscene waste of energy.)
A chum sent me a story from The Byte: Someone paid $650,000 for a nonexistent yacht in the metaverse. The “yacht” is called The Metaflower Super Mega Yacht. It was “built” by a firm called Republic Realm. The buyer bought the digital asset with a digital currency. An imaginary thing buys an imaginary thing… Wow. The porridge readership will be split on this one:
  • A majority of readers will shake their head in disbelief and wonder what madness drives someone to part with the price of a decent home for what is, perhaps, the fugliest yacht ever designed. (Seriously, it’s horrible. Boxy, sharp corners, and straight lines. A 10-year old playing Minecraft, or opening CAD for the first time would have done better.)
  • A smaller number of readers will delve deeper and try to figure out the potential value of the digital asset in Ethereum will perform. Maybe it will be used in a computer game to hold virtual boat parties and earn returns that way?
  • A very small number will twig it. They will be developing a bigger Metaflower II and looking for the greater fool to sell it to.
It all sounds a bit bogus to me. The yacht was sold on The Sandbox, which is described as an “also-ran Metaverse platform” in the story. I am sure someone can tell me what it’s all about. Users of the Sandbox metaverse platform can also buy jet skis, speedboats, private islands and all the other paraphernalia a successful Mexican cartel boss requires in the real world. They all look horrendous – worse than SIMs 20 years ago..
If I want to live out my days in opulence in the Metaverse, I’d like something a little more real please. That is developing… Apparently. As more and more people experience life in a/the metaverse they’ll want to digitally clothe their avatars, have them driving expensive digital cars, and wear expensive digital watches. I bet the most lucrative part of the metaverse will end up being digital sex and porn.
Or, maybe I might care to start a digital property empire in Decentraland..?
Someone just paid $2.4 million for a 6000 square foot plot of digital land in the Metaverse called Decentreland… whatever it is.. Land? Space? Venue? Our chums Republic Realm (the Metaflower 1 yacht makers) have bought 260 plots to build a virtual shopping mall where buyers can purchase digital wearables. Apparently fashion chains are queuing up to open virtual shops. Sotheby’s has built a digital auction house to auction NFTs!
The great attraction of real land, as opposed to digital land, is they really aren’t making much more of it. (Except here in Dubai, where the most luxury hotels are the ones furthest out on the Palm, but that’s a whole different story for another day… !) More to the point a real Aston Martin is expensive because it’s difficult to make and they are a scarce commodity. A digital Aston costs exactly the same to mock up as a Lada.
I really can’t get my head around digital possessions except in terms of what they might be worth when I wish to sell.
I learnt an important lesson earlier this year when my mother passed away. Her house was full of beautiful things she and Dad collected over their life together. We’ve now emptied the house – and despite all the treasured memories, none of us has the space for it all. Most of it has gone to charity. Treasured and beautiful, but without her they are just things. Appreciate today what you have and treasure…
I have a fondness for early 20th Century Scottish Art. I’ve bought paintings I’d fallen in love with. My wife wasn’t so keen. I’ve tried to sell them, and been told.. “ah, these just aren’t fashionable anymore, your mother’s generation bought them..” I bought them for love rather than market value. I wonder who will cherish them when I’ve gone..?
I suspect one day a great grandchild will find a Mackintosh-Patrick up in the loft and discover its worth billions…. In contrast, will they bother searching my obsolete hard-drives to see if there might be some NFTs stashed away? Doubt it.