>>> What to look at today - 17th of September 2021

Asian stocks and U.S. equity futures edged up Friday as traders evaluated the resilience of the global recovery to the prospect of reduced Federal Reserve stimulus and risks from China.
Equities gained in Japan and Hong Kong, where technology sharesrose for the first time this week. Chinese stocks were mixed amid the debt crisis at China Evergrande Group and a short-term cash injection by the central bank to help soothe nerves. Miners sapped Australian shares after a slide in iron-ore prices.
S&P 500, Nasdaq 100 and European futures were in the green. U.S. stocks closed mostly lower after swinging between gains and losses ahead of Friday’s quarterly expiration of options and futures, which can trigger volatility. 
Treasury yields and the dollar stayed higher following surprise strength in U.S. retail sales, which eased economic worries sparked by the delta strain and highlighted the case for less expansive Fed support. Jobless claims increased, likely reflecting volatility in weekly data as the labor market broadly recovers.
US ABCL jumps +21.1% as FDA expands EUA for COVID treatment; USNA -2.8% heads lower on guidance; X -1.6% ticks lower on guidance and development on new steel plant

Nikkei +0.56% Hang Seng +0.22% CSI +0.57% Shanghai -0.38% Shenzen -0.25%

Eur$ 1.1772 CNH 6.4475 CNY 6.4502 JPY 109.90 GBP 1.3798 CHF 0.9268 RUB 72.5334 TRY 8.5374 WTI$ 72.42 -0.26% Gold 1,762.75 +0.50% BTC 48,000 +850 ETH 3,550 +50

S&P +0.11% Nasdaq +0.08% EuroStoxx +0.72% FTSE +0.50% Dax +0.43% SMI +0.63%

Macro :
- Ex-Goldman, Morgan Stanley Execs Join Crypto Unicorn Amber

Spacs :
- Sarcos-Linked SPAC Rotor Rises to Record High With Deal Pending

Keep an eye on :
- ADP FP : ADP Aug. Passenger Traffic +78.4%
- AXFO SS : Axfood-Bergendahls Deal Cleared by Swedish Regulator
- BELA GA : Jumbo 1H Sales EU313.8m From EU278.8m a Year Ago
- BSLN SW : Basilea Derazantinib Phase 2 Study FIDES-01 ‘Very Encouraging’
- DAI GY : Mercedes Plans 100% Electric Fleet in Singapore by 2030: BT
- DOM SS : Dometic Buys Barbecue-Equipment Company Cadac; Shares Rise
- EZJ LN : EasyJet Founder’s 72m Nil Paid Rights Sale Is Covered: Terms
- ENX FP : Euronext Shareholder BNP Paribas Starts Offering of 2.2m Shares
- FOXT LN : Nigel Rich Set to Be Foxtons New Chairman: Sky
- GBLB BB : Groupe Bruxelles Lambert to Buy Back EU500m of Shares
- GRF SM : Grifols Offers EU43/Ordinary Share, EU37/Pfd Share for Biotest
- ICAD FP : Icade Closes Nursing Home Acquisition in Italy for EU11M
- IFX GY : Stray Balloon Grounds Infineon; Lagardere Stake: EMEA Tech Wrap
- INGA NA : Former ING CEO Didn’t Violate Code of Conduct: FD (Sept. 15)
- KMCP NO : KMC Properties Offers Up to NOK300m Shares
- MAERSKB DC : Maersk Hires Deutsche Bank to Help Sell MCI Unit, Borsen Says
- MAP SM : Mapfre Says Solvency Ratio Stood at 194.5% at End of 2Q
- RNO FP : Renault Lays Out Plan to Cut 2,000 French Jobs in Shift to EVs
- RUG SS : Rugvista Group Offering by Holder Prices at SEK130/Share
- SMCP FP : SMCP Shares Jump as Holder’s Exchangeable Bond Deadline Looms
- ULVR LN : N.J. to Pull $182 Million Out of Unilever Over Ben & Jerry’s and Israel

>>> Europe : Brokers Upgrades & Downgrades - 17th of September 2

>>> Up
* Evraz Raised to Overweight at Morgan Stanley; PT 680 pence
* Eni Raised to Overweight at JPMorgan; PT 15 euros
* Glencore Raised to Overweight at Morgan Stanley; PT 360 pence
* HSBC Raised to Overweight at Barclays; PT 530 pence
* HSBC Raised to Outperform at RBC; PT 460 pence
* InterContinental Hotels Raised to Buy at Berenberg
* Kruk Raised to Neutral at Citi
* Metsa Board Raised to Buy at Carnegie; PT 10.80 euros
* Repsol Raised to Overweight at JPMorgan; PT 14 euros
* Standard Chartered Raised to Equal-Weight at Barclays
* Wickes Raised to Buy at Deutsche Bank; PT 313 pence

>>> Down
* Anglo American Cut to Equal-Weight at Morgan Stanley
* Autoliv Cut to Underperform at Exane; PT $87
* Equinor Cut to Underweight at JPMorgan; PT 190 kroner
* Ferrari Cut to Neutral at Exane; PT $256
* Galp Cut to Underweight at JPMorgan; PT 10 euros
* Lonza Cut to Equal-Weight at Morgan Stanley; PT 810 Swiss francs
* ManpowerGroup Cut to Underweight at Barclays; PT $120
* OMV Cut to Neutral at JPMorgan; PT 58 euros
* TotalEnergies Cut to Neutral at JPMorgan; PT 48 euros
* Trustpilot Cut to Neutral at JPMorgan; PT 410 pence
* Trustpilot Cut to Hold at Danske Bank Markets; PT 396 pence

>>> Initiation
* Hutchmed China Rated New Buy at CMB International
* Recordati Rated New Equal-Weight at Barclays; PT 50 euros
* Vitesco Technologies Group Rated New Buy at Deutsche Bank

>>> Call
* Glencore ‘Has More to Play For,’ Anglo Cut: Morgan Stanley
* IHG Raised at Berenberg on Supportive Trends, Overdone Concerns
* HSBC Up to Outperform at RBC With Shares at Good Entry Point
* Lonza Cut at Morgan Stanley, AstraZeneca Among Top Pharma Picks

>>> US After Hours Summary: ABCL jumps +21.1% as FDA expands EUA for COVID treat

After Hours Summary: ABCL jumps +21.1% as FDA expands EUA for COVID treatment; USNA -2.8% heads lower on guidance; X -1.6% ticks lower on guidance and development on new steel plant

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: EIX +0.1% (establishes in-line 2021 EPS guidance following favorable GRC final decision)

Companies trading higher in after hours in reaction to news: ABCL +21.1% (FDA expands EUA for bamlanivimab 700 mg and etesevimab 1400 mg to include post-exposure prophylaxis to prevent SARS-CoV-2 infection or symptomatic COVID-19), FANG +4.9% (approves up to $2.0 bln in new repurchase program), ZUMZ +3.3% (approves $150 mln stock repurchase authorization), NEXA +1.1% (names new CEO), CARR +0.8% (to acquire BrokerBay), IGT +0.8% (wins contract from the Connecticut Lottery), ECOM +0.7% (provides long-term financial targets; also $25 mln share repurchase program), WPC +0.6% (increases dividend), ALGN +0.2% (announces exclusive supply and distribution agreement with Ultradent)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: USNA -2.8% (guides Q3 revs below single est, lowers FY21 guidance; increases share repurchase program)

Companies trading lower in after hours in reaction to news: GRTS -5.1% (announces $55 mln private placement financing), X -1.6% (announces exploratory site selection process to build new $3 bln mini mill in the US; also guides EBITDA slightly above consensus), BLDP -0.9% (announces launch of the FCmove-HD+), SKT -0.1% (increases dividend), NOW -0.1% (Chief Accounting Officer stepping down), GLT -0.1% (will increase prices for all composite fibers products by 12%)

>>> US Gapping down

Gapping down

Select Macau gaming names showing early weakness:

  • MLCO -8.4%, WYNN -5.6%, LVS -4.5%, MGM -1.5%

Other news:

  • KAVL -37.9% (reports Q3 results; notes impact of FDA's PMTA process in discussing its decline in revenues, updates guidance for FY21)
  • CDXC -21.7% (to defend IP portfolio; plans to appeal patent infringement lawsuit)
  • TBPH -19.8% (reports Phase 3 study of Ampreloxetine did not meet the primary endpoint; takes strategic actions to focus on respiratory disease portfolio)
  • AVTX -17.6% (prices offering of 12.5 mln shares of common stock at $2.20 per share)
  • BBIO -14.2% (receives Fast Track Designation from FDA for investigational therapy for the treatment of Limb-girdle Muscular Dystrophy Type 2i)
  • HUT -11.6% (stock offering)
  • YUMC -4% (provides business update: Delta variant significantly impacted restaurant industry)
  • PMTS -2.1% (files for $150 mln stock offering; also files for offering by selling shareholders)
  • LYV -2% (prices offering of 5,239,259 shares of common stock at $86.90 per share)
  • ASO -2% (prices secondary offering by affiliates of KKR of 18,645,602 shares of common stock at $44.75 per share)

Analyst comments:

  • IART -0.9% (downgraded to Neutral from Buy at BTIG Research)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

  • IRNT +10%, JKS +1.1%, SKIL +1%

Other news:

  • BPTS +10.7% (reports second interim analysis efficacy results in the promising zone allowing continuation of Phase 2/3 COVA Study)
  • HOOK +5.6% (entered into a clinical collaboration and supply agreement with Merck & Co. (MRK))
  • SAGE +5.5% (receives Fast Track Designation for SAGE-718)
  • OPGN +4.7% (clinical data from an investigator-initiated and driven prospective randomized controlled multicenter study)
  • BGNE +3.3% (BRUKINSA (zanubrutinib) receives accelerated approval from FDA for treatment of marginal zone lymphoma)
  • OBSV +3% (submits NDA to FDA for Linzagolix)
  • AFG +2.7% (declares a special dividend of $4.00/sh)
  • JAMF +2.2% (prices $325.0 mln of Convertible Senior Notes due 2026)
  • MRCY +2.1% (successfully demonstrates Sensor Open Systems Architecture aligned sensor processing platform at US Army)
  • REGN +2% (awarded $2.9 bln Army contract; also receives US Gov't agreement to purchase 1.4 mln additional doses of REGEN-COV)
  • YOU +1.9% (announces strategic partnership with Tappit)
  • IDEX +1.9% (increases stake in Energica Motor Company)
  • FTCI +1.7% (CEO to step down, replacement named)
  • MSFT +1.2% (raises dividend by 11%; approves new $60 bln share repurchase)

Analyst comments:

  • SRPT +2.8% (upgraded to Buy from Neutral at Guggenheim)
  • KNX +2.4% (upgraded to Outperform from Market Perform at Cowen)
  • SNDR +2.2% (upgraded to Outperform from Market Perform at Cowen)
  • WERN +1.7% (upgraded to Outperform from Market Perform at Cowen)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • OBSV +6.3%, BPTS +6.2%, VICR +4.8%, SKIL +4.5%, IRNT +4.2%, TRTX +3.5%, JAMF +2.2%, JKS +2.2%, MRCY +2.1%, YOU +1.9%, IDEX +1.9%, FTCI +1.7%, REGN +1.5%, LAW +1.4%, MSFT +1.3%, ADP +1.1%, HIG +0.8%
  • Gapping down:
    • KAVL -29%, TBPH -26.7%, AVTX -14.5%, HUT -11.2%, YUMC -4.8%, LYV -3.3%, VCYT -1%, PMTS -0.9%, BRP -0.9%, AGIL -0.5%

WSJ : Robinhood Is Going on a College Tour to Recruit New Customers

Robinhood Is Going on a College Tour to Recruit New Customers
The app criticized for gamifying trading is kicking off a nationwide push to court students, including a shot at a $20,000 prize

Robinhood Markets Inc., HOOD -1.43% the go-to trading app for young investors, wants its user base to get even younger.

The digital brokerage is kicking off a nationwide marketing campaign Wednesday that is designed to turn more college students into Robinhood customers. Robinhood will give students who sign up for brokerage accounts using their school email address $15 to trade, and enter them into a $20,000 giveaway. Robinhood executives will tour campuses of community colleges and historically black colleges and universities this fall.

Millions of users downloaded the Robinhood app earlier this year to buy and sell shares in GameStop Corp. GME -2.05% and other hot stocks. Many were novice investors. Robinhood reported earlier this year that its median user was 31 years old and that more than half of its customers hadn’t previously had a brokerage account. Robinhood already has more than 3.8 million student customers.

Lately, though, trading activity has started to slow across the industry. At Robinhood, the daily average number of stock trades was roughly flat in the second quarter compared with a year earlier. For the third quarter, Robinhood forecast that new account openings would decelerate.

Aparna Chennapragada, Robinhood’s product chief, said that the marketing push is a continuation of Robinhood’s long-term mission to make investing accessible to people who hadn’t historically participated in the markets. The campaign, she said, is about “meeting the next generation where they are” and communicating that by starting young, college students can enjoy the benefits of compound returns over decades.

Courting students is tricky for Robinhood. Critics say the app has turned trading into a game-like experience that encourages unsophisticated investors to take risks they don’t understand.

Robinhood settled a wrongful-death lawsuit earlier this year brought by the family of a college student who took his own life after believing he racked up big trading losses on Robinhood. In June, the company agreed to pay nearly $70 million to resolve a regulator’s allegations that it approved ineligible traders for risky strategies and didn’t supervise its technology, which faced outages last year amid market volatility. Robinhood neither admitted nor denied the claims.

Robinhood, Ms. Chennapragada said, has made a lot of investments in informational content this year in formats that younger investors can understand, like its Snacks newsletter. In recent months, Robinhood also has bolstered customer support and eliminated its controversial digital confetti feature from its platform.

“A majority of young people are still not primed to think about investing,” she said.

Fueled by social media and free stock-trading platforms, more than 20 million new nonprofessional investors are estimated to have started trading on brokerages across the industry since the start of 2020, according to Devin Ryan, director of financial technology research at JMP Securities.

At Robinhood, Ms. Chennapragada said, the view is that there are many more potential customers who can still be turned on to investing, even though trading message boards on platforms such as Reddit have largely been quieter than they were earlier this year.

Robinhood’s competitors are also chasing new customers. JPMorgan Chase & Co. is revamping its online investing product. Fidelity Investments Inc. said earlier this year that it would offer investing and savings accounts to 13- to 17-year-olds whose parents or guardians also invest with the firm.

Challenges : Hermès démarre sur les chapeaux de roues l'ère post-Covid

Hermès démarre sur les chapeaux de roues l'ère post-Covid

Une "école des savoir-faire" toute neuve, une nouvelle boutique Petit H rue de Sèvres à Paris et une dix-neuvième maroquinerie: en cette rentrée 2021, le groupe Hermès démarre sur les chapeaux de roues l’ère post-Covid. Le puissant groupe de luxe familial a mis en place dans ce nouvel espace de 67 m2, à côté de son adresse historique rue de Sèvres, dédié aux objets confectionnés à partir de chutes de cuirs précieux, de bois, de cristal, de soie ou de porcelaine.

Une nouvelle vitrine très tendance qui s’accompagne du renforcement de sa capacité industrielle. Avec la création, le 6 septembre, d’une première école maison, agréée par l’éducation nationale, destinée à former des maroquiniers à Fitilieu, dans l'Isère. La formation durera un an. Hermès souhaite former 400 artisans par an. Enfin, le groupe a annoncé le 11 septembre l’ouverture d’une dix-neuvième maroquinerie en Gironde, un bâtiment de 140 m de long sur une surface de plus de 5 hectares. En outre, trois projets de maroquinerie sont en cours dans l'Eure, les Ardennes et le Puy-de-Dôme pour étendre encore les capacités d’un groupe qui emploie quelque 4.000 artisans selliers-maroquiniers.

Parmi les groupes de luxe, Hermès a bien résisté à la crise en 2020. Il a rebondi très fortement cette année avec un chiffre d'affaires consolidé groupe au premier semestre 2021 de 4,2 milliards d’euros( +77% à taux de change constants par rapport à 2020, +33% par rapport à 2019) et un résultat net part du groupe de 1,2 milliard d’euros soit 28% des ventes. Sa valorisation en bourse explose: partie de 460 euros fin 2018, l’action culminait à 1.270 euros ce 14 septembre.

Dans une interview au Journal du dimanche, Axel Dumas, dont la parole est rare, fait contre bonne fortune bon cœur! "Ce dont je suis le plus fier et de loin, c’est d’avoir créé 6.000 emplois depuis 2013 (date de son arrivée à la cogérance du groupe) et 400 au premier semestre de cette année dont beaucoup en France où sont fabriqués 80% de nos produits", dit-il. Fabriquer en France et vendre dans le vaste monde: un rêve dans un pays plombé par le déficit abyssal de son commerce extérieur. "Hermès compte 17.000 salariés aujourd’hui au lieu de 8.000 il y a plus de dix ans", précise Axel Dumas. L’entreprise ne porte pas de dette, rappelle-t-il.

Et le rythme ne devrait pas faiblir. "Dès le second semestre de l’an dernier, l’Asie est repartie très fortement, puis les Etats-Unis, poursuit le patron d’Hermès. Si l’on compare aux résultats de 2019, la croissance d’Hermès en Asie hors Japon atteint 70% aujourd’hui, 25% dans le reste du monde hors Europe tandis que la croissance en Europe demeure presque stable pour l’instant". La clientèle s’élargit et rajeunit, assure-t-il. Et l’explosion des ventes en ligne ne pèse pas sur les ventes en magasins. Reste un défi et non le moindre pour le patron d’Hermès comblé: "Ma mission consiste à transmettre la maison à la septième génération", dit-il.