>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

  • PLAN +16.2%, AMBA +10.1%, CONN +10.1%, CAL +9%, PVH +8.1%, CPB +1.4%

Other news:

  • SLI +9.9% (provides update on its El Dorado, Arkansas Project and SiFT lithium carbonate plant)
  • EGY +6.1% (announces Etame co-venturers' approval of FSO agreements)
  • ATNF +4.4% (stock offering)
  • RIGL +3.7% (announced the publication of results from a Phase 2 clinical trial evaluating the safety of fostamatinib for the treatment of hospitalized patients with COVID-19) MLCO +2.8% (following Macau gaming revs for Aug)
  • CTSO +2.8% (announces that topline results from its CytoSorb Therapy in COVID-19 multicenter registry were presented at the 40th International Symposium on Intensive Care and Emergency Medicine)
  • CPLP +2.4% (to acquire three LNG carriersfor $599.5 mln)
  • PLTK +2.1% (acquires Reworks Oy, maker of Design Entertainment app, Redecor)
  • AUTL +2% (announces publication of AUT01 Phase 1 data)
  • BCRX +1.8% (announces that the U.S. Department of Health and Human Services has exercised its option to purchase an additional 10,000 doses of BioCryst's antiviral influenza therapy, RAPIVAB, for approximately $7 mln)
  • WYNN +1.6% (following Macau gaming revs for Aug)
  • FTI +1.2% (awarded long-term contracts by Petrobras)
  • LVS +1.2% (following Macau gaming revs for Aug)

Analyst comments:

  • SDGR +3.6% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
  • PPL +0.7% (upgraded to Overweight from Equal Weight at Wells Fargo)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • PLAN +16.8%, CAL +10%, PVH +8.5%, AMBA +8.1%, EGY +6.1%, ATNF +5.1%, CPLP +3.9%, WYNN +1.7%, CONN +1.6%, PLTK +1.5%, LVS +1.4%, TEVA +1.1%, MLCO +0.7%, ZM +0.7%, MRK +0.6%, EVC +0.6%, POW +0.6%
  • Gapping down:
    • PLBY -4.5%, NIO -4.2%, PYCR -3.9%, CRWD -3.4%, ASND -2.2%, XPEV -2.1%, SFM -1.8%, TSLA -0.5%

Challenges : L’A321neo, la meilleure arme anti-Covid d’Airbus

L’A321neo, la meilleure arme anti-Covid d’Airbus

Après les américains United et Delta, c’est au tour du britannique Jet2 de commander 36 exemplaires du plus grand avion de la famille A320. Gros plan sur l’arme de sortie de crise de l’avionneur européen.

C’est la meilleure arme anti-Covid d’Airbus, et elle ne s’appelle pas Pfizer ou Moderna. Dix-huit mois après le début du séisme du coronavirus, l’A321neo s’impose plus que jamais comme l’avion de sortie de crise pour le champion européen. Après les compagnies américaines United fin juin (70 commandes) et Delta en août (30 appareils commandés), la low-cost britannique Jet2 a annoncé le 31 août la commande de 36 A321neo. Un joli coup pour le leader mondial de l’aviation: Jet2, qui exploite des 737 et des 757, était une compagnie jusqu’à présent 100% Boeing.

Avec ce nouveau contrat de 4,6 milliards de dollars au prix catalogue, l’A321neo affiche 174 commandes depuis le début de l’année, soit à peu près les deux tiers des contrats signés par l’avionneur, et revendique 3.600 commandes depuis son lancement. Face au succès commercial de l'appareil, Airbus a relancé en mai dernier son projet de nouvelle ligne d'assemblage dédiée à l'A321neo à Toulouse, qui avait été interrompu en 2020 du fait de la pandémie. Cette nouvelle usine ultra-automatisée, installée dans le hall Jean-Luc Lagardère construit pour assembler l'A380, sera opérationnelle fin 2022. Ce sera le troisième site d'assemblage pour cette version de l'appareil, après ceux d'Hambourg et de Mobile (Alabama).

Coeur de gamme
Comment expliquer le succès commercial de l'appareil, alors même que le secteur continue de se débattre avec la crise du Covid? L’A321neo a beaucoup d’atouts dans sa manche. D’abord, il répond à la tendance historique du marché des monocouloirs de se déplacer vers les avions plus gros, qui affichent un coût au siège moins élevé. L’A318, qui était le plus petit avion de la gamme, est mort et enterré; il n’a même pas eu droit à une version "neo". L’A319neo, un peu plus gros, ne se vend quasiment plus, sinon pour servir d'avion d'affaires. Et le cœur de la gamme A320 est en train de se déplacer de l’A320neo (150 à 180 sièges) à l’A321neo (180 à 220 passagers): le second n’est plus qu’à 200 commandes du premier (3.600 commandes contre 3.800).

Autre avantage de l’A321neo: il allie les coûts compétitifs d’un monocouloir et un rayon d’action important (7.400km pour la version LR, pour Long Range), permettant notamment des vols entre la côte Est et la côte Ouest des Etats-Unis. De quoi le rendre incontournable outre Atlantique sur le segment dit du Middle of Market (MoM). L’appareil affiche 600 commandes en tout auprès des compagnies américaines, dont 155 chez Delta, 120 chez American, 120 chez United, 85 chez JetBlue et 85 chez Frontier Airlines.

Et ce n’est probablement pas fini. Une nouvelle version encore plus musclée, dite XLR, va entrer en service en 2023. Annoncée au salon du Bourget 2019, elle affiche un rayon d'action encore plus important (8.700 km), jusqu'alors réservé à des avions bicouloirs bien plus chers à l'exploitation. L'appareil, qui permettra d'effectuer des liaisons comme Londres-Miami, Rome-New-York, ou Dubai-Le Cap, a déjà récolté plus de 450 commandes en deux ans.

L'introuvable NMA de Boeing
L'appareil est parfaitement calibré pour la phase de convalescence qui s'annonce pour le secteur aérien. L'A321 devrait notamment permettre de relancer des lignes long-courrier à faible flux, voire de tester de nouvelles destinations à moindre risque, sans avoir à dégainer un long-courrier type A330neo, 787 ou A350, aux coûts d'exploitation bien supérieurs et que les compagnies ne seraient pas sûres de remplir. "L'A321XLR correspond très bien aux besoins du marché, c'était le cas avant la pandémie mais nous pensons que ce sera encore plus le cas après", résumait en février le patron d'Airbus, Guillaume Faury.

Pour contrer le succès de l'A321neo, Boeing a longtemps envisagé de lancer un nouvel appareil, dit NMA (New Midsize Airplane), baptisé Boeing 797 par certains et spécialement calibré pour le segment "Middle of Market". Mais le succès de l'appareil d'Airbus ne laisse guère d'espace à un tel projet. "Il semble bien que le projet NMA soit mort", écrivait le 25 août Ernest Arvai, analyste au cabinet américain AirInsight, qui souligne que Delta, pressentie pour être le client de lancement du NMA, a repris 30 A321neo cet été. "Avec la pandémie, la débâcle du MAX, les problèmes de qualité sur le 787, les problèmes récurrents sur le ravitailleur KC-46, et les retards du 777X, Boeing a beaucoup de pain sur la planche, et il n'a pas vraiment de cash à court terme à consacrer au développement d'un tel appareil", poursuivait l'analyste. L'A321neo risque de rester seul en piste un petit bout de temps.

FT : KPMG accused of misleading regulator over Carillion audit

KPMG accused of misleading regulator over Carillion audit
Financial Reporting Council makes formal complaint against accounting firm

KPMG will face a disciplinary tribunal over allegations that it provided false or misleading information to the UK accounting regulator regarding its audits of Carillion and another outsourcer.

The Financial Reporting Council announced a formal complaint against the accounting firm and several individuals there, including former partner Peter Meehan, who led KPMG’s audits of Carillion.

The regulator alleged that KPMG provided false or misleading information or documents in connection with its routine quality inspections of the audits of Carillion for the financial years ending December 2016 and of Regenersis, another outsourcer, for the year ending June 2014.

The inspections took place after the audits were completed. The FRC’s complaint did not allege that KPMG or its staff committed misconduct during the audits or that the financial statements of Carillion or Regenersis were not properly prepared.

The FRC has yet to announce the findings of its separate investigations into possible failings in KPMG’s audits of Carillion, whose collapse in January 2018 with £7bn of liabilities and just £29m of cash has fuelled debate over how the UK audit sector could be reformed to make it more effective.

The case is scheduled to be heard by a disciplinary tribunal in January 2022.

A decision by the FRC to proceed with a formal complaint and a tribunal hearing indicated that it could not reach a settlement with the firm or individuals accused of wrongdoing.

KPMG said it was taking the matter “extremely seriously” .

“We discovered the alleged issues in 2018 and 2019, and on both occasions immediately reported them to the FRC and suspended the small number of people involved,” it said.

“The allegations in the formal complaint would, if proven, represent very serious breaches of our processes and values. We have cooperated fully with our regulator throughout their investigation.”

>>> Stoxx 600 Pre-Market Indications

  • Pernod Ricard (PER TH) +2.3%
    • Pernod Ricard FY Recurring Operating Income Beats Estimates
  • Qiagen (QIA TH) +1.5%
  • BP (BPE5 TH) +1.3%
    • European Energy Stocks May Be in Focus Ahead of OPEC+ Decision
  • Commerzbank (CBK TH) +1.1%
    • UBS upgrades to neutral from sell
  • Maersk (DP4B TH) +1.1%
  • Nel (D7G TH) -0.8%
  • Alstria Office (AOX TH) -2%
    • Alstria Office Cut to Equal-Weight at Morgan Stanley

>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Energy (ENR TH) +1.1%
  • BMW (BMW TH) +0.6%
    • BMW China Wins Creditor Approval to Buy Brilliance Auto Assets
  • Siemens (SIE TH) -0.2%
    • Siemens Cut to Hold at Stifel; PT 155 euros
MDAX:
  • Qiagen (QIA TH) +2%
  • Aixtron (AIXA TH) +1.6%
  • Commerzbank (CBK TH) +1.1%
  • Hochtief (HOT TH) +1.1%
  • Nordex (NDX1 TH) +1%
  • Alstria Office (AOX TH) -1.5%
    • Alstria Office Cut to Equal-Weight at Morgan Stanley
SDAX:
  • Kloeckner (KCO TH) +0.9%

>>> What to look at today - 1st of September 2021

Asian stocks rose Wednesday as traders assessed the global recovery’s resilience to the delta virus variant and the outlook for central bank stimulus. Yields on U.S., Australian and New Zealand sovereign debt climbed.
MSCI Inc.’s Asia-Pacific gauge hit the highest level in more than a month, bolstered by Japan and a continuing rebound in Chinese technology stocks on bets that the worst of Beijing’s regulatory clampdown may have passed.
S&P 500, Nasdaq 100 and European futures were in the green. U.S. stocks edged back overnight from a record amid mixed data, including weaker consumer confidence and a jump in home prices.
Treasuries declined, as did government bonds from Australia and New Zealand. Hawkish comments from some European Central Bank officials had put the spotlight on the prospect of a reduction in monetary-policy support as economies recover from the pandemic.
US After Hours Several names higher on earnings: PLAN +14%, PVH +7.4%, CAL +5.9%, AMBA +5%, but CRWD -4.6% lower on earnings

Nikkei +1.11% Hang Seng +0.51% CSI +1.23% Shanghai +0.47% Shenzen -0.65%

Eur$ 1.1803 CNH 6.4580 CNY 6.4629 JPY 110.19 GBP 1.3738 CHF 0.9181 RUB 73.2352 TRY 8.3255 WTI$ 69 +0.73% Gold 1,814.53 +0.05% BTC 47,150 +145 ETH 3,450 +58

S&P +0.33% Nasdaq +0.29% EuroStoxx +0.69% FTSE +0.49% Dax +0.51% SMI +0.33%

Macro :
- ECB’s Guindos Says NPLs Will Rise: El Confidencial
- OPEC+ Meets With No Sign of Deviating From Planned Output Hikes
- Evergrande’s Woes Worsen With Liabilities Over $300 Billion
- Didi Creates Union, Setting a Precedent for Xi’s Workers Agenda

Spacs :
- Global Market Watchdogs Team Up to Explore Regulating SPACs
- Moelis SPAC Holders Advised by ISS to Vote Down Archer Deal (1)

Keep an eye on :
- AAL LN : Anglo American Close to Appointing New CEO: Sky News
- AG1 GY : AUTO1 Holder DN Capital Offers 2.2m Shares: Terms
- BATS LN : More Than Half South African Tobacco Market Is Illegal, BAT Says
- BIM FP : BioMerieux Maintains FY Organic Sales 0% to +5%
- CA FP : Agache to Sell About 5.7% of Carrefour’s Shares in Placing
- CDON SS : Cdon Offering of 440,000 Shares Prices at SEK455/Share via SEB
- ACA FP : Credit Agricole Names Lee APAC Acquisition Finance Head
- DBK GY : Deutsche Bank Names ICBC’s Cecilia Hua as China Head of Consumer
- DOKA SW : Dormakaba FY Net Sales Meet Estimates
- EDF FP : France-EU Talks on EDF Blocked, Basis for Restart Is Uncertain
- ELIS FP : Elis: Acquisition of Purewashrooms in the UK
- ELMS US : Electric Last Mile Solutions Gains After Announcing New EV
- ENGI FP : Engie In Exclusive Talks to Sell Industrial Unit Endel to Altrad
- EO FP : Faurecia CEO Says Chips Shortages Will Last Until End 1H 2022
- MEDCL FP : Teva Gains After FDA Accepts Filing for Schizophrenia Drug
- KN FP : Natixis Returning to Derivatives at Heart of $300 Million Losses
- NFLSK DC : Nilfisk 2Q Revenue EU257.8M; Keeps Outlook (1)
- RI FP : Pernod Ricard FY Recurring Operating Income Beats Estimates
- RAND NA : Randstad in Talks to Buy Recruitment Specialist Hudson: De Tijd
- RNO FP : French August New Car Registrations Fall 15.4%: PFA
- SGO FP : Saint Gobain Sells Glass Processing Ops in France, Germany
- STLA IM : Stellantis Plans to Operate Melfi Plant Just 5 Days in September
- STLA IM : French August New Car Registrations Fall 15.4%: PFA
- STM FP : Ambarella Jumps After 3Q Revenue Forecast Beats Estimates --> +9% in after hours
- ULVR LN : Dual Listings Lose Shine in Europe as Funds Go Global: ECM Watch
- WIE AV : Wienerberger Offers Up to 2.5m Treasury Shares, Offering Prices at EU32.5/Treasury Share
- ZEAL DC : Zealand Pharma Gains; Nordea Hails Weight-Loss Drug Data

>>> Europe : Brokers Upgrades & Downgrades - 1st of September 2021

>>> Up
* Borr Drilling Raised to Buy at SpareBank; PT 10 kroner
* Merlin Properties Raised to Overweight at Morgan Stanley
* Tyman Raised to Buy at Berenberg; PT 500 pence

>>> Down
* Alstria Office Cut to Neutral at Goldman; PT 18 euros
* Bankinter Cut to Underweight at JB Capital Markets
* CIE Automotive Cut to Neutral at JB Capital Markets
* DSM Cut to Neutral at JPMorgan; PT 195 euros
* Siemens Cut to Hold at Stifel; PT 155 euros

>>> Initiation
* Darktrace Rated New Buy at Panmure Gordon; PT 750 pence
* IDEX Biometrics ASA Rated New Buy at Arctic Securities
* Orsted Rated New Peerperform at Wolfe; PT 1,025 kroner

>>> Call
* EDP and EDPR Price Targets Hiked on Renewables Growth: Berenberg
* Morgan Stanley Upgrades Value Names in European Real Estate

Business of Fashion : Paris Fashion Week To Include 37 Physical Runway Shows

Paris Fashion Week To Include 37 Physical Runway Shows
Chanel's autumn-winter 2020-2021 show in Paris. Getty.
Ninety-two brands plan to stage runway shows, presentations or digital collection reveals during Paris women’s ready-to-wear week from Sept. 27 to Oct. 5, the event’s organizing body Fédération de la Haute Couture et de la Mode said Tuesday.
Balenciaga is set to return to the Paris schedule, the first of Kering’s major brands to come back to the traditional calendar after showing outside organised fashion weeks since the start of the pandemic. Others planning to return to Paris include Rick Owens, who staged his recent shows on the Venice Lido, and Rome-based Valentino, which has remained in Italy in recent seasons due to coronavirus concerns.
LVMH brands showing include Paris fashion week regulars Dior, Louis Vuitton, Loewe and Givenchy, though missing from the list is Hedi Slimane’s Celine.
New additions to the calendar include shows by star designer Raf Simons and emerging Paris label Ludovic de Saint Sernin (both of whom usually show during menswear week), as well as the British brand Paul Smith, Dutch label Botter and Shang Xia, the Chinese luxury start-up backed by Italy’s Agnelli family and Hermès).
AZ Factory, the Richemont-owned new label launched in January by the late designer Alber Elbaz, will stage a tribute to its founder who passed away in April just months after revealing the brand’s first collection.
In total, the week will include 37 physical runway shows and 32 physical presentations, with the remaining events either undecided or slated to take place online-only.