>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

  • DCT -1.7%

Other news:

  • SGH -4% (stock offering)
  • MAX -3% (CFO stepping down, reaffirms Q2 and FY21 guidance)
  • QTNT -1.4% (stock offering)
  • EVCM -1.1% (acquires Medical Design Tech)
  • QGEN -0.7% (receives CE-IVD certification for NeuMoDx HAdV Quant Assay)

Analyst comments:

  • LNT -0.7% (downgraded to Neutral from Buy at BofA Securities)
  • CLDR -0.6% (downgraded to Mkt Perform from Mkt Outperform at JMP Securities)
  • CLB -0.6% (downgraded to Mkt Perform from Mkt Outperform at JMP Securities)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

  • GBX +4.7%, LEVI +2.9%, PSMT +2.4%, ACCD +2.2%, MATX +1.8%, ASX +1% (Q2 revs), IMOS +0.7% (Q2 revs), TSM +0.5% (Q2 revs)

Other news:

  • STMP +35.5% (to be acquired by Thoma Bravo for $6.6 bln in cash, STMP shareholders to receive $330/share)
  • LMPX +16.9% (stock repurchase and dividend approval contingent on debt refinancing)
  • HGEN +12.1% (receives acceptance of Marketing Authorization for lenzilumab in COVID-19 by MHRA in UK)
  • GLUE +10.2% (Versant Venture Capital discloses 15.3% stake)
  • IBIO +5.8% (adds three anti-cancer targets to pipeline; enters into research services agreement with FairJourney Biologics)
  • BNTX +4.1% (PFE and BNTX developing COVID-19 booster shot to target delta variant, according to CNBC)
  • BLUE +3.4% (announces positive recommendation by PRAC regarding article 20 safety referral review of ZYNTEGLO gene therapy for transfusion-dependent ß-thalassemia and marketing to resume in EU)
  • CRUS +2.1% (to acquire Lion Semiconductor for $335 mln)
  • NFE +2.1% (signs framework agreement with Sri Lanka to construct offshore LNG terminal)
  • BLDP +1.9% (receives purchase order for fuel cell modules to power 15 Tata Motors buses)
  • CYCN +1.4% (CYCN and Beacon Biosignals announce expanded partnership)
  • JKS +1.3% (signed a strategic cooperation agreement with Maersk Shipping)
  • MAPS +1.1% (stock offering)
  • COST +1% (reports June adjusted comps of +7.9%)
  • BA +1% (China could begin 737 MAX flight tests, according to Bloomberg)
  • PM +1% (to acquire Vectura Group for $1.2 bln)

Analyst comments:

  • NOV +3.9% (upgraded to Equal-Weight from Underweight at Morgan Stanley)
  • DB +3.2% (upgraded to Sector Perform from Underperform at RBC Capital Mkts)
  • NSC +2.3% (upgraded to Outperform from In-line at Evercore ISI)
  • DFS +2.2% (upgraded to Buy from Neutral at Citigroup)
  • TEX +2.1% (upgraded to Buy from Hold at Deutsche Bank)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • LMPX +16.3%, IBIO +5%, BNTX +4.1%, LEVI +3.3%, GBX +3%, PSMT +2.4%, NFE +2.1%, BLDP +1.8%, MATX +1.8%, EVCM +1.5%, ACCD +1.2%, BA +0.9%, RIOT +0.8%, IMOS +0.7%, TSM +0.4%
  • Gapping down:
    • SGH -4.8%, MAX -3%, DCT -1.7%, QTNT -1.1%, CFLT -0.5%

FT : SoftBank to buy into South Korean booking platform ahead of US listing

SoftBank to buy into South Korean booking platform ahead of US listing
Japanese tech group in talks to take 10 per cent stake in Yanolja

Japanese technology group SoftBank is in talks to buy a 10 per cent stake in Yanolja, a leading South Korean hotel booking platform, ahead of the company’s expected US listing, people familiar with the matter said on Friday.

The deal, in which SoftBank’s Vision Fund is likely to invest about Won1tn ($870m) in Yanolja, is expected to be signed next week, according to local media.

“Yanolja will soon receive substantial investment from SoftBank. The talks are in the final stages,” said one of the people familiar with the matter.

The deal, if completed, would mark SoftBank’s second-biggest investment in South Korea following its $3bn stake in Coupang, the country’s leading ecommerce player. Coupang’s US listing pushed SoftBank to record profits last year, as the South Korean company’s valuation briefly exceeded $100bn.

The investment in Yanolja comes as SoftBank, led by billionaire founder Masayoshi Son, faces setbacks in China, where regulators have announced an investigation into data security concerns at Didi Chuxing.

SoftBank’s Vision Fund is the largest shareholder in the Chinese ride-hailing platform, whose New York-listed shares have lost more than a quarter of their value in the past week. The Japanese group is also an investor in Full Truck Alliance, which is among US-listed companies being investigated by China’s data watchdog. 

Analysts said the regulatory crackdown on Chinese tech companies could prompt the Vision Fund to step up investments elsewhere. In South Korea, Coupang is also facing public scrutiny over its business practices and work conditions.

The SoftBank investment would probably accelerate Yanolja’s push for a US listing as early as 2023 to fund its expansion into other hospitality services, the people familiar with the matter said.

“If they get the SoftBank investment, they are likely to pursue a Nasdaq listing, rather than a domestic IPO,” said one of the people.

Yanolja was unavailable for comment. The Vision Fund was not immediately available for comment.

The injection would also make Yanolja, which means “Hey, let’s play” in Korean, the country’s latest billion-dollar start-up. The booking platform has expanded rapidly since its establishment in 2005 and posted its first operating profit last year despite coronavirus pandemic-related travel restrictions. It reported a Won16.1bn operating profit in 2020 on revenue of Won192bn.

Yanolja, which hosts about 26,000 hotels in 170 countries, holds ambitions to become a global travel platform akin to Airbnb and Hotels.com. The company is accelerating its growth in other hospitality services, including leisure bookings and developing software to help partner hotels automate their operations.

In 2019, Yanolja received a combined $180m investment from Singaporean sovereign wealth fund GIC and US online travel agency Booking.com. It also acquired ZEN Rooms, a budget hotel start-up in south-east Asia, and India-based eZee Technosys, the world’s second-largest property management system provider.

SoftBank’s Vision Fund 2 has invested in two other South Korean companies this year, pouring $160m into Iyuno-SDI, a media and entertainment localisation firm, and $175m into Riiid, a learning platform that uses artificial intelligence.

WWD : Dior to Launch Running-Inspired B30 Sneaker

EXCLUSIVE: Dior to Launch Running-Inspired B30 Sneaker
The sneaker, set to go on sale in October, incorporates technical materials such as microfiber and mesh.
Dior's B30 sneaker.
Charly Gosp/Courtesy of Dior

HOT SHOE SHUFFLE: Welcome to the latest addition to Dior’s growing collection of men’s sneakers: the B30. As part of its resort collection, inspired by Marc Bohan’s designs for Dior from the 1960s, the French fashion house is introducing its latest shoe, designed to be worn with both tailored and more sporty looks.
Inspired by the world of running, the B30 incorporates technical materials such as microfiber and mesh. An aerodynamic rendering of the “CD” logo features in a reflective version on each side. The initials also appear on the sole and heel of the sneaker, available in five colors: black, white, olive, beige and lime.
Dior’s B30 sneaker. Charly Gosp/Courtesy of Dior
“We worked on the B30 sneaker, which comes in a variety of colors, trying to elevate everything to make it feel like it’s an accessory for a sophisticated wardrobe,” said Kim Jones, artistic director of men’s collections at Dior. Priced at 890 euros, the shoes will go on sale in October.

Since its wildly successful collaboration with Air Jordan last year, Dior has steadily expanded its sneaker offering. It launched the B27 last November, and two weeks ago presented new skate-inspired sneakers as part of its spring 2022 Cactus Jack Dior collection, designed in collaboration with rapper Travis Scott.

(ZH) Bill To Decriminalize Psychedelics In California Gains Momentum

Bill To Decriminalize Psychedelics In California Gains Momentum
BY TYLER DURDEN
FRIDAY, JUL 09, 2021 - 12:00 AM
Earlier this year, State Sen. Scott Wiener, D-San Francisco, unveiled a bill to decriminalize the personal possession of several psychedelic drugs, which has gained traction through the California State Assembly.
Senate Bill 519 would legalize psilocybin (magic mushrooms), 3,4-methylenedioxymethamphetamine (MDMA), lysergic acid diethylamide (LSD), dimethyltryptamine (DMT), ibogaine, and mescaline, except for peyote, recently passed the State Senate on a 21-16 floor vote, according to Bay Area news KPIX5.
"This bill would make lawful the possession for personal use, as described, and the social sharing, as defined, of psilocybin, psilocyn, dimethyltryptamine (DMT), ibogaine, mescaline, lysergic acid diethylamide (LSD), ketamine, and 3,4-methylenedioxymethamphetamine (MDMA), by and with persons 21 years of age or older," the bill wrote.
The bill's journey through the California State Assembly comes as evidence shows psychedelics may hold the key to treating many debilitating disorders such as addiction, PTSD, and depression.
"And I want to say there's been a lot of deliberate misinformation about this bill," Wiener said. "We need to be very ,very clear. This bill is not about children, this is about people 21 and older."
Wiener said support to legalize psychedelics, such as magic mushrooms, is to help military veterans who suffer from a wide variety of mental health issues, including PTSD and depression, and to "end the failed War on Drugs."
"The racist War on Drugs, which has fueled mass incarceration and torn apart communities, particularly communities of color, but not made us any safer, the War on Drugs needs to end," the senator said. "People are using drugs right now, and we want them to be able to use drugs in a safe way where they're not in the shadows, where they're not stigmatized."
"I turned to psychedelics as a last-ditch effort to survive. And fortunately, it worked amazingly well," Jesse Gould, a former Army Ranger. "I will say this unequivocally psychedelics have, and will, save veteran lives."
Psychedelics are psychoactive substances that can alter perception, mood, and cognitive processes. There are two broad classifications of psychedelics that relate to chemical structure.
  • Entheogenic Plants: Plants or fungi that produce chemical substances that can cause hallucinations
  • Synthetic Drugs: Drugs created in laboratory setting to mimic the effects of entheogenic plants
Here are seven of the most common psychedelic substances explained:
Even though research has shown psychedelics work by binding to serotonin receptors in the brain, which produces psychoactive effects and alters the brain's structure and potentially rewires or repair circuits, hence the healing powers, there are opponents to the bill.
"We are spending far too much time writing lazy policy that slaps a band-aid on drug use, as opposed to writing policies that aid in behavioral health issues, like nutrition, access to job resources, access to family care," said Tak Allen, President of International Faith-Based Coalition and Congress of Racial Equality, who is opposed to SB519.
"I don't need science to tell me that this is a stupid and dangerous piece of legislation," said Nina Salarno Besselman, Crime Victims United of California. "SB519 is akin to fixing the problem of too many red lights out in our streets, by removing them altogether."
The ancient psychedelic industry (explained here & here) could be in the early stages of revival. Perhaps Western medicine could learn from Mother Nature instead of embracing synthetic chemicals to treat complex mental health issues that may not always work.

>>> Europe : Brokers Upgrades & Downgrades - 9th of July 2021 V2(+)

>>> Up
* Brenntag Raised to Hold at DZ Bank; PT 77 euros
* Bunzl Raised to Buy at Berenberg; PT 2,750 pence
* Burberry Raised to Buy at Goldman; PT 2,475 pence (+)
* Deutsche Bank Raised to Sector Perform at RBC; PT 11 euros
* Komax PT Raised to 290 Swiss francs at Bank Vontobel
* LVMH Raised to Buy at Stifel; PT 730 euros
* NRC Raised to Buy at Arctic Securities; PT 20 kroner
* OCI Raised to Neutral at JPMorgan; PT 19 euros
* SCA Raised to Hold at Pareto Securities; PT 138 kronor
* Synthomer Raised to Buy at Peel Hunt; PT 600 pence
* Vallourec Raised to Outperform at Oddo BHF; PT 11 euros

>>> Down
* Aena Cut to Neutral at Oddo BHF; PT 152 euros (+)
* GN Store Nord Cut to Hold at NYKREDIT (+)
* Moncler Cut to Neutral at Goldman; PT 60 euros (+)
* Philips Cut to Hold at LBBW; PT 40 euros
* Salvatore Ferragamo Cut to Sell at Goldman; PT 16.60 euros (+)
* Sensirion Cut to Hold at Research Partners; PT 80 Swiss francs

>>> Initiation
* Calida Rated New Buy at Research Partners; PT 45 Swiss francs
* NFON AG Rated New Equal-Weight at Barclays; PT 18 euros
* PolyPeptide Group Rated New Buy at Octavian; PT 105 Swiss francs
* UCB Rated New Buy at SocGen; PT 115 euros

>>> Call
* Bunzl Underperformance Has ‘Run Its Course,’ Berenberg Upgrades
* Carrefour Could Announce Another Share Buyback Program: Barclays (+)
* Deutsche Bank Upgraded on Improving ESG Credentials, RBC Says
* Kering’s Lindberg Deal Brings Growth in Tough Sector: Bernstein (+)
* ‘Underperformer’ LVMH is Market-Share Winner, Stifel Upgrades (+)