Early premarket gappers
- Gapping up:
- UPST +43.6%, WSM +13.1%, VCEL +11.1%, AOUT +8.9%, ONTF +6%, WPRT +5.9%, FIVE +5.6%, COHR +5.1%, SGMO +4%, AMC +3.9%, WB +3.5%, SMTC +3.2%, APLS +2.3%, CSIQ +2.2%, QTRX +1.9%, PPL +1.6%, AAL +1%
- Gapping down:
- TBIO -25.3%, CFRX -13.8%, PHAS -13.5%, ZTO -6.5%, LITE -6.1%, SLDB -6%, GEVO -5.6%, PD -4.4%, RIDE -4.4%, AHT -3.9%, MLHR -3.3%, DLR -3%, NOK -3%, MAXR -2.9%, ONEM -2.8%, FTI -1.9%, ANH -1.6%, SHC -1.6%, IIVI -1.6%, U -1.4%
>>> Up
* 1&1 Drillisch Raised to Neutral at Exane; PT 25 euros
* Bakkavor Raised to Buy at Investec; PT 111 pence
* Brunel Raised to Outperform at Oddo BHF (+)
* Euskaltel Raised to Outperform at Exane; PT 11.50 euros
* Frontier Developments Raised to Buy at Jefferies; PT 3,323 pence
* Hugo Boss PT Raised to 57 euros from 46 euros at M.M. Warburg
* OHB SE Raised to Buy at HSBC; PT 44 euros
* Pandora Raised to Neutral at Goldman; PT 670 kroner
* Pandora Raised to Neutral at Goldman; PT 670 kroner
* Paradox Interactive Raised to Buy at Jefferies; PT 254 kronor
* Philips Raised to Overweight at JPMorgan; PT 50.70 euros
* Senior Raised to Overweight at Barclays; PT 139 pence
* Shurgard Self Storage Raised to Buy at HSBC; PT 42 euros
* Software AG Raised to Equal-Weight at Morgan Stanley
* Standard Life Aberdeen Raised to Buy at Deutsche Bank
* Telecom Italia Raised to Neutral at Exane; PT 41 euro cents
* TKH GDRs Raised to Buy at ING; PT 49 euros
* Wacker Chemie Raised to Add at AlphaValue
>>> Down
* Clariant Cut to Hold at SocGen; PT 20 Swiss francs
* Dialog Semi Cut to Hold at Deutsche Bank; PT 67.50 euros
* DiaSorin Cut to Underweight at Morgan Stanley; PT 124 euros
* Elekta Cut to Underweight at JPMorgan; PT 80 kronor
* Randstad Cut to Equal-Weight at Morgan Stanley; PT 62.50 euros
* Reply Cut to Hold at Alantra Equities; PT 110 euros
* TechnipFMC Cut to Neutral at Citi
* Telefonica Deutschland Cut to Neutral at Exane; PT 2.20 euros
* Telefonica Deutschland Cut to Neutral at Exane; PT 2.20 euros
* Telenor Cut to Neutral at Exane; PT 147 kroner
* Thyssenkrupp Cut to Underweight at Morgan Stanley; PT 8.10 euros
* Verbund Cut to Underperform at Oddo BHF (+)
* Virbac Cut to Underperform at Oddo BHF (+)
* Yara Cut to Neutral at SpareBank; PT 450 kroner (+)
>>> Initiation
>>> Initiation
* Kape Technologies Rated New Buy at Stifel; PT 395 pence
* Nordic Semiconductor Rated New Buy at Deutsche Bank
* Nordic Semiconductor Rated New Buy at Deutsche Bank
* SBB Rated New Buy at Pareto Securities; PT 33 kronor (+)
* Technip Energies Rated New Buy at Citi
>>> Call
>>> Call
* Brunello Cucinelli PT Raised as Jefferies ‘Impressed’ by Outlook (+)
* Citi Prefers Technip Energies Over TechnipFMC on Valuation (+)
* LSE Shares Undervalued as Firm Now a Data Company: Berenberg (+)
* Ocado’s Pandemic Boost Set to Unwind, Jefferies Says (+)
* Paradox Interactive Undervalued Post Share-Price Drop: Jefferies
* Pandora Ebit Estimate, PT Boosted at Goldman as Stock Upgraded (+)
* Randstad Upside Surprises Limited, Take Profits: Morgan Stanley
* Software AG Downside Limited, Rating Upgraded at Morgan Stanley
* Thyssenkrupp Cut at Morgan Stanley on Execution Risks, Valuation
* Thyssenkrupp Cut at Morgan Stanley on Execution Risks, Valuation
* VW Common-Share Rally Boosting Holding Co. Discount: Bernstein (+)
-
Sartorius (SRT3 TH) +6%
- Sartorius Boosts FY Sales At Constant Exchange Rates Forecast
- Porsche SE (PAH3 TH) +4.3%
-
VW (VOW3 TH) +3.9%
- VW Becomes Germany’s Most Valuable Company on EV Enthusiasm (1)
- IAG (INR TH) +2.6%
- BMW (BMW TH) +2.4%
- Carnival Plc (POH1 TH) +2.3%
- EDP (EDP TH) +2.1%
- MorphoSys (MOR TH) +2.1%
- Prosus (1TY TH) +1.9%
- TUI (TUI1 TH) +1.8%
-
Dialog Semi (DLG TH) -0.3%
- Dialog Semi Cut to Hold at Deutsche Bank; PT 67.50 euros
- ProSieben (PSM TH) -0.4%
-
Telecom Italia (TQI TH) -0.5%
- Italy’s Giorgetti Urges Acceleration on Single Network Plan
- Telefonica Deutschland (O2D TH) -0.7%
- Ubisoft (UEN TH) -1.4%
- Amplifon (AXNA TH) -1.5%
-
Thyssenkrupp (TKA TH) -2.8%
- Thyssenkrupp Cut at Morgan Stanley on Execution Risks, Valuation
DAX:
- VW (VOW3 TH) +2.8%
- VW Becomes Germany’s Most Valuable Company on EV Enthusiasm (1)
- BMW (BMW TH) +1.8%
- Munich Re (MUV2 TH) +1.4%
- Delivery Hero (DHER TH) +1.2%
- RWE (RWE TH) +1.1%
- German Holdings Round-Up: HelloFresh, Encavis, RWE
- Deutsche Post (DPW TH) +0.6%
- Covestro (1COV TH) +0.5%
- Deutsche Bank (DBK TH) +0.5%
- Deutsche Bank Global Co-Head of SWFs Pandit Is Said to Leave (2)
MDAX:
- Sartorius (SRT3 TH) +7%
- Sartorius Boosts FY Sales At Constant Exchange Rates Forecast
- MorphoSys (MOR TH) +2.1%
- Varta (VAR1 TH) +2%
- Fraport (FRA TH) +1.9%
- Hugo Boss (BOSS TH) +1.4%
- Telefonica Deutschland (O2D TH) -0.7%
- Telefonica Deutschland Cut to Neutral at Exane; PT 2.20 euros
- Thyssenkrupp (TKA TH) -1.6%
- Thyssenkrupp Cut at Morgan Stanley on Execution Risks, Valuation
SDAX:
- Eckert & Ziegler Strahlen- und Medizintechnik AG (EUZ TH) +3.6%
- *ECKERT & ZIEGLER 2020: EARNINGS HIGHER THAN EXPECTED
- Salzgitter (SZG TH) +1.9%
- Nordex (NDX1 TH) +1.7%
- LPKF (LPK TH) +1.7%
- Carmignac Gestion Takes 0.65% Short Position in LPKF
- Encavis (CAP TH) +1.5%
- Goldman Sachs Group, Inc. Cuts Encavis Voting Rights to 4.54%
- Medios (ILM1 TH) -0.5%
- Draegerwerk (DRW3 TH) -1.1%
Asian stocks climbed Thursday on the Federal Reserve’s projections for interest rates to remain near-zero through 2023. U.S. Treasury yields resumed their rise and the dollar held a decline.
MSCI Inc.’s Asia-Pacific index advanced about 1%. The S&P 500 hit a record overnight as Fed Chairman Jerome Powell reiterated the central bank’s tolerant stance on inflation and the recent rise in bond yields. U.S. equity futures erased earlier gains. The Australian dollar outperformed most major currencies on a strong jobs report.
Japan’s government bond yields lifted on a Nikkei report that the Bank of Japan is considering widening the trading range around the 10-year target, which could spur concerns about policy tightening.
US After Hours UPST +46.5%, WSM +12.5%, AOUT +10.2%, FIVE +6.1% up big on earnings; GEVO -5.8%, PD -4.8%, RIDE -3.3% fall on earnings
Nikkei +1.01% Hang Seng +1.56% CSI +0.42% Shanghai +0.28% Shenzen +0.57%
Eur$1.1971 CNH 6.4937 CNY 6.4952 JPY 108.89 GBP 1.3968 CHF 0.9230 RUB 73.5637 TRY 7.4967 WTI$ 64.26 -0.53% GOLD 1,751 .10 +0.33% BTC 58,850 +3300
S&P +0.13% Nasdaq +0.23% EuroStoxx +0.62% FTSE +0.41% Dax +0.81% SMI +0.52%
Macro :
- Convertible Bonds in Europe See Best Start Since 2013: ECM Watch
Spacs :
- Apollo SPAC, Vista Are Said to Halt $15 Billion Merger Talks
- Blank-Check Firm Backed by Alan Mnuchin Files for $400M IPO
Keep an eye on :
- AIR FP : Embracer Orders Below SEK210 Risk Missing Out: Terms
- ACE SS : Ascelia Pharma Offers SEK200m Shares, Ascelia Pharma Offering of 5m Shares Prices at SEK40/Share
- BMPS IM : Paschi Highlights Significant Uncertainty over Capital Raising
- AAPL US : Apple Nears Launch of New IPads After Stay-at-Home Sales Boost
- BEN FP : Beneteau Sees FY21 Income Ordinary Operations Up By Over 60%
- BP/ LN : BP Is Said to Field Final Offers for North Sea Energy Assets
- CAI AV : Aggregate Is Said to Decide Against Counterbid for CA Immobilien
- CA FP : Couche-Tard 3Q Adjusted EPS Misses Estimates
- CO FP : Casino Is Said to Weigh Paris IPO for Renewable Arm GreenYellow
- COTN SW : Comet FY Dividend Per Share Beats Estimates
- CSGN SW : Credit Suisse Cuts 2020 Bonus Pool, Pays CEO Gottstein CHF8.5M
- BN FP : Danone Cancels March 25 Investor Day
- DEZ GY : Deutz 4Q Revenue Beats Estimates
- DB1 GY : Quantitative Brokers Expands Algo Trading to Japan: Nikkei
- EMBRACB SS : Embracer Group Offering of 36m Shares Prices at SEK210/Share
- GFS LN : G4S Seeks to Remove Shares From Nasdaq Copenhagen
- GRE SM : Grenergy to Carry Out Capital Increase of About EU105 Million
- HLAG GY : Hapag-Lloyd Sees 2021 Ebit, Ebitda ‘Clearly Above’ Prior Year
- HEI GY : HeidelbergCement Proposes FY Div./Share EU2.20 Vs EU0.60 in 2019
- KYOTO FH : Kyoto Group Offering of 2.4m Shares Prices at NOK62.5/Share
- METN SW : Metall Zug FY Ebit CHF15.5M Vs. CHF38.8M Y/y
- NOKIA FH : Nokia Looks to Speed Up Path to Greater Profits in 5G Battle
- NOKIA FH : Nokia Sees Adj. Operating Margin Increasing to 10%-13% in 2023
- NOVOB DC : Novo’s Chairman Says Pipeline Secures Years of Growth: Borsen
- NSKOG NO : Norske Skog Says Potential Buyers Eye New Zealand Plant: Stuff
- NTS NO : NTS: Froy to Raise Gross Proceeds of up to NOK1b in Oslo IPO
- OSB LN : OSB Group FY Adjusted Pretax Profit GBP366.2M
- SRT GY : Sartorius Stedim Biotech Raises 2021 Guidance on Pandemic Demand
- SEM AV : Semperit FY Ebitda Meets Estimates
- TKO FP : Tikehau Records EU206.6M FY20 Loss
- TIT IM : Italy’s Giorgetti Urges Acceleration on Single Network Plan
- VIV FP : Canal+ Polish Unit May Soon Decide on Warsaw IPO Restart: Rp.pl
- VOD LN : Vodafone Raises $2.8 Billion From Vantage Towers Frankfurt IPO
- VOS GY : Vossloh FY Revenue Meets Estimates
- VOW GY : VW Becomes Germany’s Most Valuable Stock on Electric Enthusiasm
- WBD IM : Webuild FY Adjusted Ebitda Misses Estimates
- MF FP : Wendel SE FY Sales Miss Estimates
- ROSE SW : Zur Rose FY Ebitda Loss CHF78.4M Vs. Loss CHF13.8M Y/y
>>> Up
* 1&1 Drillisch Raised to Neutral at Exane; PT 25 euros
* Bakkavor Raised to Buy at Investec; PT 111 pence
* Euskaltel Raised to Outperform at Exane; PT 11.50 euros
* Frontier Developments Raised to Buy at Jefferies; PT 3,323 pence
* OHB SE Raised to Buy at HSBC; PT 44 euros
* Pandora Raised to Neutral at Goldman; PT 670 kroner
* Pandora Raised to Neutral at Goldman; PT 670 kroner
* Paradox Interactive Raised to Buy at Jefferies; PT 254 kronor
* Philips Raised to Overweight at JPMorgan; PT 50.70 euros
* Senior Raised to Overweight at Barclays; PT 139 pence
* Shurgard Self Storage Raised to Buy at HSBC; PT 42 euros
* Software AG Raised to Equal-Weight at Morgan Stanley
* Standard Life Aberdeen Raised to Buy at Deutsche Bank
* Telecom Italia Raised to Neutral at Exane; PT 41 euro cents
* TKH GDRs Raised to Buy at ING; PT 49 euros
* Wacker Chemie Raised to Add at AlphaValue
>>> Down
>>> Down
* Dialog Semi Cut to Hold at Deutsche Bank; PT 67.50 euros
* DiaSorin Cut to Underweight at Morgan Stanley; PT 124 euros
* Elekta Cut to Underweight at JPMorgan; PT 80 kronor
* Randstad Cut to Equal-Weight at Morgan Stanley; PT 62.50 euros
* TechnipFMC Cut to Neutral at Citi
* Telefonica Deutschland Cut to Neutral at Exane; PT 2.20 euros
* Telefonica Deutschland Cut to Neutral at Exane; PT 2.20 euros
* Telenor Cut to Neutral at Exane; PT 147 kroner
* Thyssenkrupp Cut to Underweight at Morgan Stanley; PT 8.10 euros
>>> Initiation
* Nordic Semiconductor Rated New Buy at Deutsche Bank
>>> Initiation
* Nordic Semiconductor Rated New Buy at Deutsche Bank
* Technip Energies Rated New Buy at Citi
>>> Call
>>> Call
* Paradox Interactive Undervalued Post Share-Price Drop: Jefferies
* Randstad Upside Surprises Limited, Take Profits: Morgan Stanley
* Software AG Downside Limited, Rating Upgraded at Morgan Stanley
* Thyssenkrupp Cut at Morgan Stanley on Execution Risks, Valuation
* Thyssenkrupp Cut at Morgan Stanley on Execution Risks, Valuation
Funding boom for faux meat and dairy start-ups
Annual investment triples into makers of plant-based, lab-grown and fermentation-based products
Faux meat and dairy start-ups pulled in record funding last year, new data has shown, as early-stage investors hunted for the new Tesla of food tech.
Venture capitalists, angel investors and big food companies placed their bets on 170 alternative protein start-ups in 2020, with funding totalling $3.1bn, up from $1bn the previous year, according to US alternative protein research and lobby group the Good Food Institute.
In Europe the sector raised a record $527m, more than quadrupling its 2019 tally.
Plant-based meat, egg and dairy companies attracted the bulk of the capital, but investment targets widened to cultivated meat companies, which grow meat from animal cells, and fermentation companies, which use microorganisms taken from sources such as breast milk, air, and even volcanoes in the production of meat, eggs and dairy.
“The size of the funding rounds and the valuations are rising. The amount of capital coming into the market is broadening,” said David Gowenlock at ClearlySo, a London-based financial adviser focused on positive environmental, social and ethical investments.
The start-ups behind alternative proteins aim to offer consumers a similar experience to the meat, eggs and dairy from animals but produced from plants, animal cells, enzymes and other organisms. They aim to offer food produced in clean, antibiotic-free ways, using far less land and water than livestock, amid rising concerns about climate change, biodiversity and the food supply chain.
Alex Money, director of the Innovative Infrastructure Investment programme at the University of Oxford, said replacing meat and dairy protein in our diets was the most efficient way to cut the carbon impact of food consumption. Other methods of trimming agricultural emissions “are like rearranging the deck chairs”, he said.
Caroline Bushnell of the GFI said “the companies innovating in alternative proteins look set to do for meat what Tesla has done for electric cars by accelerating the industry’s shift towards better, more sustainable options”.
The growth in alternative proteins outperformed the rise in investment in the broader agri and food tech space, which is estimated to have reached $30bn last year, up 35 per cent from the year before, according to AgFunder, a VC based in California that specialises in the sector.
GFI’s data show that plant-based meat, cultivated meat and fermentation companies have raised almost $6bn in the past decade.
Plant-based meat, egg and dairy start-ups received $2.1bn in funding last year, more than three times the $667m raised the previous year, including $700m by Impossible Foods and almost $300m by Sweden’s Oatly.
Cultivated meat companies raised more than $360m, six times the amount raised in 2019 and 72 per cent of the total raised in the industry’s history. This included Netherlands-based Mosa Meat’s $75m and US start-up Memphis Meats’ $161m.
Fermentation start-ups attracted $590m in investments, more than double the amount raised in 2019, including Perfect Day’s $300m and Nature’s Fynd’s $45m.