Closing Stock Market SummaryThe S&P 500 advanced 1.4% on Tuesday in a strong rebound session for the mega-cap/growth stocks, which boosted the Nasdaq Composite to a 3.7% gain. The Russell 2000 (+1.9%) finished in the middle with a 1.9% gain, while the Dow Jones Industrial Average increased just 0.1% after it was up as much as 1.1% intraday and at fresh record highs.
After yesterday's session left the Nasdaq down 10.5% from its recent high, or in "correction territory," investors presumably felt that the underlying declines at the growth-stock level had gotten too extended and presented a good buying opportunity. Follow through from buyers after a strong open fueled the technically-oriented rebound rally.
Shares of Tesla (TSLA 673.58, +110.58, +19.6%) surged nearly 20% today, further supported by an analyst upgrade to Buy from Neutral at New Street and a report that it grabbed market share from Chinese EV competitors in February. Note, TSLA shares entered the session down 37% from its all-time high, partially due to the rotation into value/cyclical stocks.
The S&P 500 consumer discretionary sector, which is home to Tesla, rose 3.8%, and the top-weighted information technology sector rose 3.4%. The Vanguard Mega Cap Growth ETF (MGK 201.96, +6.88, +3.5%) rose 3.5%, the Philadelphia Semiconductor Index rose 6.1%, and the ARK Innovation ETF (ARKK 121.75, +11.49, +10.4%) rose 10.4%.
Interestingly, the broad market did lose some traction into the close as the S&P 500 struggled to stay above the 3900 level, which has acted as resistance this month.
The red-hot energy (-1.9%) and financials (-0.9%) sectors underperformed in negative territory. Energy stocks were pressured by lower oil prices ($64.02, -1.02, -1.6%), while financial stocks were slowed down by a decline in longer-dated Treasury yields.
The 10-yr yield decreased five basis points to 1.55%, while the 2-yr yield increased one basis point to 0.16%. The U.S. Dollar Index decreased 0.4% to 91.97. On a related note, the $58 bln 3-year note auction was a nonevent, which was viewed in a positive light because the results revealed little concern about demand. Long-term interest rates ticked lower in response.
Boeing (BA 230.61, +6.58, +2.9%) was a notable Dow gainer after The New York Times reported that the company sold 31 planes in February, representing its first positive month in over a year. Stitch Fix (SFIX 49.23, -19.29, -28.2%) was a notable growth-stock laggard, plunging 28% after missing revenue estimates.
Tuesday's economic data was limited to the NFIB Small Business Optimism Index, which increased to 95.8 in February from 95.0 in January. Looking ahead to Wednesday, investors will receive the Consumer Price Index for February, the Treasury Budget for February, and the weekly MBA Mortgage Applications Index.
- Russell 2000 +13.7% YTD
- Dow Jones Industrial Average +4.0% YTD
- S&P 500 +3.2% YTD
- Nasdaq Composite +1.4% YTD
After Hours Summary: MNOV +94% climbs on development partnership with BARDA; OM +13%, NARI +12% rise on earnings; JNCE -6% moves lower on stock offeringAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: OM +13.3%, NARI +12.0%, ABM +5.6%, LPRO +3.8%, MDB +1.5%
Companies trading higher in after hours in reaction to news: MNOV +93.7% (announced partnership with BARDA to develop MN-166 as medical countermeasure against chlorine gas-induced lung injury), XELA +36.7% (after closing higher by +180%), IAC +10% (reported February metrics), HTOO +9.7% (announced MoU with Magnesitas De Rubian for green hydrogen solutions for mining sector), BLDP +7.1% (to provide fuel cell modules for Canadian Pacific's [CP] Hydrogen Locomotive Program), ANGI +2% (reported February metrics), TOL +1.8% (raised dividend), VBIV +1.6% (initiated enrollment in Phase 1/2 study of prophylactic COVID-19 vaccine candidate VBI-2902), PENN +1.2% (approved to launch Barstool Sportsbook mobile app in Illinois)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: OSH -2.3%, CLNE -2.1%, XM -1.0%
Companies trading lower in after hours in reaction to news: JNCE -6.2% (stock offering), XENE -3.9% (stock offering), SONO -2.5% (provided 2024 financial targets; introduced Sonos Roam), APA -1.7% (co and Total [TOT] provided update on Keskesi East-1 discovery well)
9 Signs That Chess Pieces Are Being Moved Into Place For A Major War In The Middle East
The American people are really going to regret putting the warmongers back in control. Joe Biden has been in the White House for less than two months, and the warmongers that Biden has surrounded himself with have been feverishly setting the stage for the next war in the Middle East. I do not believe that it will start within the next week, but I do believe that it is inevitable.
While President Trump was in the White House for four years, the U.S. didn’t start any new conflicts, but now the Biden administration is quite determined to start projecting “American influence” all over the globe once again. Most Americans don’t understand the bigger picture, but the truth is that this is going to have very serious implications over the next few years.
In this article, I would like to examine some of the chess moves that have been made since Joe Biden entered the White House. As you will see, a very troubling picture emerges once you start putting all of the pieces together.
#1 Literally one day after Biden was inaugurated, a massive U.S. military convoy rolled into Syria…
A large US military convoy entered northeastern Syria on Thursday, Syrian state news agency SANA reports, citing sources on the ground.According to the report, the convoy included some 40 trucks and armored vehicles and was backed from the air by helicopters.
President Trump had tried very hard to disengage from the war in Syria, but Biden has made it crystal clear that the U.S. will be heavily involved in that conflict moving forward.
#2 Just a few weeks later, Joe Biden conducted his first airstrike against Iranian-backed forces inside Syria…
The US has carried out an air strike targeting Iran-backed militias in Syria, in the first military action undertaken by the Biden administration.The Pentagon said the strike destroyed “multiple facilities” and was ordered in response to attacks against US and coalition personnel in Iraq.Militia officials said one person had been killed but a war monitor reported at least 22 fatalities.
#3 Of course it was inevitable that Iranian-backed forces would respond, and they retaliated by launching rockets at a military base in Iraq where U.S. forces are stationed. Just a couple days ago, new Defense Secretary Lloyd Austin said that there will be a U.S. military response “at a time and place of our own choosing”…
Defense Sec. Lloyd Austin tells @MarthaRaddatz the U.S. is still assessing who carried out recent rocket attack on base in Iraq housing U.S. troops—and that if the U.S. decides to respond, it will be “at a time and place of our own choosing.”
#4 More U.S. airstrikes may come sooner rather than later. In fact, it is being reported that the U.S. has just sent six B-52 bombers to Diego Garcia…
The U.S. Air Force is sending six B-52 Stratofortress bombers to Diego Garcia, a military hub that acts as a strategic location for operations in both the Middle East and the Pacific.Citing a U.S. official, CNN on Monday reported that the Cold War-era bomber will be “available for operations against Iran if ordered.”
#5 The Biden administration is also sending approximately 10,000 more U.S. troops to the Middle East…
Once the amphibious assault ship Bataan, which is moving toward the Middle East, arrives, the U.S. will have added roughly 10,000 personnel to the area within the last week, according to The Wall Street Journal.
#6 Russia has been busy making moves in the region as well. On Friday, Russia conducted an air strike on an oil-loading facility in Syria that is used by opposition forces that are backed by Turkey, Saudi Arabia and the Biden administration…
A suspected missile strike on an oil-loading facility used by Turkey-backed opposition forces in northern Syria sparked a massive blaze across a large area where oil tankers are normally parked, aerial and satellite images show.Syrian opposition groups and at least one war monitor blamed Russia for the strike Friday night near the towns of Jarablus and al-Bab, near the border with Turkey. In a report, the Syrian Observatory for Human Rights, based in Britain, said Russian warships in the Mediterranean had fired three missiles that struck primitive oil refineries and tanker trucks in the region.
#7 Meanwhile, Israel continues to hit strategically important targets inside Syria on a regular basis. The following comes from a news report that was published in late February…
Syrian air defenses were activated in the capital Damascus and its southern suburbs Sunday night to repel an Israeli missile attack, state media reported. There was no word on casualties.State TV quoted an unnamed military official as saying that most of the Israeli missiles were shot down before reaching their targets near Damascus.
#8 Israel is particularly interested in keeping Iran from developing nuclear weapons. In an interview with Fox News, Israeli Defense Minister Benny Gantz just stated that Israel is ready to attack Iran without any U.S. help…
The Israeli military is updating plans to strike Iranian nuclear sites and is prepared to act independently, Israeli Defense Minister Benny Gantz told Fox News.Israel has identified numerous targets inside Iran that would hurt its ability to develop a nuclear bomb.“If the world stops them before, it’s very much good. But if not, we must stand independently and we must defend ourselves by ourselves,” Gantz said in his first sit-down interview with an American outlet.
#9 During a phone call last Thursday between Kamala Harris and Benjamin Netanyahu, the Israeli Prime Minister made it exceedingly clear that his nation is ready to do whatever it takes to prevent the Iranians from developing their own nukes…
“The prime minister said we would continue to strengthen our intelligence and security cooperation and said during their conversation that as prime minister of Israel, he is totally committed to preventing Iran from developing nuclear weapons that are meant for our destruction.”
Of course the Iranians have no plans to back down, and that makes a military conflict between Israel and Iran inevitable.
There will be war in the Middle East, and the horror of that conflict will shock the entire planet.
And once that war begins, it will greatly accelerate our economic problems and the ongoing political turmoil in this country.
So enjoy this brief period of relative stability while you can, because our world is about to start changing in dramatic ways.
* * *
Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.
>>> Up
* AIB Group Raised to Reduce at AlphaValue
* Arkema Raised to Buy at Stifel; PT 116 euros
* Bank of Ireland Raised to Buy at AlphaValue
* *BEKAERT RAISED TO OUTPERFORM VS NEUTRAL AT ODDO BHF; PT TO EU43 (+)
* Bloomsbury Publishing Raised to Add at Peel Hunt
* Cerved Raised to Buy at Berenberg; PT 9.50 euros
* FDJ Raised to Add at AlphaValue
* Gurit Raised to Buy at Baader Helvea; PT 2,750 Swiss francs
* H & M Hennes & Mauritz AB Raised to Buy at UBS
* Orsted Raised to Buy at HSBC; PT 1,140 kroner
* Seplat Nigeria Raised to Buy at Meristem Securities
* Ultra Electronics Raised to Overweight at JPMorgan (+)
>>> Down
* ADES International Cut to Hold at Arqaam Capital; PT $12.50
* Evonik Cut to Hold at DZ Bank; PT 31 euros (+)
* Inditex Cut to Neutral at UBS
* Pearson Cut to Hold at SocGen; PT 865 pence
* Senior Cut to Hold at Panmure Gordon; PT 124 pence (+)
* Sixt Cut to Reduce at Baader Helvea; PT 100 euros
>>> Initiation
* Computacenter Rated New Equal-Weight at Morgan Stanley
* CVS Group Rated New Outperform at Davy
* DWS Rated New Buy at Bankhaus Metzler; PT 41 euros
* Eco Animal Health Rated New Buy at Investec; PT 460 pence
* InPost Rated New Buy at Jefferies; PT 21 euros
* InPost Rated New Overweight at JPMorgan; PT 25 euros
* InPost Rated New Overweight at Barclays; PT 23 euros
* LoanDepot Rated New Buy at Jefferies; PT $33
* S4 Capital Rated New Equal-Weight at Barclays; PT 475 pence
* S4 Capital Rated New Equal-Weight at Barclays; PT 475 pence
* Softcat Rated New Overweight at Morgan Stanley; PT 1,750 pence
* Supreme Rated New Buy at Berenberg; PT 220 pence
>>> Call
* Bloomsbury Share Slide Fails to Reflect Pandemic Strength: Peel
* Domino’s Pizza Group 4Q Results Show Growth Slowing: Jefferies (+)
* Dufry Results Weak on Virus With 2021 Uncertain, Say Analysts (+)
* Fuchs 2021 Guidance Cautious on Raw-Material Prices: Berenberg (+)
* Gurit Double-Upgraded at Baader, Expectations Now Realistic
* JDE Peet’s Consensus Estimates to Come Down on Outlook Cut: MS (+)
* Kuehne + Nagel Is ‘Defying Gravity’ for Now, Berenberg Raises PT (+)
* Siemens Energy Upside Materially Underestimated, Jefferies Says
* SKF’s ROCE Target May be Out of Reach Mid-Term, Jefferies Says
* Softcat Favored Over Computacenter in Morgan Stanley Initiations
* Symrise’s Flat Margin Outlook Disappoints, Commerzbank Says (+)
- Carnival Plc (POH1 TH) +2.2%
- TUI (TUI1 TH) +2.1%
-
Rio Tinto (RIO1 TH) +1.6%
- Watch Europe Miners as Iron Ore Falls on Demand Concerns
- Glaxo (GS7 TH) +1.5%
- BAT (BMT TH) +1.5%
- Coloplast (CBHD TH) +0.8%
- Sartorius Stedim Biotech (56S1 TH) +0.7%
- Air Liquide (AIL TH) +0.7%
- Sanofi (SNW TH) +0.7%
- Accor (ACR TH) +0.7%
-
Eurofins Scientific (ESF0 TH) -1.3%
- Street Insider: Eurofins Scientific SE (ERF:FP) (ERFSF) PT Raised to EUR70 at HSBC
- GEA Group (G1A TH) -1.3%
-
Symrise (SY1 TH) -1.5%
- Symrise Sees 2021 Sales +5% to +7%
- Prosus (1TY TH) -1.7%
- STMicroelectronics (SGM TH) -1.8%
- Asian Chip-Sector Stocks Slide After SOX Slide Erases 2021 Gain
- NatWest (RYS1 TH) -2.4%
- ASML (ASME TH) -2.4%
- Asian Chip-Sector Stocks Slide After SOX Slide Erases 2021 Gain
-
Fuchs Petrolub (FPE3 TH) -2.6%
- Fuchs Petrolub FY Dividend Per Share EU0.99
- Nel (D7G TH) -3%
-
Continental (CON TH) -4.9%
- Continental AG Sees 2021 Adjusted Ebit Margin About 5% to 6%
DAX:
- Vonovia (VNA TH) +0.6%
- Merck KGaA (MRK TH) +0.5%
- Deutsche Post (DPW TH) +0.5%
- Deutsche Post Sees 2021 Ebit Above EU5.6B, Est. EU5.62B
- Deutsche Wohnen (DWNI TH) +0.4%
- Deutsche Bank (DBK TH) +0.4%
- Allianz (ALV TH) -0.5%
- Pimco Says Yield Surge Faces Limit, Inflation Bias Overdone
- Infineon (IFX TH) -0.5%
- BMW (BMW TH) -0.8%
- Siemens (SIE TH) -0.8%
- Continental (CON TH) -5.2%
- Continental AG Sees 2021 Adjusted Ebit Margin About 5% to 6%
MDAX:
- Fraport (FRA TH) +1.1%
- Siemens Energy (ENR TH) +0.9%
- Siemens Energy Upside Materially Underestimated, Jefferies Says
- Varta (VAR1 TH) +0.9%
- Aareal Bank (ARL TH) +0.6%
- Airbus (AIR TH) +0.5%
- HelloFresh (HFG TH) -0.6%
- Deliveroo Unveils IPO Plan Amid Sector Rebound: EMEA Tech Wrap
- GEA Group (G1A TH) -0.7%
- K+S (SDF TH) -0.8%
- Evotec SE (EVT TH) -1.1%
- Fuchs Petrolub (FPE3 TH) -2.3%
- Fuchs Petrolub FY Dividend Per Share EU0.99
SDAX:
- Encavis (CAP TH) +2%
- German Holdings Round-Up: ADVA Optical, Encavis, HelloFresh
- Jenoptik (JEN TH) +1.6%
- LPKF (LPK TH) +1.4%
- Takkt (TTK TH) +1.4%
- Borussia Dortmund (BVB TH) +1.3%
- ElringKlinger (ZIL2 TH) -0.3%
- Suedzucker (SZU TH) -0.6%
- 1&1 Drillisch (DRI TH) -0.9%
- Indus Holding (INH TH) -1%
- Schaeffler (SHA TH) -1.2%
The Luxury Paradigm of Ferrari Owner and Christian Louboutin Investor Exor
The Agnelli family's holding "invests in single companies, not in sectors," said an Exor spokesman, waving away the idea that it is planning to form a luxury fashion conglomerate.
MILAN — Is Exor poised to become a new fashion luxury conglomerate?
Following the news on Monday that the Agnelli family’s holding company was investing in the Christian Louboutin brand, after its investment in Hermès International’s China project Shang Xia last December, the question is reasonable, but moot, according to industry observers and sources familiar with Exor’s strategies.
Indeed, responding to WWD, a, Exor spokesman clarified that the holding “invests in single companies, not in sectors, and in exceptional businesses and founders with shared values and where it can add value and build great companies. It is the quality of the company, its team and culture and its attractive prospects that are the key drivers of the decision to invest.”
On its website, Exor states that its purpose is “to build great companies” and that, across all of its investments, it applies some common criteria, including “Understanding — we invest only when we understand.”
And by owning Ferrari, Exor certainly understands luxury.
A person familiar with Exor’s thinking, who spoke on condition of anonymity, explained that during its financial markets day held in November 2019, Exor identified luxury and technology as potential sectors of interest.
“Exor is a family holding company and it invests to create value. Families play a very important part in Exor’s investment thinking. Exor has owned the Juventus soccer team for more than 100 years, the same with Fiat, and with Ferrari for more than 50 years. That difference of approach is fundamental and quite unlike a financial investor. Exor brings its deep experience in matters of governance, sharing the lessons of many decades helping businesses to grow and become ‘great’,” the source said.
It is understood Louboutin and the Agnelli family go way back. “Oftentimes, founders looking at ways to move their brand onto the next phase of development are courted by private equity funds or big groups. That means partnering with a financial investor with a short-term horizon or essentially selling,” continued the source. “Christian Louboutin does not want to sell. He is young, he wants to grow and continue his extraordinary journey to make his company great. That’s why Exor is an ideal partner. When you invite someone into your house, it’s a question of trust. Of course, you want to be very careful with your creation.”
Exor is a long-term investor, working with founders and entrepreneurs in partnership. The person said the holding is very selective, as “it identifies not just sectors, but individuals with whom it shares fundamental values. It must be comfortable cohabiting with the leaders of its companies and vice versa. There must be a deep understanding.”
Exor has grown into a giant holding company, reporting revenues of 143.8 billion euros in 2019. In January, after more than a year of negotiations, its controlled Fiat Chrysler Automobiles group and French automotive group PSA completed their merger, combining into a company called Stellantis. The new automotive group operates in more than 130 national markets with 400,000 employees and comprises brands ranging from Fiat, Maserati and Alfa Romeo to Chrysler, Jeep, Peugeot, Citroen and Maserati. It was a combination masterminded by Elkann, who has been leading the family holding company for 16 years.
In addition, the holding comprises PartnerRe, a leading global pure-play reinsurer; CNH Industrial, which designs and produces agricultural and construction equipment, trucks, commercial vehicles, buses and specialty vehicles for firefighting, defense and other uses; The Economist newspaper in London, and media group GEDI Gruppo Editoriale, which includes Italian newspapers La Repubblica and La Stampa, il Secolo XIX and other local newspapers, several magazines including L’Espresso and National Geographic Italia, the local edition of the Huffington Post and three national radio stations.
John Elkann, grandson of the late legendary Gianni Agnelli, is the chairman and chief executive officer of Exor. The holding will be accorded two out of seven seats on the board of Christian Louboutin, said the Exor spokesman, and the names of the Exor representatives will be made known at the closing. The low-key and publicity-shy Elkann, 44, will not be one of them.
“This is a very intelligent move so congratulations to Exor for catching this extraordinary opportunity. Christian Louboutin is an extremely appealing brand and this kind of operation would be surely appealing to any investor. This transaction points to a very solid relationship between two families joining forces to grow the brand. It’s a relationship built on trust,” said Luigi De Vecchi, chairman of Citi EMEA.
“Luxury is one of the most interesting sectors, offering great growth potential, but we should not necessarily infer that this acquisition is meant to build a luxury conglomerate. I see it as a strategic transaction by an Italian group investing in a French brand in a minority position, which is a positive signal for the country. Exor has experience in the luxury sector through Ferrari and it will be able to help Louboutin grow globally,” said De Vecchi.
The holding, he said, has long been very well-known in France, and is much respected, even before the creation of Stellantis.
A Milan-based luxury goods analyst, who requested anonymity, said “it does look like Exor wants to consolidate its presence in the luxury sector, given Ferrari is part of its portfolio.” He noted that “the luxury sector has shown great resilience in 2020, even though the footwear segment is highly competitive. I also think the fact that they are shifting onto a company that is not publicly listed is a positive element, reducing the potential discount investors could apply to the shares, as the holding becomes more unique and less replicable, creating more interest for investors.”
“I personally find this operation very interesting,” said Alessandro Maria Ferreri, owner and CEO of The Style Gate consulting firm, who also pointed to the importance of family relations and recalling the longtime friendship between Louboutin and Ginevra Elkann, sister of John Elkann, and Diane von Furstenberg, who married into the Agnelli family through Egon von Furstenberg. This, however, would not be enough and Ferreri underscored Louboutin’s “incredible business,” his “unique talent and a product that is hugely recognizable. Last but not the least, any woman on the planet who wants to be even more beautiful, sensual and elegant surely wants a pair of Louboutins.”
The brand has much growth potential in the global market, continued Ferreri, and Louboutin has “helped dispel the myth that women in China or Japan don’t wear heels. It’s more a matter of fit.” Men’s, too, is a very interesting division for the brand and he emphasized Louboutin’s “industrial and production asset with three vertical and owned” complexes that develop prototypes.
In 2019, Ferrari revealed it was working on a lifestyle project, launching apparel collections to be produced by Giorgio Armani’s manufacturing sites under a long-term agreement.
Ferrari’s former CEO Louis Camilleri resigned his post in December for personal reasons and chairman John Elkann took over as interim CEO. A search for a successor is ongoing and last month, as reported, Marco Bizzarri, president and CEO of Gucci, denied rumors that he was headed to Ferrari.
Nasdaq 100 futures climbed Tuesday after an overnight slump in technology stocks and Asian shares erased losses as Chinese state-backed funds intervened to alleviate domestic declines. Treasury yields fell.
China’s CSI 300 equity gauge plunged more than 3% before bouncing back after state-related funds stepped in to ensure market stability. Nasdaq 100 contracts outperformed as U.S. futures rallied. The tech gauge tumbled Monday and is now down 11% from a February record. The S&P 500 shed intraday gains as the retreat in high-valuation stocks offset a rise in financial and materials shares.
Elsewhere, the yen weakened beyond 109 per dollar for the first time since June. The 10-year Treasury yield slipped further below 1.6%, with investors watching upcoming auctions to assess the outlook. Asian credit markets slumped as more deals were scrapped on concerns about a spike in rates.
US After Hours SFT +9% trades up while SFIX -23% declines on earnings/guidance
Nikkey +0.99% Hang Seng -0.03% CSI -2% Shanghai -1.70% Shenzen -2.63%
Eur$ 1.1857 VNH 6.5360 CNY 6.5244 JPY 109.13 GBP 1.3847 CHF 0.9356 RUB 74.3525 TRY 7.6914 WTI$ 65.06 +0.02% GOLD 1,690.90 +0.43% BTC 54,230 +3400
S&P +0.50 Nasdaq +0.72% EuroStoxx -0.18% FTSE -0.28% Dax -0.10% SMI -0.30%
Macro :
- Chinese Stocks Erase Plunge After State Funds Said to Intervene
- Spain Plans EU5B in Direct Aid for Companies: Reuters
- Bitcoin Hits Highest Level in Two Weeks Amid Big-Name Interest
- Value Rotation Fervor Fails to Save Global Stocks From a Selloff
Keep an eye on :
- ALV GY : APRA Agrees to Allianz’s Court Undertaking To Fix Risk Issues
- AMS SW : Osram to Apply to Change Frankfurt Exchange Listing Sub-Segment
- AZA SS : Avanza Refunds All Fund Commissions for Savings Under SEK50,000
- BALN SW : Baloise FY Profit Misses Estimates
- BARC LN : Barclays Plans to Cut Around 60 Jobs at Investment Bank
- BFIT NA : Basic-Fit Says 2020 Underlying Ebitda Dropped to EU93.8 Mln
- ALCART FP : Carmat Offering of 2.32m Shares Prices at EU24/Share
- CERV IM : ION Capital to Launch Tender Offer for Cerved at EU9.50/Share
- CBK GY : Commerzbank, Creditshelf Expand Strategic Cooperation for SMEs
- CON GY : Continental AG Sees 2021 Adjusted Ebit Margin About 5% to 6%
- DTE GY : Germany Picks IBM Over Telekom on Vaccine Passport: Bus. Insider
- DPW GY : Deutsche Post Sees 2021 Ebit Above EU5.6B, Est. EU5.62B
- DRO GY : Deutsche Rohstoff FY 2020 Ebitda Increases 5% to EU23.9 Million
- DIE BB : D'Ieteren Sees 2021 Adjusted Pretax Profit At Least +25%
- DUFN SW : Dufry FY Sales Miss Estimates
- EBK GY : EnBW CEO Sees Earnings Boost From Renewables Push: Die Welt
- ELIS FP : Elis Sees 2021 Organic Revenue About +3%
- EKT SM : Euskaltel Readies Sale of up to 49% of Its Fiber Network: Cinco
- FE US : Activist Carl Icahn Is Said to Seek Seats on FirstEnergy’s Board
- FPE GY : Fuchs Petrolub FY Dividend Per Share EU0.99
- GALE SW : Galenica Sees 2021 Sales +1% to +3%
- GFS LN : Allied Universal Cuts G4S Acceptance Condition to 50% Plus 1 Shr
- HUBN SW : Huber + Suhner FY Ebit CHF61.2M Vs. CHF80.5M Y/y
- JDEP NA : JDE Peet's NV FY Revenue EU6.65B
- KINVB SS : Kinnevik Sees Cedar Investment Value Increase of SEK5.5 a Share
- MCRO LN : Micro Focus Loses $172.6m Verdict Over Software Patents
- MITRA BB : Mithra Pharma FY Oper Loss From Cont Ops EU83.7M
- NN NA : NN Group Holder Offers EU75m of Shares via UBS: Terms
- NOVN SW : Novartis Lung Cancer Drug Misses Primary Endpoint in Canopy-2
- RIEN SW : Rieter FY Ebit Loss CHF84.4M Vs. Profit CHF84.9M Y/y
- WAF GY : Siltronic FY Dividend Per Share Misses Estimates
- SY1 GY : Symrise Sees 2021 Sales +5% to +7%
- TIT IM : Telecom Italia Agrees With Unions on 1,300 Redundancies in 2021
- FP FP : Total Port Arthur Completes Start of Larger Crude Unit, VDU
- VIE FP : Suez’s Varin Outlines Conditions for Talks With Veolia: Figaro
- VOD LN : Vodafone Prices Vantage Towers IPO at EU22.50-EU29.00 per Share
- VOD LN : Vodafone Seeks $3.1 Billion From Towers Unit IPO in Frankfurt
- ZM US : Zoom CEO Eric Yuan Transfers $6 Billion Worth of His Shares
>>> Up
* AIB Group Raised to Reduce at AlphaValue
* Arkema Raised to Buy at Stifel; PT 116 euros
* Bank of Ireland Raised to Buy at AlphaValue
* Bloomsbury Publishing Raised to Add at Peel Hunt
* Cerved Raised to Buy at Berenberg; PT 9.50 euros
* FDJ Raised to Add at AlphaValue
* Gurit Raised to Buy at Baader Helvea; PT 2,750 Swiss francs
* H & M Hennes & Mauritz AB Raised to Buy at UBS
* Orsted Raised to Buy at HSBC; PT 1,140 kroner
* Seplat Nigeria Raised to Buy at Meristem Securities
>>> Down
* ADES International Cut to Hold at Arqaam Capital; PT $12.50
* Inditex Cut to Neutral at UBS
* Pearson Cut to Hold at SocGen; PT 865 pence
* Sixt Cut to Reduce at Baader Helvea; PT 100 euros
>>> Initiation
* Computacenter Rated New Equal-Weight at Morgan Stanley
* CVS Group Rated New Outperform at Davy
* DWS Rated New Buy at Bankhaus Metzler; PT 41 euros
* Eco Animal Health Rated New Buy at Investec; PT 460 pence
* InPost Rated New Buy at Jefferies; PT 21 euros
* InPost Rated New Overweight at JPMorgan; PT 25 euros
* InPost Rated New Overweight at Barclays; PT 23 euros
* LoanDepot Rated New Buy at Jefferies; PT $33
* S4 Capital Rated New Equal-Weight at Barclays; PT 475 pence
* S4 Capital Rated New Equal-Weight at Barclays; PT 475 pence
* Softcat Rated New Overweight at Morgan Stanley; PT 1,750 pence
* Supreme Rated New Buy at Berenberg; PT 220 pence
>>> Call
* Bloomsbury Share Slide Fails to Reflect Pandemic Strength: Peel
* Gurit Double-Upgraded at Baader, Expectations Now Realistic
* Siemens Energy Upside Materially Underestimated, Jefferies Says
* SKF’s ROCE Target May be Out of Reach Mid-Term, Jefferies Says
* Softcat Favored Over Computacenter in Morgan Stanley Initiations