After Hours Summary: SEM +13.5%, GRPN +12.9%, EB +9.6%, ETSY +6.8%, ZS +5.2% jump on earnings; SPCE -13.5%, DASH -11%, WDAY -7.2%, CVNA -4.5% fall on earningsAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: SEM +13.5%, GRPN +12.9% (also announces convertible notes offering), SFM +9.6%, EB +9.6%, IHRT +9.4% (also announces new business operating structure), RKT +8.8% (also announces special dividend), RILY +8.8%, ETSY +6.8%, LPSN +6.6%, NTRA +5.7%, VICR +5.7%, ZS +5.2%, SAIL +5%, GKOS +4.7% (also phase 3 trial for iLink Epi-on meets efficacy endpoint), PAGS +4.7%, AMRK +4.7%, ECOL +4.2%, WSC +3.3%, BAND +3%, ABNB +2.5%, CABO +2.5%, FOXF +2.4%, CZR +2.1%, ALRM +1.9%, MTZ +1.9%, NKTR +1.8%, IRTC +1.4%, AXNX +1.3%, RUN +1.3%, ICFI +1.2%, ZIOP +1.1% (also CEO to step down), PBA +1% (also TSX accepts normal course issuer bid for the purchase of up to 5% shares), BYND +0.9% (also announces strategic global agreement with MCD and partnership with YUM), FSLR +0.6%, ICUI +0.6%, PETQ +0.6%, SHAK +0.6%, SWN +0.6%, STAY +0.4%, AGO +0.3%, CLI +0.3%, MNST +0.3%, CWK +0.2%, DELL +0.2%, HPQ +0.2%, LYV +0.2%, RLJ +0.1%, VLDR +0.1%, SVMK +0.1% (reaffirms Q1 and FY21 guidance after announcement that CFO will leave the co)
Companies trading higher in after hours in reaction to news: STC +5.9% (acquires Signature Closers), LAMR +3.9% (increases dividend), PLUG +3.1% (to construct green hydrogen production facility in western New York), AXNX +1.3% (acquires Contura for $200 mln in cash and stock), BCRX +1% (receives positive CHMP opinion for ORLADEYO), CNS +0.9% (increases dividend), ARES +0.9% (ARES and AMP to pursue JV for AMP Capital's private markets business), WERN +0.8% (increases dividend), T +0.5% (T and private equity firm to establish a new co that will operate AT&T's US video business unit consisting of the DIRECTV, AT&T TV and U-verse video services), MA +0.4% (provides operating metrics), AKBA +0.3% (files mixed securities shelf offering), SVMK +0.1% (CFO to leave), VVNT +0.1% (VVNT files patent infringement lawsuit against ADT)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: SPCE -13.5%, TPIC -11.7%, DASH -11%, ROOT -9.7%, ENDP -7.7%, FTCH -7.7%, FIX -7.2% (also increases dividend), WDAY -7.2%, REGI -7%, WW -6.6%, ADT -6.4%, KTOS -6.2%, LNTH -6%, CVNA -4.5%, IOVA -4.5%, LHCG -4.3%, ENV -4%, NPTN -4%, ADSK -3.9% (also names new CFO and CTO), ZGNX -3.9%, CRM -3.7%, BMRN -3.6%, EOG -3.5% (also raises dividend by 10%), ATSG -3.1%, ALTR -2.9%, FND -2.9%, ZIXI -2.7%, MED -2%, VMW -1.7%, NKLA -1.6%, SUPN -1.5%, PBYI -1.4%, WORK -1.4%, MAIN -1.3%, LMAT -1% (also increases dividend), STOR -1%, BLU -1%, PK -0.9%, AXON -0.6%, DRQ -0.6%, PTCT -0.6%, ACMR -0.6%, FTAI -0.5%, KAMN -0.4%, NNI -0.4%, OGS -0.4%, KWR -0.3%, PVG -0.2%, RMAX -0.2%, COLL -0.1%, EIX -0.1%, ONEM -0.1%, OUT -0.1%, GNMK -0.1%
Companies trading lower in after hours in reaction to news: TCDA -23.2% (provides an update on its FDA interactions, receives Appeal Denied Letter), WATT -7.9% (announces partnership with e-peas S.A.; announces partnership with Thin Film Electronics), NXE -7% (announces C$150 mln bought deal financing agreement), ADT -6.4% (VVNT files patent infringement lawsuit against ADT), ASMB -6.3% (to forego plans to initiate Phase 3 registrational studies of vebicorvir), BNTX -3% (FDA to allow more flexible storage and transportation conditions for vaccine), CXW -2.9% (expects contract with US Marshals Service not to be renewed), EMR -1.4% (makes an equity investment in Fluxa), PBYI -1.4% (PBYI and Pierre Fabre amend license agreement for NERLYNX to include Greater China), PKG -1.4% (to convert mill paper machine to virgin linerboard), PLD -1.3% (increases dividend), ALB -1.3% (ALB to sell Fine Chemistry Services business to GRA), BNGO -1.2% (announces publication of study using Saphyr), STOR -1% (CFO to retire), TSLA -0.6% (will increase production of Model S/X amid high demand, according to Electrek), AVB -0.5% (files mixed securities shelf offering), PFE -0.1% (FDA to allow more flexible storage and transportation conditions for vaccine), GRA -0.1% (ALB to sell Fine Chemistry Services business to GRA)
Autonomous Trucking Startup TuSimple Plans to Go Public in March
Company backed by Chinese, U.S. investors has filed confidential IPO papers
Autonomous trucking company TuSimple Inc., which gained momentum with hundreds of millions of dollars in financing from Chinese investors and U.S. freight-hauling companies, has filed paperwork to go public and plans to join the U.S. stock market as early as next month, according to people familiar with the matter.
The company, which has offices in San Diego and China, has filed confidentially for an IPO and plans to make that filing public in early March and will list its shares for trading a few weeks later, the people said. That schedule is subject to change and market conditions could alter TuSimple’s plans.
Morgan Stanley is the lead banker on the IPO, the people said. TuSimple said it raised $215 million in a 2019 financing round that valued it at $1.2 billion. It has since raised more capital but declined to share its latest valuation. Other financial details about the coming IPO weren’t immediately available.
A spokeswoman for TuSimple declined to comment on the company’s IPO plans.
The IPO filing confirms TuSimple’s intention to pursue a traditional public listing versus merging with a special-purpose acquisition company, or SPAC, which is also known as a blank-check company. Last year, TuSimple considered going public with a SPAC, people with knowledge of the discussions said.
A successful IPO could launch TuSimple to the front of the pack of self-driving trucking startups who are seeking to bring automation to long-haul trucking. The ventures have garnered attention from freight carriers and investors because of the potential that autonomous systems have to make long-haul trucking cheaper and more efficient, in part because self-driving vehicles wouldn’t be bound by federal limits on how long drivers can be behind the wheel.
Progress has been slow, with most startups and large companies in the space still running pilots with backup drivers behind the wheel. TuSimple has a fleet of 50 trucks that it is testing in the American Southwest and another 20 or so in China, running with two people in the cab. It has said its technology will be commercially ready in 2024.
The company in recent months hired a new chief financial officer, Pat Dillon, who came from Morgan Stanley. It is also seeking a global controller to, among other things, oversee filings with the U.S. Securities and Exchange Commission. Last month, it unveiled a new advisory board that includes former members of Congress to help accelerate widespread adoption of autonomous trucking technology.
The anticipated IPO comes amid a flurry of activity in autonomous trucking as startups seek funding and buyers to keep testing the nascent and costly technology. In December, self-driving startup Aurora Innovation Inc. bought Uber Technologies Inc.’s autonomous-driving group as it seeks to develop technology for trucks, and autonomous delivery company Nuro Inc. acquired self-driving trucking startup Ike. This month, PlusAI Inc., another China-backed self-driving trucking company operating in California, raised $200 million from private investors.
The Committee on Foreign Investment in the U.S., or Cfius, previously identified TuSimple as a company that merited review because of its ties to China and because autonomous driving technology is considered a critical technology for the Department of Defense, according to people close to Cfius. Cfius hasn’t pursued enforcement actions against TuSimple to date, a person familiar with the matter said.
A spokeswoman for the Treasury Department, which leads Cfius, declined to comment.
TuSimple’s China backers include CDH Investments, one of the country’s largest alternative investment firms, and Sina Corp., an online media conglomerate. It also has funding from Germany-based Volkswagen AG trucking subsidiary Traton Group and the venture-capital arm of United Parcel Service Inc. It received a loan through the pandemic government-assistance Paycheck Protection Program.
Some large American truckload carriers have also taken stakes in TuSimple. In January, Omaha, Neb.-based Werner Enterprises Inc. and Chattanooga, Tenn.-based U.S. Xpress Enterprises Inc. announced equity investments.
TuSimple was founded in the U.S. and China and has about 800 employees globally, with 600 in the U.S. and most of the remaining team in China, according to a person familiar with the company’s operations.
A Spac ménage à trois gets messy for private equity
Dyal Capital’s three-way merger holds unforeseen implications for private equity groups
It’s complicated: private equity awaits its fate in the Dyal/Owl Rock deal
At first, the audacious bid to take Dyal Capital and Owl Rock public prompted confusion on Wall Street. Now, there is real anger — and some heavyweight companies are preparing for a battle royale.
In a complex deal, a shell company sponsored by HPS Investment Partners intends to merge with two of Wall Street biggest recent success stories.
One of them, Dyal, has in the past decade become the partner of choice for big-name private equity groups looking to sell stakes in their business; it has snapped up pieces of Silver Lake and Vista, at huge valuations.
The other, Owl Rock, is an up-and-coming direct lender — which puts it in competition with a number of companies that have sold stakes to Dyal.
Two of Owl Rock’s rivals think the fit is outrageous. Sixth Street Partners and Golub Capital have in the past week taken their claims of betrayal to court.
Both believe that the merged group, to be called Blue Owl, will be an arch-competitor of theirs — and worse, a competitor that will be privy to some of their most intimate secrets. And they argue that their contracts with Dyal give them the right to stop the Spac deal.
Naturally, Dyal, founded by former Lehman Brothers bankers Michael Rees and Sean Ward, disagrees. It will contest the lawsuits, which have been filed in state courts in Delaware and New York.
The deal valued Blue Owl at a juicy $12.5bn, putting it in the league of the likes of Ares Management and Carlyle Group. It’s also a sweet deal for Dyal’s owner, asset manager Neuberger Berman. Neuberger, also once a part of the Lehman empire, is to net more than $1bn in proceeds — while remaining a large holder of Blue Owl.
That payout depends, of course, on the deal closing. Now, litigation in two jurisdictions has muddled the path forward — and some of the most secretive and powerful financial groups in the world may soon be airing their dirty laundry in court.
Safran chief pushes for funding on troubled Eurofighter project
Franco-German tensions risk throwing plans for future-generation jet off course
The newly installed boss of French aerospace group Safran has urged funds for a future-generation fighter to be unblocked in the coming months as Franco-German tensions risk throwing plans off course.
“By this summer we need to have a contract that will cover the years between now and 2024, 2025, to mature the technologies on the aircraft side and the engine side. This is what is at stake,” Olivier Andriès, Safran chief executive, told the Financial Times in an interview.
Andriès made the comments as billions of euros destined to fund the next stage of development for Europe’s Future Combat Air System (FCAS) are at risk of being blocked amid disagreements between Paris and Berlin over intellectual property and allocation of work.
Guillaume Faury, chief executive of Airbus, earlier this month admitted that discussions were at “the most difficult” stage. Airbus, which has its defence arm based in Germany, and France’s Dassault Aviation are lead industrial partners on the project, along with Safran, and the Spanish division of Airbus, where the military air transport unit is based.
The project has been plagued with Franco-German tensions since it was launched in 2017, to the surprise of the UK, which had expected to take a leading role in any future European fighter.
However, Britain, fresh from the Brexit vote, was excluded and has since launched a future fighter programme with Italy and Sweden, known as Tempest. The two programmes are now racing to develop a combat aircraft by the 2030s, as the first to market will have an export advantage.
Safran’s chief said politicians now had to sign off the next outlay of funding or risk delays. Test flights are due to start in 2026.
The partners “need to start the development of the aircraft and the engine by 2030 . . . and in order to be on time for that, you need to mature the technologies between now and 2025 . . . to make sure that once you push a button and you launch a development, you are well prepared”, said Andriès.
Francis Tusa, consultant and editor of Defence Analysis, said tensions appeared to have worsened since a Franco-German summit ended without agreement in early February. “Two years ago I would have said they will pull together. But there are such fundamental differences between Germany and France that there is a high chance of failure. I cannot see what the compromise position is.”
However, Andriès said he remains “confident it will be resolved . . . And that reason will prevail.”
Andriès, 58, joined Safran in 2008 and took over in January from the long-serving Philippe Petitcolin, telling employees that European defence projects would be one of his priorities, alongside improving the group’s green credentials and pushing its digital strategy.
However, he rejected suggestions that Europe should push for an “Airbus of engines”, arguing the current set-up can deliver while leaving companies free to pursue partnerships.
Safran produces its Leap engine with General Electric of the US in a 50:50 joint venture, CFM International, which runs to 2040. It is committed to delivering another 800 Leaps in 2021 while planning a next-generation engine that will reduce fuel burn by at least 20 per cent.
His comments came as Safran reported a recurring operating income of €1.7bn in 2020, down 56 per cent over the year before, while revenues fell 33 per cent to €16.5bn. Operating margin fell to 10.2 per cent, from 15.5 per cent, but Safran expects it to increase by above 100 basis points next year.
Safran has been cutting costs to try to limit the fallout from Covid-19 — more than €2bn in cuts include a 20 per cent reduction in staff costs and four plants closures, one in the UK and three in the US.
France has put billions on the table to support its aerospace industry through the pandemic and Andriès said that so far there had not been the feared spate of failures expected in the complicated supply chain. The sector employs 300,000 people in France either directly or indirectly and brings in €58bn in revenues every year.
Andriès does not see a full recovery for Safran until 2024, with his aircraft interiors business particularly badly hit. That unit was built up with the €8.5bn acquisition of Zodiac Aerospace in 2017 and is weighted more to longer distance and business travel.
- IAG (INR TH) +5.6%
- Bonds Slide; Asia Stocks Rally on Reflation Buzz: Markets Wrap
- Unilever (UNVB TH) +3.8%
- ASML (ASME TH) +3.7%
- Nokia (NOA3 TH) +3.5%
- Meme Stock Mania Kicks Up Anew After GameStop Shares Triple
- AMS (DQW1 TH) +3.4%
- TUI (TUI1 TH) +3.2%
- Carnival Plc (POH1 TH) +2.9%
- Vodafone (VODI TH) +2.6%
- Varta (VAR1 TH) +2.4%
- Diageo (GUI TH) +2.2%
- Danone (BSN TH) -0.7%
- Nel (D7G TH) -0.8%
-
Safran (SEJ1 TH) -0.9%
- Safran Expects to Deliver More Than 800 LEAP Engines This Year
- Mowi (PND TH) -1.1%
- Delivery Hero (DHER TH) -2.2%
- Delivery Hero Holder Goldman Sachs Group Offers Shares (1)
-
Bayer (BAYN TH) -3%
- Bayer Says It’s Removed 90,000 Roundup Cases From Its Plate
DAX:
- Infineon (IFX TH) +1.9%
- Bonds Slide; Asia Stocks Rally on Reflation Buzz: Markets Wrap
- SAP (SAP TH) +1.6%
- SAP Raises Dividend for FY 2020 to EU1.85/Share
- Covestro (1COV TH) +1%
- RWE (RWE TH) +0.9%
- Almost Half of Texas Power Plants Fell During Storm: BNEF Chart
- Daimler (DAI TH) +0.9%
- German Holdings Round-Up: Daimler, Siltronic, Evotec SE
- Bayer (BAYN TH) -1.1%
- Bayer Says It’s Removed 90,000 Roundup Cases From Its Plate
- Delivery Hero (DHER TH) -2.2%
- Delivery Hero Holder Goldman Sachs Group Offers Shares
MDAX:
- Aixtron (AIXA TH) +3.7%
- Aixtron 4Q Ebit Beats Estimates
- Shop Apotheke (SAE TH) +3.6%
- Varta (VAR1 TH) +2.6%
- Fraport (FRA TH) +1.9%
- Evotec SE (EVT TH) +1.7%
- Morgan Stanley Cuts Evotec SE Voting Rights to 4.82%
- Aareal Bank (ARL TH) -1.3%
SDAX:
- Global Fashion Group (GFG TH) +5.4%
- Takkt (TTK TH) +4.4%
- Takkt FY Sales EU1.07B
- Hensoldt AG (HAG TH) +3.9%
- Encavis (CAP TH) +3.6%
- Encavis Roadshow Scheduled By Hauck & Aufhaeuser for Feb. 25
- Patrizia (PAT TH) +3.3%
- Patrizia Sees 2021 Operating Income EU100M to EU145M
- Borussia Dortmund (BVB TH) -1.2%
Early premarket gappers
- Gapping up:
- RRD +48.8%, RAAC +27.1%, PRAH +24.5%, ARLO +21.7%, UPWK +18.1%, SOS +15.4%, PUBM +15.4%, MCFE +10.5%, WSFS +9.1%, MATX +7.3%, INSP +6.3%, ESPR +5.8%, INO +5.7%, SUM +5.3%, SPT +5.1%, VRT +5.1%, APHA +5%, TLRY +4.4%, PEN +4.4%, INFN +4.1%, SLGN +3.7%, TX +3.6%, HEI +3.3%, EH +3.2%, WTRH +3%, HYLN +3%, CPG +2.8%, OI +2.6%, AVA +2.4%, TOL +1.9%, AGR +1.7%, MGRC +1.6%, IRM +1.6%, TMO +1.4%, PUMP +1.4%, JAZZ +1.3%, CGC +1.2%, HTGC +1.1%, PODD +1.1%, SIX +1.1%, FDP +1.1%, CNP +1%, CHDN +0.9%, ETR +0.9%, AZN +0.8%, CMRX +0.7%, LOW +0.7%
- Gapping down:
- XPER -6.9%, SYX -5.4%, TNL -5%, FLS -4.4%, TROX -4.1%, SQ -4%, ALC -3.7%, HALO -3.6%, HALO -3.6%, VIV -3.6%, MTDR -3.1%, GTES -2.5%, LPI -2.5%, DDD -2.5%, Y -2.4%, PXD -2.3%, INTU -2.3%, COG -2.3%, MTG -2.3%, SWIR -2.1%, VRSK -1.8%, VOD -1.7%, SOAC -1.5%, LYG -1.4%, GME -1.3%, APLE -1.1%, HFC -1.1%, WES -1%, MYGN -1%, ARNA -0.9%, CLF -0.8%
Danone’s test case for sustainable business
French group faces pressure over performance as it aims to deliver on social purpose
When Danone shareholders approved a change in the French company’s legal status last year to enshrine its social mission, its chief executive declared they had “toppled the statue of Milton Friedman”.
However, now the company management is facing the heat from market forces once championed by the economist as necessary for capitalism.
Dissatisfied shareholders have been agitating for changes at the maker of Evian bottled water and Activia yoghurt for months. They have called for the replacement of chief executive and chairman of the board Emmanuel Faber after what they see as a prolonged period of underperformance.
It is a tussle for power that could have repercussions for the wider business world and the approach to a more stakeholder-based capitalism.
Danone last year became the first big listed French company to become a so-called enterprise à mission, or purpose-driven company. The status requires it not only to generate profit for its shareholders, but to do so in a way that it says will benefit its customers’ health and the planet. Its progress on this front is assessed annually by an independent board.
Faber is a passionate advocate of a new, more responsible form of capitalism that has been backed by everyone from Blackrock’s Larry Fink to the US Business Roundtable.
However, with Danone’s share price trading at a historically wide discount to larger peers Nestlé and Unilever, the company has come under pressure from shareholders.
Sarah Kaplan, a University of Toronto professor, predicts there will be more conflicts such as the one between shareholders and management at Danone given the depth of the changes under way.
“We are in the early stages of development of a new more responsible capitalism. People may want to run businesses differently but they still do not know how to do it,” she said. “You need to identify the trade-offs and address them head on with employees and shareholders.”
The dissident shareholders seem to have sensed that attacking the company directly for its green pledges was not the best tactic, so they have taken pains in public to say their beef with the company is over performance, not philosophy.
Activist Bluebell Capital walked a narrow line in its letter to the board, saying it supported the group’s “dual economic and social project” even as indicated that “under the leadership of Mr Faber, Danone did not manage to strike the right balance between shareholder value creation and sustainability”.
In practice, Danone’s pledges on sustainability have included committing to spend billions on efforts to cut its plastic use, help farmers who produce milk for its products, and reduce its greenhouse gas emissions. It also began reporting so-called “climate adjusted” earnings per share last year.
The moves mirror similar initiatives across the consumer goods industry, which has been among the more enthusiastic adopters of the “multi-stakeholder” model. Just think back to Paul Polman at Unilever in 2010 telling his shareholders not to invest in the group if they did not like his focus on sustainability goals that included cutting water usage and improving the lives of its suppliers.
Sector leader Nestlé has also jumped on the green bandwagon, pledging last year to spend €3bn in the next five years on measures to cut its greenhouse gas emissions to “net zero” by 2050. Yet the biggest foodmaker in the world has not been criticised for this additional spending because chief executive Mark Schnieder has executed a successful turnround since joining in 2017.
The upshot seems to be that investors support a broader role for business in tackling environmental problems as long as it does not distract from the main show of growing earnings and returning money to shareholders. Unilever also co-opted shareholders by offering them a vote every three years on its plans to tackle climate change.
Faber admitted in a Financial Times interview last week that it was not always easy to know if the company was striking the right balance between short-term business needs and its long-term approach. “We are adjusting the balance constantly,” he said.
Danone did win over one prominent ally recently — none other than the ex-Unilever boss Polman, who tweeted his support for its way of doing business.
>>> Up
* BNP Paribas Raised to Equal-Weight at Barclays; PT 45.20 euros
* Credit Agricole Raised to Overweight at JPMorgan; PT 15.50 euros
* EDP Renovaveis Raised to Buy at JB Capital Markets; PT 22 euros
* ElringKlinger Raised to Hold at M.M. Warburg; PT 12.50 euros (+)
* Enagas Raised to Neutral at JPMorgan; PT 17.70 euros
* Epiroc Raised to Buy at SEB Equities; PT 220 kronor
* Frontier Developments Raised to Buy at Shore Capital (+)
* Genmab Raised to Buy at Jyske Bank; PT 2,700 kroner (+)
* GN Store Nord Raised to Hold at Stifel; PT 550 kroner
* Greencore Group Raised to Buy at HSBC; PT 170 pence
* Jungheinrich Raised to Buy at LBBW; PT 42 euros (+)
* MTU Aero Raised to Neutral at JPMorgan; PT 171 euros
* MTU Aero Raised to Neutral at JPMorgan; PT 171 euros
* Nemetschek Raised to Buy at Hauck & Aufhaeuser; PT 62 euros (+)
* Paradox Interactive Raised to Buy at ABG; PT 225 kronor
* Re:NewCell Raised to Buy at Pareto Securities; PT 315 kronor (+)
* Simcorp Raised to Hold at Handelsbanken; PT 800 kroner
* Simcorp Raised to Hold at SEB Equities; PT 775 kroner
* Team17 Raised to Hold at Shore Capital; PT 720 pence (+)
* Tesco Raised to Outperform at Credit Suisse; PT 280 pence (+)
* Tomra Raised to Buy at Kepler Cheuvreux; PT 425 kroner
* Wizz Air PT Raised to 6,000 pence from 5,750 pence at Citi
* Zalando Raised to Buy at Erste Group
>>> Down
>>> Down
* Applus Cut to Neutral at Alantra Equities; PT 9.80 euros
* Assura Cut to Neutral at JPMorgan; PT 83 pence
* Bakkafrost Cut to Sell at Pareto Securities; PT 580 kroner
* EDF Cut to Sell at Bryan Garnier; PT 9 euros (+)
* Enagas Cut to Neutral at Exane; PT 19 euros
* Fagerhult Cut to Hold at Kepler Cheuvreux; PT 50 kronor (+)
* InterContinental Hotels Cut to Hold at Deutsche Bank
* InterContinental Hotels Cut to Hold at Deutsche Bank
* JSW Cut to Sell at Citi
* Jyske Cut to Hold at Handelsbanken; PT 290 kroner
* Kosmos Energy Cut to Hold at Berenberg
* Natixis Cut to Equal-Weight at Barclays; PT 3.70 euros
* Sainsbury Cut to Neutral at Credit Suisse; PT 271 pence
* Sobi Cut to Equal-Weight at Barclays; PT 150 kronor
* Standard Chartered Cut to Hold at Investec; PT 500 pence (+)
* United Utilities Cut to Equal-Weight at Morgan Stanley
* Wizz Air Cut to Sell at Concorde; PT 4,340 pence
* Zalando Cut to Hold at Nordea (+)
>>> Initiation
* ASML ADRs Rated New Outperform at Haitong Intl; PT $700
* Gamesys Group PLC Rated New Buy at Jefferies; PT 1,930 pence
* Herald Investment Rated New Hold at Investec
* ITM Power Rated New Overweight at JPMorgan; PT 700 pence
* MPC Energy Solutions Rated New Buy at SpareBank; PT 100 kroner
* NEL Rated New Neutral at JPMorgan; PT 28 kroner
* Stellantis NV Resumed Buy at Citi; PT 20 euros
* Stellantis NV Resumed Buy at Citi; PT 20 euros
* THG PLC Rated New Market Perform at Bernstein; PT 680 pence
>>> Call
>>> Call
* ADP Price Target Upped at Berenberg, With ‘Relative Upside’ Seen (+)
* BioMerieux May See Consensus Upgrades on Ebit Aim: Jefferies (+)
* Enagas Dividend Could Be Cut in 2022 With New Board: Citi (+)
* Lloyds 4Q Beats on Mortgages, Guidance Reassures: Morgan Stanley (+)
* Norsk Hydro Risk/Reward ‘Compelling,’ PT Hiked at Morgan Stanley
* Ontex Shares Likely to Be Muted After Weak 4Q Results: MS (+)
* Stellantis a True Value Play, Expect Consensus Upgrades: Citi
* Stellantis a True Value Play, Expect Consensus Upgrades: Citi
* Synthomer M&A Interest Shows Valuation Attractive: Jefferies
* United Utilities Cut at Morgan Stanley on Valuation Headwinds
- TUI (TUI1 TH) +5.2%
- Airline Bookings Surge, Buoyed by U.K. Plans to Reopen Travel
-
Accor (ACR TH) +5%
- Accor FY Ebitda Loss EU391M, Est. Loss EU390.9M
- Amadeus (AI3A TH) +4.4%
- Ryanair (RY4C TH) +4.2%
- IAG (INR TH) +3.6%
- AMS (DQW1 TH) +2.3%
- Carnival Plc (POH1 TH) +1.8%
- Varta (VAR1 TH) +1.7%
-
Telefonica Deutschland (O2D TH) +1.4%
- Telefonica Deutschland 4Q Adjusted Oibda Meets Estimates
- BAT (BMT TH) +1.3%
- Lufthansa (LHA TH) -0.8%
- Siemens Healthineers (SHL TH) -0.9%
-
Vodafone (VODI TH) -1%
- Vodafone Seeks Frankfurt Listing for Towers Business in March
- Rational (RAA TH) -1.5%
- Cellnex (472 TH) -1.5%
- Mowi (PND TH) -1.9%
-
AstraZeneca (ZEG TH) -2.2%
- EU Speeds Up Vaccine Drive After Early Flubs Leave Bloc Behind
- Knorr-Bremse (KBX TH) -2.7%
- Knorr-Bremse Says Majority Holder Heinz Hermann Thiele Has Died
-
Scor (SDRC TH) -3.3%
- Scor 4Q Net Income Beats Estimates
-
Lloyds (LLD TH) -3.9%
- Lloyds Resumes Dividends as Profit Beats, Loan Loss Charges Fall