- TUI (TUI1 TH) +10%
- Stock up 80% over past four trading days
-
EasyJet (EJT1 TH) +5.2%
- *EASYJET TO CONSULT ON PROPOSALS TO CUT STAFF BY UP TO 30%
- Carnival Plc (POH1 TH) +5.1%
-
Lufthansa (LHA TH) +4.7%
- Lufthansa Boss Says Paying June Wages Will be Difficult: L’Echo
- Commerzbank (CBK TH) +3.8%
- Adyen (1N8 TH) +3.8%
- AMS (DQW1 TH) +3.7%
- Evonik (EVK TH) +3.3%
- Equinor (DNQ TH) -1%
- HelloFresh (HFG TH) -1.3%
-
TOMRA (TMR TH) -5.3%
- TOMRA Offering by Holder Prices 7.8m Shares at NOK330/Share
- Rolls-Royce (RRU TH) -6.6%
- Rolls-Royce Holder AKO Capital LLP to Offer 96.7m Shrs
DAX:
- Lufthansa (LHA TH) +3.9%
- Lufthansa Amps Up EU Showdown by Holding Off on $9.9 Billion Aid
- MTU Aero (MTX TH) +3.2%
- Wirecard (WDI TH) +2.8%
- Infineon (IFX TH) +2.6%
- Infineon Preferred European Semiconductor Play: Morgan Stanley
- VW (VOW3 TH) +2.5%
- Bayer (BAYN TH) +1.1%
- Covestro (1COV TH) +1.1%
- SAP (SAP TH) +1%
- SAP Cloud CFO McElhatton Leaves for Zuora Amid Executive Exits
- Deutsche Telekom (DTE TH) +0.9%
- Allianz (ALV TH) +0.8%
- Allianz, Generali Said to Plan Life Insurance Asset Sales (1)
MDAX:
- Siltronic (WAF TH) +4.1%
- Commerzbank (CBK TH) +4.1%
- Fraport (FRA TH) +3.5%
- Varta (VAR1 TH) +3.5%
- Aroundtown (AT1 TH) +3.5%
SDAX:
- Nordex (NDX1 TH) +8.5%
- Innogy Orders Six Turbines From Nordex for 27MW German Wind Farm
- Encavis (CAP TH) +4.7%
- Shop Apotheke (SAE TH) +4.6%
- Shop Apotheke Roadshow Set By Hauck & Aufhaeuser for June 4
- Leoni (LEO TH) +3.9%
- Wacker Chemie (WCH TH) +2.8%
- Instone Real Estate (INS TH) +0.6%
- Instone Real Estate 1Q Adjusted Ebit EU18 Mln, +15% Y/y
- LPKF (LPK TH) -0.9%
- LPKF Stake Sale Price Guidance Set at EU20.10 Apiece: Terms (1)
- Steinhoff (SNH TH) -1.4%
>>> Up
* EKF Diagnostics Cut to Hold at Panmure Gordon; PT 49 pence
* FirstGroup Raised to Buy at HSBC; PT 80 pence
* M6 Raised to Overweight at JPMorgan; PT 12.90 euros
* Nokian Renkaat Raised to Buy at Handelsbanken; PT 26 euros
* Proximus Raised to Buy at Citi
* Salvatore Ferragamo Raised to Hold at Jefferies; PT 11 euros
* Stagecoach Raised to Hold at HSBC; PT 60 pence
* TF1 Raised to Overweight at JPMorgan; PT 7 euros
* Travis Perkins Raised to Neutral at Davy
>>> Down
* Aumann Cut to Reduce at Commerzbank; PT 8.40 euros
* BillerudKorsnas Cut to Neutral at Citi
* Campari Cut to Sell at Citi
* EDP Cut to Hold at SocGen; PT 4.10 euros
* FLEX LNG Cut to Hold at SEB Equities; PT 50 kroner
* Go-Ahead Cut to Hold at HSBC; PT 1,190 pence
* Maersk Cut to Sell at Berenberg; PT 5,500 kroner
* Orpea Cut to Sell at Berenberg; PT 81 euros
* Rieter Cut to Sell at Baader Helvea; PT 75 Swiss francs
* Signature Aviation Cut to Sell at Berenberg
>>> Initiation
* Electrolux Professional Rated New Hold at SEB Equities
* Games Workshop Rated New Buy at Jefferies; PT 8,500 pence
* Greggs Rated New Buy at Jefferies; PT 2,375 pence
* Ice Group Rated New Hold at Arctic Securities; PT 18 kroner
* Infineon Reinstated Overweight at Morgan Stanley; PT 24 euros
* QSC Rated New Buy at MainFirst; PT 2.25 euros
* Sika Rated New Buy at Berenberg; PT 210 Swiss francs
>>> Call
* Berenberg Cautious on European Care Homes, Cuts Orpea to Sell
* BillerudKorsnas Caught up With Valuation, Rating Cut at Citi
* Games Workshop’s Premium Valuation Is Deserved, Jefferies Says
* Greggs a High-Quality Asset With Focused Growth Plan: Jefferies
* Infineon Preferred European Semiconductor Play: Morgan Stanley
* Proximus Upgraded to Buy at Citi on ‘Compelling’ Valuation
* Pandemic Pushes Sika Shares to Rare Entry Point, Berenberg Says
* Shipping’s Real Downside Might Come in 3Q; Maersk Cut: Berenberg
Asian stocks were mixed on Thursday, with Hong Kong shares tumbling amid deteriorating U.S.-China ties, while some other markets showed resilience.
The Hang Seng Index flirted with the lowest level since global strains peaked in March, and the offshore yuan dipped after the U.S. said it could no longer certify Hong Kong’s political autonomy, a move that could have far-reaching consequences. South Korea’s won slid after the central bank cut interest rates and said it would be active in bond purchases if needed. Tokyo shares extended recent gains, and U.S. futures slipped.
US After Hours BA +4.3% as it resumes 737 MAX production; SMTC +15.5%, TOL +7%, WDAY +6.1% up on earnings; PLT -6.7%, NTNX -6.5%, COHR -6.3%, HPQ -5.7%, BOX -4.4% seeing weakness on earnings
Nikkei +1.80% Hang Seng -1.26% CSI -0.22% Shanghai -0.16% Shenzen -1.05%
Eur$ 1.1013 CNH 7.1823 CNY 7.1650 JPY 107.84 GBP 1.2258 CHF 0.9684 WTI$ 31.88 -2.83%
S&P +0.35% NAsdaq -0.02% EuroStoxx +1.15% FTSE +.12% Dax +1.27% SMI +0.64%
Macro :
- U.S. Weighs Suspending Preferential Hong Kong Tariff Rate: Rtrs
- U.S. Says Hong Kong’s Autonomy Is Gone, Sowing China Trade Doubt
- Goldman Sachs Warns Global Economic Recovery Could Be Bumpy (1)
Keep an eye on :
- 247 SS : 24sevenoffice Scandinavia Offering Prices 5m Shrs at SEK22/Shr
- AMGO LN : Amigo Loans Founder Threatens to Block Takeover Bid: FT
- ARGX BB : Argenx Prices $750m ADS Offer, European Private Placement
- BDT GY : Bertrandt First Half Ebit EU21.2 Mln, -41% Y/y
- BSLN SW : Basilea Says Derazantinib, Lisavanbulin Studies Remain on Track
- BFIT NA : Netherlands Accelerates Lockdown Easing With Early Gym Openings
- ENEL IM : Enel Speeds Closure of Last Coal Plant in Chile
- ENEL IM : Enel Reaches 62% in Enel Américas by Adding 5% in 2 Share Swaps
- ENGI FP : Engie Buys Austrian District Heating Company That Uses Biomass
- FRAS LN : Judge Refuses Bid to Trigger Investigation Into Debenhams: PA
- GIVN SW : Givaudan to Buy French Biotech Company Alderys; No Terms
- GSK LN : Glaxosmithkline Study Update Reinforces Drug Safety
- HLNG NO : Hoegh LNG First Quarter Ebitda $59.6 Mln, +6.6% Y/y
- IIA AV : Immofinanz 1Q Loss EU37.6 Mln Vs. Profit EU30.4 Mln Y/y
- IWG GY : IWG Proposed Placing of Shares for About GBP315m; Halts Buybacks
- LAND SW : Landis+Gyr Proposes Creating Conditional, Authorized Capital
- LOGN SW : Logitech Board Approves up to $250M 3-Year Share Buyback Plan
- LPK GY : LPKF Holder to Sell 7M Shares at EU20-EU20.5 Apiece: Terms, priced @ 20.10
- LHA GY : Lufthansa Boss Says Paying June Wages Will be Difficult: L’Echo
- NEOEN FP : Neoen to Sell Up to EU170m of European Green Convertible Bonds
- NDX1 GY : Innogy Orders Six Turbines From Nordex for 27MW German Wind Farm
- NTS NO : NTS: Ice Fish Farm Private Placement, Secondary Sale Completed
- NAS NO : Norwegian Air First Quarter Ebit Loss NOK2.08 Bln, +43% Y/y
- ONTEX BB : Ontex to Buy U.S. Feminine Hygiene Assets From Albaad; No Terms
- ROG SW : Roche Starts Phase 3 Trial of COVID-19 Treatment
- RR/ LN ; Rolls-Royce Holder AKO Capital LLP to Offer 96.7m Shrs, priced @ 318
- RYA LN : Ryanair Says ‘Ungrateful’ Lufthansa Should Not Get State Aid
- SAN FP : Sanofi’s Regeneron Sale Mimics PNC’s BlackRock Exit: ECM Watch
- SAP GY : Zuora Names Todd McElhatton as CFO
- SFER IM : Salvatore Ferragamo Names Norsa Executive Deputy Chairman
- SIOE BB : Sioen Starts Buyback Program of up to 2% of Outstanding Shares
- SRAIL SW : Swiss Billionaire Bets on Train Builder Weathering Pandemic
- STR AV : Strabag Maintains Full Year Output Forecast at About EU14.4 Bln
- TLG GY : TLG Immobilien Maintains Full Year FFO EU153 Mln to EU157 Mln
- ULTIMO NO : Ultimovacs Offering Prices 4.11m Shares at NOK38.90/Share
- VOW GY : VW CEO to Explain Golf 8 Problems to Board: Business Insider
After Hours Summary: BA +4.3% as it resumes 737 MAX production; SMTC +15.5%, TOL +7%, WDAY +6.1% up on earnings; PLT -6.7%, NTNX -6.5%, COHR -6.3%, HPQ -5.7%, BOX -4.4% seeing weakness on earningsAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: SMTC +15.5%, TOL +7%, WDAY +6.1%, SPTN +5.8%, ARCE +0.3%, UVV +0.2%
Companies trading higher in after hours in reaction to news: PHAS +83.3% (receives FDA clearance to launch trial evaluating PB1046 as a treatment for hospitalized COVID-19 patients), TGI +11% (selected as supplier of hydraulic components for new Bell 360 Invictus Attack aircraft), SLP +9% (to join the S&P SmallCap 600), IMAB +7.2% (reports interim results from Part 1 study of TJM2 to treat COVID-19 patients with cytokine release syndrome), DHC +7.1% (to join the S&P SmallCap 600), HPP +5.5% (to join the S&P MidCap 400), PLMR +5.3% (to join the S&P SmallCap 600), BA +4.3% (resumes production of 737 MAX program), MESO +2.3% (provides clinical update, also reports earnings), AOBC +1.4% (to change name to Smith & Wesson Brands, effective June 1; to trade under ticker symbol "SWBI"), BYD +1.3% (to resume operations at 13 properties), UAL +1% (releases message from CEO; also announces COO transition)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: PLT -6.7%, NTNX -6.5%, COHR -6.3%, HPQ -5.7%, BOX -4.4%, BEST -3.3%, NTAP -2.2%, ADSK -1.4%, CACC -0.7%, DSGX -0.2%
Companies trading lower in after hours in reaction to news: IOVA -13.1% (reports Cohort 4 data from C-144-01 study of lifileucel in advanced melanoma; also announces $500 mln stock offering; also files mixed securities shelf offering), ARNA -8.1% (announces $250 mln stock offering), CRNC -4.7% ($150 mln convertible notes offering), BCRX -4.5% (commences public offering of $100 mln of its common stock; to also offer pre-funded warrants), IMMU -3.4% (CEO departs), PEN -2.3% (launches $100 mln common stock offering), GO -2.1% (announces stock distribution by stockholder Hellman & Friedman to distribute remaining holdings and complete exit), BILI -2% (announces $650 convertible notes offering)
Closing Stock Market SummaryThe S&P 500 advanced 1.5% on Wednesday in a broad-based advance led by many of the value-oriented stocks. The Dow Jones Industrial Average (+2.2%) and Russell 2000 (+3.1%) outperformed the benchmark index, while the Nasdaq Composite increased 0.8%.
From a sector perspective, the S&P 500 financials (+4.3%) and industrials (+3.3%) sectors benefited the most from this value trade, which was based the speculation that these beaten-down cyclical groups will outperform in an economic recovery that is being priced in the stock market. The information technology sector (+0.5%) was today's sector laggard.
Today's price action was notable in the sense that investors continued to buy the intraday dip (S&P 500 was down 0.7% in the morning), which then progressed into a steady advance throughout the day. A strong finish helped the S&P 500 close firmly above its 200 day-moving average (3000) for the first time since March 4.
Signals out of Washington, meanwhile, were mixed. Senate Majority Leader McConnell said Senate discussions for a fifth COVID-19 relief bill will start in June, while Secretary of State Pompeo said he reported to Congress that Hong Kong is no longer autonomous from China.
The possibility for more fiscal stimulus was regarded as positive news, while the threat of increased U.S.-China tensions remained something to consider but nothing to worry about. President Trump, meanwhile, threatened "big action" against Twitter (TWTR 33.07, -0.94, -2.8%) after the company issued fact-checking labels on two of his tweets.
Separately, the Fed's Beige Book noted a sharp decrease in economic activity in all districts based on information collected on or before May 18. This was regarded as "old" news, though, with many businesses continuing to reopen, including a "green shoots" observation from Boeing (BA 149.52, +4.79, +3.3%).
U.S. Treasuries finished mixed and little changed. The 2-yr yield was unchanged at 0.17%, and the 10-yr yield declined two basis points to 0.68%. The U.S. Dollar Index increased 0.1% to 99.01. WTI crude declined 1.1% (-$0.38) to $33.98/bbl.
Wednesday's economic data was limited to the weekly MBA Mortgage Applications Index, which increased 2.7% following a 2.6% decline in the prior week. Looking ahead to Thursday, investors will receive the weekly Initial and Continuing Claims report, Durable Goods Orders for April, the second estimate for Q1 GDP, and Pending Home Sales for April.
- Nasdaq Composite +4.9% YTD
- S&P 500 -6.0% YTD
- Dow Jones Industrial Average -10.5% YTD
- Russell 2000 -13.8% YTD