TheChek News Flow

(BFW) Elliott Advisors Suggests Alexion to Explore Sale (1)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

EB -7.6%, HALO -7.3%, GSKY -6.5%, CMD -6.4%, AIMT -5.9% (also co says pandemic has paused the commercial launch of PALFORZIA), CSOD -5.5% (also names new CEO), HTZ -4.4%, TLRY -4.2%, JCOM -4.1%, DIOD -4%, HMC -4%, AMBC -3.3%, FATE -3.2%, FSCT -3.1%, FLOW -3%, TME -2.9%, SUN -2.8%, RETA -2.6%, SGMS -2.5%, INO -2.5%, AMN -2.2%, SGMO -1.7%, OMER -1.3%, AEE -1.3%, LTHM -1.1%, CABO -1.1%, PLYA -1%, XLRN -0.9%, CVLT -0.9%

Other news:

GNFT -65.5% (announces results from interim analysis of RESOLVE-IT Phase 3 trial; trial did not meet primary endpoint)

STRO -20.4% (prices offering of 11 mln shares of its common stock at $7.75 per share)

AXLA -8.4% (files for 11 mln share common stock offering)

SQNS -7.1% (launches ADS offering; size not disclosed)

CHEF -6% ($75 mln stock offering)

LXP -4.6% (prices offering of 15 mln shares of common stock at $9.60 per share)

BLK -3.2% (commences public secondary offering; announces intended $1.1 bln stock repurchase)

REXR -2.2% (prices offering of 6.25 mln shares of its common stock, for expected gross proceeds of approximately $249.1 mln)

NET -2.2% (offering of $500 million aggregate principal amount of Convertible Senior Notes due 2025)

ATRC -1.4% (prices offering of 3,977,273 shares of its common stock at $44.00 per share)

PING -1.3% (launches offering of 8.5 mln shares by selling stockholders)

QTWO -1% (launches follow-on offering of $275 mln of its common shares)

EQIX -1% (prices offering of 2.25 mln shares of its common stock at $665.00 per share)

Analyst comments:

EVLO -2.4% (downgraded to Hold from Buy at Jefferies)

ALB -1.4% (downgraded to Neutral from Buy at Goldman)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:

IIVI +27.8%, BHF +14.3%, GDOT +13.6%, CDLX +10.7%, GWPH +9.9%, DDOG +9.4%, SPG +8.3%, IFF +8.3%, VOD +8.3%, PSEC +7.8%, G +7.5%, ERI +7%, MAC +6.1%, ENSG +6%, LOGI +5.8%, LOGI +5.8%, GO +5.5%, AEG +5.5%, TUFN +4.8%, KWR +3.5%, DT +3.5%, MESA +3.4%, BE +2.7%, FOE +2.6%, CZR +2.4%, AFG +2.2%, NHI +2.1%, RPAY +1.5%, ECPG +1.3%, HHC +1.2%, AMCR +0.9%, VSH +0.7%

Other news:

CBAY +144% (provides corporate update; independent panel concludes there was no evidence of seladelpar-induced liver injury in Phase 2b NASH study)

GMDA +63% (reports Phase 3 Clinical Study of Omidubicel met primary endpoint)

NVAX +44.9% (announces COVID funding of up to $388 mln from CEPI to advance vaccine development; also reports Q1 earnings)

IVR +10.3% (provides update on dividend payment, portfolio)

PTGX +3.2% (upsizes offering by 2 mln shares and prices 7 mln shares of common stock at $14 per share)

AKBA +2.3% (prices offering of 11 mln shares of common stock at $12.00 per share)

TSLA +1.9% (CEO Elon Musk tweets that co "is restarting production today against Alameda County rules")

MYOK +1.7% ($450 mln stock offering)

AB +1% (reports month-end assets under management)

BCYC +1% (announces publication of BT5528 mechanism of action in AACR Journal Molecular Cancer Therapeutics)

Analyst comments:

AMRX +1.5% (upgraded to Neutral from Sell at Guggenheim)

AXTA +1.3% (upgraded to Buy from Neutral at Goldman)

PNW +1% (upgraded to Buy from Neutral at Guggenheim)

(BN) Expect a ‘Record-Breaking’ Russell Reconstitution, BofA Says

>>> Europe : Brokers Upgrades & Downgrades -12th of May 2020 v2(+)

>>> Up

* Ahold Delhaize Raised to Add at AlphaValue

* AKVA Raised to Buy at Norne Securities; PT 64 kroner

* Asos Raised to Equal-Weight at Morgan Stanley; PT 1,650 pence

* Fortum Oyj Raised to Buy at Danske Bank Markets; PT 20 euros (+)

* Hamborner REIT Raised to Buy at Commerzbank; PT 9.70 euros (+)

* H&M Raised to Equal-Weight at Morgan Stanley; PT 90 kronor

* Kingfisher Raised to Overweight at Morgan Stanley; PT 230 pence

* Marks & Spencer Raised to Overweight at Morgan Stanley

* MorphoSys Raised to Hold at HSBC; PT 114 euros

* NRC Raised to Buy at Danske Bank Markets; PT 33 kroner (+)

* RSA Raised to Outperform at Exane; PT 500 pence

* Safran Raised to Hold at Jefferies; PT 75 euros

* Zooplus Raised to Buy at Baader Helvea; PT 170 euros

>>> Down

* CGG Cut to Neutral at Oddo BHF; PT 1.25 euros (+)

* Compass Cut to Underweight at JPMorgan; PT 1,150 pence

* CompuGroup Cut to Hold at Berenberg; PT 75 euros

* Diploma Cut to Neutral at JPMorgan; PT 1,850 pence

* Dixons Carphone Cut to Equal-Weight at Morgan Stanley

* Elior Group Cut to Neutral at JPMorgan; PT 6.50 euros

* Experian Cut to Equal-Weight at Morgan Stanley; PT 2,400 pence

* Genfit ADRs Cut to Equal-Weight at Barclays; PT $14

* Genfit Cut to Reduce at Oddo BHF; PT 11 euros (+)

* Global Fashion Group Cut to Equal-Weight at Morgan Stanley

* H&M Cut to Reduce at AlphaValue

* Infineon Cut to Neutral at Goldman (+)

* K+S Cut to Hold at M.M. Warburg; PT 6.10 euros (+)

* Kerry Group Cut to Add at AlphaValue

* Lenzing PT Cut to 43 euros from 57 euros at Deutsche Bank

* Simcorp Cut to Hold at SEB Equities; PT 660 kroner

* Sodexo Cut to Underweight at JPMorgan; PT 55 euros

* Superdry Cut to Equal-Weight at Morgan Stanley; PT 250 pence

* TUI Cut to Sell at UBS; PT 110 pence

>>> Initiation

* IMCD Rated New Neutral at JPMorgan; PT 70 euros

* Renalytix AI Rated New Buy at Investec; PT 523 pence (+)

* Sika Rated New Equal-Weight at Morgan Stanley

* Vestas Rated New Buy at Pareto Securities; PT 750 kroner

* YouGov Rated New Buy at Liberum; PT 725 pence

>>> Call

* Europe Retail to Feel Lasting Covid-19 Impact: Morgan Stanley

* Elekta Estimates Cut, Shares Show Potential Mid-Term: Berenberg

* Experian Attractive, But Valuation Needs Reset: Morgan Stanley

* Euronav Should Consider Going Private, Deutsche Bank Says (1)

* Julius Baer’s Significant Execution Risks Remain a Concern: Citi

* Man Group Valuation Compelling on Performance Fee Outlook: Citi

* New Luxury Targets May Emerge in a Post-Virus World: Bernstein

* TeamViewer Profit ‘Strong Beat,’ Consensus Too Low: Commerzbank

* Virgin Money Valuation ‘Compelling,’ Citi Says; Reiterates Buy

* Wm Morrison Sales Update Confirms a Strong Business: Jefferies (+)

>>> Stoxx 600 PRe-Market Indications

ProSieben (PSM TH) +3.6%
- KKR Rekindles ProSieben Investment With $128 Million Stake (1)
Ryanair (RY4C TH) +3.3%
- *RYANAIR PLANS TO RESTORE 40% OF SCHEDULED FLIGHTS FROM 1 JULY
TeamViewer (1UD TH) +3%
- TeamViewer Raises Guidance, Closes in on $10 Billion Valuation
Mowi (PND TH) +1.2%
E.On (EOAN TH) +1.1%
- EON Warns of Coronavirus Impact as it Sticks to 2020 Guidance
Vodafone (VODI TH) +1%
- *VODAFONE 4Q ORGANIC SERVICE REV. +1.6%, EST. +0.9%
BP (BPE5 TH) +0.9%
- BP CEO Says Pandemic Has ‘Possibly’ Caused Peak Oil Demand: FT
Unilever (UNI2 TH) +0.9%
- Unilever CEO Sees Purpose-Led Businesses Only Gaining Relevance
HelloFresh (HFG TH) +0.7%
Fraport (FRA TH) +0.5%
Hochtief (HOT TH) -1.4%
Danone (BSN TH) -1.6%
- Danone at Non-Deal Roadshow Hosted By Kepler Cheuvreux Today
Infineon (IFX TH) -1.6%
Allianz (ALV TH) -1.6%
- Allianz Managed Assets Drop as $46 Billion Is Pulled From Pimco
Rational (RAA TH) -1.7%
MTU Aero (MTX TH) -1.8%
- MTU Aero at Non-Deal Roadshow Hosted By Kepler Cheuvreux Today
Aegon (AEND TH) -1.9%
- Aegon Has EU1b Outflows in 1Q, Sees 10% ROE Goal ‘Very Unlikely’
OMV (OMV TH) -2.4%
Delivery Hero (DHER TH) -2.4%
- Delivery Hero Offering by Holders Prices 840k Shrs EU85.25/Shr
ThyssenKrupp (TKA TH) -4.4%
- Thyssenkrupp Rising Debt Gnaws at $19 Billion Elevator Lifeline

>>> What to look at today - 12th of May 2020

U.S. and European futures drifted lower with Asian stocks, and the dollar extended recent gains, amid concerns that a renewed pick-up in virus infections makes it tougher to justify current valuations.

Equities fell in Hong Kong and Sydney, with more modest declines in Tokyo, Seoul and Shanghai. S&P 500 futures slipped after the index closed flat Monday. South Korea reported a flare-up in virus cases, underscoring concerns about a second wave of infections. Investors are also wary of strained U.S.-China trade relations -- the Trump administration moved on Monday night to blockinvestments in Chinese stocks by a government retirement savings fund. Treasury yields dipped and the yen rose.

US After Hours IIVI +24.5%, GDOT +7.4% up big on earnings; NVAX +40% a big mover on COVID funding; EB -11.7%, DIOD -7.4%, JCOM -5.6% weak on earnings

Nikkei +0.04% Hang Seng -1.60% CSI -0.14% Shanghai -0.26% Shenzen -0.08%

Eur$ 1.0809 CNH 7.1063 CNY 7.0942 JPY 107.48 GBP 1.2318 CHF 0.9729 RUB 73.6432 WTI$ 24.41 +1.12%

S&P -0.75% Nasdaq -0.40% EuroSToxx -0.45% FTSE -0.30% Dax -0.44% SMI -0.23%

Macro :

- German New Coronavirus Cases Rise for First Time in Four Days

- Rehn Says German Court Trying to Interfere With ECB Independence

- Italy Could Let Regions Move to Next Reopen Phase Monday: Stampa

Keep an eye on :

- AGN NA : Aegon Has EU1b Outflows in 1Q, Sees 10% ROE Goal ‘Very Unlikely’

- ARL GY : Aareal Bank First Quarter Operating Profit EU11 Mln, -82% Y/y

- ABI BB ; AB InBev Agrees Deal With South Africa to Transport Excess Beer

- AEVS SW : Aevis Victoria to Redeem Bond; May Call on Financial Mkts in 2Q

- AGFB BB : Agfa-Gevaert 1Q Adjusted Ebit EU18 Mln, Est. EU14.0 Mln

- ALV GY : Allianz First Quarter Oper Profit EU2.30 Bln, Est. EU2.28 Bln

- AMS SM : Amadeus 1Q Ebitda EU349.4 Mln, -41% Y/y, Est. EU332.6 Mln

- MT NA : ArcelorMittal to Offer Shrs Said to Trade On May 12

- AR4 GY : Aurelius First Quarter Ebitda EU122.7 Mln

- CWC GY : Cewe Stiftung 1Q Profit After Tax EU1.7 Mln, +55% Y/y

- CGG FP : CGG First Quarter Segment Ebitdas $122.7 Mln, +2.8% Y/y

- CTEC LN : ConvaTec Holder to Offer 120m Shares via Goldman Sachs: Terms

- CCAP GY : Corestate First Quarter Adjusted Net EU14.3 Mln, -46% Y/y

- DHER GY :Delivery Hero Offering by Holders Prices 840k Shrs EU85.25/Shr

- DPW GY : Deutsche Post First Quarter Ebit EU592 Mln, -49% Y/y

- DGOC LN : Diversified Gas & Oil to Raise ~$87.0m for Proposed Purchases

- DUFN SW : Dufry Suffers 94% Sales Drop in April Amid ‘Tough Environment’

- ENGI FP : Engie 1Q Ebitda Falls 1.8% to EU3.06b

- EUCAR FP : Hertz Reports ‘Going Concern’ Doubts Amid Swifter Cash Burn (2)

- EOAN GY : EON Confirms FY Adj. Ebit Forecast; 1Q Adj. Ebit +24%

- FBK IM : Fineco May Start Operations in Germany, France After U.K.: CEO

- GNFT FP : Genfit Sinks as Medicine Falls Short in Fatty Liver Disease (1)

- HHFA GY : Hamburger Hafen 1Q Port Logistics Ebit EU32.5 Mln, -42% Y/y

- HEX NO : Hexagon Composites Signs Term Sheet for JV With Cimc Enric

- H24 GY : Home24 First Quarter Adjusted Ebitda Loss EU3.5 Mln, -77% Y/y

- IF IM : Banca Ifis: Exclusive Talks for Farbanca Stake Until May 29

- ILD FP : Iliad First Quarter Revenue EU1.38 Bln, +6.9% Y/y

- IDEX NO : IDEX Biometrics Offering Prices 65.3m Shares at NOK1.60/Share

- IDR SM : Indra First Quarter Net Income EU6.3 Mln, -65% Y/y

- IGY GY : Innogy First Quarter Adjusted Ebit Drops, Cuts FY Retail Target

- INW IM : Inwit First Quarter Revenue EU103.0 Mln, +8.5% Y/y

- LOGN SW : Logitech Maintains 2021 Adj. Oper Income $380 Mln to $400 Mln

- LUN DC : Lundbeck Keeps FY Forecast; 1Q Revenue, Ebit Beat Estimates

- NRS NO : Norway Royal Salmon 1Q Operating Ebit NOK75 Mln, -54% Y/y

- ONTEX BB : Ontex Plans to Start Production of Face Masks by September

- POLY LN : Polymetal Holder to Offer 7m Shares via Citi to Trade On May 12

- PSM GY : KKR Reports 5.21% Stake in ProSiebenSat.1 Media

- REC NO : REC Silicon First Quarter Revenue $24.7 Mln, -22% Q/q

- SAF FP : Safran to Sell EU800M of Convertible Bonds Due May 2027

- SAN FP : Sanofi: Sarclisa Meets Main Goal in Phase 3 Myeloma Trial

- SPI AV : S Immo AG Sees 1Q Net Loss; Rev, EBITDA to Increase About 5-8%

- LNSX GY : Sixt Leasing First Quarter Pretax Profit EU5.6 Mln, -20% Y/y

- SAX GY : Stroeer First Quarter Revenue EU368.2 Mln, Est. EU356.3 Mln

- SLHN SW : Swiss Life First Quarter Premium Revenue CHF7.82 Bln, -21% Y/y

- TMV GY : TeamViewer Sees Full Year Billings EU450 Mln

- TKA GY : Thyssenkrupp Rising Debt Gnaws at $19 Billion Elevator Lifeline

>>> Europe : Brokers Upgrades & Downgrades -12th of May 2020