>>> TradeGate Pre-Market Indications

DAX:
  • E.On (EOAN TH) -1.3%
  • RWE (RWE TH) -1.6%
  • Adidas (ADS TH) -1.7%
  • VW (VOW3 TH) -2.2%
  • Siemens (SIE TH) -2.2%
  • Infineon (IFX TH) -2.3%
  • Wirecard (WDI TH) -2.6%
  • Lufthansa (LHA TH) -2.6%
    • Lufthansa Sees Significant Decline in Liquidity in Coming Weeks
MDAX:
  • Uniper (UN01 TH) +6%
    • Uniper 1Q Prelim. Adj Ebit About EU650 Million; Backs Forecast
  • Siemens Healthineers (SHL TH) -2.4%
  • Varta (VAR1 TH) -2.5%
  • ThyssenKrupp (TKA TH) -2.8%
    • ThyssenKrupp Implied Volatility Drops, Reaches 91st Percentile
  • Commerzbank (CBK TH) -3.1%
    • Commerzbank Downgraded to BBB+ by S&P
  • Duerr (DUE TH) -3.9%
SDAX:
  • Corestate (CCAP TH) +3.7%
  • Draegerwerk (DRW3 TH) +1.7%
  • Suedzucker (SZU TH) -1.4%
  • Deutz (DEZ TH) -1.8%
  • Rhoen Klinikum (RHK TH) -1.9%
  • Wacker Neuson (WAC TH) -2.3%
  • Aixtron (AIXA TH) -3.7%

>>> Europe : Brokers Upgrades & Downgrades - 24th of April 2020

>>> Up
* Adyen Raised to Accumulate at KBC Securities; PT Raised from EU735 to EU900
* BAE Raised to Buy at SocGen; PT 550 pence
* Beazley Raised to Buy at Jefferies; PT 575 pence
* Lyko Raised to Hold at ABG; PT 140 kronor
* NENT Raised to Buy at SEB Equities; PT 250 kronor
* Ringkjobing Landbobank Raised to Hold at Handelsbanken
* Royal Unibrew Raised to Buy at Jefferies; PT 530 kroner
* Sodexo Raised to Overweight at Morgan Stanley; PT 90 euros
* Stock Spirits Raised to Overweight at JPMorgan; PT 240 pence
* Tele2 Raised to Overweight at Barclays; PT 140 kronor

>>> Down
* Betsson Cut to Hold at Pareto Securities; PT 50 kronor
* Campari Cut to Hold at Jefferies; PT 6.50 euros
* Croda Cut to Hold at Peel Hunt; PT 4,200 pence
* Diageo Cut to Underperform at Jefferies; PT 2,200 pence
* DSV Panalpina Cut to Hold at ABG; PT 665 kroner
* Essentra PT Cut to 295 pence from 420 pence at Citi
* Europris Cut to Hold at Arctic Securities; PT 38 kroner
* Heineken Cut to Hold at Jefferies; PT 75 euros
* Hikma Cut to Neutral at Goldman; PT 2,400 pence
* HMS Networks Cut to Hold at DNB Markets; PT 170 kronor
* Lagardere Cut to Hold at HSBC; PT 18 euros
* Meggitt Cut to Sell at SocGen; PT 205 pence
* PGS ASA Cut to Hold at Pareto Securities; PT 3 kroner
* Rational Cut to Hold at Deutsche Bank; PT 450 euros
* Remy Cointreau Cut to Underperform at Jefferies; PT 89 euros
* Robert Walters Cut to Hold at HSBC; PT 350 pence
* Rolls-Royce Cut to Sell at SocGen; PT 246 pence
* Safran Cut to Sell at SocGen; PT 67 euros
* Sulzer Cut to Add at Baader Helvea; PT 90 Swiss francs
* Vitrolife Cut to Sell at DNB Markets; PT 150 kronor
* Voltalia Cut to Neutral at Invest Securities SA; PT 13.50 euros

>>>> Initiation
* Westwing Group Rated New Buy at Baader Helvea; PT 6 euros

>>> Call
* Casino 1Q Beat, But Post Virus Cash Concerns Remain: Jefferies
* Jefferies Turning More Cautious on Spirits and EM Beer Volumes

>>> What to look at today -24th of April 2020

Asian stocks slipped Friday as investors weighed signs of progress in the fight against the coronavirus versus mounting data showing the severity of the impact on economies.
Benchmarks were down from Tokyo and Seoul to Shanghai and Hong Kong, though Sydney gained. Futures on the S&P 500 fell after the index erased a 1.6% gain Thursday to end little changed. Global stocks have snapped two weeks of gains this week as optimism about slowing infection rates in some locations faded in face of poor economic data. Treasuries added to recent gains, while oil prices continued to mend after their early-week collapse.
US After Hours  INTC -5.2% trades lower on eanings; WWE +12.6%, EW +4.3% up on earnings; House passes coronavirus bill

Nikkei -1.07% Hang Seng -0.46% CSI -0.74% Shanghai -0.88% Shenzen -1.28%

Eur$ 1.0765 CNH 7.0974 CNY 7.08556 JPY 107.66 GBP1.2336 CHF 0.9773 RUB 74.85 TRY 6.9801 WTI$17.25 +4.61%

S&P -0.63% Nasdaq -0.8% EuroStoxx -2.27% FTSE -1.41% Dax-2.18% SMI -1.47%

Macro :
- German New Virus Cases, Deaths Rise by Most in Almost a Week
- Mnuchin Asks for Equity Stakes in Exchange for $17 Billion Aid
- U.K. Ready to Offer Full Guarantees on Small Business Loans: FT

Keep an eye on :
- AI FP : Air Liquide 1Q Rev. EU5.37b; Sees FY Net Ex-Items Close to 2019
- ARCAD NA : Arcadis First Quarter Organic Revenue +3%, Est. 0%
- BG AV : Bawag Withdraws 2020 Guidance, Takes Added EU25m Reserve in SME
- BILL SS : BillerudKorsnas First Quarter Adj Ebitda SEK791 Mln
- BIO SM : Biosearch to Test Hereditum to Protect Covid-19 Health Workers
- EN FP : Martin and Olivier Bouygues Give Up 25% of 2020 Pay
- BVI FP : Bureau Veritas 1Q Shows Hefty Virus Hit on Testing Sector: Citi
- BVI FP : Bureau Veritas Cancels Dividend, Drops 2020 Targets
- CO FP : Casino 1Q Beat, But Post Virus Cash Concerns Remain: Jefferies
- COFA FP : Coface First Quarter Net Income EU12.7 Mln, -65% Y/y
- DUFN SW : Dufry Placing Priced at CHF27.5/Shr; Bonds Upsized by CHF50m
- ECONB BB : Econocom First Quarter Organic Revenue -11.1%
- ENI IM : Eni First Quarter Adj Net EU59 Mln
- ENX FP Euronext Buying Majority of VP Securities
- FII FP : LISI First Quarter Sales -10.6%
- GFC FP : Gecina 1Q Gross Rental Income Rises 3.7% on Like For Like Basis
- HUBN SW : Huber + Suhner Suspends 2020 Guidance; Seen Lower N. Asia Volume
- KLOVB SS : Klovern First Quarter Property Mgmt Income SEK324 Mln
- LIFCOB SS : Lifco First Quarter Net Sales SEK3.64 Bln
- LHA GY : Ryanair CEO Says Lufthansa Looking to Benefit from State Aid: HB
- LUNE SS : Norway’s NPD Asks Lundin to Look at Goliat Tie-Back for Alta
- EGP PL : Mota, CCCC Win EU636m Railway Infrastructure Contract in Mexico
- NESN SW : *NESTLE 1Q ORGANIC REV. +4.3%, EST. +3%; MAINTAINS 2020 GUIDANCE
- NESN SW : Nestle First Quarter Organic Revenue +4.3%, Est. +3%
- ORP FP : Orpea Decides Not to Propose Dividend Due to Coronavirus
- PSG SM : Prosegur Offers Investors Option to Invest Dividend in Shares
- SAABB SS : Saab Withdraws Guidance as Coronavirus Outbreak Hits Sales
- SAN FP : *SANOFI 1Q BUSINESS EPS EU1.63, EST. EU1.43
- SAN FP : Sanofi Gets Covid-19 Sales Burst as Lockdowns Fueled Stocking Up
- SGO FP : Saint-Gobain First Quarter Sales EU9.36 Bln, Saint-Gobain Beat Offset By Unclear Outlook, Scrapped Dividend
- LIGHT NA : Signify First Quarter Adjusted Ebita EU112 Mln, Est. EU98.5 Mln
- SIOE BB : Sioen Q1 ‘20 Total Net Sales EU138.7M vs EU133.6M Prev Year
- SOP FP : Sopra Steria First Quarter Organic Revenue +3.3%
- SF SS : Stillfront Buys Candywriter for Upfront Consideration of $74.4m
- TIT IM : Telecom Italia Shareholders Confirm Salvatore Rossi as Chairman
- UCG IM : UniCredit Names Jana Hecker as Global Head of Equity Markets
- UN01 GY : Uniper 1Q Prelim. Adj Ebit About EU650 Million; Backs Forecast
- FR FP !: Valeo Says FY Outlook No Longer Valid, Proposes EU0.2/Shr Div.
- VAO GY : Vapiano Extends Vanessa Hall’s Role as CEO Until June 30
- RIN FP : Vilmorin Reports Strong Growth for Brazil Safrinha Corn Campaign
- DG FP : Vinci First Quarter Revenue EU9.69 Bln
- WHA NA : Wereldhave First Quarter EPS EU0.66

>>> US After Hours Summary: INTC -5.2% trades lower on eanings; WW

After Hours Summary: INTC -5.2% trades lower on eanings; WWE +12.6%, EW +4.3% up on earnings; House passes coronavirus bill

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: WWE +12.6%, TPH +8.5%, VCRA +7.8%, PBCT +7.7%, EW +4.3%, MMSI +2.8%, SEIC +0.7%, VICR +0.6%, ASR +0.5%, EIG +0.2%, MLNX +0.1%

Companies trading higher in after hours in reaction to news: CHK +6.2% (adopts shareholder rights plan), MR +1% (provides preliminary Q1 production update), RE +0.6% (announces Q1 impact from COVID-19), SPR +0.6% (announces adoption of limited duration stockholder rights agreement)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: LLNW -6.9%, SIVB -6.4%, OZK -5.5%, INTC -5.2%, EHTH -4.2%, FE -3.1%, COF -2.1%, RHI -1.5%, ETFC -1.2%, LOGM -0.8%, SKX -0.3%, IEX -0.1%

Companies trading lower in after hours in reaction to news: GOOG -2% (CNBC report that Google to cut marketing budgets by as much as half), GRUB -1.3% (NYC Council wants food delivery cos to stop charging restaurants fees, according to NY Post)

Fwd:Briefing; WRAPX; After Hours Summary: INTC -5.2% trades lower on eanings; WWE +1

After Hours Summary: INTC -5.2% trades lower on eanings; WWE +12.6%, EW +4.3% up on earnings; House passes coronavirus bill

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: WWE +12.6%, TPH +8.5%, VCRA +7.8%, PBCT +7.7%, EW +4.3%, MMSI +2.8%, SEIC +0.7%, VICR +0.6%, ASR +0.5%, EIG +0.2%, MLNX +0.1%

Companies trading higher in after hours in reaction to news: CHK +6.2% (adopts shareholder rights plan), MR +1% (provides preliminary Q1 production update), RE +0.6% (announces Q1 impact from COVID-19), SPR +0.6% (announces adoption of limited duration stockholder rights agreement)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: LLNW -6.9%, SIVB -6.4%, OZK -5.5%, INTC -5.2%, EHTH -4.2%, FE -3.1%, COF -2.1%, RHI -1.5%, ETFC -1.2%, LOGM -0.8%, SKX -0.3%, IEX -0.1%

Companies trading lower in after hours in reaction to news: GOOG -2% (CNBC report that Google to cut marketing budgets by as much as half), GRUB -1.3% (NYC Council wants food delivery cos to stop charging restaurants fees, according to NY Post)

>>> US Close Dow +0.17% S&P -0.05% Nasdaq -0.01% Russell +1.04%

Closing Stock Market Summary

The S&P 500 advanced as much as 1.6% on Thursday after the number of weekly initial claims declined to about 4.4 million, but stocks gave up gains following a negative report regarding a potential COVID-19 treatment. The benchmark index finished just below its flat line with a 0.1% decline.  

The Dow Jones Industrial Average (+0.2%) and Nasdaq Composite (unch) also closed little changed, while the Russell 2000 (+1.0%) outperformed. 

The Financial Times reported that Gilead's (GILD 77.78, -3.53, -4.3%) remdesivir drug flopped in its first randomized clinical trial in China, according to draft documents published accidentally by the World Health Organization (WHO). The news unnerved the market, and wiped out gains, as Stat News reported last Friday that the drug showed promising signs in one Chicago trial. 

Gilead defended the results, saying WHO had an inappropriate characterization of the study and the data still suggested the drug had a "potential benefit," according to Stat News. Shares of Gilead still declined, and the broader market struggled the rest of the session, as the report reminded investors of the medical breakthroughs still needed to restore consumer confidence. 

The S&P 500 sectors finished mixed with six closing higher and five closing lower. The energy sector (+3.0%) outperformed amid a 21.7% spike in WTI crude futures ($16.80/bbl, +3.00), which are now up 45% since Tuesday's settlement price. The utilities (-1.8%), real estate (-1.2%), and consumer staples (-1.0%) sectors underperformed.

As for the unemployment data, initial claims for the week ending April 18 decreased by 810,000 to 4.427 million (Briefing.com consensus 4.0 million), which helped the market's thinking that the worst of the labor market data might be in the past.

The latter can be rationalized by states getting ready to reopen their economies, but it likely won't be as swift as the market's month-long rally. Illinois, for instance, extended its stay-at-home order through the end of May.

Separately, Union Pacific (UNP 152.29, +5.19, +3.5%), Eli Lilly (LLY 159.93, +3.22, +2.1%), and CSX (CSX 64.47, +0.58, +1.0%) stood out with positive earnings results and/or guidance. 

U.S. Treasuries traded near their flat lines during the session. The 2-yr yield increased one basis point to 0.22%, while the 10-yr yield declined one basis point to 0.61%. The U.S. Dollar Index increased 0.1% to 100.50. 

Reviewing Thursday's economic data:

  • Initial claims for the week ending April 18 decreased by 810,000 to 4.427 million (consensus 4.0 million). Continuing claims for the week ending April 11 increased by 4,064,000 to 15.976 million (a record high).
    • The key takeaway from this report, which covers the period in which the survey for the April Employment Situation Report was conducted, is that it presents some hope that the peak of the layoffs following the COVID-19 shutdowns has passed. Nonetheless, it is also a reminder of how bad things are on the labor front.
  • New home sales decreased 15.4% m/m in March to a seasonally adjusted annual rate of 627,000 units (consensus 655,000) from a downwardly revised 741,000 (from 765,000) in February. On a yr/yr basis, new home sales, which are counted when a contract is signed, were down 9.5%.
    • The key takeaway from the report is that it isn't as bad as feared, although COVID-19 shutdown issues didn't ramp up until the latter half of the month, which is harbinger presumably of decidedly weaker activity in April.

Looking ahead, investors will receive Durable Goods Orders for March and the revised University of Michigan Index of Consumer Sentiment for April on Friday.

  • Nasdaq Composite -5.3% YTD
  • S&P 500 -13.4% YTD
  • Dow Jones Industrial Average -17.6% YTD
  • Russell 2000 -27.2% YTD