>>> TradeGate Pre-Market Indications

DAX:
  • Lufthansa (LHA TH) +4.8%
  • VW (VOW3 TH) +4.6%
    • VW Gets Punitives Reduced in ‘Clean Diesel’ Bellwether Cases
  • MTU Aero (MTX TH) +4.5%
  • Daimler (DAI TH) +3.7%
  • Adidas (ADS TH) +3.5%
  • Deutsche Telekom (DTE TH) +1.5%
  • Deutsche Bank (DBK TH) +1.3%
  • Merck KGaA (MRK TH) +1.1%
    • Merck KGaA Bid to Halt Unauthorized IVF Treatments to Be Probed
  • Beiersdorf (BEI TH) +1%
  • E.On (EOAN TH) +0.2%
    • E.On Cut to Sell at Goldman; PT 9.20 euros
MDAX:
  • Hella (HLE TH) +8.7%
  • Puma (PUM TH) +7%
  • Hochtief (HOT TH) +6.3%
  • Hugo Boss (BOSS TH) +5.6%
  • Lanxess (LXS TH) +5.3%
    • Lanxess Raised to Buy at Citi
  • Qiagen (QIA TH) +1.2%
  • Cancom (COK TH) +0.8%
  • RTL (RRTL TH) +0.8%
  • Telefonica Deutschland (O2D TH) +0.4%
  • Alstria Office (AOX TH) -0.1%
SDAX:
  • Bilfinger (GBF TH) +9.2%
  • DWS (DWS TH) +9.2%
  • Steinhoff (SNH TH) +9%
  • Corestate (CCAP TH) +8.2%
  • Jungheinrich (JUN3 TH) +8.1%
  • Suedzucker (SZU TH) +0.9%
  • 1&1 Drillisch (DRI TH) +0.2%
  • Draegerwerk (DRW3 TH) -0.1%
  • Hamborner REIT (HAB TH) -0.3%
  • Deutsche Beteiligungs AG (DBAN TH) -2.7%

>>> Stoxx 600 Pre-Market Indications

  • Axa (AXA TH) +10%
    • Acciona, AXA Buy 33% Stake in Acciona Energia from KKR
  • Bakkafrost (6BF TH) +9.7%
  • AMS (DQW1 TH) +9.6%
  • OMV (OMV TH) +8.8%
  • Mowi (PND TH) +8.6%
  • Erste (EBO TH) +6.9%
  • AB InBev (1NBA TH) +6.6%
    • AB InBev Cuts Final FY Dividend Proposal by 50% to EU0.50/Shr
  • Hochtief (HOT TH) +6.5%
  • Rolls-Royce (RRU TH) +6.3%
  • Salmar (JEP TH) +6%
  • TOMRA Systems ASA (TMR TH) -0.6%
  • Grand City Properties (GYC TH) -0.7
  • Rio Tinto (RIO1 TH) -0.9%
    • Iron Ore Pellets Face Tough Times on Europe’s Steel Virus Crisis
  • Imperial Brands (ITB TH) -1%
  • Amplifon (AXNA TH) -1.4%
  • STMicroelectronics (SGM TH) -1.6%
  • Eni (ENI TH) -1.7%
    • Bernabe Considered for Eni Chairman Post: La Repubblica
    • Eni Cut to Neutral at Mediobanca SpA; PT 12 euros
  • RBI (RAW TH) -1.9%
  • Grifols (OZTA TH) -2.3%
  • Unibail (1BR1 TH) -3.6%

>>> What to look at today (Easter Catch up) - 14th of April 2020

Global stocks pushed higher Tuesday ahead of one of the most uncertain earnings seasons on record as the coronavirus pandemic rattles the world economy. The dollar retreated.
Stocks climbed across Asia with benchmarks in South Korea and Japan pacing gains. U.S. futures rose after the S&P 500 Index retreated overnight and European contracts pointed higher. Data showing China’s exports in yuan terms fell less than expected helped boost sentiment, as did figures earlier showing a continued easing in the rate of new infections in many countries. Treasury yields fluct
US After Hours ROKU +9.8% and AMRN +6.9% jump on Q1 rev guidance; XENT -15% heads lower on guidance

Nikkei +2.76% Hang Seng +0.91% CSI +1.19% Shanghai +0.96% Shenzen +1.48%

Eur$ 1.0950 CNH 7.0492 CNY 7.0452 JPY 107.72 GBP 1.2568 CHF 0.9646 RUB 73.0650 TRY 6.7701 WTI$22.60+0.85%

S&P +1.51% EuroStoxx +1.33% FTSE +1.63% Dax +1.71% SMI +1%

Macro :
- Goldman Sees Advanced Economies Shrinking 35% Amid Pandemic
- States Prepare Test-and-Trace Programs to Reopen Their Economies
- Saudis, Russians End Oil-Price War With Deep Output Cut
- EU Finance Chiefs Go Into Another Clash Over Virus Response
- Fed to Buy Junk Bonds, Lend to States in Fresh Virus Support
- EU Finance Chiefs Agree on $590 Billion Virus Rescue Package
- Italy Extends Transparency Rule for Holdings to 104 Companies
- Italy Premier Conte Extends Nationwide Lockdown to May 3

Keep an eye on :
- ABI BB : AB InBev Cuts Final FY Dividend Proposal by 50% to EU0.50/Shr
- ABE SM : Brisa Is Said to Get Binding Bids Even With Road Traffic Sliding
- AIR FP : Airbus CEO Seeing Delivery Delays on Covid-19, Not Cancellations
- AF FP : Air France-KLM Confident of Obtaining Additional Financing
- AF FP : Air France-KLM Seeks About EU10b in State Support: La Tribune
- ALTR PL : Altri Shareholders Actium, Caderno Propose Naming Pina Next CEO
- ARAMCO AB : Aramco Cuts All May Oil Pricing to Asia, Raises Pricing to U.S.
- IF IM : Banca Ifis Makes Binding Offer for 70.8% of Farbanca; No Terms
- BAR BB : Barco Board Member Missorten Resigns Due to Lack of AGM Support
- BATS LN : BAT Faces U.S. Inquiry Over Possible Sanctions Breach: Times
- BAYN GY : Bayer’s First Roundup Trial Loss Set for June 2 Appeal Hearing
- BNP FP : BNP Paribas Stock Trades Lost About $200 Million in Virus Rout
- BRI PL : Brisa Is Said to Get Binding Bids Even With Road Traffic Sliding
- IAG LN : British Airways Cut to Junk in Blow to Borrowing Options
- BC IM : Brunello Cucinelli 1Q Prelim. Net Rev -2.3%, Withdraws Dividend
- CERV IM : Cerved to Get EU750m Financing From Group of 9 Banks: Messaggero
- CNHI NA : Caterpillar Sinks After BofA Says Energy Woes ‘Not Going Away’
- CON GY : Continental CEO Says Auto Industry Must Soon Restart: Spiegel
- ACA FP : Credit Agricole Receives EU10b of State-Backed-Loan Requests
- DIA IM : Confirms the launch of a fully automated serology test to detect antibodies against SARS-CoV-2 in COVID-19
- EZJ LN : EasyJet Defers Delivery of 24 Airbus Jets in Bid to Save Cash
- EL FP : Luxottica Group, Versace Renew Eyewear License Agreement
- ETL FP : Eutelsat Suspends FY2021-22 Discretionary FCF Target of EU500M
-ETL FP : Eutelsat's 30% Dividend Cut Acknowledges Fiscal Reality: React
- ERF FP : Eurofins Tech Launches Testing Kits for Covid-19 Antibodies
- FAGR BB : Fagron Cuts FY dividend to EU0.08/share; Covid-19 Impact Limited
- GAM SW : GAM Sees Job Losses, Eyes Cost Cuts of At least CHF65M in 2020
- G IM : Generali Splits 2019 Dividend Payment Into 2 Tranches
- GILD US : Gilead Says Most of 53 Covid-19 Patients Did Well on Remdesivir
- HMB SS : Baaron's Positive on Hennes & Mauritz: The world’s second-biggest fashion chain has taken a hit from the coronavirus, with shares down 30 percent during the past three months, but now might be the time for investors to get in—the company is making the right moves for growth, and when normality returns, they could soar.
- ITX SM : Inditex Won’t Lay Off Spanish Workers in April: Europa Press
- BAER SW : Julius Baer Proposes Splitting 2019 Dividend Distribution
- KER FP : Kering’s Pinault Waives 2020 Bonus, Cuts Pay by 25% on Virus
- KOR FP : RTL.fr: Coronavirus : 356 personnes décédées dans les Ehpad Korian, annonce Sophie Boissard
- KDEV SS : Karolinska Development Divests Part of Aprea Therapeutics Stake
- LR FP : Legrand’s Board Proposes to Cut 2019 Divdend to EU1.34/Share
- NEXI IM : Sia Evaluating Talks on Merger With Nexi: Messaggero
- NMC LN : NMC Creditors Said Forming Committee for $6.6 Billion Debt Talks
- PNL NA : PostNL Sees ‘Solid’ 1Q Normalized Ebit, Limited FY Visibility
- PUB FP : Publicis Halves Dividend As Coronavirus Takes Toll On Ad Company
- RNO FP : Renault Plans to Restart Two Spanish Plants: Norte de Castilla
- RNO FP : Renault’s Board Decides to Scrap Dividend Payout for 2019
- RNO FP : Renault Chairman Says No Nationalization, EU4-5B Loans Possible
- RNO FP : Renault to Focus on Light Commercial, Electric Vehicles in China
- RNO FP : Renault Scales Back China Presence by Exiting Dongfeng Venture
- ROTH FP : Lazard, Moelis Targets Are Cut by Morgan Stanley on M&A Slump
- SAGA LN : Elliott Reduces Voting Rights in Saga to Below 5%
- SAN FP : Sanofi Donates 100M Doses of Hydroxychloroquine in 50 Countries
- SAP GY : SAP Extends CFO’s Contract for Five Years Till End March 2026
- SCTS SS ; Scandi Standard Sees Slight Increase in 1Q Adj. Operating Income
- SHA GY : BorgWarner Accuses Schaeffler Of Infringing Valve Timing Patent
- SOP FP : Sopra Steria Suspends 2020 Guidance, Scraps 2019 Dividend
- TEMN SW : Temenos Withdraws Guidance as Virus Delays Software Deals

>>> Europe : Brokers Upgrades & Downgrades - 14th of April 2020

>>> Up
* *Bankia Raised to Buy From Neutral, Target Cut to EUR1.35 From EUR1.75 by Citigroup
* Centrica Raised to Overweight at Barclays; PT 50 pence
* Colonial Raised to Buy at Ahorro Corporacion; PT 9.80 euros
* Colruyt Raised to Hold at KBC Securities; PT 50.50 euros
* Enagas Raised to Market Perform at BBVA; PT 19.40 euros
* Endesa Raised to Buy at MainFirst; PT 23.50 euros
* Endesa Raised to Outperform at BBVA; PT 22.30 euros
* Engie Raised to Overweight at Barclays; PT 13.50 euros
* James Fisher Raised to Buy at Jefferies; PT 1,670 pence
* Lanxess Raised to Buy at Citi
* Mediobanca Raised to Overweight at Morgan Stanley
* Orsted Raised to Buy at HSBC; PT 775 kroner
* RAI Way Raised to Outperform at Mediobanca SpA; PT 7.02 euros
* Recordati Raised to Outperform at Mediobanca SpA

>>> Down
* Aggreko Cut to Add at AlphaValue (Earlier)
* ArcelorMittal Cut to Neutral at JPMorgan; PT 9.50 euros
* Ashtead Cut to Neutral at BofA; PT 2,100 pence
* Autogrill Cut to Underperform at Mediobanca SpA; PT 5.40 euros
* Banca Generali Cut to Neutral at Mediobanca SpA; PT 25 euros
* Burford Capital Cut to Hold at Peel Hunt; PT 500 pence
* Cairo Comm Cut to Neutral at Mediobanca SpA; PT 2.71 euros
* Campari Cut to Hold at MainFirst; PT 7.10 euros
* CFE Cut to Hold at ABN Amro Bank; PT 80 euros
* CNH Industrial Cut to Neutral at Mediobanca SpA; PT 7.20 euros
* Credit Suisse Cut to Underweight at Barclays; PT 8 Swiss francs
* De' Longhi Cut to Neutral at Mediobanca SpA; PT 15.60 euros
* Elior Group Cut to Add at AlphaValue (Earlier)
* Endesa Cut to Sell at Goldman; PT 18 euros
* Eni Cut to Neutral at Mediobanca SpA; PT 12 euros
* E.On Cut to Sell at Goldman; PT 9.20 euros
* Essentra Cut to Hold at Jefferies; PT 310 pence
* Evli Cut to Reduce at Inderes; PT 8.50 euros
* Euronav Cut to Hold at Cleaves Securities; PT 10.09 euros
* Euronext Cut to Market Perform at KBW; PT 75 euros
* Evolution Gaming Cut to Hold at SEB Equities; PT 422 kronor
* FNG NV Cut to Sell at ABN Amro Bank; PT 5 euros
* Geox Cut to Underperform at Mediobanca SpA; PT 64 euro cents
* Halma Cut to Underperform at Jefferies; PT 1,705 pence
* Mediolanum Cut to Neutral at Mediobanca SpA; PT 6 euros
* Naturgy Cut to Sell at Goldman; PT 17 euros
* Norwegian Air Cut to Underperform at Bernstein
* Piaggio Cut to Neutral at Mediobanca SpA; PT 2.50 euros
* Pirelli Cut to Underperform at Mediobanca SpA
* Prysmian Cut to Neutral at Mediobanca SpA; PT 19.20 euros
* Remy Cointreau Cut to Sell at MainFirst; PT 91 euros
* Saipem Cut to Neutral at Mediobanca SpA; PT 3.30 euros
* Sandvik Cut to Hold at Deutsche Bank; PT 150 kronor
* Sensirion Cut to Neutral at JPMorgan; PT 36 Swiss francs
* Severn Trent Cut to Equal-Weight at Barclays; PT 2,410 pence
* Smart Metering Cut to Hold at Liberum; PT 650 pence
* Smith & Nephew Cut to Neutral at Citi; PT 1,700 pence
* Spirax Cut to Underperform at Jefferies; PT 7,310 pence
* SSE Cut to Equal-Weight at Barclays; PT 1,300 pence
* STMicroelectronics Cut to Neutral at JPMorgan; PT 19 euros
* Tenaris Cut to Underperform at Mediobanca SpA; PT 6.50 euros

>>> Initiation


>>> Call
* Bankia Raised to Buy, BBVA Top Pick Among Spanish Banks: Citi
* DSV Panalpina, Kuehne PTs Cut at Citi on ‘Collapsing’ 2Q Volumes
* *EUROPEAN IT SECTOR CUT TO NEUTRAL AT CITI (APRIL 9)

>>> US Closing Stock Market Summary

Closing Stock Market Summary

The S&P 500 declined 1.0% on Monday in a slight reversal from last week's rally, while relative strength in the technology stocks helped lift the Nasdaq Composite (+0.5%). The Dow Jones Industrial Average fell 1.4%, and the Russell 2000 fell 2.8%. 

There wasn't much conviction in today's session ahead of the Q1 earnings reports from the leading U.S banks this week. Perhaps some skittishness regarding the loan-loss reserves these banks are accruing contributed to the influential drag from the S&P 500 financials sector (-3.6%). 

Sellers were kept in check, though, as stocks drifted sideways for most of the session and closed well off intraday lows after a brief tumble after the open. The S&P 500 real estate sector (-4.6%) declined the most, while the consumer discretionary sector (+1.1%) finished comfortably in positive territory.  

Interestingly, a multinational agreement to cut oil production was unable to stir much enthusiasm within the energy sector (-0.4%). Specifically, OPEC and other non-OPEC members agreed to cut production by 9.7 mb/d from May 1-June 30, then 7.7 mb/d from July 1-Dec. 31, and then 5.8 mb/d from Jan. 1, 2021-April 30, 2022.

WTI crude futures struggled for direction and ultimately settled the session down 2.0%, or $0.45, to $22.42/bbl, suggesting that investors were not convinced that the production cuts alone would save an industry still facing demand problems caused by COVID-19. The economy is expected to gradually reopen in May, but the speed and scope of a recovery remained uncertain. 

Investors' appetite for growth, meanwhile, continued to lead buyers toward technology companies, including Amazon (AMZN 2168.87, +126.11, +6.2%), Apple (AAPL 273.25, +5.26, +2.0%), and Netflix (NFLX 396.72, +26.00, +7.0%). Amazon stepped up efforts to meet strong customer demand, while Netflix benefited from a positive note in Barron's.

Separately, shares of Caterpillar (CAT 114.14, -10.89, -8.7%) dropped nearly 9% after the stock was downgraded to Underperform from Neutral at Bank of America/Merrill Lynch. 

U.S. Treasuries ended the quiet session on a lower note. The 2-yr yield increased one basis point to 0.23%, and the 10-yr yield increased two basis points to 0.75%. The U.S. Dollar Index declined 0.1% to 99.42. 

Investors did not receive any economic data on Monday. Looking ahead, investors will receive Import and Export Prices for March on Tuesday.

  • Nasdaq Composite -8.7% YTD
  • S&P 500 -14.5% YTD
  • Dow Jones Industrial Average -18.0% YTD
  • Russell 2000 -27.4% YTD

>>> US After Hours Summary: ROKU +9.8% and AMRN +6.9% jump on Q1 rev g

After Hours Summary: ROKU +9.8% and AMRN +6.9% jump on Q1 rev guidance; XENT -15% heads lower on guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: ROKU +9.8% (sees Q1 revs above consensus but withdraws 2020 outlook), CNK +8.4% (to host call to discuss liquidity strategy), AMRN +6.9% (guides Q1 revs above consensus), TMDX +6.8% (guides Q1 revs slightly above consensus; withdraws 2020 guidance)

Companies trading higher in after hours in reaction to news: ABR +11.3% (provides COVID update), VSTM +5.7% (announces presentation of clinical data), KRMD +5.3% (announces favorable ruling from US Federal Court of Appeals), YETI +4.8% (to join S&P SmallCap 600), AMK +0.9% (issues March report; platform assets increased yr/yr to $56.0 bln)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: XENT -15% (issues downside Q1 revs guidance and withdraws 2020 guidance), INSP -1.6% (guides for Q1 revs; withdraws 2020 guidance, announces stock offering), CLF -1% (temporarily idling production at two of its iron ore mining operations), LAD -0.1% (guides Q1 EPS below consensus; says March vehicle unit sales fell 50%)

Companies trading lower in after hours in reaction to news: CORR -30.8% (expects to recommend to the board a reduction in its dividend), PLUG -3.2% (enters into $75 mln common stock at market issuance sales agreement), LHCG -1.9% (to join S&P MidCap 400), PCH -1.6% ( to temporarily halt production at St. Maries industrial plywood facility)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

  • SLP -7.9%, WDFC -5.9%, DHR -3%, BDC -2.4%, TXG -1.4%, FOXF -0.9%

Other news:

  • EXP -10.1% (provides business updates related to the COVID-19 pandemic; futures dividends to be suspended)
  • BURL -6.2% (temporarily furloughed most store and distribution center associates and commenced $700 mln offering of convertible notes)
  • RCL -3.8% (CDC announces modifications and extension of no sail order for all cruise ships)
  • CCL -2.5% (CDC announces modifications and extension of no sail order for all cruise ships)
  • RDFN -2.3% (new listings for the week ending April 3 are down 44% (down 33% prior week); no indication this trend will reverse anytime soon)
  • PLNT -1% (determined it would implement a temporary furlough of all of its in-store staff at each of its corporate store locations)

Analyst comments:

  • NXPI -3.1% (downgraded to In-line from Outperform at Evercore ISI)
  • FLWS -2.5% (downgraded to Neutral from Buy at DA Davidson)
  • BDC -2.4% (downgraded to Sell from Neutral at Goldman)
  • CAT -2% (downgraded to Underperform from Neutral at BofA/Merrill)
  • DE -1.9% (downgraded to Neutral from Outperform at Robert W. Baird)
  • TXN -1.9% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
  • MU -1.8% (downgraded to Neutral from Buy at Goldman)
  • ETN -1.2% (downgraded to Neutral from Overweight at JP Morgan)
  • SYK -1.2% (downgraded to Underweight from Equal Weight at Barclays)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:

  • VAPO +1.5%, NEO +1.4%, TSM +1.2%

Other news:

  • CTSO +36.3% (FDA has granted Emergency Use Authorization (EUA) of CytoSorb for use in patients with COVID-19 infection)
  • BCRX +35.7% (opens enrollment into a clinical trial to assess galidesivir in patients with COVID-19)
  • PSTI +23.5% (cleared by FDA to proceed with the treatment in US under Coronavirus Treatment Acceleration Program)
  • ATHX +16.5% (FDA authorizes athersys to initiate a pivotal clinical trial evaluating MultiStem cell therapy in patients with COVID-19 induced acute respiratory distress syndrome)
  • RDHL +15.7% (Provides initial update from its Opaganib COVID-19 compassionate use program in israel)
  • AMRS +11.3% (announces full market launch and sales of its Pipette branded hand sanitizer as of April 9)
  • FENC +10.7% (FDA has accepted for filing and granted Priority Review for the company's New Drug Application (NDA) for PEDMARK)
  • ALNY +7.1% (Blackstone (BX) will provide up to $2 billion to support Alnylam's advancement of innovative RNAi medicines)
  • CEMI +6.3% (collaborates with Stony Brook Medicine to identify coronavirus survivors)
  • MD +6.1% (provides COVID-19 update)
  • ADRO +5.3% (details current status of clinical programs)
  • REVG +4.8% (suspends dividend, furloughs employees)
  • OMI +4.6% (discloses update relating to the pending divestiture of its Movianto business for $133 mln in cash)
  • BHC +4.1% (initiates VIRAZOLE (Ribavirin for Inhalation Solution, USP) clinical study in patients with COVID-19)
  • GILD +3.8% (data on 53 patients treated with investigational antiviral Remdesivir through the compassionate use program published in New England Journal of Medicine)
  • VVNT +2.8% (provides COVID-19 business update)
  • GD +2.7% (part of a group of companies that were awarded $5 bln US Army modifications)

Analyst comments:

  • LPTH +3.8% (upgraded to Buy from Neutral at B. Riley FBR)
  • DNKN +3.5% (upgraded to Outperform from Underperform at Credit Suisse)
  • DDOG +1.5% (upgraded to Buy from Neutral at Goldman)
  • ZS +1.5% (upgraded to Buy from Neutral at Rosenblatt)
  • IPHI +1.4% (upgraded to Overweight from Equal-Weight at Morgan Stanley)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • BCRX +34.8%, OMI +6.6%, ADRO +5.3%, REVG +4.8%, I +4.5%, VVNT +2.8%, GD +2.8%, CEMI +2.1%, BOOT +1.8%, NEO +1.4%
  • Gapping down:
    • SLP -7.9%, ADT -7.5%, WDFC -5.9%, ENZ -2.9%, IWM -2.2%, TXG -1.4%, FOXF -1.3%, SPY -1.1%, RDFN -0.9%, DIA -0.9%, GM -0.8%, QQQ -0.8%