>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:

  • SIG +22.5%, CSIQ +10.7%, SCVL +9.7%, YRD +7.9%, MU +5.1%

Other news:

  • GPMT +60.4% (decided to suspend the Company's first quarter 2020 common stock dividend)
  • MFA +43.9% (will revoke its previously announced first quarter 2020 quarterly cash dividends on each of the Company's common stock and 7.50% Series B Cumulative Redeemable Preferred Stock)
  • DVAX +10% (Dynavax and the Coalition for Epidemic Preparedness Innovations collaborate to support global effort to develop a vaccine to prevent the coronavirus)
  • GRFS +8.6% (to collaborate with US govt to produce COVID-19 treatments)
  • NBLX +8.1% (approves a 73% reduction of the quarterly distribution)
  • TWO +5.7% (sells substantially all of its portfolio of non-Agency securities)
  • HPQ +3% (shares letter to shareholders regarding pandemic and XRX offer)
  • VIR +2.7% (enters into license agreement with XNCR for use of Xtend in treatment of COVID-19)
  • ALK +2.7% (announces suspension of cash dividend)
  • WORK +2.4% (reports simultaneously connected users increased from 10.5 million on March 16 to 12.5 million on March 25), . 

Analyst comments:

  • SYY +3.2% (upgraded to Buy from Hold at Jefferies)
  • AMBA +2.4% (upgraded to Buy from Hold at Stifel)
  • MTD +0.5% (upgraded to Equal Weight from Underweight at Barclays)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:

  • MFA +36%, SCVL +9.9%, GRFS +8.6%, NBLX +8.1%, GPMT +8%, YRD +7.9%, MU +6.4%, VIR +2.9%, HPQ +2.1%, ERJ +1.1%, WORK +1%, AVB +0.6%

Gapping down:

  • AOBC -6.5%, MCFT -6%, SPWR -4.9%, BITA -4.9%, M -3.9%, F -3.1%, AAL -2.5%, RDFN -2.2%, LTC -1.4%, ALK -1.1%, CIO -0.6%

>>> Europe : Brokers Upgrades & Downgrades - 26th of March 2020 V2(+)

>>> Up
* 888 Raised to Buy at Stifel; PT 145 pence (+)
* Aena Raised to Buy at HSBC; PT 140 euros
* Aker BP Raised to Buy at SpareBank; PT 195 kroner (+)
* AUTO TRADER RAISED TO BUY VS ADD AT PEEL HUNT, PT 545P
* Bayer Raised to Buy at M.M. Warburg; PT 66 euros (+)
* Brenntag Raised to Buy at Nord/LB; PT 40 euros
* Coats Raised to Buy at Berenberg
* Demant Raised to Buy at Berenberg; PT 195 kroner
* Dialog Semi Raised to Hold at Bankhaus Lampe; PT 25 euros (+)
* Draegerwerk Raised to Hold at Hauck & Aufhaeuser; PT 75 euros (+)
* DSV Panalpina Raised to Buy at Handelsbanken; PT 600 kroner
* DSV Panalpina Raised to Market Perform at Bernstein
* DSV Panalpina Raised to Buy at Sydbank
* GB Group Raised to Buy at Panmure Gordon; PT 690 pence
* Grifols Raised to Buy at Berenberg; PT 35 euros (+)
* HelloFresh Raised to Outperform at Exane; PT 32.50 euros
* Hera Raised to Outperform at Mediobanca SpA
* Hiag Immobilien Raised to Buy at Research Partners (+)
* Jungheinrich Raised to Buy at HSBC; PT 20 euros
* Jyske Raised to Buy at ABG; PT 210 kroner
* Kainos Raised to Buy at Panmure Gordon; PT 750 pence
* Lanxess Raised to Buy at SocGen; PT 51 euros (+)
* Maha Raised to Buy at SpareBank; PT 17 kronor (+)
* MIPS AB Raised to Buy at Handelsbanken; PT 260 kronor
* Nokia Raised to Buy at Oddo BHF; PT 3.70 euros (+)
* Panoro Energy Raised to Buy at SpareBank; PT 15 kroner (+)
* Rentokil Raised to Buy at Goldman; PT 500 pence
* Richemont Raised to Neutral at UBS; PT 54 Swiss francs (+)
* Sage Raised to Hold at Panmure Gordon; PT 620 pence
* Sartorius Raised to Hold at Berenberg; PT 208 euros
* Siltronic Raised to Buy at Bankhaus Lampe; PT 80 euros (+)
* Straumann Raised to Hold at Berenberg; PT 660 Swiss francs
* Subsea 7 Raised to Buy at Berenberg; PT 80 kroner
* TechnipFMC Raised to Buy at Berenberg; PT $12.50
* Temenos Raised to Hold at Jefferies; PT 111 Swiss francs
* Terveystalo Raised to Buy at Danske Bank Markets
* VIB Vermoegen Raised to Buy at SRC Research; PT 29 euros
* Vicat Raised to Buy at Citi
* Zalando Raised to Buy at Hauck & Aufhaeuser; PT 48 euros (+)

>>> Down
* Aker Solutions Cut to Neutral at SpareBank; PT 8 kroner (+)
* Alstria Office PT Cut to 11 euros at Bankhaus Metzler
* Auto Trader Cut to Hold at HSBC; PT 410 pence
* Borr Drilling Cut to Sell at SpareBank; PT 1 krone (+)
* Burberry PT Cut to 912 pence from 1,415 pence at UBS (+)
* Credit Agricole PT Cut to 5.70 euros from 10 euros at Berenberg
* Credit Suisse Cut to Hold at DZ Bank; PT 8.50 Swiss francs (+)
* EDF Cut to Hold at HSBC; PT 8.70 euros
* Engie Cut to Equal-Weight at Morgan Stanley; PT 13.80 euros
* Fila Cut to Accumulate at Banca Akros (ESN); PT 10.20 euros (+)
* Mowi Cut to Sell at Berenberg; PT 140 kroner
* Net Insurance Cut to Accumulate at Banca Akros (ESN) (+)
* PGS ASA Cut to Neutral at SpareBank; PT 4 kroner (+)
* Polarcus Cut to Sell at SpareBank; PT 0.10 kroner (+)
* RBS Cut to Hold at Investec; PT 140 pence (+)
* Rentokil Cut to Neutral at JPMorgan; PT 430 pence (+)
* Shelf Drilling Cut to Neutral at SpareBank; PT 10 kroner (+)
* SocGen PT Cut to 12 euros from 23 euros at Berenberg
* Spirax Cut to Hold at Berenberg
* SSP PT Cut to 420 pence from 760 pence at Morgan Stanley
* SThree Cut to Hold at HSBC; PT 245 pence
* Swatch PT Cut to 144 Swiss francs from 165 Swiss francs at UBS (+)
* Tod's PT Cut to 19.80 euros from 26 euros at UBS (+)
* XP Power Cut to Hold at Stifel; PT 2,750 pence (+)

>>> Initiation
* EPROB SS Rated New Equal-Weight at Morgan Stanley; PT 36 kronor

>>> Call
* Berenberg Upgrades TechnipFMC, Subsea7 on Balance Sheet, Backlog
* DSV’s Recovery Will Be Swift When Demand Returns, SHB Says (+)
* Electrolux Professional Has Upside, More Visibility Needed: MS
* Engie Unlikely to Lead a Market Rebound, Morgan Stanley Says
* Intu Facing ‘Significant’ Hit from Virus Disruption: Berenberg (+)
* Medtech Sector’s Fundamentals Remain Robust, Berenberg Says
* Reckitt Benckiser a Top Pick on Health, Hygiene Exposure: MS
* European Dividends Will Take ‘Severe Hit’ From Virus Impact: MS

FT : UK retail sales weakened even before coronavirus lockdown

UK retail sales weakened even before coronavirus lockdown
Bad weather kept shoppers at home in February

February’s bad weather kept shoppers at home and resulted in a fall in UK retail sales across most types of shops even before the coronavirus pandemic resulted in the closure of all non-essential shops.

The volume of retail sales, measured by value adjusted for inflation, dropped 0.3 per cent in February compared with the previous month according to data from the Office for National Statistics. In the three months to February, sales were down 0.6 per cent compared to the previous period.

“Retail sales continued to decline in the latest three months due to weak sales across most store types, with February’s bad weather and flooding impacting on footfall” said Rhian Murphy, ONS head of retail sales.

In February, there was no growth in sales when compared with the same month the previous year, marking the lowest annual growth in six years.

The data collection for the period was completed by February 29, before the outbreak of the coronavirus, which the ONS said was observable only in a small number of retailers reporting that online orders shipped from China were reduced because of the virus.

Data released on Wednesday by the Confederation of British Businesses suggest that in March the coronavirus crisis boosted sales of food and drinks as people stockpiled for the quarantine and resulted in a plunge in spending in non-essential items.

>>> Stoxx 600 Pre-Market Indications

  • Scout24 (G24 TH) +5.4%
    • Scout24 Suspends Forecast for FY 2020, Extends Share Buybacks
  • IAG (INR TH) +1.9%
  • RBI (RAW TH) +1.2%
  • HelloFresh (HFG TH) +1%
  • Sartorius (SRT3 TH) +1%
    • Medtech Sector’s Fundamentals Remain Robust, Berenberg Says
  • Mowi (PND TH) +0.3%
    • Mowi Cut to Sell at Berenberg; PT 140 kroner
  • Kone Oyj (KC4 TH) -4.4%
  • Fresenius SE (FRE TH) -4.4%
  • Dialog Semi (DLG TH) -4.6%
  • Inditex (IXD1 TH) -5.1%
  • ING (INN1 TH) -5.6%
  • Vinci (SQU TH) -6.2%
  • Voestalpine (VAS TH) -6.4%

>>> TradeGate Pre-Market Indications

DAX:
  • E.On (EOAN TH) -1.2%
    • E.On Outlook Remains Stable by Moody’s
  • Bayer (BAYN TH) -2.7%
    • Layoffs Not the Only Risk to Your Job During the Outbreak: Q&A
  • Allianz (ALV TH) -2.9%
  • Siemens (SIE TH) -3%
  • Fresenius SE (FRE TH) -3.3%
  • Wirecard (WDI TH) -4.7%
    • Stock has gained 23% over the past two trading days
MDAX:
  • Scout24 (G24 TH) +5.2%
    • Scout24 Suspends Forecast for FY 2020, Extends Share Buybacks
  • HelloFresh (HFG TH) +3.9%
    • HelloFresh Raised to Outperform at Exane; PT 32.50 euros
  • Aareal Bank (ARL TH) +1.9%
  • ProSieben (PSM TH) +1.6%
  • Duerr (DUE TH) +1.5%
  • Airbus (AIR TH) -2.3%
  • Siltronic (WAF TH) -2.3%
  • Zalando (ZAL TH) -2.4%
  • Hugo Boss (BOSS TH) -2.7%
  • Commerzbank (CBK TH) -2.9%
    • Stock gained 17% over the past two trading days
SDAX:
  • SMA Solar (S92 TH) +7.6%
    • SMA Solar Full Year Ebitda EU34 Mln Vs. Loss EU69.1 Mln Y/y
  • Traton (8TRA TH) +3.8%
  • Hamburger Hafen (HHFA TH) +3%
  • Borussia Dortmund (BVB TH) +2.8%
  • Steinhoff (SNH TH) +2.2%
  • LPKF (LPK TH) -2.5%
  • Wacker Neuson (WAC TH) -2.9%
  • Eckert & Ziegler Strahlen- & Medizintechnik AG (EUZ TH) -3.3%
  • Deutz (DEZ TH) -4.8%
    • Deutz to Ramp Down Production in April, Retracts Guidance
  • Hamborner REIT (HAB TH) -7.5%
    • Hamborner REIT Withdraws Earnings Forecast for Fiscal Year 2020