TheChek News Flow

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

SFIX -32.3%, MTN -9.7%, CVIA -5.8%, AVID -2.9%, SNCR -1.9%, FNV -0.6%, CNMD -0.5%

Other news:

NGM -8.9% (COO departs)

ITIC -2.8% (increases dividend)

REV -2% (announces new 2020 business optimization and restructuring)

HA -0.6% (announces traffic stats for Feb; withdraws Q1 estimates for operating rev per ASM)

Analyst comments:

IMXI -1.1% (downgraded to Market Perform from Outperform at Cowen)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:

HOME +19.9%, DKS +14.6%, PK +8.2%, BKNG +3.8% (withdraws Q1 guidance due to coronavirus), TSM +3.8%, ASX +3.6%, ANTM +3.6% (reaffirms guidance), PSN +3.1%, PRPL +1.4%, DOMO +1.1%

M&A news:

CY +47.6% (receives clearance from CFIUS for merger with Infineon)

Select ETFs showing strength:

IGV +7.3%, XLK +5.1%, XLF +5.1%, XLI +5%, QQQ +4.6%, SPY +4.5%, IWM +4.5%, DIA +4.4%, IBB +3.3%, XLP +3.2%

Select travel related stocks trading higher:

NCLH +13.5%, CCL +11.4%, RCL +8.1%, AAL +7.8%, SAVE +7.1%, UAL +6.5%, DAL +5.1%, JBLU +4.9%, LUV +3.6%

Select oil/gas related names showing strength:

DVN +12.5%, HAL +12.3%, RDS.A +11.5%, SLB +9.8%, TOT +8.7%, XLE +8.1%, BP +7.6%, XOM +6.9%, PSX +5.2%

Other news:

OVV +74.3% (reiterates its capital structure, significant liquidity and operational flexibility)

MRO +18.5% (announces an immediate capital spending reduction of at least $500 mln relative to its previously communicated 2020 capital spending budget of $2.4 bln

NVAX +14.5% (Emergent BioSolutions signs development and manufacturing agreement with Novavax (NVAX) for experimental vaccine candidate for coronavirus disease

MESO +12.2% (to evaluate anti-inflammatory cell therapy remestemcel-l for treatment of COVID-19 lung disease)

CVE +10.7% (reduces FY20 capital spending by 32%)

NIO +8.8% (delivered 707 vehicles in February 2020, consisted of 671 ES6s, the Company's 5-seater high-performance premium electric SUV, and 36 ES8s)

NVDA +5.9% (defers plans to deliver webcast keynote)

BDX +4% (CerTest Biotec and BDX announce COVID-19 diagnostic test)

CNI +3.8% (cancels presentation at JP Morgan conference)

GKOS +3.4% (to join S&P SmallCap 600)

Analyst comments:

SM +48.6% (upgraded to Overweight from Equal Weight at Wells Fargo)

NBL +13.5% (upgraded to Overweight from Equal Weight at Wells Fargo)

UBS +11% (upgraded to Buy from Neutral at Goldman)

BKR +7% (upgraded to Overweight from Neutral at JP Morgan)

ATVI +6.4% (upgraded to Outperform from Perform at Oppenheimer)

CREE +5.5% (upgraded to Neutral from Underweight at JP Morgan)

QCOM +4.7% (initiated with a Buy at Nomura)

UPS +4.4% (upgraded to Buy from Hold at Stifel)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
OVV +50.9%, CY +47.3%, MESO +22%, NVAX +15.8%, HAL +14.4%, DVN +13.5%, RDS.A +13.4%, SLB +11.6%, TOT +10.6%, XOM +9.2%, XLE +8.9%, BP +8.6%, NIO +8.2%, CVE +7.1%, NVDA +5.9%, XLK +5.3%, XLF +5.3%, SPY +5.1%, QQQ +5%, IWM +5%, XLI +4.9%, DIA +4.9%, FNV +4.9%, IBB +4.5%, FDX +4.3%, TSM +4.2%, GKOS +3.4%, BKNG +2.8%, XLU +2.6%, IGV +2.4%, PSX +1.6%, PRPL +1.4%, CNS +1%, XLB +1%

Gapping down:
SFIX -34.7%, MTN -13.2%, NGM -8.9%, CVIA -5.8%, AVID -2.9%, ITIC -2.8%, REV -2%, SNCR -1.9%, CNI -1%, PK -0.8%

(BN) European Banks Face $34 Billion Coronavirus Hit, Goldman Says

(BN) JPMorgan Says Fed Won’t ‘Keep its Powder Dry,’ Sees Zero Rate

>>> Europe : Brokers Upgrades & Downgrades - 10th of MArch 2020 V2(+)

>>> Up

* Aena Raised to Hold at HSBC; PT 145 euros

* Bank of Ireland Raised to Neutral at Goldman; PT 3.60 euros

* BBVA Raised to Buy at Goldman; PT 6.37 euros

* Cairn Energy Raised to Buy at Stifel; PT 137 pence (+)

* EasyJet Raised to Outperform at Bernstein; PT 1,300 pence

* Frontier Developments PT Raised to 2,000 pence at Liberum (+)

* H&M Raised to Neutral at Goldman; PT 165 kronor

* Henkel Raised to Buy at Bankhaus Metzler; PT 87 euros (+)

* Hikma Raised to Buy at Citi; PT 2,150 pence

* Inficon Raised to Reduce at Baader Helvea; PT 550 Swiss francs

* LEG Immobilien Raised to Buy at Hauck & Aufhaeuser (+)

* Maersk Raised to Buy at HSBC; PT 7,750 kroner

* Merck KGaA Raised to Buy at Independent Research; PT 128 euros

* Moneysupermarket Raised to Sector Perform at RBC; PT 320 pence

* Roche Raised to Neutral at Oddo BHF (+)

* Ryanair Raised to Outperform at Bernstein; PT 13.30 euros

* Ryanair ADRs Raised to Outperform at Bernstein; PT $80.73

* Safran Raised to Buy at MainFirst; PT 140 euros

* Siegfried Raised to Buy at Baader Helvea; PT 445 Swiss francs (+)

* SIG Combibloc Raised to Buy at MainFirst; PT 16.50 Swiss francs

* Siltronic Raised to Hold at Bankhaus Metzler; PT 59 euros

* UBS Raised to Buy at Goldman; PT 15.20 Swiss francs

* Ultra Electronics Raised to Overweight at JPMorgan (+)

* Vivendi Raised to Buy at Kepler Cheuvreux; PT 26 euros

* Wacker Neuson Cut to Hold at Bankhaus Metzler; PT 10.50 euros (+)

* Zurich Airport Raised to Buy at HSBC; PT 170 Swiss francs

>>> Down

* Aareal Bank Cut to Sell at Bankhaus Metzler; PT 19 euros

* ABO Invest Cut to Hold at SMC Research; PT 2.10 euros

* Altice Europe Cut to Neutral at JPMorgan; PT 5.30 euros

* Coca-Cola HBC Cut to Inline at Evercore ISI

* Deutsche PBB PT Cut to 9.50 euros at Bankhaus Metzler

* Fraport PT Cut to 43 euros from 57 euros at Bankhaus Metzler

* GEDI Gruppo Cut to Reduce at Equita; PT 46 euro cents

* HgCapital Cut to Sell at Stifel (+)

* Hikma Raised at Citi on Product Profitability, Licensing Outlook

* Lufthansa PT Cut to 9 euros at Bankhaus Metzler

* Meggitt Cut to Hold at Berenberg; PT 490 pence

* Mowi Cut to Hold at Equita; PT 220 kroner

* Nexity Cut to Add at AlphaValue

* Norwegian Air Cut to Hold at Nordea

* Richter Cut to Hold at HSBC; PT 7,000 forint

* Safran Cut to Hold at Berenberg; PT 115 euros

* SAS Cut to Hold at Nordea (+)

* Siltronic PT Cut to 70 euros from 95 euros at Deutsche Bank

>>> Initiation

* Softcat Rated New Overweight at Barclays; PT 1,220 pence

>>> Call

* Sell-Off Is Best Airline Entry Point in Over a Decade: Bernstein (+)

* DNB Estimates, Price Target Cut at Citi After Oil Price Drop (+)

* Aviation Crisis to Hit Suppliers, Safran, Meggitt Cut: Berenberg

* Difficult, But Possible to Pick Winners in European Banks: RBC

* TeamViewer Among Top Internet Names in Volatile Market: RBC

* Vivendi Stock ‘a Good Tactical Hiding Place,’ Kepler Says (+)

* WH Smith Will Face Short-Term Issues, Long-Term View Sound: RBC

>>> Stoxx 600 PRe-MArket Indications

SES (SES TH) +10%
BP (BPE5 TH) +7.9%
BHP Group PLC (BIL TH) +7.8%
Commerzbank (CBK TH) +7.8%
Shell (R6C TH) +7.4%
Carnival Plc (POH1 TH) +7.3%
Infineon (IFX TH) +7.2%
Equinor (DNQ TH) +6.7%
Deutsche Post (DPW TH) +6.1%
- Deutsche Post Fourth Quarter Ebit 2.3% Below Estimates
OMV (OMV TH) +5.4%
Umicore (NVJP TH) -1%
Vestas (VWS TH) -1.1%
TOMRA Systems ASA (TMR TH) -1.1%
STMicroelectronics (SGM TH) -1.1%
TAG Immobilien (TEG TH) -1.4%
Orsted (D2G TH) -1.7%
Mowi (PND TH) -1.8%
Intesa Sanpaolo (IES TH) -2.7%

>>> TradeGAte Pre-Market Indications

DAX:

Infineon (IFX TH) +7.5%
- Infineon’s Cypress Acquisition Wins U.S. Security Clearance (1)
Lufthansa (LHA TH) +7.2%
- Lufthansa Bond Yields Jump Amid Early Stage of Schuldschein Sale
Deutsche Bank (DBK TH) +6.2%
Deutsche Post (DPW TH) +6.1%
- Deutsche Post Fourth Quarter Ebit 2.3% Below Estimates
Daimler (DAI TH) +5.3%
Fresenius SE (FRE TH) +2.4%
Siemens (SIE TH) +2.1%
Adidas (ADS TH) +2%
- Jefferies Finds ‘Rock-Solid’ Global Stocks to Ride Out Oil Chaos
Fresenius Medical (FME TH) +2%
Deutsche Boerse (DB1 TH) +1.1%

MDAX:

Commerzbank (CBK TH) +7.8%
K+S (SDF TH) +6.2%
Varta (VAR1 TH) +5.6%
ThyssenKrupp (TKA TH) +5.5%
Metro AG (B4B TH) +4.9%
Rheinmetall (RHM TH) +1.1%
Duerr (DUE TH) +0.9%
Uniper (UN01 TH) +0.7%
- Uniper Full Year Adjusted Ebit 2.8% Above Estimates
TAG Immobilien (TEG TH) -1.4%

SDAX:

Wacker Neuson (WAC TH) +7.4%
- Wacker Neuson Cut to Hold at Bankhaus Metzler; PT 10.50 euros
Wacker Chemie (WCH TH) +6.9%
Instone Real Estate (INS TH) +5.3%
Schaeffler (SHA TH) +5.3%
- Schaeffler Sees 2020 Rev. Change Ex-FX -2% To 0%
Leoni (LEO TH) +5.2%

>>> What to look at today - 10th of March 2020

Stocks showed signs of stabilization with a rebound in Asian trading Tuesday after the deepest equity rout since the global financial crisis.

Futures on the S&P 500 Index gained more than 3% after the gauge’s near 8% plunge Monday, and benchmarks rose in Hong Kong and Shanghai. Japan advanced after sliding 4% at one point. Shares in Sydney came back from the cusp of a bear market to end up more than 3%. Crude oil rose over 7%, taking back a slice of Monday’s crash. The yen slid over 2% and the Swiss franc declined the most since July. Yields on 10-year Treasurys recouped roughly half of yesterday’s tumble, while the futures hit their limit down, triggering a circuit breaker.

US After Hours SFIX -37% down big on earnings/guidance, CNI +14.8% cancels presentation at JP Morgan conference, GKOS +0.7% to join S&P600, MTN -12.3%, NGM -6.9% COO Departs

Nikkei +0.75% Hang Seng +1.83% CSI +1.96% Shanghai +1.52% Shenzen +1.81%

Eur$ 1.1370 CNH 6.9380 CNY 6.9372 JPY 104.33 GBP 1.3050 CHF 0.9341 RUB 73.0012 TRY 6.1553 WTI$ 33.50 +7.61%

S&P +3.40% Nasdaq +3.77% EuroStoxx +2.15% FTSE +2.89% Dax +2.11% SMI +2.15

Macro :

- Italy Leans Towards School Closure Until April 3: Repubblica

- Goldman Sachs Files With SEC for ETF Based on Economic Drivers

- UN Affirms Urgent Need to Curb Virus Spread by Air Travel

- Hedge Fund Point72 Reports Coronavirus Case in New York: WSJ

- Germany Won’t Blink on Fiscal Stimulus Until Crisis Hits Home

Keep an eye on :

- AF FP : *AIR FRANCE TO CANCEL 3,600 FLIGHTS IN MARCH ON CORONAVIRUS

- ARYN SW : Aryzta First Half Underlying Ebitda EU169.8 Mln, +12% Y/y

- BFIT NA : Basic-Fit Full Year Adjusted Ebitda 3.1% Above Estimates

- BT/A LN : BT Dividend Hangs by a Thread as Market Rout Widens Pension Hole

- CTM SS : Catena Media Names MTGx’s Peter Messner CFO

- CGG FP : CGG Confident Can Remain Cash Positive Despite Oil Price Drop

- COR PL : Corticeira Amorim Full Year Net Income EU74.9 Mln, -3.2% Y/y

- DBK GY : Deutsche Bank, KKR Workers Get Virus in Europe, Upending Offices

- DPW GY : Deutsche Post Fourth Quarter Ebit 2.3% Below Estimates

- GCO SM : Catalana Occidente Holder Offers Shrs at EU21.30-22/Shr

- GALE SW : Galenica Sees 2020 Sales +1% To +3%

- GBN SW : Geberit Full Year Ebitda Meets Estimates

- GNAB DC : Genmab Names Anthony Mancini as Exec VP and COO From March 23

- GSK LN : ViiV Phase III Flair Study Findings Show Continued Efficacy

- HEIA NA : Heineken to Invest $183m Into Brazil Brewery Expansion: Reuters

- HIAG SW : HIAG Abolishes Extended Exec Board, Tasks of Members Unchanged

- HUBN SW : Huber + Suhner Full Year Ebit CHF80.5 Mln, -2.4% Y/y

- ICA SS : ICA Gruppen Agrees to Buy Logistics Property for About SEK1.1b

- IFX GY : Cypress Semi: CFIUS Sees No Security Concerns With Infineon Deal

- INF LN : Informa FY Adjusted Operating Profit Beats Highest Est.

- KTCG AV : Kapsch TrafficCom Says Tender for South Africa Project Ended

- KCO GY : Kloeckner Full Year Adjusted Ebitda Misses Lowest Estimate

- LLOY LN : Lloyds Unveils Plans to Shift Customer Data Onto Google's Cloud

- NAS NO : Norwegian Cancels Italy Flights Due to Expanded Restrictions

- NOVN SW : Novartis to Buy Back as Much as 10% of its Registered Shares

- NWO GY : New Work SE Says Stefan Winners Resigns as Chairman

- PTEC LN : Playtech Notes Recent Impact in Italy on Coronavirus Outbreak

- POS AV : PORR Full Year Earnings Before Income Taxes EU35 Mln

- PSM GY : ProSiebenSat.1 Deputy CEO Will Leave Company, Sueddeutsche Says

- RIEN SW : Rieter Full Year Dividend Per Share CHF4.50 Vs. CHF5 Y/y

- SAN SM : Santander UK to Hire Tony Prestedge as Deputy CEO: Sky

- SAS SS : SAS Says Two Employees Tested Positive for Coronavirus

- SWTQ SW : Schweiter Full Year Ebitda CHF126.5 Mln, +14% Y/y

- SENS SW : Sensirion Full Year Adjusted Ebitda Margin 12% Vs. 15.9% Y/y

- SY1 GY : Symrise Full Year Sales Match Estimates

- TMV GY : TeamViewer Among Top Internet Names in Volatile Market: RBC

- TXGN SW : TX Group AG Full Year Ebitda CHF196.8 Mln, -4.4% Y/y

- UN01 GY : Uniper Full Year Adjusted Ebit 2.8% Above Estimates

- VOW3 GY : VW Hit With $1OO,000 Punitive Damages in Diesel Cheating Trial

- ZURN SW : Zurich Airport Full Year Revenue Meets Estimates

>>> Europe : Brokers Upgrades & Downgrades - 10th of MArch 2020