>>> What to look at today - 27th of February 2020

The wrenching stock sell-off extended on Thursday, sending a global benchmark heading for its lowest close since October, while government bond yields sank to record levels.
The MSCI All-Country World Index fell for a sixth straight day, with Japan leading losses at over 2% down. Futures on the S&P 500 tumbled as much as 1.6%, after declines in the index had eased some on Wednesday. The yen rose, and 10-year U.S. and Australian yields hit fresh record lows Thursday. With the number of coronavirus cases mounting outside China, investors have yet to see the signs of a peak that had helped spur a recovery in Chinese shares. Oil dropped further.
US After Hours MSFT -1.4% and BKNG -0.5% guide lower on coronavirus but stocks holding up; ETSY +11%, BOX +9%, SQ +7% among earnings leaders; NTNX-17%, MED -14%, CVNA -10% among weaker names

Nikkei -2.13% Hang Seng -0.44% Shanghai +0.07% Shezen +0.23%

Eur$ 1,0915

S&P -0.78% Eurostoxx -2.26% FTSE -1.76% Dax -2.38% MIB -2% SMI -1.58%

Macro :
- Bonds Have the Upper Hand in the Battle With Stocks: Macro View
- U.S. Investor Bull-Bear Spread -8.7: AAII

Keep an eye on :
- ABI BB : AB InBev Fourth Quarter Adjusted Ebitda Misses Estimates
- AALBA NA : Aalberts NV Full Year Revenue Meets Estimates
- ADYEN NA : Adyen 2H Net Revenue Meets Estimates
- AKE FP : Arkema Full Year Ebitda Meets Estimates
- AOX GY : Alstria Office 2020 Revenue Forecast Misses Lowest Estimate
- ALSN SW : Also Full Year Pretax Profit 4.5% Above Estimates
- ARGX BB : Argenx Full Year Operating Loss Wider Than Estimates
- BCVN SW : BC Vaudoise Full Year Net Income CHF363m vs. CHF350m in 2018 (1)
- BAYN GY : Bayer Says Ranks of Roundup Plaintiffs Aren’t Swelling as Much
- BVI FP : Bureau Veritas Sees Solid Organic Growth Despite Coronavirus Hit
- BWE NO : BW Energy Fourth Quarter Ebitda $57 Mln
- AM FP : Dassault Aviation Sees 2020 Falcon Deliveries 40
- EDP PL : EDP Share Offering Raises EU292.9m, or EU4.45/Share
- FGR FP : Eiffage’s Earnings Beat, Cash Flow Should Be Well-Received: Citi
- FNAC FP : Fnac Darty Confirms 2020, Medium-Term Targets
- GET FP : Getlink 2019 Ebitda EU560m, Sees Ebitda of EU580m This Year
- HLNG NO : Hoegh LNG Fourth Quarter Ebitda Meets Estimates
- KOA NO : Kongsberg Automotive Fourth Quarter Revenue EU280.8 Mln
- KUD SW : Kudelski Full Year Revenue Misses Lowest Estimate
- LHN SW : LafargeHolcim Flags Coronavirus as Threat to Newfound Growth
- MEL SM : Melia Hotels Full Year Net Income Beats Estimates (1)
- NESN SW : Nestle Tells Global Staff to Halt Overseas Business Travel: WSJ
- NMC LN : NMC Health Removes Manghat as CEO; Bank Discrepancies Flagged
- NOKIA FH : Nokia Said to Weigh Strategic Options as Profit Pressure Mounts
- NOKIA FH : Nokia Explores a Sale as It Struggles for Share in 5G: React
- SAF FP : Safran Sees 2020 Adjusted Revenue -5% To 0%
- STAN LN : *STANDARD CHARTERED AUTHORIZES PURCHASE UP TO $0.5B OF SHARES
- SCR FP : Scor Full Year Net Income EU422 Mln
- SDRL NO : Fredriksen’s Seadrill Continues Talks With Banks After New Loss
- SRCG SW : Sunrise Proposes Accenture’s Swiss CEO as Chairman
- TEG GY : TAG Immobilien 2020 FFO Per Share Forecast Matches Estimates
- FTI FP : TechnipFMC Fourth Quarter Revenue 2.9% Below Estimates
- UBI IM : Cattolica Boosts UBI Stake to 1%, Joins Group Resisting Intesa
- ZAL GY : Zalando 2020 Adjusted Ebit View Midpoint 1.8% Above Est.

>>> Europe : Brokers Upgrades & Downgrades - 27th of February 2020

>>> Up
* Ageas Raised to Buy at SocGen; PT 55 euros
* Air France-KLM Raised to Outperform at Exane; PT 10 euros
* Cellnex Raised to Overweight at Barclays; PT 55 euros
* EDF Raised to Buy at CaixaBank BPI; PT 16.01 euros
* H&M Raised to Overweight at JPMorgan; PT 225 kronor
* Inditex Raised to Outperform at Exane; PT 34 euros
* Logitech Raised to Overweight at JPMorgan
* LPKF Raised to Buy at HSBC; PT 33 euros
* Lundin Petroleum Raised to Buy at SEB Equities; PT 305 kronor
* Moncler Raised to Buy at UBS; PT 40 euros
* Pandora Raised to Buy at Handelsbanken; PT 360 kroner
* Remy Cointreau Raised to Buy at Berenberg; PT 114 euros
* Ryanair Raised to Neutral at Exane; PT 14 euros
* Salmar Raised to Hold at SEB Equities; PT 470 kroner
* Schneider PT Raised to 119 euros from 103 euros at Barclays
* Wolters Kluwer Raised to Neutral at JPMorgan; PT 70 euros

>>> Down
* Burberry Cut to Sell at UBS; PT 1,415 pence
* K+S Cut to Sell at Berenberg; PT 6.50 euros
* Lenzing Cut to Hold at Erste Group; PT 71.60 euros
* Lufthansa Cut to Neutral at Exane; PT 15 euros
* Marks & Spencer Cut to Underperform at Exane; PT 160 pence
* Richemont Cut to Hold at MainFirst; PT 73 Swiss francs
* Sydbank Cut to Sell at Danske Bank Markets; PT 135 kroner

>>> Initiation
* Jenoptik Rated New Hold at Commerzbank; PT 24 euros

>>> Call
* K+S Downgraded to Sell by Berenberg on Falling Potash Prices
* Kuehne + Nagel Volume Missed; Dividend Cut May Disappoint: Citi
* Remy Upgraded at Berenberg as Virus Impact Seen as Priced In

>>> US After Hours Summary: MSFT -1.4% and BKNG -0.5% guide lower

After Hours Summary: MSFT -1.4% and BKNG -0.5% guide lower on coronavirus but stocks holding up; ETSY +11%, BOX +9%, SQ +7% among earnings leaders; NTNX-17%, MED -14%, CVNA -10% among weaker names

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: TDOC +17.2%, REZI +15.9%, ETSY +10.5%, NDLS +10.5%, ESTC +10.2%, NTRA +9.3%, BOX +8.8%, DDD +8.7%, UPWK +8%, SQ +7.3%, CPE +7.2%, RUBI +5.5%, ARNA +4.5%, WPG +4.4%, ACAD +4.1%, ERI +3.1%, GTE +2.8%, PK +2.1%, STAA +1.4%, ACA +1.3%, ALEX +0.9%, MAR +0.9%, CRC +0.8%, ECPG +0.6%, WHD +0.4%, NTES +0.3%, GEF +0.2%, SRI +0.2%, CLGX +0.1%, FG +0.1%, IIPR +0.1%

Companies trading higher in after hours in reaction to news: GILD +4.2% (to initiate two Phase 3 studies of remdesivir for COVID-19), LIVN +2.4% (announces research collaboration with Verily, an Alphabet (GOOG) company), ALSN +0.6% (increases dividend)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CLR -17.2%, NTNX -16.9%, TPC -16%, MED -13.7%, CVNA -10%, FRGI -6%, CCI -5.6%, WPX -5%, GBT -4.9%, NVEE -4.9%, PTLA -4.2%, ANSS -3.8%, RGNX -2.3%, ADPT -2.2%, BEAT -2.1%, APA -1.7%, SRPT -1.4%, MSFT -1.4%, EDIT -1.2%, LB -0.6%, TWNK -0.6%, BKNG -0.5%, KW -0.4%, VAC -0.2%, CW -0.1%, UHS -0.1%, WTRG -0.1%

Companies trading lower in after hours in reaction to news: O -2.5% (commences public offering of 9 mln shares), AMRN -1.4% (files mixed securities shelf offering), OGS -1.2% (files mixed securities shelf offering)