>>> Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F fi

Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F filing: New HPQ position, Increased LBTYK VIAC EBAY MCK holdings
Highlights from 2019 Q4 filing as compared to Q3 2019:
  • New positions in: HPQ (~10 mln shares) ERI (~0.39 mln)
  • Increased positions in: LBTYK (to ~52.39 mln shares from ~43.96 mln shares), VIAC (to ~17 mln from ~12 mln), EBAY (to ~19.99 mln from ~16.65 mln), MCK (to ~1.6 mln from ~1.31 mln)
  • Maintained positions in: CLNY (~49.69 mln shares), FOXA (~27.32 mln shares), TBIO (~17.54 mln shares), VSAT (~13.73 mln shares), LNG (~10.14 mln shares), UNVR (~9.5 mln shares), TBPH (~9.31 mln shares), ATRA (~8.31 mln shares)
  • Closed positions in: AR (from ~21.09 mln shares), TAK (from ~9.43 mln), PRTK (from ~2.39 mln), GOSS (from ~0.97 mln)
  • Decreased positions in: NUAN (to ~2.3 mln shares from ~8.25 mln shares), PCG (to ~18.89 mln from ~24.5 mln), AKBA (to ~19.57 mln from ~24.47 mln), QRVO (to ~2.75 mln from ~5.68 mln), SYF (to ~3 mln from ~5 mln), CARS (to ~2.71 mln from ~3 mln

>>> Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing:

Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing: New AVTR AMZN IAA positions
Highlights from 2019 Q4 filing as compared to Q3 2019:
  • New positions in: AVTR (~7 mln shares), AMZN (~0.07 mln), IAA (~6.5 mln), AMTD (~3 mln), VIAC (~2.75 mln), SCHW (~1 mln), XP (~0.8 mln), RTN (~0.56 mln), CNNE (~0.18 mln), RACE (~0.15 mln)
  • Increased positions in: GO (to ~1.15 mln shares from ~0.18 mln shares), BAX (to ~17.5 mln from ~16.85 mln), FIVE (to ~1.2 mln from ~0.85 mln), BKI (to ~1.9 mln from ~1.75 mln), ADBE (to ~0.95 mln from ~0.83 mln)
  • Maintained positions in: FPAC (~15.69 mln shares), BSX (~5 mln) AGN (~3.6 mln shares), FIS (~2.5 mln shares), CNC (~2.4 mln shares), IQV (~2 mln shares)
  • Closed positions in: PYPL (from ~2.7 mln shares), CFX (from ~2 mln), COLD (from ~1.28 mln), HDS (from ~1 mln) SDC (from ~0.75 mln), MSFT (from ~0.6 mln), GDDY (from ~0.5 mln), ZEN (from ~0.5 mln), TW (from ~0.43 mln)
  • Decreased positions in: CCO (to ~0.25 mln shares from ~5.25 mln shares), FOXA (to ~5 mln from ~8 mln), CPB (to ~14.4 mln from ~17 mln), GTT (to ~1.52 mln from ~3.07 mln), UTX (to ~5.21 mln from ~6 mln), CRM (to ~2.2 mln from ~2.5 mln

>>> What to look at today - 14th of February 2020

 Stocks in Asia were mixed as traders took in the latest China data on the coronavirus, which showed a daily increase in Hubei cases that’s smaller than yesterday’s, though still bigger than before the methodology changed.
Japanese shares fell, while equities in Hong Kong, Shanghai and Seoul advanced. U.S. and European equity futures edged higher, while both global stocks and bond yields are set for weekly advances on optimism about a V-shaped economic recovery from the virus. The yuan continues to trade stronger than 7 per dollar, and oil is above $51 a barrel in New York. Treasuries ticked higher and the yen was little changed.
US After Hours EXPE +10%, NVDA +6% and ROKU +6% up big on earnings; CARG -17%, LPSN -17%, ANET -9% weak on earnings

Nikkei -0.59% Hang Seng +0.30% CSI +0.61% Shanghai +0.28% Shenzen +0.36%

Eur$1.0839 CNH 6.9882 CNY 6.9848 JPY 109.79 GBP 1.3051 CHF 0.9800 RUB 63.4950 CHF 0.9799 WTI$ 51.45 +0.06%

S&P +0.19% Euro Stoxx +0.16% FTSE +0.21% Dax +0.21% SMI +0.25%

Macro :
- MSCI Says ESG Indexes Will Be Bigger Than Traditional Gauges (1)
- China Death Toll at 1,380; Revisions Cloud Picture: Virus Update


Keep an eye on :
- ADAPT SS : Adapteo Fourth Quarter Rental Sales EU35.1 Mln
- ADP FP : Aeroports De Paris Jan. Passenger Traffic +1.2%
- AFG NO : AF Gruppen Fourth Quarter Net Income Misses Lowest Estimate
- AIR FP : Airbus Aims to Launch Carbon Neutral Aircraft as Soon as 2025:FT
- AKER NO : Aker Targets New Oil & Gas Opportunities Amid Clean Energy Drive
- AMBEA SS : Ambea 4Q Adjusted Operating Profit Misses Lowest Est.
- BARN SW : 3-D Printed Chocolate to Start Reaching Consumer Market
- BEFB BB : Befimmo 2020 Adjusted EPS Forecast Misses Estimates
- BME SM : *SPAIN'S CNMC AUTHORIZES 1ST STEP IN BME TAKEOVER BY SIX
- BOL FP : Bollore Full Year Revenue Beats Highest Estimate
- BRNL NA : Brunel Full Year Revenue Meets Estimates
- COV FP : Covivio X-Tend Makes EU6.40/Share Cash Offer for Godewind (1)
- ACA FP : Credit Agricole CEO Brassac Bolstered by Investment Bank Rebound
- DAI GY : Daimler to Recall Almost 300,000 Cars Because of Fire Hazards
- ETL FP : Eutelsat First Half Discretionary Cash Flow EU104.5 Mln
- EEDF FP : EDF 2020 Ebitda Forecast Midpoint Meets Estimates
- FGR FP : Eiffage Wins German Rail Contract Worth EU117m
- FB US : Zuckerberg to Say Facebook May Have to Pay More Tax: Politico
- FIA1S FH :Finnair Cancels Mainland China Flights Until Winter Season End
- HLDX SS : Haldex Filed Antitrust Complaint Against Knorr-Bremse
- MMT FP : M6 FY Ebita EU284.4m, Est. EU273.6m
- MSEIS NO : Magseis Fairfield Offering Prices 81.6m Shares at NOK3.40/Share
- MW1 GY : MVV Energie First Quarter Adjusted Ebit EU81 Mln, +21% Y/y
- 7201 JP : Nissan Is Worth Less Than Subaru After Shares Plummet --> -9.61% volume 3.5 X avg volume
- NDA SS : Nordea Bank CEO Vang-Jensen Buys $145,000 Worth of Stock
- ALPAU FP : Paulic Meunerie Prices Paris IPO at EU6.32 a Share
- RNO FP : Renault Slashes Dividend, Posts Full-Year Profit Below Estimates
- ROG SW : Roche: China NMPA Approves Tecentriq Combined with Chemotherapy
- SEM PL : Semapa Full Year Net Income EU124.1 Mln
- SNC SM : Sniace Plans Liquidation, Says It’s Unable to Meet Commitments
- SCHP SW : Schindler Sees 2020 Revenue 0% To +5%
- SCR FP : Scor Buys Majority Stake in AgroBrasil
- TKWY NA : Just Eat Takeaway Share Sale Book Said to Be Covered (1)
- TCH FP : Technicolor Plans EU300m Capital Increase in New Plan
- TFI FP : TF1 Full Year Current Operating Income Beats Estimates
- TIE!V FH : TietoEvry 4Q Revenue EU542.8m; Sees Improved Profit in 2020
- US IM : UnipolSai Full Year Net 2.3% Above Estimates
- UNI IM : Unipol Full Year Insurance Sales Beat Highest Estimate
- YNAP IM : Fashion Retailer MyTheresa Prepares NYSE Listing: Rtrs
- VOD LN : Vodafone, Telecom Italia Mull Concessions Over Tower Deal: Rtrs
- VIV FP : Vivendi Plans IPO for Hit Machine Universal Music by 2023 (1)
- WDI GY : Wirecard Full Year Revenue Beats Highest Estimate

>>> US After Hours Summary: EXPE +10%, NVDA +6% and ROKU +6% up bi

After Hours Summary: EXPE +10%, NVDA +6% and ROKU +6% up big on earnings; CARG -17%, LPSN -17%, ANET -9% weak on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: EXPE +10.3%, BKI +7.4%, NVDA +6.1%, ROKU +5.7%, SVMK +5.7%, DXCM +5.3%, MAT +4.9%, GDDY +4.6%, CC +4.2%, FNF +2.1%, EBAY +1.9% (guides Q1, FY2020 following the sale of StubHub), MERC +0.4%, BIO +0.3%, AMN +0.2%, CRY +0.2%, AYX +0.1%, DLPH +0.1%, DLR +0.1%, HTA +0.1%, MHK +0.1%, PDFS +0.1%, SPXC +0.1%, TEX +0.1%, WRE +0.1%

Companies trading higher in after hours in reaction to news: SLGL +22.9% (announces "positive" top-line data for long-term safety study of Epsolay)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CARG -17%, LPSN -16.7%, TLND -12.2%, ANET -9%, YELP -5.2%, DDOG -4.1%, CGNX -3.7%, ARI -3.5%, SWAV -2.6%, AEM -1.4%, VECO -1.4%, AUY -1.3%, NET -0.4%, SPSC -0.3%, BFAM -0.2%, RSG -0.1%

Companies trading lower in after hours in reaction to news: OMCL -1.7% (discloses it received a letter from the SEC confirming that it has concluded its investigation), RCL -1.5% (issues comments on coronavirus outbreak impact)

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

>>> Up
* Aegon Raised to Buy at Citi
* ASML Raised to Hold at MainFirst; PT 290 euros
* Gem Diamonds Raised to Market Perform at BMO; PT 65 pence
* Metro AG Raised to Market Perform at Bernstein; PT 11.50 euros
* Nibe Raised to Hold at ABG; PT 172 kronor
* Sobi Raised to Buy at Handelsbanken; PT 220 kronor

>>> Down
* Alstom Cut to Neutral at Goldman; PT 49 euros
* Faes Farma Cut to Underperform at BBVA; PT 4.50 euros
* Fielmann Cut to Sell at Berenberg; PT 57 euros
* Grieg Seafood Cut to Hold at Arctic Securities; PT 150 kroner
* L'Oreal Cut to Underweight at Barclays; PT 248 euros
* MIPS AB Cut to Hold at Handelsbanken; PT 260 kronor
* Pernod Ricard Cut to Equal-Weight at Barclays; PT 170 euros
* Q-Free Cut to Neutral at SpareBank; PT 6 kroner
* RELX Cut to Hold at Berenberg; PT 2,100 pence
* Remy Cointreau Cut to Underweight at Barclays; PT 83 euros
* Terveystalo Cut to Reduce at Inderes; PT 12.20 euros

>>> Initiation
* Deutsche Industrie REIT Rated New Buy at Berenberg; PT 23 euros
* Eurofins Scientific Rated New Sell at Deutsche Bank

>>> Call
* Airbus PT Cut at Morgan Stanley on Free Cash Flow Headwinds
* Fielmann Disruption Risks Not Reflected, Berenberg Cuts to Sell
* RELX a Good Business With Limited Upside, Berenberg Cuts to Hold
* U.S. Firms Put Shareholder Payments Top, Capex Last: UBS Survey

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

>>> Up
* Aegon Raised to Buy at Citi
* ASML Raised to Hold at MainFirst; PT 290 euros
* Gem Diamonds Raised to Market Perform at BMO; PT 65 pence
* Metro AG Raised to Market Perform at Bernstein; PT 11.50 euros
* Nibe Raised to Hold at ABG; PT 172 kronor
* Sobi Raised to Buy at Handelsbanken; PT 220 kronor

>>> Down
* Faes Farma Cut to Underperform at BBVA; PT 4.50 euros
* Fielmann Cut to Sell at Berenberg; PT 57 euros
* Grieg Seafood Cut to Hold at Arctic Securities; PT 150 kroner
* L'Oreal Cut to Underweight at Barclays; PT 248 euros
* MIPS AB Cut to Hold at Handelsbanken; PT 260 kronor
* Pernod Ricard Cut to Equal-Weight at Barclays; PT 170 euros
* Q-Free Cut to Neutral at SpareBank; PT 6 kroner
* RELX Cut to Hold at Berenberg; PT 2,100 pence
* Remy Cointreau Cut to Underweight at Barclays; PT 83 euros
* Terveystalo Cut to Reduce at Inderes; PT 12.20 euros

>>> Initiation
* Deutsche Industrie REIT Rated New Buy at Berenberg; PT 23 euros
* Eurofins Scientific Rated New Sell at Deutsche Bank

>>> Call
* Airbus PT Cut at Morgan Stanley on Free Cash Flow Headwinds
* Fielmann Disruption Risks Not Reflected, Berenberg Cuts to Sell
* RELX a Good Business With Limited Upside, Berenberg Cuts to Hold
* U.S. Firms Put Shareholder Payments Top, Capex Last: UBS Survey