>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance:

  • NUS -17.3%, QUOT -17.1%, NTAP -11.8% (also CFO to retire), SPWR -11.2%, TTGT -10.9%, PS -9.4%, HEAR -7.7% (sees Q4 below consensus), ZBRA -7.2%, ICL -5.5%, SSTK -5.4%, LPI -5.1%, CTL -5.1%, CSCO -4.7%, AVLR -4.7%, CXW -4.5%, IFF -4.5%, BABA -3.6%, WM -3.6%, MGM -3.1% (also CEO steps down), KAI -3%, MRO -2.7%, GTLS -2.5%, WSO -2.5%, HUBS -2.3%, CHNG -2.1%, NICE -1.6%, GNRC -1.5%, AKG -1.4%, EQIX -1.3% (also increases dividend), CDNS -1.1%, PEGA -0.9%, TYL -0.8%, SSNC -0.8%, BCS -0.8%, MTCH -0.8%

Select China related names showing weakness:

  • JD -2.3%, BIDU -2.2%, HUYA -1.9%, WB -1.8%, ASHR -1.5%, FXI -1.5%

travel related stocks trading lower:

  • CCL -1.7%, RCL -1.7%, UAL -1.5%, LUV -1.5%, AAL -1.4%, DAL -0.9%, SAVE -0.6%

Other news:

  • AKRX -20% (agrees to pursue a sale of its business; announces new extension of standstill with lenders)
  • BE -17.9% (provides update on timing for Q4 earnings; will restate certain financial statements; issues business performance update)
  • CBIO -15.5% (stock offering)
  • AVRO -12.1% (prices 4.35 mln shares of common stock at $23.00 per share)
  • TSLA -6.8% (intends to offer approximately $2 bln of common stock; also announced recalls)

Analyst comments:

  • ENPH -3.8% (downgraded to Neutral from Buy at B. Riley FBR)
  • NBLX -1.6% (downgraded to Neutral from Outperform at Robert W. Baird)
  • SHOP -1.3% (downgraded to Neutral from Outperform at Credit Suisse)
  • EVA -1.2% (downgraded to Neutral from Buy at Citigroup)
  • CYBR -1.1% (downgraded to Hold from Buy at Needham)

>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance:

  • FTSI +11.2%, RDFN +7.8%, NEPT +6.6%, CRSP +6.5%, AR +6.2%, IRWD +5.4%, HIMX +4.9%, TPX +4.6%, CPA +4%, TRIP +3.8%, EVLO +3.7%, AM +3.4%, DAVA +3.3%, BPMC +2.7%, KGC +2.6%, ACOR +2.5%, ASGN +2%, CF +2%, AMAT +2%, BWA +2%, AIG +1.9%, KELYA +1.8%, STAG +1.6%, TRMB +1.6%, SITC +1.6%, HE +1.5%, TNAV +1.4%, PRSP +1.3%, AGIO +1.3%, GNCA +1.3%, ORAN +1.1%, SLF +1%

Other news:

  • AVH +1.2% (discloses that the Office of the Attorney General of Colombia served Avianca with a search warrant of its offices with the objective of collecting information related to previously disclosed investigation)
  • TCX +0.5% (approves new $40 mln stock repurchase program )

Analyst comments:

  • CAT +0.5% (upgraded to Buy from Neutral at Goldman)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • FTSI +11.2%, RDFN +7.1%, NEPT +6.6%, AR +6.2%, CRSP +4.2%, CPA +4%, TRIP +3%, SSNC +2.9%, KGC +2.6%, AMAT +2.5%, YETI +2.3%, ASGN +2%, CF +2%, STAG +1.6%, TRMB +1.6%, ORAN +1.4%, TNAV +1.4%, PRSP +1.3%, SLF +1%, FR +0.9%, NLY +0.8%, ALE +0.8%, GNRC +0.8%
  • Gapping down:
    • BE -24.4%, AKRX -24.1%, QUOT -17.1%, CBIO -15.9%, NUS -15.1%, NTAP -12.5%, TTGT -10.9%, SPWR -10.9%, PS -9.9%, HEAR -7.8%, AVRO -7.1%, ICL -6%, LPI -5.1%, CTL -5.1%, CSCO -4.7%, MGM -4.6%, NICE -4.5%, ATUS -3.6%, IFF -3.6%, AVLR -3.4%, AM -3.4%, TSLA -3.2%, KAI -3%, MRO -2.7%, CXW -2.5%, BCS -2.5%, HUBS -2.3%, CHNG -2.1%, EQIX -1.3%, CDNS -1.1%, TYL -0.7%, MTCH -0.7%

>>> What to look at today - 13th of February 2020

U.S. and European equity futures fell along with most stock markets in Asia on Thursday as investors mulled over the implications of a surge in the number of coronavirus cases in China’s Hubei province, after it deployed a revised methodology.
While the jump in the tally cut against the optimism seen Wednesday about the rate of infections slowing, some analysts were encouraged by what might be a more realistic picture coming from Chinese authorities. Benchmarks in Japan, Shanghai, Hong Kong and South Korea declined, though shares in Australia edged higher. The yen edged up, the yuan ticked down, and Treasuries rose. Oil held above $51 a barrel in New York. The euro held near the lowest since 2017 amid concern economic activity is slowing.
US After Hours RDFN +6% and TRIP +4% are leading earnings movers; NUS -13.6%, TTGT -12.2%, NTAP -11.6% lead on the downside; CSCO -4% also weak on earnings, could weigh on tech stocks tomorrow


Macro :
- China Jan. Car Sales Fall 20.2% on Year: CAAM
- China’s Coronavirus Cases Jump by 15,000 After Counting Change
- MSCI Says 7 Additions, 4 Deletions From MSCI ACWI Index

Keep an Eye on :
- AGN NA : Aegon Full Year Underlying Pretax Profit 1.0% Below Estimates
- AIR FP : Airbus 2019 Results Good; 2020 Outlook May Underwhelm: Analysts
- AM1 FH : Ahlstrom-Munksjo 4Q Adjusted Ebitda Misses Lowest Est.
- NDA GY : Aurubis 1Q Pretax Operating Profit Misses Lowest Est.
- BARC LN : Barclays Says CEO Staley Has Full Confidence of the Board
- BAR BB : Barco 2020 Ebitda Margin Forecast Matches Estimates
- BETSB SS : Betsson Fourth Quarter Revenue 1.5% Below Estimates
- GBF GY : Bilfinger CEO Sees Orders Recovery This Year, No Virus Impact
- BOL SS : Boliden Fourth Quarter Operating Profit Misses Lowest Estimate
- BRAV SS : Bravida Fourth Quarter Operating Profit Beats Estimates
- CAP FP : Capgemini FY Net Below Estimate, Plans EU600m Buyback
- CAP FP :Capgemini to Buy Social Impact Agency Purpose
- CNA LN : Centrica FY Adj. Op. Profit Misses Est.; Takes GBP1.1b Charge
- CLN SW : Clariant to Cut Up to 600 Jobs as Kottmann Deepens Costs Cuts
- CCH LN : Coca-Cola HBC Full Year Net Sales Meet Estimates
- COLL SS : Collector to Focus on Core Business, Less on Fintech
- CBK GY : Commerzbank Revenue Beats Estimates as Interest Income Rises
- DSY FP : Airbus, Dassault Aviation Awarded Phase 1 Air Combat Contract
- DOM LN : Domino’s Pizza Group to Sell Norwegian Business
- DSM NA : DSM Expects Mid-Single Digit Increase in Adj. EBITDA for 2020
- ENX FP : Euronext Full Year Ebitda Meets Estimates
- FAGR BB : Fagron Full Year Adjusted Ebitda Meets Estimates (1)
- FDJ FP : FDJ Sees 2020 Adjusted Revenue +5%
- FHZN SW : Zurich Airport January Passenger Traffic +0.7%
- GALP PL : Galp Signs 10-Year Sourcing Agreement With Nigeria LNG
- GRI LN : Grainger to Offer Up to 61.2m Shrs
- HHFA GY : Hamburger Hafen Preliminary FY Ebit Rises 8.8% to EU222 Million
- HEI GY : HeidelbergCement 2019 Update a Slight Earnings Miss: Goodbody
- HUH1V FH : Huhtamaki Oyj Full Year Dividend Per Share Matches Estimates
- IFX GY : *CHINA SEEKS COMMENTS FROM 3RD PARTIES IN CY/INFINEON: DEALREP
- IPN FP : :Ipsen Sees 2020 Sales At Constant Exchange Rates Above +6%
- KN FP : Imerys Full Year Dividend Per Share Beats Estimates
- JE/ LN : Delivery Hero to Buy 8.4 Million More Just Eat Takeaway Shares
- KBC BB : KBC to Buy Back 5.5M Shares as Final Dividend Misses Estimates
- KIN BB : Kinepolis Free to Open New Cinemas in Belgium From August 2021
- LR FP : Legrand Sees 2020 Organic Revenue -1% To +3%
- B4B GY : Metro AG Revenue Rises as Eastern Europe, Asia Offset Russia
- GLE JN : MJ Gleeson First Half Operating Profit GBP13.3 Mln
- MTRS SS : Munters Fourth Quarter Adjusted Ebita 1.9% Below Estimates
- NESN SW : Nestle Full Year Organic Revenue Misses Estimates
- NESN SW : Nestle Aims to Speed Up Towards Mid-Single-Digit Growth in 2021
- NIBEB SS : Nibe Full Year Operating Profit 1.3% Below Estimates
- NOKIA FH : Cisco Third Quarter Revenue Forecast Midpoint Beats Estimates --> CSCO -4% in After Hours
- NAS NO : Norwegian Air Fourth Quarter Ebit Loss Narrower Than Estimates
- ORA FP : Orange Sales Exceed Analyst Estimates as France Revenues Gain
- RI FP : Pernod Ricard Cuts Forecast as Coronavirus Weighs on China Sales
- PRS NO : Prosafe, Floatel Mutually Decide to Stop Merger Process
- REL LN : RELX FY Adj. Operating Profit Meets Est.; Chairman to Retire
- RXL FP : Rexel Full Year Recurring Net Income 1.2% Below Estimates
- RIB GY : Schneider Electric Offers to Buy RIB Software for EU29/Shr Cash
- RIB GY : RIB Software Maintains 2020 Oper Ebitda EU57 Mln To EU65 Mln
- RYA LN : Ryanair May Make Offer for Ailing Air Italy, Il Sole Reports
- SBMO NA : SBM Offshore Full Year Adjusted Ebitda 3.2% Above Estimates
- SIP BB : Sipef NV Full Year Revenue 2.3% Above Estimates (1)
- SOBI SS : Sobi Sees 2020 Ebita SEK5.5 Bln To SEK6.3 Bln
- SOPH LN : Sophos Buyers Confirm Antitrust, Regulatory Conditions Satisfied
- TKA GY : *THYSSENKRUPP POSTS 1Q LOSS, ELEVATOR UNIT DECISION `IMMINENT'
- TEMN SW : Temenos Fourth Quarter Non-IFRS Revenue Meets Estimates
- TTALO FH : Terveystalo Fourth Quarter Adjusted Ebit Misses Estimates
- URW NA : Unibail Full Year Recurring EPS Beats Estimates
- URW NA : Unibail-Rodamco Enters Partnership W/ Credit Agricole, Francaise

>>> Europe : Brokers Upgrades & Downgrades - 13th of February 20

>>> Up
* Cineworld Raised to Equal-Weight at Morgan Stanley
* Delivery Hero Raised to Outperform at RBC; PT 95 euros
* Eurobank Raised to Buy at Alpha Finance; PT 1.03 euros
* Evolution Gaming Raised to Buy at Pareto Securities
* GN Store Nord Raised to Hold at Jefferies; PT 400 kroner
* Hannover Re PT Raised to 201 euros at Bankhaus Metzler
* Hoist Finance Cut to Hold at Pareto Securities; PT 60 kronor
* Kungsleden Raised to Buy at Handelsbanken; PT 125 kronor
* Kungsleden Raised to Buy at ABG; PT 115 kronor
* Pandox Raised to Buy at ABG; PT 230 kronor
* TGS Raised to Buy at Handelsbanken; PT 270 kroner
* TGS Raised to Buy at Arctic Securities; PT 280 kroner

>>> Down
* Beazley Cut to Hold at Jefferies; PT 611 pence
* Croda Cut to Hold at Berenberg
* Elekta Cut to Hold at ABG; PT 125 kronor
* ITM Power Cut to Sell at First Berlin; PT 105 pence
* Kering Cut to Neutral at Mediobanca SpA
* Learning Tech Cut to Neutral at Goldman; PT 162 pence
* Logitech Cut to Sell at UBS
* NMC Health Cut to Sell at SocGen; PT 590 pence
* Storebrand Cut to Neutral at JPMorgan; PT 73.10 kroner
* Swedish Match Cut to Hold at Handelsbanken; PT 630 kronor
* X-Fab Silicon Foundries Cut to Hold at Deutsche Bank
* X-Fab Silicon Foundries Cut to Hold at HSBC; PT 6 euros
* Wallenius Wilhelmsen Cut to Hold at Pareto Securities
* Webstep Cut to Neutral at SpareBank; PT 23 kroner
* Webstep Cut to Hold at Arctic Securities; PT 22 kroner

>>> Initiation
* Freenet Resumed Hold at Deutsche Bank; PT 21.50 euros
* GTT Rated New Buy at Berenberg; PT 119 euros
* Sinch Rated New Buy at SEB Equities; PT 400 kronor
* Victoria Rated New Buy at Peel Hunt; PT 480 pence

>>> Call
* Beazley Results Euphoria Is Chance to Take Profits: Jefferies
* BP’s New Principles and Ambitions Omit Some Keywords, Citi Says
* Cineworld Upgraded But Outlook Remains Cautious: Morgan Stanley
* Croda Cut to Hold as Short-Term Growth Outlook Muted: Berenberg
* GTT a Buy at Berenberg on LNG Outlook, High Barriers to Entry
*Lancashire to Rise at Open as One-Offs Drive Earnings Beat: MS
* Nordea Estimates Raised on 4Q But More Work Needed, Citi Says
* Takeaway Reinvests More Than Expected, Ebitda Misses: Berenberg
* Utilities Now Attractive; RWE, Enel Top Picks: Morgan Stanley
* Victoria Undervalued as Market Conditions Set to Improve: Peel
* Zurich Insurance Net Income Beats, Outlook Seems Stronger: Citi

>>> US After Hours Summary: RDFN +6% and TRIP +4% are leading earn

TICKER ALERT: WRAPX

After Hours Summary: RDFN +6% and TRIP +4% are leading earnings movers; NUS -13.6%, TTGT -12.2%, NTAP -11.6% lead on the downside; CSCO -4% also weak on earnings, could weigh on tech stocks tomorrow

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: RDFN +5.9%, TRIP +4%, CRSP +3.9%, AMAT +3.1%, CPA +3.1%, SSNC +2.6%, KGC +1.6%, EFX +0.5%, NLY +0.5%, TCX +0.5%, PEGA +0.4%, KAI +0.2%, AEL +0.1%, CF +0.1%, QLYS +0.1%

Companies trading higher in after hours in reaction to news: SALT +2.5% (to sell and leaseback three dry bulk vessels), TCX +0.5% (approves new $40 mln stock repurchase program)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: NUS -13.6%, TTGT -12.2%, NTAP -11.6% (also CFO to retire), PS -7.9%, LPI -7%, SPWR -6.8%, HEAR -6.6% (sees Q4 below consensus), CTL -4.8%, CSCO -4.4%, AVLR -3.7%, MGM -3.3% (also CEO steps down), AM -3%, MRO -2.9%, ATUS -2.4%, CHNG -2.1%, CXW -1.4%, FTSI -1.2%, TYL -1%, HUBS -0.6%, PGRE -0.5%, ASGN -0.3%, AKR -0.2%, HR -0.2%, SLF -0.2%, CDNS -0.1%, EQC -0.1%, FCPT -0.1%, NWE -0.1%, STAG -0.1%, WCN -0.1%

Companies trading lower in after hours in reaction to news: BE -19.9% (provides update on timing for Q4 earnings; will restate certain financial statements; issues business performance update), CBIO -13.6% (stock offering), AKRX -9% (agrees to pursue a sale of its business; announces new extension of standstill with lenders), AVRO -8.4% (announces $100 mln common stock offering), TSLA -1.4% (Transport Canada issues recall for 843 Tesla SUVs; also Reuters reports Tesla recalls 15,000 Model X SUVs in North America due to power steering issue)

>>> TradeGate Pre-MArket Indications

DAX:
  • Daimler (DAI TH) -0.7%
  • SAP (SAP TH) -0.7%
  • Fresenius Medical (FME TH) -0.8%
  • BMW (BMW TH) -1.1%
  • Infineon (IFX TH) -2.1%
    • China Seeks Comments From 3rd Parties in CY/Infineon: Dealrep
MDAX:
  • Commerzbank (CBK TH) +1.2%
    • Commerzbank Revenue Beats Estimates as Interest Income Rises
  • Telefonica Deutschland (O2D TH) +0.8%
  • Aroundtown (AT1 TH) +0.6%
  • Freenet (FNTN TH) +0.5%
    • Freenet Resumed Hold at Deutsche Bank; PT 21.50 euros
  • Metro AG (B4B TH) +0.4%
    • Metro AG Revenue Rises as Eastern Europe, Asia Offset Russia
  • Varta (VAR1 TH) -0.5%
  • Osram (OSR TH) -0.8%
  • ThyssenKrupp (TKA TH) -1.5%
    • Thyssenkrupp Says Elevator Sale Is Imminent as Losses Mount
  • Airbus (AIR TH) -3.9%
    • Airbus 2019 Results Good; 2020 Outlook May Underwhelm: Analysts
SDAX:
  • RIB Software (RIB TH) +40%
    • Schneider Electric Offers to Buy RIB Software for EU29/Shr Cash
  • Bilfinger (GBF TH) +2.5%
    • Bilfinger Fourth Quarter Adjusted Ebita EU57 Mln, +54% Y/y
  • Deutz (DEZ TH) +0.6%
  • Aixtron (AIXA TH) -1%
  • Ceconomy (MEO TH) -1.5%