TheChek News Flow

>>> US Gapping down

Gapping down
In reaction to earnings/guidance:

MVST -24.7%, TSAT -9.4%, CWCO -7.8%, CMTL -5.2%, BCYC -5%, GDS -3.8%, NGS -3.1%, TME -2.3%, GLUE -1.8%, SMTC -1.7%, FLX -1.7%, HUYA -1.7%, AP -1.3%, STLD -1%

Other news:

LNSR -22.3% (LNSR and ALC terminate merger)
TBRG -9% (postpones Q4 earnings)
RYTM -3.3% (topline results from Phase 3 EMANATE trial)
CWBC -2.6% (CWBC receives regulatory approvals to merge with UBFO)
KLTR -2.2% (to acquire PathFactory, also reports earnings)
CTMX -1.9% (commences $250 mln stock offering; also files mixed securities shelf offering)
PI -1.2% (partial repurchase of convertible notes)
ALC -1.1% (LNSR and ALC terminate merger)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

CTRN +16%, PLBY +11.3%, GDOT +6.9%, XFOR +6.7%, ESLT +6.1%, DAL +5.3% (guidance), AGRO +3.8%, ATAT +3.5%, BALY +2%, ULCC +1.9% (guidance), JBLU +1.4% (guidance), BNC +0.9% (also CEO to step down)

Other news:

NUAI +8.6% (names new CFO)
DSGR +4% (confirms offer from LKCM Headwater)
LYFT +2.8% (to make rides smarter and more efficient through Agentic AI, accelerate AV future with NVIDIA)
ATAI +2.5% (reports that BPL-003 demonstrates rapid and durable antidepressant effects in treatment-resistant depression; Phase 3 Program on Track for Q2 2026 Initiation)
SEI +2.3% (closes two transactions)
FG +2% (authorizes new $100 mln share repurchase program)
FIP +2% (files mixed securities shelf offering)
MU +1.7% (high-volume production of HBM4; also co and Leopard Imaging accelerate robotics with NVIDIA module)
EPRX +1.5% (reports six-month symptom data from the highest dose cohort in its ongoing Phase 1b/2a RESOLVE Trial in Eosinophilic Esophagitis)
ETN +1.3% (collaborates with NVIDIA to unveil the Eaton Beam Rubin DSX platform)
PBR +1.2% (to acquire 50% interests in Tartaruga Verde and Espadarte)
CAAP +1.2% (Feb traffic)
GNE +1.2% (to delay 10-K filing)
HSAI +1% (joins NVIDIA Halos AI Systems Inspection Lab)
RRX +1% (provides update on CEO succession process)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
- PLBY +16.9%, NUAI +9%, GLSI +7%, GDOT +6.9%, ESLT +6.6%, ATAT +4.1%, DSGR +4%, NOVT +4%, BALY +3.6%, ATAI +2.7%, BNC +2.4%, KLTR +2.2%, FG +2%, FIP +2%, AGRO +1.4%, ETN +1.3%, LYFT +1.3%, HYMC +1.2%, CAAP +1.2%, GNE +1.2%
Gapping down:
- MVST -23.4%, LNSR -22.1%, CMTL -9.9%, TBRG -7.9%, CWCO -7.8%, AP -7.8%, RYTM -5.9%, NGS -5.2%, HUYA -4.6%, SMTC -3.4%, FLX -1.7%, FLR -1.6%, CRWV -1.5%, ALC -1.5%, TME -1.4%, NVTS -1.3%, PI -1.2%, NTAP -1.2%, ALB -0.9%, KDK -0.8%, SNPS -0.8%

FT : Warner Bros chief David Zaslav in line for $700mn payday

Warner Bros chief David Zaslav in line for $700mn payday

One of Hollywood’s highest earners stands to reap huge rewards from Paramount’s $111bn takeover of Warner Bros Discovery

David Zaslav, the boss of Warner Bros Discovery and one of the best paid executives in Hollywood, is in line to make more than $700mn from the $111bn sale of the Hollywood studio to Paramount.

Zaslav could receive $34.2mn in cash severance payments, $115.8mn in vested stock and $517.2mn in unvested share awards, according to a filing by WBD overnight on Monday.

In addition, the WBD chief executive is in line for estimated tax reimbursements of up to $335.4mn.

Tax-code rules mean the payout will decrease with the passage of time as more shares vest and will go to zero if the completion of the deal, which is subject to regulatory and shareholder approval, gets pushed into 2027. Paramount has said it expects the deal to complete in the third quarter.

Zaslav made a further $113mn after selling WBD shares this month.

WBD’s chief has won plaudits from shareholders for overseeing an auction that ended with a knock out bid of $31 a share from Paramount, compared with the $10 a share WBD was trading at this time last year.

The studio has also enjoyed a stellar year. Paul Thomas Anderson’s One Battle After Another, Sinners and Weapons picked up Oscars this weekend, while A Minecraft Movie reaped high returns at the box office.

Even so, Zaslav’s huge windfall will cause unease in Hollywood at a time when Paramount is expected by analysts to cut thousands of jobs from the combined studios, TV and news operations.

Zaslav’s pay has been a contentious issue since he was awarded a stock options-heavy package worth $247mn in 2021. A majority of WBD shareholders voted against his $52mn pay deal in 2024.

Monday’s filing also revealed payments to other WBD executives and advisers.

JB Perrette, boss of its global streaming and games business, could receive $142mn in cash severance and equity and chief financial officer Gunnar Wiedenfels is in line for $120mn.

In the filing, WBD said that these payouts were “estimates based on multiple assumptions” and that the actual amounts “may materially differ”.

WBD also revealed its payments to financial advisers, with Allen & Co expected to get as much as $100mn and JPMorgan about $90mn.

FT : Trio of European states set up new fund to boost defence spending

Trio of European states set up new fund to boost defence spending

UK, Netherlands and Finland join forces to reduce procurement costs through economies of scale

The United Kingdom, the Netherlands and Finland have joined forces to fund joint defence procurement through a new multilateral mechanism, in an effort to boost value for money as Europe undergoes a massive rearmament drive.

The mechanism would “strengthen collective deterrence, expand defence industrial capacity and increase defence capability through joint procurement”, the countries wrote in a statement.

It would operate like an international financing institution, with a mix of guarantees and paid-in capital from participating countries that could attract private investment by issuing bonds.

The goal was to broaden membership from the three countries to other Nato members and “like-minded partners”, one official with knowledge of the discussion said.

Admitting new members would be subject to a unanimous decision by the core group of countries, the official added.

“We are still at the exploratory phase,” said another official, adding that the next steps would include work on a treaty to underpin the new structure.

The goal is to reduce defence procurement costs and unlock economies of scale from pooling orders of tanks, munitions and missiles instead of competing for defence companies’ limited supply, which pushes up prices.

UK chancellor Rachel Reeves said: “Now, more than ever, we must deepen co-operation with our allies. It’s in our long-term interests to strengthen our defence industries, make it easier for our armed forces to work together, and make sure taxpayers get value for money.”

Finland’s defence ministry said work to set up the mechanism was “prompted by major shifts in the security environment”, particularly Russia’s invasion of Ukraine.

Yet the idea has failed to convince Germany of its financial merits; a final decision on membership by Berlin had not yet been taken, said one official.

Berlin is undergoing a defence spending splurge worth €650bn between 2025 and 2030, intended to turn Germany into the strongest conventional army in Europe. Its financial firepower and defence industry would be crucial to any joint rearmament effort.

Guntram Wolff, senior fellow at the Bruegel think-tank and author of a paper last year that described a similar multilateral mechanism, said that by aggregating demand, costs per unit could be halved.

“Deeper defence co-operation across European countries is necessary to reduce costs for taxpayers and ensure technology is developed and controlled in Europe. This new initiative is a right step and I hope more countries will eventually join,” Wolff told the FT.

This is not the first time that European states have entertained the idea of a multilateral funding instrument, with ideas for a rearmament bank being considered but later discarded by countries including the UK.

Reeves has been seeking ways of increasing defence spending as the UK grapples with a delayed 10-year defence investment plan and pressure from the US to boost its contribution.

Britain and its Nato allies have promised to increase defence spending to 3.5 per cent of GDP by 2035, but the UK’s tight fiscal position means it has yet to lay out how it will achieve that goal.

This has prompted the UK to look at a range of innovative solutions, including the defence mechanism concept.

Bruegel’s paper suggested that weapons paid for by a “European defence mechanism” could be temporarily stockpiled, keeping the associated debt off participating countries’ balance sheets.

>>> Europe : Brokers Upgrades & Downgrades - 17th of March 2026 V2(+)

>>> Up

* Aquafil Raised to Buy at Kepler Cheuvreux (+)

* Helios Towers PT Raised to 270 pence at Deutsche Bank (+)

* JCDecaux PT Raised to 28 euros from 22 euros at Berenberg

* LVMH Raised to Outperform at Avior Capital Markets
* Neste Raised to Overweight at Barclays; PT 32 euros

* Puig Raised to Neutral at JPMorgan; PT 16 euros

* Revo Insurance PT Raised to 25.50 euros at Banca Akros (+)

* Richemont Raised to Outperform at Avior Capital Markets

>>> Down

* Aker BP Cut to Hold at Arctic Securities; PT 330 kroner

* Amplifon PT Cut to 9.90 euros at Kepler Cheuvreux (+)

* Amplifon Cut to Hold at Equita; PT 11 euros (+)

* BlueNord Cut to Hold at Arctic Securities; PT 580 kroner

* BW Energy Cut to Hold at Arctic Securities; PT 58 kroner

* Cie des Alpes Cut to Hold at TP ICAP Midcap; PT 29 euros (+)

* Dassault Systemes Cut to Equal-Weight at Morgan Stanley (+)

* Eli Lilly Cut to Reduce at HSBC; PT $850

* Equinor Cut to Hold at Arctic Securities; PT 330 kroner

* GN Store Nord Cut to Hold at Jyske Bank; PT 120 kroner

* Gulf Keystone Cut to Hold at Arctic Securities; PT 210 pence

* IPC Cut to Hold at Arctic Securities; PT 250 kronor

* OVH Groupe Cut to Underweight at Morgan Stanley; PT 8.50 euros (+)

* OKEA Cut to Hold at Arctic Securities; PT 38 kroner

* Revo Insurance Cut to Hold at Equita; PT 22.50 euros (+)

* Roche ADRs Cut to Neutral at BNP Paribas; PT $50

* Roche Cut to Neutral at BNP Paribas; PT 305 Swiss francs

* Senior Cut to Hold at Peel Hunt; PT 285 pence

* UMG Cut to Neutral at BNP Paribas; PT 20 euros
* Unite Group Cut to Equal-Weight at Barclays; PT 520 pence

* Var Energi Cut to Hold at Arctic Securities; PT 40 kroner

* Vetropack Cut to Hold at Research Partners; PT 24 Swiss francs

>>> Initiation

* Abingdon Health Rated New Buy at Cavendish; PT 19 pence (+)
* Comet Rated New Overweight at JPMorgan; PT 335 Swiss francs

* Neodecortech Rated New Buy at Alantra Capital Markets (+)

>>> Call

* Neste Raised to Overweight at Barclays on Margins, Geopolitics (+)
* Puig Upgraded to Neutral at JPMorgan on Margins Optimism

* Roche Downgraded to Neutral at BNP Paribas on ‘Debatable’ Upside (+)

>>> La Lettre - Resume in French & English - 17th of March 2026

Résumé — La Lettre du 17 mars 2026

🇫🇷 Français

BFM TV : restructuration des antennes locales

Arnaud de Courcelles, DG de BFM Locales, redessine la carte des neuf antennes locales de BFM TV, avec un regroupement dans le Sud, un rachat de fréquence dans le Nord et un modèle inédit en Alsace. Dans le Nord, BFM envisage le rachat de la fréquence de Wéo, chaîne généraliste locale fermée en janvier 2026, ce qui permettrait de rebaptiser BFM Grand Lille en BFM Hauts-de-France. En Alsace, un contrat de trois ans a été signé avec Christophe Schalk, patron de la radio Top Music, pour créer une synergie entre radio et télévision locale — une sorte de franchise, CMA Média restant propriétaire de BFM Alsace. Sur le fond éditorial, Arnaud de Courcelles mise sur les droits sportifs locaux à bas coût pour éloigner les chaînes du tout-info.

Politique : le dilemme de Sophia Chikirou

L’élection de Sophia Chikirou au Conseil de Paris l’oblige à choisir entre son mandat de députée, celui de conseillère régionale et son siège à la Ville, en vertu de la loi sur le non-cumul des mandats. Sa qualification avec 11,72 % des voix met en danger le groupe LFI à la région Île-de-France, qui compte sept élus — le quorum minimum pour former un groupe. Pour temporiser, LFI pourrait déposer un recours devant le tribunal administratif contre le résultat du scrutin municipal, ce qui lui permettrait de gagner du temps — jusqu’à un an, voire davantage avec un pourvoi devant le Conseil d’État.

59 Rivoli : imbroglio judiciaire

Le promoteur Marc Berdugo conteste en justice le titre de propriété de la Ville de Paris sur le 59 rue de Rivoli, revendiquant la jouissance patrimoniale exclusive du bâtiment, qui accueille une trentaine d’artistes plasticiens. Le litige remonte à un acte notarié jugé non conforme lors du rachat du bien en 2002, avec une mention inappropriée reconnue par le Service de la publicité foncière. Le contentieux, estimé à 100 millions d’euros, sera jugé en appel en mai.

Medef à Bruxelles

Patrick Martin et son vice-président Fabrice Le Saché ont réuni une cinquantaine de membres du conseil exécutif du Medef à Bruxelles le 16 mars pour peser sur trois dossiers : l’accélérateur industriel, la révision des directives sur les marchés publics et le “28e régime”. Le Medef pousse notamment le label Made with Europe pour limiter les contraintes liées aux accords commerciaux avec les 80 pays partenaires de l’UE.

Club Med : Henri Giscard d’Estaing contre Fosun

Après vingt-deux ans à la tête du Club Med, Henri Giscard d’Estaing mène un dernier combat contre Fosun International, contestant son licenciement qu’il estime dépourvu de cause réelle et sérieuse. Son avocate Julia Minkowski soutient que Fosun avait recruté son successeur Stéphane Maquaire avant même l’annonce officielle de son départ de Carrefour, à l’insu de Giscard d’Estaing.

🇬🇧 English

BFM TV: Local Network Restructuring

Arnaud de Courcelles, CEO of BFM Locales, is redrawing the map of BFM TV’s nine regional channels. In northern France, BFM is pursuing the acquisition of the frequency of Wéo, a local generalist channel that shut down in January 2026, which would allow BFM Grand Lille to be rebranded as BFM Hauts-de-France. In Alsace, a three-year franchise agreement has been signed with Christophe Schalk, head of radio station Top Music, to create an unprecedented radio-TV synergy, with CMA Média retaining ownership of BFM Alsace. Editorially, the strategy leans on affordable local sports rights to steer channels away from round-the-clock news.

Politics: Sophia Chikirou’s Dilemma

Sophia Chikirou’s election to the Paris City Council forces her to choose between her roles as MP, regional councillor, and city councillor, under France’s anti-accumulation of mandates law. Her result of 11.72% of the vote puts the LFI group in the Île-de-France region at risk, as the party holds only seven seats — the minimum quorum to maintain a parliamentary group. To buy time, LFI could file an administrative appeal against the Paris municipal election result, potentially delaying any forced resignation by up to a year or more.

59 Rivoli: Legal Dispute

Property developer Marc Berdugo is challenging the City of Paris’s title to 59 rue de Rivoli — a bohemian art space housing some thirty visual artists — claiming exclusive patrimonial ownership. The dispute hinges on an allegedly non-compliant notarial act from the 2002 acquisition, with an irregular mention acknowledged by France’s land registry authority. The case, valued at €100 million, goes to appeal in May.

Medef Lobbies Brussels

On March 16, Medef president Patrick Martin gathered around fifty executive council members in Brussels to lobby on three fronts: the industrial accelerator, revision of public procurement directives, and the “28th regime.” The employers’ federation is pushing the Made with Europe label to reduce constraints on trade agreements with the EU’s 80 partner countries.

Club Med: Giscard d’Estaing vs. Fosun

After twenty-two years leading Club Med, Henri Giscard d’Estaing is taking his fight to court against Fosun International, contesting his dismissal as lacking genuine and serious cause. His lawyer Julia Minkowski argues that Fosun recruited his successor Stéphane Maquaire before officially announcing his departure from Carrefour, without Giscard d’Estaing’s knowledge.

>>> What to look at today - 17th of March 2026

A brief revival in global equities led by technology shares looked set to falter heading into the European session as increasing tensions in the Middle East pushed up crude oil. Equity-index futures showed European shares may fall 0.1% at the open while Wall Street gauges may drop slightly more. Souring the mood was Brent crude rising 2.6% to about $103 a barrel — rebounding from Monday’s 2.8% drop — as Iran stepped up attacks on energy infrastructure around the Persian Gulf. Asian shares meanwhile headed for a second day of gains after Nvidia Corp.’s optimistic comments boosted technology shares in the region. Elsewhere, the dollar held its biggest one-day loss in more than a month. Treasuries fell across the curve, with the 10-year yield climbing two basis points to 4.23%. Gold rose for the first time in five days. The Middle East conflict continued to reverberate across markets, with traders closely watching ship traffic through the Strait of Hormuz. US President Donald Trump renewed calls for other nations to help secure the crucial waterway and threatened to expand strikes to oil infrastructure. Meanwhile, Iran set a major gas field ablaze, adding further strain to an already fraught global fuel supply. Traders also remain focused on how policymakers from the Federal Reserve to the European Central Bank and the Bank of England will respond this week to inflation concerns as oil prices rise due to the war in Iran. On Tuesday, the Reserve Bank of Australia raised its key interest rate for a second straight meeting. Meanwhile, Trump expressed his frustration with other nations that have so far been publicly noncommittal on his calls to help ensure vessels can transit the strait. Trump also said he had requested China — among those he’s asked for support — to delay a summit with Xi Jinping for about a month, saying it was important for him to remain in Washington to oversee the war.

Trump also renewed calls for allies to help safeguard the Strait of Hormuz. Shipping through the waterway has ground to a near-halt, but some transit continues, with a spike of Iranian ships. A Pakistan-flagged Aframax tanker laden with crude cleared the strait on Sunday and is sailing to Karachi, according to tracking data compiled by Bloomberg. The passage of Iran-linked vessels jumped to 12 vessels over the last 24 hours — a wartime high. That included a very large crude carrier, or VLCC, headed for China. In other corners of the market, Bitcoin rose to trade close to $74,500. The yen remained in focus as it edged closer to the 160-per-dollar mark, reflecting investors’ concerns around the nation’s heavy reliance on imported energy. Traders expected the Bank of Japan to keep interest rates on hold in its policy meeting later this week, with a quarter-point hike expected only in July. US After Hours Very large number of NVDA-related announcements from various companies; SMTC -1.8% lower on earnings.

Nikkei +0.20% Hang Seng +0.45% CSI -0.08% Shanghai -0.39% Shenzen -1.14%

Eur$ 1.1475 CNH 6.8911 CNY 6.8898 JPY 159.46 GBP 1.3278 CHF 0.7896 RUB 81.2281 TRY 44.1901 WTI$ 97.32 +4.11% Gold 5,017 +0.53% BTC 73,900 -0.44% ETH 2,299 -1.92%

S&P -0.51% Nasdaq -0.56% EuroStoxx -0.58% FTSE -0.07% Dax -0.52% SMI -0.15%

Macro :
- Millennium Pulls $1 Billion Allocation From Hedge Fund Scopia

- EU’s Kallas: No Appetite to Change Red Sea Maritime Mandate

- Drone Strike Sets UAE Natural Gas Field Ablaze, Abu Dhabi Says

- Canadian Billionaire Smith Buys 26.9% of The Economist Magazine

- PBOC Is Set to Become World’s Largest Central Bank This Month

- *AUTOMAKERS ADOPT NVIDIA DRIVE HYPERION FOR LEVEL 4 VEHICLES

Keep an eye on :

- ADP FP : ADP Feb. Passenger Traffic +0.6%

- ALC SW : Alcon and LENSAR Agree to Terminate Merger Pact

- BABA US : Alibaba Starts Major Revamp to Heighten Focus on AI Profits (1)

- AMZN US : Amazon Asked by Senators if Melania Film Is ‘Pay-to-Play’ Scheme

- AMZN US : Amazon, Nvidia Collaborating on Advanced AI Assistants for Cars

- AVOL SW : Avolta Holder Taobao China Holding Offers 2.9m Shares: Terms

- BYND US : Beyond Meat Prelim 4Q Net Revenue About $61M, Est. $62.9M

- BNP FP : BNP Cardif Is Said to Near Deal for Warburg Stake in IndiaFirst

- BNP FP : BNP Targets €350 Billion Inflows After Axa Asset Management Deal

- IAGT LN : British Airways Sees 9% Growth in Winter Long-Haul Flights

- Cambridge Aerospace IPO : Cambridge Aerospace in Funding Talks at Over $1b Valuation: FT

- CAN LN : Canal+, PPF Said to Weigh Taking Nordic Streamer Viaplay Private

- CBG LN : Close Brothers Strongly Disagrees With Viceroy Short Report

- CBG LN : Close Brothers 1H Net Interest Margin Misses Estimates

- CBK GY : Merz Says Germany Wants to Preserve Commerzbank’s Independence

- DIS US : Disney Names New Leadership Structure for Disney Entertainment

- ENI IM : Libya Says It Discovered 1 Trillion Cubic Feet of Gas Offshore

- FRA GY : Fraport Sees 2026 Ebitda About EU1.5B, Est. EU1.47B

- GOOGL US : Google in Talks With Envicool For Data Cooling Systems: Reuters
- HBR LN : Harbour Energy Holder LET Offers ~44m Shares via JPMorgan: Terms

- HPE US : HPE Unveils AI Factory, Supercomputing Advancements With Nvidia

- INPST NA : InPost Readies AI Shopping Assistant to Take On Marketplaces

- INS GY : Instone Real Estate Sees 2026 Adjusted Revenue EU550M to EU600M

- IGP LN : Intercede Group Sees Earnings Below Market Expectations

- INTC US : Intel Gains, Xeon 6 Being Used as Host CPU for Nvidia System

- KER FP : Kering to Present New Segment Performance Indicators
- KER FP : Kering Names Duplaix CEO of New Kering Jewelry Unit

- KNEBV FH : Kone Is Said in Discussions to Acquire Competitor TK Elevator

- MMK AV : Mayr-Melnhof FY Dividend per Share Beats Estimates

- MED SW : Medartis FY Sales Meet Estimates

- MU US : Micron Begins High-Volume Production of HBM4 for NVIDIA

- NBIS US : Nebius Partners With Nvidia on Cloud for Robotics, Physical AI

- 7201 JP : Nissan to Sell US-Built Murano in Japan from Early 2027

- NDX1 GY : Nordex Gets Wind Power Orders for 137 MW From Fehmarn-Mitte

- NVDA US : Nvidia Expects to Make $1 Trillion From AI Chips Through ’27

- ROG SW : Roche to Buy 2,176 Nvidia Chips to Expand AI Infrastructure

- 005930 KS : Samsung to Stop Selling $2,899 TriFold Phone After Three Months

- SRT GY : Sartorius Targets 8%-11% Annual Sales Growth From 2027 Onwards

- Space X IPO : *X.AI SUED BY MINORS OVER SEXUALLY EXPLICIT DEEPFAKES: BLAW

- SYT GY : Softing Offers 992,588 Shares at EU3.20/Share

- STMPA FP : STMicroelectronics to Partner With Nvidia on Physical AI

- TSLA US : Tesla, LG Energy to Build $4.3 Billion Plant in Michigan

- TKA GY : US Resolves Labor Dispute at Mexico ThyssenKrupp Springs Plant

- VPLAYB SS : Canal+, PPF Said to Weigh Taking Nordic Streamer Viaplay Private

- YIT FH : YIT Appoints Erkka Repo as New Chief Financial Officer

>>> Europe : Brokers Upgrades & Downgrades - 17th of March 2026