>>> US Gapping down

Gapping down
In reaction to earnings/guidance:
  • DECK -12.5%, BAH -8.5%, NEM -6.4%, MHK -4.2%, MGRC -3.2%, KN -2.9%, COUR -2.5%, MRTN -2.2%, WSFS -2.1%, ASB -2%, BKR -1.9%, BYD -1.7%, SBSI -1.3%, ALK -1.2%, KNSL -1.1%, VRSN -1.1%, WKC -1%
Other news:
  • COYA -12.5% (stock offering)
  • COYA -12.5% (announces pricing of $20 million upsized public offering of common stock)
  • ULH -5.5% (postpones Q3 earnings release)
  • NEWP -5.4% (appoints CEO and CFO)
  • GSK -4.5% (FDA approves Blenrep for multiple myeloma)
  • XFOR -3.9% (prices offering consisting of common stock and warrants)
  • NIC -3.2% (NIC to acquire MOFG, also reports earnings)
  • VTOL -1.7% (files mixed securities shelf offering)
  • NBTX -1.4% (updates JNJ-1900 (NBTXR3) clinical program following transfer of ongoing Phase 3 Head and Neck Cancer Trial sponsorship and operational control)
  • UBS -1% (announces executive board and board of directors changes)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • FIX +17.7% (also increases dividend), NXT +13.1% (also to form Nextracker Arabia, a new joint venture), SLM +8.5%, INTC +7.5%, F +4.5% (also plans to significantly increase F-150 and F-Series Super Duty truck production), SSNC +4.5%, HCA +4.2%, UVE +4.1%, WU +3.1%, NWG +3.1%, HTH +2.5%, MXL +2.5%, SNY +2.4%, SAM +2.3%, E +2%, PG +1.9%, GRC +1.7%, GD +1.6%, DOC +0.9%, CUBI +0.9%, CYH +0.9%, FLG +0.8%
Other news:
  • INBX +63.6% (topline results from the registrational ChonDRAgon study)
  • MOFG +33.4% (NIC to acquire MOFG, also reports earnings)
  • VIOT +11.1% (approves $20 mln share repurchase plan)
  • BBAI +5.2% (deploys veriScan at Chicago O'Hare)
  • KURA +4.9% (announces receipt of a $30 mln milestone payment under its collaboration agreement with Kyowa Kirin in connection with the dosing of the first patient in the KOMET-017 Phase 3 registrational trials of ziftomenib)
  • FHI +4% (to acquire a majority interest in FCP Fund Manager)
  • TDOC +3% (CFO to step down, reaffirms guidance)
  • CSTL +2.9% (reports new analysis of 13,560 patients demonstrates DecisionDx-Melanoma stratifies risk across histological subtypes; Findings to be presented at Fall Clinical Dermatology Conference)
  • GLUE +2.6% (presents preclinical data at ACR Convergence 2025 on the potential of MRT-6160)
  • VSTM +2.4% (preliminary data from Phase 1/2a trial of VS-7375)
  • BBOT +2.2% (new preclinical data on BBO-11818)
  • FFAI +2.1% (Announces Strategic Cooperation with RAK Motors to Oversee FX Super One Sales and Services in the UAE)
  • PONY +2% (rolls out its 300th ARCFOX Alpha T5 Robotaxi)
  • SMCI +1.9% (announces new 6U 20-Node MicroBlade)
  • BRBR +1.6% (discloses Joint Juice litigation updates)
  • GOOG +1.3% (Anthropic announces expansion of its use of Google Cloud's TPU chips)
  • XPO +1.1% (litigation update)
  • KGS +1% (increases dividend)
  • MLGO +1% (WiMi Hologram (WIMI) clarified certain facts concerning its convertible debt and equity investments in its subsidiary MicroAlgo emphasizing commitment to long-term value creation and stable governance)

>>> US Research Calls I

Research Calls I
  • Upgrades
    • Alliant Energy (LNT) upgraded to Buy from Neutral at UBS, tgt $79
    • AppFolio (APPF) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $311
    • Commercial Metals (CMC) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $68
    • Coinbase (COIN) upgraded to Overweight from Neutral at JPMorgan, tgt $404
    • eBay (EBAY) upgraded to Outperform from Market Perform at Citizens JMP, tgt $115
    • FirstService (FSV) upgraded to Outperform from Sector Perform at Scotiabank, tgt $205
    • Kodiak Sciences (KOD) upgraded to Overweight from Neutral at JPMorgan, tgt $24
    • MNTN (MNTN) upgraded to Buy from Neutral at Citigroup, tgt $22
    • Tractor Supply (TSCO) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $60
    • United Bankshares (UBSI) upgraded to Overweight from Neutral at Piper Sandler, tgt $42.50
  • Downgrades
    • Anavex (AVXL) downgraded to Hold from Buy at JonesResearch
    • Arcturus Therapeutics (ARCT) downgraded to Neutral from Buy at H.C. Wainwright, tgt $12
    • Inspire Medical (INSP) downgraded to Hold from Buy at Jefferies, tgt $85
    • Integer (ITGR) downgraded to Neutral from Buy at BofA Securities, tgt $87
    • Integer (ITGR) downgraded to Neutral from Buy at Citigroup, tgt $77
    • Integer (ITGR) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $80
    • Kering (PPRUY) downgraded to Hold from Buy at HSBC
    • Life360 (LIF) downgraded to Hold from Buy at Stifel, tgt $92
    • Molina Healthcare (MOH) downgraded to Underweight from Equal Weight at Barclays, tgt $144
    • Mister Car Wash (MCW) downgraded to Neutral from Overweight at Piper Sandler, tgt $6
    • Sigma Lithium (SGML) downgraded to Neutral from Buy at BofA Securities, tgt $7
    • Snap (SNAP) downgraded to Sell from Hold at Stifel, tgt $6.50
    • South Plains Financial (SPFI) downgraded to Neutral from Overweight at Piper Sandler, tgt $41
    • Torrid (CURV) downgraded to Market Perform from Outperform at William Blair
  • Others
    • Albemarle (ALB) initiated with a Buy at Rothschild & Co Redburn, tgt $135
    • Alphatec (ATEC) initiated with an Overweight at JPMorgan, tgt $19
    • Amazon (AMZN) resumed with an Overweight at KeyBanc, tgt $300
    • DoorDash (DASH) reinstated with an Equal Weight at Barclays, tgt $272
    • ImageneBio (IMA) initiated with an Outperform at Leerink Partners, tgt $30
    • Kosmos Energy (KOS) initiated with a Buy at Clarksons, tgt $4
    • Kyivstar (KYIV) initiated with a Buy at BTIG Research, tgt $17
    • Legence (LGN) initiated with a Buy at Roth Capital, tgt $41
    • Pennant Group (PNTG) initiated with a Buy at Jefferies, tgt $30
    • Sociedad Quimica y Minera (SQM) initiated with a Neutral at Rothschild & Co Redburn, tgt $54
    • Tennant (TNC) initiated with a Buy at Roth Capital, tgt $102
    • Urban Edge (UE) initiated with a Neutral at UBS, tgt $21
    • Zymeworks (ZYME) assumed with an Equal Weight at Wells Fargo, tgt $15

>>> Eli Lilly to acquire Adverum Biotechnologies (ADVM) -- ADVM shares halted (8

Eli Lilly to acquire Adverum Biotechnologies (ADVM) -- ADVM shares halted (821.04)
  • Co announced a definitive agreement for Lilly to acquire Adverum Biotechnologies ncluding its lead product candidate, Ixo-vec.
  • Adverum is developing a pipeline of intravitreal single-administration gene therapies with the aspiration of developing functional cures to restore vision and prevent blindness. Its lead product candidate, Ixo-vec, is an intravitreal gene therapy being developed for the treatment of wet age-related macular degeneration. This serious, chronic and progressive retinal disease affects millions of people worldwide. Ixo-vec is designed as a single one-time treatment to deliver continuous and stable intraocular aflibercept levels, thereby reducing the significant patient burden associated with current chronic anti-VEGF therapies, while also potentially leading to improved vision outcomes.
  • Under the terms of the merger agreement, Lilly will commence a tender offer to acquire all of the outstanding shares of Adverum common stock for a per share price of (1) $3.56 per share in cash payable at closing plus (2) one non-transferrable contingent value right that entitles the holder to receive up to an additional $8.91 per CVR in cash upon the achievement of two milestones described below, for total potential per share consideration of up to $12.47.
    • The CVR provides payments if and when the following milestones are achieved:
    • Up to $1.78 per CVR in cash payable upon U.S. approval of Ixo-vec prior to the seventh anniversary of closing.
  • Up to $7.13 per CVR in cash payable upon the first achievement of annual worldwide net sales of Ixo-vec by Lilly, its affiliates or licensees exceeding $1.0 billion dollars prior to the tenth anniversary of closing.
  • The transaction is subject to closing conditions that appear in the merger agreement and tender offer documents that will be filed with the SEC, including the tender of a majority of the outstanding shares of Adverum's common stock. These conditions do not include a financing condition. The transaction is expected to close in the fourth quarter of 2025, subject to satisfaction of the closing conditions. If the tender offer successfully closes, then Lilly would acquire any shares of Adverum that are not tendered in the tender offer through a second-step merger for the same consideration as is paid in the tender offer.
  • In conjunction with the transaction, Adverum has entered into a Promissory Note (the "Promissory Note") with Lilly. The Promissory Note is secured by all of Adverum's assets, including all of its intellectual property rights, and enables Adverum to receive a loan of up to $65 million from Lilly, drawable by Adverum in four installments, subject to specified conditions, to support ongoing Ixo-vec clinical trials and registrational development activities prior to the anticipated closing of the transaction. Funding obligations cease and the Promissory Note immediately becomes due if the transaction is terminated, including as a result of the minimum tender condition not being satisfied. Absent funds provided by Lilly under the Promissory Note, Adverum's remaining cash and cash equivalents were expected to finance only its October 2025 operations and wind down activities.

WSJ : U.S. Sends B-1 Bombers Near Venezuela, Ramping Up Military Pressure

U.S. Sends B-1 Bombers Near Venezuela, Ramping Up Military Pressure
The flights signal possible widening of U.S. campaign against cartels and alleged drug traffickers

The U.S. flew Air Force B-1 bombers near Venezuela on Thursday, stepping up pressure on President Nicolás Maduro only days after other American warplanes carried out an “attack demonstration” near the South American country.

Two B-1 Lancers took off from Dyess Air Force Base in Texas on Thursday and flew near Venezuela, though they remained in international airspace, according to a U.S. official and flight tracking data.

The B-1 can fly at supersonic speeds and carry 75,000 lbs. of bombs, more than other U.S. bombers. They can also conduct maritime surveillance. The aircraft haven’t been moved to bases in the region, as they have the range to reach anywhere in the Caribbean from the U.S., according to a defense official.

Last week, the Air Force and Marines conducted a similar show of force with B-52 bombers and F-35B jet fighters near an island off the coast of Venezuela where its military held training exercises in September. The bombers circled the area before returning to the U.S., according to flight tracking data. The Pentagon described the flights as an “attack demonstration.”

After this article was published, President Trump told reporters at the White House it was “not accurate.”

The bomber flights are part of a broad military ramp-up, which includes eight warships, a submarine, a P-8 maritime patrol aircraft, MQ-9 Reaper drones and an F-35 fighter squadron now in the region.

The U.S. has seldom flown bombers near South America in recent decades, usually carrying out just one planned training mission a year. But more missions involving bombers could be carried out soon, according to two defense officials.

Thursday’s flights signal “seriousness and intent,” said David Deptula, a retired Air Force general and dean of the Mitchell Institute for Aerospace Studies, an aerospace think tank. “You’re bringing an enormous set of capabilities…endurance, payload, range and precision,” he said.

The widening of the military campaign has focused on countering alleged drug traffickers from Venezuela and Colombia. After carrying out at least seven strikes on go-fast boats and a submersible in the Caribbean since early September, Defense Secretary Pete Hegseth said Wednesday that the U.S. had attacked two vessels in the eastern Pacific this week.

Trump has suggested that striking targets on land could come next. “There are few boats traveling on the water, so now they’ll come in by land to a lesser extent, and they will be hit on land also,” Trump said Wednesday at the White House.

Bombers could be used to hit narcotics distribution or production facilities, according to current and former Air Force officials.

The administration has faced growing bipartisan scrutiny about the legal basis for strikes carried out in recent weeks, though the Republican-controlled Congress has rejected measures to limit the president’s power to continue the attacks.

Asked whether Trump would need authorization from Congress to conduct strikes on land, Senate Majority Leader John Thune (R., S.D.) said Thursday, “I’m not sure I know the answer to that.”

Maduro has accused Trump of seeking regime change and has positioned troops along the coast, bracing for a potential attack. Trump has also accused Colombian President Gustavo Petro of aiding drug smugglers, while Petro has said his American counterpart is committing atrocities by ordering strikes on boats.

>>> TradeGate Pre-Market Indications

DAX:
  • Rheinmetall (RHM TH) +1.7%
MDAX:
  • Hensoldt (HAG TH) +4%
    • Hensoldt Sees FY Adjusted Ebitda Margin at Least 18%, Est. 17.8%
  • Nordex (NDX1 TH) -2%
    • Nordex Cut to Neutral at Oddo BHF; PT 25 euros
SDAX:
  • ProSieben (PSM TH) +1.2%
  • Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +1%

>>> Stoxx 600 Pre-Market Indications

  • Hensoldt (HAG TH) +3.6%
    • Hensoldt Sees FY Adjusted Ebitda Margin at Least 18%, Est. 17.8%
  • Safran (SEJ1 TH) +2.4%
    • Safran Boosts FY Adj. Recurring Operating Income Forecast
  • Saab (SDV1 TH) +2.3%
    • Saab Boosts FY Organic Revenue Forecast
  • Rheinmetall (RHM TH) +1.5%
  • Umicore (NVJP TH) +1.3%
  • Michelin (MCHA TH) +1.2%
  • Sanofi (SNW TH) +1%
    • Sanofi 3Q Business EPS Beats Estimates
  • Leonardo (FMNB TH) +1%
  • GSK (GS71 TH) -1%
  • Nokia (NOA3 TH) -1.1%
  • Essity (ESWB TH) -1.1%
  • Nordex (NDX1 TH) -2.4%
    • Nordex Cut to Neutral at Oddo BHF; PT 25 euros
  • Signify (G14 TH) -6.4%
    • Signify 3Q Comparable Sales Miss Estimates
  • Norsk Hydro (NOH1 TH) -6.8%
    • Norsk Hydro 3Q Adjusted Ebitda Misses Estimates

>>> What to look at today - 24th of October 2025

Technology shares drove a broad rise in Asia’s stock markets on Friday as a plan for Donald Trump and Xi Jinping to meet eased nerves around a trade war.  An MSCI gauge of Asian shares was up around 0.5%, resuming a blistering rally this year that has pushed the index to all-time highs. Tech stocks were among the big drivers, with South Korean chipmaker SK Hynix Inc. up as much as 6.9%. Shares in Intel Corp helped lift the mood overnight, climbing in post-market trading after an upbeat revenue forecast.  Semiconductor stocks also led the gains in China on the nation’s renewed emphasis on tech self-reliance. The tech-heavy STAR 50 Index rallied more than 3%. Oil prices fell ahead of US inflation data, while a gauge of the dollar edged higher. The broad rally was helped by a White House announcement that President Trump will meet his Chinese counterpart Xi Jinping, a chance for cooler heads to prevail after a recent flare-up in trade tensions. The two leaders will talk next Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit, their first face-to-face meeting since Trump returned to power. Chinese officials pledged to “greatly increase” the country’s strength and capacity for self-reliance in science and technology in the next five years, according to a communique released Thursday after a four-day conclave of the Communist Party’s Central Committee. Although the statement contained few surprises for investors, it confirmed Beijing’s commitment to bolster the tech sector.
Gains for Chinese semiconductor firms in the past few months partly reflect their broadening appeal among investors, Phelix Lee, an equity analyst at Morningstar, said on Bloomberg TV.  Investors are now turning their attention to a delayed inflation report from the US, which will be released on Friday. The cross-asset moves overnight suggest investors are optimistic the inflation reading won’t be a major drag on global markets that have zoomed higher over the past month.  Treasuries were largely steady on Friday. They had snapped a three-day rally during overnight trading as yields rose across the curve, with the 10-year climbing five basis points to 4%.  US After Hours INTC +7.7% higher on earnings; MOFG +34.7% to be acquired; DECK -12.5%, MHK -4.7% lower on earnings.

Nikkei +1.54% Hang Seng +0.72% CSI +0.79% Shanghai +0.51% Shenzen +0.95%

Eur$ 1.1606 CNH 7.1282 CNY 7.1243 JPY 152.88 GBP 1.3321 CHF 0.7960 RUB 81.4350 TRY 42.0602 WTI$ 61.51 -0.45% Gold 4,105 -0.51% BTC 111,145 +1.43% ETH 3,930 +2.64%

S&P +0.19% Nasdaq +0.30% EuroStoxx +0.19% FTSE +0.03% Dax +0.14% SMI

Macro :
- France Calls for ‘Flexibility’ on EU Auto CO2 Emissions Rules
- Balyasny’s New $30 Million Man Adds Four to His Asia Macro Pod
- Hedge Fund Assets Hit $5 Trillion With Most Inflows Since 2007

Keep an eye on :
- AC FP : Accor Boosts FY Recurring Ebitda Forecast
- AFRY SS : AFRY 3Q Net Sales Miss Estimates
- ATE FP : Alten 9M Organic Revenue -5.2%
- BBVA SM : BBVA-Sabadell $9 Billion AT1s Look Beyond Acquisition Failure
- BETSB SS : Betsson 3Q Operating Profit Beats Estimates
- BHG SS : BHG Group 3Q Sales Beat Estimates
- BITTI FH : Bittium 3Q Net Sales Beat Estimates
- BOL FP : Bollore 3Q Organic Revenue -24%
- BONAVA SS : Bonava 3Q Net Sales Miss Estimates
- BRAV SS : Bravida 3Q Net Sales Beat Estimates
- BMAX SS :
- CARM FP : Carmila 9M Gross Rental Income EU327.4M Vs. EU298.1M Y/y
- COFB BB : Cofinimmo 9M Adjusted EPS EU4.88 Vs. EU4.88 Y/y
- DECK US : *DECKERS OUTDOOR SHARES DROP 8.1% AFTER REPORTING 2Q RESULTS
- DEME BB : DEME Wins Auction for Paranaguá Port Access Channel Concession
- DUNI SS :
- ENI IM : Eni 3Q Adjusted Net Income Beats Estimates; Eni Raises Share Buyback Plan as Outlook for Cash Flow Improves
- ETL FP : Starlink Starts Security Tests Ahead of India Retail Kickoff
- XOM US : Chandra Asri to Buy ExxonMobil’s Esso Stations in Singapore
- GJF NO : Gjensidige 3Q Combined Ratio Reported Misses Estimates
- GOOGL US : Anthropic Confirms Google Cloud Deal Worth Billions of Dollars
- GSK LN : GSK’s Blood Cancer Drug Blenrep Wins US Regulatory Approval --> +4%
- IBE SM : Fortescue Said to Be Frontrunner for Iberdrola Portfolio Stake
- INTC US : Intel Sees 4Q Revenue $12.8B to $13.8B: Snapshot
- JD US : JD.com, Meituan, Ele.me Probed by China’s Regulator: Report
- KEMIRA FH : Kemira 3Q Oper Ebitda Meets Estimates
- KGX GY : Kion Boosts FY Free Cash Flow Forecast, Beats Estimates
- LAGRB SS : Lagercrantz 2Q Net Revenue Beats Estimates
- LIFCOB SS : Lifco 3Q Net Sales Beat Estimates
- LIAB SS : Lindab 3Q Net Sales Meet Estimates
- LINDEX FH : Lindex Narrows FY Adjusted Ebit Forecast
- FII FP : LISI 3Q Sales EU464.4M Vs. EU419.4M Y/y
- HAG GY : Hensoldt Sees FY Adjusted Ebitda Margin at Least 18%, Est. 17.8%
- HTRO SS : Hexatronic 3Q Adjusted Ebita SEK146M Vs. SEK230M Y/y
- HIAB FH : Hiab 3Q Orders Beats Estimates
- HOLN SW : Holcim 3Q Sales Beat Estimates
- MDM FP : Maisons du Monde 3Q Sales Beat Estimates
- MTRS SS : Munters 3Q Net Sales Beat Estimates, To Cut Costs in AirTech
- NEM US : Newmont Corp 3Q Adjusted EPS Beats Estimates
- NHY NO : Norsk Hydro 3Q Adjusted Ebitda Misses Estimates
- NSKOG NO : Norske Skog 3Q Ebitda Beats Estimates
- NVDA US : Nvidia Partners With Uber on Autonomous Vehicle Development
- 1913 HK : Prada Rises to Three-Month High After Q3 Sales Beats on Miu Miu +5.44% in HK
- RVRC US : RVRC Holding Offering of Shares by Altor Prices at SEK60/Share
- SAABB SS : Saab Boosts FY Organic Revenue Forecast
- SFL IM : Safilo Says It Made Non-Binding Offer for Two Inspecs Units
- SAF FP : Safran Boosts FY Adj. Recurring Operating Income Forecast, Safran Lifts Outlook for Third Time in 2025 on Record Deliveries
- SFER IM : Ferragamo 3Q Revenue Beats Estimates
- SAN FP : Sanofi 3Q Business EPS Beats Estimates
- SCANFL FH : Scanfil 3Q EPS EU0.14, Est. EU0.16 (2 Est.)
- SCHP SW : Schindler 3Q Ebit Beats Estimates
- SK FP : SEB 3Q Sales Match Estimates
- LIGHT NA : Signify 3Q Professional Business Comp Sales Growth Miss Est.
- SIKA SW : Sika 9M Net Income CHF870.9M Vs. CHF922.6M Y/y
- SPEC LN : Inspecs Receives Two Separate Proposals From H2 and a Consortium
- TKO FP : Tikehau Capital Assets Under Management EU51.14B
- TMPV IN : Jaguar Land Rover Cyberattack Causes 27% Slump in UK Car Output
- TOBII SS : Tobii 3Q Operating Loss SEK33M, Est. Loss SEK31.8M (2 Est.)
- TRELB SS :
- UBER US : Nvidia Partners With Uber on Autonomous Vehicle Development
- FR FP : Valeo 3Q Revenue Beats Estimates
- DG FP : Vinci 3Q Revenue Beats Estimates
- VIS SM : Viscofan 3Q Net Income Beats Estimates
- VOW GY : Volkswagen Workers in Tennessee to Vote on Strike Authorization
- MF FP : Wendel Said in Talks to Buy Majority Stake in Committed Advisors
- MF FP : Wendel Net Asset Value per Share EU163.00 Vs. EU167.70 Q/Q
- XIOR BB : Xior FY EPRA EPS Forecast Matches Estimates

>>> Europe : Brokers Upgrades & Downgrades - 24th of October 2025

>>> Up
* Atea Raised to Overweight at Cantor; PT 197 kroner
* EBay Raised to Market Outperform at Citizens
* Faron Pharma Raised to Accumulate at Inderes; PT 217.96 pence
* FLSmidth Raised to Buy at SEB Equities; PT 580 kroner
* Fondia Raised to Buy at Inderes; PT 5.20 euros
* Galderma PT raised from 135 to 145 CHF at Morgan Stanley
* Grupa Pracuj Raised to Neutral at Citi; PT 58.90 zloty
* INVISIO AB Raised to Hold at Pareto Securities; PT 300 kronor
* Kingfisher Raised to Outperform at RBC; PT 350 pence
* Metso Raised to Hold at ABG; PT 13 euros
* Norrhydro Group Raised to Accumulate at Inderes; PT 1.60 euros
* Stillfront Raised to Buy at Pareto Securities; PT 9 kronor
* WH Smith Raised to Buy at Peel Hunt; PT 800 pence

>>> Down
* Atresmedia Cut to Underperform at Grupo Santander; PT 5.40 euros
* EDP Renovaveis Cut to Equal-Weight at Morgan Stanley
* Evolution Cut to Hold at Pareto Securities; PT 720 kronor
* Evolution Cut to Hold at ABG; PT 700 kronor
* Gofore Cut to Reduce at Inderes; PT 15.50 euros
* Kering Cut to Hold at HSBC; PT 370 euros
* Kitron Cut to Hold at Norne Securities; PT 75 kroner
* Mapfre Cut to Hold at Bestinver; PT 3.97 euros
* Nokia Cut to Hold at SEB Equities; PT 5.50 euros
* Snap Cut to Sell at Stifel; PT $6.50
* Sotkamo Silver Cut to Reduce at Inderes; PT 1.35 kronor
* TeamViewer Cut to Neutral at Oddo BHF; PT 7.50 euros
* TietoEVRY Cut to Reduce at Inderes; PT 18 euros
* Yubico Cut to Hold at Nordea

>>> Initiation
* Albemarle Rated New Buy at Rothschild & Co Redburn; PT $135
* Credo Technology Reinstated Buy at William O'Neil
* Dormakaba Rated New Buy at Deutsche Bank; PT 922 Swiss francs
* Microsoft Rated New Buy at GF Securities; PT $636.24

>>> Call