WWD : Nike Answers Lack of Innovation Criticism With Four New Product Reveals

Nike Answers Lack of Innovation Criticism With Four New Product Reveals
The company unveiled a thermal regulation jacket, a soccer jersey with more airflow, neuroscience-based shoes and sneakers with motors.


Nike has been soundly criticized in the past several years for its lack of innovation, a misstep that led to declining sales and profits — and the replacement of its chief executive officer — and allowed other brands such as On and Hoka to scoop up market share.

But the sports giant has spent the past year revamping its business to address — and hopefully rectify — the problems. First up was changing its chief executive officer, bringing retired company veteran Elliott Hill back in the top spot. Since he assumed the position one year ago, Hill has reinvented his executive team, pivoted the corporation to focus on sports and worked to jumpstart the innovation engine using the brainpower of all three of its brands: Nike, Jordan and Converse.

Hill appears to be on the right path with first-quarter results, reported at the end of September, exceeding analyst expectations. Although net income still fell nearly 31 percent, sales were up 1.1 percent, giving Wall Street reason for optimism.


Now the company is addressing the innovation criticism. On Thursday it is unveiling a slate of products created by its internal design team, with input from its sponsored athletes, that are intended to be the building blocks for the next generation of apparel and footwear.

First up is the Therma-FIT Air Milano Jacket, a technically engineered garment that will make its debut on Team USA at the 2026 Winter Olympics in Milan-Cortina next year. The jackets will include a custom-made ACG pump, metallic twill branding and an interior lining graphic that depicts the Garden of the Gods, the team’s home in Colorado Springs, Colo. Additional features include interior bottom hem thumb loops and a magnetic zipper designed to help Paralympic athletes close and zip the jacket. The athletes will wear the jacket as part of their official medal ceremony look.

The “adaptive outerwear” piece uses Nike’s proprietary Air technology to provide warmth and personalized thermal control for athletes. It allows the wearer to regulate their temperature by inflating or deflating the air within its baffles, providing warmth that ranges from a hoodie to a mid-weight puffer. The jacket, which was put through more than 380 hours of wear testing, is made with a two-layer composite laminate material that is soft and durable.

“Air Milano signals a new and exciting era in Nike’s legacy of Air, bringing forward a distinctive innovation that offers responsive and intelligent insulation to all athletes,” said Danielle Kayembe, expert, apparel product innovation management.

“This innovation marks a bold new chapter for Nike, as we have successfully evolved Air technology to create an outerwear solution that serves athletes and pushes the boundaries of what apparel can do,” added Amie Achtymichuk, lead apparel development innovator. “Every detail was engineered to let athletes tune their own comfort and fit, creating a personalized experience that amplifies their performance and redefines adaptive outerwear.”

The jackets will be available commercially beginning sometime in 2026 but the retail price has not yet been set.

In addition to the Air Milano, Nike is debuting Nike Mind, which it describes as the “first neuroscience-based footwear to make athletes feel calm, focused and present.”

What that translates into is two new sneakers, Mind 001 and Mind 002, that tap into the mind-body connection by activating sensory receptors in the feet. The way it works is that each shoe features 22 independent foam nodes that are bonded to a flexible, water-resistant material that allows them to act as pistons and gimbals as athletes move. This is intended to allow the wearer to literally feel the ground beneath them.

The shoes are the first products that were created by Nike’s Mind Science Department, a group of neuroscientists who study the nervous system, brain activity and cognition of athletes in motion to help them better prepare, train, compete and recover.

“For 45 years, Nike has studied the body in motion — how muscles fire, how joints move, how oxygen fuels performance,” said Matthew Nurse, vice president and chief science officer of Nike, chief science officer for Nike Inc. “Now we’re expanding into the mind. By studying perception, attention and sensory feedback, we’re tapping into the brain-body connection in new ways. It’s not just about running faster — it’s about feeling more present, focused and resilient. That’s the next frontier of performance.”

The Mind 001 is a mule that slips on and off easily while the Mind 002 anchors the foot to the footbed for increased sensation and support. Both shoes will be available beginning in January on the Nike website and select stores. The Mind 001 will retail for $90 and the Mind 002 for $140.

Nurse said the initial iteration of the shoes is not intended for running, but rather for “pre-game or recovery” to enhance communication between the brain and the feet. “This is chapter one,” he said, adding that the whole impact of the mind on athletics represents “untapped potential” that Nike is determined to delve into more deeply in the future.

While staying warm may be the goal for the athletes at the Winter Olympics, Nike is also working to enhance its cooling technology with Aero-Fit. The newly developed fabric delivers double the airflow than previous products, allowing athletes to perform for longer in extreme conditions.

Aero-Fit moves more air between the skin and the fabric, which allows for better sweat evaporation. The fabric is made from 100 percent textile waste and the shirts feature elliptical mesh zones that are essentially channels that provide greater airflow in high-heat areas.

The technology will debut in the soccer kits Nike federations will wear during the 2026 season with consumer availability to follow.

The final innovation is not yet ready for commercial production. Called Project Amplify, it is a powered footwear system for running and walking. The shoes are engineered to augment the natural movement of the lower leg and ankle to provide a boost that will allow athletes to go faster and further with less effort. Nike is working with Dephy, a robotics partner, on the project.


The first iteration created by the Nike Sport Research Lab is similar to an electric bike and consists of a lightweight motor, drive belt and rechargeable cuff battery that integrates with a carbon-fiber running shoe, making it easier for athletes who run between a 10- and 12-minute mile pace to train more frequently or for a longer time.

“Project Amplify started with a single question: What if we could find a way to help athletes move faster and farther with less energy and a lot more fun? At its core, Project Amplify is about seamlessly adding a little more power to your stride. The fun comes from realizing you can do more than you thought you could,” said Michael Donaghu, vice president of Nike’s Create the Future, Emerging Sport and Innovation.

FT : TotalEnergies misled consumers over climate action, French court rules

TotalEnergies misled consumers over climate action, French court rules
Key win in Paris civil case over disinformation in marketing campaigns

TotalEnergies lost a landmark greenwashing case on Thursday after a French court found it misled consumers with claims about its contributions to tackling climate change.

The oil and gas group was guilty of “misleading commercial practices” by saying that it planned to reach carbon neutrality by 2050 and be a “major actor in the energy transition”, the civil court found in a case brought by Greenpeace, Notre Affaire à Tous and Friends of the Earth France.

The judgment is the first win for activists against a key player in the oil industry under French law, although advertising regulators including the UK body have previously made findings on corporate green claims.

Shell last year won an appeal against a landmark order for it to cut greenhouse gas emissions in a Dutch court, which nonetheless said the company had an obligation to limit its emissions.

The Paris court ordered Total to stop communicating to consumers that it was “a major actor in the energy transition”, and to pay the non-government organisations €8,000 each. It must also publish the court’s decision on its website for 180 days, or face fines.

Justine Ripoll, a campaign lead at Notre Affaire à Tous, said the decision “sends a clear message — climate disinformation isn’t an acceptable commercial strategy. Citizens have a right to honest information and fossil businesses must give an account of the reality of their businesses.”

Jonathan White, a lawyer at the non-profit group Client Earth, which is supporting the case, said that it set an important precedent as other companies had made similar claims to both consumers and investors.

The court said on Thursday that Total led consumers to believe that its climate goals were aligned with the scientific opinion that fossil fuel production should fall rapidly if the goals outlined in the 2015 Paris agreement to limit global warming are to be reached.

Instead, the company had its own scenarios to reach carbon neutrality and continued to increase production and investments in oil and gas, the court said. By failing to communicate this, the company misled consumers.

However, the court rejected claims relating to TotalEnergies communications about biofuels and gas being cleaner than other fossil fuels, saying these were not linked to promotion, sale or provision of energy to consumers.

The action centred on 44 pieces of communication ranging from advertisements to social media posts and statements on TotalEnergies’ website.

The case is the latest in a string of action taken against oil and gas companies across Europe. In April, the UK’s Advertising Standards Authority banned a TotalEnergies ad that highlighted its investments in renewable energy, for “misleading by omission”. It has previously banned ads by companies including Shell, Repsol and Petronas for promoting their green goals without mentioning their larger polluting operation.

But courts have not so far upheld significant legal rulings against oil majors for greenwashing, nor ordered them to stop emitting or pay for climate-related damages.

Earlier this year, a German court dismissed a climate lawsuit brought by a Peruvian farmer against power company RWE over the threat to his home from global warming. But it upheld its previous position that polluters could be held accountable for damages under German civil law — this was interpreted, like the Shell case, as a marginal win for activists.

This week, Shell was also asked to pay compensation by dozens of Filipino citizens who lost family members or homes in a powerful typhoon that leading scientists found was made twice as likely by man-made climate change.

Shell said it agreed that action was needed on climate change, but that it never had “unique knowledge” about the problem. “As we supply vital energy the world needs today, we are transforming our business to supply lower-carbon fuels for the future.”

TotalEnergies did not immediately reply to a request for comment.

TotalEnergies’ strategy since its name change has involved investing more in renewables than rivals to increase electricity generation, while also increasing oil and gas production.

The company aims to produce 100TWh of electricity by 2030, using a combination of renewables, gas power plants and batteries, while also continuing to grow fossil fuel production by about 3 per cent each year.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:
  • MOH -19.9%, RBBN -14.5%, STM -8%, AN -7.9%, IBM -7.3%, OII -6.9%, VRE -6.7%, PKG -6%, SMPL -5.4%, ASGN -4.7%, WH -4.3%, ROP -4.2%, URI -3.8%, TSLA -3.5%, KNX -3.5%, ORI -3.4%, IRDM -3.1%, HXL -3% (also $350 mln accelerated share repurchase program), EEFT -3%, WFG -2.9%, HAS -2.7%, TMUS -2.7%, TSCO -2.5%, SAP -2.2%, LNN -2.2%, SIGI -2.1%, ELS -1.7%, TXT -1.4%, AUB -1.4%, TCBI -1.3%, CNP -1.3%, LRCX -1.2%, PLXS -1.1%, SAH -1.1%, IHG -1%, ORLY -0.8%
Other news:
  • TBN -10.3% (prices offering of 2,324,445 shares of common stock at $21.00 per share)
  • MRNA -4.4% (announces phase 3 study of mRNA-1647)
  • HCM -1.5% (highlights HMPL-A251 data presented at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics)
  • TXT -1.4% (names new CEO and Chair)
  • APPS -1.1% (stock offering by selling shareholders)
  • VOYA -0.7% (reports September AUM)
Analyst comments:
  • SEAT -2.5% (downgraded to Neutral from Buy at Citigroup)
  • ENPH -1.6% (downgraded to Neutral from Outperform at Mizuho)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • MEDP +18.6%, CLB +16.7%, QS +12.4% (also began shipments of QSE-5 B1 samples), LC +12%, SSL +10.5%, KALU +9.1%, HLX +8.6%, NOK +7.7%, FBP +7.1%, GTX +7%, WST +6.9%, BC +6.8%, TPH +6.5%, GSHD +6.3%, DOW +6.3%, WDFC +6%, CBAN +6%, BFH +5.9%, LVS +5.3% (also increases dividend; also increase stock repurchase authorization to $2 bln), HON +5%, DAR +4.4%, TRU +4.3%, AB +3.6%, XPRO +3.5%, VKTX +3.4%, PTEN +3.1%, LAZ +2.7%, CBRE +2.6%, AAL +2.6%, AMBP +2.4%, DOV +2.1%, FAF +2%, UL +2%, BX +1.9%, AA +1.7%, ALLE +1.6%, FE +1.5%, GTY +1.5%, VLO +1.5%, WSBC +1.4%, CCS +1.4%, QCRH +1.4% (also new share repurchase program up to 1.7 mln shares), CCI +1.3%, MBLY +1.3%, RHI +1.2%, STC +1.1%, CACI +1.1%, LYG +1.1%, PCG +1%, MSM +0.9%
Other news:
  • VTYX +83.4% (results from Phase 2 study of VTX3232)
  • FBP +7.1% (authorizes new $200 mln share repurchase program)
  • HON +4.5% (updated business segment structure)
  • HDSN +4.4% (awarded $210 contract with US DLA)
  • TNGX +3.8% (data from its ongoing Phase 1/2 study of vopimetostat (TNG462))
  • ALM +3.4% (files preliminary base shelf prospectus available for 25-month period)
  • DBRG +3.3% (OpenAI, ORCL and Vantage Data Centers announce data center site in Wisconsin)
  • WDS +3.1% (enters Louisiana LNG partnership with Williams)
  • GLNG +2.4% (secures 20-year FLNG charter in Argentina, locking in $8 billion EBITDA backlog)
  • WTTR +2.2% (breaks ground on water lithium extraction facility)
  • RKLB +2% (clearance of Systems Integration Review)
  • NCMI +1.9% (appoints new Board member)
  • NB +1.7% (successfully casts aluminum-scandium alloy)
  • AWI +1.6% (increases dividend)
  • ALTS +1.1% (CEO removed from duties)
  • FPI +1.1% (People Company to acquire Murray Wise Associates from FPI)
  • TCBX +1% (merger agreement to acquire Keystone)
  • IFF +1% (appoints new Board members)

>>> US Research Calls I

Research Calls I
  • Upgrades
    • AngloGold Ashanti (AU) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $90
    • Assa Abloy (ASAZY) upgraded to Buy from Neutral at Citigroup
    • Avery Dennison (AVY) upgraded to Buy from Neutral at UBS, tgt $218
    • Avery Dennison (AVY) upgraded to Overweight from Neutral at JPMorgan, tgt $195
    • Barrick Mining (B) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $43
    • Core Scientific (CORZ) upgraded to Buy from Neutral at Roth Capital, tgt $23.50
    • LendingClub (LC) upgraded to Overweight from Neutral at JPMorgan, tgt $22
    • Newmont Corporation (NEM) upgraded to Sector Outperform from Sector Perform at Scotiabank; tgt $114
    • Principal Financial (PFG) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $81
    • SSR Mining (SSRM) upgraded to Sector Outperform from Sector Perform at Scotiabank
    • TransMedics (TMDX) upgraded to Buy from Hold at Needham, tgt $148
    • U.S. Bancorp (USB) upgraded to Buy from Hold at Deutsche Bank, tgt $52.50
    • Zions Bancorp (ZION) upgraded to Neutral from Underperform at BofA Securities; tgt $62
  • Downgrades
    • Enphase Energy (ENPH) downgraded to Neutral from Outperform at Mizuho, tgt $37
    • Plymouth Industrial REIT (PLYM) downgraded to Neutral from Outperform at Robert W. Baird, tgt $24
    • Take-Two (TTWO) downgraded to Neutral from Buy at Arete, tgt $280
    • Vivid Seats (SEAT) downgraded to Neutral from Buy at Citigroup, tgt $13
    • Winnebago (WGO) downgraded to Sector Weight from Overweight at KeyBanc
  • Others
    • Accenture (ACN) initiated with a Neutral at Citigroup, tgt $266
    • Affirm (AFRM) initiated with a Buy at Citigroup, tgt $100
    • Airbnb (ABNB) assumed at Sector Weight at KeyBanc
    • Allot Comms (ALLT) initiated with a Buy at Needham; tgt $12.50
    • BellRing Brands (BRBR) initiated with an Outperform at Bernstein, tgt $46
    • Bill (BILL) initiated with a Buy at Citigroup, tgt $71
    • Block (XYZ) initiated with a Buy at Citigroup, tgt $105
    • Booking Holdings (BKNG) initiated with an Overweight at KeyBanc, tgt $6,450
    • Cognizant (CTSH) initiated with a Neutral at Citigroup, tgt $75
    • Comstock Resources (CRK) initiated with a Buy at Clear Street, tgt $26
    • Dyadic International (DYAI) resumed with a Buy at H.C. Wainwright; tgt $3
    • EPAM Systems (EPAM) initiated with a Neutral at Citigroup, tgt $170
    • Expedia (EXPE) initiated with a Sector Weight at KeyBanc
    • FIS (FIS) initiated with a Neutral at Citigroup, tgt $73
    • Fiserv (FI) initiated with a Neutral at Citigroup, tgt $128
    • Flywire (FLYW) initiated with a Neutral at Citigroup, tgt $15
    • Genpact (G) initiated with a Neutral at Citigroup, tgt $43
    • Global Payments (GPN) initiated with a Buy at Citigroup, tgt $110
    • Globant (GLOB) initiated with a Neutral at Citigroup, tgt $67
    • Gulfport Energy (GPOR) initiated with a Buy at Jefferies, tgt $250
    • Marqeta (MQ) initiated with a Neutral at Citigroup, tgt $5
    • MasterCard (MA) initiated with a Buy at Citigroup, tgt $735
    • Paychex (PAYX) transferred with a Neutral at Citigroup, tgt $139
    • PayPal (PYPL) initiated with a Neutral at Citigroup, tgt $78
    • Toast (TOST) initiated with a Buy at Citigroup, tgt $51
    • UP Fintech (TIGR) initiated with a Buy at UBS, tgt $13.10
    • Veritone (VERI) initiated with a Buy at Needham, tgt $10
    • Viper Energy (VNOM) initiated with a Hold at Jefferies, tgt $38
    • Visa (V) initiated with a Buy at Citigroup, tgt $450
    • Western Union (WU) initiated with a Neutral at Citigroup, tgt $9

>>> US Early premarket gappers

Early premarket gappers
  • Gapping up:
    • VTYX +66.3%, MEDP +18.5%, QS +16.8%, CLB +15.5%, LC +11.7%, SSL +11.6%, KALU +8.2%, NOK +7.9%, WDFC +7%, GSHD +6.3%, CBAN +6%, LVS +5.7%, HLX +5.6%, TPH +5.1%, CHDN +4.9%, DBRG +4.8%, HDSN +4.4%, ALM +4%, DOV +3.9%, VKTX +3.9%, HON +3.9%, DOW +3.7%, RHI +3.5%, PTEN +3.1%, RKLB +3%, WDS +2.8%, NB +2.6%, WTTR +2.2%, GLNG +2.2%, FAF +2%, TLX +1.9%, NCMI +1.9%, LUV +1.9%, UL +1.7%, ALTS +1.6%, AWI +1.6%, AA +1.5%, FE +1.5%, GTY +1.5%, LYG +1.5%, WSBC +1.4%, CCS +1.4%, ALLE +1.4%, CCI +1.3%, TPC +1.2%, QCRH +1.2%, FPI +1.1%, TCBX +1%, IFF +1%
  • Gapping down:
    • MOH -20.9%, RBBN -12.5%, TBN -10.6%, OII -7.2%, VRE -6.7%, IBM -6.6%, STM -6.5%, PKG -6.2%, ASGN -4.7%, MRNA -4.5%, WH -3.9%, KNX -3.5%, URI -3.4%, TSLA -3.2%, SAP -3%, HXL -3%, EEFT -3%, SIGI -2%, ELS -1.7%, HCM -1.5%, TCBI -1.3%, PLXS -1.1%, LRCX -0.9%

>>> Europe : Brokers Upgrades & Downgrades - 23rd of October 2025 V2(+)

>>> Up
* Assa Abloy Raised to Buy at Citi; PT 410 kronor
* Cipher Mining PT Raised to $27 from $16 at Macquarie
* KGHM Raised to Buy at Trigon Dom Maklerski; PT 213.40 zloty
* MARA Holdings PT Raised to $29 from $26 at Macquarie
* Nokian Renkaat Raised to Hold at SEB Equities; PT 7.70 euros
* Pyramid AG Raised to Buy at SMC Research; PT 1.80 euros (+)
* SGS PT Raised to 107 Swiss francs at Bank Vontobel (+)
* Swiss Re Raised to Outperform at Mediobanca SpA

>>> Down
* Citigroup Cut to Hold at Punto Casa de Bolsa; PT $98.93
* Pekao Cut to Neutral at Oddo BHF; PT 200 zloty
* RWE Cut to Neutral at Citi; PT 39.50 euros
* TeamViewer Cut to Hold at DZ Bank; PT 8.50 euros
* WH Smith Cut to Equal-Weight at Barclays; PT 675 pence

>>> Initiation
* Cembre Rated New Buy at Equita; PT 72 euros (+)
* Morgan Advanced Rated New Buy at Berenberg; PT 250 pence
* Volvo ADRs Rated New Buy at Baptista Research; PT $34.50 (+)

>>> Call

>>> What to look at today - 23rd of October 2025

Asian stocks declined and gold stumbled, as a week that began with record highs succumbed to worries about corporate earnings and trade tensions. MSCI’s Asian equities gauge, which had joined gold in setting an all-time high on Monday, retreated around 0.6%. That reflected drops in most big Asian stock markets, with the region’s investors largely echoing a nervous tone set in the US session. Gold was down around 0.4%.  The jitters come from a mix of broad macro fears and worries closer to home. The Trump administration said it’s considering curbs on software exports to China, risking another escalation of the trade spat. But the biggest drop was company-specific: Shares of Pop Mart International Group Ltd. — which have more than doubled this year — plunged nearly 11% on Thursday amid concerns about the toy maker’s long-term sales outlook.   In the US, assets favored by retail momentum traders had taken the worst losses, among them precious metals, crypto and artificial intelligence stocks. The Nasdaq 100 lost 1% after a disappointing outlook from Texas Instruments Inc. and a 10% slump in Netflix Inc. In late hours, Tesla Inc. slid as earnings missed estimates despite a sales surge. US equity futures edged higher in Asia on Thursday.  Gold continued to edge toward $4,000 an ounce, falling for the third consecutive day. Oil jumped around 3% after the US announced sanctions on Russia’s biggest producers in its latest bid to pressure President Vladimir Putin to negotiate an end to the war in Ukraine.  The yen was weaker against the dollar for a fifth session. The yield on 10-year Treasuries was steady after falling one basis point to 3.95% on Wednesday. A $13 billion sale of 20-year bonds was strong. The dollar index climbed 0.1%.   Chinese officials conclude their Fourth Plenum gathering in Beijing, with a readout expected later in the day. Treasury Secretary Scott Bessent is expected to huddle with his Chinese counterparts over the weekend ahead of the Trump-Xi talks. The markets are jittery about the US-China tension, and “though it could probably be just another TACO situation, and even though everyone knows that’s how it goes, there are still people who have to react until things settle down,” said Ryuta Otsuka, a strategist at Toyo Securities. In Japan, newly appointed Prime Minister Sanae Takaichi ordered a fresh round of economic measures to help households and businesses cope with persistent inflation. Shares of Disco Corp. and Tokyo Electron Ltd. fell more than 3%, making them among the worst losers in the Nikkei 225 index.   Elsewhere in the region, the Bank of Korea held its benchmark interest rate steady to avoid spurring a housing market rally. US After Hours TSLA -3.1%, LRCX -3% head lower on earnings; MEDP +17.4%, CLB +11.2% sharply higher on earnings.

Nikkei -1.46% Hang Seng -0.25% CSI -0.75% Shanghai -0.83% Shenzen -1.03%

Eur$ 1.1597 CNH 7.1274 CNY 7.1239 JPY 152.47 GBP 1.3336 CHF 0.7973 RUB 81.2558 TRY 41.9827 WTI$ 60.43 +3.30% Gold 4,087 -0.28% BTC 108,835 +1.06% ETH 3,844 +1.66%

S&P +0.06% Nasdaq +0.12% EuroStoxx +0.12% FTSE -0.10% Dax +0.09% SMI +0.12%

Macro :
- Sona’s Aylward Sees Looming $100 Billion European Credit Problem
- Gold Extends Rout in Volatile Pullback From Record Price Surge
- Quantum-Linked Stocks Rigetti, D-Wave, IonQ Extend Declines
- Gold Prices May Surge to $5,000 in Three Years, Amundi Says
- UK Should Drop 2030 Clean Power Goal, Tony Blair Institute Says

Keep an eye on :
- ADBE US : Adobe weighed $3B takeover of AI startup Synthesia, Information reports
- AIR FP : Airbus, Leonardo, Thales Seal Deal to Merge Satellite Operations
- AA US : Alcoa 3Q Adjusted Ebitda Beats Estimates, Alcoa Says High US Aluminum Prices Offset Trump Tariff Costs (1)
- ALV GY : Allianz leads race to acquire NIB’s $100m travel insurance unit
- ANTO LN : Antofagasta 3Q Copper Production Misses Estimates
- ATEA NO : Atea 3Q Ebitda Beats Estimates
- AOF GY : Atoss Software Sees FY Ebit Margin 34%, Saw at Least 31%
- AXFO SS : Axfood 3Q Operating Profit Misses Estimates
- AZE BB : Azelis 3Q Revenue Beats Estimates
- BKT SM : Bankinter 3Q Net Income Meets Estimates
- BAR BB : Barco Targets €1.1B Sales in 2028, Reconfirms 2025 Guidance
- BEI GY : Beiersdorf Cuts FY Organic Sales Forecast
- BESI NA : BE Semiconductor 3Q Orders Beats Estimates
- BILL SS : Billerud 3Q Adjusted Ebitda Beats Estimates
- BVI FP : Bureau Veritas Signs Pacts to Buy Two Companies in Europe
- CA FP : Carrefour 3Q Sales Miss Estimates With Brazil Weak: Street Wrap
- COOR SS : Coor 3Q Ebit Misses Estimates
- CRWV US : CoreWeave Urges Core Scientific Holders to Vote for Acquisition
- DSY FP : Dassault Systemes Cuts FY Non-IFRS Rev Ex-FX Forecast
- DOM SS : Dometic 3Q Ebit Misses Estimates
- DSV DC : DSV 3Q Ebit Before Significant Items Beats Estimates
- FGR FP : Eiffage to Buy Additional ~7.1% in Getlink at €17.70/Share
- ELISA FH : Elisa 3Q Comparable Ebitda Meets Estimates
- ELK NO : Elkem 3Q Operating Income Misses Estimates
- ESSITYA SS : Essity 3Q Profit Beats Estimates; Launches Cost Savings Program
- EVO SS : Evolution 3Q Pretax Profit Misses Estimates
- FSKRS FH : Fiskars Sees FY Comparable Ebit Low End of EU90M to EU100M
- GALD SW : Galderma 9M Net Sales $3.74B, Galderma Sees FY Core Ebitda Margin 23.1% to 23.6%
- GALE SW : Galenica Boosts FY Forecast
- GET FP : Eiffage to Buy Additional ~7.1% in Getlink at €17.70/Share
- HEIA NA : Heineken Targets Mid-Single-Digit Org. Rev Growth Through 2030
- HOLMB SS : Holmen 3Q Operating Profit Misses Estimates
- HUH1V FH : Huhtamaki 3Q Adjusted Ebit Beats Estimates
- IBM US : IBM 3Q Revenue Beats Estimates: Snapshot -4% in After Hours
- IFCN SW : Inficon Sees FY Operating Margin 16% to 17%, Saw About 18%
- IHG LN : InterContinental Hotels 3Q EMEAA RevPAR Beats Estimates
- IPS FP : Ipsos FY Org Rev Forecast Misses Ests, Delays Strategic Plan
- KER FP : Kering ADRs Jump to March 2024 High on Comparable Sales Beat
- KIN BB : Kinepolis 3Q Change in Attendance -11.1%
- KNEBV FH : Kone 3Q Orders Beats Estimates
- KNIN SW : Kuehne + Nagel 3Q Net Revenue Meets Estimates
- EMG LN : Man Group, LGT Capital Say Crypto Yet to Win Over Investors
- LONN SW : Lonza Confirms FY 2025 Outlook for CDMO and CHI Businesses
- METSO FH : Metso 3Q Orders Beats Estimates
- ML FP : Michelin Says Won’t Meet 2026 SOI, Operating Margin Targets
- MRNA US : Moderna Vaccine Fails to Prevent Infection Tied to Birth Defects -8% in After Hours
- MOH US : Molina Healthcare 3Q Profit Falls; Cuts Full-Year Guidance on Higher Medical Costs,*MOLINA SINKS 20% AFTER 3Q EPS, REVENUE MISS; CENTENE DROPS 6.3%
- NFLX US : *NETFLIX SHARES FALL 10% IN WORST ONE-DAY DROP SINCE APRIL 2022
- NEX FP : Nexans 3Q Organic Revenue Beats Estimates
- NCCB SS : NCC 3Q Net Sales Meet Estimates
- NOKIA FH : Nokia 3Q Adjusted Operating Profit Beats Estimates
- 600745 CH : Nexperia China Unit Resumes Sales to Local Distributors: Rtrs
- ORA FP : Orange Sees FY Ebitda After Leases at Least +3.5%, Saw Above +3%, Orange Raises 2025 Profit Growth Outlook After Adding Customers
- ORCL US : Vantage Investor Gains on OpenAI, Oracle WI Data Center Pact
- PGHN SW : Partners Group Sells 24.9% in Apex Logistics to Kuehne + Nagel
- P911 GY : Porsche hits reverse on EV push as new CEO shifts back to petrol - FT
- PCELL SS : PowerCell 3Q Sales SEK85.8M Vs. SEK71.9M Y/y
- QS US : QuantumScape Improves FY Adj. Ebitda Loss View; Shares Rise
- RNO FP : Renault 3Q Automotive Revenue Meets Estimates
- ROG SW : Roche Raises Core EPS FY Outlook, 3Q Sales Miss Estimates
- SPM IM : Saipem 3Q Revenue Misses Estimates
- 005930 KS : Musk Says Samsung Taking Bigger Role in Making Tesla Chips
- LOCAL FP : Solocal : Le Chiffre d'affaires trimestriel du groupe s'est établi à 81,5 ME au T3
- PNDXB SS : Pandox 3Q Ebitda Beats Estimates
- SAP GY : SAP 3Q Non-IFRS Cloud Revenue Meets Estimates, SAP’s ADRs Slump on Disappointing 3Q Cloud Revenue
- SCST SS : Scandi Standard 3Q Net Sales Beat Estimates
- SEBA SS : SEB 3Q Net Interest Income Beats Estimates, SEB Starts New SEK2.5b Share Buyback Program
- SGSN SW : SGS 3Q Sales CHF1.73B Vs. CHF1.70B Y/y
- SMCP FP : SMCP 3Q Organic Sales +2.5%
- SW FP : Sodexo Sees 2026 Organic Revenue +1.5% to +2.5%
- SF SS : Stillfront 3Q Ebit Beats Estimates
- STM FP : STMicro 3Q Gross Margin Misses Estimates, STMicro 4Q Net Revenue Forecast Misses Estimates
- STM FP
- STERV FH : Stora Enso 3Q Sales Miss Estimates
- 4XO GY : Steyr Motors Says FY25 Forecast ‘Achievable in Principle’
- SWEDA SS : Swedbank 3Q Common Equity Tier 1 Ratio Matches Estimates
- TKTT FP : Tarkett 3Q Net Sales EU996M Vs. EU1.00B Y/y
- TELIA SS : Telia 3Q Adjusted Ebitda Meets Estimates, Telia Boosts FY Free Operating Cash Flow Forecast
- TSLA US : Tesla 3Q Adjusted EPS Misses Estimates: Snapshot
- TSLA US : Musk Says Samsung Taking Bigger Role in Making Tesla Chips
- TGS NO : TGS 3Q Produced Ebitda Beats Estimates
- HO FP : Thales 3Q Sales Beat Estimates
- HO FP : Airbus, Leonardo, Thales Sign MOU for Space, Satellite Player
- ULVR LN : Unilever 3Q Underlying Sales Beat Estimates
- VRLA FP : Verallia Cuts FY Adjusted Ebitda Forecast
- VERK FH : Verkkokauppa.com 3Q Revenue Beats Estimates
- VISC SS : Gruvaktiebolaget Viscaria Offering Prices at SEK19/Share
- VITR SS : Vitrolife 3Q Ebitda Misses Estimates
- VKTX US : Viking Therapeutics 3Q Revenue Matches Estimates
- VOLCARB SS : Volvo Car 3Q Revenue Beats Estimates
- WIHL SS : Wihlborgs 3Q Income From Property Management Misses Estimates

>>> Europe : Brokers Upgrades & Downgrades - 23rd of October 2025

>>> Up
* Assa Abloy Raised to Buy at Citi; PT 410 kronor
* Cipher Mining PT Raised to $27 from $16 at Macquarie
* KGHM Raised to Buy at Trigon Dom Maklerski; PT 213.40 zloty
* MARA Holdings PT Raised to $29 from $26 at Macquarie
* Nokian Renkaat Raised to Hold at SEB Equities; PT 7.70 euros
* Swiss Re Raised to Outperform at Mediobanca SpA

>>> Down
* Citigroup Cut to Hold at Punto Casa de Bolsa; PT $98.93
* Pekao Cut to Neutral at Oddo BHF; PT 200 zloty
* RWE Cut to Neutral at Citi; PT 39.50 euros
* TeamViewer Cut to Hold at DZ Bank; PT 8.50 euros
* WH Smith Cut to Equal-Weight at Barclays; PT 675 pence

>>> Initiation
* Morgan Advanced Rated New Buy at Berenberg; PT 250 pence

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • BE Semiconductor (BSI TH) +4.2%
    • BE Semiconductor 3Q Operating Income Beats Estimates
  • RENK Group (R3NK TH) +3.7%
  • Rheinmetall (RHM TH) +2.8%
  • Saab (SDV1 TH) +2.1%
  • Hensoldt (HAG TH) +1.8%
  • BP (BPE5 TH) +1.8%
  • Var Energi (J4V TH) +1.5%
  • Prosus (1TY TH) +1.2%
  • Aker BP (ARC TH) +1.1%
  • Siemens Energy (ENR TH) +1.1%
  • Lufthansa (LHA TH) -1.3%
    • Lufthansa Profit Lower on Airlines, Strong MRO Aids: 3Q Preview
  • Bavarian Nordic (BV3 TH) -1.3%
  • Nordic Semiconductor (N0S TH) -1.4%
  • 3i (IGQ5 TH) -2%
  • RWE (RWE TH) -2.1%
    • RWE Cut to Neutral at Citi; PT 39.50 euros
  • Sodexo (SJ7 TH) -3%
    • Sodexo Sees 2026 Organic Revenue +1.5% to +2.5%
  • Dassault Systemes (DSYA TH) -3.2%
    • Dassault Systemes Cuts FY Non-IFRS Rev Ex-FX Forecast
  • STMicro (SGM TH) -3.5%
    • STMicro Sales Forecast Misses Estimates as Chip Recovery Stalls
  • Michelin (MCHA TH) -5.6%
    • Michelin Shares Set to Decline as it Cuts 2026 Goal: Street Wrap
  • Evolution (E3G1 TH) -9.4%
    • Evolution 3Q Profit After Tax Misses Estimates