>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:

  • BBCP +1.8% (guidance update)

M&A news:

  • CYOU +53.5% (Changyou.com received a preliminary non-binding proposal letter to acquire shares for $10.00 per ADS, in cash), SOHU +1.8%

Select metals/mining stocks trading higher:

  • GFI +3.5%, AU +1.5%, KGC +1.4%, MT +1.3%, GDX +0.9%

Other news:

  • ACAD +72.4% (announces pivotal phase 3 harmony trial stopped early for positive efficacy as pimavanserin meets the primary endpoint in patients with dementia-related psychosis)
  • T +7.9% (Elliott Management sends letter to Board of Directors of AT&T; noted that the opportunity could lead AT&T to a $60+ per share value by the end of 2021)
  • LLY +2.4% (announces positive results for selpercatinib, demonstrating a 68 percent objective response rate and sustained durability in heavily pretreated ret fusion-positive non-small cell lung cancer)
  • CHMA +1.2% (files for $200 mln mixed securities shelf offering)
  • OGI +1% (receives Health Canada approval to bring total licensed production capacity to target of 76,000 kg/yr)

Analyst comments:

  • NTNX +5.4% (upgraded to Positive from Negative at Susquehanna)
  • PSTG +4.9% (upgraded to Positive from Neutral at Susquehanna)
  • NTAP +2.7% (upgraded to Positive from Neutral at Susquehanna)
  • CHGG +2.4% (upgraded to Buy from Hold at Jefferies)
  • GCO +2% (upgraded to Buy from Hold at Pivotal Research Group)
  • HQY +1.9% (upgraded to Strong Buy from Outperform at Raymond James)
  • ALLY +1.6% (upgraded to Overweight from Equal-Weight at Stephens)
  • FFIV +1.4% (upgraded to Overweight from Neutral at Piper Jaffray)
  • SAIC +1.3% (upgraded to Outperform from Market Perform at Cowen)
  • CMG +1.2% (upgraded to Outperform from Neutral at Wedbush)
  • NEM +0.7% (upgraded to Sector Perform from Underperform at RBC Capital Mkts)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:

  • CYOU +59.5%, LLY +3.5%, BLDP +2.8%, NTAP +2.7%, KGC +2.6%, GFI +2.3%, WDAY +2%, SOHU +1.7%, DB +1.7%, DFS +1.6%, SNE +1.6%, HD +1.5%, FFIV +1.4%, MT +1.3%, ALLY +1.3%, GLW +1.3%, WB +1.2%, OSTK +1.2%, AU +1.1%, RDS.A +1%, GDX +1%, HAL +0.8%

Gapping down:

  • AMGN -4.3%, PERI -2.7%, BA -1.2%, TEVA -1.1%, HPQ -1%, AZN -0.8%, ERIC -0.6%, TTWO -0.6%, LIN -0.6%

WWD : Brandon Maxwell RTW Spring 2020

Brandon Maxwell RTW Spring 2020
Maxwell nipped at the heels of the reigning king of American sportswear, Ralph Lauren, with a collection you might call Texas prep.

Brandon Maxwell surprised the crowd at his show Saturday night by introducing men’s wear — and nipped at the heels of the reigning king of American sportswear, Ralph Lauren, while he was at it with a collection you might call Texas prep.

After nursing his mother, Pam, back to health; taking home the 2019 CFDA Designer of the Year Award, and wrapping the filming of his second season on “Project Runway,” Maxwell felt like cutting loose. “I wanted to get together and celebrate in the borough where I live with the people I love,” he said of his one-night-only club, Brandon’s in Brooklyn, which had Dolly Parton on the soundtrack, Shake Shack for snacking and “New Fashioned” cocktails for sipping, in contrast to Lauren’s Ralph’s Club in the Financial District just an hour later with Janelle Monáe singing live, crudites and corned beef sandwiches for nibbling and Champagne for sipping.

Maxwell’s cutting-loose sentiment carried over into the clothes, which were some of the most relaxed and assured of any he’s ever shown. He put extra focus on classic tailoring — for men and women — creating covetable blazers in ocher, marigold and flame-red (his color sense was spot-on), worn open over jeans or belted over sophisticated shorts or miniskirts and heels. Denim was not an after-thought, but instead came in a beautiful, luxe-looking medium blue with a slightly flared leg, worn with a white button-down and chunky jeweled belt, or a pink satin bustier and train for a relaxed glam. (One of the guys wore his jeans with a blue blazer, red neckerchief and cowboy boots, natch.)

Maxwell indulged his body-con tendencies with a black jersey halter gown scooped out at the sides, and his love of easy allure with a white shirtdress that fell off the shoulders, exposing the collar bone just so.

“I’m addressing day to night better than I ever have. I thought about the perfect fit of a jean for many months, and the gazar button-ups that I love; I enjoyed the way they draped in the back,” he said, sharing that he also expanded his scope of reference, leaning on the women in his studio more than models for feedback on comfort and wearability. “It’s a little looser, even the gowns are softer, some of them are made of jersey, they are simple and easy,” he said.

As for the impulse behind his foray into men’s? “I rolled over one night and my fiancé said, ‘I’d love a shirt the same color as Bella Hadid’s dress from the last show,'” Maxwell explained. “Through making that, I discovered how much I love tailoring.” And it looked pretty good for a first outing, including what may be the only peach tuxedo (cut long and easy, and worn with a coral cotton turtleneck sweater with a blue shirttail sticking out) a girlfriend could ever learn to love.
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Brandon Maxwell RTW Spring 2020
Maxwell nipped at the heels of the reigning king of American sportswear, Ralph Lauren, with a collection you might call Texas prep.

Brandon Maxwell surprised the crowd at his show Saturday night by introducing men’s wear — and nipped at the heels of the reigning king of American sportswear, Ralph Lauren, while he was at it with a collection you might call Texas prep.

After nursing his mother, Pam, back to health; taking home the 2019 CFDA Designer of the Year Award, and wrapping the filming of his second season on “Project Runway,” Maxwell felt like cutting loose. “I wanted to get together and celebrate in the borough where I live with the people I love,” he said of his one-night-only club, Brandon’s in Brooklyn, which had Dolly Parton on the soundtrack, Shake Shack for snacking and “New Fashioned” cocktails for sipping, in contrast to Lauren’s Ralph’s Club in the Financial District just an hour later with Janelle Monáe singing live, crudites and corned beef sandwiches for nibbling and Champagne for sipping.

Maxwell’s cutting-loose sentiment carried over into the clothes, which were some of the most relaxed and assured of any he’s ever shown. He put extra focus on classic tailoring — for men and women — creating covetable blazers in ocher, marigold and flame-red (his color sense was spot-on), worn open over jeans or belted over sophisticated shorts or miniskirts and heels. Denim was not an after-thought, but instead came in a beautiful, luxe-looking medium blue with a slightly flared leg, worn with a white button-down and chunky jeweled belt, or a pink satin bustier and train for a relaxed glam. (One of the guys wore his jeans with a blue blazer, red neckerchief and cowboy boots, natch.)

Maxwell indulged his body-con tendencies with a black jersey halter gown scooped out at the sides, and his love of easy allure with a white shirtdress that fell off the shoulders, exposing the collar bone just so.

“I’m addressing day to night better than I ever have. I thought about the perfect fit of a jean for many months, and the gazar button-ups that I love; I enjoyed the way they draped in the back,” he said, sharing that he also expanded his scope of reference, leaning on the women in his studio more than models for feedback on comfort and wearability. “It’s a little looser, even the gowns are softer, some of them are made of jersey, they are simple and easy,” he said.

As for the impulse behind his foray into men’s? “I rolled over one night and my fiancé said, ‘I’d love a shirt the same color as Bella Hadid’s dress from the last show,'” Maxwell explained. “Through making that, I discovered how much I love tailoring.” And it looked pretty good for a first outing, including what may be the only peach tuxedo (cut long and easy, and worn with a coral cotton turtleneck sweater with a blue shirttail sticking out) a girlfriend could ever learn to love.
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WSJ : WeWork Parent Weighs Further Valuation Cut Office-sharing company eyes val

WeWork Parent Weighs Further Valuation Cut
Office-sharing company eyes valuation below $20 billion amid investor skepticism

WeWork’s parent is eyeing a valuation for its initial public offering that could fall below $20 billion as some existing investors push the workspace company to shelve the planned offering, people familiar with the matter said.

Despite plans to begin a roadshow to market the shares to new investors as early as Monday, We Co. and its underwriters are planning to hold meetings this week among themselves and with investors to figure out what changes may be needed to help garner enough demand for an IPO, the people said.

A valuation below $20 billion would be an even steeper drop from the $47 billion mark where We last raised private capital this year in the face of skepticism among potential public investors over the company’s governance, its business model and ability to turn a profit while continuing to grow. It would be particularly painful for investors who have given or committed over $10 billion to the company since it was founded in 2010.

Potential investors have been unnerved by co-founder and Chief Executive Adam Neumann ’s sales of hundreds of millions of dollars of his stock and loans of more than $740 million tied to his shares in the company, according to Wall Street Journal reports and regulatory filings. Mr. Neumann also controls a majority of the voting rights of the company and recently doubled the potency of his supervoting shares.

Some investors have indicated interest in the IPO and it is possible the company will pull it off at a valuation of $20 billion or higher.

Should We yank or postpone the IPO, it stands to miss out on nearly $10 billion needed to fund its ambitious but money-losing global-growth plans. The company was planning to raise $3 billion to $4 billion in the IPO and up to $6 billion in debt that is contingent on the IPO raising at least $3 billion.

If the IPO doesn’t happen, the company will either need to find more cash or scale back its plans for further growth, according to people close to the company. One problem is that We has long been betting its main appeal to investors is its rapid growth, but that growth is fueled by ever-growing helpings of cash.

We primarily rents space through long-term leases, renovates it and then divides the offices and subleases them over the short term.

The company is continuing to talk to its biggest investor, SoftBank Group Corp., about whether the Japanese technology giant would put in additional capital through the IPO by buying a significant portion of the shares on offer or invest a chunk of money that would allow We to delay its IPO until 2020.

There is no guarantee SoftBank will ultimately choose to put more money into We. Some of the conglomerate’s key investors have previously balked at doing so, people familiar with the matter have said. But SoftBank CEO Masayoshi Son has said he expects to keep backing the company in the future.

Since We unveiled its IPO papers last month, potential investors have raised concerns with the company and its underwriters about its steep losses, which amounted to $1.61 billion in 2018, as well as hundreds of millions of dollars of real-estate deals and past personal loans involving the firm and Mr. Neumann.

A number of banks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. have committed to arranging $6 billion of debt for We when it goes public, contingent on the offering raising $3 billion.