Gapping down
In reaction to disappointing earnings/guidance:
- TSG -4.3%
Select financial related names showing weakness:
- DB -4.2%, HSBC -3%, ING -2.1%, C -1.8%, BAC -1.6%, MS -1.3%, GS -0.9%
Select Argentina related stocks trading lower:
- SUPV -36.2%, GGAL -35.6%, YPF -31.1%, BMA -30.1%, PAM -28.5%, CEPU -26.3%, DESP -18.4%, MELI -5.7%, ARCO -3.8%, IRS -1.6%
Other news:
- CTST -25.6% (received a report from Health Canada notifying the Company that its manufacturing facility in Vaughan, Ontario has been rated non-compliant with certain regulations)
- ETM -14.7% (cuts quarterly dividend to $0.02/share from $0.09/share)
- NIO -2.6% (July deliveries)
- HIMX -1.7% (continued weakness)
- LITE -0.9% (continued volatility)
Analyst comments:
- LTHM -5% (downgraded to Underperform from Neutral at BofA/Merrill)
- IOTS -4.4% (downgraded to Market Perform from Outperform at Northland Capital)
- MTW -3% (downgraded to Neutral from Outperform at Robert W. Baird)
- OXY -1.3% (downgraded to In-line from Outperform at Evercore ISI)
- SCM -0.5% (downgraded to Perform from Outperform at Oppenheimer)
Gapping up
In reaction to strong earnings/guidance:
- GOLD +1.8%
Select financial related names showing strength:
- JAX +9.2% (expands review of strategic alternatives)
Select metals/mining stocks trading higher:
- SBGL +3.6%, DRD +2.3%, AU +2.2%, HL +1.9%, AUY +1.7%, GDX +1.1%, GFI +0.8%, AG +0.8%, RIO +0.7%
Other news:
- ABB +3.4% (names Björn Rosengren as CEO)
- OSTK +3.2% (continued strength)
- TWOU +2.2% (continued strength)
- CLDR +1.4% (Carl Icahn increased active stake to 18.36% (Prior 16.48%) )
- INWK +1.3% (enters cooperation agreement with Engaged Capital)
- PCG +1.3% (provides statement regarding financing proposal)
Analyst comments:
- MIRM +4.7% (initiated with a Buy at Citigroup)
- NEWR +0.6% (upgraded to Buy from Hold at Argus)
- APLE +0.5% (upgraded to Overweight from Equal Weight at Barclays)
- NOV +0.5% (upgraded to Positive from Neutral at Susquehanna)
Early premarket gappersGapping up:
- SBGL +4.5%, HIMX +4.3%, ABB +3.2%, OSTK +3.2%, TWOU +2.8%, SWN +2.6%, DRD +2.3%, HL +1.9%, AU +1.8%, NVO +1.1%, AA +0.8%, GDX +0.7%, RIO +0.5%
Gapping down:
- DB -4.5%, AUY -3.2%, FCEL -2.9%, HSBC -2.7%, ING -2.3%, GFI -2.1%, MT -2%, AMRN -1.8%, STM -1.7%, C -1.4%, NFLX -1.3%, NOK -1.3%, MS -1.3%, BAC -1.2%, GS -1.2%, TSLA -1.2%, LITE -1.1%, BABA -1%, MU -1%
Coach and Versace attacked in China for Hong Kong reference
Luxury brands latest to draw ire on social media over territorial labels
Coach and Versace have become the latest foreign brands to face a backlash from internet users in China, drawing fierce criticism across social media for referring to Hong Kong and Taiwan as countries.
Chinese internet users on Monday circulated an image of US luxury brand Coach’s English-language website that showed both regions could be selected under a menu titled “countries”. Beijing claims Taiwan as part of its territory.
In a statement on Weibo, China’s version of Twitter, Coach apologised and said it had corrected its website, adding that it “is committed to long-term development in China and respects the feelings of the Chinese people”. “Coach” was the most searched topic on Weibo on Monday.
The incident came a day after Italian luxury brand Versace was forced into a “deep apology” after outraged internet users posted images apparently showing that one of its T-shirts labelled Hong Kong and Macau as countries. Versace said it had stopped selling the T-shirts.
Both Hong Kong and Macau are a semi-autonomous special administrative regions of China.
Chinese supermodel Liu Wen, who had been an ambassador for the brand, announced on Weibo that she had ceased co-operation with Coach. “The integrity and sovereignty of China’s territory are inviolable!,” Ms Liu said. “I apologise to everyone! I love my motherland and resolutely safeguard China’s sovereignty!”
Separately, Chinese actress Yang Mi, who was a brand ambassador for Versace, said she had terminated her contact with the Italian company. “The motherland’s territorial integrity and sovereignty are sacred,” she said in an internet post.
Coach and Versace are the latest brands to come under pressure from Chinese internet users for appearing to flout Beijing’s territorial claims with websites or product labels, highlighting the political risks for foreign businesses operating in the country.
The controversies highlight the difficulties multinational companies face adjusting to political sensitivities in China without being seen by consumers in more politically liberal countries as yielding to authoritarian demands.
Last year, US clothing retailer Gap issued an apology after being targeted by internet users over T-shirts with a map of China that did not include Taiwan, south Tibet and the South China Sea.
US carriers that fly to China including United Airlines, American Airlines and Delta Air Lines last year complied with Chinese pressure over how they refer to Taiwan on their websites, ignoring calls from the White House to refuse to accede to the demand.
The Trump administration had urged US carriers to ignore a Chinese demand to say “Taiwan, China” instead of merely Taiwan on their websites. Beijing had threatened to cut market access for 36 foreign airlines unless they altered the wording on their websites.
Companies closer to home have also had similar issues. Last week, Chinese state-run tabloid the Global Times criticised Hong Kong’s de facto flag carrier Cathay Pacific for displaying a map on a seat back screen that “wrongly implied that Hong Kong and Taiwan are independent countries”.
Cathay subsequently apologised for a “technical oversight that led to some of our in-flight entertainment systems not having the correct information uploaded”.
>>> Up
* Amundi Upgraded to Buy at Goldman; PT 65 Euros (+)
* Carlsberg Upgraded to Buy at Bryan Garnier; PT 1,060 Kroner (+)
* Eurazeo SE Upgraded to Buy at Goldman; PT 75 Euros (+)
* Hannover Re Upgraded to Buy at Bankhaus Metzler; PT 155 Euros (+)
* Hammerson Upgraded to Outperform at RBC; PT 2.90 Pounds
* Maersk Upgraded to Buy at Goldman; Price Target 9,000 Kroner
* Merlin Upgraded to Hold at HSBC; PT 4.55 Pounds
* Stockmann Upgraded to Buy at Handelsbanken; PT 3 Euros
* Superdry Upgraded to Hold at Stifel; Price Target 4.60 Pounds (+)
>>> Down
* Beiersdorf Downgraded to Underperform at Jefferies
* CompuGroup Downgraded to Hold at Kepler Cheuvreux; PT 60 Euros
* Ferguson Downgraded to Neutral at Citi (+)
* Hapag-Lloyd Downgraded to Hold at Bankhaus Lampe; PT 47 Euros
* Hapag-Lloyd Downgraded to Sell at M.M. Warburg; PT 34 Euros (+)
* Jungheinrich Downgraded to Neutral at MainFirst; PT 20 Euros
* Kion Downgraded to Neutral at MainFirst; PT 45 Euros
* Norsk Hydro Downgraded to Neutral at Citi
* *UDG HEALTHCARE CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
* Ultra Electronics Downgraded to Hold at Berenberg
* Unicaja Downgraded to Neutral at Credit Suisse; PT 81 Cents
>>> Initiation
* Genmab ADRs Rated New Overweight at Morgan Stanley; PT $30
>>> Call
* Beiersdorf Cut at Jefferies on Margin Outlook as RBC Lowers PT
* Hammerson Discount Is Too Deep, RBC Upgrades to Outperform
* Maersk Upgraded to Buy at Goldman; Price Target 9,000 Kroner
* Ultra Electronics Cut at Berenberg on Stock’s ‘Phenomenal Run’
>>> Up
* Carlsberg Upgraded to Buy at Bryan Garnier; PT 1,060 Kroner (+)
* Hannover Re Upgraded to Buy at Bankhaus Metzler; PT 155 Euros (+)
* Hammerson Upgraded to Outperform at RBC; PT 2.90 Pounds
* Maersk Upgraded to Buy at Goldman; Price Target 9,000 Kroner
* Merlin Upgraded to Hold at HSBC; PT 4.55 Pounds
* Stockmann Upgraded to Buy at Handelsbanken; PT 3 Euros
* Superdry Upgraded to Hold at Stifel; Price Target 4.60 Pounds (+)
>>> Down
* Beiersdorf Downgraded to Underperform at Jefferies
* CompuGroup Downgraded to Hold at Kepler Cheuvreux; PT 60 Euros
* Ferguson Downgraded to Neutral at Citi (+)
* Hapag-Lloyd Downgraded to Hold at Bankhaus Lampe; PT 47 Euros
* Jungheinrich Downgraded to Neutral at MainFirst; PT 20 Euros
* Kion Downgraded to Neutral at MainFirst; PT 45 Euros
* Norsk Hydro Downgraded to Neutral at Citi
* *UDG HEALTHCARE CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
* Ultra Electronics Downgraded to Hold at Berenberg
* Unicaja Downgraded to Neutral at Credit Suisse; PT 81 Cents
>>> Initiation
* Genmab ADRs Rated New Overweight at Morgan Stanley; PT $30
>>> Call
* Beiersdorf Cut at Jefferies on Margin Outlook as RBC Lowers PT
* Hammerson Discount Is Too Deep, RBC Upgrades to Outperform
* Maersk Upgraded to Buy at Goldman; Price Target 9,000 Kroner
* Ultra Electronics Cut at Berenberg on Stock’s ‘Phenomenal Run’
>>> Up
* Carlsberg Upgraded to Buy at Bryan Garnier; PT 1,060 Kroner (+)
* Hannover Re Upgraded to Buy at Bankhaus Metzler; PT 155 Euros (+)
* Hammerson Upgraded to Outperform at RBC; PT 2.90 Pounds
* Maersk Upgraded to Buy at Goldman; Price Target 9,000 Kroner
* Merlin Upgraded to Hold at HSBC; PT 4.55 Pounds
* Stockmann Upgraded to Buy at Handelsbanken; PT 3 Euros
* Superdry Upgraded to Hold at Stifel; Price Target 4.60 Pounds (+)
>>> Down
* Beiersdorf Downgraded to Underperform at Jefferies
* CompuGroup Downgraded to Hold at Kepler Cheuvreux; PT 60 Euros
* Ferguson Downgraded to Neutral at Citi (+)
* Hapag-Lloyd Downgraded to Hold at Bankhaus Lampe; PT 47 Euros
* Jungheinrich Downgraded to Neutral at MainFirst; PT 20 Euros
* Kion Downgraded to Neutral at MainFirst; PT 45 Euros
* Norsk Hydro Downgraded to Neutral at Citi
* *UDG HEALTHCARE CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
* Ultra Electronics Downgraded to Hold at Berenberg
>>> Initiation
* Genmab ADRs Rated New Overweight at Morgan Stanley; PT $30
>>> Call
* Beiersdorf Cut at Jefferies on Margin Outlook as RBC Lowers PT
* Hammerson Discount Is Too Deep, RBC Upgrades to Outperform
* Maersk Upgraded to Buy at Goldman; Price Target 9,000 Kroner
* Ultra Electronics Cut at Berenberg on Stock’s ‘Phenomenal Run’
>>> Up
* Hannover Re Upgraded to Buy at Bankhaus Metzler; PT 155 Euros (+)
* Hammerson Upgraded to Outperform at RBC; PT 2.90 Pounds
* Maersk Upgraded to Buy at Goldman; Price Target 9,000 Kroner
* Merlin Upgraded to Hold at HSBC; PT 4.55 Pounds
* Stockmann Upgraded to Buy at Handelsbanken; PT 3 Euros
* Superdry Upgraded to Hold at Stifel; Price Target 4.60 Pounds (+)
>>> Down
* Beiersdorf Downgraded to Underperform at Jefferies
* CompuGroup Downgraded to Hold at Kepler Cheuvreux; PT 60 Euros
* Ferguson Downgraded to Neutral at Citi (+)
* Hapag-Lloyd Downgraded to Hold at Bankhaus Lampe; PT 47 Euros
* Jungheinrich Downgraded to Neutral at MainFirst; PT 20 Euros
* Kion Downgraded to Neutral at MainFirst; PT 45 Euros
* Norsk Hydro Downgraded to Neutral at Citi
* *UDG HEALTHCARE CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
* Ultra Electronics Downgraded to Hold at Berenberg
>>> Initiation
* Genmab ADRs Rated New Overweight at Morgan Stanley; PT $30
>>> Call
* Beiersdorf Cut at Jefferies on Margin Outlook as RBC Lowers PT
* Hammerson Discount Is Too Deep, RBC Upgrades to Outperform
* Maersk Upgraded to Buy at Goldman; Price Target 9,000 Kroner
* Ultra Electronics Cut at Berenberg on Stock’s ‘Phenomenal Run’