>>> Europe : Brokers Upgrades & Downgrades - 23rd of July 2019

>>> Up
* Persimmon Upgraded to Buy at Berenberg
* Smith & Nephew Upgraded to Buy at Berenberg

>>> Down
* Akzo Nobel Downgraded to Sell at Citi (Earlier)
* DSV Downgraded to Hold at Stifel; PT 652 Kroner
* Duerr Downgraded to Hold at Baader Helvea
* Julius Baer Downgraded to Sell at SocGen; PT 38 Francs
* Novartis Downgraded to Hold at Kepler Cheuvreux; PT 91 Francs
* Whitbread Downgraded to Underperform at Bernstein

>>> Initiation
* Infineon Rated New Buy at Loop Capital; PT 19 Euros
* Infineon ADRs Rated New Buy at Loop Capital; PT $22
* Storytel Rated New Buy at Kepler Cheuvreux; PT 144 Kronor
* Whitbread Resumed Equal-weight at Morgan Stanley; PT 46 Pounds

>>> Call
* BMW Shares Cheap Ahead of CEO Change, Morgan Stanley Says
* Smith & Nephew Raised at Berenberg as ‘Significant’ Changes Seen
* U.K. Homebuilders Pricing-In Much Worse Than Berenberg Foresees

>>> US After Hours Summary: ZION -5%, CDNS -1%, WHR +1% following

After Hours Summary: ZION -5%, CDNS -1%, WHR +1% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: WHR +1%

Companies trading higher in after hours in reaction to news: AVCO +13.7% (established strategic partnership with GE Healthcare), VFF +5.7% (initiated with Buy at Craig Hallum), SNAP +1.6% (initiated with Buy at Rosenblatt), PHM +1.6% (ahead of earnings tomorrow before the open), INTC +1.5% (WSJ reporting that Apple [AAPL] may buy Intel's smartphone-modem chip unit), MAXR +1% (chosen by NASA to integrate pollution monitoring payload on an upcoming commercial satellite)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: ZION -4.9%, AN -2.5% (also names CFO Cheryl Miller as CEO/President replacing Carl Liebert), CDNS -1.1%, AMTD -0.6%

Companies trading lower in after hours in reaction to news: ACAD -15.1% (announces top-line results from Phase 3 ENHANCE trial of pimavanserin as adjunctive treatment for patients with schizophrenia; did not achieve statistical significance on the primary endpoint), LCI -3% (after closing up more than 40% on the day), QCOM -1.9% (following WSJ report that Apple may buy Intel's smartphone-modem chip unit)