>>> Goldman Sachs Raises US Industrials to Neutral from Underweight - Firm belie

Goldman Sachs Raises US Industrials to Neutral from Underweight
- Firm believes solid growth in the US and China should support Industrials returns, while increasing pressure on margins and stretched positioning should limit upside
- Firm recommends investors focus on five key factors to navigate Industrials from here: margins, China exposure, stage of the US economic cycle, valuation and positioning

>>> Commerzbank CFO downplays prospects of foreign takeover 09 MAY 2019 Commerzb

Commerzbank CFO downplays prospects of foreign takeover
09 MAY 2019
Commerzbank’s [ETR:CBK] Chief Financial Officer Stephan Engels has downplayed the chances of the German bank being acquired by a foreign bidder, the Financial Times reported. Engels said on Wednesday (8 May) that Commerzbank has received no bid approaches from outside Germany since its merger discussions with local rival Deutsche Bank [ETR:DBK] ended last month.
When asked if Commerzank had been approached by a foreign suitor, Engels said he would have been obliged to inform journalists if that had been the case, the item said.
Commerzbank is considered to be a takeover target for European competitors, with previous reports saying that Italian rival UniCredit[BIT:UCG] and Netherlands-based ING Group [AMS:INGA] are interested.
Commerzbank reported its 1Q19 results on Wednesday, which showed a 2.8% year-on-year decline in revenues, despite the bank gaining commercial and retail clients, the item noted.
Commerzbank’s market capitalisation stood at EUR 9.76bn (USD 10.92bn) at the close of trading in Frankfurt on Wednesday.

>>> What to look at today - 9th of May 2019

Stocks fell in Asia alongside U.S. and European equity futures as the clock ran down for an escalation in tariffs between the world’s two largest economies. The yuan dropped to its weakest since January.
President Donald Trump kept up the hard-line rhetoric, saying China “broke the deal” and would pay, though added that “it will all work out” in comments to supporters at a rally. China has warned that it will retaliate should the U.S. hike tariffs as advertised on Friday. After opening to losses, Asian stocks and futures on the S&P 500 Index hit their lows of the session after China reported weaker-than-forecast lending data for April. Equity benchmarks in Tokyo, Seoul and Hong Kong slid more than 1%. Crude oil also fell.
- US After Hours NVEE +12%, STMP -44.8%, SAIL -23.9% among notable earnings/guidance mover

Nikkei -0.82% Hang Seng -1.70% CSI -1.11% Shanghai -0.76% Shenzen -0.44%

Eur$ 1.1197 CNH 6.8270CNY 6.8006 JPY 109.92 GBP 1.3021 CHF 1.0199 RUB 65.2021 TRY 6.1700 WTI$ 61.74 -0.61%

S&P -0.52% EuroStoxx -0.56% FTSE -0.31% Dax -0.58% SMI -0.27%

Macro :
- Goldman Sachs Says Higher U.S. Tariffs on China Are Coming
- China Ministry Says to Take Countermeasures on U.S. Tariff Moves
- Trump Bans Trade in Iranian Metals, Ratcheting Up Tensions
- Bernstein Quants Remove Short Position on U.S. Momentum Stocks

Keep an eye on :
- ARL GY : Aareal Bank Sees FY Net Interest Income EU530 Mln To EU560 Mln
- ADS GY : Real Madrid & Adidas Extend Partnership
- ALKB DC : ALK-Abello First Quarter Ebitda Misses Estimates (1)
- ALV GY : Allianz Wins Shareholder Backing for Changes to Executive Pay
- AMUN FP : ISS Urges Amundi Investors to Vote Against CEO’s Pay Deal: FT
- MT NA : ArcelorMittal Raises Global ASC Views; 1Q Ebitda Misses
- ARCHER NO : Archer First Quarter Revenue Misses Lowest Estimate
- ARGX BB : Argenx First Quarter Operating Loss EU6.04 Mln
- AR4 GY : Aurelius First Quarter Ebitda EU29.4 Mln
- AZN LN : Raise Cash When You Can. And Take a $8 Billion Hit: Chris Hughes
- BAMNB NA : BAM Maintains Full Year Adjusted Pretax Margin +2% To +4%
- BAMI IM : Banco BPM First Quarter Net Income 3.9% Above Estimates
- BAS GY : BASF CEO Says Could Acquire Cathode Plant in China
- BSL GY : Basler Maintains Full Year Revenue EU160 Mln To EU180 Mln
- BAYN GY : *BAYER JURY ASKED TO WEIGH $1 BILLION PUNITIVE DAMAGES REQUEST
- BNR GY : Brenntag First Quarter Oper Ebitda Beats Highest Estimate
- BC IM : Brunello Cucinelli First Quarter Net Revenue EU160.4 Mln
- CO FP : Casino Studies Latam Options, No ‘Material Element’ to Disclose
- CYAD BB : Celyad First Quarter Cash Burn EU8.6 Mln
- COR PL : Corticeira Amorim First Quarter Net Income EU18.6 Mln
- BN FP : Danone plans to triple health food sales - FT - https://on.ft.com/2vIBUjI
- DEB LN : *DEBENHAMS SALE PROCESS ENDS WITH NO ACCEPTABLE BIDS: FT
- DTE GY : *DEUTSCHE TELEKOM 1Q ADJ EBITDA POST-LEASE EU5.94B, EST. EU5.97B
- DTE GY : T-Mobile’s Legere Met With FCC’s Starks to Discuss Merger
- DIA SM : JPMorgan Sells Its Rights Over DIA Debt: Cinco Dias
- DLG GY : Dialog Semi 1Q Adjusted Operating Profit Beats Highest Est.
- EMGS NO : EMGS First Quarter Ebitda $2.6 Mln
- ENEL IM : Enel 1Q Rev, Adj. Ebitda Beat Estimates; Confirms Guidance
- EVS BB : EVS Broadcast FY Revenue View Midpoint 2.4% Below Est.
- RACE IM : Ferrari Strategy Concerns Are Being De-Risked: Morgan Stanley
- FNTN GY : Freenet First Quarter Revenue Meets Estimates
- GBLB BB : GBL Raises EU911m From Total Exit, Adidas Stake Trimming
- HHFA GY : Hamburger Hafen 1Q Ebit Up 25%; On Track to Reach ’19 Views
- HLAG GY : *HAPAG-LLOYD 1Q EBIT EU214M, EST. EU172.3M
- HEI GY : Heidelbergcement 1Q Revenue and Profit Rises on Good Weather
- HOME SM : Neinor Says 20% of 2019 Deliveries Now Have Occupancy License
- IFX GY : Watch Chip Stocks After Intel CEO Forecasts Slow Growth Ahead
- ISAT LN : Inmarsat Holders Likely to Appove Deal on Friday, UFP Says
- JEN GY : Jenoptik First Quarter Revenue 2.0% Below Estimates
- LEG GY : LEG Immobilien Mulls Expansion of Construction Activities
- LDO IM : Italy’s Leonardo Beats Estimates on Helicopter Unit Rebound
- MEL SM : Melia Hotels 1Q Ebitda EU93.1 Mln; Co. Reiterates Guidance
- MTGB SS : MTG First Quarter Operating Loss Wider Than Estimates
- B4B GY : Metro Narrows 2Q Loss From Continuing Operations to EU34 Mln
- B4B GY : Metro in Talks to Sell Big-Box Real Stores to Germany’s Redos
- NOS PL : NOS First Quarter Revenue EU385.3 Mln
- NOVN SW : Novartis to Buy Xiidra From Takeda for $3.4b Upfront Payment (1)
- ORI SS : Oriflame First Quarter Sales Meet Estimates
- PARG SW : Pargesa 1Q Net Assets CHF10.18 Bln Vs. CHF8.97 Bln Q/q
- PSM GY : ProSieben 1Q Adj. Ebitda Falls Amid Lower Ad Revenue
- RAYB SS : Raysearch 1Q Net Income SEK17.2 Mln Vs. SEK11.8 Mln Y/y
- REC NO : REC Silicon First Quarter Loss $23.4 Mln
- RNO FP : Nissan to Cut Targets in 6-Year Plan in Post-Ghosn Shift: Asahi
- RHM GY : Rheinmetall First Quarter Revenue Beats Highest Estimate
- ROG SW : Roche’s Hot New Drug Gains U.K. Backing for Rare Form of MS
- RDSA LN : Occidental Jet Has Flown to the Netherlands, Tracking Data Show
- SFQ GY : SAF Holland 1Q Sales Beat Est.; 2019 Outlook Confirmed
- SCST SS : Scandi Standard First Quarter Adj. Oper Profit SEK110 Mln
- STLN SW : Schmolz + Bickenbach First Quarter Adjusted Ebitda Margin 4.8%
- SRBANK NO : SpareBank 1 SR First Quarter Net Income Beats Highest Estimate
- SAX GY : Stroeer Exits Conexus, Foodist; Ups Stake in Statista
- SIX2 GY : Sixt First Quarter Revenue Beats Highest Estimate
- AM3D GY : SLM Solutions Says 1Q ’Did Not go as Planned’ (1)
- SNH GY : Steinhoff Raises Questions on Future as Legal Claimants Circle
- STM FP : Watch Chip Stocks After Intel CEO Forecasts Slow Growth Ahead
- SLHN SW : Swiss Life 1Q Asset Management Net Inflows CHF4.6 Bln (1)
- S92 GY : SMA Solar First Quarter Ebitda EU0.6 Mln
- TLX GY : Talanx First Quarter Ebit Beats Estimates
- O2D GY : Telefonica Deutschland 1Q Profit, Rev. Rises, Outlook Confirmed
- TRN IM : Terna First Quarter Revenue Misses Lowest Estimate
- TGS NO : TGS First Quarter Operating Profit Misses Estimates
- FP FP : Occidental Jet Has Flown to the Netherlands, Tracking Data Show
- UMI BB : Umicore Drops as Rivals Outline More Cathode Production in China
- UCG IM : UniCredit First Quarter Net Income Beats Estimates
- VEI NO : Veidekke First Quarter Revenue NOK8.5 Bln, Sets Targets
- ZURN SW : Zurich Insurance Expects to Meet or Exceed Its 2019 Targets

>>> US After Hours Summary: NVEE +12%, STMP -44.8%, SAIL -23.9% am

After Hours Summary: NVEE +12%, STMP -44.8%, SAIL -23.9% among notable earnings/guidance movers

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: NVEE +12%, WTRH +10%, FOSL +7.8%, ROKU +7.8%, CPA +7.5%, COLL +6.8%, SWAV +6.8%, DVAX +5.3%, FOXA +5.9% (also announces sports and wagering partnership with and stake purchase in The Stars Group [TSG]), AXGN +5.4%, GKOS +4.3% (lightly traded), CVNA +3.8%, PETQ +3.8% (ticking higher; also acquiring Perrigo Animal Health from Perrigo [PRGO]), INSG +3.5%, TWNK +2.5% (light volume), KTOS +2.4%, SRPT +2.2%, VERI +1.8%, HEAR +1.8%, SUN +1.6% (light volume), ET +1.1%, SVMK +1.1%

Companies trading higher in after hours in reaction to news: WKHS +34% (volatility following tweets from President Trump regarding sale of GM Lordstown plant), TSG +21.2% (announces media and sports wagering partnership with Fox Corporation [FOXA]; Fox to acquire 4.99% stake), RLGY +5.1% (CEO discloses purchase of 119,300 shares), TAK +2% (to sell Xiidra to Novartis [NVS] and divest TachoSil Fibrin Sealant Patch to Ethicon), COST +1% (reports April net sales +7.3% yr/yr), YETI +1% (prices secondary offering of 9.5 mln shares at $28.50/share), PSN +0.5% (continued volatility following IPO; awarded $290 mln Navy contract)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: STMP -44.8%, SAIL -23.9% (also names Cam McCartin COO and Jason Ream CFO), GDOT -21.8%, ELF -16.1%, INFN -13.6%, CNDT -13.2%, AAOI -9.2%, KIDS -6.9% (lightly traded), ETSY -6.6%, ANGI -4.5%, SGMO -4.5% (also announces resignation of Chief Medical Officer), RDFN -3.9%, RUN -3.9%, EGAN -3.7% (lightly traded), UPWK -3.6% (light volume), TVTY -1.8%

Companies trading lower in after hours in reaction to news: PRVB -19.1% (announces results from Phase 1b PULSE study), ICPT -4.6% (announces public offerings of $200 mln of common stock and $200 mln of convertible senior notes), ARI -2.7% (commences offering of 15.0 mln shares of common stock), NYMT -2.1% (announces 18.0 mln share public offering), CDMO -1.4% (names Richard B. Hancock as Interim CEO upon resignation of CEO Roger J. Lias, Ph.D.)

>>> Europe : Brokers Upgrades & Downgrades - 9th of May 2019

>>> Up
* Ferrari Upgraded to Overweight at Morgan Stanley; PT $160
* Norsk Hydro Raised to Neutral at Goldman; Price Target 32 Kroner
* Ralph Lauren Upgraded to Outperform at RBC; PT $145
* Shell Upgraded to Equal-weight at Morgan Stanley

>>> Down
* Balder Cut to Hold at Kepler Cheuvreux; Price Target 330 Kronor
* Incap Downgraded to Accumulate at Inderes; PT 16.50 Euros
* Prosegur Downgraded to Hold at Ahorro Corporacion; PT 5.20 Euros
* Solvay Downgraded to Reduce at AlphaValue
* Unibail Cut to Underweight at Morgan Stanley; PT 140 Euros

>>> Initiation
* Stobart Reinstated at Stifel With Buy; PT 2.68 Pounds


>>> Call
* Ferrari Strategy Concerns Are Being De-Risked: Morgan Stanley
* Shell Upgraded on Probable Dividend Raise, Morgan Stanley Says
* Unibail Cut; Morgan Stanley Sees NAV Worries on Mall Rent Growth