>>> Europe : Brokers Upgrades & Downgrades - 5th of February 2026 V2(+)

>>> Up
* AKVA Raised to Buy at Norne Securities; PT 110 kroner (+)
* Alphabet PT Raised to $395 from $385 at JPMorgan (+)
* BAT Raised to Outperform at Avior Capital Markets
* Celanese Raised to Buy at Jefferies; PT $86
* DigitalOcean Raised to Overweight at Cantor; PT $68
* DSV PT Raised to 2,200 kroner from 1,700 kroner at Jefferies
* DSV Price Target Raised to DKK 2,050 from DKK 1,900 by Danske Bank
* Equinor Raised to Buy at Pareto Securities; PT 280 kroner
* FuboTV Raised to Buy at Seaport Global Securities; PT $3
* HgCapital Raised to Buy at Investec (+)
* Loomis Raised to Buy at SEB Equities; PT 450 kronor
* National Grid PT Raised to 1,400 pence at Morgan Stanley
* NOBA Raised to Buy at ABG; PT 128 kronor
* Peab Raised to Buy at SEB Equities; PT 105 kronor
* Snap Raised to Buy at B Riley; PT $10 (+)
* Springvest Raised to Reduce at Inderes; PT 9.50 euros
* Zegna Group Raised to Buy at UBS; PT $11.50

>>> Down
* Apotea Cut to Hold at SEB Equities; PT 68 kronor
* Atlas Copco Cut to Neutral at Goldman; PT 184 kronor
* Babcock Cut to Neutral at Citi; PT 1,554 pence
* Beazley Cut to Equal-Weight at Morgan Stanley; PT 1,335 pence
* Beazley Cut to Hold at Jefferies; PT 1,310 pence
* Borregaard Cut to Hold at SEB Equities; PT 200 kroner
* Carlsberg Cut to Sell at Nordea; PT 780 kroner
* DNB Bank Cut to Neutral at SB1 Markets; PT 300 kroner
* DNB Bank Cut to Hold at Pareto Securities; PT 315 kroner (+)
* DSV Cut to Hold at ABG; PT 1,900 kroner
* Equinor Cut to Neutral at BofA (+)
* E.On Cut to Neutral at BofA (+)
* Fresnillo Cut to Hold at Berenberg; PT 3,800 pence
* Grieg Seafood Cut to Hold at Pareto Securities; PT 74 kroner (+)
* Handelsbanken Cut to Sell at SEB Equities; PT 137 kronor
* Lundin Mining Cut to Hold at Paradigm Capital; PT C$34
* Melexis Cut to Equal-Weight at Morgan Stanley on Lack of Growth (+)
* Microsoft Cut to Hold at Stifel; PT $392
* Novo Nordisk Price Target Cut to DKK 332 from DKK 390 by UBS
* OMV Cut to Reduce at HSBC; PT 44 euros
* Santander Cut to Equal-Weight at Morgan Stanley; PT 11.50 euros
* Securitas Cut to Hold at Pareto Securities; PT 173 kronor
* Subsea 7 Cut to Underperform at Oddo BHF; PT 160 kroner
* TechnipFMC Cut to Neutral at Oddo BHF
* Wartsila Cut to Sell at Inderes; PT 30 euros

>>> Initiation
* Cava Group Rated New Buy at Benchmark; PT $80
* Embracer Rated New Neutral at SB1 Markets; PT 50 kronor
* GEA Group Rated New Buy at Berenberg; PT 73 euros

>>> Call
* Anglo Cuts Copper Target, Warns of Possible De Beers Writedown (+)
* Atlas Copco Cut to Neutral at Goldman as Auto-Exposed Arm Weighs (+)
* Engie Cut to Neutral at JPMorgan Over Market Valuation, Earnings
* Equinor Raised to Buy at Pareto on Cash-Flow Improvement (+)
* Saipem, Subsea 7 Cut at Oddo BHF, SBM Offshore Among Top Picks

>>> What to look at today - 5th of February 2026

A slump in technology stocks snowballed into Asia as mounting anxiety over frothy valuations and massive artificial intelligence spending drove investors to trim exposure. MSCI’s gauge of Asian tech shares fell on Thursday for a fifth time in six sessions with Samsung Electronics Co. and SoftBank Group Corp. among the losers. South Korea’s Kospi Index  — a poster child for AI investments — led the losses, dropping 3.2%. Consumer and health-care stocks advanced. MSCI’s gauge of broader Asian stocks dropped 1.3%. After the tech-heavy Nasdaq slumped during the US session, sentiment was further hit as Alphabet Inc., Qualcomm Inc. and Arm Holdings Plc all fell in extended trading following tepid earnings. Futures contracts for the US gauges gave up initial gains to trade flat. European shares were also set for a weaker open ahead of central bank rate decisions.
Outside of tech, attention was squarely on precious metals. Silver plummeted as much as 17% and gold dropped as much as 3.5% as the commodities struggled to find a price floor following a historic market rout.  While AI-driven selloffs have surfaced in the past, nothing rivals the rout rippling through stock and credit markets this week. With the US economy proving resilient, investors are rotating into other sectors as anxiety mounts over tech valuations, soaring capital expenditures, and the risk that AI will cannibalize established software business models. Rotation out of tech was the main theme during the US session and software firms saw another wave of selling, but moves were bigger in chipmakers. A Bloomberg gauge of the so-called Magnificent Seven companies fell 1.8%. The Nasdaq 100 had its worst two-day rout since October, breaching its 100-day moving average, a level seen by some analysts as a harbinger for more losses. Down about 20% from an Oct. 2 high, the Hang Seng Tech Index in Hong Kong is poised to close in a bear market. The gauge has fallen for six straight sessions, as concerns over Chinese tax and earnings weigh on sentiment already shaken by a global AI selloff. In the span of two days, hundreds of billions of dollars were wiped off the value of stocks, bonds and loans of companies across Silicon Valley. Software stocks were at the epicenter, plunging so much that the value of those tracked in an iShares ETF has now dropped almost $1 trillion over the past seven days. Gold and silver emerged as the Asian session’s other dominant narrative.  Precious metals soared last month in a rally underpinned by speculative momentum, geopolitical upheaval and concerns about the Federal Reserve’s independence. The surge came to a sudden halt at the end of last week, with silver seeing its biggest ever daily drop on Friday and gold plunging the most since 2013. Copper also extended its losses as investors focused on rising inventories. In other corners of the market, Bitcoin extended its losses to trade below $71,000, while the yen fluctuated ahead of the elections in Japan set for the weekend. The Bloomberg Dollar Spot Index extended its gains. The pound and euro were steady ahead of interest rate decisions due later Thursday. The European Central Bank and Bank of England are expected to leave rates unchanged. Elsewhere, US President Donald Trump and President Xi Jinping of China discussed trade and geopolitical flashpoints, including Taiwan, during a Wednesday call ahead of a planned face-to-face meeting later this year. In commodities, oil fell for the first time in three days after Iran confirmed it would hold negotiations with the US, easing the immediate risk of military strikes against the OPEC producer.  US After Hours GOOG -1.7% lower on earnings; AMSC +19.4%, FORM +18.3%, SITM +13.8% higher on earnings; CIEN +3.9% following news it will join S&P 500; DGII -16.4%, ARM -9.4%, QCOM -9.3% lower on earnings.

Nikkei -0.92% Hang Seng -0.77% CSI -0.46% Shanghai -0.55% Shenzen -1.12%

Eur$ 1.1788 CNH 6.9418 CNY 6.9434 JPY 156.92 GBP 1.3614 CHF 0.7785 RUB 76.5566 TRY 43.5356 WTI$ 63.74 -2.15% Gold 4,910 -1.11% BTC 70,640 -2.75% ETH 2,091 -1.62%

S&P +0.07% Nasdaq +0.24% EuroStoxx -0.07% FTSE -0.19% Dax -0.08% SMI -0.16%

Macro :
- Melinda French Gates Addresses New References to Bill Gates in Epstein Files
- Oil Surges on Report that US-Iran Talks Have Hit a Snag
- Venezuela Said to Detain Maduro Allies Targeted by the U.S.
- Trump Says He’ll Stay Out of Netflix-Paramount WBD Fight: NBC
- Stellantis, VW Dial Up Pressure on EU to Defend Auto Industry
- Silver Crash Triggers Metal Selloff, Boosts Dollar: Macro Squawk

Keep an eye on :
- AFRY SS : AFRY 4Q Net Sales Miss Estimates
- AIR FP : SAS in Talks With Boeing, Airbus on Long-Haul Jet Order
- AMZN US : Amazon Discusses Getting Special Access to OpenAI Tech - The Information
- AMZN US : Jera, AWS in Talks on Energy Supply, Digital Services
- AAL LN : Anglo American 4Q Diamond Production Beats Estimates
- MT NA : ArcelorMittal 4Q Ebitda Beats Estimates, ArcelorMittal Sees Europe Steel Tariffs Restoring Profitability
- MT NA : ArcelorMittal Eyes Boost From Europe's Steel Protections as 2025 Ends With Slip in Earnings
- ARM US : ARM Holdings Falls After 3Q Results Miss Investors’ High Bar, *ARM HOLDINGS SLUMPS 10% AFTER POSTING 3Q RESULTS
- ASSAB SS : Assa Abloy 4Q Organic Revenue Beats Estimates
- NDAGY : Aurubis 1Q Pretax Operating Profit Beats Estimates
- BETSB SS : Betsson 4Q Revenue Misses Estimates
- BIDU US : Baidu Announces $5b Share Buyback
- BBVA SM : BBVA 4Q Net Income Meets Estimates
- BNP FP : BNP Paribas 4Q Net Income Beats Estimates
- BA US : Boeing to Cut Around 300 Defense Supply Chain Jobs
- BT/A LN : BT 3Q Adjusted Ebitda Meets Estimates
- BPE IM : BPER Banca 4Q Net Income EU339.9M Vs. EU265.6M Y/y
- AVGO US : *BROADCOM SHARES JUMP 5% AFTER ALPHABET CAPEX FORECAST
- 1211 HK : Brazil scraps EV tariff break for China carmaker BYD amid pressure from rivals
- CLN SW : Clariant to Get Cash Proceeds of ~CHF230m Pre-Tax in Stahl Deal
- COHR US : *COHERENT SHARES FALL 19% AFTER POSTING 2Q RESULTS
- DNO NO : DNO 4Q Revenue Misses Estimates
- EIKN US : Eikon Therapeutics IPO Prices at $18/Share, Top of Range
- ENGI FP : Engie, Belgium Discuss Extending Life of Nuclear Reactors: Echo
- EVO SS : Evolution 4Q Pretax Profit Beats Estimates
- FABG SS : Fabege FY Rental Income Matches Estimates
- SKRS FH : Fiskars 4Q Comparable Ebit Misses Estimates
- Forgent IPO : Forgent IPO Prices at $27/Share, Middle of Range
- GLEN LN : Rio Tinto Wants Chief, Chair to Keep Role in Glencore Merger: FT
- GOOGL US : Alphabet Plans Record Spending in Race to Win AI Customers
- GOOGL US : Alphabet Lifts 2026 Capex Outlook Well Above Estimates, *ALPHABET SINKS 7.5% ON HIGHER THAN EXPECTED 2026 CAPEX FORECAST
- HNR1 GY : Hannover Re Prelim FY Ebit Beats Estimates
- HEI GY : Maas Shares Fall After Selling Unit to Heidelberg for A$1.7B
- HIK LN : Brookfield Confirms It Doesn’t Intend to Make Offer for Hikma
- IDR SM : Spanish Government Asks Indra Chair to Step Down: Confidencial
- JYSK DC : Jyske FY Net Income Beats Estimates
- KESKOB FH : Kesko 4Q Adjusted Ebit Misses Estimates
- KKR US : KKR to buy sports investment group Arctos for $1.4bn
- LLOY LN : Lloyd’s insurers must be ‘risk-on’, says chief
- LOG SM : Logista 1Q Revenue EU3.40B
- MARA US : French Government Asks for Deeper Review of MARA Buy of EDF Unit
- MGH AU : Maas Shares Fall After Selling Unit to Heidelberg for A$1.7B
- MAU FP : Venezuela’s Rodriguez Meets With Maurel & Prom Execs: PDVSA
- MRK US : Merck Veteran-Led Eikon Therapeutics Raises $381 Million in IPO
- BMPS IM : Caltagirone Raises Monte Paschi Stake to Around 11.5%: Corriere
- MTGB SS : MTG 4Q Adjusted Ebitda Beats Estimates
- NCCB SS : NCC 4Q Net Sales Miss Estimates
- NESTE FH : Neste 4Q Revenue Meets Estimates
- NFLX US : Trump Says He’ll Stay Out of Netflix-Paramount WBD Fight: NBC
- NKT DC : NKT Names Michael Yong as CFO from April 1
- NOD NO : Nordic Semiconductor 4Q Revenue Beats Estimates
- NSKOG NO : Norske Skog 4Q Total Operating Income Meets Estimates
- NVDA US : Nvidia Chip Sale to ByteDance Subject to US Govt Conditions:Rtrs
- NVDA US : *NVIDIA SHARES CLIMB 1% FOLLOWING ALPHABET CAPEX FORECAST
- PNDORA DC : Pandora 4Q Revenue Meets Estimates
- PNDXB SS : Pandox 4Q Ebitda Misses Estimates
- QIA GY : Qiagen 4Q Net Sales Beat Estimates
- QCOM US : Qualcomm Gives Tepid Forecast in Sign of Shaky Phone Market
- RAA GY : Rational Prelim FY Ebit Beats Estimates
- 6273 JP : Sitime to Buy Renesas’ Timing Business
- SAABB SS : Saab 4Q Operating Profit Beats Estimates
- SAMPO FH : Sampo 4Q Pretax Profit Beats Estimates
- SAS SS : SAS in Talks With Boeing, Airbus on Long-Haul Jet Order
- SCST SS : Scandi Standard 4Q Operating Income Beats Estimates
- SHEL LN : Shell 4Q Adjusted Profit Misses Estimates
- SHL GY : Siemens Healthineers 1Q Adjusted Ebit Beats Estimates Siemens Healthineers Sales Held Back by Currency and Tariff Drag
- SLIGR NA : Sligro Prelim FY Ebitda Beats Estimates
- SNAP US : Snap 4Q Daily Active Users Meets Estimates: Snapshot
- Space X : France Detains Four Suspected of Spying on Starlink for China
- Space X IPO : Elon Musk’s SpaceX Said to Open IPO Pitching to Non-US Banks
- Space X IPO : SpaceX Seeks Early Index Entry as It Prepares Massive IPO - WSJ
- STLA US : Stellantis Faces Peugeot Delays From ACC Plant Snags
- TSLA US : Trapped Tesla Driver’s 911 Call: ‘It’s on fire. Help please’
- MANE US : Hair Restoration Firm Veradermics Jumps 122% In Trading Debut
- VWS DC : Vestas FY Revenue Meets Estimates, Vestas Sees 2026 Revenue EU20B to EU22B, Est. EU20.94B, Vestas Increases Dividend, Plans €150 Million Share Buyback
- VOD LN : Vodafone 3Q Service Revenue Misses Estimates
- VOLCARB SS : Volvo Car 4Q Revenue Misses Estimates
- VOW GY : Volkswagen in Tentative Pact With UAW for Chattanooga Workers
- VOW GY : Brazil scraps EV tariff break for China carmaker BYD amid pressure from rivals
- WBD US : Warner Bros. ‘Would Consider’ a Revised Offer From Paramount
- WBD US : Trump Says He’ll Stay Out of Netflix-Paramount WBD Fight: NBC
- WSU GY : Washtec Prelim FY Ebit Meets Estimates

>>> Europe : Brokers Upgrades & Downgrades - 5th of February 2026

>>> Up
* BAT Raised to Outperform at Avior Capital Markets
* Celanese Raised to Buy at Jefferies; PT $86
* DigitalOcean Raised to Overweight at Cantor; PT $68
* DSV PT Raised to 2,200 kroner from 1,700 kroner at Jefferies
* DSV Price Target Raised to DKK 2,050 from DKK 1,900 by Danske Bank
* Equinor Raised to Buy at Pareto Securities; PT 280 kroner
* FuboTV Raised to Buy at Seaport Global Securities; PT $3
* Loomis Raised to Buy at SEB Equities; PT 450 kronor
* National Grid PT Raised to 1,400 pence at Morgan Stanley
* NOBA Raised to Buy at ABG; PT 128 kronor
* Peab Raised to Buy at SEB Equities; PT 105 kronor
* Springvest Raised to Reduce at Inderes; PT 9.50 euros
* Zegna Group Raised to Buy at UBS; PT $11.50

>>> Down
* Apotea Cut to Hold at SEB Equities; PT 68 kronor
* Atlas Copco Cut to Neutral at Goldman; PT 184 kronor
* Babcock Cut to Neutral at Citi; PT 1,554 pence
* Beazley Cut to Equal-Weight at Morgan Stanley; PT 1,335 pence
* Beazley Cut to Hold at Jefferies; PT 1,310 pence
* Borregaard Cut to Hold at SEB Equities; PT 200 kroner
* Carlsberg Cut to Sell at Nordea; PT 780 kroner
* DNB Bank Cut to Neutral at SB1 Markets; PT 300 kroner
* DSV Cut to Hold at ABG; PT 1,900 kroner
* Fresnillo Cut to Hold at Berenberg; PT 3,800 pence
* Handelsbanken Cut to Sell at SEB Equities; PT 137 kronor
* Lundin Mining Cut to Hold at Paradigm Capital; PT C$34
* Microsoft Cut to Hold at Stifel; PT $392
* Novo Nordisk Price Target Cut to DKK 332 from DKK 390 by UBS
* OMV Cut to Reduce at HSBC; PT 44 euros
* Santander Cut to Equal-Weight at Morgan Stanley; PT 11.50 euros
* Securitas Cut to Hold at Pareto Securities; PT 173 kronor
* Subsea 7 Cut to Underperform at Oddo BHF; PT 160 kroner
* TechnipFMC Cut to Neutral at Oddo BHF
* Wartsila Cut to Sell at Inderes; PT 30 euros

>>> Initiation
* Cava Group Rated New Buy at Benchmark; PT $80
* Embracer Rated New Neutral at SB1 Markets; PT 50 kronor
* GEA Group Rated New Buy at Berenberg; PT 73 euros

>>> Call
* Engie Cut to Neutral at JPMorgan Over Market Valuation, Earnings
* Saipem, Subsea 7 Cut at Oddo BHF, SBM Offshore Among Top Picks

>>> Stoxx 600 Pre-Market Indications

  • Nordic Semiconductor (N0S TH) +4.5%
    • Nordic Semiconductor 4Q Ebitda Beats Estimates
  • Siemens Healthineers (SHL TH) +2.3%
    • Siemens Healthineers 1Q Adjusted Ebit Beats Estimates
  • Equinor (DNQ TH) +1.8%
  • Rational (RAA TH) +1.7%
    • Rational Prelim FY Ebit Beats Estimates
  • Pandora (3P7 TH) +1.5%
    • Pandora Sees Sales Slowing, Pauses Buyback as Silver Prices Bite
  • GEA Group (G1A TH) +1.5%
    • GEA Group Rated New Buy at Berenberg; PT 73 euros
  • Siemens Energy (ENR TH) +1.5%
  • Vestas (VWSB TH) +1.5%
    • Vestas Sees 2026 Revenue EU20B to EU22B, Est. EU20.94B (1)
  • E.On (EOAN TH) -1.6%
  • OMV (OMV TH) -2.1%
  • Fresnillo (FNL TH) -2.2%
    • Fresnillo Cut to Hold at Berenberg; PT 3,800 pence
  • Carlsberg (CBGB TH) -2.3%
  • DSV (DS81 TH) -2.8%
  • Glencore (8GC TH) -3%
  • RENK Group (R3NK TH) -3%
  • Rheinmetall (RHM TH) -4%
    • Rheinmetall Drops on Tradegate After Pre-Close Call: Street Wrap
  • Hensoldt (HAG TH) -4.3%
  • Saab (SDV1 TH) -5.3%
    • Saab 4Q Operating Profit Beats Estimates

>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Healthineers (SHL TH) +2.8%
    • Siemens Healthineers Sales Held Back by Currency and Tariff Drag
  • GEA Group (G1A TH) +1.9%
    • GEA Group Rated New Buy at Berenberg; PT 73 euros
  • Siemens Energy (ENR TH) +1.4%
  • E.On (EOAN TH) -1.2%
  • Rheinmetall (RHM TH) -2.6%
MDAX:
  • Nemetschek (NEM TH) +1%
  • Lanxess (LXS TH) -1.2%
  • Wacker Chemie (WCH TH) -1.3%
  • RENK Group (R3NK TH) -1.3%
  • Hensoldt (HAG TH) -1.4%
  • TeamViewer (TMV TH) -1.4%
SDAX:
  • Heidelberger Druck (HDD TH) +3.7%
    • Heidelberger Dru: HEIDELBERG achieves significant improvement in profitability after nine months of FY 2025/26 – strategic
  • Tonies SE (TNIE TH) +1.1%
  • PNE AG (PNE3 TH) +1%
  • Deutz (DEZ TH) -1.1%

WSJ : SpaceX Seeks Early Index Entry as It Prepares Massive IPO

SpaceX Seeks Early Index Entry as It Prepares Massive IPO
Musk advisers have reached out to major index providers seeking ways to secure earlier inclusion in market benchmarks to lift shares

  • SpaceX seeks early inclusion in major stock indexes to boost liquidity for its planned IPO.
  • SpaceX’s public debut could be the largest U.S. IPO ever.
  • Industry discussing ways to get investors in buzzy startups access to liquidity from public markets earlier.

Elon Musk’s SpaceX is seeking an early boost for shares after the rocket-and-satellite business makes its stock market debut later this year.

Advisers for the company, which recently merged with xAI, have reached out to major index providers, including Nasdaq, to discuss how SpaceX and this year’s other hot startups might join key indexes sooner than normal, according to people familiar with the matter.

Companies typically must wait several months or a year after their public debut before gaining inclusion in a major index such as the S&P 500 or the Nasdaq-100. Inclusion unlocks access to retail and institutional capital from funds, particularly those mimicking the performance of indexes that have to hold the companies in the index.

The traditional waiting period is intended to give the companies time to demonstrate that they are stable and liquid enough to handle extensive buying from index funds.

SpaceX hopes to skirt traditional rules in an effort to bring liquidity to its shareholders sooner as part of its planned IPO. SpaceX advisers have sought index policy changes that would fast-track its entry into major indexes for the company and benefit other highly-valued private companies, the people said.

Last valued at $800 billion, SpaceX is targeting a valuation of more than $1 trillion, a listing that would become the largest-ever U.S. IPO.

SpaceX and AI startups OpenAI and Anthropic are expected to list as soon as this year, which could be a banner stretch for IPOs, some bankers say. Finding a stable investor base will be important to their long-term success as publicly traded stocks.

Conversations between the rocket maker’s advisers and indexes are part of a broader industrywide discussion about ways to get investors in buzzy startups access to liquidity from public markets earlier.

Investors and advisers to companies planning to go public this year are concerned not only about initial trading, but also that the standard six-month lockup period—which prevents early investors, executives and employees from selling their stock—might prompt significant selling that pressures shares. After Meta went public in 2012, shares sank when early investors unloaded all at once.

SpaceX is exploring ways to better balance supply and demand to avoid that outcome, some of the people said.

Advocates of index methodology changes have said that by allowing newly public companies earlier entry to key indexes, individual investors, who have famously missed out on the big gains in private markets, could secure earlier exposure via popular exchange-traded funds and index funds.

Earlier this week, the Nasdaq Stock Market shared proposals to update some of the Nasdaq-100 index methodology and asked for feedback from market participants.

Among the proposals is a potential “fast entry” process. Under this option, companies whose market capitalizations rank in the top 40 of the Nasdaq-100’s constituents could be added to the index after 15 trading days. Companies typically now must wait at least three months to be added to the index. At their current valuations, SpaceX, OpenAI and Anthropic would all qualify.

The S&P Total Market Index and MSCI indexes have fast-track options, which some advisers to SpaceX are also exploring in an effort to ensure the IPO trades well, some of the people familiar with the matter said.

The one index where there is now no fast-entry option is also one of the most important: the S&P 500. To join the index, a company must be U.S.-based, profitable and have a market capitalization of at least $22.7 billion. Joining gives it access to a steadier index-fund investor base.

OpenAI is laying the groundwork for a fourth-quarter IPO as it races rival Anthropic to list shares publicly. OpenAI is aiming to raise $100 billion before the IPO at a valuation of more than $800 billion, while Anthropic is raising billions more at a valuation of $350 billion.

>>> US After Hours Summary: GOOG -1.7% lower on earnings; AMSC +19.4%, FORM +18.

After Hours Summary: GOOG -1.7% lower on earnings; AMSC +19.4%, FORM +18.3%, SITM +13.8% higher on earnings; CIEN +3.9% following news it will join S&P 500; DGII -16.4%, ARM -9.4%, QCOM -9.3% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: AMSC +19.4%, FORM +18.3%, PAHC +17.4%, SITM +13.8% (also to acquire Renesas' Timing Business), ALGN +12.7%, SYM +10.9%, TENB +9.6%, CPAY +9%, EZPW +8.8%, KLIC +8.7%, MKL +5.3%, BLBD +4.2%, ELF +3.7%, BOOT +3.7%, SNEX +3.1%, VCTR +3%, RRX +2.6%, SNAP +2.4%, ALL +2.4% (also increases dividend; plans new buyback program), MWA +2.1%, MCK +1.9%, DHT +1.9%, MCK +1.9%, MC +1.7%, ALGT +1.5%, PTEN +1.5% (also increases dividend), EQH +1.2%, MOD +0.7%, OHI +0.5%, BKH +0.3%, HP +0.3%, MET +0.2%

Companies trading higher in after hours in reaction to news: ALXO +10.9% (venBio confirms the purchase of 3,184,713 shares worth approximately $5 mln), AVGO +6.3% (in sympathy with Alphabet's (GOOG/GOOGL) CapEx spending plans), CLS +4.5% (in sympathy with Alphabet's (GOOG/GOOGL) CapEx spending plans), LITE +4.2% (in sympathy with Alphabet's (GOOG/GOOGL) CapEx spending plans), CIEN +3.9% (to join S&P 500), APH +2.5% (appoints CEO to additional role of Chairman), ITUB +1.9% (authorizes new repurchase program), NVDA +1.8% (U.S. weighs allowing ByteDance to purchase Nvidia H200 chips as conditions remain unresolved, according to Reuters), COST +1.4% (reports January comps), CBOE +1.4% (reports January trading volume statistics), SVM +0.3% (project update for El Domo)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CRNC -21.2%, DGII -16.4%, RAL -14.7%, WOLF -10.9%, ARM -9.4%, QCOM -9.3%, FLNC -8.3%, KMPR -7.6%, CCI -6.5%, MTRX -5.9% (also announces CEO transition), TTMI -5.4%, COHR -4.7%, UHAL -4.5%, ORLY -3.9%, STE -3.5%, QGEN -3.3%, UTI -3.1%, REXR -2.8%, UGI -2.8% (also appoints new Chief Strategy Officer), CENT -2.3%, FMC -2.2% (also authorizes exploration of strategic options), GBDC -1.9%, NOV -1.9%, GOOG -1.7%, EG -1.6%, MAA -1.1%, PLUS -1.1%, CLB -1.1%, PTC -0.9%, AVB -0.7%, AFL -0.5%, SUI -0.2%

Companies trading lower in after hours in reaction to news: GBX -1.9% (completes railcar asset-backed securities issuance), NEGG -1.9% (appoints new Board member), WDAY -1% (announces reorginzation; also provides guidance), FLOC -0.7% (files $500 mixed shelf offering; also stock offering by selling shareholders), NUAI -0.5% (stock offering by selling shareholders), SUI -0.2% (announces leadership transition; reaffirms guidance), MDLZ -0.2% (files mixed securities shelf offering)

FT : Jeffrey Epstein advised former Prince Andrew’s team on deal with Cantor Fit

Jeffrey Epstein advised former Prince Andrew’s team on deal with Cantor Fitzgerald
Aides to king’s brother worked with convicted sex offender on planned agreement with US investment bank in 2013

Aides to the former Prince Andrew took detailed financial advice from the convicted sex offender Jeffrey Epstein on a lucrative proposal for the royal to be paid for introducing clients such as sovereign wealth funds to US investment bank Cantor Fitzgerald.

The advice was given in 2013 when King Charles’s younger brother — now known as Andrew Mountbatten-Windsor — was still a working member of the royal family. As a royal, he would have been entitled to receive payments from the UK taxpayer-funded sovereign grant.

The envisaged income for Mountbatten-Windsor under the agreement — which was never signed — is unclear. But Urramoor — his company, called UML in the documents — was to receive a £1mn loan as soon as he signed the deal, suggesting payments worth millions of pounds were expected annually over the deal’s initial 10-year life.

The discussions about the potential deal featured in the millions of files released by the US Department of Justice over the weekend, as a result of its investigation into Epstein, who died in his New York jail cell in 2019 while awaiting trial on charges that he had sex-trafficked underage girls.

Cantor Fitzgerald stressed on Wednesday that the deal had not gone ahead. “Cantor Fitzgerald has never had any business dealings with Andrew Mountbatten-Windsor,” the company said.

The discussions recorded in the DoJ data release include some over a proposed “HL loan” — an apparent reference to Howard Lutnick, then chief executive of Cantor Fitzgerald and now US commerce secretary.

In an email on August 9, 2013, Epstein warned David Stern, an aide to Mountbatten-Windsor, that Cantor Fitzgerald’s gaming operations in Las Vegas would oblige Lutnick to disclose the deal to gambling regulators. Cantor has since sold its gaming business.

“He will have to disclose to the Las Vegas commission this arrangement and you will have holy hell to pay,” Epstein wrote.

The exchanges took place nearly three years after the December 2010 meeting in New York at which Mountbatten-Windsor has insisted he broke off all contact with Epstein.

The draft contract cited the extensive contacts of Mountbatten-Windsor, who stepped down in July 2011 as an official UK trade and investment representative, as a rationale for the deal.

“UML has relationships with several organisations and individuals including asset management firms, sovereign wealth funds, institutional investors, and high-net-worth individuals or family offices that may benefit from services provided by affiliates of Cantor,” the draft contract read.

Disclosure of the previously unpublicised proposed deal is the latest of several revelations in the files about Mountbatten-Windsor, who was stripped of his title of “prince” by the king in October following controversy over his relationship with Epstein.

Previous releases of files show he sought ways to circumvent restrictions on his business activity and discussed with Ghislaine Maxwell, Epstein’s associate, prospects to meet girls during an official royal visit to Peru.

In early September 2013, Stern forwarded to Epstein a “term sheet” — an outline contract — that had been sent to the then-prince. Stern commented that it was “madness”, apparently because it was insufficiently generous. Epstein replied, calling the terms “crazy”.

Epstein subsequently suggested Mountbatten-Windsor’s team come up with a counter offer, including an even split for Cantor Fitzgerald and Urramoor in any referral fee. That arrangement is reflected in the draft contract.

Documents posted among the Epstein files show Mountbatten-Windsor — who was also forced to give up the lease on his 30-room Royal Lodge by the King last year — felt constrained from entering into some financial arrangements because of royal convention.

But he told Epstein in one email that there were “no problems” in his making investments via trusts.

The UK’s corporate registry, Companies House, lists Mountbatten-Windsor — under the name HRH Andrew Inverness — as holding significant control over the company via control of a trust. Urramoor was dissolved last year.

A public relations company working for Mountbatten-Windsor did not reply to a request for comment.

Buckingham Palace did not reply to questions about whether it knew about Mountbatten-Windsor’s involvement in discussions about a potential deal.