>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance:

  • REVG -18.7%, AMSC -12.9%, SJM -8.5%, CLDR -6.9%, THO -6.5%, MDB -3.4%, UNFI -3.3%, FGP -1.9%

Other news:

  • PTI -28.6% (reports data from ongoing Phase 1 Study of PTI-801 in Cystic Fibrosis patients on background Orkambi therapy)
  • MDXG -24.5% (to restate series of historical financial statements, appoints interim CFO)
  • ESND -10.6% (following Genuine Parts' S.P. Richards business merger update; notes Staples has not otherwise engaged in discussions with Essendant)
  • WGO -6.7% (following THO and REVG earnings/guidance)
  • ZYME -5.1% (prices underwritten public offering of 5.4 mln common shares at a price to the public of $15.75 per common share)
  • LCII -4.1% (following THO and REVG earnings/guidance)
  • DCPH -4.1% (prices underwritten public offering of 4.3 mln shares of its common stock at a public offering price of $40.00 per share)
  • CARO -2.9% (agreed to sell 1,500,000 shares of its common stock, and that certain of its executive officers and directors have agreed to sell 96,350 of their shares of the Company's common stock, in an underwritten public offering)
  • OPTN -1.4% (prices offering of 5 mln shares of common stock by co and selling share holders at $22.25 per share)
  • JCP -1.1% (Moody's downgrades J.C. Penney CFR to B2 from B1 reflecting continued weakness in op performance coupled with uncertainty in its strategic plan given the recent departure of its CEO)
  • CWH -1.1% (following THO and REVG earnings/guidance)
  • MB -1.1% (proposed private offering of $200 million of convertible senior notes due 2023)
  • FNHC -0.9% (files for $150,000,000 mixed securities shelf offering)
  • ETR -0.8% (registered underwritten offering of 13,289,037 shares of its common stock at a price to the public of $75.25 per share), .

Analyst comments:

  • TRU -3.7% (downgraded to Sell from Neutral at Goldman)
  • MT -3.1% (downgraded to Sell from Buy at UBS)
  • AAXN -2.9% (downgraded to Neutral from Overweight at JP Morgan)
  • FSLR -2.5% (downgraded to Sell from Neutral at Goldman )
  • GHL -2.4% (downgraded to Underperform from Mkt Perform at Keefe Bruyette)

>>> US Gapping up


Gapping up
In reaction to strong earnings/guidance:

  • CONN +20.9%, FIVE +16%, ZS +13.4%, OKTA +5.3%, CMTL +4.4%, GEF +3.5%, ABM +3.5%, MTN +1.9%, CATO +1.5%, (May comps), SONC +1.5%, COST +0.5%, (May comps)

M&A news:

  • AVHI +25.8% (to be acquired by Taylor Morrison Home (TMHC) for $21.50/share in cash & stock)
  • BR +4.2% (acquires MackayWilliams)
  • AFSI +3% (agrees to amended merger agreement with Evergreen Parent, consideration increased from $13.50/share in cash to $14.75/share in cash -- Icahn Group agrees to support amended merger agreement)
  • TEUM +1.7% (to acquire Artilium plc for approximately $104.7 mln)
  • ENTG +1.5% (to acquire SAES Pure Gas Business for $355 mln)

Other news:

  • AXON +31.6% (continued momentum after yesterday's 160% move higher)
  • ATHX +20.1% (to expand collaboration with HEALIOS K.K. into additional therapeutic areas)
  • OPHT +15.4% (enters into an exclusive global license agreement with the University of Florida Research Foundation and the University of Pennsylvania)
  • BHLB +6.6% (will replace Ollie's in the S&P SmallCap 600)
  • FTV +4.1% (Fortive announces binding offer to acquire the Advanced Sterilization Products business from Johnson & Johnson (JNJ) for approximately $2.7 bln in cash
  • CMRX +3.3% (received Orphan Drug Designation from the FDA forbrincidofovir as a treatment of smallpox)
  • HEAR +2.8% (announced new partnership with esports franchise Team Allegiance)
  • AGN +2.7% (on reports that Icahn is building stake)
  • REDU +2.5% (priced follow-on public offering of 7 mln American depositary shares by the selling shareholders at $14.75/ADS)
  • AABA +1.5% (commences tender offer to purchase up to 195 mln issued and outstanding shares of its common stock)
  • VKTX +1.2% (proposed public offering of common stock)
  • TRI +1.1% (to buy back up to an additional $1 bln of its shares under a new repurchase program)
  • VSH +0.9% (proposed offering of $525 mln convertible senior notes due 2025)
  • MRTX +0.9% (proposed public offering of common stock)

Analyst comments:

  • IMMU +1.9% (initiated with a Buy at B. Riley FBR)
  • SPOT +1.9% (upgraded to Buy from Neutral at Buckingham Research)
  • CSIQ +1.7% (upgraded to Neutral from Underweight at JP Morgan)
  • CMCSA +1.3% (resumed with a Buy at Jefferies)
  • DRI +0.9% (upgraded to Buy from Hold at SunTrust)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:

  • AVHI +24.2%, FIVE +16.6%, ZS +14.2%, BHLB +8.1%, AXON +8.1%, FTV +5.5%, OKTA +4.5%, CMTL +4.4%, GEF +3.5%, ABM +3.5%, AGN +3%, HEAR +2.5%, IMMU +2.3%, MTN +1.9%, MRTX +1.7%, VKTX +1.3%, VSH +0.9%, OLLI +0.5%

Gapping down:

  • PTI -21.4%, REVG -18%, ESND -10.6%, AMSC -10%, CLDR -9.7%, THO -7.3%, WGO -6.8%, MDB -4.2%, LCII -4.1%, UNFI -3.1%, CARO -2.9%, JCP -2.6%, ZYME -2.4%, MB -1.1%, FNHC -0.9%, ETR -0.8%, CWH -0.6%

>>> Rossignol 20% stake acquired by IDG Capital for undisclosed amount - ADVISOR

Rossignol 20% stake acquired by IDG Capital for undisclosed amount - ADVISORY COVERAGE
07 JUN 2018
Earlier this week it was reported that Chinese private equity house IDG Capital acquired a 20% stake in French privately-owned winter sports specialist Rossignol.
The sell-side was assisted by DC Advisory (M&A) and Goodwin Procter (legal).
The buy-side was assisted by PwC (financial due diligence) and Taylor Wessing (legal).

(MS) Fiat Chrysler Seven Step that couldf potentially Double the Stock


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>>> What to look at today - 7th of June 2018

A global stocks rally extended its run in Asia Thursday on confidence the global economic expansion remains intact and continuing momentum in U.S. technology shares. Treasuries held losses, with 10-year yields just under 3 percent.
Equities gained from Tokyo to Sydney and U.S. and European futures climbed. That came after the S&P 500 Index rose for a fourth consecutive day and the Nasdaq Composite Index chalked up another record high. The dollar slipped, on course to fall for a third day out of four. The euro was poised for its fourth consecutive gain amid talk of an end to the European Central Bank’s quantitative easing program.
US After Hours : FIVE +16%, ZS +12%, REVG -14%, THO -7%, CLDR / MDB -5% following earnings/guidance, BHLB +6% on S&P SmallCap 600 addition news

Nikkei +0.87% Hang Seng +0.79% CSI +0.09% SHanghai +0.03% Shenzen -0.35%

Eur$ 1.1808 CNH 6.3849 CNY 6.3927 JPY 110.04 GBP 1.3442 CHF 0.9843 RUB 61.8081

S&P +0.21% EuroStoxx +0.55% FTSE +0.37% Dax +0.47% SMI +0.66%

Macro :
- U.K.’s May Faces Showdown With Davis Over Irish Border Plan
- Italian Bonds Will Benefit as Greed Trumps Fear: Markets Live

Keep an eye on :
- APH LN : Alliance Pharma Gets Positive Opinion on Diclectin
- ARTA LN : Pareteum to Buy Artilium in $104.7M Cash and Stock Transaction
- ASCL LN : Ascential Says Trading in Line With Expectations for Full Year
- AUTO LN : Auto Trader Full Year Revenue Meets Estimates
- BARC LN : Entergy Prices Stocks at $75.25/Share with Forward Arrangement
- EN FP : Bouygues Names Arnauld Van Eeckhout Group General Counsel
- CAP FP : Capgemini Agrees to Acquire Leidos Cyber
- CMCX LN : CMC Markets FY Net Operating Income Beats Highest Est.
- DAI GY : Daimler Adds R&D Center for Automated Trucks in U.S.
- DBK GY : Deutsche Bank Second Quarter Performance May Lag Peers, CFO Says
- DTY LN : Dignity Says Trading Remained Strong; Supports CMA Review
- EDF FP : EDF’s Next-Generation Atomic Reactor Starts Up in China
- EDP PL : Portugal’s CMVM Reaffirms EDP Board Has to Comply With Duties
- RF FP : Eurazeo PME to Become Majority Shareholder of 2RH Group
- HAMO SS : Hamon Agrees to Pay EU275,000 in Settlement With FSMA
- JOUL LN : *JOULES GROUP SEES ADJ. PROFIT BEF-TAX MARGINALLY AHEAD OF EXP.
- LSE LN : JPMorgan Sees Busy Season for London IPOs Coming Out of Africa
- LUN DC : Lundbeck Agrees to Pay $52.6M to Resolve DOJ Probe of Donations
- MAS SM : Masmovil Acquires Public Radio Frequency Domain of 40 Mhz
- MTO LN : Mitie Full Year Adjusted Operating Profit Meets Estimates
- MONT BB : Montea: 55% of Co’s Holders Opt to Convert Div Into New Shrs
- NETC DC : Netcompany Sets Offer Price at DKK155/Shr in Copenhagen IPO
- OHL SM : Grupo Villar Mir Sells 12% of OHL, Shares Placed at EU2.85/Shr
- PTEC LN : Playtech Sells Entire Stake in GVC Holdings at 1,010p/Share
- PLUS LN : Plus500 ‘Materially’ Increases Co. Expectations for FY18
- POS AV : Porr in Talks on Purchase of Alpine Bau CZ
- RCO FP : Remy Lifts FY20 Operating Margin Growth Target; FY18 Ebit Beats
- RWS LN : RWS Growth Expected to Accelerate in 2H as Moravia Performs
- SAA1V FH : Sanoma Keeps Long-Term Financial Targets Unchanged
- SAN SM : Santander Is Said to Give Up Popular Brand June 2019: Expansion
- SHP LN : Takeda Clarifies CEO Weber’s Comment
- SIA LN : Soco International Posts Jan.-May Revenue of ~$72m Ahead of AGM
- SOLB BB : Solvay in Pact With Argosy for Direct Access in Asia Pacific
- SSE LN : SSE Agrees With Ofgem to Pay GPB1m for Inaccurate Statements
- SNH GY : Steinhoff Wins Support for Standstill From Majority of Creditors, Steinhoff Gets Creditor Support Letters for Seag, Holding,
- TIT IM : Italy Agcom Says Telecom Italia Grid Spin Is Off Admissible
- TRELB SS : Trelleborg CEO Sees Continued Strong Demand, DI Reports
- VIV FP : Universal Reaches Settlement in YouTube ‘Dancing Baby’ Case
- VOW3 GY : Illinois Emissions Suit Against Volkswagen Thrown Out by Judge

>>> Europe : Brokers Upgrades & Downgrades - 7th of June 2018

>>> Up
* Capita Upgraded to Buy as Citi Focuses on Turnaround Momentum
* Enbw Raised to A3 From Baa1 by Moody’s
* Kuehne + Nagel Upgraded to Buy at HSBC; PT 169 Francs
* On The Beach Upgraded to Buy at Numis
* UBS Upgraded to Hold at DZ Bank; Price Target 15 Francs

>>> Down
* Atlantia Downgraded to Neutral at JPMorgan; PT Set to 28 Euros
* Bakkavor Cut to Underweight at Morgan Stanley; PT 1.65 Pounds
* DSV Downgraded to Hold at HSBC; PT 562 Kroner
* Marks & Spencer Downgraded to Reduce at AlphaValue
* Mediclinic Downgraded to Hold at Investec
* Voestalpine Downgraded to Hold at Kepler Cheuvreux; PT 48 Euros
* Wacker Chemie Cut to Hold at Kepler Cheuvreux; PT 138 Euros
* Yara Downgraded to Add at AlphaValue
* YouGov Downgraded to Add at Peel Hunt

>>> Initiation
* AMS Rated New Buy at Liberum; PT 126 Francs
* Balfour Beatty Rated New Equal-weight at Barclays
* Falck Renewables Rated New Outperform at Intermonte
* J. Martins Rated New Buy at JB Capital Markets; PT 16.71 Euros
* Keller Rated New Overweight at Barclays; PT 14 Pounds
* Kier Rated New Underweight at Barclays; PT 9.95 Pounds
* Tikehau Capital Rated New Buy at Berenberg; PT 36 Euros
* Unibail Stapled Still Equal-weight at Morgan Stanley


>>> Call