>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:
  • AOI +31.5%, MOBL +18.8%, UIS +18%, DTRM +17.5%, ROX +14.2%, FEYE +13.5%, NVDA+8.7%, MTW +8.7%, CTRL +7.1%, XIN +6.8%, EGAN +6.7%, ELLI +5.9%, MCFT +4.5%, BRS+4.3%, SKX +4.1%, IMPV +2.7%, NUAN +2.7%, GLUU +2.6%, AIG +2.1%, MPWR +2.1%,IMMU +1.9%, CCJ +1.9%, ESNT +1.2%, COLM +1%,
M&A news:
  • RAD +0.5% (Rite Aid announces progress in sale of assets to Walgreens Boots Alliance)
Other news:
  • PIRS +15.9% (Pieris Pharmaceuticals and Seattle Genetics (SGEN) announce multi-program immuno-oncology collaboration -- Seattle Genetics to pay Pieris a $30 mln upfront fee), CTIC +8% (prices 20 mln shares at $3.00), NWL +6.6% (WSJ report that activist Starboard is gearing up for proxy battle), KORS +2.6% (files to delay Form 10-Q for the period ended December 30, 2017), NVO +1.9% (announces that the European Commission has granted marketing authorisation for Ozempic for the treatment of adults with type 2 diabetes), AMD +1.2% (following NVDA results), .
Analyst comments:
  • EMR +2.5% (upgraded to Overweight from Neutral at JP Morgan)
  • IRBT +2.4% (upgraded to Neutral from Underweight at JP Morgan)
  • AIG +2.1% (upgraded to Buy from Neutral at BofA/Merrill)
  • AQXP +1.9% (initiated with a Buy at Guggenheim)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:
  • ELVT -15.2%, EXPE -15.1%, WEB -12%, ZG -9.2%, CBL -8.6%, LGF.A -6.9%, AQ -6.5%,SWIR -4.1%, VCRA -4%, HNI -3.3%, CBOE -2.9%, HOLI -1.9%, HDP -1.8%, VSAT -1.1%
Select EXPE peers showing weakness:
  • PCLN -3.3%, TRIP -1.4%
Other news:
  • TNDM -24.7% (files Form S-1MEF for potential $11.5 mln offering of common stock),WWD -9.9% (Woodward says not in discussions with Boeing (BA) over a possible acquisition of Woodward), MGEN -5.2% (prices 7 mln share common stock offering at $5.50 per share), IMGN -4.1% (to implement new operating model, will result in a net reduction of the co's workforce by approximately 20 positions by the end of 2018),CEMI -3.9% (commences underwritten registered public offering of common stock, won a three-year tender from the Ethiopia Pharmaceuticals Fund and Supply Agency to deliver its HIV 1/2 STAT-PAK Assay with total contract value of $15.8 mln; sees 2017 revs $23.7-24 mln vs $23.8 mln est), CEMI -3.9% (announces pricing of its public offering), HMNY -2.9% (stockholders approved an amendment to the Company's Certificate of Incorporation to increase the number of shares of authorized common stock to 500 mln from 100 mln shares), PACB -1.2% ( receives unfavorable outcome in first phase of patent litigation against Oxford Nanopore), .
Analyst comments:
  • DDD -1.7% (downgraded to Underweight from Neutral at JP Morgan)
  • WYNN -1.9% (downgraded to Equal-Weight from Overweight at Morgan Stanley)

>>> Mediobanca CEO reiterates willingness to sell 3% stake in Generali to fund a

Mediobanca CEO reiterates willingness to sell 3% stake in Generali to fund acquisitions
09 FEB 2018
Mediobanca [BIT:MB] chief executive Alberto Nagel has reiterated that the Italian bank is willing to sell a 3% stake in the Italian insurance company Assicurazoni Generali [BIT:G] if the price is right, the Ft.com website reported. Nagel indicated that he would be wiling to sell the stake to finance tactical acquisitions, the item said.
Nagel has on several previous occasions said he would consider selling a 3% shareholding in EUR 23.97bn-market-cap Generali to finance further investment in asset management, the report continued. Mediobanca owns a 13% shareholding in Generali, the item added.
Mediobanca acquired a 69% stake in the Swiss asset manager RAM Active Investments in November 2017. The Italian bank in December launched Mediobanca Private Banking, which caters to affluent individuals, the report noted.
Mediobanca on Friday, 9 February reported its results for the six months ended 31 December 2017, which showed a 9% increase in revenues to EUR 1.17bn (USD 1.43bn) and a 14% increase in net profit to EUR 476m.

(CS) US Top Picks : 105 Top Ideas ( Bottom Up )

 105 Top Ideas: Our bottom-up exercise resulted in a list of 105 top stock ideas, representing ~14% of ~700
names covered by the US analysts.
 Ideas Across St yle, Sector and Size: A list of growth/value names by sector and market cap can be found on
slide 7.
What is New?
 We have incorporated HOLT analysis: HOLT Scorecard on slide 8 and HOLT Lens for each stock.
 1 New Sector: SMID Cap Biotech. Relevant Research: SMID Cap Biotech Initiation
 6 New #1 Top Picks: 3 Additions (DPZ, ESPR, HD). 3 Upgrades (AA, INCY, WCN). Recent Research on New
#1 Top Picks: AA, DPZ, ESPR, HD, INCY, WCN
 24 Names Added to Top Picks: ALXN, ARNA, ARNC, BA, CAT, CMI, DPZ, EPD, ESPR, EXC, FAST, FLR,
GLOG, HCC, HD, JELD, KHC, KLAC, LOW, NOW, SRPT, TXN, TXRH, WP
 18 Names Removed from Top Picks: AIG, AKS, ANDV, CSTM, DPS, GPN, HIG, HSY, INCY, PBYI, PWR,
QSR, SRPT, TSRO, WCC, WLTW, WMB, YUM

>>> premarkets and unconfirmed Broker Changes

BAML

LOREAL - 5.5% Q4 LfL v 4.95. Would buy NESNs 23% stake in cosmetics co (175)+2%

SAFE - BAML UPGRADE to Buy; more +ve appraisal of industry fundamentals(489)+1%

BIG YELLOW - BAML UPGRADE to Buy from Neutral with a new PO of 833p (840)...+1%

KINGSPAN - BAML UPGRADE to Buy from Neutral and raise PO from E36 to E45(35)+1%

ORION - BAML UPGRADE to Buy. Guidance disappointing but nothing changed (27)+1%

GAS NAT - CVC seeking loan of €1.4b to acquire Repsol’s Gas Nat stake (18)...+1%

MEDIOBANCA - Strong rev beat and inc. payout target post capital update (10)+1%

REPSOL - Spec CVC seeking loan of €1.4b to acquire Repsol’s Gas Nat stake(14)u/c

MAERSK - U/l profit at low end of cons but majority due to its acq. (10360).u/c

VICTREX - Sales +41% y/y & vols +30% y/y. Rev helped by a positive FX (2412)u/c

MINERS - Copper -0.5%, Iron ore fut -2.1% with BHP OZ -1.1%, RIO OZ -0.88%..-1%

UMICORE - BAML DOUBLE U/G to Buy and ests upgrade of +12/26% in '18/19 (40).-2%

AMUNDI - Net profit 20%, net fees 1% ahead but flows no disappointing (70)..-2%

CECONOMY - Earnings €145m v €173m cons. Group reits its FY guidance (10.9)..-2%

 

MainFirst
*L'OREAL-FY Rev 26.02b(26.07),OP 4.68b(4.71),wld + Nestle stake.....+1%

*RUBIS-Rev €3.93b(3.92),Q4 Rev €1.11b(1.15),Energy Bizz vol +27%....+0.5%

*EMS CHEMIE-FY Sales 2.15b(2.12),Ebit 582m(575.8),o/lk ok...........+0.5%

*TARKETT-FY Sales 2.84b(2.84),Ebitda 315m(308),sees '18 stable......-1%

*MEDIOBANCA-Q2 Rev 571.5m(548),Net 175.4m(150),cutting Generali.....+1%

*CECONOMY-Q1 Sales 6.94b(6.93),Ebitda 315m(348),Confirms FY.........-1%

*ATLANTIA-Is said to have funding to raise Abertis bid €19 plus.....-1%

*MAERSK-FY Ebit 641m(1.03),Ebitda 3.53b(3.64),Rev 30.9b(31.96)......-10%

*DEL HERO-ABB 3.972m shs at €30.75-€32.60 vs clse €32.60............-2%

*UMICORE-ABB 22.4m shares at €39.8 vs close €40.90..................-2.5%

*STORA ENSO-Q4 Ebit 280m(272.4),Sales 2.51b(2.55),Div 41c(40).......+1%

 

 

SHB

MAERSK ->5% q4 revs $8.174b (CONS 8.028); EBITDA $3.53B (CONS 3.64)

Entra   +4% Q4 rental income 1% above cons, operating profit 19% above cons,

FINGB  -5% Q4 bang in line with recent warning. Sees revs continue declining.

BUFAB  +2% q4 sales sek828m (CONS 762 [only 2]); op prof sek69m (CONS 62)

MEKO   -1% q4 sales sek1.51b (CONS 1.48); adj EBIT sek103m (CONS 104)

FRED   -5% q4 rev $50m (CONS 47.2) EBITDA $10m (CONS 11.2)

NPRO   -3% Q4 Rental inc 2% below cons, op profit 4% below cons

BERGMAN mp q4 revs sek954m (cons 956) OP prof 53m (CONS 49)

DUNI   -2%  q4 sales sek1.25b says price comp hasn’t fully offset pulp prices

MMGRB  +2%  Sales +4% beat and adj EBIT +29% Margin 5.1% vs 4.1 cons

 

CS
Amundi        M/P    Q4 revs slightly ahead, div better, outlook conservative

Anima         M/P    FY Revenues 1.5% ahead, EBITDA 3% ahead

Drax          M/P    Yesterdays capacity auction adds about 3% to 2022 EBITDA

Flow Traders +15%    Q4 Revs 6% ahead, EBITDA 18% ahead, strong start to 2018

Kinnevik      M/P    4Q net asset value per share SEK329, div relatively inline

L'Oreal      +3-5%   Sales growth ahead, CEO talking about buying Nestle stake

Maersk       -1-2%   FY underlying profit $356m vs cons $425.4m, guidance light

Miners        UNCH   Copper -0.60%, Brent -0.25%, Iron Ore -1.50%, China -5.50%

Sanofi        -1%    LOREAL own 10% of SANOFI, may sell to buy back Nestle stake

Umicore       +1%    H2 earnings and 10% equity placing

Victrex      +2-3%   Q1 40% growth in sales, ahead of CS ests

 

 

>>> Telia to possibly conduct sale of Danish business if bidding for TDC - repor

Telia to possibly conduct sale of Danish business if bidding for TDC

Telia [STO:TELIA], the Swedish telecom company, would have to sell its Danish operations if it decides to bid for Danish peer, TDC [CPH:TDC], according to Dagens Industri.
This comes after the news stating TDC received an indicative takeover offer from consortium but rejected it as it believes that its planned acquisition of MTG Nordic is a better way to go.
The Swedish business daily reported that the EU commission had stopped Telia's planned acquisition of Norwegian Telenor's [OTCMKTS:TELNY] Danish operations in 2015, and hence Telia would have to appease the regulatory authorities if it decides to direct its sights on TDC. The paper cited several observers who pointed to 3 as the most likely bidder for Telia's Danish operations. The paper further wrote that 3, owned by Hong Kong-based Hutchison Whampoa and Swedish Investor, had previously indicated interest in taking part in the market consolidation.
Meanwhile, the paper separately reported that the Swedish minister of Enterprise, Mikael Damberg, confirmed to the paper that the Swedish government is supportive of Telia's growth plans in the Nordic and Baltic region and is open to discussions if the telco wishes to conduct a larger buy which may require extra financing.