>>> Altice USA target lowered to $25 at Pivotal Research Group

Altice USA target lowered to $25 at Pivotal Research Group (18.52)
Pivotal Research Group lowers their ATUS tgt to $25 from $30. They forecast Altice will pay down additional debt with free cash flow taking leverage from the current 5.2X (net) to 3.3X by '20, even though realistically we would not be surprised to see capital return in the form of dividends over time. A 3Q crisis of confidence at Altice's parent company's French operations have driven a remarkable decline in Altice NV (on what they view as mainly a very poorly managed 3Q price increase) exacerbated by their leverage, which has in turn bled into ATUS shares (and to be fair partially reflecting temporary negative sentiment over the broader U.S. cable industry). They remind investors that France is arguably the most competitive market in the world (compared to a relatively benign U.S. market), Altice operations are ring fenced, France debt maturities are lengthy ‘22-'26 (giving them time to turn those operations around), and we believe in a worst-case scenario Altice could secure more than 4/5X EBITDA for the French assets (read there appears to be limited chance issues in France could materially affect the U.S. business).

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
AVAV +23.7%, ZX +13.1%, NXTD +10.2%, PLAY +7.8%, GLBL +4.8%, MYOS +4.7%, FNKO +4.3%, DISCA +3.2%, CHRS +2.9%, CLVS +2.3%, TIVO +2.2%, AEO +2%

Gapping down:
LQDT -17.4%, CUR -15.9%, VKTX -14.6%, BBG -12.8%, TROX -10.5%, VNET -7.4%, VEEV -6%, FRED -5.9%, EDIT -5.5%, GWPH -2.1%, TRHC -2.1%, RVNC -1.6%, HQY -1.4%, RH -1.3%, KSHB -0.9

FT : Luxury brands may block online sales, EU courts rule

Luxury goods makers may be able to stop retailers from selling their products on Amazon and other online marketplaces, after European judges said that cosmetics group Coty had not broken EU rules by blocking online sales on certain platforms.

The European Court of Justice decided on Wednesday that US cosmetics and fragrance group Coty – which has a portfolio of brands such as Calvin Klein, Rimmel and Marc Jacobs – did not break competition laws when it prevented Parfümerie Akzente, one of its authorised German distributors, from selling its products on Amazon.de.

The case sets a precedent that could allow other luxury brands to stop their distributors selling their goods on Amazon, eBay and other online marketplaces.

Luxury goods have a special exemption to competition rules allowing high-end brands like Gucci and Dior to limit sales of their product to only those stores that maintain their luxury image.

Online platforms and some antitrust specialists have expressed concern that this case could extend those bans more widely, beyond the very high-end luxury products. That extension could threaten an important distribution channel for many small and medium sized retailers of mid-range branded products.

>>> pre market Indication

ML Indications:
NOVO NORDISK +2%
GENMAB +1%
PROSIEBEN +1%
EASYJET +1%
STAGECOACH u/c
NOVARTIS -1%
SANOFI -1%
MERCK -1-2%
MINERS -1-2%
SHAFTESBURY -4%
SAGA -15%

RBC INDICATIONS
*BAYER: -3%
*DELIVERY HERO: -8%
*EASYJET: +1%
*ELIOR: +1%
*HAMMERSON: -2%
*HOCHSCHILD: +1%
*HUSQVARNA: -2%
*INTU PROP. +25%
*MULBERRY: -2%
*SAGA: -10%
*SHAFTESBURY: -3%
*STAGECOACH: 0%
*STEINHOFF: -50%

>>> What to look at today - 6th of November 2017

Dow -0.45% S&P -0.37% Nasdaq -0.17% Russell -1.02%
US MAtket closed lower for a 3rd sesssion in a row, with 10 of its 11 sectors finishing in the red. Tech closed higher, the other ten sectors, losses ranged from 0.2% to 1.8%. The lightly-weighted telecom services group (-1.8%) finished at the bottom of the sector standings, trimming gains from a largely uninterrupted three-week rally; the group advanced 13.2% from November 14 to December 4. Retailers weighed on the consumer discretionary sector (-0.8%), evidenced by the 1.0% decrease in the SPDR S&P Retail ETF (XRT 44.07, -0.45), while transports led the industrial sector lower by 0.9%; the Dow Jones Transportation Average lost 1.4%, reducing its six-session gain to 6.6%. financial sector lost 0.6% amid yet another curve-flattening trade in the bond market. US After Hours AVAV +20%, PLAY +9%, VEEV -6% following earnings/guidance, TROX -10% on FTC challenge. Asian stocks are poised for the longest losing streak in two years as the technology, mining, consumer and industrial sectors led declines. Japan equities fell sharply, as did Hong Kong’s Hang Seng Index.

Nikkei -1.97% Hang Seng -1.34% CSI -0.74% Shanghai -0.49% Shenzen +0.42%

Eur$ 1.1837 CNH 6.6181 CNY 6.6146 JPY 112.19 GBP 1.3418 CHF 0.9864 RUB 58.7750 WTI$ 57.38 -0.42%

S&P -0.14% EuroStoxx -0.84% FTSE -0.41% Dax -1.01% SMI -0.58%

Macro :
- Rules May Bar Europeans From Trading Asian Indexes, Says Study
- Baupost-Led Funds Are Set to Gain 9% From Westinghouse Bet: Rtrs

Keep an eye on :
- BAMNB NA : BAM Sees 2017 Adj. Pretax Profit ’Substantially Lower’ vs 2016
- BATS LN : Japan to Raise Heated Tobacco Tax to 80% of Conventional: Asahi
- DIS US : James Murdoch Is Said to be Tipped as Possible Iger Successor:FT
- ELIOR FP : Elior FY Adj. Ebitda Rises 5.9%; Co. Forecasts Growth in 2017-18
- ELIOR FP : Elior Names Philippe Guillemot as CEO
- ENEL IM : Enel Estimates Raised at Morgan Stanley, Says Strategy is Clear
- FB US : News Corp. Says Facebook Subscription Model ’Isn’t Working’
- MBTN SW : Meyer Burger: 71.2% Bondholders of Conv Bonds Due 2020 Accepted
- NDA SS : Nordea to Cut Maximum 100 Jobs Within Markets Unit, DI Says
- NOVOB DC : Novo Sees Ozempic Talks With Big U.S. Payers as ‘Very Positive’
- PSM GY : ProSieben Transfers 2018 Goals Into Medium-Term Target Ranges
- PUB FP : Publicis, WPP, Omnicom Are Said to Raise Amazon Ad Spends: WSJ
- ROG SW : Genentech’s Avastin Gets Full FDA OK for Recurrent Glioblastoma
- SNH GY : Steinhoff Says CEO Resigns; PWC to Perform Independent Probe
- TIT IM : Tel. Italia to Continue Talks With Mediaset on TV Contents
- UNA NA : Unilever Is Said to Set Spreads Bid Deadline of Dec. 11: Rtrs
- WOL AV : Wolford Expects Return to Profits Not Before FY 2018/19
- WPP LN : Publicis, WPP, Omnicom Are Said to Raise Amazon Ad Spends: WSJ

>>> Europe : Brokers Upgrades & Downgrades - 6th of November 201

>>> Up
* Carnival Plc Raised to Equal-weight at Morgan Stanley
* Derwent London Raised to Outperform at Credit Suisse
* Dialog Semi Upgraded to Hold at Bankhaus Lampe
* EasyJet Upgraded to Overweight at JPMorgan; PT 15.50 Pounds
* Glencore Upgraded to Outperform at BMO; PT 4 Pounds
* Great Portland Raised to Outperform at Credit Suisse
* Hermes International Upgraded to Hold at SocGen; PT 460 Euros
* Ibstock Upgraded to Buy at Peel Hunt
* K+S Upgraded to Hold at Baader-Helvea; Price Target 20 Euros

>>> Down
* Arkema Downgraded to Neutral at MainFirst; PT 114 Euros
* Breedon Downgraded to Add at Peel Hunt
* Dialog Semi Cut to Equal-weight at Morgan Stanley; PT 31 Euros
* Land Securities Cut to Neutral at Credit Suisse; PT 10.35 Pounds

>>> Initiation
* Applus Rated New Buy at Mirabaud Securities; PT 13.20 Euros
* Oriflame Reinstated at SEB Equities With Buy; PT 425 Kronor
* Ted Baker Rated New Equal-weight at Barclays; PT 27 Pounds
* VGP Rated New Neutral at JPMorgan; PT 65 Euros
* Volution Rated New Hold at Peel Hunt; PT 2.15 Pounds


>>> Call