TheChek News Flow

>>> US Research Calls I

Research Calls I

Upgrades:
- Allegiant Travel Company (ALGT) upgraded to Neutral from Underperform at BofA Securities, tgt $95
- Arvinas (ARVN) upgraded to Buy from Neutral at Citigroup, tgt $15
- Asur (ASR) upgraded to Outperform from Neutral at Bradesco BBI, tgt $365
- Axon Enterprise (AXON) upgraded to Buy from Neutral at Northcoast, tgt $742
- Ball Corp. (BALL) upgraded to Buy from Neutral at Citigroup, tgt $67
- Ball Corp. (BALL) upgraded to Overweight from Underweight at Wells Fargo, tgt $60
- Brinker International (EAT) upgraded to Buy from Neutral at UBS, tgt $175
- Brookdale Senior Living (BKD) upgraded to Buy from Underperform at BofA Securities, tgt $13
- Brunswick Corp. (BC) upgraded to Buy from Hold at Jefferies, tgt $115
- Casella Waste Systems (CWST) upgraded to Buy from Hold at Jefferies, tgt $120
- Core Scientific (CORZ) upgraded to Buy from Neutral at BTIG Research, tgt $23
- Diageo (DEO) upgraded to Outperform from Sector Perform at RBC Capital
- Dorian LPG (LPG) upgraded to Buy from Hold at Pareto, tgt $31
- Fortrea (FTRE) upgraded to Outperform from In Line at Evercore ISI, tgt $25
- Highwoods Properties (HIW) upgraded to Buy from Hold at Deutsche Bank, tgt $29
- Jackson Financial (JXN) upgraded to In Line from Underperform at Evercore ISI, tgt $118
- Krystal Biotech (KRYS) upgraded to Buy from Neutral at Citigroup, tgt $309
- Landstar System (LSTR) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $170
- Mobileye (MBLY) upgraded to Neutral from Underweight at JPMorgan, tgt $13
- O-I Glass (OI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $18
- OMA Airports (OMAB) upgraded to Outperform from Neutral at Bradesco BBI, tgt $120
- Packaging Corp. of America (PKG) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $233
- Rentokil Initial (RTO) upgraded to Overweight from Equal Weight at Morgan Stanley
- Saia (SAIA) upgraded to Overweight from Equal Weight at Stephens, tgt $414
- ServiceNow (NOW) upgraded to Buy from Neutral at Arete, tgt $200
- Shake Shack (SHAK) upgraded to Buy from Hold at Deutsche Bank, tgt $105
- SLB (SLB) upgraded to Outperform from In Line at Evercore ISI, tgt $54
- Stryker (SYK) upgraded to Outperform from Market Perform at Raymond James, tgt $418
- Trex Company (TREX) upgraded to Buy from Neutral at UBS, tgt $52
- Werner Enterprises (WERN) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $34
Downgrades:
- Air Lease Corp. (AL) downgraded to Equal Weight from Overweight at Barclays, tgt $65
- AptarGroup (ATR) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $133
- AT&T (T) downgraded to Sell from Neutral at Arete, tgt $20
- Axis Capital (AXS) downgraded to Neutral from Buy at BofA Securities, tgt $115
- BAE Systems (BAESY) downgraded to Market Perform from Outperform at Bernstein
- BP (BP) downgraded to In Line from Outperform at Evercore ISI, tgt $38
- Canadian Natural Resources (CNQ) downgraded to In Line from Outperform at Evercore ISI
- Comcast Corp. (CMCSA) downgraded to Sell from Neutral at Arete, tgt $23
- D.R. Horton (DHI) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $155
- Frontier Group Holdings (ULCC) downgraded to Underperform from Neutral at BofA Securities, tgt $4
- Graphic Packaging (GPK) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $12
- Greif (GEF) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $72
- Halliburton (HAL) downgraded to In Line from Outperform at Evercore ISI, tgt $35
- Heineken (HEINY) downgraded to Sector Perform from Outperform at RBC Capital
- KeyCorp (KEY) downgraded to Underperform from Neutral at Robert W. Baird, tgt $18
- Lennar (LEN) downgraded to Neutral from Buy at UBS, tgt $122
- MetLife (MET) downgraded to In Line from Outperform at Evercore ISI, tgt $97
- Shopify (SHOP) downgraded to Peer Perform from Outperform at Wolfe Research
- Sonoco Products (SON) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $47
- Sweetgreen (SG) downgraded to Neutral from Buy at UBS, tgt $7.50
- Wells Fargo (WFC) downgraded to Underperform from Neutral at Robert W. Baird, tgt $90
- Zimmer Biomet (ZBH) downgraded to Market Perform from Outperform at Raymond James
Others:
- Accenture (ACN) initiated with a Buy at Truist, tgt $317
- Apple Hospitality REIT (APLE) initiated with an Overweight at Barclays, tgt $14
- Belite Bio (BLTE) initiated with an Overweight at Morgan Stanley, tgt $191
- BillionToOne (BLLN) initiated with a Buy at Guggenheim, tgt $120
- BridgeBio Pharma (BBIO) initiated with an Overweight at Morgan Stanley, tgt $96
- CCC Intelligent Solutions (CCC) initiated with a Buy at Truist, tgt $10
- China Yuchai (CYD) initiated with a Buy at UBS, tgt $60
- Coincheck Group (CNCK) initiated with a Buy at Compass Point, tgt $5
- CoreWeave (CRWV) initiated with a Hold at Truist, tgt $84
- DiamondRock Hospitality (DRH) initiated with an Equal Weight at Barclays, tgt $10
- Digital Realty Trust (DLR) initiated with a Buy at Deutsche Bank, tgt $180
- Duolingo (DUOL) initiated with a Buy at Truist, tgt $245
- Enovis (ENOV) initiated with a Buy at BTIG Research, tgt $41
- EPAM Systems (EPAM) initiated with a Hold at Truist, tgt $220
- Equinix (EQIX) initiated with a Buy at Deutsche Bank, tgt $915
- Evommune (EVMN) initiated with a Buy at H.C. Wainwright, tgt $35
- Globant (GLOB) initiated with a Hold at Truist, tgt $72
- Host Hotels (HST) initiated with an Equal Weight at Barclays, tgt $19
- Intuit (INTU) initiated with a Buy at Truist, tgt $739
- Lemonade (LMND) initiated with a Buy at Truist, tgt $98
- Palantir Technologies (PLTR) initiated with a Buy at Truist, tgt $223
- Park Hotels & Resorts (PK) initiated with an Overweight at Barclays, tgt $13
- Parker-Hannifin (PH) initiated with an Overweight at JPMorgan, tgt $1,050
- Pebblebrook Hotel Trust (PEB) initiated with an Underweight at Barclays, tgt $10
- RLJ Lodging Trust (RLJ) initiated with an Underweight at Barclays, tgt $6
- Ryman Hospitality Properties (RHP) initiated with an Overweight at Barclays, tgt $110
- Spire Global (SPIR) initiated with a Buy at H.C. Wainwright, tgt $14
- Upstart Holdings (UPST) initiated with a Buy at Truist, tgt $59
- Versant Media Group (VSNT) initiated with a Sell at Arete, tgt $33
- Waste Connections (WCN) initiated with an Outperform at BNP Paribas Exane
- Waters Corp. (WAT) initiated with a Buy at Guggenheim, tgt $440
- Wealthfront (WLTH) initiated with an Overweight at JPMorgan, tgt $16
- Wealthfront (WLTH) initiated with an Overweight at Wells Fargo, tgt $16.50
- Wealthfront (WLTH) initiated with an Outperform at Keefe Bruyette, tgt $16.50
- Wealthfront (WLTH) initiated with an Outperform at RBC Capital, tgt $17
- Wealthfront (WLTH) initiated with an Outperform at Citizens, tgt $20
- Wealthfront (WLTH) initiated with a Neutral at Goldman, tgt $14.50
- Wealthfront (WLTH) initiated with a Sector Weight at KeyBanc
- XPLR Infrastructure (XIFR) resumed with an Outperform at RBC Capital, tgt $14

>>> Bristol-Myers: Biocon Biologics to expand biosimilar oncology portfolio, out

Bristol-Myers: Biocon Biologics to expand biosimilar oncology portfolio, outline strategic vision at the 2026 J.P. Morgan Healthcare Conference (53.06)

The company is set to unveil three new biosimilar oncology assets—Trastuzumab/Hyaluronidase - Herceptin SC/Herceptin HYLECTA (RHHBY), Nivolumab - Opdivo (BMY), and Pembrolizumab - Keytruda (MRK) —at the 2026 J.P. Morgan Healthcare Conference.
With these new oncology assets, including two PD-1 inhibitors, Biocon Biologics will have one of the most comprehensive oncology portfolios in the industry. These new assets are among the largest oncology biologics scheduled to lose exclusivity over the next five years and will join Biocon Biologics' existing portfolio of 17 oncology medications, which includes Pertuzumab (Perjeta) that was recently submitted to the FDA, as well as several small molecule cancer therapies.

>>> US Gapping down

Gapping down

Other news:

DVLT -6.9% (stock offering)
JCAP -6% (secondary public offering of 10 mln shares)
CLMT -3.2% (provides preliminary FY25 financial results, highlights deleveraging progress)
APGE -1.5% (interim results from phase 1b Trial of Zumilokibart)
PATK -0.9% (names new CFO)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:

ANGO +6.2%, MCHP +4.2% (guidance)

Other news:

DRUG +50% (to announce topline results for BMB-101 Phase 2 trial)
AEVA +24% (selected as reference LiDAR sensor for NVIDIA (NVDA) DRIVE Hyperion platform)
ALMS +17.2% (to report Phase 3 ONWARD topline data)
ZETA +10.6% (strategic collaboration with OpenAI)
OCS +9.4% (receives FDA Breakthrough Therapy Designation for Privosegtor in optic neuritis)
ABP +6.2% (Abpro and Celltrion receive US FDA IND clearance for ABP-102 / CT-P72)
CVI +4.9% (capital spending guidance)
VST +4.6% (to acquire Cogentrix Energy)
NBP +4.6% (presents givastomig dose expansion data from the Phase 1b combination study in patients with 1L metastatic gastric cancer)
EP +4.1% (extends $20.0 million revolving credit facility through 2028)
GANX +4% (highlights biomarker evidence supporting disease-modifying potential of GT-02287)
UAA +3.3% (Fairfax Financial discloses 22.2% stake)
ALKS +3.1% (granted breakthrough therapy designation by U.S. FDA for the treatment of narcolepsy type 1)
BORR +2.8% (secures new jack-up rig contract extensions in the Americas)
GSK +2.5% (announces Exdensur approved in Japan for severe asthma and CRSwNP)
IPI +2.3% (progress in partnership to develop a lithium project in Utah)
JXN +2.1% (Jackson Financial and TPG Inc (TPG) announce long-term strategic partnership; Jackson will receive a $500 million common equity investment from TPG)
CRWV +2% (adds NVIDIA (NVDA) Rubin platform to AI cloud roadmap)
VEEV +1.9% (authorizes new $2 bln share repurchase program)
ACRS +1.9% (interim results of phase 1a Trial of Anti-TSLP/IL-4Ra bispecific antibody ATI-052)
SMCI +1.6% (expands liquid-cooled ai infrastructure support for nvidia vera rubin and rubin platforms)
CAAS +1.6% (announces 2026-2030 strategic plan)
IR +1.5% (acquires Scinomix)
NBIS +1.4% (to deploy NVIDIA Vera Rubin NVL72 across U.S. and Europe starting H2 2026)
CRNC +1.2% (Cerence xUI gains traction with automakers using NVIDIA AI Enterprise on Microsoft Azure)
LCID +1.1% (Lucid Group, Nuro and Uber unveil global robotaxi, begin autonomous on-road testing)

>>> US Early premarket gappers

Early premarket gappers

Gapping up:
- AEVA +31.2%, ALMS +17.6%, OCS +13%, ZETA +11.1%, DRUG +9.7%, ANGO +7.1%, CVI +4.9%, VST +4.7%, MCHP +3.9%, GPCR +2.5%, UAA +2.2%, VEEV +2.1%, GSK +2.1%, JXN +2.1%, CRNC +1.7%, APGE +1.7%, UBER +1.6%, CRWV +1.6%, CAAS +1.6%, IR +1.5%, BORR +1.5%, LCID +1.4%, BRX +1.3%, IPI +1.2%, ADC +1.1%, NBIS +1.1%, PAA +1.1%, INTC +1%, SMCI +1%, TRMD +1%, UAN +0.9%
Gapping down:
- DVLT -9.7%, JCAP -6%, CLMT -3.6%, CNM -1.5%, CRNX -1.2%, PATK -0.9%, GLPG -0.9%, CVAC -0.9%, BUD -0.8%, SU -0.8%

(BFW) InPost Says It Has Received Indicative Proposal for All Shares

>>> What to look at today - 6th of January 2026

Asian equities climbed to a new all-time high, led by Chinese technology shares, as investors rotated into regional stocks in search of more attractive valuations and stronger growth prospects. The MSCI Asia Pacific Index rose 0.6%, with more than two stocks advancing for every one that declined. A gauge of Hong Kong-listed Chinese tech shares jumped to the strongest level since November, while the benchmark index in Shanghai was headed for its highest close since 2015. Equity-index futures for the US and Europe also edged higher, indicating the rally will have more legs to continue. Asian shares are still relatively cheaper compared with US tech stocks. The MSCI regional equities gauge has a price-to-earnings ratio of 15, compared with 22 for the S&P 500 Index and 25 for the Nasdaq 100 Index. Investors have continued to add to stocks, largely unfazed by tensions in Latin America, extending a three-year bull run driven by demand for technology and artificial-intelligence–linked shares. Equities have rebounded from April lows as Federal Reserve rate cuts and optimism around AI-supported earnings underpinned sentiment. This is poised to be a “strong year” for risk assets — the triumvirate of easing fiscal, monetary, and regulatory policy should work together in a pro-cyclical way, Morgan Stanley’s Serena Tang and Seth Carpenter wrote in a note Monday. For stocks, the main themes, in the US especially, will be stronger earnings growth and broadening leadership, while AI financing and a revival of M&A will take center stage in credit markets. The analysts are overweight on global equities. In other corners of the market, the Bloomberg gauge of the dollar slipped for a second consecutive day. Treasuries steadied after yields on the benchmark 10-year slipped three basis points to 4.16% when a report showed US manufacturing activity shrank in December by the most since 2024. That supported the case for more easing by the Fed. Precious metals reversed early weakness. Gold edged up 0.2%, rising above $4,450 an ounce, while silver jumped 1.7%. The commodities jumped on Monday after after the US capture of Venezuela’s President Nicolas Maduro. Oil steadied after the biggest gain in a week. The bullish attitude showed up in equity derivatives as well. A “mix of momentum chasing and rebound plays reflects a more constructive tone than most of 2025, with sentiment and positioning turning decisively less bearish,” said derivatives strategist Chris Murphy of Susquehanna International Group, in a note Monday. Key US economic data will likely shape the week ahead. In addition to the December jobs report, the Bureau of Labor Statistics will issue figures on Wednesday for November job openings, quits and layoffs. The Fed lowered its target band for short-term lending rates at its past three meetings in response to weakening labor-market conditions, and officials are expected to reduce it further this year. Later in the week, the US government will report on housing starts, while the University of Michigan issues its preliminary January consumer sentiment index. US After Hours MCHP +3.2% nicely higher on upside guidance; ZETA +7.4% on strategic collaboration with OpenAI; VEEV +2.1% after authorizing new $2 bln share repurchase program.

Nikkei +0.95% Hang Seng +1.78% CSI +1.15% Shanghai +1.14% Shenzen +0.87%

Eur$ 1.1733 CNH 6.9763 CNY 6.9812 JPY 156.39 GBP 1.3557 CHF 0.7911 RUB 81.2603 TRY 43.0356 WTI$ 58.13 -0.33% Gold 4,463 +0.32% BTC 93,812 -0.30% ETH 3,224 -0.40% SOL 138.59 +0.12%

S&P +0.15% Nasdaq +0.23% EuroStoxx +0.18% FTSE +0.35% Dax +0.28% SMI +0.34%

Macro :
- US to Meet With Oil Executives This Week on Venezuela Revival

- Hedge Funds Ramped Up Bullish Oil Bets Ahead of Maduro’s Capture

- Banks Split on Proposed EU Delay to Capital Rules, Survey Shows

- Goldman Sees European Stocks Achieving ‘Modest’ Gains in 2026

Keep an eye on :

- ABI BB : AB InBev Reacquires 49.9% in Metal Container Plants for ~$3B (1)

- AMD US : AMD Unveils New Chip For Corporate Data Centers, Talks Up Demand

- BAKKA NO : Bakkafrost Prelim 4Q Farming Harvest in Faroes Island Beats Est.

- CA FP : Carrefour Enters Ethiopian Market in Deal With Midroc: Statement
- DBK GY : Deutsche Bank Hires Ed King as Vice Chair of Global M&A

- SCMN SW : Fastweb Reorganizes EU9.3B of Debt Linked to M&A Deal: Sole
- INGA NA : ING Group to Pay Dividend of EU17.2c Per Share

- INPST NA : InPost Shares Surge 11% as Short Sellers Seen Beating a Retreat

- NVDA US : Nvidia Picks Chinese Lidar Maker Hesai as Laser Tech Partner

- PIRC IM :Italy and Pirelli try to end Chinese involvement in tyremaker - FT

- ROG SW : Structure Therapeutics Licenses GLP-1 IP to Roche, Genentech

- SAN FP : Sanofi’s Cablivi FDA Approved For Blood Disorder For Some Kids

- SMG SW : SMG, Swiss Price Watchdog Reach Deal on Ricardo, SMG Real Estate

- GPCR US : Structure Therapeutics Licenses GLP-1 IP to Roche, Genentech

- TLGTM Bonds : Telegram Bonds in Russia Worth $500m Frozen Under Sanctions: FT

- TSLA US : Tesla China Offers Low-Interest, Interest-Free Car Loans

- TOM2 NA : Tomtom and Uber Renew Partnership on Mapping Technology

- TRI FP : Trigano 1Q Revenue EU833.4M Vs. EU769.8M Y/y

- UCG IM : UniCredit Converts Alpha Bank Stake to Direct Holding of 29.8%

- VST US : Vistra Buying US Gas-Power Fleet for $4 Billion to Deepen AI Bet

- VOW GY : *VOLKSWAGEN AMERICA 4Q SALES 82,798 VEHICLES, -19.8% Y/Y

- WDP BB : WDP Buys Logistics Site in Port of Le Havre for €58M

- ZIM US : *ZIM INTEGRATED SHARES QUICKLY EXTEND DROP, DOWN 5%

>>> Europe : Brokers Upgrades & Downgrades - 6th of January 2026

>>> Up

* BAE Raised to Market Perform at Bernstein; PT 1,950 pence

* Diageo Raised to Outperform at RBC; PT 2,000 pence

* Galp Expectations Reset, Raised to Overweight at Morgan Stanley
* Givaudan Raised to Equal-Weight at Morgan Stanley

* Huhtamaki Raised to Outperform at BNP Paribas; PT 34.20 euros

* Infineon Price Target Raised to EUR 46 from EUR 42 by Bank of America

* ISS Raised to Overweight at Morgan Stanley; PT 245 kroner

* Orsted Raised to Neutral at Citi; PT 132 kroner

* Paragon Raised to Buy at Jefferies; PT 1,060 pence

* Rentokil Raised to Overweight at Morgan Stanley; PT 520 pence

* RS Group Raised to Overweight at Morgan Stanley; PT 790 pence

* Schindler Raised to Overweight at JPMorgan; PT 340 Swiss francs

* Scout24 Raised to Buy at Jefferies; PT 105 euros

* SMG Swiss Marketplace Group Raised to Buy at Jefferies

* Thales Raised to Outperform at Bernstein; PT 275 euros

* TKMS Raised to Market Perform at Bernstein

>>> Down

* Adidas Cut to Underperform at BofA

* Allgeier Cut to Hold at Berenberg; PT 22 euros

* Auto Trader Cut to Hold at Jefferies; PT 650 pence
* Brenntag Cut to Underweight at Morgan Stanley; PT 50 euros

* Bucher Cut to Neutral at UBS; PT 380 Swiss francs

* BAE Raised to Market Perform at Bernstein; PT 1,950 pence

* DCC Cut to Equal-Weight at Morgan Stanley; PT 5,750 pence

* DSM-Firmenich Cut to Equal-Weight at Morgan Stanley; PT 81 euros

* Heineken Cut to Sector Perform at RBC; PT 76 euros

* IMCD Cut to Equal-Weight at Morgan Stanley; PT 100 euros

* Kone Cut to Neutral at JPMorgan; PT 65 euros

* SGS Cut to Equal-Weight at Morgan Stanley; PT 100 Swiss francs

* SSP Cut to Equal-Weight at Barclays; PT 220 pence

>>> Initiation
* IAG ADRs Rated New Overweight at Morgan Stanley; PT $12.70

* Property Franchise Rated New Buy at Stifel; PT 650 pence

* Zehnder Rated New Buy at Berenberg; PT 100 Swiss francs

>>> Call

* Goldman Sees European Stocks Achieving ‘Modest’ Gains in 2026
* Rentokil, DCC Raised at Morgan Stanley, Cautious on Staffers

>>> TradeGate Pre-Market Indications

DAX:

Infineon (IFX TH) +1.2%
- Watch European Chip Stocks After Microchip Lifts Sales Forecast
Daimler Truck (DTG TH) +0.7%
E.On (EOAN TH) +0.6%
BASF (BAS TH) +0.6%
Adidas (ADS TH) -2%
- Adidas Cut to Underperform at BofA

MDAX:

RENK Group (R3NK TH) +1.8%
TKMS (TKMS TH) +1.6%
- TKMS Raised to Market Perform at Bernstein
Hensoldt (HAG TH) +1.1%
Nordex (NDX1 TH) +1.1%
- Nordex Group Gets Orders Totalling 224 MW in Germany
RTL (RRTL TH) +0.9%

SDAX:

Kontron (KTN TH) +1.2%
HelloFresh (HFG TH) +1.2%
Siltronic (WAF TH) +1%

To contact the reporter on th

>>> Stoxx 600 Pre-Market Indications

Scout24 (G24 TH) +2.3%
- Scout24 Raised to Buy at Jefferies; PT 105 euros
Novo (NOV TH) +2%
RENK Group (R3NK TH) +1.8%
Diageo (GUI TH) +1.7%
ISS (QJQ TH) +1.6%
- Rentokil, DCC Raised at Morgan Stanley, Cautious on Staffers
BAE (BSP TH) +1.3%
- BAE Raised to Market Perform at Bernstein; PT 1,950 pence
BP (BPE5 TH) +1.3%
Hensoldt (HAG TH) +1.1%
DSM-Firmenich (ZX6 TH) -1.2%
Brenntag (BNR TH) -2.2%
Adidas (ADS TH) -2.7%
- Adidas Downgraded to Underperform from Buy by Bank of Americ