- Biggest increases in one-year vs three-month IV spread:
- Iberdrola term structure up 2.1 points to 1.8, in the 38th percentile; stock fell 0.8% w/w (RSI: 48); skew in the 100th percentile
- Infineon term structure up 1.8 points to -1.2, in the 43rd percentile; stock rose 6.3% w/w (RSI: 76); skew in the 66th percentile
- BBVA term structure up 1.8 points to -0.1, in the 57th percentile; stock rose 2.2% w/w (RSI: 50); skew in the 55th percentile
- Wolters Kluwer term structure up 1.7 points to -1.7, in the 49th percentile; stock fell 4% w/w (RSI: 41); skew in the 49th percentile
- Schneider Electric term structure up 1.7 points to 0.2, in the 88th percentile; stock rose 4.1% w/w (RSI: 64); skew in the 53rd percentile
- Biggest decreases in one-year vs three-month IV spread:
- Danone term structure down 1.1 points to 0.5, in the 78th percentile; stock rose 1.6% w/w (RSI: 37); skew in the 56th percentile
- Sanofi term structure down 0.9 points to 0.2, in the 93rd percentile; stock rose 0.6% w/w (RSI: 33); skew in the 70th percentile
- Mercedes term structure down 0.8 points to -0.6, in the 56th percentile; stock rose 2.9% w/w (RSI: 44); skew in the 69th percentile
- Hermes term structure down 0.7 points to -0.9, in the 29th percentile; stock rose 4% w/w (RSI: 48); skew in the 8th percentile
- Safran term structure down 0.6 points to -2.8, in the 8th percentile; stock rose 10.4% w/w (RSI: 54); skew in the 2nd percentile
After Hours Summary: FTNT +17.6%, SEZL +13.1%, KLIC +13%, DASH +11.9%, EZPW +9.2% higher on earnings; CCRN +27.7% being acquired; FSLY -24.9%, ADMA -24.2%, AOSL -22.4%, WHR -16.5%, NRDS -13.4% lower on earnings
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: AGL +30.7%, FLNC +27.4%, SITM +21.5%, PCT +20.7%, HNRG +18.3% (also signs 12-year capacity agreement for over $1 bln), FTNT +17.6%, BLBD +16.9%, CGNX +14.4%, SEZL +13.1%, KLIC +13%, DASH +11.9%, ARRY +11.3%, CPS +10.2%, PTC +9.7% (also authorizes new $2 bln share repurchase program), EZPW +9.2%, IPI +9.1%, INVA +7.9%, ROOT +7.6%, ACVA +7.3% (also $100 mln share repurchase authorization and $50 mln ASR), MKSI +7.2%, GOLD +6.8%, ORA +6.2%, BTG +5.8%, SD +5.3%, BLLN +5%, HRB +4% (also authorizes $100 mln increase to share repurchase program), ALB +3.8%, DGII +3.7%, EXK +3.7%, ECPG +3.6%, CAPL +3.5%, RUN +3.3%, SM +3.3%, SKWD +3.2%, SNEX +3.2%, NVST +3.1% (also authorizes new $300 mln share repurchase program), WES +2.8% (also to acquire Brazos Delaware for $1.6 bln), GNK +2.7%, MIAX +2.7%, MLYS +2.6%, CXW +2.5% (also acquired Clinical Solutions Pharmacy), FLUT +2.4% (also CEO of FanDuel unit steps down), VRRM +2.3%, AMH +1.7%, MIRM +1.7%, MFIC +1.6%, MTDR +1.4%, LIFE +1.2%, LIFE +1.2%, APP +1.1%, AWR +1.1%, CF +0.9%, VCTR +0.9%, RYN +0.6%, COKE +0.6%, RGLD +0.5% (also authorizes new $500 mln share repurchase program), APA +0.4%, EPR +0.3% (also increases dividend), MET +0.1%, PAYC +0.1%, WBD +0.1%
Companies trading higher in after hours in reaction to news: CCRN +27.7% (to be acquired by Knox Lane for $13.25/sh), INSE +4.2% (extends long-term agrement with Paddy Power for gaming terminals), DEC +2.6% (DEC and CG partner to acquire assets from Camino Natural Resources), FLUT +2.4% (INSE extends long-term agrement with FLUT's Paddy Power for gaming terminals), ARGX +2% (names new CEO and new Chairperson), APP +1.2% (files mixed securities shelf offering), DDOG +0.7% (achieves FedRAMP High certification), MPLX +0.3% (files mixed securities shelf offering), PEP +0.2% (increases dividend), GIS +0.2% (names new COO), MRNA +0.2% (announces NEJM publication for mRNA-1010), COST +0.1% (April same store comps), ARCC +0.1% (Barron's out cautious on ARCC), PTEN +0.1% (operations update)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: FSLY -24.9%, ADMA -24.2%, AOSL -22.4%, WHR -16.5%, AMPL -16.2%, BYND -15.1%, LFMD -13.5%, NRDS -13.4%, MNKD -11.2%, ALNT -10.8% (also increases dividend), AMPX -10.3%, EE -10.2%, RDW -10.2%, ALVO -9.2%, KMPR -9.1%, PAHC -8.7%, AUR -8.3%, COHR -8.2%, XZO -8.2%, CORZ -8.1%, ARM -7.6%, TPC -7.5%, SNAP -7.4%, HPK -7% (also files prospectus supplement relating to sales agreement; may offer up to $150 mln of common stock), IONQ -6.7%, SYM -6.7%, LB -6.1%, AEVA -5.9%, SRPT -5.1%, ZG -5%, CSV -5%, ARQT -4.8%, CHYM -4.7% (also increases share repurchase authorization by $200 mln), RRX -4.2% (also names new CEO), MGY -4%, ALTO -3.8%, HLF -3.6%, UUUU -3.6%, KNTK -3.3%, RELY -3.1%, UGI -3.1% (also partnership with Prime Data Centers to develop major nat gas supply infrastructure), BROS -3%, USPH -3%, PR -3%, OBDC -3%, CMP -2.8%, IBTA -2.7% (also partnership with Giant Eagle), FNF -2.5%, GT -2.3%, VIR -2.3%, VIR -2.3%, ES -2.2%, ERII -2.2% (also CEO to retire; CFO to step down; authorizes new $25 mln share repurchase plan), HP -2.1%, RGR -2%, TKO -2% (also authorizes $1 bln increase to share repurchase program), CENT -2%, HLI -1.9%, CRUS -1.8%, NTR -1.4%, CTRI -1.3%, KTOS -1.3%, ATO -1.2%, AXON -1.2%, AUGO -1.1%, MUR -1.1%, OTF -1.1%, PTRN -1.1%, LZ -1%, RVMD -0.7%, EQX -0.6%, OR -0.6% (also increases dividend), TROX -0.5%, BKD -0.5%, WTRG -0.4%, BKH -0.3%, DV -0.3%, NATL -0.3%, PRI -0.3%, ACAD -0.1%, CW -0.1%, MGNI -0.1%, SLF -0.1% (also increases dividend; also to renew NCIB to repurchase up to 10 mln shares), BHF -0.1%, GDRX -0.1%
Companies trading lower in after hours in reaction to news: MGEE -1.7% (commences $250 mln stock offering), ALM -0.8% (names new CFO), RVMD -0.7% (announces NEJM publication for Daraxonrasib), ASND -0.4% (new data from pivotal approach trial of TransCon CNP), XRN -0.2% (to acquire $425 mln of SHOP Communities; also $100 mln investment led by Maewyn Capital Partners), MPC -0.1% (files mixed securities shelf offering), BA -0.1% (awarded a $125 mln modification to previously awarded Air Force contract)
>>> Up
* Aker Solutions Raised to Neutral at JPMorgan; PT 45 kroner
* AMD Raised to Buy at Goldman; PT $450
* Autostore Raised to Add at AlphaValue/Baader
* Bouygues Raised to Outperform at Oddo BHF; PT 61 euros
* Bouygues Raised to Outperform at Oddo BHF; PT 61 euros
* DaVita Raised to Buy at Deutsche Bank; PT $220
* Galenica Raised to Neutral at UBS; PT 85 Swiss francs
* GRK Infra Raised to Buy at Inderes; PT 15 euros
* Icape Holding Raised to Buy at TP ICAP Midcap; PT 6.80 euros (+)
* Kuehne + Nagel Raised to Buy at Jefferies; PT 220 Swiss francs
* Nyfosa Raised to Buy at SB1 Markets; PT 75 kronor
* Standard Chartered Raised to Market Perform at KBW
* *VAT PT RAISED TO CHF 711 AT BOFA, REITERATES BUY (+)
* Vopak Raised to Buy at Van Lanschot Kempen; PT 63.70 euros (+)
>>> Down
>>> Down
* Abercrombie & Fitch Cut to Underweight at Barclays; PT $76
* Aixtron Cut to Hold at Berenberg; PT 42 euros
* Amundi Cut to Hold at Kepler Cheuvreux
* Animalcare Cut to Hold at Cavendish; PT 336 pence (+)
* Austevoll Seafood Cut to Hold at Norne Securities; PT 105 kroner
* Biotalys Cut to Hold at KBC Securities; PT 3.40 euros (+)
* Deutsche Post Cut to Hold at Jefferies; PT 52 euros
* Pexip Cut to Hold at SEB Equities; PT 85 kroner
* Deutsche Post Cut to Hold at Jefferies; PT 52 euros
* Pexip Cut to Hold at SEB Equities; PT 85 kroner
* Puig Cut to Neutral at BNP Paribas; PT 18.50 euros
* Puig ADRs Cut to Neutral at BNP Paribas; PT $10.80
* Telecom Plus Cut to Hold at Deutsche Bank; PT 1,300 pence
>>> Initiation
>>> Initiation
* CSG NV Reinstated Buy at Kepler Cheuvreux; PT 34 euros
* General Oceans Rated New Buy at ABG; PT 33 kroner
* General Oceans Rated New Buy at Arctic Securities; PT 34 kroner
* Nexans Reinstated Outperform at BNP Paribas; PT 185 euros
* Primary Health Rated New Buy at Kepler Cheuvreux; PT 120 pence
* Prysmian Reinstated Neutral at BNP Paribas; PT 130 euros
>>> Call
* Prysmian Reinstated Neutral at BNP Paribas; PT 130 euros
>>> Call
* Aker Solutions Raised to Neutral at JPMorgan on Stronger Backlog (+)
* Bouygues Raised to Outperform at Oddo BHF, ‘Best is Yet to Come’
* Bouygues Raised to Outperform at Oddo BHF, ‘Best is Yet to Come’
* Wacker Chemie Placed on Negative Catalyst Watch at JPMorgan
DeepSeek nears $45bn valuation as China’s ‘Big Fund’ leads investment talks
Value soars in ongoing fundraising discussions as investors including Tencent seek slice of AI lab
China’s biggest state-backed semiconductor investment vehicle is in talks to lead the financing of DeepSeek’s first fundraising that could value the AI group at about $45bn.
The China Integrated Circuit Industry Investment Fund, typically referred to as the “Big Fund”, is seeking to lead the investment into DeepSeek, according to four people with knowledge of the discussions.
Other investors still in talks for a stake include Chinese tech giant Tencent, although the final line-up has not yet been finalised.
DeepSeek shot to prominence in January 2025 following the release of R1, a powerful open-source large language model, which it said was trained on a fraction of the computing power of models developed by American rivals such as OpenAI.
The valuation of DeepSeek has increased significantly from $20bn when it started the fundraising talks only weeks ago, as investors strive to bet on the lab’s potential despite its lack of focus on commercialisation.
Liang Wenfeng, the billionaire founder of the Hangzhou-based start-up, could also invest personally in this round, two of the people said. He controls 89.5 per cent of DeepSeek through personal holdings and affiliated groups, according to company filings.
Backing from China’s most strategic government fund in semiconductors would reinforce DeepSeek’s position as a leader in the country’s frontier AI model development, as well as promote a Chinese ecosystem comprising domestic models, software and chips.
China has launched three phases of the state-backed “Big Fund” to aid President Xi Jinping’s self-sufficiency drive in the face of US efforts to restrict the country’s access to technology such as advanced semiconductor production equipment.
The fund assembled $47bn from the finance ministry, local government and state-owned banks in its third round of funding in 2024, with a mandate to invest in semiconductor equipment and materials. It has not publicly backed any of China’s other LLM players.
The Big Fund has bankrolled key companies in China’s semiconductor industry including Semiconductor Manufacturing International Corporation, the country’s largest and most advanced foundry, as well as Yangtze Memory Technologies Corp., China’s leading memory chipmaker.
DeepSeek said in its latest V4 model launch that it had been optimised to run inference — the computation that LLMs use to generate responses — on Huawei’s Ascend 950PR chips.
Huawei’s AI chip sales have surged this year as it overtook Nvidia in China, the world’s largest AI chip supplier, whose advanced products are still banned from entering the country, the FT reported last week.
Still, the overall amount of AI chips that China produces is only a fraction of that from the US and these processors are at least two generations behind.
To catch up, Beijing is counting on its tech companies — from chipmakers to model builders — to work closely together. The aim is to develop an ecosystem that could sustain China’s competitiveness in AI despite US export controls tightening.
Such an ecosystem could pose a danger to US dominance globally, according to Nvidia chief Jensen Huang.
“The day that DeepSeek comes out on Huawei first, that is a horrible outcome for our nation,” he said in a recent interview with podcaster Dwarkesh Patel. It could lead to a scenario where “AI models around the world are developed and they run best on non-American hardware”, he added.
Since it came to global attention last year DeepSeek has focused on training frontier AI models, rather than developing a commercial business selling AI to companies or growing its consumer AI chatbot.
DeepSeek’s coding capability is among the best in China, where peers such as Zhipu and Moonshot expect revenues to keep surging, according to one of the people considering an investment. Hong Kong-listed Zhipu has a market value of $52bn.
Liang initially wanted to raise a nominal sum to assign a value to DeepSeek’s options in a bid to stop his researchers being poached by competitors offering huge packages, the FT reported last month. Stock options typically make up most of an AI researcher’s remuneration.
Now that DeepSeek’s valuation has risen significantly, Liang might consider raising more money to boost a war chest for future investment in computing capacity, the person said.
DeepSeek, the Big Fund and Tencent did not immediately respond to requests for comment.
Stocks climbed to a record after President Donald Trump signaled progress toward a final agreement with Iran, adding fresh momentum to markets already buoyed by a rally in technology shares. Crude oil declined. MSCI’s gauge for Asian equities advanced 1.8% to an all-time high with technology shares leading gains on renewed optimism for the artificial intelligence trade. The Kospi index in South Korea, a poster child for AI investments, jumped more than 6% to a record, with Samsung Electronics Co. surging 15% to reach a valuation of $1 trillion, the second Asian company to attain that mark. Brent fell 1.7% to about $108 a barrel on speculation tensions in the Middle East will ease following Trump’s comments. Meanwhile the yen surged 1% against the dollar. The US currency also weakened against all its Group-of-10 peers. MSCI’s index of global stocks also advanced to a record as cheaper oil bolstered expectations for easing inflation and stronger growth. Wall Street gauges also closed at all-time highs on Tuesday. Stronger-than-expected earnings from Advanced Micro Devices Inc. and Super Micro Computer Inc. after the US close added to risk appetite, with futures for the Nasdaq 100 Index rising 0.6%. With geopolitical risk premiums easing, the prospect of lower energy costs and reduced uncertainty improved the outlook for global growth, reinforcing support for equities even at record levels. The backdrop also dovetailed with a revival in the AI trade, as easing inflation pressures and improved sentiment bolstered expectations for stronger corporate earnings. Trump said he would pause a US-led effort to help stranded ships exit the Strait of Hormuz to see if an agreement with Iran to end the war could be reached. The president cited “Great Progress” toward a complete and final agreement with Iran. Jason Pang of JPMorgan Asset Management says that “higher oil for longer will translate into a more hawkish bias” among central banks in Asia. However, he added that a US blockade of ships transiting to and from Iranian ports would “remain in full force and effect.” It was not clear what progress Trump referred to, and he didn’t provide details on what, if any, negotiations were in the works. His comments marked an abrupt shift from recent days when he had voiced frustration over the pace of talks and indicated he wasn’t satisfied with Tehran’s proposals. Elsewhere, China’s benchmark CSI 300 Index rose 1.5% as trading resumed after local holidays. Meanwhile, cheaper oil lifted the debt market with US long bonds rebounding during the New York session. That sent the 30-year yield back below 5%. Even so, bond traders are boosting wagers that the Federal Reserve’s next policy move may be an interest-rate hike rather than a cut. There will be no cash trading in Treasuries during the Asian day due to a holiday in Japan. Treasury futures gained. In other corners of the market, gold rose 1.9% to about $4,640 an ounce and Bitcoin was a touch weaker at about $81,500.
The rebound in global equities from their Iran war lows has been notably narrow, according to JPMorgan Chase & Co. strategists led by Mislav Matejka. That leaves markets primed for broader gains on even modestly positive news, they said. US After Hours AMD +15.3%, SMCI +19.3%, FLEX +15.6%, ADPT +12.5%, VECO +12.2% higher on earnings; UPST -13.6%, ANET -13.4%, FRSH -7.6%, LITE -3.8% lower on earnings; AVTX +49.4% jumps on clinical data.
Nikkei +0.38% Hang Seng +0.79% CSI +1.62% Shanghai +1.27% Shenzen +2.36%
Eur$ 1.1735 CNH 6.8191 CNY 6.8187 JPY 156.16 GBP 1.3589 CHF 0.7799 RUB 75.3965 TRY 45.2290 WTI$ 100.41 -1.82% Gold 4,656 +2.07% BTC 81,264 -0.47% ETH 2,363 -0.79%
S&P +0.31% Nasdaq +0.76% EuroStoxx +0.99% FTSE +1.13 Dax +0.92% SMI +0.89%
Macro :
- Hedge Funds Are Record Underweight North America: Equity Insight
- Longtime Yuan Bull Jen Says China Bonds Struggle as Safe Havens
- US Utility Threatens to Quit Power Grids on Data Center Rift
- Vornado CEO Appeals to Mamdani to Reverse Griffin ‘Blunder’
- Larry Fink Predicts Birth of Futures Market for Computing Power
Keep an eye on :
Keep an eye on :
- ADYEN NA : Adyen 1Q Net Revenue Meets Estimates
- AD NA : Ahold Delhaize 1Q Adjusted Operating Margin Beats Estimates
- AIR FP : Airbus to Announce AirAsia Order Wednesday: Globe & Mail
- ALSYDB DC : AL Sydbank 1Q Net Income DKK803M Vs. DKK645M Y/y
- ALC SW : Alcon AG 1Q Core EPS Beats Estimates
- AMZN US : Amazon Plans to Invest Over €15b in France Over Three Years
- AMBUB DC : Ambu 2Q Revenue Misses Estimates; Outlook Range Lowered
- AMD US : AMD Gains as Strong Forecast Speaks to AI Demand: Street Wrap
- ANORA FH : Anora 1Q Net Sales Miss Estimates
- ANTIN FP : Antin Assets Under Management EU33.8B
- AEP US : US Utility Threatens to Quit Power Grids on Data Center Rift (1)
- AAPL US : Apple to Let Users Choose Rival AI Models Across iOS 27 Features
- AAPL US : Apple Reaches $250m Settlement Over Delayed ‘AI Siri’: FT
- AKE FP : Arkema 1Q Ebitda Margin Beats Estimates
- ALAB US : Astera Labs 2Q Adjusted EPS Forecast Beats Estimates
- AVTX US : +49% on Phase 2 topline + $375 shares offering
- CS FP : AXA Sees FY Underlying EPS High End of +6% to +8%
- CS FP : AXA Sees FY Underlying EPS High End of +6% to +8%
- BLDP CN : Ballard Power Jumps as Adj. Ebitda Loss Narrower Than Seen
- BAMI IM : Banco BPM’s CEO Castagna Says It’s Studying Potential M&A: Ansa
- BMW GY : BMW 1Q Automotive Ebit Margin Misses Estimates
- BPOST BB : Bnode 1Q Adjusted Ebitda Misses Est; Sees Strike Impact at €15m
- CBT US : Cabot 2Q Adjusted EPS Beats Estimates
- CAPMAN FH : CapMan 1Q Operating Profit Beats Estimates
- CE US : Celanese 2Q Adjusted EPS Forecast Beats Estimates
- Cerebras IPO : Cerebras Requires Limit Orders From IPO Buyers as Demand Grows
- CC US : Chemours Maintains FY Adjusted Ebitda Forecast
- CLAB SS : Cloetta 1Q Operating Profit SEK274M Vs. SEK350.0M Y/y
- CON GY : Continental Maintains FY Adjusted Ebit Margin Forecast, Continental Sticks to Outlook as Iran War Threatens Higher Costs
- COR PL : Corticeira Amorim 1Q Net Income EU15.4M Vs. EU16.4M Y/y
- COTY US : Coty 3Q Net Revenue Matches Estimates
- CPNG US : Coupang Warns of 2026 Slowdown After Data Breach Hits Spending
- CTEK SS : CTEK 1Q Sales Miss Estimates
- CYTK US : Cytokinetics Maintains FY Operating Expense Forecast, Cytokinetics to Offer About $650m of Shares
- DTG GY : Daimler Truck Maintains FY Industrial Business Revenue Forecast, Daimler Truck Flags Tariff Risks and Uncertainty Around Iran War
- DVN US : Devon 1Q Core EPS Misses Estimates
- DGE LN : Diageo Keeps Expectations Unchanged
- DSFIR NA : DSM-Firmenich 1Q Net Sales EU2.28B Vs. EU2.34B Y/y
- EDP PL : EDP Renovaveis 1Q Net Income EU70M Vs. EU52M Y/y
- EDP PL : EDP Weighs Sale of US Unit Focused on Small-Scale Solar Power
- ETR US : Entergy Offers $2.18 billion of Common Shares
- EOLUS BB : Eolus 1Q Sales Miss Estimates
- EQNR NO : Equinor 1Q Adjusted Operating Income After Tax Beats Estimates
- EVT GY : Evotec 1Q Adjusted Ebitda Loss EU21.9M
- FDR SM : Fluidra 1Q Net Income Misses Estimates
- FRE GY : Fresenius Posts Narrow Profit Miss Amid Headwinds From China
- GOOGL US : Anthropic to Spend ~$200B With Google Over 5 Years: Information --> +1.6%
- GUBRA DC : Gubra 1Q Rev DKK75.8M, Cuts CRO External Revenue Growth Outlook
- GXO US : GXO Logistics Boosts FY Adjusted EPS Forecast
- HEI GY : Heidelberg Materials 1Q Oper Ebitda Meets Estimates
- HFG GY : HelloFresh 1Q Adjusted Ebitda Beats Estimates
- HAG GY : Hensoldt 1Q Adjusted Ebitda Meets Estimates, Hensoldt CEO Says Trump Pulling Troops Adds Pressure on Germany
- HKFOODS FH : HKFoods 1Q Sales Above Estimates
- HOFI SS : Hoist Finance 1Q Pretax Profit SEK394M Vs. SEK332M Y/y
- IDR SM : *SPAIN VETOES INDRA'S ACQUISITION OF ESCRIBANO: EL CONFIDENCIAL
- IFX GY : Infineon Sees 3Q Revenue About EU4.1B, Est. EU4.05B
- ITP FP : Interparfums 1Q Net Sales Meet Estimates
- DEC FP : JCDecaux 1Q Adjusted Revenue Misses Estimates
- JDW LN : J D Wetherspoon Says Performance is Slightly Below Market Views
- JOBY US : Joby Aviation 1Q Net Loss $110.0M, Est. Loss $194.9M
- JAZZ US : Jazz Pharma Maintains FY Revenue Forecast
- JYSK DC : Jyske 1Q Net Interest Income Meets Estimates
- KCO GY : Kloeckner Sees 2Q Adjusted Ebitda EU40M to EU80M
- KOG NO : Kongsberg 1Q Orders NOK26.54B
- SKB GY : Koenig & Bauer 1Q Revenue EU260.2M Vs. EU252.2M Y/y
- LDO IM : Leonardo 1Q Orders Beats Estimates
- LIAB S : Lindab 1Q Operating Profit Misses Estimates
- LOGN SW : Logitech 4Q Adjusted EPS Beats Estimates
- LTMC IM : Lottomatica 1Q Revenue EU600.0M Vs. EU584.5M Y/y
- LCID US : Lucid Suspends EV Production Forecast as New CEO Launches Review
- LHA GY : Lufthansa 1Q Adjusted Ebit Loss EU612M, Est. Loss EU650M
- LUMN US : Lumen to Buy Alkira for $475m in All-Cash Transaction - 7%
- LUMO FH : Lumo Kodit Oyj 1Q Revenue Misses Estimates
- LUOTEA FH : Luotea 1Q Sales Under Estimates
- META US : Meta Plans Advanced ‘Agentic’ AI Assistant for Consumers: FT
- MTCH US : Match Group 1Q EPS 68C Vs. 44C Y/y
- MSFT US : Microsoft Adds Capabilities in Cowork, Available on iOS, Android
- NETC DC : Netcompany 1Q Revenue Beats Estimates
- NXT LN : Next Boosts FY Pretax Profit Forecast, Matches Estimates
- NWSA US : James Murdoch Makes $300 Million Offer for NY Magazine, Podcasts
- DNORD DC : Norden 1Q Ebit $22.5M Vs. $38.4M Y/y
- NOVOB DC : Novo 1Q Sales Beat Estimates, Novo Boosts FY Adj. Sales at Cer Forecast
- NVDA US : Nvidia H200 Chip Exports to China Queried in Letter to Lutnick
- OPTOMED FH : Optomed 1Q Revenue Misses Estimates
- ORRON SS : Orron Energy 1Q Ebitda EU4.4M Vs. Loss EU0.9M Y/y
- OUST US : Ouster 1Q Revenue Beats Estimates - -9%in after hours on Earnings
- OXY US : Occidental 1Q Adjusted EPS Beats Estimates: Snapshot
- PNDORA DC : Pandora 1Q Revenue Meets Estimates
- PSKY US : Paramount-WBD Foreign Interests Require Review, FCC’s Gomez Says
- PFE US : Pfizer CEO Says Digging Out of Post-Covid Hole Will Take a Few More Years, *PFIZER DEVELOPING WEIGHT-LOSS DRUGS: WSJ
- PHIA NA : Philips 1Q Adjusted Ebita Beats Estimates, Philips Profit Beats as Med-Tech Firm Weathers War Shock
- RAA GY : Rational 1Q Ebit Beats Estimates
- RDC GY : Redcare Pharmacy NV 1Q Adjusted Ebitda EU14.4M Vs. EU9.1M Y/y
- RNK G Y : *Renk Slide Bearings 1Q Revenue EUR30.2M
- RXL FP : Rexel Starts Offer of Convertible Bonds Due 2031 for €400M
- RIVN US : Rivian Developing Variants of R2 Electric Vehicles: Reuters
- SALME NO : Salmon Evolution Reports 1Q Loss/Shr of NOK 0.08
- SAMPO FH : Sampo Boosts FY Underwriting Profit Forecast; Launches Buyback
- 005930 KS : Samsung Hits $1 Trillion Valuation, Joining TSMC in Elite Club
- SCATC NO : Scatec Cuts FY Proportional Ebitda Forecast, Misses Estimates
- SCR FP : Scor 1Q Solvency Ratio Beats Estimates
- SKAB SS : Skanska Wins $1 Billion Contract in the US
- SN: LN : Smith & Nephew Sees Earnings in Line With Expectations
- SMCI US : SMCI Sees 4Q Net Sales $11.0B to $12.5B, Est. $11.16B -->+9%
- SOLV US : Solventum 1Q Adjusted EPS Beats Estimates
- MSTR US : Strategy 1Q Revenue Beats Estimates
- TBCG LN : TBC Bank Group 1Q Net Income GEL364.7M
- TMV GY : TeamViewer 1Q Adjusted Ebitda EU83.0M
- TOBII SS : Tobii Posts 1Q Operating Loss; In Talks With External Parties
- TVTX US : Travere Offers Up to 1.25% Coupon on Convertible Bond: Terms
- TRVG US : Trivago 1Q Revenue Meets Estimates, Trivago Files Antitrust Damages Claim Against Google In Germany
- UBSG SW : UBS Withholds 22,000 Pages in Nazi Account Probe, Senate Is Told +15.3% in Seoul
- UBXN SW : U-blox Shares to Delist From SIX Swiss Exchange on May 18
- VIE FP : Veolia 1Q Ebitda Matches Estimates, Guidance Confirmed
- VICO SS : Vicore Pharma 1Q Revenue Beats Estimates
- VWS DC : Vestas Beats Profit Estimates as Wind Turbine Orders Swell*Vestas Wind Systems to Launch EUR100M Share Buyback
- VIRI FP : Viridien 1Q Segment Ebitdas $77M Vs. $142M Y/y
- WAWI NO ; Wallenius Wilhelmsen 1Q Ebit Misses Estimates
- ZAL GY : Zalando 1Q Adjusted Ebit Beats Estimates
- ZIM US : 'Israeli $4.5 Billion Takeover Bid Beats Hapag-Lloyd's' Ynet
>>> Up
* Aker Solutions Raised to Neutral at JPMorgan; PT 45 kroner
* AMD Raised to Buy at Goldman; PT $450
* Autostore Raised to Add at AlphaValue/Baader
* Bouygues Raised to Outperform at Oddo BHF; PT 61 euros
* Bouygues Raised to Outperform at Oddo BHF; PT 61 euros
* DaVita Raised to Buy at Deutsche Bank; PT $220
* Galenica Raised to Neutral at UBS; PT 85 Swiss francs
* GRK Infra Raised to Buy at Inderes; PT 15 euros
* Kuehne + Nagel Raised to Buy at Jefferies; PT 220 Swiss francs
* Nyfosa Raised to Buy at SB1 Markets; PT 75 kronor
* Standard Chartered Raised to Market Perform at KBW
>>> Down
>>> Down
* Abercrombie & Fitch Cut to Underweight at Barclays; PT $76
* Aixtron Cut to Hold at Berenberg; PT 42 euros
* Amundi Cut to Hold at Kepler Cheuvreux
* Deutsche Post Cut to Hold at Jefferies; PT 52 euros
* Pexip Cut to Hold at SEB Equities; PT 85 kroner
* Deutsche Post Cut to Hold at Jefferies; PT 52 euros
* Pexip Cut to Hold at SEB Equities; PT 85 kroner
* Puig Cut to Neutral at BNP Paribas; PT 18.50 euros
* Puig ADRs Cut to Neutral at BNP Paribas; PT $10.80
>>> Initiation
>>> Initiation
* CSG NV Reinstated Buy at Kepler Cheuvreux; PT 34 euros
* General Oceans Rated New Buy at ABG; PT 33 kroner
* General Oceans Rated New Buy at Arctic Securities; PT 34 kroner
* Nexans Reinstated Outperform at BNP Paribas; PT 185 euros
* Primary Health Rated New Buy at Kepler Cheuvreux; PT 120 pence
* Prysmian Reinstated Neutral at BNP Paribas; PT 130 euros
>>> Call
* Bouygues Raised to Outperform at Oddo BHF, ‘Best is Yet to Come’
* Prysmian Reinstated Neutral at BNP Paribas; PT 130 euros
>>> Call
* Bouygues Raised to Outperform at Oddo BHF, ‘Best is Yet to Come’
* Wacker Chemie Placed on Negative Catalyst Watch at JPMorgan
- Fresenius SE (FRE TH) +3.2%
- Fresenius SE 1Q Ebit Before Special Items Misses Estimates
- Zalando (ZAL TH) +2.9%
- Zalando 1Q Adjusted Ebit Beats Estimates
- Novo (NOV TH) +2.7%
- Novo Boosts FY Adj. Sales at Cer Forecast
- RENK Group (R3NK TH) +2%
- RENK Group 1Q Order Intake Beats Estimates
- Infineon (IFX TH) -2.6%
- Infineon Sales Forecast Beats as AI Boosts Power Chip Business
- Anglo American (NGL0 TH) +1.8%
- BMW (BMW TH) +1.7%
- BMW Earnings Decline on Fierce Pricing Competition in China
- Philips (PHI1 TH) +1.7%
- Philips Targets More Savings to Weather War Shock, Tariffs
- AXA (AXA TH) +1.6%
- Hensoldt (HAG TH) +1.3%
- Oliver Dörre of Hensoldt AG on Bloomberg US TV
- BP (BPE5 TH) -1%
- TAG Immobilien (TEG TH) -1.1%
- K+S (SDF TH) -1.6%
- German Holdings Round-Up: Delivery Hero, Commerzbank, Aixtron
- Daimler Truck (DTG TH) -1.8%
- Daimler Truck Flags Tariff Risks and Uncertainty Around Iran War
- Puig (B1B TH) -2.3%
- Puig Cut to Neutral at BNP Paribas; PT 18.50 euros
- Adyen (1N8 TH) -2.5%
- Aker BP (ARC TH) -3%
- Fresenius SE (FRE TH) +3.2%