Early premarket gappers
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Gapping up:
- TECH +21.4%, MU +17.9%, MEI +17.6%, PRQR +11.9%, QCOM +11.8%, BNED +9.1%, FRMI +6%, IBM +4.4%, MDA +4.3%, WKEY +3.5%, KMX +3.4%, CURR +3.2%, NTST +3.1%, MKC +3%, IMXI +2.9%, LAES +2.5%, NNE +2.5%, AYI +2.5%, CGNT +2.1%, CODI +2%, IONS +1.5%, GVA +1.4%, MS +1.4%, USAS +1.3%, ENLT +1.1%, ALOY +1%
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Gapping down:
- SPRY -21.8%, TCOM -12.6%, TSHA -8.5%, FUL -7.1%, ATNI -6.1%, MLKN -4.9%, GSL -3.6%, COF -2.8%, CWCO -2.8%, RDNT -2.5%, CDNL -2.2%, HTZ -2%, EFX -1.8%, JEF -1.8%, MLTX -1.5%, MESO -1%, GILD -0.8%, WS -0.8%
# La Lettre — Digest 26/06/2026
**Bloomberg MSG | LC / Graham Advisors**
>>> Up
* Aker BP Raised to Hold at ABG; PT 325 kroner
* Freenet Raised to Neutral at UBS; PT 25 euros
* Gurit Raised to Buy at UBS; PT 43 Swiss francs
* Heidelberger Druck Raised to Buy at MP Capital Markets
* L'Oreal Raised to Buy at Citi; PT 435 euros
* NCAB Group Raised to Buy at SEB Equities; PT 100 kronor
* Pihlajalinna Raised to Buy at SEB Equities; PT 13 euros
* Qualcomm Raised to Equal-Weight at Morgan Stanley; PT $231
* RWE Raised to Add at AlphaValue/Baader
* Saab Raised to Buy at Pareto Securities; PT 620 kronor
* Saab Raised to Buy at Pareto Securities; PT 620 kronor
* Var Energi Raised to Hold at ABG; PT 43 kroner
* Vonovia Raised to Buy at Deutsche Bank; PT 26 euros
>>> Down
>>> Down
* Brown-Forman Cut to Equal-Weight at Barclays; PT $27
* Eltel Cut to Reduce at Inderes; PT 13.80 kronor
* Italgas Cut to Hold at Equita; PT 11.20 euros
* Man Group Cut to Hold at Deutsche Bank; PT 310 pence
* Partners Group Private E Cut to Underperform at Jefferies
* Swatch Cut to Market Perform at Bernstein; PT 200 Swiss francs
>>> Initiation
* Swatch Cut to Market Perform at Bernstein; PT 200 Swiss francs
>>> Initiation
* CoreWeave Rated New Buy as Rosenblatt Touts AI Position
* D'Ieteren Reinstated Outperform at Oddo BHF; PT 225 euros
* D'Ieteren Reinstated Outperform at Oddo BHF; PT 225 euros
* Domino's Pizza Group Rated New Underweight at JPMorgan
* Ithaca Energy Rated New Buy at Berenberg; PT 270 pence
* Lindt & Spruengli Rated New Underperform at Jefferies
>>> Call
>>> Call
* D’Ieteren Rated Outperform at Oddo BHF, Driven by Belron Stake
* Domino’s Pizza Group Underweight at JPMorgan on Multiple Risks
* L’Oreal Raised to Buy at Citi on Stronger Organic Sales Growth
* Lindt Needs Growth Reality Check, Jefferies Rates Underperform
* Lindt Needs Growth Reality Check, Jefferies Rates Underperform
* Man Group Cut to Hold at Deutsche Bank After Shares Rally (+)
* Swatch Downgraded at Bernstein Following Stock Outperformance (+)
Global stocks rebounded from a two-day loss after Micron Technology Inc.’s blowout sales forecast rekindled investor confidence in the artificial-intelligence trade and Brent oil erased all of its wartime gains. Contracts for the Nasdaq 100 jumped 1.8%, while those for the S&P 500 rose 0.5%. South Korea’s Kospi surged as much as 6% and the broader MSCI Asia Pacific Index climbed 1.7%. Shares of Micron, the largest US maker of computer memory chips, soared about 15% after the market close as its quarterly sales outlook crushed Wall Street estimates, signaling that an AI-fueled growth run remains strong. Brent crude dropped for a fourth session, slipping below $72.48 a barrel — its pre-war closing price — as flows through the Strait of Hormuz ramped up following progress on a US-Iran peace deal. The move, coupled with Micron’s strong results, brought relief for equity traders after a tech-led selloff dragged a global benchmark to its lowest level in two weeks. Attention now turns to the release of the Federal Reserve’s preferred inflation gauge. The Bloomberg Dollar Spot Index edged lower after expectations of a hawkish policy path helped drive it to a seven-month high on Wednesday. Treasuries edged lower after rallying in the previous session. “Micron’s earnings overnight have reminded investors that the durability of the memory cycle and broader AI trade is here to stay,” said Hugh Lam, an investment strategist at Betashares. “While sentiment can whipsaw in reaction to pronounced share price moves, structural supply constraints across both DRAM and NAND put a floor under any further weakness in these names at least throughout 2027.” Reinforcing the upbeat outlook, South Korea’s SK Hynix Inc. said it was seeking about $29 billion from a US stock listing. Kioxia Holdings Corp., a supplier of NAND storage that’s become Japan’s most valuable company, also said it intends to offer US depositary shares. Both stocks surged more than 10%. Revenue will be approximately $50 billion in the fiscal fourth quarter, which runs through August, Micron said in a statement. Analysts estimated $43.2 billion on average. Demand for conventional memory chips and high-bandwidth memory, a key component in AI systems, continues to outstrip supply. Micron said it is using the shortages to sign more clients to longer-term deals, many stretching out five years into the future and giving the firm greater visibility in sales to guide capital spending. Elsewhere in markets, gold steadied near $4,000 an ounce after falling through the threshold for the first time since November, weighed down by a resurgent US dollar and the prospect of higher interest rates. Wednesday’s rally in Treasuries signaled another reassessment of the Fed’s likely interest-rate path, a week after traders piled into bets it may hike as soon as next month following Chairman Kevin Warsh’s first meeting leading the bank. Two-year yields, more closely tied to Fed policy, eased for a second day to about 4.14%, pulling back from the 16-month high of 4.23% hit Monday. Forecasters expect the personal consumption expenditures price index to show acceleration on both a monthly and year-over-year basis in May. The PCE data “will have a significant impact on markets,” said Nick Twidale, chief market analyst at AT Global Markets. “If that comes in near expectations or higher, then we see the dollar drive further north. And we could also see a dent in the positive risk sentiment.” Meanwhile, China kicked off marketing up to €5 billion ($5.7 billion) of sovereign bonds in what could be its largest-ever such deal in euros. Separately, the nation’s central bank is introducing an overnight tenor into its open-market operations, a key step toward reshaping how it steers short-term borrowing costs.
Nikkei +4.57% Hang Seng -1.61% CSI +1.28% Kospi +5.80% Shanghai +0.17% Shenzen +0.59%
Eur$ 1.1361 CNH 6.8096 CNY 6.8061 JPY 161.80 GBP 1.3176 CHF 0.8117 RUB 74.8396 TRY 46.5154 WTI$ 69.39 -1.35% Gold 3,990 -0.40% BTC 61,540 +1.09% ETH 1,644 +2.03%
S&P +0.60% Nasdaq +1.98% EuroStoxx +0.30% FTSE -0.17% Dax +0.13% SMI +0.13%
Macro :
- PBOC May Keep 7-Day Rate as Benchmark Despite New Tool: Analysts
- Venezuela Back-to-Back Earthquakes Kill 32, Injure 700
- Property Mogul With Ties to Rachel Reeves Left UK Before Tax Hit
- ECB’s Schnabel Sees Need for Further Hiking to Meet 2% Target
Keep an eye on :
Keep an eye on :
- AI FP : Air Liquide JV Invests EU70M to Support Silleno’s Kazakh Plant
- BABA US : *ALIBABA ADRS EXTEND DROP TO 3.2% AFTER ANTHROPIC ACCUSATION
- AMS LN : H.B. Fuller Is Said to Near £628 Million Deal for UK Medtech AMS
- AMVO GY : AI Demand Roils Aumovio’s Talks to Buy Memory Chips, CFO Says
- SPRY US : *ARS PHARMA SINKS 25% AFTER PROVIDING FINANCIAL UPDATE
- ART SM : Arteche Says Offering of 1.01m Shares Prices at €33/Share
- BPM IM : Credit Agricole Could Hold 29.9% of BPM: Adnkronos (Earlier)
- BTRW LN : Phoenix Calls on Barratt Redrow to Accelerate Share Buybacks
- CAN LN : Apollo, CVC Said to Show Interest in Portuguese Football Rights
- CAST SS : Castellum Sells Properties to Wihlborgs for SEK13.3b
- CBRS US : Cerebras Systems Falls Below IPO Price for First Time
- CEG US : SEC Sues Ex-Constellation Energy Engineer Over Insider Trading
- ACA FP : Credit Agricole to Take 9.9% Stake in Grupo Cajamar Parent
- DGE LN : Diageo Turns to Pharma to Find Chief HR Officer for Overhaul
- DOCM SW : DocMorris to Cut 100 Jobs to Save CHF15m Annually
- GOOGL US : Google Poised to Lose Two High-Profile AI Staffers to Anthropic
- ELMERA NO : Spain’s Audax Intends to Offer NOK 41.20 Per Share for Elmera
- ELMERA NO : Spain’s Audax Intends to Offer NOK 41.20 Per Share for Elmera
- HTZ US : Hertz Shares Drop Record 41%, Erasing $650 Million in Value
- IONS US : Ionis Pharma Gets FDA OK for Tryngolza To Cut Pancreatitis Risk
- JEF US : Jefferies 2Q EPS Misses Estimates
- KNDS IPO : KNDS Hands France, Germany Veto Rights on Stake Sales: ECM Watch
- LMT US : Lockheed Wins $35 Billion US Deal to Boost Interceptor Output
- MU US : Micron 4Q Adjusted Revenue Forecast Beats Estimates, *SANDISK, WESTERN DIGITAL, SEAGATE FOLLOW MICRON SHARES HIGHER
- 7201 JP : Anduril in Talks for Nissan Plant to Build Drones in Japan: Rtrs
- NOVOB DC : Novo Says Twice as Many Medicare Patients Prefer GLP-1 Pill
- OCDO LN : Ocado Holders Push Board to Oust CEO Tim Steiner: FT
- OCI NA : OCI Confirms NNS Unsolicited Cash Offer at EUR 4.10 Per Share (9.1% premium)
- OVH FP : OVH Groupe 3Q Revenue EU289.6M Vs. EU271.9M Y/y
- PFE US : Pfizer Gets FDA Approval for Ibrance in HR+, HER2+ Breast Cancer
- PRX NA : Prosus to Invest €400 Million in French Health-Tech Startup Alan
- RNO FP : Renault to Trim 800 French Engineering Jobs, Reskill Workers
- SambaNova IPO : SambaNova Set to Raise Between $800m and $1b: Information
- TRN IM : Hitachi Energy Wins €770M Contract for Terna-STEG Project
- TEL NO : Telenor’s KNL Awarded Position on UK Defence Framework (1)
- TSCO LN : Tesco Mobile Explores Return to Broadband, FT Says
- TTE FP : TotalEnergies Begins 3D Seismic Survey Offshore Guyana
- TTE FP : TotalEnergies Enters Bab Gas Cap Concession With 10% Interest
- 7203 JP : Toyota Threatens GM’s Sales Crown as US Hybrid Demand Surges
- TRI FP : Trigano 3Q Revenue Misses Estimates
- VOW GY : Volkswagen to Sell 51% Stake in Everllence to Bain Capital
>>> Up
* Aker BP Raised to Hold at ABG; PT 325 kroner
* Freenet Raised to Neutral at UBS; PT 25 euros
* Gurit Raised to Buy at UBS; PT 43 Swiss francs
* L'Oreal Raised to Buy at Citi; PT 435 euros
* NCAB Group Raised to Buy at SEB Equities; PT 100 kronor
* Pihlajalinna Raised to Buy at SEB Equities; PT 13 euros
* Qualcomm Raised to Equal-Weight at Morgan Stanley; PT $231
* RWE Raised to Add at AlphaValue/Baader
* Saab Raised to Buy at Pareto Securities; PT 620 kronor
* Saab Raised to Buy at Pareto Securities; PT 620 kronor
* Var Energi Raised to Hold at ABG; PT 43 kroner
* Vonovia Raised to Buy at Deutsche Bank; PT 26 euros
>>> Down
>>> Down
* Brown-Forman Cut to Equal-Weight at Barclays; PT $27
* Eltel Cut to Reduce at Inderes; PT 13.80 kronor
* Italgas Cut to Hold at Equita; PT 11.20 euros
* Man Group Cut to Hold at Deutsche Bank; PT 310 pence
* Partners Group Private E Cut to Underperform at Jefferies
* Swatch Cut to Market Perform at Bernstein; PT 200 Swiss francs
>>> Initiation
* Swatch Cut to Market Perform at Bernstein; PT 200 Swiss francs
>>> Initiation
* CoreWeave Rated New Buy as Rosenblatt Touts AI Position
* D'Ieteren Reinstated Outperform at Oddo BHF; PT 225 euros
* D'Ieteren Reinstated Outperform at Oddo BHF; PT 225 euros
* Domino's Pizza Group Rated New Underweight at JPMorgan
* Ithaca Energy Rated New Buy at Berenberg; PT 270 pence
* Lindt & Spruengli Rated New Underperform at Jefferies
>>> Call
>>> Call
* D’Ieteren Rated Outperform at Oddo BHF, Driven by Belron Stake
* Domino’s Pizza Group Underweight at JPMorgan on Multiple Risks
* L’Oreal Raised to Buy at Citi on Stronger Organic Sales Growth
* Lindt Needs Growth Reality Check, Jefferies Rates Underperform
* Lindt Needs Growth Reality Check, Jefferies Rates Underperform