>>> US After Hours Summary: PRIM -32.4% as it lowers FY26 guidance and COO depar

After Hours Summary: PRIM -32.4% as it lowers FY26 guidance and COO departs; BBY -3.2% CFO to step down; IBM +5% joins the OpenAI Daybreak Cyber Partner Program

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: None

Companies trading higher in after hours in reaction to news: CAR +6.5% (enters into settlement with Pentwater Capital), IBM +5% (joins the OpenAI Daybreak Cyber Partner Program), MGNX +3.1% (to receive a $24.5 mln milestone payment from Sanofi), MX +1.9% (launches two new MOSFETs), ARVN +1.9% (CMO to step down), TTMI +1.6% (opens new circuit board manufacturing facility), QURE +1.4% (commences $150 mln stock offering), ORC +0.5% (increases share repurchase program by 25 mln shares), FIX +0.3% (names new COO), PLTR +0.2% (secures foundational role in NGC2 data layer for the U.S Army), LLY +0.2% (High Court of Justice of England and Wales approves LLY's acquisition of CNTA), MUR +0.1% (oil discovery at the Bubale-1X exploration well)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: None

Companies trading lower in after hours in reaction to news: PRIM -32.4% (lowers FY26 guidance citing additional renewables cost overruns and delays; COO departs; announces new project awards), CDNL -4% (stock offering), MLTX -3.7% ($150 mln stock offering), BBY -3.2% (CFO to step down), NVEC -1.8% (CEO to retire, names new CEO), DFTX -1.7% ($500 mln stock offering), PFE -1.4% (topline Phase 3 results for Sigvotatug Vedotin; did not show a statistically significant improvement in primary endpoint), RKLB -0.6% (launches Electron rocket), GPRE -0.4% (files for 550,000 share offering by selling shareholders, relates to warrants), QCOM -0.3% (nearing deal for AI Chip startup Modular, according to Bloomberg), AOS -0.3% (exec chairman to retire), BA -0.1% (awarded a $121.1 mln US Navy order)

>>> Europe : Brokers Upgrades & Downgrades - 22th of June 2026 V2(+)

>>> Up
* APA Corp Raised to Buy at Roth Capital Partners; PT $38
* Carrefour Raised to Overweight at Morgan Stanley; PT 20.10 euros
* Comet PT Raised to 500 Swiss francs at JPMorgan
* Conoco Raised to Buy at Roth Capital Partners; PT $130
* Diamondback Raised to Buy at Roth Capital Partners; PT $212
* FLSmidth PT Raised to 700 kroner from 670 kroner at JPMorgan
* Inficon PT Raised to 200 Swiss francs at JPMorgan
* Kone Raised to Buy at OP Corporate Bank; PT 59 euros (+)
* Legal & General PT Raised to 353 pence at Berenberg
* Magnolia Oil & Gas Raised to Buy at Roth Capital Partners
* Matador Resources Raised to Buy at Roth Capital Partners; PT $65
* Pepco Group Raised to Buy at Citi; PT 40 zloty
* Permian Resources Raised to Buy at Roth Capital Partners; PT $23
* Rheinmetall Raised to Outperform at Oddo BHF; PT 1,670 euros
* SM Energy Raised to Buy at Roth Capital Partners; PT $32
* Visteon Raised to Overweight at JPMorgan; PT $165

>>> Down
* Accenture Cut to Hold at TD Cowen; PT $150
* Belimo Cut to Hold at Jefferies; PT 1,035 Swiss francs
* Computacenter Cut to Add at Peel Hunt; PT 4,400 pence
* Storytel Cut to Hold at Pareto Securities; PT 105 kronor
* Storytel Cut at Pareto Securities on Competitive Pressures (+)
* UBS Cut to Market Perform at ZKB (+)
* Umicore Cut to Hold at Berenberg; PT 23.20 euros

>>> Initiation
* Argenx ADRs Rated New Outperform at BNP Paribas; PT $1,219 (+)
* Arverne Group Rated New Strong Buy at Portzamparc (+)
* Auction Technology Group Rated New Hold at Panmure Liberum (+)
* Distribution Finance Capital Rated New Buy at Shore Capital
* Estrima Rated New Neutral at Corporate Family Office
* LISI Rated New Buy at Berenberg; PT 81 euros
* Magnora Data Center Rated New Buy at Arctic Securities
* SK Hynix GDRs Rated New Buy at HSBC; PT $2,042
* Social Housing Reit PLC Rated New Buy at Jefferies; PT 82 pence
* SpaceX Rated New Sector Weight at KeyBanc

>>> Call
* Berenberg Downgrades Umicore as Cobalt Boost Seen to Ease
* Carrefour’s Strategy Undervalued, Morgan Stanley is Overweight
* Citi Says China Needs Fiscal Stimulus More Than Monetary Policy
* Elekta Reiterated Hold at Deutsche Bank on Execution Risks (+)
* LISI a Compelling Long-Term Opportunity, New Buy at Berenberg
* Morgan Stanley’s Wilson Says Stocks Are Facing Liquidity Risks (+)

>>> La Lettre - 22/06/2026 - French & English

# La Lettre — 22/06/26 — Résumé / Summary

## 🇫🇷 Français

**OTAN — Washington menace le centre français sur l'IA.** Les représentants américains au comité militaire de l'OTAN (réuni le 16 juin à Bruxelles) ont bloqué pour deux semaines la création du futur centre d'excellence dédié à l'IA, prévu à Rennes. Washington, via Pete Hegseth, prône un « OTAN 3.0 » et veut réduire drastiquement le nombre de centres d'excellence (actuellement 30, à ramener à cinq, un par domaine : terre, air, mer, cyber, spatial). La France (général Cyril Carcy, Amiad/Bertrand Rondepierre, équipes de Catherine Vautrin) se mobilise pour sauver le projet en offrant des gages : alignement sur les futurs critères (66 % de civils, un tiers de militaires), ralliement aux états-majors de l'Alliance en cas de crise.

**Algérie — Reprise de la coopération judiciaire.** Alger nomme enfin un magistrat de liaison à son ambassade parisienne, après deux ans de vacance, signe du réchauffement bilatéral. Dossiers sensibles en jeu : extraditions réciproques, biens mal acquis du clan Bouteflika (*issaba*), membres de la DZ Mafia réfugiés en Algérie. Rapprochement amorcé par la visite de Gérald Darmanin à Alger le 18 mai. La plupart des extraditions semblent toutefois exclues (statut de réfugié, nationalité algérienne).

**Lobbying — Phyteis cible l'Anses.** Le lobby des pesticides (Bayer, BASF, Syngenta) a tenté d'affaiblir l'Anses via le sénateur Vincent Louault (proche de Laurent Duplomb), porteur de quatre amendements au projet de loi d'urgence agricole : communication forcée avec les labos, reconnaissance mutuelle automatique des phytosanitaires UE, etc. Réunion non déclarée à la HATVP le 29 mai avec Phyteis. Vote en hémicycle attendu le 29 juin.

**Politique/Finance.**
- **Orange** : Guillemette Kreis (APE) nommée au CA à titre intérimaire, remplaçant Céline Fornaro.
- **Batibig** (rénovation, CA ~300 M€) : six fonds (Ardian, Cobepa, CVC, ICG, BC Partners, Charterhouse) en lice pour entrer au capital ; opération attendue fin d'année.

**Médias — Bolloré/Zemmour.** Canal+ a organisé le 18 juin une avant-première privée au cinéma Mac-Mahon de la série « Le Suicide français » (adaptation du best-seller de Zemmour), diffusée les 23 et 30 juin sur Planète+. Le syndicat +Libres a dénoncé une « provocation ». Casting d'invités proches de Reconquête !