Additional European Equity News

Aker BP (AKRBP NO) - Q1 Prelim Production: Net production 448k (prev. 452.7k Y/Y). Net Volumes Sold 428.9k (prev. 449.6k). (Aker BP)

Aker Solutions (AKSO NO) – Signed a Brasse project contract. (Newswires)

Atos (ATO FP) – Butler Industries is to join a consortium to rescue the firm. (Onepoint)

AstraZeneca (AZN LN) - Phase II trials of AstraZeneca and Daiichi Sankyo’s Enhertu which showed clinically meaningful responses across a broad range of tumours. Enhertu approved in the US as first tumour-agnostic HER2-directed therapy for previously treated patients with metastatic HER2-positive solid tumours. (AstraZeneca)

Bayer (BAYN GY) – US judge in Missouri has maintained the USD 61mln of glyphosate damages as they were but has reduced the punitive amount to USD 0.55bln (prev. 1.56bln); Bayer will appeal. (Newswires)

Believe (BLV FP) – Warner Music Group (WMG) says it will not submit an offer to acquire the Co. (WMG)

Bilfinger (GBF GY) – CFO Jakel says, regarding acquisitions, that they have firepower of “several hundred millions euros” and that banks are prepared to support them. (Borsen-Zeitung)

Clas Ohlson (CLASB SS) - Sales increased 4% in March compared to the previous year. Organic sales increased by 5% compared to the previous year. March sales were negatively impacted by calendar effects of approximately 5ppt. (Clas Ohlson)

Goldman Sachs on European Sectors - UPGRADES: Banks to Overweight from Neutral. Energy to Overweight from Neutral. Basic Resources to Neutral from Underweight. DOWNGRADES: Industrial Goods and Services to Neutral from Overweight. Telecoms to Underweight from Neutral. (Goldman Sachs)

Fashion/Cosmetics - PUIG Brands plans to raise EUR 1.25bln from its Spanish IPO, according to Bloomberg. (Bloomberg)

Pharma stocks - Bristol Myers Squibb (BMY) announced new interim results from the Phase 3 EMERGENT-4 open-label extension trial evaluating the long-term efficacy, safety and tolerability of KarXT (xanomeline-trospium) in adults with schizophrenia. (Bristol Myers Squibb)

Novartis (NOVN SW) - New Novartis data show early addition of twice-yearly* Leqvio® (inclisiran) following maximally tolerated statin therapy significantly reduces LDL-C in ASCVD patients in real-world setting. (Novartis)

Oil Names – Crude futures were pressured after a lack of any major geopolitical escalations over the weekend. (Newswires)

Roche (ROG SW) – BioNTech (22UA GY) phase I data shows polyspecific T Cell response, regarding autogene Cevumeran. (Newswires)

SAP (SAP GY) – Handelsblatt reports that 2.6k of the previously announced 8k job cuts globally will come from the software unit as part of the restructuring effort there. (Handelsblatt)

Telecom Italia (TIT IM) – Co. requested that Engineer Paolucci and shareholder Merlyn rectify misleading/incorrect information with reference to a recent La Repubblica interview. As there has been no rectification, co confirms that: figures in the NetCo disposal transaction are fair; contract signed with Optics BidCo is binding and currently there are no known delays to the execution scheduled by the summer; all financial/planning initiatives in place. (TIM) Merlyn said the plan presented by the outgoing board is not financially sustainable

TotalEnergies (TTE FP) – Co. is expanding its natgas production within Texas, via the acquisition of a 20% stake in the Dorado field. (Newswires)

TUI (TUI LN) - TUI is to begin trade in prime standard of Frankfurt Exchange. (CNBC) This comes after shareholders voted to delist from the LSE and focus on Frankfurt. Tui at the time said TUI AG share to be listed in the Prime Standard of the Frankfurt Stock Exchange from April, and inclusion in the MDAX expected in June 2024. (TUI)

Allianz (ALV GY) cut to Neutral at UBS

UniCredit (UCG IM) - Glass Lewis said UniCredit is exposed to reputational risks amid continued operations in Russia. (Newswires)

Rentokil (RTO LN) downgraded to Hold from Buy at HSBC

Zalando (ZAL GY) upgraded to Buy from Neutral at Citi

08 Apr 2024 - 07:15- EquitiesResearch Sheet- Source: Newsquawk