Fwd:>>> EUROSTOXX vs SPX - big move on this spread again today...

SPX vs SX5E is breaking top levels , since mid dec new factor is weighting on Europe...Greek Crisis & ECB QE questions...

I still think that in that mood we should continue to see US Outperforming Europe for the next few weeks...

From: LAURENT CHEKROUN (MAKOR SECURITIES LLP) At: Dec 15 2014 16:38:39
To: LAURENT CHEKROUN (MAKOR SECURITIES LLP)
Subject: Fwd:>>> EUROSTOXX vs SPX - big move on this spread again today...
We continue to this spread trading higher with SPX outperforming the EuroStoxx...not so far from top levels...it looks like that Crude continue to weight on sentiment...
0.6621 now vs top @ 0.6689 on the 13th of November....spread is up +4.5% since the 4th of Dec.


From: LAURENT CHEKROUN (MAKOR SECURITIES LLP) At: Dec 12 2014 16:49:03
Subject: Fwd:>>> EUROSTOXX vs SPX - big move on this spread again today...
This trade is hurting a lot investors as many accounts tried to play the end of QE in the US and the begining of one in Europe...can't see till the end of the year what will stop this trade to go back to top levels as many investors/traders will cut their positions...


quick chart attached

(MS) Global Oil Services, Drilling & Equipment.



Review of 2014: Setting the Stage for the Next Upcycle

The OSX drastically underperformed the S&P500 in 2014 as oil prices fell rapidly. Large cap service and equipment names proved most defensive, but no sub-sector was left untouched. We believe that sentiment is near a trough, and see a compelling risk-reward skew across most of our coverage.

* Large cap services & equipment defensive in 2014:
Though all subsectors posted negative performance in 2014, the Big 4 and equipment names were most defensive (-12% and -16% return respectively). The offshore drillers were the worst-performing group (-51% return) on floater market overcapacity and negative offshore activity revisions throughout the year. This underperformance was followed by OCTG (-50% return) as the industry dealt with oversupply fears, although the US trade case provided some relief for pricing. See full performance comparison on p.3.

* NAm onshore outperformed through July, but sold off rapidly: 
NAm names outperformed through July on robust US onshore activity growth. We believe a hot debt market that allowed US E&Ps easy access to cash and declining unconventional well costs both caused activity to surprise vs. our initial expectations. However, this outperformance was short-lived as onshore stocks were among the hardest-hit during the October- December sell-off (Ex.3).

* Looking towards the next upcycle: 
We believe that sentiment in the group is nearing a trough, as large-cap service & equipment names are trading well below historical P/S and P/B ratios (Ex.31-32). Our top picks into the trough include companies with high FCF conversion and stable balance sheets, particularly, SLB, CLB, and SDRL. We also tactically like high-beta NAm names (HAL, land drillers) as a way to play a highly attractively valued sector on medium-term view.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: OIBR -5.7%

Select EU financial related names showing weakness: RBS -2.6%, SAN -2.5%, BCS -2.3%, ING -2%, HSBC -1.6%

Select metals/mining stocks trading lower: VALE -3.7%, RIO -3.3%, CLF -3.1%, BHP -2.8%, MT -2.3%, FCX -1.9%

Select oil/gas related names showing early weakness: SDRL -6.5%, PBR -5.8%, SSL -5.5%, STO -4.5%, BP -4%, TOT -3.4%, RDS.A -3.1%, XOM -1.4%

Other news: PTNR -12.4% (reports the interest rate for the Series D notes for the period commencing on December 31, 2014 and ending on March 30, 2015), CEL -12.4% (still checking), BCLI -8% (announces final analysis of Phase 2a ALS study), NBG -7.1% (related to German news reports of potential Greece exit from Euro)

Analyst comments: GRFS -2.7% (downgraded to Neutral from Overweight at JP Morgan), SNY -2.6% (downgraded to Underweight from Neutral at JP Morgan), UA -2.1% (downgraded to Hold from Buy at Jefferies), GSK -2% (downgraded to Underweight from Neutral at JP Morgan), CAT -2% (downgraded to Underweight from Neutral at JP Morgan), ALXN -1.9% (downgraded to Neutral from Buy at Nomura), FCH -1.5% (downgraded to Neutral from Buy at Goldman), PCYC -1.5% (downgraded to Neutral from Buy at Nomura), LLTC -1.5% (downgraded to Neutral from Outperform at Macquarie), SBUX -1.2% (downgraded to Neutral from Buy at Janney), BAX -1.2% (downgraded to Underweight from Equal-Weight at Morgan Stanley), BWLD -1.2% (downgraded to Neutral from Outperform at Robert W. Baird), GIS -1.1% (downgraded to Underperform from Neutral at BofA/Merrill), AOS -1% (downgraded to Market Perform from Outperform at Northland ), F -0.9% (downgraded to Neutral from Buy at Citigroup), VTR -0.8% (downgraded to Outperform at RBC Capital Mkts), WFC -0.6% (downgraded to Neutral from Outperform at Robert W. Baird), BIIB -0.5% (downgraded to Neutral from Buy at Nomura)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: BBEP +5%, JOB +2.4%, MZOR +0.5%

Select Air carrier related names showing strength after RYAAY traffic results: HA +4.4%, JBLU +1.3%, DAL +0.9%

Select biotech/pharma names trading higher: ETRM +3.4%, MNKD +2.5%, KITE +2.1%, ACHN +0.9%, SPPI +0.7%

Other news: CNAT +39.9% (will report top-line results from three clinical trials in subjects with varying degrees of organ impairment on Thursday afternoon), CEMP +14.5% (reports positive topline Phase 3 clinical results for oral Solithromycin), CNET +8.3% (announced that the Board of directors has appointed Mr. Qiu Chang as an independent director), RDHL +5.4% (updates business outlook and anticipated key milestones for 2015), ESLT +5.1% (announced 2 new contract wins), PLX +4.8% (announces new strategy for accelerated growth), ISIS +3.9% (entered into a global collaboration with Janssen Biotech (JNJ unit) to discover and develop antisense drugs to treat autoimmune disorders of the gastrointestinal tract), PLUG +3.7% (executed a multi-year contract with SouthernLINC Wireless), CGEN +3.3% (positive initial experimental results for the first two of five in silico predicted targets for antibody drug conjugate cancer therapy disclosed in late 2013), CTC +2.9% (receives delisting notice from NYSE), LOGI +2.9% (presenting at CES tomorrow), ADXS +2.1% (submits investigational new drug application to FDA for ADXS-HER2), RYAAY +1.9% (reported Dec traffic), ADS +1.3% (approves $600 mln stock repurchase plan), SGMS +1.2% (Investor group files amended SC13D related to trading plan), AAL +1% (reached an agreement in principle regarding a tentative joint collective bargaining agreement with the Allied Pilots Association, which represents American's more than 14,000 pilots), .

Analyst comments: VUZI +10% (named top pick at Chardan), LOCO +4.1% (upgraded to Outperform from Neutral at Robert W. Baird), RDWR +2.2% (upgraded to Outperform at Oppenheimer), BSX +1.5% (upgraded to Overweight from Neutral at JP Morgan), CTSH +1.3% (upgraded to Buy from Neutral at Goldman), GPS +1.2% (upgraded to Buy from Hold at Jefferies, also named best idea for 2015), CCL +1.2% (upgraded to Outperform from Mkt Perform at Raymond James), LQ +1.1% upgraded to Buy from Neutral at Goldman), MRK +1% (upgraded to Outperform from Mkt Perform at Bernstein), FFIV +0.9% (upgraded to Outperform at Oppenheimer

(BFW) Oil Services Sentiment ‘Nearing a Trough,’ Morgan Stanley Says

This is one of the main call this year...re rationg ont he sector has been massive, last few months we saw a lot of HF, fund cuttingm their positions in this sector...$75 is a main level for Oil, we were tradding there less than 2months ago...nobody (US included) want to have oil staying o n the lows for ever...it will be an issua at one point for all countries ( producers ) ...I don't see Oil stating on tje lowas for another 6 months, I am pretty sure we'll see $45 before $75 but volatility is going to be extreme on the next 3months...a way to play that is on discounted assets...

This is one of 2015 big call for me.

I will send you this MS note shortly

Oil Services Sentiment ‘Nearing a Trough,’ Morgan Stanley Says
2015-01-05 13:25:21.870 GMT


By Arie Shapira
(Bloomberg) -- Large cap oil services and equipment stocks
trading well below historical price/sales and price/book ratios,
Morgan Stanley analyst Ole Slorer writes in note.
* Sees “compelling risk-reward skew” across most stocks
under coverage; had upgraded group to attractive on Nov. 26
* Top picks into trough: CLB, SDRL, CLB; tactically likes HAL,
land drillers
* NOTE: Dec. 23, Global Hunter downgraded 15 oil services
stocks as no crude oil price relief expected
* NOTE: Dec. 19, Citi cut oil services ests below Street avg,
said to “buy the fear”


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(Tech Crunch) Garmin Just Entered The Smartwatch Race With The $250 Vivoactive

Garmin Just Entered The Smartwatch Race With The $250 Vivoactive {http://tcrn.ch/1xwSdv6}

Meet the Vivoactive. This is Garmin’s answer to the Apple Watch, the Fitbit Surge and all the rest of the smartwatches. And seriously, the Vivoactive seems like a contender.
The Vivoactive is packed with the standard fitness-focused accruements including a pedometer, heartrate monitoring capability, GPS and a touchscreen display Garmin says is readable in sunlight. The watch band is interchangeable and Garmin came up with different bands for different activities. The overall design and functionality is reminiscent of the MotoActive. The Garmin Vivoactive even packs functions for golfers like the now-defunct MotoActive.
This is Garmin’s latest product in its affordable fitness tracker line, which started with the budget-friendly Vivofit and the smartwatch-ish Vivosmart band.
The Vivoactive will compete directly against the Fitbit Surge smartwatch. While the products are priced the same, they’re several distinct differences. The Fitbit model packs an integrated heartrate monitor where the Garmin version requires a chest strap — a $50 add-on that’s likely more accurate too. The Garmin seemingly has a wider range of uses including a golf mode. Garmin is also rolling out Connect IQ to allow users to change the watch faces and add apps to the watch.
The Vivoactive is entering a space that’s set to explode in 2015. Yet there should be room for multiple players to carve out their own space.

(BFW) Stryker May Do Bigger Buyback if Smith & Nephew Too Much: BofA

Stryker May Do Bigger Buyback if Smith & Nephew Too Much: BofA
2015-01-05 13:09:02.668 GMT


By Allison Connolly
(Bloomberg) -- Stryker will either buy Smith & Nephew at a
“reasonable” price or announce bigger-than-normal buyback,
BofA analyst Bob Hopkins wrote in note.
* Says purchase of Smith & Nephew could send SYK shares on
path to $110-$115
* Sees limited risk, with downside in the $90 area; says SYK
unlikely to overpay for SNN and will use balance sheet to
protect 2015 EPS; also notes SYK’s L-T organic growth
outlook improving after MR CLEAN stroke study

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aconnolly4@bloomberg.net
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jludden@bloomberg.net

>>> 2014 Performance for Major Indexes



From: LAURENT CHEKROUN (MAKOR SECURITIES LLP) At: Dec 31 2014 19:48:55
Subject: >>> 2014 Performance for Major Indexes

 Local Crrcy USD EUR
Dow 8.41% 8.41% 23.41%
S&P 12.31% 12.31% 27.89%
Nasdaq 14.42% 14.42% 30.41%
Russell 2K 4.50% 4.50% 18.65%
Nikkei 10% -3.48% 8.21%
Hang Seng 1.28% 1.28% 15.42%
Shanghai 52.87% 49.05% 69.86%
EuroStoxx 1.20% -11.14% 1.20%
EuroStoxx 600 4.35% -8.38% 4.35%
Dax 2.65% -9.87% 2.65%
CAC -0.54% -12.67% -0.54%
FTSE -6.17% -8.40% 4.23%
FTSE MIB 0.23% -12% 0.23%
IBEX 3.66% -8.99% 3.66%
PSI -21.12% -30.53% -21.12%
SMI 9.51% -2.05% 11.57%
Athens -28.94% -37.41% -28.94%
MICEX -7.15% -47.51% -40.24%
BOVESPA -2.91% -13.34% -1.30%

(TechCrunch) Lima Showcases Its Mobile App For Its Dropbox Alternative

Lima Showcases Its Mobile App For Its Dropbox Alternative

French startup Lima is presenting another piece of its offering at CES, the mobile app. And it is a very promising app for those who backed Lima to seamlessly access their photos, music library and movies from their phones and tablets. While the team still needs to polish the app interface, it goes beyond Dropbox and Carrousel when it comes to features.
As a reminder, Lima is a small device that you plug to your router using Ethernet, as well as an external USB drive. It will then seamlessly transform your USB drives into a personal Dropbox for all your devices. It’s a dumbed-down NAS with native OS integration. And it costs around $100.
After raising more than $1.2 million with a very successful Kickstarter campaign during the summer of 2013, and snatching another $2.5 million in VC money from Partech Ventures, Lima is still beta testing its final product before shipping to all of its numerous backers. Some backers called them out for delaying the release, but I think it’s more important to release an indestructible product as Lima is a storage product — you don’t want to lose all your photos.
    In addition to showing me a working syncing demo between a PC and a Mac, co-founder and CEO Séverin Marcombes just presented me the mobile app for the first time. The Android app lets you browse your entire file system from your phone. You can download files to your phone and sync folders.
    But the most interesting features are the photo, movie and music views. Like iTunes, Lima scans your songs in your music folder to build a library. You can then browse your music library by artists, albums or songs. With one tap, you can sync albums to your phones, much like Spotify’s offline feature. In the movie view, you can stream movies to your phone. Last year, the company told me that it would re-encode movies to H.264 files for native mobile playback. In the photo view, you get a camera roll of all your photos.
    When it comes to the Mac and PC syncing demo, it worked as expected. When you install Lima, it takes over your entire file system. You don’t have a “Lima” folder, all your existing folders will be synced to your Lima hard drive. Marcombes moved a bunch of pictures on the desktop in a folder, and a few seconds later, the same changes were reflected on the other computer.
    The first 100 devices have been shipped last month, and backers will be able install the software in a week. If this goes smoothly, the company will be able to send out the device to every backer pretty soon. It’s been a long and windy road, but it seems like it is coming to an end.