(BFW) *ACCELERATED BOOKBUILT OFFERING OF 23M SHRS IN ISS A/S

BN 09/08 15:14 *OTPP REMAINS ISS SHAREHOLDER WITH LONG TERM OUTLOOK
BN 09/08 15:13 *OTPP TO SELL 10% OF ISS SHRS SUBJECT TO MAX PROCEEDS OF EU50M
BN 09/08 15:11 *BANKS ACTING ON BEHALF OF FS INVEST II, OTPP
BN 09/08 15:10 *ISS BOOKBUILT OFFERING SEEN CLOSING ON SEPT. 9
BN 09/08 15:08 *BANKS ANNOUNCE OFFERING OF 23M ISS A/S SHRS TO INVESTORS
BN 09/08 15:07 *ACCELERATED BOOKBUILT OFFERING OF 23M SHRS IN ISS A/S
*ACCELERATED BOOKBUILT OFFERING OF 23M SHRS IN ISS A/S
2014-09-08 15:09:27.223 GMT

--JIM SILVER

-0- Sep/08/2014 15:09 GMT

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: CPB -3.2%.

Select UK listed names showing weakness following sell-off in FTSE: LYG -4.7%, RBS -4.3%, GSK -3.7%, BCS -3.5%, AZN -2.4%, RDS.A -1.9%, HSBC -1.9%, BP -1.8%, SHPG -1.6%, RIO -1.5%, ING -1.3%

Other news: WRLD -7.7% (disclosed KPMG would not respond to recent request for proposal to serve as independent registered public accounting firm), DGLY -5.9% (cont volatility), AKS -3.4% (announces concurrent offerings of 35 mln shares common stock and senior unsecured notes with aggregate value of $430 mln), XON -2.9% (files mixed securities shelf offering), UEC -2.2% (files shelf offering for ~1.86 mln shares of common stock ), TKMR -1.7% (negative mention on Mad Money)

Analyst comments: KERX -6% (downgraded to Underperform at FBR Capital ), F -2.5% (downgraded to Underweight at Morgan Stanley), HMY -2.5% (initiated with a Neutral at JP Morgan), GOLD -1.6% (initiated with a Neutral at JP Morgan)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: XCRA +2.1%

M&A news: MGAM +28.7% (to be acquired by Global Cash Access (GCA) for $36.50/share in cash), RAX +4.7% (CenturyLink (CTL) considering acquisition of RAX, according to reports)

Other news: MSTX +11.1% (announces positive top line results from Phase 2 study of AIR001), ISNS +7.3% (co and NuPark LLC announced that they have completed an integration and partnership agreement), ASTI +6.8% (files for 1 mln share common stock offering by selling shareholders), ALLT +5.1% (receives an expansion order of $15 mln from a Tier-1 Operator), HTZ +3.3% (announces Mark Frissora to step down as Chairman and CEO), BCRX +3.1% (announces RAPIVAB trial results for the treatment of influenza), YHOO +2.9% (rising in advance of BABA IPO release, also positive commentary on Mad Money), GLUU +2.7% (discloses it extended its licensing agreement with Kim Kardashian by three years), HIMX +1.9% (Google Glass on sale in GOOG Play store), NVAX +1.7% (presents data on RSV F Nanoparticle vaccine induced monoclonal antibody), GTAT +1.1% (Former GTAT employee Paul Matthews claims that GTAT sapphire covers are in AAPL iPhone 6, according to reports), SYN +1.1% (highlights SYN-005 data; SYN-005 neutralizing antibody combination protects against pertussis in murine and non-human primate models)

Analyst comments: INFN +4.6% (upgraded to Buy from Hold at Jefferies), FEYE +3.2% (upgraded to Buy from Neutral at UBS), MTRX +2.2% (upgraded to Buy from Hold at KeyBanc Capital Mkts), SGI +1.9% (upgraded to Buy at DA Davidson; tgt raised to $12), BAC +0.9% (upgraded to Buy from Neutral at Goldman), UBNT +0.9% (initiated with an Outperform at FBN Securities), TSLA+0.7% (initiated with an Outperform at FBN Securities), AIG +0.6% (initiated with a Buy at Citigroup)

>>> Campbell Soup reports EPS in-line, misses on rev; guides FY15 EPS below cons

Campbell Soup reports EPS in-line, misses on rev; guides FY15 EPS below consensus

Reports Q4 (Jul) earnings of $0.49 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.49; revenues rose 7.5% year/year to $1.85 bln vs. the $1.87 bln consensus.
  • Organic sales decreased 2%.
    • A breakdown of the change in sales follows: Acquisitions added 3% Increased promotional spending subtracted 2% Currency subtracted 1% The 53rd week added 7%
  • Excluding items impacting comparability in both periods, adjusted gross margin for the quarter was 34.3%, compared with 36.7% a year ago. The decline was primarily attributable to increased supply chain costs, cost inflation and higher promotional spending, partly offset by productivity improvements.
Co issues downside guidance for FY15, sees EPS of $2.45-2.50, excluding non-recurring items, vs. $2.57 Capital IQ Consensus; from the adjusted 52-week 2014 base, the co expects continuing operations to grow sales by 1 to 2%, adjusted EBIT to grow by 0 to 2% and adjusted EPS to grow by 0 to 2%.

>>> Multimedia Games to be acquired by Global Cash Access (GCA) for $36.50/share

Multimedia Games to be acquired by Global Cash Access (GCA) for $36.50/share in cash (31% premium); GCA sees deal immediately accretive

GCA will acquire all of the outstanding stock of Multimedia Games for $36.50 per share in cash, representing a 31% premium to the closing stock price as of Friday, Sept 5, 2014, for an aggregate purchase price of ~$1.2 billion. The proposed acquisition will be financed with debt and cash on hand for which GCA has secured committed debt financing. The proposed acquisition is subject to customary closing conditions, including receipt of MGAM shareholder approval and antitrust and gaming regulatory approvals, and is currently expected to be completed in early 2015.
  • The merger is expected to achieve ~$30 million of synergies as a combined entity; and, on a pro forma basis, is estimated to generate about $800 million in revenues and ~$217 million in Adjusted EBITDA based on the last twelve months results as of June 30, 2014.
  • The transaction is expected to be immediately accretive to GCA stockholders as of the closing date of the acquisition. Ram V. Chary will continue to serve as President and Chief Executive Officer of GCA.

>>> US Early premarket gappers

Early premarket gappers
Gapping up: RAX +10.1%, BCRX +5.4%, CX +4.7%, FEYE +3.4%, FEYE +3.4%, GTAT +2.3%, YHOO +2%, MT +1.4%, BAC +1.1%, ISNS +0.7%

Gapping down: DGLY -5.4%, RBS -4.7%, LYG -4.5%, BCS -4.1%, GSK -3.4%, HMY -2.5%, AZN -2.3%, RDS.A -2.1%, BP -2%, HSBC -1.9%, RIO -1.9%, SHPG -1.9%, GOLD -1.8%, CCL -1.6%, ING -1.5%, SDRL -1.5%, AKS -1.3%, SAN -1.2%, GFI -1.1%

NY Post : Any curbs on Comcast alliance are tough to enforce

No matter what conditions regulators place on Comcast in order to approve its merger with Time Warner Cable, they will be toothless, television industry insiders told The Post.
That’s because the Federal Communications Commission is unable to enforce some of the conditions it sets down, the critics claim.
Just look at the conditions Comcast was supposed to adhere to — but didn’t — to gain approval of its purchase of NBCUniversal, the critics maintain.
For example, Comcast failed to live up to its promise to provide low-cost broadband service to low-income families, Sen. Al Franken (D-MN), an outspoken critic of the NBCU deal, told the FCC earlier this year.
Comcast paid a fine for not marketing the $10 service widely enough.
The giant cable provider also failed net neutrality provisions in the merger agreement that provided for equal internet access for all by excluding content watched via its Xfinity platform from data caps — thus favoring its own content, the interest group Public Knowledge claims.
“Is the [FCC] concerned about these things to impose these safeguards and conditions to stop these things from happening? That’s what it boils down to,” a source told The Post. “They avoided them through clever lawyering.”
In addition, the Tennis Channel is yet to gain broad distribution from Comcast despite several rulings in its favor by the FCC.
Similarly, Bloomberg thought an FCC ruling that it should be located near other business channels would get it the better spot, but Comcast didn’t move it.