(Vanity Fair) Behind Claude’s Doors

Behind Claude’s Doors {http://vnty.fr/1p1FSq6}
In 1960s Paris she became known as the world’s most exclusive madam, whose client list was said to include John Kennedy, de Gaulle, Onassis, and multiple Rothschilds, and whose beautiful and cultivated girls often went on to marry wealth, power, and prestige. But among the many secrets Madame Claude kept, perhaps the greatest were her own. William Stadiem, who knew the elusive Claude in the 1980s, follows her trail to the South of France.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: ARO -9.2%, BORN -7.1%, HIBB -6.5%, ANN -3.4%, INTU -2.1%, MENT -2%, TUES -1.7%, SCSC -0.9%, MRVL -0.7%, .

Select EU financial related names showing weakness: UBS -1.1%, CS -1.1%, SAN -0.6%, ING -0.4%

Select metals/mining stocks trading lower: BHP -1.2%, RIO -1.2%, HMY -1%.

Select oil/gas related names showing early weakness: TOT -1.9%, E -1.2%, MRO -0.9%, RIG -0.5%, RDS.A -0.5%.

Other news: JRJC -3.7% (cont volatility), ISRG -3.2% (reports out yesterday indicated unfavorable court ruling in shareholder lawsuit), VIP -2.4% (Russian related stock), SNY -2% (still checking), YNDX -2% (Russian related stock), RSX -1.5% (unauthorized Russian vehicles entering Ukraine; vehicles reportedly did not receive clearance from Red Cross), ASML -1.3% (still checking), SHLD-1.1% (considering debt refinancing options, according to reports), .

Analyst comments: AMPE -6.5% (downgraded to Hold from Buy at Jefferies), WUBA -1.6% (downgraded to Underweight from Equal-Weight at Morgan Stanley), COG -1.5% (downgraded to Hold from Buy at Deutsche Bank
)

>>> Peregrine Semi to be acquired by Murata for $12.50 per share in cash (shares

Peregrine Semi to be acquired by Murata for $12.50 per share in cash (shares halted)

Murata Electronics North America, a subsidiary of Murata Manufacturing (MRAAY), and PSMI announced that they have entered into a definitive agreement under which Murata will acquire all outstanding shares of Peregrine not owned by Murata, for $12.50 per share in cash, or a total transaction value of $471 mln ($465 mln excluding Murata's existing holding). The transaction, which has been approved by both cos' boards of directors, is expected to close by the end of 2014 or early 2015, subject to PSMI's stockholders' approval, regulatory approvals, and other customary closing conditions.

--> Watch : HITT, TQNT, SWKS, RFMD

HITT - deal annonce a month ago by ADI
TQNT - flattish
SWKS - flat
RFMD - +1.5%

>>> Dynegy to acquire assets from Duke Energy (DUK) and Energy Capital Partners

Dynegy to acquire assets from Duke Energy (DUK) and Energy Capital Partners for total consideration of $6.25 bln; guides 2015 pro forma consolidated adjusted EBITDA of $1.2-$1.4 bln and fcf of $480-$680 mln

  • The co announced it will acquire 12,500 MW of coal and gas generation from Duke Energy (DUK) and Energy Capital Partners, almost doubling its existing portfolio to nearly 26,000 MW.
    • Purchase price of $2.8 bln for DUK assets and $3.45 bln for ECP assets.
    • The co's long-term financing plan to include: ~$5 bln of new unsecured notes. ~$1.25 bln in equity and equity linked securities including $200 mln in common stock issued to ECP. $950 mln in incremental revolving credit facilities bringing total Dynegy Inc. revolver capacity to $1.425 bln.
    • Synergy targets include cost reductions in excess of $40 mln per year, $200 mln in collateral efficiencies and nearly $500 mln in present value cash tax savings.
  • 2015 Pro Forma consolidated Adjusted EBITDA of $1.2-$1.4 bln and Free Cash Flow of $480-$680 mln, assuming both transactions close on December 31, 2014.
  • 2015 Adjusted EBITDA and Free Cash Flow accretion per share of ~125% and 220%.
  • As a result of this announcement, in the third quarter DUK will recognize an ~ $500 mln pre-tax reversal of the $1.4 bln impairment previously recognized in 2014. Use of the proceeds is being evaluated. The transaction is expected to be accretive to shareholders by 2016.