>>> US Early pre-market gappers

Early pre-market gappers
Gapping up: OXGN +16%, CSIQ +9.6%, FOSL +8.6%, FXEN +6.6%, WUBA +4.8%, TSL +4.8%, PT +4.7%, SOL +3.6%, JCP +3.2%, YY +3.1%, ZTS +2.3%, CZR +1.4%, HMY +1.4%, BABA +1.2%, BZH +1.1%

Gapping down: NBG -4.5%, FANG -3.7%, OCLR -3.0%, FLO -2.6%, HAL -2.3%, ZNGA -2.2%, GOL -1.9%, BCS -1.8%, DB -1.6%, MT -1.5%, BP -1.4%, DDD -1.4%, RDS.A -1.4%, ING -1.3%, VALE -1.0%, SLV -0.9%

>>> BPTY LN : Confirms entry into preliminary discussions with interested partie

BPTY LN : Confirms entry into preliminary discussions with interested parties regarding potential business combinations With a view to creating additional value for bwin.party shareholders. Such discussions may or may not result in an offer being made for the Company. However, as all such discussions remain at a preliminary stage, there can be no certainty as to whether or not they will result in any form of transaction with any party

>>> Plug Power misses by $0.01, misses on revs (limited analyst coverage) (5.08

Plug Power misses by $0.01, misses on revs (limited analyst coverage) (5.08)
Reports Q3 (Sep) loss of $0.04 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.03); revenues rose 332.6% year/year to $19.9 mln vs the $24.37 mln consensus.
  • Plug Power closed out the third quarter of 2014 with 857 GenDrive units shipped to material handling customers. This equates to a 450 percent increase compared to the third quarter of 2013, when 155 GenDrive units were shipped.
  • Bookings continue to be strong and during the third quarter of 2014, Plug Power brought in over $25.6 million in bookings from customers including Mercedes-Benz, Coca-Cola, BMW, Walmart, Kroger and Newark Farmers Market.
  • Plug Power had cash and cash equivalents of $156.5 million and net working capital of $177.6 million at September 30, 2014. This compares to $5.0 million and $11.1 million, respectively, at December 31, 2013.

(Berenberg) Portugal Telecom : Upside now requires optimistic outcomes

Upside now requires optimistic outcomes

* Rebasing price target: We are cutting our price target for PT SGPS shares
to €1.36 from €3.25 in a move that reflects the significant changes in PT
SGPS’s and Oi SA’s situation over recent months, including the emergence
of PT SGPS’s €897m investment in Rioforte commercial paper. We retain a
Hold rating.

* Upside from these levels requires optimistic outcomes: We can easily
formulate a scenario for PT SGPS which results in a valuation of €2.18 per
share (incorporating fair values for Oi SA of BRL2.36 for the ONs and
BRL2.18 for the PNs). However, this requires a belief that PT SGPS can
recover at least 60% of its Rioforte investment, and a belief that Oi SA can
secure 28% of Tim Brasil at a favourable price of cBRL13.0 per share,
resulting in cBRL7bn of synergy benefits accruing to Oi SA. We doubt
either can be achieved.

* A downside case exists to €0.91: Without a synergy-releasing deal in
Brazil, and with an assumption of 15% recovery of the Rioforte investment,
our PT SGPS fair value would be €0.91, 30% downside from current levels,
based on fair values for Oi shares of BRL1.27 (ONs) and BRL1.17 (PNs). If we
simply mark to market PT SGPS’s 25.6% stake in Oi (at BRL1.37 for the ONs
and BRL1.30 for the PNs) and factor in a 15% recovery of the Rioforte
investment, then PT SGPS shares’ fair value is indicated at €0.98, 25%
downside from current levels.

* We prefer Telecom Italia (TI) as a play on Brazil consolidation: Oi SA is now
in receipt of an attractive €7.025bn offer for its Portuguese telecoms
operation (PT Portugal, which is no longer owned and controlled by PT
SGPS). There may also be interest in Oi’s Africatel asset. Both
developments take Oi SA a step closer towards a credible offer for TIM
Brasil. We do not believe Telecom Italia will accept an offer of BRL31.5bn
(BRL13.0 per share) as mooted by the local Brazilian press in recent days.
Instead, we expect BTG Pactual, Oi’s agent, will have to come up with a
structure that allows for an offer closer to BRL17.0 per share, in which case
fair value for TI Ords (which we value on the basis of our DCF/SOTP
model) would be €1.21 while fair value for the savers would be €0.96.

(BFW) Juncker Says ‘Not the Architect’ of Luxembourg Tax Model

BN 11/12 11:40 *JUNCKER SAYS WAS `POLITICALLY RESPONSIBLE' IN LUXEMBOURG
BFW 11/12 11:38 *JUNCKER SAYS HE REGRETS TAX RULINGS THAT LED TO NON-TAXATION
BN 11/12 11:35 *JUNCKER SAYS `NOT THE ARCHITECT' OF LUXEMBOURG TAX MODEL
BN 11/12 11:32 *JUNCKER SAYS WON'T SPEAK TO VESTAGER ABOUT LUXEMBOURG TAX CASES
BN 11/12 11:31 *JUNCKER SAYS THERE CANNOT BE CONFLICT OF INTEREST ON TAX CASES
BFW 11/12 11:30 *JUNCKER SAYS `A MISTAKE' NOT TO SPEAK EARLIER ON TAX CASES
BN 11/12 11:30 *JUNCKER SAYS IT `WAS A MISTAKE' NOT TO SPEAK EARLIER
BN 11/12 11:28 *EU'S JUNCKER SAYS OPPOSES UNFAIR TAX COMPETITION
BFW 11/12 11:26 *JUNCKER TO PROPOSE GLOBAL AUTOMATIC EXCHANGE OF TAX INFORMATION
BN 11/12 11:25 *JUNCKER TO PROPOSE GLOBAL AUTOMATIC EXCHANGE OF TAX INFORMATION
BFW 11/12 11:24 *JUNCKER SAYS WORK MUST CONTINUE ON A COMMON TAX BASE
BFW 11/12 11:23 *JUNCKER SAYS EU WILL FIGHT TAX EVASION, TAX AVOIDANCE
BN 11/12 11:23 *JUNCKER SAYS WORK MUST CONTINUE ON A COMMON TAX BASE
BN 11/12 11:22 *JUNCKER SAYS EU WILL FIGHT TAX EVASION, TAX AVOIDANCE
BFW 11/12 11:22 *JUNCKER SAYS `NO CONFLICT OF INTEREST' IN LUXEMBOURG TAX CASES
BN 11/12 11:22 *JUNCKER SAYS `NO CONFLICT OF INTEREST' IN LUXEMBOURG CASES
BN 11/12 11:19 *JUNCKER SAYS ALL HAS BEEN IN COMPLIANCE WITH LEGISLATION
BN 11/12 11:17 *JUNCKER SAYS CAN'T COMMENT AS EX-PREMIER OF LUXEMBOURG
BFW 11/12 11:17 *EU'S JUNCKER SAYS THERE ARE QUESTIONS THAT NEED RESPONSES
BN 11/12 11:16 *JUNCKER SPEAKS TO REPORTERS IN BRUSSELS
Juncker Says ‘Not the Architect’ of Luxembourg Tax Model
2014-11-12 11:49:50.864 GMT


By Gaspard Sebag
Nov. 12 (Bloomberg) -- While he was not “architect” of
Luxembourg’s tax model, Jean-Claude Juncker says he is
“politically responsible for what happened in each and every
corner of that country” during his tenure as prime minister.
* President of European Commission speaks to reporters
following revelations of hundreds of tax deals between his
country and multinational co.s
* Says EU needs “more tax harmonization” and that he’s been
“toying” for some time with idea for EU law for automatic
exchange of information about tax rulings
* SEE: Apple to Fiat EU Tax Cases Should Be Finished Ahead of
New Ones NSN NEW03C6JIJUS<GO>
* SEE: Luxembourg Fends Off Tax Haven Allegations as Juncker
Pressured NSN NEMDL96K50YN <GO>


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To contact the reporter on this story:
Gaspard Sebag in Brussels at +32-2-285-4317 or
gsebag@bloomberg.net
To contact the editors responsible for this story:
Anthony Aarons at +44-20-7673-2227 or
aaarons@bloomberg.net
Peter Chapman

(BFW) Goldman Lists European Telcos Most Exposed to Mobile Data Growth

Goldman Lists European Telcos Most Exposed to Mobile Data Growth
2014-11-12 08:08:55.440 GMT


By Sam Chambers
Nov. 12 (Bloomberg) -- While much of upside in robust telco
reporting season is due to easy y/y comps and stable regulation,
some operators have also highlighted rising mobile data usage as
key driver, Goldman says.
* Goldman says Mobistar, Telefonica Deutschland, Tele2 and
Altice (via Numericable) are best placed cos. to benefit
from accelerating mobile data growth
* Too early to call an inflection in mobile growth, as
competitive risks (fixed-line players/new entrants)
remain in most mkts:
* Too early to call an inflection in mobile growth, as
competitive risks (fixed-line players/new entrants)
remain in most mkts:</li></ul>
* NOTE: Stoxx 600 telco index is trading at its highest level
since March 2008 as cos. including Vodafone, Orange and
Telenor have beaten earnings ests this qrtr.


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To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net