*SOHN CANADA: HALES SAYS CORBY MAY BE POTENTIAL M&A CANDIDATE
2014-10-24 13:17:34.126 GMT
--JOSHUA FINEMAN
-0- Oct/24/2014 13:17 GMT
2014-10-24 13:17:34.126 GMT
--JOSHUA FINEMAN
-0- Oct/24/2014 13:17 GMT
BN 10/24 13:07 *TESCO MISSTATEMENTS ALLEGED TO HAVE CAUSED INFLATED STOCK PRICE
BN 10/24 13:07 *RETIREMENT FUND SUES IN NEW YORK SEEKING UNSPECIFIED DAMAGES
BN 10/24 13:07 *TESCO SUED BY FUND FOR ALLEGEDLY DUPING INVESTORS ON FINANCIALS
BN 10/24 13:07 *RETIREMENT FUND SUES IN NEW YORK SEEKING UNSPECIFIED DAMAGES
BN 10/24 13:07 *TESCO SUED BY FUND FOR ALLEGEDLY DUPING INVESTORS ON FINANCIALS
*TESCO SUED BY FUND FOR ALLEGEDLY DUPING INVESTORS ON FINANCIALS
2014-10-24 13:08:28.655 GMT
--BENJAMIN DOW
-0- Oct/24/2014 13:08 GMT
2014-10-24 13:08:28.655 GMT
--BENJAMIN DOW
-0- Oct/24/2014 13:08 GMT
Dominique Strauss-Kahn Business Partner Is Dead in Apparent Suicide
2014-10-24 12:53:02.842 GMT
Dominique Strauss-Kahn Business Partner Is Dead in Apparent
Suicide
By MAÏA de la BAUME and ISABEL KERSHNER
(New York Times) -- PARIS — Thierry Leyne, a French-Israeli
banker and partner of Dominique Strauss-Kahn, the disgraced
former chief of the International Monetary Fund, was found dead
Thursday after apparently taking his own life in Tel Aviv.
Mr. Leyne, 48, jumped off the 23rd floor of one of the Yoo
towers, a prestigious residential complex, according to Israeli
officials.
The two men met several years ago and, in October 2013,
founded LSK and Partners in an effort to capitalize on the former
fund chief’s experience and expertise. The company offers
investment banking advice and services.
After training as a civil engineer, Mr. Leyne made a career
in private banking, management and investment. In 1994, he
founded Assya Capital, a trading company that was listed on the
Euronext Free Market in 2001.
Mr. Strauss-Kahn became an investment banker after his
career was buffeted by a series of sex scandals. He has helped
the government of South Sudan set up a bank, and advised the
Serbian government on economic issues. He also sits on the board
of two big Russian financial institutions.
Maïa de la Baume reported from Paris, and Isabel Kershner
from Jerusalem.
Copyright 2014 The New York Times Company
-0- Oct/24/2014 12:53 GMT
2014-10-24 12:53:02.842 GMT
Dominique Strauss-Kahn Business Partner Is Dead in Apparent
Suicide
By MAÏA de la BAUME and ISABEL KERSHNER
(New York Times) -- PARIS — Thierry Leyne, a French-Israeli
banker and partner of Dominique Strauss-Kahn, the disgraced
former chief of the International Monetary Fund, was found dead
Thursday after apparently taking his own life in Tel Aviv.
Mr. Leyne, 48, jumped off the 23rd floor of one of the Yoo
towers, a prestigious residential complex, according to Israeli
officials.
The two men met several years ago and, in October 2013,
founded LSK and Partners in an effort to capitalize on the former
fund chief’s experience and expertise. The company offers
investment banking advice and services.
After training as a civil engineer, Mr. Leyne made a career
in private banking, management and investment. In 1994, he
founded Assya Capital, a trading company that was listed on the
Euronext Free Market in 2001.
Mr. Strauss-Kahn became an investment banker after his
career was buffeted by a series of sex scandals. He has helped
the government of South Sudan set up a bank, and advised the
Serbian government on economic issues. He also sits on the board
of two big Russian financial institutions.
Maïa de la Baume reported from Paris, and Isabel Kershner
from Jerusalem.
Copyright 2014 The New York Times Company
-0- Oct/24/2014 12:53 GMT
ECB Set to Fail 25 Lenders in Bank Review, Draft Document Shows
2014-10-24 12:42:37.386 GMT
By Patrick Henry
Oct. 24 (Bloomberg) -- Twenty-five euro-area banks are set
to fail ECB’s Comprehensive Assessment, according to preliminary
results seen by Bloomberg News.
* 105 banks passed the test, draft document shows
* Number of banks that would have shortfall even after
capital-raising to Sept. 30, 2014, is the subject of ongoing
talks, a person with knowledge of the matter says
* Negotations continue with about 10 banks shown to have net
shortfall after 2014 capital measures, the person says
* An ECB spokesman says the central bank can’t comment on
speculation about the outcome of the comprehensive
assessment. Any inferences drawn as to the final outcome of
the exercise would be highly speculative until the results
are final on Oct. 26, spokesman says
* NOTE: Banks have until tomorrow to sign off on the ECB
assessment results
* NOTE: The ECB plans to publish results of the assessment on
Oct. 26
* NOTE:
ECB Moves to Quash Bank Assessment Rumors as Results Day Nears
NSN NDUH696K50YD <GO>
NOTE:
ECB: Any Inference on Stress Test Results ’Highly Speculative’
NSN NDU9OP6JTSEF <GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Patrick Henry in Brussels at +32-2-237-4328 or
phenry8@bloomberg.net
To contact the editor responsible for this story:
Edward Evans at +44-20-3525-3190 or
eevans3@bloomberg.net
2014-10-24 12:42:37.386 GMT
By Patrick Henry
Oct. 24 (Bloomberg) -- Twenty-five euro-area banks are set
to fail ECB’s Comprehensive Assessment, according to preliminary
results seen by Bloomberg News.
* 105 banks passed the test, draft document shows
* Number of banks that would have shortfall even after
capital-raising to Sept. 30, 2014, is the subject of ongoing
talks, a person with knowledge of the matter says
* Negotations continue with about 10 banks shown to have net
shortfall after 2014 capital measures, the person says
* An ECB spokesman says the central bank can’t comment on
speculation about the outcome of the comprehensive
assessment. Any inferences drawn as to the final outcome of
the exercise would be highly speculative until the results
are final on Oct. 26, spokesman says
* NOTE: Banks have until tomorrow to sign off on the ECB
assessment results
* NOTE: The ECB plans to publish results of the assessment on
Oct. 26
* NOTE:
ECB Moves to Quash Bank Assessment Rumors as Results Day Nears
NSN NDUH696K50YD <GO>
NOTE:
ECB: Any Inference on Stress Test Results ’Highly Speculative’
NSN NDU9OP6JTSEF <GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Patrick Henry in Brussels at +32-2-237-4328 or
phenry8@bloomberg.net
To contact the editor responsible for this story:
Edward Evans at +44-20-3525-3190 or
eevans3@bloomberg.net
BN 10/24 12:42 *105 EURO-AREA BANKS PASS THE ECB'S ASSESSMENT: DRAFT DOCUMENT
BN 10/24 12:42 *ECB PRELIMINARY ASSESSMENT RESULTS SEEN BY BLOOMBERG NEWS
BN 10/24 12:42 *25 BANKS SHOWN WITH CAPITAL SHORTFALL IN ECB TEST: DRAFT TEXT
BN 10/24 12:42 *ABOUT 10 BANKS SAID TO BE IN TALKS ON CAPITAL SHORTFALL
BN 10/24 12:42 *ECB PRELIMINARY ASSESSMENT RESULTS SEEN BY BLOOMBERG NEWS
BN 10/24 12:42 *25 BANKS SHOWN WITH CAPITAL SHORTFALL IN ECB TEST: DRAFT TEXT
BN 10/24 12:42 *ABOUT 10 BANKS SAID TO BE IN TALKS ON CAPITAL SHORTFALL
*ECB DRAFT DOCUMENT SHOWS 25 BANKS SET TO FAIL HEALTH CHECK
2014-10-24 12:42:17.608 GMT
--PATRICK HENRY
-0- Oct/24/2014 12:42 GMT
2014-10-24 12:42:17.608 GMT
--PATRICK HENRY
-0- Oct/24/2014 12:42 GMT
Gapping down
In reaction to disappointing earnings/guidance: TESS -15.6%, TESS -15.6%, LAYN -14.3%, SYNA -12.8%, AMZN -9.9%, FSL -6.4%, OLN -6%, LSCC -5.8%, P -5.6%, MXIM -5.5%, EDU -4.2%, SWN -3.8%, ALTR -3.7%, PSO -3.4%, VMI -3.1%, JBSS -3%, DECK -2.7%, CLNE -2.7%, CERN -2.4%, ELY -2.1%, DV -2%, ERIC -1.9%, INFA -1.8%, WYN -1.8%, JNPR -1.5%, STT -1.4%, BMRN -1.3%, WIRE -1.2%, FMD -1.2%, CBI -1%, IMGN -1%, CL -1%, CPWR -0.9%
Select travel related names showing weakness: RCL -1.7%, JBLU -1.4%, DAL -1.1%, AAL -1.1%, SAVE -1.1%, LUV -0.7%
Select oil/gas related names showing early weakness: TOT -1.7%, SDRL -1.8%, STO -1%, BP -0.7%
Other news: DRYS -20% (announces offering of common stock), SUTR -19.2% (disclosed that Board approved of dismissal of Grant Thornton, the China member firm of Grant Thornton International, as the company's independent registered public accounting firm), NPSP -5.4% ( PDUFA action date for Natpara BLA extended three months to January 24, 2015 ), ROIC -1.8% (announces company's warrants have been fully retired), GEVA -1.4% (presented sebelipase alfa data for LAL Deficiency: six infants met the primary endpoint of survival at 12 months of age and five infants continue on treatment with sebelipase alfa)
Analyst comments: ANF -4.8% (downgraded to Mkt Perform from Outperform at BMO Capital Mkts, downgraded to Sell from Neutral at Goldman), GPRO -2.9% (initiated with an Underperform at Oppenheimer), BT -2.1% (downgraded to Underweight at Morgan Stanley), QIWI -1.9% (downgraded to Sell from Buy at Goldman), MITT -1.5% (ddowngraded to Mkt Perform from Mkt Outperform at JMP Securities)
In reaction to disappointing earnings/guidance: TESS -15.6%, TESS -15.6%, LAYN -14.3%, SYNA -12.8%, AMZN -9.9%, FSL -6.4%, OLN -6%, LSCC -5.8%, P -5.6%, MXIM -5.5%, EDU -4.2%, SWN -3.8%, ALTR -3.7%, PSO -3.4%, VMI -3.1%, JBSS -3%, DECK -2.7%, CLNE -2.7%, CERN -2.4%, ELY -2.1%, DV -2%, ERIC -1.9%, INFA -1.8%, WYN -1.8%, JNPR -1.5%, STT -1.4%, BMRN -1.3%, WIRE -1.2%, FMD -1.2%, CBI -1%, IMGN -1%, CL -1%, CPWR -0.9%
Select travel related names showing weakness: RCL -1.7%, JBLU -1.4%, DAL -1.1%, AAL -1.1%, SAVE -1.1%, LUV -0.7%
Select oil/gas related names showing early weakness: TOT -1.7%, SDRL -1.8%, STO -1%, BP -0.7%
Other news: DRYS -20% (announces offering of common stock), SUTR -19.2% (disclosed that Board approved of dismissal of Grant Thornton, the China member firm of Grant Thornton International, as the company's independent registered public accounting firm), NPSP -5.4% ( PDUFA action date for Natpara BLA extended three months to January 24, 2015 ), ROIC -1.8% (announces company's warrants have been fully retired), GEVA -1.4% (presented sebelipase alfa data for LAL Deficiency: six infants met the primary endpoint of survival at 12 months of age and five infants continue on treatment with sebelipase alfa)
Analyst comments: ANF -4.8% (downgraded to Mkt Perform from Outperform at BMO Capital Mkts, downgraded to Sell from Neutral at Goldman), GPRO -2.9% (initiated with an Underperform at Oppenheimer), BT -2.1% (downgraded to Underweight at Morgan Stanley), QIWI -1.9% (downgraded to Sell from Buy at Goldman), MITT -1.5% (ddowngraded to Mkt Perform from Mkt Outperform at JMP Securities)
World Health Organization (WHO) notes trials for an Ebola vaccine may begin in December; could have hundreds of thousands of doses for Africa by mid 2015
- highlights have 2 vaccines in development (GSK, NLNK) and 5 experimental vaccines (1 of which from JNJ in January) that could begin trials next year
Ebola Name : AAL.UK GLD SLV USD/ZAR IYM EZA IMP.ZA EUR/ZAR AMS.ZA LON.ZA ANP.UK AAUK.OLD AAUKY IAU GDXJ IMPUY AGPPF LMI.UK LNMIY
World Health Organization (WHO) notes trials for an Ebola vaccine may begin in December; could have hundreds of thousands of doses for Africa by mid 2015
- highlights have 2 vaccines in development (GSK, NLNK) and 5 experimental vaccines (1 of which from JNJ in January) that could begin trials next year
Gapping up
In reaction to strong earnings/guidance: RUBI +19.2%, GIMO +14.8%, MXWL +11.8%, (Maxwell Tech announces development agreement with Corning (GLW) to advance Ultracapacitor technologies ), KLAC +11.7%, BJRI +11.5%, QLIK +9.7%, FLIR +9.7%, EW +9.3%, N +6.7%, SHPG +4.5%, GHL +4.4%, FII +4%, PFPT +3.6%, BBGI +3.6%, MSFT +2.7%, POL +2.4%, LEA +2.3%, CB +2%, ALGN +1.9%, PACB +1.8%, IM +1.8%, LPNT +1.8%, LYB +1.6%, IDXX +1.5%, UPS +1.5%, WRI +1.3%, NCR +1%, (light volume), LOGM +0.9%, PFG +0.8%
M&A news: DRIV +48.2% (to be acquired by investor group led by Siris Capital Group for $26.00 per share in cash), RP +6.1% (FT indicated apprached by buyers), CQB +0.7% (Board considered the revised $14.50 offer from Cutrale/Safra and determined to reaffirm its recommendation of the ChiquitaFyffes (FYFFF) merger)
Select Ebola related names showing strength: APT +22.4%, LAKE +17.4%, IBIO +14.7%, TKMR +4.8%, INO +3.1%, NLNK +2.4%, SRPT +2.2%, BCRX +2.1%.
Other news: VTAE +35.8% (positive top-line results achieved from Two Phase 1 clinical trials of BACE inhibitor BI1181181/VTP-37948 in Alzheimer's Disease ), RP +6.1% (seeing reports that multiple buyers are interested in the company), LGF +4.6% ( Alibaba (BABA) considering purchase 37.4% stake in LGF), MNOV +4% (CDC supports recruitment for MediciNova's Clinical Trial of MN-166 in ALS), PFPT +3.6% (signed a definitive agreement to acquire Nexgate for $35 mln in cash), ARIA +2.8% (European Medicines Agency recommends further measures to minimise risk of blood vessel blockage with ARIA's Iclusig), EMES +2.5% (declared a cash distribution of $1.38 for the third quarter of 2014, an 18% increase over the second quarter 2014 distribution of $1.17 per unit), VOD +2.2% (still checking), LJPC +1.9% (announces data presentation at the American Society of Nephrology Kidney Week; short term therapy with the galectin-3 inhibitor, GCS-100 at 1.5 mg/m2, resulted in small but significant improvement in Egfr), SD +1.7% (announced that its wholly-owned subsidiary MidCon Midstream, LP has filed a registration statement with the SEC relating to its proposed IPO), PFE +1.5% (declares $0.26 fourth-quarter 2014 dividend and Board authorizes new $11 bln share repurchase program)
Analyst comments: RMD +2.7% (upgraded to Outperform from Mkt Perform at William Blair), FMS +1.4% (upgraded to Buy from Hold at Berenberg), BDN +0.9% (upgraded to Buy from Hold at Stifel), DLR +0.7% (upgraded to Mkt Perform from Underperform at Cowen)
In reaction to strong earnings/guidance: RUBI +19.2%, GIMO +14.8%, MXWL +11.8%, (Maxwell Tech announces development agreement with Corning (GLW) to advance Ultracapacitor technologies ), KLAC +11.7%, BJRI +11.5%, QLIK +9.7%, FLIR +9.7%, EW +9.3%, N +6.7%, SHPG +4.5%, GHL +4.4%, FII +4%, PFPT +3.6%, BBGI +3.6%, MSFT +2.7%, POL +2.4%, LEA +2.3%, CB +2%, ALGN +1.9%, PACB +1.8%, IM +1.8%, LPNT +1.8%, LYB +1.6%, IDXX +1.5%, UPS +1.5%, WRI +1.3%, NCR +1%, (light volume), LOGM +0.9%, PFG +0.8%
M&A news: DRIV +48.2% (to be acquired by investor group led by Siris Capital Group for $26.00 per share in cash), RP +6.1% (FT indicated apprached by buyers), CQB +0.7% (Board considered the revised $14.50 offer from Cutrale/Safra and determined to reaffirm its recommendation of the ChiquitaFyffes (FYFFF) merger)
Select Ebola related names showing strength: APT +22.4%, LAKE +17.4%, IBIO +14.7%, TKMR +4.8%, INO +3.1%, NLNK +2.4%, SRPT +2.2%, BCRX +2.1%.
Other news: VTAE +35.8% (positive top-line results achieved from Two Phase 1 clinical trials of BACE inhibitor BI1181181/VTP-37948 in Alzheimer's Disease ), RP +6.1% (seeing reports that multiple buyers are interested in the company), LGF +4.6% ( Alibaba (BABA) considering purchase 37.4% stake in LGF), MNOV +4% (CDC supports recruitment for MediciNova's Clinical Trial of MN-166 in ALS), PFPT +3.6% (signed a definitive agreement to acquire Nexgate for $35 mln in cash), ARIA +2.8% (European Medicines Agency recommends further measures to minimise risk of blood vessel blockage with ARIA's Iclusig), EMES +2.5% (declared a cash distribution of $1.38 for the third quarter of 2014, an 18% increase over the second quarter 2014 distribution of $1.17 per unit), VOD +2.2% (still checking), LJPC +1.9% (announces data presentation at the American Society of Nephrology Kidney Week; short term therapy with the galectin-3 inhibitor, GCS-100 at 1.5 mg/m2, resulted in small but significant improvement in Egfr), SD +1.7% (announced that its wholly-owned subsidiary MidCon Midstream, LP has filed a registration statement with the SEC relating to its proposed IPO), PFE +1.5% (declares $0.26 fourth-quarter 2014 dividend and Board authorizes new $11 bln share repurchase program)
Analyst comments: RMD +2.7% (upgraded to Outperform from Mkt Perform at William Blair), FMS +1.4% (upgraded to Buy from Hold at Berenberg), BDN +0.9% (upgraded to Buy from Hold at Stifel), DLR +0.7% (upgraded to Mkt Perform from Underperform at Cowen)
Juniper Networks: Color on qtr
- Needham Research notes Juniper reported very weak results with sharp declines in Routing and Switching products and offered a meaningfully lower guide for CY4Q. Despite having cut estimates prior on the pre-release, firm is again cutting estimates after the weak guide and conference call commentary. Juniper noted they expected continuing weak results in CY4Q and CY1Q and CY2Q. Despite the activist involvement and the added restructuring and the aggressive buybacks, Needham remains on the sidelines. Maintaining Hold rating.
- Oppenheimer notes Juniper reported results in line with its pre-announcement and provided a very poor 4Q14 outlook suggesting a rebound only late in 2H15. With SP spending in North America partly constrained given pending acquisitions and mostly focused on wireless near term, firm believes Juniper could be in for a 3-4 qtr. spending lull before patterns improve. Complicating this, switching results disappointed and visibility in general is constrained. All of this said, with an activist involved, incremental cost cutting in place, and a more aggressive buyback, Oppenheimer sees limited downside and maintains Outperform rating. Lowers tgt to $24 from $28.
- Northland Capital notes Juniper followed its preannounced 3Q with a sharply lower sales outlook through mid 2015. Deeper opex reductions and a more aggressive buyback cushion the EPS impact. Firm is lowering estimates though retain Market Perform rating. Firm anticipates more detail at next week's NYC analyst day.
- RBC Capital notes Juniper is cutting opex, repurchasing stock to buffer EPS, but magnitude and duration of revenue weakness leaves concerns about structural business changes. Pricing pressure, expanding customer choice and migration to the cloud mean Juniper needs to make changes or faces further constraints to growth. More opex cuts imply declining competitiveness as Juniper may be spread too thin across end markets and products. Tgt declines to $18.