>>> US Early premarket gappers

Early premarket gappers
Gapping up: NSPH +32.4%, AERI +24.9%, DLIA +13.9%, ATEA +6.4%, IMS +5.3%, PGH +4.6%, AMG +3.3%, SYRG +3%, KEQU +2.7%, FL +2.2%, LNN +2.2%, SHPG +2.1%, SGNT +1.9%, HLT +1.4%, WFM +1.4%, POWR +1.3%, VOD +1.1%, LHO +1%, BMY +0.9%

Gapping down: ATNM -12%, NURO -8.5%, TISI -7.3%, CVRR -6.3%, VMI -4.8%, SDRL -3.2%, GLNG -2.7%, GLNG -2.7%, GLNG -2.7%, ESI -2.4%, GIS -2.3%, APOG -2.3%, FNF -1.8%, STO -1.7%, COH -1.4%, CCL -1.1%

(BFW) BG, Galp, Repsol Set for Uplift on Brazil Santos Basin, DB Says

BG, Galp, Repsol Set for Uplift on Brazil Santos Basin, DB Says
2014-06-25 11:27:40.86 GMT


By James Cone
     June 25 (Bloomberg) -- Increasingly confident on progress
at Brazil Santos Basin, sees “meaningful uplift” to financial
momentum over 18 months from 3Q for BG Group, Galp and Repsol,
Deutsche Bank says in note dated June 24.
  * DB: data points on flow rates, pre-drilled wells building
    momentum for delivery phase; sees wave of ramp-ups/start-ups
    to prompt reassessment of risk/value
    * Success can prompt cash flow from ops. uplift vs 2013 of
      20% for BG, 25% for Galp, 8% for Repsol
    * Says for BG (buy, PT 1,400p) Brazil is 40% NAV, 20% of
      2015 cash flow from ops.; mgmt. focused on delivery of
      long-term value, would be wrong point to trim Brazil
    * Galp (buy, PT EU15) from 3Q can break from relative
      stagnation of last 20 months as Brazil production builds
      up; weak downstream sees 2014 EPS cut to EU0.33 vs
      consensus EU0.36
    * Repsol (hold) likely to see FCF breakeven from Brazil in
      2014, move strongly positive in 2015
  * NOTE June 23: BG Should Demerge LNG Business to Release
    Value: Deutsche Bank
  * NOTE June 2: Repsol Said to Turn to Ex-YPF Executive to Run
    Brazil Unit
  * NOTE March 4: Galp Increases Investment Outlook to Focus on
    Brazil, Mozambique



For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
James Cone in London at +44-20-7673-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

>>> General Mills misses by $0.05, misses on revs; guides FY15 -->-5% Pre-Open

General Mills misses by $0.05, misses on revs; guides FY15

Reports Q4 (May) adj. earnings of $0.67 per share, $0.05 worse than the Capital IQ Consensus of $0.72; revenues fell 2.9% year/year to $4.28 bln vs the $4.42 bln consensus.
  • Lower pound volume subtracted 2 points of net sales growth, while net price realization and mix added 1 point. Foreign currency exchange reduced net sales growth by 2 points in the quarter.
  • Adjusted gross margin was 10 basis points below the year-ago level.
Outlook
  • General Mills fiscal 2015 net sales are expected to grow at a mid single-digit rate in constant currency, including the contribution of a 53rd week in the fiscal period (consensus +4%, as reported). Adjusted segment operating profit also is expected to grow at a mid single-digit rate in constant currency. Benefit of the extra fiscal week will be reinvested to support increased advertising and digital media initiatives, along with project expenses related to several key fiscal 2016 product launches.
  • Adj. diluted EPS is expected to grow at a high single digit rate in constant currency (consensus +10% to $3.10). At current exchange rates, the co estimates a 3-cent headwind from currency translation in 2015.
  • "Our Number One objective in the new fiscal year is to accelerate our topline growth," Powell said. "Our fiscal 2015 plans include a strong new-product lineup, compelling news or renovation on many existing brands, and a full slate of consumer-focused marketing initiatives. In addition, supply chain cost-savings from our ongoing Holistic Margin Management (HMM) program are expected to exceed $400 million in 2015. We anticipate these savings will offset input cost inflation, which we estimate at 3 percent for the new year.
  • General Mills said it has begun a formal review of its North American manufacturing and distribution network with the goals of streamlining operations and identifying potential capacity reductions. The company also has initiated efforts focused on further reducing overhead costs. Together, the new cost-reduction initiatives are targeted to generate savings of $40 million pretax in fiscal 2015, with additional savings expected in fiscal 2016. The company plans to announce further details in the coming months as specific actions are determined.

>>> Shire Plc AbbVie issues Statement regarding a possible offer for Shire plc

Shire Plc AbbVie issues Statement regarding a possible offer for Shire plc

Following its announcement on June 20, 2014, AbbVie is pleased to outline the compelling strategic rationale for, and background to, its proposal to the Board of Shire of £20.44 in cash and 0.7988 ordinary shares of New AbbVie for each Shire share (the "Proposal"). The Proposal represented an indicative value of £46.26[2] on May 29, 2014 (the latest practicable date before the Proposal was made). Whilst this cash and share mix is valued at £45.64[3] per share as of June 24, 2014 any firm offer made by AbbVie under Rule 2.7 of the Code will need to be equivalent to £46.26 per share (subject to the reservations set out later in this announcement). Combination has compelling strategic rationale for all shareholders

From: LAURENT CHEKROUN ()
Subject: >>> Shire Plc AbbVie issues Statement regarding a possible offer for Shire plc
Shire Plc AbbVie issues Statement regarding a possible offer for Shire plc

(BFW) Shire’s Vyvanse Ruling May Support Bid Above GBP55/Shr: Barclays

Shire’s Vyvanse Ruling May Support Bid Above GBP55/Shr: Barclays
2014-06-25 10:51:47.976 GMT


By Allison Connolly
     June 25 (Bloomberg) -- U.S. ruling on Vyvanse patent
infringement lawsuit is positive, supports Shire’s own
valuation, Barclays says in note.
  * Barclays (overweight): AbbVie could increase bid above
    GBP55/shr vs previous GBP46.26/shr based on tax inversion
    benefit, assurance on Vyvanse patent strength
    * Says drug accounts for ~30% of co. earnings so patent
      uncertainty is significant sentiment driver
  * NOTE: Earlier, Shire Says U.S. Court Grants Summary Judgment
    Motion on Vyvanse

For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Allison Connolly in London at +44-20-3525-7043 or
aconnolly4@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

>>> Valmont lowers FY14 EPS guidance

Valmont lowers FY14 EPS guidance to $9.35-9.65 (from $10.00-10.50) vs $10.36 Capital IQ Consensus Estimate; sees Q2 EPS of $2.35-2.40 vs $2.80 Capital IQ Consensus Estimate

Co commented on its 2014 earnings outlook.
  • "In the Utility Support Structures Segment, the mix and timing of projects currently provide less favorable profits than what we have seen in recent years and less than our prior expectations for this year. We now expect operating income as a percentage of sales for this segment to be in the range of 12% to 14% both for the second quarter and for the year.
  • "In the Coatings Segment, the weaker Australian economy has negatively affected the profitability of our galvanizing businesses in that country and the less favorable exchange rate has dampened the results from all our Australian operations.
  • "As expected, our Irrigation Segment will have an unfavorable comparison for the second quarter compared to an exceptionally strong second quarter in 2013.
  • "We expect improved profits from our Engineered Infrastructure Products Segment.
"Our prior guidance for 2014 indicated earnings of between $10.00 and $10.50 per diluted share. To reflect the more challenging environment in our North American utility structures business and the continued weakness in the Australian economy, we currently expect full year diluted earnings per share will be in the range of $9.35 to $9.65 (vs $10.36 Capital IQ Consensus Estimate). This guidance excludes the effect of our stock repurchasing program on earnings per share and any one-time adjustments that may take place during the remainder of the year.

"It is too early to comment on any changes that might be expected for the second half of the year for the Irrigation Segment. At this time our guidance anticipates Irrigation Segment profitability for the second half of 2014 at approximately the same level as 2013's second half. Since we announced our capital allocation philosophy on May 13th, we have repurchased approximately 436,000 shares, 1.6 percent of outstanding shares, for a total of $69 million out of an authorization of up to $500 million.

"We now expect diluted earnings per share in the range of $2.35 to $2.40 for the second quarter of 2014 (vs $2.80 Capital IQ Consensus Estimate) compared to the record $3.33 diluted earnings per share in the second quarter of 2013."

(BFW) Cermaq Says ISA Virus Detected in 2 Fish Pens in Langoeyhovden

 BN 06/25 10:12 *CERMAQ SAYS CONSIDERING CULLING FISH AT 2 AFFECTED PENS
BFW 06/25 10:11 *CERMAQ SAYS ISA FOUND IN 2 CAGES IN LANGOEYHOVDEN, VESTERAALEN
 BN 06/25 10:11 *CERMAQ SAYS LOW MORTALITY AT SITE, NO CLINICAL SIGN OF OUTBREAK
 BN 06/25 10:09 *CERMAQ COMMENTS ON ISA DETECTION IN STATEMENT ON CO. WEBSITE
 BN 06/25 10:08 *CERMAQ SAYS ISA FOUND IN 2 CAGES IN LANGOEYHOVDEN, VESTERAALEN
Cermaq Says ISA Virus Detected in 2 Fish Pens in Langoeyhovden
2014-06-25 10:19:59.467 GMT


By Stephen Treloar
     June 25 (Bloomberg) -- Virus detected by real time PCR
screening, Cermaq says in statement on company website.
  * Says mortality at site is low, no clinical signs of outbreak
  * Considering culling fish in 2 affected pens to prevent
    spread of infection
  * Says Langoeyfjord contains about 660,000 fish of 2.6kg avg
    live weight; 173,000 to be culled
  * Sees “limited financial impact” from culling

Link to Company News:{CEQ NO <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Stephen Treloar at +47-22-00-8211 or
streloar1@bloomberg.net