see quick chart attached for nbext levels, but not quick support before ~114 if we break the 122.30 levels
Eurostat may have tweaked rounding on Euro zone CPI numbers that were out earlier today
Seeing some early call activity - more than 3K contracts in the NOv 80 calls have traded
Kors is expected to report on the 5th of Nov (q2)
--> mkt ticking down on tthat
PIMCO ETF formerly managed by Bill Gross sees $446M in outflows (record) 12.5% of shares
Gapping up
In reaction to strong earnings/guidance: SNX +8.1%, (also initiates quarterly cash dividend of $0.125 per common share), SCOK +7.7%, WAG +2.3%, RBS +2.1%, CTAS +1.1%, HTGC +0.8%, (on track to achieve annual new commitments of approximately $700-$850 million for 2014)
M&A news: MOVE +37% (to be acquired by News Corp (NWSA) for $21 per share), DLIA +25% (announces review of strategic alternatives; received several inquiries from third parties regarding potential acquisition of the company), MAS +7.2% (announces strategic initiatives; Co to spin-off installation and other services segment, initiate share repurchase program and reduce corporate expense), SMPL +4.9% (HomeStreet to merge with Simplicity Bancorp; Simplicity stockholders to receive one share of HomeStreet common stock for each share of Simplicity common stock)
Other news: WYY +17.8% (received two new Task Orders from federal agencies under a recently awarded Federal Government Blanket Purchase Agreement), VIMC +13.8% (announces $12.4 mln contract win in Taiyuan City of Shanxi Province), CPRX +13.7% (announces positive top-line Phase 3 Data From Pivotal Firdapse clinical trial in patients with Lambert-Eaton Myasthenic Syndrome),ACST +11.5% (announces 'Positive' top-line Pharmacokinetic results), CRNT +10.8% (receives follow-on orders from a global Tier 1 operator serving 20 countries across Asia and Africa), CANF +9.6% (USPTO issues Can-Fite patent for CF102 in the treatment of liver regeneration and function following surgery), EBAY +8.9% (eBay to separate eBay and PayPal into independent publicly traded companies in 2015), BLDP +8.2% (receives ElectraGen fuel cell system order for deployments in Digicel network), CNET +7.8% (Co's Liansuo.com signs 12 new clients following Guangzhou Franchise Exhibition), HTZ +5.4% (still checking), TASR +3.9% (selected by the London Metropolitan Police Service to provide another 500 AXON cameras), PLUG +3.4% (move attributed to positive blog mention, also peer BLDP received large order), RWLK +2.9% (cont momentum post IPO), MCP +2.4% (announces that its expanded leach system has now been placed into service at its Mountain Pass, California Facility), CTRP +2.3% (Priceline (PCLN) disclosed a 5.84% active stake in 13D filing) MBLY +2.3% (still checking), RADA +2.2% (following yesterday's 35% move higher), GPRO+1.9% (following 11% upside move yesterday), HIMX +1.8% (cont momentum), EXXI +1.5% (provides operations update: Q1 production expected at mid-point of guidance; West Delta horizontal program continues to deliver with three new wells brought online ), Z +1.4% (MOVE peer), KR +1.2% (positive commentary on Monday's Mad Money), SDRL +1.1% (still checking, may be just bouncing - shares have sold off significantly in recent weeks), AAPL +0.8% (iPhone 6 & iPhone 6 Plus available in China on Friday, October 17)
Analyst comments: TK +6.6% (upgraded to Buy from Hold at Deutsche Bank), MLNX +3.3% (upgraded to Overweight from Neutral at Piper Jaffray), RMBS +2.8% (attributed to positive Jefferies comments suggesting RMBS as Apple Pay beneficiary), EPAM +1.7% (initiated with a Positive at Susquehanna), AA +1% (upgraded to Buy from Neutral at BofA/Merrill), NWBI +1% (upgraded to Outperform from Neutral at Boenning & Scattergood), TM +0.8% (upgraded to Overweight from Neutral at JP Morgan), FB +0.7% (target raised to $95 from $90 at Evercore), LMT +0.5% (upgraded to Buy from Hold at Stifel)
In reaction to strong earnings/guidance: SNX +8.1%, (also initiates quarterly cash dividend of $0.125 per common share), SCOK +7.7%, WAG +2.3%, RBS +2.1%, CTAS +1.1%, HTGC +0.8%, (on track to achieve annual new commitments of approximately $700-$850 million for 2014)
M&A news: MOVE +37% (to be acquired by News Corp (NWSA) for $21 per share), DLIA +25% (announces review of strategic alternatives; received several inquiries from third parties regarding potential acquisition of the company), MAS +7.2% (announces strategic initiatives; Co to spin-off installation and other services segment, initiate share repurchase program and reduce corporate expense), SMPL +4.9% (HomeStreet to merge with Simplicity Bancorp; Simplicity stockholders to receive one share of HomeStreet common stock for each share of Simplicity common stock)
Other news: WYY +17.8% (received two new Task Orders from federal agencies under a recently awarded Federal Government Blanket Purchase Agreement), VIMC +13.8% (announces $12.4 mln contract win in Taiyuan City of Shanxi Province), CPRX +13.7% (announces positive top-line Phase 3 Data From Pivotal Firdapse clinical trial in patients with Lambert-Eaton Myasthenic Syndrome),ACST +11.5% (announces 'Positive' top-line Pharmacokinetic results), CRNT +10.8% (receives follow-on orders from a global Tier 1 operator serving 20 countries across Asia and Africa), CANF +9.6% (USPTO issues Can-Fite patent for CF102 in the treatment of liver regeneration and function following surgery), EBAY +8.9% (eBay to separate eBay and PayPal into independent publicly traded companies in 2015), BLDP +8.2% (receives ElectraGen fuel cell system order for deployments in Digicel network), CNET +7.8% (Co's Liansuo.com signs 12 new clients following Guangzhou Franchise Exhibition), HTZ +5.4% (still checking), TASR +3.9% (selected by the London Metropolitan Police Service to provide another 500 AXON cameras), PLUG +3.4% (move attributed to positive blog mention, also peer BLDP received large order), RWLK +2.9% (cont momentum post IPO), MCP +2.4% (announces that its expanded leach system has now been placed into service at its Mountain Pass, California Facility), CTRP +2.3% (Priceline (PCLN) disclosed a 5.84% active stake in 13D filing) MBLY +2.3% (still checking), RADA +2.2% (following yesterday's 35% move higher), GPRO+1.9% (following 11% upside move yesterday), HIMX +1.8% (cont momentum), EXXI +1.5% (provides operations update: Q1 production expected at mid-point of guidance; West Delta horizontal program continues to deliver with three new wells brought online ), Z +1.4% (MOVE peer), KR +1.2% (positive commentary on Monday's Mad Money), SDRL +1.1% (still checking, may be just bouncing - shares have sold off significantly in recent weeks), AAPL +0.8% (iPhone 6 & iPhone 6 Plus available in China on Friday, October 17)
Analyst comments: TK +6.6% (upgraded to Buy from Hold at Deutsche Bank), MLNX +3.3% (upgraded to Overweight from Neutral at Piper Jaffray), RMBS +2.8% (attributed to positive Jefferies comments suggesting RMBS as Apple Pay beneficiary), EPAM +1.7% (initiated with a Positive at Susquehanna), AA +1% (upgraded to Buy from Neutral at BofA/Merrill), NWBI +1% (upgraded to Outperform from Neutral at Boenning & Scattergood), TM +0.8% (upgraded to Overweight from Neutral at JP Morgan), FB +0.7% (target raised to $95 from $90 at Evercore), LMT +0.5% (upgraded to Buy from Hold at Stifel)
Gapping down
In reaction to disappointing earnings/guidance: PDFS -17.8%, JRJC -8%, TA -5.2%, SANW -4.1%
M&A news: DWA -9.1% (Softbank (SFTBY) merger talks with DWA being donwplayed, according to reports; also reports indicate SFTBY may purchase Legendary Pictures)
Select metals/mining stocks trading lower: AU -2.1%, GFI -2%, SSRI -1.6%, AG -1.5%, IAG -1.4%, SLV -1.4%, PAAS -1.4%, FSM -1.2%, GDX -1.1%, ABX -0.9%, GLD -0.8%, SLW -0.8%
Other news: MTL -13.3% (cont bankruptcy speculation), TSL -3% (announces the offering of ~7 mln American Depositary Shares), FDUS -2.2% ( announces commencement of public offering of common stock), WUBA -1.8% (still checking), F -0.9% (following late weakness on comments from Investor Day -- says it will miss its 2014 pretax profit goal of $6 bln), SVU -0.9% (announced the discovery of malware on some of its point of sale systems; protective technology believed to have limited the risk of data theft)
Analyst comments: ARMH -2.1% (downgraded to Underperform from Mkt Perform at Bernstein), CRR -1% (downgraded to Underweight from Equal-Weight at Morgan Stanley), SGEN -1% (downgraded to Underperform from Neutral at BofA/Merrill), K -0.9% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
In reaction to disappointing earnings/guidance: PDFS -17.8%, JRJC -8%, TA -5.2%, SANW -4.1%
M&A news: DWA -9.1% (Softbank (SFTBY) merger talks with DWA being donwplayed, according to reports; also reports indicate SFTBY may purchase Legendary Pictures)
Select metals/mining stocks trading lower: AU -2.1%, GFI -2%, SSRI -1.6%, AG -1.5%, IAG -1.4%, SLV -1.4%, PAAS -1.4%, FSM -1.2%, GDX -1.1%, ABX -0.9%, GLD -0.8%, SLW -0.8%
Other news: MTL -13.3% (cont bankruptcy speculation), TSL -3% (announces the offering of ~7 mln American Depositary Shares), FDUS -2.2% ( announces commencement of public offering of common stock), WUBA -1.8% (still checking), F -0.9% (following late weakness on comments from Investor Day -- says it will miss its 2014 pretax profit goal of $6 bln), SVU -0.9% (announced the discovery of malware on some of its point of sale systems; protective technology believed to have limited the risk of data theft)
Analyst comments: ARMH -2.1% (downgraded to Underperform from Mkt Perform at Bernstein), CRR -1% (downgraded to Underweight from Equal-Weight at Morgan Stanley), SGEN -1% (downgraded to Underperform from Neutral at BofA/Merrill), K -0.9% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
{MKOR <GO>}
Special Situations/Relative Value: TNT, remember?
BUY
TNTE NA: Eur4.99
September 30, 2014
With TNT below Eur 5/sh, it may be worth getting back in the company for which UPS had offered Eur9.50/sh in Feb 2012. Since then, revenues and operating income have remained stable, and the net income has gone from a loss to an expected gain, although ebitda will be slightly lower in 2014 than in 2012. Moreover, because of the Eur200 terminating fee, TNT has most solid balance sheet of the major delivery companies with a net cash position in excess of Eur 400m. The company recently had a profit warning and the stock collapsed by over 10% last week. We view the price dislocation as an opportunity to build up an investment position in TNT. FY2014 could be a trough year, and a recovery is not priced-in the current share price. Obviously, a bid by Fedex or another party is not priced-in either.
FULL REPORT ATTACHED
EBay to Spin Off PayPal Business Activist Carl Icahn Pushed Similar Plan for Online Marketplace
EBay CEO John Donahoe, who will lead the separation, had opposed such a split when activist Carl Icahn proposed the move. AFP/Getty Images EBay Inc. EBAY -0.51% said it plans to spin off its PayPal business into a separate publicly traded company next year, a victory for activist investor Carl Icahn, who had pushed for the company to split.
EBay said Tuesday that it expects to complete a tax-free spinoff of PayPal during the second half of next year.
Devin Wenig, the current president of eBay Marketplaces, will be the chief executive of the new eBay, while American Express AXP -0.48% executive Dan Schulman will lead the new PayPal. Mr. Schulman will immediately take over as president of PayPal, eBay said.
Current eBay CEO John Donahoe won't have an executive role in either new company, nor will finance chief Bob Swan. Both executives, however, will oversee the separation of the businesses.
"For more than a decade eBay and PayPal have mutually benefited from being part of one company, creating substantial shareholder value," Mr. Donahoe said in a news release. "However, a thorough strategic review with our board shows that keeping eBay and PayPal together beyond 2015 clearly becomes less advantageous to each business strategically and competitively."
He added: "The industry landscape is changing, and each business faces different competitive opportunities and challenges."
Mr. Donahoe and the company's board had said earlier this year that they believed the company would be stronger with PayPal in the fold. They were responding to a push from Mr. Icahn to split off the payments business, whose revenue has been on pace to soon eclipse that of eBay's legacy business.
Mr. Icahn eventually backed off his demands to split the company and eventually agreed to insider status at eBay. In August, he disclosed that he boosted his position in eBay.
His firm is eBay's sixth-largest shareholder with about a 2.5% stake, according to FactSet.
Talk of a spinoff didn't end after Mr. Icahn's shift, however. EBay's shares jumped in August when a media report said that the company was discussing a possible spinoff, two months after then-PayPal president David Marcus left to join Facebook. FB +0.27% Mr. Marcus had been one of the executives battling calls to split PayPal from eBay.
The announcement Tuesday also comes as PayPal faces fresh competition from Apple Inc.'s new Apple Pay service, which is focused on the growing mobile-commerce segment. Analysts have characterized the Apple Pay launch as a threat to PayPal.
PayPal has more than 152 million active registered accounts, while revenue over the past 12 months grew by 19% to about $7.2 billion.
EBay bought PayPal in 2002 for $1.4 billion in stock.
Early premarket gappers
Gapping up: MOVE +37.6%, CPRX +18.7%, VIMC +11.6%, BLDP +8.2%, CRNT +7.6%, RADA +7.4%, SNX +6.4%, HTZ +5.4%, SMPL +4.9%, SCOK +4.7%, PLUG +3.4%, MBLY +3%, CTRP +2.5%, GPRO +2.4%, HIMX +2%, EXXI +1.5%, SDRL +1.3%, AA +1.1%, CTAS +1.1%, HTGC +0.8%, TIF +0.7%, CSC +0.5%
Gapping down: MTL -13.3%, JRJC -9.4%, DWA -7.7%, PDFS -6.5%, SANW -4.1%, IAG -3.1%, ARMH -2%, SLV -2%, WUBA -1.4%, AU -1.4%, GDX -1.3%, SLW -1.3%, GLD -1%, CRR -1%, SVU -0.9%, ABX -0.8%, SSRI -0.8%, FDUS -0.6%