>>> US Close Dow+0,02% S&P-0,02% Nasdaq+0,04%

The stock market finished the Tuesday session on a mixed note. Small caps underperformed with the Russell 2000 slipping 0.2%, while the S&P 500 shed less than a point with six sectors registering losses.

Equity indices entered today's session after enjoying a big rally that sent the S&P 500 higher by 4.2% over the past three weeks alone. That advance was predicated on the strength of small caps and transport stocks as the Russell 2000 and the Dow Jones Transportation Average entered the session with respective gains of 7.1% and 4.9% since May 20.

Fittingly, with small --cap stocks and transports showing relative weakness today, the broader market slumped out of the gate, but spent the remainder of the session in a steady climb back to unchanged.

The underperformance of the Dow Jones Transportation Average (-0.1%) caused the industrial sector (-0.2%) to end the session near the bottom of the leaderboard. Most index components finished in the red, while JetBlue Airways (JBLU 10.63, +0.17) and United Continental (UAL 47.76, +1.38) outperformed with respective gains of 1.6% and 3.0%.

Elsewhere among cyclical sectors, consumer discretionary (-0.3%), energy (-0.1%), and financials (-0.04%) ended in the red, while technology (+0.1%) and materials (+0.1%) climbed into the close.

Notably, the tech sector was underpinned by chipmakers as the PHLX Semiconductor Index advanced 0.3% with the majority of its components posting gains. Meanwhile, large caps were somewhat mixed, but Facebook (FB 65.77, +2.89) surged 4.6% after eBay (EBAY 48.25, -1.33) revealed that PayPal President David Marcus will leave the company to join FB.

Like the six cyclical sectors, defensively-oriented groups also finished mixed with respect to the S&P 500. Telecom services (-0.1%) and utilities (-0.3%) slumped during the afternoon, while consumer staples (+0.1%) and health care (+0.2%) climbed into the close. Like the health care sector, biotechnology also finished modestly higher with the iShares Nasdaq Biotechnology ETF (IBB 249.30, +1.27) adding 0.5%.

Strikingly, the weakness in equities did not have much impact on the performance of the Treasury market, which retreated into the afternoon. The 10-yr note settled just above its low (-10/32) with the 10-yr yield up three basis points at 2.64%.

Participation remained well below average with just 545 million shares changing hands at the NYSE, representing the fifth lowest total of the year.

Economic data was limited:
* Wholesale inventories increased 1.1% in April on top of a 1.1% increase in March. The April growth figure was well above the consensus estimate of +0.3%. Wholesale sales jumped 1.3% on the back of a 1.6% increase in March.
- The inventory-to-sales ratio held steady in April from a downwardly revised 1.18 reading for March (from 1.19).
- Durable inventories increased a solid 0.9% after increasing 0.7% in March. Inventory increases were logged in all durable categories with the exception of miscellaneous durables, which declined 0.1%.
- Non durable inventories rose 1.4% after increasing 1.6% in March. That growth was driven by a 2.6% increase in drug inventories and a 1.5% increase in grocery inventories.
* The Job Openings and Labor Turnover Survey for April indicated job openings increased to 4.455 million from 4.166 million.

Tomorrow, the weekly MBA Mortgage index will be released at 7:00 ET and the Treasury Budget for May will cross the wires at 14:00 ET.

S&P 500 +5.5% YTD
Nasdaq Composite +3.9% YTD
Dow Jones Industrial Average +2.2% YTD
Russell 2000 +0.8% YTD

>>> Closing Commodities: Crude Oil Sheds Gains, Closes Modestly Lower

Closing Commodities: Crude Oil Sheds Gains, Closes Modestly Lower

* Precious metals traded higher today despite a stronger dollar index.
* Aug gold and July silver both rallied to their respective session highs of $1263.80 per ounce and $19.24 per ounce in early morning action and consolidated slightly below that level for the remainder of pit trade.
* Gold eventually settled with a 0.5% gain at $1260.10 per ounce, while silver settled at $19.17 per ounce, or 0.5% higher.
* July crude oil pulled back from its session high of $105.06 per barrel in morning action and slipped into negative territory. It inched slightly higher after touching a session low of $103.92 per barrel and settled with a 0.1% loss at $104.38 per barrel.
* July natural gas trended lower after retreating from its session high of $4.62 per MMBtu set in early morning pit trade. It settled at its session low of $4.53 per MMBtu, booking a loss of 2.6%.

>>> Deutsche Bank this morning initiated the integrated oil space with an attrac

Deutsche Bank this morning initiated the integrated oil space with an attractive outlook 

DB: After 3+ years of restructuring, the dust has largely settled and the "formerly Integrateds" look more attractive than they have in years. A shift onshore is driving solid growth, high margins, reduced volatility, long-term visibility, and even free cash flow/cash return, while still trading at a discount to the diversified E&Ps. With competitive portfolios, we believe that as the companies execute on current plans multiples should expand in line with large-cap E&Ps (25% discount to EV/DACF currently). Initiating coverage of the US "Integrated" Oils with an attractive outlook. Top pick Marathon Oil (MRO). Buy ratings on HES, COP, CVX; Hold: MUR, OXY, XOM.

(BFW) MORE: Israel Chemicals Drops on Report Potash Corp. May Sell

MORE: Israel Chemicals Drops on Report Potash Corp. May Sell
2014-06-10 19:22:38.376 GMT


By Samuel Potter
     June 10 (Bloomberg) -- Shrs fall 0.8%, closing at 30.10
shekels in Tel Aviv; traded ex-div. today.
  * Calcalist says Potash Corp. mulls stake sale in company,
    citing comments by CFO Wayne Brownlee at a conference
  * Potash Corp. holds 13.84% of ICL: Bloomberg data
  * “We don’t want to hold on indefinitely,” Brownlee said in
    response to a question from an analyst, according to a BMO
    Capital Markets conference transcript dated May 22. “I
    think that we’re not going to dump those stock on a short-
    term basis. Ultimately, there will be a reconciliation and a
    resolution with the government”
  * NOTE: Potash Rebound No Comfort for ICL as Tax Looms: Israel
    Markets


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

To contact the reporter on this story:
Samuel Potter in Dubai at +971-4-3641050 or
spotter33@bloomberg.net
To contact the editors responsible for this story:
Claudia Maedler at +971-4-364-1025 or
cmaedler@bloomberg.net

FT : Rémy Cointreau names new chief

Rémy Cointreau has named a former L’Oréal and Louis Vuitton executive to head its management team, ending months of speculation over leadership at the French spirits group.
The Paris-based company said Valérie Chapoulaud-Floquet, a luxury specialist, would become chief executive in mid-September.

Her arrival fills the void created at the start of the year when Frédéric Pflanz resigned after fewer than 100 days in the post. His abrupt resignation produced unease at a time when falling sales in China started to hit profits.
The resignation less than a month later of Patrick Piana, chief executive of the group’s Rémy Martin division, added to the uncertainty.
On Tuesday, the group that produces Mount Gay rum and the ultra-premium Louis XIII cognac said that Ms Chapoulaud-Floquet’s arrival marked “a new phase in the development and ambitions of the Rémy Cointreau group”.
Ms Chapoulaud-Floquet spent more than 20 years at L’Oréal, where she worked in Asia, Europe and North America. She joined Louis Vuitton in 2008 where she worked on developing the luxury brand’s market in Taiwan as well as in southern Europe. She then became chief executive of the brand’s Americas region.
Francois Hériard Dubreuil, Rémy chairman, stressed Ms Chapoulaud-Floquet’s “keen knowledge of the luxury sector, and her well-known temperament and charisma”.
Rémy this month said that plummeting sales in China had contributed to a 38.8 per cent fall in operating profit in the year that ended in March.
Like competitors, Rémy has suffered a marked change of fortune in China as the government continues to crack down on so-called “conspicuous spending” on luxury products by its officials.
But the policy U-turn has affected Rémy more than most because of its greater exposure to China, and the fact its sales have been more concentrated in the premium segment of the Chinese spirits market that was in such demand until 2012.
Until the crackdown, the ultra-premium cognac category, which starts at $500 a bottle, accounted for 13 per cent of the Chinese market compared with less than 1 per cent for the UK or the US, according to Bernstein Research.
Cognac makes up about 80 per cent of Rémy’s total operating profit, with China accounting for half of that. Operating profit at Rémy Martin, the cognac division, was €125m in the year to March, an annual fall of 44 per cent.

(BFW) Tenaris Drops 4.2% After Vallourec Cuts 2014 Ebitda Forecast

Tenaris Drops 4.2% After Vallourec Cuts 2014 Ebitda Forecast
2014-06-10 16:59:59.157 GMT


By Arie Shapira
     June 10 (Bloomberg) -- Tenaris down as much as 4.2% on
almost 2x avg volume after Vallourec says now sees 2014 Ebitda
down ~10% Y/y vs prior “stable to moderate” increase.
  * Vallourec cites significant temporary adjustments due to
    Petrobras decision to eliminate most of tube inventories;
    also cites reduced level of oil/gas orders in EAMEA
  * Sterne Agee: Reduced forecast from largest competitor likely
    negative for TS shrs, though TS outlook has been more
    cautious vs Vallourec; maintains neutral rating on TS
  * TS has 6 buys, 11 holds, 2 sells w/ avg PT $46: Bloomberg
    data
  * TS nears 200-DMA $44.68, 50-DMA $44.47


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

To contact the reporter on this story:
Arie Shapira in New York at +1-212-617-1488 or
ashapira3@bloomberg.net
To contact the editor responsible for this story:
Brad Skillman at +1-212-617-2763 or
bskillman1@bloomberg.net

(BFW) KION Shareholders Affiliated With Goldman, KKR Selling Shares

 BN 06/10 15:58 *KION SHAREHOLDERS AFFILIATED WITH GOLDMAN, KKR SELLING SHARES
 BN 06/10 15:57 *GOLDMAN MANAGING PLACING OF UP TO 7.5 MLN KION SHARES: TERMS
KION Shareholders Affiliated With Goldman, KKR Selling Shares
2014-06-10 16:04:34.589 GMT


By Francesca Cinelli and Alexis Xydias
     June 10 (Bloomberg) -- Goldman is managing sale of up to
7.5 mln shares in KION Group in accelerated bookbuilding, acc.
to terms obtained by Bloomberg
  * Selling shareholders: Superlift  S.a.r.l., a co. owned by
    funds “advised by affiliates” of Goldman Sachs and
    entities “advised by or affiliated” with Kohlberg Kravis
    Roberts: terms
  * No price guidance indicated; shares closed at EU33.8 June 10
  * 90-Day lock-up pledged subject to exceptions: terms


Link to Company News:{KGX GR <Equity> CN <GO>}
Link to Company News:{KKR US <Equity> CN <GO>}
Link to Company News:{GS US <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:
Alexis Xydias at +33-1-5365-5019 or
axydias@bloomberg.net

>>> Vallourec - More Details



From: LAURENT CHEKROUN ()
Subject: Vallourec Guides FY14 EBITDA -10% y/y, decline in orders in to impact deliveries

Vallourec Guides FY14 EBITDA -10% y/y, decline in orders in to impact deliveries through the first half of 2015 - press

Vallourec is updating its 2014 guidance following a significant temporary reduction in demand for its Oil & Gas operations in Brazil and in Europe, Asia, Middle-East, Africa (EAMEA) segments. In Brazil, Petrobras has decided to eliminate most of its tube inventories by year end, while maintaining its drilling plans. This will be a one-time adjustment. It will heavily weigh on Vallourec's sales in the second semester of 2014, with an estimated net EBITDA impact of circa €60 million. In addition, the Brazilian non Oil & Gas activities are impacted by the continued deterioration in the local macroeconomic environment, and declining iron ore prices. 

In EAMEA, the level of orders has strongly reduced resulting from E&P[2] operators adjusting their inventories and delaying some tenders for premium products. This will impact deliveries through the end of the year and in the first half of 2015. It does not change the positive structural trends resulting from major E&P capex programs in the region, required to offset depletion and support growing demand. 

The Group has taken several actions on the operational front to mitigate these temporary negative impacts:

In Brazil, Vallourec is adapting its mills to the lower load. 
To adjust to a lower demand in EAMEA, Vallourec is adapting its industrial operations servicing those markets, in addition to the recently announced measures aiming at structurally improving its European cost base. 

As a result, the Group now targets EBITDA to be down by approximately 10% when compared to 2013. 

The Group remains focused on Free Cash Flow generation, and has accordingly decided to reduce its capital expenditures by €100 million (down from an initial target of €500 million for 2014). 

Philippe Crouzet, Chairman of the Management Board, said: "The Group is facing a more challenging environment mainly due to temporary adjustments by selected large customers, and has taken immediate measures to adjust to this new situation. Management remains convinced of the long-term attractiveness of the global Oil & Gas end markets the Group serves and committed to implementing its strategy aimed at taking full advantage of these favorable structural trends."