>>> SIG lifted by bid chatter

SIG lifted by bid chatter

Shares in SIG, the UK-based insulation and construction supplies company, rose on 19 August amid talk of a possible takeover bid, The Times reported. The market report, which described the bid rumours as “vague”, noted that SIG’s shares ended the day’s trading at 183p (USD 3.04), up 5.25p. The unattributed takeover speculation was also mentioned in a Daily Express market report.

London-listed SIG has a GBP 1.1bn market capitalisation.


Source The Times (London), Daily Express

(BFW) Hikma 1H Adj. Pft, Rev. Up; Sees Lower 2014 Branded Op. Margin

Hikma 1H Adj. Pft, Rev. Up; Sees Lower 2014 Branded Op. Margin
2014-08-20 06:09:00.904 GMT


By Allison Connolly
Aug. 20 (Bloomberg) -- Keeps 2014 forecast for group rev.
growth of ~5% in 2014.
* 1H adj. basic EPS 88.9c
* 1H rev. $738m
* 1H adj. op profit $176m
* Interim div. 7c; special div. 4c
* Now expects branded business to deliver low single digit
revenue growth for 2014, resulting in an adj. operating
margin below 2013; previously saw branded rev. growth of
~10% in 2014, adj. op. margin in line with 2013 in constant
FX
* Now sees 2014 generics rev. of ~$200m, with an adj.
operating margin of above 45%
* Statement
* NOTE: May 15, Co. raised injectables forecast for 2014
* NOTE: July 24, Hikma to Buy Ben Venue Manufacturing Site,
Has $4m Gross Assets

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

>>> What to look at today - 20/08/2014

US Markets closed higher, Eco data helped the mkt, HD +5,6% pushed teh all sector higher, Retail sector also higher after Dick's Sporting Goods better numbers, Technology (+0.7%) outperformed, while financials (+0.2%) and industrials (+0.2%) lagged, Apple (AAPL 100.53, +1.37) climbed to a fresh all-time high. Salix +15,5% after being appraoch by Allergan +3,99%, Volume were light @ 550mil shares below average...VIX @ 12,21 -0,90%...Japan posted its 25th consecutive month of trade deficit and the shortfall was wider than expected, even though exports rose for the first time in 3 months. Rising imports contributed to continued shortfall, Exports to Asia, China, and US were all up in low-single digits, while Europe
shipments rose 10%. Japanese Yen sold off amid overall USD strength in the afternoon session, with USD/JPY pair hitting fresh 4-month highs above ¥103.15.Nikkei +0.48% Hang Seng +0.12% Shanghai +0.04%


Eur$ 1,3320 S&P -0.06% EuroStoxx -0.07% Dax -0.10% FTSE -0.02% SMI +0.14%

Macro
- Russia May Scrap Plan to Allow Sales Tax Next Year: Vedomosti
- Irish GDP to Grow 3.5% in 2014, 3.6% in 2015, Goodbody Says

Keep an eye on :
- AF FP : Air France Plans to Reorganize Medium-Haul Network, Echos Says
- BLT LN : BHP Says Potash Market May Be Deterring Partners for Jansen Mine
- CARLB DC : Carlsberg 2Q Ebit Ex-Items DKK3.6b; Analyst Est. DKK3.38b, Cuts 2014 Outlook, Cites Macro Events
- DBHN GY : Deutsche Bahn Seeks Damages From Air Cargo Carriers in U.S.
- ESS PL : Angeles in Takeover Bid for Espirito Santo Saude at EU4.30-Shr
- GSZ FP : Belgian Doel 3, Tihange 2 May Be Offline Through Winter: VRT
- HEI GY : HeidelbergCement Says Housing Boom Fails to Restore U.K. Market
- HEI NA : Heineken 1H Oper. Profit Ex-Items Beats, Sees 2H Growth Slowing
- HEIJ NA : Heijmans 1H Net Loss Widens, CEO Says Not Satisfied With Result
- HUE SW : Huegli Sees 2014 Organic Sales Growth at Prior Year’s Level
- ILD FP : Iliad Seeking T-Mobile Bid Help From Google, Microsoft: NYPost
- ION LN : Cinven Confirms Approach to Iomart on Possible Cash Offer
- JEN BB : Jensen-Group Backlog Up 38% at June 30, Sees Better 2014 Profit
- LUX IM : Luxottica CEO Guerra May Resign Amid Discord With Founder: Sole
- MOR GY : MorphoSys to Host Call on License Agreement with Emergent
- NOBN SW : Nobel Biocare Sues Neodent USA for Patent Infringement
- NOVN VX : Novartis Signs Pact With Global Alliance for TB Drug Development
- NUM FP : Bollore Could Seek More Than 20% of SFR-Numericable: Figaro
- OPH LN : takeover rumor again
- SAN FP : Genzyme unit receives FDA approval for its drug to treat a form of gaucher disease
- SAX GY : Stroeer Media 2Q Sales Beat Ests., 2Q EPS More Than Doubles
- SCMN VX : Swisscom 2Q Ebitda Beats, Co. Adjusts 2014 Ebitda Forecast
- SRP LN : Serco Fails to Make Shortlist for England Rail Franchises: Times
- VIV FP : Bollore Could Seek More Than 20% of SFR-Numericable: Figaro {NSN NAL8LJ6JIJUV <go>}
- VPK NA : Vopak 1H Sales, Profit Fall; Sees 2014 Adj. Ebitda of >EU700m
- VOLVB SS : Volvo Cars Posts 1H Oper. Profit of SEK1.21b on China, W. Europe

>>> Brokers Upgrades & Downgrades - 20/08/2014

>>> Up
*E.ON RAISED TO HOLD VS SELL AT SOCGEN
*DKSH RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*GOLD FIELDS RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*HOCHTIEF RAISED TO NEUTRAL VS SELL AT UBS
*KELLER RAISED TO BUY VS ADD AT NUMIS
*SIEMENS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SNAM RAISED TO BUY VS HOLD AT BERENBERG

>>> Down
*BHP BILLITON CUT TO NEUTRAL VS BUY AT CITI
*BHP BILLITON CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*BHP BILLITON CUT TO NEUTRAL AT MACQUARIE
*CEZ CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Changes


>>> Initiation
*INVESTOR RATED NEW BUY AT CITI, PT SEK274
*SSP GROUP RATED NEW OVERWEIGHT AT MORGAN STANLEY, PT 260P
*SSP GROUP RATED NEW BUY AT NOMURA, PT 263P
*SSP RATED NEW OVERWEIGHT AT BARCLAYS, PT 285P

>>> Call
>> Stock
*AMERISUR RESOURCES EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
*ASOS REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY
*BHP BILLITON REMOVED FROM CITI FOCUS LIST EUROPE

>>> Brokers Upgrades & Downgrades - 20/08/2014

>>> Up
*E.ON RAISED TO HOLD VS SELL AT SOCGEN
*DKSH RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*GOLD FIELDS RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*HOCHTIEF RAISED TO NEUTRAL VS SELL AT UBS
*KELLER RAISED TO BUY VS ADD AT NUMIS
*SIEMENS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SNAM RAISED TO BUY VS HOLD AT BERENBERG

>>> Down
*BHP BILLITON CUT TO NEUTRAL VS BUY AT CITI
*BHP BILLITON CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*BHP BILLITON CUT TO NEUTRAL AT MACQUARIE
*CEZ CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Changes


>>> Initiation
*INVESTOR RATED NEW BUY AT CITI, PT SEK274
*SSP GROUP RATED NEW OVERWEIGHT AT MORGAN STANLEY, PT 260P
*SSP GROUP RATED NEW BUY AT NOMURA, PT 263P
*SSP RATED NEW OVERWEIGHT AT BARCLAYS, PT 285P

>>> Call
>> Stock
*AMERISUR RESOURCES EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
*ASOS REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY
*BHP BILLITON REMOVED FROM CITI FOCUS LIST EUROPE

>>> Qatar Pushed Hamas Back to War

A senior member of Palestnian Authority (PA) Chairman Mahmoud Abbas's Fatah faction said Wednesday Hamas's choice to forego the Egyptian truce proposal and return to its rocket war on Israel was due to Qatari pressure.

The Fatah source, quoted in the Arabic Al-Hayat as cited by Yedioth Aharonoth, said that during the Cairo truce talks Hamas had been pressing for Qatar to play an active role in the negotiations, and asked that a senior Qatar source be invited to the talks.

Egypt reportedly refused the proposal, stipulating that Qatar apologize for its policies towards the Nile State since Muslim Brotherhood member and former Egyptian President Mohammed Morsi was deposed last July 3, indicating the tension between Eygpt and Qatar. Qatar is the leading sponsor of the Muslim Brotherhood, of which Hamas is the Palestinian branch.

The Fatah source added that Qatar threatened to expel Qatar-based Hamas politburo chief Khaled Mashaal, saying it would "force him to leave," if Hamas agreed to the Egyptian truce proposal in its current structure.

Indeed Hamas rejected the proposal last week, with Mashaal saying "we want serious negotiations that lead to an end of the aggression on Gaza and granting the Palestinian demands."

The new revelation would appear to lend credence to reports Tuesday that the breach of the ceasefire was in fact orchestrated by none other than Mashaal.

An unnamed security source told Walla! the initial rocket salvo on Be'er Sheva was ordered directly by Mashaal, who reportedly bypassed Hamas's "military wing", the Al-Qassam Brigades, and ordered a specially-assigned unit of Hamas operatives answerable directly to him to launch the attack.

The source claimed Mashaal was aiming to sabotage negotiations for a long-term truce in Cairo, which were not going his way.

A senior Hamas source last week urged a different nation to replace Egypt as intermediary in the talks, labeling Egypt "the basic delaying source preventing an agreement."

Hamas may have envisioned Qatar as the replacement, given that the source called for a new third-party that would help achieve the terror group's demands, including terrorists releases and a Gaza sea and airport.

It is worth noting that three Arab-nationalist Balad MKs recently traveled to Qatar, where they reportedly met the traitor ex-MK Azmi Bishara, who founded their party before fleeing Israel after passing information to direct Hezbollah rockets on Israeli citizens.

Qatar just a week ago reportedly increased its emergency aid to the Hamas enclave of Gaza by $13 million, bringing it to a total of $23 million

NY Post : Iliad looks to Google, Microsoft for help with T-Mobile bid

A French telecom giant is trying to raise money from at least two of America’s biggest tech companies to fund a second takeover bid for T-Mobile, The Post has learned.
A few weeks ago, the company, Iliad, made a surprise offer of $33 a share for 57 percent of the larger T-Mobile that was quickly rejected. Now Iliad is speaking to the likes of Google and Microsoft about teaming up on a bigger proposal, a well-placed source told The Post.
T-Mobile shares closed Tuesday at $28.95, up 11 cents, well below Iliad’s rejected price.
It could not be learned how far advanced the talks are or if they were likely to end with any tech company jumping aboard with a sweetened bid.
Some telecom insiders see the upside of a move by Google to buy into a wireless carrier.
“Google wants everything moved to an Internet protocol standard,” one telecom expert said. “I’ve been waiting for Google to make a move.”
The search giant would like homeowners to watch TV through the Internet, bypassing cable, the expert said.
If T-Mobile built its spectrum, customers could use it for more than just cellular phone service, the expert added.
In that sense, Google, Microsoft and Apple are all on the same page, the telecom source said.
“Google wants unrestricted access to online lives. The only way for them to really get it is to be a communications company,” the source said.
The time could be now with none of the other three wireless carriers in desperate need of a partner or money.
What’s more, the tech companies have reason to keep competition alive among the cellular carriers.
“If they think Sprint or T-Mobile might fail, then they might prop them up,” a telecom lawyer said.
“If you get a duopoly, then they couldn’t access the end user without fees,” the lawyer said.
FCC Chairman Tom Wheeler has signaled it might be OK for the carriers to charge a premium to [a site like] Facebook,” the lawyer added.
The US government would likely welcome an Iliad and Google, or Microsoft, purchase of T-Mobile.
Google and Microsoft spokespeople declined comment. Iliad did not return calls.

>>> Asian Update

Asian Market Update: Japan trade deficit wider than expected; RBA Gov Stevens jawboning AUD

***Economic Data*** - (JP) JAPAN JULY MERCHANDISE TRADE BALANCE: -¥964.0B V -¥713.9BE (25th consecutive trade deficit); ADJ TRADE BALANCE: -¥1.0T V -¥761.3BE - (AU) AUSTRALIA JUL SKILLED VACANCIES M/M: 0.9% V 1.6% PRIOR (3rd consecutive increase) - (AU) AUSTRALIA JULY WESTPAC LEADING INDEX M/M: -0.1% V +0.1% PRIOR (1st decline in 3 months) - (NZ) NEW ZEALAND JUL ONLINE JOBS VACANCIES M/M: -5.0% v +7.5% y/y - (CN) China Finance Ministry: China July YTD state-owned enterprises (SOEs) Net CNY1.43T, +9.2% y/y, Rev CNY27.2T, +5.8% y/y

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 flat, S&P/ASX -0.1%, Kospi -0.1%, Shanghai Composite -0.2%, Hang Seng flat, Sept S&P500 -0.1% at 1,975

***Commodities/Fixed Income/Currencies*** - Dec gold flat at $1,297, Oct crude oil flat at $92.84/brl, Sept Copper flat $3.09/lb - GLD: SPDR Gold Trust ETF daily holdings rise 1.5 tonnes to 799.2 tonnes (2nd consecutive increase) - (US) API PETROLEUM INVENTORIES: CRUDE: -1.4M v -1Me, GASOLINE: -2.1M v -1.5Me, DISTILLATE: -0.6M v -1Me - (JP) BOJ offers to buy ¥300B in 1-3yr JGB, ¥200B in 3-5yr JGB, ¥100B in 10-25yr JGB and ¥30B in JGB with maturity over 25-yr - (AU) Australia MoF (AOFM) sells A$700M in 2.75% Bonds due 2024; Avg yield: 3.4164%; Bid-to-cover: 2.57x - (CN) China MoF sells 10-yr bonds at average yield of 4.23% - USD/CNY: (CN) PBoC sets yuan mid point at 6.1580 v 6.1548 prior setting (2nd consecutive weaker Yuan setting, weakest setting since Aug 6th)

***Market Focal Points/Key Themes*** - Japan posted its 25th consecutive month of trade deficit and the shortfall was wider than expected, even though exports rose for the first time in 3 months. Rising imports contributed to continued shortfall -- despite the falling prices, imports of crude oil rose to 16.4M kls from 15.1M kls prior. Exports to Asia, China, and US were all up in low-single digits, while Europe shipments rose 10%. Japanese Yen sold off amid overall USD strength in the afternoon session, with USD/JPY pair hitting fresh 4-month highs above ¥103.15.

- RBA Gov Stevens delivered his semi-annual address to Australia's House Economic Committee with a slightly more upbeat view on fundamentals interspersed with a healthy dose of jawboning of the exchange rate. Stevens said economic forecasts may ultimately prove too conservative, with some evidence that productivity may be improving and recent data suggesting Sept quarter has started off well. On AUD, Stevens said it is not helping the economy, and the risks of further decline are underappreciated. He also said that while a currency intervention is not being considered at this time, it remains a part of the central bank's tool kit and would be considered if the exchange rate was much higher. AUD/USD fell as low as $0.9285 on the comments.

- Australia earnings calendar was particularly concentrated on the resources sector. Woodside Petroleum was up over 0.5% on rising H1 revenue, even though the company affirmed its FY output target. Fortescue Metals was marginally lower as net profit was in line with estimates and production rate for FY15 was forecasted at 155-160MT v 155MT in FY14. Wesfarmers is up over 2%, posting a 19% growth in profit and 4% increase in revenue.

- Ceasefire in Gaza expired without an extension as negotiators in Cairo remain unable to make much progress in talks and after a rocket was fired by Hamas targeting Ben Gurion airport. In Iraq, ISIS posted a video of executing an American journalist and threatening execution of another as recourse for bombings by the US airforce.

***Equities*** US markets: - PETM: Reports Q2 $0.98 v $0.94e, R$1.73B v $1.73Be; Confirms exploring strategic alternatives; to acquire Pet360 for $130M; +5.4% afterhours - QCOM: Samsung Electronics said to have developed a smartphone chips that would replace one made by Qualcomm - Korean press; -0.6% afterhours - LZB: Reports Q1 $0.20 (adj) v $0.21e, R$327M v $321Me; Increases share buyback for up to 5M additional shares (15% of outstanding); -4.1% afterhours - YOKU: Reports Q2 -$0.07 v -$0.07e, R$154.5M v $156Me; -8.2% afterhours - TEDU: Reports Q2 $0.12 v $0.07e, R$31.9M v $31.4Me (only 2 est.), guides Q3 R$38.5-39.5M v $41Me, guides FY14 $134.5-136M v 138Me; -9.2% after - HTZ: Now expects to be well below low end of 2014 guidance, citing weakness in rental markets; could see delay in spin off of equipment rental business - filing; -11.7% afterhours

Notable movers by sector: - Consumer Discretionary: APN News APN.AU -3.6% (H1 results); SEEK Ltd SEK.AU -3.0% (FY14 results); Coca-Cola Amatil CCL.AU -3.3% (H1 results) - Consumer staples: Biostime International Holdings 1112.HK -10.1% (H1 results) - Financials: Challenger Financial Services Group CGF.AU +3.1% (FY14 results); WesFarmers Limited WES.AU +2.1% (FY14 results); Cedar Woods Properties CWP.AU -2.5% (FY14 results); Bank of China 3988.HK -0.3% (H1 results); Ping An Insurance 2318.HK -0.1% (H1 results); Gemdale Corp 600383.CN -0.9% (H1 results) - Industrials: MacMahon Holdings MAH.AU +22.7% (FY14 results); Decmil Group DCG.AU -4.5% (FY14 results); NRW Holdings NWH.AU +3.9% (FY14 results); Shenzhen Expressway 548.HK +3.6% (H1 results) - Technology: NEC Corp 6701.JP -2.3% (to partner with Mexico); Brambles BXB.AU -1.5% (FY14 results) - Telecom: China Unicom 600050.CN -1.5% (July operating data) - Materials: BHP BHP.AU -3.9% (FY14 results); Fortescue Metals FMG.AU -0.2% (FY14 results) - Energy: Woodside Petroleum WPL.AU +0.6% (H1 results)

>>> After Hours Summary: ZPIN +4.9%, PETM +3.3%, RGSE -18.0%, HTZ -11.4%, TEDU -

After Hours Summary: ZPIN +4.9%, PETM +3.3%, RGSE -18.0%, HTZ -11.4%, TEDU -7.2% following earnings/guidance
After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: ZPIN +4.9%, PETM +3.3%, KTCC +0.2%

Companies trading higher in after hours in reaction to news: PETM +3.3% (announced acquisition of Pet360; announced exploration of strategic alternatives; co also reported earnings), CVV +3.2% (co receives an order in excess of $2.75 mln from a major aviation component supplier to design and build a CVD system for coating fiber), ACHN +2.3% (co was granted U.S. patent for ACH-3102 and structurally related NS5A inhibitors; patent term to last until 2032), YUME +2.3% (Zhengxu He discloses 5.2% passive stake in 13G filing; director of co also disclosed purchase of 20k shares), FFIC +1.8% (announced 1 mln share stock repurchase program), GNC 1.8% (director disclosed purchase of 30k shares)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: RGSE -18.0%, HTZ -11.4%, TEDU -7.2%, STV -5.5%, LZB -3.8%, CCIH -2.5%

Companies trading lower in after hours in reaction to news: RGSE -18.0% (filed for 5.015 mln share common stock offering upon exercise of existing warrants originally issued on November 15, 2013; co also reported earnings), HTZ -11.9% (co withdrew its 2014 financial guidance)