>>> US Early premarket gappers

Early premarket gappers
Gapping up: SPPI +15.3%, OPWR +6.9%, INO +6.2%, INGN +5.4%, PE +4.6%, DRL +4.5%, CSIQ +4.1%, PF +3.7%, JKS +2.9%, PLUG +2.8%, PT +2.7%, NBG +2.6%, SNE +2.5%, FEYE +2.5%, AMZN +1.9%, STKL +1.5%, TSM +1.3%, HMIN +1.3%, BLUE +1.3%, F +1.1%, PAG +1%, SEAS +0.7%

Gapping down: LXFT -27.6%, KING -20.9%, QNST -9.8%, CREE -7.4%, JDSU -6.7%, FMI -6.4%, EPZM -6%, MYGN -5.4%, CRTN -4.2%, INSM -4.2%, VSAT -3.9%, NCT -3.3%, MATR -3.1%, RIO -3.1%, SYNC -3%, REXX -2.4%, REXX -2.4%, EPAY -2.4%, TKMR -2.2%, FOSL -2.2%, NWPX -2.1%, REXR -1.9%, DE -1.1%, BHP -1%, EBAY -1%

(BFW) Sampo CEO Stadigh Says Doesn’t Want to Bid for All of Topdanmark

Sampo CEO Stadigh Says Doesn’t Want to Bid for All of Topdanmark
2014-08-13 11:08:01.728 GMT


By Kati Pohjanpalo
Aug. 13 (Bloomberg) -- Says if holding >33%, there is risk
that co. would have to bid for whole of Topdanmark.
* Says “we have said we don’t intend to bid for the whole
co.”
* Says if Topdanmark continues buybacks, “we need to find out
from the regulator that there is no risk that we would cross
this threshold” and that if the buybacks trigger it, “we
would want to take a timeout and consider our position”
* Says intends to ask regulator for view

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To contact the reporter on this story:
Kati Pohjanpalo in Helsinki at +358-9-2512-2678 or
kpohjanpalo@bloomberg.net

To contact the editor responsible for this story:
Kim McLaughlin at +46-8-610-0702 or
kmclaughlin6@bloomberg.net

(BFW) Greek Economy Contracted 0.2% in 2Q Y/y; Est. -0.5%

BFW 08/13 09:01 *GREEK UNADJUSTED GDP FELL 0.2% IN 2Q FROM YEAR AGO
Greek Economy Contracted 0.2% in 2Q Y/y; Est. -0.5%
2014-08-13 09:03:15.642 GMT


By Marcus Bensasson
Aug. 13 (Bloomberg) -- Greece’s economy shrank 0.2% in 2Q
from year earlier, Hellenic Statistical Authority says in e-
mailed statement today.
* Est. -0.5% from 7 economists surveyed
* Greek GDP fell revised 1.1% y/y in 1Q
* Figure based on available non-seasonally adjusted data
* NOTE: Aug. 11 - Greece’s Recession Exit Hopes Seen Stumbling
on Russia {NSN NA5L5Z6S973A <go>}


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To contact the reporter on this story:
Marcus Bensasson in Athens at +30-210-741-9077 or
mbensasson@bloomberg.net

To contact the editor responsible for this story:
Nikos Chrysoloras at +30-210-7419022 or
nchrysoloras@bloomberg.net

(BFW) EON Says Free Cash Flow Possible in 2014; Targeted for 2015

BN 08/13 08:07 *EON CFO KLAUS SCHAEFER COMMENTS ON CALL WITH REPORTERS
BN 08/13 08:07 *EON: FREE CASH FLOW MAY BE POSSIBLE IN 2014; TARGETED FOR 2015
EON Says Free Cash Flow Possible in 2014; Targeted for 2015
2014-08-13 08:30:28.160 GMT


By Tino Andresen and Nadine Skoczylas
Aug. 13 (Bloomberg) -- EON CFO Schaefer makes free cash
flow comments on call with reporters.
* CEO Teyssen sees stabilization in wholesale power prices
* Preparing arbitration court claim vs Gazprom on gas price
* Says vol. of Gazprom dispute much smaller than last time
* Shares up 4.7% after earlier rising as much as 5.6%
* See earlier earnings stories here and here


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To contact the reporters on this story:
Nadine Skoczylas in Jerusalem at +972-2-640-1103 or
nelsibai@bloomberg.net;
Tino Andresen in Dusseldorf at +49-69-92041-395 or
tandresen1@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Nadine Skoczylas

(MS) July ’14 Hedge Fund Recap

July ’14 Hedge Fund Recap - PDF ATTACHED

SPECIAL SECTION: 
There have been a number of questions around the Event Driven space given last week’s activity. Event Driven gross was at multi-year highs as of early August; despite last week’s news, gross and net leverage saw relatively small declines. Among Multi-Strat / Macro funds, we have recently seen net leverage fall across this sample (though these figures are generally more volatile).

PERFORMANCE: 
Most hedge funds gave back some ground in July as over 60% of funds had negative returns and the median fund fell 58bps. This leaves overall YTD returns slightly above +1%, which puts it in line with July YTD returns in ’10 and ’11
Stock picking appeared to be challenging again last month: global equity long positions fell nearly 3%, which was almost 2% more than the MSCI AC World and 1% more than shorts

LEVERAGE: 
In July, Asia saw increases in gross and net leverage, while Europe saw decreases in both. In the early part of August, Europe gross and net have continued to fall, whereas in Asia, the increases seen in July have reversed some. US Equity L/S leverage figures were relatively non-volatile MoM.

EQUITY TRADING ACTIVITY: 
Despite US and European equity markets pulling back in July, hedge funds remained modest buyers of DM equities during the month.
Despite the deal-related news in early Aug, Event Driven funds only exhibited one large day of net selling (Aug 6) and this only served to offset a small fraction of the net buying in Jul.

US SECTOR ACTIVITY: 
7 of 10 sectors were net bought in July.
Health Care was the most net bought sector in July (4th consecutive month where it has been one of the most net bought sectors); in contrast, Discretionary was the most net sold sector – this sector has been net sold in 11 of the last 14 months

CAP INTRO UPDATE: 
Investors seem somewhat disappointed by muted Equity L/S performance YTD. In the UK, Event Driven strategies remain popular and UCITS allocators continue their Macro search. In Asia, a number of notable new funds recently launched or will over the next several months.

(MS) July ’14 European Market Colour

July ’14 European Market Colour - PDF ATTACHED

1/ In Europe, average gross exposure (for European focused Equity L/S Funds) dropped -1.06% in July via a greater MoM fall in long exposure than the rise in short exposure (-2.61% and +1.36% respectively). This combined decrease in long exposure and increase in short exposure led to the continued MoM reduction in net leverage (-11.35%), ending July at a 20 month low of 39%. Gross leverage levels ended the month at 173% after decreasing -0.53% MoM.

2/ Globally, exposure to Europe decreased on both the long and short side (-4.30% and -2.57% respectively), causing the European L/S ratio to fall -1.8%. Global gross exposure to Europe dropped -3.68% in July as a result. The larger MoM fall in long exposure versus short exposure led to the decrease in net exposure (-6.45%). In July the MSCI Europe fell -1.6%.

3/ Average equity trading volumes were subdued in July, increasing by 1.0% MoM. Similarly, the 20-day average increased +0.7% MoM. However, average trading levels still remain at 51% above the entire period average since Jan 2011. The standard deviation of these daily volumes increased +9.2% versus the previous month.