China's Hangzhou City to plans to put restrictions on automobile ownership - China press
--> Watch SXAP, BMW, VOW3 Could be hit by that news
ECB's Makuch: Seeing higher deflation risks in eurozone, ECB is preparing measures to fight deflation; would not oppose the use of QE if needed
- Euro to be weaker by the end of 2014
- Slovakia 2015 GDP to be +3.3%
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*DEUTSCHE BANK PLANS EU5B COCO BOND ISSUANCE, FT SAYS ON TWITTER 2014-03-25 12:51:04.613 GMT
--ADVEITH NAIR
-0- Mar/25/2014 12:51 GMT
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Copper-Surplus Estimate Quadruples at CRU as China Slows Down 2014-03-25 12:31:37.769 GMT
By Maria Kolesnikova, Agnieszka Troszkiewicz and Arie Shapira March 25 (Bloomberg) -- Copper market surplus this year will be almost four times bigger than prev. estimated as demand slows in China, according to CRU. * Production to outpace demand by 140k mt; excess will widen to ~250k in 2015 before exceeding 400k a year later * Copper at $7k/t prev. a “very firm floor,” now “more of a ceiling” * NOTE: Copper for delivery in 3 mos. up 1.2% today to $6,548/t on LME Story: NSN N2ZRQ46KLVSV <GO>
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To contact the reporters on this story: Arie Shapira in New York at +1-212-617-1488 or ashapira3@bloomberg.net; Maria Kolesnikova in London at +44-20-7073-3306 or mkolesnikova@bloomberg.net; Agnieszka Troszkiewicz in London at +44-20-7673-2967 or atroszkiewic@bloomberg.net To contact the editors responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net Phil Kuntz
Gapping down
In reaction to disappointing earnings/guidance: IDN -22.7%, GIII -7.3%.
Other news: AI -3.5% (announces 2.75 mln common stock offering), BGC -2.2% (may be attributed to block trade pricing), PFSI -2% (announces commencement of secondary public offering by selling stockholder), COMM -1.8% (announces secondary offering of 17.5 mln shares of common stock by an affiliate of The Carlyle Group), SQI -1.4% (announces 3 mln share common stock offering), VEEV -1.4% ( files amended S-1: Veeva offering 890k shares, selling stockholders offering 11.11 mln shares of common stock), SWHC -1.2% (announces vertical integration of precision plastic molding supplier), SGY -1.1% (light volume, Millennium Management discloses 6.0% stake in SC 13G filing).
Analyst comments: HIMX -7.1% (downgraded to Underperform from Buy at BofA/Merrill), ACI -4.1% (downgraded to Hold from Buy at Jefferies), PHM -2.6% (downgraded to Underweight from Equal Weight at Barclays), MT -0.9% (downgraded to Reduce from Hold at Kepler), T -0.8% (downgraded to Neutral from Overweight at HSBC) .
Gapping up
In reaction to strong earnings/guidance: VTNR +8.3%, SONC +6.8%, SOL +4.9% (also upgraded to Buy from Neutral at ROTH Capital), EXA +3.5% (thinly traded), WAG +0.3%, (light volume).
M&A related: RBS +1.1% (Mitsubishi Financial also considering bid for Citizens Group, according to reports, DIS +0.4% (to acquire Maker Studies for total consideration of $500 mln and a performance-linked earn-out of up to $450 mln).
Select financial related names showing strength: NBG +2.7%, DB +1.2%, ING +0.8% (to pay EUR 1.225 billion to Dutch State), BAC +0.3% (Barron's profiles positive view).
Metals/mining stocks trading higher: RIO +2.3%, ABX +1.5%, BHP +1.4%, AU +1.4%, IAG +1.4%, GDX +1.2%, GOLD +1.1%, SLV +0.7%.
Select solar related names showing strength: RGSE +3.3%, TSL +2.7%, JKS +2.2%.
Other news: OFIX +8.9% (announces filing of restated financial statements ), CCIH +8.8% (was added to NASDAQ Golden Dragon China Index yesterday), WUBA +7.8% (announced offering yesterday), HALO +5.9% (announces positive results from Phase 1/2 Clinical Trial In Cellulite With HTI-501), RLD +4.5% (RealD and Wanda Cinema sign agreement to add 780 RealD 3D Cinema Systems across China), PLUG +4.4% (lifting premarket on positive blog comments), LUX +3% (to develop and distribute a new breed of eyewear for Glass), CPRX +1.8% (announced that the independent Data Monitoring Committee overseeing the Co's ongoing pivotal Phase 3 clinical trial evaluating Firdapse for the treatment of Lambert-Eaton Myasthenic Syndrome recommended that the trial be continued as planned), UN +1.4% (still checking), AWAY +1.2% (announces proposed $350 mln offering of convertible senior notes due 2019), TWTR +1.1% (still checking), BUD +1% (still checking), WEN +0.9% (announces completion of its System Optimization initiative with sale of 104 restaurants in four U.S. markets), FEYE +0.8% (modestly rebounding; also initiated in-line at Imperial Capital;), NFX +0.7% (after appearance on Mad Money), RDS.A +0.6% ( plans to focus on large projects amid spending cuts, according to reports).
Analyst comments: ECYT +10.3% (added to Best Ideas List at Wedbush), NPSP +5.3% (initiated with a Buy at Goldman), VRNS +4.1% (several analyst initiations), RAX +3.3% (light volume, upgraded to Overweight from Equal Weight at Morgan Stanley), ARIA +2% (Ariad Pharm resumed with a Buy from Neutral at HC Wainwright; tgt $14), PANW +1.7% (upgraded to Outperform from Mkt Perform at FBR Capital), SINA +1.6% ( attributed to positive JPMorgan comments related Weibo), SAPE +1% ( initiated with a Buy at Sun Trust Rbsn Humphrey), ORAN +1% (upgraded to Hold from Reduce at Kepler), CVG +1% (initiated with a Buy at Sun Trust Rbsn Humphrey), E +0.8% (upgraded to Outperform from Market Perform at Raymond James)
M&A related: RBS +1.1% (Mitsubishi Financial also considering bid for Citizens Group, according to reports, DIS +0.4% (to acquire Maker Studies for total consideration of $500 mln and a performance-linked earn-out of up to $450 mln).
Select financial related names showing strength: NBG +2.7%, DB +1.2%, ING +0.8% (to pay EUR 1.225 billion to Dutch State), BAC +0.3% (Barron's profiles positive view).
Metals/mining stocks trading higher: RIO +2.3%, ABX +1.5%, BHP +1.4%, AU +1.4%, IAG +1.4%, GDX +1.2%, GOLD +1.1%, SLV +0.7%.
Select solar related names showing strength: RGSE +3.3%, TSL +2.7%, JKS +2.2%.
Other news: OFIX +8.9% (announces filing of restated financial statements ), CCIH +8.8% (was added to NASDAQ Golden Dragon China Index yesterday), WUBA +7.8% (announced offering yesterday), HALO +5.9% (announces positive results from Phase 1/2 Clinical Trial In Cellulite With HTI-501), RLD +4.5% (RealD and Wanda Cinema sign agreement to add 780 RealD 3D Cinema Systems across China), PLUG +4.4% (lifting premarket on positive blog comments), LUX +3% (to develop and distribute a new breed of eyewear for Glass), CPRX +1.8% (announced that the independent Data Monitoring Committee overseeing the Co's ongoing pivotal Phase 3 clinical trial evaluating Firdapse for the treatment of Lambert-Eaton Myasthenic Syndrome recommended that the trial be continued as planned), UN +1.4% (still checking), AWAY +1.2% (announces proposed $350 mln offering of convertible senior notes due 2019), TWTR +1.1% (still checking), BUD +1% (still checking), WEN +0.9% (announces completion of its System Optimization initiative with sale of 104 restaurants in four U.S. markets), FEYE +0.8% (modestly rebounding; also initiated in-line at Imperial Capital;), NFX +0.7% (after appearance on Mad Money), RDS.A +0.6% ( plans to focus on large projects amid spending cuts, according to reports).
Analyst comments: ECYT +10.3% (added to Best Ideas List at Wedbush), NPSP +5.3% (initiated with a Buy at Goldman), VRNS +4.1% (several analyst initiations), RAX +3.3% (light volume, upgraded to Overweight from Equal Weight at Morgan Stanley), ARIA +2% (Ariad Pharm resumed with a Buy from Neutral at HC Wainwright; tgt $14), PANW +1.7% (upgraded to Outperform from Mkt Perform at FBR Capital), SINA +1.6% ( attributed to positive JPMorgan comments related Weibo), SAPE +1% ( initiated with a Buy at Sun Trust Rbsn Humphrey), ORAN +1% (upgraded to Hold from Reduce at Kepler), CVG +1% (initiated with a Buy at Sun Trust Rbsn Humphrey), E +0.8% (upgraded to Outperform from Market Perform at Raymond James)
Stocks with favorable mention: GILD, IBM, NOG, HOT, PCLN, AWAY, TRIP, STC, PII, ISIS, EPD, NFX
Stocks with unfavorable mention: SPLK, WPRT, KNDI, SWKS, BWP
Stocks with unfavorable mention: SPLK, WPRT, KNDI, SWKS, BWP
Novartis AG FDA publishes staff notes
**Note on March 27th, the FDA Cardiovascular and Renal Drugs Advisory Committee will discuss biologics license application 125468, serelaxin injection, submitted by Novartis, as a treatment to improve the symptoms of acute heart failure through reduction of the rate of worsening of heart failure.
Novartis’s serelaxin shouldn’t be approved for proposed use to reduce symptoms of acute heart failure, FDA clinical reviewer said in report.
- FDA clinical reviewer cites “insufficient evidence” to support use, says no signficant safety concerns were identified that preclude approval
- NVS expects data in 2016 from separate Phase 3 study of serelaxin to reduce death risk
- Co. decided to seek approval based on data from single study, even though two pivotal studies are usually required for approval: Rob Kowalski, NVS’s global head of drug regulatory affairs, in Feb. interview
- FDA advisory panel will review findings at March 27 meeting
- Review initially scheduled for Feb. 13 was postponed because of weather
- Bloomberg Industries est. Pdufa date is in May; serelaxin received breakthrough status from FDA in June 2013
- Analysts est. 2018 serelaxin sales $523.1m: Bloomberg data; Endo has Canadian rights to drug
- Other cos. developing drugs for acute heart failure include Forest Labs/Trevana, Amgen/Cytokinetics/Servier: BI
- NOTE: NVS appealing EU panel’s recommendation against serelaxin in Jan., seeking conditional approval to sell drug contingent on larger mortality study showing benefit
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MORE: Lufthansa Won’t Pursue SAS Takeover, Spokesman Says 2014-03-25 11:58:02.841 GMT
By Peter Levring March 25 (Bloomberg) -- Buying SAS or any other airline isn’t option as Lufthansa is focused on bringing own house in order, has no space to add complexity from acquisitions, spokesman Martin Riecken says at Copenhagen press conference. * EARLIER: Lufthansa Says ‘Confident’ in Deal With Pilots to Avoid Strike
For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>
To contact the reporter on this story: Peter Levring in Copenhagen at +45-33-457-122 or plevring1@bloomberg.net To contact the editors responsible for this story: Christian Wienberg at +45-33-457-121 or cwienberg@bloomberg.net Gelu Sulugiuc
Emerson discloses February 2014 Order update; underlying orders increased 4%
Trailing three-month orders growth continued to reflect slightly improving global macroeconomic conditions, with mixed demand among geographies and markets. Excluding unfavorable currency translation of 2 percentage points, underlying orders increased 4 percent, as all segments reported growth and four of five improved sequentially. Market conditions remained favorable in Asia, with solid demand in China, while political instability in Russia and the Ukraine has dampened demand in that region. The harsh weather in the U.S. continued to adversely affect orders and sales in February, which are expected to be recovered over the next several months.