Exec: Could cut an additional £4.3B from cost base by 2017, have cut balance sheet risk substantially - annual meeting comments- have a solid capital position and strong liquidity - Source TradeTheNews.com
Gapping down
In reaction to disappointing earnings/guidance: TISI -7.3%, LNN -6%, VMI -4.8%, GIS -2.5%, APOG -2.3%.
Select oil/gas related names showing early weakness: VLO -3.1%, HFC -3.1%, SDRL -3%, MPC -2.9%, PSX -2.2%, TSO -1.8%, STO -1.7%, WNR -1.5%.
Other news: NURO -15.2% (announced $8 mln preferred stock placement), ATNM -12% (announces proposed public offering of common shares), CVRR -6.6% (announced launch of public offering of 6 mln common units representing limited partner interests), FIO -2.6% (cont M&A speculation), ESI -2.4% (co disclosed it will need to restate certain unaudited financial statements due to decision to consolidate the financial results of the PEAKS Trust), GLNG -1.8% (files mixed securities shelf offering; announced the commencement of registered offering of 11,000,000 shares of common stock), GLNG -1.8% (announced commencement of registered offering of 11,000,000 shares of common stock), GLNG -1.8% (prices 11 mln shares of common stock at $54 per share), CCL -1% (cont weakness after yesterday's earnings release).
Analyst comments: SDRL -3% (downgraded to Sell from Hold at Danske Bank), IMGN -2.1% (initiated with a Underweight at Morgan Stanley), PBR -1.7% (downgraded to Equal-Weight from Overweight at Morgan Stanley), HOG -1.5% (downgraded to Hold from Buy at KeyBanc Capital Mkts), COH -1.4% (downgraded to Underperform from Neutral at BofA/Merrill), CTRP -0.9% (downgraded to Outperform from Strong Buy at Raymond James).
Shire plc: Buyout price will need to be at least $50bn ($240-245/share) for co to bit - CRT Capital
CRT Capital notes that ahead of Abbvie's call this morning, they continue to make the case that the ~$46.5bn offer for SHPG (equating to 8X rev/18.5X EBITDA) undervalues the company as comps' M&A deals are going for upwards of 20X. Tim puts the odds at 2:3 that SHPG is bought out but thinks the price will need to be at least $50bn ($240-245/share) for them to bite.
Gapping down
In reaction to disappointing earnings/guidance: TISI -7.3%, LNN -6%, VMI -4.8%, GIS -2.5%, APOG -2.3%.
Select oil/gas related names showing early weakness: VLO -3.1%, HFC -3.1%, SDRL -3%, MPC -2.9%, PSX -2.2%, TSO -1.8%, STO -1.7%, WNR -1.5%.
Other news: NURO -15.2% (announced $8 mln preferred stock placement), ATNM -12% (announces proposed public offering of common shares), CVRR -6.6% (announced launch of public offering of 6 mln common units representing limited partner interests), FIO -2.6% (cont M&A speculation), ESI -2.4% (co disclosed it will need to restate certain unaudited financial statements due to decision to consolidate the financial results of the PEAKS Trust), GLNG -1.8% (files mixed securities shelf offering; announced the commencement of registered offering of 11,000,000 shares of common stock), GLNG -1.8% (announced commencement of registered offering of 11,000,000 shares of common stock), GLNG -1.8% (prices 11 mln shares of common stock at $54 per share), CCL -1% (cont weakness after yesterday's earnings release).
Analyst comments: SDRL -3% (downgraded to Sell from Hold at Danske Bank), IMGN -2.1% (initiated with a Underweight at Morgan Stanley), PBR -1.7% (downgraded to Equal-Weight from Overweight at Morgan Stanley), HOG -1.5% (downgraded to Hold from Buy at KeyBanc Capital Mkts), COH -1.4% (downgraded to Underperform from Neutral at BofA/Merrill), CTRP -0.9% (downgraded to Outperform from Strong Buy at Raymond James).
Early premarket gappers
Gapping up: NSPH +32.4%, AERI +24.9%, DLIA +13.9%, ATEA +6.4%, IMS +5.3%, PGH +4.6%, AMG +3.3%, SYRG +3%, KEQU +2.7%, FL +2.2%, LNN +2.2%, SHPG +2.1%, SGNT +1.9%, HLT +1.4%, WFM +1.4%, POWR +1.3%, VOD +1.1%, LHO +1%, BMY +0.9%
Gapping down: ATNM -12%, NURO -8.5%, TISI -7.3%, CVRR -6.3%, VMI -4.8%, SDRL -3.2%, GLNG -2.7%, GLNG -2.7%, GLNG -2.7%, ESI -2.4%, GIS -2.3%, APOG -2.3%, FNF -1.8%, STO -1.7%, COH -1.4%, CCL -1.1%
Gapping down: ATNM -12%, NURO -8.5%, TISI -7.3%, CVRR -6.3%, VMI -4.8%, SDRL -3.2%, GLNG -2.7%, GLNG -2.7%, GLNG -2.7%, ESI -2.4%, GIS -2.3%, APOG -2.3%, FNF -1.8%, STO -1.7%, COH -1.4%, CCL -1.1%
BG, Galp, Repsol Set for Uplift on Brazil Santos Basin, DB Says
2014-06-25 11:27:40.86 GMT
By James Cone
June 25 (Bloomberg) -- Increasingly confident on progress
at Brazil Santos Basin, sees “meaningful uplift” to financial
momentum over 18 months from 3Q for BG Group, Galp and Repsol,
Deutsche Bank says in note dated June 24.
* DB: data points on flow rates, pre-drilled wells building
momentum for delivery phase; sees wave of ramp-ups/start-ups
to prompt reassessment of risk/value
* Success can prompt cash flow from ops. uplift vs 2013 of
20% for BG, 25% for Galp, 8% for Repsol
* Says for BG (buy, PT 1,400p) Brazil is 40% NAV, 20% of
2015 cash flow from ops.; mgmt. focused on delivery of
long-term value, would be wrong point to trim Brazil
* Galp (buy, PT EU15) from 3Q can break from relative
stagnation of last 20 months as Brazil production builds
up; weak downstream sees 2014 EPS cut to EU0.33 vs
consensus EU0.36
* Repsol (hold) likely to see FCF breakeven from Brazil in
2014, move strongly positive in 2015
* NOTE June 23: BG Should Demerge LNG Business to Release
Value: Deutsche Bank
* NOTE June 2: Repsol Said to Turn to Ex-YPF Executive to Run
Brazil Unit
* NOTE March 4: Galp Increases Investment Outlook to Focus on
Brazil, Mozambique
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
James Cone in London at +44-20-7673-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
2014-06-25 11:27:40.86 GMT
By James Cone
June 25 (Bloomberg) -- Increasingly confident on progress
at Brazil Santos Basin, sees “meaningful uplift” to financial
momentum over 18 months from 3Q for BG Group, Galp and Repsol,
Deutsche Bank says in note dated June 24.
* DB: data points on flow rates, pre-drilled wells building
momentum for delivery phase; sees wave of ramp-ups/start-ups
to prompt reassessment of risk/value
* Success can prompt cash flow from ops. uplift vs 2013 of
20% for BG, 25% for Galp, 8% for Repsol
* Says for BG (buy, PT 1,400p) Brazil is 40% NAV, 20% of
2015 cash flow from ops.; mgmt. focused on delivery of
long-term value, would be wrong point to trim Brazil
* Galp (buy, PT EU15) from 3Q can break from relative
stagnation of last 20 months as Brazil production builds
up; weak downstream sees 2014 EPS cut to EU0.33 vs
consensus EU0.36
* Repsol (hold) likely to see FCF breakeven from Brazil in
2014, move strongly positive in 2015
* NOTE June 23: BG Should Demerge LNG Business to Release
Value: Deutsche Bank
* NOTE June 2: Repsol Said to Turn to Ex-YPF Executive to Run
Brazil Unit
* NOTE March 4: Galp Increases Investment Outlook to Focus on
Brazil, Mozambique
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
James Cone in London at +44-20-7673-2572 or
jcone@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
General Mills misses by $0.05, misses on revs; guides FY15
Reports Q4 (May) adj. earnings of $0.67 per share, $0.05 worse than the Capital IQ Consensus of $0.72; revenues fell 2.9% year/year to $4.28 bln vs the $4.42 bln consensus.
- Lower pound volume subtracted 2 points of net sales growth, while net price realization and mix added 1 point. Foreign currency exchange reduced net sales growth by 2 points in the quarter.
- Adjusted gross margin was 10 basis points below the year-ago level.
- General Mills fiscal 2015 net sales are expected to grow at a mid single-digit rate in constant currency, including the contribution of a 53rd week in the fiscal period (consensus +4%, as reported). Adjusted segment operating profit also is expected to grow at a mid single-digit rate in constant currency. Benefit of the extra fiscal week will be reinvested to support increased advertising and digital media initiatives, along with project expenses related to several key fiscal 2016 product launches.
- Adj. diluted EPS is expected to grow at a high single digit rate in constant currency (consensus +10% to $3.10). At current exchange rates, the co estimates a 3-cent headwind from currency translation in 2015.
- "Our Number One objective in the new fiscal year is to accelerate our topline growth," Powell said. "Our fiscal 2015 plans include a strong new-product lineup, compelling news or renovation on many existing brands, and a full slate of consumer-focused marketing initiatives. In addition, supply chain cost-savings from our ongoing Holistic Margin Management (HMM) program are expected to exceed $400 million in 2015. We anticipate these savings will offset input cost inflation, which we estimate at 3 percent for the new year.
- General Mills said it has begun a formal review of its North American manufacturing and distribution network with the goals of streamlining operations and identifying potential capacity reductions. The company also has initiated efforts focused on further reducing overhead costs. Together, the new cost-reduction initiatives are targeted to generate savings of $40 million pretax in fiscal 2015, with additional savings expected in fiscal 2016. The company plans to announce further details in the coming months as specific actions are determined.
Shire Plc AbbVie issues Statement regarding a possible offer for Shire plc
Following its announcement on June 20, 2014, AbbVie is pleased to outline the compelling strategic rationale for, and background to, its proposal to the Board of Shire of £20.44 in cash and 0.7988 ordinary shares of New AbbVie for each Shire share (the "Proposal"). The Proposal represented an indicative value of £46.26[2] on May 29, 2014 (the latest practicable date before the Proposal was made). Whilst this cash and share mix is valued at £45.64[3] per share as of June 24, 2014 any firm offer made by AbbVie under Rule 2.7 of the Code will need to be equivalent to £46.26 per share (subject to the reservations set out later in this announcement). Combination has compelling strategic rationale for all shareholders
From: LAURENT CHEKROUN ()
Subject: >>> Shire Plc AbbVie issues Statement regarding a possible offer for Shire plc
Shire Plc AbbVie issues Statement regarding a possible offer for Shire plc
Shire Plc AbbVie issues Statement regarding a possible offer for Shire plc
Novo Nordisk A/S B Deputy CEO: Sees annual rev growth of 10% over next 10-20 years - press
- Rival will struggle to keep up with new GLP-1 diabetes pill
--> could weight on Sanofi