(BFW) Banco Comercial Portugues Shares Suspended, Euronext Says

BFW 06/24 13:58 *BANCO COMERCIAL PORTUGUES SHARES SUSPENDED, EURONEXT SAYS
Banco Comercial Portugues Shares Suspended, Euronext Says
2014-06-24 14:02:18.377 GMT


By Andrew Rummer
     June 24 (Bloomberg) -- Shrs suspended at request of
regulator, Euronext says in statement.
  * NOTE: BCP shrs -4.6% to 15.85 euro cents


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

To contact the reporter on this story:
Andrew Rummer in London at +44-20-7073-3722 or
arummer@bloomberg.net
To contact the editor responsible for this story:
Andrew Rummer at +44-20-7073-3722 or
arummer@bloomberg.net

>>> Carnival Plc Reports Q2 $0.10 v $0.02e, R$3.60B v $3.59Be

Carnival Plc Reports Q2 $0.10 v $0.02e, R$3.60B v $3.59Be
- Guides Q3 EPS $1.38-1.44 (no ests), net revenue yields flat to -1% y/y, net cruise costs +1.0-2.0% y/y 

Since March, fleetwide booking volumes for the next three quarters are running slightly behind last year at higher prices.
 
At this time, cumulative advance bookings for the remainder of 2014 are slightly ahead of the prior year at higher prices. 

- CEO: "Collectively our brands are gaining momentum in our efforts to drive higher ticket prices and we continue to expect sequential improvement in revenue yields, despite a more competitive environment in the Caribbean this summer. We remain focused on further understanding our guests and refining the exceptional customer experience we provide. We have also made significant strides in our efforts to identify opportunities for cross-brand operational efficiencies. This work is still in the early stages, but we are making progress and beginning to see encouraging signs. We believe we have reached a positive inflection point for our company as we return to earnings growth in 2014 and work hard to ensure that growth accelerates in the years to come."

(UBS) Shire : High uncertainty vs high share price

* Maintain Neutral, M&A upside offset by downside risk
Shire's share price is up c. 35% YTD on the back of improved EBIT margin, the
Viropharma acquisition and the bids AbbVie made recently. Although we believe
AbbVie could come back with a higher offer, we also believe the downside risk –
should a higher offer not materialise – offsets the upside AbbVie could offer over the
current valuation, and we maintain our Neutral rating. We believe there are more
fundamentally undervalued opportunities that offer a sounder strategy for nonspeculative
investors.

* Management bullish on pipeline, we are not fully convinced yet
Shire management provided a target of USD10bn in revenues by 2020, including
USD3bn of probability-weighted pipeline, excluding Fibrotech and the expected
USD3bn in Lumena peak sales potential (non-probability weighted). Based on
management target of USD7bn in pipeline non-probability-weighted peak sales (not
specifically in 2020), this makes us believe that management is assuming a pipeline
probability of success of between 50% and 75%, which appears much higher than
typical Biotech chance of success and even higher than Shire's historical success rate.
We also believe that some expectations, notably the USD1bn in Lifitegrast US sales,
appear highly optimistic, whereas a few other (like Binge Eating) appear conservative.

* Who will be next to follow: Celgene and BIIB probably to be discounted
We previously gave a range of US companies that looked of appropriate size to be able
to potentially achieve a tax-inversion strategy. We must stress that Celgene and Biogen
Idec are very unlikely bidders in our view: Celgene already benefits from a very low tax
rate; BIIB already expects sustained growth and has no need to patch any slowdown.
This leaves, in our view, only AbbVie and Allergan as likely suitors: AbbVie's latest offer
and Shire's bullish aspirations may make Shire unaffordable for Allergan.

* Valuation: adding a 30% M&A premium to DCF
We usually value using a DCF-based model that yields our 3,450p fair value but add a
30% M&A premium to reflect the AbbVie rejected offer to yield our 4,500p Price
Target and Neutral rating.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: GIGA -14.6%, WAG -2.3%, .

M&A news: SYT -2.6% (pull back from yesterday's strength, after reports of declining offer from Monsanto (MON)), SHPG -1.7% (to hire Goldman Sachs (GS) as adviser as Abbvie (ABBV) attempts to bid for company, according to reports).

Select EU financial related names showing weakness: LYG -1.2%, RBS -1.2%, ING -1.1%, UBS -0.8%, CS -0.8%.

Other news: OHRP -7.9% (announces interim top-line clinical results from Phase II Study of Squalamine eye drops in patients with Wet AMD), KNOP -7.2% (announced public offering of 4.6 mln common units; announced the entry into acquisition agreements for the purchase of the Hilda Knutsen and Torill Knutsen; management recommended $0.035 increase to quarterly cash distribution),LORL -5.7% (has rejected $80/share offer from Ontario Teachers Pension Plan & Telesat shareholder, according to reports), BRX -2.5% (announced secondary offering Of 25 mln shares of common stock by selling shareholder), PANW -2.1% (announced proposed $500 mln offering of convertible senior notes due 2019), MELI -1.6% (intends to offer $300 mln of convertible senior notes), FANG-1.5% (announced the launch of an underwritten public offering of 2,000,000 shares of its common stock by certain selling stockholders; the shares to be sold in the offering will be sold by certain entities controlled by Wexford Capital LP and by Gulfport Energy), VNCE -1.2% (announced launch of secondary public offering of ~3.55 mln shares of common stock by selling stockholders), DF -0.9% (reports that authorities have subpoenaed the company in insider trading investigation involving Carl Icahn), PRTA -0.9% (announced proposed offering of $100 mln of ordinary shares), RAD -0.8% (in sympathy with WAG).

Analyst comments: WWWW -6.1% (downgraded to Neutral from Buy at B. Riley), CTRP -5.2% (downgraded to Hold at Stifel), NNN -3.2% (downgraded to Neutral from Buy at BofA/Merrill), COG -1.3% (downgraded to Equal-Weight from Overweight at Morgan Stanley), PETM -1.2% (initiated with a Underweight at Morgan Stanley), HIMX -1% (target lowered to $5 at Chardan Capital Markets),TGT -0.7% (initiated with a Underweight at Morgan Stanley), NFX -0.6% (downgraded to Hold from Accumulate at KLR Group), BBBY -0.5% (initiated with a Underweight at Morgan Stanley)