>>> US Early premarket gappers

Early premarket gappers

Gapping up: SYNA +18%, SYNA +18%, ULTA +9.3%, RMBS +8%, SPEX +6.7%, NAVB +6.1%, TEDU +6%, AVNR +5.5%, PSEC +5.3%, INFY +3%, MU +2.7%, SPWH +2.1%, CRDC +2%, AG +0.8%, BSX +0.5%

Gapping down: OREX -15.9%, PVA -5%, ACHN -3.7%, RCPT -3.7%, EXC -3.1%, STAY -2%, IDRA -2%, BNNY -2%, ING -1.8%, UBS -1.8%, SAN -1.6%, UNFI -1.5%, OXM -1.3%, BA -1.1%, DDD -1.1%, DAL -1%, JD -0.9%, DB -0.9%, BCS -0.9%

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names he has in its portfolio :
MICRON TECH MU US
VIASAT INC VSAT US
THERAVANCE THRX US
IDENIX PHARM IDIX US
CHENIERE ENERGY LNG US
BP PLC-ADR BP US
PBF ENERGY INC-A PBF US
KERYX BIOPHARM KERX US
NOVAGOLD RES NG US
CHIPMOS TECH IMOS US
CITIGROUP-CW19 C/WS/A US
RF MICRO DEVICES RFMD US
TRIQUINT SEMICON TQNT US
KINDRED BIOSCIEN KIN US
SYNERON MEDICAL ELOS US
ALLIANCE ONE INT AOI US
AMERICAN IN-CW21 AIG/WS US
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AVEO PHARMACEUTI AVEO US
ALON USA PARTNER ALDW US

NY POst : Move to Switzerland to dodge IRS may give Walgreen blues

If Walgreen wants to save a mountain on taxes by moving to Switzerland, it had better get ready for an avalanche of criticism.
The drugstore giant could save $4 billion in federal taxes over the next five years by reincorporating in Switzerland, according to a report to be released Wednesday.
The artful tax dodge has been advocated by a cadre of shareholders, including billionaire Barry Rosenstein, who this spring shelled out $147 million for a Hamptons beach house, the highest-ever price tag for a private US residence.
But the move could also cause a major public-relations headache for Walgreen, according to the study compiled by Americans for Tax Fairness, a Washington think tank.
That’s because Walgreen gets nearly a quarter of its revenue from US taxpayer-funded Medicare and Medicaid programs, the report calculates — not to mention millions in federally subsidized bonuses enjoyed by top Walgreen execs.
“Many Americans will find it unfair and deeply unpatriotic if the company moves offshore, while continuing to make its money here, leaving the rest of us to pick up the tab for its tax avoidance,” said Frank Clemente, executive director of the think tank.
The overseas move, known as a “tax inversion,” was a key feature in Pfizer’s recently thwarted $100 billion merger proposal with UK drug giant AstraZeneca.
In the case of Walgreen, it’s being pushed by investors including Rosenstein’s Jana Partners, Och-Ziff and Corvex, who in April met in Paris to discuss the idea with Walgreen brass, including CEO Greg Wasson.
Goldman Sachs Investment Partners also attended the Paris meeting, but the fund isn’t advocating the tax move, said bank spokeswoman Andrea Raphael.
Representatives at the other firms declined to comment.
Walgreen officials didn’t respond to requests for comment. The retailer has recently said it has “no plans” to reincorporate in Europe for tax purposes.
Nevertheless, Walgreen reportedly has been pressured by Italian billionaire Stefano Pessina to try the Swiss tax dodge as it plans to take control of British drugstore chain Alliance Boots.
Walgreen, which bought 45 percent of Alliance Boots in 2012, is expected to complete a merger with the chain next year.
Pessina, chairman of Alliance Boots, already has reincorporated the British chain in Switzerland — a move that spawned picket protests outside London-area Boots drugstores.
If Walgreen attempts a Swiss move, it might spur the same kind of dyspepsia among its own customers, Wednesday’s report suggests, noting that the Illinois-based company has won $46 million in state tax breaks over the past decade.

WSJ : EU to Probe Tax Affairs of Apple, Starbucks

EU to Probe Tax Affairs of Apple, Starbucks
Investigation Comes Amid Concerns About Generous Tax Arrangements

BRUSSELS—European Union regulators will announce a formal investigation into the tax affairs of Apple Inc. AAPL +0.59% and Starbucks Corp. SBUX -0.77% in Europe on Wednesday, according to people familiar with the matter, amid concerns that multinational companies enjoy sweeter tax deals than are permitted under EU law.

The probe by the European Commission, the EU's executive arm, will center on generous tax arrangements granted to global corporations in at least three EU countries—Ireland, Luxembourg and the Netherlands—which the commission worries may amount to illegal state aid.

The probe into Starbucks will focus on the company's so-called transfer-pricing arrangements in the Netherlands, the location of the company's European headquarters, one of the people said. Under those arrangements, multinationals set prices for goods or services that pass between different group entities. Experts say transfer prices can be used to minimize a company's tax bill.

One person familiar with the matter said the EU investigation will cover Apple's tax affairs in Ireland, also examining in part the issue of transfer pricing.

(Exane) Leisure & Hotels : Accor, Intercontinental, Whitebread, Marriot, NHH,...

Page 6 of the report comment on potential Marriott/. Accor deal

Exane reinitiate coverage of European Hotels. Despite the sector’s strong run, we see scope for
further outperformance driven by earnings upgrades given the rapid improvement in market
conditions in both the US and Europe. Our top picks are Accor, Rezidor and Whitbread.

* Further to go
Demand trends are improving, supply growth is limited and there is upward pressure on pricing –
the near-term prospects for hotel sector growth are strong. These dynamics, coupled with
optionality from M&A, are supportive for sector valuation.

* Wake up call on OTA
Online Travel Agencies (‘OTA’) represent a long-term threat to industry returns. In response to this
challenge, we expect the leading hotel groups to undertake a new phase of IT capex, marketing
partnerships and potential mega-mergers. We review this industry disruption in detail, highlighting
the risks to franchisors.

* M&A: the next big theme
We believe the combination of the OTA threat, slowing market growth (given occupancy levels are
already close to or above previous peaks) and more challenging conditions in Emerging Markets is
likely to drive a new wave of sector M&A. We see Accor/Marriott as the most likely mega-merger.

(+): Rezidor, Accor, Whitbread, Expedia
We favour hotel groups with the highest operating leverage, strong pricing power and attractive
valuation attributes. This drives our Outperform ratings for the initiation coverage of Rezidor
(SEK53), Accor (TP EUR46), Whitbread (TP GBP50) and Expedia (TP USD91).

(-/=): IHG, NH Hoteles
With valuation less attractive, M&A less likely or partly priced in and amid the rising threat of OTA,
we take a more cautious stance on IHG (Underperform, TP GBP22) and NH (Neutral, EUR4.5).

(BFW) Accor, Marriott Most Likely Mega-Merger, Exane Says

Accor, Marriott Most Likely Mega-Merger, Exane Says
2014-06-11 08:26:29.891 GMT


By Gaurav Panchal
     June 11 (Bloomberg) -- Combination of Online Travel
Agencies threat, slowing market growth, challenging conditions
in Emerging Markets likely to drive new wave of M&A in Leisure &
Hotels sector, Exane says.
  * Hotel market is fragmented, stalling; top 10 major hotel
    chains operate 4.6m rooms (24% of global supply, 60%
of hotel chain supply): Exane
  * Says Accor, Carlson and InterContinental figure in most of
    the possible combinations for next round of M&A
  * Chains controlling more than 15% of their segment locally
    have critical size to optimize purchasing power versus OTA:
    Exane
  * Says combinations involving Accor are the most complementary
    for several big U.S. chains like Marriott, Hilton
    * Accor, Marriott deal makes most sense, other deals are
      possible
      * Accor, Marriott share family owned business spirit
        which is unique in industry, could help integration
        process: Exane
  * Accor, Marriott share family owned business spirit
    which is unique in industry, could help integration
    process: Exane</li></ul></li></ul>


Link to Company News:{AC FP <Equity> CN <GO>}
Link to Company News:{EXPE US <Equity> CN <GO>}
Link to Company News:{IHG LN <Equity> CN <GO>}
Link to Company News:{MAR US <Equity> CN <GO>}
Link to Company News:{NHH SM <Equity> CN <GO>}
Link to Company News:{REZT SS <Equity> CN <GO>}
Link to Company News:{HOT US <Equity> CN <GO>}
Link to Company News:{WTB LN <Equity> CN <GO>}

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

To contact the reporter on this story:
Gaurav Panchal in London at +44-20-7392-0511 or
gpanchal2@bloomberg.net

To contact the editor responsible for this story:
Roger Neill at +44-20-7673-2867 or
rneill3@bloomberg.net