(BFW) *MARFIN INVEST SAID TO ISSUE 5-YEAR EU250M CONVERTIBLE BOND

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BN 05/14 14:19 *PIRAEUS BANK SAID TO BUY 5-YEAR MARFIN INVESTMENT GROUP BOND

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*MARFIN INVEST SAID TO ISSUE 5-YEAR EU250M CONVERTIBLE BOND 2014-05-14 14:19:07.342 GMT

--MARCUS BENSASSON

-0- May/14/2014 14:19 GMT

FT : Investors lift cash holdings to two-year highs

Investors lift cash holdings to two-year highs

Investors have increased their holdings of cash to the highest in nearly two years and scaled down risk-taking, amid fears of geopolitical instability and questions about the strength of the global economic recovery.
Despite Wall Street and European indices hitting record and near-record highs, investors are sitting on more cash and have reduced equity holdings compared with a month ago, the latest BofA Merrill Lynch fund manager survey shows.

Investors also see two significant risks to market stability. One-third of the global panel believes the possibility of Chinese debt defaults poses the biggest risk, while 36 per cent say a geopolitical crisis is the greatest threat.
“Investors are showing belief in the economy but with two big question marks: Are we on the brink of a disruptive event? And why, at this point in the cycle, isn’t this recovery stronger?” said Michael Hartnett, chief investment strategist at BofA Merrill Lynch Global Research.
Average cash levels have reached 5 per cent of portfolios, the highest since June 2012 and up from 4.8 per cent in April. A net 22 per cent are taking below normal levels of risk, up from 11 per cent a month ago. The proportion of asset allocators overweight equities has fallen to a net 37 per cent from a net 45 per cent last month.
European equities have bucked the broader monthly trend of seeing allocations scaled down and investors have indicated the positive flows should continue.
A net 36 per cent of global asset allocators say they are overweight eurozone equities, up from a net 30 per cent in April. Allocations to other developed markets, namely the US and Japan, fell month-on-month.
“Specifically, within Europe, investors are all aboard the periphery train, and there’s now simply no margin for error. Spanish and Italian equities are preferred over those in the UK and Switzerland, while eurozone periphery debt is seen as the most crowded trade globally,” said Obe Ejikeme, European equity and quantitative strategist.
Europe is the region most in favour, looking ahead. A net 28 per cent say it is the region they most want to be overweight in the coming 12 months, up from a net 23 per cent a month ago. A net 14 per cent say European equities are undervalued.
The US is the least-favoured region, with a net 18 per cent saying it is the region they most want to be underweight in, up from a net 9 per cent in April. Forward-looking sentiment for emerging markets has improved slightly over the past month and a net 3 per cent say it is the region they most want to be overweight in.

>>> Allergan: CRT Capital believes that VRX could up their b

Allergan: CRT Capital believes that VRX could up their bid for AGN by $5bn on the cash side (161.28)

CRT Capital believes that VRX could up their bid for AGN by $5bn on the cash side to make it a $52bn offer -- they say this would still give them 18-20% eps accretion in year 1, as well as $2.7bn in cost synergies equaling $9-10 in upside to AGN.  

>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: SUTR -11.6%, ZAZA -7.2%, YUME -7.1%, BGMD -7.1%, URS -7.1%, GLOG -6.9%, SNE -5.9%, FOSL -5%, VIP -4.2%, PLUG -3.7%, RVNC -3.3% (light volume), SODA -3.3%, TTWO -3.1%, QTWW -2.9%, AMZG -2.1%, (light volume), DE -0.7%, HTZ -0.2%, ( to extend filing of Q1 2014 Form 10-Q; reaffirms FY14 guidance).

M&A related: VOD -0.4% (Vodafone PLC deal may not happen if AT&T & DirectTV deal goes through, according to reports).

Other news: HYGS -20.9% ( commences public offering of common shares from treasury and from CommScope of North Carolina, a selling shareholder), ECT -10.3% (still checking), USAC -3.6% (launches public offering of 6.6 mln common units (1 mln by certain selling unitholders) representing limited partner interests in the Partnership), SRC -2.4% (announces commencement of concurrent underwritten public offerings of 23 mln shares of common stock and $550.0 million aggregate principal amount of convertible senior notes), MITL -2.1% ( announces $91 mln bought deal secondary offering of common shares), DK -1.9% (announces secondary offering of 9.2 mln shares of common stock by selling stockholders), BPI -1.8% (files to delay its 10-Q), TTGT -1.5% (announces public offering of 5 mln shares of common stock by selling stockholders), GPT -1.2% (announces pricing of upsized public Offering of 40,000,000 Shares of Common Stock at $4.98/share), EGY -0.9% ( filed for a $500 mln mixed securities shelf offering), AR -0.9% (prices secondary public offering of 12 mln shares of common stock at $62 per share ), NXPI -0.7% (announces secondary offering of ~17.38 mln shares of common stock by selling stockholders), XXIA -0.7% (Ixia files to delay its 10-Q; completing restatement of its condensed consolidated financial statements for the quarter ended March 31, 2013), AMZN -0.7% (cautious MadMoney mention), SIVB -0.4% ( prices 3.9 mln shares common stock at $101.00 per share)

Analyst comments: NVO -1.6% (downgraded to Neutral from Buy at UBS ), SQM -0.7% (downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $27 from $34)

>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance: RUBI +21.9% (also upgraded at RBC Capital Mkts and at Opco), ARTX +18.5%, NTWK +10.1%, PSDV +8.5% (thinly traded), SWAY +6.5%, CEL +5.2% (light volume), FIVN +4.6% (light volume), AG +3.6%, AMBR +2.6%, IOC +2.3%, EZCH +2.3%, (light volume), CYCC +2.2%, (light volume), M +1.8%, (also increases dividend by 25% and raises share repurchase authorization by $1.5 billion).

Metals/mining stocks trading higher: NEM +1.7%, MT +1.5%, GG +1.3%, SLV +1.2%, GDX +1.1%, SLW +1.1%, GFI +0.8%, RIO +0.6% (Rio Tinto says Vale dispute will not alter plans to build $20 bln mine, according to reports ), GOLD +0.5%, BHP +0.5% (reviewing options for its Nickel West business), SSRI +0.5%, GLD +0.1%.

A few India related names showing strength: IBN +2%, TTM +0.9%, INFY +0.6%.

A few solar names trading higher: CSIQ +1.5% (announces partnership with IKEA Australia to build 3.6MW solar system), YGE +6.6% (to provide engineering, procurement and construction services to the Electricity Generating Authority of Thailand for a 5 MW solar power plant in Thailand as a member of a four-party Consortium ).

Other news: PTX +12.1% (signs agreement to acquire TREXIMET Tablets for Migraine From GSK; co will make an upfront payment to GSK of $250 mln), ZTS +11.6% (still checking), CLDX +9.2% (Bristol-Myers and Celldex Therapeutics announce clinical trial collaboration to evaluate the combination of investigational immunotherapies nivolumab and varlilumab), ISIS +7.6% (reports Phase 2 data on ISIS-GCGR Rx showing significant reduction in HbA1c in patients with type 2 diabetes; greater than 2 percentage point reduction in HbA1c achieved after only 13 weeks of dosing ), SHLD +7.3% (Sears Hldg announced that it is exploring strategic alternatives for its 51% interest in Sears Canada), XON +5% (still checking), IMPV +3.7% ( may be attributed to positive CNBC Fast Money mention), MM +3.1% (Pres/CEO disclosed purchase of 291000 shares, worth total of $1002.7K ), TWGP +2.6% ( discloses dismissal of PwC, appointment of BDO as auditor), BLDP +1.9% (to power fuel cell hybrid bus at UC Irvine with partners BAE and ElDorado National), DXPE +1.9% (modestly rebounding), WMB +1% (Williams Cos, Williams Partners announce 2016 dividend and distribution growth guidance; WMB expects annual dividend growth of 20% through 2016 with substantial excess cash coverage and line of sight to continued high growth well beyond guidance period), AGN +0.8% (Valeant Pharma (VRX) and Pershing Square putting more pressure on AGN, according to reports), APC +0.7% (Announces 50% quarterly dividend increase to $0.27 per share),SGMS +0.6% ( CEO & CFO disclose stock purchases worth more than $500K ), WHR +0.5% (following positive Barron's mention), YHOO +0.5% (acquired Blink (Snapchat competitor), according to reports out last night), UA +0.4% (positive MadMoney mention), KORS +0.4% (following FOSL results), THRX +0.3% (GlaxoSmithKline disclosed purchase of 317,770 shares on 5/9).

Analyst comments: CAMP +4.9% (upgraded to Overweight from Equal Weight at First Analysis), MNKD +3.3% (upgraded to Neutral from Underweight at Piper Jaffray), INVN +1.5% (initiated at Imperial), AKAM +1.5% ( upgraded to Outperform from Sector Perform at Pacific Crest), P +1.4% (upgraded to Outperform from Market Perform at Raymond James), COHU +1.2% ( initiated with a Buy at B. Riley & Co), RCL +0.9% (upgraded to Buy from Neutral at SunTrust ), WDC +0.6% (upgraded to Overweight from Equal Weight at Barclays)

NY Post : Spotify ‘beats’ the pants off Dr. Dre�€™s fledgling streaming service

Dr. Dre (who burst onto the rap scene as a solo artist in 1992 with “The Chronic”) may be living large, but his Beats Music is definitely small.
The four-month-old subscription streaming service had just 111,000 subscribers in March, according to a report released on Tuesday — that puts it w-a-ay behind sector leader Spotify, with 6 million paid subscribers.
Apple is in the process of acquiring Beats Electronics, which makes audio gear, and its Beats Music operation, for $3.2 billion.
The subscriber number, reported in a blog post at The Trichordist (a site crusading for better streaming fees for artists), reveals it had a slow start out of the gate — despite kickoff TV spots during the Super Bowl and the Grammys and spots on Ellen DeGeneres’ talk show.
Beats also had plenty of promotional help from partner AT&T, which is offering three months of free service.
While Beats Music’s marketing budget hasn’t been revealed, some put it as high as $40 million. If that figure has been spent, then each customer — many of whom have signed up for free trials — cost the firm $360 to acquire.
A spokesman for Beats Music declined comment.
Spotify had about a million paying customers globally a year after its US launch in summer 2011. Domestic numbers weren’t given.
Meanwhile, Apple board members were not amused at Dr. Dre’s Facebook post that seemed to confirm the Apple deal before it is announced, sources said.
The deal is expected to be announced late this week or early next, sources told The Post.
At the end of April, Apple’s iTunes store began offering sign-ups for Beats Music, which may energize subscriber enrollment.
“One thing that’s clear, we’ve decisively moved from ownership of media — the ship has sailed; people don’t care about owning content anymore,” BTIG analyst Rich Greenfield told The Post.
“We’re in an access economy. Apple needs to adjust to that,” he said.

>>> Diana Shipping beats by $0.01, beats on revs

Diana Shipping beats by $0.01, beats on revs

Reports Q1 (Mar) a loss of ($0.08) per share, $0.01 better than the Capital IQ Consensus of ($0.09); revenues fell 3.4% year/year to $41.1 mln vs the $40.6 mln consensus.
  • Time charter revenues were $41.1 mln for the first quarter of 2014, compared to $42.6 mln for the same period of 2013, mainly due to reduced time charter rates.
  • The decrease in time charter revenues was partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.
  • Co reported time charter charter equivalent rates for Q1 at $11,820/day, below last year's rate of $14,398/day.

>>> McKesson: Celesio domination agreement slightly earlier than expected; shoul

McKesson: Celesio domination agreement slightly earlier than expected; should yield synergy visibility in FY2H'15 -- ISI Group  

ISI Group views announcement as a clear positive for MCK as the Domination Agreement should be completed sooner than previously anticipated. The press release implies that the Domination Agreement will be in force by the start of MCK's FY2Q15 (CY3Q14) and will thus provide upside to firm's prior Celesio synergy assumptions with improved clarity on the synergy ramp throughout the back half of CY2012. As such, firm would expect to see further upside bias to FY15 numbers via generic procurement, supply chain rationalization, and the pharmacy / banner roll out.

>>> US Early premarket gappers

Early premarket gappers

Gapping up: LOJN +22.2%, RUBI +21.4%, ZTS +11.6%, ARTX +11.3%, NTWK +10.1%, PSDV +8.5%, SHLD +7.3%, CEL +5.2%, FIVN +4.6%, PLUG +4.4%, AMBR +2.6%, CYCC +2.2%, IBN +2%, BLDP +1.9%, DXPE +1.9%, MT +1.5%, SLV +1.2%, GDX +1.1%, WMB +1%, YGE +1%, TTM +0.9%, AGN +0.8%, APC +0.7%, RIO +0.6%, BHP +0.5%, WHR +0.5%, GOLD +0.5%

Gapping down: HYGS -16.3%, ZAZA -7.2%, YUME -7.1%, URS -6.8%, ECT -6.3%, SNE -5.3%, FOSL -5%, VIP -4.2%, SRC -4%, USAC -3.6%, TTWO -3.1%, QTWW -2.9%, DE -2.2%, MITL -2.1%, AMZG -2.1%, DK -1.9%, BPI -1.8%, TTGT -1.5%, EGY -0.9%, AR -0.9%, NXPI -0.7%, XXIA -0.7%, SIVB -0.4%

>>> Plug Power misses by $0.01, beats on revs; reaffirms FY14 revenue guidance

--> +4.47% Pre-Market - 180k shares traded {PLUG US Equity QR<GO>}

Plug Power misses by $0.01, beats on revs; reaffirms FY14 revenue guidance; CC begins at 10:00 (may update quarterly guidance) -- limited analyst coverage (4.09)
Reports Q1 (Mar) loss of $0.06 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.05); revenues fell 13.6% year/year to $5.57 mln vs the $5.35 mln consensus.

  • The Company shipped 165 units during the first quarter of 2014 compared to 238 units in the first quarter of 2013.
  • Already to date in 2014, Plug Power has over $80 mln in bookings -- double the bookings from 2013. Plug Power attributes this increased growth to the successful launch of its GenKey business. The company expects to ship over 650 GenDrive units in the second quarter.
  • "Investments in the sales team, hydrogen generation, hydrogen distribution, geographic expansion and stack technologies are just some of the steps being taken by Plug Power today to build our future. We are targeting over $70 mln in revenue for 2014 (versus Capital IQ consensus of $65 mln), but these steps are expected to accelerate growth in the upcoming years."
The PLUG conference call begins at 10:00 ET, in the past the co's has updated its quarterly and fiscal year guidance on this call (note company reaffirmed its FY14 guidance yesterday).