ALSTOM: HOLLANDE SAYS FRENCH GOVT HAS TO HAVE A SAY IN ALSTOM'S FUTURE, SAYS STATE HAS MAJOR ROLE TO PLAY IN ENERGY SECTOR, STATE TO USE ITS POSITION TO GET BEST ALSTOM OFFERS, STATE WANTS BEST OFFER FOR JOBS, INVESTMENT IN FRANCE: HOLLANDE
Croda targeting technology bolt-ons
Croda International (LSE:CRDA), the UK-headquartered provider of specialty chemicals, is focusing its M&A efforts on bolt-on technology buys, according to CEO Steve Foots.
On the 1Q14 sales and revenue call held on 24 April , Morgan Stanley analyst Paul Walsh asked if the company was close to making a transaction. The CEO said Chief Technology Officer Keith Layden had identified 70 technologies of interest, adding that the company was in “extensive discussions” regarding a number of them.
“But our priority is to look at finding these technology bolt-ons, and some significant technology bolt-ons as well,” Foots continued. “And if they're available, then, great. But it's very difficult, at this stage, to plan for when, but we'll update this on a regular basis.”
He added that Croda did not want its debt levels to fall further and was keen to invest in its business on all fronts.
“We've always had a consistent track record of giving it [cash] back to shareholders. We're not spending it ourselves. And so, we're monitoring this on a fairly regular basis,” the CEO added.
Croda’s activities can be broadly classified into three sectors: Consumer Care, Performance Technologies and Industrial Chemicals. Additionally, the company has a Technology Investment Group function, which identifies and integrates new technology into Croda’s global business structure.
A published report in March said Croda had hired investment banker Anthony Fitzpatrick to advise on strategy. The article mentioned talk of M&A surrounding Croda, but did not cite a source for the speculation.
A December 2013 report by this news service, citing a source familiar with the situation, said Croda was seeking biochemical acquisitions. Buys could target any segment in the company’s current markets, including personal and health care, as well as crop chemicals and nutritionals, the report said.
Croda has retained Foley & Lardner for multiple US-based transactions in the past decade, while Slaughter and May and Eversheds have been used for European deals, according to the Mergermarket M&A database. Croda’s non-executive Director Steve Williams is also a non-executive director of Eversheds.
Eversheds and Slaughter and May were named as Croda’s solicitors on its 2012 annual report, while the company’s 2013 annual report named Freshfields Bruckhaus Deringer as its current legal advisor.
Kantar: Windows Phone ‘Stutters’ Amid Android Price Competition, iPhone 5S Is Apple’s Buffer
According to the latest 12-week figures from Kantar Worldpanel ComTech — a market research division of WPP — Windows Phone accounted for 8.1% of smartphone sales in the 12 weeks to the end of March across the top five markets in Europe (the UK, France, Spain, Italy and Germany), with Android taking 70.7% of sales and iOS 19.2%.
And Europe seems to be Windows Phone’s best market at the moment. In the U.S. Windows Phone took 5.3% of sales, while in Australia it took just under 6%; in China it was 1%; and in Japan, just under 1%.
What’s going on? Put simply, the Windows Phone operating system running Nokia’s and other devices remains a distant third when it comes to smartphone sales in key markets across Europe, the U.S. and Asia.
And that has a double effect. First, in the game of economies of scale, Microsoft will find it more challenging. Second, in the game of mindshare among consumers and developers, it means that Windows Phone devices are for many still not appearing as must-haves either in terms of device ownership, nor in terms of platforms for building new apps and other services.
At issue for Windows Phone is the double pressure of price and volume of Android handsets, with both playing a big role in keeping Windows Phone largely locked out of the smartphone boom. That boom has seen markets like the UK reach smartphone penetration of 71%, with smartphones accounting for 88% of mobile sales. That’s opportunity for those who are clicking with consumers and carriers.
Dominic Sunnebo, a director at Kantar, writes that the main challenge for Windows is that Nokia, very much the main and dominant Windows Phone OEM, has based a lot of its fightback strategy on wooing new smartphone users with entry-level phones. The problem is that these devices have not managed to compete well enough with the Android camp.
“Windows had a tough start to the year as a result of its entry-level Nokia models facing fierce competition from low-end Motorola, LG and Samsung Android smartphones,” he writes.
Even before being taken over by Microsoft, Nokia’s device fate had become inextricably connected to that of Redmond.
“Nokia really is the vast majority of Windows now, so any trend you see for Windows is being driven by Nokia,” Sunnebo told me in an interview. “Essentially Nokia was starting to make some real headway with its entry level Lumia 520, particularly in capturing first time Smartphone buyers and those transitioning across from Symbian….it arguably had the best entry level device.
“Now, we’re starting to see some really compelling competition at this end of the market from the likes of Motorola (with Moto G) and Samsung (heavily discounted S3 & mini models) eating into prime Nokia territory.”
He also points out that moves from up-and-coming Chinese brands to expand outside of their home market — think Xiaomi, Oppo, OnePlus here — are now also going to make the breakthrough challenge even harder.
“There is an increasing realization amongst consumers that the difference between the high-end and low-end is becoming very fine,” he says. “This could play to Nokia’s advantage (it makes great entry level devices), but it certainly won’t be alone in pushing great spec devices at low/mid prices.”
Interestingly, Apple continues to fight the Android juggernaut in its own, high-end way. Sunnebo says that its sales saw a bounce back in Europe, Japan and Australia largely on the “strong performance” of the 5S model at the top of its range.
But “bounce back” and “strong performance” are relative terms: the margin between Android and iOS continues to widen, with Android at over 70% of sales in five of the markets surveyed by Kantar.
Nevertheless, in specific markets Apple continues to trounce Android. In Japan, Apple is still the dominant smartphone brand, with nearly 57% of sales. Specifically, it’s taking 42% of smartphone sales on NTT DoCoMo, 59% on KDDI AU and 81% on Softbank, Kantar notes.
Why? Apple has found the right mix of design, 4G access and device reliability that resonates with Japanese consumers. “Japan’s love affair with Apple shows no sign of fading,” Sunnebo notes. He also points out that this has a knock-on effect for the iPad, with nearly a quarter of Japanese iPhone owners also owning an Apple tablet.
But while Apple has kept a fairly big space between the sizes for an iPad and iPhone, in fact in Asia the real story is about the effect of devices that are increasingly appearing in between the two. In China, it notes that devices with a screen larger than 5” made up 40% of smartphone sales in March.
“It’s clear that phablets really are changing the way Chinese consumers use smartphones,” Sunnebo writes. “More than one in five phablet owners now watch mobile TV on a daily basis, half do so at least once a month, and this is without the widespread availability of 4G. As 4G infrastructure expands in China, the demand for data is going to be unprecedented, paving the way for carriers to boost revenues significantly through larger data packages.”
While Apple has effectively taken a trickle-down approach with older models and those with less storage to court new smartphone buyers, the question remains whether it will choose to sidestep this other trend as well, or jump into it with its own take on the iPhablet.
profit - have a look to this quick chart.
All good News are priced in, now and still few weeks to go before big announcement. 572/575 level to watch if stock is coming back
Thanks
Laurent
Follow Up
Stock has been quite volatile, and started to trade wrong direction but today just broke good resistance.582/586 is a good level to lock some profit and see how the stock is trading...we have few weeks/months before the launch of new products...split effect will also help the stock, but I prefer to take some profit here
----- Original Message -----
From: LAURENT CHEKROUN ()
At: Mar 25 2014 14:39:52
From: LAURENT CHEKROUN ()
At: Mar 25 2014 14:39:52
Investors that he could increase ists atke in AAPL, new launch this year with iphone 6 (2 products/ 4.7 & 5.5 inches), new iPad air, New MacBook Air....new Apple TV,...lot of things coming....Stock could head higher, I would buy here to play next range...544 / 550 / 572
Link to translation :{http://bit.ly/1h6DH1I}
Link to Original inm GErman {http://bit.ly/1tUDFTo}
Hamburg / Munich - Should General Electric CEO Jeff Immelt have planned it, Joe Kaeser to steal the show, so it should geligen this. Given the headline-grabbing campaign bidder, the GE and Siemens Show Chart just around the French rival Alstom to supply threatens the strategy presentation of the new Siemens bosses on May 7 to fall behind in the public eye.
The purchase of Alstom Show Chart Kaeser is in Berlin hardly able to present, he has just recorded the conversations at the request of the French government only again. Instead, the Siemens CEO would announce another acquisition in the energy sector, manager magazin learned online from Siemens circles. The investment for this will be in the billions, but much smaller than Alstom be.
Also first divestments to be published according to the districts, including the majority of sales of the Austrian steel plant manufacturer VAI to Japanese competitors Mitsubishi Heavy Industries Show Chart .
The core strategy idea but it will be a reorganization, in which the four sectors are resolved and thus the top of the hierarchy is deleted. This will bring a "significant job losses" with the reduction of many thousands of sites with it, said several Siemens top manager to manager magazin online. Expected'll disappear a medium to high four-digit number of jobs. A Siemens spokesman declined to comment to the mm-information.
Threatened primarily administrative posts
The shortened Siemens jobs in addition to the 2012 launched by Kaeser predecessor Peter Löscher austerity program across the Group canceled 15,000 jobs in which until the end of this year. However, analysts have partly still expects higher numbers and evaluate the more moderate degradation as a concession of the incumbent since August 2013 Siemens foreman to employees and the mighty IG Metall.
So shall Kaeser new Sparkur - unlike extinguisher program - almost exclusively posts in the administrative process, all the way up to upper management. The aim is to streamline the process from quotation to production and from production to processing and to cope more efficiently and faster with less staff, report several insiders. The works also in Germany, therefore, remain largely unscathed.
After extinguisher had cut right after he took office in 2007, nearly two billion euros administration costs, the apparatus over the last years was downright burgeoned. In the past financial year 2012/13 reached the administrative and sales costs at 14.9 percent, the highest share of sales since 2008.
In this respect, Siemens is still suffering from the consequences of a quencher started in 2011 growth initiative at Siemens from the three sectors of energy, industry and medical four made and the infrastructure sector also created & cities, eight billion euros additional spending and 36,000 people specially hired. Despite this investment, Siemens hardly grew. So still estimates JP Morgan analyst Andreas Willi the cost overhang after the current austerity program to around two billion euros.
"Siemens is harder than in the past ten years have to work to maintain its competitiveness," wrote JP Morgan analyst.
The basic features of the structure, with the Kaeser want to be in this fight standing, now largely fixed: The sectors are deleted, the underlying moved 16 divisions will be combined into eight or nine divisions, as several people from the upper Siemens Leadership Circle manager magazin online said .
This Kaeser turns back time recognizable. The future of the business is very similar to cutting. Extinguisher under predecessor Klaus Kleinfeld and its predecessor Heinrich von Pierer Be from the former industrial sector Siemens sources said the two divisions of industrial automation and process automation - the relatively stable business with the process industry wants Kaeser stronger force than previously, the Division will include the drives.
From extinguisher fourth sector Infrastructure & Cities are the divisions Mobility (trains) and building formed. There are also three or four energy technology divisions such as power generation, transmission and wind power. Largely untouched remains of the reorganization is expected only to medical technology, was a sector previously and in the future will constitute a division.
This is associated with a loss of power sector bosses: These groups will be Siemens sources said not carry more direct operational responsibility, but only - as it was in Pierer - as a "godfather" or "coordinators" of the divisions operate.
Massive chairs back to division-level
In return, they should be more aware of their regional responsibility for the overall group, the Kaeser had expanded last fall: Since then, the former energy chief Michael Suess for North America, Mexico and the Middle East is responsible, Industrial Officer Siegfried Russwurm for Europe, Africa and the CIS States, Cities board member Roland Busch for Asia (excluding Japan), and Australia as well as medical chief Hermann Requardt for South America and Japan.
Among them, at division level, should extinguisher CEO principle remain still. However, the conversion process pressure causes a huge musical chairs. Thus many a sector chief financial officer should in future find themselves the chief financial officer of a division. Various divisional CEOs and CFOs must therefore mostly certainly look for new jobs in the organization. Already announced first critical voices from the group that the conversion will probably save not so much. In any event, in the range of CFO - in Kaeser's former department so - most managers have some new jobs, said a company insider.
This Kaeser also signals his departure from the previous company policy to announce sales before a buyer is fixed. This had the sale candidates often harmed in the past few years and complicates the search for a buyer.
So, for example, draws the sale of the division, mail and baggage automation with 3600 employees worldwide, Siemens had announced in November 2012, to today. According to information from mm According to financial circles of the U.S. investor Wilbur Ross is currently the front, on the other hand the financial investor Triton are more likely given little chance. The final negotiations could possibly be completed until May 7. Sure, as an insider, but it was not.
Gapping down:
In reaction to disappointing earnings/guidance: SOHU -5.7%, HAE -2.9% (ticking lower), CYOU -2.4%, EDU -2%, NOV -1.1%.
M&A news: MYL -2.7% (Meda AB Board of Directors decided to reject Mylan's proposal to combine the two businesses ), NEM -5.5% (Newmont terminates merger discussions with ABX), .
A few European financial related names showing modest weakness: NBG -2.5%, AIBYY -2.1%, RBS -1.8% .
Select metals/mining stocks trading lower: RIO -1.9%, VALE -1.6%, GFI -1.2%, BHP -1.1%, BBL -0.7%, SLV -0.5%, GLD -0.2%, GDX -0.2%.
Other news: ATHX -52.4% (announces results from Phase 2 study of multistem cell therapy for ulcerative colitis; multistem demonstrates good tolerability and safety profile but fails to show efficacy over 8 weeks in patients with chronic, advanced ulcerative colitis), OGXI -47.4% (Teva Pharma and OncoGenex announce survival results of Phase III SYNERGY Trial; addition of custirsen to standard first-line docetaxel/prednisone therapy did not meet primary endpoint), POZN -28.8% (PA8140/PA32540 receives a Complete Response letter from FDA citing issues at a facility of a third party supplier of an active ingredient ), NBG -2.5% (still checking), SI -1.8% (Siemens AG submits letter to the Board of Alstom (ALSMY) to signal its willingness to discuss future strategic opportunities; also Siemens AG plans to sell VAI unit to Mitsubishi Heavy (MHVYF), according to reports ), GLOG -0.6% (announces commencement of an IPO of 8.4 mln common units representing limited partnership interests ), ILMN -0.4% (Illumina files new patent infringement suit against Ariosa Diagnostics).
Analyst comments: APD -0.7% (downgraded to Underweight from Neutral at Atlantic Equities), BCE -0.3% (downgraded to Sector Perform at RBC Capital Mkts)
M&A news: MYL -2.7% (Meda AB Board of Directors decided to reject Mylan's proposal to combine the two businesses ), NEM -5.5% (Newmont terminates merger discussions with ABX), .
A few European financial related names showing modest weakness: NBG -2.5%, AIBYY -2.1%, RBS -1.8% .
Select metals/mining stocks trading lower: RIO -1.9%, VALE -1.6%, GFI -1.2%, BHP -1.1%, BBL -0.7%, SLV -0.5%, GLD -0.2%, GDX -0.2%.
Other news: ATHX -52.4% (announces results from Phase 2 study of multistem cell therapy for ulcerative colitis; multistem demonstrates good tolerability and safety profile but fails to show efficacy over 8 weeks in patients with chronic, advanced ulcerative colitis), OGXI -47.4% (Teva Pharma and OncoGenex announce survival results of Phase III SYNERGY Trial; addition of custirsen to standard first-line docetaxel/prednisone therapy did not meet primary endpoint), POZN -28.8% (PA8140/PA32540 receives a Complete Response letter from FDA citing issues at a facility of a third party supplier of an active ingredient ), NBG -2.5% (still checking), SI -1.8% (Siemens AG submits letter to the Board of Alstom (ALSMY) to signal its willingness to discuss future strategic opportunities; also Siemens AG plans to sell VAI unit to Mitsubishi Heavy (MHVYF), according to reports ), GLOG -0.6% (announces commencement of an IPO of 8.4 mln common units representing limited partnership interests ), ILMN -0.4% (Illumina files new patent infringement suit against Ariosa Diagnostics).
Analyst comments: APD -0.7% (downgraded to Underweight from Neutral at Atlantic Equities), BCE -0.3% (downgraded to Sector Perform at RBC Capital Mkts)
Gapping up
In reaction to strong earnings/guidance: TGE +10.7%, GLW +3.8%, BWP +1.5%, AHGP +0.6% (light volume).
M&A news: SUSS +33.4% (Susser to be acquired by Energy Transfer Partners in a unit and cash transaction valued at a total consideration of ~ $1.8 bln; shareholders of Susser will have the option to elect to receive either $80.25 in cash or 1.4506 ETP common units, or a combination of both, for each share held ), FURX +27.9% (Forest Laboratories to Acquire Furiex Pharmaceuticals for $1.1 Billion in Cash to Build on a Leading Position in Gastroenterology), AZN +16% and PFE +1.7% (Pfizer confirms prior discussions with AstraZeneca (AZN) regarding a possible combination and its continuing interest in a possible merger transaction), MRK +0.7% (Merck is in discussions to sell consumer healthcare unit for $14 bln; Bayer (BAYRY) & Reckitt (RBGLY) may be in lead to buy it, according to reports), .
Other biotech/pharma names trading higher boosted by news/ongoing M&A in sector: GWPH +12.7% (announces that Sativex receives Fast Track Designation from FDA in cancer pain), ACST +6.2% (Neptune Technologies and Enzymotec conclude final patent infringement settlement ad license agreement), ISIS +4.9%, CYTR +2.6% (CytRx to Present Completed Phase 1b/2 Progression-Free Survival and Overall Survival Aldoxorubicin Data in Second-Line Soft Tissue Sarcoma at Upcoming Research and Development Day), SNY +2.2% (reports the first of two pivotal Phase III efficacy studies with its dengue vaccine candidate has achieved its primary clinical endpoint), NVS +1.2% (Barron's profiles positive view on NVS and GSK), SHPG +1.6% , PCYC +2.0%, ZTS +2.0% (Barron's profiles positive view on ZTS )
Social media related names showing strength: TWTR +1%, SINA +0.7%, LNKD +0.7% (despite cautious Barron's mention).
Battery names trading higher: BLDP +4.1%, PLUG +1.5%, TSLA +1.5% (Tesla Motors and Alibaba to team up in China, according to reports)
Other news: YOKU +10.4% (Youku Tudou announces $1.22 bln investment led by Alibaba Group), MNGA +8.5% (hired Jose Prieto of Miami, Florida as a Sales Executive promoting MagneGas fuel and equipment into South Florida, Latin America and the Caribbean), ONVO +6.3% ( Announces Pre-Release Availability of 3D Liver Contract Services), SUSP +5% (following SUSS / ETP news),OIBR +3.6% (still checking), PPG +3.5% (positive MadMoney mention), P +2.1% (modestly rebounding), HLF +2% (MA AG Secretary Galvin warns of illegal pyramid schemes disguised as multi-level marketing businesses), FEYE +2% ( Russian hackers may respond to sanctions with attacks, according to reports ), YNDX +1.8% (russia stocks modestly rebounding), RCL +0.9% (still checking), YHOO +0.6% (Youku Tudou announces $1.22 bln investment led by Alibaba Group), JKS +0.6% (signs supply agreement for 21.09MW with China Southern Power Grid), GE +0.5% (issues statement on meeting with French government; says 'dialogue was open, friendly and productive' ), AAPL +0.2% (Apple preparing for $17 bln bond sale, according to reports), WHR +0.2% (Barron's profiles positive view on Whirlpool) .
Analyst comments: SGMS +2.7% ( initiated with a Overweight at JP Morgan), F +0.8% (upgraded to Buy from Hold at Craig Hallum ), DDD +0.7% (Brean Capital continues to view DDD as very attractive), DECK +0.5% (upgraded to Neutral from Underperform at Credit Suisse)
M&A news: SUSS +33.4% (Susser to be acquired by Energy Transfer Partners in a unit and cash transaction valued at a total consideration of ~ $1.8 bln; shareholders of Susser will have the option to elect to receive either $80.25 in cash or 1.4506 ETP common units, or a combination of both, for each share held ), FURX +27.9% (Forest Laboratories to Acquire Furiex Pharmaceuticals for $1.1 Billion in Cash to Build on a Leading Position in Gastroenterology), AZN +16% and PFE +1.7% (Pfizer confirms prior discussions with AstraZeneca (AZN) regarding a possible combination and its continuing interest in a possible merger transaction), MRK +0.7% (Merck is in discussions to sell consumer healthcare unit for $14 bln; Bayer (BAYRY) & Reckitt (RBGLY) may be in lead to buy it, according to reports), .
Other biotech/pharma names trading higher boosted by news/ongoing M&A in sector: GWPH +12.7% (announces that Sativex receives Fast Track Designation from FDA in cancer pain), ACST +6.2% (Neptune Technologies and Enzymotec conclude final patent infringement settlement ad license agreement), ISIS +4.9%, CYTR +2.6% (CytRx to Present Completed Phase 1b/2 Progression-Free Survival and Overall Survival Aldoxorubicin Data in Second-Line Soft Tissue Sarcoma at Upcoming Research and Development Day), SNY +2.2% (reports the first of two pivotal Phase III efficacy studies with its dengue vaccine candidate has achieved its primary clinical endpoint), NVS +1.2% (Barron's profiles positive view on NVS and GSK), SHPG +1.6% , PCYC +2.0%, ZTS +2.0% (Barron's profiles positive view on ZTS )
Social media related names showing strength: TWTR +1%, SINA +0.7%, LNKD +0.7% (despite cautious Barron's mention).
Battery names trading higher: BLDP +4.1%, PLUG +1.5%, TSLA +1.5% (Tesla Motors and Alibaba to team up in China, according to reports)
Other news: YOKU +10.4% (Youku Tudou announces $1.22 bln investment led by Alibaba Group), MNGA +8.5% (hired Jose Prieto of Miami, Florida as a Sales Executive promoting MagneGas fuel and equipment into South Florida, Latin America and the Caribbean), ONVO +6.3% ( Announces Pre-Release Availability of 3D Liver Contract Services), SUSP +5% (following SUSS / ETP news),OIBR +3.6% (still checking), PPG +3.5% (positive MadMoney mention), P +2.1% (modestly rebounding), HLF +2% (MA AG Secretary Galvin warns of illegal pyramid schemes disguised as multi-level marketing businesses), FEYE +2% ( Russian hackers may respond to sanctions with attacks, according to reports ), YNDX +1.8% (russia stocks modestly rebounding), RCL +0.9% (still checking), YHOO +0.6% (Youku Tudou announces $1.22 bln investment led by Alibaba Group), JKS +0.6% (signs supply agreement for 21.09MW with China Southern Power Grid), GE +0.5% (issues statement on meeting with French government; says 'dialogue was open, friendly and productive' ), AAPL +0.2% (Apple preparing for $17 bln bond sale, according to reports), WHR +0.2% (Barron's profiles positive view on Whirlpool) .
Analyst comments: SGMS +2.7% ( initiated with a Overweight at JP Morgan), F +0.8% (upgraded to Buy from Hold at Craig Hallum ), DDD +0.7% (Brean Capital continues to view DDD as very attractive), DECK +0.5% (upgraded to Neutral from Underperform at Credit Suisse)