>>> China internet names making new lows

China internet names making new lows
A few names seeing notable weakness: WBAI -6.4% (500.Com proposes offerings of Convertible Senior Notes and ADSs; 500.Com files for $120 mln offering of convertible senior notes; also files for for $360 mln offering of American Depositary Shares representing Class A ordinary shares), WUBA -5.3%, YOKU -5.3% (pulling back from Tencent stake speculation), QIHU -4.6%, BIDU -4%, SINA -3.8%, YY -3.7%, NTES -3.6%, VNET -3.5%, DATE -2.7%, CYOU -2.4%, DANG -2.2%, VIPS -1%, SOHU -0.5%

(BFW) O2 Should Sell at Cost to MVNO Post E-Plus Deal: United Internet

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O2 Should Sell at Cost to MVNO Post E-Plus Deal: United Internet 2014-03-27 13:25:05.13 GMT

By Jurjen van de Pol March 27 (Bloomberg) -- Telefonica’s German O2 unit should be required to offer all parts of its retail products at cost price to MVNO’s after acquiring KPN’s E-Plus, United Internet CEO Ralph Dommermuth says in interview in Frankfurt. * Proposed such a remedy to European Commission as it would help maintain sufficient competition in Germany after merger * NOTE Feb. 27: Telefonica Optimistic of Overcoming EU Objections on E-Plus Bid * Currently with 4 mobile networks, ~25% of market is handled by service providers, Dommermuth says. Also: * Merger will probably lead to higher prices just like in Austria * Mobile virtual network operators have important role in creating competition * Says he’s “no friend of this merger” but expects co. can “reasonably continue” after merger * Says “direction is more likely to be towards higher dividends as the shares have done well recently and we’ve bought back at a share price between 12 and 15 euros.” * CEO holds 42% of co. and “for the moment” doesn’t see “any major” reduction * NOTE today: United Internet’s Results, Outlook Strong, Equinet Says * European Telco Consolidation Needed to Boost Returns: Exane * NOTE yday: United Internet 2013 Ebitda rises 25% to EU407m

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

To contact the reporter on this story: Jurjen van de Pol in Frankfurt at +49-69-9204-1104 or jvandepol@bloomberg.net To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net

>>> Yongye International, Inc Confirms receipt of "Going Private" Proposal at $7


Yongye International, Inc Confirms receipt of "Going Private" Proposal at $7.00 Per Share
- Received a revised proposal (the "Revised Proposal") dated March 26, 2014 from (i) Mr. Zishen Wu ("Mr. Wu"), the Company's Chairman and Chief Executive Officer, (ii) MSPEA Agriculture Holding Limited ("MSPEA"), (iii) Lead Rich International Limited ("Lead Rich") and (iv) Full Alliance International Limited ("Full Alliance", together with Mr. Wu, MSPEA and Lead Rich, the "Buyer Consortium"), in connection with the proposed merger under the agreement and plan of merger (the "Merger Agreement") dated as of September 23, 2013, among the Company, Full Alliance International Limited, Yongye International Limited ("Holdco") and Yongye International Merger Sub Limited ("Merger Sub").
- Special Committee is considering the Revised Proposal with its legal and financial advisors

In the Revised Proposal, the Buyer Consortium proposed to increase the merger consideration payable to holders of shares of common stock, par value $0.001 per share, of the Company (the "Shares") under the Merger Agreement, from $6.69 per Share to $7.00 per Share.


- Reminder: Yesterday Morgan Stanley disclosed the buyer consortium's increased bid

>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance: GV +5.7%, SIG +4.7%, CONN +3.7% (light volume; also announces expansion of revolving credit facility by $30 mln to $880 mln), PAYX +3.3%, ECTE +2.6% (thinly traded), ACN +0.9%.

M&A related: ACET +1.4% (subsidiary to acquire 100% of the equity interests of PACK Pharmaceuticals; total transaction value is ~ $199 mln).

Financial names showing strength following second round of CCAR results: STT +2.7% (announces authorization to purchase up to $1.7 bln of its common stock; to increase dividend 15.4%), BAC +1.9% (met minimum capital requirements; to increase quarterly common stock dividend to $0.05 per share and authorizes a new $4 billion common stock repurchase program; announces settlement with FHFA and NY Attorney General), STI +1.7% (to increase quarterly dividend 100% to $0.20 from $0.10 per share; announces $450 mln share repurchase), WFC +1.4% (receives no objection to capital plan; to increase quarterly dividend 16.7% and approves 350 mln share increase in repurchase plan), PNC +1.3% (increases common stock dividend and announces $1.5 bln share repurchase program), COF +1.3% (expects to repurchase $2.5 bln of shares of common stock through the end of Q1 of 2015; plan receives no objection from the Federal Reserve), JPM +1% (plans to increase quarterly dividend to $0.40 from $0.38, effective 2Q14; announces $6.5 bln stock buyback between April 1, 2014, and March 31, 2015), HSBC +0.4% (Federal Reserve informed HSBC North America that it objects to its capital plan submitted for the 2014 Comprehensive Capital Analysis and Review (CCAR) due to weaknesses in its capital planning processes), RBS +0.2% (Federal Reserve objected to the capital plan), HBAN +0.2% (receives no objection from the Federal Reserve for proposed capital actions, including a 20% increase of the quarterly dividend and the repurchase of up to $250 mln of common stock), BK +0.1% (to repurchase up to $1.74 billion of common stock; Federal Reserve does not object to 2014 capital plan, including proposed 13% dividend increase), GS slightly higher (met minimum capital requirements after submitting adjusted capital actions; issues statement on proposed capital actions).

A few oil/gas related names showing strength: STO +1.6%, SN +1.6%, UPL +1.1%, BP +0.7%, TOT +0.6%.

Battery related names are trading higher: CPST +8.1% (following Wal-Mart 'futuristic truck' debut - prototype includes Capstone), BLDP +7.9%, FCEL +1.7%

Other news: BAX +17.7% (plans to Create Two Separate Global Healthcare Companies; Independent Companies Will Focus On Biopharmaceuticals And Medical Products), DEJ +14.3% (expands operations in NE B.C. with strategic production and facilities acquisition), SPEX +11.6% (Spherix commences federal litigation against Cisco (CSCO) - sues Cisco for patent infringement; Spherix seeks damages and asserts that over $43 bln of Cisco's sales infringe on patents owned by Spherix), CLVS +11% (Clovis Oncology Oncology's CO-1686 demonstrates compelling clinical activity and Progression-free Survival in updated Phase 1 Study results in patients with non-small cell lung cancer), LITB +9.1% (still checking), ALU +8.4% (selected by China Mobile for strategic transformation to all-IP ultra-broadband network), EXEL +5.1% (modestly rebounding), FN +4.9% (to replace FEIC in the S&P SmallCap 600), AMRI +2.5% (to replace SUPX in the S&P SmallCap 600), HCLP +2.3% (positive commentary on Mad Money), FMC +2.2% (positive commentary on Mad Money), FEIC +2% (FEIC to replace BRE in the S&P MidCap 400), WLH +1.9% (prices 2 mln shares of common stock by selling shareholders at $27.25 per share), ESS +1.3% ( ESS to replace CLF in the S&P 500), TWTR +1.3% ( plans to announce new music strategy, according to reports), AA +1.2% (still checking), GOOG +0.2% (discloses transfer restriction agreement with execs).

Analyst comments: EXTR +2.9% (initiated with an Outperform at Raymond James), PVH +0.9% (added to Conviction Buy list at Goldman), NYT +0.8% (upgraded to Overweight from Equal Weight at Evercore ), AMGN +0.2% (initiated with a Overweight at Morgan Stanley)

>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: DSS -18.2%, BGC -5.2%, LULU -3%, FUL -2.9%, (light volume), RVNC -1.5%, (light volume).

M&A news: YONG -13.2% (confirmed receipt of amended going private proposal at $7.00 per share; Special Committee is considering the Revised Proposal with its legal and financial advisors).

A few financial names showing weakness following second round of CCAR results: C -6.1% (Federal Reserve objected to the capital plan; downgraded to Mkt Perform from Outperform at Keefe Bruyette; downgraded to Mkt Perform from Outperform at Bernstein), ZION -0.7% (FRB did not object to certain capital actions, including the maintenance of a common dividend payment of $0.16 per share annually and continued payment of dividends on preferred equity), RF -0.7% (announces CCAR results and proposed dividend increase to $0.05 from $0.03 per share; potential repurchase of up to $350 mln in common shares), FITB -0.5% (following second round of CCAR results), SAN -0.4% (Federal Reserve objected to the capital plan), BCS -0.3%, MS -0.1% (announces $1 bln buyback, doubles dividend to $0.10/share ).

Select metals/mining stocks trading lower: MT -1.3%, IAG -1.2%, CDE -1.1%, GOLD -1%, SLV -0.8%, GG -0.8%, GLD -0.5%.

Other news: ADXS -27.5% ( prices 4,080,000 shares of common stock at $3.00 per share), RGSE -3.4% (continued weakness), PFSI -2.8% (PennyMac prices prices 5,554,545 shares of common stock by selling stockholder at $16.50 per share), O -2.6% (prices 12 mln shares of common stock at $39.96 per share), WBAI -2.4% (files for $120 mln offering of convertible senior notes; also files for for $360 mln offering of American Depositary Shares representing Class A ordinary shares; proposes offerings of Convertible Senior Notes and ADSs), MCHX -2.2% (prices 5,714,000 shares of Class B common stock at $10.50 per share), SZYM -2.2% (prices offering of $130 mln of 5.00% Convertible Senior Subordinated Notes due 2019 and 5 mln shares of Common Stock at $11.00 per share), P -1.5% (ticking lower; Twitter plans to announce new music strategy, according to reports), CYTR -1.2% (issues statement regarding recent lawsuits; says 'We believe the recent lawsuits and negative publicity are without merit' ), CLF -1% ( ESS to replace CLF in the S&P 500).

Analyst comments: BBRY -2.3% (downgraded to Sell from Hold at Societe Generale)

(Le Monde) Vivendi now consider the new offer of Bouygues

Link to Google translation : {http://bit.ly/1hwGTDb}
Link to Original in France : { http://bit.ly/1jPI2bL}

Vivendi now consider the new offer of Bouygues

A week after filing, on March 20, a new bid for SFR by Bouygues , the ad hoc committee seconded by the Supervisory Board of Vivendi to oversee the sale of the operator, should, according to our information, meet Thursday, March 27 in the evening in order to examine this proposal.
However, no question of engaging the discussions with the construction group. Vivendi, which began March 14 exclusive negotiations with Numericable, especially not want to have air give a penknife in this contract.

1.4 BILLION MORE CASH

At the same time, it can not continue to ignore the envelope with the logo orange of Bouygues , offering 1.4 billion euros in cash more than Numericable. Although Vivendi, we do not hide a certain irritation against the forcing of Martin Bouygues , "when you hitting on a girl and she does not want you to see right away, you do not put a poster in front of her proclaiming your love, "squeaked a part of the giant media and telecoms.

Meanwhile, the tenor of the Paris bar are addressing this issue of exclusivity of negotiations and how it may be considered null and void in case of escalation.

As part of the call for tender organized by express Vivendi, the ad hoc committee, chaired by Henri Lachmann, the former boss of Schneider, had spent "more than 60 hours" to analyze the projects of two contenders. This work had led to validate the choice of leaders chaired by Jean-René Fourtou. band "The Executive Board presented two offers ... and expressed a preference for one of them," stated Mr. Lachmann in world.

THREE WEEKS

On 14 March, the Supervisory Board of Vivendi in turn endorsed this choice. He then indicated that opened a negotiation period of three weeks with the cable operator after which he would decide - or not - to put an end to the alternatives considered for the future of SFR.

This three-week period ending Friday, April 4. "On April 4, the board will meet and will examine both the two offers. It is not sure he can cut and an extension is possible, "lets hear a close case.

(SG) Blackberry -2.3% Pre-Mkt - No turnaround likely to show up in year-end numb

No turnaround likely to show up in year-end numbers

* Update􀀃Blackberry will announce its fourth-quarter and full-year results on Friday 28
March before the market opens. We are expecting full-year sales to be $6.9bn (cs $6.9bn),
with an operating margin (excluding write-off) of -17% (cs -19%) and a loss per share of
$1.75 (cs -$1.83). We see no particular pick-up in the handset division in the final quarter,
where we see demand continuing to contract sharply. The new handset (the Blackberry
“Jakarta”) will launch in April and so will have no impact on the historical results.
Additionally, we forecast that Services revenues will also be down almost 13% sequentially
as subscriber accounts continue to fall.

* SG view We are probably too early into the restructuring led by the relatively new CEO
John Chen to see the full impact of the decisions recently taken. However, we believe that
the Foxconn agreement signed in December (five-year deal to outsource production) and
the announced sale and leaseback of the Canadian property portfolio (could raise up to
$0.5bn) are both sensible moves in buying the company time while it finds a new direction.
The handset direction is less certain. The Jakarta handset is recognition of the importance
of customers in developing markets. However, Chinese competition is releasing Android
handsets at extremely attractive prices into precisely these markets. And the focus on
business users could also be a problem as companies are moving to BYOD (bring your
own device) solutions. Therefore, we still consider that the most likely outcome is that
Blackberry’s assets are sold separately. As we consider that, proceeds from such a sale
should reach around $6 per share.

* How we value the stock As we have left our forecasts unchanged, we stick to our sumof-
the-parts target price of $6.00 per share (handsets $0.0, cash $2.00, patents $1.30 and
subscriber services $2.70). As the share price has risen rapidly over the last couple of
months, we downgrade our recommendation to a Sell from a Hold.

* Events, catalysts & risks Blackberry will report its full-year results on 28 March 2014. The
key risks to our target price are: 1) stronger handset sales than we expect, 2) a bid for
Blackberry from someone interested in the corporate relationships.