House aide indicates that Republicans have not yet made a decision on whether to accept and vote on the Senate plan
House to reportedly consider voting on Senate debt ceiling/funding bill before the Senate votes - Politico.com - Politico notes that if the House passes the bill first and sends it to the upper chamber, it would eliminate some burdensome procedural hurdles in the Senate and require just one procedural roll call with a 60-vote threshold needed to advance the bill toward final passage in the Senate.
Warren Buffet to CNBC: creditworthiness is like virginity, you can maintain it for a long time, but tough to restore once you've lost it
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FedEx, UPS May Follow Deutsche Post DHL’s Fleet Model, HSBC Says 2013-10-16 12:48:00.986 GMT
By Richard Weiss Oct. 16 (Bloomberg) -- DHL fleet model allows for control while maintaining flexibility, HSBC analysts including Julia Winarso say in note to clients. * FedEx will continue to reduce intercontintal network, rely more on partner airlines: HSBC * FedEx operates fleet of 647 aircraft, UPS 531, DHL 260 * DHL fleet consists of “virtual network” of wet leases, blocked space agreements and JVs: HSBC * DHL model has lower operating leverage * DHL’s wet leases are more expensive than plane ownership * Says FedEx, UPS fleet models will converge to become more like that of DHL * TNT Express will find it too difficult, costly to build out intercontinental fleet of 5 planes; will shrink or divest * NOTE: TNT Disadvantaged, DHL Best Placed in Express/Parcels; raises Deutsche Post to neutral, TNT cut to underweight: HSBC
For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>
--Editor: Jurjen van de Pol
To contact the reporter on this story: Richard Weiss in Frankfurt at +49-69-92041-287 or rweiss5@bloomberg.net
To contact the editor responsible for this story: Benedikt Kammel at +49-30-70010-6230 or bkammel@bloomberg.net
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BN 10/16 12:36 *ZIGGO SAYS NO CERTAINTY THAT ZIGGO WILL GET ANY REVISED OFFER BN 10/16 12:36 *ZIGGO SAYS POTENTIAL OFFER CONSIDERED INADEQUATE BN 10/16 12:36 *ZIGGO NOTES THE RECENT MARKET SPECULATION :ZIGGO NA BN 10/16 12:35 *ZIGGO: GETS PRELIM OFFER FOR COMPANY BY LIBERTY GLOBAL
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Ziggo: Ziggo statement 2013-10-16 12:35:41.903 GMT
Ziggo: Ziggo statement
Statement Ziggo
Ziggo notes the recent market speculation and announces it has received a preliminary proposal regarding a potential offer for the company by Liberty Global.
The potential offer was considered inadequate and there is no certainty that Ziggo will receive any revised offer. Further announcements will be made if and when relevant.
About Ziggo Ziggo is a Dutch provider of entertainment, information and communication through television, internet and telephony services. The company serves around 2.8 million households, with over 1.8 million internet subscribers, almost 2.3 million subscribers for digital television and 1.5 million telephony subscribers. Business-to-business subscribers use services such as data communication, telephony, television and internet. The company owns a next-generation network capable of providing the bandwidth required for all future services currently foreseen. More information on Ziggo can be found on: www.ziggo.com Not for publication Analysts and Investors Wouter van de Putte For more information please contact: Director Corporate Finance & Investor Relations Press +31 (0)88 717 1799 | Martijn Jonker investorrelations@office.ziggo.nl Director Corporate Communications a.i. Caspar Bos +31 (0)88 717 2419 | Manager Investor Relations Martijn.Jonker@office.ziggo.nl +31 (0)88 717 4619 | investorrelations@office.ziggo.nl
Balmain Mulls 2015 Hong Kong IPO
French House Is Latest Luxury Firm Looking to Tap Investor Demand for Fashion Brands
PARIS—French fashion house Pierre Balmain SA is considering listing on the Hong Kong Stock Exchange in 2015, according to a person familiar with the matter, the latest in a string of luxury firms looking to tap booming investor demand for fashion brands.
"This is the shareholders' current objective," said the person.
An initial public offering would allow Balmain to finance its global expansion plan, including in the U.S., which it views as a priority market, said the person. The label has yet to open any stores in the country, though its products are currently sold in a number of department stores.
The person familiar with the matter declined to give any financial details. A Balmain representative declined to comment. The label, founded in 1945 by Pierre Balmain, is currently owned by private shareholders.
The Paris-based label has made a swift return from the brink of financial collapse, having filed for bankruptcy protection in 2004.
Mr. Balmain built up the brand dressing stars from the 1950s until his death in 1982. Since then, several designers, including Oscar de la Renta, passed through the house.
Christophe Decarnin's arrival as creative director in 2005 marked the beginning of a new era for the label, as the designer contributed to reviving the ailing brand with his rock-chic style. Mr. Decarnin left the brand in 2011, replaced by up-and-coming talent Olivier Rousteing, who in his most recent runway show used leather and denim as part of a tailored but sexy collection.
Balmain posted sales of €30.4 million ($41.1 million) in 2012 and a profit of €3.1 million, according to financial statements filed with the Paris commercial court. In the past three years, the company's revenue has nearly doubled, rising from €16.5 million in 2009.
Fashion houses—large and small—have been seeking to tap into buoyant stock market demand. Marc Jacobs earlier this month stepped down as designer at Louis Vuitton to prepare his own brand for an IPO.
Italian house Moncler recently voiced plans to list in Milan, following in the footsteps of Brunello Cucinelli BC.MI +0.28% SpA and Salvatore Ferragamo SFER.MI -3.15% SpA which opted for IPOs in a bid to increase visibility, finance growth and to better compete with larger rivals.
On the Hong-Kong stock exchange, Balmain would potentially join larger rival Prada 1913.HK -3.74% SpA, which went public in 2011.
Gapping down
In reaction to disappointing earnings/guidance: SWK -9.2%, WTSL -8.9%, JOEZ -7.6%, OCZ -3.8%, GY -2.9%, LLTC -2.7%, IBKR -1.4%, (light volume), LBY -0.9% (light volume), INTC -0.3%, (upgraded to Buy from Neutral at B. Riley).
Other news: ASTM -11.3% (trading post one-for-twenty reverse stock split), MCP -5% (prices 45 mln shares of common stock at $5.00 per share), GPOR -2.6% (reports 3Q2013 production above previous guidance; anticipates exiting 2013 with production in the range of 27,000 to 32,000 BOEPD), OMC -1.9% (reported earnings yesterday before the open), GDP -1.8% ( prices 6 mln shares of common stock at $25.25 per share), HLF -1.4% (will face charges from distributor has Judge did not throw out lawsuit, according to reports), GMCR -0.5% (following late weakness; attributed to Greenlight Capital increased its short position)
Analyst comments: ACI -2.9% ( downgraded to Underweight from Equal-Weight at Morgan Stanley), EXC -1.8% (downgraded to Underweight from Equal Weight at Morgan Stanley), SMCI -1.8% (Super Micro Computer downgraded to Hold from Buy at Stifel), ACHN -1.4% ( downgraded to Neutral from Outperform at Credit Suisse), LNC -0.4% (Lincoln National downgraded to Outperform from Strong Buy at Raymond James),NFLX -0.4% (downgraded to Hold from Buy at Hudson Square), FDX -0.2% (downgraded to Neutral from Buy at Buckingham Research)
Gapping up
In reaction to strong earnings/guidance: MLNK +11%, MAT +4.5%, KEY +1.6%, CSX +1.5%, ABT +1.5%, PNC +1.2%, YHOO +1.1%, (also Enters into Amendment to Share Repurchase and Preference Sale Agreement with Alibaba), IBM +0.7%.
M&A news: MNTG +0.8% (MTR Gaming Responds to Unsolicited Non-Binding Proposal from Jacobs Entertainment (JEC); plans to evaluate the proposal).
Select financial related names showing strength: IRE +4.7%, ING +2.2%, BBVA +1.6%, BCS +1.4%, DB +1.3%, JPM +0.6%.
Solar stocks trading higher: RSOL +3%, TSL +2.5%, DQ +2%, YGE +1.9%, SOL +1.9%, SPWR +1.3%, FSLR +1% ( to Build 250MW Power Plant in California for NextEra Energy Resources),.
Select oil/gas related names showing strength: GPOR +1.3% (reports 3Q2013 production above previous guidance; anticipates exiting 2013 with production in the range of 27,000 to 32,000 BOEPD), WFT +1% (upgraded to Mkt Perform from Underperform at BMO Capital Mkts), TOT +0.9%, BP +0.7%.
Other news: AAP +11.2% (confirms agreement to acquire General Parts International in all-cash transaction with enterprise value of $2.04 bln; transaction will result in ~ $160 mln of annual run-rate synergies to be fully realized within three years after closing),EMKR +10.4% (Becker Drapkin disclosed 7.1% stake in 13D),STRI +9.6% (ticking higher, decided to eliminate the position of Chief Operating Officer due to ongoing cost-reduction measures),CNTF +8.6% (continued strength), OXGN +8.5% (to present preclinical data demonstrating antitumor activity of ZYBRESTAT in pancreatic neuroendocrine tumor model), BORN +6.1% (continued strength),HAS +2.2% (following MAT earnings),JCP +1.8% (Warren Buffett on CNBC notes that Berkshire is a supplier to and they have significant receivables from JCP, but they haven't changed the terms to the co and aren't worried about JCP surviving),RCL +1.3% (still checking), FB +1.2% (still checking, may be TWTR IPO/earnings related),PCYC +1.1% (Treatment of Waldenstrom's macroglobulinemia was granted FDA orphan status),TEF +1.1% (still checking),TSLA +1.1% (still checking),CY +0.5% (ticking higher, Teardown of Samsung Galaxy Note 3 Smartphone Finds Cypress CapSense Controller Implements Touch-Sensing Buttons).
Analyst comments: GERN +2.2% ( initiated with Buy and $6.50 one-year price target at MLV),MPEL +1% ( upgraded to Buy from Hold at Jefferies),S +1% (upgraded to Outperform from Neutral at Macquarie),WFM +0.6% (initiated with an Outperform at BMO Capital Mkts)
Abbott Labs beats by $0.03, reports revs in-line; reaffirms FY13 EPS guidance; raises quarterly dividend 57% to $0.22/share
Reports Q3 (Sep) adj. earnings of $0.55 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.52; revenues rose 2.0% year/year to $5.37 bln vs the $5.4 bln consensus.
Sales growth this quarter was negatively affected by a sales disruption in International Nutrition, which was offset in the quarter by strong performance across other businesses, gross and operating margin improvements, expense controls and a lower tax rate. Ex-FX, worldwide sales increased 4.3 percent on an operational basis. Reported sales increased 2.0 percent, including an unfavorable 2.3 percent effect of foreign exchange. The sales disruption in International Nutrition is estimated to have reduced Abbott's total worldwide sales growth by nearly 2 percentage points.
Third-quarter adjusted gross margin ratio of 55.9 percent increased 70 basis points over prior year, ahead of expectations, driven by continuing improvements in Nutrition and Diagnostics.
Co reaffirms guidance for FY13, sees EPS of $1.98-2.04, excluding non-recurring items, vs. $2.00 Capital IQ Consensus Estimate.
Abbott is announcing an increase in the quarterly common dividend of 57 percent to $0.22 per share, payable on Feb. 15, 2014, to shareholders of record at the close of business on Jan. 15, 2014 (yield now 2.6%).