*DEUTSCHE BANK SEES WORLDWIDE ECONOMY GROWING ABOUT 3.75% IN '14
Gapping down
In reaction to disappointing earnings/guidance: VNET -8.4%, NUAN -5.6%, CHS -5.1% (light volume), FSC -4.4%, JASO -3.1%, SFM -1.8% (also prices 17 mln shares of common stock by selling shareholders, including Apollo Global Mgmt ), DY -1.1%.
Select metals/mining stocks trading lower: RIO -1.5%, BBL -1.2%, VALE -1.1%, GOLD -1%, BHP -0.8%, AU -0.7%.
A few oil/gas related names showing early weakness: PBR -3%, RIG -0.9%, SDRL -0.5%
Other news: ATAX -7.5% (announces public offering of shares representing assigned limited partnership interests), TTWO -3.7% (Announces Repurchase of the 12.02 Million Shares Held By Icahn Group at Yesterday's Closing Price ), BITA -3.4% ( files for $100 mln Ordinary Share offering), TWGP -3.4% (disclosed triggering events that accelerate or increase a direct financial obligation or an obligation under an off-balance sheet arrangement), YGE -3.4% (following JASO results), WPC -2.7% (still checking), LGF -1.9% (continued weakness), DEO -0.4% (Diageo plc plans to sell Whyte & Mackay business, according to reports), .
Analyst comments: MEOH -1.8% (downgraded to Market Perform from Outperform at Raymond James), WAT -0.7% (downgraded to Neutral from Buy at Goldman), TFM -0.5% (downgraded to Neutral from Buy at Goldman)
Gapping up
In reaction to strong earnings/guidance: WDAY +10.3% (also upgraded to Outperform at Robert W. Baird), PANW +9%, PWRD +7.1%, TIF +6.8%, LDK +3.5%, NPD +3.4%, DSW +1.7%, MOV +1.2%, PLL +0.3%.
M&A news: JOSB +10.7% and MW +6% (Men's Wearhouse proposes to acquire Jos. A. Bank for $55 per share in cash), ITW +0.6% (PE firms BX, CG, APO may be bidding for ITW's packaging segment, according to reports).
Select financial related names showing strength: PBR +-3%, NBG +2.1%, ING +1.3%, BCS +1.2%, CS +1%, UBS +0.9%,
Select biotech stocks seeing continued strength: ARIA +7.2%, APPY +4.7%, OREX +2.4%.
Other news: HBIO +10.2% (still checking), BLRX +8.1% (announces new positive results in phase 2a trial for orally available inflammatory bowel disease treatment; new results show BL-7040 to reduce pro-inflammatory cytokine levels and improve colon histology in IBD patients), MACK +7.6% (MM-121 demonstrates positive signal in two Phase 2 ER/PR+ Breast Cancer Studies; Metastatic Breast Cancer Study Reinforces Biomarker Findings From Previously Reported MM-121 Study in Ovarian Cancer; Merrimack Pharma and Actavis (ACT) announce nanotechnology collaboration), BIOF +6.1% (issues statement in announced sale of plants), UNXL +4.5% (addresses market speculation), OLED +4.1% (Universal Display and Philips Technologie GmbH Announce Collaboration and Evaluation Agreement for OLED Lighting), QCOM +3.5% (finalizes sale of Omnitracs to Vista Equity Partners; will result in an estimated $0.22 to $0.25 per share gain in Q1), LGND +3.2% ( LGND to replace SHFL in the S&P SmallCap 600), CSTM +3% (still checking), RYAAY +2.2% (still checking), TTS +2.1% ( S.A.C. Capital discloses 5.0% passive stake in 13G filing), VJET +2.1% (still checking), EGY +1.7% (CEO bought 33.6K shares at $6.05 on 11/22, worth ~$200K), JONE +1.7% (to acquire assets in the Andarko Basin for $195 mln), JKS +1.6% (following LDK results), AXE +1.5% ( declares special dividend of $5.00 per common share), AG +1.3% (still checking), JCP +1.2% (J. C. Penney CEO Ullman buys 112K shares at $8.95), FFIV +1.2% (following positive mention on MadMoney and Board authorized an additional $300 mln for the co's common stock share repurchase program), MU +0.3% (Greenlight Capital discloses new position in MU as of 9/30 - amended 13F filing ), .
Analyst comments: GALE +5.2% (initiated with an Outperform at Oppenheimer), HUN +2.3% ( upgraded to Buy from Neutral at Goldman), INN +1.4% (upgraded to Outperform from Market Perform at BMO), ASML +1% (upgraded to Buy from Hold at Societe Generale), BTU +0.7% (upgraded to Outperform from Neutral at Macquarie), ALV +0.5% ( upgraded to Neutral from Sell at Citigroup ), PSEC +0.4% ( initiated with an Outperform at BMO Capital Mkts), FEYE +0.4% (upgraded to Overweight from Equal Weight at Barclays), DHR +0.4% (upgraded to Buy from Neutral at Goldman), FRX +0.3% (upgraded to Neutral from Underweight at Piper Jaffray ), MO +0.3% (initiated with a Outperform at RBC Capital Mkts)
*TAKE-TWO HAS BOUGHT BACK ALL ICAHN'S GROUP STAKE IN COMPANY
Repsol board set to accept $5 billion YPF deal on Wednesday: sources
MADRID (Reuters) - Spanish oil major Repsol's (REP.MC) board is set to accept compensation of $5 billion in bonds for Argentina's nationalization of its stake in YPF (YPFD.BA), less than half it had demanded, sources close to the board said.
The 2012 seizure of Repsol's 51 percent of the Argentine unit not only infuriated the company and the Spanish government, but also created tensions between Spain and Mexico, a core shareholder in Repsol through its state oil monopoly Pemex, over the handling of the dispute.
The fact that the proposal was thrashed out at a meeting in Buenos Aires with representatives from the Spanish, Argentine and Mexican governments as well as top Repsol executives and board members indicates broad support for a deal that will end 18 months of rancour and legal wrangling.
"The initial agreement already has the backing of Repsol's management, its main shareholders and the governments, meaning that with all probability the board will give the green light," one of the sources said.
Another source, close to another key board member, said the main thrust of the deal was positive for Repsol, which had been seeking $10.5 billion, and it was highly unlikely to be rejected at the meeting on Wednesday.
Repsol's shares climbed 4.25 percent to 19.24 euros per share, a top gainer on a flat blue chip Spanish index (.IBEX), as investors cheered the potential end to a year-long conflict that had battered the oil major's shares.
Key corporate shareholders of Repsol, including some who were critical of Repsol CEO and Chairman Antonio Brufau's handling of the conflict with Argentina, were also involved in talks in Buenos Aires to strike a deal that could benefit their own business.
Among them was Isidro Faine, the chairman of La Caixa bank (CABK.MC), which has 12 percent of Repsol and also owns stakes in large Spanish companies like Telefonica (TEF.MC) and Gas Natural (GAS.MC), both with interests in Argentina and Mexico.
Joining him was Emilio Lozoya, the chief executive of Mexican oil company Pemex, who has a 9.4 percent stake in Repsol and is keen to explore Argentina's vast shale oil and gas deposits. The Vaca Muerta deposits, believed to be among the largest in the world, could now receive a wave of international investment.
Repsol's second largest shareholder, indebted Spanish builder Sacyr (SCYR.MC), also stands to gain from a deal that would likely bring the value of Repsol shares above 19.9 euros each, the amount at which Sacyr carries them in its books.
Sacyr's shares were 5.37 percent higher at 3.85 euros each in early Tuesday trading.
Early premarket gappers
Gapping up: BLRX +8.1%, PWRD +7.1%, WDAY +6.4%, LDK +6.2%, TIF +6.2%, BIOF +6.1%, PANW +5.2%, APPY +4.7%, UNXL +4.5%, OLED +4.1%, QCOM +3.5%, NPD +3.4%, LGND +3.2%, NUAN +3.2%, CSTM +3%, GALE +2.7%, OREX +2.4%, TTS +2.1%, VJET +2.1%, EGY +1.7%, JONE +1.7%, JKS +1.6%, AXE +1.5%, AG +1.3%, JCP +1.2%, FFIV +1.2%, BCS +1.2%, CS +1%, UBS +0.9%, ITW +0.6%, MU +0.3%, PLL +0.3%
Gapping down: VNET -7.6%, ATAX -7.5%, FSC -4.4%, BITA -3.4%, TWGP -3.4%, PBR -3%, MACK -2.9%, WPC -2.7%, LGF -1.9%, SFM -1.7%, RIO -1.5%, BBL -1.2%, VALE -1.1%, DY -1.1%, GOLD -1%, BHP -0.8%, DEO -0.4%
Tiffany & Co prelim $0.73 vs $0.58 Capital IQ Consensus Estimate; revs $911 mln vs $888.50 mln Capital IQ Consensus; raises FY14 EPS to $3.65-3.75 from $3.50-3.60
+------------------------------------------------------------------------------+
BN 11/26 09:48 *PEUGEOT, RENAULT PRESENTED STAKE SWAP PLAN TO UNIONS TODAY BN 11/26 09:48 *PEUGEOT, RENAULT AGREE TO SWAP STAKES IN JOINT UNITS
+------------------------------------------------------------------------------+
*PEUGEOT, RENAULT AGREE TO SWAP STAKES IN JOINT UNITS 2013-11-26 09:48:43.789 GMT
--CORMAC MULLEN
-0- Nov/26/2013 09:48 GMT
STRATEGY 2014
NOMURA STRATEGY : - We think that European equity markets will rise by 14% in 2014 (17% total return), with the driving force likely to switch to earnings growth rather than multiple expansion"
ML STRATEGY : In our base case European equity indices have 9-12% upside potential in 2014. We also believe that ECB action on deflation is key to a positive equity view.
BARCLAYS STRATEGY : We forecast a total return of 27% for the Pan-European market in 2014, which would take the market back to the highs achieved in 2000 and 2007. Earnings growth should accelerate to 12% as modest, but above- consensus, GDP growth returns.
CITI STRATEGY : Citi strategists’ market targets suggest a further 14% gain to end-2014 for Europe. Another rerating should drive half this gain, and a resumption of global EPS growth the other half.
GS STRATEGY : After three years of virtual stagnation we expect European profits to grow 14% in 2014 driven by an improvement in global growth and some rise in margins.