Transocean Inc Targeting ~$800M in margin improvement by the end of 2015 - investor day slides - Considering all options for asset divestitures.
Gapping down
In reaction to disappointing earnings/guidance: SGOC -27.2%, BV -12.8% (also announced that effective Jan. 31, 2014, Stephen Collins will step down as CEO), VVTV -8.6%, LQDT -6.9%, DLTR -6.7%, TGT -3.7%, ANF -3.4%, LTD -3.3%.
Other news: FU -12.5% (continued weakness), QLTI -9.3% (announces oral retinoid program clinical and regulatory update, and review of strategic alternatives), FOLD -8.5% (Amicus Therapeutics and GSK announce revised Fabry agreement; also downgraded by multiple analysts), VJET -8.2% (continued weakness following Citron mention), ATTU -6.7% (priced its public offering of 2.48 mln ordinary shares at a price to the public of $7.00/share), GFI -6.4% (still checking), AL -5.2% ( announces secondary public offering of ~10.14 mln shares of common stock), WBMD -3.7% (announces $300 mln offering of convertible notes due 2020), ZHNE -3% (modestly pulling back from yesterday's Craig Hallum boost), DG -2.3% (on DLTR results), AU -2.1% (still checking), ABEV -2.1% (still checking), ARRY -1.5% (announces that Kevin Koch, President and Chief Scientific Officer, will be leaving Array to pursue other opportunities), SI -1.1% (still checking), FDO -1% (on DLTR results).
Analyst comments: TRN -1.9% (downgraded to Underperform from Outperform at Raymond James), PM -0.8% (downgraded to Neutral from Buy at Goldman; removed from Conviction Buy list ), QSII -0.4% (initiated with a Sell at Deutsche Bank).
Gapping up
In reaction to strong earnings/guidance: DATE +5.8%, WSM +5.6%, GMCR +5.1% (also announces expanded capital return plan for shareholders, Green Mtn Coffee upgraded to Buy from Neutral at Janney), NUS +4.1%, JACK +4%, SMRT +3.8%, CYBX +3%, (light volume).
M&A news: VOD +1.6% (Bloomberg discusses that buyers may be interested in VOD), BMRN +0.7% (ticking higher; attributed to M&A report suggesting the name could receive takeover interest).
Select financial related names showing strength: SAN +4.8%, NBG +3.4%, RBS +1.6%, BCS +1.4%, BBVA +0.8%, BAC +0.5%, UBS +0.5%.
Select Euro drug names are trading higher: SHPG +2.6%, AZN +2.2%, GSK +1.2%, .
China airline names are gapping up: ZNH +8.9%, CEA +6.8%
A few solar names are higher in light volume: JKS +2.1%, SOL +1.4%, JASO +1.3%, TSL +1.2%
Other news: AZC +96.8% (arranges $26 million increase to Red Kite Loan Facility; comments on Save the Scenic Santa Rita's 'inaccurate' press release), ONCY +19% (announces positive top-line data from REO 018 randomized study of REOLYSIN in head and neck cancers; co intends to proceed into follow-on registration study in this indication), CRNT +8.3% (prices 14 mln ordinary shares at $2.40), HOLX +6.4% (Icahn disclosure of long position, long calls and short puts; Icahn confirms 12.63% HOLX stake in 13D filing files moments ago; may seek Board representation), PETX +4.4% (announces 'positive' top-line results from AT-001 dose-ranging field study in client-owned dogs with osteoarthritis), JCI +4.3% (announces three-year $3.65 billion share repurchase program; Increases dividend), ONVO +3.1% (ongoing volatility in 3D names), CSII +3% (Cardiovascular Systems prices 2,608,696 shares of common stock at $30.00/share), AEZS +2.9% (priced offering yesterday), TSLA +2% (reports indicate Tesla Motors receives top mark from consumer reports; also WSJ discusses increasing competition that Tesla may face), TWGP +1.7% (following M&A chatter yesterday; also receives Nasdaq notice regarding listing requirements), ARO +1.6% (Crescendo Partners Sends Letter to Aéropostale, Inc. Board of Directors; Urges Board to Immediately Pursue a Sale of the Company to Maximize Stockholder Value), ARMH +1.2% / ASML +1.2% (still checking), RTN +0.8% ( increases share repurchase authorization by $2 bln), DDD +0.8% (ongoing volatility in 3D names), HLF +0.7% (following yesterday's 4+ point move higher and boosted by MLM name NUS results), PBR +0.7% (still checking), ABX +0.6% (still checking), DDS +0.3% ( announces additional $250 mln share repurchase program), DRI +0.1% (Barington Group Announces Retention Of Advisors In Connection With Its Investment In Darden Restaurants).
Analyst comments: MTL +7% (upgraded to Buy from Sell at Citigroup), RAD +2% (initiated with a Buy at Deutsche Bank), FB +0.8% (initiated with a Outperform at FBR Capital), AAP +0.4% (upgraded to Outperform from Neutral at Credit Suisse), MDAS +0.4% (initiated with a Buy at Deutsche Bank ), UNH +0.2% ( initiated with a Overweight at Morgan Stanley)
PARIS — Jury duty has never been more fashionable — or star-studded.
Taking fashion prizes to a new height, LVMH Moët Hennessy Louis Vuitton is launching an international contest for young designers with some of the industry’s biggest creative figures — including Karl Lagerfeld, Marc Jacobs, Nicolas Ghesquière, Raf Simons, Phoebe Philo and Riccardo Tisci — choosing the winner.
They will be joined by Kenzo’s creative duo, Humberto Leon and Carol Lim, who as founders of Opening Ceremony scour the globe for new labels to stock in their stores.
The new LVMH Young Fashion Designer Prize, which comes with a grant of 300,000 euros, or $405,000 at current exchange, plus a year of coaching, is the brainchild of Delphine Arnault, who has emerged as a powerful talent scout and advocate for young designers at the luxury giant her family controls.
“We thought, ‘Who better than the designers of the group to elect the young fashion designer of tomorrow?’” she told WWD, eyes widening when asked about the challenge of finding a date when all those fashion figures could gather in one room. “The aim of this prize is to try to discover talents that are unknown, and also to create a surprise.”
Arnault said the first winner would be selected towards the end of May 2014.
The competition is unique in its global scope, online-only registration and nominations — and a gradual elimination process that will award entrants with invaluable exposure.
To wit: Arnault said LVMH would fly 30 semifinalists to the French capital during Paris Fashion Week next March to exhibit their wares in the auditorium of its Avenue Montaigne headquarters. An “expert committee” of buyers, editors and stylists is to tour the temporary showroom, meet the designers and vote to whittle down that group to the 10 finalists who are to make 20-minute presentations to the jury.
The competition is open to any designer between the ages of 18 and 40 who has presented and sold at least two collections of women’s or men’s ready-to-wear. Applications open today at lvmhprize.com, and close Feb. 2.
In tandem with the big prize, for which LVMH tapped French artist Jean-Michel Othoniel to create the inaugural trophy, the company is to award 10,000-euro ($13,500) scholarships — and a one-year post in the design studio of an LVMH brand — to three fashion graduates. “It’s what every student dreams of,” Arnault enthused.
The group’s fashion houses include such names as Louis Vuitton, Dior, Fendi, Givenchy, Loewe, Pucci and Céline.
The 38-year-old daughter of luxury titan Bernard Arnault, who had been Dior’s deputy managing director since 2008, in September became second-in-command at Vuitton and was put in charge of all the house’s product-related activities.
Delphine Arnault — who was joined in a hushed conference room by Jean-Paul Claverie, an adviser to her father and head of corporate philanthropy at the group — said LVMH is keen to support young designers in an industry where breaking through can be difficult.
“Creativity has always been at the center of what we do at LVMH,” she said. “As the leader in our industry, it’s our responsibility to find talent, to help talent grow and to help designers structure their company.”
According to Simons, every designer has experienced the need for funding and good advice.
“Creating a collection, a brand and running a business at the same time is such a burden and supporting a young designer early on and giving him or her the support that will help them make the right decisions — and [giving them] access to so much knowledge — is an amazing opportunity,” Simons told WWD. “Not so long ago, being a fashion designer was still a very vague notion for most young creative people, but with the huge surge in visibility for the industry, for designers, for ‘behind-the-scenes’ access, it has become more real and probably more desirable.”
Tisci, a relatively unknown Italian designer with a small signature brand when he joined Givenchy in 2005 at the age of 30, couldn’t agree more.
“There is nothing more important in our business than hearing young creative voices, giving them strength, confidence and attention,” he said. “I was given an amazing chance at a very young age, so this means a lot to me.”
Arnault said LVMH has a long-term commitment to its namesake prize, and assembled an internal team to coordinate the undertaking and the dedicated Web site. Heading up that effort is Mark Alizart, formerly adviser to French culture minister Frédéric Mitterrand.
WWD first reported on April 15 in Collections magazine that the fashion patronage project was brewing at LVMH under Claverie and Alizart.
Arnault noted that LVMH would continue to underwrite other fashion competitions, including the Andam prize in France and the International Festival of Fashion and Photography in Hyères, also in France. Its philanthropic activities in fashion also include an investment fund for young designers created by the French Ministry of Culture and Communication, and a scholarship program and sponsored lecture theater at Central Saint Martins in London.
Arnault said it’s difficult to predict how many designers might apply for the LVMH prize, but the Web site will highlight a selection of the best submissions on a weekly basis. The plan is to keep the site and the process interactive and dynamic, with amateur scouts — who can post pictures of designers worthy of notice — vying for a chance to become a member of the expert committee in March.
The LVMH prize comes at a time when “many people all over the world are interested in fashion, and that’s very new,” said Claverie, adding that “the Internet is a fabulous tool for them to reach us, and for us to reach them.”
Arnault noted that all participants — not only the final winner — should benefit from the competition.
“Even if they’re not selected, it’s going to help them grow,” she said. As for the finalists who will face Lagerfeld and company, “it’s an experience that’s quite unique and they won’t forget.”
She, Claverie and Pierre-Yves Roussel, chairman and chief executive officer of LVMH’s fashion division, are to represent the company alongside designers on the panel.
Asked if the expert committee and jury would use any specific measuring sticks to choose the winter, Arnault said, “Design talent is extremely important, but you also need to have your feet on the ground. I think it’s going to be a discussion.”
An internal team at LVMH will be at the disposal of the victor to decide on how he or she should spend the 300,000 euros. “For a young company, it’s a lot of money,” Arnault noted.
Yet it is practical and strategic matters — where clothes should be produced, how they should be priced, and if and when to launch accessories or a second line — that tend to consume fashion newbies.
“They always have tons of questions, so we have a professional team of executives with long experience in the group to help them if needed,” she said.
The prize was initiated without the intent of LVMH investing in the winner. “It’s just to nurture them and help them grow,” she stressed.
In recent months, Arnault has been instrumental in LVMH’s recent investments in Nicholas Kirkwood and J.W. Anderson, for example.
Asked if she detects a new wave of designers, or a particular strain of talent from today’s new generation, she replied: “Talent is always rare and unique.”
Hologic : Icahn confirms 12.63% HOLX stake in 13D filing files moments ago; may seek Board representation
--> HOLX is trading ~10% higher in pre market at $24.29.
* The Reporting Persons acquired their positions in the Shares in the belief that they were undervalued. The Reporting Persons intend to have conversations with members of the Issuer's management to discuss ways to enhance shareholder value. The Reporting Persons may also discuss the possibility of shareholder board representation. * The Reporting Persons purchased, in the over the counter market, American-style call options referencing an aggregate of 30,629,879 Shares, which expire on October 28, 2015. * The Reporting Persons have sold, in the over the counter market, European-style put options referencing an aggregate of 30,629,879 Shares, which expire on the earlier of October 28, 2015 or the date on which the corresponding American-style call option. * We initially highlighted the position at 07:20, after Icahn disclosed a long position in HOLX via stock, long calls and short puts. No position in HOLX was disclosed in the 9/30 SC 13F filing. See our follow up comment at 07:36 for additional analyst color on the position.
ENi higher
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BN 11/21 12:58 *LETTA SAYS STAKES IN STM, FINCANTIERI TO BE SOLD BFW 11/21 12:57 *ITALY’S LETTA SAYS PRIVATIZATION PLAN SHOULD RAISE EU10B-EU12B BN 11/21 12:57 *LETTA SAYS PRIVATIZATION PLAN SHOULD RAISE EU10B-EU12B BN 11/21 12:56 *LETTA SAYS ABOUT 3% OF ENI TO BE SOLD BACK TO CO. BFW 11/21 12:53 *LETTA SAYS ITALY’S DEBT TO BE REDUCED STARTING NEXT YEAR BN 11/21 12:53 *LETTA SAYS ITALY'S DEBT TO BE REDUCED STARTING NEXT YEAR BN 11/21 12:51 *ITALIAN PREMIER LETTA SPEAKS AT PRESS CONFERENCE IN ROME BN 11/21 12:51 *ITALY'S LETTA SAYS CABINET DISCUSSED PRIVATIZATION PLAN
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*LETTA SAYS ABOUT 3% OF ENI TO BE SOLD BACK TO CO. 2013-11-21 12:57:11.725 GMT
--GAURAV PANCHAL
-0- Nov/21/2013 12:57 GMT
Hologic trades up 7% on Icahn disclosure of long position in HOLX via stock, long calls and short puts
HOLX is trading up 7% this morning at 23.80. The move follows a filing by activist investor Carl Icahn that disclosed a long position in HOLX via stock, long calls and short puts. No position in HOLX was disclosed in the 9/30 SC 13F filing. We would expect future filings to disclose Icahn's plan for HOLX. From today's filing: * High River Limited Partnership directly beneficially owns 705,000 Shares, Icahn Partners LP ("Icahn Partners") directly beneficially owns 1,086,310 Shares, Icahn Partners Master Fund LP ("Icahn Master") directly beneficially owns 1,147,315 Shares, Icahn Partners Master Fund II LP ("Icahn Master II") directly beneficially owns 407,118 Shares, and Icahn Partners Master Fund III LP ("Icahn Master III") directly beneficially owns 179,257 Shares. * High River directly beneficially owns 6,125,974 American-style call options (the "Call Options"), Icahn Partners directly beneficially owns 9,426,404 Call Options, Icahn Master directly beneficially owns 9,957,502 Call Options, Icahn Master II directly beneficially owns 3,555,213 Call Options, and Icahn Master III directly beneficially owns 1,564,786 Call Options. * High River directly wrote 6,125,974 European-style put options (the "Put Options"), Icahn Partners directly wrote 9,426,404 Put Options, Icahn Master directly wrote 9,957,502 Put Options, Icahn Master II directly wrote 3,555,213 Put Options, and Icahn Master III directly wrote 1,564,786 Put Options. In each case, the exercise, termination or transfer of the Call Options will reduce the number of Put Options on a one-for-one basis. * Each of Barberry and Beckton is 100 percent owned by Carl C. Icahn. As such, Mr. Icahn is in a position indirectly to determine the investment and voting decisions made by each of High River, Icahn Partners, Icahn Master, Icahn Master II and Icahn Master III. Each of Hopper, Barberry and Mr. Icahn may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under the Act) the Shares which High River owns. Each of Hopper, Barberry and Mr. Icahn disclaims beneficial ownership of such Shares except to the extent of their pecuniary interest therein.
Early premarket gappers
Gapping up: AZC +96.8%, CRNT +8.3%, HOLX +6.4%, GMCR +5.1%, JACK +5.1%, SAN +4.8%, PETX +4.4%, JCI +4.3%, NBG +3.4%, ONVO +3.1%, SHPG +2.6%, AZN +2.2%, RBS +1.6%, VOD +1.6%, BCS +1.4%, ARMH +1.2%, ASML +1.2%, GSK +1.2%, RTN +0.8%, DDD +0.8%, BAC +0.5%
Gapping down: SGOC -16.8%, BV -11.9%, QLTI -9.3%, VVTV -8.6%, LQDT -6.9%, ATTU -6.7%, GFI -6.4%, AL -4.5%, WBMD -3.7%, ANF -3.4%, FOLD -2.4%, TWGP -2.2%, AU -2.1%, LTD -0.6%, TSLA -0.5%
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BN 11/21 12:49 *SÜDZUCKER SAYS HIGHER FIX COSTS TO IMPACT '14/'15 OP. RESULT BN 11/21 12:49 *SUEDZUCKER SHARES FALL 1.1%, HAD BEEN UNCH. PRE-ANNOUNCEMENT BN 11/21 12:49 *SÜDZUCKER SAYS 2012 NET FINANCIAL DEBT WAS EU464M BN 11/21 12:48 *SÜDZUCKER SEES NET FINANCIAL DEBT AT EU300M-EU400M BN 11/21 12:48 *SUEDZUCKER SHARES FALL AS MUCH AS 1.1% IN FRANKFURT BN 11/21 12:48 *SÜDZUCKER SEES '13/'14 3Q GROUP OP. PROFIT `SIGNIFICANTLY` DOWN BN 11/21 12:48 *SUEDZUCKER TO PUBLISH 9M INTERIM REPORT ON JAN. 13 BFW 11/21 12:48 *SUEDZUCKER CUTS REV., OP. PROFIT FORECASTS FOR 2013/14 BN 11/21 12:47 *SÜDZUCKER SAYS BUSINESS DEVELOPMENT DECLINED SINCE 1H '13/'14 BN 11/21 12:47 *SÜDZUCKER SAYS SUGAR PRODUCTION MISSED EXPECTATIONS BN 11/21 12:46 *SÜDZUCKER HAD SEEN 2013/2014 GROUP OP. PROFIT OF EU974M BN 11/21 12:46 *SÜDZUCKER NOW SEES 2013/2014 GROUP OP. PROFIT OF EU650M BN 11/21 12:46 *SÜDZUCKER HAD SEEN 2013/2014 GROUP REV OF EU7.9B BN 11/21 12:46 *SÜDZUCKER NOW SEES 2013/2014 GROUP REV OF EU7.6B BN 11/21 12:45 *SÜDZUCKER ADAPTS FORECAST FOR FINL YR 2013/14 BN 11/21 12:45 * SÜDZUCKER MANNHEIM/OCHSENFURT: SÜDZUCKER ADAPTS FORECAST FOR
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DGAP-Adhoc: Südzucker AG Mannheim/Ochsenfurt: Südzucker adapts forecast for financial year 2013/14 2013-11-21 12:45:39.717 GMT
DGAP-Adhoc: Südzucker AG Mannheim/Ochsenfurt: Südzucker adapts forecast for financial year 2013/14
Südzucker AG Mannheim/Ochsenfurt / Key word(s): Forecast/Change in Forecast
21.11.2013 13:45
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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Too Fat to Fly? Stranded Frenchman's Long Ordeal 2013-11-21 11:45:42.309 GMT
By DANICA KIRKA London (AP) -- He's been turned down by planes, trains and even a cruise ship in his quest to return home — and his family says it's because he has been deemed too fat to travel. Now Frenchman Kevin Chenais' long and fitful journey is coming to an end. Chenais, who weighs 500 pounds (230 kilograms), says he has been repeatedly refused transport over the past two weeks as he sought to get home to France from the United States. P&O Ferries finally offered to take him in an ambulance across the English Channel on Wednesday, the final hurdle keeping him from his home near the Swiss border. "It's terrible. It's discrimination. It was very hard, tiring and a big waste of money for my parents," the 22-year-old told RTL radio on Wednesday. Slumped over in his mobility scooter, he said he was exhausted just before being loaded into the ambulance. Chenais' mother was outraged by the treatment her son allegedly received, saying he was discriminated against because of his weight. "It's not the fault of my son to be big. He has a genetic illness," Christina Chenais said. "We are very happy to go home after this long, distressing and traumatic situation." The odyssey began when British Airways refused to honor his return ticket from the United States, where he spent months receiving medical care for a hormone imbalance. "When we talked about this problem with British Airways that Kevin was too fat ... (they said) abandon any intention of coming back to France," Kevin's father, Rene, told RTL Radio. "From the fact of his incapacity, his obesity, he was not considered to be a normal being, but more like a problem." BA acknowledges that it refused to let Chenais board the plane, but said confidentiality rules prevent it from saying why. BA insisted that it does not discriminate against customers for any reason and that the airline provides the option of an extra seat to people who contact them with concerns about seat width. "We respect the privacy of the customer so cannot comment on any changes in circumstance between arrival and departure dates," the company said in a statement. British Airways declined to say what the changes in circumstance had been. Chenais said Carnival Cruises also rejected his request for a cabin on a trans-Atlantic voyage. The company declined to comment. Virgin Atlantic airlines stepped in to fly him to London, he said. The company refused to comment on the topic to The Associated Press. From London, Chenais had planned to take the Eurostar train home. But Eurostar refused to allow him on board because of safety rules governing travel through the Channel Tunnel: The high-speed train that connects England to France and Belgium requires all passengers to have the ability to be safely evacuated — and Chenais' obesity-caused lack of mobility made that impossible. "This is a terrible situation," Eurostar said in a statement. "Our heart goes out to Mr. Chenais and his family who are understandably desperate to return home after being stranded in America." Eurostar paid for the family's hotel room and worked with P&O to find a solution. "It's difficult to imagine the frustration that this gentleman has gone through," P&O spokesman Chris Laming said in a statement. "But for us, it's very straightforward, as we are set up to carry people who have medical needs." The ferry company took Chenais and his family across the English Channel late Wednesday to Calais. From there, the family was driving to the French town of Ferney-Voltaire, 740 kilometers (460 miles) to the southeast. "I am waiting to see my sisters and the other people in my family," Chenais told RTL radio. "I couldn't have imagined this for us." ___ Ben Jary contributed to this report.
-0- Nov/21/2013 11:45 GMT