BAER -2-3% AuM better but margins weak implying 90bps for H2 (CSe 97) Deut Post +1% Spec co to raise letter postage from start of next year H&M +1-2% Sales no's fine. Oct LFL +1% (cons +0.8%) IAG +1-2% Raises 2015 guid to 1.8b (from 1.6b). Now inline w/ cons Iliad unch Q3 sls, net additions inline. Solid ARPU no. Was +3.5% yday Peugeot +2% Spec Dongfeng may sign letter of intention this year Merlin unch CS initiate with N , TP 352p (see stock as fully valued) Michelin +1-2% Strong November Industry Tyre data despite weaker Russia Miners +1% China +1.7%, Copper unch, OZ Miners +0.5% Pandora -3-4% Investors placing 20m shs (~15.4% of co) @ DKK 245 Rotork -1-2% Mixed. Q3 order book weak, but outlook for Q4 looks strong Safran -2-3% France selling 4.7% stake @ €46.30 (3.6% discount, €720m) SAP +0.5% CS hosted CEO yday (+ve) - broker upgrade away Tullow +2% +ve read from Kosmo Energy analyst day (own Ghanian fields) also bad news on French Guiana...not sure of this one... WPP -0.5% Spec co may bid $25/sh cash offer for Interpublic ($10bn) Vedanta +1% No's inline, EBITDA $2.2b (CSe $2.2b). Reit FY Vivendi +2-3% Strong no's, reit guidance, stock been weak into no's
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Shell Fails to Find Oil With Tullow in Final French Guiana Well 2013-11-13 07:51:21.955 GMT
By Eduard Gismatullin Nov. 13 (Bloomberg) -- Royal Dutch Shell Plc and Tullow Oil Plc failed to find oil or natural gas in their last planned exploration well off French Guiana, a partner said. The companies drilled the GM-ES-5 well to a total depth of 6,460 meters (21,200 feet), Northern Petroleum Plc said today in a statement. The well will be plugged and abandoned. “Reservoir sequences were encountered as expected but with no evidence of hydrocarbons,” Northern Petroleum said. “Once the drill ship, the Stena ICEMax, has completed the abandonment operations it will move to a location outside French Guiana.” The result marks the fourth unsuccessful well off the Latin American country, where Tullow made the first oil find with its Zaedyus well in 2011. The Shell-led joint venture, which also includes Total SA and Wessex Exploration Plc, will suspend drilling until 2015, Northern Petroleum said in September. Tullow said today in a separate statement that the GM-ES-5 well had reached its target depth and “evaluation operations are ongoing.”
For Related News and Information: Shell to Suspend French Guiana Drilling Until 2015, Partner Says NXTW NSN MTO2G96JTSE8 <GO> Tullow Switches Exploration Focus to Suriname From French Guiana NXTW NSN MQSIM40YHQ0X <GO> Tullow Opens Oil Frontier in French Guiana, Boosting Economy NXTW NSN LR9J0Z6KLVR8 <GO> Shell business by region: RDSA LN <EQUITY> FA GEO <GO> Tullow financial analysis: TLW LN <EQUITY> FA <GO> Today’s top energy news: ETOP <GO>
--Editors: Amanda Jordan, Ana Monteiro
To contact the reporter on this story: Eduard Gismatullin in London at +44-20-7673-2268 or egismatullin@bloomberg.net
To contact the editor responsible for this story: Will Kennedy at +44-20-7073-3603 or wkennedy3@bloomberg.net
* VOD / T Mobile >> Paulson & Co. added 17 million ADRs of Vodafone last quarter, bringing its holding to 20 million ADRs valued at $703.6 million as of Sept. 30, according to a regulatory filing yesterday. The firm also raised its stake in T-Mobile US Inc., adding 2.76 million shares and bringing the total value of its holding to $504.7million.
US Market closing higher...Nikkei225 and Shanghai Composite saw another session of hefty gains in the wake of the increasingly apparent "Yellen put" as the Fed chair nominee stuck to a familiar dovish script during her Senate Banking Committee testimony - prioritizing supporting economy as long as unemployment is elevated and inflation is low. Nikkei225 built on its gains above the psychological 15,000 mark - the highest since May. Shanghai Composite hit a 1-week high above 2,150 rising for the 2nd consecutive day despite continued tightening in the money markets following a more hands-off approach by the PBoC.
Eur$ 1.3490 S&P Flat EuroStoxx Fut -0,04%
Keep an eye on : - ACS SM : ACS 9-Month Net EU548m; Analyst Est. EU525m - ADP FP : Aeroports de Paris Targets Rev. Growth of as Much as 5% - AV/ LN : Aviva Trying to Sell GBP1b Asbestos Liabilities, Sky Reports - AZN LN : AstraZeneca, Generic Drugmakers Face Class Action Over Nexium - COL SM : Colonial 9M Net Loss EU369m Vs EU201m Loss a Yr Ago - DTE GY : T-Mobile US Prices Offering of 66.15m Shrs at $25 Each - DEXB BB : Dexia Loses EU83m in 3Q; Solvency Strengthens as Assets Shrink - FER SM : Ferragamo 3Q Rev., Ebitda Beat Ests.; Sees 2013 Rev. Growth - GBB FP : Bourbon Sells 2 Vessels for $130m; to See Capital Gain of $63m - GEO IM : Geox 9M Rev. EU618.1m Vs EU701.5m Y/Y - GFK GY : GfK 3Q Cash Flow From Op Activities EU92.8m Vs EU48.1m - GIB GY : GSW 3Q, 9M Net Rental Income Rises; Confirms 2013 FFO I Target - GLPG BB : Galapagos Reiterates 2013 Rev. Forecast of EU160m - ILD FP : Iliad 3Q Sales Beat, Added 640,000 New Mobile Subcribers in 3Q - JEN BB : Jensen-Group 3Q Rev. EU48.2m, Down 10.8% Y/y - MOL HB : Mol Reports 3Q Net Loss of HF30 Bln on Italy Refinery Conversion - BMPS IM : Monte Paschi 3Q Net Loss EU138.3M vs. Est. Loss EU162.1m - NESN VX : Nestle Seeks to Recruit 20,000 Workers Across Europe: WSJ Link - NHH SM : NH Hoteles 9m Loss EU10.3M Vs Loss of EU50M Year Earlier - PNDORA DC : Axcel, Family Selling 20 Million Shares in Denmark’s Pandora (DKK4.9b) - SAF FP : French State is selling 19,5m shares Safran @ E46,30 - SAN FP : Amgen, Sanofi PCSK9 Drugs Can Reach U.S. Without Long Studies - SRS IM : Saras 3Q Adj. Net Loss EU32.4m vs Est. Loss EU33.8m - VIE FP : Veolia’s Dalkia Wins EU600M Canada Biomass Contract, Echos Says - UBSN VX : UBS Said to Consider, Then Reject, Banking Unit Sale: WSJ - VIV FP : Vivendi 3Q Rev., Net Income Beat Ests.; Confirms 2013 Outlook - VOD LN : PAULSON & CO Boosted Stakes in VOD, FDO, KOG, MTB, AET in 3Q - WPP LN : WPP Seen as Possible Bidder for Interpublic, Daily Mail Says
Up
*BARRY CALLEBAUT RAISED TO BUY VS NEUTRAL AT UBS *CAIXABANK RAISED TO BUY VS NEUTRAL AT CITI *SAP RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS *SERCO RAISED TO BUY VS NEUTRAL AT UBS *SWISS LIFE RAISED TO BUY VS HOLD AT BERENBERG
Down
*ATLATSA RESOURCES CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML *BUREAU VERITAS CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN *CYFROWY POLSAT CUT TO NEUTRAL VS BUY AT UBS *HISCOX CUT TO UNDERWEIGHT VS OVERWEIGHT AT BARCLAYS *INTERFOR CUT TO OUTPERFORM VS TOP PICK AT RBC *INTERTEK CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN *LANCASHIRE CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS *MUNICH RE CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS *OSRAM CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY *PERFORM GROUP CUT TO EQUALWEIGHT VS OVERWEIGHT: MORGAN STANLEY *PIRELLI CUT TO NEUTRAL VS BUY AT BOFAML *RSA INSURANCE CUT TO HOLD VS BUY AT BERENBERG *TULLETT PREBON CUT TO MARKET PERFORM VS OUTPERFORM AT KBW *ULKER CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
PT Changes
*Atlantia PT Raised to EU14.2 vs EU13.7 at Nomura *FERRAGAMO PT CUT TO EU25 VS EU26 AT BOFAML; KEPT AT NEUTRAL *SERCO PT CUT TO 520P VS 640P AT MORGAN STANLEY
Initiation
*HARGREAVES LANSDOWN RATED NEW OVERWEIGHT AT JPMORGAN; PT 1,415P *MERLIN RATED NEW NEUTRAL AT CREDIT SUISSE, PT 352P *TECHNICOLOR RATED NEW EQUALWEIGHT AT MORGAN STANLEY, PT EU4.50
Country Sector Stock Call
*EADS, GKN EXIT BOFAML EMEA CAPITAL GOODS MOST PREFERRED LIST *LEGRAND, ROLLS-ROYCE ADDED TO BOFAML CAP. GOODS MOST PREFERREDS
Asian Market Update: Equities continue to surge on dovish Yellen comments as Senate confirmation hearings yield little surprise
***Observations/Insights*** - Nikkei225 and Shanghai Composite saw another session of hefty gains in the wake of the increasingly apparent "Yellen put" as the Fed chair nominee stuck to a familiar dovish script during her Senate Banking Committee testimony - prioritizing supporting economy as long as unemployment is elevated and inflation is low. Nikkei225 built on its gains above the psychological 15,000 mark - the highest since May. Shanghai Composite hit a 1-week high above 2,150, rising for the 2nd consecutive day despite continued tightening in the money markets following a more hands-off approach by the PBoC. - Yen weakness was more apparent after a technical break above the ¥100 level in USD/JPY. Analysts pointed to surprising comments from Fin Min Aso overnight that Japan is open to more intervention if the currency moves become one-sided to have sparked more pronounced yen selling. Econ Min Amari attempted to backtrack from the those remarks earlier today, noting it was not appropriate for cabinet members to make yen-linked comments, with Tokyo facing increasing scrutiny this week from the likes of the US auto industry in rigging favorable conditions through exchange rate means.
***Economic Data*** - (SG) SINGAPORE SEPT RETAIL SALES M/M: 0.5% V 1.0%E; Y/Y: -5.9% V -4.4%E; RETAIL SALES EX-AUTO Y/Y: -0.3% V 1.8%E - (KR) South Korea Sept Conference Board Leading Economic Index m/m: +0.6% v +0.3% prior
***Fixed Income/Commodities/Currencies*** - (CN) Daily Shibor fixings: O/N: 4.4540% v 4.1880% prior (3rd consecutive rise, highest since Oct 30th); 1-week: 5.3110% v 4.1930% prior(3rd consecutive rise, highest since Oct 29th) - (JP) BOJ offers to buy ¥110B in JGB with maturity less than 1-yr, ¥250B in 1-3yr JGB and ¥350B in 3-5yr JGB - (AU) Australia MoF (AOFM) sells A$800M in 6.0% 2017 Bonds; avg yield: 3.0545%; bid-to-cover: 3.89x - (US) Weekly Fed Balance Sheet Assets Week ending Nov 13th: $3.864T (record high) v $3.808T prior; M1 y/y change: 8.5% v 8.8% w/w; M2 y/y change: 6.5% v 6.6% w/w
- SLV: iShares Silver Trust ETF daily holdings fall to 10,392 tonnes (3-week low) from 10,443 tonnes - (CN) China National Energy Administration (NEA): China Oct power consumption 437.5B kwh v 444.8B kwh m/m, +9.5% y/y - (CN) China National Development and Reform Commission (NDRC) confirms it will cut fuel prices: Diesel by CNY155/ton and gasoline by CNY160/ton (3rd consecutive cut) - update
- Risk-on sentiment is reflected by more strength in high-beta currencies AUD and NZD at the expense of the familiar funding choice of JPY and, increasingly, EUR. AUD/USD is up nearly 50pips around 93.50, NZD/USD up 30pips above 0.8290, while AUD/JPY and NZD/JPY crosses are up 60 and 50 pips respectively above 93.70 and 83.10. USD/JPY briefly retreated on Amari comments but remains well bid above the 100 yen handle - having broken out of a 4-month-long pennant overnight. EUR/AUD cross is down about 60pips below 1.4390.
***Speakers/Political/In the Papers*** - (CN) Fitch: implementation is key for China long-term reform; Recent announcements could lay the groundwork for measures that help rebalance the economy and limit the build-up of further stresses on the sovereign credit profile. We do not view these announcements as a definitive roadmap - China is only at the start of a busy policy-making calendar leading up to the National People's Congress in March. - (CN) China to release the full Plenum decision document within a week - Chinese press - (CN) China vice Commerce Minister Wang: China to actively promote overseas investment in US - (CN) According to market research, China Jan-Oct ten major real estate companies increased land acquisition to record CNY238.7B, +176% y/y - Chinese press - (HK) Hong Kong Monetary Authority (HKMA) Chief Chan: Hong Kong large-sized apartment prices fell 2.2% from Feb; Property price outlook uncertain
- (JP) Japan Econ Min Amari: Japan will strive to avoid new debt issues for extra budget; Inappropriate for ministers related with economy to comment on weakening Yen - (JP) Japan Fin Min Aso: Expect US to properly deal with debt ceiling issue - (JP) Japan govt considering seeking to avoid bond issuance for stimulus - Japanese press
- (KR) Goldman Sachs: There is less room for KRW appreciation; More room for Kospi to strengthen
- (US) Moody's concludes review of 8 large banks, lowers some senior holding company ratings, affirms others
***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +1.7%, S&P/ASX +0.7%, Kospi +1.8%, Shanghai Composite +2.3%, Hang Seng +1.5%, Dec S&P500 +0.1% at 1,789, Dec gold +0.1% at $1,288, Dec crude oil +0.5% at $94.18/brl
US markets: - A: Reports Q4 $0.81 v $0.76e, R$1.72B v $1.71Be; +5.6% afterhours - KMB: Pursuing Spin-Off Of Health Care Business; +4.9% afterhours - WPX: Announces Plan to Form Master Limited Partnership (MLP); +4.7% afterhours - AMAT: Reports Q4 $0.19 (adj) v $0.18e, R$1.99B v $1.98Be; -0.1% afterhours - MCD: Long-term annual targets: Rev +3-5%, op income +6-7%, ROIIC in high teens; expects commodity pressure to continue in 2014 - analyst day comments; -0.1% afterhours - JWN: Reports Q3 $0.69 v $0.66e, R$2.88B v $2.88Be; -1.6% afterhours
Notable movers by sector: - Consumer discretionary: Matsumotokiyoshi Holdings Co Ltd 3088.JP -3.7% (H1 results); Dwango 3715.JP +21.5% (FY12/13 results); Fancl Corp 4921.JP -7.1% (H1 results); LG Corp 003550.KR +1.2% (Q3 results); Panasonic Corporation 6752.JP +2.0% (increase auto batteries production); Bega Cheese BGA.AU +2.9% (received 20 acceptances totalling 22.4K Warrnambool shares) - Industrials: Lend Lease Corp LLC.AU +1.5% (sees strong growth); Xi'An Aero-Engine PLC 600893.CN +6.2% (awarded order) - Materials: China West Construction Group Co Ltd 002302.CN +3.7% (awarded contract) - Financials: T&D Holdings 8795.JP +4.8% (H1 results); Haseko Corp 1808.JP +3.5% (H1 results); Dai-Ichi Mutual Life Insurance 8750.JP +6.8% (H1 results) - Technology: DDS Inc 3782.JP +14.4% (9-month results) - Healthcare: Zhejiang Jingxin Pharmaceutical Co Ltd 002020.CN +2.7% (receives subsidy) - Utilities: TEPCO 9501.JP +1.1% (press speculation on FY14/15 results; analyst action)
Gapping down
In reaction to disappointing earnings/guidance: PRCP -20.3%, MM -14.6%, EGLE -13.5%, CSCO -11.2%, (also downgraded by multiple analysts), KSS -9.4%, CNTY -8.9%, NTES -7.8%, FENG -7.2%, RMAX -6.9%, CIDM -5.7% (ticking lower), AH -4% (provides business and restatement update; appoints two new board members and authorizes $50 mln share repurchase program), AFCE -3.2%, (light volume), XONE -2.7%, WMT -1.1%.
M&A news: RVBD -4.1% (following late spike on sale speculation; recent reports indicate co has denied rumors), .
CSCO peers are trading lower: FNSR -3.8%, CAVM -3%, JNPR -2.5%, ORCL -2%, EZCH -1.9%, JBL -1.8%
Other news: TWGP -3.1% (files to delay its 10-Q), YY -2.4% (announces proposed offering of $250 million convertible senior notes due 2018), GWR -2.2% (announces sale of ~5.98 mln shares of common stock by Carlyle Investment Funds), DB -2.2% (reports indicate Jon Hitchon is leaving), BALT -2% (announces agreements to acquire two Ultramax newbuildings with option to acquire two additional vessels), TWTR -1.4% (still checking), RIO -1.3% (Rio Tinto trying to receive approval for Arizona copper mine, according to reports ), SINA -0.2% ( proposed offering of $600 mln convertible senior notes and concurrent $100 mln share repurchase).
Analyst comments: LULU -1.7% ( downgraded to Underperform from Neutral at Sterne Agee).
Gapping up
In reaction to strong earnings/guidance: BORN +28.2%, ANW +15.1% (ticking higher), YUME +13.3%, PLUG +9.1%, (thinly traded), TCX +8.8%, JST +5.9%, (light volume), CGIX +5.2%, (light volume), CAAS +4.6%, CRTO +3.4%, KGC +3.4%, SEAS +3%, NTAP +1%, MGAM +0.8%, (light volume),.
Select metals/mining stocks trading higher: IAG +2%, EGO +1.9%, HMY +1.3%, SLV +1.1%, GLD +0.8%, GOLD +0.4%
Solar names trading higher: JASO +3.3%, CSIQ +1.3%, FSLR +1.2%, SPWR +1.1%, SOL +1%, SUNE +0.4%
Other news: NURO +12.9% (continued strength), GALE +6.7% (continued strength), NVAX +6.5% (New England Journal of Medicine publishes positive data from clinical trial of Novavax' vaccine against H7N9 avian flu, ODP +3.2% (still checking), MEG +3.1% (Berkshire discloses 5.5% active stake in amended 13D filing ), GOGO +2.8% (continued momentum), TTM +2.5% (still checking), AMD +1.7% (still checking), AFL +1.1% (increases shares authorized for repurchase), TSLA +0.9% (rebounding from late reports related to industrial accident), PAMT +0.8% (announces $5.1 mln registered direct offering of common stock (~364.3k shares at $14 per share), NLY +0.7% (Annaly Capital Mgmt COO bought 25K shares at $10.36 on 11/11 worth ~$259K), SCTY +0.7% (prices Securization), CDW +0.6% (prices 15 mln shares of its common stock by selling share holders at $20.50 per share), BWA +0.5% (approved a two-for-one stock split effected in the form of a stock dividend on the company's common stock), SPW +0.5% (announces U.S. qualified pension plan actions; expected to reduce pension obligations by ~$800 mln, BA +0.4% ( issues statement on the rejected IAM Contract extension vote).
Analyst comments: ZGNX +10.3% (upgraded to Outperform from Perform at Oppenheimer), SCTY +3.9% ( upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $71 from $50 ), ODP +3.2% (upgraded to Buy from Underperform at BofA), NTI +2.6% (upgraded to Outperform from Neutral at Macquarie ), SNE +1.4% (upgraded to Overweight from Equal Weight at Morgan Stanley)
Incredible 45-METRE 'flight' of speeding Audi that crashed into Swiss border barrier and CLEARED customs officers' building (and the driver somehow survived)
Sedan travelled total of 75 metres in the crash on French/Swiss border Propelled into the air after crashing into roadside barrier at speed Swiss Border Guard said it was a 'miracle' no one was seriously hurt
watch the pics : {http://dailym.ai/HNYlZm}
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BN 11/14 07:18 *VALE ANNOUNCES OVER-ALLOTMENT RESULTS IN E-MAILED RELEASE BN 11/14 07:17 *VALE GROSS CASH PROCEEDS FROM OFFERING ABOUT $1.82B BN 11/14 07:17 *VALE SAYS OVER-ALLOTMENT EXERCISED IN FULL
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Vale Says Over-Allotment Exercised in Full in Norsk Stake Sale 2013-11-14 07:28:43.412 GMT
By Sandi Liu Nov. 14 (Bloomberg) -- Over-allotment option of 40.7m shrs fully exercised at 25 kroner per share and Vale won’t hold any shares in Norsk Hydro, according to Vale press release received via e-mail from deal coordinator Morgan Stanley. * Total gross cash proceeds from sale about $1.822b * Related story: Vale Sells $1.8 Billion Stake in Aluminum Maker Norsk Hydro {NSN MW62TI6JTSEH <go>}
Link to Company News:{NHY NO <Equity> CN <GO>} Link to Company News:{VALE5 BZ <Equity> CN <GO>}
For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}
To contact the reporter on this story: Sandi Liu in Hong Kong at +852-2977-4705 or sliu60@bloomberg.net
To contact the editor responsible for this story: Janet Ong at +852-2977-6425 or jong3@bloomberg.net