TheChek News Flow

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Teva Merger of Equals May Offer ‘Back-Up’ Option: Bernstein 2013-11-13 14:16:45.324 GMT

By Sasha Damouni and Clyde Eltzroth Nov. 13 (Bloomberg) -- Teva may see merger of equals as offering “further upside or back-up option” if co. unable to create value itself, Bernstein analyst Aaron Gal said in note. * Teva isn’t easy co. to buy given EV ($44b), home-country concerns, lack of interest in sale; co. still has low interest rates, lack of permanent mgmt, unhappy shareholders base * “Substantial synergies” to be achieved, especially if acquirer is another generic co. * TEVA 13 buys, 12 holds, 4 sells, avg PT $44: Bloomberg data * NOTE: Oct. 30, Teva CEO Jeremy Levin to Step Down

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--Editor: Stefanie Batcho-Lino

To contact the reporters on this story: Sasha Damouni in New York at +1-212-617-7787 or sdamouni2@bloomberg.net; Clyde Eltzroth in New York at +1-212-617-1879 or celtzroth1@bloomberg.net

To contact the editor responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net

Gapping down

In reaction to disappointing earnings/guidance: YRCW -23.9%, PERY -15.3% (light volume), OXGN -15.2%, SUPN -13%, (light volume), CLNT -11.7%, TELK -9.7%, INTX -7.6%, (thinly traded), GILT -7.5%, CDXS -7%, (light volume), DIOD -5.9%, TEAR -5.8%, PRKR -5.4%, (light volume), MDVN -1.5%.

Financial related names showing weakness: BCS -2.3%, DB -1.3%, HBC -1%, JPM -0.8%.

Metals/mining stocks trading lower: MT -3.4%, RIO -1.7%, VALE -1.3%, BBL -1.2%, GOLD -0.2%.

Other news: XGTI -12.5% ( prices 5.715 mln shares of common stock at $1.75), CHTP -9.9% ( announces public offering of common stock, size not disclosed), SB -9.2% (announces public offering and concurrent private placement of common stock), SNTA -6.1% ( announces proposed public offering of common stock; size not disclosed), BALT -6.1% (announces common stock offering; size not disclosed ), BAGL -5.7% ( announces 2.5 mln share secondary offering by funds and accounts managed by Greenlight Capital, Inc. and its affiliates), BBEP -4.5% (commences public offering of 15 mln common units representing limited partner interests in the Partnership), BNNY -1.8% (announced a public secondary offering of 2,537,096 shares of common stock by Solera Partners, L.P. and SCI Partners), XONE -1.5% (appoints Brian Smith as Chief Financial Officer and Treasurer), PBR -1.4% (PetroChina acquires Petrobras assets in Peru for ~ $2.6 bln ), EQIX -1.2% (discloses that it completed its evaluation installation fees ), SBUX -1.2% (concludes packaged coffee dispute with Kraft (KRFT); Kraft entitled to $2.23 bln in damages plus $527 mln in prejudgment interest and attorney's fees).

Analyst comments: MT -3.4% (downgraded to Underperform from Neutral at Exane BNP Paribas ), AZN -0.6% (downgraded to Sell from Hold at Panmure)

Gapping up

In reaction to strong earnings/guidance: CAAS +20.9% (light volume), RLD +20%, ARCW +19.2%, HTHT +19.0% (ticking higher), PEGA +16.3%, EJ +15.5%, CALL +15.3%, (also announces repurchase of $13 mln in Stock and Founder's Exit From Operations), QTWW +12.2% (light volume), SVA +10.4%, FU +10.1%, CVT +5.5%, (light volume), HMA +5.3 (also Health Management's Board of Directors affirms support of transaction with Community Health Systems; Glenview Capital confirms intention to vote for Community Health Systems' proposal), TC +5.2%, M +5.1%, PBPB +4.4%, TMHC +4%, (light volume), SINA +3.7%, MBI +2.9%, CSIQ +2%, WX +1.7%, YUM +0.7%, (reports October China same store sales declines 5% y/y ), NQ +0.6%, (also announces Senior Management Share Purchase Plan), PII +0.4% (announces buyback of 3.96 mln shares from Fuji Heavy Industries).

A few oil/gas names higher: BP +0.7% (still checking), TSO +0.5% (following MadMoney mention), RDS.A +0.3% ( near deal to build $11 bln petrochemical facility in Iraq, according to reports).

Select solar names showing modest strength: JASO +2.7%, YGE +2.3%, SOL +2.1%, JKS +1.4% ( has become one of the first Chinese solar PV companies to have obtained JIS Q 8901 Certification from TUV Rheinland), FSLR +0.5%.

Other news: MSTX +14% (following FDA orphan status news), JRCC +13.6% (modestly rebounding), COSI +12.1% (adopts stockholders rights plan), VSI +4.1% (SAC discloses stake), ANAC +3.2% (announces positive preliminary results from AN2728 MUSE Study in Pediatric and Adolescent Patients with Atopic Dermatitis), ODP +3.3% (Ronald C. Smith appointed Chairman and CEO), TSLA +3% (CEO Elon Musk discusses car fires; notes TSLA Model S cars are 5x less likely to have a fire than a gasoline car), MDLZ +2.4% (following KRFT / SBUX news), VVUS +2.3% ( Announces Issuance of Two Key U.S. Patents for Qsymia; Patent Coverage for Qsymia Extended to 2029), XRX +2% (following yesterday's analyst meeting), AMD +1.7% (still checking), CLF +1.6% ( following MadMoney mention), SRPT +1.1% (modestly rebounding), KRFT +0.8% (Starbucks concludes packaged coffee dispute with Kraft (KRFT); Kraft entitled to $2.23 bln in damages plus $527 mln in prejudgment interest and attorney's fees), ELLI +0.7% (following 3+ pt jump on PE speculation), NOV +0.7% ( following MadMoney mention), NLY +0.6% (President disclosed buying 100K shares at $10.43 on 11/12, worth ~$1.0 mln ), BBRY +0.3% (announced three German-based, enterprise customers have migrated to BlackBerry Enterprise Service 10).

Analyst comments: X +2.9% ( upgraded to Overweight from Equal-Weight at Morgan Stanley ), LULU +1.6% (initiated with a Overweight at JP Morgan), QCOM +1.3% (added to Conviction Buy list at Goldman), RHT +0.9% (upgraded to Overweight from Neutral at Piper Jaffray ), DATA +0.3% (initiated with a Buy at Janney)

Macy's beats by $0.08, beats on revs; reaffirms FY14 guidance

Reports Q3 (Oct) earnings of $0.47 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.39; revenues rose 3.3% year/year to $6.28 bln vs the $6.19 bln consensus. On a comparable sales basis, Macy's, Inc.'s third quarter sales were up 3.5% YoY vs. ~2% ests. Together with sales from departments licensed to third parties, third quarter 2013 sales on a comparable basis were up 4.6 percent.

Co reaffirms guidance for FY14, sees EPS of $3.80-3.90 vs. $3.80 Capital IQ Consensus Estimate; reaffirms FY14 comps +2.0-2.9%; comparable sales are expected to increase in the range of 2.5 percent to 4 percent in 2H14.

"improved sales performance resulted from continued success in the execution of our key strategies -- My Macy's localization, Omnichannel integration and Magic Selling customer engagement. In addition, business in the third quarter benefitted from intensified marketing strategies to emphasize the outstanding value in our merchandise deliveries. Both Macy's and Bloomingdale's performed well in the quarter, and we saw improvement in the sales trend in every region of the country compared with the spring season."

Early premarket gappers

Gapping up: RLD +20%, KRFT +19.9%, CALL +15.3%, COSI +12.1%, SVA +10.4%, PEGA +8.7%, CSIQ +6.3%, QTWW +6.2%, CVT +5.5%, TC +5.2%, PBPB +4.4%, VSI +4.1%, TMHC +4%, SINA +3.7%, ANAC +3.3%, MDLZ +3%, TSLA +3%, X +2.9%, YGE +2.3%, AMD +1.7%, WX +1.7%, YUM +0.7%, NLY +0.6%, NQ +0.6%, PII +0.4%

Gapping down: YRCW -23.9%, OXGN -15.2%, XGTI -12.5%, CHTP -9.9%, TELK -9.7%, SB -9.2%, INTX -7.6%, CDXS -7%, SNTA -6.1%, BALT -6.1%, TEAR -5.8%, PRKR -5.4%, DIOD -5.1%, BBEP -4.5%, MT -3.4%, SUPN -3.2%, BNNY -2.9%, BAGL -1.8%, MDVN -1.8%, RIO -1.7%, SBUX -1.6%, XONE -1.5%, DB -1.3%, BBL -1.2%, GOLD -1.2%

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Twitter Seen Below $28 as Structured Note Investors Turn Bearish 2013-11-13 11:25:38.354 GMT

By Alastair Marsh and Janet Freund Nov. 13 (Bloomberg) -- Twitter will fall below $28 by June after surging as high as $50 in co.’s first 4 days of trading, according to structured product investors. * 8 of 10 most-traded, European listed securities tied to shares of TWTR are put warrants, according to data compiled by Bloomberg * Investors are speculating the lack of profitability at TWTR, which lost $64.6m in 3Q, will weigh on shrs * TWTR unlikely to make profit until at least 2015, according to avg of analysts’ ests compiled by Bloomberg * NOTE: TWTR raised >$2b selling shares at $26 in IPO last week * NOTE: Options on TWTR shrs will begin trading Nov. 15, NYSE Euronext said in a statement yday Story Link:NSN MW75A66JTSEW<GO>

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--Editor: Joanna Ossinger

To contact the reporter on this story: Janet Freund in New York at +1-212-617-8408 or jfreund11@bloomberg.net

To contact the editor responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net

To see the painting : {http://bit.ly/17T2703}

A 1969 triptych by the British artist Francis Bacon sold for $142.4m on Tuesday night, smashing the record for an artwork sold at auction – the $120m paid last year for Edvard Munch’s “The Scream”.

Bidding for Lot 8A – “Three Studies of Lucian Freud” – began at $80m, and still had seven prospective collectors vying for a sale when offers reached $100m, to the awe of the crowd that had assembled at Christie’s in New York. William Acquavella, the New York dealer, eventually bought the three oil-on-canvas panels on the behalf of an unidentified foreign customer. Two disappointed bidders, including rival art dealer Larry Gagosian, promptly left the packed room. The hammer came down at $127m for the paintings, which have never before been offered at auction and depict Lucian Freud, Bacon’s friend and rival, sitting on a wooden chair. The bidder’s premium, traditionally 12 per cent on works over $1m, brought the aggregate price to $142.4m. The star lot of a sale that fetched $691.5m – above Christie’s initial $670.4m high estimate and a new record for a postwar and contemporary art evening sale – was just one of several that broke new ground for the booming global auction market. World auction records were set for 10 artists. Jeff Koons became the most expensive living artist when his “Balloon Dog (Orange)” sold to a telephone collector for $58.4m from the collection of Peter Brandt, while Willem de Kooning, Donald Judd and Christopher Wool all eclipsed previous records for their works made at previous sales. Another standout work, “Coca Cola (3)” by Andy Warhol, sold for $57.3m, one of only four casein on cottons of a single Coca-Cola bottle that the artist made in 1961 and 1962. Of the 69 works on offer, six failed to sell. The results of the much touted sale will come as relief to Christie’s, the private London-based auctioneers owned by luxury magnate François-Henri Pinault, after a dismal start to the autumn season last week. One-quarter of the lots featured in their $144.2m impressionist and modern evening auction last week failed to sell, amid accusations of sky-high valuations and a mixed quality of works on offer. By contrast, arch-rival auction house Sotheby’s delivered stellar results less than 24 hours later, selling 92 per cent of all works and garnering $290.2m worth of sales. Their New York post-war and contemporary sale will take place on Wednesday.

Activist shareholder Nelson Peltz is taking some of the pressure off Sotheby’s. Peltz’s Trian Fund Management has sold its 3 percent stake in the auction house — worth around $100 million — just a few months after disclosing the investment in August, The Post has learned. Peltz, along with fellow activists Dan Loeb and Mick McGuire of Marcato Capital, have been pushing for changes in Sotheby’s strategy and the way it uses cash. Sotheby’s, which said it would take a hard look at its business, has seen its shares rise nearly 25 percent since June 30, potentially prompting Peltz to sell. The stock closed Tuesday, up 1.7 percent to $51.92. Trian declined to comment. Sotheby’s also reported improved results Monday, thanks to higher commissions from private sales and auctions. The company is holding a major contemporary art auction Wednesday, featuring an Andy Warhol that some speculate could top Edvard Munch’s “The Scream,” which sold for $119.9 million. While Peltz has exited the stock, Loeb kept up the pressure Tuesday, saying Sotheby’s has $460 million of receivables “earning a very low return that should be monetized.” Loeb was likely referring to money Sotheby’s loans to buyers and dealers using art as collateral. Sotheby’s could borrow the money it loans out instead of using its own cash, sources said.

See all pdf presentation attached

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BN 11/13 07:03 *OPHIR SAYS MZIA-3 RESULT RAISES RECOVERABLE RESOURCE FOR MZIA BN 11/13 07:01 *OPHIR SAYS MZIA-3 WELL ENCOUNTERED 56M OF NET PAY BN 11/13 07:01 *OPHIR ENERGY TANZANIA: SUCCESSFUL MZIA-3 APPRAISAL WELL BN 11/13 07:01 *OPHIR ENERGY OPHR TANZANIA: SUCCESSFUL MZIA-3 APPRAISAL WELL

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Ophir Says Mzia-3 Result in Tanzania Raises Recoverable Resource 2013-11-13 07:09:44.17 GMT

By Amanda Jordan Nov. 13 (Bloomberg) -- Mzia-3 well encounters 56m of net pay, confirms reservoir quality in line w/ Mzia-1, Mzia-2. * Gas is 107m deeper than seen in previous wells * Provisional assessment increases total mean contingent recoverable resource for Mzia by 0.7tcf to 5.2tcf * NOTE: Mzia discovery is in Tanzania’s Block 1 * NOTE: Ophir holds 40% of Blocks 1, 3 and 4. BG Group operates with 60%

Link to Statement:{NSN MW6WTT3HHEDC <GO>} Link to Company News:{BG/ LN <Equity> CN <GO>} Link to Company News:{OPHR LN <Equity> CN <GO>}

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To contact the editor responsible for this story: Amanda Jordan at +44-20-7673-2144 or ajordan11@bloomberg.net