Gapping up
In reaction to strong earnings/guidance:
- PLAN +10.5%, NIO +5.7%, MOMO +4%, BNS +2.8%
M&A news:
- FCAU +8.6% (delivered a non-binding letter to the Board of Renault proposing a combination of their respective businesses as a 50/50 merger)
- TSS +2.9% (Total System & Global Payments (GPN) confirm $21.5 bln merger -- consideration reflects price per share of $119.86 for each share of TSYS common stock)
Other news:
- JMEI +13.5% (authorized a $100 mln 12 month share repurchase plan)
- SEAS +7.4% (SeaWorld Entertainment to purchase approximately 5.6 mln shares from Pacific Alliance Group; Hill Path Capital to purchase approximately 13.2 mln shares from PAG and increase equity stake to approximately 34.5%)
- AVH +6.1% (details shareholder changes)
- QTT +4.6% (announces up to $50 mln share repurchase program)
- RGNX +3.4% (continued strength following Friday's 7% move higher)
- AMD +2.6% (announces new products at Computex 2019 Keynote )
- MDCO +1.8% (presents analyses of two clinical studies of inclisiran )
- MNK +1.5% (updated plans for its spin-off of a new company consisting of Mallinckrodt's Specialty Generics/Active Pharmaceutical Ingredients business to shareholders)
- TEVA +0.9% (reaches agreement with state of Oklahoma for a one-time payment of $85 mln)
Analyst comments:
- N/A
‘No-Deal’ Brexit Returns to Forefront of Debate
The favorites jostling to succeed Theresa May as prime minister are talking up an abrupt exit after almost three years of wrangling
LONDON—In the Brexit lexicon, it is called “no deal.” Forget about negotiating a bilateral withdrawal treaty between the U.K. and the European Union. Just leave and start over.
With Prime Minister Theresa May’s premiership drawing to a close, the specter of a no-deal Brexit once again looms larger. Most lawmakers oppose it. Business executives are terrified of it. But the favorites among those jostling to replace Mrs. May as prime minister are talking up an abrupt exit after almost three years of inconclusive Brexit wrangling.
Britain doesn’t need an agreement to leave the EU; that will now happen on Oct. 31 unless the U.K. takes one of three steps to avoid it. It could agree to a deal, ask the other 27 EU governments for a further delay, or unilaterally decide not to go ahead with Brexit at all.
“No deal has always been the legal default,” said Maddy Thimont Jack, senior researcher at the Institute for Government, a nonpartisan London think tank focused on policy-making.
Ardent Brexit supporters see no deal as the ticket to a bright future free from the long arm of EU regulation. It would mean no finicky negotiations over the Irish border or handing over billions of pounds of taxpayers’ money to settle past commitments to the EU budget.
The U.K. would gain full control of immigration and trade policy and be free to pursue free-trade accords with the U.S. and other countries. Sure, they say, there might be short-term disruption while legal kinks are worked out. But the long-term benefits no deal brings outweigh the risks.
For others, including senior government figures such as Treasury chief Philip Hammond, no deal is to be avoided at all costs. It would mean tariffs on imports and exports to the EU as well as customs and regulatory checks that would hurt U.K. trade.
It would also mean customs checks on the politically sensitive land border between the U.K. and Ireland. Ports set up to handle fast-moving traffic would gum up. Companies such as aerospace giant Airbus SE and car maker Nissan Motor Co. Ltd. have said the disruption to cross-border supply chains from no deal would cripple their U.K. operations. Financial firms and other services providers fear they would lose access to European clients.
A 2018 government study estimated the British economy would be around 8% smaller 15 years after a no-deal exit than it would have been had the U.K. remained a member state. That compares with a shortfall of between 0.6% and 4.9% if it leaves with a Brexit deal, depending on how close a relationship the EU and Britain agreed to keep.
Both sides of the debate recognize that the U.K. and EU would sooner or later have to pick up the pieces after a no-deal exit and find legal agreements on how to manage their future commercial and security relationship. But they differ on which side would gain advantage from dealing with those issues after Britain leaves rather than before.
People who oppose a no-deal exit say the U.K. would have even less leverage afterward than it does now, since the U.K. economy is much more dependent on the EU than vice versa. No dealers think the U.K. relationship is important enough to the EU that its member states will make concessions in the divorce agreement to avoid it.
Meanwhile, some business leaders say the purgatory of repeated Brexit postponements is worse than a no-deal exit.
Jean-Gil Abbate, general manager of Taylors Transport Group, a logistics firm based in England’s East Midlands, said businesses like his would settle for any outcome if it brought the uncertainty over Brexit to an end.
“It’s better if we know now what’s going to happen rather than just postponing it for a better outcome,” he said. “No deal tomorrow is better than a deal in a year.”
No deal appeared to have been banished to the fringes of the Brexit debate once Mrs. May completed her negotiations with Brussels late last year. She twice asked the EU for more time to try to win over rebel lawmakers who repeatedly threw out her Brexit deal, pushing back the Brexit deadline from the original March 29 to Oct. 31 now.
But a Parliament deadlocked over Brexit found a majority for one thing: that the U.K. shouldn’t leave the bloc without a deal.
Now, with Mrs. May saying she will step down, several of those seeking to replace her in Downing Street are putting no deal back in the spotlight—especially since the Brexit Party, which advocates an abrupt split, soundly beat the Conservatives in European Parliament elections.
“There will clearly be a commitment made to no deal on the campaign trail,” said Mujtaba Rahman, managing director for Europe at consulting firm Eurasia Group.
Boris Johnson, the front-runner to succeed Mrs. May, has said a no-deal exit is closest to voters’ vision of Brexit. He said Friday the U.K. should be prepared to walk away Oct. 31 if the EU won’t renegotiate withdrawal.
Dominic Raab, a former Brexit secretary who is also running for the leadership, has said he would opt for no deal if the EU doesn’t drop its demand for an indefinite “backstop” arrangement to prevent the need after Brexit for customs and other checks on the Republic of Ireland’s border with Northern Ireland, part of the U.K.
Having voted before to stop a no-deal exit on March 29, Parliament could try to do it again and tie the hands of a new prime minister. But Ms. Jack said there is no guarantee such an effort would succeed, given the government’s unusual level of control of the legislative process in the U.K.
A bigger constraint is politics. A new Conservative prime minister who, like Mrs. May, lacked a majority in Parliament, couldn’t force through such a profound constitutional change without imperiling the rest of the government’s agenda. Some analysts say there isn’t enough time before Oct. 31 to lay the legal groundwork for a split. Liam Fox, trade secretary, warned over the weekend that no deal risks giving ammunition to advocates of independence in Scotland and Irish unity in Northern Ireland.
Mrs. May’s successor will also have to weigh the risk that a no-deal Brexit opens the door to a greater Conservative bugbear than the EU: Labour Party leader Jeremy Corbyn. Conservative lawmakers fear that if no deal did hurt the economy, they would lose the next election to the veteran left-winger.
Early premarket gappersGapping up:
- JMEI +15.7%, EGO +12.2%, WPRT +7.5%, RGNX +7.4%, MOMO +6.8%, PLUG +6.4%, CTRP +2.6%, ATVI +2.5%, RIO +2.4%, AMD +2.3%, VALE +2.2%, AVH +2%, TEVA +1.9%, SBGL +1.5%, ASML +1.4%, VIPS +1.3%, BLDP +1.2%, BBL +1.2%, BHP +0.9%
Gapping down:
- HMY -3.6%, LYG -2%, GILD -2%, JBHT -2%, ERIC -1.7%, AZN -1.6%, EQNR -1.6%, GSK -1.4%, NEM -1.3%, AU -1.3%, KGC -1.3%, HAL -1.2%, BCS -1.2%, SAN -1.1%, ING -1.1%, HSBC -1.1%, BBVA -1.1%, NOK -1%, GDX -0.9%, GOLD -0.8%
Cable Answers Cord-Cutters With Half-Price Cellphone Service
Altice plans cellphone service costing $20-$30 as cable providers undercut wireless carriers, try to keep customers
A new player is about to enter the crowded U.S. wireless market, pitching monthly unlimited data that costs half as much as rivals.
The catch? It is a cable-television company.
Altice USA Inc. ATUS -0.37% is preparing to launch a mobile service likely to cost between $20 and $30 per phone, according to people familiar with the matter. This summer it will join rivals Comcast Corp. and Charter Communications Inc. in trying to persuade Americans to get their wireless service from their cable providers by promising lower prices.
The new service, likely to be called Altice Mobile, will run on Sprint S 3.02% Corp.’s mobile network and relies on customers’ in-home Wi-Fi and the company’s network of hot spots throughout the urban markets it serves, including New York City. The company plans to test the service with its employees in the coming weeks, the people said.
Altice, which has 3.3 million TV subscribers and 4.1 million internet customers, has recently said the company is on track to launch its mobile service this summer. A spokeswoman said pricing isn’t set and the “go-to-market plans are still in development.”
Cable providers are hoping wireless service will make their existing customers less likely to cut the cord and generate additional revenue. Wireless carriers like Verizon Communications Inc. and AT&T Inc., meanwhile, are betting the advent of faster, 5G networks will enable them to offer wireless broadband inside homes that sidelines cable companies.
Comcast, the biggest cable-TV provider, began selling its Xfinity Mobile service in 2017, and Charter launched its Spectrum Mobile last September. The wireless services are only available to customers who also pay for home broadband.
Both Comcast and Charter charge $45 a month per line for unlimited monthly data. The two also allow their customers to pay for only the data they use, between $12 and $14 per gigabyte.
Comcast said it has signed up 1.4 million subscribers to its mobile service as of the end of March, compared with 577,000 a year earlier. The majority of its customers are on plans in which they pay per gigabyte. Charter said it had 310,000 mobile customers as of late March.
Unlimited monthly plans for a single phone start at $80 at Verizon and $70 at AT&T, which also gives discounts to its DirecTV subscribers. Both carriers have more than 100 million wireless connections.
Comcast and Charter have added cellphone customers even as the four largest wireless carriers compete for subscribers in the saturated U.S. market. Those consumers, however, have proved data hungry, which can drive up the cost of providing the service. Both cable companies rent Verizon’s wireless network and typically pay based on customer usage.
Charter said at an analyst conference in May that it was exploring building its own small cell antennas to boost its network of Wi-Fi hot spots, which would allow it to unload some traffic in areas with heavy data demands and help it save on costs.
Even though the costs of providing mobile service may be high, the cable companies profit in retention and growth of scale, said Moody’s Investors Service analyst Neil Begley.
Altice has bolstered its Wi-Fi network in advance of its new service and aims to push some mobile traffic onto those hot spots when consumers are away from home, reducing the amount of cellular data they use. That, in turn, reduces what the cable company must pay Sprint.
As part of the arrangement, the broadband provider controls its customers’ wireless traffic and billing, and Sprint is able to build out its own network within Altice’s footprint.
On May 20, Altice secured commitments from T-Mobile US Inc. and Sprint that if their merger is approved, the combined company won’t terminate its relationship with Altice. The wireless firms also promised to make good-faith efforts to expand the agreement to include their combined 5G network.
Charter and Comcast have said that even though their services are new, there are signs that selling mobile service helps reduce customer defections and increase the number of products bought.
“If you’re able to save customers $800 a year on their mobile bill and you add that into their existing cable service, then I think that you’re going to have a happier customer relationship at the end of the day,” said Christopher Winfrey, Charter’s chief financial officer, at an analyst conference in May. Advertising those potential cellphone savings also can help attract new broadband customers, he added.
Charter, which has 16 million cable TV subscribers, only recently started to allow customers to bring their own phones rather than requiring them to buy a device from the company, a change it expects will attract more customers.
David Watson, chief executive of Comcast Cable, said during a recent earnings call that the company is “seeing some improvement in retention and that’s exactly what one of our top goals were.”
A spokesman for Cox Communications, another cable provider that has offered mobile phone service at times over the past decade, said the company continues to explore launching wireless service in the future but has no immediate plans to do so.
“We have built out extensive Wi-Fi capabilities through infrastructure investment and industry partnerships,” he said, pointing to Cox’s investment in InSite Wireless Group LLC, which constructs and operates communications tower sites.
Fiat scion channels physicists to solve Renault merger puzzle
John Elkann and Jean-Dominique Senard plot quiet campaign to succeed where predecessors failed
The plan to unite two of the greatest titans in European carmaking — and the future of the industry itself — was hammered-out over a series of secret meetings at the private residences of industrialists John Elkann and Jean-Dominique Senard.
Fiat Chrysler Automobiles chairman Mr Elkann, heir to Italy’s Agnelli dynasty that founded Fiat in 1899, would host in his Turin home. His counterpart at Renault, Mr Senard, the former Michelin CEO parachuted in to stabilise Renault in January, would do the same in Paris. The setting, said one adviser, “let the leaders think big”.
Their meetings became more frequent and urgent, said people close to the situation, as talks advanced from the idea of loose partnership to a full merger between FCA and Renault. In the past two weeks, several such meetings took place.
Both the secrecy and the intimacy were vital, said advisers, given the acute sensitivities surrounding Renault’s 20-year alliance with Nissan and the spectacular downfall of its chief architect, Carlos Ghosn. It was his sudden absence and the promotion of Mr Senard that made a Renault-FCA merger possible.
Mr Ghosn remains under strict bail conditions in Tokyo as he awaits trial on financial malfeasance charges he flatly denies. His shadow over Renault-FCA talks has been constant, though. A merger between the two companies had eluded him and Mr Elkann’s predecessor at FCA, the late Sergio Marchionne.
Despite both men’s reputation as skilful managers, the two could not hit on the formula to navigate the industry rivalries, governments, shareholders and unions that stood in the way of a deal. Marchionne spent his final years calling for consolidation among carmakers, believing that survival depended upon it. Some close to FCA management said Mr Ghosn may never have had his heart in the idea.
Where they failed, the lower-profile negotiations of Mr Elkann and Mr Senard appeared to have succeeded: on Monday FCA proposed to merge with Renault in an all-share deal that would give the respective shareholders of each company a 50 per cent stake in the combined entity. Renault welcomed the “friendly” proposal after a board meeting, saying it would evaluate it.
“Elkann and Senard had the vision and pragmatism to make this happen,” one person said. “When you had the two big guys [Ghosn and Marchionne] there, it would have been harder to engineer this deal because of their personalities.”
Investors cheered, sending Renault shares 12 per cent higher and FCA up by 8 per cent. Mr Elkann described it as “an unthinkable day”, speaking at Milan’s Bocconi University, the same place he was a decade ago when Fiat combined with Chrysler. His family investment vehicle, Exor, which owns 29 per cent of FCA, will become the largest shareholder in the combined group.
The transaction would form the world’s third-largest carmaker, behind Volkswagen and Toyota, responsible for 8.7m vehicles a year, with sales of €170bn and profits of €8bn. The merged entity would have a market value above €35bn based on Monday’s share prices.
A merger came into view only in the past few weeks when Mr Elkann discovered that Renault had given up on its effort to merge with Nissan and rang Mr Senard.
During their exchanges, Mr Senard made it clear to Mr Elkann that a deal with Nissan, which owns 15 per cent of Renault and in which the French carmaker holds a 43 per cent stake, would be close to impossible, said a person close to the group.
“It’s been really hard to find ways to talk to our Japanese counterparts . . . they are currently completely irrational,” said a person close to Renault while referring to Nissan’s chief executive Hiroto Saikawa.
The opening allowed Mr Elkann, stepping into the role of dealmaker, to instruct his team working under the code name “Fermi” on project “Newton” to put together a deal for “Rutherford”. All are references to famous physicists.
Mr Elkann met Emmanuel Macron, the president of France, which has a 15 per cent stake in Renault, to reassure the French leader that the transaction would create a European champion able to rival US and Asian carmakers.
FCA panicked when the talks were revealed by the Financial Times on Saturday, said the person close to Renault. That forced a sleepless sprint to draft the proposal issued on Monday, which was light on details.
It was a relationship that dated back to when Mr Senard ran Michelin that laid the groundwork for a deal. The two industrialists, who share similar genteel manners in contrast to their domineering former executives, conversed in French, which Mr Elkann is fluent in having studied in an elite Paris lycée, to hash out the terms.
“There was almost a paternalistic relationship between the two men,” said one person with knowledge of the talks. “The culture at Michelin is almost that of a family business . . . they are not far apart culturally.”
Now the two men, Mr Elkann as future chairman and Mr Senard as chief executive of the combined group, must see through a deal that promises to unlock €5bn in savings and prove that scale can offset the forces of technological disruption and reduce the costs that are battering carmakers.
Apart from navigating the concerns of competition authorities, they must also push through a deal that risks inflaming already high political tensions between France and Italy, while alliance partner and Renault shareholder Nissan will want its voice heard.
“When you have so many parties and the government involved, you just don’t know. From a market standpoint, it makes sense. But there are a lot of voices to get right,” said one person working on the deal.
Both the French and Italian governments have given the go-ahead for the discussions with Italy’s deputy prime minister, Matteo Salvini, telling journalists that “Fiat Chrysler expanding is good news for Italy” and calling it a “brilliant operation that preserves every single job while creating a European car industry giant”.
FCA has pledged there will be no plant closures as part of the deal, a crucial element in keeping the French state on board — job losses would be politically unpalatable for the already under-pressure government. “This operation will be viable if it has a positive impact on employment in France,” said one senior government official in France with labour unions already voicing their disapproval.
Complicating the deal is also the presence of Renault’s longtime partner Nissan. Longer term, both FCA and Renault are open to the idea of a three-way merger that includes the Japanese carmaker, said people close to the European carmakers. Prospects of Nissan, which firmly rejected Renault’s merger proposal in mid-April, joining FCA and Renault remain dim for now.
Both Nissan and Japanese government officials reacted with caution to the talks, which they only found out about over the weekend. The Japanese counterparts were deliberately kept in the dark to avoid any leaks, said a person close to Renault, as they feared that Nissan would try to scupper any potential deal.
At first glance, the structure of FCA’s proposal should appeal to Nissan. Under a new Dutch-based holding company structure, the Japanese carmaker will be granted voting rights on its stake in the merged group and a seat on the board. Renault will also temporarily shelve plans for a full merger with Nissan, which will allow Mr Saikawa to focus on rebuilding its struggling US business.
Early on Monday, Mr Saikawa told reporters camped outside his house that he was “fully open to constructive discussions” to strengthen its alliance with Renault when asked about talks with FCA.
One person familiar with the Japanese government’s thinking said it was premature to discuss prospects of Nissan integrating with the new merged entity on those terms alone. “Joining an expanded alliance is a possibility but a merger is a completely different story,” another person close to Nissan’s board said.
And while many analysts applauded the deal, some struck a more cautious note: This “seems to be founded on the view that scale is going to be increasingly critical for survival in the auto industry. This makes sense on PowerPoint but rarely works in the real world. Regional scale is more important than global scale,” said Max Warburton at Bernstein.
If it succeeds, however, it will be a triumph for Mr Elkann years in the making. One person involved said: “Both Marchionne and Ghosn had a vision that you need to produce and sell 5,6,7m cars to be relevant. For Marchionne, it is sad because he would have been proud of this.”
Airtel Africa announces potential intention to list on LSE
Airtel Africa, a subsidiary of India-based Bharti Airtel [BOM:532454], has announced its potential intention to undertake an IPO to list its shares on the London Stock Exchange (LSE). Bharti Airtel has informed this to the BSE.
Announcement
In furtherance to our previous intimations in this regard, we wish to inform you that Airtel Africa, a subsidiary of the Company, has announced its potential intention to undertake an IPO for listing its equity shares on the LSE and the expected publication of a Registration Document that has been submitted for approval to the UK Financial Conduct Authority.
As reported, citing undisclosed sources, Bloomberg had said on 6 May 2019 that Airtel Africa intended to formally announce a London IPO during May 2019 and was targeting to begin trading next month.
Airtel Africa could raise around USD 1bn via the planned IPO, the sources said, and added that the company was contemplating seeking around a USD 5bn equity valuation.
The listing date and valuation were yet to be finalised, and market sentiment and investor demand could determine the final details, the sources said.
Link to original source
Stocks in Asia chalked up modest gains in thin trading, while European and U.S. futures pointed to advances as traders returned from U.S. and U.K. holidays. Treasuries edged higher.
Shares climbed in Japan, China and Hong Kong on lower-than-usual volumes due to the Memorial Day holiday in the U.S. and a U.K. market closure Monday. President Donald Trump’s declaration Monday that the U.S. was “not ready” to reach a trade deal with China had little impact. The yuan dipped as Tuesday’s session wore on. U.S. 10-year yields approached their lowest levels since October 2017. The pound held losses as traders kept watch on the contest to choose Britain’s next prime minister amid the Brexit quagmire.
Nikkei +0.37% Hang Seng +0.44% CSI +0.48% Shanghai +0.40% Shenzen +0.34%
Eur$ 1.1185 CNH 6.9175 CNY 6.9076 JPY 109.48 GBP 1.2681 CHF 1.0043 RUB 64.4257 TRY 6.0710 WTI$ 59.18 +0.94%
S&P +0.11% EuroStoxx +0.15% FTSE +0.43% Dax +0.185 SMI +0.07%
Macro :
- Global Payments Is Said to Agree to Buy Total System Services
- Spain Agrees Common Front With Macron as EU Horsetrading Starts
- Italy Seeks ECB Board Seat as League Urges ‘Infrastructure QE’
- U.K. Tories See Opportunity and Threats in Their Game of Thrones
Keep an eye on :
- AFB SS : AF Poyry Gets Pre-Engineering Assignment From Metsa Board
- AF FP : Air France KLM Opens Talks With Pilot Union on Transavia France
- MT NA : Arcelor, Resurgent Said to Mull Joint Bid for Essar Power Plant
- AV/ LN : Aviva May Split U.K. Business in Shake-Up: FT
- AZN LN : AstraZeneca to Invest $220M in Vietnam's Health-Care Sector
- IF IM : Banca Ifis Focuses on Organic Growth, CEO Tells Il Sole 24 Ore
- BANI BB : Banimmo Names Calonne CEO as Mertens, Opsomer Leave Developer
- BCHM SW : Burckhardt Full Year Sales Beat Highest Estimate
- BNZL LN : Bunzl Names Peter Ventress as Chairman Designate
- CO FP : Casino Future in Focus as Rallye Climbs: EU Consumer Wrap
- EVD GY : CTS Eventim Had Poor 1Q, Lacks Short-Term Catalysts, Lampe Says
- ELIOR FP : Elior Group: Wins Renault France Catering Contract
- GPN SS : Global Payments Is Said to Agree to Buy Total System Services
- GREEN BB : Greenyard’s Bakker Belgium in Value Chain Pact W/ Ahold Delhaize
- HDD GY : Heidelberger Druck CFO Leaving: European Industrials Pre-Market
- H24 GY : Home24 First Quarter Revenue EU93.2 Mln
- IBAB BB : IBA Signs Contract to Install Proton Therapy Center in Italy
- INS GY : Instone Real Estate 1Q Adjusted Ebit Jumps 93.8%
- IRE IM : Iren Mulling OLT LNG Stake Sale; Had Spoken to Snam: Reuters
- JST GY : Jost Werke First Quarter Revenue Beats Highest Estimate
- LHA GY : Lufthansa’s Cargo Arm Cuts Offering on Weak Air Freight Demand
- MAERSKD DC : Maersk May Lose Market Leadership by 2021 on Fewer Ship Orders
- MITRA BB : Mithra In Exclusive Pact With Hormosan for Myring in Germany
- NEO FP : Neopost 1Q Rev. EU266M; FY Outlook Unchanged
- NWRN SW : Newron Pharmaceuticals Says FDA Has Concerns on CNS Events
- NEXT NO : Next Biometrics CEO Ritu Favre to Resign July 28
- NDX1 GY : Nordex Group to Install 198 MW Wind Farm in Texas
- OUT1V FH : Moody’s Cuts Outokumpu’s Rating Outlook to Negative from Stable
- OMV AV : OMV Reorganizes Business Units, Replaces Board Member Leitner
- PFG LN : M&G Plans to Reject NSF’s Unsolicited Offer for Provident
- PGS NO : PGS Initiates Refinancing, Seeks to Raise About $675m in Total
- POS AV : PORR First Quarter Order Book EU7.42 Bln
- REE SM : Red Electrica Names Roberto Garcia Merino as New CEO: Filing
- RNO FP : Le Maire Wants French Jobs, Plant Guarantee in Fiat-Renault Deal, Renault to Decide Next Week on Fiat Chrysler Talks: Reuters
- RNO FP : Nissan Climbs After Fiat Unveils Proposal to Merge With Renault --> 7201 +2.31%
- RNO FP : Nissan's Saikawa Says Renault, Fiat Merger Talk `Positive': Jiji
- ROTH FP : Rothschild Plans New U.S. Expansion: Telegraph
- SAS SS : SAS Says Pilot Strike Effect on Pretax Result Is SEK650m
- SEM AV : Semperit First Quarter Revenue Meets Estimates
- SPI AV : S Immo Rejects Immofinanz Moves, Sees Impact on Merger Talks (1)
- UHR SW : Switzerland April Watch Exports Fell 0.4% Y/Y
- TATE LN : Tate & Lyle's Balance Sheet Has Capacity for M&A, Dividend Boost
- TKA GY : Thyssenkrupp May Part Ways With Steel CEO After Tata JV Failure
- VIV FP : Vivendi’s Canal Plus to Buy M7 From Astorg for About EU1B
>>> Up
* Anglo American Upgraded to Buy at HSBC; PT 23.20 Pounds
* Antofagasta Upgraded to Hold at HSBC; Price Target 8 Pounds
* Incap Upgraded to Buy at Inderes; Price Target 16.50 Euros
* KAZ Minerals Upgraded to Buy at HSBC; PT 6.90 Pounds
* Lloyds Upgraded to Outperform at Davy
* Schweiter Upgraded to Buy at Baader Helvea; PT 1,210 Francs
* Thomas Cook Upgraded to Hold at Berenberg
* Zurich Airport Upgraded to Neutral at Citi
>>> Down
* CTS Eventim Downgraded to Hold at Bankhaus Lampe
* Gilead Downgraded to Sell at Goldman; PT $60
* Naturgy Downgraded to Sell at Goldman; PT 24.80 Euros
* S Immo Downgraded to Accumulate at SRC Research; PT 22.50 Euros
* Wallenius Wilhelmsen Cut to Hold at DNB Markets; PT 32 Kroner
>>> Initiation
* AbbVie Reinstated at Goldman With Neutral; PT $84
* Allergan Reinstated at Goldman With Neutral; PT $154
* Beyond Meat Rated New Overweight at JPMorgan; PT $97
* Beyond Meat Rated New Hold at Jefferies; PT $85
* Beyond Meat Rated New Neutral at Goldman; PT $67
* Bristol-Myers Reinstated at Goldman With Buy; PT $54
* CYBG Rated New Neutral at Davy; PT 1.59 Pounds
* J&J Reinstated at Goldman With Buy; PT $163
* Lilly Reinstated at Goldman With Buy; PT $135
* Merck & Co Reinstated at Goldman With Neutral; PT $85
* Pfizer Reinstated at Goldman With Buy; PT $49
* Tullow Reinstated at HSBC With Hold; PT 2.20 Pounds
>>> Call
* Thomas Cook Risks Fairly-Priced, Berenberg Upgrades to Hold
* Zurich Airport Regulatory Risks Are Now Priced in, Citi Says