Carl Icahn discloses updated portfolio positions in 13F filing: Closed out CI, Increased NWL EGN
Highlights from 2018 Q3 filing as compared to 2018 Q2 filing:
- Increased positions in: DVMT (to ~8.81 mln shares from ~2.38 mln shares), NWL (to ~38.7 mln from ~33.29 mln), EGN (to ~7.67 mln from ~5.2 mln), IEP (to ~170.79 mln from ~166.39 mln)
- Maintained positions in: CVI (~71.2 mln shares), FCX (~50.16 mln shares), HLF (~35.23 mln shares), XRX (~23.46 mln shares), LNG (~23.38 mln shares), NAV (~16.73 mln shares)
- Closed positions in: CI (from ~0.5 mln shares)
- Decreased positions in: VMW (to ~0.42 mln shares from ~2.28 mln shares)
Stocks chalked modest gains in most of Asia in a choppy session, with investors digesting Brexit developments and as Federal Reserve Chairman Jerome Powell gave no indication recent volatility will play into the U.S. central bank’s next policy decision. The pound rose and oil prices held above their recent low.
Japanese stocks underperformed, edging lower, while Hong Kong stocks paced gains elsewhere with some support from Tencent Holdings Ltd. earnings that beat expectations. S&P 500 stock futures swung between gains and losses, suggesting equities in the U.S. remain under pressure after a slide of almost 4 percent in the past week. U.K. futures tipped a slightly firmer open.
US After Hours WUBA +6%, CSCO +5%, NTAP -6% following earnings/guidance
Nikkei -0.20% Hang Seng +1.17% CSI +1.14% Shanghai +1.33% Shenzen +1.43%
Eur$ 1.1336 CNH 6.9288 CNY 6.9343 JPY 113.59 GBP 1.3016 CHF 1.0055 RUB66.6514 TRY 5.4370 WTI$ 56.24 -0.02%
S&P +0.37% EuroStoxx +0.47% FTSE +0.27% Dax +0.51% SMI +0.06%
Macro :
- Juncker’s Brexit Code Language Supports Euro: Macro Squawk Wrap
- Pence Says No Meeting With Chinese Officials Planned at Moment
- China is Not Looking into Car Tax Cut ‘Currently’: NDRC
Keep an eye on :
- ACCEL NA : Pon Holding: Purchased 3,089,609 Accell Shrs Representing 11.6%
- ACS SM : ACS Nine Month Net Income EU691 Mln Vs. EU603 Mln Y/Y
- AED BB : Aedifica Fiscal 1Q Like-for-Like Rental Growth 1.8%
- AD NA : Ahold Delhaize Is in a Good Position for U.S. M&A, CEO Tells FD
- AIR FP : Delta Is Probable Buyer of 10 Airbus A330neo Jets: Reuters
- AMS SW : AMS Cuts 4Q Revenue Forecast Citing Demand Changes
- AML LN : Aston Martin Third Quarter Revenue GBP282 Mln
- ANTO LN : Antofagasta Board Approved Expansion of Los Pelambres: Reuters
- POST AV : Austrian Post Nine Month Net Income EU105.3 Mln
- BAB LN : Babcock Given Yr-End Target to Show MOD It Can Complete Sub: FT
- BAMI IM : Banco BPM Is Said to Receive Three Final Bids for Bad Loans
- BEKB BB : Bekaert Revises Full Year Capital Expenditure Forecast
- BCART BB : Biocartis Boosts Full Year Idylla Installed Base Forecast
- BMW GY : BMW, Daimler May ‘Step Away’ From Profit Guidance: Citigroup
- EN FP : Bouygues 9M Sales Rise 6%, Confirms Outlook
- BT/A LN : As Brexit Endgame Nears, Telecom Carriers Plan for Disruption
- CLASB SS : Clas Ohlson Oct. Sales Rise 10% to SEK755m
- CSGN SW : Swiss Competition Authority Starts Probe Against CS, UBS, Others
- DTE GY : Deutsche Telekom Counting on Another Year for IT Turnaround
- DEQ GY : Deutsche Euroshop Nine Month Revenue EU167.0 Mln
- EFGN SW : EFG International End-October AuM CHF140.1b
- ELAL IT : Investigators Raid Israel’s El Al on Suspected Insider Trading
- ENGI FP : Engie Will Most Likely Extend Outage of Doel-2: VRT NWS
- EVS BB : EVS Broadcast 3Q Revenue EU29.6 Mln Vs. EU26.3 Mln Y/Y
- FRU GY : Ferratum Sees Full Year Rev. EU260 Mln To EU265 Mln
- GEN DC : Genmab Third-Quarter Revenue Beats Estimates; Keeps FY Outlook
- GWi1 GY : Gerry Weber to Cut Further 900 Positions: Westfalen-Blatt
- GPOR LN : Great Portland to Buyback Up to GBP200m Shares; 1H Rev. GBP50.8m
- GN DC : GN Third Quarter Revenue 1.6% Above Estimates; Keeps Outlook
- HEN3 GY : Henkel Profit Buoyed by Adhesives as CEO Battle Higher Costs
- ILD FP : Iliad Will Launch New Set-Top Box Before Christmas, CEO Says
- INTU LN : House of Fraser to Close All Four Stores in Intu Malls: Sky
- IBAB BB : Ion Beam Repeats Outlook to Drive Towards Positive Rebit in 2018
- IPN FP : EU Commission Approves Ipsen’s Cabometyx Cancer Treatment
- SDF GY : K+S Cuts Full Year Ebitda Forecast
- KBC BB : KBC Group Third Quarter Net Income 4.2% Above Estimates
- KIN BB : Kinepolis Third Quarter Change In Attendance +43% Vs. +49% Q/Q
- LR FP : Legrand to Buy French Smart Home Co. Netatmo
- LNA GY : Linde Nine Month Adjusted Operating Profit EU3.30 Bln
- MARR IM : MARR 3Q Revenue, Ebitda in Line With Estimates; Shares Drop
- MRL SM : Merlin Nine Month Net EU481.8 Mln Vs. EU475.3 Mln Y/Y
- NFLSK DC : Nilfisk CEO Says Tennant Merger Plan Is Still Shelved: Borsen
- NOVN SW : Novartis Preparing to Split Off Sandoz, Tages-Anzeiger Reports
- NN NA : NN 3Q Adjusted Operating Profit Beats Highest Est.
- OHL SM : OHL Nine Month Loss EU1.34 Bln Vs. Loss EU15.3 Mln Y/Y
- PIRC IM : Pirelli Sees Full Year Rev. About EU5.2 Bln
- REP SM : Horizon, Repsol Seek Arbitration on PNG Gas License Cancellation
- ROSE SW : Zur Rose Raises Medium-Term Guidance, Confirms 2018 Targets
- RDSA LN : Ireland Approves Shell 45% Stake Sale in Corrib Project: Times
- ROVIO FH : Rovio Co-Founder Niklas Hed Leaves Co., Kauppalehti Says
- SAL IM : Salini Impregilo Nine Month Net New Orders 4.9 Bln
- SBMO NA : SBM Offshore Revises Full Year Adjusted Ebitda Forecast
- SHP LN : Takeda Dissident Group on Verge of Giving up on Shire: DealRep
- SIX2 GY : Sixt Third Quarter Revenue EU874.6 Mln
- SON PL : Sonae Nine Month Net Income EU200 Mln
- TEL2B SS : Deutsche Telekom Not Offering EU Any Remedy for Tele2 Buy: FD
- SSO NO : Equinor Buys 11M Scatec Solar Shares for About NOK700M
- UBSG SW : Swiss Competition Authority Starts Probe Against CS, UBS, Others
- UN01 GY : Elliott Management Raises Uniper Voting Rights Stake to 16.51%
- VEI NO : Veidekke Third Quarter Pretax Profit Misses Estimates
- VT9 GY : Morgan Stanley Won’t Increase Offer to Acquire VTG Shares: BZ
- VOD LN : Vodafone Eyes Selling Stake in Europe’s Biggest Tower Portfolio
- KVW NA : VolkerWessels Nine Month Ebitda EU167 Mln
- VBX GY : Voltabox Says It Withdraws From Navitas Acquisition
- VLTSA FP : Voltalia in Corporate Power Sales Pact With BRF
>>> Up
* Aggreko Downgraded to Equal-weight at Barclays; PT 7.60 Pounds
* Air France-KLM Raised to Buy at Kepler Cheuvreux; PT 13.70 Euros
* Daimler Downgraded to Sell at Citi
* Selvaag Bolig Upgraded to Buy at DNB Markets; PT 42 Kroner
* SHF GR Raised to Buy at SRH AlsterResearch
* Subsea 7 Upgraded to Buy at Citi
* Vivo Energy Raised to Overweight at Morgan Stanley
* Wirecard Upgraded to Buy at DZ Bank; PT 177.20 Euros
>>> Down
* Bechtle Downgraded to Hold at Kepler Cheuvreux; PT 76 Euros
* Continental Downgraded to Neutral at Citi
* CRH Downgraded to Neutral at Exane
* Merck KGaA Downgraded to Sell at Nord/LB; PT 80 Euros
* Merck KGaA Cut to Neutral at Oddo BHF; Price Target 100 Euros
* Valeo Downgraded to Neutral at Citi
>>> Initiation
* BME Rated Underweight at Santander; PT 26.83 Euros (Correct)
* Craneware Rated New Buy at Berenberg; PT 36 Pounds
* CYBG Resumed at Outperform on Earnings Potential: Macquarie
* Galapagos ADRs Rated New Strong Buy at Raymond James; PT $157
>>> Call
Closing Market Summary: Stocks Fall on Apple Weakness, Congressional Regulatory ReminderThe S&P 500 lost 0.8% in another volatile session on Wednesday. The Dow Jones Industrial Average lost 0.8%, the Nasdaq Composite lost 0.9%, and the Russell 2000 lost 0.8%.
Stocks rallied at the open after the October CPI reading showed consumer prices rose 0.3% as expected last month, but soon fell back amid continued Apple (AAPL 186.80, -5.43) weakness and following a regulatory reminder from Congresswoman Maxine Waters.
Ms. Waters, who is set to take over the House Financial Services Committee this January, vowed that the days of weakening regulations will be coming to an end. Ms. Waters' comments should not be seen as a surprise, though, as it was understood this would likely be the case following the midterm election results.
In conjunction, a drop in interest rates did not bode well for the heavily-weighted financials sector (-1.4%). The 2-yr yield lost two basis points to 2.86%, and the 10-yr yield lost three basis points to 3.12%. The two yields have now lost seven basis points each this week.
Meanwhile, in the tech space (-1.3%), Apple dropped 2.8%, extending its monthly losses to 14.7%, after being downgraded to 'Neutral' from 'Buy' at Guggenheim on Thursday. Chip stocks, however, extended Tuesday's rebound, pushing the Philadelphia Semiconductor Index higher by 0.4%.
The lightly-weighted utilities sector (-1.1%) was another notable laggard, with PG&E (PCG 25.59, -7.13) plunging 21.8% after acknowledging it could be subject to significant liability in excess of insurance coverage that would be material to its financial condition if its equipment is found to be the cause of the Camp Fire in northern California. A spike in natural gas prices, which rose 17.1% to $4.80/MMBtu, also weighed on the sector, as utility companies use natural gas for generating electric power.
At the opposite end of the sector standings, the communication services space finished with a gain of 0.5%. Facebook (FB 144.22, +2.06, +1.5%), Alphabet (GOOG 1043.66, +7.61, +0.7%), and Comcast (CMCSA 38.29, +0.57, +1.5%) provided strong support for the group.
Meanwhile, an uptick in oil prices helped keep the energy sector (-0.1%) near its flat line. WTI crude rose 0.8%, settling at $56.14/bbl, to end a 12-session losing streak.
In earnings, Macy's (M 33.22, -2.57) fell 7.2% despite beating profit estimates and raising its earnings guidance for its fiscal 2019 year. Cannabis stocks Canopy Growth (CGC 34.30, -4.18, -10.9%) and Tilray (TLRY 102.34, 9.21, -8.3%) also dropped after reporting. Canopy missed revenue estimates, while Tilray beat earnings estimates but its revenue was at the low end of its upside pre-announcement.
Of note, at 6:00 PM ET, Fed Chairman Jerome Powell and Dallas Fed Bank President Robert Kaplan are expected to speak on global economic issues in Texas.
In Brexit news, UK Prime Minister Theresa May announced that her cabinet has approved the draft withdrawal agreement, but that draft is still subject to British Parliament and EU approval. The pound added 0.2% against the dollar to 1.2996.
Reviewing Wednesday's economic data, which included the Consumer Price Index for October and the weekly MBA Mortgage Applications Index:
- The all items index for consumer prices increased 0.3% month-over-month in October while the all items index, excluding food and energy, increased 0.2%. Both were in-line with the consensus estimate.
- The key takeaway from the report is that it points to a firming in consumer inflation, which fits the Federal Reserve's inclination to raise rates again in December.
- The weekly MBA Mortgage Applications Index fell 3.2% after dropping 4.0% in the prior week.
Looking ahead, investors will receive a flurry of economic data on Thursday: Retail Sales for October, weekly Initial and Continuing Claims, Empire Manufacturing Survey for November, Import and Export Prices for October, Philadelphia Fed Index for November, and Business Inventories for September.
- Nasdaq Composite +3.4% YTD
- Dow Jones Industrial Average +1.5% YTD
- S&P 500 +1.1% YTD
- Russell 2000 -2.2% YTD
Elliott Management (Paul Singer) discloses updated portfolio positions in 13F filing: New FE NLSN CYH positions, increased SRE DVN AABA holdings
Highlights from 2018 Q3 filing as compared to 2018 Q2 filing:
- New positions in: FE (~25.04 mln shares), NLSN (~5 mln), CYH (~4.5 mln), LOGM (~1.23 mln), MITK (~0.29 mln)
- Increased positions in: SRE (to ~11.35 mln shares from ~0.75 mln shares), DVN (to ~11.22 mln from ~3.02 mln), AABA (to ~25.06 mln from ~22.15 mln), EQT (to ~3.68 mln from ~2.23 mln), QEP (to ~11.7 mln from ~10.5 mln) DVMT (to ~9.76 mln from ~8.64 mln),
- Maintained positions in: ARNC (~51.9 mln shares), HES (~21.95 mln shares), ORIG (~18.49 mln shares), CTXS (~7.09 mln shares)
- Closed positions in: ISBC (from ~7.22 mln shares), WIT (from ~1.12 mln)
- Decreased positions in: BTU (to ~28.17 mln shares from ~35.34 mln shares), NXPI (to ~10.5 mln from ~17.24 mln), CDK (to ~0.58 mln from ~4.6 mln) IMPV (to ~0.84 mln from ~1.88 mln), DISH (to ~1.96 mln from ~2.99 mln), MD (to ~2.04 mln from ~2.48 mln), VMW (to ~0.54 mln from ~0.82 mln)
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Portfolio Ticker Matches: CYH, HES
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After Hours Summary: WUBA +6%, CSCO +5%, NTAP -6% following earnings/guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: NBEV +7%, WUBA +6.1%, CSCO +4.7%, VIPS +3.9%, NTES +3.2%, ZTO +2.6%
Companies trading higher in after hours in reaction to news: ORCL +3.6% (Berkshire Hathaway discloses new stake in quarterly update), COTY +3.4% (extending today's rebound; also Soros disclosed new stake), SVMK +3.4% (continued strength following earnings/Tiger Global stake disclosure), SYMC +2.8% (Starboard, ValueAct and Glenview all disclose new holding in quarterly updates), MNK +1.6% (light volume; Mallinckrodt's SpecGx confirms outcome of FDA Joint Advisory Committee on abuse-deterrent, immediate-release reformulation of Roxicodone), JPM +1.4% (Berkshire Hathaway discloses new stake in quarterly update), ET +1.2% (ticking higher after CEO disclosed the purchase of 2 mln shares), VICI +1.2% (prices upsized public offering of 30 mln shares of common stock at $21.00 per share), HAIN +1.2% (light volume - Pres/CEO disclosed the purchase of 45.8K shares worth more than $1 mln), FE +0.8% (Elliott Management / Paul Singer disclose new stake), BAC +0.7% / GS +0.5% (Berkshire Hathaway discloses increased holdings in quarterly filing)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: MARK -39% (also provides debt repayment update and strategic alternatives exploration news), NTAP -6.1%
Companies trading lower in after hours in reaction to news: HSDT -10.7% (proposes public offering of Class A common stock), AGNC -2.5% (announces public offering of 40.0 mln shares of common stock), NGHC -1% (ticking lower; prices public offering of 5 mln shares of common stock at $24.00 per share
Tiger Global discloses updated portfolio positions in 13F filing: New AAPL TWLO SVMK EB ZEN positions
Highlights from 2018 Q3 filing as compared to 2018 Q2 filing:
- New positions in: SVMK (~30.47 mln shares), EB (~14.36 mln), ZEN (~3.14 mln), PDD (~1.3 mln), TWLO (~1.03 mln), AAPL (~1.02 mln), FTCH (~0.5 mln), TENB (~0.15 mln)
- Increased positions in: FCAU (to ~62.17 mln shares from ~26.05 mln shares), JD (to ~50.41 mln from ~40.78 mln), SE (to ~11.46 mln from ~8.15 mln), BABA (to ~6.47 mln from ~4.45 mln), TAL (to ~11.7 mln from ~10.07 mln) SWCH (to ~2.47 mln from ~0.9 mln), MDB (to ~0.7 mln from ~0.05 mln) ADBE (to ~0.52 mln from ~0.29 mln),
- Maintained positions in: APO (~34.42 mln shares), MSFT (~13.11 mln shares), SPOT (~12.8 mln shares), NFLX (~2.16 mln shares), DPZ (~2.11 mln shares), AMZN (~1.2 mln shares), BKNG (~0.66 mln shares)
- Closed positions in: GDS (from ~1.55 mln shares)
- Decreased positions in: DESP (to ~24.2 mln shares from ~30.2 mln shares), TWTR (to ~6.86 mln from ~11.71 mln), FB (to ~4.62 mln from ~5.28 mln), TDG (to ~1.84 mln from ~2.43 mln), MELI (to ~0.92 mln from ~1.49 mln), HUYA (to ~0.79 mln from ~1.11 mln)
Dialog Semi says not seeing hit to demand from Apple
BARCELONA (Reuters) - Dialog Semiconductor (DLGS.DE) said on Wednesday it was not seeing a hit to demand from its main customer, Apple Inc (AAPL.O), after some suppliers issued profit warnings due to weakness in iPhone sales.
The Anglo-German chip designer said its power management products were installed in many Apple products - and not just the latest iPhones that can be unlocked using facial recognition technology.
“We are not so specific to the 3-D phone or camera, we are across all the products,” CEO Jalal Bagherli told the Morgan Stanley TMT Conference in Barcelona.
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“For us, because of the broader base with this customer, it’s less of an issue.”
Fresh warnings this week from screen maker Japan Display (6740.T), British chipmaker IQE (IQE.L) and Lumentum Holdings (LITE.O), the main supplier of the FaceID technology, have hit the stocks of companies in the Apple food chain.
Frankfurt-listed Dialog has struck a $600 million deal to transfer 300 staff and patents to Apple key to designing the next iteration of the main Power Management Integrated Circuit (PMIC) that manages an iPhone’s battery resources.
Dialog shares were up 2.5 percent in late afternoon trading on Wednesday and have gained more than a third in value since the Apple deal was announced on Oct. 10.
It is still selling its existing generation of main PMICs to Apple, whose iPads also pack the technology, for example.
Bagherli said the demand picture was volatile and also mixed.
“Some products will have less volume, but others will have higher volume. So we have more chance of compensating (for) changes,” he said.
Trade tension and censors chill China tech scene
“It is a volatile market, so there will be change almost weekly in terms of the forecast for the rest of the quarter or into the following quarter.”
Bagherli said Dialog had also scored a couple of 2019 design wins from Apple for sub-PMICs, which power device features such as cameras, and one for companion chargers, an on-board feature that helps accelerates battery charging.
Paulson & Co (John Paulson) discloses updated portfolio positions in 13F filing: New P NLSN DVMT positions
Highlights from 2018 Q3 filing as compared to 2018 Q2 filing:
- New positions in: P (~4.07 mln shares), NLSN (~3.5 mln), DVMT (~1.95 mln), BSIG (~0.61 mln), DNB (~0.42 mln), ESRX (~0.06 mln)
- Increased positions in: DISCK (to ~12.23 mln shares from ~10 mln shares), NXPI (to ~2.58 mln from ~2.01 mln), GOLD (to ~0.42 mln from ~0.33 mln), AET (to ~0.36 mln from ~0.28 mln)
- Maintained positions in: BHC (~20.84 mln shares), MYL (~11.51 mln shares), ENDP (~8.63 mln shares), HZNP (~7.17 mln shares), DISH (~4.97 mln shares), GLD (~4.32 mln shares), SHPG (~2.85 mln shares)
- Closed positions in: VST (from ~3.7 mln shares), CTL (from ~2 mln), EGN (from ~0.76 mln), CMCSA (from ~0.66 mln), HAIN (from ~0.61 mln), FOXA (from ~0.04 mln)
- Decreased positions in: MNK (to ~2 mln shares from ~3.67 mln shares), TMUS (to ~2.43 mln from ~3.9 mln), AKRX (to ~0.52 mln from ~1.76 mln), MITL (to ~3 mln from ~4 mln) INSW (to ~3.08 mln from ~3.46 mln) AGN (to ~1.62 mln from ~1.9 mln), ATUS (to ~0.03 mln from ~0.17 mln