Early premarket gappersGapping up:
- SYNA +11.2%, EGY +9.1%, CVG +5.6%, ZN +4.2%, WBA +3.7%, ARRY +3.2%, OBSV +2.7%, PRTA +1.8%, SD +1.3%, EQH +1%, PTCT +0.7%, T +0.6%
Gapping down:
- ANIK -20.9%, LZB -6.6%, ORCL -4.7%, SBUX -4.6%, GE -2.9%, VALE -0.5%
Stocks in Asia advanced in a choppy session as investors awaited the next development in U.S.-China trade tensions after a ratcheting up of rhetoric sparked a global sell-off on Tuesday. Treasury yields and the dollar stabilized.
Equity markets grappled for direction before pushing higher with U.S. equity-index futures. Japan’s Topix index erased losses to advance as futures indicated a rebound in equities will extend to Europe. Chinese stocks reversed declines, though the Shanghai Composite Index remained below the key 3,000 level it broke on Tuesday. The onshore yuan rose after the People’s Bank of China set its daily reference rate at a stronger level than all analyst and trader projections. Oil recovered to trade over $65 a barrel even as Iran signaled OPEC may fail to agree on output limits.
US After Hours SYNA +11% after confirming M&A discussions, LZB -7.4%, ORCL -3.4%, SBUX -2.2% following earnings/guidance
Nikkei +1.09% Hang Seng +1.29% CSI +0.36% Shanghai +0.24% Shenzen +1.12%
Eur$ 1.1571 CNH 6.4749 CNY 6.4723 JPY 110.22 GBP 1.3164 CHF 0.9966 RUB 63.7605 WTI $ 65.55
S&P +0.24% EuroStoxx +0.61% Dax +0.47% FTSE +0.80% SMI +0.49%
Macro :
- Argentina Will Be Upgraded to EM Status ‘If Logic Prevails’: XP
- Trump’s Tariffs Could Deliver Sizable Hit to China’s Economy
- Iran Rejects Compromise as OPEC Heads for Battle in Vienna
Keep an eye on :
- AC FP : Banyan Tree says Accor subscription option has lapsed on 19th of June 2018
- AIR FP : Airbus Is Said in Talks to Rescue China Plane Sale: Reuters
- AVIO IM : Avio Is Best Placed to Tap Booming Satellite Demand, CEO Says
- BAMI IM : Banco BPM Completes EU9.5b Bad Loans ’Project Exodus’ Disposal
- BA/ LN : U.S. Marines Is Said to Award BAE With Vehicle Deal: Reuters
- BC SW : Basler Kantonalbank to Fully Take Over Bank Cler
- CAP FP : Capgemini Buys Digital Design Studio Adaptive Lab
- CEC GY : Ceconomy’s MSH Reaches Deal on Russian Operations, to Pay EU258m
- COLR BB : Colruyt Full Year Ebit Beats Highest Estimate
- DAI GY : Mercedes-Benz Vans to Build Linux-Based Operating System
- DLG GY : Dialog Semiconductor Confirms Talks on Potential Synaptics Deal --> SYNA +12%
- DIS US : Lee to Lead Disney Animation as Docter to Lead Pixar Animation
- DSM NA : Royal DSM Sets New Financial Targets for 2019-2021 Period
- EDP PL : Chinese Regulator SAFE Is Behind 5% EDP Stake: FT
- ENGI FP : GPSC to Buy 69.11% Stake of Glow From Engie for 97.6b Baht
- ENI IM : Mozambique Says Exxon, Eni Exploration Contracts Near Signing
- EO FP : Faurecia Amends, Extends EU1.2B Syndicated Long-Term Credit
- SFER IM : SFER IM Holder Ferragamo Finanziaria to Offer 5.9m Shrs
- GLMD US : Galmed Pharma Offering Prices 5m Shares at $15/Share
- GBLB BB : Ergon Capital Partners III Buys Stake in Beltaste-Vanreusel
- HNR1 GY : Hannover Re to Scale Back Its Coal Investments: Handelsblatt
- HL/ LN : Hargreaves Lansdown Holder Offers 6.6M Shares: Termsheet
- HMB SS : H&M Home to Start Offering Furniture, Lamps: Dagens Industri
- HEMF SS : Hemfosa Fastigheter Offering Prices 10m Shrs at SEK108.50/Shr
- JUN3 GY : Jungheinrich Says Lars Brzoska to be Named Chairman, Mgmt Board
- KLIN SW : Klingelnberg Prices IPO at CHF 53/Share
- MC FP : Memebox, LVMH’s Sephora to Create K-Beauty Makeup Brand
- MAERSKB DC : Maersk Owner to Invest Billions in Geothermal Energy: Berlingske
- NOVN VX : Novartis: FDA Approves Evidence Cosentyx Inhibits Joint Damage
- PYPL US : PayPal to Buy Hyperwallet for $400 Million Cash
- PAH3 GY : Porsche’s Kerner Has Filed Complaint vs Detention: Stuttgarter
- PNL NA : PostNL Names Nooitgedagt as Chairman of Supervisory Board
- SAP GY : SAP Could Fall After Oracle’s 1Q Earnings Guidance Disappoints
- SSE LN : SSE Earnings, Dividend Outlook Weak, RBC Cuts To Sector Perform
- TNET BB : Telenet Sends Non-Binding Acquisition Offer to Brutele: L’Echo
- VOW3 GY : Audi CEO Stadler Is Said to Have Moved Against Co. Witness: SZ
- VOW3 GY : Volkswagen and Ford Explore Alliance Without Equity Arrangements
>>> Up
* Aeroports de Paris Upgraded to Buy at HSBC; PT 225 Euros
* Bpost Upgraded to Buy at Kepler Cheuvreux
* BT Upgraded to Buy at Jefferies; PT 2.45 Pounds
* Coloplast Upgraded to Hold at Erste Group
* Genmab Upgraded to Overweight at JPMorgan; PT 1,150 Kroner
* Intelsat Upgraded to Outperform at RBC; PT $30
* Mediclinic Upgraded to Hold at HSBC; Price Target 5.40 Pounds
* Peab Upgraded to Hold at SEB Equities; PT 74 Kronor
* Sandvik Upgraded to Buy at Goldman; PT 190 Kronor
* Teleperformance Upgraded to Add at AlphaValue
* Wizz Air Upgraded to Outperform at Davy
>>> Down
* EasyJet Downgraded to Neutral at Davy
* Nokia Downgraded to Hold at SEB Equities; PT 5.40 Euros
* Remy Cointreau Downgraded to Sell at SocGen; PT 110 Euros
* Ringmetall Downgraded to Hold at Montega; Price Target 5 Euros
* SKF Downgraded to Sell at Goldman; PT 160 Kronor
* SSE Downgraded to Sector Perform at RBC; PT 13.50 Pounds
* Trifast Downgraded to Hold at Berenberg
* Umicore Downgraded to Hold at Kepler Cheuvreux
>>> Initiation
* Avast Rated New Overweight at Keybanc; PT 2.75 Pounds
* Avast Rated New Overweight at Barclays; PT 3 Pounds
* Avast Rated New Buy at Jefferies; PT 3.20 Pounds
* Avast Rated New Overweight at Morgan Stanley; PT 2.70 Pounds
* BAT Rated New Buy at Liberum; PT 41 Pounds
* Imperial Brands Rated New Buy at Liberum; PT 31 Pounds
>>> Call
After Hours Summary: SYNA +11% after confirming M&A discussions, LZB -7.4%, ORCL -3.4%, SBUX -2.2% following earnings/guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to news: SYNA +11.2% (confirms discussions with Dialog Semiconductor regarding the potential acquisition of Synaptics), EGY +4.8% (provided update - restored significant production from the Avouma 2H well), CVG +4.7% (Reuters reporting in M&A talks with Synnex), ARRY +3.4% (continued strength), WBA +2.6% (Walgreens Boot Alliance to replace General Electric in the Dow Jones Industrial Average, effective before the open Tuesday, June 26), PRTA +1.8% (announces Phase 1b clinical results of PRX002/RG7935 for Parkinson's Disease has been published in JAMA Neurology), PTCT +0.8% (modestly rebounding), VALE +0.8% (light volume; provides announces cobalt streaming transaction update and files for debt securities/guarantees offering)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: LZB -7.4%, ORCL -3.4%, SBUX -2.2% (details three strategic priorities - taking decisive steps to address anticipated Q3 comps of 1%; lowers FY18 EPS guidance), FDX -0.5%
Companies trading lower in after hours in reaction to news: ANIK -19.8% (announces that CINGAL 16-02 clinical trial for knee osteoarthritis did not achieve statistical significance), KIN -3% (proposed public offering of common stock), GE -1.6% (Walgreens Boot Alliance to replace General Electric in the Dow Jones Industrial Average, effective before the open Tuesday, June 26)
Banyan Tree says Accor subscription option has lapsed
19 JUN 2018
Banyan Tree Holdings Ltd [SGX: B58], a Singapore-based operator of resorts and hotels, announced (19 June) that an option which may be exercised under subscription agreement with French hospitality company Accor [EPA:AC] has lapsed on 19 June 2018 and is no longer exercisable.
Stock exchange announcement:
1. Introduction
Banyan Tree Holdings Limited ("BTH") refers to the announcement dated 27 April 2017 (the "27 April Announcement") in relation to, inter alia, the entry into of a subscription agreement (the "SA") with Accor S.A. ("Accor") which includes the grant by BTH to Accor of an option (the "Option") to acquire up to 10% of the share capital of BTH, on a fully diluted basis. (Note: All capitalised terms used but not defined herein shall have the same meanings given to them in the 27 April Announcement, unless otherwise expressly stated or the context otherwise requires.)
2. Option
BTH wishes to announce that the Option which may be exercised under the SA has lapsed on 19 June 2018 and is no longer exercisable by Accor.
Banyan Tree has a market capitalization of SGD 420.6m (USD 310m).
Banyan Tree says Accor subscription option has lapsed
19 JUN 2018
Banyan Tree Holdings Ltd [SGX: B58], a Singapore-based operator of resorts and hotels, announced (19 June) that an option which may be exercised under subscription agreement with French hospitality company Accor [EPA:AC] has lapsed on 19 June 2018 and is no longer exercisable.
Stock exchange announcement:
1. Introduction
Banyan Tree Holdings Limited ("BTH") refers to the announcement dated 27 April 2017 (the "27 April Announcement") in relation to, inter alia, the entry into of a subscription agreement (the "SA") with Accor S.A. ("Accor") which includes the grant by BTH to Accor of an option (the "Option") to acquire up to 10% of the share capital of BTH, on a fully diluted basis. (Note: All capitalised terms used but not defined herein shall have the same meanings given to them in the 27 April Announcement, unless otherwise expressly stated or the context otherwise requires.)
2. Option
BTH wishes to announce that the Option which may be exercised under the SA has lapsed on 19 June 2018 and is no longer exercisable by Accor.
Banyan Tree has a market capitalization of SGD 420.6m (USD 310m).