>>> US Gapping down

Gapping down
In reaction to strong earnings/guidance:
  • HTHT -10%, CLNE -8.7%, AXAS -8.5%, SIG -7.4%, EVRI -3.8%, TSG -2.6%, GSVC-2.5%, NTLA -2.5%, DBVT -2%, PETX -0.7%
Other news:
  • SILC -14.8% (continued weakness weakness; customer decided to abort the new cloud infrastructure architecture)
  • HLX -8.1% (to offer, subject to market and other conditions, $125 mln principal amount of Convertible Senior Notes due 2023)
  • CTT -7.8% (commenced an underwritten offering of 4,500,000 shares of its Class A common stock)
  • RPD -3.7% (prices offering of 2 mln shares of common stock at $26.25)
  • ARI -3.5% (commenced offering of 13,500,000 shares of common stock)
  • HMLP -3.4% (attributed to block trade pricing)
  • ADC -2.6% (commences public offering of 3 mln shares of common stock in connection with the forward sale agreement )
  • HGV -2.2% (affiliate of HNA Tourism Group commenced secondary offering of 24,750,000 shares of HGV's common stock)
  • SUPN -2% (to offer $350 million aggregate principal amount of Convertible Senior Notes due 2023 in a private offering)
  • CX -1.8% (discloses receipt of grand jury subpoena relating to its operations in Colombia and other jurisdictions)
  • BKI -0.5% (announces secondary offering of common stock and repurchase of common stock)
Analyst comments:
  • ULTI -1% (downgraded to Neutral from Outperform at Wedbush)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance:
  • RFIL +40.6%, CAL +8.6%, EXPR +8.1%, PETQ +7.7%, MDB +5.7%, VYGR +2.4%, TOUR+2.2%, NTRA +2.1%, SENS +1.6%, BLCM +1.5%, CLSD +1.4%
Other news:
  • KOOL +11.5% (has signed a license agreement with IncoCell Tianjin Ltd., a wholly-owned subsidiary of China-based Boyalife Group, for CAR-T related and other cellular processing CDMO services)
  • TRIL +8.6% (granted orphan drug designation by the FDA for its compound for the treatment of Cutaneous T-Cell Lymphoma)
  • CWH +5.2% (files amended 10-Q with restatements and files previously delayed 10-K)
  • VRX +2% (CEO disclosed purchase of 30000 shares worth ~$482K and CFO purchased of 15000 shares worth)
  • AMR +0.6% (Point72 Asset Management unveils 5% passive stake)
Analyst comments:
  • F +3.7% (upgraded to Overweight at Morgan Stanley)
  • CDMO +3.4% (initiated with Overweight and $4 tgt at First Analysis after the close)
  • CRH +2.2% (upgraded to Outperform from Neutral at Exane BNP Paribas)

(MS) US Equity Strategy : Fresh Money Buy List (CSCO, DIS, IQV, LYB, TMUS,...)

* Reintroducing the Fresh Money Buy List.
We are reintroducing the Fresh Money Buy List, a product originally created by former Morgan Stanley US Equity
Strategist Byron Wien. We focus on 10 of the firm’s best stock recommendations. Selection criteria is simple - stocks that we expect to outperform the market in the next 3-6 months based on specific catalysts such as a change in industry
fundamentals, a positive EPS surprise, or new product introduction.

* Strategy + Bottom Up Insight.
The list will be maintained by the US Equity Strategy team but relies on input from our bottom up equity research analysts. The list is not a portfolio, but rather, a compilation of some of our best near term risk-reward stock ideas that stand on their own merit. As such, we will not force names onto the list to fit our sector views or other macro constraints and it may not behave like a diversified portfolio. Given the ideas are meant to work over 3-6 months, the list will exhibit relatively high turnover of 50-100% per year.

* The Fresh Money Buy List
- CLR - We see a path to multiple expansion as CLR is higher quality than market perceives; best way to play capital discipline among E&Ps.
- CSCO - Best positioned to provide software/security defined networking (SDN ) solutions to reduce cost of 2 security breaches.
- DIS - Potential winner in shift to OTT video consumption with further growth from affiliate revs, parks, & film, at a discount to the market.
- ETFC - Earnings upside via improving fundamentals and rising NIM with possibility for strategic optionality.
- IQV - Data, therapeutics expertise, and scale position IQV to service pharma manufacturers as drug development becomes increasingly digitalized.
- KNX - Well positioned to benefit from electronic logging device led pricing, volume, & utilization gains, with the largest one-way truckload exposure.
- LYB - MSe 18+ EPS $2/$3 > market as market is too bearish 18/1H19 supply cycle & overlooking 2H19+ upcycle. Under-levered B/S offers optionality.
- MSFT - Accelerating rev. growth, improving margins, and capital return drives a high-teens total return profile for MSFT over the next three years.
- NEE - Best-in-class utility with premier renewable business offering 6 - 8% EPS & 12 - 14% div. growth through 2020 with capital deployment oppty.
- TMUS - Market share gains and operating leverage combine for significant excess FCF and capital return to shareholders.

(Exane) Telecom Operators.

Stick with the Allstars
We often get asked, ‘what will it take to get the sector working?’ A difficult question, without an easy answer. However, with results missing expectations, guidance falling below consensus, andn top-line growth slowing just as we enter an increasing rate cycle - what we know for sure is that 4Qn was not the answer. What then should investors do? As we showed in our 1, 3 and 5 year view - investors should seek exposure to companies that provide 1 year earnings upgrades, have a capacity to invest and remunerate shareholders, while scoring well on our 5 year scorecard. Our Telecom Allstars that meet these criteria are DNA, Elisa, Vodafone and Tele2.


>>> Altice telecom masts eyed by American Tower, KKR, TDF and PE firms – report

Altice telecom masts eyed by American Tower, KKR, TDF and PE firms – report (translated)
14 MAR 2018
The telecom masts of Altice (AMS:ATC), the French cable and telecom company with a listing in The Netherlands, are being eyed for an acquisition by US company American Tower (NYSE:AMT), private equity firm KKR & Co., French telecom company TDF, Spanish telecom company Cellnex Telecom (BME:CLNX) and several other private equity firms, the Dutch daily De Financiële Telegraaf and a newswire reported, citing sources familiar with the matter.
The telecom masts of Altice are in France, Portugal and the Dominican Republic, and have a possible total value of EUR 3bn, De Financiële Telegraaf reported. Altice announced last month that it wishes to sell the telecom masts division.
Altice reached out to Cellnex Telecom and TDF last year November to see if the companies would be interested in acquiring the telecom masts, Bloomberg said, noting that Cellnex Telecom is considering a bid.
Altice also started exclusive talks with Tofane Global to sell its international wholesale voice carrier business, Bloomberg noted.
Link to original source (De Telegraaf)
Link to original source (Bloomberg)

>>> What to look at today - 14th of MArch 2018

Asian stocks retreated following a drop in American equities after a fresh personnel shakeup in the Trump administration spurred concerns about a unilateral approach to trade, national security and foreign affairs.
U.S. Treasuries held gains from Tuesday after a report showed U.S. inflation remained contained. Equity indexes declined across the region after the S&P 500 Index lost 0.6 percent. The sudden firing of U.S. Secretary of State Rex Tillerson took some by surprise less than a week after top economic adviser Gary Cohn resigned from the White House. The dollar weakened, while West Texas oil was holding above $60 a barrel. US After Hours CAL +10%, PETQ +7%, MDB +4.3% following earnings/guidance, tech names extending move lower

Nikkei -0.87% HAng Seng -1.35% CSI -0.43% Shganghai -0.59% Shenzen -0.91%

Eur$ 1.2396 CNH 6.3131 CNY 6.3185 JPY 106.54 GBP 1.3966 CHF 0.9438 RUB 57.0254 WTI $ 60.69

S&P -0.10% EuroStoxx -0.09% FTSE -0.10% Dax -0.24% SMI -0.27%


Macro :
- China Liquidity May Tighten in March, Hurting Small Banks: Citi
- World Miners on Strongest Footing in Years, Goldman Sachs Says
- Bundesbank’s Buch Says Savings Banks Vulnerable to Rate Rise: HB

Keep an eye on :
- ABI BB : Anheuser-Busch InBev Options Active on Bullish Call Spreads
- ABE SM : Abertis Agrees to Sell 57% of Satellite Unit for at Least EU656m
- ADS GY : Adidas Sales Growth Jumps in 4Q as Company Lifts Long-term Goal
- ADS GY : Adidas Starts Share Buyback Program of as Much as EU3 Billion
- BARC LN : Coinbase Opens Barclays Account, First With Large U.K. Bank: FT
- B2H NO : B2Holding Offering Prices 36.9m Shares at NOK20.25/Share
- BNR GY : Brenntag Full Year Oper Ebitda Meets Estimates
- BPOST BB : Bpost Full Year Adjusted Ebitda Forecast Misses Estimates
- CBK GY : SocGen in Lead to Acquire Commerzbank’s EMC Unit: Handelsblatt
- CSGN VX : Credit Suisse Intends to Repay Convertible Bonds: FuW
- EOAN GY : EON Credit-Rating Affirmed by S&P After Deal to Take Over Innogy
- GSK LN : GlaxoSmithKline Treatment Granted Orphan Status by FDA
- GKN LN : Dana Open to U.K. Secondary Listing to Win Over GKN Holders: FT
- IBE SM : Iberdrola to Develop Spain Photo-Voltaic Plant: Confidencial
- ITX SM : Inditex Full Year Ebit Meets Estimates
- ITP FP : Interparfums Sees Full Year Revenue EU430 Mln
- LNZ AV : Lenzing Full Year Dividend Per Share EU3
- LHA GY : Lufthansa to End Non-Stop Berlin-New York Flight: Tagesspiegel
- RHM GY : Rheinmetall to Get Australian Armored Vehicle Order Worth EU2b
- RIO LN : Rio Asks Holders Vote Against Climate Policy Resolution at AGM
- ROTH FP : Rothschild Sees Positive M&A Outlook; Private Bank Drives Profit
- SGL GY : SGL FY Sales From Continuing Operations Beat Highest Est.
- SIKA SW : Sika Board Rejects Founders’ Push for Board Seat Ahead of AGM
- SOW GY : Software to Cancel Treasury Shares and Decrease Share Capital
- SPO LN : Sportech Is Said to Announce Profit Warning Wednesday: Sky
- LNSX GY : Sixt Leasing Full Year Revenue EU744 Mln
- SY1 GY : Symrise Full Year Ebitda Meets Estimates
- TECN SW : Tecan Full Year Ebitda 2.0% Above Estimates
- TEL NO : Lars-Åke Norling to Step Down as Total Access Communication CEO
- TOD IM : Tod's Full Year Net Income EU71 Mln
- VIE FP : Veolia Opens Investigation Following Press Reports of Misconduct
- XIOR BB : Xior to Buy Brussels Student Property for EU10m From BPI RE

>>> Europe : Brokers Upgrades & Downgrades - 14th of MArch 2018

>>> Up
* Anglo American Upgraded to Buy at Goldman; PT 23 Pounds
* Arnoldo Mondadori Editore Raised to Outperform at MedioBanca
* Antofagasta Upgraded to Neutral at Goldman; PT 9.50 Pounds
* Antofagasta Raised to Sector Outperform at Scotiabank
* Axel Springer Downgraded to Sell at Berenberg
* BHP Upgraded to Neutral at Goldman; PT 15 Pounds
* Centrale del Latte d'Italia Raised to Add at Banca IMI
* Ford Upgraded to Overweight at Morgan Stanley
* ForFarmers Upgraded to Buy at Kepler Cheuvreux; PT 10.50 Euros
* Grifols Upgraded to Hold at HSBC; PT 22.70 Euros
* Inmarsat Upgraded to Hold at SocGen; PT 4.10 Pounds
* Nyrstar Upgraded to Buy at Goldman; PT 7.50 Euros
* Panalpina Upgraded to Neutral at MainFirst; PT 135 Francs
* SEB Upgraded to Overweight at Barclays; PT 110 Kronor
* Wacker Chemie Upgraded to Hold at Nord/LB; PT 128 Euros

>>> Down
* Befesa Downgraded to Neutral at Goldman; Price Target 45 Euros
* Ceconomy Cut to Hold at Independent Research; PT 10.70 Euros
* Kongsberg Downgraded to Hold at SEB Equities; PT 190 Kroner
* Masmovil Downgraded to Hold at Kepler Cheuvreux; PT 130 Euros
* Scor Downgraded to Hold at HSBC; PT 37 Euros
* Sunrise Downgraded to Neutral at JPMorgan; PT 93 Francs

>>> Initiation
* Alba Rated New Outperform at BBVA; PT 55.70 Euros
* Deutsche Industrie Rated New Buy at Baader-Helvea; PT 9.80 Euros
* Galapagos Rated New Buy at Berenberg; PT 112 Euros
* Siemens ADRs Rated New Buy at Spin-Off Research; PT $75.75

>>> Call