*EXPLOSION AT ARCELORMITTAL IN GHENT; 1 DEAD, 2 INJURED: VTM

A heavy blast has occurred at ArcelorMittal in Ghent. There is one dead.
A
Various media report the explosion in the port of Ghent. There would be one dead and one seriously injured.
There is still a great deal of uncertainty about the exact circumstances of the accident. The fire brigade and emergency services are on the ground en masse.
More later.

>>> ECB has purchased €1.830T worth of bonds in public sector purchase program (

ECB has purchased €1.830T worth of bonds in public sector purchase program (PSPP, QE) as of w/e Nov 17th v €1.817T prior week - Total ABS purchases (ABSPP) to date now €25.0B vs. €24.8B prior 
- ECB has now purchased total €237.8B vs. €237.4B prior under its covered bond purchase program 3 (CBPP3) 
- ECB has now purchased total €126.3B vs. €124.0B prior under its corporate sector purchase program

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:
  • SBLK +0.5%
M&A news:
  • CAVM +7.5% (confirms deal to be acquired by Marvell (MRVL) for roughly $80/share)
  • VALE +0.9% (to sell nitrogen and phosphate assets in Brazil to Yara; also upgraded to Outperform at RBC Capital Mkts)
Other news:
  • DCIX +40.9% (continued volatility in pre-mkt)
  • TOPS +8.4% (continued volatility in pre-mkt)
  • EGLT +7.5% (received a grant from InnoBooster to develop a novel application of Guardian Technology)
  • TSRO +7.3% (announces that the European Commission (EC) has granted marketing authorization for ZEJULA)
  • ZIOP +7.2% (announces positive data updates supporting survival benefit and the underlying immune system mechanism for Ad-RTS-hIL-12 plus veledimex)
  • DGLY +6.4% (announces 'significant development' in litigation against Axon Enterprise (AAXN))
  • TOUR +5.9% (continued strength following last week's 20%+ gain)
  • ITCI +5.4% (Receives FDA Fast Track Designation for Lumateperone for the Treatment of Schizophrenia)
  • DBVT +5.2% (reports Topline Safety Results from REALISE Phase III Trial of Viaskin Peanut)
  • ITUS +4.8% (entered into 3 mln share At-the-Market Issuance Sales Agreement with B. Riley FBR)
  • DRYS +4.4% (shippers continued volatility in pre-mkt)
  • EBS +3.3% (receives FDA approval to manufacture ACAM2000)
  • ROKU +1.6% (continued volatility in pre-mkt)
Analyst comments:
  • AEMD +6.2% (initiated with a Buy at H.C. Wainwright)
  • ABLX +4.7% (initiated with a Overweight at JP Morgan)
  • DLPH +1.3% (upgraded to Buy from Neutral at BofA/Merrill)
  • VZ +0.9% (upgraded to Outperform from Market Perform at Wells Fargo)
  • GM +0.8% (upgraded to Buy from Neutral at Guggenheim)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:
  • MICT -6.5%, BITA -4.9%
Other news:
  • BIOC -10% (files for $10 mln mixed securities shelf offering)
  • MVIS -8.9% (files for $60 mln mixed securities shelf offering)
  • BIVV -6.3% (down following positive Hemophilia A data from Roche)
  • UQM -4.2% (files for 30 mln share common stock offering by selling stockholder)
  • SHPG -3.9% (down following positive Hemophilia A data from Roche)
  • ACOR -2.5% (to discontinue its clinical development program for tozadenant)
Analyst comments:
  • GAIN -2.7% (downgraded to Neutral from Outperform at Wedbush)
  • CAH -2.7% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
  • .MNST -2.3% (downgraded to Negative at from Neutral Susquehanna)
  • JACK -1% (downgraded to Neutral from Outperform at Wedbush)
  • CROX -1% (downgraded to Neutral from Buy at CL King)
  • WMT -0.9% (downgraded to Neutral from Buy at Goldman)

>>> Imperial Brands could sell down Logista stake to fund share buybacks - edito

Imperial Brands could sell down Logista stake to fund share buybacks - editorial analysis

This is an excerpt from the Dealreporter Europe Flash.*
  • Lock up over Logista shares expires on 11 December
  • Relative share prices back Logista share sale to fund IMB buyback

British tobacco company Imperial Brands [LON:IMB] could look to further sell down its 60% stake in Madrid-listed distribution subsidiary Compañía De Distribución Integral Logista Holdings (Logista) [BME:LOG] to buy back more shares and/or reduce its net debt.
The company would have to wait until 11 December before it could sell any shares, according to Acuris’ European Lock-up Expiries offering. Imperial Brands signed up for a 90-day lockup in September 2017 when it sold 13.275m Logista shares, representing approximately 10% of the subsidiary’s share capital. It raised gross proceeds of around GBP 230.8m (EUR 251.3m) in the process and said it would use GBP 160m to buy back 5m Imperial Brands shares.
The move came at a time when Imperial Brands shares were trading at around GBP 33, 17.5% below the GBP 40 level a year ago. The company sold Logista shares at an average price of EUR 18.9 per share, a 7.6% discount to the closing price of EUR 20.48 a day before announcement of the share sale.
The Flash thinks that the decline in Imperial Brands’ share price since then means that it makes even more sense for it to sell down its holding in Logista further and use the proceeds to buy back more shares. Imperial Brands shares have fallen to around GBP 30.49 (closing price, 17 November) despite the buyback and a strong FY 2017 with a 10% increase in dividend. In the meantime, Logista shares trade around EUR 19.80, only about EUR 0.7 below the market price at the time of the last stake sale.
In other words, buying back Imperial shares by selling Logista shares makes even more sense than before. On 14 November, the company reported that it had bought back 3.86m shares with GBP 125.4m and intended to use the remaining GBP 34.6m to buy back more shares by 30 March 2018.
The Flash estimates that if Imperial Brands was to sell down its stake by another 9.9%, while still maintaining a 50.1% majority, it could raise gross proceeds of up to EUR 241m (GBP 215m) at a 7.5% discount to the current share price.
That can potentially be used to buy back another 7m shares, around 0.7% of the total shares outstanding.

>>> Abercrombie & Fitch surges to new yearly highs after positive Earnings

Abercrombie & Fitch surges to new yearly highs after positive Earnings

B Riley Notes: Reported 3Q EPS of $0.30, above B. Riley FBR/consensus estimates of $0.20/$0.21. They are encouraged by ANF's omni-channel and brand initiatives, its cost/store rationalization, and Hollister product resonating with consumers. They remain on the sidelines until they see more evidence of consistent SSS improvement and an inflection in margins.

Telsey Group Notes: Increasing their price target to $17 from $12; Maintain Market Perform rating: They view ANF's 3Q17 report as a positive read on the direction of the business. The better than expected results against a heavy short interest position helped drive the shares up +20%. Comps continue to improve sequentially, Hollister is performing well, and the A&F brand is showing some signs of stabilization. They view the outlook for 4Q17 as improved visibility.

Price Action: Shares surged to new yearly highs during pre-market trading on Friday, remained bid most of the day;

>>> US Early premarket gappers

arly premarket gappers
Gapping up:
  • DCIX +17.6%, EGLT +11.4%, ARAY +10.4%, DBVT +7.6%, ZIOP +7.4%, CAVM +7.3%, XNET +6.6%, ITCI +6.1%, TOUR +5.9%, TOPS +4.9%, DRYS +4.1%, ABLX +4.1%, GOGL +2.9%, URBN +2.2%, ROKU +1.6%, WYNN +1.4%, MOMO +0.9%
Gapping down:
  • ACOR -8.1%, CREG -7.9%, SHPG -3.4%, LGND -3.1%, CROX -2.4%, OPK -1.8%, VSAR -1.4%