>>> SunPower beats by $0.60, beats on revs; guides Q4 (7.13)

SunPower beats by $0.60, beats on revs; guides Q4 (7.13)
  • Reports Q3 (Sep) earnings of $0.21 per share, excluding non-recurring items, $0.60 better than the Capital IQ Consensus of ($0.39); revenues fell 34.6% year/year to $477.2 mln vs the $383.76 mln Capital IQ Consensus.
  • Co issues guidance for Q4, sees Q4 revs of $635-685 mln, may not be comparable to $978.57 mln Capital IQ Consensus Estimate.
    • Fourth quarter 2017 GAAP guidance includes the impact of the company's HoldCo asset strategy and revenue and timing deferrals due to real estate accounting as well as the impact of charges related to the company's restructuring initiatives.
    • On a non-GAAP basis, the company expects revenue of $800 million to $850 million, gross margin of 13 percent to 15 percent, Adjusted EBITDA of $75 million to $100 million and megawatts deployed in the range of 420 MW to 450 MW.
  • "We were pleased with our overall results as our diversified model and solid execution enabled us to exceed our financial forecasts for the quarter," said Tom Werner, SunPower president and CEO. "Our distributed generation business performed well as customer demand for our complete solution products remained strong. As expected, we are seeing continued momentum in our commercial segment as we are realizing the benefits from our investments over the last year. Our third quarter performance reflected the completion of our Toyota headquarters project while traction for our SunPower Helix product continued with bookings from both new and repeat customers. Demand for our high quality, industry leading solutions in our residential business remains robust and is supported by our ability to offer customers multiple financing alternatives for their systems. In power plant, we benefitted from the completion and sale of our 69-megawatt (MW) Gala project while executing on our commitments for the fourth quarter including our 100-MW El Pelicano project in Chile which we expect to be sold this year, and demand in our SunPower Solutions group remains strong, with bookings now exceeding 500 MW.

>>> Apache beats by $0.06, reports revs in-line

Apache beats by $0.06, reports revs in-line
  • Reports Q3 (Sep) earnings of $0.04 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of ($0.02); revenues fell 3.5% year/year to $1.39 bln vs the $1.39 bln Capital IQ Consensus.
  • Capital guidance for 2017 of $3.1 billion remains on track for the full year.

>>> US Early premarket gappers

Early premarket gappers
Gapping up:
  • ESIO +28.8%, NBIX +24.7%, TACT +12.2%, XTNT +11.7%, WSTL +11.3%,KND +9.4%, CBPO +8.4%, EXEL +8.2%, TURN +8%, LB +7.8%, KMT +7.4%,QDEL +6.3%, APRN +6%, WTI +5.4%, FMSA +5.2%, ANSS +5%, HTGM +4.9%,CFMS +4.5%, SHAK +4.4%, IMDZ +4.3%, CF +4.1%, HOS +4.1%, CKH +3.7%,RWLK +3.6%, MYRG +3.5%, ZAGG +3.5%, ZAGG +3.5%, ULTI +3.4%, TTMI+3.2%, BABA +3.1%, AREX +2.9%, INAP +2.9%, NMIH +2.8%, ABY +2.7%,TNH +2.7%, CVE +2.6%, DXCM +2.5%, RIG +2.5%, PEI +2.4%, SWM +2.4%,CZR +2.3%, DLPH +2.2%, TRHC +2.1%, SRC +2%, ALL +1.9%, PUMP +1.9%,AN +1.9%, RGLD +1.7%, ARRS +1.6%, AME +1.6%, SRCI +1.5%, ZUMZ+1.4%, CHK +1.3%, BOJA +1.2%, EQIX +1.1%, FLT +1.1%, SBRA +1%, BLDP+1%, CI +1%, ADP +0.9%
Gapping down:
  • PI -25.6%, OCLR -16.5%, TCAP -16.2%, CYH -13.4%, OSUR -13.2%, ATRC-10.5%, QUOT -9.7%, W -8.9%, GPRO -8.6%, NWL -7.6%, FEYE -7.2%,CAKE -7%, HABT -6.9%, SYMC -6.7%, TSLA -5.6%, GNK -5%, HBI -5%, ALIM-4.8%, DYN -4.3%, GOLD -4.3%, FIT -3.8%, CLVS -3.7%, PBH -3.7%, WPZ-3.3%, CTRP -3.2%, CAVM -3%, ACIA -2.9%, TDOC -2.8%, FATE -2.8%, INSY-2.8%, QRVO -2.6%, BBRG -2.5%, CNAT -2.4%, GOGO -2.3%, FNSR -2.2%,HCP -2%, GPRE -1.9%, CIEN -1.8%, GERN -1.8%, HIVE -1.7%, WPX -1.7%,KHC -1.6%, EPZM -1.5%, NUS -1.4%, CMPR -1.3%, EPE -1.1%, PANW -1%,FN -1%, XPO -1%, CTXS -0.9%, FB -0.9%

>>> Tesla down 5% after delaying Model 3 production targets -- Call notes

Tesla down 5% after delaying Model 3 production targets -- Call notes
  • Sees 5K unit Model 3 weekly production rate by March -- will be in the thousands by the end of the year but too much uncertainty to give anything more specific -- ramp is exponential. Having issues with two of four factory module assemblies; had to re-write the software for one after a sub-contractor dropped the ball. Have it figured out now, just gonna take a few extra weeks. Automated production line makes it more difficult when something goes wrong; will benefit speed and margin once everything online
  • Questions journalistic integrity regarding reports of unfair lay-offs
  • Will be able to full autonomy with current hardware; question is how reliable and whether regulators be satisfied
  • Model S sales is beating all the other non-EV large luxury sedans.
  • Cash flow will improve in the coming quarters
  • Holds off on FY18 cap-ex but likely similar to this year
  • Plans to start production in China in ~three years
  • Will update production rate in Q4 delivery announcement
TSLA -5% at four-month low after approaching support near 300 premarket.

>>> Hyatt Hotels beats by $0.09; boosts FY17 guidance for systemwide RevPAR, net

Hyatt Hotels beats by $0.09; boosts FY17 guidance for systemwide RevPAR, net income, and adjusted EBITDA (62.82)
  • Reports Q3 (Sep) earnings of $0.26 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.17.
    • Comparable systemwide RevPAR increased 1.6%, including a decrease of 1.1% at comparable owned and leased hotels. Excluding the impacts of Jewish holiday timing and natural disasters, comparable systemwide RevPAR increased 2.6% and comparable owned and leased RevPAR increased 0.5%.
  • Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "Our third quarter results reflect continued, upward momentum in our business, with solid systemwide RevPAR growth, a double-digit percentage increase in our fee revenue and an expansion of our development pipeline. We continue to have sustained growth in our base of hotel rooms and remain on track for a record number of hotel openings in 2017. Given these results, we have increased the midpoint of our full-year outlook for RevPAR and Adjusted EBITDA."
  • The Company is revising the following information for the 2017 fiscal year:
    • Comparable systemwide RevPAR is expected to increase approximately 2.5% to 3%, compared to fiscal year 2016. The Company's previous expectation was 1% to 3%.
    • Net income is expected to be approximately $193 million to $210 million, compared to the previous expectation of $173 million to $201 million.
    • Adjusted EBITDA is expected to be approximately $805 million to $815 million, compared to the previous expectation of $795 million to $815 million.
  • The Company is announcing plans to sell approximately $1.5 billion of real estate over the next three years

>>> Pioneer Energy misses by $0.01, beats on revs (2.00)

Pioneer Energy misses by $0.01, beats on revs (2.00)
  • Reports Q3 (Sep) loss of $(0.15) per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of ($0.14); revenues rose 71.6% year/year to $117.3 mln vs the $114.8 mln Capital IQ Consensus.
  • In Q4, Production Services Segment revenue is estimated to be up approximately 5% as compared to Q3. Production Services Segment margin is estimated to be 22% to 24% of revenues in Q4. Drilling rig utilization in Q4 is estimated to average 86% to 87%. Drilling Services Segment margin is expected to be approximately $8,700 to $9,000 per day in Q4.
  • "With oil prices remaining steady at or above $50 per barrel, we are continuing to see a solid level of activity and improved results from both our Drilling and Production Services Segments...Our U.S. drilling fleet was fully utilized throughout the entire quarter, and we are focused on securing additional term contract coverage, which is now over 80% of our U.S. fleet."

*ASM INTENTION TO SELL PARTIAL STAKE OF ABT 9% IN ASMPT

*ASM INTENTION TO SELL PARTIAL STAKE OF ABT 9% IN ASMPT
*ASM TO SELL PART OF 37M SHRS IN ASM PACIFIC TECH
*ASMI REDUCTION STAKE ASMPT THROUGH ACCELERATED BOOKBUILD
*ASM TO DISTRIBUTE PART OF PROCEEDS IN CAPITAL RETURN
*ASMI HAS AGREED TO A 180 DAY LOCK-UP PERIOD

ASM Pacific Third Quarter Net Income Beats Highest Estimate

Les Echos : Affaire Casino : l'activiste Muddy Waters veut savoir qui le surveil

La firme activiste qui avait lancé une attaque contre Casino se dit victime d'une imposture. Elle veut démasquer les coupables, déguisés sous de fausses identités.

Qui est le mystérieux « John Does 1-5 » ? C'est ce que cherche à savoir Muddy Waters. L'activiste qui fait trembler les entreprises - il dénonce des comportements frauduleux ou mensonger de sociétés cotées, tout en spéculant à la baisse sur celles-ci - vient de saisir une cour de New York.

But de l'opération : forcer Google à révéler l'identité de la personne qui se cache derrière ce pseudonyme associé à des adresses Gmail ayant servi à entrer en contact avec Muddy Waters. La firme d'investissement basée à San Francisco et dirigée par Carson Block se dit surveillée depuis sa campagne très agressive contre le distributeur français Casino .

Fausses identités

Elle affirme que quelqu'un a tenté d'obtenir des informations sur sa stratégie d'investissement en se faisant passer pour un journaliste du « Wall Street Journal » ou encore pour un représentant de l'AMF, le gendarme boursier français.

« Il y a manifestement une personne dotée de suffisamment de ressources qui oeuvre dans l'ombre pour étouffer ce que nous faisons ou au moins interférer dans notre travail ; c'est malheureusement un problème que les investisseurs activistes, en particulier ceux qui spéculent à la baisse, peuvent rencontrer », a expliqué Carson Block au « Financial Times ».

Le 30 octobre, celui-ci a rencontré « John Does 1-5 » dans un hôtel de Manhattan. Dans sa déposition, le fondateur de Muddy Waters affirme que l'imposteur a reconnu avoir usurpé l'identité du journaliste William Horobin du « Wall Street Journal ». Mais quand Carson Block lui a demandé qui il était vraiment et pour qui il travaillait, l'individu aurait quitté les lieux précipitamment.

Déstabilisation de Casino

Muddy Waters dirige ses soupçons vers Casino. Dans un tweet posté mercredi, la firme écrit : « Carson Block a réussi à confondre l'enquêteur français qui se faisait passer pour un journaliste. Est-ce Casino qui l'a envoyé ? »

« Casino a déjà été victime de nombreuses accusations calomnieuses de cette firme dans le passé. Ces soupçons, s'ils sont avérés, seraient une nouvelle tentative de déstabiliser notre groupe et nous réfutons avec force et nions ces allégations », a répondu un porte-parole du groupe français interrogé par le « Financial Times ».

Mauvais souvenir

La société dirigée par Jean-Charles Naouri garde un très mauvais souvenir de ses démêlés avec Muddy Waters. Le titre Casino a plongé en Bourse après le lancement d'une campagne très dure à la fin 2015. Sa note de crédit a aussi été dégradée. Selon la firme de Carson Block, qui dénonçait notamment un recours abusif à l'ingénierie financière chez Casino, l'action valait moins de 7 euros.

La méthode de Muddy Waters, très décriée dans l'Hexagone, consiste à rendre publique ses analyses et à les médiatiser. Une manière de faire chuter le cours de Bourse et de gagner de l'argent puisque l'activiste parie en même temps à la baisse. Une pratique qui, suite à l'affaire Casino, avait d'ailleurs déclenché une enquête du gendarme boursier.

Isabelle Couet

>>> Bunge considering flotation of stake in Brazilian sugar mills after failing

Bunge considering flotation of stake in Brazilian sugar mills after failing to find buyers
02 NOV 2017
Bunge [NYSE:BG], a White Plains, New York-based agribusiness, has indicated that it may float a stake in its Brazilian sugar processing operations, the Financial Times reported. The report quoted Bunge Chief Executive Soren Schroder, who said the sugar mills will remain under the company’s ownership but will have a financial structure allowing Bunge to separate them “very quickly” at the appropriate time.
The company said in its 3Q17 results announcement of Wednesday, 1 November that it is still committed to reducing its exposure to sugarcane milling and is close to completing a financial separation of the business.
Bunge announced in October 2013 that it was considering a sale of its Brazilian sugar and ethanol businesses.
Schroder, speaking on Wednesday, said the sale process had taken longer than expected and suggested that it had struggled to find buyers or partners for the sugar mills. However, Bunge would have more control over a flotation, the CEO added.
Bunge’s Chief Financial Officer Thomas Boehlert said the sugar mills are now likely to post a USD 75m (EUR 64.3m) operating profit, the report added.

>>> Atlantica Yield holder Abengoa sells 25% to Algonquin Power & Utilities

Atlantica Yield holder Abengoa sells 25% to Algonquin Power & Utilities
02 NOV 2017
Abengoa [BME:ABG], late on 1 November made the following SIGNIFICANT EVENT stock exchange announcement.
The Company informs that on November 1st, 2017 it has entered into a sale purchase agreement with Algonquin Power & Utilities Corp., [AQN:CN] a growth-oriented renewable energy and regulated electric, natural gas and water utility company (the “Purchaser”, “Algonquin” or “APUC”), for the sale of a stake of 25% of the issued share capital of Atlantica Yield plc. (“AY”). The sale will become effective once certain conditions precedent have been fulfilled, among others, the approval of the transaction by certain regulatory authorities as well as the Company’s creditors (the “25% Sale”).
The agreed purchase price of USD 24.25 per share is subject to certain deductions included in the agreement as well as transaction costs. In addition, the parties have further agreed an earn-out mechanism by which Abengoa will benefit from 30% of the first 2.00 USD of Atlantica Yield’s share price revaluation, implying a maximum additional amount of USD 0.60 per share. The earn-out structure will be triggered on the first anniversary of the closing of the transaction.

The capital gain will be effective upon closing the transaction, on the date hereof it is estimated that it will be of approximately EUR 96m.

As part of the transaction, the Company has also granted the Purchaser an option to acquire the remaining 16.5% of the Company’s stake in AY under the same conditions and at the same price, subject to the US Department of Energy approval, during a period that expires 60 days following completion of the 25% Sale, as well as a right of first refusal to be exercised during the first quarter of 2018.

Additionally, on November 1st, 2017, the Company and Algonquin have entered into a memorandum of understanding (“MOU”) to, among other things, jointly incorporate a global utility infrastructure company with the purpose of identifying, developing, constructing, owning and operating a portfolio of global utility infrastructure projects ("AAGES").

The incorporation of AAGES provides an opportunity to leverage on the strengths of each the partners, and help pursuing their mutual and complementary interests. For Abengoa it is an opportunity to strengthen its core EPC and O&M businesses while for Algonquin AAGES will be their international project development platform. In addition, AAGES will provide AY with an ongoing pipeline of compelling asset investment opportunities.
Investor call

Abengoa’s Executive Chairman, Gonzalo Urquijo, will hold a conference call on Thursday, November 2nd, 2017, which will be simultaneously webcast, at 1 p.m. C.E.T.

The transaction presentation slides to be used on the conference call as well as numbers to access the conference call will be published on Abengoa’s website: www.abengoa.com.