>>> US 13 F Filing

13F Filing :
- Bridgewater Added UNH, AET, SPG, KORS, MCO in 4Q: 13F
- Marshall Wace Added TXN, PFE, PNC, GPOR, STWD in 4Q: 13F
- Perry Reduced ALLY in 4Q: 13F
- Third Point Added JPM, BAC, ZAYO, HON, ANTM in 4Q: 13F
- Van Eck Added GPL, GSS, DRD, MDLZ, PDCO in 4Q: 13F

>>> What to look at this Week End - 10th & 11th of February 2017

Weekly Performance
Dow +0.99% S&P +0.81% Nasdaq +1.19% Russell +0.80% BRazil +1.80% MExixo +1.49% Nikkei +2.44% Hang Seng +1.93% CSI +1.46% Shanghai +1.80% EuroStoxx -0.07% (-1.41% in $) FTSE +0,98% CAC +0.06% Dax +0.13% (-1.21%) Ibex -0.89% MIB -1.33% SMI +1.26% (+0.31% in $)
US stock markets had a bumpy ride this week succumbing to lingering geopolitical concerns in the first part of the week. Indices pushed away from early highs and money flowed into the arms of global bond markets. The US 10-year yield drifted back towards the early 2017 low, briefly dropping below 2.35%, while oil prices dipped and gold jumped. Polling data ahead of key European elections and more awkward rumblings from the Trump administration were ultimately pushed aside and reflation trades resurfaced. The DJIA, S&P and the NASDAQ made runs to fresh all-time highs before the week’s end and the flows into Treasuries were unwound. For the week, the DJIA gained 1%, the S&P500 added 0.8%, and the Nasdaq rose 1.2%.

Macro :
- Gulf Stocks Rise With Oil; Kuwait Bucks Agility Slide
- Swiss Reject Tax Reform, Threatening Country’s Competitive Edge
- ECB Rate Pledge Could Be German Solace as Bond Buying Continues
- Swiss Corporate-Tax Vote Threatens Nation’s Competitive Edge
- Fed’s Tarullo Stepping Down as Top Regulator of Wall Street
- Russia’s Novak Sees Chance to Extend Oil Cuts With OPEC: RIA
- Juncker Tells Deutschlandfunk He Won’t Run for Second Term

13F Filing :
- Bridgewater Added UNH, AET, SPG, KORS, MCO in 4Q: 13F
- Marshall Wace Added TXN, PFE, PNC, GPOR, STWD in 4Q: 13F
- Perry Reduced ALLY in 4Q: 13F
- Third Point Added JPM, BAC, ZAYO, HON, ANTM in 4Q: 13F
- Van Eck Added GPL, GSS, DRD, MDLZ, PDCO in 4Q: 13F

Keep an eye on :
- III LN : Agent Provocateur potential bidders include Lion Capital, Etam, Endless
- ABE SM : M6 Toll Road owners considering refinancing after bids fall short of GBP 1.9bn asking price; Abertis bid rejected - FT - http://on.ft.com/2khaNEh
- AF FP : Janaillac Wants KLM Supervisory Board Membership: Telegraaf
- AGMBEUR XD : Aeroporto Bologna Sees Rev., Profit Up in 2016 Y/y: Sole
- AAPL US : Apple CEO: AR Is ‘Big Idea Like Smartphone’, Independent Says
- BCP PL : Banco Comercial Won’t Need a New Capital Increase, Expresso Says
- BARC LN : Barclays Said to Consider Freezing CEO Staley’s Pay: Sky News
- BAMI IM : Castagna Rules Out Cap. Increase for Banco BPM: Ansa
- BMPS IM : MPS Aims to Get EU Approval for Plan by Early March: Messaggero
- BARN SW : Ivorian Cocoa Shippers Said Unable to Honor 80% of Contracts
- BAS GY : BASF: Some Operations Interrupted Due to Tech Defect on Feb. 11
- BMPS IM : Monte Paschi May Opt for Block Sale of NPLs, Sole 24 Ore Says
- CRG IM : Carige NPLs Sale May Not Take Place Before April: Ansa, Carige Aims to Sell EU2b of NPLs by Yr End, Sole Reports
- CAT US : Caterpillar Jumps as Evercore Sees 2018 EPS Growth Above 65%
- CX US : Cemex Unit to Sell Ohio Assets to Eagle Materials for $400m
- CSGN VX : Finma Said to Mull Tough Rules for Credit Suisse Unit, FUW Says
- DB1 GY : Deutsche Boerse Says It Has Made Clear It Is Cooperating Fully
- DWNI GY : Deutsche Wohnen Looks Very Good for Meeting Guidance: CFO in BZ
- TAM FP : Agent Provocateur potential bidders include Lion Capital, Etam, Endless - Sky News
- FINGB SS : Fingerprint Cards Ex-CEO Lantto Sold 836,500 Shares in Jan.: DI
- F US : Ford is putting $1 billion into an AI startup, Detroit's biggest investment yet in self-driving car tech _ Recode
- G IM : Generali targets deeper cuts in attempt to stay independent - FT - http://on.ft.com/2kWlX3a {NSN OL9LQI6TTDSI <GO>}
- GFK GY : KKR Secures 18.5% Acceptance for GfK Bid, Extends Tender Period
- KORS US : Michael Kors Falls; Says Technical Issue to Delay Form 10-Q
- LEON SW : Leonteq CEO Says Company May Make A Loss in 2017: FuW
- LISP SW : Ivorian Cocoa Shippers Said Unable to Honor 80% of Contracts
- OR FP : Investors Weigh Bids for L’Oreal’s Body Shop, Sunday Times Says
- MSY LN : Consider stock mkt listing, bought by Vista in 03/2012 for GBP1.32bil
- NESN VX : Ivorian Cocoa Shippers Said Unable to Honor 80% of Contracts
- ORA FP : The framework of the discussions is clear between Orange and Canal + - Les Echos - http://bit.ly/2kkxgjv
- RBS LN : RBS May Cut Up to 15,000 Jobs, Close Branches, S. Times Says
- REA BB : Recticel and RealDolmen rumoured to be up for sale and/or delisting - http://bit.ly/2kDnpcd
- REC BB : Recticel and RealDolmen rumoured to be up for sale and/or delisting - http://bit.ly/2kDnpcd
- RB/ LN : Mead Johnson/Reckitt Has High Likelihood of Completion, UFP Says
- RB/ LN : Reckitt Investors Urge Tougher Bonus Scheme, S. Times Reports
- RNO FP : CEO says closer ties with Nissan possible if French government sells stake FT - http://on.ft.com/2lAbr0C
- QSR CN : Restaurant Brands Top Holder Pershing Square Reports 18.1% Stake
- RR/ LN : Rolls-Royce Plans to Release Crewless Ships by 2020, Sky Says
- SLE LN : San Leon Energy receives bid approach from second Chinese company - Irish Times
- SAN FP : Sanofi hires Messier Maris to conduct CEPiA sale - MergerMarket
- SKY LN : U.S. Hedge Funds Buy Stakes in Sky on Winning Fox Bet: Telegraph
- SAZ GY : Stada Arzneimittel Said to Receive EU3.6b Cinven Bid: FT - http://on.ft.com/2lF6nZB
- STL NO : Statoil CEO: Never Had Portfolio w/ Higher Quality Than Now: DN
- TEMN SW : Temenos Expects to Expand N. America Business: Mossman in FuW
- TWX US : Warner Bros. Says Prince Catalog on Streaming Services Today
- VIV FP : SoundCloud COO Strigel, Fin Director Harder Leave Co.: FT
- VOW3 GY : German Lawmaker Criticizes Piech Refusal to Testify: Funke
- VOW3 GY : Lower Saxony PM Doesn’t Rule Out More Setbacks in VW Case: RND
- WMH LN : Biggest William Hill Investor Urges Sale, Sunday Times Reports

FT : Cinven makes €3.6bn offer to buy German drugmaker Stada

Cinven makes €3.6bn offer to buy German drugmaker Stada - http://on.ft.com/2lF6nZB
Private equity group’s formal approach could spark a bidding war among rivals

Stada, a German manufacturer of generic copies of drugs such as Viagra, has received a €3.6bn formal takeover offer from the private equity group Cinven that could spark the start of a bidding war for the company.

The move by Cinven follows a year-long activist campaign to improve Stada’s governance and profitability by one of its largest shareholders, the relatively unknown German activist investor Active Ownership Capital.

Cinven’s offer for Stada is believed to be pitched at close to €58 a share, or about 17 per cent above its closing price on Friday, according to people following the situation closely. If the offer is successful it would mark a coup for AOC, representing a near doubling of Stada’s value in just 12 months.

Advent, Bain Capital, CVC and Permira are all following the situation closely and could make a bid, the people said, adding that private equity bidders believed there were significant costs that could be cut from the business. Stada declined to comment, as did Advent and Permira. Bain Capital and CVC did not immediately respond to requests for comment.

The possible sale of Stada comes after AOC led a successful campaign last year to oust the company’s chairman, culminating in a fiery annual meeting where the activist replaced five members of the company’s supervisory board.

Bad Vilbel-based Stada, which began life in Dresden in 1895 as a pharmacists’ co-operative, has long been considered a takeover target due to its status as one of the last independent manufacturers of generics and non-prescriptive medicines.

As a result of its history Stada’s board has historically been dominated by doctors and pharmacists, something that critics have argued has resulted in it lacking the international experience needed to expand the business.

Ahead of the vote to remove Martin Abend as the company’s chairman, along with other executives, Stada management accused the activist AOC of attempting to engineer a sale of the company, something that the hedge fund denied at the time. Since building up its stake AOC has argued that there was significant scope for the company to improve its operating performance and cut costs.

Matthias Wiedenfels, who had in May taken over from Stada’s longstanding chief executive Hartmut Retzlaff due to illness, admitted at the August shareholder vote that previous actions by the company had cost it “growth, profitability and also credibility”. He later acknowledged in November that Stada could put itself up for sale, noting that “independence is not a goal in itself”.

Cinven declined to comment.

WSJ : Marathon Pharmaceuticals to Charge $89,000 for Muscular Dystrophy Drug Aft

Marathon Pharmaceuticals to Charge $89,000 for Muscular Dystrophy Drug After 70-Fold Increase
FDA-approved deflazacort treats rare type of disease affecting boys

A drug to treat muscular dystrophy will hit the U.S. market with a price tag of $89,000 a year despite being available for decades in Europe at a fraction of that cost.
Marathon Pharmaceuticals LLC’s pricing of the drug, which has been available in Europe, is the latest example of a business model that has drawn ire from doctors, patients and legislators in recent years: cheaply acquiring older drugs and then drastically raising their prices.
The practice has prompted congressional investigations and hearings into companies including Valeant Pharmaceuticals International Inc. and Turing Pharmaceuticals LLC, the firm formerly run by onetime hedge-fund manager Martin Shkreli.

The U.S. Food and Drug Administration on Thursday approved Marathon’s drug, a corticosteroid called deflazacort, to treat a rare type of muscular dystrophy that affects some 12,000 boys in the U.S., most of whom die in their 20s and 30s. The drug isn’t a cure, but it has been shown to improve muscle strength, the FDA said in a statement announcing the approval.
The drug wasn’t sold in the U.S. mainly because no company thought it would be profitable enough to warrant the effort of seeking FDA approval. But U.S. patients have been importing it from foreign countries since the 1990s after clinical trials showed its potential to reduce inflammation with fewer side effects than another steroid.

The price set by Marathon, based in Northbrook, Ill., is 50 to 70 times what most U.S. patients now pay to buy deflazacort from an online pharmacy in the United Kingdom, according to advocates for patients with Duchenne muscular dystrophy.
Christine McSherry of Pembroke, Mass., pays about $1,600 annually to buy deflazacort from the U.K. pharmacy for her son, Jett, she said.
But the pharmacy, operated by Masters Specialty Pharma, recently told customers it would stop shipping the drug to the U.S. after Marathon, based in Northbrook, Ill., received FDA approval for its version.
A Masters spokeswoman said in an email that the company is ending shipments to the U.S. “in compliance with U.S. FDA regulations,” which prohibit drug importation except under certain circumstances, such as when a drug isn’t available in the U.S.

Ms. McSherry, who runs Jett Foundation, a nonprofit aimed at Duchenne, said she is “disappointed that Marathon increased my cost for the drug by more than $87,000 a year.” She has health insurance but said she isn’t sure if her coverage will pay for the new drug.
Marathon Chief Financial Officer Babar Ghias defended the price in an interview. He said the company will likely receive much less in net revenue than the $89,000-per-patient list price, after providing discounts to government insurers and financial assistance to patients who can’t afford the drug. Also, more patients will have access to the drug because their health insurers will begin covering its cost now that it has FDA approval, he said.
The company will start selling the medicine in March under the brand name Emflaza, Mr. Ghias said.
Mr. Ghias, a former mergers-and-acquisitions banker, said the company showed restraint in how it priced the drug. Other new drugs for so-called orphan diseases, which by definition affect fewer than 200,000 people nationally, have carried price tags of $300,000 annually and higher, he said.
“It’s modestly priced for an orphan drug,” Mr. Ghias said.
Because Emflaza was approved as an orphan drug, Marathon received a valuable FDA “voucher” that allows it to demand a faster approval decision from the agency on its next drug. Marathon can use the voucher itself, or sell it to another company. The vouchers were created by Congress to promote the development of rare-disease drugs and have fetched as much as $350 million in previous transactions.
Pharmaceutical companies are under mounting scrutiny for their pricing of drugs, many of which now approach or exceed $100,000 annually per patient. Many companies say the prices are necessary to justify their large investments.
Marathon gained clearance to sell deflazacort in the U.S. after licensing the rights to clinical trial data from the 1990s that hadn’t been fully analyzed. The FDA required the company to complete an analysis of the old trial data and conduct some new studies to gain approval, Mr. Ghias said.
Mr. Ghias declined to say how much Marathon spent to acquire the trial data or conduct original research. He said Marathon doesn’t expect to recoup its investment in the drug for several years. Marathon doesn’t have commitments yet from insurers that they will pay for the drug, Mr. Ghias said.
Privately held Marathon is best known for a 2015 deal in which it sold two older heart drugs to Valeant, Nitropress and Isuprel, for $350 million. Valeant raised the drugs’ prices dramatically, moves that were later scrutinized by a congressional committee. The investigation prompted Valeant to say it had been too aggressive in raising prices and that it would moderate its practices. Mr. Shkreli has said raising prices on old drugs funded research and development of new medicines.
Marathon Chief Executive Jeffrey S. Aronin was an early pioneer of a pharmaceuticals-industry model in which companies cheaply acquire older drugs that have lost patent protection and that large pharmaceutical firms are no longer interested in promoting.
The Federal Trade Commission in 2008 alleged that another of Mr. Aronin’s companies, Ovation Pharmaceuticals Inc., had illegally acquired a drug to treat congenital heart defects in babies so that it could raise the price of its competing treatment nearly 14-fold. But the FTC’s complaint was dismissed in 2010 by a court that found the drugs operated in separate product markets.
Marathon estimates it will keep only about 61% of the $89,000 it charges for deflazacort, or $54,000, Mr. Ghias said. The difference will go to rebates the company is required to pay Medicaid, copay coupons and free medicine it gives to patients, as well as a small reduction in revenue from patients who take fewer pills than prescribed and don’t refill their prescriptions on time, he said.
Pat Furlong, a patient advocate, said she hopes deflazacort will be widely covered by insurers now that it is FDA-approved. But she worries that the drug’s price could continue to keep it out of reach for patients with high-deductible insurance or whose insurance won’t pay for the drug at all, she said.
“I worry about what people have to pay out of pocket,” said Ms. Furlong, president of the nonprofit Parent Project Muscular Dystrophy
The FDA approved the first drug aimed at treating Duchenne late last year. The approval was controversial because the drug, called Exondys 51, hasn’t completed late-stage clinical trials needed to prove its effectiveness. The drug’s manufacturer, Sarepta Therapeutics Inc., charges roughly $300,000 annually per patient for the medicine.
Biogen Inc. said last year that it would charge $750,000 per patient for the first year of treatment with its new treatment for spinal muscular atrophy, a fatal genetic disease. The price would drop to $375,000 annually in subsequent years.

>>> Barrons weekend summary: positive on Macy's (M), ABT, PSH.NL

Barrons weekend summary: positive on Macy's (M), ABT, PSH.NL 
* Cover story: Barron's 2016 list of the best fund families is topped by Natixis Global Asset Management, Pimco, State Street Bank & Trust, American Funds, and First Trust Advisors; Pimco is ranked No. 1 for U.S. equity and world equity, Lord Abbott is ranked No. 1 for mixed asset and taxable bond, and OppenheimerFunds is ranked No. 1 for tax-exempt bonds. 

* Features: 1) The managers of Barron's four top fund families-John Hailer of Natixis, Emmanuel Roman of Pimco, Nick Good of State Street, and Tim Armour of Capital Group-discuss the past year, and what lies ahead; 2) Positive on M: The retail sector remains troubled, but as the retailer downsizes its physical locations and ramps up the online side, shares could rise by 20-30%, and a sale would benefit investors; 3) Positive on ABT: Global healthcare giant faces challenges including currency headwinds and making its acquisition of St. Jude Medical boost growth, but shares are inexpensive, offering investors an opportunity; 4) Positive on Pershing Square Holdings, Third Point Offshore Investors: Closed-end funds offer individual investors a cheap way to invest with prominent hedge fund managers Bill Ackman and Daniel Loeb.

* Tech Trader: Positive on LITE: Most analysts think the company's 3-D sensing system will be the next big thing for the AAPL iPhone, though similar technology has already been used by MSFT and INTC in devices other than smartphones; Other companies working on new technology for smartphones include FNSR, IIVI, VIAV, AMS, and Infineon Technologies. 

* Trader: Earnings growth in Europe could be faster than in the U.S. this year and next, says Ronan Carr of Merrill Lynch; "Much attention has been focused on the possibility of slashing the corporate tax rate, but those gains could be eroded by other Trump policies"; Cautious on ABX: A strong finish in 2016 bodes well for the company, which has slashed debt and cut costs by removing layers of management and sold unnecessary assets, though metals will continue to see volatility. 

* Profile: Karen Bowie, manager of Nuveen Small Cap Value, seeks unsung or unnoticed companies with clear turnaround potential based on catalysts the market has missed (top 10 holdings: BANR, RNST, WBS, STL, NSR, CY, PLT, HTLF, PFBC). 

* Interview: Ken Siazon of Longleaf Partners Asia Pacific fund, runs a highly concentrated portfolio with extensive research backing its holdings (picks: Global Logistics Properties, New World Development, JIN, MPEL, Melco International Development). 

* Small Caps: Positive on IGT: Company's merger with Italian lottery-operator Gtech has proven successful, and more upside could lie ahead for the shares despite a recent uptick. 

* Follow-Up: Cautious on TWTR: Company continues to face problems, and its best hope is probably a sale, a situation that doesn't bode well for the upcoming IPO of Snap; Positive on KEY: While investors may want to consider taking profits in big bank stocks, they should hold their KeyCorp shares, which look fairly priced relative to earnings, which could grow by double-digits. 

* European Trader: Positive on Orkla: Norwegian consumer-goods company has been refocusing on higher-margin businesses, and could be a great turnaround play for investors.

* Asian Trader: "Chinese real-estate developers may be the new value performers this year, judging by the furious rally at the Hong Kong exchange last week" (Positive on China Resources Land, Longfor Properties).

* Emerging Markets: Positive on C: For investors seeking a hedge against emerging markets' volatility and some shelter from a strong dollar, the bank's shares appear to be a risk-averse way to tap into the sector's growth. 

* Commodities: "Beef prices may have taken a tumble last year, but now it looks like they aren't going anywhere but sideways," an opportunity for investors who sell options at levels above and below recent prices. 

* Streetwise: Letting the yuan float freely could eventually boost Chinese exports, stem capital flight, and increase inflation, says William Adams of PNC, but in the short term it could roil markets.

>>> EU's Juncker: Greece's third aid program is "on a shaky ground in the sense

EU's Juncker: Greece's third aid program is "on a shaky ground in the sense that we don't see how the IMF could manage this problem" - press interview 
- No country has managed bigger steps to improve competitiveness than Greece.
- Have no doubt that EU27 can stay united after UK leaves the bloc. UK may cause divisions in its negotiations, "They could promise country A this, country B that and country C something else and the end game is that there is not united European front."