>>> Mediaset: PS Berlusconi, no offer by Vivendi, if we evaluate arrives

Mediaset: PS Berlusconi, no offer by Vivendi, if we evaluate arrives
With ProSiebenSat frequent contacts but not of ownership

(Il Sole 24 Ore Thomson Plus) - Milan, 18 Dec - Mediaset has not received any offer by Vivendi but if you were to get a proposal that will create will assess' value. It 'as said Pier Silvio Berlusconi, chief executive of Mediaset, responding to a question as reported by some of those present. About possible alliances with Germany's ProSiebenSat in anti-Vivendi function, Berlusconi - according to the reconstructions of those present - he said to comply with the German group and that contacts with ProSiebenSat are frequent for possible joint initiatives while hinting that there would be no pero 'relevant projects from the point of view of the owner. Mediaset few days ago announced an alliance with ProSiebenSat entered in his Studio77 content platform. On possible sale scenarios of Mediaset Premium pay-TV Sky, the managing director of Mediaset replied that he had had contact with the Sky Premium dossier since the agreements with Vivendi which provided for the sale of pay-TV were signed to French

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:
  • PSO -28.5%, GIMO -22.2%, CCJ -10.3%, (expects adjusted net earnings for 2016 will be significantly lower than analysts' earnings estimates; announces workforce reductions)
  • TGT -3.9%, NTRS -3.3%, CSX -2.9%, IBKR -2.8%, AMTD -0.8%, C -0.5%
M&A news:
  • BCEI -4.3% (pulling back following y'day's move; confirms receipt of unsolicited inquiry from Bill Barrett Corporation (BBG) regarding a potential transaction between the two companies),
Select financial related names showing weakness:
  • CS -1.9%, BCS -1.7%, RBS -1.6%, ING -1.3%
Other news:
  • AFAM -5.8% (proposed underwritten public offering of 2,500,000 shares of its common stock)
  • NBIX -4.2% ( announces the top-line results from the Company's Phase II T-Forward study of INGREZZA)
  • TRCH -3.9% (files for 6.15 mln share common stock offering by selling shareholders)
  • TDOC -3.2% (announced a proposed offering of shares of its common stock, which includes 5,400,000 shares offered by Teladoc and 1,850,000 shares offered by certain stockholders)
  • KOPN -2.4% (modestly pulling back from new multi-year high made today; discloses was unable to complete its investigation and has submitted a plan to regain compliance with Nasdaq)
  • TTPH -1.9% (entered into a Controlled Equity Offering sales agreement with Cantor to sell up to $40 mln in common stock)
  • NSC -1.9% (in sympathy with CSX)
  • WMT -1.2% (in sympathy with WMT)
Analyst comments:
  • HIMX -3.8% (downgraded to Neutral from Outperform at Credit Suisse)
  • KSS -2.1% (downgraded to Underperform from Neutral at Credit Suisse)
  • JCP -1.6% (downgraded to Underperform from Neutral at Credit Suisse)
  • DIS -0.9% (downgraded to Underperform from Market Perform at BMO Capital)
  • XLNX -0.9% (downgraded to Underweight from Equal Weight at Barclays)
  • MCD -0.6% (Nomura out cutting Q4 and Q1 US comps ests)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:
  • NXTD +21.7%, SHLO +14%, ASML +4.9%, MHG +3.6%, FAST +0.9%
M&A news:
  • CLCD +32.7% (to be acquired by Eli Lilly (LLY) for $46.50/share)
Other news:
  • APRI +22.5% (announces that Mexico has granted the co's commercialization partner, Ferring Pharmaceuticals, market approval for Vitaros)
  • CRNT +9.7% (announces over $60 mln in new orders so far in 2017)
  • LIFE +8.2% (FDA grants Fast Track Designation for aTyr's Resolaris to treat limb girdle muscular dystrophy 2b and removes partial clinical hold for resolaris)
  • JAZZ +7.3% (FDA approves first generic version of Xyrem (sodium oxybate) Oral Solution, to treat cataplexy and excessive daytime sleepiness in patients with narcolepsy, which is a potentially debilitating disease)
  • GPOR +2.8% (reports Q4 net production averaged 787.0 MMcfe per day, +22% Y/Y)
  • NTNX +1.5% (following Hewlett Packard Enterprise's purchase of hyperconverged infrastructure peer SimpliVity for $650 mln in cash)
  • QCOM +1% (says will 'vigorously contest' FTC complaint)
Analyst comments:
  • EDU +3.8% (upgraded to Overweight from Neutral at JP Morgan)
  • DECK +2.5% (upgraded to Buy from Neutral at Buckingham Research)
  • JWN +1.6% (upgraded to Outperform from Neutral at Credit Suisse)

>>> Citigroup beats by $0.02, misses on revs (58.38)

--> C -0.82% in Pre Open 336k shares traded
Citigroup beats by $0.02, misses on revs
  • Reports Q4 (Dec) earnings of $1.14 per share, $0.02 better than the Capital IQ Consensus of $1.12; revenues fell 8% year/year to $17.01 bln vs the $17.26 bln Capital IQ Consensus.
    • Last quarter the bank is breaking out CitiHolding results.
  • Citigroup
    • Revenues of $17.0 billion in the fourth quarter 2016 decreased 9%, driven by the absence of net gains on asset sales in Citi Holdings, partially offset by a 6% increase in Citicorp revenues. Citigroup's net income increased to $3.6 billion in the fourth quarter 2016, primarily driven by the lower operating expenses and cost of credit, partially offset by lower revenues.
    • Citigroup's allowance for loan losses was $12.1 billion at quarter end, or 1.94% of total loans, compared to $12.6 billion, or 2.06% of total loans, at the end of the prior year period.
    • In constant dollars, 6% growth in Citicorp loans was partially offset by continued declines in Citi Holdings, driven primarily by continued reductions in the North America mortgage portfolio.
    • Citigroup's book value per share was $74.26 and tangible book value per share was $64.57, each as of year end 2016 and representing 7% increases over the prior year period.
  • Citicorp
    • Revenues of $16.4 billion increased 6%, driven by an 11% increase in ICG revenues and a 2% increase in GCB. Citicorp net income increased to $3.5 billion, from $2.8 billion in the prior year period, primarily driven by the higher revenues as well as lower operating expenses and lower cost of credit. Citicorp operating expenses decreased 2% to $9.5 billion, as investment spending was more than offset by efficiency savings, lower repositioning costs and a benefit from the impact of foreign exchange translation.
  • Global Consumer Banking
    • GCB revenues of $8.0 billion increased 2% due to a 5% increase in North America GCB revenues. Operating expenses were largely flat at $4.4 billion, and increased 3% in constant dollars, driven by the addition of the Costco portfolio, volume growth and continued investments, partially offset by ongoing efficiency savings.
  • Institutional Clients Group.
    • ICG revenues of $8.3 billion increased 11%, driven by broad momentum across the franchise including a 24% increase in Markets and Securities Services revenues.
    • Banking revenues of $4.3 billion increased 1%. Advisory revenues decreased 2% to $296 million, debt underwriting revenues increased 4% to $648 million, and equity underwriting fell 8% to $190 million, reflecting lower industry-wide underwriting activity during the current quarter.
    • Fixed Income Markets revenues of $3.0 billion in the fourth quarter 2016 increased 36%, reflecting increased client activity and improved trading conditions in spread products and rates and currencies.
    • Equity Markets revenues of $694 million increased 15%, driven by improved performance, particularly in derivatives.
    • ICG cost of credit included net credit losses of $119 million ($96 million in the prior year period) and a net loan loss reserve release of $15 million (net loan loss reserve build of $554 million in the prior year period).

>>> US Early premarket gappers

Early premarket gappers
Gapping up: SHLO +15.5%, JAZZ +3.9%, FAST +2.1%, NTNX +1.5%, NXST +0.8%, GWR +0.8%,QCOM +0.8%

Gapping down: GIMO -21.8%, CCJ -8%, AFAM -5.8%, NBIX -5.4%, TGT -4.4%, BCEI -4%, TDOC-3.2%, CSX -2.6%, KOPN -2.4%, TTPH -1.9%, TRCH -1.9%, GPOR -1.6%, NSC -1.3%, AMTD -0.8%,UNP -0.6%