>>> Intel to buy 15% stake in Here from AUDI, BMW and Daimler

Intel to buy 15% stake in Here from AUDI, BMW and Daimler

Intel (NASDAQ: INTC), a Santa Clara, California-based semiconductor firm, will purchase a 15% ownership stake in HERE, a German provider of digital maps and location-based services, from German car markers Audi [ETR:NSU], BMW [ETR:BMW]and Daimler [ETR:DAI]. No financial terms were disclosed.
The transaction is expected to close in 1Q17.
Daimler, BMW and Audi bought HERE from Nokia in 2015 for EUR 2.5bn-USD 2.6bn.

Press release:
Intel has agreed to purchase a 15% ownership stake in HERE, a global provider of digital maps and location-based services, from HERE’s current indirect shareholders: AUDI AG, BMW AG and Daimler AG.
In conjunction with Intel’s acquisition of a stake in HERE, the two companies also signed an agreement to collaborate on the research and development of a highly scalable proof-of-concept architecture that supports real-time updates of high definition (HD) maps for highly and fully automated driving. Additionally, the two companies plan to jointly explore strategic opportunities that result from enriching edge-computing devices with location data.
“Cars are rapidly becoming some of the world’s most intelligent, connected devices,” said Brian Krzanich, Intel CEO. “We look forward to working with HERE and its automotive partners to deliver an important technology foundation for smart and connected cars of the future.”
“A real-time, self-healing and high-definition representation of the physical world is critical for autonomous driving, and achieving this will require significantly more powerful and capable in-vehicle compute platforms,” said Edzard Overbeek, HERE CEO. “As a premier silicon provider, Intel can help accelerate HERE’s ambitions in this area by supporting the creation of a universal, always up-to-date digital location platform that spans the vehicle, the cloud and everything else connected.”
The proof-of-concept architecture HERE and Intel plan to deliver will be designed to help make autonomous driving as safe and predictable as possible. For example, today’s navigation technology can pinpoint a car’s location to within meters, but next generation, HD mapping supports localization to within centimeters. This will help vehicles precisely position themselves on the roadway to enable reliable autonomous driving functionality. HERE HD Live Map, HERE’s cloud service supporting vehicle automation, gives vehicles the ability to “see” obstacles beyond their immediate field of vision and receive real-time updates as environments change due to traffic, road conditions and other factors.
Intel will also work with AUDI AG, BMW AG and Daimler AG to test the architecture. Intel and HERE envision making the architecture broadly available across the automotive industry as a seamlessly integrated offering that simplifies and shortens time of development for automakers.
A Shared Commitment to Autonomous Machines
Intel is positioned to provide a secure, flexible and scalable technology foundation for the future of autonomous driving from the vehicle to the data center. Intel’s assets span: high-performance and flexible, in-vehicle computing; robust cloud and machine-learning solutions; and high-speed wireless connectivity. In addition to furthering Intel’s efforts in autonomous driving, the next generation location services that result from this collaboration can fuel the continued growth of cloud computing and the Internet of Things.
HERE is a private company, which is indirectly wholly owned by AUDI AG, BMW AG and Daimler AG. HERE is a global provider of embedded navigation solutions. By working with Intel, HERE aims to offer automakers a universal solution that reduces both complexity and long-term development costs. Intel also provides expertise in developing and optimizing hardware, which will be fundamental to moving cloud-based algorithms to in-vehicle architectures. This same expertise will support HERE’s strategy to connect multiple industries beyond automotive, such as in the Internet of Things where location algorithms and location-based services are increasingly becoming embedded into connected devices. Intel and HERE intend to explore other potential collaborative opportunities spanning next-generation cloud analytics, IoT applications, machine learning, augmented reality and more.
Transaction Details and Timing
The transaction is expected to close in the first quarter of 2017, after obtaining regulatory approvals. Intel will nominate Doug Davis, senior vice president and general manager of the Automated Driving Group (ADG) at Intel, to HERE’s Supervisory Board of directors once the transaction is completed.

Reuters - Intel to take 15 percent stake in mapping firm HERE: source

Chip maker Intel (INTC.O) is to take a 15 percent stake in digital mapping firm HERE, a person familiar with the process told Reuters on Tuesday.

A filing to the German cartel office earlier on Tuesday showed that Intel had sought approval to buy a stake in the company, which is controlled by German carmakers Daimler DAIGN.DE, BMW (BMWG.DE) and Volkswagen (VOWG_p.DE).

Intel declined to comment beyond the fact that is was seeking to take a stake in HERE.

Last month two Chinese companies and Singapore's sovereign wealth fund GIC agreed to buy a 10 percent stake in HERE

>>> US Gapping down:

Gapping down:
Nat gas stocks ticking lower on 7% decline in nat gas futures: RRC -2.5%, SWN -2.1%, COG -1.5%.
Other news:
  • ITEK -65.6% (announces top-line results of MATrX-1 did not achieve its primary endpoint of superiority in reduction of intraocular pressure compared with placebo at all 12 time points; will wait for the full results from MATrX-1)
  • TKC -4.4% (following Turkish terrorist attack)
Analyst actions:
  • MDT -1.3% (downgraded to Neutral from Buy at BofA/Merrill, downgraded to Neutral from Overweight at JP Morgan, downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $77)
  • NOK -1.3% (downgraded to Perform at Oppenheimer)
  • KORS -1.0% (downgraded to Neutral from Overweight at Piper Jaffray)
  • ANF -0.9% (downgraded to Underperform from Perform at Oppenheimer, downgraded to Hold from Buy at Jefferies)

>>> US Filings, Offerings and Pricings

Filings, Offerings and Pricings

Filings:
  • Arlington Asset Investment (AI) files for $750 mln mixed securities shelf offering
  • Axovant (AXON) files for $750 mln mixed securities shelf offering
  • Biostar Pharma (BSPM) files for offering of 346,429 share common stock issuable upon the exercise of outstanding warrants previously issued
  • Clean Diesel Technologies (CDTI) files for 6,232,750 common stock offering by selling stockholders
  • Clovis Oncology (CLVS) files for common stock offering by the co and/or selling stockholders; terms not disclosed. Co later announced an underwritten public offering of shares of its common stock to raise aggregate proceeds of about $175 mln.
  • Professional Diversity Network (IPDN) files for offering of 246,445 shares of common stock issued upon the exercise of warrants to purchase our common stock by selling stockholder
  • Novavax (NVAX) files for $125 mln mixed securities shelf offering and $75 mln at-the-market offering pursuant to a sales agreement with FBR Capital
  • Ryerson (RYI) files for 21,037,500 share common stock offering by selling stockholders
  • 22nd Century Group (XXII) files for $100 mln mixed securities shelf offering
Offerings:
  • Parkervision (PRKR) entered into an At Market Issuance Sales Agreement to sell common stock having an aggregate offering price of up to $10 mln through FBR
  • StoneMor Partners LP (STON) announces $20 mln private placement of 2,332,878 common units representing lp interests to StoneMor GP Holdings, the sole member and owner of the general partner of the Partnership
Pricings:
  • Kopin (KOPN 2.84) will sell 7.339 mln shares to Goertek for $3.25/share in conjunction w/ partnership

>>> US Gapping up:

Gapping up:
M&A related:
  • DEPO +12.4% (DepoMed could still be acquired by KKR (KKR), according to NY Post)
  • CEL +12.2% (Cellcom Israel updates on negotiations w/ third parties interested in purchasing Golan Telecom's share capital and a liquidation request filed by the co against Golan Telecom)
  • FNBC +10.3% (First NBC Bank to sell nine branches and certain assets and liabilities to Hancock Holding's Whitney Bank)
  • ALJ +8.9% (Delek US Holdings (DK) to acquire remaining 53% of outstanding shares it doesn't already own in ALJ USA for about $12.13/share or total equity value of about $464 mln)
  • XRX +7.8% (after spinnig off Conduent (CNDT), Credit Suisse upgraded to Outperform)
Select oil & gas names higher on 2% gain in crude oil: SGY +10.5%, SDRL +6.2%, FRO +4.6%, ATW +4.3%, PBR +4.3%, RIG +2.4%,CHK +1.9%,

Financials showing relative strength: CS +4.8%, BCS +3.0%, BAC +2.0%, C +1.6%.

Brazil ADRs extending recent gains; iShares Brazil ETF (EWZ +1.6%): GGB +8.6%, PBR.A +5.2%, BBL +3.7%, VALE +3.9%, VALE +3.4%.
Other news:
  • KOPN +7.4% ( enters a relationship w/ Goertek; will sell 7,339,000 shares of its common stock to Goertek at $3.25/share)
  • CDTI +7.0% (ticking higher; files for 6,232,750 common stock offering by selling stockholders)
  • ARRY +5.4% (still checking)
  • AMD +1.7% (positive Barron's mention)
  • NVDA +1.7% (still checking)
  • FIT +1.6% (announced the addition of Fitbit Charge 2 into the recently expanded UnitedHealthcare (UNH) Motion wellness program)
Analyst actions:
  • IHG +3.8% (upgraded to Overweight from Equal Weight at Barclays)
  • GRPN +3.0% (upgraded to Sector Perform from Underperform at RBC Capital Mkts)
  • SRPT +2.8% (upgraded to Buy from Neutral at Janney; $65 tgt)

>>> MAKOR - Share Class Report

January 3, 2017 

 

MAKOR - Share Class Report

 

Good morning and happy new year !

 

 

Please find below our most recent share class report dated 3/1/2017.

 

Our favorite trades remain the following:

 

+ RDSA LN/ - RDSB LN, with a catalyst (see our extensive discussions on this trade).

 

+ REN NA / - REL LN vs – UNA NA / + ULVR LN (combined)

 

+ CCL LN / - CCL US

 

– FOXA US / + FOX US

 

– UHRN SW / + UHR VX

 

 

 

  

  ​     ​     ​

 

Makor Capital

 

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This material does not take into account the particular investment objectives, financial situation or needs of individual clients or other recipients. Before acting on this material, clients and other recipients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. 

 

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All investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and it should be noted that investment involves risk, including the risk of capital loss. Past performance is no guide to future performance. In relation to securities denominated in foreign currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable.

 

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FT Lex : Société Générale: déclinisme denied Premium

Société Générale: déclinisme denied Premium
As French profits become less important. foreign earnings could underpin a re-rating

The French obsession with the country’s perceived national decline is nicknamed déclinisme. Société Générale, knows it well. Doubts about the sustainability of its dividend means the lender trades at a 20 per cent discount to book value, steeper than rivalBNP Paribas. As the proportion of profits from la patrie falls, however, greater overseas earnings should help close that valuation gap.

Granted, the top line doesn’t look pretty. Group net interest income has fallen by 7 per cent annually since 2011. French banking — still the bank’s earnings bedrock — is an especially difficult place. Negative interest rates and a flat yield curve mean a lower return on reinvested deposits. And there is limited ability to re-price liabilities thanks to state rules mandating fixed interest rates on savings. In its latest quarterly results in November, French retail banking operating income declined by a fifth on the quarter while lending margins were squeezed.

Thankfully for shareholders, SocGen is becoming less French. The lender earns half its revenues overseas. Its international retail and financial services division — which covers francophone Africa and eastern Europe — has grown in importance. Over the past three financial years its portion of group net profits has risen 10 percentage points (to 27 per cent of the total in 2015) even as revenues have slid slightly; loan growth is significantly higher than the group average. UBS reckons central and eastern European operations alone will account for one-tenth of profits by 2018. Recently, Russia, source of a €525m goodwill write off two years ago, went into the black for the first time since 2013.

Having plumbed the depths five years ago, the shares have beaten the FTSE Eurofirst 300 banks index by 81 per cent; payouts have also risen in absolute terms each year since 2012. The discount to BNP is unwarranted. If SocGen can keep expanding its overseas earnings while cutting costs at home, the gap will disappear.