ZC higher
Super-size my superyacht: the quest for bigger boats and gadgets
Wealthy owners want vessels equipped to carry Rolls-Royces, helicopters and submarines
Anyone can get lost on a boat. But to get lost in one, you need to be on a superyacht.
On a blustery midsummer day in Falmouth, Cornwall, the epicentre of the UK superyachting industry, I am casting around an interminable carpeted corridor looking for an unlocked door. If it leads to a guest room I’m pretty sure I’m on the second floor (of five). If I enter a massage room (there are two), any of the lounges (three), a kitchen (four), one of the TV rooms (three, including the cinema), a dining room (two), the spa or the gym, then I’ll have to rethink.
Everywhere, clues torment me. I can’t be in the crew quarters — too much brass, the carpet is too thick and there is no call, surely, for a hand-painted ceiling mural of a medieval navigator’s map for those below stairs. There is no sound of the engineers clanging around in the engine room (which takes up two floors and is bigger than most London houses). The lift would help me orientate — I entered it through a lobby with a massive chandelier — but there is no sign of it now.
These days, getting lost on board a superyacht is becoming a more common hazard. In 2015, the footloose super-rich spent just over €3bn on new superyacht commissions, almost 40 per cent up on the figure from two years earlier, according to Boat International Magazine. A total of 254 vessels were sold last year, more than a third higher than the 184 shifted in 2010.
Problems of internal navigation stem in part from yachts’ ever-increasing size. As you might expect, this is a world where length matters. Today there are 4,975 superyachts in existence — typically defined as boats longer than 30 metres — according The Superyacht Group, almost 60 per cent more than a decade ago. Yet the number of boats longer than 60 metres — 364 at present — has doubled over the same time.
Even these headline numbers do not capture the sprawling dimensions of the floating private empires being fashioned in yards such as Falmouth.
Longer boats need to be wider in order to stay stable, and their greater weight means they sink deeper — even if no more decks are added above water. Just as a cube’s volume increases drastically with any gain in its length, so does that of a superyacht, says James Roy of naval architects BMT Nigel Gee. So, while the inside of a 60-metre boat might comprise about 1,000 gross tonnes (the favoured volume measure), a 160 metre boat could be more than 12 times that figure.
ing out how not to spill it — or its bathing guests — on a rolling sea. Meanwhile, on the floor below, engineers have just cracked how to ensure guests feasting in the principal dining room are not disturbed by the entertainment in the adjacent cinema room.
Consideration must also be given to the crew. Unlike on land, their responsibilities extend to keeping their masters alive, a fact which in no way shifts their lowly status.
“You need to maintain two parallel worlds that never meet,” says Pascale Reymond, a veteran of almost three decades designing superyachts. Observing the requirements of propriety — “be seldom seen and never heard” — while cooped up together in a few cubic metres for months on end can begin to grate on crew members. “The rows can be spectacular,” confides Captain L, a seasoned superyachting captain, speaking on strict condition of anonymity.
More usually, though, it is the guests letting off the fireworks. Captain L once had to charter a plane on behalf of a client in the Bahamas just to track down the right brand of mineral water from a neighbouring island. On other occasions, unreasonable requests reflect unfamiliarity with the milieu. Once in a gale-force storm an indignant passenger came to the bridge to ask him to do something about the comfort of the ride. He looked to the sea, furrowed his eyebrows and bellowed “Calm ye!”
Employing a small army of engineers, naval architects and interiors gurus is not for the faint of wallet. A basic rule of thumb is €1m for every metre of superyacht to be built. However, that formula works only up to 60 metres, apparently. After this, exponential volumes — remember your cube — play havoc with the equation. And that is before you have spent on the wallpaper, fixtures and fittings. The best interiors cost roughly €30,000 per sq metre, perhaps 10 times more than on land, reckons Dickie Bannenberg of London designers Bannenberg and Rowell. German and Italian yards might do it for half that sum, he adds, while Turkish yards can pitch in as low as €6,000.
However, cutting corners on build costs soon becomes a false economy, warns Alasdair Locke, a Scottish energy entrepreneur and yacht owner. Leaving aside the fact that you might not want to surrender your family to the vagaries of an engine failure in the middle of the Atlantic, the maintenance costs will soon come back to haunt you. “After seven years you’ll have to throw the engine away and start again.”
Locke favours Dutch engineers. Don’t expect the red carpet, he says, but they are a highly competent lot. “The Italians will take you for a slap-up meal but you’ll come back to see the engineers hastily stuffing a bundle of electric wires behind a panel,” he says.
Superyachts’ ever-increasing length is great for headlines. Yet it is the boom in adventure yachting that is the most enthralling trend. The uber-wealthy, just like the rest of us, are succumbing to the lure of adventure travel. And if you can bring your integrated floating spa, a 30ft walk-in wardrobe and two dozen staff with you, why not?
Supportive FICC dynamics drive +ve revisions risk - with BNP best placed to benefit. NIM challenges continue to hold back retail growth, though cost efficiency plans offer scope for positives.
Results: Satisfaction = Expectation - Performance
* Citi's Take — Publicis’s 3Q results are a little light. Revenues are below consensus
expectations and we suspect consensus forecasts for the FY will have to moderate
on a slightly weaker outlook. The question is whether this should be a surprise? In
our view it shouldn’t. The company has been very upfront about the challenges to
growth in the 3Q/2H and the performance and outlook in the results is consistent
with previous commentary. The issue is that having beaten expectations by some
margin in the last 3 quarters, expectations had got ahead of themselves. With this in
mind, we expect the shares to be weak today but attribute it to a disconnect in
expectations rather than performance. More broadly we don’t think the underlying
investment case is fundamentally altered and we retain our Buy.
* Results vs. Expectations — We show the detailed results in the chart on page 2,
but 3Q revenues came in at €2,315m below Citi/consensus expectations of
€2,354m/€2.355m. The key focus for many investors will be the organic growth
which at 0.2% is better than Citi expectations at -0.1% but worse than consensus at
0.8%. Within the mix we note that the spread of growth is more polarized than
expected: following Omnicom’s lead, the US is weaker than anticipated at -4.0%
(we/consensus were looking for -1.1%) but Europe much stronger (+7.6% vs.
3.4%).
* Focus 1: So They Were Right About the 300bps Headwind From Account
Losses — As we highlighted running into results, Publicis faced a challenged in
managing expectations into the 3Q. Although the company had been quite clear that
3Q would begin to see the headwind from account losses (300bps) and as such
would see 3Q growth in the range of 0%-0.5%, consensus, emboldened by the
performance from the last 3 quarters, had assumed the company was simply being
conservative. 0.2% is not a disaster. In fact given the pressures from account
losses, we think it is quite a good performance (we were on -0.1%) but consensus
was at 0.8% and steeled for another beat. The reset of expectations will be taken
poorly even if it should not altogether be a surprise.
* Focus 2: 4Q Outlook Suggests More Of The Same — The commentary on the
4Q is quite clear: the company expects the impact from account losses to remain
and also flags some phasing issues within its digital businesses. The clear
implication is that the 4Q will trend similarly to the 3Q in terms of organic growth.
This is no problem for us (we forecast 0% growth across the 2H), but the implication
is that the bullish end of the consensus range may need to come in.
* Call Details — 10am CET/9am UK time. Confirmation Code: 1378237. France: +33
(0)1 76 77 22 57. UK: +44 (0)20 3043 2024. USA: +1 719 325 2202
* Implications — We forecast 1.2% organic growth for the FY, a figure that still feels
eminently achievable even with a flattish performance in 2H. Consensus, however,
is nearer 1.8% which may have to moderate. The implication, for consensus, is a
mild (2%-3%) reset to EPS expectations.
BMW decides mass production of electric cars
The carmaker BMW showing stock market chart is planning a completely new generation of electric cars. In the architecture of the planned 2021 model iNext also cars with internal combustion engines and fuel cell drives should be able to be built, the manager magazine reported in its latest issue (release date: October 21).
CEO Harald Krüger will reduce appreciably with the new platform, the cost of electric cars. The supervisory board of the automobile manufacturer has iNext loud manager magazin's Information adopted in late September unanimously.
iNext is a central pillar of Kruger's new Corporate Strategy Number One Next. The new architecture for all drive types must be no later than ready when the demand for electric vehicles significantly climb, according to Munich. Presumably there will be about 2023 so far.
Automakers like BMW expect them to 2025 to increase to about a quarter of the share of electric cars. Otherwise, the internal calculations showed, they can not meet the stringent environmental regulations of the European Union. Some of the calculated electric shares are even higher. Until now earn manufacturer with electric cars but no money.
Harald Kruger leads the Bavarian automaker since May 2015. In his early days as CEO was accused intern, he was looking for a long time after a common line and so was delaying too many choices. Meanwhile, he had converted to Kruger told the manager magazin. A new strategy, for example, would have to be discussed intensively and controversially. "This creates a common foundation." But eventually the point of the decision was reached. "Then I reserve the last word."
Kruger also pulled out of a collapse at the International Motor Show in Frankfurt in September 2015 consequences. For example, he begrudge more clearance. "Time is precious," Kruger told the manager magazin. "I allow myself now regularly outs to penetrate deeper central themes."
Dow+0.22% S&P+0.22% Nasdaq +0.05% Russell +0.44% VIX 14.41 (-5.69%) VXX 32.70 (-2.39%)
US Markets closed slightly highe helped by oil & Eranings. USB & MS Outperformed on ern., idem for HAL. EIA reported that crude oil stockpiles declined by 5.24 million barrels (consensus: +2.70 million) while gasoline stockpiles rose by 2.46 million barrels (consensus: -1.31 million). The energy component jumped on the news, settling higher by 2.6% ($51.59/bbl; +$1.30). Eight sectors ended in positive territory with energy (+1.4%), financials (+0.8%), materials (+0.7%), and consumer discretionary (+0.5%) leading the pack. INTC traded lower(-5.9%) on ern and weighted on the all sector. Volume continue to trade below average with only 778mil shares. US After Hours MAT +6%, AXP +6%, CTXS +5%, URI +5% following earnings/guidance, DRWI +60.6% on Sprint news... SCSS -17%, DXPE -16%, MTW -9%, EBAY -8% following earnings/guidance. In China, S&P warned Q4 would see bank credit growth slowing after a recent surge as more non-performing loans weaken financial sector stability; NBS also tempered expectation after strong retail data overnight about sustaining consumption growth, while MIIT remarked industrial output target for 2015 would be met despite disappointing production in Sept. Nikkei speculated BOJ would not be very aggressive on further policy stimulus with -0.3% as the lower bound; One BOJ source said "next time we cut rates will likely be when the economy experiences a significant shock". New York Fed's Dudley (voter) hinted that a 25bp rate hike this year would not be a "big deal", but there is no great urgency to tighten rates aggressively; Dudley added every meeting is Live and the Fed is close to achieving its twin mandate. Brazil central bank cut rates in unanimous decision intended to support growth as economy is deemed nearing inflation target. Mexican Peso rises to 6-week highs at the conclusion of 3rd US presidential debate.
Nikkei +1.20% Hang Seng +0.57% CSI +0.08% Shanghai -0.06%
Eur$ 1.0961 CNH 6.7452 CNY 6.7399 JPY 103.71 GBP 1.2273 CHF 0.9902 RUB 62.2652 WTI$ 51.63 (-0.37%)
S&P +0.18% EuroStoxx +0.26% FTSE +0.19% Dax +0.31% SMI -0.26%
Macro :
- Fed Beige Book Sees Tight Labor Market; Outlook Mostly Positive
- Blankfein Rejects Trump Rhetoric, Says There’s No Banking Cabal
- Saudi Arabia Fund PIF Mulls German Investments: Handelsblatt
- Qatar Said to Consider Joining $100b SoftBank Tech Fund
- Fed’s Dudley Speaks on New York City Economic History in 5 Min.
Keep an eye on :
- ATLN VX : Actelion CEO: Don’t Expect Generic Competition in US Until 2017, Actelion 3Q Uptravi, Tracleer Sales Beat Estimates
- AMS SM : Amadeus Studies Integrating Airbnb in System, Expansion Says
- AXP US : AmEx Rises 4% Post-Mkt; Boosts FY16 EPS View, 3Q EPS, Rev. Beat
- AAPL US : Apple Sends Invitations for Event on Oct. 27
- ATO FP : Atos 3Q Revenue In Line With Estimates; Reiterates 2016 Outlook
- BAS GY : BASF to Restart Ludwigshafen Operations in Coming Days
- BAYN GY : Monsanto Says It Talked to Other Companies Before Bayer Deal
- BIM FP : Biomerieux Says It’s Likely to Beat FY 8% Sales Growth Target
- BMSA GY : Braas Monier activist Petrus canvassed “nearly all” of top 20 shareholders on Standard Industries offer
- BOL SS : Boliden 3Q Operating Profit Ex-Revaluations Beats Estimates
- DB1 GY : Deutsche Borse Says Added U.S. Plaintiffs Filed Iran Complaint
- DENERG DC : Dong Criticized for Ula Platform Safety in Norway: Berlingske
- EDP PL : EDP Jan.-Sept. Iberian Electricity Distribution +0.2% Y/y
- EOAN GY : EON Faces End Current Year With Record Loss: Handelsblatt
- ERF FP : Eurofins 3Q Rev. +25%, Very Positive on Medium-Term Outlook
- GEA GY : GEA Adjusts Outlook for 2016; Sees 3Q Sales of EU1.1 Billion --> -17% pre open
- ICAD FP : Icade 9-Mo Sales EU993.3M, Down 3.6%; 2016 Targets Confirmed
- ITX SM : Inditex Accelerates U.S. Growth Plan, Expansion Reports
- LDO IM : Leonardo to Raise Stake in Avio to About 28% vs 14%
- LHA GY : Lufthansa Boosts 2016 Adj. Ebit View, Short-Term Bookings Better
- MAERSKB DC : Maersk Drilling paired with a Norwegian peer makes logical step in company split - Merger Market
- MAT US : Mattel 3Q Revenue Tops Est. on Barbie, American Girl Strength
- MS IM : Mediaset: ‘No Constructive Approach’ From Vivendi in Last Months
- ML FP : Michelin 3Q Sales Miss Estimate; FY Guidance Confirmed, CFO: Pricing Pressure More Intense in Europe Than U.S.
- NAS NO : Norwegian Air 3Q Net Beats Estimates; Keeps 2016 Forecast
- NESN VX : Nestle 9-Month Organic Sales Growth Misses Estimates, Cuts 2016 Organic Sales Growth Forecast
- PHIA NA : Philips Lighting on Track for Y/y Operational Profitability
- RI FP : Pernod 1Q Organic Sales Growth Beats Ests., Confirms Forecast
- PC IM : Pirelli IPO Seen by 1H 2018
- PUB FP : Publicis 3Q Organic Growth Hit by Impact of Lost Media Accounts, CEO Sees 4Q Headwind, Growth to Be Higher Next Year
- ROG VX : Roche 3Q Sales Slightly Below Estimates; Confirms 2016 Outlook, CEO Schwan Says Confident Co. Will Meet 2016 Targets
- SGL GY : Showa Denko to Acquire SGL’s Graphite Electrode Ops.: Nikkei
- SLIGR NA : Sligro Says Sees 2016 Profit ‘Well Below’ 2015
- LOCAL FP : Solocal Shareholders Reject Debt Restructuring, Le Figaro Says
- SCMN VX : Swiss Telcos Agree On Lower Mobile Termination Rates
- TELE2B SS : Tele2 3Q Ebitda, Sales Beat Estimates; Keeps FY Outlook
- UCG IM : UniCredit in Pact With Kruk Group to Sell Non-Performing Loans
- VIV FP : Vivendi: No Longer Priority to Find Friendly Mediaset Solution
- WIHL SS : Wihlborgs 3Q Rental Income Rises 5% From Year Earlier
>>> Up
>>> Down
*ABERDEEN CUT TO UNDERPERFORM AT JEFFERIES, PT 254p
*BP CUT TO NETURAL AT UBS, PT 500p
*EDENRED CUT TO NEUTRAL VS BUY AT ODDO
*SES CUT TO HOLD AT HSBC
*SUBSEA 7 CUT TO HOLD AT JEFFERIES
*SURGUTNEFTEGAZ CUT TO SELL VS NEUTRAL AT GOLDMAN
>>> PT Change
>>> Initiation
*ATRESMEDIA ASSUMED AT UNDERPERFORM AT JEFFERIES; CUT FROM HOLD
*M6 ASSUMED AT UNDERPERFORM AT JEFFERIES; CUT FROM HOLD
*MEDIASET ASSUMED AT HOLD AT JEFFERIES, DOWNGRADED FROM BUY
*MEDIASET ESPANA ASSUMED UNDERPERFORM AT JEFFERIES; CUT VS HOLD
*RTL ASSUMED AT BUY AT JEFFERIES, UPGRADED FROM HOLD
*SAF HOLLAND RATED NEW BUY AT BERENBERG, PT€16
*U-BLOX HOLDING RATED NEW SELL AT UBS; PT CHF182
>>> Call
Asia Mid-Session Market Update: AUD falls after disappointing jobs data; Brazil central bank cuts rates for the first time in 4 years
***US Session Highlights***
- (US) SEPT HOUSING STARTS: 1.047M V 1.18ME; BUILDING PERMITS: 1.225M V 1.17ME
- (US) DOE CRUDE: -5.2M V +2ME; GASOLINE: +2.5M V -1ME; DISTILLATE: -1.2M V -1.5ME
- (CA) BANK OF CANADA (BOC) LEAVES INTEREST RATES UNCHANGED AT 0.50%; AS EXPECTED
- (US) FEDERAL RESERVE RELEASES BEIGE BOOK: 11 of 12 districts see modest to moderate growth; labor markets remained tight with modest employment and wage growth
***US markets on close: Dow +0.2%, S&P500 +0.2%, Nasdaq +0.1%***
- Best Sector in S&P500: Basic Materials
- Worst Sector in S&P500: Healthcare
- Biggest gainers: FSLR +5.9%, RIG +5.6%, KORS +5.5%, HAL +4.3%, MUR +4.0%
- Biggest losers: AGO -8.4%, INTC -5.9%, ISRG -5.6%, GPC -4.2%, STX -2.9%
- At the close: VIX 14.41 (-0.9pts); Treasuries: 2-yr 0.80% (-1bp), 10-yr 1.74% (-1bp), 30-yr 2.51% (flat)
***US movers afterhours***
- DRWI +53.9%: Dragonwave equipment has been selected for Sprint's Network Densification and Optimization Strategy
- MAT +6.0%: Reports Q3 $0.70 v $0.70e, R$1.80B v $1.77Be
- AXP +5.5%: Reports Q3 $1.24 (adj) v $0.96e, R$7.77B v $7.67Be; Raises FY16 $5.90-6.00 v $5.51e
- CTXS +5.4%: Reports Q3 $1.32 v $1.19e, R$841M v $825Me; Raises FY16 $5.18-5.20 v $5.06e
- URI +5.2%: Reports Q3 $2.58 v $2.45e, R$1.51B v $1.52Be
- LSTR +4.9%: Reports Q3 $0.90 v $0.81e, R$788M v $773Me
- LRCX +2.3%: Reports Q1 $1.81 v $1.77e, R$1.63B v $1.64Be
- FMSA -2.9%: Reports prelim Q3 -$0.11 to -$0.13 v $0.13e; Rev $133-135M v $127Me
- BJRI -7.5%: Reports Q3 $0.30 v $0.32e, R$233.7M v $239Me
- EBAY -8.0%: Reports Q3 $0.45 v $0.44e, R$2.22B v $2.18Be, Guides Q4 $0.52-0.54 v $0.54e
- MTW -10.1%: Reports prelim Q3 R$350M v $339Me; weak orders trend continuing into Q4
- ONVO -11.5%: Announces secondary offering of indeterminate amount through Jefferies and Evercore ISI
- DXPE -15.8%: Reports prelim Q3 R$228-231M v $254Me, EBITDA $11-13M v $11.3M y/y
- SCSS -17.3%: Reports Q3 $0.56 v $0.57e, R$368M v $393Me; Cuts FY16 Rev "high single digit sales growth"
***Asia Session Notable Observations, Speakers and Press***
- Australia employment whiffed with 2nd straight month of decline and the biggest since Apr 2015; Unemployment rate remains at a 3-year low, but participation rate also falls to 23-month lows. AUD/USD fell over 60pips in the course of the session, 3-year yield came in 7bps on expectation of easier RBA policy, and NZD benefited as alternative carry currency.
- Australia miners Rio Tinto and Fortescue also posted quarterly production metrics; Rio iron ore output rose 2% and FMG rose 3%; Woodside Petroleum energy output was down 0.4% at 25.2MMBOE.
- In China, S&P warned Q4 would see bank credit growth slowing after a recent surge as more non-performing loans weaken financial sector stability; NBS also tempered expectation after strong retail data overnight about sustaining consumption growth, while MIIT remarked industrial output target for 2015 would be met despite disappointing production in Sept.
- Nikkei speculated BOJ would not be very aggressive on further policy stimulus with -0.3% as the lower bound; One BOJ source said "next time we cut rates will likely be when the economy experiences a significant shock".
- UK PM May expected to speak at a dinner in Brussels tomorrow where she will outline her Brexit process plans.
- New York Fed's Dudley (voter) hinted that a 25bp rate hike this year would not be a "big deal", but there is no great urgency to tighten rates aggressively; Dudley added every meeting is Live and the Fed is close to achieving its twin mandate.
- Brazil central bank cut rates in unanimous decision intended to support growth as economy is deemed nearing inflation target.
- Mexican Peso rises to 6-week highs at the conclusion of 3rd US presidential debate.
***Asia Key economic data:***
- (AU) AUSTRALIA SEPT EMPLOYMENT CHANGE: -9.8K (2nd straight decline, biggest decline since Apr 2015) V +15.0KE; UNEMPLOYMENT RATE: 5.6% (3-year low) V 5.7%E
- (AU) AUSTRALIA Q3 NAB BUSINESS CONFIDENCE: 5 V 3 PRIOR
- (BR) BRAZIL CENTRAL BANK (BCB) CUTS SELIC RATE BY 25BPS TO 14.00%; AS EXPECTED; first rate cut in 4 years
***Asian Equity Markets (23:30ET)***
- Nikkei +1.0%, Hang Seng +0.8%, Shanghai Composite -0.1%, ASX200 +0.2%, Kospi flat
***FX ranges/Commodities/Futures/Fixed Income (23:30ET):***
- EUR 1.0965-1.0980; JPY 103.35-103.65; AUD 0.7685-0.7735; NZD 0.7225-0.7265
- Dec Gold +0.3% at 1,273/oz; Crude Oil -0.3% at $51.69/brl; Copper +0.4% at $2.11/lb
- SLV: iShares Silver Trust ETF daily holdings rise to 11,294 tonnes from 11,268 tonnes prior; Highest since Sept 27th
- Equity Futures: S&P e-mini +0.3%, Dax +0.3%, FTSE100 +0.3%
- USD/CNY: (CN) PBOC SETS YUAN MID POINT AT 6.7311 V 6.7326 PRIOR
- (NZ) New Zealand sells NZ$150M in 2.75% 2025 bonds; avg yield 2.5225%
- (JP) Japan investors bought net ¥317.7B in foreign bonds v sold ¥733.8B in prior week; Foreign investors bought net ¥72.0B in Japan stocks v bought ¥432.4B in Japan stocks in prior week
***Asia movers***
- Consumer discretionary: Veeko International Holdings 1173.HK -2.0% (guidance); Luk Fook Holdings 590.HK +0.4% (Q2 result); Li Ning Co 2331.HK +3.6% (Q3 result); Murray Goulburn MGC.AU +4.4% (guidance); Tatts Group TTS.AU +0.6% (Credit Suisse raised to outperform)
- Financials: Investa Office Fund IOF.AU +0.5% (affirms guidance)
- Industrials: Mitsubishi Motors 7211.JP +1.2% (guidance/chairman appointment); CIMIC Group CIM.AU +6.0% (Deutsche Bank raised to Hold); Asahi Kasei Corp 3407.JP -0.9% (H1 result speculation)
- Technology: Brambles BXB.AU -0.3% (Q1 result); Nikon Corp 7731.JP -1.1% (JPMorgan Chase cuts to underweight); Toshiba Corporation 6502.JP +2.2% (JPMorgan raised PT)
- Materials: South32 S32.AU +0.8% (Q1 result, cuts target); Resolute Mining RSG.AU +5.0%, Evolution Mining EVN.AU +6.0%, St Barbara SBM.AU +4.7% (gold hits two-week high); Fortescue Metals Group FMG.AU -1.5% (Q1 result); Rio Tinto RIO.AU +0.7% (Q3 result)
- Energy: China Shenhua Energy Co 1088.HK +2.1% (Sept result); WorleyParsons WOR.AU +4.6% (oil trades near 15-month high); Woodside Petroleum WPL.AU +1.1% (Q3 result)
- Healthcare: LifeHealthcare Group LHC.AU +7.8% (Bell Potter raised to Buy); UMN Pharma 4585.JP +0.7% (Nomura cuts to neutral); Taisho Pharmaceutical Holdings Co 4581.JP -1.5% (raises guidance)
- Telecom: Ten Network TEN.AU -18.0% (FY16 result)
After Hours Summary: MAT +6%, AXP +6%, CTXS +5%, URI +5% following earnings/guidance, DRWI +60.6% on Sprint news... SCSS -17%, DXPE -16%, MTW -9%, EBAY -8% following earnings/guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: MAT +5.8%, AXP +5.8%, CTXS +5.3%, URI +5.2%, HXL +4.5%, EXPO +3.7% (also has approved an additional $35 million in share repurchases, adding toits existing $22 million available under the current authorization), UMPQ +3.4% (light volume), EWBC +2.1% (light volume), FTI +1.6%, WDFC +1.4%, LRCX +1.3%, KMI +1.2%, HNI +0.7%, FNB +0.6% (ticking higher)
Companies trading higher in after hours in reaction to news: DRWI +60.6% (DragonWave announced Sprint has selected its microwave backhaul equipment for network deployment as part of the company's densification and optimization strategy), IDXG +11.3% (thinly traded; reported today, from the ACG Annual Meeting in Las Vegas, NV, the publication of a study supporting its PanDNA product), AVGR +7.9% (receives expanded indications from the FDA recognizing the Pantheris Lumivascular atherectomy system as a technology that can be used for both therapeutic and diagnostic purposes), COF +0.4% and MA +0.2% (light volume - AXP sympathy)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: SCSS -17.1%, DXPE -16.4% (issues downside prelim Q3 sales guidance citing lagging sales during the month of July), MTW -9% (reports prelim Q3 results with upside total sales but double digit decline in orders and backlog), EBAY -8%, BJRI -7.5%, TBI -6.3%, FMSA -2.9% (offers prelim Q3 results, sees higher revs than analyst estimates; commenced an underwritten public offering of 28,000,000 shares of Fairmount Santrol common stock), TSCO -1.9%, CLB -1.6%, PKG -1.6%
Companies trading lower in after hours in reaction to news: ONVO -13.5% (commences an underwritten public offering of its common stock), HQY -2.3% (HealthEquity announces a 2.5 mln share underwritten secondary offering of common stock by stockholders), TPX -1.6% (SCSS sympathy), WFC -0.8% (said to be investigated by the California DOJ over allegations of criminal identity theft, according to the LATimes), RIO -0.5% (light volume - releases third quarter production results with 2016/2017 guidance, also Brazil related weakness following rate cut)