WSJ : Siemens Takes Cautious Approach to 2017

Siemens Takes Cautious Approach to 2017
CEO says geopolitical uncertainties are clouding the investment environment

BERLIN— Siemens AG’s Chief Executive Joe Kaeser said he was wary about the outlook for the German industrial conglomerate over the next year, because geopolitical uncertainties were clouding the investment environment.
“We are taking a very cautious approach to 2017,” Mr. Kaeser said in an interview on Monday.
Mr. Kaeser said the company did well in fiscal 2016, ending on Sept. 30, but that “2017 is a new game.” Geopolitical uncertainties are on the rise, which makes it difficult to assess investment risks, he said.
“Meanwhile, we see this also in the U.S., where very strong elements are surfacing that aren’t exactly encouraging for investments,” he added.
The U.S. presidential election is causing the country to look inward, Mr. Kaeser said. The economic momentum in the U.S. is waning, he said, “and we need to look at whether this is a short-term effect or of a longer-term, structural nature.”
Mr. Kaeser added that global investment opportunities exist but require hunting. Last week, Siemens said it plans to participate in up to $5.6 billion of energy, transportation and infrastructure projects in Argentina. At the time, Mr. Kaeser said Siemens would offer around $3 billion in financing for the projects, targeting energy generation of about 5 gigawatt.
“Such opportunities are out there all over the world, one just has to find them,” Mr. Kaeser said.

>>> Google : This access point is not currently authorized for transactional pro

Announces new app Google Trips 
- introducing a new mobile app to help you instantly plan each day of your trip with just a few taps of your finger: Google Trips.
- Google Trips is a personalized tour guide in your pocket. Each trip contains key categories of information, including day plans, reservations, things to do, food & drink, and more, so you have everything you need at your fingertips. The entire app is available offline simply tap the Download button under each trip to save it to your phone.
- For the top 200 cities in the world, Google Trips shows you a variety of day plans featuring the most popular daily itineraries
- With Google Trips, all your travel reservations are automatically gathered from Gmail and organized for you into individual trips, so you dont have to search and dig up those emails. 

>>> HES - To purchase any and all notes due 2019 and notes due 2029, 2031 and 20

HES - To purchase any and all notes due 2019 and notes due 2029, 2031 and 2033 for up to the aggregate maximum repurchase amount 

The Offers consist of offers to purchase for cash (1) any and all (the Any and All Tender Offer) of its 8.125% Notes due 2019 (the Any and All Notes) and (2) up to (the Maximum Tender Offer) a total purchase price of the lesser of (a) $375 million and (b) $1.075 billion less the aggregate total consideration for the Any and All Notes validly tendered and accepted for purchase in the Any and All Tender Offer (the Aggregate Maximum Repurchase Amount) of its 7.875% Notes due 2029 (the 2029 Notes), 7.300% Notes due 2031 (the 2031 Notes) and 7.125% Notes due 2033 (the 2033 Notes, and together with the 2029 Notes and the 2031 Notes, the Maximum Tender Offer Notes), subject to the acceptance priority levels noted in the second table above.

The Aggregate Maximum Repurchase Amount will not be determined until the aggregate total consideration for the Any and All Notes validly tendered and accepted in the Any and All Tender Offer is determined. The Any and All Tender Offer will expire at 5:00 p.m., New York City time, on September 23, 2016, unless extended or earlier terminated (the Any and All Expiration Date). Holders of the Any and All Notes must validly tender and not validly withdraw their Any and All Notes prior to or at the Any and All Tender Expiration Date to be eligible to receive the total consideration for such Any and All Notes.

The Maximum Tender Offer will expire at 11:59 p.m. New York City time, on October 17, 2016, unless extended or earlier terminated (the Maximum Tender Expiration Date). Holders of the Maximum Tender Offer Notes must validly tender and not validly withdraw their Maximum Tender Offer Notes prior to or at 5:00 p.m., New York City time, on September 30, 2016, unless extended or earlier terminated (the Early Tender Date), to be eligible to receive the total consideration for such Maximum Tender Offer Notes, which is inclusive of an amount in cash equal to the applicable amount set forth in the second table above under the heading Early Tender Payment (the Early Tender Payment). Holders of the Maximum Tender Offer Notes who validly tender their Maximum Tender Offer Notes after the Early Tender Date but prior to or at the Maximum Tender Expiration Date will be eligible to receive the total consideration for such Maximum Tender Offer Notes minus the Early Tender Payment.

All Maximum Tender Offer Notes tendered prior to or at the Early Tender Date will be accepted based on the acceptance priority levels noted in the second table above and will have priority over Maximum Tender Offer Notes tendered after the Early Tender Date, regardless of the acceptance priority levels of the Maximum Tender Offer Notes tendered after the Early Tender Date. Subject to applicable law, the Company may increase or decrease the amounts of cash available for purchase of any of the Maximum Tender Offer Notes in its sole discretion.

>>> US Gapping Down

Gapping down
In reaction to disappointing earnings/guidance: N/A.

M&A news:
  • CYH -2.4% (confirms it is exploring a variety of options with financial sponsors, as well as other potential alternativesg)
Other news:
  • VICL -18.7% (Vical and Astellas (ALPMY) announce topline results from a randomized, double-blind, placebo-controlled Phase 2 study evaluating the safety and efficacy of cytomegalovirus)
  • CVRR -13.3% (still checking, stock moved aggressively higher in final minutes of trading on Friday; may be attributed to that)
  • ORMP -3% (still checking), DEPO -0.9% (confirms it received request to call special meeting of shareholders)
  • TEVA -0.5% (announces Results from Exploratory 52-Week Phase 2 PRIDE-HD Study of Pridopidine in Huntington Disease)
Analyst comments:
  • OSUR -2.1% (downgraded to Neutral from Buy at BTIG Research)
  • CALD -1.5% (downgraded to Sell from Neutral at Dougherty & Company)
  • PYPL -1.1% (downgraded to Hold from Buy at Canaccord Genuity)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: TERP +1%, (releases prelim Q2 results with adj $152--160 mln and adj revs $198-206 mln)

M&A news:
  • ISLE +28.4% (to be acquired by Eldorado Resorts (ERI) for $23.00/share in cash or 1.638 shares of ERI stock)
  • BLOX +15.3% (confirms it will be acquired by Vista Equity Partners for $26.50 per share in cash)
  • TECD +7.1% (to acquire the Technology Solutions biz from Avnet (AVT))
  • HMY +2.7% (Harmony Gold acquires full ownership of the Hidden Valley mine from Newcrest Mining (NCMGY) in New Guinea)
Select EU financial related names showing strength: BCS +2.4%, HSBC +1.9%, SAN +1.6%, ING +1.4%, .

Select metals/mining stocks trading higher: BHP +2.8%, PAAS +2.1%, AU +2%, SLV +1.9%, FCX +1.8%, SLW +1.6%,GOLD +1.5%, ABX +1.2%, .

Select oil/gas related names showing strength: SDRL +2.8%, CHK +2.3%, MRO +2.2%, BP +2%, RDS.A +1.8%, TOT+1.4%, .

Other news:
  • NBY +21.6% (announces that data from a Phase 2b clinical study with Auriclosene Irrigating Solution demonstrated statistically significant and clinically meaningful results in the prevention of urinary catheter blockage and encrustation)
  • NVAX +8.5% (modestly rebounding following last week's declines)
  • CFRX +4.8% (promotes Cara Cassino, MD to Chief Medical Officer and Executive VP of Research and Development effective Oct 1)
  • GPRO +3.9% (ahead of new product launch event (including Karma drone))
  • CLCD +2.8% (reports its SAMURAI achieves secondary endpoints)
  • RDUS +2.3% (reports new positive results from the Phase 3 ACTIVE Trial of Abaloparatide published in JBMR)
Analyst comments:
  • AKS +4.4% (upgraded to Sector Weight from Underweight at KeyBanc)
  • X +2.8% (upgraded to Sector Weight from Underweight at KeyBanc)
  • GM +2.7% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
  • KBH +2.2% (upgraded to Buy from Neutral at Buckingham Research)
  • EPD +1.4% (upgraded to Outperform from Neutral at Credit Suisse)
  • RBS +1.2% (upgraded to Hold from Sell at Investec)
  • WFC +0.9% (upgraded to Outperform from Neutral at Robert W. Baird)
  • TRGP +0.9% (upgraded to Buy from Neutral at Goldman)