INTESA EXAMINING POSSIBLE INDUSTRIAL COMBINATION WITH GENERALI
Pfeiffer Vacuum surprised by Busch offer
24 JAN 2017
Busch had not told Pfeiffer Vacuum [ETR:PFV] of its intention to launch an all-cash EUR 96.20 offer today (24 January), it is understood.
Pfeiffer Vacuum was surprised by the timing of Busch’s offer, it is understood.
It will take the target beyond today to formulate a response, with a press release expected in a few days, there being many factors to consider, it is further understood.
Busch will own 29.98% of Pfeiffer when it publishes the offer document. In Germany, an offer is mandatory on crossing the 30% threshold.
Avoiding this scenario and making a voluntary offer means Busch can buy shares on the market at its own pace, it was noted. Busch’s statement said Pfeiffer will continue to be listed on the Frankfurt Stock Exchange, so there will be no squeeze-out.
Busch currently has one representative on the six-member board. When the offer closes, Busch will seek board representation to correspond with its new shareholding, the announcement said.
Busch has retained ACXIT Capital Partners and law firm Weil Gotshal & Manges from its previous Pfeiffer stake acquisitions.
Pfeiffer and Busch did not respond to requests for comment.
--> -1.02% pre open 57k shares traded
Johnson & Johnson beats by $0.02, reports revs in-line; guides FY17 EPS and revenue below consensus; evaluating strategic alternatives for Diabetes Care Companies: LifeScan, Animas and Calibra Medical
- Reports Q4 (Dec) earnings of $1.58 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.56; revenues rose 1.7% year/year to $18.11 bln vs the $18.26 bln Capital IQ Consensus. Operational sales results increased 2.3% and the negative impact of currency was 0.6%. Domestic sales increased 2.6%. International sales increased 0.6%, reflecting operational growth of 1.9% and a negative currency impact of 1.3%. As a reminder, there were additional shipping days in the fourth quarter of 2015 that negatively impacted the current quarter by 480 basis points. Excluding the net impact of acquisitions, divestitures, hepatitis C, Venezuela, and the additional shipping days in 2015, on an operational basis, worldwide sales increased 7.6%, domestic sales increased 9.5% and international sales increased 5.6%.
- Worldwide Consumer sales of $13.3 billion for the full-year 2016 represented a decrease of 1.5% versus the prior year, consisting of an operational increase of 1.5% and a negative impact from currency of 3.0%.
- Worldwide Pharmaceutical sales of $33.5 billion for the full-year 2016 represented an increase of 6.5% versus the prior year with an operational increase of 7.4% and a negative impact from currency of 0.9%.
- Worldwide Medical Devices sales of $25.1 billion for the full-year 2016 represented a decrease of 0.1% versus the prior year consisting of an operational increase of 0.9% and a negative currency impact of 1.0%.
- Co issues downside guidance for FY17, sees EPS of $6.93-7.08, excluding non-recurring items, vs. $7.12 Capital IQ Consensus Estimate; sees FY17 revs of $74.1-74.8 bln vs. $75.13 bln Capital IQ Consensus with operational sales +3.0-3.5% ex divestitures.
- As part of the Company's ongoing portfolio mgmt, the Company is announcing it is engaging in a process to evaluate potential strategic options for the Johnson & Johnson Diabetes Care Companies, specifically LifeScan, Inc., Animas Corporation, and Calibra Medical, Inc. Strategic options may include the formation of operating partnerships, joint ventures or strategic alliances, a sale of the businesses, or other alternatives either separately or together. All options will be evaluated to determine the best opportunity to drive future growth and maximize shareholder value.
Apple: Thoughts into earnings -- Needham
Needham notes AAPL will report FY1Q17 results on Tuesday, January 31st, 2017 after the close of the market and mgmt will host a conference call to discuss results at 5pm ET to discuss results. For 1Q17E, firm ests rev to $77.5B (up 2% y/y), Operating Income of $22.86B (down 5% y/y), and EPS of $3.22 (down 2% y/y). For the full year, FY17, they now project rev of $228.1B (up 6% y/y and 1% above previous ests), and EPS of $8.98 (up 8% y/y and 0.3% below previous ests). AAPL is their top stock pick for 2017, and firm maintains Strong Buy and $150 Target Price. Sales by product: iPhone -- revs of $53.04 bln, 78.1 mln units; iPad -- revs of $6.7 bln, 14.85 mln units; Mac -- revs of $6.45 bln, 5.25 mln units.
Gapping up
In reaction to strong earnings/guidance:
In reaction to strong earnings/guidance:
- MRCY +8.9%, RMD +7.7%, ATI +4.8%, BABA +4.5%, YHOO +3.7%, DHI +2.1%, LPL +1.7%, FITB +1.5%, TRV +0.8%,PTEN +0.4%
M&A news:
- MPSX +24.1% (to be acquired by WestRock (WRK) for $18.00/share)
- RIO +4% (divests its Coal & Allied Industries unit to Yancoal (YACRF) for up to $2.45 bln), .
Select financial related names showing strength:
- BBVA +1.5%, SAN +1.3%, PSO +1.1%, DB +1%
Select metals/mining stocks trading higher:
- BBL +3.8%, BHP +3.3%, FCX +3.1%, VALE +2.8%, CLF +2.5%, .
Other news:
- NAK +13.2% (continued momentum), SYNC +8.1% (thinly traded, extends Google Services Agreement)
- REXX +6.1% (Rex Energy reports Q4 and full-year 2016 production and estimated pricing and provided an operational update; Q4 production growth of 12% year-over-year)
- PLUG +6.1% (announces that for FY16 it deployed 4,010 GenDrive fuel cell units)
- MRUS +4.7% (closed research collaboration with Incyte utilizing Merus' proprietary Biclonics technology platform)
- GLDD +3.3% (confirmed receipt of $88 million award for coastal restoration on the Gulf Coast)
- SIGM +2.4% (Soros increases passive stake)
- JD +2% (in sympathy with BABA)
- RAD +1.7% (modestly rebounding after closing near lows)
- SRLP +1.5% (signs a definitive agreement to purchase the Springfield, Massachusetts refined product terminal assets)
- OSG +0.9% (confirmed SEC agreement resolving previously disclosed investigation into the failure of OSG to record certain tax liabilities)
Analyst comments:
- GPRO +6.2% (hearing estimates raised at Pac Crest)
- DATA +3.2% (upgraded to Buy from Neutral at Citigroup)
- ALSN +0.9% (upgraded to Buy from Neutral at Citigroup)
Gapping down
In reaction to disappointing earnings/guidance:
In reaction to disappointing earnings/guidance:
- SIMO -7.2%, PII -5.8%, PHG -3.5%, VZ -2.7%, LMT -1.9%, JNJ -1.7%, BRKR -0.6%, FBC -0.5%
Select metals/mining stocks trading lower:
- GFI -1.4%, GOLD -1.4%, IGLD -0.9%, HMY -0.8%, SLW -0.8%, ABX -0.6%
Other news:
- BT -19.4% (provides update on investigation on Italian business; raises adjustments following review; lowers Group outlook for H2)
- BIOA -15.4% (increases the size of previously announced offering of common stock and warrants by 75% for aggregate gross proceeds of $17.5 mln)
- GLOP -9.3% (commences public offering of 3.75 mln common units)
- GLOP -9.3% (prices 3.75 mln common units offering at $20.50/unit)
- PLG -9.2% (announces $25 million bought deal financing)
- OCUL -7.9% (commences registered underwritten public offering of $25 mln of shares of its common stock)
- STRP -4.8% (files shelf registration statement on Form S-3 with the SEC, may from time to time issue up to an aggregate 1.25 mln shares of its Class B common stock)
- FSM -3.6% (prices about a 10 mln share bought deal financing at $6.30/share for proceeds of about $65 mln )
- CASC -2.7% (to offer and sell shares of its common stock and Series E convertible preferred stock in concurrent but separate underwritten public offerings; Mark Lampert resigns from the Board as a result of his disagreement with decisions made by the Board related to the recently announced public offering)
- DRYS -1.9% (following 30%+ move lower)
- PNFP -1.6% (prices 2.8 mln shares of common stock at $62.50)
- USFD -1.4% (commences common stock offering of 30 mln shares by selling stockholders), .
Analyst comments:
- WATT -2.6% (downgraded to Perform from Outperform at Oppenheimer)
- AMN -1.5% (downgraded to Mkt Perform from Mkt Outperform at Avondale)
- AAPL -0.6% (downgraded to Equal Weight from Overweight at Barclays)
- HUM -0.5% (downgraded to Hold from Buy at Stifel)
Early premarket gappers
Gapping up: MRCY +8.9%, SYNC +6.5%, REXX +6.1%, RMD +6%, BABA +4.9%, MRUS +4.7%, RIO +4.2%, YHOO +4%, BBL+3.5%, BHP +3.4%, GLDD +3.3%, DATA +3.2%, VALE +2.7%, CLF +2.6%, FCX +2.5%, SIGM +2.4%, JD +2.2%, DHI +2.1%,RAD +1.7%, FITB +1.5%, SAN +1.3%, MS +1.1%, PSO +1.1%, STO +1%, OSG +0.9%, PBR +0.9%, DD +0.9%, TRV +0.8%
Gapping down: BT -18.6%, BIOA -12.2%, PLG -9.2%, GLOP -8.6%, GLOP -8.6%, OCUL -7.9%, SIMO -7.2%, PII -5.8%, STRP-4.8%, FSM -3.6%, PHG -3.5%, CASC -2.7%, VZ -2.7%, JNJ -1.7%, PNFP -1.5%, GOLD -1.5%, GFI -1.4%, USFD -1%, T -1%,IGLD -0.9%, HMY -0.8%, SLW -0.8%, ENBL -0.7%, ABX -0.7%, AAPL -0.6%, BRKR -0.6%, HUM -0.5%, FBC -0.5%
Gapping down: BT -18.6%, BIOA -12.2%, PLG -9.2%, GLOP -8.6%, GLOP -8.6%, OCUL -7.9%, SIMO -7.2%, PII -5.8%, STRP-4.8%, FSM -3.6%, PHG -3.5%, CASC -2.7%, VZ -2.7%, JNJ -1.7%, PNFP -1.5%, GOLD -1.5%, GFI -1.4%, USFD -1%, T -1%,IGLD -0.9%, HMY -0.8%, SLW -0.8%, ENBL -0.7%, ABX -0.7%, AAPL -0.6%, BRKR -0.6%, HUM -0.5%, FBC -0.5%
--> no pre-market
3M beats by $0.01, reports revs in-line; reaffirms FY17 guidance
- Reports Q4 (Dec) earnings of $1.88 per share, $0.01 better than the Capital IQ Consensus of $1.87; revenues rose 0.4% year/year to $7.33 bln vs the $7.34 bln Capital IQ Consensus.
- Organic local-currency sales increased 1.6 % while divestitures reduced sales by 0.4 %. Foreign currency translation reduced sales by 0.8 % year-on-year.
- Operating income was $1.7 billion and operating income margins for the quarter were 22.7 %, up 220 basis points year-on-year.
- Organic local-currency sales growth was 4.6 % in Industrial, 2.2 % in Safety and Graphics, and 1.3 % in Health Care, with declines of 0.6 % in Electronics and Energy, and 0.7 % in Consumer.
- On a geographic basis, organic local-currency sales growth was 4.1 % in Latin America/Canada, 2.4 % in Asia Pacific, and 1.2 % in the U.S., with a decline of 2.4 % in EMEA (Europe, Middle East and Africa).
- Co reaffirms guidance for FY17, sees EPS of $8.45-8.80, excluding non-recurring items, vs. $8.62 Capital IQ Consensus; organic sales ex-FX +1-3%; FCF conversion 95-105%.