(The Verge) GoPro delays its highly anticipated drone until winter

GoPro delays its highly anticipated drone until winter

Meanwhile, revenues dropped 50 percent from last year

GoPro announced its first quarter earnings today, and the details were fairly bleak. It saw its revenue drop by 49.5 percent from the same period in 2015, and it swung from a $22 million profit to a $121 million loss. The company also announced that its new drone, the Karma, will be delayed until the winter holiday. It was originally slated to be released in the first half of this year.

The news comes after a disappointing year for GoPro. While the company shipped more cameras than ever before in 2015 (6.6 million), GoPro had a rough fourth quarter, bringing in about $200 million less than it did in the fourth quarter of 2014. Earlier in the year the company released the Hero 4 Session, its first majorly redesigned camera ever, but poor sales forced GoPro to cut the camera's price in half later in the year. Other, more affordable cameras were released as well, but GoPro has already discontinued them — a move that cost the company $57 million.

Drones represent one new opportunity for GoPro, and 360 cameras are another. The company released the first sample footage from its six camera Omni rig today. This kind of video is expected to grow in popularity along with the rise of virtual reality headsets, which allows users to look around the footage simply by turning their head. It costs $5,000 in total, which is about $1,500 for the frame.

The company has tried this "look over here" trick before. In February when, minutes before releasing the company's disappointing Q4 2015 numbers, GoPro published the first sample footage from its upcoming quadcopter. Investors weren't forgiving either time, driving the stock down about 79 percent over the last year.

>>> Morgan Stanley analyst revises USD forecasts

Morgan Stanley analyst revises USD forecasts 
- Raises Q2 EUR/USD forecast from 1.06 to 1.16
- Raises Q3 EUR/USD forecast from 1.03 to 1.15
- Raises Q4 EUR/USD forecast from 1.00 to 1.13
- Cuts Q2 USD/JPY from 110 to 103
- Cuts Q3 USD/JPY from 105 to 100
- Cuts Q4 USD/JPY from 106 to 98

>>> Street Pre-Market Indications

ML
** REMINDER: Denmark remains closed today....................................
GAMESA - Beat. EBIT €119m v €96m cons, margin 11.1% v 9.5%. FY guide u/c..+2%
SMURFIT - Inline with EBITDA 281m. Outlook good earnings growth in 2016...+1%
HASTINGS - Strong performance. Market shr up from 5.8% YE15 to 6.0% 1Q16..+1%
RHOEN KLINIKUM - Q1 EBITDA beat, revs inline. Co confirms 2016 guidance...+1%
MITTAL - Q1 EBITDA inline, no increase to guidance, MtM upside obvious....u/c
SAP - Apple and SAP to develop iphone and ipad apps for businesses........u/c
MGAM - Inline with mgmt expectations and unchanged from outlook in Feb....u/c
TULLETT PREBON - Appoints Andrew Baddeley of Brit Insurance Group as CFO..u/c
EASYJET - Twelve mnth load factor to April comes in at 91.5% v 91%........u/c
INDRA - Saudi Arabia stops paying Mecca train construction. Senti -ve...-0.5%
AIRBUS - CEO Enders says 2H will be more active than 1H; Les Echos........-1%
SWMA - Sweden reopens. US FDA extending its tobacco product authorities.-1-2%
ISAT - Contract it should have won goes to Gogo, who will partner with IAG-2%
MONTI DEI PASCHI - Headline beat offset by NPL and capital weakness.......-2%
BBA - Inline but org growth -6% driven by weakness in Flight Support biz..-2%
IHG - A little soft. 1Q16 RevPAR growth +1.5% v BAML 2%. We cut our nos...-2%
INTERSERVE - Board anticipates £70m exceptional contract provision.......-5%

MainFirst Pre Mkt Indications

*AIRBUS-CEO says 2016 tough and H2 more active than H1-n/new........U/C
*ARCELOR-Rev 13.4b(14),Ebitda 927m(924.5),Exps 2 be FCF +ve '16.....-2%
*ENEL-Close to offer on controlling Metroweb stake - Reuters........-0.5%
*SAP-To develop IPhone/IPad Apps for businesses with Apple..........+0.25%
*SANOFI-Medivation reits rejection of Sanofi's offer................+0.5%
*TOD'S-Alessandra Facchinetti steps down as Creative Director.......-0.5%
*STATOIL-Cuts Leismer output by 50% due to Alberta widfires.........-0.5%
*MONTE PASCHI-NI 93.2m(23.4),Rev 1.19b(1.12),LLP 345.9m(382.4)......+4%
*GAMESA-Net 72m(64.2),Ebit 119m(91),Sales 1.06b(997.5),o/l ok.......+2%
*R/KLIN-Rev 291.5m(292),Ebitda 67.9m(66),Net 50.7m(55),o/l ok.......+1%
*ALSTOM-Dutch railways will order 80 trains says Telegraaf..........+1%
*EASYJET-12 month passengers 71.1m,L/Factor 91.5%,April 90.4%.......U/C
*SMURFIT-Rev €2b(2.02),Ebitda 281m(280),PT 128m(146),o/l ok.........U/C
*IHG-Global RevPar +1.5%(+1.8),China ok,Europe & America weak.......-1%

cs
Airbus M/P CEO Enders Says 2H Will Be More Active Than 1H: Les Echos
Ashtead -1-2% Per UNITED RENTALS downgrade at GS and rental rate worries
Autoliv +2% Takata trades -10% in Japan (first time open since Monday)
Deut Post M/P AMAZON has signed a new leasing deal for cargo jets
Easyjet M/P Traffice stats, load factor lower 90.4 vs April 2015 90.8%
Ferragamo +1% Said to be in talks with Eraldo Poletto for CEO job
GSK M/P Chairman Can't Rule Out Consumer Spinoff at Later Date
Hastings +2-3% Market share of private car up, outlook good
IHG -1-2% Q1 RevPar 1.5% vs cons 1.8%, CS ests 2.4%
Interserve -5% £70m exceptional contract provision for H1 of 2016
Mittal UNCH Q1 EBITDA $927m CSe $890m, reiterate guidance
Miners UNCH Copper -0.30%, Brent -2.35%, Iron Ore +1.70%, China -1.53%
Monte Paschi +2-3% Q1 net of €93m, low quality beat, CET1 light
Morgan Ad +1-2% Organic growth better, guidance unch vs Feb outlook
Oils -1% Brent -2.35% to $44.65, WTI -2.65% to $43.85
Rhoen Klinik +1% Q1 EBITDA 1.5% beat, revs inline, confirms 2016 guidance
SAP +1% SAP and Apple to develop iPhone, iPad Apps for Businesses
Smurfit Kap M/P 1Q EBITDA and revenues inline, reiterates guidance
Steinhoff +1% CS initiate with OUTPERFORM (Consistent strategy)
UK Retail -1% BDO LFL retail sales data, the "worst since 2008"

Shore
RETAILERS - April LfL sales on highstreet fell 6.1%,worst since Nov'08(BDO).-1%
BHP BILLITON - Federal Court of Appeal in Brazil ratifies Samarco agreement.UNCH
MORGAN ADV. - trading inline,ytd sales flat,challenging markets persist......-1%
BBA AVIATION - trading inline despite softer markets,revs +12%,LfL -6%......UNCH
INTERSERVE - trading inline,UK contruction significantly impacted............-2%
EASYJET - Load factor 91.5% v 91%.Passengers 71.1m v 66.2m...................+1%
IHG - Q1 global revpar+1.5%.Current trading gives confidence for rest of yr..+1%
NUMIS - H1 pbt 16.8m.H2 started well & pipeline strong.Hemsley steps down....+2%
HASTINGS - gross written premiums +29%,on track to meet or beat targets set..+1%

>>> Telecom Italia : Il Sole reports that the hypothesis / idea for not selling

Il Sole reports that the hypothesis / idea for not selling Inwit is gaining ground and that an alternative is to sell a further stake on the mkt (20 – 30%) keeping however control.
Also reported is that the idea of selling its Brazilian assets is becoming stronger and that an offer on Metroweb should be made before next Friday’s board meeting.
The sale of the Brazilian assets would reportedly be favoured by Vivendi also as a way to unblock a hypothetical merger of Teleconfica and Telecom It (and that post any TI / TEF merger Vivendi would become the largest shareholder.

>>> Zoomlion in acquisition talks in Germany and Italy; eyes European insurers

Zoomlion in acquisition talks in Germany and Italy; eyes European insurers

* in current acquisitions talks in Germany
* has looked at Imer in Italy
* looks at Western European insurers

Zoomlion Heavy Industry Science & Technology [Zhong Lian Zhong Ke; SHE: 000157; HKG: 1157], China’s state-owned construction machinery manufacturer, is in advanced talks to acquire an Italy-based haying equipment maker and a Germany-based gearbox maker, a source familiar with the situation said.

Such acquisition talks are in line with the company’s general strategy to expand agricultural machinery business via M&A at home and abroad, the source familiar said. Currently, it’s specifically interested in European manufacturing technologies in engines, motors, gear boxes, and hydraulic machines, he added.

Italian targets

The Changsha, Hunan-based company is almost close to the end of the acquisition talks with the Italy-based haying equipment maker, which filed for bankruptcy last year, the source familiar said. The target’s enterprise value is tens of millions in EUR, the source said. It has mandated BonelliErede for this deal, the source familiar said.

BonelliErede already advised Zoomlion for its 2015 acquisition of Ladurner Ambiente.

BonelliErede didn’t return requests for comment on this deal, although a source familiar said that BonelliErede has a long working relationship with Zoomlion.

Italtractor ITM S.p.A. could be potentially qualified as a feasible acquisition target, two sector experts said. Yet Zoomlion denied this target is in talks.

Titan International, Inc. (NYSE:TWI), a Quincy, Illinois-based holding company, engaged Goldman Sachs as financial advisor in connection with the possible sale of Italtractor, according to Titan’s announcement on 28 April 2016.

Italtractor was unavailable for comment while Goldman Sachs declined to comment.

Zoomlion was looking at another Italy-based agricultural machinery manufacturer IMER International, according to two sources briefed on this deal. Yet Zoomlion declined to comment on this matter.

Athough IMER is not up for grabs, the company’s main shareholders would be receptive to approaches from interested investors, while discussing about the possibility of refinancing, one of the sources briefed said, and added IMER’s turnover in 2014 was around EUR 100m.

Interest in Germany

Separately, Zoomlion is also in the advanced discussions with the Germany-based gearbox maker, whose products are used in agricultural tractors, the source familiar said.

These talks were supposed to be finalized this month, but are now expected to be pushed back to July-end 2016, the source familiar added. Zoomlion will need to conduct due diligence on the targeted company again as the target has recently reshuffled its management team, he added.

Looking at insurers

Meanwhile, Zoomlion is on the look-out for insurance targets in developed European countries, especially UK, Germany and France, the source familiar added.

The ideal insurers should obtain licenses for property insurance and be also free of regulatory punishment or ban by the local governments, the source familiar furthered. The company could invest several billions in CNY in each target, he noted.

This move aims to strengthen the company’s access to overseas capital, and to avoid risk of the country’s regulatory approval on capital outflow, which is quite essential to Zoomlion’s overseas acquisitions either in current talks or to be explored in the future, the source familiar explained.

At the same time, the company is also pursuing acquisition of a Connecticut-based lifting and material handling machinery company Terex Corporation in a proposed USD 3.4bn deal with different technologies from those Zoomlion is scouting in the agricultural machinery scopes, the source familiar said.

The CNY 30.5bn market cap company reported net debt of CNY 660.3m in 1Q16, up from CNY 383.4m the same period of last year. Its revenue reached up to CNY 3bn in 1Q16, down 20.1% year on year.

It had cash and cash equivalents up to CNY 10.5bn by March-end 2016, according to the same company report.

Zoomlion declined to comment on this story.

(TechCrunch) SpaceX successfully landed another rocket on a drone ship

SpaceX successfully landed another rocket on a drone ship

SpaceX successfully launched the Japanese communications satellite, JCSAT-14 on their Falcon 9 rocket at 1:22am EST today from Cape Canaveral, Florida. After the launch, the company soft-landed the first stage of the rocket on their drone ship “Of Course I Still Love You” – the second time this has ever been done.

On April 8th, SpaceX made their first rocket recovery on that same drone ship. Tonight’s landing, however, was even more impressive. The odds of a successful soft-landing were slim due to the mission requirements for this particular launch.

JCSAT-14, which is designed to last 15 years, needed to be placed into geosynchronous orbit at an altitude of 22,000 miles. This is much higher than SpaceX’s last launch when they successfully recovered their rocket on a drone ship after sending space station supplies to low earth orbit (LEO) at around 250 miles.

JCSAT-14 / Image courtesy of Space Systems Loral
The SpaceX co-hosts noted that because today’s rocket needed to travel to such a high altitude, the first stage was coming in much hotter, at around 2 km/s, than standard LEO launches where the rocket will return at about 1 km/s.
Successful JCSAT-14 deployment from Falcon 9 / Screenshot from SpaceX live feed
JCSAT-14 is a satellite from the SKY Perfect JSAT Group, the largest satellite operator in Asia. Once in orbit, the satellite will be used to provide television and communication services.
Illustration of JCSAT-14 / Image courtesy Space Systems Loral
Tonight’s launch was the fourth successful flight for SpaceX so far this year. To date, SpaceX has completed two successful rocket recoveries on a drone ship and one rocket recovery on a landing pad on stable ground.
The next important step, of course, is reusing a recovered rocket, which Musk has stated they hope to do in the next three or four months.

>>> LSE/Deutsche Boerse lean towards shareholder scheme vote after Brexit refere

MergerMarket

LSE/Deutsche Boerse lean towards shareholder scheme vote after Brexit referendum

London Stock Exchange’s (LSE) [LON:LSE] shareholder meeting to vote on the proposed merger with Deutsche Boerse [FRA:DB1] is most likely to be held after the UK’s 23 June referendum on EU membership, though the date has not yet been set, it is understood.

The LSE shareholder meeting may be held in around two months, it was said.

Practical measures ahead of the vote on the scheme of arrangement, such as preparing the circular, are yet to be completed, but could be finalized around the end of May, a person briefed on the matter said.

For investors, a UK exit from the EU should not make much difference to the merger case, but it would be preferable to give them visibility on the outcome of the Brexit vote, the same person briefed said.

There could be a case for holding the LSE vote before the Brexit referendum, two sources close to the situation agreed. A pre-referendum vote would “get it out of the way” given the parties have argued the merger rationale does not hang on whether the UK remains in the EU, the first source explained. On the other hand, there will be more clarity after the referendum result is known, he conceded.

As reported, sector bankers believe a “Brexit” would not hurt the LSE/Deutsche Boerse tie-up as the combined company would retain a strong presence in both London and Frankfurt.

However, the deal could face more difficulty in securing approval from Frankfurt’s regional financial regulator if the UK left the EU, this news service has reported. Exchange regulation is currently harmonized across the EU, but Brexit may alter this landscape, as reported.

LSE and Deutsche Boerse have argued that the merged entity will be well placed to benefit from either result in the referendum. The combined entity will be able to pitch itself as having access to the EU’s single market via the German operations if Brexit occurs, and sell itself as being a European champion in the event the UK remains, it was said.

ICE claims frosty reception

US exchange operator Intercontinental Exchange (ICE) [NYSE:ICE] on 4 May withdrew its indication of interest to take over LSE, saying “insufficient engagement” with LSE made it impossible to evaluate the merits of a bid.

ICE secured access to all information it was entitled to under the UK Takeover Code, the two sources close and the person briefed argued.

LSE declined to comment, while Deutsche Boerse did not reply to requests for comment.

There is no sign of any LSE shareholder backlash against the company due to ICE’s abandoned approach, the second source and the person briefed said.

LSE’s CEO Xavier Rolet has talked to the UK’s top-50 shareholders and they have not given any such negative feedback, the person said. LSE’s investors are fully aware that ICE’s approach was hostile and they were never given any indications about what ICE may have offered to trump the synergies with Deutsche Boerse, he pointed out.

ICE “didn’t come to the table” with an offer to discuss, the first source said. ICE was not immediately available for comment.

The US group would be allowed to make a new approach for LSE after six months under the Code. But ICE is viewed as unlikely to make any renewed bid attempt, the second source and the person agreed.

LSE and Deutsche Boerse will set up a “TopCo” following the LSE shareholder vote, after which ICE would have to bid for the TopCo and offer to break it up, the person said. This would be possible but technically difficult, he argued.

LSE shareholders may also take less positively to an approach at that late stage, he added.

>>> Continental may acquire to strengthen industrial business and boost technolo

Continental may acquire to strengthen industrial business and boost technological competence in automotive field 
Continental [FRA:CON], the German components maker, would like to strengthen its industrial business through acquisitions, according to an interview in Boersen-Zeitung.

The interview, given by Chief Financial Officer Wolfgang Schaefer to the German-language daily, also said Continental may use acquisitions to add more technology competences in the automotive field.

He said the company could afford an acquisition worth EUR 3bn at the moment.

No large acquisition is currently planned, he said. However, Continental may move if a strategically fitting and financially attractive possibility presents itself, he said.

Boersen-Zeitung