*EUROPEAN EQUITIES ARE CHEAPER THAN REST OF WORLD: CALSTRS CIO
*CALSTRS SEES EUROPE AS OPPORTUNITY TO INVEST OVER TIME
*FRENCH AND GERMAN BANKS ARE RELATIVELY STRONG, CALSTRS CIO SAYS
{537937Z US Equity cn <GO>}
KPN - CEO: not by definition against a takeover approach; will consider interests of all shareholders
Exclusive: Germany’s Opposition Parties Push for Parliamentary Investigation into VW
The Left Party and the Green Party will meet Thursday to finalize the details and discuss exactly what the committee’s role should be, Dietmar Bartsch, the parliamentary leader of the Left Party, told Handelsblatt.
While the two opposition parties have less than a quarter of the seats in Germany’s Bundestag, they have the power to push through a parliamentary investigation due to a change in the rules since Chancellor Angela Merkel’s CDU and the left-leaning SPD formed a grand coalition in 2014.
JPMorgan Chase on Conference Call; JPM trading at $60.65 in pre-market trade
- Fed did not object to incremental repurchase plan announced in press release.
- Saw record deposit growth in Q1.
- Looking ahead, sees a sequential decline in M&A activity but that will be offset by debt and equity underwriting.
- Expect commercial bank revenue to be up slightly moving forward; Notes costs will also be up as it ramps up SG&A
- Living Will- Disappointed with conclusion of joint committees; working with regulators and committed to meet their expectations.
Gapping up
In reaction to strong earnings/guidance: TITN +4.8%, LAYN +3.6%, JPM +2.6%, ADTN +2.4%, FWP +0.5%, CSX +0.4%, .
M&A news: MDVN +8.2% (Bloomberg report discussing potential bid from Sanofi (SNY)), DMD +1.1% (Demand Media agrees to sell Cracked brand to E.W. Scripps for $39 mln in cash),
Select financial related names showing strength (after JPM earnings): DB +6%, SAN +5.4%, CS +5.3%, HSBC +4.9%,BCS +3.9%, ING +2.9%, LYG +2.8%, C +2.3%, BAC +1.9%
Select metals/mining stocks trading higher: MT +6.4%, BBL +5.4%, BHP +5.2%, RIO +4.2%, CLF +3.3%, VALE +2.4%,AKS +1.8%, FCX +1.6%, .
Other news: RPRX +46.9% (reports 'positive' clinical data for vaginal Proellex in women with severe menstrual bleeding due to uterine fibroids ), OCLS +23.7% (receives EU approval to market Sinudox), PTIE +16.2% (FDA determines NDA resubmission for REMOXY is sufficiently complete to permit a substantive review; Sept 25 target action date for PDUFA ), ARWR +13.3% (will present 3 posters including data on ARC-520 at The International Liver Congress), ACUR +12.7% (announces FDA fast track designation for the development of LTX-04 ), APHB +8.3% (presented data at the ECCMID summarizing both the in vitro and in vivo activity of its proprietary, investigational phage mix AB-PA01 ),PSTI +7.8% (receives 2 key patents in Japan), CTIC +6% (announced that data highlighting pacritinib, pixantrone and tosedostat will be presented at the upcoming American Association of Cancer Research Annual Meeting), DRRX +4.8% (receives target PDUFA date for REMOXY of Sep 25), FIT +4.6% (still checking, but may be just continued strength from yesterday), MXWL +3.6% (to sell microelectronics product line to Data Device, a subsidiary of ILC Industries, for $21 mln in cash).
Analyst comments: FL +1.9% (upgraded to Overweight from Neutral at Piper Jaffray), THC +1.7% (upgraded to Positive from Neutral at Susquehanna), FSLR +1.3% (initiated with a Buy at Guggenheim)
In reaction to strong earnings/guidance: TITN +4.8%, LAYN +3.6%, JPM +2.6%, ADTN +2.4%, FWP +0.5%, CSX +0.4%, .
M&A news: MDVN +8.2% (Bloomberg report discussing potential bid from Sanofi (SNY)), DMD +1.1% (Demand Media agrees to sell Cracked brand to E.W. Scripps for $39 mln in cash),
Select financial related names showing strength (after JPM earnings): DB +6%, SAN +5.4%, CS +5.3%, HSBC +4.9%,BCS +3.9%, ING +2.9%, LYG +2.8%, C +2.3%, BAC +1.9%
Select metals/mining stocks trading higher: MT +6.4%, BBL +5.4%, BHP +5.2%, RIO +4.2%, CLF +3.3%, VALE +2.4%,AKS +1.8%, FCX +1.6%, .
Other news: RPRX +46.9% (reports 'positive' clinical data for vaginal Proellex in women with severe menstrual bleeding due to uterine fibroids ), OCLS +23.7% (receives EU approval to market Sinudox), PTIE +16.2% (FDA determines NDA resubmission for REMOXY is sufficiently complete to permit a substantive review; Sept 25 target action date for PDUFA ), ARWR +13.3% (will present 3 posters including data on ARC-520 at The International Liver Congress), ACUR +12.7% (announces FDA fast track designation for the development of LTX-04 ), APHB +8.3% (presented data at the ECCMID summarizing both the in vitro and in vivo activity of its proprietary, investigational phage mix AB-PA01 ),PSTI +7.8% (receives 2 key patents in Japan), CTIC +6% (announced that data highlighting pacritinib, pixantrone and tosedostat will be presented at the upcoming American Association of Cancer Research Annual Meeting), DRRX +4.8% (receives target PDUFA date for REMOXY of Sep 25), FIT +4.6% (still checking, but may be just continued strength from yesterday), MXWL +3.6% (to sell microelectronics product line to Data Device, a subsidiary of ILC Industries, for $21 mln in cash).
Analyst comments: FL +1.9% (upgraded to Overweight from Neutral at Piper Jaffray), THC +1.7% (upgraded to Positive from Neutral at Susquehanna), FSLR +1.3% (initiated with a Buy at Guggenheim)
Gapping down
In reaction to disappointing earnings/guidance: APPS -4.8%
Select mining stocks trading lower: HMY -5.2%, AU -4.6%, AUY -4.1%, HL -3.5%, GFI -3.5%, PAAS -3%, ABX -2.8%, AEM-2.6%, NEM -2.2%, SLW -2%, GOLD -1.9%, FSM -1.9%, GLD -1.1%
Select oil/gas related names showing early weakness: OAS -3.4%, CHK -3.3%, APC -2.4%, WLL -2.1%
Other news: BTU -72% (entities file for voluntary Chapter 11 protection; takes major step to strengthen liquidity and reduce debt), SSN -7.2% (Registered Direct Offering to several institutional investors $0.74 per ADS), CDXC -3.6% ( announces reverse stock split; seeks to be listed on NASDAQ), DRWI -3.4% (Empery Asset Management discloses 6.71% passive stake ), VRX-3.1% (receives notice of default from bondholders due to delayed 10-K Filing), SSP -1.4% (Demand Media agrees to sell Cracked brand to E.W. Scripps for $39 mln in cash), RICE -0.9% (upsizes and prices 29,858,891 shares of its common stock by co and selling shareholders at $16.35 per share)
Analyst comments: CLVS -6.3% (downgraded to Neutral from Overweight at JP Morgan), S -3.4% (downgraded to Underweight from Sector Weight at Pacific Crest), MRO -2.7% (downgraded to Market Perform from Outperform at Wells Fargo), YUM -1.8% (downgraded to Underperform from Outperform at Credit Agricole), STX -1.1% (downgraded to Hold from Buy at Deutsche Bank), CYS -1% (downgraded to Neutral from Buy at Ladenburg Thalmann)
In reaction to disappointing earnings/guidance: APPS -4.8%
Select mining stocks trading lower: HMY -5.2%, AU -4.6%, AUY -4.1%, HL -3.5%, GFI -3.5%, PAAS -3%, ABX -2.8%, AEM-2.6%, NEM -2.2%, SLW -2%, GOLD -1.9%, FSM -1.9%, GLD -1.1%
Select oil/gas related names showing early weakness: OAS -3.4%, CHK -3.3%, APC -2.4%, WLL -2.1%
Other news: BTU -72% (entities file for voluntary Chapter 11 protection; takes major step to strengthen liquidity and reduce debt), SSN -7.2% (Registered Direct Offering to several institutional investors $0.74 per ADS), CDXC -3.6% ( announces reverse stock split; seeks to be listed on NASDAQ), DRWI -3.4% (Empery Asset Management discloses 6.71% passive stake ), VRX-3.1% (receives notice of default from bondholders due to delayed 10-K Filing), SSP -1.4% (Demand Media agrees to sell Cracked brand to E.W. Scripps for $39 mln in cash), RICE -0.9% (upsizes and prices 29,858,891 shares of its common stock by co and selling shareholders at $16.35 per share)
Analyst comments: CLVS -6.3% (downgraded to Neutral from Overweight at JP Morgan), S -3.4% (downgraded to Underweight from Sector Weight at Pacific Crest), MRO -2.7% (downgraded to Market Perform from Outperform at Wells Fargo), YUM -1.8% (downgraded to Underperform from Outperform at Credit Agricole), STX -1.1% (downgraded to Hold from Buy at Deutsche Bank), CYS -1% (downgraded to Neutral from Buy at Ladenburg Thalmann)
Worldsteel sees 2016 global steel demand falling -0.8% to 1.488M tons
- Sees China 2016 steel demand -4% y/y, 2017 steel demand -3% y/y
- Sees EU 2016 steel demand +1.4% y/y, 2017 steel demand +1.7% y/y
- Sees NAFTA 2016 steel demand +3.2%, 2017 steel demand +2.6% y/y
- Sees 2017 global steel demand +0.4% to 1.494M tons
- Reports 2015 steel demand -3% y/y
Early premarket gappers
Gapping up: RPRX +70.1%, OCLS +31.2%, PTIE +19%, ACUR +12.7%, MDVN+9.9%, APHB +8.3%, PSTI +7.2%, CTIC +6%, MT +6%, ADTN +5.5%, DB +5.4%,HSBC +4.9%, BHP +4.8%, BBL +4.8%, TITN +4.8%, SAN +4.7%, BCS +3.9%,MXWL +3.6%, LAYN +3.6%, CS +3.5%, RIO +3.5%, CSX +3.2%, BAC +2.7%, AKS+2.7%, ING +2.6%, LYG +2.6%, C +2.6%, VALE +2.6%, JPM +2.5%, PBR +1.6%,BABA +1.5%, FCX +1.2%, BP +1.2%, DMD +1.1%
Gapping down: BTU -72%, APPS -12.8%, FNMA -10.6%, HMY -5.9%, AU -5.7%,AUY -4.6%, HL -4.4%, GFI -3.8%, CDXC -3.6%, DRWI -3.4%, ABX -3.3%, AEM-2.6%, VRX -2.3%, SLW -1.9%, GOLD -1.8%, SSP -1.4%, FSM -1.2%, GLD -1.1%,NEM -1.1%, PAAS -1.1%
Gapping down: BTU -72%, APPS -12.8%, FNMA -10.6%, HMY -5.9%, AU -5.7%,AUY -4.6%, HL -4.4%, GFI -3.8%, CDXC -3.6%, DRWI -3.4%, ABX -3.3%, AEM-2.6%, VRX -2.3%, SLW -1.9%, GOLD -1.8%, SSP -1.4%, FSM -1.2%, GLD -1.1%,NEM -1.1%, PAAS -1.1%
Still no agreement in German nuclear exit costs spat-sources - Reuters News
BERLIN, April 13 (Reuters) - There is still no agreement over how to apportion the costs to pay for Germany's nuclear exit but it is clear that utilities will have to pay more to avoid long-term liability, four sources in the government appointed commission said on Wednesday.
A German nuclear commission is discussing limiting the companies liability for final storage costs and was meant to present proposals by the end of February.
A final decision is now due on April 27, the sources said.