>>> What to look at today - 28th of July 2016

Dow -0.01% S&P -0.12% Nasdaq +0.58% Russell+0.17%
US Market closed mixed responding to a positive bottom-line reading from top-weighted Apple +6.5% and the latest policy statement from the Federal Open Market Committee, oil weakness was also a catalyst. Technology (+0.8%), telecom services (+0.7%), and health care (+0.4%) led the advance. On the flipside, consumer staples (-1.5%), utilities (-1.2%), and energy (-1.0%) rounded out the board. FB +1.8% ahead of earnings, stock is up 6.5% in after hours after better numbers. IBB +2.4%. Volume were below average with again less than 800mil shares traded today. US after hours GRPN +24%, CRUS +15%, MRVL +9%, FB +4.5% on earnings/guidance, ALR +21% recouping late subpoena-related losses... INFN -31.5%, RRTS -17.5%, TER -8%, WFM -5% on earnings/guidance. Asian equity markets are mixed, tracking a similarly divided session on Wall St confounded by the balanced FOMC policy statement. On the one hand, the Fed acknowledged the strengthening labor market and deemed the near-term risks to the economic outlook as diminished, but on the other, it maintained that inflation measures remain low and expectations for pickup are little changed. The focus now falls on the BOJ and its high-profile plicy decision in tomorrow's session. Expectations are high that Gov Kuroda will deliver with more easing, either with expanded asset purchases, deeper cut in interest rates, or both...the degree of uncertainty is high. In China, PBOC has continued to fix the Yuan midpoint firmer for the 3rd day. China's bloated credit was also in the spotlight, as CBRC called for banks to maintain sufficient liquidity against rising NPLs and Fitch warned again that the leverage growth has contributed to financial imbalances. Samsung Electronics also delivered a final Q2 results that was fairly in line with expectations.

Nikkei -1.02% Hang Seng -0.32% CSI -0.12% Shanghai -0.24%

Eur$ 1.1069 CNH 6.6682 CNY 6.6623 JPY 104.82 GBP 1.3180 CHF 0.9858 RUB 65.9573 WTI $ 42.05 +0.31%

S&P +0.19% EuroStoxx -0.10% Dax-0.10% SMI+0.02%

Macro :
- Fed Fund Futures Fully Price Next Rate Hike Around 2H 2017
- FOMC Sees Strengthening Labor Mkt, Diminished Near-Term Risks
- Fed Says ‘Near-Term Risks’ To Economic Outlook Have Diminished
- Banks’ Liquidity Situation More Than Sufficient: Dombret to WiWo

Keep an eye on :
- AALB NA : Aalberts Industries 1H Net Income Beats Analysts’ Estimates
- AC FP : Accor 1H Rev. In Line, Ebit Misses, CFO: There Is Uncertainty Due to Brexit, Terror, Turkey
- ACX SM : Acerinox 1H Net EU8.68m vs EU63.9m Y/y
- ATE FP : Alten 1H Intl Sales Rise 22%; Sees Positive FY Organic Growth
- ALT FP : Altran CFO ’Reasonably Confident’ For 2H, Brexit Not A Worry
- STS IM : Ansaldo STS Cuts 2016 Return on Sales View; Reiterates Rev. View
- BAYN GY : Bayer, Merck Rejected By Top U.S. Court on Generic Birth-Control
- BBVA SM : BBVA to Reach EU200m Savings Goal in 2017 With Faster Closings
- BESI NA : Besi Forecasts 3Q Revenue Will Fall 15-20% From Previous Quarter
- BNP FP : BNP 2Q Net Beats Estimate, Fully Loaded CET1 Ratio 11.1%
- BVI FP : Bureau Veritas 1H Adj. Net EU194M; Sees FY Rev. At Goal Low End
- CA FP : Carrefour 1H Recurring Operating Income Beats Ests.
- CLN VX : Clariant 2Q Ebitda Ex-Items In Line; Confirms 2016, M/T Targets
- CNP FP : CNP Assurances 1H Net EU620m; CEO Confirms Strategic Goals Right
- COL SM : Colonial 1H Net Rises 13% to EU230 Million
- CSGN VX : Credit Suisse 2Q Net Revenue Declines; GM Revenue Drops
- BN FP : Danone 2Q LFL Sales, 1H Profit Beats; Confirms 2016 Forecast
- DB1 GY : Deutsche Boerse Says 2Q Ebit Rises, Confirms FY Profit Forecast
- DLG GY : Dialog Semi 2Q Underlying EPS Beats Estimates After Outlook Cut
- GIL GY : DMG Mori 2Q Order Intake Falls 8%, Confirms 2016 Forecast
- DRW3 GY : Draegerwerk Says 1H Sales Fall Led by Africa, Asia, Australia
- ELE SM : Endesa 1H Ebitda EU1.87B vs EU1.93b Year Earlier
- ERA FP : France Says It’ll Own 25.66% of Eramet After Operation
- RF FP : Eurazeo 1H Net Falls, NAV Increases From Dec. Level
- EKT SM : Euskaltel 1H Net EU30.2M, Reverses EU18.4M Loss a Year Ago
- FWB IM : Swisscom’s Fastweb Unit Said to Sell Metroweb Stake for EU80m
- FCC SM : Melia Hotels to Replace FCC in IBEX 35 Index
- GAM SM : Gamesa Raises 2016 Ebit Guidance to at Least EU430m
- G1A GY : GEA Group 2Q Sales Miss Estimate; Sticks to Outlook
- GLJ GY : Grenke 1H Net Interest Income Up; Raises FY Profit Forecast
- HOT GY : Hochtief 1H Order Intake EU13.2b vs EU11.9b, Hochtief 2Q Figures Strong, Provide Confidence on FY: DZ Bk
- IPR PL : Impresa 1H Net Profit Rises to EU1.2m vs EU0.67m Y/y
- NK FP : Imerys 1H Net Income Rises After Acquisitions Boost Revenue
- IIA AV : Immofinanz FY Net Loss EU390.4m on Russia Writedown, CA Immo Approves Transfer of Registered Shares
- DEC FP : JCDecaux 1H Rev. Matches Est; Says Strong Performance Across Co.
- JMT PL : Jeronimo Martins 2Q Net EU95m vs Est. EU90.2m, Nears to Sell Monterroio to Soc. F. Manuel dos Santos
- KLM NA : KLM Condemns Union Actions, Says They Are Bad for Cargo Clients
- LIN GY : Linde 2Q Operating Profit Slightly Beats; Confirms 2016 Outlook
- MAU FP : Maurel & Prom 1H Revenue EU142m Falls Y/y; Output Rises by 43%
- MS IM : Mediaset Espana 1H Net EU117.7m vs EU97.8m Year Earlier
- MS IM : Reportedly Mediaset board to tell CEO to push for Vivendi to honor its withdrawn offer for Pay-TV unit
- MERY FP : Mercialys 1H FFO Rises, Keeps 2016 Forecast
- MONC IM : Moncler 1H Rev. Beats Ests., Adj. Ebit In Line
- NEX FP : Nexans Swings to 1H Profit, Sees ‘Unsettled’ Environment in 2H
- ONTEX BB : Ontex 2Q Rev., Adj. Ebitda Beat Est.; Sees 2H LFL Rev. Up 4%-6%
- REE SM : Red Electrica 1H Ebitda EU754.4M in Line With EU752.7M Est.
- RNO FP : Renault 1H Profit Beats Estimate; Forecast Confirmed, Renault Cuts CEO Ghosn’s Variable Compensation
- SAB LN : SABMILLER STREET WRAP: News Not a Sign of Recommended Change
- SPM IM : Saipem 2Q Ebitda Beats Ests.; Lowers 2016 Profit, Debt Guidance
- SAN FP : Sanofi Gets FDA Approval of Adlyxin for Type 2 Diabetes
- SU FP : Schneider Electric Upgrades FY Adjusted Ebita Margin Target
- SFR FP : SFR Plans to Cut 5,000 Jobs by 2019, Les Echos Says
- WAF GY : Siltronic Posts 2Q Profit as Sales Decline; Adjusts Outlook
- SOP FP : Sopra Steria 1H Organic Growth 5.4%; Confirms 2016, 2017 Targets
- SEV FP : Suez Confirms FY Targets Even After Says Ground Lost in 1H
- TTK GY : Takkt 2Q Ebitda Up 39%, Confirms 2016 Outlook
- TEC FP : Technip 2Q Net Income Misses, Ebitda Beats Ests.; Raises FY View
- TEC FP : RusTechnip Gets Russia Service Contract Worth EU50m-EU100m
- TCH FP : Technicolor 1H Revenue Up, Posts Net Loss; Confirms 2016 Goals
- TEF SM : Telefonica 2Q Oibda EU3.92B; Est. EU3.9B
- TNET BB : Telenet 2Q Rev., Adj. Ebitda, Free Cash Flow Beat Ests.
- TEVA IT : Teva Gets FTC Approval for Allergan Generics Deal
- TOM2 NA : *GARMIN RAISED TO NEUTRAL AT JPMORGAN
- UCB BB : UCB 1H Adj. Ebitda EU549m; Est. EU516m; Keeps Full-Year Outlook
- UCG IM : UniCredit Asks Authorities to Assess if Market Abuse in Shares
- UCG IM : UniCredit CEO Sees Nothing Special From Stress Tests: Corriere
- VIE FP : Veolia in EU3.3b Contract With Sinopec to Set Up JV: Echos
- WCH GY : Wacker Chemie 2Q Sales Slightly Misses; Specifies 2016 Forecast
- WIN GY : Wincor Nixdorf 3Q Rev. Beats Ests; Sees FY Sales Growth of 6%
- WDI GY : Wirecard Board Boosts 2Q Rev By a Third to EU240.2M VS 2015
- YTY1V FH : YIT Narrows 2016 Revenue Outlook; 2Q Operating Profit a Miss

>>> Europe : Brokers Upgrades & Downgrades - 28th of July 2016

>>> Up
*CAIRN ENERGY RAISED TO OUTPERFORM AT RBC CAPITAL
*ENDESA RAISED TO OUTPERFORM AT MAIN FIRST BANK AG
*GFT TECHNOLOGIES RAISED TO BUY VS NEUTRAL AT UBS
*INMOBILIARIA COLONIAL RAISED TO BUY VS SELL AT ALPHAVALUE
*INMOBILIARIA COLONIAL RAISED TO NEUTRAL VS SELL AT MIRABAUD
*MAERSK RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*RWE RAISED TO HOLD VS SELL AT BERENBERG
*SANTANDER RAISED TO HOLD VS SELL AT SOCGEN
*STATOIL RAISED TO BUY VS HOLD AT DNB

>>> Down
*ATRESMEDIA CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*DNB CUT TO REDUCE VS ADD AT ALPHAVALUE
*GFK CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*GLENCORE CUT TO SELL AT LIBERUM
*INFINERA CUT TO NEUTRAL AT JPMORGAN
*MAGNIT CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*NYRSTAR CUT TO UNDERPERFORM AT MACQUARIE
*OSRAM LICHT CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*POSTNL RAISED TO OUTPERFORM AT MAIN FIRST BANK
*SAIPEM CUT TO SELL VS HOLD AT DNB

>>> PT Change


>>> Initiation
*ACADEMEDIA RATED NEW BUY AT NORDEA
*MPC CAPITAL RATED NEW BUY AT BERENBERG; PT EU11
*TECHNOGYM RATED NEW 'BUY' AT KEPLER CHEUVREUX

>>> Call

FT : SABMiller puts AB InBev integration work on hold

SABMiller puts AB InBev integration work on hold

SABMiller has told employees to stop working on integrating operations with those of Anheuser-Busch InBev, the Belgian brewer, which on Tuesday raised its takeover proposal for its smaller rival to £79bn.
In a memo seen by the FT, Alan Clark, chief executive, told employees on Tuesday to “pause” integration planning with AB InBev, until the SAB board meets to decide whether it will accept the new offer.

He said: “The convergence planning workstreams are being paused pending the board’s considerations of the revised offer. This means that there should be no contact with AB InBev with immediate effect, and all meetings and calls will be postponed until further notice.”
The brewer of Budweiser and Stella Artois bumped up its offer to stem a growing SAB investor rebellion over the terms of the deal, following a sharp drop in sterling’s value.
The London-listed brewer recommended AB InBev’s previous offer made last October. It has been working with it on integration planning since February, to ensure a smooth handover for what would be the third-largest takeover deal in corporate history.
The work has focused on areas such as financial operations, IT and procurement.
Some investors, including Elliott Management and Aberdeen Asset Management, have criticised the structure of the deal.
A cash-and-shares offer designed for SAB’s two largest shareholders — Altria and BevCo, which hold 41 per cent of the shares —- has risen sharply in value compared to the cash offer aimed at other shareholders.
The partial share offer is worth £51 a share, up from £39 last October, while the cash offer has been raised to £45 a share, from £44 previously.
SABMiller is talking to shareholders this week before convening a board meeting, possibly for Friday.
Jan du Plessis, SABMiller chairman, told shareholders at the group’s annual meeting last week that the board would review the terms of AB InBev’s bid and “look at the transaction as a whole,” but only after the proposed takeover was cleared by Chinese authorities, a decision which is expected imminently.
Mr Clark said in the memo: “I appreciate this will cause lots of internal and external speculation. However, please stay focused.”

>>> Asian Update

Asian Mid-session Market Update: Fed threads the needle of acknowledging improved employment and tempering market outlook for higher rates; BOJ decision in focus

***Economic Data***
- (AU) AUSTRALIA Q2 IMPORT PRICE INDEX Q/Q: -1.0% V +1.5%E; EXPORT PRICE INDEX Q/Q: 1.4% V 3.0%E
- (KR) SOUTH KOREA JUN DEPARTMENT STORE SALES Y/Y: +11.8% V -2.7% PRIOR; DISCOUNT STORE SALES Y/Y: +0.9% V -6.3% PRIOR
- (SG) SINGAPORE Q2 PRELIMINARY UNEMPLOYMENT RATE: 2.1% V 2.0%E

***Index Snapshot (as of 04:30 GMT)***
- Nikkei225 -0.7%, S&P/ASX +0.4%, Kospi -0.4%, Shanghai Composite -0.6%, Hang Seng -0.5%, Sep S&P500 +0.2% at 2,164

***Commodities/Fixed Income***
- Dec gold +0.8% at $1,345/oz, Sep crude oil +0.4% at $42.09/brl, Sep copper +0.9% at $2.20/lb
- USD/CNY: (CN) PBOC SETS YUAN MID POINT AT 6.6597 V 6.6671 PRIOR; 3rd straight firmer Yuan fix; strongest Yuan fix since July 5th
- (CN) PBOC to inject CNY80B in 7-day reverse repos
- (JP) Japan investors bought net ¥679B in foreign bonds v bought ¥1.71T in prior week; Foreign investors sold net ¥271.5B in Japan stocks v bought ¥443.7B in Japan stocks in prior week
- JGB: Japan's MoF sells ¥2.15T in 0.1% (0.1% prior) 2-yr JGBs; avg yield -0.361% v -0.295% prior; bid-to-cover 3.95x v 4.96x prior

***Market Focal Points/FX***
- Asian equity markets are mixed, tracking a similarly divided session on Wall St confounded by the balanced FOMC policy statement. On the one hand, the Fed acknowledged the strengthening labor market and deemed the near-term risks to the economic outlook as diminished, but on the other, it maintained that inflation measures remain low and expectations for pickup are little changed. Fed funds futures actually tilted in favor of lower rates, and even December contract moved by 5pts and is now below 50% probability of a 25bp hike. USD was also on the defensive, falling about 40pips below 104.70 vs JPY. AUD/USD and NZD/USD rallied by about 60pips respectively to $0.7520 and $0.7120.

- The focus now falls on the BOJ and its high-profile plicy decision in tomorrow's session. Expectations are high that Gov Kuroda will deliver with more easing, either with expanded asset purchases, deeper cut in interest rates, or both. However, given the recent BOJ penchant for disappointment, the degree of uncertainty is high. Today, former BOJ chief economist Hayakawa endorsed more easing and a more flexible CPI target. Concurrently, investors are trying to parse the latest announcement by PM Abe of a ¥28T fiscal stimulus that was suspiciously short on detail. A report today indicated that ¥7T of the package would be devoted to new spending, which is only about half of yesterday's floated forecast.

- In China, PBOC has continued to fix the Yuan midpoint firmer for the 3rd day. China's bloated credit was also in the spotlight, as CBRC called for banks to maintain sufficient liquidity against rising NPLs and Fitch warned again that the leverage growth has contributed to financial imbalances.

- Samsung Electronics also delivered a final Q2 results that was fairly in line with expectations. Company mapped out CAPEX for FY16 to be higher y/y and forecast Q3 shipments of smartphones to rise.

***Equities***
US equities / ADRs:
- GRPN: Reports Q2 -$0.01 v -$0.03e, R$756M v $712Me; +23.8% afterhours
- FB: Reports Q2 $0.97 (adj) v $0.81e, R$6.44B v $6.01Be; +4.5% afterhours
- CAKE: Reports Q2 $0.78 v $0.71e, R$558.9M v $563Me; Raises dividend 20% to $0.24 (implied yield 1.9%; Increases share repurchase by 7.5M shares (16.1% of outstanding); +1.5% afterhours
- LRCX: Reports Q4 $1.80 adj v $1.64e, R$1.55B v $1.53Be; +1.1% afterhours
- XL: Reports Q2 $0.37 v $0.23e, R$2.53B v $2.54Be; +0.9% afterhours
- ABX: Reports Q2 $0.14 v $0.14e, R$2.01B v $2.04Be; -0.7% afterhours
- NE: Reports Q2 $0.01 adj v $0.07e, R$895M v $515Me; -0.7% afterhours
- AMGN: Reports Q2 $2.84 v $2.74e, R$5.69B v $5.60Be; -0.8% afterhours
- ORLY: Reports Q2 $2.65 v $2.67e, R$2.18B v $2.20Be; -1.1% afterhours
- MAR: Reports Q2 $1.03 v $0.98e, R$3.90B v $3.86Be; -1.5% afterhours
- CA: Reports Q1 $0.64 v $0.61e, R$999M v $982Me; CFO retires; -1.6% afterhours
- MCK: Reports Q1 $3.53 v $3.35e, R$49.7B v $50.2Be; -4.0% afterhours
- WFM: Reports Q3 $0.37 v $0.37e, R$3.70B v $3.69Be; Guides Q4 $0.23-0.24 v $0.37e; -5.2% afterhours

Notable movers by sector:
- Consumer discretionary: Belle International Holdings 1880.HK +6.9% (Q2 SSS improved); Alps Electric Co 6770.JP +9.7% (Q1 result); Stanley Electric Co 6923.JP +8.3% (Q1 result)
- Financials: Macquarie Group MQG.AU +1.4% (Q1 update); Sumitomo Mitsui Financial Group 8316.JP -3.0% (Q1 result); Japan Airlines Corp.9201.JP -4.6% (Q1 result speculation)
- Industrials: Hyundai Engineering and Construction 000720.KR +3.6% (Q2 result); Hyundai Heavy 009540.KR +8.3% (Q2 result); GUD Holdings GUD.AU -3.5% (FY16 result); Virgin Australia VAH.AU +2.3% (Q4 result); Nissan Motor Co 7201.JP -0.5% (Q1 result)
- Technology: Advantest Corp 6857.JP +11.3% (raises guidance); Hitachi High-Technologies Corp 8036.JP +10.3% (Q1 result); Samsung Electronics 005930.KR -1.3% (Q2 final result)
- Materials: CITIC Dameng Holdings 1091.HK +8.9% (H1 result); RUSAL PLC 486.HK -0.7% (Q2 result); Beadell Resources BDR.AU +4.6% (Q2 result); Sandfire Resources SFR.AU +1.1% (Q4 result); Northern Star Resources NST.AU +7.5%, Evolution Mining EVN.AU +4.1% (gold rises)
- Energy: Syrah Resources SYR.AU -3.8%, Origin Energy ORG.AU -3.1% (oil declines); Beach Energy BPT.AU -3.3% (Q4 result)

Les opé­ra­teurs té­lé­coms prêts à faire chan­ter l'UE pour ga­ran­tir la 5G

L'echo.br

Les opé­ra­teurs té­lé­coms prêts à faire chan­ter l'UE pour ga­ran­tir la 5G

Le dé­ploie­ment des ré­seaux 5G coû­tera cher. Les opé­ra­teurs ne veulent plus être les seuls à payer, au risque de tou­cher à la neu­tra­lité du net.

La neu­tra­lité de l’in­ter­net, qui ga­ran­tit l’éga­lité de trai­te­ment de tous les flux de don­nées sur le ré­seau, est-elle éco­no­mi­que­ment com­pa­tible avec le pro­chain avè­ne­ment de la 5G, la nou­velle gé­né­ra­tion de stan­dards pour la té­lé­pho­nie mo­bile? La ques­tion vient d’être posée par une série d’opé­ra­teurs té­lé­coms eu­ro­péens à la Com­mis­sion eu­ro­péenne. Parmi les si­gna­taires de ce "Ma­ni­feste" fi­gurent Deutsche Te­le­kom, BT Group, Orange, KPN ainsi que notre Proxi­mus na­tio­nal. Quelques construc­teurs de ré­seaux, tels que Nokia, ont co­si­gné le do­cu­ment, tan­dis que d’autres, comme Sie­mens ou Phi­lips, sou­tiennent l’ini­tia­tive. Rien que du beau monde…

La 5G, cen­sée ser­vir les plans eu­ro­péens pour l’éla­bo­ra­tion d’un vé­ri­table mar­ché unique di­gi­tal, amé­lio­rera en­core la vi­tesse et la cou­ver­ture des ré­seaux. Les pre­miers tests gran­deur na­ture de la tech­no­lo­gie doivent dé­bu­ter en 2018, alors que les pre­mières mises en ser­vice actif sont at­ten­dues pour 2020. Le dé­ploie­ment du suc­ces­seur de la 4G né­ces­si­tera bien évi­dem­ment des in­ves­tis­se­ments co­los­saux. Et c’est là tout le pro­blème.

Ré­gu­la­teurs pro Google et Net­flix?

Le Berec, l’or­gane qui réunit les ré­gu­la­teurs des com­mu­ni­ca­tions élec­tro­niques au plan eu­ro­péen et qui est chargé de l’im­plé­men­ta­tion d’un rè­gle­ment eu­ro­péen im­po­sant la neu­tra­lité du net, vient de clô­tu­rer sa consul­ta­tion sur ce sujet. Ce do­cu­ment est perçu par les opé­ra­teurs té­lé­coms comme trop fa­vo­rable au strict main­tien de ses lignes di­rec­trices ac­tuelles sur la neu­tra­lité. Cette po­si­tion fa­vo­rise les géants du net comme Google, Mi­cro­soft ou autres Net­flix qui ne par­ti­cipent pas aux in­ves­tis­se­ments "ré­seaux", mais bé­né­fi­cient de ces in­fra­struc­tures pour ex­ploi­ter leurs ser­vices. Or le Berec est censé conseiller la Com­mis­sion, qui dé­voi­lera en sep­tembre pro­chain son plan d’ac­tion pour le dé­ve­lop­pe­ment de la 5G. La Com­mis­sion pré­sen­tera en même temps un pro­jet de re­fonte du cadre ré­gu­la­toire du sec­teur.

"L’UE et les Etats membres doivent ré­con­ci­lier le be­soin d’un in­ter­net ou­vert avec des règles prag­ma­tiques qui ren­forcent l’in­no­va­tion."
PU­BLI­CITÉ

Du coup, les prin­ci­paux opé­ra­teurs eu­ro­péens ont vu rouge. Dans leur ma­ni­feste, qu’ils ont déjà eu l’oc­ca­sion de pré­sen­ter de vive voix au com­mis­saire eu­ro­péen Gun­ther Oet­tin­ger (So­ciété nu­mé­rique) début de ce mois, ils mettent en garde l’UE et ses Etats membres " contre les lignes di­rec­trices du Berec qui créent des in­cer­ti­tudes si­gni­fi­ca­tives sur le re­tour sur in­ves­tis­se­ment de la 5G".

" L’UE et les Etats membres doivent ré­con­ci­lier le be­soin d’un in­ter­net ou­vert avec des règles prag­ma­tiques qui ren­forcent l’in­no­va­tion, pour­suivent-ils. La mise en œuvre des règles sur la neu­tra­lité du net doit per­mettre tant le dé­ve­lop­pe­ment de ser­vices spé­cia­li­sés in­no­vants né­ces­saires aux ap­pli­ca­tions in­dus­trielles qu’un accès de qua­lité à in­ter­net au­quel s’at­tendent tous les consom­ma­teurs."

Faire conver­ger les payeurs

Ac­tuel­le­ment, les opé­ra­teurs ont certes la pos­si­bi­lité de ré­ser­ver de la bande pas­sante sur les ré­seaux pour of­frir à des clients cer­tains ser­vices spé­cia­li­sés consom­mant plus de bande et offrent plus de qua­lité de ser­vice, pour au­tant que les uti­li­sa­teurs fi­naux n’en res­sentent pas les ef­fets.

On de­vine qu’ils vou­draient aller plus loin dans cette voie sur les fu­turs ré­seaux 5G, mais qu’ils sentent que les ré­gu­la­teurs ne sont pas prêts à les suivre sur ce ter­rain. D’où la ré­dac­tion de ce ma­ni­feste qui, aux yeux de cer­tains ré­gu­la­teurs, prend un petit air de chan­tage. En ré­sumé:

• nous vou­lons bien in­ves­tir dans les nou­velles in­fra­struc­tures, mais pas aux mêmes condi­tions qu’au­jour­d’hui
• ga­ran­tis­sez-nous da­van­tage de pos­si­bi­li­tés d’offre de ser­vices dif­fé­ren­ciés, sans quoi nous frei­ne­rons les in­ves­tis­se­ments… Ce qui re­vien­drait concrè­te­ment à éro­der un peu le prin­cipe de neu­tra­lité du net.

"Des ser­vices di­gi­taux conver­gents né­ces­sitent une ré­gu­la­tion conver­gente…" Les CEO des opé­ra­teurs si­gna­taires
" Tous les ac­teurs de la chaîne de va­leur di­gi­tale de­vraient opé­rer sur un pied d’éga­lité, avec des exi­gences de confi­den­tia­lité équi­va­lentes et pro­por­tion­nelles pour in­no­ver dans des mar­chés cen­trés sur les don­nées, écrivent en­core les CEO des opé­ra­teurs si­gna­taires. Il n’y a pas de jus­ti­fi­ca­tion pour im­po­ser des obli­ga­tions plus strictes aux four­nis­seurs de com­mu­ni­ca­tions élec­tro­niques qu’aux autres four­nis­seurs de ser­vices di­gi­taux. Des ser­vices di­gi­taux conver­gents né­ces­sitent une ré­gu­la­tion conver­gente…"

Le Berec inondé sous les ré­ponses

Des sou­cis en vue pour le com­mis­saire Oet­tin­ger, qui devra trou­ver com­ment conci­lier ces avis contra­dic­toires d’ici la ren­trée.

Entre-temps, on a ap­pris que la consul­ta­tion du Berec sur la neu­tra­lité du net avait re­cueilli plus de 500.000 ré­ponses. C’est énorme. Ha­bi­tuel­le­ment, il n’en re­çoit que quelques cen­taines. Il n’em­pêche: le Berec tient à son ca­len­drier. Il dé­voi­lera le 30 août les lignes di­rec­trices fi­na­li­sées qui for­me­ront le cadre des contrôles à venir.

>>> US After Hours Summary: GRPN +24%, CRUS +15%, MRVL +9%, FB +4.5% o


After Hours Summary: GRPN +24%, CRUS +15%, MRVL +9%, FB +4.5% on earnings/guidance, ALR +21% recouping late subpoena-related losses... INFN -31.5%, RRTS -17.5%, TER -8%, WFM -5% on earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: PCMI +26% (light volume), OCN +25%, GRPN +23.8%, QTM +15.4%, CRUS +14.6%, LLNW +11.8%, MRVL +9.2%, PEIX +8.4%, MKSI +8.3%, AXTI +7.9%, ARRS +7.2%, NTGR +6.7%, VNR +6.1%, LM +6% (ticking higher), FB +4.5%, MMSI +3%, CDE +3%, PXD +2.5%, FOE +2% (also ends review of strategic alternatives, adds $25 mln to repurchase program), BKCC +2%, O +2%, ABCO +1.8%, CAKE +1.5% (also raises dividend by 20%, increases share repurchase authorization by 7.5 mln shares), MUR +1.3%, LRCX +1.1%, ESV +1%, GPRO +0.7%

Companies trading higher in after hours in reaction to news: ALR +20.8% (rebounding from late move lower on reports of DoJ subpoena - co has since confirmed receipt of a DOJ subpoena addressed to Alere Toxicology Services, Inc. on July 1), EVOK +15.1% (Intracoastal Capital discloses 6.4% passive stake), KITE +1.9% (enters into an exclusive, worldwide license with the NIH for intellectual property related to a fully human anti-CD19 chimeric antigen receptor-based product candidate directed against B-cell malignancies), BMRN +1.9% (BioMarin Pharm confirms FDA accepted its BLA for Cerliponase Alfa for CLN2 disease, form of batten disease; PDUFA action date is January 27 2017), BID +1.7% (ticking higher; Taikang Life Insurance discloses 13.52% active stake), MA +0.7% (MasterCard and PayPal announce a multi-year extension of the PayPal Extras Mastercard co-branded consumer credit card program in the U.S. and Puerto Rico)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: INFN -31.5%, RRTS -17.5%, RCII -14.4%, WSTL -11.3% (preliminary consolidated revenue for 1Q17 of $14.8 mln vs Cap IQ Consensus of $21.03 mln; announces plans to to reduce annual expenses by ~$11.0 mln), KONA -9.8%, MMLP -8.4%, ECHO -8.2%, TER -7.8%, SCKT -7.5% (thinly traded), DLB -6.2%, INT -5.6%, (also corrects previously reported financials due to accounting of taxes), WFM -5.2%, WLL -5.2%, SPRT -5.2%, ORC -5.1%, NATI -4.9% (light volume), IAC -4.7% (ticking lower), NOW -4.5%, ELY -4.1%, GG -4.1%, MCK -4%, KRA -3.4%, WFT -2.6%, CBI -2.3%, VRTX -2.1%, CA -1.6% (ticking lower; also CFO news), MAR -1.5%, ORLY -1.1%, KGC -1%, TYL -0.9%, AMGN -0.8%, AGNC -0.8% (also decreases monthly dividend to $0.18/share from $0.20/share), HOLX -0.8%, NE -0.7%, ABX -0.7%

Companies trading lower in after hours in reaction to news: ARGS -17.6% (provides corporate update in conjunction with proposed offering of common stock and warrants), IVTY -11.2% (announces proposed public offering of common stock; details not disclosed), CIEN -10.2% (INFN sympathy), EXAS -4% (to sell 7 mln shares of common stock in an underwritten public offering), RGLS -2% (Regulus Therapeutics announces that, as anticipated, it received written communication from the FDA outlining information required to resolve the clinical hold for its IND for RG-101), AA -0.7% (announces plan for 1-for-3 reverse stock split)

>>> US Close Dow -0.01% S&P -0.12% Nasdaq +0.58% Russell+0.17%

Closing Market Summary: Averages End Mixed After Fed Statement

The stock market ended Wednesday on a mixed note, responding to a positive bottom-line reading from top-weighted Apple (AAPL 103.03, +6.36) and the latest policy statement from the Federal Open Market Committee. Other contributing factors impacting today's trade included weakness from the oil patch, softening in the dollar, and the outperformance of the heavily-weighted health care (+0.4%) and technology (+0.8%) sectors. The Nasdaq Composite (+0.6%) ended ahead of the Dow Jones Industrial Average (UNCH) and the S&P 500 (-0.1%).

Equity indices gained at the start of the session as investors responded to better-than-expected quarterly results from Apple (AAPL 103.03, +6.36) and further easing measures from Japan. Top-weighted Apple boosted the influential technology sector (+0.8%) after reporting above-consensus bottom-line results and issuing better-than-expected guidance for the fourth quarter. Separately, Japan's Nikkei (+1.7%) paced the advance overseas after Prime Minister Shinzo Abe unveiled a fiscal stimulus package totaling JPY28 trillion. The terms of the stimulus package are expected to be compiled next month, but there are doubts about how much direct stimulus will be involved.

The major averages pulled back from their opening highs shortly after the release of a disappointing weekly inventory report from the Department of Energy. The report showed a surprise increase in crude oil inventories (+1.67 million barrels; estimated: -2.25 million barrels) while gasoline stockpiles (+0.45 million barrels; consensus +0.03 million) also missed their mark. In response, the energy component fell from the $43.00/bbl price level, ending its day lower by 2.4% ($41.90/bbl; -$1.01).

The broader market hovered near its session low through the afternoon as investors looked ahead to the release of the FOMC's July policy statement. The statement struck a somewhat hawkish tone, indicating that near-term risks to the economic outlook had diminished. However, investors appear somewhat skeptical of the potential for a rate hike by the end of the year. The fed funds futures market currently reflects the implied probability of an interest rate hike at the December meeting at 46.8%, ticking down from yesterday's estimate of 51.5%.

The benchmark index ended off its low as technology (+0.8%), telecom services (+0.7%), and health care (+0.4%) led the advance. On the flipside, consumer staples (-1.5%), utilities (-1.2%), and energy (-1.0%) rounded out the board.

The influential technology sector (+0.8%) demonstrated relative strength as large cap component Apple (AAPL 103.03, +6.36) rallied 6.6%. Additionally, heavily-weighted Facebook (FB 123.34, +2.12) jumped 1.8% ahead of this evening's earnings report. The high-beta chipmakers finished ahead of the broader market as Cavium Networks (CAVM 46.84, +3.11) topped the price-weighted index. The company reported an in-line quarter, but raised its earnings estimates above consensus.

Biotechnology outperformed in the health care space (+0.4%) evidenced by the 2.4% gain in the iShares Nasdaq Biotechnology ETF (IBB 287.03, +6.75). Allergan (AGN 260.24, +11.29) helped lead the ETF after Teva Pharmaceuticals (TEVA 55.16, +0.85) announced that its acquisition of Allergan's generic division should close next week.

The Dow Jones Transportation Average (-1.5%) displayed relative weakness as rail names and freight companies underperformed. Norfolk Southern (NSC 90.14, -2.61) fell 2.8% after reporting that overall volume declined 7.0% year-over-year. However, the company did top bottom-line estimates. Separately, C.H. Robinson (CHRW 38.35, -3.79) lost 5.3% after quarterly revenue failed to meet analysts' estimates. The company reported that its top line shrank 6.9% year-over-year.

In the consumer staples sector (-1.5%), beverage names underperformed as Coca-Cola (KO 43.40, -1.48) lost 3.3%. The company lowered its full-year earnings estimates below consensus. SABMiller (SBMRY 56.25, -1.40) ended lower by 2.4% amid reports that the company has ordered employees to halt integration work with Anheuser-Busch InBev (BUD 121.94, -4.66). The move followed yesterday's revised bid for the company.

The U.S. Dollar Index (96.81, -0.36) finished near its session low as the euro and the pound gained against the greenback. The single currency gained 0.6% against the dollar (1.1054) while cable jumped 0.5% (1.3195). The two currencies notched highs against the dollar after the release of the FOMC's July policy statement. Separately, the dollar/yen ended higher by 0.5% (105.20).

Treasuries ended higher as yields declined throughout the complex. The yield on the 10-yr note slipped six basis points to 1.51%.

Today's trading volume was below the recent average as fewer than xxx million shares changed hands on the NYSE floor.

Today's economic data included the weekly MBA Mortgage Index, Durable Orders for June, and Pending Home Sales for June: 

  • The weekly MBA Mortgage Index showed a seasonally adjusted decrease of 11.2% in mortgage applications after declining 1.3% in the prior week.
  • Durable goods orders declined 4.0% in June (consensus -1.0%) on top of a downwardly revised 2.8% decline in May (from -2.2%).
  • Excluding transportation, orders were down 0.5% (consensus +0.2%) on the heels of a downwardly revised 0.4% decline in May (from -0.3%).
    • The June report was particularly disappointing since it revealed order declines in just about every category -- and a number of categories, including primary metals, registered a second consecutive monthly decline in orders.
    • The notable exception in June was orders for motor vehicle and parts, which increased 2.6%. The only other area to see in an increase in orders was electrical equipment, appliances and components (+0.8%).
    • Nondefense capital goods orders, excluding aircraft, were up 0.2% after a 0.5% decline in May.
    • This metric is seen as a proxy for business spending, so it holds a little silver lining for June; however, it would be remiss not to mention that they are down 3.8% year-over-year.
    • Shipments of these goods, which factor into GDP computations, declined 0.4% in June after falling 0.5% in May.
    • On a year-over-year basis, durable goods orders are unchanged. Excluding transportation, they are down 1.1%.
  • Pending Home Sales for June rose by 0.2% while the consensus expected an uptick of 1.1%. Separately, the May decline was unrevised at 3.7%.

Tomorrow's economic data will include weekly initial claims (consensus 260k) and June International Trade in Goods (consensus -$61.2 billion), which will each cross the wires at 8:30 ET. 

  • Russell 2000 +7.3% YTD
  • Dow Jones +6.0% YTD
  • S&P 500 +6.0% YTD
  • Nasdaq Composite +2.6% YTD

>>> Facebook beats by $0.15, beats on revs --> +6.5%

Facebook beats by $0.15, beats on revs 

Reports Q2 (Jun) earnings of $0.97 per share, $0.15 better than the Capital IQ Consensus of $0.82; revenues rose 59.2% year/year to $6.44 bln vs the $6 bln Capital IQ Consensus.

Second Quarter 2016 Operational Highlights
* Daily active users (DAUs)- DAUs were 1.13 billion, better than expected, on average for June 2016, an increase of 17% y/y; Q1 +16%, Q4 +17%
Mobile DAUs- Mobile DAUs were 1.03 billion on average for June 2016, an increase of 22% y/y; Q1 was +24%, Q4 was +25%
* Monthly active users (MAUs)- MAUs were 1.71 billion, better than expected, as of June 30, 2016, an increase of 15% /y-
Mobile MAUs were 1.57 billion as of June 30, 2016, an increase of 20% year-over-year; Q1 and Q4 was 21%
* Mobile advertising revenue- Mobile advertising revenue represented approximately 84% of advertising revenue (Expectations were for approx 82.7%) for the second quarter of 2016, up from approximately 76% of advertising revenue in the second quarter of 2015.
* Capital expenditures- Capital expenditures for the second quarter of 2016 were $995 million.

(BN) SABMiller Orders Halt to AB InBev Integration, No Contact (3)



From: LAURA ANREDER (OSCAR GRUSS & SON IN) At: 07/27/16 20:25:27
Subject: Fwd:(BN) SABMiller Orders Halt to AB InBev Integration, No Contact (3)
SABMiller’s board is still reviewing AB InBev’s improved offer and has not decided to walk away from the deal, different people familiar with the matter said. Advisers to the two brewing companies are still working on the transaction, the people said.