16:33:13 RTRS - ITALY COUNTING ON MARKET SOLUTION TO HELP MONTE PASCHI, HOPEFULLY NO STATE INTERVENTION NEEDED -GOVT ADVISER BMPS.MI CRDI.MI
Airbus : quand l’objectif de livraison interne est beaucoup plus élevé que celui annoncé
Alors que le groupe avait indiqué viser 650 livraisons d'avions en 2016, il a fixé en interne un objectif de 690 appareils. C'est d'ailleurs ce dernier qui sert de critère pour le calcul d'une partie de l'intéressement annuel aux salariés.
Alors que la direction a annoncé en début d'année tabler sur plus 650 livraisons d'avions en 2016 (un volume supérieur de seulement 2% par rapport à 2015), l'avionneur a, selon nos informations, fixé à ses troupes un objectif beaucoup plus ambitieux : 690 livraisons. C'est d'ailleurs cet objectif qui est pris en compte dans le calcul de l'intéressement versé aux salariés. L'an dernier, ce critère a représenté 500 euros sur les 2.500 euros d'intéressement distribué aux salariés.
Des fournisseurs en difficulté
Cet objectif interne fait grincer des dents les syndicats. Car, les problèmes rencontrés par certains fournisseurs risquent de retarder la production. L'A320neo souffre des difficultés du motoriste Pratt&Whitney tandis que l'A350 tire lui aussi la langue en raison des difficultés d'approvisionnement des sièges et des toilettes de l'appareil.
Pour autant, cet objectif de 690 livraisons est encore jugé "atteignable" en interne si le motoriste parvient à livrer ses moteurs disposant de la solution technique mise en place pour résoudre le problème. Nouvelle encourageante, la livraison à Lufthansa du premier appareil équipé de tels moteurs est imminente. Pourra s'ensuivre la motorisation de la vingtaine d'A320neo en attente des moteurs à Toulouse et Hambourg et celle des autres appareils prévus d'ici à la fin de l'année.
Concernant l'A350, un programme d'heures supplémentaires a quant à lui était mis en place pour quelques mois.
Fin juin, Airbus totalisait 288 livraisons depuis le début de l'année.
SteelHouse countersues Criteo alleging over 50% of Company’s revenue comes from fraudulent sources
SteelHouse, an advertising software company, today filed suit in federal court in the Central District of California [case number 2:16-CV-04207 SVW (MRWx)] accusing Criteo SA (NASDAQ: CRTO), a Paris, France-based retargeting company, of false advertising, intentional interference with contract, intentional interference with prospective economic advantage and unfair competition.
In the suit, SteelHouse alleges that 52% of Criteos clicks, the primary source of the companys revenue, do not originate from any known website or publisher. SteelHouse uncovered these findings after analyzing third party customer data that showed the source of Criteos traffic for customers that were active with both SteelHouse and Criteo since January 2016.
Additionally, the lawsuit alleges Criteo inflates its performance through fraudulent click practices; as an example, 16% of Criteo clicks are from users clicking the same advertisement within a 30-minute period eight times the industry standard.
Criteo has an insatiable appetite for clicks to fuel its revenue model and growth, said Mark Douglas, SteelHouse President and CEO. Their average click rate is over four times the industry standard which is consistent with recent reports by U.S. Senators Charles Schumer (D-N.Y.) and Mark Warner (D-Va.) about fraudulent click practices in the industry.
The suit also states that Criteos arbitrage revenue model is inflating its profits at the expense of its customers. According to the suit, Criteos pricing model deceives customers into believing that an increased CPC bid will yield better performance for the customer. Instead, the increased bid results in no additional traffic for the advertiser.
Speculation: Is GOOGL Closer To A TWTR Takeover?
While Alphabet Inc. (NASDAQ:GOOGL) may be the most valuable company in the world, accounting for difference in cash balances between it and Apple, there is one area that Twitter Inc. (NYSE:TWTR) is able to compete with Alphabet Inc. and that is real-time communiques. It’s that unique space that Twitter holds that could make the company a takeover target for Alphabet.
The Story
This is a fascinating side-by-side comparison and a reveal of how powerful Twitter Inc. has become in just the last month. With that power may have come an impetus for Alphabet Inc. GOOGL to make the long awaited, or at least speculated, Twitter TWTR takeover.
Real Time Communiques
Twitter Inc. is now famously known for its unique ability to deliver real time communiques. With a sack full of new live streaming deals ranging from the NFL, NBA, MLB, MLS and Wimbledon to Bloomberg TV and college athletics, Twitter Inc. has turned things around. But there is one example of a head-to-head comparison between Twitter Inc. and Alphabet Inc. that is “apples-to-apples,” and we’re not so sure Alphabet Inc. wins this one. It’s that head-to-head competition that ratchets up the TWTR takeover speculation.
Want to get our latest investing research and trading ideas? Sign up here.
The One Place Twitter Can Compete With Alphabet
Twitter Inc. announced a partnership to live steam the republican and democratic national conventions. That partnership delivered exactly what it reads like — live footage of the conventions surrounded by live tweeting. It was a wonderful experience and just the beginning of the newly defend Twitter Inc. identity.
Here’s what Alphabet Inc. did — these are snippets directly from the official Google blog:
So there we have it, a direct and equivalent competition for the same event and the same technology that is live streaming. While almost any other comparison between these two companies would likely swing wildly in Alphabet Inc.’s favor, we must ask ourselves if that is the case with this event.
And, if this is a legitimate competition for Alphabet Inc. (GOOGL) and its YouTube property for one live event, then perhaps Twitter Inc. (TWTR) is now a legitimate competitor more broadly with the most powerful company in the world in this one area.
Is Alphabet Going To Takeover Twitter?
The next logical step when we see a side-by-side competition between two companies that are in fact cooperating on a large scale through Google search and Twitter’s tweets, is to wonder if perhaps a takeover is due. While Twitter’s CEO, Jack Dorsey, plainly said that Twitter Inc. was not looking for a buyer at the most recent Twitter shareholder meeting, that doesn’t mean Alphabet Inc. isn’t interested in a takeover.
In this case, it’s a fair analytical question to pose, whether Alphabet Inc. is now more likely to make a bid to acquire Twitter Inc. (TWTR) since the two are competing directly, as opposed to a friendlier coopetition. Given Facebook’s dominance in the social media realm and Alphabet’s failure with Google Plus, we could list dozens of reasons for a takeover.
For a Friday afternoon, an Alphabet Inc. takeover of Twitter Inc. is a fun place to let our minds go. It might also be a good place to do further research.
Why This Matters
Twitter and Google generates nearly all of their business from advertising and they are both leading the way in the revolutionary new ad format that is online video which is growing so quickly that it will someday over take standard linear Television ads. It turns out that there is one technology company that will power this revolution, regardless of whether it’s Facebook, Google, Twitter, or whomever that will end up with the largest audience.
Thanks for reading.
Under Armour on Conference Call- From prepared remarks in 8-K; Stock trading near pre-market lows of $40.25, down approx 8%
- Q2 gross margins decreased 70 basis points to 47.7% compared to 48.4% in the prior year's period. Sales mix negatively impacted the second quarter by approximately 130 basis points, primarily driven by the continued strength of footwear and international growth. Partially offsetting this negative impact were continued favorable product margins, benefiting gross margin by approximately 50 basis points.
- Looking at cash flows, investment in capital expenditures was $149 million for the second quarter compared to $93 million in the prior year's period. Continue to expect to spend between $450 and $475 million for the full year, including investments in our global offices around the world including headquarters in Baltimore, distribution centers, SAP platform, and global Direct-to-Consumer.
--> +4.46%
CNH Industrial reports EPS in-line, beats on revs; Co confirms its 2016 guidance
- Reports Q2 (Jun) earnings of €0.10 per share, in-line with the Capital IQ Consensus of €0.10; revenues fell 2.9% year/year to €6.75 bln vs the €5.86 bln Capital IQ Consensus.
- Industrial Activities operating profit and margin increased year-over-year, led by improvements in Agricultural Equipment, Commercial Vehicles, and Powertrain segments: Agricultural Equipment profitable in all regions, with best-in-class operating margin at 10.7% Commercial Vehicles solidly profitable, with 3.9% operating margin
- Agricultural Equipment's net sales decreased 7.5% for the second quarter 2016 compared to the same period in 2015 (down 6.3% on a constant currency basis), as a result of lower industry volume, unfavorable product mix in the row crop sector in NAFTA and unfavorable industry volume in the small grain sector in EMEA
- Construction Equipment's net sales decreased 19.6% for the second quarter 2016 compared to the same period in 2015 (down 18.4% on a constant currency basis), due to negative industry volumes primarily in the heavy product class in all regions.
CNH Industrial is confirming its 2016 guidance as follows:
- Net sales of Industrial Activities between $23 bln and $24 bln, with an operating margin of Industrial Activities between 5.2% and 5.8%
- Net industrial debt at the end of 2016 between $1.5 bln and $1.8 bln excluding the European Commission settlement (~$500 mln).
Gapping down
In reaction to disappointing earnings/guidance: NDLS -15.5%, (Noodles & Co announces management and Board changes, sees Q2 revs below consensus), SANM -9.9%, FCX -6.7%, EFII -4.4%, ORAN -4.2%, GILD -4.1%, MPWR -3.6%,CE -3.6%, GIG -3.3%, CDNS -3%, MCD -3%, BP -2.2%, BLX -1.7%, SPN -1.6%, CMP -1.5%, MMM -1.5%, VNOM -1.3%, (Viper Energy Partners announces a 7 mln common unit underwritten public offering), VZ -0.9%, CAT -0.9%, CVLT -0.8%,KEY -0.7%, JBLU -0.5%, MDXG -0.5%
M&A news: KLDX -3.4% ( to acquire the Hollister mine and the Esmeralda mine and ore milling complex located in Northern Nevada; discloses CAD $100 mln bought deal financing)
Select oil/gas related names showing early weakness: CHK -2.5%, MRO -1.9%, WLL -1.9%, RDS.A -0.6%
Other news:
In reaction to disappointing earnings/guidance: NDLS -15.5%, (Noodles & Co announces management and Board changes, sees Q2 revs below consensus), SANM -9.9%, FCX -6.7%, EFII -4.4%, ORAN -4.2%, GILD -4.1%, MPWR -3.6%,CE -3.6%, GIG -3.3%, CDNS -3%, MCD -3%, BP -2.2%, BLX -1.7%, SPN -1.6%, CMP -1.5%, MMM -1.5%, VNOM -1.3%, (Viper Energy Partners announces a 7 mln common unit underwritten public offering), VZ -0.9%, CAT -0.9%, CVLT -0.8%,KEY -0.7%, JBLU -0.5%, MDXG -0.5%
M&A news: KLDX -3.4% ( to acquire the Hollister mine and the Esmeralda mine and ore milling complex located in Northern Nevada; discloses CAD $100 mln bought deal financing)
Select oil/gas related names showing early weakness: CHK -2.5%, MRO -1.9%, WLL -1.9%, RDS.A -0.6%
Other news:
- TKAI -67.9% (announces clinical update; co to discontinue Phase 3 ARMOR3-SV trial of Galeterone in AR-V7 Positive mCRPC)
- CRME -34.9% (announces proposed underwritten public offering of common stock)
- MSTX -21.3% (Mast Therapeutics provides guidance on the anticipated timing for announcement of top-line data from the EPIC study, provided guidance on the anticipated timing for announcement of top-line data from the EPIC study)
- SDLP -11.9% (reduces quarterly distribution to $0.10 per unit (from $0.25 per unit prior))
- TCAP -4.7% (commences 6.25 mln common stock offering)
- PRKR -3.3% ( files for ~1.44 mln share common stock offering by selling shareholders)
- CELG -3.2% (announces the Lymphoma Academic Research Organisation reported initial data from a phase III REMARC clinical study; REMARC achieved the primary endpoint of a statistically significant improvement inPFS for patients receiving REVLIMID)
Analyst comments:
- SC -2.2% (downgraded to Equal Weight from Overweight at Barclays)
- WFM -2.2% (downgraded to Sell from Neutral at Goldman )
- CMG -1.9% (downgraded to Sell at Stifel)
- PNRA -1.4% (downgraded to Sell at Stifel)
TOPIX has rallied more than 8% from its post-Brexit low in anticipation of policy stimuli, in our view. Assuming monetary and fiscal stimuli are in line with our expectations (i.e. incremental BOJ easing and limited real fiscal spending), we believe history may repeat itself with the market giving back its gains post-announcements. 1Q3/17 earnings results peak on Jul 29, but we do not expect profit revision momentum to bottom until after 2Q results. For now, we emphasize themes such as: M&A, shareholder returns/buybacks, and stable growers.