Gapping down
In reaction to disappointing earnings/guidance: CAMP -7.2%, (CalAmp announces completion of acquisition of LoJack (LOJN) with prelim Q4 results -- upside Q4 EPS but lowered sales guidance; prelim Q1 sales below consensus), GIII -6.7%, MFRM -6.3%, PBR -4.3%, CCIH -3.2%
Airline stocks trading lower after Brussels airport incident: UAL -3.6%, AAL -3.4%, HA -3.2%, HA -3.2%, DAL -3.2%, LUV -2%
Select financial related names showing weakness: BCS -4.3%, DB -2.6%, ING -2.1%, RBS -2.1%, SAN -2.1%, HSBC -2.1%, BAC -0.7%
Other news: BBLU -36.4% (to restructure through Chapter 11; will receive $1-3.0 mln DIP financing from Jackson Investment Group), RIG -12% (Presentation slides from Scotia Howard Weil Engery Conf. was out late yesterday), MVIS -9.1% ( proposed public offering of common stock), AGRO -7% (commenced a public offering of 12 mln common shares to be sold by certain selling shareholders), CTRE -3.6% (upsizes offering by 1 mln shares and prices 8.5 mln shares of common stock at $11.35 per share), F -1.9% (still checking), BT -1.9% (trading lower following update from UK regulator Ofcom with strict new rules to improve BT's performance), GWPH -1.6% (cont vol pre-mkt), SCSS -0.9% (following MFRM results), TPX -0.8% (following MFRM results)
Analyst comments: YHOO -1.9% (downgraded to Neutral from Buy at Citigroup), W -1.8% (downgraded to Outperform from Strong Buy at Raymond James), AMZN -1.4% (downgraded to Outperform from Strong Buy at Raymond James), CVX -0.8% (downgraded to Mkt Perform from Outperform at Raymond James)
BREAKING NEWS: Tihange nuclear power plant in Belgium has been evacuated
BREAKING NEWS: ISIS CLAIMS RESPONSIBLE FOR BRUSSELS ATTACKS .
Invest through Kerry, Chr Hanson and Tate & Lyle
* More broad-based selling, led by institutional clients
Last week, during which the S&P 500 climbed 1.4%, BofAML clients were net sellers of US
stocks for the eighth consecutive week, in the amount of $1.4bn—suggesting clients still
doubt the sustainability of the rally. This is the longest selling streak since Oct-Dec 2010,
when clients sold stocks for 12 consecutive weeks. (Following this, they were cumulative
net buyers during the first quarter of 2011 and for the year as a whole). Similar to the
prior week, all three client groups (hedge funds, private clients and institutional clients)
were net sellers, led by institutional clients. Net sales were chiefly in large caps, while
small caps saw inflows. Buybacks by corporate clients decelerated slightly last week, but
were still elevated. On a four-week average basis, buyback activity is tracking at its highest
levels in two years (see chart below), and year-to-date cumulative buybacks by our clients
are 45% above year-ago levels.
* Clients bought ETFs, but sold single stocks across all ten sectors
Last week clients were broad-based net sellers of single stocks across all ten sectors,
led by Financials and Consumer Discretionary stocks. Only ETFs saw inflows last week.
Telecom is the sector with the longest net selling trend (for the last four weeks), while
Health Care, Tech and Industrials have all seen three weeks of outflows. Both cyclical
and defensive sectors in aggregate have seen net sales each of the last few weeks, with
bigger net sales of cyclical sectors in aggregate.
Other notable flows: three sectors leading buyback pick-up
• Consumer Discretionary, Consumer Staples, and Energy saw net sales by hedge funds,
institutional clients, and private clients alike last week. No sector saw net buying by all
three groups.
• Buybacks of Materials stocks were near record levels again last week. Materials,
Discretionary and Industrials have contributed most to the YoY increase in buyback
activity by our corporate clients.
• Pension fund clients were net sellers of us stocks for the third week, led by ETFs
and Financials stocks. Staples and Tech stocks saw the largest net buying by this
group last week. Net sales were entirely due to small caps. See pg 9 for details.
RTRS - KUKA KU2G.DE CEO SAYS THERE HAVE BEEN FIRST TALKS WITH CHINESE INVESTOR MIDEA
Siemens willing to buy Areva JV in Gamesa deal - paper - Reuters News
22-MAR-2016 10:40:21
MUNICH/PARIS, March 22 (Reuters) - German industrial group Siemens SIEGn.DE is prepared to buy Spanish-French wind power joint venture Adwen as part of the planned merger of its wind assets with those of Spain's Gamesa GAM.MC, Germany's Sueddeutsche Zeitung reported on Tuesday.
Citing sources close to the negotiations, the newspaper said Siemens Chief Executive Joe Kaeser was now ready to buy French state-owned energy firm Areva's AREVA.PA stake in the venture as part of the cost of doing the deal.
Siemens declined to comment on the report.
Siemens and Gamesa plan to combine their wind assets to form the world's biggest wind farm manufacturer with approximately 10 billion euros ($11 billion) in annual sales, overtaking current market leader Vestas VWS.CO of Denmark.
But the deal has stumbled over the Adwen venture.
Two sources told Reuters last week that Siemens did not want to fulfill certain elements of contracts won by Adwen, which included an obligation to develop and build a jumbo offshore turbine in France. (Full Story)
Siemens' Chairman Gerhard Cromme is due to meet French Economy Minister Emmanuel Macron in Paris on Tuesday morning, according to Macron's agenda.
“Obliquity is characteristic of systems that are complex, imperfectly understood, and
change their nature as we engage with them. Oblique approaches are most effective in
difficult terrain or where outcomes depend on interactions with other people.”
John Kay, Obliquity – Why our goals are best achieved indirectly, 2010
What is Vincent Bolloré up to with Vivendi?
This must be the most frequently asked question we have had from investors in the
past three years. Having taken a fresh look at Vivendi’s recent moves and stated
ambitions, and reviewed Vincent Bolloré’s investment strategy over the past 30 years,
we believe we have a clearer picture.
We think his objective is to build a leading media and content player with the scale to
leverage the rising demand for content and entertainment worldwide. In particular, we
think that with Vivendi, Mr Bolloré, being a pragmatist, will seek to exploit opportunities
created by the uneven penetration of music, video and game services around the
world, in particular in France, Southern Europe, Africa and, to a lesser extent, emerging
markets.
Obliquity is likely the best approach, although harder to follow for outsiders
The new Vivendi is different, both in terms of what it wants to become and in terms of
how it wants to become it. The Bolloré group has shown that the biggest opportunities
require upfront investment, patience and persistence (Africa, batteries, Havas) that are
initially difficult to capture in a DCF model or P/E multiples.
Investing in Vivendi today requires accepting Vincent Bolloré’s philosophy on complex
and long-term investments in new or changing industries: “We can invest for 30 to 40
years. Long term projects and investments can only be made in controlled grouped like
ours. We do nothing by chance. Projects are slowly matured. One investment leads to
another one, everything is connected in what we do” 1.
Vivendi offers upside from one growth and one recovery story – and maybe more
Connect the dots of Vivendi’s various moves in the past two years and a coherent,
albeit complex, pattern emerges. In short, Vivendi offers exposure to two exciting
growth stories: music streaming and African pay-TV/content, and exposure to one of
the largest restructuring stories in European media: Canal France.