>>> CVC did not buy Abengoa EUR 75m debt from lender Banco Sabadell

CVC did not buy Abengoa EUR 75m debt from lender Banco Sabadell 

CVC Capital Partners was not the buyer that acquired the EUR 75m non-performing Abengoa debt sold by Banco Sabadell last week, despite a report to the contrary by El Confidencial today. A source close to the matter confirmed that CVC has no relationship with Abengoa and was not invovled in any such transaction.

El Confidencial

*PHOENIX SAID TO HIRE BANKS FOR TAKEOVER BID FOR ABBEY LIFE: SKY

Phoenix, the 'zombie' life insurance group, is preparing to launch a takeover bid for Abbey Life that would accelerate industry consolidation amid sweeping regulatory changes.

Sky News has learnt that in recent days, Phoenix has hired investment bankers to advise on a bid for Abbey Life, which is owned by the troubled German lender Deutsche Bank.

Abbey Life has been reported to be worth as much as £3bn, although sources close to Phoenix insist its price tag is likely to be worth little more than a third of that sum.

(Handelsblatt) Exclusive: Californian Authority Does Not Expect VW To Win Car Re

Exclusive: Californian Authority Does Not Expect VW To Win Car Recall Approval by March 24

The California Air Resources Board does not expect Volkswagen will be able to meet a March 24 deadline to secure approval for a recall plan to fix around 500,000 manipulated diesel cars in the United States, German business magazine WirtschaftsWoche reported, citing CARB Executive Officer Richard Corey.

CARB and the U.S. Environmental Protection Agency revealed the carmaker’s diesel emissions scandal mid-September, throwing Europe’s biggest carmaker into crisis as it admitted that around 11 million diesel cars worldwide were fitted with software that cheated emissions tests.

Mr. Corey said he didn’t think most cars could be fixed in a way that would make them comply with maximum emissions limits, WirtschaftsWoche, a sister publication of Handelsblatt, reported.

Mr. Corey made his statement after CARB had examined VW’s proposals from February to fix the affected cars. Neither a software update of the engine nor the addition of a new catalyst converter would be sufficient, Mr. Corey said.

A Californian judge has set a date of March 24 by which VW has to present a plan how to fix the affected diesel cars in the United States

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: GES -10.9%, CTRP -8%, QUNR -7.2%, JBL -6.5%, WSM -5.9%, (also announces $500 mln stock repurchase; increases dividend 6%), CAT -3.3%, (provided downside Q1 guidance and reaffirmed 2016 at conference) GSOL -1.1%


Select EU financial related names showing weakness: DB -3.7%, CS -2.9%, ING -2.5%, BCS -1.7%, HSBC -1.6%, SAN -1.3%

Other news: SXE -57.9% (files to delay Form 10-K), SALT -19.6% ( commences 21 mln common stock offering ), ORPN -15.4% (pricing of $6.7 mln registered direct offering for $3.10/share), MDLZ -2.4% (Pershing Square sells 20 mln shares, says has no current plans to sell any other investments), SUNE -1.9% (cont vol pre-mkt), CNHI -1.7% (in symp with CAT), FLEX -1.3% (following JBL results), DE -1.3% (in symp with CAT), AMZN -0.9% (following late move lower after CRN article stating that Apple (AAPL) will start using Google's Cloud Platform, trimming its use of Amazon Web Services), NUAN -0.6% (Carl Icahn affirms reduced 9.88% stake (Prior 11.32%), SNY -0.6% (follow through after the REGN/AMGN patent case result)

Analyst comments: CMG -1.3% (downgraded to Underperform from Hold at Jefferies), IHG -1.1% (downgraded to Equal Weight from Overweight at Morgan Stanley ), DEO -0.5% (downgraded to Hold from Buy at Deutsche Bank) 

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: NEOS +12.9%, MIK +6.9%, FDX +5.6%, IGT +2.9%, SYNC +2.7%, MLHR +2.5%, (light volume), EURN +1.6%, MNK +1.4%, SLW +1.1%, .

M&A news: RSTI +35.3% (Rofin-Sinar Technologies to be acquired by Coherent (COHR) for $32.50/share), COHR +1%
 
Select metals/mining stocks trading higher: MTL +6.7%, VALE +5%, BBL +4.7%, BHP +3.5%, RIO +3.3%, AU +2.2%, GOLD +1.8%, GDX +1.4%, FCX +1.3%

Select oil/gas related names showing strength: LNCO +21.7%, PBR +8.2%, LINE +4.6%, CHK +3.6%, WLL +2.1%, STO +1.8%, SDRL +1.6%, TOT +1.5%, BP +1.3%, RDS.A +1.2%

Other news: VTAE +93.4% (announces positive top-line results from its Phase 2a proof-of-concept clinical trial of VTP-43742 in psoriatic patients), LITB +9.8% (announces that Zall Cross-border E-commerce has agreed to acquire a 30% equity interest at $3.60 per ADS), AQXP +6.5% (Baker Bros adds ~1 mln shares to active position, now hold 45% ), IMNP +6.4% (will present new data with Ceplene at AACR conference), IMMU +5.4% (will present 2 abstracts in a Clinical Trials Minisymposium session), OSIR +5.1% ( announces that the Blue Cross Blue Shield Association has provided a positive review on Grafix usage for individuals with diabetic lower-extremity ulcers), SHPG +2.3% (still checking), VSTM +2.2% ( to present data supporting FAK/PYK2 Inhibition at AACR Annual Meeting), UPS +1.7% (following FDX earnings)

Analyst comments: N/A