>>> Intesa Sanpaolo considers sale of its stakes in Cai and Risanamento by 2017

Intesa Sanpaolo considers sale of its stakes in Cai and Risanamento by 2017 

Intesa Sanpaolo, the listed Italian bank, is considering the sale of its stake in Cai (Alitalia), the Italian airline, and Risanamento, the Italian real estate group, according to an unsourced report in La Repubblica Affari e Finanza. The item said that the Italian bank holds a 31.8% stake in Cai and a 48.9% stake in Risanamento and it aims to close the sale of these two non-core assets by the end of 2017.

Risanamento has a market cap of EUR 174m.

La Repubblica (Affari e Finanza)

(MakoTech view: EUR/USD (1.1590 Last) – negative below 1.1714, target a move bac

Tech view:

EUR/USD

(1.1590 Last) – negative below 1.1714, target a move back to 1.07/1.08 ?

 

The CCY pair is drifting higher and is now testing the 24/8/15 high at 1.1714. While below this level it is still possible that the CCY is in a wave 4 triangle consolidation pattern. In the majority of cases a triangle consolidation pattern is a pause in the trend and therefore while 1.1714 caps the upside one should expect a move lower towards the lower boundary at 1.07/1.08 and eventually a downside break which would complete the double zigzag pattern which began in July 2008 at 1.6038.

Strategy: Short 1 unit at market price, target 1.08 with a stop at 1.1725

Weekly chart

Research Disclaimer

 

 

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: FN +12.3%, SRDX +7.6%, BECN +7.3%, LXRX +7%, RTEC +6.7%, THC +6.2%,OI +6%, CGNX +5.8%, ROG +5.7%, MPWR +5.5%, DENN +5.3%, LMNX +5.3%, MNK +5.2%, BWXT +5%, RGR +5%, MACK+4.8%, VMC +4.8%, IDTI +4.1%, IVAC +4%, EXAS +3.9%, AEIS +3.8%, TNET +3.6%, MYL +3.4%, ARW +3.4%, TXRH+3.3%, FLY +3.2%, ACW +3%, CC +2.6%, PFE +2.6%, AEGN +2.6%, EIGI +2.5%, GGP +2.3%, UVE +2.3%, AXTI +1.9%,CIM +1.4%, HOT +1.4%, AFSI +1.4%, S +1.4%, CVS +1.3%, TACO +1.2%, ABMD +1.2%, CLX +1.1%, WEC +1%, RKUS+0.9%, BBW +0.9%, EMR +0.9%, ARRY +0.9%

Select metals/mining stocks trading higher: AUY +2.1%, GFI +1.5%, SLW +1.1%, NEM +1%, GDX +0.9%

Other news: CORI +25.7% (receives favorable written feedback from the FDA on its Pre-Investigational NDA submission for once-weekly transdermal Corplex Donepezil), PTX +11.7% (cont momentum higher), YELP +4.6% (headlines Einhorn has highlighted a new YELP position in his Q1 letter), MUX +1.6% ( purchases 'attractive target' near El Gallo Mine for $250K ), VRX+1.6% (confirms Joseph Papa has assumed role of Chairman/CEO), AV +0.8% (acquires an additional 23% share in Aviva India from JV partner Dabur Invest Corp), KITE +0.8% (confirms FDA orphan designations for KTE-C19 for the treatment of primary mediastinal B cell lymphoma and 4 other indications )

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: ONDK -36.1%, KTWO -24.4%, MCEP -17.6%, CYH -11.7%, BETR -8.5%,RAIL -7.5%, OZM -7.5%, UBS -6.3%, Q -6.1%, QLYS -5.7%, (appoints Melissa Fisher CFO, effective immediately), OLN-5.7%, APLP -5%, PBI -4.4%, APC -3.8%, RSO -3.8%, AMAG -3.8%, ARR -3.6%, COTY -3.4%, IMS -3.3%, ADM -3.3%, AIG-3.2%, VNO -3%, EL -2.7%, WNR -2.6%, RGLS -2.2%, VLO -2.2%, SBAC -2.1%, CERU -1.6%, ACLS -1.5%, RSPP -1.4%,APU -1.4%, EIX -1.3%, SYKE -1.3%, HSBC -1.3%, NTI -1.2%, CEQP -1.2%, HRS -1%, RRD -1%, FOLD -0.7%

M&A news: STO -2.5% (divests interest in Edvard Grieg field; increases stake in Lundin Petroleum (LNDNY))

Select EU financial related names showing weakness in sympathy with Commerzbank (, down ~8%, released earnings overnight): RBS -5%, DB -4.5%, CS -4.1%, BCS -3.4%, SAN -3.2%

Select metals/mining stocks trading lower: MT -4.5%, RIO -4.1%, CLF -4%, VALE -3.4%, BHP -3.2%, X -2.5%, FCX-2.1%, AA -2.1%

Select oil/gas related names showing early weakness: SDRL -6.4%, RDS.A -2.4%, MRO -2.4%, BP -2.3%, RIG -2.3%,WLL -2.2%, TOT -2.2%, CVX -0.9%

Other news: CUR -37.3% (commences common stock offering for undisclosed amount ), RVLT -19% (prices 2.775 mln common stock offering at $5.25/share), LC -6.1% (in sympathy with ONDK), ADRO -5.7% (files for $300 mln mixed securities shelf offering), INCR -5.5% ( commences 8 mln common stock offering by selling stockholders, namely affiliates of Avista Capital Partners, L.P. and affiliates of Ontario Teachers' Pension ), PRAH -5.2% (announces 5 mln common share secondary offering by selling shareholders), COMM -4.1% (Commscope announces sale of 20 mln shares of common stock on an underwritten basis by an affiliate of The Carlyle Group, the selling shareholder), EQT -2% (upsizes and prices 10.5 mln shares of common stock at $67.00 per share)

Analyst comments: SRPT -4% (downgraded to Underperform from Mkt Perform at Leerink Partners), UTX -0.9% (downgraded to Sector Perform at RBC Capital Mkts)

>>> Vulcan Materials beats by $0.19, beats on revs; sees FY16 EBITDA at high end

Vulcan Materials beats by $0.19, beats on revs; sees FY16 EBITDA at high end of guidance; raises shipment outlook
  • Reports Q1 (Mar) adj. earnings of $0.26 per share, $0.19 better thanthe Capital IQ Consensus of $0.07; revenues rose 19.5% year/year to $754.7 mln vs the $702.14 mln Capital IQ Consensus.
  • Aggregates freight-adjusted revenues increased $107 million, or 28 percent, to $487 million
  • Shipments increased 17 percent, or 5.7 million tons, to 39 million tons
  • "The strong fundamentals of our aggregates-focused business and the execution of our teams led to strong earnings growth in 2015 and to a fast start in 2016. Our fast start through the first quarter has put usahead of our original plans and tracking towards the high end of our full year Adjusted EBITDA guidance of $1.0 to $1.1 billion. In addition, we now project full year 2016 aggregates shipments to be 8 to 9 percent higher than 2015 (vs. our prior 7 percent growth estimate). Other management expectations (e.g., aggregates price, gross profit growth and SAG expense) remain consistent with those outlined during our fourth quarter 2015 communications."

>>> Fresh Del Monte beats by $0.73, misses on revs

Fresh Del Monte beats by $0.73, misses on revs
  • Reports Q1 (Mar) earnings of $1.57 per share, excluding non-recurring items, $0.73 better than the two analyst estimate of $0.84; revenues rose 1.0% year/year to $1.02 bln vs the $1.05 bln two analyst estimate.
Bananas:
  • Net sales for Q1 of 2016 increased $4.3 mln to $458.6 mln, compared with $454.3 mln in the first quarter of 2015, primarily driven by higher sales volume in the Company's Asia and Middle East regions. Worldwide pricing decreased $0.08, or 1%, to $14.81 per unit, compared with $14.89 per unit in Q1 of 2015. Volume was 2% higher than the prior year period
Other Fresh Produce:
  • Net sales for Q1 of 2016 increased $16.3 mln to $480.9 mln, compared with $464.6 mln in Q1 of 2015. The increase in net sales was primarily due to higher sales volume in the co's fresh-cut, avocado and pineapple product lines
Prepared:
  • Food Net sales for the first quarter of 2016 decreased $10.9 mln to $78.6 mln, compared with $89.5 mln in Q1 of 2015. The decrease in net sales was primarily the result of lower sales volume and lower selling prices in the co's Jordanian poultry business and lower sales volume in the co's canned pineapple product line.