(Le Figaro) Transport colis : 20 entreprises condamnées à une amende de 672,3 mi

Transport colis : 20 entreprises condamnées à une amende de 672,3 millions

L'Autorité de la concurrence a infligé deux amendes pour entente sur les prix, d'une valeur totale de 672,3 millions d'euros, à 20 entreprises du secteur du transport de colis ainsi qu'au syndicat professionnel TLF, la deuxième sanction la plus importante infligée par le gendarme de la concurrence depuis l'an 2000.

Geodis écope de 196 millions d'euros de sanction.

Ces organisations du secteur de la messagerie ont été condamnées à 670,9 millions d'euros pour des "concertations répétées entre concurrents sur des hausses tarifaires annuelles" entre 2004 et 2010.

Le syndicat TLF et 15 de ces entreprises ont parallèlement été sanctionnés à hauteur de 1,4 million d'euros pour avoir défini une méthode commune de répercussion d'une "surcharge gazole".

{GEO FP Equity DES }

>>> What to look at today - 15th of December 2015

Dow+0.60% S&P+0.41% Nasdaq+0.38% Russell-0.73% VIX 22.42 (-8.08%)
US Market closed higher after a weak start in line with crude performance, a reversal in crude helped halt the slide. The stock market spent the afternoon near its flat line, rallying to a fresh high during the final 15 minutes of the session. Crude oil was in focus throughout the day as the energy component probed the $34.60/bbl area in overnight action before rallying to end the day higher by 2.0% at $36.34/bbl. The late morning reversal underpinned the energy sector (+0.8%), which rebounded from last week's 6.6% dive. AAPL-0.6%, after Morgan Stanley lowered its iPhone sales forecast after trading lower by more than 2%. LQD. Volume were above average with more than 1bil shares traded. BA annonced 14b buyback & raised dvd. US After Hours APDN +20% on earnings, KMT -19% on guidance revision, LL +22% as Tilson covers, NEOT -76% on trial flop, LL+22% on news Whitney Tilson covered its short, NEOT -76% on -ve phase 3. Nikkei225 is underperforming as bearish momentum of the past 2 weeks continued. Shares of Nissan were particularly soft, down nearly 4%, with comments from CEO Ghosn seen as clouding the future of Renault alliance, even though he said the friction is now in the past. In FX majors, USD remained under pressure particularly vs USD and NZD in late Asian session. USD/JPY was down some 30pips below 120.90, EUR/USD also rose about 30pips above 1.1020 iShares (NWL 42.15, -3.13) for $60/share in cash and stock. High-yield remained weak with HYG falling 0.9%, while investment grade debt also faced some pressure, evidenced by a 0.7% decline in Rubbermaid Newell (JAH 54.09, +1.41) spiked 2.7% after agreeing to be acquired byJarden

Nikkei -1.68% Hang Seng +0.35% Shanghai -0.29%

Eur$ 1.1035 CNY 6.4590 JPY 120.80 GBP 1.5169 CHF 0.9815 RUB$70.66 WTI $36.19(-0.33%)

S&P +0.22% EuroStoxx +1.27% Dax +1.17% SMI +0.94%

Macro :
- China PBOC Says to ‘Actively’ Participate in EBRD After Joining
- Macro Divergence to Boost European Value, Energy Sectors: SocGen
- EU Needs to Regain Control Over Its Borders, Leaders Will Say

Keep an eye on :
- AIR FP : Airbus, Spain Discuss Postponing A400M Deliveries: IHS Jane’s
- CDA FP : Compagnie Des Alpes Seeks Chinese Investor, Le Figaro Says
- CNP FP : CNP Assurances to Buy Majority Stake in Geosud From Total
- COLRB BB : Colruyt Fiscal 1H Net EU182 Mln Beats Ests; Confirms FY Outlook
- DBHN GY : DB Lowers Revenue, Earnings Targets 2nd Time: Handelsblatt
- DLG GY : Dialog Semiconductor Cuts 4Q, 2015 Revenue Outlook --> -16% pre market
- EDP PL : EDP-Energias Sells EU93m Tariff Deficit in Portugal
- HMB SS : H&M November Sales Miss Est.; 4Q Sales Lower Than Expected
- MEO GY : Metro FY Ebit Ex-Items Beats Ests.; Sees FY16 Profit Up Slightly
- PAH3 GY : Porsche’s First 11-mo. Sales in China Surges 34% Y/y: HKET
- 1913 HK : PRADA PREVIEW: 3Q Results Seen Weak; Watch Tourist Spending
- RNO FP : Nissan -3.65% on Gohsn comments {NSN NZDVWH6TTDS7<Go>}, ..are unlikely to stick with one chief executive officer after him, complicating the future of the carmakers’ alliance structure.
- RNO FP : Nissan-Renault Dispute With France ‘Is Behind Us,’ Ghosn Says
- SHP LN : Shire’s 2016 Pipeline Includes More Than 10 Programs in Phase 3
- TLW LN : Tullow’s Etom-2 Well Encounters 102m Net Oil Pay
- UCG IM : UniCredit Announces Restructuring Plan for Austria Retail Unit
- VIV FP : Vivendi Bought EU65m of Telecom Italia Common Shares: Filing
- VOW3 GY : Germany to Hold Second Test Round on Upgraded VW Models: Welt

>>> Europe : Brokers Upgrades & Downgrades - 15th of December 2015

>>> Up
*ATRESMEDIA RAISED TO HOLD VS SELL AT BERENBERG
*ASOS RAISED TO BUY VS NEUTRAL AT CITI
*BHP BILLITON RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*DEUTSCHE POST RAISED TO BUY VS NEUTRAL AT GOLDMAN (EARLIER)
*EIFFAGE RAISED TO BUY VS NEUTRAL AT GOLDMAN
*FAURECIA RAISED TO BUY VS HOLD AT SOCGEN
*GLENCORE RAISED TO OVERWEIGHT AT JPMORGAN
*GRAFTON UPGRADED TO OUTPERFORM FROM NEUTRAL AT DAVY
*GREENE KING RAISED TO HOLD VS REDUCE AT HSBC
*MEGGITT RAISED TO BUY VS HOLD AT BERENBERG
*PGNIG RAISED TO HOLD VS SELL AT SOCGEN
*SIG UPGRADED TO OUTPERFORM FROM NEUTRAL AT DAVY
*STOCKMANN RAISED TO HOLD AT NORDEA

>>> Down
*ACRON CUT TO HOLD VS BUY AT HSBC
*AIXTRON CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*ANGLO AMERICAN CUT TO UNDERPERFORM AT MACQUARIE
*BWIN.PARTY CUT TO HOLD VS BUY AT CANACCORD
*FERREXPO CUT TO UNDERPERFORM AT MACQUARIE
*HOCHTIEF CUT TO NEUTRAL VS BUY AT GOLDMAN
*HOWDEN JONERY CUT TO SELL VS NEUTRAL AT GOLDMAN
*NYRSTAR CUT TO UNDERPERFORM AT MACQUARIE
*OCI CUT TO HOLD VS BUY AT HSBC
*ONESAVINGS BANK CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*PARAGON GROUP CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*REDROW RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SAS CUT TO NEUTRAL VS BUY AT CITI
*SCHIBSTED CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*SKANSKA CUT TO SELL VS NEUTRAL AT GOLDMAN
*SUPERGROUP CUT TO HOLD VS BUY AT LIBERUM
*TRAVIS PERKINS CUT TO NEUTRAL VS BUY AT GOLDMAN
*WOLSELEY CUT TO NEUTRAL FROM OUTPERFORM AT DAVY
*WOLSELEY CUT TO NEUTRAL VS BUY AT GOLDMAN

>>> PT Change


>>> Initiation
*AA PLC RATED NEW BUY AT CITI; PT 390P
*BTG RATED NEW OUTPERFORM AT RBC CAPITAL
*CIRCASSIA RATED NEW TOP PICK AT RBC CAPITAL
*DECHRA PHARMA RATED NEW SECTOR PERFORM AT RBC CAPITAL
*HOSTELWORLD RATED NEW OUTPERFORM AT DAVY, PT GBP2.85
*INDIVIOR PLC RATED NEW UNDERPERFORM AT RBC CAPITAL
*SRP GROUPE RATED NEW BUY AT SOCIETE GENERALE
*TELECOM PLUS RATED NEW OVERWEIGHT AT JPMORGAN
*VECTURA RATED NEW OUTPERFORM AT RBC CAPITAL
*ZALANDO RATED NEW BUY AT BANKHAUS LAMPE

>>> Call
>> Stock
*INDITEX ADDED TO FOCUS LIST EUROPE AT CITI

>>> US After Hours Summary: APDN +20% on earnings, KMT -19% on guidanc


After Hours Summary: APDN +20% on earnings, KMT -19% on guidance revision, LL +22% as Tilson covers, NEOT -76% on trial flop

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: APDN +20.2% 

Companies trading higher in after hours in reaction to news: LL +22.3% (Whitney Tilson announced he has covered his short), UTSI +7.9% (Shanghai Phicomm Communication disclosed 31.7% active stake, stated interest in acquiring control of UTSI), WGBS +5.1% (Signed collaboration agreement with the Luxembourg Institute of Health), MNOV +2% (Received notice of allowance for a new patent from the Chinese Patent Office which covers MN-029 (denibulin) di-hydrochloride)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: KMT -19.2%, BPMX -12.1%, PAY -3.5%

Companies trading lower in after hours in reaction to news: NEOT -76.3% (Announced that its AbCONTOUR1 and AbCONTOUR2 U.S.-based pivotal Phase 3 trials to evaluate the safety and efficacy of LIPO-202 did not meet its co-primary composite and secondary endpoints)

>>> US Close Dow+0.60% S&P+0.41% Nasdaq+0.38% Russell-0.73%

Closing Market Summary: Crude Oil Leads Stocks Higher

The stock market began the trading week on a higher note, but not before showing some late morning volatility. The S&P 500 climbed 0.5% after briefly dipping below the 2,000 mark while the Nasdaq Composite (+0.4%) underperformed slightly.

Equity indices slumped out of the gate with cyclical sectors fueling the early weakness. That selling was congruent with a retreat in the oil market, but a reversal in crude futures helped halt the slide in equities. The stock market spent the afternoon near its flat line, rallying to a fresh high during the final 15 minutes of the session.

Crude oil was in focus throughout the day as the energy component probed the $34.60/bbl area in overnight action before rallying to end the day higher by 2.0% at $36.34/bbl. The late morning reversal underpinned the energy sector (+0.8%), which rebounded from last week's 6.6% dive.

The energy sector climbed into the green with relative ease, but the same could not be said for most of the remaining cyclical groups. The technology sector (+0.6%) was an exception as the top-weighted group climbed ahead of the broader market during the afternoon after showing relative weakness at the start. That early weakness could be traced back to the shares of Apple (AAPL 112.48, -0.70) as the tech giant struggled after Morgan Stanley lowered its iPhone sales forecast. Apple settled lower by 0.6% after being down more than 2.0% in the early going.

The uptick in the tech sector masked relative weakness among high-beta chipmakers. Accordingly, the PHLX Semiconductor Index settled lower by 0.7% with most of its components ending in the red.

Staying on the high-beta theme, transport stocks also struggled while biotechnology benefited from the late afternoon strength. The Dow Jones Transportation Average surrendered 0.5%, widening its December loss to 7.6%, while the iShares Nasdaq Biotechnology ETF (IBB 320.84, +0.95) gained 0.3%.

On the corporate front, Jarden (JAH 54.09, +1.41) spiked 2.7% after agreeing to be acquired by Newell Rubbermaid (NWL 42.15, -3.13) for $60/share in cash and stock.

The oil-driven rebound off late morning lows masked continued weakness in the corporate bond space. High-yield remained weak with iShares iBoxx $ High Yield Corporate ETF (HYG 78.83, -0.69) falling 0.9%, while investment grade debt also faced some pressure, evidenced by a 0.7% decline in iShares Investment Grade Corp Bond ETF (LQD 114.35, -0.85).

Treasuries retreated throughout the day, ending on their lows with the 10-yr yield rising ten basis points to 2.23%.

Today's participation was ahead of average as more than a billion shares changed hands at the NYSE floor.

Tomorrow, November CPI (consensus 0.0%) and December Empire Manufacturing Index (expected -5.9) will be reported at 8:30 ET while December NAHB Housing Market Index (consensus 63) will cross the wires at 10:00 ET.

  • Nasdaq Composite +4.6% YTD
  • S&P 500 -1.8% YTD
  • Dow Jones Industrial Average -2.6% YTD
  • Russell 2000 -7.4% YTD

>>> All The World's Debt (And Yield)


Define irony: a world in which the past 7 years have been characterized by an unprecedented "search for yield." Well, now that junk debt is finally dumping, and yields are suging (over 8% blended average at last check) virtually nobody wants any of this so highly yielding junk.
The good news is that out of the approximately $35 trillion in US, European And British debt (excluding Japan and China) there is still about $34 trillion in low yield assets which investors can rush into. Perhaps the question then is not when does junk normalize, but how long before first IG and then Govts suffer the same fate as junk bonds have over the past few weeks.