>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: WLDN -23%, VIPS -22.1%, BSQR -20.7%, JWN -20.2%, FOSL -19.6%, LOCO -13.8%, BEBE -10.5%, PRTY -9.8%, VJET -9.5%, AGRO -8.1%, TAHO -7.2%, CSCO -5.6%, GLPG -4.3%, MSTX -3.5%, QTWW -2.9%, IMOS -2.8%, TYC -2.7%, BTG -1.9%, PBR -1.3%, RCON -1%, .

M&A news: PRGO -11.2% ( Mylan (MYL) set to lose its hostile tender offer for Perrigo, according to the WSJ), TWX -1.2% (seeing reports that Hulu is looking to sell a stake to Time Warner)

Other news: FIT -7% (downsized 17 mln share offering, 3 mln by the company and 14 mln by selling shareholders, at $29.00/share), HNP -6.4% (announces placement of 780 mln H shares at HK$7.32/share to generate ~HK$5.69 bln in gross proceeds), NBG -5.9% (cont weakness), PAYC -5% (announces a secondary offering of 4.5 mln shares of common stock by selling stockholders ), LGF -3.2% (announces pricing for the underwritten offering of ~3.4 mln common shares by selling stockholders, at $39.02/share), XRT -1.7% (ChannelAdvisor released Holiday 2015 update; same store sales for the first week of November 'a bit slow'), COH -1.7% (in symp with FOSL earnings), OREX -1.6% ( files for 25 mln share offering of common stock for selling shareholders ), KORS -0.9% (in symp with FOSL earnings)

Analyst comments: GME -5.7% (downgraded to Sector Weight from Overweight at Pacific Crest), FLY -2.8% (downgraded to Underweight from Neutral at JP Morgan), FFIV -1.9% (downgraded to Market Perform from Outperform at William Blair), ABT -1.7% (downgraded to Neutral from Buy at Goldman), DB -1.5% (downgraded to Neutral from Buy at Citigroup)
.

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: USAT +15.9%, LPCN +14.8%, XIN +12.6%, DAR +10.3%, PLNT +9.8%, BUFF +8.2%, XPLR +7.8%, HART +5.8%, RPD +5.2%, CXRX +4.8%, YUM +4.5%, (China Division's October SSS were up an estimated 5%; reaffirms China Division Q4 SSS guidance), FGEN +4.3%, CTSO +4.1%, CSAL +3.5%, AMAT +3.3%, PEN +1.8%

M&A news: MYL +11.1% ( Mylan (MYL) set to lose its hostile tender offer for Perrigo, according to the WSJ), SFUN +7.9% (to acquire a controlling stake in Wanli), SYT +7.3% (higher following reports that the company rejected a $42 bln acquisition offer), CWEI +5.5% (seeing reports that Conco Resources (CXO) is bidding to acquire the company)

Other news: LPCN +14.8% (FDA has assigned a PDUFA goal date of June 28, 2016, for completion of the review of the NDA regarding LPCN 1021 ), PLUG +9.6% (Plug Power and 3M (MMM) announce strategic supply agreement for PEM Stack Membrane), ILMN +4.2% (to replace Sigma-Aldrich in S&P 500 ), KNDI +2.3% (still checking), BHP +1.8% (updates on the incident at its 50/50 owned Samarco mine), STX +1.3% ( forms a new business, Seagate Government Solutions, to address government data-mgmt needs), FCX +1.3% (still checking), SHAK +1% (Shake Shack files for 26,160,694 share Class A common stock offering by selling stockholders ), RIO +1% (Reservoir Minerals reports it has entered into an earn-in and joint venture agreement with Rio Tinto relating to four exploration permits in the Timok Magmatic Complex)

Analyst comments: YELP +4.2% (upgraded to Outperform at RBC Capital Mkts), EXR +1.1% (upgraded to Strong Buy from Outperform at Raymond James), LYG +0.9% (initiated with a Outperform at Davy Research ), WY +0.8% (upgraded to Outperform from Underperform at Credit Agricole post PCL acquisition), TOL +0.7% (upgraded to Overweight from Neutral at JP Morgan
)

>>> RNO : French compromise snubbed as Renault-Nissan pursues shake-up

French compromise snubbed as Renault-Nissan pursues shake-up - sources - RTRS


13-NOV-2015 14:32:17

PARIS, Nov 13 (Reuters) - France has offered to limit its voting rights at Renault RENA.PA in a bid to end its power struggle with the carmaker and partner Nissan, but their combined CEO Carlos Ghosn remains determined to push through changes that would give the Japanese company more say over the alliance, sources said.

The government overture, and its chilly reception, suggest the standoff with Ghosn may have slipped beyond the control of Economy Minister Emmanuel Macron.

The row became public in April when Macron increased France's stake in Renault to secure double voting rights. That raised hackles in Tokyo and prompted preparatory work by the alliance to alter its balance of power in Nissan's favour.

Sources with knowledge of the matter say the government has now softened its stance, offering to limit its voting rights just hours before an emergency Renault board meeting on Nov. 6. They gave no details of the proposed cap.

However Hiroto Saikawa, Ghosn's second-in-command at Nissan 7201.T, expressed deep dissatisfaction with the French position during the meeting, one of the sources said.

"Just going back to the situation of seven months ago is not enough," said a Renault-Nissan insider familiar with alliance thinking. "It's clear there has to be a better balance between the two companies."

Spokespersons for Renault, Nissan and the French government declined to comment.

Renault currently owns a 43.4 percent controlling stake in Nissan, which nonetheless accounts for two-thirds of combined vehicle sales and a bigger share of profit. Nissan in turn holds a non-voting 15 percent of its French parent, with Ghosn, 61, heading both carmakers.

Macron, a former investment banker, has led the push for increased state influence at Renault to safeguard domestic jobs, engineering skills and other strategic French interests.

France temporarily raised its Renault stake from 15 to 19.7 percent to block Ghosn's proposed opt-out from the Florange law, which will give double votes to long-term investors from the end of March. Under the new law, the state will wield a blocking minority at shareholder meetings even after its holding is cut back to 15 percent.

In response, Nissan drew up proposals to end Renault's control by replacing the current alliance structure with "better balanced" 25-35 percent crossed shareholdings, sources told Reuters last month. (Full Story)

The Renault board has formally backed action to restore Nissan's voting rights in the French carmaker, the sources said

a move that would require Renault to cut its Nissan stake.
IMPATIENCE

The latest olive branch from Paris resembles an earlier compromise offer. Weeks before Renault's April 30 shareholder meeting, Macron volunteered to limit the increase in government voting rights if Ghosn dropped his proposed opt-out from the Florange law.

But the Renault board pressed ahead with the resolution, and France deployed 1.2 billion euros ($1.3 billion) of public funds to raise its stake and successfully block it.

In recent days, however, Macron has also backed away from an earlier push for a Renault-Nissan merger on French terms.

A full tie-up "is not on the agenda", the minister said on Tuesday, a week after sources told Reuters he had urged Ghosn for months to set up a merger working group. (Full Story)

Last week's Renault board meeting created an ad-hoc subcommittee to oversee continuing negotiations between the French government and Nissan, but the Japanese carmaker publicly voiced impatience with the process. (Full Story)

In a sign of Nissan's determination to make changes regardless of any French retreat, Chief Competitive Officer Saikawa said the voting rights showdown had "highlighted", rather than created, an imbalance in the partnership.

"Nissan would like to put this matter behind us as soon as possible so that we can reestablish the foundations of a successful alliance and focus on our real business," he said.

Saikawa is to brief the Nissan board within weeks, sources said, before Renault directors reconvene on Dec. 11.

>>> Syngenta shareholder alliance urges board to engage with potential buyers

Syngenta shareholder alliance urges board to engage with potential buyers 

{http://www.critical-syngenta-shareholders.com/en-us/news.html}

Pressure group the Alliance of Critical Syngenta Shareholders, which claims to have support of 120 Syngenta [VTX:SYNN] shareholders, has written to its members outlining its view on recent speculation that ChemChina has made a bid for the Swiss company. The letter says:

"We formed our Alliance to be a voice for change at Syngenta. We have continually urged the Syngenta Board to live up to its obligation to thoroughly evaluate all options for value creation, including the sale of the Company, without prejudice.

"According to a Bloomberg news report, Syngenta has received a merger proposal from ChemChina and rejected it due to unspecified regulatory concerns, just like they did with a proposal from Monsanto three months ago. We urge the Syngenta Board of Directors to fulfill its duties by engaging in discussions and fully consider the value created by a sale.

"Rejecting proposals without a thorough and impartial review, and without engaging shareowners, is unacceptable and evidence of further entrenchment by chairman Michel Demaré and his Board of Directors. Now that there have been two very recent merger proposals, Syngenta's Board of Directors must seriously consider a formal auction process with all interested suitors to create maximum value, and comply with their responsibilities towards all shareholders.

"We will share this view directly with Michel Demaré, the Chairman of the Board of Directors of Syngenta when we meet with him later this month.

"In order to help us learn and promote your views concerning Syngenta, we will shortly be conducting an anonymous survey among our members and other Syngenta shareholders. Your participation at this survey will be highly appreciated.

"Finally, we would like to thank the members of the Alliance for their continuous support. Syngenta has already acknowledged our importance representing numerous critical shareholders to promote change through its recent actions, including agreeing to a meeting with Michel Demaré, but there is much more work to do. Be assured that we will continue our work to promote good corporate governance and change at Syngenta that will increase value for all shareholders."

>>> Fossil: Color on Qtr --> -22% Pre-Market

Fossil: Color on Qtr 

* Mizuho Securities remains sidelined on shares of FOSL given a bleak outlook as headwinds from: (1) wearables and technology; (2) brand challenges (KORS 26% of sales); and (3) on-going macro and FX headwinds continue to plague the company. While firm was encouraged by solid results in Skagen and Fossil brands and positive initial reaction to the Q connected product launch, lowered FY15 outlook and tepid watch interest per it's Fall Handbag and Accessories Survey suggests near-term headwinds will prevail. Moreover, mixed investor reaction to the dilutive Misfit acquisition will likely keep shares pressured pending earnings visibility.

* Telsey Advisory Group notes demand for traditional watches continues to falter. FOSL is making a strong push into the growing wearable tech space with the acquisition of Misfit. However, the new platform is not expected to bring product to market until the holiday season next year, a timeframe that may leave the company behind the competition in terms of building a critical mass of market share. In the meantime, the acquisition is expected to be dilutive to FY16 margins and earnings, and the wearables category carries a lower product margin than traditional watches. Firm is cutting tgt to $48 from $66. Maintains Market Perform rating on trough valuation.
Shares of FOSL are down approx 22% in reaction to earnings.

>>> J. C. Penney beats by $0.10, reports revs in-line; reaffirms guidance (8.79

J. C. Penney beats by $0.10, reports revs in-line; reaffirms guidance 

* Reports Q3 (Oct) loss of $0.45 per share, $0.10 better than the Capital IQ Consensus of ($0.55); revenues rose 4.8% year/year to $2.9 bln vs the $2.88 bln Capital IQ Consensus.
As previously announced, same store sales increased 6.4% for the period.
Gross margin +70 bps y/y to 37.3%.
* Reaffirms 2015 guidance for comparable store sales to increase 4%-5%, and for gross margin to improve 100 to 150 basis points.
* For the quarter, all merchandise divisions had positive comp sales gains over last year. Men's, Home, Footwear, Handbags, and Sephora were among the Company's top performing divisions.
* Geographically, all regions experienced sales growth compared to the same period last year, with the best performance in the southern and western regions of the country.

>>> Street PRe-Market

CSFB
ACS +1-2% Q3 EBITDA slightly light, net better, stock has been weak
Auto Trader +1-2% No's inline, confident on delivering for FY
Bekaert -2-3% No's slightly light, weak in all regions, net debt better
Bouygues M/P Q3 Sales EU 8.76bln. Co confirms 2015 outlook
Boskalis M/P Keeps FY15 profit outlook
Covestro +1% CS initiate with OUTPERFORM (Volume growth)
Deut Euro -7-8% Profit warning, sees results at lower end of target range
Dialog Semi -1% Completes US antitrust review of Atmel purchase
Enel +2% 3Q Ebitda, Revenue Beat; Confirms 2015 Targets
Ericsson -0.5% Read from Cisco -5% after hours on weaker guidance
EVS Broad +2-3% Q3 revs 4% miss, EBIT 11% beat
Ferragamo -2-3% Q3 sales 2% miss, EBITDA 7% miss, conf call is key
Flow Traders +5% Net better on stronger trading vols
Galliford Try UNCH Good market conditions, confident in meeting FY
Geox -1% EBIT better, outlook reads well, had a good run
Heidel Druck -2-3% EBITDA and EBIT light, stocks had a good run
Ingenico UNCH CEO targets growth in double-digits in coming years
Leg Immo -2-3% Announced a capital increase after the close
Miners +0.5-1% Copper -0.75%, Brent -0.90%, Iron Ore +0.85%, China -0.84%
Nokia -0.5% Read from Cisco -5% after hours on weaker guidance
Rotork +1-2% Trading challenging but maintains expectations. Been weak
Sacyr UNCH Q3 earnings inline, short interest is 9.5%
Syngenta +10% Spec China National Chemical Corp is in talks to buy SYNN
Teleperform UNCH Q3 numbers inline, confirms FY revs/EBIT margin guidance

Investec

* BOUYGUES-Q3 sales in line, op profit ahead, confirms outlook..............+1%
* BOSKALIS-keeps profit o/look despite challenging conds, order book -6.1%..U/C
* EDP-another Chinese entity takes stake, Guixon has 2% holding.............+3%
* ENEL-Q3 rev/ebitda look well ahead at first look,debt in line,conf tgts...+1%
* ERICSSON-Cisco -5% after hours on lowered f/casts.........................-2%
* FERRAGAMO-Q3 sales 3% miss,ebitda 12% miss,trends justify FY targets......-3%
* FLOW TRADERS-Q3 net trading inc +32% QoQ..................................+1%
* ROCHE-restructuring, exits 4 sites, sees $1.6bn costs to 2021...........-0.5%
* SYNGENTA-ChemChina said in talks over Chf449 approach, comment sent..+15-20%
* TIT-open to sale or merger of Brazil unit with Oi (Reuters)...............U/C


* AUTOTRADER H1 rev £138.2m, op profit £83m, confident on FY.................+2%
* GALIFORD TRY IMS, says confident in views for FY...........................+2%
* HAMMERSON CMD today
* HANSARD Q1 IMS.Despite difficult environment, trading in line.FY ontrack.+1/2%
* INTERESRVE-Q3. In line, no chg to FY outlook. New Chairman designate......unch
* KELLER +ve read across from Bauer re affirmimg FY f'csts...................+1%
* HELLERMANTYTON IMS, no update on offer, sees completion around yr end.....unch
* ROTORK IMS - sees challenging enviromnent but FY guidance unchanged.......unch


Exane Indications

ACS -3/4%
Autotrader +1%
Bekeart -3%
Derichebourg -2%
Enel +1%
Enel Green Power -1%
Ferragamo -4%
LEG -5/6%
Roche M/P
Syngenta +10%
Telecom italia +1/2%
Teleperformance +2%