*VIVENDI TAKES 6.6% STAKE IN UBISOFT
*VIVENDI BOUGHT 7.36M UBISOFT SHARES FOR EU140M
{UBSFY US Equity DES }
*VIVENDI TAKES 6.2% STAKE IN GAMELOFT
*VIVENDI SAYS BOUGHT 5.24 MLN GAMELOFT SHARES FOR EU19.7M
{GLOFY US Equity DES }
Gapping up
In reaction to strong earnings/guidance: BAC +2.8%, ADTN +1.9% (light volume), DAL +1.6%, LLTC +1.8%, CSX +1.6%, WFC +1.0%, PNC +0.2% (light volume).
M&A related: SNDK +10.1% (Bloomberg report suggests potential sale), PRGO +0.4% (Mylan hosted conf call last night to review a comprehensive presentation which outlines how Mylan's offer delivers to Perrigo shareholders an attractive premium and immediate accretion).
Select European financial names higher: CS 1.7%, DB 1.5%, HSBC 0.5%...
European pharma names are trading higher: SHPG +2.7% (initiated with a Outperform at Northland Capital), NVS 1.1%, GSK 1%, AZN 1%
M&A related: SNDK +10.1% (Bloomberg report suggests potential sale), PRGO +0.4% (Mylan hosted conf call last night to review a comprehensive presentation which outlines how Mylan's offer delivers to Perrigo shareholders an attractive premium and immediate accretion).
Select European financial names higher: CS 1.7%, DB 1.5%, HSBC 0.5%...
European pharma names are trading higher: SHPG +2.7% (initiated with a Outperform at Northland Capital), NVS 1.1%, GSK 1%, AZN 1%
Select metals/mining stocks trading higher: RIO +2.6%, BBL +2.3%, MT +2.2% (initiated with a Buy at Berenberg), VALE +1.9%, GOLD +1.6%, FCX +1%, SLV +0.9%, BHP +0.3% (WSJ discusses that BHP (BHP) plans to sell $3 bln in bonds).
A few European oil/gas names showing relative strength: SDRL +3.8%, STO +1.6%, RIG +1.5% (higher despite downgrade at Seaport Global Securities), RDS.A +1.1% (upgraded to Buy at Argus; tgt $73), BP +0.9%.
Other news: CASI +14.7% (ticking higher, receives Orphan Drug designation from the European Medicines Agency, for ENMD-2076 to treat hepatocellular carcinoma), TRIP +10.2% (TripAdvisor and Priceline announce PCLN will participate in TripAdvisor's instant booking platform), ZFGN +4.1% (following ~20 pt drop over the last two trading days), ZEN +3.5% (announces acquisition of We Are cloud SAS of Montpellier, France for $45 mln in cash), MU +2.3% (SNDK sale speculation and INTC earnings), AKRX +1.7% (appoints Duane A. Portwood as CFO), STON +1.6% (favorable commentary on Tuesday's Mad Money), HABT +1.4% (Wells Fargo discloses 10.94% passive stake in 13G filing), CQP +1.3% (Blackstone Holdings disclosed 5.5% active stake in 13D filing; may communicate with the Board / management), TANH +1% (following 30% move higher yesterday), BUD +1% (SABMiller plc and Anheuser-Busch InBev deal yesterday), WDC +0.3% (SNDK sale speculation and INTC earnings).
Analyst comments: PBMD +10.7% (initiated with a Buy at H.C. Wainwright; tgt $3), ADI +1.7% (upgraded to Outperform from Market Perform at BMO Capital), ECA +1.3% (initiated with a Buy at Deutsche Bank), DYAX +0.6% (upgraded to Outperform from Mkt Perform at Leerink Partners), MNK +0.5% (initiated with a Outperform at Northland Capital), AXTA +0.5% (initiated with a Outperform at RBC Capital Mkts), HAIN +0.5% (initiated with an Outperform at Cowen), VFC +0.3% (upgraded to Overweight at Piper), XON +1% ( initiated with a Neutral at BofA/Merrill).
A few European oil/gas names showing relative strength: SDRL +3.8%, STO +1.6%, RIG +1.5% (higher despite downgrade at Seaport Global Securities), RDS.A +1.1% (upgraded to Buy at Argus; tgt $73), BP +0.9%.
Other news: CASI +14.7% (ticking higher, receives Orphan Drug designation from the European Medicines Agency, for ENMD-2076 to treat hepatocellular carcinoma), TRIP +10.2% (TripAdvisor and Priceline announce PCLN will participate in TripAdvisor's instant booking platform), ZFGN +4.1% (following ~20 pt drop over the last two trading days), ZEN +3.5% (announces acquisition of We Are cloud SAS of Montpellier, France for $45 mln in cash), MU +2.3% (SNDK sale speculation and INTC earnings), AKRX +1.7% (appoints Duane A. Portwood as CFO), STON +1.6% (favorable commentary on Tuesday's Mad Money), HABT +1.4% (Wells Fargo discloses 10.94% passive stake in 13G filing), CQP +1.3% (Blackstone Holdings disclosed 5.5% active stake in 13D filing; may communicate with the Board / management), TANH +1% (following 30% move higher yesterday), BUD +1% (SABMiller plc and Anheuser-Busch InBev deal yesterday), WDC +0.3% (SNDK sale speculation and INTC earnings).
Analyst comments: PBMD +10.7% (initiated with a Buy at H.C. Wainwright; tgt $3), ADI +1.7% (upgraded to Outperform from Market Perform at BMO Capital), ECA +1.3% (initiated with a Buy at Deutsche Bank), DYAX +0.6% (upgraded to Outperform from Mkt Perform at Leerink Partners), MNK +0.5% (initiated with a Outperform at Northland Capital), AXTA +0.5% (initiated with a Outperform at RBC Capital Mkts), HAIN +0.5% (initiated with an Outperform at Cowen), VFC +0.3% (upgraded to Overweight at Piper), XON +1% ( initiated with a Neutral at BofA/Merrill).
Gapping down
In reaction to disappointing earnings/guidance: CPHD -13.5% (also downgraded to Mkt Perform at Raymond James; target lowered to $47 at Needham), CFX -9.9% (light volume), HAWK -6.1%, HASI -4.4% (also commences a public offering of 5 mln shares of common stock, . initiated with an Outperform at Oppenheimer), VOXX -3.8% (light volume), INTC -2.6% (also upgraded to Buy from Hold at Summit Research), ASML -2.4%, OZRK -1.6% (light volume), JPM -1.4%.
Other news: AG -9.8% (announces that total production at its five operating silver mines in Mexico in Q3 reached 3,558,035 equivalent ounces of silver, relatively unchanged y/y), DOC -4.9% (Physicians Realty Trust reports Q3 investments totaled $297 mln; commenced public offering of 12.5 mln common shares of beneficial interest), NVCR -3.3% (recent IPO; modestly pulling back), BRG -1.6% (announces a public offering of its Series A Cumulative Redeemable Preferred Stock; size and terms not disclosed), RCL -1.3% (still checking), IRWD -1% (reports positive top-line results from a Phase III trial of 72 mcg Linaclotide, to treat chronic idiopathic constipation; study met its primary endpoint), COP -0.6% (amends and restates By-Laws to implement proxy access), AAPL -0.5% (still checking--may be partially attributed to cautious OTR comments), GS -0.3% (Bloomberg details news that Goldman Sachs might sell $2.8 bln in Concordia debt), TM -0.3% (light volume; unveils its new environmental targets it hopes to achieve over the next 35 years).
Analyst comments: GPRO -1.7% (downgraded to Neutral from Overweight at Piper Jaffray), UA -1.3% (downgraded to Neutral at Piper Jaffray), DISCA -1.1% (ticking lower; downgraded to Neutral from Outperform at Macquarie), TWTR -0.9% (downgraded to Mkt Perform from Mkt Outperform at JMP Securities), ORCL -0.8% (downgraded to Mkt Perform from Mkt Outperform at JMP Securities), WLL -0.4% (downgraded to Hold from Buy at Deutsche Bank).
Early premarket gappers
Gapping up: SNDK +9.4%, ZFGN +4.8%, SDRL +3.8%, LLTC +3.7%, ZEN +3.5%, MU +3.4%, RIO +2.6%, AKRX +1.7%, STON +1.6%, GOLD +1.6%, CSX +1.6%, HABT +1.4%, CQP +1.3%, TANH +1%, SLV +0.9%
Gapping down: CPHD -17.4%, HAWK -6.1%, DOC -4.9%, HASI -4.4%, VOXX -3.8%, NVCR -3.3%, INTC -2.6%, ASML -2.4%, BRG -1.6%, JPM -1.6%, OZRK -1.6%, RCL -1.3%, IRWD -1%, C -0.9%, MS -0.6%, COP -0.6%, STX -0.5%, AAPL -0.5%
Gartner Says 2016 Worldwide Semiconductor capital spending seen -3.3%
SABMiller shareholders Altria and Santo Domingo family expected to have board seats after AB InBev takeover; SABMiller shareholders positive on deal
SABMiller [LON:SAB] shareholders Altria and the Santo Domingo family are expected to be given board seats should the proposed takeover by Anheuser-Busch InBev [NYSE:BUD] proceed, the Financial Times reported. The newspaper cited people close to the matter for the information, which was mentioned in an article about the GBP 68bn (EUR 91.62bn) deal struck “in principle” between the FTSE-100 brewing company SABMiller and Belgian rival AB InBev.
Altria, the Virginia-based tobacco that is SABMiller's largest shareholder with a 27% stake, has already said it will take the partial share offer option offered by AB InBev, the report said. BevCo, the Santo Domingo family's holding company, will probably also accept the share alternative, the item added. As previously reported, BevCo holds a 14% stake in SABMiller.
Separately, The Daily Telegraph quoted Ian Liddle, the chief investment officer of the fund management firm Allan Gray, who said SABMiller’s management had negotiated well on behalf of shareholders. Allan Gray is the 12th largest investor in SABMiller, the item noted.
The report went on to quote Gardner Russo & Gardner’s Tom Russo, who described the takeover as a “historic opportunity.” Garnder Russo & Gardner owns shares in SABMiller and AB InBev, with each stake worth around USD 650m (EUR 570m), the item added.
SABMiller’s share price closed 326.5p up at 3948.0p in London yesterday, 13 October, valuing the company at GBP 63.92bn (EUR 85.77bn).
Financial Times, Daily Telegraph