IMF: Chinese stock market crash has only a limited direct impact on the wider economy; CNY exchange rate is broadly in line with medium-term expectations
- Spillovers from the Chinese slowdown are magnified by the commodity price slump
Gapping down
In reaction to disappointing earnings/guidance: JCOM -4.9%, TDY -0.9%
Other news: SU -4.1% (Suncor Energy (SU) commences an unsolicited offer to acquire all of the outstanding shares of Canadian Oil Sands), VBLT -1.4% (files for $100 mln mixed securities shelf offering)
Analyst comments: DRH -2.9% (downgraded to Sector Weight at Keybanc Capital Mkts), FEYE -2.8% (downgraded to Neutral from Overweight at Piper Jaffray), SNI -2.8% (downgraded to Sell from Neutral at Goldman), AMAT -2.3% (downgraded to Underperform at RBC Capital Mkts), CMRX -2.1% (downgraded to Equal-Weight from Overweight at Morgan Stanley), ASNA -1.7% (reinstated with a Sell at Goldman), CALM -1.4% (downgraded to Hold from Buy at BB&T Capital Mkts), LRCX -1.1% (downgraded to Underperform at RBC Capital Mkts), ROK -0.5% (downgraded to Neutral at Robert W. Baird)
In reaction to disappointing earnings/guidance: JCOM -4.9%, TDY -0.9%
Other news: SU -4.1% (Suncor Energy (SU) commences an unsolicited offer to acquire all of the outstanding shares of Canadian Oil Sands), VBLT -1.4% (files for $100 mln mixed securities shelf offering)
Analyst comments: DRH -2.9% (downgraded to Sector Weight at Keybanc Capital Mkts), FEYE -2.8% (downgraded to Neutral from Overweight at Piper Jaffray), SNI -2.8% (downgraded to Sell from Neutral at Goldman), AMAT -2.3% (downgraded to Underperform at RBC Capital Mkts), CMRX -2.1% (downgraded to Equal-Weight from Overweight at Morgan Stanley), ASNA -1.7% (reinstated with a Sell at Goldman), CALM -1.4% (downgraded to Hold from Buy at BB&T Capital Mkts), LRCX -1.1% (downgraded to Underperform at RBC Capital Mkts), ROK -0.5% (downgraded to Neutral at Robert W. Baird)
Gapping up
In reaction to strong earnings/guidance: N/A.
M&A news: POT +5.1% (has withdrawn its proposal to negotiate a transaction with K+S Aktiengesellschaft (KPLUF))
Select EU related names showing strength: TEF +4.1%, SNY +2.2%, PHG +1.8%, UN +1.7%, ASML +1.5%, SHPG +1.4%, STM +1%, CS +1%, CCL +0.9%
Select oil/gas related names showing strength: SDRL +3.7%, RDS.A +2.3%, AEG +1.9%, SSL +1.9%, BP +1.7%, E +1.7%, PBR +1.5%, CHK +1.4%, RIG +0.9%
Other news: ONCE +56.4% (announces positive top-line results from the Phase 3 pivotal trial of SPK-RPE65), WAVX +45.6% (Wave Systems and Silicon Application sign a three-year software license and distribution agreement for Trusted Platform Module software management and maintenance), ASTI +17.6% (announced the strategic expansion of the Company's relationship with Verizon Premium Wireless Retailer), WG +12.7% (Willbros Group to sell its Professional Services segment to TRC Companies (TRR) for $130 mln cash), ANIP +10% (announces $25 mln common stock buyback), TTM +4.4% (issues statement following Economic Times article suggesting a partnership with Peugeot (PEUGY) is in the works), GE +3.7% (Trian Fund Management confirms it has taken an ~$2.5 bln stake in GE, has periodically engaged in informal dialogue with GE's management team), SUNE +3.4% (announces a proposed series of actions to optimize business operations in alignment with current and future market opportunities, and accelerate cash flow positive operations), BSX +3.3% (receives FDA approval for the SYNERGY Bioabsorbable Polymer Drug-Eluting Stent System), TWTR +1.8% (appoints Jack Dorsey, Co-Founder and interim Chief Executive Officer, as Chief Executive Officer), MU +1.6% (cont strength), ENDP +1.4% (TPG Group Holdings discloses 7.6% active stake in 13G filing), GILD +1.1% (receives FDA appoval for Letairis with Tadalafil), TSLA +0.8% (says it delivered 11,580 vehicles in Q3), F +0.8% (UAW Union reached bargaining deal with Ford (F) workers), ACOR +0.8% (enters into a settlement agreement with Actavis Laboratories)
In reaction to strong earnings/guidance: N/A.
M&A news: POT +5.1% (has withdrawn its proposal to negotiate a transaction with K+S Aktiengesellschaft (KPLUF))
Select EU related names showing strength: TEF +4.1%, SNY +2.2%, PHG +1.8%, UN +1.7%, ASML +1.5%, SHPG +1.4%, STM +1%, CS +1%, CCL +0.9%
Select oil/gas related names showing strength: SDRL +3.7%, RDS.A +2.3%, AEG +1.9%, SSL +1.9%, BP +1.7%, E +1.7%, PBR +1.5%, CHK +1.4%, RIG +0.9%
Other news: ONCE +56.4% (announces positive top-line results from the Phase 3 pivotal trial of SPK-RPE65), WAVX +45.6% (Wave Systems and Silicon Application sign a three-year software license and distribution agreement for Trusted Platform Module software management and maintenance), ASTI +17.6% (announced the strategic expansion of the Company's relationship with Verizon Premium Wireless Retailer), WG +12.7% (Willbros Group to sell its Professional Services segment to TRC Companies (TRR) for $130 mln cash), ANIP +10% (announces $25 mln common stock buyback), TTM +4.4% (issues statement following Economic Times article suggesting a partnership with Peugeot (PEUGY) is in the works), GE +3.7% (Trian Fund Management confirms it has taken an ~$2.5 bln stake in GE, has periodically engaged in informal dialogue with GE's management team), SUNE +3.4% (announces a proposed series of actions to optimize business operations in alignment with current and future market opportunities, and accelerate cash flow positive operations), BSX +3.3% (receives FDA approval for the SYNERGY Bioabsorbable Polymer Drug-Eluting Stent System), TWTR +1.8% (appoints Jack Dorsey, Co-Founder and interim Chief Executive Officer, as Chief Executive Officer), MU +1.6% (cont strength), ENDP +1.4% (TPG Group Holdings discloses 7.6% active stake in 13G filing), GILD +1.1% (receives FDA appoval for Letairis with Tadalafil), TSLA +0.8% (says it delivered 11,580 vehicles in Q3), F +0.8% (UAW Union reached bargaining deal with Ford (F) workers), ACOR +0.8% (enters into a settlement agreement with Actavis Laboratories)
Analyst comments: FOLD +14.2% (upgraded to Buy from Neutral at Chardan Capital Markets), BLUE +5.2% (upgraded to Overweight from Equal-Weight at Morgan Stanley), MT +4.6% (upgraded to Buy from Sell at Citigroup), KERX +4.1% (upgraded to Equal-Weight from Underweight at Morgan Stanley), DB +3.4% (upgraded to Buy at Kepler), CNX +1.8% (upgraded to Hold from Sell at Deutsche Bank), KN +1.8% (upgraded to Overweight at a boutique firm), DPS +0.8% (upgraded to Buy from Hold at Evercore ISI), YHOO +0.6% (target raised to $41 at Axiom Capital)
Owners move to sell Polish mobile player P4 -sources - RTRS
WARSAW, Oct 5 (Reuters) - Greek fund Tollerton and Icelandic peer Novator plan to sell Poland's fourth-largest mobile operator P4 for up to 7.5 billion zlotys ($2 billion), three market sources told Reuters on Monday.
Tollerton, controlled by Greek businessman Panos Germanos, owns 50.3 percent, with the rest in the hands of Novator, controlled by Icelandic businessman Thor Bjorgolfsson. Both funds declined to comment, while P4 was not immediately available.
"Letters have been sent out to investment banks. The controlling funds are coordinating the sale and want to pick their advisers soon," one source told Reuters, with two others confirming the news.
"The sale could happen in the first or second quarter of next year," one of the sources added.
P4, which operates under the Play brand, was the last company to join the race for a share in Poland's mobile market less than a decade ago. Its aggressive offers have won the operator 13 million customers and a 22 percent share of the market.
Play competes with the Polish businesses of France's Orange ORAN.PA OPL.WA and Deutsche Telekom DTEGn.DE as well as domestic rival Cyfrowy Polsat CPS.WA. It booked 3.84 billion zlotys in revenue for the last 12 months ending June, with adjusted core profit EBITDA for the period at 1.26 billion.
Tollerton and Novarton gained full control over P4 in 2008. Two years ago the operator considered floating on the Warsaw bourse GPW.WA, but decided in favour of a 900 million euro ($1 billion) debt issue.
"It would be hard to push a P4 takeover by a local player through the regulators. It may, however, be quite a snatch for Nordic telecoms like Telenor TEL.OL, TeliaSonera TLSN.ST, or the U.S. firm Liberty Global LBTYA.O, which owns cable operator UPC in Poland," one of the sources said.
Owners move to sell Polish mobile player P4 -sources - RTRS
WARSAW, Oct 5 (Reuters) - Greek fund Tollerton and Icelandic peer Novator plan to sell Poland's fourth-largest mobile operator P4 for up to 7.5 billion zlotys ($2 billion), three market sources told Reuters on Monday.
Tollerton, controlled by Greek businessman Panos Germanos, owns 50.3 percent, with the rest in the hands of Novator, controlled by Icelandic businessman Thor Bjorgolfsson. Both funds declined to comment, while P4 was not immediately available.
"Letters have been sent out to investment banks. The controlling funds are coordinating the sale and want to pick their advisers soon," one source told Reuters, with two others confirming the news.
"The sale could happen in the first or second quarter of next year," one of the sources added.
P4, which operates under the Play brand, was the last company to join the race for a share in Poland's mobile market less than a decade ago. Its aggressive offers have won the operator 13 million customers and a 22 percent share of the market.
Play competes with the Polish businesses of France's Orange ORAN.PA OPL.WA and Deutsche Telekom DTEGn.DE as well as domestic rival Cyfrowy Polsat CPS.WA. It booked 3.84 billion zlotys in revenue for the last 12 months ending June, with adjusted core profit EBITDA for the period at 1.26 billion.
Tollerton and Novarton gained full control over P4 in 2008. Two years ago the operator considered floating on the Warsaw bourse GPW.WA, but decided in favour of a 900 million euro ($1 billion) debt issue.
"It would be hard to push a P4 takeover by a local player through the regulators. It may, however, be quite a snatch for Nordic telecoms like Telenor TEL.OL, TeliaSonera TLSN.ST, or the U.S. firm Liberty Global LBTYA.O, which owns cable operator UPC in Poland," one of the sources said.
EU's Commissioner for Economics Moscovici: We want Greece to regain stability; Confident on Greece Plan
- Sees need to avoid more 'drama' over Greece
- Greece needs to recover growth, stability
Reaches multi-year Distribution Agreement with AT&T
- AT&T reached a distribution agreement to continue providing Viacom's media networks to both AT&T's U-verse TV and DIRECTV's national subscriber base.
Audition de Patrick Drahi, président-directeur général d'Altice, par la commission des affaires économiques
Gapping up: DRD +13.6%, FOLD +12.4%, POT +8.3%, BLUE +6.3%, MT +5.7%, SUNE +4.2%, DB +3.9%, SDRL +3.6%, TEF +3%, GE +3%, GFI +2.8%, RDS.A +2.3%, SSL +2.2%, MU +2.1%, PACB +2%, CHK +2%, SNY +2%, AEG +1.9%, PHG +1.8%, BP +1.7%, UN +1.7%, E +1.7%, STM +1.6%, ASML +1.4%, CS +1.4%, SHPG +1.3%, TWTR +1.3%, RIO +1.1%,CCL +1%, TSLA +1%, RIG +0.8%
Gapping down: FEYE -3.2%, RL -2.0%, CMRX -1.7%, LRCX -1.1%, AMAT -0.9%, STO -0.7
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Gapping down: FEYE -3.2%, RL -2.0%, CMRX -1.7%, LRCX -1.1%, AMAT -0.9%, STO -0.7
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