>>> Danone/Nestle : Ratio is trading 80bps from Historicals lows...


Danone has UP a lot, trading in line with historical Multiple, but re-rated much more that the sector & The Market, Nestle is trading above peers in term of pricing on not far from historical highs...Momentum is still more +ve on Nestle than Danone....but it could be interesting to see if we will hold these historicals levels tested in January...I strongly believ that if market trade higher, Investors will be looking to laggards to OP but in a more bearish market...Nestle should continue to outperform., next few days will be interesting to watch

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: NA

M&A news: GTN +10.7% (acquired all of the television and radio stations of Schurz Communications for ~$442.5 mln; expects that the Schurz transaction will be immediately accretive to Gray's free cash flow)

Select oil/gas related names showing strength: SDRL +3.1%, TOT +1%, STO +0.9%, SLB +0.7%

Other news: XNPT +8.8% (positive Phase 2 study results for XP23829 ), JMEI +6% (still checking; light volume), PTLA +5.1% (announces that the second part of its Phase 3 Annexa study), SLW +2.8% (announced it intends to make a normal course issuer bid to purcahse ~20.23 mln common shares on the Toronto Stock Exchange and NYSE), ARMH +2.7% (hosting analyst day today), VNDA +2% (accepts for review, its SNDA for Fanapt as a maintenance treatment of schizophrenia in adults; PDUFA date May 27, 2016), LNG +1.8% (Carl Icahn increased active stake to 9.59% from 8.18% in amended 13D filing), SUNE +1.7% (announced that it will begin construction on the company's first community solar project), GPRO +1.6% (cont strength),PRXL +0.7% (announced a $200 mln share repurchase program)

Analyst comments: WTW +2.8% (upgraded to Buy from Hold at Craig Hallum), FIT +2.5% (initiation at Pac Crest with an Overweight), CS +0.8% (added to Conviction Buy List at Goldman
)

>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: UNIS -6.1%

M&A news: ZNGA -0.5% (acquired Rising Tide Games; terms not disclosed)

Select metals/mining stocks trading lower: RIO -2.1%, HL -2.1%, BHP -1.8%, BBL -1.7%, NEM -0.7%, SLV -0.6%

Other news: ANTH -7.9% (announced termination of blisibimod partnership in Japan by Zenyaku; No patients were enrolled in the BRIGHT-SC study or any other clinical study in Japan), YHOO -3.7% (FT discusses comments from US tax officials who have concerns about deals such as Yahoo spinoff of BABA), JNP -3.3% (filed for $100 mln mixed securities shelf offering), ALNY -3% (initial clinical results for ALN-AS1), MRTX -2.8% (announced proposed public offering of $80 mln of common stock), VOD -2.7% (Bloomberg details news that Liberty Global (LBTYA) wants common ground over asset exchange with Vodafone (VOD).), PCTY -1.6% (filed for 3.74 mln share offering of common stock for selling stockholders), PHG -1.3% (updates performance and strategy in the HealthTech market at its Capital Markets Day), SHPG -1.1% (still checking), BABA -1.1% (FT discusses comments from US tax officials who have concerns about deals such as Yahoo (YHOO) spinoff of Alibaba)

Analyst comments: UBS -2.4% (downgraded to Neutral from Buy at Goldman ), RPTP -2.4% (downgraded to Neutral from Buy at Citigroup
)

>>> Lagardere rebuffs approach from Vivendi for Europe 1 and TV assets - La Lett

Lagardere rebuffs approach from Vivendi for Europe 1 and TV assets 

The listed French media group Vivendi is understood to have approached competitor Lagardere about the potential acquisition of the latter’s TV and radio assets, French weekly La Lettre de L’Expansion reported.

The unsourced report claimed that Vivendi's main shareholder and Chairman Vincent Bollore set his eyes on Europe 1, the radio operated by Lagardere and that is viewed as complementary to the news TV channel iTele operated by Vivendi’s Canal Plus.

The report also added the TV activities of Lagardere, with channels such as Gulli and Mezzo, were also targeted by Vivendi.

The article, however, claimed that Lagardere rejected the approach so far.

The original article appeared in print; Page 4

Source La Lettre de l'Expansion

>>> US Early premarket gappers

Early premarket gappers
Gapping up: XNPT +11.4%, GTN +10.7%, JMEI +6%, LNG +3%, SLW +2.7%, SLW +2.7%, AU +1.1%, RCL +0.9%, PRXL +0.7%

Gapping down: ANTH -6.7%, UNIS -6.1%, PCTY -3.5%, JNP -3.3%, MRTX -3%, RIO -2.4%, RIG -2%, RPTP -1.6%, BHP -1.6%, VOD -1.4%, YNDX -1.4%, SHPG -1.1%, BABA -1%, SLV -0.9%, SDRL -0.9%, ZNGA -0.5%