Gapping up
In reaction to strong earnings/guidance: ANF +14.6%, DY +11.1%, EXPR +10.7%, FRO +9.1%, NMBL +8.3%, SLH +4.8%, CEO +4.6%, UPIP +3.9%
M&A news: CAM +45% (to be acquired by Schlumberger (SLB) for ~$66.36/share), EMC +4.5% (EMC Board considering plan where it will be acquired by VMWare (VMW), according to Re Code), VMW +0.6%
Select oil/gas related names showing strength: SDRL +9.5%, CHK +3.5%, BP +3.2%, TOT +2.8%, RDS.A +2.7%
Other news: ABGB +28.3% (cont volatility pre-mkt), OSK +9.3% (announced the U.S. Army has awarded the company a $6.7 bln Joint Light Tactical Vehicle contract), JKS +7.8% (cont volatility pre-mkt), SQNM +7% (entered into clinical research collaboration with the University of California, San Diego Moores Cancer Center), ADXS +6.3% (announces a licensing agreement with Knight Therapeutics to commercialize Advaxis's product portfolio in Canada), SRPT +4.7% (announced the FDA has filed the NDA for eteplirsen for the treatment of Duchenne muscular dystrophy; NDA given priority review with PDUFA date of February 26, 2015), PYPL +2.7% (PayPal One Touch now available across 16 countries), PFE +2.6% (Alvogen announces that it has entered into a definitive agreement with Pfizer, under which it will acquire a portfolio of four pharmaceutical products; terms not disclosed), DIS +2.4% (announces Star Wars 'The Force Awakens' event on YouTube), MGA +1.9% (co obtained an issuer bid exemption order to make private agreement purchases of its common shares from an arm's length third-party seller), TRI+1.8% (to purchase up to 10 mln of its common shares through private agreements with four arm's-length third-party sellers), KNDI +1.7% (still checking), NAT +1.4% (issues letter to shareholders, provides qualitative guidance)
Analyst comments: ARMH +6.4% (upgraded to Mkt Perform from Underperform at Bernstein), NOK +5.8% (upgraded to Buy at Danske Bank ), ERIC +4.8% (upgraded to Hold at Danske Bank), NFLX +4.7% (target raised to $140 from $125 at RBC Capital Mkts), GOOG +4.6% (added to Conviction Buy at Goldman), BHP +4.6% (upgraded to Sector Perform from Underperform at RBC Capital Mkts), RBS +4.5% (upgraded to Overweight at Morgan Stanley), AMZN +3.7% (upgraded to Buy from Hold at Evercore ISI ), NKE +3.2% (upgraded to Positive from Neutral at Susquehanna), BBY +2.9% (upgraded to Strong Buy from Mkt Perform at Raymond James ), IBM +2.5% (upgraded to Buy at Argus), BUD +2% (upgraded to Buy at ING Group), NICE +1.1% (upgraded to Buy from Neutral at UBS), SE +1% (upgraded to Buy at UBS)
In reaction to strong earnings/guidance: ANF +14.6%, DY +11.1%, EXPR +10.7%, FRO +9.1%, NMBL +8.3%, SLH +4.8%, CEO +4.6%, UPIP +3.9%
M&A news: CAM +45% (to be acquired by Schlumberger (SLB) for ~$66.36/share), EMC +4.5% (EMC Board considering plan where it will be acquired by VMWare (VMW), according to Re Code), VMW +0.6%
Select oil/gas related names showing strength: SDRL +9.5%, CHK +3.5%, BP +3.2%, TOT +2.8%, RDS.A +2.7%
Other news: ABGB +28.3% (cont volatility pre-mkt), OSK +9.3% (announced the U.S. Army has awarded the company a $6.7 bln Joint Light Tactical Vehicle contract), JKS +7.8% (cont volatility pre-mkt), SQNM +7% (entered into clinical research collaboration with the University of California, San Diego Moores Cancer Center), ADXS +6.3% (announces a licensing agreement with Knight Therapeutics to commercialize Advaxis's product portfolio in Canada), SRPT +4.7% (announced the FDA has filed the NDA for eteplirsen for the treatment of Duchenne muscular dystrophy; NDA given priority review with PDUFA date of February 26, 2015), PYPL +2.7% (PayPal One Touch now available across 16 countries), PFE +2.6% (Alvogen announces that it has entered into a definitive agreement with Pfizer, under which it will acquire a portfolio of four pharmaceutical products; terms not disclosed), DIS +2.4% (announces Star Wars 'The Force Awakens' event on YouTube), MGA +1.9% (co obtained an issuer bid exemption order to make private agreement purchases of its common shares from an arm's length third-party seller), TRI+1.8% (to purchase up to 10 mln of its common shares through private agreements with four arm's-length third-party sellers), KNDI +1.7% (still checking), NAT +1.4% (issues letter to shareholders, provides qualitative guidance)
Analyst comments: ARMH +6.4% (upgraded to Mkt Perform from Underperform at Bernstein), NOK +5.8% (upgraded to Buy at Danske Bank ), ERIC +4.8% (upgraded to Hold at Danske Bank), NFLX +4.7% (target raised to $140 from $125 at RBC Capital Mkts), GOOG +4.6% (added to Conviction Buy at Goldman), BHP +4.6% (upgraded to Sector Perform from Underperform at RBC Capital Mkts), RBS +4.5% (upgraded to Overweight at Morgan Stanley), AMZN +3.7% (upgraded to Buy from Hold at Evercore ISI ), NKE +3.2% (upgraded to Positive from Neutral at Susquehanna), BBY +2.9% (upgraded to Strong Buy from Mkt Perform at Raymond James ), IBM +2.5% (upgraded to Buy at Argus), BUD +2% (upgraded to Buy at ING Group), NICE +1.1% (upgraded to Buy from Neutral at UBS), SE +1% (upgraded to Buy at UBS)
More Oil Services M&A Likely After SLB/CAM Deal: Wells Fargo
2015-08-26 12:41:35.753 GMT
By Divya Balji
(Bloomberg) -- The driving force for more M&A opportunities
will be ability to provide suite of technology, product lines to
help operators reduce costs, enhance returns, Wells Fargo
analyst Jud Bailey said in note.
* NOV, HLX, FTI, DRQ, FET, WFT, SPN will receive most
attention after SLB/CAM deal: Clarksons Platou
* WFT will be of most interest given inevitable resurrection
of investors looking for something transformative out of
NOV: Capital One
* Other M&A candidates: DRQ, OII, OIS, FTI
* NOTE: SLB/CAM conf. call started at 8:30am 800-398-9386
* NOTE: Earlier, SLB/CAM STREET WRAP: Acquisition Not a
Surprise Based on History
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
--With assistance from Aoyon Ashraf in Toronto and Arie Shapira
in New York.
To contact the reporter on this story:
Divya Balji in Toronto at +1-416-203-5714 or
dbalji1@bloomberg.net
To contact the editor responsible for this story:
Arie Shapira at +1-212-617-1488 or
ashapira3@bloomberg.net
2015-08-26 12:41:35.753 GMT
By Divya Balji
(Bloomberg) -- The driving force for more M&A opportunities
will be ability to provide suite of technology, product lines to
help operators reduce costs, enhance returns, Wells Fargo
analyst Jud Bailey said in note.
* NOV, HLX, FTI, DRQ, FET, WFT, SPN will receive most
attention after SLB/CAM deal: Clarksons Platou
* WFT will be of most interest given inevitable resurrection
of investors looking for something transformative out of
NOV: Capital One
* Other M&A candidates: DRQ, OII, OIS, FTI
* NOTE: SLB/CAM conf. call started at 8:30am 800-398-9386
* NOTE: Earlier, SLB/CAM STREET WRAP: Acquisition Not a
Surprise Based on History
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
--With assistance from Aoyon Ashraf in Toronto and Arie Shapira
in New York.
To contact the reporter on this story:
Divya Balji in Toronto at +1-416-203-5714 or
dbalji1@bloomberg.net
To contact the editor responsible for this story:
Arie Shapira at +1-212-617-1488 or
ashapira3@bloomberg.net
Early Google Investor to Help Bring Quantum Computing to Markets
2015-08-26 12:31:24.814 GMT
By John Detrixhe
(Bloomberg) -- One of the original investors in Google Inc.
has turned his attention to quantum computing, a technology that
may unlock the secrets of the universe. Back on Earth, it could
revolutionize Wall Street.
The founder of private-equity company Grupo Arcano plans to
invest up to $50 million in Cambridge Quantum Computing Ltd.,
according to a person familiar with the company’s funding who
declined to be identified, citing confidentiality. Quantum
computers may be able to solve problems that are impossible
using existing technology. They could transform modeling in
financial markets, and lead to massive improvements in
cryptography.
Santiago-based Grupo Arcano’s Alberto Chang-Rajii made his
wealth by buying a stake in Google in 1996. The private-equity
firm is also an investor in Snapchat Inc. and Uber Technologies
Inc.
Cambridge Quantum Computing is developing an operating
system -- think Windows 10 for a new generation of super
computers -- using a simulated processor in a Cambridge
laboratory. While it’s early days for such computers, their
proponents say they would revolutionize everything from finance
to medicine to space travel.
Quantum computers differ from the device you’re using to
read this story because they use qubits, which may have a value
of 1, 0 or both values simultaneously, rather than bits,
according to NASA’s website. A traditional bit, used in the
current generation of super computers as well as iPhones, must
have a value of 1 or 0. Quantum computers may, in theory, solve
some problems in a matter of days that would take millions of
years on a classical computer, NASA says.
Cambridge Quantum Computing was co-founded by Ilyas Khan,
leader in residence at the University of Cambridge’s Judge
Business School and chairman of The Stephen Hawking Foundation.
Chang-Rajii will join Cambridge Quantum Computing board as
deputy chairman, the person familiar said.
Other companies are already developing quantum computers.
D-Wave Systems Inc., founded in 1999, has built a
superconducting computer with a processor that is cooled close
to absolute zero, or -273.15 degrees Celsius, colder than outer
space. NASA is experimenting with the technology to understand
whether it may be used “to perform calculations that are
difficult or impossible using conventional supercomputers.”
Grupo Arcano was not immediately available for comment.
For Related News and Information:
Top Stories: TOP
Top European News: TOP EUR
Market Structure News: NI MKST
To contact the reporter on this story:
John Detrixhe in London at +44-20-3525-9807 or
jdetrixhe1@bloomberg.net
To contact the editors responsible for this story:
Nick Baker at +1-312-443-5942 or
nbaker7@bloomberg.net
Will Hadfield, Namitha Jagadeesh
2015-08-26 12:31:24.814 GMT
By John Detrixhe
(Bloomberg) -- One of the original investors in Google Inc.
has turned his attention to quantum computing, a technology that
may unlock the secrets of the universe. Back on Earth, it could
revolutionize Wall Street.
The founder of private-equity company Grupo Arcano plans to
invest up to $50 million in Cambridge Quantum Computing Ltd.,
according to a person familiar with the company’s funding who
declined to be identified, citing confidentiality. Quantum
computers may be able to solve problems that are impossible
using existing technology. They could transform modeling in
financial markets, and lead to massive improvements in
cryptography.
Santiago-based Grupo Arcano’s Alberto Chang-Rajii made his
wealth by buying a stake in Google in 1996. The private-equity
firm is also an investor in Snapchat Inc. and Uber Technologies
Inc.
Cambridge Quantum Computing is developing an operating
system -- think Windows 10 for a new generation of super
computers -- using a simulated processor in a Cambridge
laboratory. While it’s early days for such computers, their
proponents say they would revolutionize everything from finance
to medicine to space travel.
Quantum computers differ from the device you’re using to
read this story because they use qubits, which may have a value
of 1, 0 or both values simultaneously, rather than bits,
according to NASA’s website. A traditional bit, used in the
current generation of super computers as well as iPhones, must
have a value of 1 or 0. Quantum computers may, in theory, solve
some problems in a matter of days that would take millions of
years on a classical computer, NASA says.
Cambridge Quantum Computing was co-founded by Ilyas Khan,
leader in residence at the University of Cambridge’s Judge
Business School and chairman of The Stephen Hawking Foundation.
Chang-Rajii will join Cambridge Quantum Computing board as
deputy chairman, the person familiar said.
Other companies are already developing quantum computers.
D-Wave Systems Inc., founded in 1999, has built a
superconducting computer with a processor that is cooled close
to absolute zero, or -273.15 degrees Celsius, colder than outer
space. NASA is experimenting with the technology to understand
whether it may be used “to perform calculations that are
difficult or impossible using conventional supercomputers.”
Grupo Arcano was not immediately available for comment.
For Related News and Information:
Top Stories: TOP
Top European News: TOP EUR
Market Structure News: NI MKST
To contact the reporter on this story:
John Detrixhe in London at +44-20-3525-9807 or
jdetrixhe1@bloomberg.net
To contact the editors responsible for this story:
Nick Baker at +1-312-443-5942 or
nbaker7@bloomberg.net
Will Hadfield, Namitha Jagadeesh
Cameron International follow-up
- Cameron International (CAM) was acquired this morning by Schlumberger (SLB,) the largest oil and gas equipment services company in the world (as we posted at 06:00am ET), as the slump in oil prices continues.
- Cameron is one of the larger oil and gas equipment service cos in the world and this deal comes after news of the second and third largest players in this space announcing they will combine (Halliburton (HAL) buying Baker Hughes (BHI))
- Another recent deal was Energy Transfer Equity (ETE) offering to buy Williams Cos (WMB). Investors should keep an eye on peers of CAM given continued industry consolidation.
- This list includes: SLB, HAL, BHI, WFT, NOV, TESO, ENSV, RCON, SPN, DWSN, RES, FTK, TS, SYRG, NGS, GLF, FET, WFT, OIS, EXLP, GIFI, CRR, EMES, HCLP, FMSA, SLCA, HLX, CLB, EXH, DRQ, PDS, HOS, TTI, FTI, NR, FES, BAS, ZN, WG
- In this space, one of the things that matters the most is the movement and size of the oil rig count
- This isn't a huge trend, but after dropping 61% between the week of Oct 10, 2014 and June 26, 2015, followed by a few weeks of a choppy trend, the oil rig count has climbed for five consecutive weeks, rising from 638 to 674 oil rigs. Not a huge move, but one that investors will keep watching.
Brown-Forman reports EPS in-line, misses on revs; reaffirms FY16 guidance
- Reports Q1 (Jul) earnings of $0.75 per share, in-line with the Capital IQ Consensus of $0.75; revenues fell 2.3% year/year to $900 mln vs the $947.14 mln consensus.
- Underlying net sales increased over 7%: Price/mix contributed two percentage points to net sales growth and gross margin grew 80bps The Jack Daniel's family of brands grew underlying net sales 6% (-3% reported) Jack Daniel's Tennessee Honey grew underlying net sales 18% (+4% reported)
- Top-line results in the United States remained strong, with underlying net sales growth of 10% (8% reported). Sales growth was primarily driven by volume growth, fueled by the launch of Jack Daniel's Tennessee Fire, as well as improvements in price/mix.
- Co reaffirms guidance for FY16, sees EPS of $3.40-3.60, excluding non-recurring items, vs. $3.50 Capital IQ Consensus. "These results were again driven by the Jack Daniel's trademark and our leading portfolio of American whiskey brands. Given our first quarter results and expectations for the continued global growth of our brands, we are confirming our fiscal 2016 outlook of 6% to 7% underlying sales growth, 8% to 10% underlying operating income growth, and EPS in the range of $3.40-$3.60."
Board Takes Serious Look at VMware-Led Takeover of EMC
The board of directors of Data storage and IT giant EMC is taking a second and closer look at a proposal under which it would be acquired by VMware, the software company of which it is a majority owner, according to people briefed on the discussions.
The transaction, known as a downstream merger, is gaining favor among board members after the China-induced market meltdown decimated the shares of U.S. tech companies, including EMC. The idea was first proposed by VMware CEO Patrick Gelsinger, sources said, and is actively being considered by EMC’s board. EMC currently owns about 80 percent of VMware. Re/code reported the news of the proposal earlier this month.
EMC’s share price has sunk more than 11 percent since last Friday, and closed Tuesday at $22.79. EMC fell further than the Dow Jones Industrial Average, which fell by 8 percent. During the same period, VMware shares have also declined by 6 percent and are considered to be “holding their own” amid the current turmoil in the market, sources said.
Additionally, board members have reached a consensus that CEO Joe Tucci must step down from that role before the end of the year. Tucci, 68, has put off several self-imposed deadlines to announce his retirement and name a successor, and is currently working without a contract.
Tucci is said to be opposed to the downstream merger, and favors a more conventional “spin-in” scenario under which EMC would buy out the remaining shares of VMware it doesn’t already own.
Pressure is building on EMC’s board to act as the Sept. 1 deadline approaches on the expiration of a standstill agreement between the company and Elliott Management, an activist hedge fund controlled by the billionaire Paul Singer.
Elliott has publicly pressured EMC to divest its stake in VMware, arguing that the investment has left the parent undervalued and has caused the two companies to compete. Tucci has remained steadfastly opposed to selling EMC’s stake in VMware.
The activist firm still favors a divestment of VMware by EMC, sources said, but has indicated to EMC’s board that it would support the proposed downstream merger.
Specific terms of the proposed transaction, including prices and potential premiums, have not been ironed out, and sources stressed that an agreement has not been reached and may not materialize.
However, under the proposal, VMware would issue about $50 billion worth of new shares, a portion of which would be exchanged for EMC shares. The remaining portion of the new VMware shares would be issued to EMC shareholders, who would also get some cash generated from the issuance of about $10 billion in new debt. EMC’s market valuation as of Tuesday’s close was $43.6 billion. VMware’s was $34.3 billion.
One argument in favor of the downstream merger is that VMware’s shares currently trade at a higher valuation relative to earnings than EMC’s shares. EMC shares are trading at about 11 times estimated 2016 earnings, while VMware shares are trading at about 18 times forward earnings.
Whatever kind of transaction the company settles on — whether EMC buys out VMware or vice versa — the process will have to be led by EMC’s board. While VMware enjoys a measure of independence as a publicly traded company in its own right, five of its nine directors, including Tucci, also sit on EMC’s board. As of March 31, regulatory filings show EMC owns more than 80 percent of VMware’s common stock and exercises control over more than 97 percent of its voting proxy.
EMC acquired VMware in 2003, paying $625 million for a startup whose software emerged as one of the driving forces in the revolution in cloud computing. VMware’s virtualization software allows one computer to act like many at once, allowing for greater efficiency and lower operational cost in data centers.
Four years after the acquisition, EMC sold about 15 percent of VMware’s shares in an IPO that valued it at about $19 billion, but retained a majority stake. Cisco Systems owns a little less than 5 percent of VMware.
Since then, cloud computing, along with new technologies like flash memory, have put pressure on EMC’s core business of selling data storage equipment to large companies. Its information infrastructure unit posted $16.5 billion in sales in 2014, up 2 percent from the prior year.
Spokespeople for EMC, VMware and Elliott Management all declined to comment.
Tucci’s successor hasn’t been named, but one of the contenders — David Goulden, the CEO of EMC’s information infrastructure unit — will be speaking at our Code Enterprise Series: New York event on Sept. 29. Registration is open, but tickets are going fast. You can find all the information you need right here.
Abercrombie & Fitch beats by $0.17, beats on revs; sees further comparable sales trend improvement
Reports Q2 (Jul) earnings of $0.12 per share, excluding non-recurring items, $0.17 better than the Capital IQ Consensus Estimate of ($0.05); revenues fell 8.2% year/year to $817.8 mln vs the $811.11 mln consensus. Q2 comps declined 4% vs. expectations for a decline of 6%. Q2 adj gross margin of 62%, ex items, in line with expectations.
-
2H guidance:
- Further comparable sales trend improvement, skewed towards the fourth quarter.
- Continued headwinds from foreign currency exchange rates based on current exchange rates.
- Gross margin rate to be ~flat compared to last year, but up on a constant currency basis.
- "In our second quarter, we delivered a meaningful sequential improvement in comparable sales, stabilized gross margins and achieved significant expense reductions. Our results exceeded what we signaled in our first quarter earnings call and give us confidence that we are on the right track, although we recognize that we still have much to achieve."
- Sequential improvements in comparable sales trends were driven largely by Hollister and abercrombie kids and internationally.
--> See the sector names squeezing on that
BN 08/26 10:13 Schlumberger Agrees to Buy Cameron for $66.36 a Share
BUS 08/26 10:00 Schlumberger Announces Agreement to Acquire Cameron
BN 08/26 10:01 *SCHLUMBERGER DEAL REFLECTS PREMIUM ABOUT 56.3% ON LAST CLOSE
BN 08/26 10:01 *SCHLUMBERGER SAYS CAMERON HOLDERS TO OWN ABOUT 10% SLB SHARES
BN 08/26 10:01 *SCHLUMBERGER TO BUY CAMERON FOR ABOUT $66.36/SHR VALUE
BN 08/26 10:00 *SCHLUMBERGER TO BUY CAMERON FOR TOTAL DEAL VALUE ABOUT $14.8B
BFW 08/26 10:00 *SCHLUMBERGER TO BUY CAMERON IN TOTAL DEAL VALUE ABOUT $14.8B
BN 08/26 10:00 *SCHLUMBERGER SEES DEAL ADDING TO EARNINGS FIRST YR AFTER CLOSE
BN 08/26 10:00 *CAMERON HOLDERS TO GET 0.716 SCHLUMBERGER SHRS, $14.44 CASH
BN 08/26 10:00 *SCHLUMBERGER TO BUY CAMERON IN TOTAL DEAL VALUE ABOUT $14.8B
BN 08/26 10:00 *SCHLUMBERGER SEES DEAL ADDING TO EARNINGS
BN 08/26 10:00 *SCHLUMBERGER REPORTS PACT TO BUY CAMERON
BUS 08/26 10:00 Schlumberger Announces Agreement to Acquire Cameron
BN 08/26 10:01 *SCHLUMBERGER DEAL REFLECTS PREMIUM ABOUT 56.3% ON LAST CLOSE
BN 08/26 10:01 *SCHLUMBERGER SAYS CAMERON HOLDERS TO OWN ABOUT 10% SLB SHARES
BN 08/26 10:01 *SCHLUMBERGER TO BUY CAMERON FOR ABOUT $66.36/SHR VALUE
BN 08/26 10:00 *SCHLUMBERGER TO BUY CAMERON FOR TOTAL DEAL VALUE ABOUT $14.8B
BFW 08/26 10:00 *SCHLUMBERGER TO BUY CAMERON IN TOTAL DEAL VALUE ABOUT $14.8B
BN 08/26 10:00 *SCHLUMBERGER SEES DEAL ADDING TO EARNINGS FIRST YR AFTER CLOSE
BN 08/26 10:00 *CAMERON HOLDERS TO GET 0.716 SCHLUMBERGER SHRS, $14.44 CASH
BN 08/26 10:00 *SCHLUMBERGER TO BUY CAMERON IN TOTAL DEAL VALUE ABOUT $14.8B
BN 08/26 10:00 *SCHLUMBERGER SEES DEAL ADDING TO EARNINGS
BN 08/26 10:00 *SCHLUMBERGER REPORTS PACT TO BUY CAMERON
Schlumberger to Buy Cameron for About $66.36/Shr Value
2015-08-26 10:02:31.479 GMT
By Andrew Cinko
(Bloomberg) -- Schlumberger offering 0.716 SLB shrs, $14.44
cash; deal value ~$14.8b.
* SLB sees deal adding to earnings
* CAM holders to own ~10% of merged company
Statement:Link
Link to Company News:{CAM US <Equity> CN <GO>}
Link to Company News:{SLB US <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the editor responsible for this story:
Andrew Cinko at +1-609-279-4533 or
cinko@bloomberg.net
2015-08-26 10:02:31.479 GMT
By Andrew Cinko
(Bloomberg) -- Schlumberger offering 0.716 SLB shrs, $14.44
cash; deal value ~$14.8b.
* SLB sees deal adding to earnings
* CAM holders to own ~10% of merged company
Statement:Link
Link to Company News:{CAM US <Equity> CN <GO>}
Link to Company News:{SLB US <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the editor responsible for this story:
Andrew Cinko at +1-609-279-4533 or
cinko@bloomberg.net
VOD LN : Offered highest bid of €390M in Turkey's 4G mobile telecoms tender
Vodafone offered the highest bid of 390 million euro ($446.63 million) for the A1 package of the 800 mHz bandwidth in Turkey's 4G mobile telecoms tender, the tender commission chairman Deniz Yanik said on Wednesday.The tender was postponed in May, weeks after President Tayyip Erdogan urged Turkey not to "lose time" with 4G and to move straight to 5G, for which technical standards do not yet exist.