Semiconductor Industry Association (SIA): Q2 global semiconductor sales rose +2.0% y/y to $84B; June sales were down 0.4% m/m at $28.0B (update) - SIA economist: "Macroeconomic headwinds and softening demand have slowed global semiconductor market growth somewhat, but the industry still posted its highest-ever second-quarter sales and remains ahead of the pace of sales set in 2014, which was a record year for semiconductor revenues."
Stock is not really moving on news TI US
Telecom Italia Said to Weigh Revamp to Avoid $4.4 Billion Costs
2015-08-04 19:34:35.882 GMT
By Daniele Lepido
(Bloomberg) -- Telecom Italia may reorganize the business
that leases its landline network to rivals to avoid up to EU4b
in possible antitrust damages, people familiar say.
* The plan would involve folding OpenAccess unit, which
guarantees so-called equality of access to rivals, into the
wholesale business, creating entity similar to BT’s
Openreach
* Board to review the measures Aug. 6: People familiar
* Telecom Italia spokesman declined to comment; Vodafone,
Fastweb, competition authority representatives declined to
comment
* NOTE: Telecom Italia has been criticized for taking too
long/failing to provide physical access to rivals such as
Vodafone, Fastweb to Italy’s largest landline grid, citing
technical reasons
Story Link: NSN NSKP0V6K50XS<GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Andrea Snyder in Washington at +1-202-624-1831 or
asnyder5@bloomberg.net
To contact the editors responsible for this story:
Andrea Snyder at +1-202-624-1831 or
asnyder5@bloomberg.net
2015-08-04 19:34:35.882 GMT
By Daniele Lepido
(Bloomberg) -- Telecom Italia may reorganize the business
that leases its landline network to rivals to avoid up to EU4b
in possible antitrust damages, people familiar say.
* The plan would involve folding OpenAccess unit, which
guarantees so-called equality of access to rivals, into the
wholesale business, creating entity similar to BT’s
Openreach
* Board to review the measures Aug. 6: People familiar
* Telecom Italia spokesman declined to comment; Vodafone,
Fastweb, competition authority representatives declined to
comment
* NOTE: Telecom Italia has been criticized for taking too
long/failing to provide physical access to rivals such as
Vodafone, Fastweb to Italy’s largest landline grid, citing
technical reasons
Story Link: NSN NSKP0V6K50XS<GO>
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Andrea Snyder in Washington at +1-202-624-1831 or
asnyder5@bloomberg.net
To contact the editors responsible for this story:
Andrea Snyder at +1-202-624-1831 or
asnyder5@bloomberg.net
Atlanta Fed’s Lockhart: Fed Is ‘Close’ to Being Ready to Raise Short-Term Rates
Lockhart says September could be ‘appropriate time’ to lift interest rate
Federal Reserve Bank of Atlanta President Dennis Lockhart said the economy is ready for the first increase in short-term interest rates in more than nine years and it would take a significant deterioration in the data to convince him not to move in September.
“I think there is a high bar right now to not acting, speaking for myself,” Mr. Lockhart said in an exclusive interview with The Wall Street Journal.
He is among the first officials to speak publicly since the Fed’s policy meeting last week, at which the central bank dropped new hints that a rate increase is coming closer into view, a point he sought to underscore.
Mr. Lockhart is watched closely in financial markets because he tends to be a centrist among Fed officials who moves with the central bank’s consensus, unlike those who stake out harder positions for or against changing interest rates. His comments are among the clearest signals yet that Fed officials are seriously considering a rate increase in September.
“It will take a significant deterioration in the economic picture for me to be disinclined to move ahead,” he said at a conference table in a room adjacent to his Atlanta office.
His comments follow those of James Bullard, president of the St. Louis Fed, who said in an interview with The Wall Street Journal Friday, “we are in good shape” for a rate increase in September.
The Fed has held its benchmark federal-funds rate near zero since December 2008 to try to spur borrowing, spending and investment. Most central bank officials, including Chairwoman Janet Yellen, have indicated they expect to start raising the rate this year, but they haven’t decided as a group on when to start.
In weighing when to move, Mr. Lockhart said he was looking at the economy’s cumulative progress over many months, particularly on the job front.
“We’re getting positive signals from the employment numbers,” he said.
The unemployment rate fell to 5.3% in June, well below the recent high of 10% in 2009. Job gains have averaged 200,008 a month this year and 260,000 a month last year.
Moreover, he added, the economy appears to have snapped back from a growth slowdown in the first quarter. “I take the second quarter to have been a nice rebound from the first quarter and my forecast for the third quarter and the fourth quarter is that they will show some improvement over the second quarter.”
Hoping to take a longer-term view of economic developments, he added that he wasn’t inclined to put too much weight on new data that emerges in the next few weeks unless it is especially weak.
“My priors going into the [September] meeting as of today are that the economy is ready and it is an appropriate time to make a change,” he said.
The main catch for the central bank, Mr. Lockhart said, is that he sees little direct evidence inflation is rising toward the Fed’s 2% target after running below it for 38 straight months.
Inflation could be held down in the weeks and months ahead because of continued downward pressure on oil prices, he said. Moreover the Fed hadn’t seen a breakout in wages it had hoped to see.
The central bank has said it will raise rates once officials become “reasonably confident” that inflation is on a path toward its goal. Mr. Lockhart said he had grown more confident inflation will pick up mainly because slack in the labor market and broader economy is diminishing.
Mr. Lockhart associated the interplay between economic slack and the inflation rate with the late economist A.W. Phillips, who put numbers to the idea that as unemployment rises or falls, inflation moves in the opposite direction.
“I think a policy maker has to act on the view that the basic relationship in the Phillips curve between inflation and employment will assert itself in a reasonable period of time as the economy tightens up, as the resource picture in the economy tightens,” Mr. Lockhart said. By that he meant that as unemployment falls further, inflation should start rising.
“I am quite confident that that basic expectation will develop or will materialize.” The logic, he added, was “compelling.”
The Fed signaled in its policy statement last week that an interest-rate increase was getting closer, Mr. Lockhart said. The statement said officials wanted to see “some further improvement” in the labor market before acting. It added the word “some” to the statement, having said in earlier statements more broadly that it wanted “further improvement.” The addition of the word “some,” he said, was “a qualifier that conveys to the public that we’re getting closer.”
The Fed has three more policy meetings this year. The next one is Sept. 16-17, followed by meetings in October and December. Many analysts expect a move in September. Investors have gone back and forth in betting on whether the first move will occur in September or December. Mr. Lockhart, like other Fed officials, said the timing of the first move isn’t so important, as long as investors understand the Fed intends to move gradually once it starts.
“I don’t think it would be a big policy error to wait somewhat longer,” he said. “I’m not one to quibble over one meeting or so. But I do think we are close. The economy is in a state of readiness for beginning normalization.”
Deal Reporter
Intertek, a UK-based provider of quality and safety services, has a strong pipeline of acquisition opportunities and may enter new areas through M&A, according to new CEO Andre Lacroix.
In his prepared remarks on the 2Q15 earnings call held 3 August, Lacroix, who became CEO effective 16 May, said M&A was important to the company and it considered acquisitions in growing sectors with good margin prospects to be a priority.
In the Q&A session, Morgan Stanley analyst Toby Reeks noted that Lacroix had done little M&A in his previous employment, and asked if there would be a change in direction towards a more internal focus.
The CEO explained that organic investment was Intertek’s first priority, supplemented by good acquisitions. He added that the company’s M&A team, led by VP, Corporate Development Julia Thomas, worked with its local offices to find market opportunities.
“I would say that our pipeline is very rich,” Lacroix continued.
He stressed that the company’s light M&A activity in the first half was unrelated to him recently taking over the CEO role, but instead a natural function of the time taken to process deals through the pipeline.
“I’m very, very excited about the consolidation opportunities in the industry and maybe broad change of strategy, either expanding our existing business lines in additional territories or getting into new business lines, or frankly speaking, getting into new areas,” he added.
Asked by Redburn analyst David Phillips in which areas Intertek sought buys, Lacroix said the company was looking at all its businesses across the globe.
“We’ve got a strong position in many markets and I wouldn’t rule out anything at this stage,” the CEO said. “So we are wide open, and there are some great opportunities out there.”
In his prepared remarks, Lacroix said the company wanted to maintain flexibility and keep an efficient balance sheet with a leverage ratio of 1.5x to 2x net debt to EBITDA going forward. However, the CEO said it was prepared to stretch this on a temporary basis to do a larger transaction and then return to its comfort range over time.
He noted that the company expected net debt at year-end of around GBP 580m to GBP 600m, not including any possible acquisitions that could occur in the second half.
Intertek has five main business divisions: Commodities, Chemicals & Pharmaceuticals, Industry & Assurance, Consumer Goods and Commercial & Electrical. Its services include auditing, certification, consulting, inspection, sourcing and training.
The company announced in October last year the appointment of Lacroix as CEO with effect from 16 May this year. He joined Intertek from Inchcape, where he had been CEO since 2005.
Intertek’s last notable acquisition was the February 2015 purchase of Australia-based Adelaide Inspection Services, a provider of non-destructive testing services, for around GBP 6m.
Intertek has been a prolific acquirer over the past decade, having made several acquisitions each year since 2005, with targets located across Asia, Europe, Australasia and the Americas. The company’s largest during this time was its 2011 purchase of Moody International, a UK-based supplier of management system certification, technical and inspection services, for around GBP 451m.
PwC has advised Intertek on multiple deals in the past 10 years, although Rothschild was used for Moody. DLA Piper was used for that deal as well as numerous earlier and subsequent buys, according to the Mergermarket M&A database.
Prior to joining Intertek in 2013, Thomas spent 12 years in investment banking with JPMorgan Cazenove and Rothschild.
Intertek has a market capitalisation of GBP 4.4bn.
Ticking lower on report that Icahn lowered his stake in the company on Monday
- Said to have sold a 6M share block yesterday via UBS at $40.80 reducing Icahn's stake to 9.9% from 12.1%
Hearing vague takeover chatter circulating - UTX rumored as a potential acquirer
Einhorn Faults Unfavorable Market for Worst Month Since 2008 (1)
2015-08-04 14:12:55.79 GMT
(Updates with reinsurer’s stock drop in fourth paragraph)
By Sonali Basak and Simone Foxman
(Bloomberg) -- Hedge fund manager David Einhorn affirmed
his approach after July losses tied to Consol Energy Inc.,
SunEdison Inc. and gold fueled his worst monthly performance
since 2008.
“The overall market environment has become acutely
unfavorable for our investment strategy,” Einhorn said Tuesday
in a conference call discussing results at Greenlight Capital Re
Ltd., the reinsurer where he is chairman. “While we could have
done better in a couple spots, we don’t expect to do well when
investors shun value stocks in favor of momentum stocks.”
Einhorn said the investment portfolio dropped about 5.9
percent in July and that losses were broad-based.
Greenlight Re dropped 1.2 percent to $26.82 at 10:11 a.m.
in New York, extending the company’s decline for the year to
about 18 percent. The Cayman Islands-based company reported a
second-quarter loss after markets closed Monday.
“We’ve experienced this type of dynamic a few times
before, and in each case, the short-term results have been
painful for us,” he said. “As before, we expect that the
environment will improve, and we will recover.”
July results were also pressured by Einhorn’s bets against
a portfolio of securities that he has called the “bubble
basket.” The money manager has said the group includes
“momentum technology stocks” and didn’t identify individual
companies in the basket Tuesday.
While SunEdison was a bright spot in the second quarter,
the stock declined 22 percent last month. The initial public
offering of TerraForm Global Inc., a renewable-energy venture
formed by SunEdison, drew a “tepid reaction,” Einhorn said.
Consol and Micron Technology Inc. each plunged more than 20
percent in the second quarter. Gold also dropped in the three
months ended June 30 and extended declines since then.
“We continue to scrutinize our current positions,”
Einhorn said. “We feel our current portfolio is quite
attractive.”
For Related News and Information:
Einhorn Punished by Gold as Greenlight Re Drops 16% in 2015
Gold Bears Entrenched as Bullion Funds Lose Another $6 Billion
Einhorn Says It’s Hard to Find Investments After Market Rise
Greenlight Re vs gold: GLRE US <Equity> XAU <Equity> HS <GO>
Greenlight Re earnings matrix: GLRE US <Equity> EM <GO>
Einhorn audio-visual material: TNI AV ?1736963 <GO>
Greenlight Re income statement: GLRE US Equity FA IS<GO>
Bloomberg Intelligence P&C reinsurance dashboard: BI PCRE<GO>
--With assistance from Selina Wang in New York.
To contact the reporters on this story:
Sonali Basak in New York at +1-212-617-6310 or
sbasak7@bloomberg.net;
Simone Foxman in New York at +1-212-617-2052 or
sfoxman4@bloomberg.net
To contact the editors responsible for this story:
Dan Kraut at +1-212-617-2432 or
dkraut2@bloomberg.net;
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Pierre Paulden
2015-08-04 14:12:55.79 GMT
(Updates with reinsurer’s stock drop in fourth paragraph)
By Sonali Basak and Simone Foxman
(Bloomberg) -- Hedge fund manager David Einhorn affirmed
his approach after July losses tied to Consol Energy Inc.,
SunEdison Inc. and gold fueled his worst monthly performance
since 2008.
“The overall market environment has become acutely
unfavorable for our investment strategy,” Einhorn said Tuesday
in a conference call discussing results at Greenlight Capital Re
Ltd., the reinsurer where he is chairman. “While we could have
done better in a couple spots, we don’t expect to do well when
investors shun value stocks in favor of momentum stocks.”
Einhorn said the investment portfolio dropped about 5.9
percent in July and that losses were broad-based.
Greenlight Re dropped 1.2 percent to $26.82 at 10:11 a.m.
in New York, extending the company’s decline for the year to
about 18 percent. The Cayman Islands-based company reported a
second-quarter loss after markets closed Monday.
“We’ve experienced this type of dynamic a few times
before, and in each case, the short-term results have been
painful for us,” he said. “As before, we expect that the
environment will improve, and we will recover.”
July results were also pressured by Einhorn’s bets against
a portfolio of securities that he has called the “bubble
basket.” The money manager has said the group includes
“momentum technology stocks” and didn’t identify individual
companies in the basket Tuesday.
While SunEdison was a bright spot in the second quarter,
the stock declined 22 percent last month. The initial public
offering of TerraForm Global Inc., a renewable-energy venture
formed by SunEdison, drew a “tepid reaction,” Einhorn said.
Consol and Micron Technology Inc. each plunged more than 20
percent in the second quarter. Gold also dropped in the three
months ended June 30 and extended declines since then.
“We continue to scrutinize our current positions,”
Einhorn said. “We feel our current portfolio is quite
attractive.”
For Related News and Information:
Einhorn Punished by Gold as Greenlight Re Drops 16% in 2015
Gold Bears Entrenched as Bullion Funds Lose Another $6 Billion
Einhorn Says It’s Hard to Find Investments After Market Rise
Greenlight Re vs gold: GLRE US <Equity> XAU <Equity> HS <GO>
Greenlight Re earnings matrix: GLRE US <Equity> EM <GO>
Einhorn audio-visual material: TNI AV ?1736963 <GO>
Greenlight Re income statement: GLRE US Equity FA IS<GO>
Bloomberg Intelligence P&C reinsurance dashboard: BI PCRE<GO>
--With assistance from Selina Wang in New York.
To contact the reporters on this story:
Sonali Basak in New York at +1-212-617-6310 or
sbasak7@bloomberg.net;
Simone Foxman in New York at +1-212-617-2052 or
sfoxman4@bloomberg.net
To contact the editors responsible for this story:
Dan Kraut at +1-212-617-2432 or
dkraut2@bloomberg.net;
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Pierre Paulden
We, the notifying persons no. 1 and 2, hereby inform you that our voting rights in Klöckner & Co SE reached and respectively exceeded the threshold of 10% or higher thresholds on July 22, 2015 in accordance with Sec. 21 and Sec. 22 WpHG. Hence, with respect to the voting rights directly or indirectly held by us, we declare as follows:
- The investment is aimed at generating a trading profit and at implementing strategic objectives.
- Depending upon the market and corporate developments as well as to the results of our planned discussions with the issuer's management, we intend to acquire or sell (further) shares within the next twelve months.
- We currently intend to exert an influence on the appointment of members of the issuer's administrative, managing and supervisory bodies.
- We currently do not intend to achieve a material change in the capital structure or dividend policy of the issuer.
- With regard to the origin of the funds used, we declare that these are own funds from the point of view of and in relation to the notifying person no. 1.'
Gapping down
In reaction to disappointing earnings/guidance: TNET -32.6%, CGNX -22.1%, (authorized the purchase of up to $100 mln of common stock), ONDK -10.3%, (also announces that an affiliate of Jefferies Group has entered into an amended forward purchase agreement giving Jefferies the ability to purchase up to $500 mln in small business loans through OnDeck Marketplace over the next 12 months), KLIC -7.8%, ALL -7.7%, SGMS -6.2%, HYH -5.1%, DENN -4.8%, PQ -4.8%, BKD -4.6%, REMY -4.4%, TXRH -4.1%, RRD -4.1%, VSH -3.9%, VSH -3.9%, SCOR -3.6%, CHGG -3.5%, CVS -3.4%, MIC -3.2%, CAR -3%, PH -3%, EIGI -2.9%, CHTR -2.3%, ADM -2.1%, BMRN -1.8%, MCHP -1.8%, (also completes its acquisition of Micrel), MDU-1.7%, HEP -1.6%, NOAH -1.2%, ALR -0.8%
M&A news: SHPG -2.9% (Shire (SHPG) proposes to acquire Baxalta (BXLT) for ~$45.23/share in stock; says Baxalta has declined to engage in substantive discussions)
Other news: NBG -13.1% (Greece stocks cont to slide in Europe), RRD -4.1% (announces its intent to transform itself into three independent, publicly traded companies), IMPR -3.9% (announces a 4.35 mln share, proposed public offering of common stock by selling stockholders ), PLUG -3.5% ( files for ~7.89 mln share common stock offering by selling shareholders ), EIGI-3.1% (announces transition of CFO Tivanka Ellawala to working on e-commerce strategy initiatives; appoints Marc Montagner as new CFO, to take effect next month), RRTS -2.6% (announces a public offering of 2 mln common stock shares, exclusively by selling stockholders affiliated with HCI Equity Partners), IART -2.5% (announces a $200 mln public offering of its common stock), BCS -2.4% (in symp with Credit Ag, down 9% after earnings), DB -2.1% (in symp with Credit Ag, down 9% after earnings), CPF -1.4% (announces a secondary offering of ~5.54 mln common shares by ACMO-CPF and Carlyle Financial Services Harbor shareholders)
Analyst comments: ON -0.9% (downgraded to Neutral from Outperform at Wedbush
)
In reaction to disappointing earnings/guidance: TNET -32.6%, CGNX -22.1%, (authorized the purchase of up to $100 mln of common stock), ONDK -10.3%, (also announces that an affiliate of Jefferies Group has entered into an amended forward purchase agreement giving Jefferies the ability to purchase up to $500 mln in small business loans through OnDeck Marketplace over the next 12 months), KLIC -7.8%, ALL -7.7%, SGMS -6.2%, HYH -5.1%, DENN -4.8%, PQ -4.8%, BKD -4.6%, REMY -4.4%, TXRH -4.1%, RRD -4.1%, VSH -3.9%, VSH -3.9%, SCOR -3.6%, CHGG -3.5%, CVS -3.4%, MIC -3.2%, CAR -3%, PH -3%, EIGI -2.9%, CHTR -2.3%, ADM -2.1%, BMRN -1.8%, MCHP -1.8%, (also completes its acquisition of Micrel), MDU-1.7%, HEP -1.6%, NOAH -1.2%, ALR -0.8%
M&A news: SHPG -2.9% (Shire (SHPG) proposes to acquire Baxalta (BXLT) for ~$45.23/share in stock; says Baxalta has declined to engage in substantive discussions)
Other news: NBG -13.1% (Greece stocks cont to slide in Europe), RRD -4.1% (announces its intent to transform itself into three independent, publicly traded companies), IMPR -3.9% (announces a 4.35 mln share, proposed public offering of common stock by selling stockholders ), PLUG -3.5% ( files for ~7.89 mln share common stock offering by selling shareholders ), EIGI-3.1% (announces transition of CFO Tivanka Ellawala to working on e-commerce strategy initiatives; appoints Marc Montagner as new CFO, to take effect next month), RRTS -2.6% (announces a public offering of 2 mln common stock shares, exclusively by selling stockholders affiliated with HCI Equity Partners), IART -2.5% (announces a $200 mln public offering of its common stock), BCS -2.4% (in symp with Credit Ag, down 9% after earnings), DB -2.1% (in symp with Credit Ag, down 9% after earnings), CPF -1.4% (announces a secondary offering of ~5.54 mln common shares by ACMO-CPF and Carlyle Financial Services Harbor shareholders)
Analyst comments: ON -0.9% (downgraded to Neutral from Outperform at Wedbush
)
Gapping up
In reaction to strong earnings/guidance: WRES +26.2%, FIVN +12.6%, (light volume), MDAS +12.5%, KOPN +11.5%, RTEC +9.5%, TREE +9%, (light volume), ALLT +8.9%, IDTI +8.8%, COH +8.1%, TSRA +7.4%, QEP +7.2%, BPI +6.6%, PLOW +6%, MCEP +5.5%, QLYS +5.3%, S +4.8%, REGN +4.6%, CYH +4.3%, (Community Health plans to create a new publicly traded hospital company by spinning off a group of 38 hospitals and Quorum Health Resources), HW +4.1%, CTRP +4.1%, HAR +3.6%, TVPT +3.4%, LLNW +3.3%, CRTO +3.3%, MGM +3.3%, SNI +3.1%, ALDW +2.9%, DPLO +2.7%, ABMD +2.5%, NGLS +2.4%, IVAC +2.1%, ZTS +2.1%, RSPP +1.9%, AET +1.9%, ACRX +1.5%, ODP +1.3%, GEO +1.1%, OZM +0.9%,LPX +0.9%
M&A news: IPCM +35.6% (to be acquired by Team Health (TMH) in all-cash transaction with enterprise value of approx $1.6 bln or $80.25 per share), BXLT +20.5% (Shire (SHPG) proposes to acquire Baxalta for ~$45.23/share in stock; says Baxalta has declined to engage in substantive discussions ), LONG +17.4% (receives non-binding 'Going Private' offer for $18 per ADS, also reported earnings)
Select metals/mining stocks trading higher: CAS +8.4%, RIO +3%, CLF +2.9%, BHP +2.8%, MT +2.3%
Other news: MDAS +12.5% (Starboard confirms 8.7% stake in MedAssets, delivers letter outlining plan to increase shareholder value; believes operational improvements could push stock price to at least $37-$46), ISIS +1.4% ( reports positive data from its Phase 3 study of Kynamro Focus FH , showing the trial met its primary endpoint of reduction in LDL-cholesterol)
Analyst comments: SSYS +2.9% (upgraded to Overweight from Neutral at JP Morgan ), AA +1.7% (upgraded to Buy from Neutral at UBS), NGVC +1.4% (upgraded to Neutral from Underperform at Wedbush)
In reaction to strong earnings/guidance: WRES +26.2%, FIVN +12.6%, (light volume), MDAS +12.5%, KOPN +11.5%, RTEC +9.5%, TREE +9%, (light volume), ALLT +8.9%, IDTI +8.8%, COH +8.1%, TSRA +7.4%, QEP +7.2%, BPI +6.6%, PLOW +6%, MCEP +5.5%, QLYS +5.3%, S +4.8%, REGN +4.6%, CYH +4.3%, (Community Health plans to create a new publicly traded hospital company by spinning off a group of 38 hospitals and Quorum Health Resources), HW +4.1%, CTRP +4.1%, HAR +3.6%, TVPT +3.4%, LLNW +3.3%, CRTO +3.3%, MGM +3.3%, SNI +3.1%, ALDW +2.9%, DPLO +2.7%, ABMD +2.5%, NGLS +2.4%, IVAC +2.1%, ZTS +2.1%, RSPP +1.9%, AET +1.9%, ACRX +1.5%, ODP +1.3%, GEO +1.1%, OZM +0.9%,LPX +0.9%
M&A news: IPCM +35.6% (to be acquired by Team Health (TMH) in all-cash transaction with enterprise value of approx $1.6 bln or $80.25 per share), BXLT +20.5% (Shire (SHPG) proposes to acquire Baxalta for ~$45.23/share in stock; says Baxalta has declined to engage in substantive discussions ), LONG +17.4% (receives non-binding 'Going Private' offer for $18 per ADS, also reported earnings)
Select metals/mining stocks trading higher: CAS +8.4%, RIO +3%, CLF +2.9%, BHP +2.8%, MT +2.3%
Other news: MDAS +12.5% (Starboard confirms 8.7% stake in MedAssets, delivers letter outlining plan to increase shareholder value; believes operational improvements could push stock price to at least $37-$46), ISIS +1.4% ( reports positive data from its Phase 3 study of Kynamro Focus FH , showing the trial met its primary endpoint of reduction in LDL-cholesterol)
Analyst comments: SSYS +2.9% (upgraded to Overweight from Neutral at JP Morgan ), AA +1.7% (upgraded to Buy from Neutral at UBS), NGVC +1.4% (upgraded to Neutral from Underperform at Wedbush)