>>> What to look at today - 24th of July 2015

Dow-0.67% S&P-0.57% Nasdaq-0.49% Russell-1.06% VIX 12.64 (+4.21%)
US Market closed for a 3rd day in row. Equities spent the first two hours of action near their flat lines before sliding to session lows amid selling pressure in heavily-weighted sectors like consumer discretionary (-0.6%), financials (-0.8%), and industrials (-0.9%). S&P 500 settled below its 50-day moving average (2,103) for the first time in nearly two weeks. modest loss in the health care sector masked a 2.2% spike in the shares of Cigna after the Wall Street Journal reported the company is close to being acquired by Anthem for about $188/share. Volume were ahead of average @ 835mil shares. US After Hours AMZN +17.1%, JNPR +10.5%, P +10.2%, V +5%, SBUX +4.6%, TRUE -32.1%, SPNC -21.5% following earnings/guidance...Cautious sentiment is once again felt across much of Asia, even as Shanghai Composite continued to buck the trend. China's July preliminary manufacturing PMI as surveyed by Markit hit a 15-month low, remaining in contraction for the 5th straight month. Among the notable components, New Export orders decreased, input/output price decline accelerated, and employment continued to fall, albeit at a slower pace. The kneejerk market response was positive, presumably on expectation of continued implied easing bias at the PBoC. local press citing officials with the State Council reiterated the govt is seeking to improve Yuan rate mechanism and expand the trading band. Chinese currency fell on the comments with offshore USD/CNH pair rising to a 2-week high of 6.22. Japan's Markit manufacturing prelim PMI continued to track in the opposite direction of China, hitting a 5-month high and well in expansion territory at 51.4. Resident economist said operating conditions in the Japanese manufacturing sector improved in July, with new orders growth at its 2nd best level this year. Employment was also notably strong, rising at its fastest rate since December 2014.

Nikkei -0.60% Hang Seng -0.91% Shanghai +0.60%

Eur$1.0974 JPY 123.92 GBP 1.5518 EURCHF 1.0540 RUB $57.8331 WTI $48.71 (+0.54%)

S&P +0.05% EuroStoxx-0.33% Dax-0.24% SMI-0.17%

Macro :
- Asian Stocks Drop With Metals on China Manufacturing Contraction

Keep an eye on :
- ABBN VX : Investor AB, Cevian Held Meeting About ABB’s Future, SVD Reports
- AF FP : Air France-KLM 2Q Op. Profit Declines to EU185m From EU238m Y/y
- SAN SM : Uber No Longer Working W/ Santander Unit on Auto Financing: Rtrs
- BAS GY : BASF 2Q Ebit Ex-Items EU2.04b, Est. EU2.12b, Keeps 2015 Outlook, Sees Weaker Growth for Global Economy This Year
- BME LN : B&M Shr Sale Completed at 340p/Shr, Raising GBP408m Gross
- BMW GY : BMW Plans Up to 15,000 Additional Jobs in Munich: Handelsblatt
- CMB BB : Cie. Maritime Belge Has 2Q Loss $16.4m, Orders 2 Container Ships
- BN FP : Danone 2Q LFL Sales Beat Ests., Takes Dumex Impairment
- AM FP : Dassault Would Produce Rafales in India If It Can Reach Accord
- DGE LN : Diageo Says It Received SEC Inquiry About U.S. Distribution
- EDEN FP : Edenred Targets 2015 Current Op. Profit EU365M-EU380M, CEO: Co. Looking for New CEO Inside and Outside Edenred
- ENI IM : Eni could consider selling assets in Nigeria - Il Sole 24 Ore
- ESK SM : Euskaltel to Buy Grupo R in EU1.155b Cash-and-Stock Deal
- EO FP : Faurecia 1H Profit Rises 40%, Margin Forecast Ahead of Plan
- FDR GY : Fonciere Des Regions 1H Recurrent Net Rises 4% to EU170M
- GSK LN : Glaxo Gets EMA Backing for World’s First Malaria Vaccine
- HEI GY : HeidelbergCement Not Buying Lafarge East India Units: CNBC
- HUH1V FH : Huhtamaki 2Q Ebit Ex-Items Beats Est.
- IPR IM : Impresa 1H Net Declines 89% to EU0.67m Y/y
- ISP IM : Intesa Sanpaolo Seen in Talks to Sell Accedo Unit: Reuters
- KD8 GY :
- LAD LN : Ladbrokes and Gala Coral could announce merger deal on Friday; former HBOS CEO Andy Hornby to be appointed chief operating officer
- LMI LN : Lonmin Said to Cut Over 5,000 Jobs in South Africa: Sky
- MOBB BB : Mobistar 2Q Net EU13.3m; Est. EU13.3m; Keeps Ebitda Target ,Mobistar 1H Restated Ebitda EU142.1m; Maintains Ebitda Forecast
- PSON LN : Pearson Should Return Cash From FT Sale Proceeds: Peel Hunt
- SIK VX : Sika Says 1H Profit up 11%; Sees Above Average Rise in Margins
- SIK VX : SIKA TO RESTRICT VOTING RIGHTS OF SCHENKER-WINKLER TO 5%
- SYNN VX : Syngenta to Meet With Paulson to Discuss Resistance to Deal: DJ
- SYNN VX : Monsanto CEO Offers to Open Books to Syngenta to Spur Talks
- SYNN VX : Companie is not for sale - Le temps http://bit.ly/1gRAVEm
- TFI FP : TF1 2Q Rev. EU505.6m vs Est. EU523.8m
- HO FP : Thales 1H Rev. Beats Est.; Confirms 2015 Sales Outlook
- WHA NA : Wereldhave Raises 2015-16 Target for Dir. Result CAGR to 7%-10%

>>> Europe : Brokers Upgrades & Downgrades - 24th of July 2015

>>> Up
*ACACIA MINING RAISED TO BUY AT CITI
*BP RAISED TO HOLD AT SANTANDER
*CAIRN ENERGY RAISED TO HOLD VS SELL AT SOCGEN
*FRESNILLO RAISED TO BUY AT CITI
*HOCHSCHILD MINING RAISED TO NEUTRAL AT CITI
*ICADE RAISED TO BUY VS NEUTRAL AT UBS
*NLMK RAISED TO OVERWEIGHT VS EQUALWEIGHT: BARCLAYS
*PLASTIC OMNIUM RAISED TO BUY VS HOLD AT SOCGEN
*RANDGOLD RAISED TO BUY AT CITI
*RHEINMETALL RAISED TO BUY VS HOLD AT BERENBERG
*SEVERSTAL RAISED TO OVERWEIGHT VS EQUALWEIGHT: BARCLAYS
*TALANX RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*UNILEVER RAISED TO BUY AT CANACCORD GENUITY
*VESTAS WIND RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS

>>> Down
*ATRESMEDIA CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*BENI STABILI CUT TO NEUTRAL VS CONVICTION BUY AT GOLDMAN
*DAIRY CREST CUT TO NEUTRAL VS BUY AT UBS
*FABEGE AB CUT TO NEUTRAL VS BUY AT GOLDMAN
*HANNOVER RE CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*MTU AERO ENGINES CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*PKN ORLEN CUT TO HOLD VS BUY AT SOCGEN; PT RAISED TO PLN79
*TELE2 CUT TO NEUTRAL VS BUY AT CITI

>>> PT Change


>>> Initiation
*DEUTSCHE ANNINGTON RATED NEW OVERWEIGHT AT JPMORGAN
*LAFARGEHOLCIM RATED NEW NEUTRAL AT GOLDMAN, PT CHF79.70
*RATIONAL REINITIATED HOLD AT BERENBERG, PT EU366

>>> Call

>>> Eni could consider selling assets in Nigeria

Eni could consider selling assets in Nigeria
Eni, the listed Italian oil giant, could consider selling assets in Nigeria, reported Il Sole 24 Ore which referred to an unsourced report in Bloomberg. The report said that Eni has yet to decide which assets to sell but added that the disposal could include assets worth between USD 2bn and USD 5bn. The company did not comment on the speculation.

Eni previously announced that it would sell assets for up to EUR 8bn in the 2015-2018 period. In Nigeria it has a fully owned subsidiary named Nigerian Agip Oil and has a joint venture with NNPC and ConocoPhillips.

The report was on page 23 of the print version

Source Il Sole 24 Ore

(LeTemps.ch) Michel Demaré: "Syngenta is not for sale!"


Demaré Michel, chairman of Syngenta, Monsanto replica advances. He said he was "irritated" by the repeated offers of the American giant on its competitor Basel

He was not in Basel. Thursday Demaré Michel, president of the Board of Directors of Syngenta, was not at the headquarters of the pesticide giant for the publication of interim results (see box). By phone, however, he agreed to discuss the proposal with Time Monsanto. In April, the American specialist GM has proposed a 45 billion dollar (449 francs per share) to merge with Syngenta, which has so far refused.

Time: The results published Thursday by Syngenta are better than what was expected analysts. Will these figures reinforce your position on Monsanto?

Demaré Michel: Yes, it's a very powerful message. This will increase our credibility with shareholders. At constant exchange rates, sales rose 3% in a difficult environment, it shows that the fundamentals are there and that only, we are doing very well.

- Pierre Landolt, a former member of your board, recently said in these columns that the history between Monsanto and Syngenta resembled goat Seguin; Syngenta will resist all night, but to eat in the morning ...

- No, absolutely not. And I have great respect for Pierre but I'm willing to bet a bottle with him wrong. I think Monsanto comes at a fairly opportunistic time. Clearly they have some doubts about their future and think it will take them a chemical basis for crop protection to develop. So they attack the industry leader. But we are not the kind of assets to be bought at a discount. And we are not for sale! In their proposal, three elements are unacceptable: the risks associated with competition authorities, sharing the fruits of unfair synergy to Syngenta's shareholders and the offer price. You interviewed Hugh Grant [the boss of Monsanto], but two questions remained unanswered: how does it feel to get from selling our seeds business and how he thinks earn tax reversal that it intends to achieve. If he had given you an honest answer on these points, you would have understood that Monsanto wants to buy Syngenta at a ridiculous price. But he was extremely discreet. For three weeks, he speaks, he speaks, he speaks but nothing new comes. Except two things: the tone becomes less and less friendly and unfounded insinuations are growing ...

- You published confidential letters sent by the boss Monsanto yourself talk of a bid "grossly inadequate", a "simplistic" approach "totally irresponsible" ... It is not very friendly either ...

- There's nothing personal. The Board is unanimous behind this approach. Understand: This is the third time that Monsanto comes knocking at our door. If you have a beautiful house and someone wants to buy it at a price that does not reflect its value, the first time you say no nicely, thank you. The second time, too. But the third time, you do not even offer a cup of coffee. It is there. If the dream of Hugh Grant is to acquire the company as he says, he must pay the price. Moreover, he continues to call it a merger. But this is a hostile takeover bid [unfriendly takeover]. And, yes, there is some irritation because it's been four years that they are in our back without serious offer. it's a waste of time. Hugh Grant sends communiqués saying "they say no, but I think no means yes", well he is mistaken. No no means.

- Hugh Grant replied that he could improve his offer if you gave it access to your records ...

- But there are so many areas where we have a duopoly between Monsanto and Syngenta - for example in research on maize. Are we going to show them all new products that we are currently developing? This is unacceptable to come up with such a proposal.

- In one of your letters, you say that, in the case of a merger, Monsanto's reputation would prejudice that of Syngenta. How would you describe the image of Monsanto?

- This is the least popular company in the industry - which is itself not popular. Monsanto is aggressive in its communication, accentuating his problem. Their behavior in recent weeks only reinforces this impression. With the new company, they propose to solve this by changing name. But society is as a person. Tomorrow you might call you instead of Pierre Valere, you will always have the same DNA, the same manners, the same education, the same attitude ... The cultural difference between our two companies is huge and would pose obvious problems in terms of integration.

- In these columns two weeks ago, Hugh Grant explained how your shareholders showed themselves enthusiastic about this offer. This will he worry?

- Three weeks ago, I also spoke with our holding. It is a manipulation of information that our shareholders support the Monsanto approach. We must distinguish two categories. On one side there are those who own only shares of Syngenta, who are very interested in our explanations and want to understand our individual strategy - that we will do more in the weeks to come as our director, Mike Mack, and our director Financial, John Ramsay, will go on a roadshow in Europe and the United States to meet about it. On the other side, there are those which refers Hugh Grant, who own shares of Syngenta and Monsanto shares and want to see an agreement into place.

- Hugh Grant also said: "Michel Demaré is concerned about the reaction of the authorities, but if you increase the price, he would come in. It's fun! "What do you say to that?

- Again, this is a very interesting way to handle the truth. With a higher price but ignoring the other problems, it would be too dangerous. We would engage in the dismantling of our society.

(LeTemps.ch) Michel Demaré: «Syngenta n’est pas à vendre!»


Michel Demaré, président du conseil d’administration de Syngenta, réplique aux avances de Monsanto. Il se dit «irrité» par les offres à répétition du géant américain sur son concurrent bâlois

Il n’était pas à Bâle. Jeudi, Michel Demaré, président du conseil d’administration de Syngenta, n’était pas au quartier général du géant des pesticides pour la publication des résultats semestriels (voir encadré). Par téléphone, il a toutefois accepté d’évoquer avec Le Temps la proposition de Monsanto. En avril, le spécialiste américain des OGM a proposé une offre à 45 milliards de dollars (449 francs par action) pour fusionner avec Syngenta, qui a jusqu’ici refusé.

Le Temps: Les résultats publiés par Syngenta jeudi sont meilleurs que ce qu’attendaient les analystes. Ces chiffres vont-ils renforcer votre position face à Monsanto?

Michel Demaré: Oui, c’est un message très puissant. Cela va augmenter notre crédibilité auprès des actionnaires. A taux de change constant, nos ventes ont progressé de 3% dans un environnement difficile, cela montre que les fondamentaux sont là et que, seuls, nous nous en sortons très bien.

– Pierre Landolt, un ancien membre de votre conseil, disait récemment dans ces colonnes que l’histoire entre Monsanto et Syngenta ressemblait à celle de la chèvre de Monsieur Seguin; Syngenta va résister toute la nuit, mais se faire manger au petit matin…

– Non, absolument pas. Et j’ai beaucoup de respect pour Pierre mais je suis prêt à parier une bouteille avec lui qu’il a tort. Je pense que Monsanto arrive à un moment assez opportuniste. Il est clair qu’ils ont quelques doutes sur leur futur et pensent qu’il leur faudra une base chimique de protection des cultures pour se développer. Ils s’attaquent donc au leader du secteur. Mais nous ne sommes pas le genre d’actifs que l’on achète au rabais. Et nous ne sommes pas à vendre! Dans leur proposition, trois éléments sont inacceptables: les risques liés aux autorités de la concurrence, le partage des fruits de la synergie injuste pour les actionnaires de Syngenta et le prix offert. Vous avez interviewé Hugh Grant [le patron de Monsanto], mais deux questions sont restées sans réponses: combien pense-t-il obtenir de la vente de nos activités de semences et combien pense-t-il gagner de l’inversion fiscale qu’il entend réaliser. S’il vous avait donné une réponse honnête sur ces points, vous auriez compris que Monsanto veut acheter Syngenta à un prix ridicule. Mais il a été extrêmement discret. Depuis trois semaines, il parle, il parle, il parle mais rien de nouveau ne vient. Sauf deux choses: le ton devient de moins en moins amical et les insinuations infondées sont de plus en plus nombreuses…

– Vous avez publié des courriers confidentiels envoyés par le patron de Monsanto, vous parlez vous-même d’une offre «grossièrement inadéquate», d’une approche «simpliste», «totalement irresponsable»… Ce n’est pas très amical non plus…

– Il n’y a rien de personnel. Le conseil d’administration est unanime derrière cette approche. Comprenez: c’est la troisième fois que Monsanto vient frapper à notre porte. Si vous avez une belle maison et que quelqu’un veut l’acheter à un prix qui ne reflète pas sa valeur, la première fois vous dites gentiment non, merci. La deuxième fois, aussi. Mais la troisième fois, vous n’offrez même pas une tasse de café. On en est là. Si le rêve de Hugh Grant est d’acquérir cette société comme il le dit, il faut qu’il en paye le prix. Par ailleurs, il continue d’appeler cela une fusion. Mais il s’agit d’une offre publique d’achat hostile [unfriendly takeover]. Et, oui, il y a une certaine irritation car cela fait quatre ans qu’ils sont dans notre dos, sans offre sérieuse. C’est une perte de temps. Hugh Grant envoie des communiqués en disant «ils disent non, mais je crois que non veut dire oui», eh bien il se trompe. Non signifie non.

– Hugh Grant répond qu’il pourrait améliorer son offre si vous lui donniez accès à vos dossiers…

– Mais il y a tellement de domaines où nous avons un duopole entre Monsanto et Syngenta – par exemple dans la recherche sur le maïs. Est-ce que l’on va leur montrer tous les nouveaux produits que nous sommes en train de développer? C’est inacceptable de venir avec une telle proposition.

– Dans l’un de vos courriers, vous dites que, dans le cas d’une fusion, la réputation de Monsanto porterait préjudice à celle de Syngenta. Comment décririez-vous l’image de Monsanto?

– C’est la société la moins populaire de toute l’industrie – qui n’est elle-même pas populaire. Monsanto est agressif dans sa communication, ce qui accentue son problème. Leur comportement de ces dernières semaines ne fait que renforcer cette impression. Avec la nouvelle société, ils proposent de résoudre cela en changeant de nom. Mais une société, c’est comme une personne. Demain vous pourriez vous appeler Pierre au lieu de Valère, vous aurez toujours le même ADN, les mêmes manières, la même éducation, la même attitude… La différence culturelle entre nos deux sociétés est énorme et poserait des problèmes évidents en termes d’intégration.

– Dans ces colonnes il y a deux semaines, Hugh Grant expliquait combien vos actionnaires se montraient enthousiastes pour cette offre. Cela vous inquiète-t-il?

– Il y a trois semaines, j’ai aussi parlé avec nos plus grands actionnaires. C’est une manipulation de l’information de dire que tous nos actionnaires soutiennent l’approche de Monsanto. Il faut en distinguer deux catégories. D’un côté, il y a ceux qui possèdent uniquement des actions Syngenta, qui sont très intéressés par nos explications et veulent comprendre notre stratégie individuelle – ce que nous ferons davantage dans les semaines à venir puisque notre directeur, Mike Mack, et notre directeur financier, John Ramsay, vont partir en roadshow en Europe et aux Etats-Unis pour les rencontrer à ce sujet. De l’autre côté, il y a ceux auxquels Hugh Grant fait référence, qui possèdent des actions Syngenta et des actions Monsanto et veulent voir un accord se mettre en place.

– Hugh Grant disait aussi: «Michel Demaré s’inquiète de la réaction des autorités, mais si l’on augmentait le prix, il entrerait en matière. C’est amusant!» Que répondez-vous à cela?

– Encore une fois, c’est une manière très intéressante de manipuler la vérité. Avec un prix supérieur mais en ignorant les autres problèmes, cela resterait trop dangereux. L’on s’engagerait dans un démantèlement de notre société.

>>> Asian Update

Asian Mid-session Update: China flash PMI falls to 15-month lows; AUD hits 6-year lows after S&P warning


***Economic Data***
- (CN) CHINA JULY CAIXIN/MARKIT FLASH MANUFACTURING PMI: 48.2 V 49.7E (15 month low)
- (JP) JAPAN JULY MARKIT FLASH PRELIMINARY MANUFACTURING PMI: 51.4 V 50.5E; 5-month high
- (NZ) NEW ZEALAND JUN TRADE BALANCE (NZD): -60M V +100ME (first deficit in 6 months)
- (PH) PHILIPPINES MAY TRADE BALANCE: +$0.9B V -$0.1BE
- (KR) SOUTH KOREA JULY CONSUMER CONFIDENCE: 100 V 99 PRIOR

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -0.6%, S&P/ASX -0.6%, Kospi -0.9%, Shanghai Composite +1.1%, Hang Seng -0.9%, Sept S&P500 flat at 2,099

***Commodities/Fixed Income***
- Aug gold -1.4% at $1,078/oz, Sept crude oil +0.7% at $48.78/brl, Sept copper -0.7% at $2.37/lb
- GLD: SPDR Gold Trust ETF daily holdings fall 2.7 tonnes to 684.6 tonnes; lowest since Sept 2008
- GLD: Spot gold falls 1.5% below $1,075; fresh 5 year lows
- (CN) China MOF sells 30-year bonds, avg yield 3.94%
- (AU) Australia MoF (AOFM) sells A$900M in 3.25% 2025 Bonds; avg yield: 2.8239%; bid-to-cover: 2.42x
- (JP) Japan investors net ¥576B in foreign bonds V bought ¥163.1T in prior week; Foreign investors buy net ¥622B in Japan stocks v sold ¥851B in prior week

***Market Focal Points/Macro/FX***
- US markets suffered their 3rd straight day of losses, with 2,130-5 area in S&P500 having served as downward inflection area on 3 separate occasions in 3 months. Cautious sentiment is once again felt across much of Asia, even as Shanghai Composite continued to buck the trend. China's July preliminary manufacturing PMI as surveyed by Markit hit a 15-month low, remaining in contraction for the 5th straight month. Among the notable components, New Export orders decreased, input/output price decline accelerated, and employment continued to fall, albeit at a slower pace. The kneejerk market response was positive, presumably on expectation of continued implied easing bias at the PBoC.

- Also of note in China, local press citing officials with the State Council reiterated the govt is seeking to improve Yuan rate mechanism and expand the trading band. Chinese currency fell on the comments with offshore USD/CNH pair rising to a 2-week high of 6.22.

- Japan's Markit manufacturing prelim PMI continued to track in the opposite direction of China, hitting a 5-month high and well in expansion territory at 51.4. Resident economist said operating conditions in the Japanese manufacturing sector improved in July, with new orders growth at its 2nd best level this year. Employment was also notably strong, rising at its fastest rate since December 2014.

- In FX, AUD/USD saw the most trading volatility among USD majors, falling to a 6-year low below $0.7270. The initial spike lower was a 40pip move to $0.7310 on China PMI release. Later in the session, S&P affirmed Australia's AAA rating and stable outlook but warned it may cut its view if the budget does not improve, sending the Aussie down by another 30pips.

***Equities***
US equities / ADRs:
- SFG: Confirms Meiji Yasuda Life Insurance Company to Acquire StanCorp Financial Group fpr $115/shr or about $5B; +37.6% afterhours
- AMZN: Reports Q2 $0.19 v -$0.15e, R$23.2B v $22.3Be; +17.3% afterhours
- JNPR: Reports Q2 $0.53 v $0.40e, R$1.22B v $1.11Be; +10.5% afterhours
- P: Reports Q2 $0.04 v $0.03e, R$285.6M v $283Me; +10.2% afterhours
- V: Reports Q3 $0.74* v $0.59e, R$3.52B v $3.37Be; in talks with Visa Europe for combination; Confirms in discussions with Visa Europe about a business combination; +5.0% afterhours
- SBUX: Starbucks and PepsiCo to Accelerate Growth Within Latin Americas $4 Billion Ready-to-Drink Coffee and Energy Beverage Categories; +4.1% afterhours
- T: Reports Q2 $0.69 v $0.63e, R$33.0B v $33.1Be; +2.3% afterhours
- TRUE: Cuts FY15 R$252-258M v $283Me; Guides Q2 R$65-65.3M v $68.5Me, EBITDA -$20M to +$30M; -33.1% afterhours

Notable movers by sector:
- Consumer discretionary: BAIC Motor Corp Ltd 1958.HK -4.0% (enters into cooperation agreement); Coca-Cola Amatil CCL.AU +0.9% (potential merger)
- Consumer staples: Yashili International Holdings 1230.HK -0.9% (to buy Dumex China)
- Financials: AIA Group 1299.HK -1.5% (H1 result); Biostime International Holdings 1112.HK -14.3% (H1 guidance); Guosen Securities 002736.CN +0.9% (H1 result); Haitong International Securities Group 665.HK +4.8% (H1 guidance); Commonwealth Bank of Australia CBA.AU +0.3% (to raise investor home loans rates); KB Financial Group Inc 105560.KR -1.4% (Q2 result)
- Industrials: Cheung Kong Infrastructure 1038.HK +1.0% (H1 result); Sinosteel Engineering & Technology 000928.CN -1.9% (H1 result); Kia Motors Corporation 000270.KR -0.7% (Q2 result); Hyundai Motor C0 005380.KR +0.4% (Q2 result); Mazda Motor Corp 7261.JP -1.2% (Q1 speculation); Sumitomo Chemical Co 4005.JP +2.5% (Q1 speculation); Samsung Engineering Co 028050.KR -4.0% (Q2 result); Daelim Industrial Co Ltd 000210.KR -9.3% (Q2 result); Hyundai Mobis 012330.KR +0.3% (Q2 result)
- Technology: LG Display Co 034220.KR -2.2% (Q2 result)
- Materials: Rising Nonferrous Metals Share Co 600259.CN -0.9% (H1 guidance); Gansu Jiu Steel Group Hongxing Iron & Steel Co 600307.CN +2.6% (H1 guidance); Doray Minerals DRM.AU -2.3% (Q3 result)
- Energy: Power Assets 6.HK -0.2% (H1 result); China Oilfield Services 601808.CN +10.0%, Offshore Oil Engineering Co 600583.CN +10.0% (NDRC to focus on 6 sectors)

>>> US After Hours Summary: AMZN +17.1%, JNPR +10.5%, P +10.2%, V +5%,

After Hours Summary: AMZN +17.1%, JNPR +10.5%, P +10.2%, V +5%, SBUX +4.6%, TRUE -32.1%, SPNC -21.5% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: AMZN +17.1%, MKTO +15.4%, JNPR +10.5%, P +10.2%, LOGM +9.9%, NTGR +9.2%, QLIK +9.1%, MITK +7.8%, PFPT +5.1%, TRN +5%, V +5%, STS +4.8%, SBUX +4.6%, MXIM +4.1%, IG +4.1%, BYD +4%, BLDR +3.9%, SWKS +3.6%, N +3.2%, HWAY +3.1%, ACTG +2.8%, CLS +2.3%, T +2.1%, SBCF +1.9%, AIRM +1%, RT +0.8%, FLEX +0.6%

Companies trading higher in after hours in reaction to news: AMDA +35.2% (signed an original equipment manufacturer letter of intent supply agreement with a leading orthopedic device design and manufacturing company), V +5.2% (co believes there is compelling logic for a combination with Visa Europe and its in discussions with the company; co also reported earnings), CLS +2.3% (entered into an agreement to sell its corporate headquarters in Toronto, Ontario; co also reported earnings), CCIH +2.1% (GIC Private Limited discloses 5.15% passive stake in 13G filing), CCK +0.7% (announced that CEO John Conway will retire, effective January 1, 2016; Board has elected COO Timothy Donahue to assume the role on January 1)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: TRUE -32.1%, SPNC -21.5%, CSII -10.6%, TRIP -9.5%, PMCS -9.1%, ALGN -7.4%, COF -5%, GIMO -4.6%, SHBI -3.5%, ATHN -2.1%, ETFC -1.7%, SBSI -1.6%, RM -0.8%, UIS -0.6%, CBI -0.6%, FMX -0.4%

Companies trading lower in after hours in reaction to news: SNSS -59.7% (reported that it was informed by the FDA that it would not support an NDA filing for vosaroxin for the treatment of acute myeloid leukemia without additional clinical evidence), CSII -10.6% (lower following weak results from peer Spectranetics), AAVL -4.1% (announced the resignation of CEO Thomas Chalberg, effective July 23, 2015; appoints SVP of Business Operations, Hans Hull as Interim CEO), MYCC -3.2% (announced that Fillmore CCA Investment intends to offer for sale in an underwritten secondary offering 10 mln shares of the Company's common stock), FMCC -0.4% (reported monthly volume summary for June 2015: Total mortgage portfolio increased at an annualized rate of 2.8%)

Reuters - Qualcomm's potential break-up could lead to courtship with Intel

It could be a match made in heaven.

Wall Street says Intel Corp is the best suitor for Qualcomm Inc's chip unit, if the maker of Snapdragon mobile processors decides to break itself up.

"The chip deal to end all chip deals," says Cowen and Co analyst Timothy Arcuri, would give Intel's smartphone chip making business a much-needed boost.

It would also allow Intel to expand its footprint in the key Chinese market.

Other suitors for Qualcomm's chip business, valued at $30 billion-$40 billion, could include a consortium backed by the Chinese government and Samsung Electronics Co Ltd.

Qualcomm said on Wednesday that it was weighing a possible separation of its two businesses, a move prompted by activist shareholder Jana Partners, which had a 1.7 percent stake in the company as of March 31.

The maker of computing and communication chips for mobile devices has been losing ground to Asian rivals such as MediaTek Inc, whose cheaper versions have given them an edge in the price-conscious Asian market.

Longtime customer Samsung's decision to use its own chips in its flagship Galaxy S6 smartphone instead of Qualcomm's Snapdragon has added to the company's woes.

A deal with Intel, which has its own foundries, will help Qualcomm cut costs and price its chips more competitively.

"... This would catapult Intel into the leadership position and give it diversity away from PCs that it very much needs," Ascendiant Capital Markets analyst Cody Acree said.

Intel and Qualcomm declined to comment.