>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: INAP -20.7%, PIR -6.2%, BBRY -3.8%, SQNM -2.9%, BHLB -0.7%, (also announced the promotion of Richard Marotta to President of Berkshire Bank and Sean Gray to Chief Operating Officer of the Bank), SWFT -0.7%, BBBY -0.6%, FINL -0.5%

Select metals/mining stocks trading lower: EGO -3.4%, NEM -2.3%, GDX -2.2%, GG -1.9%, RGLD -1.4%, BHP -0.9%

Other news: EMES -17.7% (withdrew its previously announced distribution guidance for 2015 due to 'difficult' market conditions in its Sand and Fuel segments), ABGB -9.9% (cont volatility in name pre-mkt), PETX -8.5% (provided product update; co does not believe AT-004 or AT-005 in their current, first-generation forms will capture the desired lymphoma market opportunity),CTIC -3.9% (announced a 10 mln share registered direct offering at $1.57 per share), QTWO -3.5% (prices its offering of ~3.8 mln shares by it and its selling shareholders at $25.50/share), ABX -2.3% (reports that that restrictions on processing activities at its Veladero mine in San Juan province of Argentina, have been lifted), SLW -2.2% (received notices of reassessment from the Canada Revenue Agency relating to its 2005 to 2010 taxation years)

Analyst comments: N/
A

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: NKE +8.5%, JBL +7.4%, AEHR +6.2%, (thinly traded), CTAS +1%

M&A news: AEG +3.9% ( to acquire Mercer HR Services' US defined contribution administration book of business ), RAI +2.3% (Bloomberg reporting Japan Tobacco is in talks to acquire ~$5 bln of RAI's assets)

Select Semi related names showing strength: ARMH +2.9%, ASML +2.8%, STM +2.6%, MU +1.7%

Other news: BLPH +76.1% (positive data from an interim analysis of its Phase 2 long-term extension study of INOpulse for the treatment of Pulmonary Arterial Hypertension; receives SPA for its phase 3 PAH program), VSTM +11.9% (reports a study published in the journal Cell, which highlights the potential of FAK inhibition to enable the body's immune system to fight cancer),MRVL +5.8% (announces significant restructuring of mobile platform business ), CTCM +5.8% (divests 75% interest in operating business for $200 mln; plans to return cash to shareholders), ACI +5% (cont strength), BTU +4.3% (cont strength), WMIH +4.1% (received approval to list on Nasdaq effective September 28), SUNE +3.9% (rebounding after recent sell off), EXEL+3.9% (confirms European CHMP positive opinion for Cobimetinib in combination with Vemurafenib for the treatment of advanced melanoma), ADRO +3.7% (to acquire BioNovion for EUR 29 mln), HZNP +3.2% (confirms it received a Positive CHMP Opinion for RAVICTI Oral Liquid for the Treatment of Urea Cycle Disorders in Patients Greater Than Two Months of Age), UA+2.6% (on NKE results), OPK +2.6% (following CEO appearance on Mad Money), FCX +2.6% (cont strength from yesterday), SPWH +2.5% (prices its secondary offering of 6.25 mln shares of common stock at $12.25/share on behalf of selling stockholders), GPRO +2.2% (trading higher with futures pre-mkt), CNHI +2.1% (rebounding after yesterday's weakness), NVS +2.1% (receives CHMP recommendation for Entresto for EU approval), NVO +2.1% (reports second phase 3a trial with semaglutide in people with type 2 diabetes achieved its objective), SNY +2% (trading higher with peers), NFLX +1.9% (trading higher with futures pre-mkt), BIIB +1.9% (Biogen and Sobi confirm they received a positive recommendation from the CHMP for the marketing authorization of ELOCTA), GSK +1.4% (trading higher with peers), CELG +1.4% (receives positive CHMP opinion as new treatment for elderly patients with acute myeloid leukaemia), GILD +1.4% (European CHMP Adopts Positive Opinion for Gilead's Single Tablet Regimen Genvoya for the Treatment of HIV), AZN +1.2% (trading higher with peers), AAPL +1.2% (iPhone 6 released today), AMGN +1% (confirms the CHMP adopted positive opinions recommending marketing authorization for BLINCYTO and Kyprolis in combination with lenalidomide and dexamethasone)

Analyst comments: ARWR +6.1% (target raised to $20 from $12 at Piper Jaffray), CYBR +3.9% (upgraded to Buy from Neutral at Nomura), ARMH +3.4% (initiated with a Buy at Stifel), ERIC +2.3% (upgraded to Buy at Liberum), URI +2.1% (initiated with an Overweight at Barclays; upgraded to Neutral from Underperform at BofA/Merrill), ALV +1.8% (upgraded to Sector Perform at RBC Capital Mkts), INTC +1.5% (upgraded to Mkt Perform from Mkt Underperform at JMP Securities), NVRO +1.4% (initiated with an Outperform at BMO Capital), KO +1.1% (reinstated with a Buy at Deutsche Bank
)

>>> BlackBerry conference call update

BlackBerry conference call update

  • Shipped new version of BB10 with new anti-theft and security features; company has 2 new releases on schedule
  • Expects $160 mln in GAAP revenue from Good Technology in the first year; targeting 30% cost reductions at Good Technology
  • Co on track to reach $500 mln services and software revenue for the FY
  • Expects to maintain cash balance of $2.5 bln
  • Increases current buyback program by 15 mln shares.

>>> Atlantia’s ADR stake sale terms not yet showed to Adia

Atlantia’s ADR stake sale terms not yet showed to Adia
Atlantia [BIT:ATL] is expected to inform Abu Dhabi Investment Authority (Adia) about the terms agreed with Gingko Tree Investment on the sale of a 15% stake in Aeroporti di Roma (ADR) only after the transaction with the Chinese investment vehicle is finalized, it is understood.

Atlantia is selling a 30% stake in ADR. A first 15% stake is expected to be sold to Gingko Tree investment while a further 15% stake has been reserved to Adia, provided it can match price and conditions agreed with the other 15% buyer, it was noted.

But considering Adia has not been briefed so far about what these conditions are it might have some room for negotiation, it was said. For this reason, talks with the sovereign fund were said to be potentially taking some time.

Atlantia was described as being particularly keen to have commitments from investors on supporting ADR’s inorganic expansion and investments plans.

Meanwhile, closing of the 15% stake sale to Gingko Tree could be a matter of days, this news service has learnt .

The parties are just finalising some legal aspects of the contract but main negotiating points have been agreed upon, it was added. No firm deadline was said to have been fixed to reach an agreement.

Gingko Tree was said to have become the preferred bidder as it was the only potential acquirer able to meet Atlantia’s minimum price expectations. Atlantia had placed around a EUR 4bn price tag on the Rome airports operator, valuing the 30% stake at around EUR 1.2bn, as previously reported.

Floor price for the 15% stake was said to be around half that amount.

ADR manages the two main airports of the Italian capital, Fiumicino and Ciampino.

Atlantia could not immediately be reached for comment.

Reuter - Daimler says does not use defeat devices

German carmaker Daimler said it did not manipulate emissions data for diesel engines, after Volkswagen admitted to having deceived U.S. regulators about how much its diesel cars pollute.

A spokesman for Daimler said on Thursday the maker of Mercedes-Benz cars did not use so-called defeat devices employed by Volkswagen and complied with rules on nitrogen oxide emissions around the world.

German trade magazine Auto Bild earlier reported fellow carmaker BMW's BMW X3 xDrive 20d exceeded the Euro 6 limits on nitrogen oxide emissions more than 11-fold in road tests by the International Council on Clean Transportation (ICCT), sending shares in BMW and Daimler lower.

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BMW has denied the report.

>>> NIKE: Color on Quarter --> +8% Pre Open

NIKE: Color on Quarter
  • Telsey Advisory Group raises their NKE tgt to $136 from $128 The company posted a stronger-than-expected 1QF16 result, driven by upside across the board, and was able to grow EPS by 24% despite the strong headwind from F/X. However, the "wow" factor for them was the 17% CC increase in futures, which implies the potential for an even greater acceleration in the next few quarters. The sporting goods space remains robust and Nike continues to gain share. The company has an analyst day coming up in October and will also be heading into an event year in 2016 that should keep the industry in the spotlight. They recently upgraded the stock to an Outperform and reiterate their favorable thesis.
  • FBR & Co raises tgt to $210 from $109 (26x FY17 FBR EPS vs. 24x previously), reflecting consistent execution and a higher revenue trajectory, but maintain their Market Perform rating (they see valuation as relatively full given estimated +LDD/+LT EPS growth trajectory). Currency-neutral Sep-Jan futures growth of +17% well exceeded expectation, indicative of increased demand. North American demand remains strong with +15% currency-neutral futures growth, but there is potential near-term DTC sales/margin pressure (potentially through F3Q) as elevated inventories from port delays are cleared. However, they expect investors to be more focused on strong top line/demand and potential upside via perceived conservative implicit FY16 EPS guidance.
  • Stifel raises their NKE tgt to $135 from $118. Accelerating demand despite difficult compares and macro challenges they view as further evidence of the growing global concern for health and fitness and the expanding wearable occasion for NIKE products. They expect the 2016 Olympics brings additional energy to this mega-trend in FY17. While they see potential for incremental infrastructure and brand investment to be an offset, they remain comfortable positioning their estimates ahead of implied guidance. Given fundamental momentum, increasingly evident secular tailwinds from growing global concern for health and fitness, and structural tailwinds to the higher margin DTC business, they continue to view NIKE as a solid core holding.
  • Stene Agee upgrades to Buy from Neutral

(Closer) Cyril Hanouna : 250 millions d'euros pour rester sur D8 et pour refuser

Cyril Hanouna : 250 millions d'euros pour rester sur D8 et pour refuser une offre de TF1
Cyril Hanouna a failli quitter D8 pour se rendre sur TF1. L'animateur a bien négocié son contrat avec D8 puisqu'il a décidé d'y rester moyennant un chèque de 250 millions d'euros.
Depuis son arrivée dans le groupe Canal+, Vincent Bolloré a fait un grand ménage. S'il s'est séparé de plusieurs personnes, il a gardé bien précieusement l'animateur star de D8 : Cyril Hanouna. Pour cela, Vincent Bolloré a signé un gros, un très gros chèque. L'homme a signé un contrat de "50 millions d'euros par an sur cinq ans" comme déclaré lors de
son audition à huis clos devant le CSA.
C'est entre D8 et la société de production de Cyril Hanouna que le contrat a été acté. Pour 250 millions d'euros, donc, l'animateur de Touche pas à mon poste restera sur D8, et si quand bien même il décide de partir de la chaîne, son émission restera sur D8. Un accord important car Cyril Hanouna "a failli partir cet été sur TF1." La faute à Ara Aprikian...
Ara Aprikian sanctionné ?
D'après BFM Business, "l'ancien patron de D8, Ara Aprikian, était conscient de cette menace et avait démarré au printemps 2015 les discussions pour renouveler par anticipation ce contrat, aboutissant à un montant d'un peu moins de 30 millions d'euros par an". Cela n'a pas suffit pour Vincent Bolloré. Ce dernier a préféré se séparé d'Ara Aprikian. Selon Télérama, il "paie de ne pas avoir sécu­risé le contrat de Cyril Hanouna, l'animateur vedette."