(BarCap) Bouygues - Downgrade to EqualWeight (Full note attached)

Executing on the game plan, but fully valued – downgrade to EW

Bouygues' 1Q15 result confirmed our view that the Bouygues Telecom turnaround is well underway. We also believe NUM-SFR/Altice’s purchase of Vivendi’s 20% NUM-SFR stake clears the way for potential mobile consolidation. However, despite moving our telco valuation to a 50/50 blend of our €7bn DCF valuation and a €9bn/13x EBITDA target multiple, our new €38/share price target implies no upside potential, and our upside case only c.8% potential upside. With the stock having outperformed the sector by c.10% since February, now trading on 6.5x EV/EBITDA and 4.4% dividend yield, we downgrade to Equal Weight.

Downgrade to Equal Weight: We upgraded Bouygues to OW in our February 9 report, French Telecoms - Focus on fundamentals; still positive. With modest forecast changes in today’s report, we move to a multiple-based valuation for Bouygues Telecom, assuming a 50/50 blend of our €7bn DCF value and a €9bn/13x EBITDA multiple value. Our price target increases to €38/share from €36/share prior, implying zero potential upside. Our upside case of €41/share implies c.8% potential upside and assumes a telco disposal at a €9bn EV. On our new forecasts Bouygues trades on 6.5x 2015E EV/EBITDA, 17.5x OpFCF and with a 4.4% dividend yield. With SoP upside appearing limited we downgrade to Equal Weight.

(Santander) Abertis : Compelling Entry Point - Double upgrade to Buy from UW

In the last three months, Abertis’ stock has underperformed by 9.5% in absolute terms and by 15.5% compared with the IBEX35 (which has historically been its best proxy).

In our opinion, the stock absorbed a number of negative factors, such as French regulatory uncertainties, CVC’s placement of a 7.5% stake (at €16.4/share, a c4.3% discount), Arteris stock price drop (of c30%) on the tougher local capex programme, and, lately, the strong stock sell off produced by the OHL Mexico scandal, which increased the market’s (we think ungrounded) fear of OHL being forced to sell part of its Abertis stake.

We believe the stock price now factors in the above elements of uncertainty with a progressive de-risking of the equity. In addition, Abertis’ 1Q15 economics have been supported by solid fundamentals: revenues were up by 6.2% on the traffic rebound Spain (+6.0%), France (+1.6%) and Chile (+6.5%), which offset a decrease in Brazil (-0.6%), and EBITDA reached €729mn (+6.4%), helped by consolidation of a previous efficiency plan.

As a result, our new SOTP is €16.90/share, including – inter alia - the reshaped Plan de Relance (+€0.40/share), Cellnex stake re-rating (+€0.20), and a lower Ke (7.66%, which adds only €0.10), while the DDM delivers a value €17.20/share.

We still believe that, in the medium term, the AP7 concession risk (€1.0bn receivables are at stake in a dispute with the Spanish government) and aggressive M&A, supported by a €7.8bn cash pile (mitigated by recent indications of a disciplined approach) could undermine Abertis’ equity value.

However, low sensitivity to bond rates (portfolio duration is only 11 years), an expected total return of above 10%, equity IRR of c8%, stronger traffic recovery than its peers, increased perception of possible value accretive M&A convert Abertis – at this entry point – into a Buy with a TP of €17.10, at least until there is more visibility on AP7 question.

>>> What to look at today - 14th of May 2015

Dow-0,04% S&P-0,03% Nasdaq +0,11%Russell-0,07%
US Market close almost flat after sliding on weak retail sale numbers - US 10y @ 2.28% - Tech lead the move and the upside and limited the move on the all market, Industrials did ok, closing in the green but utilities was one of worst performers, Energy traded sligthly lower withg Crude settling lower too @ $60.46 (-0.4%). Volume were in line @ 700mil shares. US After Hours DARA +25.5%, CTRP +10.9%, SHAK +9.6%, MBLX -30.8%, DGLY -18%, ANY -11.3% following earnings/guidance...ISSI +6.3% on CY offer for 100% of the co @ $19.75...Asian indices are generally lower, as downbeat retail sales out of the US added to the gloomy picture painted by the latest set of economic data released from China overnight. Subsequent comments from sell-side economists noted just as much - RBC remarked that investment components were especially lackluster, while ANZ speculated this round of data could lead to Q2 GDP coming in below 7% annual target. Locally, Pudong Development bank said the volume of loans is insufficient to boost the economy, reflecting weakness in credit demand and potential capital outflows. Tencent was one of the few bright spots out of the Far East, rising nearly 3% after earnings. China ADRs CTRP and NTES were also up sharply afterhours following standout results.
--> Iron Ore -3.8% again this morning...RIO -2.24% BHP -1.91% in Australia...

Nikkei -1.06% Hang Seng +0.10% Shanghai -0.02%

Eur$1.1368 GBP 1.5753 EURCHF 1.0409 RUB $49.6280 JPY 119.16 WTI $60.24 (-0.43%)

S&P +0.06% EuroStoxx -0.14% Dax -0.10% SMI -0.07%

Macro :
- Brussels Group Talks to Continue Thursday, Greek Govt Says
- Japan Markets Most Disjointed in 23 Years Show Kuroda Heavy Hand
- A $750 Billion Gap in India’s Push for China-Like Infrastructure

Keep an eye on :
- ANA SM : Acciona, Ferrovial Launch ‘Project Bonds’: Expansion
- AH NA : Ahold Could Remain Investment Grade After Delhaize Deal: Fitch
- AIR FP : India to Buy 56 Airbus Military Transport Planes for $1.87 Bln
- AZN LN : AstraZeneca/Novartis 3-Part Melanoma Combination Found Safe
- BMPS IM : Monte Paschi Says ECB Approved EU3b Share Sale
- BMW GY : Brilliance (1114 HK) -2.8% in HK
- CDR SM : Codere 1Q Net Loss EU35.7M Vs EU27.5M Loss a Yr Ago
- CSGN VX : Credit Suisse ADR Gains to Session High; June $27 Calls Active
- RF FP : Eurazeo Selling 7.8% Moncler Stake at EU17-EU17.50
- MC FP : Hengdeli (3389 HK) +5% in HK
- MONC IM : Eurazeo Selling 7.8% Moncler Stake at EU17-EU17.50
- ORA FP : French Competition Body Says It Is Investigating Orange
- G IM : Generali 1Q Net Profit Rises to EU682m; Analyst Est. EU646m
- PC IM : Pirelli 1Q Rev. In Line With Est.; 2015 Profit Outlook Confirmed
- RNO FP : Nissan (7201 JP) +3.10% on numbers
- RDSA NA : Shell to Consider Small North America Deals: Reuters
- RL US : Ralph Lauren to Increase Some Prices to Offset FX Impact: WSJ
- SRG IM : Snam 1Q Net Income, Rev. Beat Ests., Ebitda, Ebit in Line
- SPM IM : Eni has started looking again at selling down Saipem stake - Reuters / Il Sole 24 Ore (
- SAMAS FH : Sampo unlikely to be seeking Nordic banking fusion but may further increase stake in Swedbank Taloussanomat
- SFER IM : Ferragamo Says Trends Justify Expectations for 2015 Growth
- SVT N : *SEVERN TO SELL WATER PURIFICATION BUSINESS TO DE NORA
- SWEDA SS : Sampo unlikely to be seeking Nordic banking fusion but may further increase stake in Swedbank Taloussanomat
- TCY LN : Digital Realty mulling bid for Telecity - FT
- TEF SM : Telefonica 1Q Oibda EU3.62B; Est. EU3.59B
- TOD IM : Tod’s 19-Wk Same Store Sales Down 7.8%, Tod’s 1Q Ebitda, Ebit Miss Ests.
- VOW3 GY : Volkswagen Sold 2 Million Cars in First Four Months of the Year

(BFW) Digital Realty Says Doesn’t Intend to Make Offer for Telecity

PRN 05/14 06:00 Statement Regarding Telecity Group plc
BN 05/14 06:00 *DIGITAL REALTY DOESN'T INTEND TO MAKE OFFER FOR TELECITY
BN 05/14 06:00 *DIGITAL REALTY NOTES TELECITY SPECULATION
BN 05/14 06:00 *DIGITAL REALTY DOESN'T INTEND TO MAKE OFFER FOR TELECITY. THIS
BN 05/14 06:00 *STATEMENT ON TELECITY GROUP
BN 05/14 06:00 *STATEMENT ON TELECITY GROUP
Digital Realty Says Doesn’t Intend to Make Offer for Telecity
2015-05-14 06:02:28.287 GMT


By Gaurav Panchal
(Bloomberg) -- Says notes recent speculation regarding a
potential transaction involving Telecity.
* Statement:Link
* May 13: Digital Realty ‘Seriously Looking At’ Telecity, DJ
Says Link
* May 7: Equinix Offer for Telecity at 27% Premium to Yday
Close Link
* Interxion Says Telecity Merger Remains Compelling Link
* Interxion Says Telecity Merger Remains Compelling Link</li></ul>

Link to Company News:{DLR US <Equity> CN <GO>}
Link to Company News:{TCY LN <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:
Gaurav Panchal at +44-20-3525-0511 or
gpanchal2@bloomberg.net

FT : Digital Realty mulling bid for Telecity

Hargreaves bounces on stable London trading

A more stable London market helped Hargreaves Lansdown bounce on Wednesday.
Hargreaves shares have been volatile ahead of a trading statement due next week, which will be its first to include the April tax-year deadline to invest an Isa.
About 15 per cent of Hargreaves’ annual fund flows fall into April as a result, RBC estimated.

But data from the Investment Association, a UK investment management industry body, suggests the usual late rush to invest in Isas was muted this year.
Just £585m went into funds between the start of March and the April 5 deadline, down 29 per cent from 2014, IA data show.
With shareholders expecting Hargreaves’ key Vantage fund platform to collect £5.5bn of net flows for 2015, any number below £2.5bn in next week’s update is likely to disappoint, RBC said.
Hargreaves ended at £12.21, up 1.9 per cent, which put the stock on a valuation of nearly 27 times 2016 expected earnings.
The wider market steadied after two days of sharp falls, which lifted the FTSE 100 by 0.2 per cent, or 15.83 points, to 6,949.63.
Mondi jumped 8.9 per cent to £14.14 on a reassuring update from the paper and packaging maker, which has been widely rumoured to be a possible bid target. Volumes and pricing had been stronger than expected, Mondi said.
Housebuilders gained after Barratt Developments said sales rates had improved in March and April, allowing it to sell legacy sites more quickly than planned.
Barratt climbed 3.4 per cent to 564p, Persimmon was up 4.1 per cent to £18.20, Taylor Wimpey added 2.4 per cent to 182.3p and Bovis Homes took on 3.4 per cent to £10.35.
Royal Bank of Scotland edged up 0.6 per cent to 353p. JPMorgan Cazenove argued for passive sales of RBS shares by the Treasury, similar to its strategy of dripping its Lloyds stake into the market gradually.
RBS’s 21 per cent free float is a deterrent for some potential value investors keen to back management’s long-term plan of cash returns, the broker said.
Telecity gained 3.3 per cent to £11.15 on a report that Digital Reality, a San Francisco real estate investment trust, has been “looking seriously” at the bid battle for the datacentre operator.
Equinix last week bid $3.5bn for Telecity, superseding its previous plan to merge with Interxion of Holland.
Compass lost 3.8 per cent to £11.19 after cautioning that the dollar’s weakness would be a headwind to earnings.
Management also flagged up that Brazil and Turkey had recently started to weaken and there was a slowdown among oil and gas customers, who account for about 5 per cent of group revenue.
Man Group faded 3.9 per cent to 169.5p as recent volatility continued to take its toll on AHL, the group’s trend-following fund set. The funds have slipped around 9 per cent from their high water marks hit in March, having risen only once in the past nine sessions.
Saga edged 1 per cent higher at 201p after Acromas, its private equity backer and majority shareholder, sold an 11 per cent stake at 195p apiece.

>>> Europe : Brokers Upgrades & Downgrades - 14th of June 2015

>>> Up
*C&C GROUP RAISED TO BUY AT SOCIETE GENERALE
*GREENKO GROUP RAISED TO BUY AT CANTOR FITZGERALD
*SMA SOLAR RAISED TO HOLD VS REDUCE AT HSBC
*TECNICAS REUNIDAS RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN

>>> Down
*BOUYGUES CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*GREENKO GROUP RAISED TO BUY AT CANTOR FITZGERALD
*LAMPRELL CUT TO REDUCE VS HOLD AT HSBC
*OXFORD INSTRUMENTS CUT TO NEUTRAL VS BUY AT UBS
*POP. EMILIA CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*POP. MILANO CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*SURGUTNEFTEGAS PREFS CUT TO UNDERWEIGHT AT BARCLAYS

>>> PT Change


>>> Initiation
*CENTRICA RATED NEW BUY AT JEFFERIES
*GEBERIT RATED NEW BUY AT SOCGEN; PT CHF420
*REFRESCO GERBER RATED NEW BUY AT SOCGEN; PT EU18.8

>>> Call

>>> Sampo unlikely to be seeking Nordic banking fusion but may further increase

Sampo unlikely to be seeking Nordic banking fusion but may further increase stake in Swedbank (translated)

Sampo, the Finnish insurance concern, is unlikely to be driving for a Nordic banking fusion but may still increase its stake in Sweden's Swedbank, according to Taloussanomat.

The Finnish-language paper cited a Swedish Dagens Industri report that Sampo had increased its stake in Swedbank by acquiring over 11m shares in the last month alone. Talks about a fusion between the two financial giants emerge from time to time, the piece noted.

However, Sampo has said Swedbank is purely a financial investment for the bank. The analyst house Inderes also sees the stake increase as a financial investment, Taloussanomat said. However, the piece cited Sauli Vilen, an analyst from Inderes, who said that Sampo may still increase its stake in Swedbank. The last rumours of a merger between Sampo and Swedbank circulated around 2010, the piece reported

Taloussanomat

>>> Asian Update

Asian Mid-session Update: Shanghai, Australia weighed down by poor April China data

***Economic Data***
- (NZ) NEW ZEALAND Q1 RETAIL SALES EX-INFLATION Q/Q: 2.7% V 1.6%E; 8-year high
- (NZ) NEW ZEALAND APR MANUFACTURING PMI: 51.8 V 54.6 PRIOR
- (JP) JAPAN APR M2 MONEY SUPPLY Y/Y: 3.6% V 3.6%E; M3 MONEY SUPPLY Y/Y: 3.0% V 3.0%E
- (KR) South Korea March Adj M2 Money Supply M/M: +0.9% v 1.0% prior
- (UK) UK APR RICS HOUSE PRICE BALANCE: 33% V 22%E; 8-month high

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -0.6%, S&P/ASX -0.8%, Kospi +0.1%, Shanghai Composite -0.6%, Hang Seng flat, Jun S&P500 +0.1% at 2,095

***Commodities/Fixed Income***
- Jun gold -0.4% at $1,213/oz, Jun crude oil -0.5% at $60.18/brl, Jul copper -0.3% at $2.92/lb
- JGB: (JP) Japan MoF sells ¥799B in 1.5% (1.5% prior) 30-yr bonds; Avg yield: 1.5260% v 1.3750% prior; Bid to cover: 2.74x (lowest since Feb) v 2.86x prior
- (CN) PBoC won't conduct open market operations (OMO) in today's session (8th consecutive halt); Net zero position this week (3rd consecutive week of neutral position)
- USD/CNY: PBoC sets yuan mid point at 6.1093 v 6.1123 prior setting; strongest Yuan setting since Feb 2014
- (JP) Japan investors bought net ¥493B in foreign bonds v bought ¥185B in prior week; Foreign investors bought net ¥72.7B in Japan stocks v bought ¥821B in prior week

***Market Focal Points/FX***
- Asian indices are generally lower, as downbeat retail sales out of the US added to the gloomy picture painted by the latest set of economic data released from China overnight. Subsequent comments from sell-side economists noted just as much - RBC remarked that investment components were especially lackluster, while ANZ speculated this round of data could lead to Q2 GDP coming in below 7% annual target. Locally, Pudong Development bank said the volume of loans is insufficient to boost the economy, reflecting weakness in credit demand and potential capital outflows. Tencent was one of the few bright spots out of the Far East, rising nearly 3% after earnings. China ADRs CTRP and NTES were also up sharply afterhours following standout results.

- Australia's S&P/ASX is a laggard among the key markets, weighed down by basic materials names. BHP and Rio Tinto are both down about 2% in late trade. Worries over demand for iron ore following disappointing industrial production figures on the mainland are a factor. On top of that, China Iron and Steel Association (CISA) warned that the country's steel consumption could fall by as much as 6% this year.

- In notable FX movers, NZD was once again volative, building on yesterday's gains with a 60pip rally after strong retail sales.

***Equities***
US equities / ADRs:
- CTRP: Reports Q1 $0.04 v -$0.27e, R$373M v $362Me; +11.4% afterhours
- VIPS: Reports Q1 $0.39 v $0.11e, R$1.39B v $1.26Be; +6.8% afterhours
- NTES: Reports Q1 $1.74 v $1.41e, R$626.8M v $506Me; +5.0% afterhours
- CSCO: Reports Q3 $0.54 v $0.53e, R$12.1B v $12.0Be; Guides Q4 Rev +1-3% v +1.6%e (implies $12.5-12.8B v $12.6Be) - conf call; -0.7% afterhours
- JCP: Reports Q1 -$0.57 v -$0.79e, R$2.86B v $2.87Be; -0.8% afterhours
- DGLY: Reports Q1 -$0.45 v -$0.13 y/y, R$4.2M v $3.9M y/y; -18.9% afterhours

Notable movers by sector:
- Consumer discretionary: Sydney Airport SYD.AU -2.1% (capex projection); Hankook Tire Co 161390.KR +0.8% (considers to invest in Dongbu Express)
- Financials: China Vanke 000002.CN +3.2%, Dalian Wanda Commercial Properties 3699.HK +3.2% (speculation on strategic cooperation); Sumitomo Mitsui Financial Group 8316.JP -3.0% (FY14/15 results)
- Industrials: Nissan Motor Co 7201.JP +2.2% (FY14/15 results); Takata Corp 7312.JP -3.3% (airbag recall); GrainCorp GNC.AU -3.2% (H1 results); Hutchison Whampoa 13.HK +0.5% (potential jv with VIP); Mitsubishi Chemical 4188.JP -2.2% (FY14/15 results)
- Technology: Japan Display 6740.JP -3.8% (FY14/15 results); Toshiba Corporation 6502.JP +2.9% (projects op loss); Tencent 700.HK +2.6% (Q1 results)
- Utilities: AusNet Services AST.AU -1.0% (FY14 results)

WSJ: Eurozone GDP Growth Accelerates, Boosted by France, Italy

Eurozone GDP Growth Accelerates, Boosted by France, Italy

GDP growth in Germany, eurozone’s largest economy, eases to 0.3%

A return to expansion in France and Italy helped boost eurozone economic growth in the first three months of 2015 to its fastest pace in nearly two years, raising hopes that an uneven recovery is finally broadening in long-stagnant Europe.

Still, a stumble in growth in Germany—the eurozone’s largest economy and the region’s engine of growth in recent quarters—highlighted the fragility of the turnaround.

European policy makers, meanwhile, are urging France and Italy, the eurozone’s No. 2 and No. 3 economies, to exploit the recovery to push harder on economic reforms. Indeed, the European Union criticized France, Italy and three other countries on Wednesday for a variety of economic failings, including rigid labor markets and lagging competitiveness, as part of its annual recommendations to national authorities.

Advertisement

For the first time since the first half of 2010, all four of the eurozone’s largest economies recorded growth, while Spain, which released figures earlier, is leading the expansion with a 0.9% growth rate. And for the first time since the first quarter of 2011, the currency area’s economy grew more rapidly than both the U.S. and the U.K’s.


A favorable mix of fresh stimulus from the European Central Bank, a sharply weaker euro and lower oil prices are feeding the faster and more evenly spread growth, bringing some relief to a region that has struggled to recover from its debt crisis.

The modest pickup in growth is expected keep the ECB on track to continue its €60 billion ($68 billion) a month asset-purchase program through September 2016 and avoid a potentially unsettling debate over whether to taper those purchases beforehand, said Luigi Speranza, economist at BNP Paribas. “These are good numbers, but they’re not spectacularly good numbers,” he said.

Still, policy makers worry that the recovery will remain weak and could even sputter when the ECB eventually takes its foot off the gas pedal if major countries—particularly France and Italy—don’t dig deeper into revamping labor rules and other changes to spur competitiveness.

“When you deal with structural problems, it takes time” for economic results to show, Yoram Gutgeld, a senior economic adviser to Italian Premier Matteo Renzi, said recently.

Greece’s economic troubles remain a risk for the region. The country fell back into recession in the first quarter, a reflection of the toll that Greece’s standoff with its creditors and uncertainty over the country’s solvency and euro membership are taking on its economy.

Greek gross domestic product fell by a seasonally adjusted 0.2% in the first quarter, following a 0.4% contraction in the fourth quarter. A recession in Europe is commonly defined as two or more successive quarterly contractions.

The combined GDP of the 19 eurozone countries was 0.4% higher in the first quarter than in the final three months of 2014, EU statistics showed on Wednesday. That marked a pickup from the 0.3% pace of the final quarter of last year, but was slightly weaker than the 0.5% forecast by many economists. On an annualized basis, the economy grew 1.6%.

But a hiccup in Germany’s growth raised concerns about how sustainable the region’s recovery is. The country’s GDP slowed more sharply than expected, registering just 0.3% growth compared with 0.7% in the previous period. Though wage increases and cheaper oil pushed German households to spend, weaker demand for German exports in the U.S. and parts of Asia curbed the expansion.

Economists at Barclays cut their full-year 2015 GDP projection to 1.5% from 1.8% following disappointing first-quarter GDP data.

“Investment growth in Germany is too weak and certainly doesn’t reflect buoyant expectations for around 2% GDP growth this year,” said Olaf Wortmann, an economist at the VDMA engineering federation, which represents more than 3,000 small- and medium-size companies.

>>> US After Hours Summary: DARA +25.5%, CTRP +10.9%, SHAK +9.6%, MBLX

After Hours Summary: DARA +25.5%, CTRP +10.9%, SHAK +9.6%, MBLX -30.8%, DGLY -18%, ANY -11.3% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: DARA +25.5%, CADC +19.3%, CTRP +10.9%, PGN +10.3%, SHAK +9.6%, VIPS +6.9%, AXU +6.7%, NTES +4.6%, MXPT +4%, EYES +3.6%, TGB +3.6%, RNDY +2.6%, MSLI +1.7%, TCON +1.1%, MORE +0.6%, WX +0.2%

Companies trading higher in after hours in reaction to news: ONTY +14.9% (Two abstracts related to ONT-380 for the treatment of breast cancer published), VBLT +12.8% (to present positive Phase 1/2 data for VB-111 in recurrent platinum-resistant Mullerian cancer at ASCO), WLT +9.6% (disclosed that on May 7, 2015, Brian M. Chopin, Assistant Corporate Controller was appointed Acting Corporate Controller and Chief Accounting Officer, effective May 20, 2015), ISSI +6.3% (Cypress Semiconductor (CY) sent letter to the Board of Integrated Silicon Solution offering to acquire 100% of its outstanding shares of common stock for $19.75 per share in cash), NOG +4.3% (priced its private offering of $200 mln in 8% senior notes due 2020 at 95% of par), TGTX +3.6% (announced clinical data presentations at ASCO; shares up ~3.6% in after hours trade), CLSN +3.2% (announced results from its Phase Ib trial for GEN-1 in platinum-resistant ovarian cancer will be presented at the ASCO annual meeting; findings demonstrated an overall clinical benefit of 57% for all treatment arms), SAM +2.1% (increased limit for stock repurchase program by additional $50 mln, bringing total limit to $400 million), SGMO +1.3% (announced it will consolidate development plans for its zinc finger nuclease-mediated genome editing programs)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: MBLX -30.8%, DGLY -18%, ANY -11.3%, INVE -10.3%, VOXX -8.1%, HIIQ -8%, LXFT -4%, JCP -1.3%, CSCO -0.4%, JACK -0.2%, SIEN -0.1%, RVNC -0.1%

Companies trading lower in after hours in reaction to news: PBYI -21.2% (co announced publication of four abstracts for presentation at ASCO; treatment effect of PB272 (neratinib) was smaller than expected), ANY -11.3% (signed definitive agreements for a private placement of 1,281,250 Common Shares and Warrants to purchase up to 1,281,250 Common Shares for a gross purchase price of ~$4.1 mln), GEVO -10.7% (announced an offering of common stock units, consisting of one share of common stock and a Series C warrant to purchase additional common stock shares), CAMT -8.3% (announced public offering of ordinary shares, size not disclosed), JONE -6.2% (launched secondary offering of 5 mln Class A common stock by selling stockholders), FEYE -3.2% (Cisco CEO downplayed rumors that co may acquire FEYE), BIOC -2.1% (filed for $50 mln mixed securities shelf offering)