>>> What to look at today - 13th of MAy 2015

Dow-0,20% S&P-0,30% Nasdaq-0,35% Russell-0,22%
US Market closed lower but managed to recover from lows of the day. energy space (+0.4%) outperformed throughout the day thanks to a 2.5% gain in crude oil ...volume were just below average @ 70mil shares...Asian indices are mixed as the global bond market rout takes a breather on technical consolidation. Investors are also awaiting the upcoming China April trade data to gauge whether additional policy easing will be required. Industrial production, retail sales, and fixed investment figures will be out in early European hours. Shanghai Composite is one of the weaker indices in the region, following reports that regulators are moving to allow local government debt as collateral for borrowing to help stimulate investment demand. Separately, Fitch noted that high margin lending activity poses an indirect risk to banks and raises their exposure to volatility in the stock markets.

Nikkei +0.56% Hang Seng +0.08% Shanghai -0.08%

Eur$1.1245 GBP 1.5683 EURCHF 1.0432 RUB $50.2269 WTI $61.34 (+0.97%)

S&P +0.30% EuroStoxx +0.42% Dax +0.57% SMI +0.35%

Macro
- China April Industrial Output Rises 5.9% Y/Y; Est. 6%
- EU Hits U.S., Russia, Japan, China and Korea With Steel Tariffs

Keep an eye on :
- AGN NA : Aegon 1Q Underlying Pretax Drops 6%, Net Drops 19%; ROE Declines
- ALU FP : Nokia may have to raise price for Alcatel-Lucent, new bidders may emerge - Turun Sanomat
- SPR GY : Axel Springer Said to Have Made Unsolicited Approach for AOL: FT
- EN FP : Bouygues Confirms FY Outlook, Says Good Performance by Telecom
- CRG IM : Banca Carige 1Q Loss EU45.3m vs Net EU17m Y/y
- BOE IM :  Pop Emilia Romagna 1Q Net EU45.2m; Est EU46.6m  
- BC8 GY : Bechtle 1Q Sales Rise 6%, Confirms 2015 Guidance
- BMW GY : BMW Shrs to Pause on Concern About China Earnings, Says Barclays
- AN FP : Vivendi Bids $550 Million for Canal Plus Unit in Media Makeover, €7.60/ share vs 6.38 yest +19%
- CLN VX :  Clariant Will Remain a Target for Evonik, Berenberg Says  
- DTE GY :  Deutsche Telekom 1Q Rev. Beats Ests., Keeps Full-Year Outlook  
- DIA SM : Dia 1Q Adj. Ebitda Beats Ests., Sales In Line
- DRI GY : Drillisch Maintains Full-Yr Ebitda Forecast EU95m-EU100m
- EKTAB SS : Elekta Results ‘Significantly’ Below Guidance, CEO Steps Down
- RF FP : Eurazeo Targets Europcar IPO at End of 1H
- EXO IM : PartnerRe Preferred Holders May Be Key to Exor Deal: Macquarie
- OPERA NO : Opera 1Q Sales Rise; Opg Cash Flow Impacted by Delay, Payments
- RWE GY : RWE 1Q Recurrent Net Beats Estimate, Confirms 2015 Forecasts
- SZG GY : Salzgitter Probed on Bribery, Sueddeutsche Zeitung Says
- SZG GY : Salzgitter 1Q Profit EU32.7m vs EU13.3m Loss; Confirms Forecast
- SIK VX : Sika/Schenker-Winkler mediation talks fail to reach an agreement - Tagesanzeiger
- VIV FP : Vivendi 1Q Adj. Net Income Beats Ests., Makes Canal+ Offer
- WDI GY : Wirecard 1Q Rev. EU159.4m vs EU126.2m

>>> What to look at today - 13th of MAy 2015

Dow-0,20% S&P-0,30% Nasdaq-0,35% Russell-0,22%
US Market closed lower but managed to recover from lows of the day. energy space (+0.4%) outperformed throughout the day thanks to a 2.5% gain in crude oil ...volume were just below average @ 70mil shares...Asian indices are mixed as the global bond market rout takes a breather on technical consolidation. Investors are also awaiting the upcoming China April trade data to gauge whether additional policy easing will be required. Industrial production, retail sales, and fixed investment figures will be out in early European hours. Shanghai Composite is one of the weaker indices in the region, following reports that regulators are moving to allow local government debt as collateral for borrowing to help stimulate investment demand. Separately, Fitch noted that high margin lending activity poses an indirect risk to banks and raises their exposure to volatility in the stock markets.

Nikkei +0.56% Hang Seng +0.08% Shanghai -0.08%

Eur$1.1245 GBP 1.5683 EURCHF 1.0432 RUB $50.2269 WTI $61.34 (+0.97%)

S&P +0.30% EuroStoxx +0.42% Dax +0.57% SMI +0.35%

Macro
- China April Industrial Output Rises 5.9% Y/Y; Est. 6%
- EU Hits U.S., Russia, Japan, China and Korea With Steel Tariffs

Keep an eye on :
- AGN NA : Aegon 1Q Underlying Pretax Drops 6%, Net Drops 19%; ROE Declines
- ALU FP : Nokia may have to raise price for Alcatel-Lucent, new bidders may emerge - Turun Sanomat
- SPR GY : Axel Springer Said to Have Made Unsolicited Approach for AOL: FT
- EN FP : Bouygues Confirms FY Outlook, Says Good Performance by Telecom
- CRG IM : Banca Carige 1Q Loss EU45.3m vs Net EU17m Y/y
- BOE IM :  Pop Emilia Romagna 1Q Net EU45.2m; Est EU46.6m  
- BC8 GY : Bechtle 1Q Sales Rise 6%, Confirms 2015 Guidance
- BMW GY : BMW Shrs to Pause on Concern About China Earnings, Says Barclays
- CLN VX :  Clariant Will Remain a Target for Evonik, Berenberg Says  
- DTE GY :  Deutsche Telekom 1Q Rev. Beats Ests., Keeps Full-Year Outlook  
- DIA SM : Dia 1Q Adj. Ebitda Beats Ests., Sales In Line
- DRI GY : Drillisch Maintains Full-Yr Ebitda Forecast EU95m-EU100m
- EKTAB SS : Elekta Results ‘Significantly’ Below Guidance, CEO Steps Down
- RF FP : Eurazeo Targets Europcar IPO at End of 1H
- EXO IM : PartnerRe Preferred Holders May Be Key to Exor Deal: Macquarie
- OPERA NO : Opera 1Q Sales Rise; Opg Cash Flow Impacted by Delay, Payments
- RWE GY : RWE 1Q Recurrent Net Beats Estimate, Confirms 2015 Forecasts
- SZG GY : Salzgitter Probed on Bribery, Sueddeutsche Zeitung Says
- SZG GY : Salzgitter 1Q Profit EU32.7m vs EU13.3m Loss; Confirms Forecast
- SIK VX : Sika/Schenker-Winkler mediation talks fail to reach an agreement - Tagesanzeiger
- WDI GY : Wirecard 1Q Rev. EU159.4m vs EU126.2m

REuters - Cerberus cuts back Japan operations amid lack of targets

May 12 (Reuters) - U.S. private equity firm Cerberus Capital Management LP is effectively pulling back from Japan after failing to win control of railway firm Seibu Holdings and due to a lack of investment targets, sources with direct knowledge of the matter said.

Cerberus was among the early U.S. investors along with Lone Star and Goldman Sachs to be drawn to Japan's failed banks and hotels following the bursting of the country's asset bubble in the early 1990s. Having turned the businesses around and sold them for a profit in initial public offerings, most have scaled down their Japan distressed investment operations in the absence of similar opportunities.

Now Cerberus has joined the exodus and sold off everything except its 35 percent stake in railway and property conglomerate Seibu, said the sources, who were not authorised to discuss the matter publicly. Cerberus is among the last remaining global distressed investors to pull back from Japan.

The sources said 15 senior officials including president Yoshiteru Suzuki left Cerberus Japan earlier this year. Brian Saunders remained as president, but he was overseeing a drastically reduced team.

"Cerberus is effectively pulling out from Japan," said one of the people.

In response to requests for comment, Cerberus referred Reuters to a statement to clients in which the firm said it would continue to look for investment opportunities in Japan under new management.

The firm led a bailout of Seibu in 2006 after a scandal involving falsified shareholder records resulted in its delisting. After clashing with the company over its IPO, the fund unsuccessfully tried to take control of its board.

Cerberus has not made new major investments in Japan in recent years and its activities have been mostly focused on reaping returns from past deals.

Last year, separate sources said Cerberus had completed a sale of its 55 percent stake in property operator Kokusai Kogyo Co for 140 billion yen ($1.2 billion). It also exited other investments in Japan, the people said.

The fund had been looking for new opportunities in Japan but decided to cut back on operations given the poor prospects, the people said.

Cerberus became widely known in Japan in the 2000s when it invested in companies including Aozora Bank Ltd.

>>> Sika/Schenker-Winkler mediation talks fail to reach an agreement

Sika/Schenker-Winkler mediation talks fail to reach an agreement 

An attempt at mediation between Swiss chemicals group Sika and the owning family's Schenker-Winkler holding company has failed, Tagesanzeiger reported.

The Swiss daily cited Schenker-Winkler as stating that the attempt at mediation in Baar did not result in an agreement between the parties.

The original article appeared in print; Page 37


Source Tagesanzeiger

>>> Nokia may have to raise price for Alcatel-Lucent, new bidders may emerge – r

Nokia may have to raise price for Alcatel-Lucent, new bidders may emerge

Nokia, the Finnish mobile networks company, may have to raise its offer for the French telecom equipment company Alcatel-Lucent, according to Turun Sanomat. The Finnish-language paper cited Sami Sarkamies, an analyst from Nordea bank, who said that right now it is looking like many Alcatel-Lucent shareholders are disappointed with the offer on the table.

The deal is not due to be finalised until the autumn, he added, and said that it is hard to predict what will happen but that Nokia may have to raise the offer price. He also said that the sale may end up being an auction and that other bidders may emerge. However, there are only few possible bidders – Sweden's Ericsson is not likely to bid since it already has many similar operations to Alcatel-Lucent in the US, and China's Huawei would not please the Americans.

Korea's Samsung seems to be holding the key cards in this game, added Sarkamies, but did not elaborate any further.

Link to original source {http://www.ts.fi/}

Turun Sanomat

>>> Europe : Brokers Upgrades & Downgrades - 13th of May 2015

>>> Up


>>> Down
*BMW CUT TO EQUALWEIGHT AT BARCLAYS
*BMW CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*CAMPARI CUT TO HOLD VS BUY AT SOCGEN; PT LIFTED TO EU7.5
*KRONES CUT TO SELL VS HOLD AT BERENBERG
*MEDIASET CUT TO HOLD VS BUY AT HSBC

>>> PT Change


>>> Initition
*HELLA KGAA HUECK RATED NEW BUY AT GOLDMAN, PT EU50.5

>>> Call
>> Stock
*M&S ADDED TO HSBC EUROPE SUPER 10 PORTFOLIO; TESCO REMOVED
*TERNA REMOVED FROM GOLDMAN CONVICITON SELL LIST, STAYS SELL

>>> US After Hours Summary: GEVO +16.7%, PDII +16.5%, HDP +11.3%, VSLR

After Hours Summary: GEVO +16.7%, PDII +16.5%, HDP +11.3%, VSLR -8.5%, EXAR -4.8%, GDDY -3.3% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: GEVO +16.7%, PDII +16.5%, HDP +11.3%, SYMX +10.9%, TUBE +10.8%, CARA +8%, RENT +6.6%, NEWR +6.1%, CAPR +6%, NVMI +5.6%, OPWR +5%, BIOC +3%, HCKT +1.8%, HMIN +1.6%, VJET +1%, MCK +0.5%, NVEE +0.4%, FOMX +0.2%

Companies trading higher in after hours in reaction to news: FCSC +18.0% (received rare pediatric disease designation for FCX-007 from the FDA, to treat recessive dystrophic epidermolysis bullosa), AMCF +8.7% (announced that its previously scheduled NASDAQ listing hearing was cancelled after co pays outstanding fees; announced business updates, including entery into a non-binding letter of intent with Three Pillars PetroChem), VRTX +7.2% (confirmed FDA Advisory Panel voted 12 to 1 to recommend approval of ORKAMBI to treat people with cystic fibrosis ages 12 and older), AXP +1.1% (Board authorizes repurchase of up to 150 mln shares, announces 12% dividend increase to $0.29)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: VSLR -8.5%, EXAR -4.8%, GDDY -3.3%, LMNS -3.1%, PRSS -2.6%, VUZI -2.1%, CYCC -1.1%, Z -0.5%, SSRI -0.4%

Companies trading lower in after hours in reaction to news: OREX -14.3% (hearing that partner Takeda is claiming breach of contract and seeking to have OREX pay for new cardiovascular outcomes trial of Contrave), SBLK -9.8% (announced plans to make a public offering of $150 mln of its common shares), CRDS -4.2% (announced a planned rights offering of common stock, to common and preferred shareholders; size not disclosed), AES -3.3% (announced a 60 mln share secondary common stock offering, by selling stockholder Terrific Investment Corporation), RICE -1.5% (announced a 6 mln share secondary offering, by a selling stockholder affiliated with Natural Gas Partners), PGH -1.3% (filed for a $1 bln mixed securities shelf offering) 

>>> Asian Update

Asian Mid-session Update: NZD volatile following RBNZ semiannual stability review; AUD slides on soft wage inflation


***Economic Data***
- (AU) AUSTRALIA Q1 WAGE PRICE INDEX Q/Q: 0.5% (6-quarter low) V 0.6%E; Y/Y: 2.3% (17-year low) V 2.4%E
- (JP) JAPAN APR BANK LENDING (INCL TRUSTS): 2.6% V 2.7%E; BANK LENDING (EX- TRUSTS): 2.7% V 2.7%E
- (JP) JAPAN MAR CURRENT ACCOUNT: ¥2.80T (biggest surplus since Mar 2008) V ¥2.06TE; ADJ CURRENT ACCOUNT: ¥2.07T V ¥1358BE; TRADE BALANCE: ¥671B V ¥527.5BE
- (KR) SOUTH KOREA APR UNEMPLOYMENT RATE: 3.7% V 3.7%E
- (KR) SOUTH KOREA APR IMPORT PRICE INDEX M/M: -2.4% V +0.3% PRIOR; Y/Y:- 17.1% V -17.1% PRIOR; EXPORT PRICE INDEX Y/Y: -2.0% V +0.9% PRIOR; M/M: -6.1% V -6.8% PRIOR
- (NZ) NEW ZEALAND APR FOOD PRICES M/M: -0.3% V +0.1% PRIOR

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -0.1%, S&P/ASX +0.4%, Kospi +0.7%, Shanghai Composite -0.4%, Hang Seng -0.1%, Jun S&P500 +0.2% at 2,099

***Commodities/Fixed Income***
- Jun gold -0.1% at $1,191/oz, Jun crude oil +1.0% at $61.20/brl, Jul copper flat at $2.93/lb
- (US) API Petroleum Inventories: Crude -2.0M (2nd straight draw) v 0e; Gasoline -1.6M v +0.5Me, Distillate -2.5M v +0.5Me
- (CN) China MOF sells 3-yr bond, avg yield 2.87%
- (JP) BOJ offers to buy ¥70B in JGBs with maturity less than 1-yr, ¥400B in 5-10yr JGBs
- (AU) Australia MoF (AOFM) sells A$700B in 3.25% 2025 Bonds; avg yield: 3.01%; bid-to-cover: 3.98x

***Market Focal Points/FX***
- Asian indices are mixed as the global bond market rout takes a breather on technical consolidation. Investors are also awaiting the upcoming China April trade data to gauge whether additional policy easing will be required. Industrial production, retail sales, and fixed investment figures will be out in early European hours.

- NZD was volatile since the start of the session after the release of semiannual financial stability report from RBNZ. NZD/USD initially fell 30pips below 0.7340 on announcement of lending curbs on property in Auckland to require 30% LVR on bank loans, then spiked up to 0.7420 once markets observed fewer comments on high exchange rate. Later in the session, Gov Wheeler specified that he does see NZD level unsustainable and unjustified, and NZD/USD fell about 50pips to 0.7360. AUD/USD traded to its lows below 0.7970 following the release of Australia wage prices that saw multi-year lows on annualized basis.

- USD/JPY edged lower by about 20pips in early going below 119.80 on reports of a 6.9 magnitude earthquake in north Japan, however no tsunami warning was issued. Later in the day, USD/JPY hit a low of 119.70 in the wake of stronger than expected current account, which saw its biggest surplus in about 7 years.

- Shanghai Composite is one of the weaker indices in the region, following reports that regulators are moving to allow local government debt as collateral for borrowing to help stimulate investment demand. Separately, Fitch noted that high margin lending activity poses an indirect risk to banks and raises their exposure to volatility in the stock markets.

***Equities***
US equities / ADRs:
- MCK: Reports Q4 $2.94 v $2.75e, R$44.9B v $44.7Be; Authorizes $500M share repurchase (about 1% of market cap); +0.5% afterhours
- RENN: Reports Q1 adj -$0.03 v -$0.02 y/y, R$13.7M v $23.3M y/y; -2.4% afterhours
- GDDY: Reports Q1 Adj EBITDA $93.9M v $79.7M y/y, R$376M v $370Me; -3.3% afterhours
- OREX: Takeda asks Orexigen to pay for cost of a new heart trial - press; -10.5% afterhours

Notable movers by sector:
- Financials: Hang Seng Bank 11.HK +2.6% (sell shares in Industrial Bank); Yuzhou Properties 1628.HK -11.2% (issues new shares)
- Technology: Hoya Corp 7741.JP -2.8% (FY14/15 results)
- Industrial: China Railway Group 601390.CN +4.0% (awarded order); Isuzu Motors 7202.JP -2.2% (FY14/15 results)
- Materials: Angang Steel 000898.CN +10.0% (ThyssenKrupp to acquire stake)
- Energy: PetroChina 857.HK +0.9% (speculation to spin off pipelines)

>>> US Close Dow-0,20% S&P-0,30% Nasdaq-0,35% Russell-0,22%

Closing Market Summary: Influential Sectors Lead Stocks Lower

The stock market ended the Tuesday session on a modestly lower note, which masked an early drop that had the S&P 500 (-0.3%) down as much as 20 points at the start.

Equity indices endured a shaky open after the overnight session featured more selling in European and U.S. bond markets; however, that pressure abated shortly before the opening bell with the U.S. 10-yr note marking its low at 8:00 ET. At that time, the benchmark yield marked a session high at 2.36% and began its daylong retreat that ended at 2.26% (-3 bps). The ensuing rally in Treasuries fostered a rebound in equities with the S&P 500 returning above its 50-day moving average (2,089) after sliding beneath that level at the start.

The S&P 500 ended the day not far below its flat line, but only two sectors finished the day with gains. The energy space (+0.4%) outperformed throughout the day thanks to a 2.5% gain in crude oil ($60.59/bbl), which was underpinned by a 0.5% decline in the Dollar Index (94.55, -0.46).

Elsewhere, the industrial sector (-0.1%) settled just below its flat line even though high-beta transport stocks lagged notably. The Dow Jones Transportation Average fell 1.2% with all 20 components registering losses while the largest sector member—General Electric (GE 27.03, +0.11)—gained 0.4%.

Meanwhile, the remaining cyclical sectors posted losses. The materials space (-1.0%) spent the day behind other groups while technology (-0.5%) and financials (-0.4%) prevented the broader market from turning positive. Similar to transport stocks, high-beta chipmakers displayed relative weakness throughout the day with the PHLX Semiconductor Index falling 0.9%.

As for large cap tech names, Microsoft (MSFT 47.35, -0.02) and Cisco Systems (CSCO 29.23, +0.02) outperformed while Google (GOOGL 538.73, -7.05) and Facebook (FB 77.46, -0.55) lagged. Also of note, Yelp (YELP 48.83, +0.21) settled lower by 0.4% after the Wall Street Journal contrasted the potential acquisition of the company with Verizon's (VZ 49.62, -0.18) purchase of AOL (AOL 50.52, +7.93) for $50/share or $4.40 billion. Recall that Yelp spiked 23.0% on Thursday after the Wall Street Journal reported the social media company is looking into a potential sale.

Similar to technology, the influential health care sector (-0.5%) presented a headwind throughout the day. The sector finished among the laggards even as the biotech group settled near the broader market with the iShares Nasdaq Biotechnology ETF (IBB 351.79, -0.50) reclaiming its 50-day moving average (349.96).

Today's participation was a bit light with fewer than 700 million shares changing hands at the NYSE floor.

Economic data was limited to the Treasury Budget and JOLTS:
  • The Treasury budget showed a surplus of $157.00 billion in April 2015, up from a surplus of $106.90 billion in April 2014 and roughly in-line with the consensus estimate that called for a surplus of $155.00 billion 
    • The Treasury data are not seasonally adjusted, so the April surplus cannot be compared to the $52.90 billion deficit recorded in March 
  • The Job Openings and Labor Turnover Survey for March showed that job openings decreased to 4.994 million from a revised rate of 5.144 million (from 5.133 million)
Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while April Retail Sales (consensus 0.2%) and April Import/Export Prices will be reported at 8:30 ET. The day's data will be topped off with the 10:00 ET release of the Business Inventories report for March (consensus 0.2%).
  • Nasdaq Composite +5.1% YTD 
  • Russell 2000 +2.4% YTD 
  • S&P 500 +2.0% YTD 
  • Dow Jones Industrial Average +1.4% YTD

(BFW) *AXEL SPRINGER MADE UNSOLICITED APPROACH FOR AOL LAST YEAR: FT



http://www.ft.com/intl/cms/s/0/97225f0e-f89a-11e4-be00-00144feab7de.html#slide0
BFW 05/12 19:40 *AXEL SPRINGER MADE UNSOLICITED APPROACH FOR AOL LAST YEAR: FT
fastFT: Axel Springer made approach for AOL last year on.ft.com/1FiIZIF
2015-05-12 19:37:14.965 GMT

Axel Springer made approach for AOL last year
on.ft.com/1FiIZIF
fastFT @fastFT
 
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-0- May/12/2015 19:37 GMT