TheChek News Flow

>>> After Hours : GPRO +8.9%, GNW +6.1%, CLF +3.2%, ESRX +2.

After Hours Summary: GPRO +8.9%, GNW +6.1%, CLF +3.2%, ESRX +2.1%, IG -36.1%, SSYS -17.5%, WYNN -10.4% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: GPRO +8.9%, AMCC +6.6%, GNW +6.1%, HAWK +5.3%, BGFV +4%, HELE +4%, SMSI +3.9%, CLF +3.2%, KTCC +2.7%, LOGM +2.4%, ESRX +2.1%, IACI +1.9%, VRSK +1.9%, CCUR +1.9%, MTSI +1.1%, ACHC +0.9%, RSYS +0.5%, NCR +0.2%, RRC +0.1%

Companies trading higher in after hours in reaction to news: XPO +11.0% (confirmed it will acquire Norbert Dentressangle SA for ~$3.53 bln; acquisition expected to more than triple XPO's EBITDA), WNC +0.9% (signed a new exclusive five-year agreement with Aurora Parts & Accessories), ACT +0.7% (announced initial results of ACCESS IUS in the medical journal Contraception; study found that LILETTA 52 mg, is 99.45% effective for the prevention of pregnancy for up to three years),

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: IG -36.1%, SSYS -17.5%, INAP -16.1%, WYNN -10.4%, BWLD -10%, OTEX -9.7%, NVDQ -7.8%, GPRE -7.2%, AKAM -6.7%, X -6.7%, HASI -4.6%, ALQA -3.9%, SLCA -3.6%, PNRA -3.5%, ULTI -3.3%, AFL -2.2%, AUY -2%, TWTR -1.9%, FARO -1.9%, CRUS -1.8%, POST -1.5%, CALX -1.2%, KRFT -1%, PSEM -0.8%, TE -0.7%, AZPN -0.6%, OHI -0.5%, SBCF -0.4%, TSS -0.3%, OI -0.2%

Companies trading lower in after hours in reaction to news: ASND -12.0% (announced results from Phase 1 study of TransCon Treprostinil, stating that injection-site tolerability issues did not meet the criteria defined in the target product profile), HASI -4.6% (announced commencement of a 4 mln share, public offering of common stock; co also provided Q1 earnings guidance in-line with estimates), SVU -4.4% (Stephen Feinberg (Cerberus Capital) discloses 8.0% active stake in 13D filing; filing did not mention any plans to hold discussions with management), ALQA -3.9% (announced proposed public offering of common stock, amount not disclosed; co also provided downside Q1 rev guidance), BGS -1.7% (announced intention to offer 4.2 mln shares of its common stock), POST -1.5% (reported information regarding an avian influenza incident at one of its Michael Foods Group segment third party contracted egg suppliers), SPB -0.8% (confirmed it will acquire Armored AutoGroup for $1.4 bln)

>>> US Close Dow+0,4% S&P+0,28% Nasdaq-0,10% Russell+0,53%

Closing Market Summary: Stocks Post Modest Gains; Twitter Reports Early

The stock market ended the Tuesday session on a mixed note with the Dow (+0.4%) and S&P 500 (+0.3%) registering modest gains while the Nasdaq (-0.1%) settled in the red.

Equity indices spent the bulk of the trading day near their flat lines, save for a morning retreat, which was retraced in short order. The brief pullback occurred after a disappointing Consumer Confidence report and unfolded amid reports from Al Arabiya indicating that a U.S. cargo vessel was seized by Iran. The U.S. Navy promptly refuted the report with subsequent stories revealing that the cargo ship came from the Marshall Islands, which are under U.S. protectorate. Furthermore, the ship was released a couple hours after the initial stoppage.

Although the major averages returned to their flat lines in short order, extending the rebound proved challenging even though nine sectors finished in the green.

The top-weighted technology sector (+0.2%) was limited to a modest gain with its largest component—Apple (AAPL 130.56, -2.09)—falling 1.6% despite beating earnings and revenue estimates; however, the stock entered the session with a 6.3% gain since April 17, suggesting a strong report was already priced in.

Apple's pullback prevented the Nasdaq Composite from ending in the green while biotechnology also contributed to the underperformance of the index. The iShares Nasdaq Biotechnology ETF (IBB 344.50, -4.05) slipped below its 50-day moving average, losing 1.2% to extend this week's decline to 5.3%. However, the health care sector (+0.4%) ended in the green thanks to better than expected earnings from Merck (MRK 59.98, +2.88). Similarly, Pfizer (PFE 34.48, -0.11) reported above-consensus results, but cautious guidance overshadowed its earnings beat.

Staying on the earnings theme, Twitter (TWTR 42.27, -9.39) was scheduled to report after the close, but the company jumped the gun and released its results during the final hour of the session. The company beat bottom-line estimates, but its revenue and revenue guidance missed expectations. The stock was halted for a brief time, but widened its loss upon resumption, settling lower by 18.2%.

Elsewhere, the consumer discretionary sector (-0.3%) was the only group that couldn't climb out of the red. Many apparel retailers registered losses with Coach (COH 39.65, -2.68) falling 6.3% after disappointing revenue and light same store sales overshadowed a one-cent beat. On the flip side, homebuilders held up well following better than expected earnings from M/I Homes (MHO 23.78, +0.67). Shares of MHO gained 2.9% while iShares Dow Jones US Home Construction ETF (ITB 26.80, +0.14) advanced 0.5%.

Homebuilder stocks were able to advance even though Treasuries spent the day in a steady retreat, sending the 10-yr yield higher by six basis points to 1.99%.

Today's participation was in-line with recent totals as more than 760 million shares changed hands at the NYSE floor.

Economic data was limited to Consumer Confidence and Case-Shiller 20-City Index:

The Case-Shiller 20-city Home Price Index for February rose 5.0% against a 4.7% increase expected by the consensus

The Conference Board's Consumer Confidence Index declined to 95.2 in April from an upwardly revised 101.4 (from 101.3) while the consensus expected an increase to 102.2

The Expectations Index fell to 87.5 in April from 96.0 in March, which was the lowest level since September 2014

The Present Conditions Index dropped to 106.8 in April from 109.5 in March

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the advance reading of Q1 GDP will be reported at 8:30 ET (consensus 1.0%). The Pending Home Sales report for March will cross at 10:00 ET (consensus 1.2%) while the latest policy directive from the FOMC will be released at 14:00 ET.

Nasdaq Composite +6.7% YTD

Russell 2000 +4.5% YTD

S&P 500 +2.7% YTD

Dow Jones Industrial Average +1.6% YTD

(FLY) TEVA: Son of late Teva CEO questions motivations of Mylan chairm

TEVA: Son of late Teva CEO questions motivations of Mylan chairm
2015-04-28 18:56:52.96 GMT

Son of late Teva CEO questions motivations of Mylan chairman, Globes says
Mylan (MYL) Chairman Robert Coury. helped produce "bad blood" between Mylan and
Teva (TEVA) in the past, and Coury "has a lot to lose" from a Teva takeover of
his company, including private planes and cars, said Chaim Hurvitz, son of Eli
Hurvitz, the late Teva chairman and CEO, according to Globes. It was expected
that Mylan's board would oppose Teva's takeover attempt, since Coury controls
half of its board,and the "real war" will be over the support of Mylan's
shareholders, added Hurvitz, whose family owns a 1% stake in Teva. [Reference
Link]:[http://www.globes.co.il/en/article-mylan-chairman-is-uncouth-with-an-enormous-ego-1001031526]

(BN) XPO Logistics Buying Norbert in $3.53 Billion European Deal (2)

XPO Logistics to Buy Norbert in $3.53 Billion European Expansion
2015-04-28 20:02:17.692 GMT

By Leslie Picker
(Bloomberg) -- XPO Logistics Inc. agreed to acquire
European counterpart Norbert Dentressangle SA in a deal valued
at $3.53 billion including debt, as it seeks to become one of
the largest providers of supply-chain services in the world.
Founder Norbert Dentressangle will sell his family’s 67
percent ownership in the Lyon, France-based company for 217.50
euros per share, according to XPO. XPO, based in Greenwich,
Connecticut, will then start a tender offer for the remaining
stake at the same price. That reflects a 37 percent premium to
Norbert’s closing price Tuesday in Paris of 159.10 euros a
share, and a value of more than $2 billion in cash.
This is the largest deal ever for XPO Chief Executive
Officer Brad Jacobs, who’s made a career building companies,
such as United Rentals Inc. and United Waste Systems Inc.
through hundreds of acquisitions. He’s already started looking
at other targets in the region to help shape XPO into a global
transport-services juggernaut.
“This was a transformative acquisition for us,” said
Jacobs, 58, in an interview. “It really puts us on the map in
terms of critical mass, but it’s just the beginning.”
Europe’s economic recovery has encouraged several U.S.-
based companies to strike cross-border deals. U.S. suitors
announced $201.6 billion of acquisitions of Western European
companies in the past 12 months, more than twice the value of a
year earlier, according to data compiled by Bloomberg. Earlier
in April, FedEx Corp. agreed to buy Dutch parcel-delivery
company TNT Express NV for $4.8 billion.

Euro Rebound

For XPO, the strong dollar relative to the euro made the
acquisition much less expensive than it would have been in
January, Jacobs said.
“Europe has had a tough last few years,” Jacobs said.
“My sense of the situation is that you’re seeing the beginnings
of a rebound in the Euro area.”
The Norbert acquisition will increase XPO’s pro forma
revenue to about $8.5 billion, and earnings before interest,
taxes, depreciation and amortization to $545 million, the
company said.
Morgan Stanley is providing $2.6 billion in financing, and
XPO will use $1 billion in cash. Morgan Stanley is also serving
as a financial adviser to XPO, while Rothschild and JPMorgan
Chase & Co. are advising Norbert.

For Related News and Information:
XPO’s Jacobs Pulls Off 500 Deals Bypassing Wall Street Bankers
FedEx Aided by Strong Dollar in ‘Perfect-Timing’ Bid for TNT
XPO Logistics Agrees to Buy 3PD for $365 Million, CEO Says
Top transportation stories: TOP TRN <GO>
Top deal news: DTOP <GO>
Bloomberg Industries truck analysis: BI TRCK <GO>
Bloomberg Industries truckmaker analysis: BI TRUC <GO>
M&A Database: MA <GO>

--With assistance from Jeffrey McCracken in New York.

To contact the reporter on this story:
Leslie Picker in New York at +1-212-617-2797 or
lpicker2@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman

(BN) Teva Can Secure Mylan Deal With Bid Under $100 a Share: Real M&A

Teva Can Secure Mylan Deal With Bid Under $100 a Share: Real M&A
2015-04-28 16:33:12.103 GMT

(For a Real M&A column news alert: {SALT REALMNA <GO>}.)

By Tara Lachapelle
(Bloomberg) -- Teva Pharmaceutical Industries Ltd. can
afford to pay the price Mylan NV says is required to even start
merger talks. But it won’t need to.
Mylan rejected Teva’s $82-a-share bid Monday, saying it
would take an offer “significantly in excess of $100” before
it would consider engaging in discussions with the generic-drug
giant. If Teva really wanted to, it could make that kind of
offer. Teva’s projection of $2 billion in annual cost savings
means the acquisition is accretive even at prices well above
that amount, according to data compiled by Bloomberg.
But analysts and investors say that large of a bump won’t
be necessary. Teva’s bid already looks appealing in comparison
to Mylan’s current stock price of $73 and change. As Teva meets
with key Mylan shareholders to try to win their support, five
investors polled by Bloomberg News on Monday said a suitable
takeout price would be $85 to $95 a share.
“Because it’s a highly accretive deal, it certainly lends
some room to raise the bid,” Kevin Kedra, an analyst for
Gabelli & Co. in Rye, New York, said in a phone interview. At
the same time, “Mylan shareholders would probably be receptive
to a number that doesn’t need to be $100.”
Other sell-side analysts agree. Canaccord Genuity Group
Inc.’s Corey Davis says Mylan is worth a maximum of $100 a share
to Teva. Cowen Group Inc.’s Ken Cacciatore pegs Mylan’s value at
$88 to $92 a share.
“Teva is already right near that threshold and can easily
cross it,” Cacciatore wrote in a report Monday. He predicts
Teva will sweeten its bid, and then Mylan shareholders will
begin to put pressure on the company to negotiate. Should Mylan
continue to resist, Teva could move to a tender process or
investors could ask for a special vote to overhaul the board, he
said.

For Related News and Information:
Teva Said to Take Acquisition Bid Directly to Mylan Holders
Mylan Investors Want $85-$95/Share in Teva Deal, Survey Says
Real M&A columns: NI REALMNA <GO>
Top deal stories: DTOP <GO>
Merger calculator: MRGC <GO>

--With assistance from Joshua Fineman and Sasha Damouni in New
York.

To contact the reporter on this story:
Tara Lachapelle in New York at +1-212-617-8911 or
tlachapelle@bloomberg.net
To contact the editors responsible for this story:
Beth Williams at +1-212-617-2307 or
bewilliams@bloomberg.net
Elizabeth Wollman

(BFW) France Is Intent on Gaining Extra Clout at Renault, Macron Says

France Is Intent on Gaining Extra Clout at Renault, Macron Says
2015-04-28 14:48:33.945 GMT

By Jonathan Stearns
(Bloomberg) -- The French government is determined to
obtain double-voting rights at carmaker Renault SA, says Economy
Minister Emmanuel Macron.
* “I want to see this through to the end,” Macron tells
reporters in Strasbourg, France
* He dismisses the notion that Renault’s alliance with Japan’s
Nissan Motor Co. makes such a step imprudent, saying Renault
controls Nissan, the French state has always respected its
partners in companies and the government is merely pursuing
its rights as a long-term investor
* “It’s normal that a state defends its rights,” Macron says
* He says the government’s goal is the stability of an
“important” French manufacturer, whereas other investors
have shorter-term interests
* “There are sensitivities on the subject; they are largely,
by the way, often the sensitivities of the market. Who is
upset by double-voting rights? The people, the speculators,
the market investors who are short-termists. It’s a real
ideological debate,” Macron says
* He says the government doesn’t confound its roles as a
regulator and as an investor
* “We are not interventionist,” Macron says
* NOTE: France will secure at least 30% of the voting rights
at Renault should the government win a shareholder vote at
the company’s annual meeting on April 30, up from 17.7% at
the beginning of April
* NOTE: April 17: France’s Power Grab Poses Risk to Ghosn’s
Renault-Nissan Plan Link

Link to Company News:{RNO FP <Equity> CN <GO>}
Link to Company News:{7201 JP <Equity> CN <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:
Jonathan Stearns in Strasbourg, France at +32-2-285-4306 or
jstearns2@bloomberg.net

To contact the editor responsible for this story:
Jones Hayden at +32-2-285-4312 or
jhayden1@bloomberg.net

>>> Pfizer notes from conference call: Co remains open to any deal that will add

Pfizer notes from conference call: Co remains open to any deal that will add value, regardless of size

Co still faces loss of exclusivity for certain products this year, however, largest losses of exclusivity have passed; expects impact to diminish over time
Co has 88 programs in clinical development and 30 programs in late stage development for registration
As noted in press release, FY15 guidance was lowered solely due to the effect of changes foreign exchange rates, particularly in the Euro
M&A: Management has a bias towards deals that create value in the near term
- Co remains on track for closing Hospira deal in the second half of this year
- Co is "agnostic" to the size of potential deals, as long as they create value for shareholders
- Co has capability of undertaking another deal, does not need to wait for Hospira deal to close
CEO said he believes that valuations in biotech are "a bit buoyant"
New proposed tax law changes would make it more difficult to realize any immediate value from conducting a tax inversion
CFO said co's capital structure will not have any impact on the decision whether or not to split up the company; a large acquisition could impact the timeline of a potential split
Co implemented a new distribution model for Enbrel in the UK, has not seen any impact from biosimilars to REMICADE

Guidance (still excludes Stuart W acquisition impact): Overall annual guidance has not changed - reaffirms FY15 sales low double digit decline, vs -12.5% to $4.20 bln estimate. Q4 sales will be down by similar levels in Q3 on both a constant currency and reported basis..... Also reaffirms FY15 gross margin of 69-70% and operating margin in high teens. Sees FY15 CapEx $275-300 mln. Plans to maintain dividend at current rate.
Q3 color: Avg transactions rose and co saw relative sequential improvement in traffic despite weather. In handbags - the above $400 price bucket grew in penetration and saw another positive comp. Estimate overall women's handbags/accessories grow in MSD in Q4. Co continues to believe that the category will grow at ~7% compound annual growth rate.
Global pricing strategy: Co plans to keep strategy at this time -- includes pricing that is 40-60% below prices of luxury brands.
By Category: Stuart Weitzman acquisition should be completed in the weeks ahead. Co renewed current footwear licence for next two years (while still integrating StuartW)...As for new multi-year fragrance agreement, the first scent with new partner expected to launch fall 2015...
By region: In China, co is still targeting FY15 China sales of ~$590-600 mln. Co reaffirmed FY15 European sales forecast of ~$90 mln.
Store transformation update: Some opening/renovations have been pushed back -- will be very heavily back-weighted for full year. ~50 international renovations and 10 new international stores have moved into FY16--now targeting ~100 global renovations in FY15 (prior guidance was for ~150) and open ~40 -50 new stores globally (prior guidance was for 50-60) for total of 140 -150. In dept store, co still expects to convert over 300 locations to open sell format this fiscal year. Over the last few weeks, co completed several renovations - expect to have completed about 35 additional renovations by year end.