GOOG/GOOGL bd approves adjustment payment 4/22



Adjustment Payment in relation to Class C Capital Stock Distribution
In January 2014, our board of directors approved the distribution of shares of Class C capital stock as a dividend to our holders of Class A and Class B common stock (the Stock Split). The Stock Split had a record date of March 27, 2014 and a payment date of April 2, 2014. In accordance with a settlement of litigation involving the authorization to distribute Class C capital stock, at the close of trading on April 2, 2015, the last trading day of the 365 day period following the first date the Class C shares traded on NASDAQ (Lookback Period), we determined that a payment (the Adjustment Payment) in the amount of $522 million was due. The amount of the Adjustment Payment was based on the percentage difference that developed between the volume-weighted average price of Class A and Class C shares during the Lookback Period, as supplied by NASDAQ Data-on-Demand, and is payable to holders of Class C capital stock as of the end of the Lookback Period in cash, Class A common stock, Class C capital stock, or a combination thereof, at the discretion of our board of directors. On April 22, 2015, our board of directors approved the Adjustment Payment to be paid on or about May 4, 2015 in shares of Class C capital stock, and cash in lieu of any fractional shares of Class C capital stock. http://www.sec.gov/Archives/edgar/data/1288776/000128877615000021/googq12015exhibit991.htm

(BN) Comcast Said Planning to Drop Offer for Time Warner Cable (1)

Comcast Said Planning to Drop Offer for Time Warner Cable (1)
2015-04-23 19:20:52.590 GMT


(Updates with FCC stance starting in third paragraph.)

By Alex Sherman
(Bloomberg) -- Comcast Corp. is planning to walk away from
its proposed $45 billion takeover of Time Warner Cable Inc., people
with knowledge of the matter said, after regulators planned to oppose
the deal.
Comcast is planning to make a final decision on its plans
Thursday, and an announcement on the deal’s fate may come as soon
as Friday, said one of the people, who asked not to be named
discussing private information.
This week, U.S. Federal Communications Commission staff
joined lawyers at the Justice Department in opposing the planned
transaction. FCC officials told the two biggest U.S. cable companies
on Wednesday that they are leaning toward concluding the merger
doesn’t help consumers, a person with knowledge of the matter said.
An FCC hearing can take months to complete and effectively
kill a deal by dragging out the approval process beyond the
companies’ time frame for completion. Justice Department staff
is also leaning against the deal, Bloomberg reported last week.
Comcast shares rose 2.2 percent to $60.06 at 3:07 p.m. in
New York, while Time Warner Cable climbed 0.5 percent.
Sena Fitzmaurice, a spokeswoman for Comcast, declined to
comment.
While the DOJ has to present a case in court to block the
deal, an FCC hearing referral could prove to be the bigger
obstacle to Comcast’s bid to expand its cable and Internet
footprint.
The last time the FCC staff proposed sending a merger to a
hearing was over AT&T Inc.’s bid to buy T-Mobile USA Inc. in
2011, prompting the companies to drop the deal. The Justice
Department had already brought a lawsuit seeking to block the
merger.
Comcast representatives came away from the FCC meeting with
the impression the deal was in trouble, according to a person
familiar with the matter.

For Related News and Information:
Comcast Seen Facing Painful Choices in Bid for Merger Approval
Top Stories:TOP<GO>

To contact the reporter on this story:
Alex Sherman in New York at +1-212-617-8278 or
asherman6@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman

(GS) GS/Europe: The European Phoenix: Ten European recovery datapoints

In recent weeks, early signs that a European recovery is under way have started to mount. Italy and Spain in particular have shown some strong signs of improving growth, manifested through data on car registrations, power demand, and cement volumes. Earnings revisions have also started to stabilize across the region and investors are looking for additional supportive commentary as we move through Q1 earnings season. We maintain our positive view on a European economic inflection and particularly on those companies with leverage to consumer recovery and FX tailwinds. In this context we note that Amadeus, Azimut, Burberry, Easyjet, FCA, L'Oreal & Schibsted are all on our DOR Focus List.

Southern Europe:
  • Car registrations accelerated in both Italy and Spain over the course of Q1. Italian registrations +13.8% yoy in Q1, and +15.8% in March. Spanish registrations +32% in Q1 and +40% in March.
  • Cement volumes are improving in Italy and Spain, the first non-negative growth recorded in four years (since 2Q11). Spanish cement volumes have been up for the last seven quarters in a row, +12% yoy in March (+8.5% YTD).
  • Strong recruitment trends: Michael Page reported strong growth in Southern Europe (+30% YoY) in its 1Q15 results. Hays grew 43% in Spain in the quarter.
  • Airport passenger traffic improving. Spanish passenger volumes rose by 6.2% in 1Q15, up from +4.3% in 4Q14 (AENA data). In Italy, we note that passenger volumes at Rome airport were up 9.1% YoY in Q1 (up from a growth rate of +4.4% in Q1 2014).
  • Italian power demand is improving. Demand was flat yoy in March. Adjusting for weather and working days, this is the first time demand has been stable since Oct '11.
Broader Europe:
  • Signs of corporate spending: SAP reported double digit license growth in Germany in Q1 vs flat to single digit license growth in Q4
  • Accelerating hotel revenues: EU-wide hotel RevPAR growth of 5.3% in Q1 2015, up from 3.3% growth in Q1 2014. Accor 1Q results highlighted strong regional performances, driven in particular by the luxury segment in France which benefited from a weak Euro (1Q15 LFL RevPAR +13.4% from +12.7% in 4Q14 and +8.6% in 3Q14).
  • Media spend is on the up: Publicis’ beat on organic growth in 1Q was mainly driven by Europe up 1.7% in 1Q after -1% in 4Q14. By geography, France improved to +4.2% and Southern EU returned to growth at +2.7%. Omnicom’s European organic growth also came better than expected +2.7% vs GS +1.5%. French growth turned positive in the quarter.
  • Truck recovery datapoints abound: US truck company Paccar has raised its end market outlook in Europe by 7% at the midpoint, consistent with positive recent commentary out of Scania (orders up 40%+ yoy) and MAN (increasing production rates).
  • The consumer: Kering reported sales growth in Western Europe of 14 % in 1Q15 vs 6% in 1Q14 (the company notes improvements in both tourist and local demand).

>>> DRAM/Semi names are under pressure ahead of the open

DRAM/Semi names are under pressure ahead of the open
Several factors are likely attributing to the weakness including:
  • Disappointing Texas Instruments (TXN) qtr. The stock is leading the group lower this morning (now down 9%) following earnings. MU -2%, STM -3%, ON -3%, FCS -1.7%, NXPI -2.6%
  • Reports out overnight indicate China expansion in the DRAM sector could increase competition and pricing.

{http://www.digitimes.com/news/a20150422PD200.html}


Subject >>> China said to increase efforts to establish its own DRAM industry - financia
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>>> DRAM/Semi names are under pressure ahead of the open

DRAM/Semi names are under pressure ahead of the open
Several factors are likely attributing to the weakness including:
  • Disappointing Texas Instruments (TXN) qtr. The stock is leading the group lower this morning (now down 9%) following earnings. MU -2%, STM -3%, ON -3%, FCS -1.7%, NXPI -2.6%
  • Reports out overnight indicate China expansion in the DRAM sector could increase competition and pricing. See 6:54 comment for related

{http://www.digitimes.com/news/a20150422PD200.html}