(BFW) Spain Regulator Imposes EU171M in Fines for Car Industry

BN 07/28 13:19 *SPAIN REGULATOR IMPOSES EU171M IN FINES FOR CAR INDUSTRY
BN 07/28 13:19 *SPAIN CNMC REGULATOR IMPOSES FINES ON CARMAKERS
Spain Regulator Imposes EU171M in Fines for Car Industry
2015-07-28 13:35:35.799 GMT


By Maria Tadeo
(Bloomberg) -- Spain markets and competition regulator
fines 21 automakers and distributors, 2 consultancy cos for
practices aiming at restricting competition.
• CNMC says companies shared sensitive commercial and strategic
information in Spanish distribution market, after-sales services
• Companies fined include Automoviles Citroen Espana with
EU14.8m penalty; Ford Espana EU20.2m, General Motors Espana
EU22.8m, Renault Espana Comercial EU18.2m
• CNMC comments in e-mailed statement

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To contact the reporter on this story:
Maria Tadeo in Madrid at +34-91-700-9624 or
mtadeo@bloomberg.net

To contact the editor responsible for this story:
Charles Penty at +34-91-700-9654 or
cpenty@bloomberg.net

>>> AK Steel beats by $0.03, reports revs in-line

AK Steel beats by $0.03, reports revs in-line

Reports Q2 (Jun) loss of $0.36 per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.39); revenues rose 10.4% year/year to $1.69 bln vs the $1.71 bln consensus.
  • Co announces Q2 shipments of 1,811,700 tons vs 1,397,500 tons last year and 1,750,500 tons in 1Q15.
  • "Continued strength in the automotive market contributed to an overall increase in automotive market and total shipments quarter-over-quarter for the company...Unfortunately, however, continued high levels of what we believe are unfairly traded imports significantly impacted selling prices in the carbon steel spot market, which negatively impacted the company's results."
  • Q3 Outlook: Co expects to generate improved results for Q3 and 2H15 relative to Q2 and 1H15, respectively. Chief among these reasons are anticipated higher shipments, improving carbon steel spot market prices, increased production levels resulting in lower per ton operating costs, and the continuing benefit of lower raw materials costs, in particular, iron ore. The company expects shipments to customers in its largest market, automotive, to remain strong. In addition, the company expects imports of carbon steel products will continue to decline in 2H15, principally because of the pending and anticipated future steel industry trade cases.

>>> Oaktree Capital misses by $0.10, misses on revs

Oaktree Capital misses by $0.10, misses on revs

Reports Q2 (Jun) earnings of $0.44 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of $0.54; revenues fell 10.7% year/year to $270.1 mln vs the $310.94 mln consensus.
  • Capital inflows drove the growth in AUM. Gross capital raised was $6.3 bln for the second quarter of 2015 and a record $24.0 bln for the last twelve months
  • Jay Wintrob, CEO, said, "Second quarter adjusted net income declined year over year primarily due to lower overall returns from our fund investments. Fundraising in the second quarter totaled $6.3 bln, helping to achieve our highest-ever assets under management of $103 bln at June 30, up 13% from a year ago. Gross capital raised over the last twelve months of $24 bln set a new record for any such period, demonstrating the trust and confidence that our clients continue to place in us and the strength of our firm-wide distribution activities. With record dry powder of $20.1 bln, we're well positioned for future investment opportunities across multiple strategies."

>>> Pfizer beats by $0.04, beats on revs; raises FY15 guidance

Pfizer beats by $0.04, beats on revs; raises FY15 guidance
  • Reports Q2 (Jun) earnings of $0.56 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.52; revenues fell 7.2% year/year to $11.85 bln vs the $11.42 bln consensus, which reflects operational growth of $125 million, or 1%, more than offset by the unfavorable impact of foreign exchange of $1.0 billion, or 8%. Excluding the impact of foreign exchange, adjusted diluted EPS(2) increased by approximately 6%.
  • Co issues in-line guidance for FY15, raises EPS to $2.01-2.07, excluding non-recurring items, from $1.95-2.05 vs. $2.06 Capital IQ Consensus; raises FY15 revs to $45-46 bln from $44-46 bln vs. $45.96 bln Capital IQ Consensus Estimate.

>>> UPS beats by $0.08, misses on revs; reaffirms FY15 EPS guidance

UPS beats by $0.08, misses on revs; reaffirms FY15 EPS guidance
  • Reports Q2 (Jun) earnings of $1.35 per share, $0.08 better than the Capital IQ Consensus of $1.27; revenues fell 1.2% year/year to $14.1 bln vs the $14.5 bln consensus.
    • All three segments improved operating profit and margin, led by International and Supply Chain and Freight performance. Currency exchange rates and lower fuel surcharges reduced total reported revenue growth. Pricing initiatives continue to drive base rates higher. Total company shipments increased 2.1% over the second quarter last year to 1.1 billion packages, led by U.S. Deferred Air products and International Export shipments.
    • US domestic rev +2% to $8.8 bln; operating profit +3% to $.2 bln; daily deliveries +1.8% due to slower pace of B2C growth.
  • Co reaffirms guidance for FY15, sees EPS of $5.05-5.30 vs. $5.18 Capital IQ Consensus Estimate.

>>> Arrow Elec beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-lin

Arrow Elec beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line
Reports Q2 (Jun) earnings of $1.54 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $1.50; revenues rose 2.7% year/year to $5.83 bln vs the $5.72 bln consensus.
  • Co issues in-line guidance for Q3, sees EPS of $1.40-1.52 vs. $1.42 Capital IQ Consensus Estimate; sees Q3 revs of $5.55-5.95 bln vs. $5.65 bln Capital IQ Consensus Estimate.

>>> Fresh Del Monte beats by $0.04, misses on revs (limited analyst coverage)

Fresh Del Monte beats by $0.04, misses on revs (limited analyst coverage)

Reports Q2 (Jun) comparable earnings of $1.20 per share, $0.04 better than the Capital IQ Consensus Estimate of $1.16; revenues rose 0.2% year/year to $1.13 bln vs the $1.15 bln consensus.
  • Bananas: Net sales for the second quarter increased 2% to $513.8 million, compared with $505.1 million in the second quarter of 2014, primarily driven by higher sales volume in the Company's North America and Asia regions, along with higher selling prices in the Company's Middle East region.

>>> Intrepid Potash misses by $0.09, misses on revs

Intrepid Potash misses by $0.09, misses on revs

Reports Q2 (Jun) loss of $0.08 per share, excluding non-recurring items, $0.09 worse than the Capital IQ Consensus Estimate of $0.01; revenues fell 33.6% year/year to $73.65 mln vs the $76.74 mln consensus. Adjusted EBITDA1 was $15.0 million, compared with $28.6 million a year ago.
  • Second quarter potash sales volume of 147,000 tons, decreased from last year's second quarter.
  • Intrepid`s average net realized sales price per ton was $358, which is $29 per ton higher than the comparable period in 2014 and slightly less than the first quarter of 2015.
  • The second quarter per ton cash operating cost of $224, a $36 increase from last year`s second quarter, is expected to be the high point for 2015.
Pot Ash Outlook
  • Production (tons) 440-460k
  • Sales (tons) 425-445k
  • Cash operating costs ($/ton) $190-205
  • Total Cogs ($/ton) $275-290

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: ACPW +13.6%, KN +10.2%, GIG +9.6%, MSTR +7.8%, (announced the appointment of Phong Le as CFO effective on or about August 24, 2015; co also reported earnings), MZOR +6.8%, CMI +4.2%, SIRI +3.4%, RCII +3.1%, STO +2.9%, F +2.5%, VLRS +2.4%, BP +2.3%, MPWR +2.1%, UPS +2%, LH +1.9%, PFE +1.8%, NTLS+1.7%, ORAN +1.4%, CIT +1.3%, DHI +1.3%, WYN +1%, MRK +0.9%

Select metals/mining stocks trading higher: FCX +2.6%, BP +2.2%, MT +2.2%, BHP +2.1%, RIO +1.7%, GOLD +1.2%, NUE +1.1%, AA +1.0%

Fan Favorites showing strength with futures markets: NFLX +1.2%, TSLA +1.1%, AMZN +1%, AAPL +0.7%

Other news: SAEX +17.3% ( awarded a contract for ocean-bottom marine seismic data acquisition services, valued at ~$47 million ), DO +16.3% (still checking, may be in sympathy with STO earnings), SD +8.4% (announces receipt of notice from NYSE regarding continued listing standards - intends to consider available alternatives, potentially including a reverse stock split),JKS +3.8% (signs a three-year RMB3 billion line of credit agreement to support its PV project developments), REGN +3.7% (Regeneron Pharms and Sanofi (SNY) agree to jointly advance PD-1 and other new immuno-oncology antibodies), ASTI +3.4% (disclosed the mutual termination of its May agreement regarding the purchase and sale contract of its Thornton, Colorado headquarters building), SDRL +3.4% (in sympathy with STO earnings), SPWR +3% (announced that it has acquired 1.5 gigawatts of U.S. solar power plant development assets from Australia-based Infigen Energy), HZNP +1.6% (announced a collaboration with Fox Chase Cancer Center to study ACTIMMUNE in combination with PD-1/PD-L1 inhibitors in various forms of cancer including advanced urothelial carcinoma and renal cell carcinoma), ACI +1.4% (announced that for administrative purposes it is postponing the previously announced one-for-ten reverse stock split of common stock), RDS.A +1.4% (in symp with BP), GILD +1.2% (ahead of earnings today)

Analyst comments: ITEK +4.7% (target raised to $29 from $9 at Piper Jaffray), BBRY +3% (upgraded to Equal-Weight from Underweight at Morgan Stanley), AEGR +2.1% (upgraded to Buy from Hold at Jefferies), PHG +1.5% (upgraded to Buy from Hold at Societe Generale), FB +0.6% (target raised to $117 at Axiom Capital ahead of earnings tomorrow afternoon)