The IMF turns down a Greek request to postpone next month's payments
The inquiry about delaying payments to the IMF was typical of the unpredictable behaviour of Greece’s new government, led by the leftist Syriza party. Within the Eurogroup of euro-zone finance ministers, the Greeks’ shifting demands and failure to respect confidentiality have destroyed their credibility. Other members have largely given up trying to understand Greek aims, and are instead setting conditions. On Wednesday Germany’s hard-line finance minister, Wolfgang Schäuble, demanded that Greece stop deluding its people and implement tough reforms quickly, saying the solution to the impasse was “entirely down to Greece”. The president of the European Central Bank, Mario Draghi, struck a similar note in a press conference the same day. Asked how long the ECB could continue to provide the emergency liquidity assistance (ELA) that is keeping Greece’s banks afloat (see chart), he said that was “entirely in the hands of the Greek government”, which needed to resolve its negotiations with the EU.
Greece and the Eurogroup need to agree on a list of reforms before the Europeans will release €7.2 billion in bail-out funds to repay Greek debts. Greece had hoped to reach an agreement before the Eurogroup’s April 24th meeting in Riga, but other countries say that is no longer realistic. Greece has made little progress in detailing the privatisations and pension and labour-market reforms the EU has demanded. The Greeks’ persistent failure to provide accurate information about their government’s own financial position—first warning they might run out of money in February, then March, then April—has heightened the mistrust, according to people familiar with EU negotiations.
In Washington, Mr Varoufakis may repeat the plea to postpone Greece’s upcoming payments to the IMF (€200m on May 1st and €750m on May 12th). He is unlikely to receive any support. He has won a meeting with Barack Obama, but diplomats say the two will only have a quick five-minute chat. Yields on Greek bonds rose sharply on Thursday; the yield on three-year government bonds soared to near 27%, the highest level since 2012. The Greek bond wobble was mainly due to the decision of Standard & Poor’s, the rating agency, to downgrade Greece’s long-term bonds from B- to CCC+ status. S&P’s decision was partly based on its estimate that the Greek economy shrank by 1% over the past six months: a bruising possibility given that the Greek economy only exited a deep, six-year-long recession last year.
Back in Athens, meanwhile, political pressure on Syriza is mounting. On Wednesday Alekos Flambouraris, minister for coordinating government operations and the closest political confidant of the prime minister, Alexis Tsipras, hinted in a TV interview that a referendum could be held over whether Greece should stay in the euro. This would most likely return a “yes” vote, which could give Mr Tsipras an excuse to push out far-left members of his own party who have been blocking reforms. But time is short. Sources in the government say that unless the bail-out funds are unlocked it will run out of money at the end of April, and be forced to choose between paying salaries or paying the IMF. This time, they say, the deadline is real.
>>> Asset Class Flows
- Equities: $1.1bn outflows (masks divergence between $5.9 mutual fund outflows and $4.8bn ETF inflows)
- Bonds: $4.7bn inflows (15 straight weeks)
- Commodities: ekes out first inflows in 4 weeks ($0.1bn)
>>> Equity Flows
- EM: first inflows in 7 weeks ($1.3bn)
- Europe: $2.0bn inflows (14 straight weeks, but weakest inflows in 13 weeks)
- US: $7.4bn outflows (outflows in 8 out of past 9 weeks)
- Japan: 8 straight weeks of inflows ($0.3bn)
>>> Fixed Income Flows
- 69 straight weeks of inflows to IG bond funds ($1.4bn – but this is smallest inflows in 15 weeks)
- $1.5bn inflows to HY bond funds (5 straight weeks)
- $0.6bn inflows to EM debt funds (largest in 6 weeks)
- First inflows to bank loan funds in 40 weeks ($0.5bn)
- $1.2bn inflows to govt/tsy funds (largest in 10 weeks)
- $0.6bn outflows from muni funds (largest since Jul’14)
Safran, BAE, Thales Favored; MTU, Meggitt May See M&A: Goldman
2015-04-17 06:47:49.192 GMT
By Brian Lysaght
(Bloomberg) -- 2015 is transition year for Euro aerospace &
defense as U.S. weapons budget begins to grow and Airbus,
Safran, MTU Aero undertake major product plans, Goldman says.
* Improved defense outlook may spur M&A; MTU Aero, Meggitt
rated high probability in M&A
* Safran reiterated conviction buy, top pick in civil
aerospace; est. 2014-17 Ebit annual avg growth 11%, trades
at discount vs sector
* Thales added to conviction buy list, can beat M/T margin
targets
* BAE reiterated conviction buy, preferred on defense recovery
* MTU Aero cut to neutral from buy following outperformance
* Reinstates Finmeccanica as buy, Cobham as neutral: Goldman
* NOTE April 13: Staying Overweight on Global Aerospace and
Defense, RBC Says
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
--With assistance from Gaurav Panchal in London.
To contact the reporter on this story:
Brian Lysaght in London at +44-20-3525-7908 or
blysaght@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
Brian Lysaght
2015-04-17 06:47:49.192 GMT
By Brian Lysaght
(Bloomberg) -- 2015 is transition year for Euro aerospace &
defense as U.S. weapons budget begins to grow and Airbus,
Safran, MTU Aero undertake major product plans, Goldman says.
* Improved defense outlook may spur M&A; MTU Aero, Meggitt
rated high probability in M&A
* Safran reiterated conviction buy, top pick in civil
aerospace; est. 2014-17 Ebit annual avg growth 11%, trades
at discount vs sector
* Thales added to conviction buy list, can beat M/T margin
targets
* BAE reiterated conviction buy, preferred on defense recovery
* MTU Aero cut to neutral from buy following outperformance
* Reinstates Finmeccanica as buy, Cobham as neutral: Goldman
* NOTE April 13: Staying Overweight on Global Aerospace and
Defense, RBC Says
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
--With assistance from Gaurav Panchal in London.
To contact the reporter on this story:
Brian Lysaght in London at +44-20-3525-7908 or
blysaght@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
Brian Lysaght
>>> Up
*DEBENHAMS RAISED TO BUY VS NEUTRAL AT CITI
*JERONIMO MARTINS RAISED TO BUY VS NEUTRAL AT CITI
*QINETIQ RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*MANITOU RAISED TO NEUTRAL VS REDUCE AT ODDO
*OXFORD INSTRUMENTS RAISED TO OVERWEIGHT AT BARCLAYS
*SPECTRIS RAISED TO NEUTRAL VS UNDERPERFORM AT EXANE
*THALES RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
*WEIR RAISED TO NEUTRAL VS UNDERPERFORM AT EXANE
>>> Down
*ALCATEL-LUCENT CUT TO NEUTRAL VS BUY AT UBS
*ARCELORMITTAL CUT TO UNDERPERFORM VS NEUTRAL AT EXANE
*ATEA CUT TO HOLD AT DNB
*AURUBIS CUT TO HOLD VS BUY AT HSBC
*BASF SE CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*BAYER CUT TO EQUAL-WEIGHT AT MORGAN STANLEY
*BOLIDEN CUT TO HOLD AT SOCIETE GENERALE
*CNH INDUSTRIAL CUT TO HOLD VS BUY AT EQUITA
*DEUTSCHE POST CUT TO HOLD VS BUY AT CANTOR
*DOMINO PRINTING SCIENCES CUT TO EQUALWEIGHT AT BARCLAYS
*GKN CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*K&S CUT TO HOLD FROM BUY AT EQUITA
*MTU AERO CUT TO NEUTRAL VS BUY AT GOLDMAN
*ONTEX CUT TO HOLD AT SOCIETE GENERALE
*OUTOKUMPU CUT TO UNDERPERFORM VS NEUTRAL AT EXANE
*ROTORK CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*RWE CUT TO SELL VS HOLD AT BERENBERG
*SGS CUT TO REDUCE VS NEUTRAL AT ODDO
*TELENOR ASA CUT TO HOLD VS BUY AT DEUTSCHE BANK
>>> PT Change
>>> Initiation
*AENA SA RATED NEW SECTOR PERFORM AT RBC, PT EU95
*BALFOUR BEATTY RATED NEUTRAL VS NOT RATED AT JPMORGAN
*COBHAM REINSTATED NEUTRAL AT GOLDMAN
*FINMECCANICA REINSTATED BUY AT GOLDMAN
*MONEYSUPERMARKET RATED NEW OVERWEIGHT AT BARCLAYS, PT 315P
*ROYAL MAIL RATED NEW UNDERPERFORM AT DAVY; PT 380P
*SAIPEM RATED NEW UNDERWEIGHT AT JPMORGAN, PT EU9.5
*TECHNIP RATED NEW OVERWEIGHT AT JPMORGAN, PT EU68.73
*URBAN & CIVIC RATED NEW NEUTRAL AT JPMORGAN, PT 300P
>>> Call
>> Stock
*CASTELLUM ADDED TO CONVICTION BUY LIST AT GOLDMAN
*DASSAULT SYSTEMES ADDED TO GOLDMAN CONVICTION BUY LIST
*EUROCASH SA REMOVED FROM GOLDMAN CEEMEA FOCUS LIST, STAYS BUY
*HUNTING ADDED TO CONVICTION BUY, DOR FOCUS LISTS AT GOLDMAN
*PETROFAC REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY
*THALES RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
* Optionality on successful merger, multiple value drivers
Following the Alcatel-Lucent deal announcement, we see compelling long-term strategic rationale in creating a global network equipment supplier with top 3 market shares in key ‘convergence’ verticals. Based on historic precedents, the magnitude of regional overlap and Nokia’s strong cost-cutting track record, we view management’s EUR900m cost synergy guidance as conservative. We see further potential value unlocking via a HERE disposal, a potential debt refinancing (5-9% accretive to proforma EPS), IPR monetisation and EUR0.4/share in tax assets.
* Cost savings bull case could double the share price
Should management execute on (in our view conservative) cost synergy targets, proforma Networks operating margins could improve from ~10% pre synergies to >13% post synergies by 2019. Adding potential upside from beating on its cost savings target and refinancing at 4% or less, we estimate proforma 2019 EPS could be EUR0.65 to EUR0.85. Applying a market P/E of 15x the stock could be worth EUR11.5 to 14.4/share in 2018. Discounted back this would imply a potential 2015 share price range of EUR9.4 to 11.8; 29 to 63% upside from current levels.
* 5 scenarios for the stock - all with upside, in our view
We view the sell-off since deal announcement as unjustified as we see 5 dealrelated scenarios for the share price with 10-62% upside: 1) Deal bull case - Nokia beats cost savings target by 100% and refinances at 2% - EUR11.8/share. 2) Deal base case – Nokia delivers on savings target – EUR9.4/share.3) Deal bear case – cost savings are neutralised by revenue/share loss – EUR8.3/share. 4) The deal fails to close, Nokia still sells HERE and increases IPR monetisation to 50bps – we see fair value at EUR8.5) The full transaction fails to close, but Nokia may still buy Alcatel’s wireless business as previously highlighted – we see upside top EUR10.4.
Fed Shies Away From June Rate Hike
Weak economic data causing some officials to rethink timing of first increase in more than 6 years
ENLARGE
A patch of soft economic data has created uncertainty inside the Federal Reserve about when to start raising short-term interest rates, dimming the chances of a move as early as June.
Recent reports showed a slowdown in U.S. hiring in March, tepid growth in consumer spending at retail stores, a big drop in industrial output and softer-than-expected home building, reinforcing a view the economy downshifted in the first quarter and didn’t have great momentum moving into the second.
Fed officials want to see continued improvement in the job market and want to be confident inflation is rising toward their 2% goal before they raise rates from near zero. Most of them see the first-quarter growth slowdown as temporary, but they will need time to make sure a rebound is in store.
“Data available for the first quarter of this year have been notably weak,” Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said Thursday in a speech in Palm Beach, Fla. That “is giving rise to heightened uncertainty about the track the economy is on.”
Mr. Lockhart often reflects a middle ground among Fed officials when they are divided on policy questions. In February, Mr. Lockhart said he wanted to keep open the possibility of a rate increase by June. He made no mention of a June move in his speech Thursday and said “affirmative evidence” that the Fed is reaching its goal of 2% inflation isn’t likely in the very near term. Speaking to reporters after his speech he said June wasn’t off the table but it also wasn’t his preference.
For Fed officials, the turn of events is somewhat of a recurring nightmare. Economic growth has continually fallen short of their expectations in an expansion nearly six years old. The disappointments, in turn, have consistently forced them to recalibrate their plans.
Many officials entered this year thinking the economy was finally on a stronger growth path after several strong months in 2014 and signs that headwinds related to the financial crisis were receding. As a result, they started looking toward an initial rate increase at midyear. The Fed has held its benchmark short-term rate near zero since December 2008 to boost the growth during the recession and weak recovery.
At the Fed’s March meeting, they opened the door to considering a rate increase in June. But even before the recent spate of weak numbers they were divided on whether action would be warranted by then.
Echoing the hesitation shown by Mr. Lockhart, Boston Fed PresidentEric Rosengren said in a speech in London, “it remains difficult to separate the temporary and easy-to-explain from the lasting and more concerning—so in my view, incoming data would need to improve to fully satisfy the [Fed’s] two conditions for starting to raise rates.”
Some officials who appeared inclined to move by June are giving themselves wiggle room. Cleveland Fed PresidentLoretta Mester told The Wall Street Journal in February that a midyear move was a “viable option.” In a speech Thursday, she stuck to her optimistic outlook for the economy, but conditioned a decision to act on signs that growth is “regaining momentum.”
The barrage of comments came after New York Fed PresidentWilliam Dudley earlier this month said weak economic data had raised the bar for rate increases by midyear.
Futures markets are already saying as much. Investors are pricing in a very low probability of a rate increase by June and market-implied probabilities for September have declined as well.
Most central-bank officials still say they expect to start raising the benchmark federal-funds rate this year.
Some officials, such as Fed Vice Chairman Stanley Fischer, who spoke on a panel with the Journal on Thursday, are sticking to the idea that a rate increase is likely this year without talking about the timing. When an increase does happen, he added, it will likely be small, only a quarter percentage point.
The Fed’s doubts are emerging as central bankers and other financial officials gather in Washington for semiannual meetings of the International Monetary Fund. Fed Chairwoman Janet Yellen will spend much of the coming days conferring with colleagues from overseas.
“We just don’t seem to be getting escape velocity,” Raghuram Rajan,Governor of the Reserve Bank of India, said in an interview on the sidelines of the conference. “That virtuous cycle is just not happening. Every time it seems like it is happening, you have one more quarter of terrible growth.”
Explore Janet Yellen’s Official Calendar.
Thursday brought more disappointing economic news. The Commerce Department said starts on new homes rose a modest 2% last month, doing little to reverse February’s 15% slide and a slight drop in January. Since December, starts are down 14%.
Earlier in the week, the Fed reported that industrial production fell at a 1% annual rate in the first quarter, the first quarterly drop since the second quarter of 2009, thanks in part to reduced oil drilling.
Analysts at Bank of America Merrill Lynch calculate that the number of disappointing economic reports relative to positive surprises has been greater in recent months than at any point since the expansion began in June 2009.
Consumers’ behavior is an important puzzle for Fed officials. Job growth has been relatively strong, aside from the March slowdown. Meantime, falling gas prices are a positive for pocketbooks, stock and home price gains have boosted wealth for some households, and debt burdens have been reduced.
Yet retail sales have been anemic since December. Sales excluding gasoline stations—where they are falling due to price drops—were up 4.4% in March from a year earlier, compared with a 6.7% increase in December.
“Consumer spending in the first quarter was not as strong as expected,” Mr. Lockhart said. “We did not see an expected boost to consumer spending coming from lower gasoline prices at the pump.”
American consumers are especially important to the outlook because other engines of the economy aren’t firing strongly. Most notably, a strong dollar has the potential to dent U.S. exports and oil price declines have led to retrenchment in energy sector investment. Meantime home building has been modest despite low interest rates.
“Not all sectors will contribute equally to growth,” Ms. Mester said. “Whether the drag from the trade sector will be larger or smaller than I’ve assumed is one of the risks to the forecast.”
Dow-0,04% S&P-0,08% Nasdaq-0,06% Russell-0,19%
US Market closed slighlty lower but manage to recover from morning lows. indices struggled in the early going after an overnight report from the Financial Times indicated that Greek officials have asked the International Monetary Fund to reschedule debt repayments that will be due in May. The report was denied by Greek Finance Minister Yanis Varoufakis, but European investors displayed caution, which contributed to the lower start in the U.S.a batch of better than expected earnings offset the Greece-related news...Volume were in line with average @ 740mil shares...US after hours CE +14.4%, MAT +6.7%, CHKE +3.4%, PRO -17.9%, STRM -9.3%, AMD -9.0% following earnings/guidance...Late in the US trading session, a report from Fed watcher Hilsenrath pointed to a spate of softer economic data creating some uncertainty among the FOMC members about the timing of the liftoff in rates. The report noted the general increase in economic data shortfalls have reduced expectations of a June liftoff significanly and Sept hike probability has also moved lower. Hilsenrath added that most Fed officials see Q1 slowdown as temporary, but would likely prefer more time to ensure a sustainable rebound is taking place....Shanghai Composite was up over 2% in the morning session and headed for its 6th straight week of gains, rising to fresh 7-year highs just below 4,300. Economic calendar was sparse in both the Asia and US hours, with the focus turning to Friday's US CPI figures. In the mean time, investors on the mainland were enthused by more positive rhetoric from policymakers. China Securities Regulatory Commission (CSRC) Chairman Xiao noted the current bull market would last longer than the last upswing just before the GFC, though he did urge "rational" investing. Separately, the State Council promised to continue to promote steady trade growth, streamlining infrastructure construction at China's ports. Lastly, NDRC said new measures to stabilize growth and support employment, which has been slacking in recent datapoints, were in the pipeline. On the down note, S&P warned more China property developers, particularly in smaller cities, could default this year.
Nikkei -1.05% Hang Seng +0.24% Shanghai +2.20%
RUB $49.9940 EURCHF 1.0351 CHF 0.9577 Eur$ 1.0770 WTI $56.19 (-0.92%)
S&P -0.10% EuroStoxx +0.03% Dax -0.18% SMI -0.18%
Macro :
- Lagarde Says She Won’t Support Greece Missing Payment to IMF
- Risks Ignored in Europe as Bond Buying Distorts Credit Markets
Keep an eye on :
- ABE SM : Abertis Shares Placed at EU16.40 Per Share in Bookbuild
- ANIM IM : Anima Open to Aggregator Role; May Use Debt, Equity Funding: CEO
- ATO FP : Capgemini, Atos in Talks to Buy IGATE, Business Standard Says
- SFER IM : Ferragamo Has No Plan to Cut Prices for ‘Time Being,’ CEO Says
- LG FP : Lafarge to Sell U.S. Plant to Summit as It Seeks FTC Merger Nod
- MRL SM : Merlin Plans to Buy 30% of Testa From Sacyr, Expansion Says
- NESN VX : Nestle 1Q In Line, Shrs May Stay Neutral Today, Exane Says
- POM FP : Plastic Omnium Aims to Double China Sales to EU1 Billion in 2018
- RCL NO : Meyer in Talks With Royal Caribbean on Order: Helsingin Sanomat
- RWE GY : RWE Div. Cut of 26% in 2016 ‘Inevitable’ on Taxes: Berenberg
- SCH NO : Schibsted to Introduce New Class of B-Shares Through Shr Split
- SKFB SS : SKF Sees Unchanged 2Q Demand After 1Q Profit Slightly Below Est.
- SYNN VX : Syngenta 1Q Sales Miss Estimates, Repeats 2015 Outlook ,Syngenta CEO Says Co. Has Mostly Put Together Crop Plans
- UNI IM : UnipolSai Sold Entire Stake in Sorin Through Bookbuilding, UnipolSai Sold Sorin Shrs at EU2.81/Shr for Total EU61.4m
>>> Up
*DEBENHAMS RAISED TO BUY VS NEUTRAL AT CITI
*JERONIMO MARTINS RAISED TO BUY VS NEUTRAL AT CITI
*QINETIQ RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*MANITOU RAISED TO NEUTRAL VS REDUCE AT ODDO
*OXFORD INSTRUMENTS RAISED TO OVERWEIGHT AT BARCLAYS
*THALES RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
>>> Down
*ALCATEL-LUCENT CUT TO NEUTRAL VS BUY AT UBS
*BASF SE CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*BAYER CUT TO EQUAL-WEIGHT AT MORGAN STANLEY
*BOLIDEN CUT TO HOLD AT SOCIETE GENERALE
*DOMINO PRINTING SCIENCES CUT TO EQUALWEIGHT AT BARCLAYS
*K&S CUT TO HOLD FROM BUY AT EQUITA
*MTU AERO CUT TO NEUTRAL VS BUY AT GOLDMAN
*ONTEX CUT TO HOLD AT SOCIETE GENERALE
*ROTORK CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*RWE CUT TO SELL VS HOLD AT BERENBERG
*SGS CUT TO REDUCE VS NEUTRAL AT ODDO
*TELENOR ASA CUT TO HOLD VS BUY AT DEUTSCHE BANK
>>> PT Change
>>> Initiation
*AENA SA RATED NEW SECTOR PERFORM AT RBC, PT EU95
*BALFOUR BEATTY RATED NEUTRAL VS NOT RATED AT JPMORGAN
*COBHAM REINSTATED NEUTRAL AT GOLDMAN
*FINMECCANICA REINSTATED BUY AT GOLDMAN
*MONEYSUPERMARKET RATED NEW OVERWEIGHT AT BARCLAYS, PT 315P
*SAIPEM RATED NEW UNDERWEIGHT AT JPMORGAN, PT EU9.5
*TECHNIP RATED NEW OVERWEIGHT AT JPMORGAN, PT EU68.73
*URBAN & CIVIC RATED NEW NEUTRAL AT JPMORGAN, PT 300P
>>> Call
>> Stock
*CASTELLUM ADDED TO CONVICTION BUY LIST AT GOLDMAN
*DASSAULT SYSTEMES ADDED TO GOLDMAN CONVICTION BUY LIST
*EUROCASH SA REMOVED FROM GOLDMAN CEEMEA FOCUS LIST, STAYS BUY
*HUNTING ADDED TO CONVICTION BUY, DOR FOCUS LISTS AT GOLDMAN
*PETROFAC REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY
*THALES RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN
After Hours Summary: CE +14.4%, MAT +6.7%, CHKE +3.4%, PRO -17.9%, STRM -9.3%, AMD -9.0% following earnings/guidance
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings: CE +14.4%, MAT +6.7%, CHKE +3.4%, SLB +2.5%, CYT +2.2%, MFLX +0.7%
Companies trading higher in after hours in reaction to news: TRXC +58.0% (announced completion of good laboratory practice studies using the SurgiBot system; co stated it remains on track to submit its FDA 510(k) filing in mid-2015), SSH +6.3% (announced that the FDA has reviewed co's submission regarding the COUNTER HF's U.S. pivotal study pause and requested minor protocol changes be submitted in order to receive approval to resume patient enrollment), GIG +3.7% (Fred H. Brenner disclosed 7.05% passive stake in 13G filing), SM +3.7% (announced that Q1 production is expected to be 16.8 MMBOE, or 186.4 MBOE/d; borrowing base maintained at $2.4 bln), ARCO +1.5% (announced that coffee sales at McDonald's (MCD) Brazil set a new 7-day record in early April, serving 66 mln liters between April 1 and April 7, up 34% from the same period a year ago), KALU +0.9% (announced the authorization of a $100 mln increase in its share repurchase authorization), HAL +0.7% (Reuters reporting co has engaged Bank of American and Deutsche Bank to assist with sale of assets worth up to $5 bln)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings: PRO -17.9%, STRM -9.3%, AMD -9.0%, NOW -8.8%, MTW -3.5%, AXP -1.4%
Companies trading lower in after hours in reaction to news: DSCO -13.0% (co announced it has voluntarily ceased commercialization of SURFAXIN; announced restructuring involving workforce reduction by ~50%), WPCS -5.2% (following a Special Meeting the Board determined it was in the best interests of the Company to effect a reverse split of the issued and outstanding common stock at a ratio of 1-for-22), TC -4.5% (reported Q1 total concentrate production for Mount Milligan was 30.3 thousand dry tonnes, with 15.4 mln pounds of payable copper and 46.k ounces of payable gold), ASND -3.5% (disclosed that its collaboration partner, Sanofi (SNY) has decided to cease development of TransCon insulin