>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: BSPM +17.2%, TZOO +13.8%, TGLS +12.1%, NFLX +11.3%, TCPI +6.9%, PM +5%, UN +4.2%, LFC +3.8%, UNH +3.1%, BX +3%, CPSS +2.8%, SHW +2.8%, UFPI +2.6%, GWW +1.7%, C +1.6%

Select metals/mining names showing strength: KGC +2.6%, HMY +2.5%, GOLD +2.2%, IGLD +1.5%, BHP +1.4%, RIO +0.7%, SLV +0.7%, GDX +0.5%

Other news: MNOV +33.6% (announces that FDA Grants Fast Track Designation for the co's MN-001 (tipelukast) for the Treatment of NASH with Fibrosis), INVE +28.5% (announced it has entered into an agreement with Cisco (CSCO) to provide solutions for the Internet of Everything), LLEX +16.8% (Wallington Investment Holdings discloses 22.1% active stake in 13D filing),CLRX +15.2% (CollabRx and Medytox Solutions (MMMS) have entered into a definitive merger agreement), PNRA +10.4% (increased share repurchase authorization to $750 mln; authorized $500 mln of new debt to repurchase shares; signed letter of intent to sell and refranchise 73 company-owned cafes; also upgraded to Mkt Perform from Underperform at Raymond James), ONCY +8.9% (cont strength), NBY +8.4% (announces signing a distribution agreement with AmerisourceBergen for Avenova), AEZS +7.1% (files additional patent application to strengthen IP protection of Zoptarelin Doxorubicin), TCPI +6.9% (announced that Ellis Yan has decided not to renew his employment agreement as CEO contract to expire on June 30, 2015), MCP +4.2% (cont strength), MDCO +4.1% (FDA Advisory Committee votes 9 yes, 2 no, 1 abstain to recommend approval of cangrelor injection), MNGA +3.9% (Signs JV for Major Expansion of Subsidiary), OMED +3.8% (announced the presentation of Demcizumab data from its Phase 1B clinical trial to treat non-small cell lung cancer), STEM +3.1% (nnounces it has completed transplanting the six patients comprising the first cohort of its Phase II Pathway Study), CRH +2.4% (benefitting from Lafarge/Holcim deal moving fwd), VVUS +2% (files lawsuit against Teva (TEVA) for infringement of Qsymia patents), RPRX +1.8% (announces November 30, 2015 PDUFA goal date for NDA), CNHI +1.7% (cont strength), ALLT +1.5% (receives four orders from Tier-1 operators to enable delivery of Security-as-a-Service and comply with regulation), ATRS +1.4% (has settled all litigation between Antares and Medac Pharma, Inc. and its parent, medac GmbH), AZN +0.9% (AstraZeneca's MedImmune and Immunocore announce that they have entered into a second collaboration)

Analyst comments: FOMX +2.6% (initiated with a Buy at Guggenheim), DATA +1.6% (initiated with a Buy at Stifel), COH +1.3% (upgraded to Overweight from Equal Weight at Barclays), BJRI +0.9% (initiated with a Buy at Guggenheim), LOW +0.9% (upgraded to Overweight from Neutral at Piper Jaffray)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: MEA -12.6%, SNDK -7.1%, TSM -4.5%, DEO -2.2%, WBS -1.8%, KEY -0.8%

Select EU financials trading lower: DB -2.7%, ING -1.6%, HSBC -1.5%, SAN -1.4%

Select oil/gas related names showing early weakness: HERO -6%, HOS -3%, NADL -2.4%, OAS -2.1%, SDRL -2%, PBR -1.5%

Other news: IMDZ -8.7% (prices 15,350,000 ordinary shares at $28.25 per share), FNRG -7.4% (issues response to MoxReports Research Report Dated April 15, 2015), PCRX -6.4% (announces receipt of a subpoena from the U.S. Department of Justice), CPLP -6% (plans to offer 12.8 mln common units representing limited partnership interests in a public offering), GPOR -3.7% (to acquire Paloma Partners III, reports first quarter 2015 production and provides firm transportation update ), MTDR -3.7% (commenced an underwritten public offering of 7 mln shares of its common stock), CPST -3.3% (filed for $100 mln mixed securities shelf offering), HZNP -1.9% (priced 15.35 mln share public offering of common stock at $28.25 per share), NBG -1.7% (cont uncertainty in Greece), AMAT -1.6% (SNDK peer), ASML -1.5% (SNDK peer), MU -1.5% (SNDK peer)

Analyst comments: COR -1.1% (downgraded to Hold at Evercore ISI, downgraded to Sector Weight at Keybanc Capital Mkts), NOK -1% (downgraded to Neutral from Buy at Citigroup; downgraded to Neutral from Outperform at Credit Suisse among others
)

(BN) JDS Uniphase Activist Sandell Seeks Sale-Friendly Spinoff Rules

JDS Uniphase Activist Sandell Seeks Sale-Friendly Spinoff Rules
2015-04-16 13:00:00.0 GMT


By Beth Jinks
(Bloomberg) -- Sandell Asset Management Corp., the activist
shareholder that pushed JDS Uniphase Corp. to split into two
businesses, is urging shareholders to demand friendlier
governance rules at the unit being spun off, to ease a future
takeover.
In an open letter, Sandell asks JDS Uniphase investors to
challenge bylaws at Lumentum -- the optical-components business
-- that may prevent shareholders from calling a special meeting
or having a say should a buyer seek to acquire the separated
company.
“This flies in the face of the recent actions of many
other companies” that have announced public spinoffs and
subsequently taken steps to see that those entities don’t
contain “shareholder-unfriendly entrenching devices,” Sandell
wrote. The letter refers to companies such as EBay Inc., Gannett
Co., Manitowoc Co. and DuPont, which have announced public
spinoffs that have governance packages with fewer takeover
defenses.
JDS Uniphase said in February it expects to complete the
spinoff in the third quarter after announcing in September it
would split into two businesses -- one focusing on optical
components and commercial lasers and the other selling network-
testing equipment. Sandell has been publicly urging the company
to also seek a buyer for the optical-components unit while
moving toward a spin.
The company’s shares climbed 2.5 percent Wednesday to
$13.52, giving it a market value of about $3.1 billion. Sales at
the Communications and Commercial Optical Products unit
accounted for about 46 percent of JDS’s total annual revenue
last year of $1.74 billion.
Created in 1999 through the $7.05 billion merger of two
companies, Uniphase Corp. and Canada’s JDS Fitel Inc., JDS
Uniphase at the time became the biggest maker of components for
the fiber-optic equipment used in telecommunications networks.
Sandell was founded by investor Thomas Sandell in 1998.
Activist investors buy stakes and agitate management and
directors of targeted companies to make changes they believe
will boost returns for shareholders.

For Related News and Information:
JDS Uniphase Activist Sandell Urges Vote Against CEO
JDSU Activist Sandell Planning to Escalate Unit Sale Campaign
JDSU Breakup Plan Said to Follow Push From Investor Sandell
Uniphase, JDS Fitel Complete US$7.05 Billion Merger

To contact the reporter on this story:
Beth Jinks in San Francisco at +1-415-617-7141 or
bjinks1@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman, Jillian Ward

>>> DuPont sends letter to shareholders highlighting management's strength, urgi

DuPont sends letter to shareholders highlighting management's strength, urging shareholders to vote for co's director slate at upcoming meeting

Letter highlights stated:
  • "Your Board of Directors and management are overseeing this successful strategy, and we are committed to maintaining DuPont's strong record of returning capital to shareholders.
  • This is a critical moment in DuPont's history. Next generation DuPont is emerging as a dynamic science company delivering sustainable, profitable growth and increasing shareholder returns. We strongly believe that we have the right Board and the right strategy to shape next generation DuPont and continue building value for you, our shareholders.
  • Your vote for ALL DuPont directors is a vote to continue a strategy that is working. We ask that you review this letter carefully and then vote on the enclosed WHITE proxy card for ALL DuPont directors."

>>> Citigroup beats by $0.12, reports revs in-line --> +2.1% pre-mkt (387k)

Citigroup beats by $0.12, reports revs in-line

Reports Q1 (Mar) earnings of $1.52 per share, $0.12 better than the Capital IQ Consensus Estimate of $1.40; revenues fell 2.3% year/year to $19.74 bln vs the $19.82 bln consensus.
  • C utilized $1.2 billion of deferred tax assets, helping increase Common Equity Tier 1 Capital ratio to 11.0% and Supplementary Leverage Ratio to 6.4%.
Citigroup
  • Citigroup revenues were $19.7 billion in the first quarter 2015, down 2% from the prior year period. Excluding CVA/DVA, revenues of $19.8 billion decreased 2% from the prior year period, driven by a 1% decrease in Citicorp revenues and a 7% decrease in Citi Holdings revenues.
  • Citigroup's net income increased 21% to $4.8 billion in the first quarter 2015 from $3.9 billion in the prior year period.
  • Citigroup's operating expenses were $10.9 billion in the first quarter 2015, 10% lower than the $12.1 billion in the prior year period, driven by ongoing efficiency savings and lower legal and related expenses and repositioning costs. Operating expenses in the first quarter 2015 included legal and related expenses of $387 million, compared to $945 million in the prior year period.
  • Citigroup's book value per share was $66.79 and its tangible book value per share was $57.66. Citigroup's Common Equity Tier 1 Capital ratio was 11.0%, up from 10.5% in the prior year period. Citigroup's Supplementary Leverage Ratio for the first quarter 2015 was 6.4%, up from 5.7% in the prior year period.
Citicorp
  • Citicorp revenues of $17.9 billion in the first quarter 2015 decreased 2% from the prior year period. Citicorp net income was $4.6 billion, 9% higher than the prior year period.
Global Consumer Banking
  • GCB revenues of $8.7 billion decreased 2% from the prior year period, with 4% growth in North America offset by a 10% decline in international revenues.
  • North America GCB revenues rose 4% to $5.0 billion versus the prior year period, primarily reflecting higher revenues in retail banking. North America GCB net income was $1.1 billion, up 12% versus the first quarter 2014. The reserve release in the first quarter 2015 was $99 million, $170 million lower than in the first quarter 2014, as credit continued to stabilize.
  • International GCB revenues decreased 10% versus the first quarter 2014 to $3.7 billion. In constant dollars, revenues were approximately unchanged versus the prior year period.
Institutional Clients Group
  • ICG revenues fell 1% from the prior year period to $9.0 billion. Banking revenues of $4.2 billion increased 4% from the prior year period (excluding gain / (loss) on loan hedges in each period), reflecting growth in Investment Banking, Private Bank and Corporate Lending.
  • Investment Banking revenues increased 14% versus the prior year period, driven by a 70% increase in advisory revenues to $298 million and a 16% increase in debt underwriting revenues to $669 million, partially offset by a 23% decrease in equity underwriting revenues to $231 million.
  • Fixed Income Markets revenues of $3.5 billion in the first quarter 2015 decreased 11% from the prior year period, primarily driven by lower spread product revenues, partially offset by growth in rates and currencies.
  • Equity Markets revenues of $873 million decreased 1% versus the prior year period, driven by lower revenues in cash equities partially offset by growth in prime finance. Securities Services revenues of $543 million grew 12% versus the prior year period, reflecting increased activity and higher client balances.

>>> Citigroup beats by $0.12, reports revs in-line --> +2.1% pre-mkt (387k)

Citigroup beats by $0.12, reports revs in-line

Reports Q1 (Mar) earnings of $1.52 per share, $0.12 better than the Capital IQ Consensus Estimate of $1.40; revenues fell 2.3% year/year to $19.74 bln vs the $19.82 bln consensus.
  • C utilized $1.2 billion of deferred tax assets, helping increase Common Equity Tier 1 Capital ratio to 11.0% and Supplementary Leverage Ratio to 6.4%.
Citigroup
  • Citigroup revenues were $19.7 billion in the first quarter 2015, down 2% from the prior year period. Excluding CVA/DVA, revenues of $19.8 billion decreased 2% from the prior year period, driven by a 1% decrease in Citicorp revenues and a 7% decrease in Citi Holdings revenues.
  • Citigroup's net income increased 21% to $4.8 billion in the first quarter 2015