>>> US Early premarket gappers

Early premarket gappers
Gapping up: WPCS +45.9%, NVGN +44.1%, LOCM +14.1%, SHI +12.7%, INO +8%, FENG +7.9%, APOG +7.4%, VLTC +6.8%, LEJU +3.4%, CTP +2.8%, INFN +2%, BAM +1.9%, HSBC +1.7%, CIG +1.6%, WG +1.5%, SFUN +1.5%, RIG +1.2%, STO +1.1%, TOT +1.1%, SWN +1%, DDC +0.8%, WBA +0.8%, BABA +0.7%

Gapping down: ZNGA -9%, MG -6.3%, EVRY -5.6%, MEMP -5.6%, MEMP -5.6%, CLF -3.7%, BBBY -3.2%, GPT -3.1%, HMY -2.6%, AA -2.6%, ATNY -2.4%, RGLS -2.2%, SHPG -2.1%, SRC -1.9%, NBG -1.6%, LYG -1.3%, SLV -1.1%, MT -1%, AU -1%, RIO -1%, STLY -1%, RDS.A -0.9%, PIR -0.8%

>>> Inter Parfums announces signing an 11 year, global license agreement with Co

Inter Parfums announces signing an 11 year, global license agreement with Coach (COH) for Coach Fragrance

Under the agreement, Interparfums will create, produce and distribute new perfumes and fragrance-related products, including new men's and women's scents. Interparfums will distribute the fragrances globally to department and specialty stores and duty free shops, as well as in Coach (COH) retail stores beginning fall 2016

>>> Walgreens Boot Alliance beats by $0.23, misses on revs; guides FY15 EPS in-l

Walgreens Boot Alliance beats by $0.23, misses on revs; guides FY15 EPS in-line; reaffirms FY16 EPS guidance; increases cost savings target (87.68)
Reports Q2 (Feb) earnings of $1.18 per share, excluding non-recurring items, $0.23 better than the Capital IQ Consensus Estimate of $0.95; revenues rose 35.5% year/year to $26.57 bln vs the $27.79 bln consensus, largely due to the inclusion of Alliance Boots for January and February
  • Retail Pharmacy USA division comparable store sales increase 6.9%
  • Q2 report includes the results of Alliance Boots for two months (January and February) on a fully consolidated basis and one month (Dec) as equity income from Walgreen Co.'s pre-merger 45% interest.
Co issues in-line guidance for FY15, sees EPS of $3.45-3.65, excluding non-recurring items, vs. $3.61 Capital IQ Consensus.

Co reaffirms guidance for FY16, sees EPS of $4.25-4.60, excluding non-recurring items, vs. $4.43 Capital IQ Consensus.

Co has identified additional opportunities for cost savings, primarily in its Retail Pharmacy USA division. These additional opportunities will increase the total expected cost savings program by $500 million to a projected $1.5 billion by the end of fiscal 2017.

(CS) Metals & Minings - Commodities Forecast (2 notes attached)

* Commodities
- Bulks have entered a multi-year trough, and have not reached the bottom
- There are some positive fundamentals in the base metals. We're constructive on copper in 2015
- For precious metals, we expect steady pricing in gold with bearish low inflation and USD strength offset by strong Asian demand and the slowing mine production

* Metals & Mining
- Earnings cut, yet to reach the trough
- Action: We downgrade estimates heavily with large cuts to our iron ore and coal forecasts. A fair amount of pessimism is already priced in and large cap DY's averaging over 5% (top end of the market) should provide a degree of valuation support together with ongoing capex reductions. However, we expect iron ore prices to move lower again in H215, we are up to 30% below consensus and dividends, with the exception of GLEN, are uncovered by FCFs on our estimates.
- Stocks: From our European coverage GLEN and BOL are Outperform rated. Both offer strong cash flows and exposure to preferred base metals; we forecast a balanced copper market in 2015/16 and continue to expect a zinc deficit 2015-17. We downgrade: BHP (from N to UP): valuation is expensive at c30x spot PE with the market pricing in a recovery in oil prices to over $70/b and capex will need to be cut further, increasingly at the expense of future growth. Anglo (from OP to N): we have tempered our bullish call for now. We continue to see value medium term but balance sheet concerns will persist until assets are sold. We retain our N rating on RIO.

>>> Credit Suisse making cautious comments on Metals and Mining Sector; Downgrad

Credit Suisse making cautious comments on Metals and Mining Sector; Downgrades estiamtes heavily with large cuts to their iron ore and coal forecasts 
- Cuts BHP to Underperform from Neutral on expensive valuation, price target cut to £14 from £18
- Cuts AAL.UK to Neutral from Outperform citing balance sheet concerns that will persist untill assets are sold, price target cut to £14 from £16
- Maintains Neutral on RIO, price target cut to £28 from £34
- Maintains Neutral on VED.UK, price target £5
- Maintains Outperform on GLEN.UK, price target £3.2 
- Firm thinks iron ore is only part way through (aside short term cyclical improvements) a protracted multi-year downturn due to weak demand (Chinese property) and robust low cost supply. We now forecast - 2% China steel growth in 2015, an iron ore surplus approaching 100 mt (7% of the market) by end 2016 and a 12 month period (H215-H116) of iron ore prices at $45/t
- Firm states that their conversation with producers suggest costs continue to be cut aggressively and we expect the emphasis of production cuts to increasingly move from Chinese domestic producers to global exporters. The potential stickiness of marginal supply makes picking a price floor a challenging task

>>> Credit Suisse making cautious comments on Metals and Mining Sector; Downgrad

Credit Suisse making cautious comments on Metals and Mining Sector; Downgrades estiamtes heavily with large cuts to their iron ore and coal forecasts 
- Cuts BHP to Underperform from Neutral on expensive valuation, price target cut to £14 from £18
- Cuts AAL.UK to Neutral from Outperform citing balance sheet concerns that will persist untill assets are sold, price target cut to £14 from £16
- Maintains Neutral on RIO, price target cut to £28 from £34
- Maintains Neutral on VED.UK, price target £5
- Maintains Outperform on GLEN.UK, price target £3.2

WWD : Fast Retailing Lifts FY Operating Profit Forecast

--> HMB +0.54% ITX +0.74%, Fast Retailing was up 1.93% in Tokyo this morning (9983 JP)

TOKYO–Fast Retailing Co Ltd has raised its full-year operating profit forecast by 11 percent, lifted by strong sales at its Uniqlo stores in Japan and continued growth overseas.

Asia’s biggest apparel retailer said it now expects operating profit of 200 billion yen, or $1.7 billion, for the fiscal year through August, versus its prior estimate of 180 billion yen. The average forecast of 22 analysts was for 197.25 billion yen.

In its September-February fiscal first half, Fast Retailing’s net profit grew 56.2 percent to 104.75 billion yen, or $911.33 million at exchange rates for the period. Sales rose 24.2 percent to 949.68 billion yen, or $8.26 billion.

Operating income rose 40.2 percent to 150.08 billion yen, or $1.31 billion.

Uniqlo, known for its HeatTech fabric technology and rainbow colored-basics, enjoyed an 8.4 percent rise in same-store sales at its Japanese outlets during the half.

Growth was also solid overseas, where expansion is key to Fast Retailing’s goal of becoming the world’s top apparel retailer ahead of Zara-owner Inditex SA, Hennes & Mauritz AB (H&M) and Gap Inc in coming years.