>>> NIKE beats by $0.15, beats on rev, margins and Futures order

NIKE beats by $0.15, beats on rev, margins and Futures orders

* Reports Q4 (May) earnings of $0.98 per share, $0.15 better than the Capital IQ Consensus of $0.83; revenues rose 4.8% year/year to $7.78 bln vs the $7.69 bln consensus -- up 13% on a currency-neutral basis vs. low double digit guidance.
- Revenues for the NIKE Brand were $7.4 billion, up 13 percent on a currency-neutral basis driven by growth in nearly every geography and key category except Emerging Markets and Global Football.
- Revenues for Converse were $435 million, up 14 percent on a currency-neutral basis, mainly driven by market transitions to direct distribution in AGS (Austria, Germany and Switzerland) and strong performance in the United States.
- Gross margin expanded 60 bps (vs. +0-25 bps guidance) to 46.2%.
* Global futures orders +2% (+13% ex-FX vs. expectations of ~10.5%).

>>> US Close Dow-0.42% S&P-0.30% Nasdaq-0.20% Russell-0.05%

Closing Market Summary: S&P 500 Settles Below 50-Day Moving Average

The stock market registered its second consecutive decline on Thursday with the S&P 500 (-0.3%) sliding below its 50-day simple moving average (2,107). The benchmark index held a modest gain through the morning, but relative weakness among several influential sectors pulled the S&P 500 into negative territory during afternoon action.

Stocks began the day with slim gains, but retreated from their opening levels during the initial hour amid reports today's Eurogroup meeting was suspended to give the Greek delegation time to submit a better proposal to the creditors. The market dipped from its opening levels in reaction, but was able to briefly extend to a fresh session high with the health care (+0.5%) sector driving the move after the Supreme Court upheld federal subsidies to the Affordable Care Act. Hospital names benefited from the news with the likes of Tenet Healthcare (THC 56.21, +6.13), HCA (HCA 90.72, +7.35), and Universal Health (UHS 140.82, +10.14) spiking between 7.8% and 12.2%.

Staying in the health care sector, insurer Humana (HUM 197.37, +13.14) spiked during the afternoon and ended higher by 7.1% after Bloomberg reported the company received a takeover offer from Aetna (AET 132.60, +5.09).

Unlike health care, most of the remaining influential sectors struggled while the consumer discretionary space (-0.1%) settled just below its flat line, but ahead of other cyclical groups. Media names like Comcast (CMCSA 60.88, +0.52) and Time Warner (TWX 88.20, +1.10) posted gains close to 1.0% apiece while homebuilders also finished ahead of the broader market with iShares Dow Jones US Home Construction ETF (ITB 27.96, +0.04) adding 0.1%.

Elsewhere, the financial sector (-0.7%) underperformed today, and the growth-sensitive group is now down 0.5% for the week versus a 0.4% week-to-date decline for the S&P 500. Similar to financials, energy (-1.0%) and industrials (-0.8%) lagged throughout the day.

The energy sector struggled amid commodity weakness as crude oil fell 0.8% to $59.73/bbl. Today's decline widened the energy sector's June loss to 2.7%, which puts the group only ahead of the utilities sector (-0.7%). The rate-sensitive sector has given up 6.0% month-to-date.

For its part, the industrial sector endured losses among large cap names like General Electric (GE 27.04, -0.22) and Caterpillar (CAT 86.72, -1.45). That being said, transport stocks did not fare much better with the Dow Jones Transportation Average (-0.9%) extending this week's decline to 2.1%. The bellwether complex notched a fresh low for the month near levels that have not been seen since late October.

Also of note, the top-weighted technology sector (-0.3%) ended in-line with the broader market, but that masked modest strength among chipmakers. The PHLX Semiconductor Index shed 0.1%, but ARM Holdings (ARMH 53.86, +1.09) rallied 2.1% to a two-month high. On the flip side, Cree (CREE 27.51, -3.05) plunged 10.0% after issuing below-consensus guidance and announcing plans to restructure its LED business.

Treasuries spent the day in negative territory, but they cut their losses in half during afternoon action with the 10-yr yield ending higher by two basis points at 2.40%.

Today's participation represented the largest amount of activity since Friday as more than 750 million shares changed hands at the NYSE floor.

Economic data included Initial Claims and Personal Income/Spending data:
  • The initial claims level increased to 271,000 for the week ending June 20 from an upwardly revised 268,000 (from 267,000) while the consensus expected an increase to 271,000 
    • Over the last four weeks, the initial claims level has averaged 274,000, which is slightly above the 15-year lows reached in May, but still points toward strong employment trends 
  • Personal income increased 0.5% for a second consecutive month in May while the consensus expected an increase of 0.4% 
    • The personal savings rate dropped to 5.1% in May from 5.4% in April 
    • Personal spending increased 0.9% in May after an upwardly revised 0.1% (from 0.0%) in April while the consensus expected an increase of 0.7% 
    • Core PCE Prices rose 0.1%, as expected by the consensus 
Tomorrow, the final reading of the Michigan Sentiment Survey for June will be released at 10:00 ET (consensus 94.6).
  • Nasdaq Composite +7.9% YTD 
  • Russell 2000 +6.5% YTD 
  • S&P 500 +2.1% YTD 
  • Dow Jones Industrial Average +0.4% YTD

WSJ : Valeant Makes Takeover Approach to Zoetis

Valeant Makes Takeover Approach to Zoetis
Animal-health giant had market value of $25 billion Thursday afternoon


Valeant Pharmaceuticals International Inc. has made a preliminary approach to buy animal-health giant Zoetis Inc., people familiar with the matter said, in a move that could presage a big deal in yet another corner of the health-care industry.
Zoetis, which was spun off from Pfizer Inc. in 2013, is the largest seller of vaccines and medicines for livestock and household pets and had a market capitalization of nearly $25 billion on Thursday afternoon.
It isn’t clear what the company’s reaction to the approach was, if any, or whether it is open to a sale.
Zoetis shares, which were already trading at all-time highs, surged 11% to $55.37 before triggering a single-stock circuit breaker shortly before markets closed.
(More to come.)

(BFW) K+S Said Likely to Reject Potash Corp. Takeover Proposal


BN 06/25 18:12 K+S Said Likely to Reject Potash Corp. Takeover Proposal
BN 06/25 18:05 *POTASH OFFER FOR K+S SAID TO BE MORE THAN 40 EUROS/SHARE
BN 06/25 18:05 *K+S SAID TO VIEW POTASH OFFER AS NOT VALUING GROWTH PROSPECTS
BN 06/25 18:05 *K+S SAID TO STILL ANALYZE OFFER, NO FINAL DECISION MADE
BN 06/25 18:05 *K+S SAID TO DEEM OFFER AS TOO LOW
BFW 06/25 18:04 *K+S SAID LIKELY TO REJECT POTASH CORP. TAKEOVER PROPOSAL
K+S Said Likely to Reject Potash Corp. Takeover Proposal
2015-06-25 18:06:52.817 GMT


By Andrea Snyder
(Bloomberg) -- K+S said to view Potash offer as not valuing
growth prospects.

* Potash offer for K+S said to be more than EU40/share
* K+S said to still analyze offer, no final decision made


Link to Company News:{SDF GR <Equity> CN <GO>}
Link to Company News:{POT CN <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Andrea Snyder at +1-202-624-1831 or
asnyder5@bloomberg.net

(ONE) Altice SA: Details on Altice's offer for Bouygues Telecom


BN 06/25 17:18 *ALTICE SAYS BOUYGUES DID NOT SEEK OFFER DETAILS, EXPLANATIONS
BN 06/25 17:16 *ALTICE COMMITS TO BOUYGUES TELECOM EMPLOY SIMILAR TO SFR DEAL
BN 06/25 17:15 *ALTICE& NUMERICABLE-SFR INITIATED CONTACTS W/ FRENCH REGULATORY
BN 06/25 17:15 *ALTICE SAYS NUMERICABLE-SFR IN TALKS ON ASSET TRANSFER TERMS
BN 06/25 17:14 *ALTICE SAYS NUMERICABLE-SFR IN EXCLUSIVES TALKS WITH ILIAD
BN 06/25 17:13 *ALTICE SAYS COMMITTED TO FRENCH GOVT TO CONTINUE TO BOOST CAPEX
BN 06/25 17:13 *ALTICE: OFFER FUNDED WITH 60%-65% IN EQUITY, 35%-40% IN DEBT
BN 06/25 17:13 *ALTICE:COMMITTED TO PARTICIPATE IN FRENCH AUCTION ON 700 MHZ
BN 06/25 17:13 *ALTICE SAYS FINANCING THROUGH ABOUT €6 TO €6.5B IN CAPITAL
BN 06/25 17:13 *ALTICE SAYS FINANCING THROUGH ABOUT €3.5 TO €4B OF BANK DEBT
BN 06/25 17:12 *ALTICE CITES COMMITMENT LETTERS BNP,JP MORGAN,MORGAN STANLEY
BN 06/25 17:12 *ALTICE SAYS OFFER FULLY& UNCONDITIONALLY FINANCED
BN 06/25 17:12 *ALTICE SA SAYS OFFER VALUES BOUYGUES TELECOM AT MINIMUM OF €10B
BN 06/25 17:11 *ALTICE SA: DETAILS ON ALTICE'S OFFER FOR BOUYGUES TELECOM
Altice SA: Details on Altice's offer for Bouygues Telecom
2015-06-25 17:11:36.733 GMT

June 25, 2015 - Following the decision by the Board of Directors of the
Bouygues Group on June 23, 2015, Altice wishes to clarify the following
points:

 

Altice made an offer to Bouygues on June 3, 2015, which was updated on June
21, 2015 to provide further specific details (the Offer), the key terms of
which were:

 

Valuation

The Offer values Bouygues Telecom at a minimum of €10 billion, approximately
15 times estimated 2015 EBITDA, as communicated by Bouygues in its market
guidance, and 25 times 2017 EBITDA - CapEx, as projected by Bouygues in its
press release of 23 June 2015, or a premium of between 2x and 3x compared to
the average values for these types of assets in the European market. The Offer
consists of a cash payment of €9 billion upon closing of the transaction and,
at the option of Bouygues, an additional amount of either (i) a guaranteed
cash payment of €1 billion three years following closing of the transaction OR
(ii) a payment of €1 billion in Numericable-SFR shares subject to a 3 year
put/call guaranteeing a €1 billion minimum price for Bouygues plus 3% IRR per
year in line with a similar structure put in place between Altice and Vivendi
in connection with the acquisition of SFR by Numericable, providing Bouygues
with significant upside potential as a result of the realisation of expected
synergies.

 

The Offer is fully and unconditionally financed under commitment letters from
BNP, JP Morgan and Morgan Stanley. The financing of the Offer is through (i)
approximately €3.5 to €4 billion of bank debt, and (ii) approximately €6 to
€6.5 billion in capital comprising (x) €3.5 to €4 billion from (A) asset sales
and (B) a capital increase (reserved for the Bouygues group if it opts to
receive partial payment in the form of Numericable-SFR shares) and (y)
approximately €2.5 billion in cash available at Numericable-SFR at the time of
closing. The Offer is, therefore, funded with 60%-65% in equity and 35%-40% in
debt, not 100% debt as reported in the press.

 

 Regulatory Risk

In order to ensure the success of the transaction and in order to contain
regulatory risks, Numericable-SFR has entered into exclusive negotiations with
Iliad to set the terms for transfers of assets.  Numericable-SFR and Free have
agreed that these asset transfers will be made post-closing of the Bouygues
Telecom acquisition. As such, they are more robust than the agreements entered
into by Bouygues in March 2014 as part of its failed takeover bid for SFR. 
Altice and Numericable-SFR have already initiated contacts with the relevant
French regulatory authorities to address and resolve any potential issues, as
has been done for all such transactions carried out in France.

 

Job Guarantees

Altice has committed to the Bouygues Group and to the French Government to
maintain employment levels at Bouygues Telecom under conditions similar to
those which had been negotiated in connection with the acquisition of SFR. To
date, the Numericable-SFR Group is ahead of schedule in its synergy program
while fully meeting its commitment to maintain employment.

 

Continue to Invest Heavily

Altice has committed to the French Government to:

(i) continue to increase Capital Expenditures, specifically in the deployment
of fibre (FTTH) with a commitment to now reach 20 million homes passed between
now and 2020, an additional 5 million homes passed over what Altice committed
to in 2014 - it should be noted that Capital Expenditures have increased by
20% at SFR since it was taken over by Altice six months ago;

(ii) fully participate in the auction on the 700 MHz frequencies.

 

Altice takes note of the decision of the Board of Directors of Bouygues and
regrets that the Board has not once, either through its advisers or through
its management teams, sought any details or explanations from Altice regarding
the Offer before being presented to the Board.

Contacts

Investor Relations
Olivier Gernandt: +33 1 85 06 10 75 / olivier.gernandt@altice.net

Media Relations
Arthur Dreyfuss: +41 79 946 49 31 / arthur.dreyfuss@altice.net

About Altice

Founded by telecom entrepreneur, Patrick Drahi, Altice is a multinational
cable and telecommunications company with presence in three regions - Western
Europe (comprising France, Belgium, Luxembourg, Portugal and Switzerland),
Israel and the Overseas Territories (currently comprising the French Caribbean
and the Indian Ocean regions and the Dominican Republic). We provide cable
based services (high quality pay television, fast broadband Internet and fixed
line telephony) and, in certain countries, mobile telephony services to
residential and corporate customers.

Altice (ATC) is listed on NYSE Euronext Amsterdam, ISIN LU1014539529.

Disclaimer

This press release contains statements about future events, projections,
forecasts and expectations that are forward-looking statements. Any statement
in this press release that is not a statement of historical fact is a
forward-looking statement that involves known and unknown risks, uncertainties
and other factors which may cause our actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. In
addition, past performance of Altice S.A. and its affiliates cannot be relied
on as a guide to future performance. Altice S.A. and its affiliates make no
representation on the accuracy and completeness of any of the forward-looking
statements, and, except as may be required by applicable law, assume no
obligations to supplement, amend, update or revise any such statements or any
opinion expressed to reflect actual results, changes in assumptions or in
Altice S.A.'s or its affiliates' expectations, or changes in factors affecting
these statements. Accordingly, any reliance you place on such forward-looking
stat
PR BYG offer 25 06 2015