>>> US Early premarket gappers

Early premarket gappers
Gapping up: CAPN +13.1%, BJRI +10.1%, GENE +6.9%, SSLT +6%, SSLT +6%, SIX +5.8%, IPAS +5.6%, SNPS +5.2%, HMY +5%, STAR +4.5%, TRN +4.3%, AVG +4%, TILE +3.6%, TMUS +3.5%, NVMI +3.4%, NBG +3.3%, MAR +3.3%, XPO +3.1%, ABX +3.1%, DTV +3%, IPI +2.8%, IAG +2.6%, GFI +2.5%, VA +2.2%, TK +2.2%, LPSN +2%, CRMT +2%, FL +1.9%, SLV+1.8%, LUV +1.8%, GDX +1.8%, DAL +1.7%, UAL +1.6%, AAL +1.6%, CCL +1.6%, EGO +1.3%, AG +1.1%, UIHC +1.1%, LOPE +1.1%, THRX +0.8%, SCG +0.8%, MNKD +0.7%

Gapping down: OCRX -17.6%, NLST -16.7%, CSLT -15.4%, KEYW -9.2%, EOG -7.4%, WTI -6.9%, CYBE -6.5%, CDE -6.1%, WLL -5.8%, PWR -5.8%, SCTY -5.2%, DENN -5%, LINE -4.7%, DAN -4.7%, CBB -4.5%, OAS -4.3%, GDP -3.4%, YUME -3.4%, STO -3.2%, SDRL -2.9%, BGS -2.8%, TOT -2.7%, TS -2.6%, ETE -2.6%, PWE -2.5%, SUNE -2.4%, NGL -2.3%, PBR -2.3%,AIMC -2.1%, CRZO -2%, OXY -2%, SLB -1.8%, HAL -1.8%, RIG -1.7%, CHK -1.7%, COP -1.6%, ARRS -1.5%, RGLS -1.5%, PCYC -1.3%, REMY -1.1%, AGI -1%

>>> Crude is back below the $50 levels...

  • Yesterday, at 4:30pm EST, WTI crude oil futures tanked following bearish data from the American Petroleum Institute (API)
  • API reported a huge oil storage build of 14.3 mln vs. the prior week which showed a build of 6.1 mln barrel, causing oil to initially fall to just above $51/barrel
  • Separately, the weekly EIA storage data will be coming out today. It's scheduled to be released at 11am EST

>>> Goldcorp misses by $0.05, beats on revs; reaffirms FY15 guidance given last

Goldcorp misses by $0.05, beats on revs; reaffirms FY15 guidance given last month 

Reports Q4 (Dec) earnings of $0.07 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.12; revenues fell 9.6% year/year to $1.09 bln vs the $1.01 bln consensus.

  • Co preannoucned results on Jan 12.
  • Gold sales totaled 707,900 ounces on record gold production of 890,900 ounces.
  • All-in sustaining costs1,4 were $1,035 per ounce.
  • Adjusted operating cash flow totaled $337 mln, or $0.41 per share
On January 12, Goldcorp announced production and cash cost guidance for 2015. The Company has forecast an ~20% increase in gold production to between 3.3 and 3.6 million ounces. All-in sustaining costs are expected to be between $875 and $950 per ounce of gold. Both gold production and cash cost guidance include the assumption of the completion of the Wharf divestiture before March 31, 2015. Capital expenditures for 2015 are forecast at between $1.2 and $1.4 billion, including ~$235 million at Cerro Negro, $215 million at Peñasquito, $115 million at Éléonore and $95 million at Cochenour.

Goldcorp also announced today proven and probable gold mineral reserves of 49.6 million ounces. Proven and probable silver mineral reserves totaled 789 million ounces, representing one of the largest silver reserves in the industry.

(BFW) ECB Accounts Show Most Members Saw QE As Only Available Option

ECB Accounts Show Most Members Saw QE As Only Available Option
2015-02-19 12:30:00.12 GMT



By Alessandro Speciale and Jeff Black
(Bloomberg) -- “Large number” of ECB Governing Council
members were “in favor of expanding the existing private-sector
asset purchase programs to include purchases of a broad
portfolio of securities of euro-area governments and agencies
and supranational institutions,” ECB accounts of Jan. 22
monetary-policy meeting show.
* “Purchases of sovereign debt appeared to be the only
remaining instrument of sufficient scope to provide the
necessary monetary stimulus to deliver on the ECB’s price
stability objective”
* “Some members” were in favor of “maintaining a wait-and-
see stance,” saw “no urgent need for monetary policy
action” at Jan. 22 meeting
* Those members saw “contained” risks of second-round
effects from low euro-area inflation, mon pol accommodation
already in the pipeline from existing measures
* Those members held it that “purchases of sovereign bonds
should remain a contingency instrument of monetary policy,
to be used only as a last resort in the event of an
extremely adverse scenario, such as a downward deflationary
spiral”
* While corp-bond purchases considered at Jan. 22 meeting, it
was “widely judged” that size of mkt offered “limited
scope for providing the degree of accommodation needed”
* ECB Executive Board member Peter Praet originally proposed
EU50b monthly purchases until end of 2016
* “Broad support” for “front-loading” purchases by raising
monthly purchases volume to EU60b until end of Sept. 2016
* NOTE: ECB Set to Unveil QE Dispute as Meeting Summaries Go
Public


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To contact the reporters on this story:
Alessandro Speciale in Frankfurt at +49-69-9204-1201 or
aspeciale@bloomberg.net;
Jeff Black in Frankfurt at +49-69-92041-205 or
jblack25@bloomberg.net
To contact the editor responsible for this story:
Fergal O’Brien at +44-20-3525-7152 or
fobrien@bloomberg.net

(Citi) Turkey Macro View

>>> What to expect when you are expecting rate cuts from the CBT?

* Although the majority of analysts had expected the CBT to be patient and keep rates unchanged at the January MPC meeting, the Bank surprised the markets and reduced its one-week repo rate by a relatively sizable 50 bps to 7.75%. The subsequent sharp depreciation of the lira, however, has complicated the CBT’s widely expected easing cycle, which is underpinned by the likely cyclical improvements in the current account balance and inflation this year. The markets are now pondering whether the CBT will shrug off the marked underperformance of the lira since the second half of January and cut rates.

* Against this backdrop, the objective of this note is twofold. First, to reiterate the challenges faced by the CBT as a reality check. Second, to shed some light on the nature and the magnitude of the CBT’s likely policy actions by taking cues from the CBT’s previous rate cuts and the prevailing domestic/global backdrop during past easing cycles.

* When we compare current conditions with the prevailing backdrop during previous easing episodes, we observe that: (i) Turkey-specific risks now seem to be higher (Figures 16 through 18); (ii) the current backdrop seems to be less favourable in terms of inflows into bonds and equities (Figure 19); (iii) the interbank o/n rate has tended to be close to the CBT's one-week repo rate during the CBT's past easing cycles, which doesn't seem to be the case now (Figure 20); (iv) in contrast to previous easing episodes, the interbank o/n rate is very close to the upper band, suggesting the CBT’s ability to cut the upper band — without hurting the lira — is limited.

* Moreover, a careful analysis of the CBT’s press releases on interest rates leads us to believe that the CBT has been trying to prepare markets for the likely easing cycle since September 2014 (Figures 26 through 28). In this respect, we believe that the increased references to “inflation” in the interest rate statements demonstrate the CBT’s determination to emphasize the likely base-effect-driven disinflation process, which is widely viewed as one the key underpinnings of the likely easing cycle

* In light of our findings, we have become more concerned about the negative
repercussions of monetary policy easing — reductions in the upper band in
particular — which could undermine the CBT’s ability to ease as much as we
penciled into our base case for this year. Regarding the next MPC meeting on
February 24th, we look for a 50bp cut in the one-week repo rate (60% probability).
However, we see more uncertainty about the upper band, and we assign a 45%
probability (compared with 60% before) to a 25bp reduction.

>>> Adidas Targets 2020 Sales of EU20b, Manager Magazin Reports

ADS +5.92%

Adidas CEO Hainer met his critics with a new growth strategy. So sales are expected to grow in 2020 by more than five billion euros. However, headhunters are already charged with the succession search.

Hamburg - 2020 in the sporting goods company wants to increase its revenue from the current 14.8 billion to 20 billion euros. This was reported by the manager magazine in its latest issue, citing the environment of the company (Release date: February 20). The design of the new 2020 also provides for an operating margin of at least 10 percent, published in Hamburg magazine writes.


A key component of the new five-year plan, to be presented in March, is a so-called capital strategy: A strong presence in New York, Los Angeles, Shanghai, Tokyo, London and Paris to Adidas give more radiance again. Each of megacities, the plan is equipped with its own leader. The 2020 is currently being discussed in the Management Board and Supervisory Board, a final version should be ready by the beginning of March.

Once the new strategy is, Adidas wants to search for a successor to CEO Herbert Hainer force. Hainer contract expires in March 2017. The mandate for the executive search, the international recruitment consultancy Egon Zehnder. The Adidas headhunters have supported in the past year about to rejuvenate the management. The company has recently been 12 of 26 top positions filled.
Investors had last been critical of the current leadership. The Aktionaersschuetzer Hans-Martin Buhlmann by the Association of Institutional private investors told the manager magazine: "I see glaring weaknesses in corporate governance at Adidas, which have an impact on our operating results." At the beginning of February, Ingo Save, portfolio manager of the Adidas shareholder Union Investment, opposite the "Wall Street Journal" demands ". We want Hainer is leaving the company"
BN 02/19 08:56 *MANAGER MAGAZIN CITES UNIDENTIFIED PEOPLE CLOSE TO ADIDAS
BN 02/19 08:55 *ADIDAS TARGETS '20 OP RETURN ON SALES AT LEAST 10%: MANAGER MAG
BN 02/19 08:54 *ADIDAS TARGETS 2020 SALES OF EU20B: MANAGER MAGAZIN
Adidas Targets 2020 Sales of EU20b, Manager Magazin Reports
2015-02-19 09:06:46.490 GMT


By Chris Malpass
(Bloomberg) -- Adidas will aim to boost sales by EU5b to
EU20b and operating return on sales of at least 10%, Manager
Magazin says citing people it doesn’t name.
* Manager Magazin also says:
* Co. to present new 5-year plan in March
* Key aspect of plan will be focus on strong presence in
cities of New York, Los Angeles, Shanghai, Tokyo, London
and Paris
* Adidas plans to name one manager to be in charge of
brand in each megacity
* Strategy still under discussion at supervisory board
level
* Search for new CEO to start once strategy decided as CEO
Herbert Hainer’s contract ends March 2017
* Headhunters Egon Zehnder has been charged with finding
new CEO
* Headhunters Egon Zehnder has been charged with finding
new CEO</li></ul>


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--With assistance from Claudia Rach in Berlin.

To contact the reporter on this story:
Chris Malpass in Berlin at +49-30-70010-6234 or
cmalpass@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
Chris Malpass