>>> Dollar General beats by $0.03, reports revs in-line; reaffirms FY16 guidance

--> +2.87% pre-open

Dollar General beats by $0.03, reports revs in-line; reaffirms FY16 guidance

  • Reports Q1 (Apr) earnings of $0.84 per share, $0.03 better than the Capital IQ Consensus of $0.81; revenues rose 8.8% year/year to $4.92 bln vs the $4.94 bln consensus.
    • Same-store sales increased 3.7% vs. estimates near 4%, resulting from increases in both customer traffic and average transaction amount.
      • Same-store sales increases were balanced across both consumable and non-consumable categories. In consumables, higher volume of tobacco products, perishables, health care items, and candy and snacks drove the growth in same-store sales. Same-store sales growth within non-consumables was strongest in apparel with seasonal and home also posting solid gains.
  • Co reaffirms guidance for FY16, sees EPS of $3.85-3.95 vs. $3.94 Capital IQ Consensus Estimate; sees FY16 revs +8-9% to $20.4-20.6 bln vs. $20.52 bln Capital IQ Consensus; comps +3-3.5%.

FT : Euro vulnerable if Draghi stays QE course

Sell the single currency versus sterling, advises RBC

The European Central Bank is set to deliver its latest monetary policy decision on Wednesday.
The last time its president, Mario Draghi, held a post-meeting press conference, on April 15, he was “glitter-bombed” by a protester, and the eurozone’s benchmark 10-year borrowing costs were about 12 basis points.

Since then, security doubtless has been beefed up. And so have yields. The benchmark Bund is currently offering 60bp.
There is little in that move higher that can be pinned on Mr Draghi.
Rather, a feeling that the eurozone economy is not as weak as thought, linked to a rush by investors to exit the overcrowded “long” Bund trade is the favoured reason.
This back up in Bund yields has helped lift the euro off its 12-year lows of sub-$1.05, too. What now?
It’s likely Mr Draghi will be asked again at his press conference if he intends to see his €1.1tn QE programme through to the end.
The market doesn’t expect him to deviate from a “yes” to that question, so any suggestion he is considering curtailing QE could give a sharp pop to Bund/peripheral yields and the euro — especially if it dovetailed with some positive news on a Greece deal
But, as I say, a QE shift is unlikely.
Instead, an “as we are” approach may encourage investors to start rebuilding more euro shorts.
RBC Capital Markets says sell the euro versus sterling. “With a full UK rate hike now priced more than a year into the forward curve, there is significant scope for GBP to rally.”

(Makor) PLUS500 worth 52p ? CONF CALL invite

PLAYTECH TO BUY PLUS500 (PLUS LN)

Invitation: Group call with hedgefund Cable Car Capital (PDF)

Jacob Ma-Weaver

Friday, 5 June 2015 @ 3pm UK time / 10am NY time

Playtech is launching a recommended cash offer for Plus500. Under the terms of the Acquisition, Plus500 Shareholders will be entitled to receive 400 pence in cash per Plus500 Share. Completion of the bid is uncertain.

Plus500 share price is down 70pct following a ten page short sell report from hedgefund Cable Car Capital. Cable Car Capital believes Plus500 is actually worth a mere 52p

Makor is hosting Cable Car Capital's portfolio manager Jacob Ma-Weaver in a 45 minute group phone-call from our offices in New York. Jacob will go over his report and where he believes value lies.

Join us for the conference call

RSVP Friday 5 June 2015. 3pm London time / 10am New York time Guest: Cable Car Capital Portfolio manager: Jacob Ma-Weaver Dial-in : United Kingdom 0844 4 73 73 73 United States 1 415 363 0833, Switzerland 0848 560 190, France 0821 230 748 Other international +44 844 4 73 73 73 / +49 1803 001 178 PIN Participant : 906856

http://www.cablecarcapital.com/your-capital-at-risk-part-1/

invitation attached

Perrigo To Acquire Portfolio Of Leading OTC Brands From GSK

+------------------------------------------------------------------------------+

BN 06/02 10:28 *PERRIGO TO BUY PORTFOLIO OF OTC BRANDS FROM GSK; NO TERMS BN 06/02 10:28 *PERRIGO SEES DEAL IMMEDIATELY EXCEED ROIC THRESHOLD BN 06/02 10:28 *PERRIGO SAYS NET SALES OF ACQUIRED BRANDS ABOUT $110M IN '14 BN 06/02 10:28 *PERRIGO TO BUY ASSETS FOR ALL CASH, NO TERMS BFW 06/02 10:28 *PERRIGO TO BUY PORTFOLIO OF LEADING OTC BRANDS FROM GSK BN 06/02 10:28 *PERRIGO SEES DEAL IMMEDIATELY ADDING TO YR ADJ EPS BN 06/02 10:28 *PERRIGO SEES DEAL IMMEDIATELY ACCRETIVE TO '15 ADJUSTED EPS BN 06/02 10:27 *PERRIGO TO BUY PORTFOLIO OF LEADING OTC BRANDS FROM GSK

+------------------------------------------------------------------------------+

Perrigo To Acquire Portfolio Of Leading OTC Brands From GSK 2015-06-02 10:27:53.290 GMT

Perrigo To Acquire Portfolio Of Leading OTC Brands From GSK

-- Portfolio includes well-established European brands in the areas of nicotine replacement therapy, cold and flu, and cold sore management

-- Demonstrates Perrigo's unique ability to maximize brand value across the Company's leading European distribution network spanning 36 countries

-- Net sales of the acquired brands in 2014 were approximately $110 million(1) and, on a pro forma basis, the acquisition increases Branded Consumer Healthcare's 2014 net sales by approximately 8%, while improving the segment's adjusted gross and operating margins

-- Transaction expected to be immediately accretive to 2015 adjusted EPS and immediately exceed Perrigo's ROIC threshold

PR Newswire

DUBLIN, June 2, 2015

DUBLIN, June 2, 2015 /PRNewswire/ -- Perrigo Company plc ("Perrigo") (NYSE: PRGO; TASE) today announced that it has entered into an agreement to acquire a portfolio of well-established over-the-counter ("OTC") brands from GlaxoSmithKline Consumer Healthcare ("GSK"), in connection with GSK's commitments to the European Commission and other regulators to divest these businesses in the context of the formation of a consumer health joint venture between GSK and Novartis International AG ("Novartis"). Perrigo will acquire the following assets in an all-cash transaction in which the purchase price was not disclosed.

Perrigo Company Logo

o GSK's NiQuitin nicotine replacement therapy ("NRT") business, primarily in the European Economic Area ("EEA") and Brazil, and Novartis's legacy Australian NRT business, including the Nicotinell brand; o Several assorted OTC brands including Coldrex (cold and flu treatment) across the EEA, and Panodil (pain relief), Nezeril (nasal decongestant), and Nasin (nasal decongestant) in Sweden; and o Novartis's legacy cold sore management products primarily in the EEA, marketed under the brand names Vectavir, Pencivir, Fenivir, Fenlips and Vectatone.

Perrigo Chairman, President and CEO Joseph C. Papa commented, "This acquisition demonstrates Perrigo's ability to execute on our 'Base Plus Plus Plus' strategy, in which we make selective, accretive transactions to expand our durable base business. We are building on the global platform we established with the Omega Pharma acquisition to capture an even greater share of the $30 billion European OTC market opportunity with several well-established, complementary brands that bolster our OTC product portfolio. We are committed to making investments in these brands to grow their market positions in key geographies, by following Omega Pharma's proven approach to brand building.

"Perrigo is uniquely positioned to maximize the potential of these brands by leveraging Omega Pharma's leading European commercial infrastructure, pan-European distribution network, strong brand-building capabilities, and exceptional management team. This announcement comes on the heels of our recent acquisition of European OTC dermatological product, Vitasil, which recently closed. With our global platform in place and our robust balance sheet, we are ideally positioned to execute immediately accretive deals, such as this one, that will have a multiplier effect on our growth."  

The acquisition is expected to be immediately accretive to Perrigo's calendar 2015 adjusted earnings per share, excluding estimated intangible amortization and transaction-related costs. The transaction has been unanimously approved by the Boards of Directors of Perrigo and GSK, and is expected to close in the third quarter of 2015, pending approval by the European Commission, the Australian Competition and Consumer Commission, and Brazil's Council for Economic Defense, as well as the satisfaction of customary closing conditions.

Conference Call AT 8:00 AM EDT, June 2, 2015:

Perrigo will host a conference call and live webcast on Tuesday, June 2, 2015 at 8:00 a.m. (ET) to discuss the strength of the Omega Pharma platform and the highlights of this acquisition. Interested parties can access the webcast in the investor relations section of the Perrigo website at http://perrigo.investorroom.com/events-webcasts or by phone at (877) 248-9413, International (973) 582-2737, and reference ID# 57067677. A taped replay of the call will be available beginning at approximately 11:00 a.m. (ET) Tuesday, June 2, 2015 until midnight Tuesday, June 16, 2015. To listen to the replay, dial (855) 859-2056, International (800) 585-8367, and use access code 57067677.

^(1) Translated at current exchange rates

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections.  While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control.  Such risks include the possibility that the acquired assets may not perform as well as expected and that the Company may not achieve the value creation contemplated by the transaction.  These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 28, 2014, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Irish Takeover Rules

The directors of Perrigo accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Perrigo (who have taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

No statement in this announcement is intended to constitute a profit forecast for any period, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo. No statement in this announcement constitutes an asset valuation.

A person interested in 1% or more of any class of relevant securities of Perrigo or Mylan may have disclosure obligations under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2013 ("Irish Takeover Rules").

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed can be found on the Irish Takeover Panel's website at ww.irishtakeoverpanel.ie. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website.

If you are in any doubt as to whether you are required to disclose a "dealing" under Rule 8, please consult the Irish Takeover Panel's website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020; fax number +353 1 678 9289.

About Perrigo

Perrigo Company plc, a top five global over-the-counter (OTC) consumer goods and pharmaceutical company, offers consumers and customers high quality products at affordable prices. From its beginnings in 1887 as a packager of generic home remedies, Perrigo, headquartered in Ireland, has grown to become the world's largest manufacturer of OTC products and supplier of infant formulas for the store brand market. The Company is also a leading provider of branded OTC products, generic extended topical prescription products and receives royalties from Multiple Sclerosis drug Tysabri®. Perrigo provides "Quality Affordable Healthcare Products®" across a wide variety of product categories and geographies primarily in North America, Europe, and Australia, as well as other key markets including Israel and China. Visit Perrigo online at (http://www.perrigo.com).

Logo - http://photos.prnewswire.com/prnh/20120301/DE62255LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/perrigo-to-acquire-portfolio-of-leading-otc-brands-from-gsk-300092442.html

SOURCE Perrigo Company plc

Website: http://www.perrigo.com Contact: Arthur J. Shannon, Vice President, Investor Relations and Global Communications, (269) 686-1709, ajshannon@perrigo.com, or Bradley Joseph, Director, Investor Relations and Global Communications, (269) 686-3373, bradley.joseph@perrigo.com

-0- Jun/02/2015 10:27 GMT

(BFW) FCA Says Hedge Fund Leverage Rose to 67 Times NAV in Sept. 2014

BN 06/02 09:50 *FCA SAYS HEDGE FUND LEVERAGE ROSE TO 67 TIMES NAV IN SEPT 2014
BN 06/02 09:48 *FCA: HEDGE FUND 2014 ASSETS UNDER MANAGMENT ROSE TO $3.1 TLN
BN 06/02 09:45 *FCA PUBLISHES HEDGE FUND SURVEY
FCA Says Hedge Fund Leverage Rose to 67 Times NAV in Sept. 2014
2015-06-02 09:59:14.52 GMT


By Ben Moshinsky
(Bloomberg) -- The U.K. Financial Conduct Authority sees a
trend in the global hedge fund industry toward larger assets
under management.

* FCA: “The latest estimate for 2014 puts global assets at
$3.1 trillion.”
* FCA: “Aggregate gross leverage in the September 2014 survey
stood at 67 times NAV compared to 64 times NAV in September
2013.” NAV is net asset value.
* FCA: “The top 10 funds account for 63% of gross leverage
(aggregate GNE as percentage of aggregate NAV) in the
current sample, showing gross leverage is highly
concentrated. The mean is skewed by a few large funds
(mainly Macro funds) that make significant use of leverage,
whilst the median shows that the majority of hedge funds
tend to use relatively low levels of leverage.”
* The FCA supervises hedge fund managers operating in the U.K.
* FCA: “The Hedge Fund survey presents an aggregated picture
of industry activity in the U.K., illustrating key trends
and risks. The survey data was obtained from 52 management
firms, which collectively manage $623 billion of hedge fund
assets globally. Although none of the 132 funds surveyed are
domiciled in the U.K., the 52 firms nevertheless manage a
stated $265 billion out of the U.K. Data is reported as at
September 2014.”

Link to Company News:{0761959D LN <Equity> CN <GO>}

For Related News and Information:
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To contact the reporter on this story:
Ben Moshinsky in London at +44-20-3525-4958 or
bmoshinsky@bloomberg.net

To contact the editor responsible for this story:
Patrick Henry at +32-2-237-4328 or
phenry8@bloomberg.net

>>> Fast FT : Opec 'may lift' output target at next meeting

Opec 'may lift' output target at next meeting

While oil traders and industry watchers have all but ruled out the producer cartel cutting supplies when it meets on Friday, an increasing number of analysts are arguing the group might actually raise its output target.

While that's unlikely to directly lead to any more supplies in the market - Opec is already producing at least 1m barrels a day above its official target of 30m b/d - analysts say the odds of it upping it to 31m b/d or more are rising, deputy commodities editor David Sheppard writes.

Morgan Stanley analyst Adam Longson led the way on Monday, arguing in a note that "there is some risk the quota is moved higher" to bring it more in line with Opec's actual output.

Two other closely watched analysts, Olivier Jakob at Petromatrix and Vienna-based JBC Energy said similar on Tuesday morning.

Mr Jakob wrote:

It would not do anything to actual supplies but would re-enforce the message that OPEC will maintain its market share and would also legitimize the latest increase of production from Saudi Arabia to 10.3m b/d.

JBC Energy said it would also go some way to dispelling "some commentators' doubts of its (Opec's) relevance after the last meeting" when it decided to maintain output despite lower prices, as it looks to slow output from higher-cost producers.

Saudi Arabia's oil minister Ali al-Naimi arrived in Vienna on Monday night, telling the scrum of waiting reporters that Opec's strategy is working, with demand expected to pick-up in the second-half of this year and supply slowing.

"You can see that I'm not stressed, I'm happy," Mr Naimi said as he entered the gilded lobby of the Grand Hotel Wien in the Austrian capital, the city where Opec is headquartered.

"I don't have a crystal ball but it is (going) in the right direction," added.

(BofA-ML) European Earnings Revision

* EPS revision trends improve for 5th straight month
The European 3-month EPS Revision Ratio (ERR) rose to 0.91 in May (91 upgrades for every 100 downgrades), well above the long-run average of 0.8 and on the ‘sweet spot’ of between 0.8 and 1.0. In this range, 12-month forward equity
returns are at their highest. Improving fundamentals are supported by accelerating liquidity and macro data in Europe. Banks are showing solid gains to revisions, supporting the domestic recovery rotation (Chart 1). See pages 4-6 for details.

* European ERR ahead of Global favours European allocations
Strong earnings seasons in Europe and the US have generated improved revisions on both sides of the Atlantic, which has driven the Global 3-month ERR higher for the first time in 4 months. European ERR remains above the global average for the 3rd month, implying outperformance of European equities to come



* Gradually increasing Risk
Sector trends are generally mixed: Energy saw the greatest improvement in ERR, but the ratio itself remains poor. In contrast, Tech saw the most severe decline, but revisions continue to run above average. Mixed ERR trends are indicative of the proximity to a macro turning point in Europe. However, Financials continue to see solid improvement and stocks with the most upgrades have an average beta of 1.2. This represents a gradual shift from average beta below 1 for the past 5 months.

>>> Liberty Global exec says it may make further German buys

Liberty Global exec says it may make further German buys (translated)

Liberty Global, the London-headquartered cable company, is interested in more acquisitions in Germany, Boersen-Zeitung reported.

In an interview with the German-language daily, Lutz Schueler, managing director of the German operations, said growth opportunities in the country are still good. Liberty Global's Senior Vice President Andrea Salvato said in the same interview that the company is likely to make more investments in Germany. While non-organic growth opportunities are limited, he said, the company looks at every possibility to build up its German business.

Salvato said Liberty Global looks at private German companies that are possible takeover candidates. Schueler said he does not expect problems with competition regulators in the event of more German acquisitions. Salvato dismissed the suggestion that current market prices for companies being sold are excessive.