>>> BPE&R CEO says merger with unlisted bank would be very difficult

BPER CEO says merger with unlisted bank would be very difficult (translated)
Story
BPE&R, the listed Italian cooperative bank, would find it very hard to merge with an unlisted bank, Italian language daily Il Sole 24 Ore reported. The report cited BPER CEO Alessandro Vandelli who said that it would be some months before BPER would be able to determine whether a merger with another cooperative bank was a possibility.

Vandelli added that BPER was now in a period of transition following recent government legislation requiring medium-sized cooperative banks to become joint stock companies, the report noted. Vandelli said there were presently no official dossiers in play.

The comments dampen speculation that BPER could try for a merger with unlisted cooperative banks Banca Popolare di Vicenza and Veneto Banca, the report noted. Veneto Banca in particular was thought to be a prime target for BPER, according to the report.

BPER chairman Ettore Caselli said in the last few days that listed Italian cooperative bank BPM was a prime merger candidate for BPER for “many reasons.”

BPER has a market cap of EUR 3.72bn.

Sourced from print copy: pge 33
Il Sole 24 Ore

(BFW) ‘It Makes Sense’ That Brazil Market May Consolidate: Telefonica

‘It Makes Sense’ That Brazil Market May Consolidate: Telefonica
2015-05-14 13:38:22.165 GMT


By Rodrigo Orihuela
(Bloomberg) -- Telefonica has ‘full optionality’ on Brazil
consolidation, CFO Vila says.
* “We have many optionalities for any potential scenario that
can develop in Brazil,” CFO says
* Telefonica expects to close GVT acquisition by end of May:
CFO
* Telefonica CFO Angel Vila comments on conf. call
* NOTE: Earlier, Telefonica reported 1q earnings. Link

Link to Company News:{TEF SM <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:
Rodrigo Orihuela at +34-91-700-9647 or
rorihuela@bloomberg.net

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: MBLX -30.8%, HIIQ -19.4%, DGLY -17.5%, INVE -13.5%, ANY -13.4%, KSS -10.7%, DARA -5.6%, CADC -4.5%, HIMX -4.1%, LXFT -4%, VOXX -3.8%, VSTO -2.1%, CEL -1.7%, CSCO -0.9%, BGMD -0.7%, HSGX -0.6%


Other news: PBYI -17.9% (co announced publication of four abstracts for presentation at ASCO; treatment effect of PB272 (neratinib) was smaller than expected), ANY -13.4% (signed definitive agreements for a private placement of 1,281,250 Common Shares and Warrants to purchase up to 1,281,250 Common Shares for a gross purchase price of ~$4.1 mln), CAMT -11.2% (is offering to sell its ordinary shares in an underwritten public offering), JONE -10.7% ( launches secondary offering of 5 mln Class A common stock by selling stockholders ), GEVO -8.9% (prices its offering of 4.3 mln common stock units at $4/unit- which includes one common stock share and one Series C warrant), CLSN -7.1% (announced results from its Phase Ib trial for GEN-1 in platinum-resistant ovarian cancer will be presented at the ASCO annual meeting; findings demonstrated an overall clinical benefit of 57% for all treatment arms), NVIV -4.5% (announces an update on initial patients implanted with its Neuro-Spinal Scaffold), OHGI -4.2% (following 100%+ move yesterday), FEYE -2.8% (Cisco CEO downplayed rumors that co may acquire FEYE), BIOC -2.1% (filed for $50 mln mixed securities shelf offering), SD -2% (disclosed exchange agreement with an existing holder), Q -1.1% (priced its 11.86 mln share secondary offering of common stock by existing shareholders at $65.00 per share)

Analyst comments: BMY -2.4% (initiated with a Hold at Berenberg), GSK 1.1% (downgraded to Neutral at UBS
)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: RGDX +18.8%, PGN +16.6%, PERY +16.4%, CTRP +13.9%, SHAK +6.8%, NTES +4.7%, MXPT +4%, TGB +3.6%, YOD +3.2%, EYES +2.8%, VIPS +1.8%, MSLI +1.7%, TNK +1.5%, CAAS +1.4%, STOR +1.2%, BCLI +1.1%, TCON +1.1%, JD +0.7%, JACK +0.6%, MORE +0.6%, VWR +0.6%

M&A news: ISSI +6.9% (Cypress Semiconductor (CY) sent letter to the Board of Integrated Silicon Solution offering to acquire 100% of its outstanding shares of common stock for $19.75 per share in cash), CY +2.8% (Sends Letter To Board Of Directors Of Integrated Silicon Solution, offers to purchase ISSI for $19.75 per share )

Select metals/mining stocks trading higher: MT +6.9%, AKS +2.8%, NOR +2.3%, X +2%, CLF +1.9%, SLV +1.5%, GOLD +1.1%, SLW +1%, AG +1%

Other news: CYRN +19.3% (agreement with Dell that adds CYREN's antimalware technology to Dell SonicWALL Email Security appliances, software, virtual appliances and hosted services), ACRX +19.3% (discloses entry into an award contract supported by the United States Army Medical Research and Materiel Command), ONTY +15.5% (Two abstracts related to ONT-380 for the treatment of breast cancer published), VBLT +11% (to present positive Phase 1/2 data for VB-111 in recurrent platinum-resistant Mullerian cancer at ASCO), WLT +9.6% (disclosed that on May 7, 2015, Brian M. Chopin, Assistant Corporate Controller was appointed Acting Corporate Controller and Chief Accounting Officer, effective May 20, 2015), DSCO +9.6% (reports top line data from its AEROSURF Phase 2a clinical trial), NVGN +5.9% (announces that it has confirmed that drug candidate, Anisina, is an effective monotherapy against human melanoma in an animal model), QIWI +4.4% (announces entrance into an agreement with Otkritie Financial Group to acquire its Contact money transfer and Rapida payment processing systems ), NOG +4.3% (priced its private offering of $200 mln in 8% senior notes due 2020 at 95% of par), TGTX +3.6% (announced clinical data presentations at ASCO; shares up ~3.6% in after hours trade), NBG +3.6% (optimistc tone from Greece Fin Min in comments today), MNKD +3.3% (still checking), SAM +2.1% (increases limit for stock repurchase program by additional $50 mln, bringing total limit to $400 million ), SAM +2.1% (increased limit for stock repurchase program by additional $50 mln, bringing total limit to $400 million), REN +2.1% (cont strength), STM +1.9% (CY/ISSI peer), SHPG +1.8% (still checking), NICE +1.7% (cont strength), INFN +1.6% (CY/ISSI peer), ASML +1.4% (CY/ISSI peer), SGMO +1.3% (will consolidate development plans for its zinc finger nuclease-mediated genome editing programs ) COWN +1.1% (prices offering of $105 million of shares of 5.625% Series A Cumulative Perpetual Convertible Preferred Stock), SPB +0.9% (priced 5,405,405 shares of common stock $92.50 per share)

Analyst comments: AKBA +5.1% (initiated with a Buy at Brean Capital), TSEM +4.5% (target raised to $28 from $24 at Ascendiant Capital Markets; also announced they have collaborated w UCSB to demonstrate the first 256-element), CWST +3.5% (upgraded to Outperform from Mkt Perform at Raymond James), ATML +2.7% (upgraded to Overweight from Equal Weight at a boutique firm), EURN +2.3% (initiated with a Outperform at Credit Suisse), KATE +1.7% (initiated with a Outperform at Wedbush), LLTC +1.6% (upgraded to Neutral from Underweight at JP Morgan), KMX +1.1% (initiated with a Buy at Sterne Agee CRT), DD +1% (upgraded to Neutral from Underperform at BofA/Merrill)

>>> ArcelorMittal trading ~7% higher premkt on reports of EC steel anti-dumping

ArcelorMittal trading+5.5% higher premkt on reports of EC steel anti-dumping duties

Related Hindu Business Line report discusses positive impact on steel industry in Europe. (SLX, AKS, CMC, STLD, X, NUE, WOR, ZEUS)

Europe slaps dumping duties on special steel

Tata Steel, ArcelorMittal are among those to benefit from the European Commission move

LONDON, MAY 13:
Europe’s steel industry has welcomed a decision by the European Commission to bring in provisional anti-dumping duties on the import of a high-value added steel product from China, Japan, South Korea, Russia and the US.

Among those to benefit from the measures will be Tata Steel, which produces the grain-oriented electrical steel (“GOES”), used in power transformers, at its Orb plant in South Wales. It is also produced by ArcelorMittal at its Frydek Mistek plant in the Czech Republic.

Eurofer, the body representing European steel producers, said the decision to impose provisional duties would restore free trade in the European market at “non-injurious” prices. It added that the measures were essential for maintaining sustainable financial health, and the highest possible number of manufacturing jobs in the EU. The European Commission began an investigation into possible dumping by foreign producers in August last year, following a complaint lodged by Eurofer earlier in the year.

In a document published on Wednesday, the Commission said it had concluded the industry had suffered “significant” and “material” injury by the sale of the steel by foreign producers, not just at dumped prices but also often below costs.

Dumping exerted “significant” pricing pressure, forcing them to sell at low prices, hitting an industry already facing challenges, despite having taking significant cost-cutting measures. It rejected the assertions of some of those who were consulted during the investigation that the European industry was not competitive and had structural problems.

Though only a provisional measure (it remains to be seen if permanent duties are brought in six months time) the development will be a positive for ArcelorMittal and Tata Steel, both of which produce the high-value added product.

“We welcome measures that encourage free trade and support a level playing field,” said an ArcelorMittal spokesperson.

Earlier this year, the Commission brought in provisional tariffs on the import of stainless steel cold rolled sheet from China and Taiwan and has launched an investigation into the import of another steel variety from China (High Fatigue Performance rebar).

The EU is the world’s second largest producer of steel after China, producing 11 per cent of global output, according to European Commission figures. However, despite a recovery in demand, and an action plan for competitiveness brought in by the EU two years ago, demand remains nearly 30 per cent below pre-crisis levels.