>>> US Early premarket gappers

Early premarket gappers
Gapping up: GENE +26.5%, PVCT +13.3%, HAS +8.2%, HQCL +6.9%, VPCO +6.3%, CLLS +5.8%, GFI +3%, FSM +2.9%, HMY +2.6%, JKS +2.4%, SVA +2.4%, MRK +2%, MS +2%, NVO +1.8%, HSBC +1.6%, RIO +1.5%, CHRS +1.4%, BHP +1.4%, COST +1.3%, MAT +1.3%, ING +1.3%, FB +1.3%, PBR +1.3%, ABBV +1.1%, RDN +1%, MTG +1%, PLD +0.5%

Gapping down: WPCS -23.1%, FARO -8.4%, ADXS -5.8%, NBG -3.4%, CRIS -3.2%, JRJC -2.8%, WUBA -2.1%, TEDU -1.5%, SLV -1.4%, LFC -1.1%, KORS -1%, TEVA -1%, SAN -1%

(BFW) Nokia Said to Plan Return to Consumer Phone Mkt in ’16: Re/Code

Nokia Said to Plan Return to Consumer Phone Mkt in ’16: Re/Code
2015-04-20 10:18:34.845 GMT


By Christopher Kingdon
(Bloomberg) -- Co. aims to rejoin the consumer mobile
market as early as next year, Re/code reports, citing two
unidentified people briefed on Nokia’s plans.
* Co. has number of other technology projects, incl. some in
the virtual reality arena
* NOTE: Nov. 2014, Nokia Introduces Android Tablet in Return
to Mobile Devices NSN NF8I276S9729<GO>


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To contact the reporter on this story:
Christopher Kingdon in London at +44-20-3525-0872 or
ckingdon@bloomberg.net
To contact the editors responsible for this story:
Clyde Eltzroth at +1-212-617-1879 or
celtzroth1@bloomberg.net
Christopher Kingdon

Wansquare : Hedge funds : small is beautiful

A l’heure où les obligations affichent des rendements très faibles, voire négatifs, alors que les prix des actions s’envolent, de plus en plusm d’investisseurs se tournent vers les hedge funds, en privilégiant les petits.

Les investisseurs changeraient­ils de stratégie ? Selon une étude du HFR (Hedge Fund Indices) pour le Wall Street Journal, les petits hedge funds ont collectémautant de fonds que les « titans», un changement de cible pour les investisseurs qui ont pendant longtemps privilégié les grands noms du secteur. En effet, les hedge funds de moins de 5 milliards d’actifs ont réussi à capter la moitié des m76,4 milliards de dollars apportés par les investisseurs l’année dernière, après mavoir recueilli 37% des nouveaux capitaux investis en 2013. Un revirement en contraste avec les quatre dernières années, où les grands hedge funds ont dominé le marché avec 93 milliards de fonds collectés contre 63 milliards pour les petits et moyens fonds de couverture.

Plusieurs explications peuvent être apportées à cette mutation, tout d’abord, le contexte économique actuel est favorable aux hedge funds en général : la forte volatilité des marchés financiers, la chute des cours du pétrole, la faiblesse de certaines monnaies et surtout les rendements obligataires très faibles voir négatifs ainsi que le prix des actions élevées poussent les investisseurs à migrer vers d’autres actifs beaucoup plus rentables. Ensuite, certains investisseurs ne se privent pas de rejoindre des plus petits hedge funds tels que Hutchin Hill Capital ou Birch Grove Capital, dégageant de meilleures performances pour des frais moins élevés, comparés aux grands mastodontes : « Je préfère investir dans des fonds qui sont petits ou de taille moyenne, où les gestionnaires sont très motivés et plus alignés avec nous », déclare Jagdeep Singh Bachher, directeur des investissements pour l'Université de Californie, qui compte environ 91 milliards de dollars en actifs de placement.

GOOGLE TRANSLATION
At a time when bonds have very low or even negative returns, while stock prices soar, more and plusm of investors turn to hedge funds, focusing on children.
They change investor strategy? A study of the HFR (Hedge Fund Indices) for the Wall Street Journal, small hedge funds collected as much money as the "Titans", a change of focus for investors who have long favored the big names in the industry. Indeed, hedge funds under 5 billion of assets managed to capture half of m76,4 billion made by investors last year, after MAView collected 37% of new capital invested in 2013. A turnaround in contrast to the past four years, where large hedge funds have dominated the market with 93 billion funds raised against 63 billion for small and medium hedge funds.
Several explanations can be made to this mutation, first of all, the current economic climate is favorable for hedge funds in general: the high volatility of financial markets, oil prices fall, the weakness of certain currencies and especially bond yields very low negative view and the high share prices pushing investors to migrate to other more profitable assets. Second, some investors do not hesitate to join smaller hedge funds such as Hutchin Hill Capital or Birch Grove Capital, generating better performance for lower fees compared to the great behemoths: "I prefer to invest in funds that are small or medium size, where managers are very motivated and aligned with us, "said Jagdeep Singh Bachher, chief investment officer for the University of California, which has about $ 91 billion in investment assets.

>>> Check Point Software beats by $0.04, reports revs in-line

Check Point Software beats by $0.04, reports revs in-line

Reports Q1 (Mar) earnings of $0.95 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.91; revenues rose 9.0% year/year to $373 mln vs the $369.99 mln consensus.
  • Share Repurchase Program: During the first quarter of 2015, the company repurchased 3.0 million shares at a total cost of $242 million, bringing the total share repurchase program to over $4 billion.

(BofA-ML) THE THUNDERING WORD

* Too much, too young
Annualized gains in global stocks of 21% & the US dollar of 30% YTD are too high. The max liquidity/minimal rate backdrop remains intact. But no-one is positioned for the US consumer to stay weak, European rates to rise & Chinese producer to strengthen. Credit markets are not validating the stock surge (Chart 1)

* Retreat & rotate
Volatility, cash, & gold are likely to perform well short-term if as we expect the dollar & stocks pullback, a risk-off signaled by moves toward 2% on Italian 10-year bonds, 20 on VIX and 2000 on SPX in Q2. In addition, some further defensive rotation toward EM & energy seems likely.