>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: SEV +14%, ALOG +7.8%, KFY +2.9%, (also adopted a dividend policy), HQY +1.6%, COST +0.5%, FSFR +0.5%, TSM +0.4%, (monthly revs)

Select Airline related names showing strength (a few peers upgraded today) : LUV +1.6%, DAL +1.5%, VA +0.4%

Select metals/mining stocks trading higher: GOLD +1.8%, GFI +1.3%, ANV +1.1%, VALE +0.5%

Other news: CYRN +24.7% (announced that Bangcle will deploy CYREN's embedded technology to protect mobile applications against today's latest threats.), SEV +14% (selected to provide motor controllers for new hybrid electric 4-door sedan), JRJC +3% (Shanghai rebounded nearly 3% overnight), LULU +2.3% (still checking, report earnings tomorrow), APAM +1.4% (reported November 30,2 014 AUM of $109.5 bln), AUY +1.2% (Provides an update on strategic initiatives relating to non-core assets; company has made significant progress), YOKU +0.8% (Shanghai rebounded nearly 3% overnight)

Analyst comments: SNSS +10% (upgraded to Buy from Hold at Cantor Fitzgerald), BKW +2.4% (upgraded to Outperform at RBC Capital Mkts), AAL +1.9% (upgraded to Overweight from Equal Weight at Barclays ), SGI +1.8% (upgraded to Buy from Hold at Needham), UAL +1.7% (upgraded to Overweight from Underweight at Barclays), BMS +0.6% (upgraded to Outperform from Market Perform at BMO Capital Markets)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: TITN -8.9%, FRPT -5.9%, KKD -5.3%, YUM -4.7%, (sees FY15 adjusted EPS growth of at least 10% (vs Capital IQ Consensus Estimate of approx +17.3%), BRCM -1.2%, NCS -1.2%, IMOS -0.9% (Nov revs and Q4 guidance), GPT -0.7%, (also agreed to acquire a portfolio of 12 single-tenant net lease assets from Dividend Capital Diversified Property Fund for ~ $399 mln; announces public offering of 45 mln shares of common stock, LE -0.7%, PHX -0.6%, TOL -0.5%

Select oil/gas related names showing early weakness: LINE -3.2%, SDRL -2.5%, HAL -1.8%, STO -1.6%, CNX -1.4%, RIG -1.3%, SLB -1.3%, BHI -1.3%, COP -1.2%, PBR -1%

Other news: PLG -11.2% (discontinues 150,000 unit offering of senior unsecured notes and common share purchase warrants; executes term sheet; announces us$110 million bought deal financing), GDP -9.5% (announced a preliminary capital expenditure budget for 2015 of $150 -- 200 mln; authorized management to explore strategic alternatives for all or a portion of the Company's Eagle Ford Shale asset), CMTL -8.9% ( completes review of strategic alternatives; Co to remain independent), TPLM -7.3% (following 40%+ move higher yesterday), IG -5.2% (announces proposed offering of $125 million of convertible senior notes due 2019), NBG -4.3% (Athens stock index falls another 2% overnight), NQ -3.6% (still checking), NAO -3.3% (Nordic American Tanker (NAT) increases ownership in NAO to 19.2%), CVEO -2% (to be replaced in the S&P MidCap 400 by KLX Inc.), GME -1.9% (negative commentary on Tuesday's Mad Money), GSK -1.8% (still checking), AGIO -1.4% (files mixed securities shelf offering; is offering to sell up to $175 mln of its common stock), OAS -1.3% (continues to anticipate producing between 47-49K barrels of oil equivalent per day in Q4 of 2014), KITE -1.3% (filed amended S-1 for sale of 3 mln shares of common stock), BP -0.8% (presents Upstream strategy to investors; expects $1 billion in Group-wide restructuring charges over coming year)

Analyst comments: ALLT -5.6% (downgraded to Underperform from Buy at BofA/Merrill), DDD -1.6% (initiated with an Underperform at Longbow), RDS.A -1.1% (downgraded to Hold from Buy at Deutsche Bank), RCL -1% (downgraded to Sell at Danske Bank, downgraded to Neutral from Buy at Swedbank), SHOO -0.8% (downgraded to Neutral from Buy at Goldman), GS -0.7% (downgraded to Neutral from Positive at Susquehanna), DIS -0.5% (downgraded to Hold from Buy at Topeka Capital Markets).

>>> US Early premarket gappers

Early premarket gappers
Gapping up: SNSS +14.7%, OXGN +14.3%, SEV +14%, SEV +14%, ALOG +7.8%, AUY +7.2%, AUY +7.2%, KFY +2.9%, ANV +1.6%, HQY +1.6%, APAM +1.4%, APAM +1.4%, GFI +1.3%, TSL +1%, GOLD +1%, COST +1%, BLUE +0.9%, VALE +0.8%, TOL +0.6%

Gapping down: FRPT -9.7%, IG -5.2%, KKD -5.1%, YUM -4.4%, CMTL -3.9%, GDP -3.9%, TPLM -3.7%, SDRL -3%, ALLT -2.3%, CVEO -2%, NBG -1.9%, RIG -1.5%, AGIO -1.4%, STO -1.4%, GSK -1.4%, RDS.A -1.3%, HAL -1.3%, OAS -1.3%, BRX -1.2%, RCL -1.2%, MS -1.2%, SNN -1.2%, NCS -1.2%, COP -1%, BP -1%, BHP -0.9%, IMOS -0.9%

>>> Goldman Sachs forecast UK GDP growth will fall to 2.8% y/y in 2015 from 3.0%

Goldman Sachs forecast UK GDP growth will fall to 2.8% y/y in 2015 from 3.0% y/y in 2014 (slightly above consensus of 2.6%) and see inflation dropping to around +0.8% y/y in "coming months", but see it rising gradually over the rest of the year. "We continue to forecast that growth will be stronger than consensus expectations but that inflation will nevertheless be weaker than consensus expects; we continue to be relatively optimistic regarding the prospects for potential output in the UK; and we continue to expect that demand and supply will both be supported by an ongoing recuperation of the UK's banking system," Goldman say.

>>> BP / Sees $1B in group-wide restructuring charges over coming year, to revie

Sees $1B in group-wide restructuring charges over coming year, to review further cuts to CAPEX - Upstream strategy presentation to investors 

In October, BP told investors this could result in reductions of $1 billion to $2 billion in capital expenditure across the Group in 2015 against guidance of $24 billion to $26 billion laid out in March. This will be reviewed further as part of the 2015 plan, recognising the current outlook for oil prices.

CE: "We expect to see growth from our conventional and deepwater assets and an increasing contribution from gas. And we also have a quality pipeline of opportunities that we believe are capable of extending underlying growth well beyond 2020. Our focus throughout will remain firmly on safe operations, execution efficiency and greater plant reliability."

About one third of its Upstream projects around the world are operated under production sharing contracts and it is also investing in high quality gas projects which are typically less sensitive to oil price movements. Importantly, while BP approves projects at $80 a barrel, it also already tests each at $60 a barrel to understand the resilience of the portfolio at a range of prices. It will also continue to consider lower price sets as appropriate.

Between now and 2020, the Upstream team's focus will be on delivery, through safe and reliable operations, strong execution in the existing base business, and the start-up of a suite of new projects which are expected to be capable of adding over 900,000 barrels of oil equivalent a day of net incremental production to BP's portfolio by 2020. BP will also be progressing opportunities expected to continue to drive underlying growth into the next decade as it builds out its well-established conventional and deepwater oil positions and a distinctive and material portfolio of gas options.

>>> Crystal Amber Fund may conduct placing --> could see more spec. on SBRY.

--> Crystal Amber was mentionned as potential activist fund in SBRY, could see more spec on SBRY as soon as placement done

Crystal Amber Fund may conduct placing, Sanlam Securities advises

The Board [of Crystal Amber Fund] is considering a secondary issue of new ordinary shares in the Company ("Shares") (the "Placing") to facilitate further investment opportunities, in the light of the Company's recent performance. By way of background, the Company delivered a 68.5 % NAV total return in the three year period to 4 December 2014 and a 85.1 %. increase in the Share price over the same period.

Accordingly, the Board, the investment manager and investment adviser believe that the Fund is appropriately positioned to continue to deliver attractive returns, through its focus on special situation holdings which are more
dependent upon self-help and active engagement than upon macroeconomic recovery. Preliminary discussions have therefore been initiated with certain of the major shareholders regarding the potential to finance further investment
opportunities through a secondary issue of Shares. The Board believes that by increasing the size of the Fund, it will be able to acquire larger holdings offering the potential to increase its influence, invest in larger companies
with increased liquidity and help drive down further the Fund's total expense ratio.

In light of positive feedback from these discussions, the Board has instructed the Fund's advisers to give consideration to the implementation of the Placing.

The Board intends that any such secondary issue would be priced at a price equal to at least the prevailing NAV per share. As at 30 November 2014, the NAV per share was 150.07p, which equated to a market capitalisation of
approximately GBP 113m. The Board also intends to continue the discount management policy, through the implementation of the Fund's Share buyback programme, for the foreseeable future, subject to the Board's discretion and the requirements of the AIM Rules.

The Fund's advisers intend to discuss the potential for a secondary issue of Shares with other holders of Shares ("Shareholders") and with potential new investors and a further announcement in relation to the Placing and the
obtaining of the requisite approval of Shareholders will be made in due course.

Sanlam Securities UK Limited is the Nominated Adviser. Numis Securities Limited is the Broker.

(Les Echos) 152 députés socialistes réclament à Manuel Valls le rachat des conce

EXCLUSIF + DOCUMENT Dans une lettre envoyée la semaine dernière, ces élus demandent au Premier ministre d'agir avant la fin de l’année.

La pression politique s’accroît sur le gouvernement dans le dossier des autoroutes. Alors que la majorité vient d’adopter des amendements visant à supprimer une exemption fiscale dont bénéficiaient les sociétés concernées, 152 députés socialistes ont écrit la semaine dernière au Premier ministre pour lui demander de prendre une mesure plus radicale : le rachat anticipé des concessions, avant la fin de cette année.
Les parlementaires rejoignent ainsi Jean-Paul Chanteguet, président de la commission Développement durable à l’Assemblée et rapporteur d’une mission d’information qui travaille depuis plusieurs mois sur le sujet. Le député (PS) doit présenter le rapport dans quelques jours, mais a déjà exposé sa principale proposition à la presse : la résiliation par anticipation, pour motif d’intérêt général, des concessions autoroutières , une possibilité prévue par les contrats signés en 2006.
C’est cette mesure que réclament les élus socialistes dans leur lettre, dont « Les Echos » ont eu communication : « Il s’agirait là d’un puissant acte de gauche.[...]Loin de nationaliser les concessions, comme cela a été écrit à tort pour mieux renvoyer cette proposition vers le passé, vous placeriez l’Etat en position de force, vous lui donneriez de réels moyens de négocier, dans de meilleures conditions, de nouveaux contrats de délégations à des sociétés privés, qui pourraient d’ailleurs fort bien être les nouveaux concessionnaires  », écrivent-ils.
L’ensemble des sensibilités du Parti socialiste
Jusqu’ici, ni François Hollande ni Manuel Valls ne semblaient prêts à examiner ce scénario. La lettre, envoyée le 4 décembre dernier, va-t-elle changer la donne ? Les 152 signataires représentent l’ensemble des sensibilités du Parti socialiste. Parmi eux figurent les sept présidents de commission, ainsi que Bruno Le Roux, le président du groupe à l’Assemblée, Delphine Batho, Henri Emmanuelli. La lettre rassemble des « frondeurs », mais aussi des députés proches de Manuel Valls, comme Christophe Caresche.
Le principal écueil, pour que la demande des députés soit exaucée, concerne son calendrier. Le rachat par anticipation «   ne peut se faire qu’au 1er janvier de chaque année, moyennant un préavis d’un an, notifié au concessionnaire, rappelle la lettre. Un rachat acté avant le 31 décembre 2014 permettrait de travailler tout au long de l’année 2015 à la mise en œuvre d’une autre gestion du réseau autoroutier [...] pour une application au 1er janvier 2016. [...] A contrario, laisser passer cette date équivaudrait à conforter les actuelles sociétés concessionnaires dans leur position de force ».
Les délais semblent toutefois extrêmement serrés avant la trêve des confiseurs. L’exécutif pourrait en tirer argument pour ne pas accéder à la demande des députés. Au risque que cet épisode laisse des traces dans la majorité.

>>> Salle Pleyel receives four takeover bids

Salle Pleyel receives four takeover bids - Newswire Round-up
Story
Fimalac, the investment company of entrepreneur Marc Ladreit de Lacharriere, the event company Eurosites, the entertainment production company Morgane and private investor Jean-Marc Dumontet are competing to acquire the Paris-based concert hall Salle Pleyel, according to a newswire.

The AFP report cited an announcement from the owner Cite de la Musique stating that the transaction is pending a decision from Paris Appeal Court scheduled for 16 December. Marie-Christine Tarditi, the wife of the previous owner, is contesting the sale of the venue in 2009 for EUR 60.5m, the piece noted.

Cite de la Musique is a state-owned group of institutions dedicated to music.

>>> BT deal to acquire O2 'imminent'

BT deal to acquire O2 'imminent'

BT Group, an FTSE-100 telecoms company, is about to agree the acquisition of Telefonica’s O2 UK mobile network, according to a Daily Mail report. The newspaper cited sources familiar with the talks who last night, 9 December said a deal is “imminent.”

BT is in discussions to acquire O2 or rival EE, owned by French rival Orange and German competitor Deutsche Telekom.

An agreed deal to acquire O2 could be announced as soon as this week, the item said.

All of the companies involved declined to comment, according to the report.

A Financial Times report said BT held a board meeting yesterday, 9 December to discuss whether to go ahead with a bid for either O2 or EE. The newspaper cited one person familiar with the talks who said BT executives have informed investors that buying O2 would be a simpler transaction than acquiring EE. O2’s mobile spectrum is more suitable for BT and O2’s brand is considered stronger, the item said.

EE would be the more expensive of the two potential deals, the article said, citing EE’s larger network and customer base, the report continued. Orange and Deutsche Telekom’s joint ownership of EE might make a deal more complicated, the article added.

All parties refused to comment, the FT report said.

A report in The Times also said BT is likely to announce whether it will bid for O2 or EE by the weekend. The report went on to cite industry insiders who suggested that BT considers O2 to be its main takeover target.

O2 would probably sell for about GBP 10bn (EUR 12.67bn), The Times article estimated.

A Daily Telegraph report cited unspecified sources who said BT is hoping to agree a deal for O2 or EE before Christmas and to conduct due diligence swiftly.


Source Daily Mail, Financial Times, The Times