>>> US Early premarket gappers

Early premarket gappers

Gapping up: BLDR +14%, TPLM +7.6%, GWPH +6.1%, ALU +5.1%, MDR +3.5%, RIO +3.2%, LC +2.5%, Z +2.3%, GRPN +2.1%, BHP +2%, OZRK +2%, STO +1.8%, YNDX +1.5%, PBR +1.3%, TEDU +1.2%, ALTR +1.1%, JPM +1%, QCOM +0.8%, RDS.A +0.7%, NFLX +0.7%

Gapping down: CHOP -7.8%, NOK -5.7%, NSG -5.6%, NBG -4%, IDTI -3.8%, HZNP -3.4%, MDXG -3.2%, UNP -2.3%, GDX -1.3%, SLV -1.1%, ING -1.1%, ABX -1%, SHPG -0.9%, DB -0.9%, GLD -0.9%, RGLD -0.9%, NEM -0.8%, GG -0.8%

>>> JPMorgan Chase beats by $0.05, misses on revs --> +1.18% / 65k traded

JPMorgan Chase beats by $0.05, misses on revs

Reports Q1 (Mar) earnings of $1.45 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $1.40; revenues rose 4.8% year/year to $24.1 bln vs the $24.4 bln consensus. Revenues were predominantly driven by strong performance in the Corporate & Investment Bank, both in Markets and Investment Banking. In addition, there was an increase in fee revenue in Asset Management and Mortgage Banking, partially offset by lower gains in Private Equity.
  • Tangible book value per share of $45.45, up 9% YoY
  • Basel III common equity Tier 1 of $167 billion, or ratio of 10.6%
  • SLR of 5.7% and Bank SLR of 6.0%
  • Core loans up 10% compared with the prior year
  • Return on Tier 1 Common Equity 14%
  • Overhead Ratio 60%
  • Net Payout Ratio 53%
Consumer and Community Banking
  • Net income was $2.2 billion, an increase of $238 million compared with the prior year, driven by both improved net revenue and lower noninterest expense. Net revenue was $10.7 billion, an increase of $170 million compared with the prior year, driven by higher noninterest revenue across businesses, up $302 million.
  • Net interest income was $7.0 billion, down $132 million, driven by spread compression, largely offset by higher deposit balances in Consumer & Business Banking and higher credit card loans.
  • Mortgage Banking net income was $326 million, an increase of $194 million from the prior year. Net revenue was $1.7 billion, an increase of $151 million compared with the prior year, driven by lower MSR risk management losses, partially offset by lower servicing revenue....
Corporate & Investment Banking
  • Net income was $2.5 billion, up $412 million, compared with $2.1 billion in the prior year, driven by higher net revenue. Banking revenue was $3.1 billion, up 12% from the prior year, on strong performance in investment banking fees across products.
  • Treasury Services revenue was $1.0 billion, down 2% compared with the prior year, driven by lower net interest income and lower trade finance revenue. Lending revenue was $353 million, up 9% from the prior year, largely reflecting higher gains on securities received from restructurings.
  • Markets & Investor Services revenue was $6.5 billion, up 7% from the prior year, despite the impact of business simplification, driven by higher Markets revenue.
    • Excluding the revenue decline related to business simplification, Total Markets and Fixed Income Markets would each have been up 20%.
  • Equity Markets revenue was up 22%. Macro events drove robust client activity in Fixed Income Markets including in Currencies & Emerging Markets, and Rates, as well as in Equity Markets.
Commercial Banking
  • Net income was $598 million, relatively flat compared with the prior year. Net revenue was $1.7 billion, an increase of $64 million compared with the prior year, driven by higher noninterest revenue on record gross investment banking revenue. Net interest income was $1.1 billion, down slightly compared with the prior year, reflecting spread compression on loan and liability products, largely offset by higher balances.

>>> Auto Sector : New player : I have been talking of that to some of you

>>> Auto Sector : New player : I have been talking of that to some of you on the last few weeks, I think this report is quiete interesting and will give a bit more material to the call I was making, happy to discuss anytime.
I would rather play the auto component (FR, CON,...) names or the potential target (FCA & UG)

Laurent

(Bernstein) AAPL: 5 Reasons Why We Believe Apple May Indeed Be Looking to Build a Car

In recent months, press reports have suggested that Apple is looking to potentially produce an automobile. On March 26th, we (Toni Sacconaghi, US IT Hardware and Max Warburton, Global Autos) jointly held a conference call to discuss the issue and associated implications for the automotive industry.1 Today's note provides the five reasons why we believe that Apple may indeed be looking to build a car going forward.

Reason 1: The auto sector offers a uniquely large, addressable market for Apple, with over $1 Trillion in annual sales. Given that the vast majority of Apple's growth in recent years has been driven by the iPhone, and that the high-end of the smartphone market is projected to have a tepid growth outlook, the auto market provides a huge, incremental market opportunity that could move the needle for Apple going forward.

Reason 2: Apple is a product company and has historically been undaunted by entering established markets. Apple's focus has been on making premium, differentiated products and has taken on established competitors, many with deep R&D pockets.

Reason 3: Tesla has upended the auto industry on a relatively shoestring budget. Apple has nearly limitless financial resources

Reason 4: Although auto industry margins are middling, Apple's premium-priced products have historically enabled it to command a disproportionate share of industry profits.

Reason 5: Significant car manufacturing capacity is likely to develop in China over the next few years, which we believe Apple may be able to leverage to subcontract manufacturing/assembly of a car.

--> So are we convinced Apple is making a car? No, in part because Apple is typically very patient in bringing a product to market, and will ultimately only do so if it believes it has an offering that is truly distinctive. A lot needs to be occur for anyone (including Apple) to know whether that will indeed transpire, particularly since Apple's historical "feature absolutism" points to an Apple car that would very likely be all-electric and likely autonomous, both of which require significant technology and regulatory hurdles to be scaled.

(BFW) Telefonica to Sell TV Rights to Rivals, El Confidencial Says

BN 04/14 08:28 *TELEFONICA TO SELL TV RIGHTS TO RIVALS, EL CONFIDENCIAL SAYS
Telefonica to Sell TV Rights to Rivals, El Confidencial Says
2015-04-14 08:35:33.334 GMT


By Sharon Smyth
(Bloomberg) -- Telefonica cedes before competition
regulator and agrees to sell TV rights to rivals in order to
close Digital+ deal, El Confidencial reports.
* Telefonica to sell TV rights at competitive price so that
rivals can develop profitable operations in the pay per view
sector: El Confidencial
* El Confidencial cites unidentified sources at competition
regulator
* Link to website: www.elconfidencial.com
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To contact the editor responsible for this story:
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