>>> Brokers Upgrades & Downgrades -21st of November 2014

>>> UP

*DELTICOM RAISED TO HOLD FROM SELL AT BANKH
*E.ON RAISED TO NEUTRAL VS SELL AT UBS
*MLP RAISED TO HOLD FROM SELL AT BANKHAUS LAMPE
*PARAGON GROUP RAISED TO BUY VS NEUTRAL AT UBS
*PETROFAC RAISED TO NEUTRAL VS REDUCE AT NOMURA
*PREMIER FARNELL RAISED TO NEUTRAL VS SELL AT CITI
*RWE RAISED TO NEUTRAL VS SELL AT UBS

>>> Down
*CENTRICA CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*HUNTING CUT TO REDUCE VS NEUTRAL AT NOMURA
*TALKTALK CUT TO SELL VS HOLD AT BERENBERG
*WOOD GROUP CUT TO REDUCE VS NEUTRAL AT NOMURA
*WUXI PHARMATECH CUT TO HOLD VS BUT AT JEFFERIES

>>> PT Change


>>> Initiation
*CEMBRA MONEY RATED NEW BUY AT UBS, PT CHF63
*HOCHSCHILD MINING RATED NEW EQUALWEIGHT AT MORGAN STANLEY
*SAP RATED NEW HOLD AT JEFFERIES, PT EU57

>>> Call

FT : Technip: trial and error

Technip: trial and error
The oil services company is taking a leaf out of Perry Mason’s book. Bad move

here are good reasons why lawyers tend not to become detectives. The skills required to build a case in court are not the same as those required to investigate the crime. Technip is out to prove that the same principle does not apply in the world of oil and gas.
The French engineering company builds projects, from offshore oil platforms to petrochemical plants, for energy companies. It is good business. Operating profit margins have surged over the past decade from low single-digits towards 10 per cent as oil companies raised their exploration budgets. Clients are more cautious these days, which will put pressure on margins this year. But the company still has a near-record order backlog of €19.3bn. The key thing, though, is that Technip and rivals such as Saipem and Subsea 7 do not get involved until the client has given the green light to a project.

Technip’s proposed all-cash offer for CGG, which values the target at €3.4bn (including debt) and was immediately rejected, would change all that. CGG performs marine surveys to help explore for oil and gas. It collects data by trawling through the seas with sensors. The data libraries are then sold or licensed to exploration companies. Thus, Technip and CGG operate on different sides of the client decision. One seeks out ideas for exploration, the other executes on the decision to explore or develop.
Linking the two together is novel. The logic of doing so is not clear. Would energy companies really want the same supplier to perform both functions? Yes, there might be some cost savings. There will need to be: CGG’s net debt of €2bn will add to the acquisition cost. On the basis of 2015 estimates, the deal could be accretive if Technip can chop out at least €110m. But that figure is roughly half CGG’s average operating profit over the past four years.
There are good examples of diversification into adjacent markets. Perry Mason made a career of being a lawyer who liked to dabble in detective work. But then he was fictional.

>>> US After Hours

After Hours Summary: LRAD +6.1%, SPLK +5.9%, ADSK +3.3%, GME -10.5%, GPS -3.3% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: LRAD +6.1%, SPLK +5.9%, ROST +5.5%, ASYS +3.4%, ADSK +3.3%, INTU +1.9%, SIEN +0.9%, NGVC +0.3%

Companies trading higher in after hours in reaction to news: BID +7.4% (announced CEO William F. Ruprecht will step down by mutual agreement with the Board; Ruprecht to continue as Chairman, President, and CEO until a successor is in place), SCTY +4.7% (confirmed it entered into contract with Walmart for the installation of new solar projects at facilities in up to 36 states over the next four years), ASYS +3.4% (obtained a multi-million dollar order (in the low teens) from US based Mission Solar Energy for its high efficiency n-type Bifacial Cell Line), RAX +2.7% (announced Chairman Graham Weston purchased $2.5 mln worth of stock, filed for additional purchases up to $2.5 mln), GALE +2.7% (announced the execution of a purchase agreement for up to $55.0 mln with Lincoln Park Capital Fund; LPC initially purchased $5.0 million dollars of Galena common stock at a price of $2.00 per share), WNR +2.2% (to replace Bally Technologies in the S&P MidCap 400), YUM 1.4% (Board authorized the co to repurchase up to $1 bln in additional shares of common stock and declared a dividend of $0.41 per share of common stock), HOT +1.0% (announced a special dividend of $0.65 per share; declared a regular quarterly dividend of $0.35 per share)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: GME -10.5%, GEOS -9.2%, MOLG -8.7%, ARUN -8.0%, ZOES -6.0%, GPS -3.3%, TFM -1.8%, MRVL -0.3%

Companies trading lower in after hours in reaction to news: OTIV -11.1% (announced a proposed public stock offering), MOLG -8.7% (Jonathan Yoon Soon Chong named new CFO after Allan Wong stepped down for personal reasons; co rescheduled earnings to Dec 3), IBIO +4.6% (filed for $100 mln mixed securities shelf offering), TCPC -4.35 (announced public offering of 5.9 mln common shares), NYMT -4.0% (announced public offering of 15 mln shares of common stock), EDR -1.9% (announced 1-for-3 reverse stock split) 

>>> Asian Update

Asian Market Update: JPY recovers ground as Fin Min Aso objects to high-speed decline

***Economic Data***
- (NZ) NEW ZEALAND OCT CREDIT CARD SPENDING M/M: 1.3% V 0.2% PRIOR; Y/Y: 6.7% V 4.5% PRIOR

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -0.8%, S&P/ASX -0.2%, Kospi +0.3%, Shanghai Composite +0.6%, Hang Seng +0.2%, Dec S&P500 flat at 2,052

***Commodities/Fixed Income***
- Dec gold +0.1% at $1,192, Jan crude oil 1.4% at $75.62/brl, Dec copper +0.2% $3.02/lb
- GLD: IMF: Russia raises gold holdings by 18.9t to 1.17Kt in Oct - financial press
- (US) Weekly Fed Balance Sheet Total Assets for week ending Nov 19th: $4.49T v $4.49T prior; Reserve Bank Credit: $4.45T v $4.45T prior; M1: -$44.8B v +$52.8B prior; M2: +$63.5B v -$65.7B prior
- (AU) Australia MoF (AOFM) sells A$600M in 3.25% 2018 Bonds; avg yield: 2.65%; bid-to-cover: 6.13x
- USD/CNY: (CN) PBoC sets yuan mid point at 6.1387 v 6.1417 prior setting (strongest Yuan setting since Nov 9th)
- USD/CNY: (CN) Hong Kong SFC official: sees Yuan to be international currency in 5-10 years - financial press
- (JP) BOJ offers to buy ¥400B in 5-10yr JGB, ¥240B in 10-25yr JGB and ¥160B in JGB with maturity over 25-yr

***Market Focal Points/Key Themes/FX***
- After flirting with the ¥119 handle overnight, USD/JPY has succumbed to profit-taking going into the weekend, and the latest comments Japan Finance Minister have chased a few more yen bears out of the crowded trade. Fin Min Aso said the Yen decline has been too fast, and the abrupt weakness or strength were unwelcome. Comments sent USD/JPY down by another 50pips below 117.40 before afternoon session recovery toward 117.80. Separately, Japan PM Abe formally announced he is dissolving the lower house of parliament as widely anticipated and taking the LDP coalition into snap elections next month just when his personal cabinet approval ratings fall below 40%.

- US President Obama delivered a sweeping executive order on immigration reform, unveiling plans for 5M undocumented residents to stay in the country. While the directive does not provide a pathway to citizenship, Obama not only appealed to American history of embracing immigrants and deflected criticism related to eligibility for social programs, but also potentially solidified the standing of the Democratic candidate with the Latino constituency going into the 2016 elections.

- Fed's Williams spoke in South Korea, saying he sees encouraging signs that weakness in labor participation is diminishing. Williams added that the environment of low global growth with low real interest rate around the world is inherently risky. Fed's Bullard urged FOMC to hold a press conference after every FOMC meeting, so that policy action can be taken more freely. Bullard also reiterated expectation for US growth at 3% through 2015, and offered optimism that US would achieve long-run jobless rate very soon.

***Equities***
US markets:
- SPLK: Reports Q3 $0.02 v $0.01e, R$116M v $107Me; +6.3% afterhours
- ROST: Reports Q3 $0.93 v $0.87e, R$2.6B v $2.55Be; +5.3% afterhours
- SCTY: Confirms new solar installation projects with Walmart; +4.5% afterhours
- ADSK: Reports Q3 $0.25 v $0.22e, R$618M v $603Me; +3.6% afterhours
- INTU: Reports Q1 -$0.10 v -$0.21e, R$672M v $622Me; +3.6% afterhours
- YUM: Approves $1B in share buybacks (3% of market cap); +0.6% afterhours
- MRVL: Reports Q3 $0.29 v $0.29e, R$930M v $976Me; -0.2% afterhours
- GPS: Reports Q3 $0.80 v $0.79e, R$3.97B v $4.01Be; -3.7% afterhours
- GME: Reports Q3 $0.57 v $0.62e, R$2.09B v $2.21Be; -10.7% afterhours

Notable movers by sector:
- Consumer Discretionary: Sinotex Investment & Development 600061.CN +10.0% (momentum on acquisition of Essence Securities); Kathmandu Holdings KMD.AU -4.5% (YTD results); Billabong BBG.AU +5.8% (trading update from AGM)
- Materials: Panoramic Resources PAN.AU -9.9% (FY15 guidance); Sandfire Resources SFR.AU -3.6% (Posco to sell stake)
- Industrials: China Railway Construction Corp 601186.CN +3.1% (awarded orders); Hitachi Chemical 4217.JP +2.0% (analyst action)

>>> US Close Dow S&P Nasdaq

Closing Market Summary: Cyclical Sectors Send S&P 500 To New Record

The stock market ended the Thursday session on a modestly higher note despite a cautious start. The S&P 500 added 0.2%, ending at a fresh record at 2,052.75 while the Nasdaq Composite (+0.6%) and Russell 2000 (+1.1%) outperformed.

Equities faced some pressure at the start after disappointing data from overseas led to profit taking in Europe. Specifically, China's HSBC Manufacturing PMI came in at 50.0, which represents the difference between expansion and contraction, while Japan reported a slim downtick to 52.1 from 52.4. As for the eurozone, Manufacturing PMI slipped to 50.4 from 50.6 and Services PMI fell to 51.3 from 52.3.

The key indices began inching away from their lows right after the open and the cautious sentiment evaporated in a hurry after better than expected Existing Home Sales (5.26 million; consensus 5.17 million), Leading Indicators (0.9%; consensus 0.6%), and Philadelphia Fed Survey (40.8; expected 18.3) crossed the wires at 10:00 ET.

Thanks to the rebound, the S&P 500 marked its session high two hours after the start, but was unable to build on its gain. Instead, the index maintained a five-point range into the afternoon to end with a slim gain. However, conviction in the advance was not very strong with fewer than 650 million shares changing hands at the NYSE floor.

Meanwhile, the tech-heavy Nasdaq outperformed, turning its week-to-date loss to a gain of 0.6%. Shares of Apple (AAPL 116.31, +1.64) were a major source of strength, climbing 1.4%. Other large cap technology (+0.6%) components were not nearly as strong as the largest sector—and Nasdaq—member, but chipmakers picked up the slack. The PHLX Semiconductor Index jumped 0.9% with Intel (INTC 35.95, +1.60) surging 4.7% after providing revenue guidance and boosting its annual dividend to 96 cents.

Interestingly, the strength among high-beta chipmakers and small cap stocks was not met with gains in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 294.02, -0.19) shed 0.1% after failing to hold its intraday gain. As for health care (-0.4%), the largest countercyclical group tried to turn positive in the morning, but that effort was rebuffed. Similarly, the remaining countercyclical sectors ended in the red.

Turning back to the cyclical side, the energy sector (+1.1%) settled in the lead with help from crude oil, which spiked 1.8% to $75.82.bbl.

Elsewhere, the consumer discretionary sector (+0.4%) outperformed thanks to retailers after Best Buy (BBY 38.02, +2.48), Dollar Tree (DLTR 65.87, +3.24), Williams-Sonoma (WSM 75.22, +5.80), and L Brands (LB 80.08, +2.40) reported better than expected results. The four gained between 3.1% and 8.4% while the SPDR S&P Retail ETF (XRT 92.56, +1.52) advanced 1.7%.

Treasuries spent the day in the green, but ended near the bottom of the intraday range, sending the 10-yr yield lower by three basis points to 2.33%.

Participation was on the light side with fewer than 650 million shares changing hands at the NYSE.

Investors received several data points, including Initial Claims, CPI, Existing Home Sales, Philly Fed Survey, and Leading Indicators:
  • Weekly initial claims decreased to 291,000 from an upwardly revised 293,000 (from 290,000), while the consensus expected a decline to 285,000 
    • Over the past few months, the initial claims level has stabilized below 300,000, and week-to-week volatility has slowed. Trends continue to point toward low layoff activity 
    • Continuing claims fell to 2.330 million from an upwardly revised 2.403 million, representing the lowest level since December 2012 
  • The CPI report was unchanged in October (consensus -0.1%) while Core CPI ticked up 0.2% (consensus 0.1%) 
    • The increase in core prices in October was the largest gain since prices rose 0.3% in May, but year-over-year price growth remains benign at 1.8% 
  • Existing home sales increased to 5.26 million SAAR in October from an upwardly revised 5.18 million (from 5.17 million) while the consensus pegged sales at 5.17 million 
    • Sales increased 2.6% year-over-year, which was the first gain on that basis since last October. It was also the most homes sold since September 2013 
    • The underlying conditions remain positive for the housing industry. A sharp drop in mortgage rates and strong improvements in the labor market have made housing more affordable 
  • The Philadelphia Fed's Business Outlook spiked to 40.8 in November from 20.7 while the consensus expected a decline to 18.3 
    • Business activities in the Philadelphia region reached their highest point since December 1993. A total of 49% of firms saw business activities improve in November as opposed to only 9% that saw decreased activity 
    • The Shipments Index rose to 31.9 in November from 16.6 in October. The gain in production was predicated on a spike in new orders (35.7 from 17.3) 
  • The Leading Indicators report for October was up 0.9%, while the consensus expected a reading of 0.6%. That followed a revised 0.7% increase in September (from 0.8%) 
There is no economic data of note on tomorrow's schedule.
  • Nasdaq Composite +12.5% YTD 
  • S&P 500 +11.0% YTD 
  • Dow Jones Industrial Average +6.9% YTD 
  • Russell 2000 +0.6% YTD

(BN) Technip’s 50% Markup for CGG Is Enough to Start Talks: Real M&A


Technip’s 50% Markup for CGG Is Enough to Start Talks: Real M&A
2014-11-20 19:22:12.638 GMT


(For a Real M&A column news alert: {SALT REALMNA <GO>}.)

By Tara Lachapelle
Nov. 20 (Bloomberg) -- France’s CGG SA, the struggling
oilfield-services company that rejected a bid for $1.8 billion,
may want to reconsider.
Technip SA, also French, this week proposed buying the
seismic surveyor for 8.30 euros a share, almost 50 percent
higher than CGG’s average price in the previous 20 trading
sessions. CGG has slumped this year as it continues losing money
and burning through cash, and analysts were projecting that it’d
take a year just for the stock to get back up near 7 euros. The
offer would give its shareholders a chance for a quicker and
more attractive exit.
Even though CGG said the conditions to pursue a transaction
with Technip weren’t met, investors are betting the deal will
still get done and that price isn’t the issue. Data acquisition,
one of CGG’s three main businesses, has been dragging down the
company. Negotiations with Technip may come down to the fate of
that unit and its employees, given that Technip wants to
eventually separate it out.
“CGG is saying the conditions haven’t been met, but
they’re not saying ‘We’re unwilling to talk,’” said Alex
Brooks, a London-based analyst at Canaccord Genuity Corp. “I
don’t think this is primarily a price-driven discussion. The
overwhelming majority of shareholders would probably say yes
almost immediately to 8.30 euros a share. The question is
whether they can get the board and employee representatives on
that board to agree to the proposal.”

Government Interest

The French state, which has stakes in both, may also help
facilitate an agreement between the companies. The government is
pushing for a combination, according to a person familiar with
the matter.
Oil explorers such as Total SA use CGG’s technology to make
seismic studies of the earth’s geology, including under ocean
floors, to locate and estimate the size of reserves. Oil
companies have been reining in spending, though, amid a supply
glut, which has made CGG’s stock volatile in recent months. The
company renegotiated debt terms and cut its fleet and workforce
this year.
Crude prices have also plunged in the past month, which is
encouraging takeovers in the industry as valuations turn cheap.
Just this week, Halliburton Co. agreed to buy Baker Hughes Inc.
for $35 billion, bringing together the world’s second- and
third-largest oil-services providers. Siemens AG is buying
Dresser-Rand Group Inc. in a $7.5 billion deal to expand its
business with oil-and-gas equipment in the U.S.
Should Technip’s pursuit of CGG succeed, it will be the
ninth-biggest acquisition in the industry this year. The
proposal values CGG at $1.8 billion, plus Technip would assume
its $2.6 billion of net debt.
CGG’s Paris-listed stock jumped 22 percent today to 7.95
euros apiece, still 4.2 percent below Technip’s proposed offer.
The spread signals that investors are betting a deal will get
done and that competing offers are unlikely.

For Related News and Information:
Technip Offers $1.8 Billion to Buy French Oil Surveyor CGG
Halliburton Agrees to Buy Baker Hughes for $34.6 Billion
Big Oil Deals Are Back as Halliburton Makes First Move: Real M&A
Top commodity news: TOP CMD <GO>
Real M&A columns: NI REALMNA <GO>
Top deal stories: DTOP <GO>

To contact the reporter on this story:
Tara Lachapelle in New York at +1-212-617-8911 or
tlachapelle@bloomberg.net
To contact the editors responsible for this story:
Beth Williams at +1-212-617-2307 or
bewilliams@bloomberg.net
Elizabeth Wollman

FT : Tiger Global used shell to target Quindell

Tiger Global used shell to target Quindell

A $15bn New York investment company has used anonymous offshore companies to profit from some of the largest short-selling attacks in Europe over the past three years, including the unravelling of the UK company Quindell. A Financial Times investigation can reveal that Tiger Global, which runs one of the world’s largest hedge funds, has used Cayman Islands based shell companies to make large bets against at least 12 European companies since 2012. Tiger Global’s $6.5bn hedge fund is the mystery investor that used an entity called Roble SL to bet that the share price of Quindell, a UK company, would fall. The Aim-listed group saw its share price collapse after being targeted in one of the highest profile short selling campaigns in UK history. This week Quindell’s chairman resigned from the company and its share price fell to an all-time low. Tiger Global’s extensive use of anonymous offshore companies raises doubts about the effectiveness of new European rules aimed at forcing disclosure of those who make big bets against the shares of a company. The rules were adopted in 2012 in the wake of a backlash against anonymous traders who profited from falling bank share prices during the financial crisis. They require investors, including hedge funds, to disclose any net short position making up more than 0.2 per cent of a company’s share capital to national regulators. Any net short position above 0.5 per cent must be made public to the market. "The purpose of the short selling disclose rules was to increase transparency and consistency across Europe," says Michael Raffan, regulatory partner at Freshfields. "The use of artificial structures to avoid disclosure is against the spirit of the rules." Since the rules were introduced, Tiger Global has used four Cayman Islands registered companies to declare its short positions. It is not against the European rules to use a subsidiary but most other hedge funds use their own names. Tiger Global’s other European moves have included a $200m bet against Nokia, the Finnish telecoms group, as well as short positions in HMV, the UK retailer, ahead of its bankruptcy. They also bet against Blinkx, a London-listed online video company whose shares plunged after a Harvard university professor published a report attacking its internet traffic figures last year. Tiger Global, which declined to comment for this article, is one of the largest yet lowest profile hedge funds in the world, guarding the identities of its short positions so closely it does not disclose them in its letters to investors. It was founded by Charles "Chase" Coleman, a protégé of Julian Robertson who was one of the most successful hedge fund managers with his own fund called Tiger Management before retiring at the turn of the millennium. Several European regulators told the Financial Times that they did not know Tiger Global was behind the short positions in their jurisdictions. The disclosures were made using only the names of the Cayman holding companies and the contact details of its European lawyers, Simmons & Simmons. The law firm declined to comment. The European Securities and Markets Authority, the body that worked on the technical aspects of the short selling rules, said: "The rules are there to be enforced by national European regulators". The UK’s Financial Conduct Authority said: "The EU position is that there’s no requirement for the beneficial ownership to be disclosed to regulators." The UK’s FCA was inundated with requests for information about the identity of Roble S.L. from investors after the entity took out the largest short position against Quindell, but said it could not comment on whether it did or did not have information.

WSJ : Technip Proposes $1.83 Billion French Oil-Services Merger

Technip Proposes $1.83 Billion French Oil-Services Merger
Move Comes Amid Consolidation in Oil-Services Industry

PARIS—France’s Technip SA has made a preliminary takeover offer of €1.46 billion ($1.83 billion) in cash for smaller French oil-services company CGG, a sign of accelerating consolidation in the sector as falling oil prices have crimped spending by big oil groups.

CGG, a Paris-listed specialist in exploration equipment and services, said it has rejected the offer. “Conditions to pursue [the approach] weren't met,” the company said in a statement Thursday. “The company isn't for sale,” a spokesman added.

Technip said it would break up CGG, selling its seismic-studies unit which accounted for about 60% of the company’s $3.77 billion in revenue last year.

The announcement of Technip’s approach CGG comes just days after U.S. giant Halliburton Co. announced plans to buy smaller rival Baker Hughes Inc. in a deal valued at $34.6 billion, prompting speculation that more deals in the sector were in the offing.

The industry’s main players are rushing to buy smaller rivals to As AThe preoffset the effects of falling oil prices on their business. Oil-services companies typically provide equipment such as rigs, drill parts and tools but can also undertake the engineering for pipelines and projects.

As oil prices have fallen to below $80 a barrel from more than $100 a barrel earlier this year, major oil companies have shelved expansion plans for multibillion-dollar projects and shed operations with thin profit margins.


The combined group would employ around 50,000 people with revenue of around €13 billion.

Technip, which said it first approached CGG on Nov. 10, has offered €8.3 a share in cash, a premium of 27% over CGG’s closing share price Wednesday.

CGG shares shot up, but at €8.23, they were trading slightly below Technip’s offer price.

Shares in Technip fell sharply. The stock was down 7.3% in late trading.

Some analysts questioned the logic of the deal given CGG’s relatively weak financial position, declining operating profitability, and the absence of significant potential cost savings.

“I don’t think, at this point, Technip’s shareholders have anything to win,” said Jean-Pierre Dmirdjian, an analyst at London-based brokerage house Liberum.

Providers of seismic studies and other exploration services tend to be first to suffer when oil prices fall as exploration budgets are often the easiest ones for oil and gas producers to cut.

CGG has posted net losses in four over the past five years and analysts who follow it expect a current restructuring plan won’t restore it to profitability until 2016.

Mr. Dmirdjian said he suspects the French government, which has a 7.7% stake in Technip and 10.6% stake in CGG, would like to see the tie-up happen. “I feel the government is very involved in this operation.”

French government spokesman Stephane Le Foll declined to comment on Thursday on the merger.

>>> US Gapping Down

Gapping down In reaction to disappointing earnings/guidance: DWCH -24.9%, JMEI -12.7%, BONT -12.4%, HI-12.1%, FGL -8.6%, WBAI -8%, RGSE -7.3%, LQDT -6.7%, CCIH -5.8%, SMTC -4.9%, JKS-4.3%, CRM -3.1%, EFUT -2.6%, GMCR -2.3%, (CFO stepping down next year), LB -1%, SPB-0.6%, .

M&A news: CGG -1.0% (confirms having been approached by Technip (TKPPY) in an unsolicited manner in respect of a potential combination)

Select EU financial related names showing weakness: BBVA -2.8%, ING -2.6%, DB -2.2%, SAN -1.7%, NBG -1.7%, HSBC -1.3%

Select iron ore stocks trading lower: RIO -3.1%, BHP -2.7%, MT -2.5%, VALE -1.0%

Other news: LXRX -12% ( announces proposed convertible senior notes offering; announces proposed common stock offering of $50 mln of shares of its common stock), WD -6.7% ( announced the commencement of an underwritten offering of 2 mln shares of its common stock held by funds managed by affiliates of Fortress Investment Group ), GPRO -6.4% (pricing of follow-on public offering of 10,360,500 shares of its common stock at a price to the public of $75.00 per share by co and selling shareholders), IRT -5% (announces public offering of 6 mln shares of common stock ), PRGO -4.1% (proposed public offering of $900 mln in ordinary shares), RMTI -2.9% (prices 6.5 mln shares of its common stock at a price to the public of $9.00 per share), SPWR -1.9% (disclosed reorganization plan aimed towards improving operating efficiency and cost structure; expects 85-115 employees to be affected; to incur $15-25 mln charge), OKS -1.6% ( discloses $650 mln common unit Equity Distribution Agreement ), ESNT -1.4% (prices 12 mln shares of common stock at $22.25 per share by co and selling shareholders), SFUN -1.3% and FSLR -1.2% (in symp with JKS earnings) GS -1.2% (Senate accuses GS of having unfair advantage in commodity markets, according to reports), CBPX-1.1% (prices 7 mln share common stock secondary offering at $14.75 per share by selling shareholders), BABA -1% (cont weakness), GM-0.9% (Arizona has filed a $3 bln lawsuit against GM, according to reports)

Analyst comments: ATHN -3% (downgraded to Underperform at RBC Capital Mkts), CLF -2.8% (downgraded to Hold from Buy at Deutsche Bank), CSTM -2.7% (downgraded to Neutral from Buy at Citigroup), SC -2.3% (downgraded to Underperform from Neutral at BofA/Merrill), MDRX -1.8% (downgraded to Sector Perform at RBC Capital Mkts), DNR -1.3% (downgraded to Equal Weight from Overweight at Barclays), SAPE -1.3% (downgraded to Hold at Stifel), TGT -0.7% (downgraded to Hold from Buy at Evercore ISI)