>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: SONS -32.4%, CCM -19%, JRJC -18.4%, IDN -7.2%

M&A news: WLL -19% (Co announced it is not however pursuing any significant strategic transaction at this time; offering of 35 mln shares of common stock; also anounces private offerings of $1 bln of convertible senior notes due 2020 and $750 mln of senior notes due 2023)

Other news: RICE -14.5% (co announced pricing of $400 mln of 7.25% senior notes due 2023 at 99.233%, for a yield to maturity of 7.375%), OCN -6.3% (announces notice of noncompliance with NYSE continued listing standards; also announces intention to sell additional $25 bln portfolio of mortgage servicing rights to Nationstar (NSM)), GLP -5.8% (announced that the owners of AE Holdings Corp. are selling 1,956,234 common units in an underwritten secondary public offering), LQ -3.9% (announced a secondary offering of 17.5 mln shares of common stock, by selling stockholders affiliated with The Blackstone Group), SAAS -3.3% (announced intention to offer $100 mln of Convertible Senior Notes due 2022), GLOB -3.3% (announced that certain of its shareholders have commenced a secondary public offering of 2,906,266 common shares), HTGC -3% (announced that it is offering 6.6 mln shares of common stock pursuant to an effective shelf registration statement in an underwritten public offering), TTM -2.6% (related to Econ Times report discussing the move ahead of Board mtg and determination of rights offering terms), DPLO -2.3% (announced that it has commenced its follow-on public offering of 7.4 mln shares of its common stock; 3.0 mln shares will be sold by selling shareholders), KW -2.3% (announced plans to sell 7.5 mln shares of its common stock; discloses business update pertaining to certain activities), CHSP -2.2% (upsizes and prices 4,000,000 common shares; price not disclosed), FCX -2% (cuts quarterly dividend to $0.05/share from previous $0.3125/share)

Analyst comments: CENX -3.5% (downgraded to Underweight from Equal-Weight at Morgan Stanley), ZAGG -1.5% (downgraded to Hold from Buy at Craig Hallum), P -0.8% (cautious commentary at FBR Capital)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: CHRS +24.2%, VCEL +16.1%, DGLY +15.3%, (also files for $25 mln mixed securities shelf offering) EPRS +5.8%, IHS +5.8%, MKC +2.7%, EGL +2.6%, GNVC +1.2%, FLXN +1%, GIII +0.8%

Select EU bell weather names showing strength: ING +1.8%, DB +1.6%, NOK +1.4%, SAP +1.2%, SAN +1.1%, ASML +1%, DEO +0.9%, UN +0.9%

Select oil/gas stocks trading higher: PBR +1.7%, SDRL +1.6%, WTI +1.4%, STO +1.1%, COP +0.8%, CVX +0.7%

Other news: ISR +14.8% (announces it will host a dinner presentation describing the use, procedure and outstanding results in treating gynecologic cancers utilizing Cesium-131), NEPT +12.6% (USPTO issues positive decision that triggers royalty payments to Neptune), GSBD +7.9% (announces closing of IPO, confirms quarterly distribution of $0.45/share), VOXX +7.8% (co's iris authentical product, EyeLock, was mentioned positively on CNBC), ATOS +7.1% (launches the FullCYTE Breast Aspirator in the United States), ABMD +6.2% (confirmed Impella 2.5 received FDA approval for elective and urgent high risk percutaneous coronary intervention procedures), LOGI +5% (product announcement), RADA +4.8% (announces the selection by Lockheed Martin (LMT) Space Systems Company of its Multi-Mission Hemispheric Rada to support internally funded high energy laser weapon system prototype testing), CHK +4.1% (reduced 2015 CapEx budget to $3.5-4.0 bln from $4.0-4.5 bln; Carl Icahn increased stake to 10.98% from 9.98%), LINE +3.9% (announces $1 billion equity commitment from Quantum Energy Partners to form strategic acquisition alliance), ATNM +3.7% (announces that it is moving forward with enrollment and treatment of additional patients in its clinical trial for acute myeloid leukemia in patients over the age of 60), ARIA +3.6% (co and Medison Pharma announce that the Israeli Ministry of Health has granted regulatory approval for Iclusig (ponatinib) in Israel), PSTI +3.5% (announces key strategic objectives for development of PLX-R18 in hematopoietic indications), MCP +3.3% (cont strength), EGL +2.6% (co was awarded an Indefinite Delivery Indefinite Quantity multiple-award contract with a $1 bln ceiling to provide technical advisory services to the U.S. Agency for International Development), NVO +2.2% (Saxenda approved yesterday in Europe for the treatment of obesity), GILT +1.8% (Chairman, Dov Baharav, will assume the position of interim CEO, as Erez Antebi decides to step down )

Analyst comments: HIG +1% (resumed with a Buy at Goldman), XEL +0.9% (upgraded to Overweight from Equal Weight at Barclays), EL +0.8% (upgraded to Outperform from Market Perform at Wells Fargo)

>>> US Early premarket gappers

Early premarket gappers

Gapping up: VCEL +19.9%, DGLY +14.1%, RADA +6.9%, CHRS +6.8%, EPRS +5.8%, LOGI +5.3%, VOXX +4.1%, GILT +3.9%, CHK +3.8%, YNDX +3.1%, EGL +2.6%, EGL +2.6%, NVO +2.5%, GFA +2.5%, OAS +2.4%, ING +1.9%, SDRL +1.9%, GIII +1.9%, ABMD +1.7%, NOK +1.5%, SAP +1.5%, DB +1.4%, RICE +1.2%, ADEO +1.2%, COP +1.2%, GNVC +1.2%, MNGA+1.1%, UN +1.1%, ASML +1%, PBR +1%, PRGO +1%, CVX +1%, FLXN +1%, SAN +0.9%

Gapping down: CCM -19%, JRJC -14.9%, WLL -13%, GLP -10.2%, OCN -8%, HTGC -3.3%, SAAS -3.3%, GLOB -3.3%, TTM -2.6%, LQ -2.3%, DPLO -2.3%, KW -2.1%, NBG -1.4%, RIO -1.3%, MT -0.9%

(BFW) Brent Oil Seen by Facts Global’s Fesharaki at $35-$40 in 2Q

Brent Oil Seen by Facts Global’s Fesharaki at $35-$40 in 2Q
2015-03-24 06:25:01.170 GMT


By Anthony DiPaola
(Bloomberg) -- Oil prices will fall in 2Q on low demand,
refinery maintenance, Fereidun Fesharaki, chairman of Singapore-
based consultant FACTS Global Energy, says at conference in
Fujairah, U.A.E.
* Oil surplus seen at 2m b/d in 2Q
* Prices seen back to current level in 3Q, 4Q
* NOTE: Brent is $55.59/bbl, WTI $46.93
* Oil prices seen “low” for at least 5 yrs
* WTI discount to Brent to narrow from $8-$10/bbl now
* OPEC seen keeping policy at nxt 2 meetings
* U.S. shale breakeven seen at $80-$30/bbl


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Anthony DiPaola in Dubai at +971-4-364-1033 or
adipaola@bloomberg.net
To contact the editors responsible for this story:
Nayla Razzouk at +971-4-3641056 or
nrazzouk2@bloomberg.net
Claudia Carpenter

>>> Akzo Nobel's Paper Chemicals business sale to Kemira delayed

Akzo Nobel's Paper Chemicals business sale to Kemira delayed

Akzo Nobel's Paper Chemicals subsidiary sale to Kemira, the Finnish chemicals group, is expected to complete in 2Q15 as opposed to the first quarter of this year as previously announced, the Financieele Dagblad reported, without citing a particular source.

The groups are currently awaiting approval from the Ukrainian regulatory authority, the item said.

Akzo Nobel, the Netherlands-based paint manufacturer, announced in July that it is in the process of selling its subsidiary for EUR 153m to Kemira.

Source Financieele Dagblad

WSJ : Fed’s Williams: Midyear Will Be Time to Start Rate Increase Debate

NEW YORK–Federal Reserve Bank of San Francisco President John Williams reiterated on Monday his belief that central bankers should consider raising rates some time this summer.

“Things are looking better–in fact, they’re looking downright good,” the official said in a speech to be delivered to an audience in Sydney and Melbourne via video.

Given how much the economy has improved and is likely to continue to gain ground, “I think that by mid-year it will be the time to have a discussion about starting to raise rates,” Mr. Williams said.

The strength of the U.S. dollar against a “broad index” of currencies is not an impediment to the U.S. economy reaching real GDP growth of 2.5% this year, he said.

“The U.S. economy has good momentum…even with what is a rather large appreciation of the U.S. dollar,” Mr. Williams said.

As interest rates are normalized, Mr. Williams warned of unintended consequences for the economy given that interest rates are a “blunt” policy tool. But he said the focus of policy should be on higher interest rates over time.

“The goal for me is just to get the economy back to full employment, get inflation back to 2.0% and get interest rates back up as appropriate, back to more normal levels,” he said.

The official’s views squared with those he’s made in recent public comments.

Mr. Williams is a voting member of the rate-setting Federal Open Market Committee. His speech was his first since the Fed met last week in a gathering that opened the door further to rate rises.

The FOMC clearly signaled an active debate over pushing rates up off their current near zero levels starts with the mid-June gathering, although no timing of action was predicted.

In a view shared by Mr. Williams, the Fed again argued central bank policy will be driven by the data.

In his speech, Mr. Williams said it was important for the Fed to make policy with a long view of the outlook. He said the Fed can’t wait to hit its job and inflation objectives before acting. Acknowledging that inflation remains well below the Fed’s 2% target, Mr. Williams cautioned that “by waiting until we’re face-to-face with 2% inflation, we could drastically overshoot the mark” and have to boost rates much more dramatically then would be the case if officials started earlier.

Mr. Williams also said when rates go up, they’ll be doing so from such low levels it will be a long time before Fed policy creates real drag on growth.

“I’m not talking about instituting tight policy, I’m talking about taking a first step in pulling back somewhat on what is a very high degree of accommodation,” he said, adding “no one should worry that we’re pulling the rug out from underneath the economy.”

Mr. Williams was upbeat about the economy. An economy showing “solid momentum” should grow by 2.5% this year, and what is now a 5.5% jobless rate should fall to around the “full employment” level of 5.2% or even under 5% by year’s end or sooner, he said.

The performance of the job market gave Mr. Williams confidence inflation will rise back to target. “I’m actually quite confident that we’ll be able to reach our 2% target within the next few years,” he said.

“I expect wage pressures to build and price pressures to return to more normal levels over the course of the next two years,” which will push inflation higher, Mr. Williams said.

The official downplayed the strength of the dollar, the vigor of which has concerned some who fear it could blunt the economy’s momentum by lower exports. The dollar’s value reflects “relative” strength compared to a weak overseas economic environment, he said.

>>> What to look at today - 24th of March

Dow -0.06% S&P-0.17% Nasdaq -0.31% Russell-0.13%
Shanghai Composite is headed for its first losing session in 10 days after a surprisingly disappointing HSBC flash PMI. Manufacturing was expected to expand for the 2nd consecutive month but instead plunged into contraction, falling to its lowest level in 11 months. HSBC economist cited a renewed fall in total new business and workforce reduction, along with falling import prices as a result of oil-driven disinflation. Comments from Fed Vice Chair Fischer in today's US session reinforced last week's message that any monetary policy adjustment would be gradual, if not distant. Unlike the past tightening campaign when the Fed raised rates at every meeting, Fischer said this time rates could move up and down. Fed-speak during the Asian hours has been considerably less dovish. Fed's Bullard spoke to FT, reiterating that rates need to start rising as soon as possible to prevent the risk of "asset price bubbles with devastating consequences". Fed's Williams, who previously tilted toward the more dovish side, noted the economy is looking much better and that the Fed should be forward looking on policy without waiting for inflation to hit 2%. Similar to Fed Chair Yellen last week, Williams added the recent rally in USD had a large impact on economic forecasts, but that rates should rise despite the green back strength.

Nikkei-0.21% Hang Seng -0.25% Shanghai +0.2%

RUB $58.92 WTI $46.80(-1.37%) Brent $55.57 EURCHF 1.057 CHF 0.9679

EUR$ 1.0921 S&P +0.06% EuroStoxx +0.19% Dax -0.025% SMI +0.09%


Macro
- Soros Says Greece Is Now ‘Lose-Lose Game’ After Being Mishandled


Keep an eye on :
- ABE SM : Abertis to Sell as Much as 15% of ATT Before IPO: Confidencial
- BBVA SM : BBVA Prepares to Hire Five M&A Bankers in the US: Expansion
- FPE3 GY : Fuchs Petrolub Sees 2015 Unit Sales, Revenue, Earnings Growth
- KPN NA : Liberty Global, Altice Interested in KPN’s Base Unit: Telegraaf
- WOS LN : Wolseley Sees FY Trading Profit In Line With Consensus Estimates

>>> Brokers Upgrades & Downgrades - 24th of March 2015

>>> Up
*ALMIRALL RAISED TO BUY VS UNDERPERFORM AT BOFAML
*COMMERZBANK RAISED TO BUY VS HOLD AT BANKHAUS LAMPE
*DANSKE BANK RAISED TO BUY AT CITI
*INTERNATIONAL PERSONAL FINANCE RAISED TO BUY VS HOLD: BERENBERG


>>> Down
*BANCO POPOLARE CUT TO NEUTRAL VS BUY AT UBS
*NOS CUT TO NEUTRAL VS BUY AT UBS
*SOPRA STERIA CUT TO HOLD VS BUY AT BERENBERG
*TELEFONICA CUT TO NEUTRAL VS BUY AT ODDO
*WETHERSPOON CUT TO HOLD VS BUY AT JEFFERIES

>>> PT Change


>>> Initiation
*BENI STABILI RATED NEW BUY AT BOFAML, PT EU0.81
*FONCIERE DES REGIONS REINSTATED NEUTRAL AT BOFAML, PT EU91
*GECINA REINSTATED NEUTRAL AT BOFAML, PT EU126.5
*ICADE REINSTATTED BUY AT BOFAML, PT EU92
*VICTORIA OIL & GAS RATED NEW BUY AT NUMIS, PT 102P
*VIRGIN MONEY RATED NEW BUY AT UBS, PT 450P

>>> Call

>>> KPN subsidiary Base attracts interest of John Malone and Patrick Drahi

KPN subsidiary Base attracts interest of John Malone and Patrick Drahi

Both John Malone, the American media giant and chairman of Liberty Global, and Patrick Drahi, a French media magnate and founder of Altice, are interested in acquiring KPN's Belgian subsidiary Base, the Financieele Telegraaf reported.

Citing sources familiar with the matter, the report said that both Malone and Drahi are currently in talks with JP Morgan, the American investment bank discussing the matter.

Although Base is not officially up for sale, KPN is believed to be interested in selling its subsidiary, the report said, citing Marc Hesselink, an ABN Amro analyst.

Base reported a 2014 turnover of EUR 711m and profit of EUR 126m, results KPN believes are 21% too low.

Base was already put up for sale in 2012 with an asking price of around EUR 1.6-1.8bn, but KPN did not receive bids within this price range.

Altice is only operative in Belgium through its subsidiary Numéricable. It is therefore likely that if Altice decides to acquire Base, this deal will only go through after having acquired Voo, a Belgian government-owned Walloon cable provider.

According to a previous report from this news service, KPN aims to raise around EUR 1bn when selling Base, lower than the 2012 asking price.

None of the parties involved were in a position to comment on the matter, the report said.

Source De Financieele Telegraaf