>>> What to look at today this week end - 21st & 22nd of March 2015

The stock market rebounded from the previous week's decline with a Monday rally that sent the S&P 500 (+1.3%) back above its 50-day moving average (2,060). The benchmark index narrowed its March loss to 1.1% while the Nasdaq (+1.2%) and Russell 2000 (+0.6%) underperformed, but still logged solid gains to start the week. Unperturbed by disappointing economic data, equity indices rallied out of the gate and registered the bulk of their gains during the first hour of action. Countercyclical health care (+2.2%) and utilities (+1.7%) held the lead throughout the session, but most other sectors also posted solid gains. The only group that couldn't make it out of the red was the materials sector (-0.1%) as Dow component DuPont (DD) weighed after Bank of America/Merrill Lynch downgraded the stock to ‘Underperform' from ‘Buy.'


Macro :
- Germany’s Gabriel Places Conditions on TTIP, Sueddeutsche Says
- U.K. EU Exit Would Be Worse Than Greek, Allianz CIO Tells Welt
- Rouhani Says Progress Made in Talks May Lead to Resolution: BBC
- Tsipras Says Wants to Improve Greece’s Relations With Germany
- Gabriel Says Euro Area Must Do All to Avoid Greek Euro Exit: ARD

Keep an eye on :
- A2A IM : Italian Utility A2A Considering Alliance With Sorgenia: Il Sole
- AERL LN : IAG takeover of Aer Lingus criticised by Virgin Atlantic for adverse effect on Irish consumers
- ADS GY : Adidas Manager Salaries to Be Tied to Market Share: Die Welt
- AF FP : Air France-KLM Renews CEO De Juniac’s Contract for 4 Years
- BMPS IM : Paschi Confirms Profumo Resignation Comment in Corriere Intvw
- GBF GY : Bilfinger Probing Allegations of Bribery Linked to Brazil Unit
- BMPS IM : Paschi Top Shareholders Propose Confirmation of Profumo, Viola
- BT/ LN : BT to Reveal Consumer Mobile Phone Market Plans Next Week: FT
- CRG IM : Carige Can Grow Alone or Seek Consolidation Opportunities: Sole
- DAI GY : Daimler Partner BAIC Plans to Buy 35% of Mercedes-Benz Leasing
- DBK GY : Deutsche Bank to Weigh 3 Strategy Options, Sueddeutsche Reports
- FUR NA : Boskalis Raises Fugro Stake to 25.1%, Says Not a Step Toward Bid
- GALP PL : Galp Board to Propose Gomes da Silva to Be CEO, Diario Reports
- GKP LN : Gulf Keystone Set to Raise GBP30m in Share Sale: Sunday Times
- KD8 GY : Kabel Deutschland EGM Rejects Extended Special Audit
- LG FP : Lafarge-Holcim CEO Won’t Be on Board, Lafont Says: Figaro
- LG FP : Lafarge Said to Identify Gauthier, Olsen as CEO Candidates
- NOVOB DC : Novo Nordisk Not Expecting Imminent Saxenda Success: Berlingske
- PFV GY : Pfeiffer Vacuum May Seek Acquisitions, Chief Tells Welt
- QIA GY : Qiagen CEO Schatz Exercises Options, Then Sells Shares: Filings
- SAB SM : Sabadell Eyeing More U.K. Bank Targets After TSB Deal: Times
- SAP GY : SAP May Cut 1,600 European Jobs Amid Savings: WirtschaftsWoche
- SGO FP : Saint-Gobain CEO Says Sika Strategy Won’t Change: Tages-Anzeiger
- SCMN VX : Swisscom Needs Stable Shareholder for Investment: NZZamS
- TIT IM : Metroweb suitor Telecom Italia reopens talks - La Repubblica
- TEC FP : FMC Technologies, Technip to Form Forsys Subsea Joint Venture
- THYAO TI : Turkish Airlines Says It Can’t Ban Teenage Travelers: Times

(BFW) Gabriel Says Euro Area Must Do All to Avoid Greek Euro Exit: ARD

Gabriel Says Euro Area Must Do All to Avoid Greek Euro Exit: ARD
2015-03-22 17:55:37.557 GMT


By Nicholas Brautlecht
(Bloomberg) -- Greek government must make concrete reform
proposals that creditors can accept in order to stay in euro
area, German Vice Chancellor and Social Democratic Chairman
Sigmar Gabriel says in TV interview with ARD Sunday.
* Says still unclear whether Greek PM Alexis Tsipras will make
concrete proposals during Berlin visit Monday
* NOTE earlier: Gabriel Says Tsipras Berlin Trip Should Boost
Ties: Tagesspiegel
* NOTE earlier: Kauder Says Greece Has ‘Last Chance’ to Keep
Euro: Handelsblatt

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NY Post Tinder’s hot for a new CEO

Tinder’s hot for a new CEO

Tinder just swiped right on a new CEO — but hasn’t totally dumped co-founder Sean Rad.
The fast-growing hookup app, majority-owned by billionaire Barry Diller’s IAC Interactive, tapped former eBay exec Chris Payne to replace Rad as its new chief executive.
Rad, who is said to own a 10 percent stake in Tinder, has been demoted to the president position and will keep a seat on the board.
Insiders said Friday’s shuffle followed months of back-and-forth negotiations with Payne, who had suggested that Tinder’s Los Angeles offices be moved to his hometown of San Francisco.
Tinder staff, loyal to Rad and reluctant to move, had meanwhile questioned Payne’s credentials to head a dating site, sources said.
Before joining eBay in 2009, Payne held positions at Amazon, Microsoft and most recently the software startup Positronic.
Rad, however, has been cooperative since last November, when news broke that he would be replaced as CEO in the wake of a sex-harassment legal battle last summer that engulfed the company’s other two founders, Justin Mateen and Whitney Wolfe.
Rad had likewise been damaged by allegations that he had allegedly sent a text calling Diller a “d—k,” drawing Diller’s initials,“B.D.,” in the shape of a penis.

NY Popst

Tinder’s hot for a new CEO

Tinder just swiped right on a new CEO — but hasn’t totally dumped co-founder Sean Rad.
The fast-growing hookup app, majority-owned by billionaire Barry Diller’s IAC Interactive, tapped former eBay exec Chris Payne to replace Rad as its new chief executive.
Rad, who is said to own a 10 percent stake in Tinder, has been demoted to the president position and will keep a seat on the board.
Insiders said Friday’s shuffle followed months of back-and-forth negotiations with Payne, who had suggested that Tinder’s Los Angeles offices be moved to his hometown of San Francisco.
Tinder staff, loyal to Rad and reluctant to move, had meanwhile questioned Payne’s credentials to head a dating site, sources said.
Before joining eBay in 2009, Payne held positions at Amazon, Microsoft and most recently the software startup Positronic.
Rad, however, has been cooperative since last November, when news broke that he would be replaced as CEO in the wake of a sex-harassment legal battle last summer that engulfed the company’s other two founders, Justin Mateen and Whitney Wolfe.
Rad had likewise been damaged by allegations that he had allegedly sent a text calling Diller a “d—k,” drawing Diller’s initials,“B.D.,” in the shape of a penis.

>>> IAG takeover of Aer Lingus criticised by Virgin Atlantic for adverse effect

IAG takeover of Aer Lingus criticised by Virgin Atlantic for adverse effect on Irish consumers
Virgin Atlantic said it has contacted the European Commission with concerns about rival airline IAG’s proposed takeover of the Irish national carrier Aer Lingus, The Irish Independent reported. The report quoted from a letter in which Virgin Atlantic warned competition could be jeopardised and Irish consumers would suffer from less choice of airline, higher prices, impaired connectivity and worse service. The letter was addressed to Timmy Dooley, Transport Spokesperson for the Fianna Fail governing party of Ireland, the report said.

Virgin Atlantic does not fly out of Ireland but stated that it serves many of the people who connect to the UK with Aer Lingus and go on to travel further with another airline via Heathrow, Gatwick and Manchester airports.

The Irish government is currently considering whether to sell its 25% interest in Aer Lingus to IAG, the report noted. A second Irish Independent article quoted Paschal Donohoe, the Irish Transport Minister, stating that the most recent talks with IAG have been “very positive”, although he declined to say when the government is likely to make a decision on the matter beyond suggesting it would be a matter of weeks.

An Irish Times report said following a meeting yesterday, IAG and government officials are making progress towards an agreement which could result in a sale. The two sides are likely to hold another meeting soon, according to Donohoe; the report said this is expected to happen later next week.

Irish Independent, Irish Times

>>> Metroweb suitor Telecom Italia reopens talks

Metroweb suitor Telecom Italia reopens talks

Telecom Italia, the listed Italian telecommunication company, has reopens talks about Metroweb, the Italian fibre optic operator.

This was reported by daily Italian language La Repubblica which referred to an interview with Marco Patuano, chief executive of Telecom Italia, which will be published tomorrow in weekly Repubblica Affari e Finanza.

Patuano said Telecom Italia is still talking with financial investors FSI and F2i about Metroweb, after talks stalled on 19 February, because TI wanted to have at least 51% stake.

Today, Patuano was quoted as saying that any operator should have some kind of control over Metroweb, although the way the control takes place can differ.

La Repubblica

(BFW) Saint-Gobain CEO Says Sika Strategy Won’t Change: Tages-Anzeiger

Saint-Gobain CEO Says Sika Strategy Won’t Change: Tages-Anzeiger
2015-03-22 15:23:27.651 GMT


By Giles Broom
(Bloomberg) -- Sika will maintain its strategy, Pierre-
Andre de Chalendar, CEO of French building materials co. Saint-
Gobain, is cited as saying in an interview with Tages-Anzeiger.
* Co. has no plans for plant closures or layoffs at Sika for
at least next two yrs
* Sika could increase the number of employees in Switzerland
* Sika has a good policy of acquiring SMEs
* Saint-Gobain plans to transfer some research and development
to Sika
* Only 10% of Sika, the mortar business, overlaps with Saint-
Gobain
* NOTE: Sika is seeking to block the sale of a controlling
stake by the founding family to rival Saint-Gobain



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>>> Barrons Saturday summary: positive on FBHS, CFG, PCAR, PCP, PVH, WDC. KORS;

Barrons Saturday summary: positive on FBHS, CFG, PCAR, PCP, PVH, WDC. KORS; cautious on TRX 

Cover story: Barron's 11th annual list of the world's 30 best chief executives includes a number of new names, including Tim Cook of AAPL, Robert Iger of DIS, Terry Lundgren of M, Sergio Marchionne of Fiat Chrysler, and Kevin Plank of UA; AMZN's Jeff Bezos got bumped amid doubts about his ability to convert sales in to profits, while TSLA chief Elon Musk has yet to make the list.

Features: 1) Positive on FBHS: Maker of faucets, cabinets, doors, and security systems should get a boost from a stronger housing and remodeling market, and shares could see 30% upside; 2) Positive on PCAR, PCP, PVH, WDC: Investors have sold off shares in these four companies, which all have global businesses and contracting forward P/E ratios, based on currency risks, creating a buying opportunity; 3) Positive on CFG: New England bank, once a unit of RBS, is gaining strength now that it is on its own, and the stock could return 30% as firm bulks up in businesses from wealth management to commercial lending.

Trader: "For the near term, the market will be in limbo, as first-quarter earnings reports don't begin for three weeks and the economic data calendar is relatively sparse until then"; Positive on KORS: Company "continues to show exemplary growth, its shares are cheaper than competitors', and its products enjoy great brand recognition"; The U.S. market was supposed to be strong this year amid troubles in Europe, but "equity-friendly conditions elsewhere in the world could foster more U.S. underperformance"; Negative on TRX: Shares should continue to face pressure, as company still has no proven gold resources and there are doubts about its ability to continue operating.Tech 

Trader: Cautious on DDD, SSYS, XONE: Tiernan Ray says expectations have always been high for this group, and while shares are down, they still aren't cheap because of the difficulty of building scale in the sector, which is still innovating and evolving basic techniques; One of these companies could eventually become a target for AMZN, GOOG, or MSFT.

Small Caps: Positive on SBCF: Shares of Florida-based bank--with $3B in assets and leading market share in a number of areas--look inexpensive, and firm could be a potential acquisition for a larger bank seeking to expand in the state.Profile: Anindya Chatterjee, portfolio manager, City National Rochdale Emerging Markets fund, who likes stocks with a P/E growth ratio of less than 1.0 (top ten picks: Great Wall Motor, ICICI Bank, Tencent Holdings, NagaCorp, Ping An Insurance, Sunny Optical Tech, Sunac China Holding, China Pioneer Pharma, Emami, BIDU).

Interview: Scott Minerd, global chief investment officer at Guggenheim Investments, who says the liftoff of rates by the Fed is a major consideration, along with how markets will react.

Follow-Up: "Barron's has been forecasting an average price on West Texas Intermediate in 2015 of $55, an average target that now has risks on the downside"; With years of little or no growth, the PC market looks dire even to bulls, affecting INTC's future. 

European Trader: Positive on Sunrise Communications Group: Shares of Switzerland's No. 2 telecom have risen 20% since their February IPO and could rise 20% more during the next 12 months. 

Asian Trader: Japanese equities "are finally becoming something more than a yen-driven trader" amid changes in the country's corporate culture championed by prime minister Shinzo Abe.

Emerging Markets: Finding value in Russian stocks is difficult, given the country's economic, political, and military challenges, but YNDX, the largest Russian Internet search company, stands out; Positive on BP, GE: Companies stand to gain from Egypt's planned infrastructure rollout.

Commodities: A stronger dollar is making it harder for U.S. hog farmers to sell their output abroad and easier for foreign operations to sell here. 

Streetwise: Cautious on GM: Morgan Stanley analyst Adam Jonas says automaker's buybacks may boost short-term returns, but he worries about the long-term impact of the decision for a business too tied to the economy.

(BFW) Lafarge Said to Identify Gauthier, Olsen as CEO Candidates


BN 03/22 13:32 *LAFARGE SAID TO FAVOR CEO CANDIDATES FOR HOLCIM MERGER
BN 03/22 13:32 *LAFARGE SAID TO IDENTIFY GAUTHIER, OLSEN AS CEO CANDIDATES
Lafarge Said to Identify Gauthier, Olsen as CEO Candidates
2015-03-22 13:37:33.697 GMT


By Francois de Beaupuy
(Bloomberg) -- Lafarge is considering to present CFO Jean-
Jacques Gauthier and Executive Vice-President Operations Eric
Olsen as candidates to become CEO of LafargeHolcim when groups
complete merger, people familiar with the matter said.
NOTE: Boards of Lafarge and Holcim must approve future CEO of
LafargeHolcim

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(BFW) Brazilians Say Rousseff Knew of Petrobras Corruption: Datafolha


Brazilians Say Rousseff Knew of Petrobras Corruption: Datafolha
2015-03-22 14:28:57.533 GMT


By Harry Maurer
(Bloomberg) -- 84% of Brazilians say President Dilma
Rousseff knew about corruption inside state-run Petroleo
Brasileiro, newspaper Folha de Sao Paulo said, reporting on
Datafolha poll.
* 61% say she knew about corruption and allowed it to
continue, 23% say she knew but could do nothing to prevent
it, survey shows
* Poll surveyed 2,842 people on March 16-17 and has margin of
error of +/- two percentage points
* Rousseff has denied she knew about corruption at Petrobras

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