(BFW) China Oct. Exports Rise 11.6% Y/Y; Est. 10.6% Rise

BFW 11/08 02:17 *CORRECT: CHINA'S OCT. TRADE SURPLUS $45.41 BILLION
BFW 11/08 02:11 *CHINA OCT. TRADE SURPLUS $45.4B; EST. $42B SURPLUS
BFW 11/08 02:10 *CHINA OCT. IMPORTS RISE 4.6% Y/Y; EST. 5% RISE
BFW 11/08 02:10 *CHINA OCT. EXPORTS RISE 11.6% Y/Y; EST. 10.6% RISE
China Oct. Exports Rise 11.6% Y/Y; Est. 10.6% Rise
2014-11-08 02:13:47.787 GMT


By Bloomberg News
Nov. 8 (Bloomberg) -- China customs administration
announces data in statement; median est. 10.6% rise (range 6% to
14%, 37 economists).
* Imports climbed 4.6% y/y; median est. 5% rise (range 1.5% to
16.6%, 37 economists)
* Trade surplus $45.41b; median est. $42b surplus (range $30b-
$50b surplus, 36 economists)

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WSJ : Monte dei Paschi Is Formally Up for Sale

Monte dei Paschi Is Formally Up for Sale
Italian Bank Hires Investment Bankers at UBS, Citigroup to Find Deal

Banca Monte dei Paschi di Siena SpA, Italy’s No. 3 bank and the world’s oldest, is up for sale, according to people familiar with the matter.

The Tuscan lender, the worst performer in Europe’s recent banking “stress tests,” has hired investment bankers at UBS AG and Citigroup Inc. to find a buyer or merger partner, these people said. The sale process formally got under way this week, after the same two investment banks lined up underwriters for a planned €2.5 billion ($3.09 billion) stock sale for Monte dei Paschi.

Monte dei Paschi’s goal is to find a buyer or merger partner before the so-called rights offering is actually consummated, possibly making that offering unnecessary, these people say. The rights offering is expected to take place in the second quarter of 2015.

It isn’t clear how much Monte dei Paschi might fetch in any sale. The bank’s shares, which have declined 40% this year, are currently worth a total of about €3.4 billion.

The people say UBS and Citigroup bankers are in the very early stages of identifying possible bidders for Monte dei Paschi, which was founded in 1472 and is considered the world’s oldest bank. The list includes midsize Italian rival UBI Banca , as well as some large European banks that already operate in Italy. Monte dei Paschi executives haven’t actually met with any potential suitors. UBI previously has said it isn’t involved in any negotiations with Monte dei Paschi.

The list of potential buyers is limited by Monte dei Paschi’s deep problems. In last month’s stress tests, the bank was found to have a €2.1 billion capital shortfall—the biggest hole of any of the 150 banks that underwent the tests. The magnitude of the shortfall surprised analysts, investors and bank executives, partly because Monte dei Paschi had raised €5 billion only a few months earlier.

Like other Italian lenders, the Siena-based bank is weighed down by billions of euros of troubled loans. The bank also is embroiled in a longstanding dispute over derivatives tied to its holdings of Italian government bonds.

Top executives at several large European banks, including Banco Santander SA and Intesa Sanpaolo SpA, recently have said they aren’t interested in buying Monte dei Paschi.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: SLXP -33.9%, (announced the appointment of Timothy Creech as acting CFO effectively immediately; Adam Derbyshire has resigned his position at the Company), MDRX -17.3%, CPST -16.7%, YUME -15.4%, UBNT -14.8%, ANF -13.9%, KTOS -11.8%, BRKR -10.9%, WAVX -10.7%, GUID -9.9%, (announces CEO transition), GUID -9.4%,SSTK -9.2%, OLED -8.5%, XOMA -7.8%, ANET -7.6%, BPZ -6.7%, DVA -6.4%, FSLR -6.4%, (First Solar BELECTRIC announced that they have broken ground on a new 46 megawatt utility-scale power plant, in Oxfordshire, Southern England ), SFM -5.7%, CSC -4.6%, GXP -4.2%, DAR -3.7%, AIRM -3.5%, GSAT -3.2%, LOCO -2.9%, IDSY -2.2%, DVCR -1.9%, DIS -1.7%, AGO -1.7%,ELON -1.5%, FTEK -1.4%, RBCN -1.3%, BAC -0.8%, ( adjusts Q3 results due to FX litigation expenses; recorded a $400 million non-deductible charge and adjusted its Q3 financial results to a net loss of $232 million or $(0.04) per share), .

Select EU financial related names showing weakness: NBG -4.5%, SAN -2.2%, DB -2%, BCS -1.1%, ING -0.6%

Other news: CTIC -9.7% ( announces proposed public offering of convertible preferred stock), RIG -7.9% (announces impairment charges and delays release of Third Quarter 2014 results), NADL -7.8% (still checking), AEO -5.9% (in symp with ANF), PBR -4.1% (discloses price increases for Gasoline A and Diesel), PME -3.9% (announced that the Company will restate its previously issued annual financial statements ), ARO -3.5% (in symp with ANF), NE -2.9% ( provides fleet contract status update), REXX -2.5% (announced that its CFO, Michael Hodges, has decided to resign from his position effective Jan 31), SPWR -1.1% (following FSLR results/update), .

Analyst comments: AFL -0.9% (downgraded to Neutral from Buy at BofA/Merrill)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: ECOM +32%, (announced the acquisition of E-Tale Holdings Limited), MITK +32%, RPRX +24%, MRC +12.9%, ZNGA +9.7%, NKTR +8.8%, KING +8%, TKMR +7.9%, INFI +7.7%, GST +7.3%, IDRA +6.4%, VOLC +5.8%, LGF +5.6%, FICO +5.3%, BEBE +4.5%, TCPI +4.4%, LMOS +3.3%, GPS +3.2%, (reports Oct same store sales -3% vs -2.4% Retail Metrics consensus; issues upside Q3 EPS guidance, net sales below consensus). CTB +3.2%, NVDA +3%, UNXL +2.9%, NOG +2.6%, EBIX +2.4%, SWKS +2.3%, SPPI +2.3%, ZGNX +2.2%, JOBS +2.1%, KNOP +2.1%, UEPS +2%, MT +2%, PSEC +1.7%, TUMI +1.6%, MNST +0.8%, CMRX +0.8%, XOXO +0.7%

M&A news: AVG +13.3% ( buyers are interested in AVG, according to reports), VPCO +11.1% (Vapor Announces Proposed Merger With Vaporin)

Select metals/mining stocks trading higher: CLF +4%, BHP +2.3%, RIO +2%, VALE +2%

Other news: RMTI +25.3% ( FDA Panel voted 8-3 in favor of recommending approval for Triferic for the treatment of iron loss or iron deficiency ), RPRX +20.8% (co reported it held a "constructive" meeting with the FDA regarding a potential Androxal NDA filing), SHLD +17.8% discloses an update to their estimated Q3 results and actions they are taking to improve their liquidity, including a REIT conversion for a number of their properties PVCT +11.1% (announced it has submitted its phase 3 protocol for evaluation of PV-10 for treatment of locally advanced cutaneous melanoma to the FDA; co also reported earnings), APT +10.4% (Announces Substantial Increase in October Orders), LFVN +8.5% (announced a new $7 mln share repurchase program; co also reported earnings),RDY +4.8% (received FDA approval for Valcyte), WBAI +2.3% (comments on sale of shares by one of its Directors), GPRO +2.1% (cont vol pre-mkt), CTAS +1.3% (announced the sale of its Document Storage and Imaging businesses for ~$180 mln), GNW +1.3% (responds to recent ratings actions)

Analyst comments: TCS +3.1% (upgraded to Buy from Underperform at BofA/Merrill)

>>> Abercrombie & Fitch sees Q3 EPS and revs well below consensus; Q3 comps -10%

Abercrombie & Fitch sees Q3 EPS and revs well below consensus; Q3 comps -10%

Co issues downside guidance for Q3 (Oct), sees EPS of $0.40-0.42 vs. $0.69 Capital IQ Consensus Estimate; sees Q3 (Oct) revs of $911.4 mln vs. $983.29 mln Capital IQ Consensus Estimate.
  • Total comparable sales, including direct-to-consumer sales, decreased 10% with comparable U.S. sales decreasing 7% and comparable international sales decreasing 15%. Total direct-to-consumer comparable sales increased 8%.
  • Sales during the quarter were below expectations with comparable sales in September and October being significantly weaker than August. Although the international stores segment was the most difficult, the lower sales trend was broadly based.
  • In addition, the Company now expects modest gross margin rate erosion for the quarter compared to last year, given the highly promotional and challenging environment.
  • The Company ended the third quarter with inventory at cost down 20% compared to the end of the prior year third quarter.
  • Realted Peers: AEO, ARO, BKE, LB, ZUMZ, ZQK, URBN, APP, FRAN, PSUN, WTSL, EXPR