TheChek News Flow

>>> EI Towers fixes share component for Raiway public offer at EUR 45.83 per sha

EI Towers fixes share component for Raiway public offer at EUR 45.83 per share

EI Towers, the listed Italian TV transmission tower network owned by Mediaset, has priced the EUR 374m share component for its public offer for listed rival Raiway at EUR 45.83 per share.

An unsourced report in Il Corriere della Sera said the EI Towers board of directors fixed the pricing yesterday, 9 March. EI Towers shares are presently trading at EUR 49.92, the article added.

The item noted the public offer is valued at EUR 1.22bn, of which EUR 374m will be made up of EI Towers shares and the remainder will be cash.

The report added EI Towers also furnished extra details of its public offer for Raiway to AGCM, Italy's competitions regulator after the AGCM said that the information so far provided was “seriously incomplete."

Il Corriere della Sera

>>> Sika board publication of statement deadline extended until 13 March by Swis

Sika board publication of statement deadline extended until 13 March by Swiss TOB

Yesterday evening the Swiss Takeover Board announced it has extended the deadline set in the decision 594/01 of March 5, 2015 for the publication of the Sika Board of directors' statement in the newspapers until 13 March, 2015.

Sika is the subject of a takeover bid by French group Saint-Gobain.

The full TOB statement can be read below in German only.

{http://www.takeover.ch/transactions/document/id/2723}

Source Regulatory Authority Press Release

>>> What to look at today - 10th of MArch 2015

Dow+0,78% S&P+0,39% Nasdaq+0,31% Russell+0,50%

US Market start the week on an upbeat note, cyclical sectors fueling the early advance. Meanwhile, countercyclical groups struggled early, but only the telecom services sector (-0.3%) failed to turn positive by the closing bell. Apple (AAPL 127.09, +0.49)—showed intraday volatility, but ended higher by 0.4% after introducing new features to its MacBook lineup and unveiling the Apple Watch with retail prices for the latter ranging from $349 to more than $10,000 for a premium version crafted with gold alloys. energy sector (-0.7%) started in the lead, but settled at the bottom of the leaderboard even though crude oil advanced 0.7% to $49.96/bbl. volume were below average @ 750mil shares...US After Hours WATT +17.3%, MM +6.9%, URBN +5.8%, MIND -13.5%, TITN -12.1%, WPRT -10.2% following earnings/guidance...BBNK+14.2% on takeover news by WAL, SWKS+2.2% to replace PETM in S&P500...China inflation data were in focus in today's session, coming in mixed with a lower than expected PPI and higher than anticipated CPI. Food CPI contributed to the rebound, rising to 2.4% v 1.1% prior, while non-food CPI was up slightly at 0.9% v 0.6% prior. PPI has now been negative for 3 consecutive years, and the decline last month appears to have grown worse. NBS noted the drop was exacerbated by falling oil refining, chemical fibre, and material costs. Separately, PBoC Dep Gov Yi Gang said CPI would remain in positive territory in the near future, pointing to Japan and Europe having larger deflation risks than China. PBoC advisor Chen also noted there is no risk of hard landing in China as economy is stabilizing and improving. Japan Econ Min Amari sought to defuse overnight disappointment in slower than expected rebound in Q4 GDP, noting growth remains on solid recovery track. Amari added the downward revision was not necessarily pessimistic, since consumption is still expanding. In Europe, Greece Fin Min Varoufakis said Athens is preparing a new set of reform steps following reports that Eurogroup fin mins largely found last week's proposals to be unsatisfactory. In the mean time, ECB was reportedly planning a teleconference for Thursday to discuss the extension of ELA funding for Greece banks. In Ukraine, local military officials reported attacks by pro-Russian rebels outside the southern port of Mariupol - a large coastal city that was speculated to be the next likely target - despite reports that heavy artillery was being pulled away from the front lines by both sides.

Nikkei -0.67% Hang Seng -0.75% Shanghai -0.57%

RUB $60.70 WTI $50.02 Brent $58.27 EURCHF 1.0693 CHF 0.99

EUR$ 1.0800 S&P -0.22% EuroStoxx -0.17% SMI +0.08% DAX -0.09%

Macro

- France’s Sapin Says Need to Work ‘Extremely Quickly’ on Greece

- Greece to Appoint New National Bank Board End-Week: Naftemporiki

- China Feb. Retail Auto Sales Rise 24.8% on Year, PCA Says

Keep an eye on :

- ABI BB : AB InBev Legal Chief Chalmers Sells EU8.2 Mln of Brewer’s Stock

- AIR FP : Boeing Says Global Aviation Market Is Strong and Getting Better

- AIR FP : Airbus Sees A321 Driving 44% of Narrow-Body Output by 2016

- ANTO LN : Antofagasta Ordered to Knock Down Tailings Dam, La Segunda Says

- BESI NA : BE Semiconductor Involved in Apple Watch Production: Telegraaf

- BPI PL : Banco BPI in Talks to Raise Stake in Mozambique’s BCI

- ACA FP : Credit Agricole’s LCL to Cut 1,600 Jobs, Les Echos Says

- CSGN VX : Tidjane Thiam Said in Line to Become Next Credit Suisse CEO: FT

- EDF FP : France’s Macron Wants EDF-Areva Partnership, Not Merger: Reuters

- ELIOR FP : Elior Confirms Full-Year Targets as First-Quarter Net Jumps

- ENEL IM : Enel Turning Into Growth Utility, UBS Says; Reiterates Buy

- FCA IM : Chrysler Sued by Danaher’s Jacobs Over Engine Component Patent

- GALN VX : Galenica 2014 Ebit CHF370.2m, Est. CHF381.8m; Div. Beats BDVD

- GEBN VX : Geberit Buyback Resumption Positive Surprise, Berenberg Says, Geberit FY Results Above Estimates, To Resume Buyback Program

- GIL GY : DMG Mori Seiki AG, DMG Mori Seiki Co., Agree on Change Offer --> +3.71% in Tokyo (6141 JT)

- HNR1 GY : Hannover Re 4Q Net Income Beats Est.; Proposes Special Dividend

- LANS NA : Van Lanschot 2014 Adj. Profit EU54.2m vs EU33.5m; Doubles Div.

- MC FP : LVMH in Talks to Acquire Stake in Tous, El Confidencial Reports

- MAERSKB DC : Maersk Hires Danske to Sell Offshore Security Unit: Berlingske

- PRU LN : Prudential 2014 Operating Profit Rises 14% Y/y; Div. Beats

- RCO FP : Remy Cointreau Plans to Shut India Unit: Economic Times Link

- RWE GY : RWE 2014 Ebitda Beats, Recurrent Net in Line; Beats Costs Target

- SY1 GY : Symrise 2014 Sales Beat Ests.; Targets 2015 Ebitda Margin >20%

- UBSN VX : UBS Group Requests to Exchange Shares of UBS AG Minority Holders

- VOW3 GY : Volkswagen’s Winterkorn Sees No Acquisitions, Die Welt Reports

- WCH GY : Wacker Chemie Said to Consider Spinoff for Semiconductor Unit

>>> Brokers Upgrades & Downgrades - 10th of March 2015

>>> Up

*BEKAERT RAISED TO BUY FROM HOLD AT ING

*HSBC (U.K. LISTING) RAISED TO BUY VS NEUTRAL AT GOLDMAN

*KUMBA IRON ORE RAISED TO NEUTRAL VS SELL AT GOLDMAN

*MORRISON RAISED TO NEUTRAL AT JPMORGAN

*NATIONAL GRID RAISED TO NEUTRAL VS SELL AT GOLDMAN

*PROVIDENCE RESOURCES RAISED TO BUY VS HOLD AT CANTOR

*REE RAISED TO BUY VS NEUTRAL AT GOLDMAN

*SCHRODERS RAISED TO ADD VS HOLD AT NUMIS

>>> Down

*CAPITA CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE

*ELEMENTIS CUT TO HOLD AT JEFFERIES

*HEIDELBERGCEMENT CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN

*RIGHTMOVE CUT TO NEUTRAL VS CONVICTION BUY AT GOLDMAN

*SEGRO CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS

*WPP CUT TO NEUTRAL AT HSBC

>>> PT Chgange

>>> Initiation

*NATIONAL GRID REINITIATED HOLD AT INVESTEC, PT 834P

*POUNDLAND RATED NEW REDUCE AT NOMURA, PT 315P

>>> Call

>> stock

*BENI STABILI EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY

*ING REMOVED FROM UBS EUROPEAN KEY CALLS LIST; STAYS BUY

*KUMBA IRON ORE EXITS GOLDMAN CEEMEA FOCUS LIST

*ST. MODWEN EXITS JPMORGAN EUROPEAN ANALYST FOCUS LIST

>>>US After Hours : WATT +17.3%, MM +6.9%, URBN +5.8%, MIND -1

After Hours Summary: WATT +17.3%, MM +6.9%, URBN +5.8%, MIND -13.5%, TITN -12.1%, WPRT -10.2% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: WATT +17.3%, MM +6.9%, URBN +5.8%, QIHU +5.7%, XOXO +5.1%

Companies trading higher in after hours in reaction to news: BBNK +14.2% (to be acquired by Western Alliance Bancorporation (WAL)), RESN +5.9% (engaged with a second customer for the design of an RF filter utilizing its Infinite Synthesized Networks, or ISN technology), RJET +4.2% (to replace MMS in the S&P SmallCap 600), QCOM +3.0% (announced increases in its capital return program), SWKS +2.2% (to replace PETM in the S&P 500), MRGE +1.7% (Guggenheim Capital disclosed a 10.9% active stake in 13D filing), SGYP +1.6% (OrbiMedCapital discloses 13.57% passive stake in 13G filing), MMS +1.5% (to replace SWKS in the S&P MidCap 400)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: MIND -13.5%, TITN -12.1%, WPRT -10.2%, KFY -7.9%, UNFI -7.7%, RM -7.2%, VNET -4.1%, BIOC -5.6%, MR -4.8%, FENG -3.7%, LMNR -3.4%, ACRX -1.1%, CASY -0.8%, KANG -0.5%, APTS -0.4%, IDT -0.2%

Companies trading lower in after hours in reaction to news: CLMT -5.1% (announced public offering of 6 mln common units), ROSE -5.0% (announced public offering of 12 mln common stock shares), NDLS -4.9% (disclosed that on March 9, 2015, Dan Fogarty announced he has resigned as Executive Vice President of Marketing for personal reasons), CPE -3.8% (announced 9 mln share offering of common stock), MAIN -3.7% (announced plans to make a public offering of shares of common stock), EEP -3.3% (announced it has commenced an underwritten public offering of 8 mln of its Class A Common Units representing limited partner interests), MERU -3.1% (disclosed that on March 4, 2015, it entered into an Annual Meeting Agreement with Vertex Special Opportunities Fund), TTPH -2.8% (announced it intends to offer and sell up to 3.5 mln shares of its common stock in an underwritten public offering), KYTH -2.0% (announced it has commenced an underwritten public offering of $125 million of shares of its commonsjare

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>>> Asian Update

Asian Mid-session Update: China CPI rebounds from 5-year lows

***Economic Data***

- (CN) CHINA FEB CPI Y/Y: 1.4% V 1.0%E

- (CN) CHINA FEB PPI Y/Y: -4.8% V -4.3%E; 36th month of decline

- (AU) AUSTRALIA FEB NAB BUSINESS CONFIDENCE: 0 V 3 PRIOR (20-month low); CONDITIONS: 2 V 2 PRIOR

- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 110.3 v 112.5 prior

- (NZ) NEW ZEALAND FEB TOTAL CARD SPENDING M/M: +0.4% V +0.1% PRIOR; RETAIL SPENDING M/M: +1.0% V +0.4%E (4-month high)

- (NZ) New Zealand Feb ANZ Heavy Truckometer m/m: -1.3% v 0.8% prior; first decline in 3 months

- (JP) JAPAN FEB M2 MONEY SUPPLY Y/Y: 3.5% V 3.5%E; M3 MONEY SUPPLY Y/Y: 2.9% V 2.9%E

- (UK) UK FEB BRC SALES LFL Y/Y: 0.2% V 0.5%E

***Index Snapshot (as of 03:30 GMT)***

- Nikkei225 +0.2%, S&P/ASX +0.3%, Kospi -0.3%, Shanghai Composite -0.5%, Hang Seng -0.7%, Mar S&P500 -0.1% at 2,076

***Commodities/Fixed Income***

- Apr gold flat at $1,165, Apr crude oil +0.2% at $50.16/brl

- GLD: SPDR Gold Trust ETF daily holdings fall 3.3 tonnes to 753.0 tonnes; Lowest since Jan 27th

- USD/CNY: PBoC sets yuan mid point at 6.1572 v 6.1563 prior setting; weakest Yuan setting since Nov 7th

- (CN) PBoC to inject CNY35B in 7-day reverse repos (4th consecutive injection)

- (AU) Australia MoF (AOFM) sells A$150M in 3% indexed bonds due 2025; Avg yield: 0.4001%; Bid-to-cover: 4.49x

***Market Focal Points/FX***

- China inflation data were in focus in today's session, coming in mixed with a lower than expected PPI and higher than anticipated CPI. Food CPI contributed to the rebound, rising to 2.4% v 1.1% prior, while non-food CPI was up slightly at 0.9% v 0.6% prior. Stats Bureau official attributed the increase to holiday factors and a large rise in vegetable and fruit prices. PPI has now been negative for 3 consecutive years, and the decline last month appears to have grown worse. NBS noted the drop was exacerbated by falling oil refining, chemical fibre, and material costs. Separately, PBoC Dep Gov Yi Gang said CPI would remain in positive territory in the near future, pointing to Japan and Europe having larger deflation risks than China. PBoC advisor Chen also noted there is no risk of hard landing in China as economy is stabilizing and improving.

- NZD/USD was the most volatile pair among the USD majors, falling to a 1-month low below the $0.73 level. Fonterra halted trading after police reported a threat to contaminate infant and other formula in an apparent protest over the use of 1080 poison in pest control. NZD was already under modest pressure after the leading indicator ANZ Truckometer index put in its first decline in 3 months. USD/JPY rose over 60pips above 121.70, while AUD/USD fell about 50pips below $0.7660.

- Japan Econ Min Amari sought to defuse overnight disappointment in slower than expected rebound in Q4 GDP, noting growth remains on solid recovery track. Amari added the downward revision was not necessarily pessimistic, since consumption is still expanding.

- In Europe, Greece Fin Min Varoufakis said Athens is preparing a new set of reform steps following reports that Eurogroup fin mins largely found last week's proposals to be unsatisfactory. In the mean time, ECB was reportedly planning a teleconference for Thursday to discuss the extension of ELA funding for Greece banks. In Ukraine, local military officials reported attacks by pro-Russian rebels outside the southern port of Mariupol - a large coastal city that was speculated to be the next likely target - despite reports that heavy artillery was being pulled away from the front lines by both sides.

***Equities***

US markets:

- URBN: Reports Q1 $0.60 v $0.57e, R$1.01B v $1.01Be; +6.4% afterhours

- QIHU: Reports Q4 $0.75 v $0.73e, R$431M v $415Me; Announces additional $200M shares repurchase program (3.3% of market cap); +5.8% afterhours

- QCOM: *INCREASES DIVIDEND 14% TO $0.48 FROM $0.42 (2.6% yield), APPROVES $15B BUYBACK PROGRAM (12.5% of market cap); +3.5% afterhours

- SWKS: To replace Petsmart in S&P 500; +2.2% afterhours

- CASY: Reports Q3 $1.01 v $0.73e, R$1.67B v $1.79Be; -1.0% afterhours

- TITN: Guides Q4 -$0.23 to -$0.18 v $0.08e, R$491M v $567Me; implement realignment program, cutting 14% of workforce; -12.1% afterhours

- BIDU: CEO: Company would sell shares in China if policy allows; should be able to roll out smart car this year - financial press

Notable movers by sector:

- Financials: Agile Property Holdings 3383.HK -0.2% (Feb sales results); Greentown China 3900.HK flat (Feb sales results); China Merchants Property 000024.CN -2.9% (Feb sales results); Poly Real Estate 600048.CN -2.7% (Feb sales results)

- Industrials: SITC International Holdings 1308.HK -1.6% (FY14 results)

- Technology: Sunny Optical Technology Group 2382.HK +3.1% (FY14 results)

- Utilities: Yokogawa Electric Corp 6841.JP +3.0% (FY14 guidance); Kyushu Electric Power 9508.JP -1.9% (FY14/15 guidance)

>>> US Close Dow+0,78% S&P+0,39% Nasdaq+0,31% Russell+0,50%

Closing Market Summary: Dow Jones Leads Stocks Higher

The stock market began the week on an upbeat note with the Dow Jones Industrial Average (+0.8%) pacing the Monday advance. The price-weighted index settled well ahead of the S&P 500 (+0.4%) while the Nasdaq Composite (+0.3%) spent the bulk of the day near its flat line.

Equity indices climbed out of the gate with cyclical sectors fueling the early advance. Meanwhile, countercyclical groups struggled early, but only the telecom services sector (-0.3%) failed to turn positive by the closing bell.

Eight of ten sectors finished the day in the green with industrials (+0.9%) settling in the lead. The sector benefitted from solid gains among large cap names like 3M (MMM 166.37, +2.01), Boeing (BA 154.75, +1.63), and Caterpillar (CAT 80.81, +0.75) with the three Dow components advancing between 0.9% and 1.2%. The trio helped the Dow climb throughout the session while the Nasdaq underperformed due to relative weakness in biotechnology and major chipmakers like Taiwan Semiconductor (TSM 23.45, -0.64) and Intel (INTC 32.71, -0.48).

Furthermore, the top-weighted Nasdaq component—Apple (AAPL 127.09, +0.49)—showed intraday volatility, but ended higher by 0.4% after introducing new features to its MacBook lineup and unveiling the Apple Watch with retail prices for the latter ranging from $349 to more than $10,000 for a premium version crafted with gold alloys. As for the broader technology sector (+0.5%), the group struggled in the early going, but finished among the leaders.

Elsewhere among cyclical sectors, the discretionary space (+0.5%) also settled ahead of the broader market with shares of McDonald's (MCD 97.71, +0.58) shrugging off a 1.7% decline in February global sales that included a 4.0% drop in domestic sales.

On the downside, the energy sector (-0.7%) started in the lead, but settled at the bottom of the leaderboard even though crude oil advanced 0.7% to $49.96/bbl.

Treasuries began climbing overnight and continued their rally during the session to send the 10-yr yield lower by five basis points to 2.20%. The advance followed news that the Eurogroup rejected some of the reforms proposed by Greece. The two sides met once again today, but the meeting did not produce any joint statements.

Today's participation was relatively light with fewer than 750 million shares changing hands at the NYSE floor.

Tomorrow, the Job Openings and Labor Turnover Survey for January and the January Wholesale Inventories report (consensus -0.1%) will be released at 10:00 ET.

Nasdaq Composite +4.4% YTD
Russell 2000 +1.5% YTD
S&P 500 +1.0% YTD
Dow Jones Industrial Average +1.0% YTD