>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: ECR -16.6%, DRWI -11.1%, CONN -10.1%, (reports February total same store sales fell 5.8% y/y; 60-plus day delinquency rate of 9.2%), PCOM -9.8%, MOMO -7.4%, SMTC -6.1%, ERJ -5%, WTI -4.1%, CCRN -4%, JOY -4%, HRB -3.9%, ALIM -2.1%, ACHN -2.1%, CPE -1.3%, CNQ -1.3%, ALSK -1.2%

M&A news: ABBV -5.1% (to acquire PCYC transaction valued at $261.25 pershare)

Other news: VNDA -6.9% (announces top-line results of the Phase II proof of concept clinical study investigating the safety and efficacy of tradipitant as a monotherapy in the treatment of chronic pruritus in patients with atopic dermatitis), ECA -4.1% (announces agreement with underwriters syndicate, for bought deal purchase of ~85.62 mln common shares of its common stock for C$14.60/share; ~C$1.25 billion in gross proceeds expected ), NSR -4.1% (releases statment on the LNPA Vendor Selection), ARI -3.3% (announces public offering of 10 mln shares of common stock), COMM -2.2% (files for common stock offering by selling shareholders; announces sale of 20 mln shares of common stock an affiliate of the Carlyle Group), CNHI -1.1% (in sympathy with JOY earnings), CAT -0.9% (in sympathy with JOY earnings)

Analyst comments: SALT -3.6% (downgraded to Neutral from Outperform at Credit Suisse), ANF -2% (downgraded to Neutral from Buy at Nomura), QSR -1.9% (downgraded to Neutral from Buy at Goldman), MPEL -1.5% (downgraded to Neutral from Overweight at HSBC Securities), MCD -0.8% (downgraded to Neutral from Overweight at Piper Jaffray), INXN -0.8% (downgraded to Hold from Buy at Canaccord Genuity)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: BIOL +27.7%, IFMI +24.2%, XUE +12%, PEIX +10.7%, VSLR +9%, HRTG +8%, MLR +6.9%, AV +5.9%, RNDY +5.7%, CSIQ +5.2%, DAR +3.7%, MNK +3.3%, ALG +2.2%, COST +1.9%, SQNM +1.4%, BKCC +1.4%, TSE +1.3%, AXAS +1.2%, OSIR +1.1%, CIEN +1%, .

M&A news: PCYC +10% (AbbVie (ABBV) to acquire Pharmacyclics; transaction valued at $261.25 pershare), ARWR +8.5% (acquires Novartis' (NVS) RNAi R&D portfolio), INSM +3.9% (Daily Mail discusses takeover speculation in INSM; RHHBY, MRK, AZN are possible suitors), MNK +3.3% (will acquire Ikaria from a Madison Dearborn-led investor group in a transaction valued at ~$2.3 bln), MAC +2% (may be a takeover target by Simon Property Group (SPG), according to WSJ), GDP +1% (light volume but saw late-day gain following reports co could consider going private; downgraded by boutique firm this morning)

Select Bio/pharma related names showing strength: APPY +10.2%, AVEO +8.4%, KYTH +5.6%, ZIOP +5.3%, BIOC +3.8%, ARIA +3.5%, AEZS +3.3%, OREX +2.5%, CLRX +2.4%, CYTX +-3.5%

Select oil/gas related names showing strength: REXX +3.9%, SFY +3.8%, LINE +2.3%, WLT +2.3%, STO +1.3%

Other news: EYES +19% (announces successful first implants of the Argus II Retinal Prosthesis System at two new centers in Italy), TENX +11.6% (highlights two recently-published scientific articles on the potential benefits of its lead candidate, levosimendan, in patients undergoing cardiac surgery), NAVB +9.9% (Navidea Biopharma and Norgine BV affiliate SpePharm AG announce European Commercial Partnership regarding Lymphoseek, also reported earnings), ONCY +8.9% (announced that an oral presentation by the Company's research collaborators in Professor Kevin Harrington's lab at the Institute for Cancer Research), TGTX +7.3% (discloses terms of Global Collaboration with Checkpoint Therapeutics; to make an up-front payment of $500k), CPRX +4% (Amifampridine phosphate for the treatment of congenital myasthenic syndromes granted FDA Orphan Designation status), NBG +3.5% (strong EU mkts today), GLDD +2.9% (awarded ~$134.5 mln Army contract), SFM +1.8% (Sprouts Farmers Market announced the launch of a public offering of 15,847,800 shares of its common stock held by affiliates of Apollo Global Management), .

Analyst comments: CLDN +14.1% (initiated with a Buy at ROTH Capital, tgt $70), GDOT +5.4% (upgraded to Outperform from Neutral at Credit Suisse), DNKN +2.8% (upgraded to Buy from Neutral at Goldman), AEO +2.4% (upgraded to Buy from Neutral at B. Riley & Co; upgraded to Buy from Hold at Stifel), KAR +1.7% (initiated with a Buy at Sun Trust Rbsn Humphrey)

(BFW) ECB Raises ELA Ceiling for Greek Banks by EU500m: Capital.gr

ECB Raises ELA Ceiling for Greek Banks by EU500m: Capital.gr
2015-03-05 10:31:16.955 GMT


By Marcus Bensasson
(Bloomberg) -- The ECB’s governing council increased the
amount of Emergency Liquidity Assistance Greek banks can access
to EU68.8b from EU68.3b, Athens-based news website Capital.gr
reports, without saying how it got the information.
* A Bank of Greece spokesman declined to comment when
contacted by phone
* NOTE: Earlier, Greece Struggles to Make Debt Math Work in
Bailout Standoff


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

To contact the reporter on this story:
Marcus Bensasson in Athens at +30-210-741-9077 or
mbensasson@bloomberg.net
To contact the editors responsible for this story:
Fergal O’Brien at +44-20-3525-7152 or
fobrien@bloomberg.net
Nikos Chrysoloras

(BFW) BMW Says It’s Not in Talks With Apple on Car Manufacturing

BMW Says It’s Not in Talks With Apple on Car Manufacturing
2015-03-05 10:22:20.417 GMT


By Elisabeth Behrmann
(Bloomberg) -- Co.’s “regular contacts” with
telecommunications, IT companies, including Apple, limited to
vehicles’ connectivity, BMW spokesman Mathias Schmidt says in e-
mail.
* NOTE: Schmidt responding to Auto Motor & Sport magazine
preview report citing people familiar with the matter that
“intensive talks” between BMW, Apple focus on possible
development of carmaker’s electric i3 model as a vehicle for
smartphone manufacturer


For Related News and Information:
Today’s top stories: TOP <GO>
Top news in Europe: TOPE <GO>

To contact the reporter on this story:
Elisabeth Behrmann in Geneva at +49-89-24447-8801 or
ebehrmann1@bloomberg.net
To contact the editors responsible for this story:
Chris Reiter at +49-30-70010-6226 or
creiter2@bloomberg.net
Tom Lavell, Naomi Kresge

(BFW) AbbVie May Not Be Done After Pharmacyclics Deal: Deutsche Bank

AbbVie May Not Be Done After Pharmacyclics Deal: Deutsche Bank
2015-03-05 10:06:21.808 GMT


By Allison Connolly
(Bloomberg) -- AbbVie’s purchase of PCYC won’t affect its
capability to do future deals as the co. will be generating
>$7b/yr free cash flow in coming years, Deutsche Bank (buy) says
in note.
* Notes co. was about to do Shire deal ($54b) and this deal
isn’t even 50% of that
* Says PCYC acquisition is positive for ABBV as it provides
co. w/ near-term top-line growth and diversifies the
business beyond Humira
* Says deal could add 18%-19% to ABBV EPS in 2020-2021
timeframe; increases est. 2014-2020 rev growth from 3% to 7%
& EPS growth from 8% to 11%
* NOTE: Earlier, Abbvie to Buy Pharmacyclics for $261.25/Share


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

To contact the reporter on this story:
Allison Connolly in London at +44-20-3525-7043 or
aconnolly4@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net

>>> SPAIN DEBT AGENCY (TESORO) SELLS TOTAL €5.0B VS. €4.0-5.0B INDICATED RANGE I

SPAIN DEBT AGENCY (TESORO) SELLS TOTAL €5.0B VS. €4.0-5.0B INDICATED RANGE IN 2017, 2020 AND 2032 BONDS 
- Sells €1.08B in 0.50% Oct 2017 bono; Avg Yield: % v 0.384% prior; Bid-to-cover: 3.77x v 3.27x prior; Maximum Yield: 0.203% v 0.409% prior 
- Sells €2.388B in 1.40% Jan 2020 bono; Avg Yield % v 0.849% prior; Bid-to-cover:1.87 x v 2.39x prior; Maximum Yield: 0.543% v 0.869% 
- Sells €1.53B in 5.75% 2032 Bono; Avg Yield % v 3.503% prior; Bid-to-cover: 1.62x v 2.0x prior; Maximum Yield 1.941% v 3.529% prior

>>> Bankia sells 24.9% take in Realia to Slim's Grupo Carso; tender offer for re

Bankia sells 24.9% take in Realia to Slim's Grupo Carso; tender offer for remainder within nine months

Bankia on Wednesday disclosed that it would sell its 24.9% stake in Realia to Grupo Carso, a holding company controlled by Mexican billionaire Carlos Slim, according to two Spanish-language statements filed today with the Spanish securities regulator CNMV.

Carso will pay EUR 0.58 per share for a total of EUR 44.5m for the stake.

Completion of the transaction depends on authorizations from the Spanish Ministry of Finance and a satisfactory and independent valuation of the Carso offer.

Should the deal close, Carso will commit to launching a public tender for shares in Realia not already controlled by the Mexican holding company within nine months at a price of EUR 0.58 per share.

FCC, a company in which Carlos Slim recently became the single largest shareholder, announced last month that it would not be selling its c.25% in Realia, reversing a previous position held by FCC regarding its asset disposal strategy.

The complete statements in Spanish can be accessed here and here.

Spanish real estate trust Hispania is another potential bidder for Realia. Last month, it was reported that Hispania was not relinquishing its pursuit of Realia despite the emergence of Carlos Slim as a possible rival suitor and that it was considering raising its offer. The Spanish regulator (CNMV) is said to be currently studying a EUR 0.49 per share offer for 100% of Realia launched by Hispania in November 2014.

Source Stock Exchange Announcement (Translated), previously reported intelligence

(CS) Consumer Staples : Valuations Remain Elevated, Differentiation

Valuations Remain Elevated, Differentiation Increases

* At 21.3x NTM P/E, the aggregate valuation of large cap global staples stocks is up half a turn from the prior month and remains elevated since the sharp increase late last year. 
The standard deviation of NTM P/Es for consumer staples stocks is 1.6, its highest level since early 2009. It
is up from the ten-year low of 0.7 in June of 2013 and up compared to last month's average of 1.4. It is higher than the ten-year average of 1.5, and the max of 2.7. This indicates that differentiation between the growth potential of
individual stocks has been increasing over the past few months.

* US consumer staples stocks trade at a NTM P/E of 20.0x, over four turns above the 10-year average. 
The S&P consumer staples index relative premium vs. the S&P500 moved down slightly in February, but it is
still above the long term average. The consumer staples index now trades at a 16.2% premium, above the long-term average of 14.6%. Stocks with the highest relative premiums to the sector are MNST at 105% and EL at 32%.
Stocks with the largest discounts are CCE, K, and GIS with 13%, 13%, and 9% discounts to the sector, respectively.

* The European consumer staples index remained elevated at a NTM P/E of 20.2x after trading up sharply in January – setting a new 10 year high. 
The index has been above the +1SD level since March 2014 after climbing from -1SD in June 2012. Against the MSCI Europe, it is trading at a 29.7% premium, slightly below its long term average of 31.2%. The relative NTM P/E premium for European consumer staples is down slightly from last month, with the valuation remaining stable while the MSCI Europe index rerated one turn. Stocks with the highest relative premium to the European consumer staples sector are BEI at 37% and OR at 32%. Stocks with the largest discounts are IMT, CARL'B and BATS with 25%, 17%, and 13% discounts to the sector, respectively.

* In other markets, NTM P/E trends are less clear. 
Latin American staples valuation trends were mixed this month, while South African staples multiples moved lower off recent highs. Most Japanese staples multiples moved higher over the past month.

* In this monthly publication, we show the trends in the consumer staples sector for the U.S., Europe and a number of global stocks. We also trace 10- year historical, absolute, and relative NTM P/E multiples of global consumer
staples stocks.