(BFW) Accor 3Q Rev. In Line With Ests., Confirms 2014 Forecast

Accor 3Q Rev. In Line With Ests., Confirms 2014 Forecast
2014-10-16 15:45:30.631 GMT


By Heather Burke
Oct. 16 (Bloomberg) -- Accor 3Q rev. EU1.46b, est. EU1.46b
(median of 12).
* Total LFL sales growth 4.6%, est. 3.5% (median of 8)
* Confirms 2014 Ebit forecast EU575m-EU595m
* HotelServices LFL sales up 2.7%, HotelInvest up 4.6%
* 3Q total LFL revpar up 5.1%
* 3Q had strong demand generally in Europe, slight improvement
in France, faster recovery in S. Europe, 1st “tangible
signs” of slowdown in Africa
* Will continue to pay close attention to changes in
“persistently lackluster” French mkt, to situation in
Africa
* Strong demand in Europe, including in S. Europe, and in
emerging mkts will provide necessary growth
* Preview here
* Conf call 6:30pm CET +44 203 36 79453

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To contact the reporter on this story:
Heather Burke in London at +44-20-7673-2044 or
hburke2@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

(BFW) Paulson, Elliott Cut Shire Holdings as AbbVie Backtracks

BN 10/16 14:42 *PAULSON & CO. INTEREST IN SHIRE 3.47%: FILING
Paulson, Elliott Cut Shire Holdings as AbbVie Backtracks
2014-10-16 15:16:54.163 GMT


By Gaurav Panchal
Oct. 16 (Bloomberg) -- Hedge funds Paulson & Co. and
Elliott Capital cut their interests in Shire after AbbVie’s
announcement yday ahead of U.K. market open that it was
reconsidering its offer for Shire.

* Paulson & Co. cuts interest in Shire to 3.47% from 4.83% as
of Oct. 10
* Elliott Capital Advisors cuts voting rights in Shire to
1.7639% from 2.6266% as of Oct 15
* Mason Capital cut its interest to 0.43% from 1.13% as of
Sept. 26
* Magnetar Financial (U.K.) LLP cut its interest to 2.65% from
2.87% as of Oct. 15
* Magnetar’s short position remained unchanged at 1.57%
* Magnetar’s short position remained unchanged at 1.57%</li></ul>
* Taconic Capital Advisors UK LLP cut its interest to 1.61% vs
2.15% as of Oct. 15
* Taconic increased its short position to 0.39% vs 0.01%
* Taconic increased its short position to 0.39% vs 0.01%</li></ul>

* NOTE: All data from latest filings out today, dealings took
place on Oct. 15
* Earlier today: AbbVie Board Recommended Holders Vote Against
Shire Deal


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--With assistance from Joshua Fineman in New York.

To contact the reporter on this story:
Gaurav Panchal in London at +44-20-7392-0511 or
gpanchal2@bloomberg.net
To contact the editors responsible for this story:
Andrew Rummer at +44-20-7073-3722 or
arummer@bloomberg.net
Brian Lysaght

>>> Fed's Bullard (moderate, non voter): Should evaluate a delay in ending the Q

Fed's Bullard (moderate, non voter): Should evaluate a delay in ending the QE program; Fed needs to halt the decline in inflation expectations - press interview 

- As of today, wouldnt change economic forecast or rate outlook
- Have always said that the QE program should respond to economic environment
- Recent turmoil in markets could be attributed to the Europe economic outlook
- If economy is strong, QE could be ended in December

- Reminder: earlier this month Bullard commented that there was concern about the diconnect between market expectations and the Fed's own projections on rate path. and in late August commented that the Fed Funds rate needs to be hiked in Q1 2015

(BreanCap) HPQ: split announcement...M&A in £d Printings(SSYS & DDD) ?

Hewlett-Packard: Brean Capital discusses HPQ’s split announcement

Brean Capital continues to believe HPQ's split announcement speaks to the inherent value of the company's businesses. They believe this could just be a "Stage 1", with "Stage 2" consisting of HP: 1) more actively pursuing consolidation in the PC industry (via ongoing profitable share gain or via inorganic means), 2) putting more energy both organically and inorganically around areas in 3D Printing and Industrial Production Printing, and 3) increased focus on M&A in the Enterprise space (Cloud, Security, Big Data). Firm believes that if HP wants to cultivate a leading professional & production presence as they've stated (or non-consumer) they will need to utilize M&A to approach the technology and material capabilities of 3D Systems (DDD) and Stratasys (SSYS).
ticker=hpq#ixzz3GJQXTNVL

WSJ : Cocktail of Trouble for Liquor Makers Diageo, Rémy Cointreau and LVMH

Cocktail of Trouble for Liquor Makers Diageo, Rémy Cointreau and LVMH
China Sales Still on the Slide with U.S., European Markets Patchy

A cocktail of troubles has set back sales growth at Europe’s biggest liquor makers, with sales still on the slide in China and growth patchy in the U.S. and Europe. Executives warned there may be no quick recovery.

Diageo DGE.LN -0.23% PLC, the world’s largest liquor maker, and Rémy Cointreau SA, RCO.FR -1.68% a major cognac supplier, reported declines in revenue in the three months to end-September on Thursday. Luxury goods group LVMH MC.FR -1.40% Moët Hennessy Louis Vuitton reported a slide in its sales of wines and spirits on Tuesday.

Further falls in demand in China—reflecting the impact of Beijing’s anticorruption crackdown which has curbed the habit of offering champagne, cognac, and whiskey as business gifts—remain a problem.

“[Chinese] consumers are in a wait-and-see mode,” said Rémy Cointreau Chief Financial Officer Luca Marotta. “Confidence is still fragile,” Mr. Marotta said, speaking to investment analysts.

France’s Rémy Cointreau, whose third-quarter revenue fell 13%, depends for the bulk of its revenue and profit on its flagship Rémy Martin cognac and has been among the hardest hit by the slump in Chinese demand.

At U.K.-based Diageo, slight growth in its North American business was too feeble to offset the 7.4% fall in organic sales—a measure that strips out the impact of acquisitions—at its Asian-Pacific business, with sales in mainland China down 20%. Sales declined 1.4% in Europe.

The maker of Johnnie Walker whiskey and Smirnoff vodka said overall sales fell 1.5% in its fiscal first quarter compared with a rise of 3% in the year-earlier period. The company doesn’t provide full revenue figures.

As growth slowed to a standstill in North America, Diageo said its high-end brands, such as Johnnie Walker Blue Label and Tanqueray gin, continued to sell strongly but sales of “mainstream” brands remained under pressure.

“In North America, consumer demand for mainstream brands is still constrained by weak consumer confidence in average income households,” said Chief Executive Ivan Menezes.

Vodka, in particular, has been a problem for Diageo—and other major liquor makers—in the U.S. Smirnoff, which accounts for around a quarter of Diageo’s North American sales by volume, has suffered as smaller competitors entered the market and consumers chose to buy cheaper brands. France’s Pernod Ricard SA RI.FR -0.90% recently highlighted similar problems for Absolut vodka, the world’s no. 2—selling brand behind Smirnoff.

Consumer confidence fell in Russia and Eastern Europe as a result of uncertainty arising from events in Ukraine, Diageo said.

LVMH said on Tuesday that revenue at its wine and spirits unit, which includes champagne and cognac brands, fell 8.1%, due to a drop in cognac sales in China, where wholesalers continued to sell down stock without ordering fresh supplies. LVMH said destocking is likely to continue throughout the end of the year in China.

Drinks makers will again put all their hopes on the Lunar Year celebrations early next year to bring back the sales boost to China they have been hoping for, said Rémy Cointreau’s Mr. Marotta.

Rémy Cointreau, which also noted the “complex macroeconomic environment in western Europe,” said third-quarter revenue fell to €257 million ($330 million) from €294.4 million.

French rival Pernod-Ricard SA, whose sales in China have also been under pressure, is scheduled to report sales next week.