This page has been archived and commenting is disabled.
Frontrunning: December 22
- Police officers' slaying raises pressure on New York mayor (Reuters)
- People Call for Cooling of Racial Tensions After Murder of NYPD Officers (BBG)
- The $6.3 Trillion Frenzy That Vanquished Treasury Bears (BBG)
- China Investigates Possible Stock-Price Manipulation (WSJ)
- Citigroup Was Wary of Metals-Backed Loans (WSJ)
- UPS Turns Parking Lots Into Sorting Centers to Add Speed (BBG)
- U.S. Move to Normalize Cuba Ties Boosts Firms’ Asset Claims (WSJ)
- Meredith Whitney’s Fund Said to Drop 11% as Office Put on Market (BBG)
- Railcar Bottleneck Looms for Oil (WSJ)
- Air China signs deal to purchase 60 Boeing B737 aircraft (Reuters)
- Ocwen Head to Resign in New York Settlement (WSJ)
- Uber business model faces legal scrutiny in Taiwan, Chinese mega city (Reuters)
- The World's Biggest Car Company Wants to Get Rid of Gasoline (BBG)
- U.S. gas prices fall to lowest since May 2009: Lundberg survey (Reuters)
- Condos Coming to NYC’s Long Island City After Rental Boom (BBG)
Overnight Media Digest
WSJ
* Now that the United States has moved to normalize relations with Cuba, the countries will have to deal with decades-old claims from companies like Office Depot Inc, whose property was taken after Fidel Castro took power in 1959. (http://on.wsj.com/1CmEcmS)
* One-third of the crude oil hauled from North Dakota's Bakken Shale region by railcars could be forced off the tracks and into expensive truck fleets in the next four years, according to a railcar-industry trade group. (http://on.wsj.com/13tJuxT)
* Walgreen Co, the largest U.S. drugstore chain, is going to find out if bigger means better, as it nears a shareholder vote on completing its planned merger with European counterpart Alliance Boots. (http://on.wsj.com/1Clkisq)
* Ferrovial SA abandoned a 1.02 billion Australian dollar ($831.91 million) takeover bid for Australia's Transfield Services Ltd, a major setback in the Spanish construction company's plan to compete for billions of dollars of new infrastructure projects Down Under. (http://on.wsj.com/1zmLq9m)
* Satellite-TV provider Dish Network Corp is no longer carrying 21st Century Fox Inc's Fox News Channel and Fox Business Network after the companies couldn't come to terms on a new distribution contract. (http://on.wsj.com/1wQNEM0)
* Xiaomi Corp is raising more than $1 billion in its latest round of funding, valuing the fast-growing Chinese smartphone maker at more than $45 billion and making the company one of the most valuable technology startups in the world, a person familiar with the matter said. (http://on.wsj.com/13ngyrh)
* The Obama administration is seeking assistance from China as U.S. officials craft President Barack Obama's promised response to North Korea's cyberattack on Sony Pictures, senior administration officials said over the weekend. (http://on.wsj.com/1AW2foC)
FT
* As the United States moves closer to taking Cuba off the list of state sponsors of terrorism, President Barack Obama said he would "review" whether to return North Korea to the list, part of a broader government response to a damaging cyber attack on Sony's Hollywood studio. (http://nyti.ms/1zan5yw)
* Advertisers increasingly want to be part of the 527 million people in China with smartphones. Next year companies are expected to spend more money on digital advertising than on television campaigns in China. (http://nyti.ms/1wcQ6Y0)
* FedEx Corp and United Parcel Service Inc are aiming to avoid last year's chaos, when a late surge in shipments and bad weather left many gifts to be delivered late. (http://nyti.ms/1GLUBks)
* China is turning the Xinjiang region into a national hub for oil, gas and coal as Uighurs struggle, resenting the reaping of their homeland's resources. (http://nyti.ms/1AwRv22)
* Russia derided the United States and Canada for imposing yet another round of economic sanctions over the Kremlin's policies in Ukraine, and pointed at President Obama's recent decision to normalize relations with Cuba as proof that sanctions were ultimately pointless. (http://nyti.ms/1wcP52g)
* Shaking hands and kissing foreheads, the monarchs of the Persian Gulf came together this month to declare that they had resolved an 18-month feud in order to unite against their twin enemies, Iran and the Islamic State. (http://nyti.ms/1Hn1iIb)
NYT
* As the United States moves closer to taking Cuba off the list of state sponsors of terrorism, President Barack Obama said he would "review" whether to return North Korea to the list, part of a broader government response to a damaging cyber attack on Sony's Hollywood studio. (http://nyti.ms/1zan5yw)
* Advertisers increasingly want to be part of the 527 million people in China with smartphones. Next year companies are expected to spend more money on digital advertising than on television campaigns in China. (http://nyti.ms/1wcQ6Y0)
* FedEx Corp and United Parcel Service Inc are aiming to avoid last year's chaos, when a late surge in shipments and bad weather left many gifts to be delivered late. (http://nyti.ms/1GLUBks)
* China is turning the Xinjiang region into a national hub for oil, gas and coal as Uighurs struggle, resenting the reaping of their homeland's resources. (http://nyti.ms/1AwRv22)
* Russia derided the United States and Canada for imposing yet another round of economic sanctions over the Kremlin's policies in Ukraine, and pointed at President Obama's recent decision to normalize relations with Cuba as proof that sanctions were ultimately pointless. (http://nyti.ms/1wcP52g)
* Shaking hands and kissing foreheads, the monarchs of the Persian Gulf came together this month to declare that they had resolved an 18-month feud in order to unite against their twin enemies, Iran and the Islamic State. (http://nyti.ms/1Hn1iIb)
Canada
THE GLOBE AND MAIL
** Dave McKay, chief executive of Royal Bank of Canada , believes his bank's earnings per share can still grow by 7 per cent next year despite plummeting oil prices and other lenders, such as Toronto-Dominion Bank,trimming down their short-term profit forecasts. The root of this optimism: The reawakening of the U.S. consumer. (http://bit.ly/1xaAdZk)
** Toronto Mayor John Tory predicts 2015 will be the year leaders of Canada's largest cities find common cause and a receptive audience for their message at other levels of government. Tory, who took office this month promising a new era of consensus-building, sees that mandate extending beyond city hall to his peers in other cities. (http://bit.ly/1wBqPvZ)
** The U.S. border agency said that a Canadian man was shot after allegedly pointing a handgun at guards at the Ambassador Bridge crossing between Windsor, Ontario, and Detroit. (http://bit.ly/1vfQSV8)
NATIONAL POST
** Randy Dawson, a managing principal with Navigator, a high-profile communications firm with long-held ties to the Progressive Conservative government, provided advice during the negotiations that culminated with the dramatic mass defection of nine Wildrose MLAs on Wednesday. (http://bit.ly/1AOEWgI)
** Royal Canadian Mounted Police are recommending charges against a man who they say struck a three-year-old boy in the face and abandoned
China
SOUTH CHINA MORNING POST
- Financial Secretary John Tsang Chun-wah wrote on his blog that he expects Hong Kong to have a financial surplus in each of the next three fiscal years, allowing the government to "save up" in advance for public housing plans without sacrificing other services. (http://bit.ly/13t9klM)
- Walter Kwok Ping-sheung, the eldest of the three billionaire Kwok brothers, says he will not return to directorship at the family-controlled real estate empire Sun Hung Kai Properties and he had great confidence in youngest brother Raymond Kwok Ping-luen, now the company's sole chairman. (http://bit.ly/1zSPAos)
- Macau luxury hotel complex builder Louis XIII Holdings said it raised HK$1.6 billion ($206.4 million) in a private placement of new shares and an issuance of convertible bonds. (http://bit.ly/13pRLCN)
THE STANDARD
- Mainland insurance companies have injected about 240 billion yuan into the securities market within one month in November, reflecting their bullish sentiment toward the A-share market in the long run, China Insurance Regulatory Commission data shows. (http://bit.ly/1v8AQv3)
HONG KONG ECONOMIC JOURNAL
- Property developer Kaisa Group Holdings Ltd said the processing of sale and purchase agreements for unsold units in four property projects under pre-sale in Shenzhen were blocked by relevant Chinese authority and that would have an adverse impact on the company's cash flow.
Read more: http://www.dailymail.co.uk/wires/reuters/article-2883094/PRESS-DIGEST-Ho...
Follow us: @MailOnline on Twitter | DailyMail on Facebook
Britain
The Times
Energy companies given 1 bln pounds to keep the lights on
Nearly 1 billion pounds ($1.56 billion) of subsidies that will add 11.40 pounds a year to household bills have been given to energy companies to help to keep the lights on. Power stations that won new money under the "capacity market" scheme in a three-day auction this week were announced by the government yesterday.
AstraZeneca chief crosses fingers and plays down $45 bln vow
Pascal Soriot, Chief Executive of AstraZeneca has said that the company will be "lucky" to hit a $45 billion sales forecast that was central to the drug company's defence against a hostile takeover by Pfizer. He urged investors not to become fixated on the target, arguing that profit and product mix were more important.
The Guardian
Saudi, UAE oil ministers defend OPEC on falling oil prices
The oil ministers of Saudi Arabia and the United Arab Emirates have defended OPEC's decision not to cut production despite a glut, and blamed speculators and producers outside the cartel for the slump in prices.
Rochester by-election row could affect Cameron succession
Theresa May, the home secretary, has been warned by cabinet colleagues to act as a "team player" or risk damaging her chances of succeeding David Cameron as leader of the Conservative party.
The Telegraph
FCA asks banks to take forex rigging fines out of bonuses
The Financial Conduct Authority (FCA) has told the banks at the centre of the foreign exchange rigging scandal that their huge fines should be funded out of this year's round of bonuses.
Tesco suppliers dragged into SFO investigation
Leading UK suppliers to Tesco, including Diageo and Unilever, expect to be interviewed by the Serious Fraud Office as part of its investigations into accounting practices at the troubled supermarket giant.
Sky News
ITE Exhibits Move From Sanctions-Hit Russia
ITE Group, a London-listed exhibitions firm, will this week announce a 20 mln pound takeover of Breakbulk - a shipping and logistics intelligence provider, that will reduce its reliance on Russia amid the country's currency crisis and the ongoing impact of international sanctions.
Ambulances May Take Twice As Long, Memo Says
Some patients who need an ambulance may soon have to wait longer for it to arrive even if they are classed as a serious case, under new proposals seen by Sky News.
Fly On The Wall Pre-Market Buzz
ECONOMIC REPORTS
Chicago Fed national activity index for November at 8:30--consensus 0.23
Existing home sales for November at 10:00--consensus down 1.1% to 5.2M rate
ANALYST RESEARCH
Upgrades
ARAMARK (ARMK) upgraded to Top Pick from Outperform at RBC Capital
Brown Shoe (BWS) upgraded to Equal Weight from Underweight at Morgan Stanley
Downgrades
DuPont Fabros (DFT) downgraded to Hold from Buy at KeyBanc
Finish Line (FINL) downgraded to Neutral from Buy at Janney Capital
Seagate (STX) downgraded to Neutral from Buy at Longbow
Western Digital (WDC) downgraded to Neutral from Buy at Longbow
Initiations
AMC Networks (AMCX) initiated with an Outperform at Pacific Crest
AMSC (AMSC) initiated with an Outperform at Cowen
Axalta Coating (AXTA) initiated with a Buy at Deutsche Bank
Axalta Coating (AXTA) initiated with a Buy at Nomura
Axalta Coating (AXTA) initiated with a Neutral at Goldman
Axalta Coating (AXTA) initiated with an Overweight at JPMorgan
Brown Shoe (BWS) initiated with a Hold at Jefferies
C.R. Bard (BCR) initiated with a Market Perform at Wells Fargo
Coach (COH) initiated with a Neutral at Mizuho
Discovery (DISCA) initiated with a Sector Perform at Pacific Crest
Energous (watt) initiated with a Buy at Roth Capital
Hortonworks (HDP) initiated with an Outperform at JMP Securities
Macquarie Infrastructure (MIC) initiated with an Overweight at JPMorgan
Michael Kors (KORS) initiated with a Neutral at Mizuho
PolyOne (POL) initiated with a Buy at SunTrust
STORE Capital (STOR) initiated with a Neutral at Credit Suisse
Scripps Networks (SNI) initiated with a Sector Perform at Pacific Crest
Shoe Carnival (SCVL) initiated with a Hold at Jefferies
Southwestern Energy (SWN) initiated with a Neutral at SunTrust
Starz (STRZA) initiated with a Sector Perform at Pacific Crest
Time Warner (TWX) initiated with an Outperform at Pacific Crest
COMPANY NEWS
American Apparel (APP) announced that its board has adopted a new, one-year stockholder rights plan that is designed to strengthen the ability of the board to protect the company's stockholders
Jamba (JMBA) announced that it would be implementing an additional reduction in the company’s workforce of up to 23 employees based out of the company’s support center in Emeryville, California
21st Century Fox (FOXA) said it blacked out Fox News and Business for DISH (DISH)
Iron Mountain (IRM) reached settlement with U.S. DOJ to resolve GSA pricing issues
Staples (SPLS) gave an update on the investigation into its previously announced data security incident involving a small percentage of its retail point-of-sale systems. Staples’ data security experts detected that criminals deployed malware to some point-of-sale systems at 115 of its more than 1,400 U.S. retail stores, and said it believes that overall, approximately 1.16M payment cards may have been affected in the breach
EARNINGS
Anthem (ANTM) backs FY14 EPS excl. items $8.75-$8.85, consensus $8.83
NEWSPAPERS/WEBSITES
Express Scripts (ESRX) to offer AbbVie (ABBV) hepatitis C drug exclusively, CNBC reports
Caesars Entertainment (CZR) planning to buy Caesars Acquisition (CACQ), WSJ reports
Ocwen's (OCN) executive chairman to step down as part of NY settlement, WSJ reports
Pfizer (PFE) 'unlikely' to make fresh bid for AstraZeneca, Reuters reports
Sony (SNE) could stream 'Interview' on Crackle, but no decision made yet, Re/code reports
Herbalife (HLF) asked to stop airing video claiming FDA approval, NY Post reports
Chevron (CVX), Occidental Petroleum (OXY), others look cheap, Barron's says (RDS.A, EOG, SLB)
Bed Bath & Beyond (BBBY) could rise 19%, Barron's says
SYNDICATE
BG Staffing (BGSF) files to sell 822,212 shares for holders
CAMAC (CAK) files to sell 945.5M shares for holders
Dominion (D) files automatic mixed securities shelf
Eleven Biotherapeutics (EBIO) files to sell 2.62M shares for holders
GTx (GTXI) files to sell 64.31M shares for holders
Intellicheck (IDN) files to sell $9.775M of common stock
NeoPhotonics (NPTN) files to sell $37.95M of common stock
New Media (NEWM) files to sell $150M of common stock
ZaZa Energy (ZAZA) files to sell 212,470 shares of common stock
»
- 3300 reads
- Printer-friendly version
- Send to friend
- advertisements -
Greece: Government's tricks to escape from difficult situation
Police officers' slaying raises pressure on New York mayor
Psst.....there's a communist in the mayor's office.
There's also one in the Oval Office and the DOJ Office and the DHS Office and the...ohh shit I see a trend here.
nyc is a cesspool anyway.
Caesars Entertainment (CZR) planning to buy Caesars Acquisition (CACQ), WSJ reports
Shouldn't that read: BANKRUPT Caesars Entertainment (CZR) planning to buy Caesars Acquisition (CACQ)...???
Mr. Loveman is due for another bonus. The new normal.
Easing of racial tensions?
As long as there is one party present that uses the race issue to try to gain advantage, there will never be easing of race relations.