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Frontrunning: March 25
- ECB Tells Greek Banks Not to Boost Exposure to Athens Government’s Debt (WSJ)
- Search teams probe wreckage of jet in French Alps (Reuters)
- Flight Recorders Offer Best Hope of Explaining Jet’s Fatal Drop (BBG)
- Yemen Houthi militia sweeps toward Aden in threat to president (Reuters)
- In Nigeria, Oil Price’s Slide Deters Theft (WSJ)
- Saudi Arabia building up military near Yemen border (Reuters)
- Quant Who Shook the Financial World Tries More Humble Approach (BBG)
- Executive Pensions Are Swelling at Top Companies (WSJ)
- Carney’s Revamp Chief Drives BOE Shakeup as Staff Say ‘Gosh’ (BBG)
- Biotech’s Rally Fuels Bubble Fears (WSJ)
- Rising Rents Are Finally Forcing Millennials to Buy Houses (BBG) - If by that you mean move back with their parents...
- Kraft, Heinz deal to form North America's No.3 food company (Reuters)
- A New Rule Could End Up Punishing the Wrong Banks (BBG)
Overnight Media Digest
WSJ
* Top U.S. executives get paid a lot to do their jobs. Now many are also getting a big boost in what they will be paid after they stop working. Executive pensions are swelling at such companies as General Electric Co, United Technologies Corp and Coca-Cola Co. (http://on.wsj.com/1EQRVBu)
* As the federal government was wrapping up its antitrust investigation of Google Inc, company executives had a flurry of meetings with top officials at the White House and Federal Trade Commission, the agency running the probe. (http://on.wsj.com/1CX0Qny)
* With Morgan Stanley's current finance chief Ruth Porat announcing Tuesday that she was leaving for Google Inc, chief executive James Gorman selected as her successor Jonathan Pruzan, a 46-year-old investment banker who once reported to Porat and later co-led the team that advises banks and other financial-services companies. (http://on.wsj.com/1CoAvfX)
* The most anticipated energy deal of the year is off the table. Whiting Petroleum said Tuesday it isn't "pursuing any significant strategic transaction" and that it would issue more equity and take on more debt. (http://on.wsj.com/1xxgLXD)
* A former Federal Reserve governor who expressed concern that central bank policies could spark financial instability is headed for the world of hedge funds. Jeremy Stein signed up as a paid consultant to BlueMountain Capital Management LLC, the New York hedge-fund firm confirmed. (http://on.wsj.com/1y4d4Dn)
FT
Renault has offered to double pay of its Chief Executive Officer Carlos Ghosn despite opposition by the French state, which voted against the decision. Ghosn is set to receive 7.2 million euros ($7.86 million) in cash and shares for 2014. (http://on.ft.com/1FTYAMK)
HSBC Plc is to base its "ring-fenced" British retail and business banking operations in Birmingham, England, shifting about 1,000 staff there from its London headquarters.
British inflation fell to zero last month, official figures showed on Tuesday driven by lower prices for food, cost of transport, food and non-alcoholic beverages. The news hit sterling, which was down 0.4 percent against the euro.
Finnish mobile game maker Supercell tripled sales last year on the back of hit titles Clash of Clans, Hay Day and Boom Beach, the company said on Tuesday. With just 150 employees, the Finnish company made 1.55 billion euros in revenues in 2014, up from 519 million euros a year earlier.
NYT
* Brazilian investment firm 3G Capital - through the ketchup maker H.J. Heinz, which it owns with the billionaire Warren Buffett - is in talks to buy Kraft Foods, a source familiar with the matter said on Tuesday, in a deal that could exceed $40 billion. (http://nyti.ms/19Oc6px)
* Wynn Resorts in a letter on Tuesday urged its stockholders to reject co-founder Elaine Wynn's bid to remain on the board of the casino-resort giant she built with her ex-husband and the company's chairman and chief executive, Stephen Wynn. The letter came as Elaine Wynn, 72, began a week of meetings to woo Wall Street institutional investors, whose support she will need to win re-election to the board. (http://nyti.ms/1C9rW7q)
* Greece will present a detailed list of proposed overhauls to its eurozone partners by Monday, a government spokesman said, as Prime Minister Alexis Tsipras met supporters and leading government ministers on his first official visit to Germany. (http://nyti.ms/1C9sSbG)
* Lyle Gramley, who served as a White House economic adviser and a Federal Reserve governor in the late 1970s and early 1980s, died on Sunday at his home in Potomac, Maryland. He was 88. (http://nyti.ms/1C9sKsZ)
Canada
THE GLOBE AND MAIL
** Canada's automotive trade deficit topped C$10 billion ($8.00 billion) last year and threatens to deepen as more assembly plant closings loom and free-trade agreements with the European Union and South Korea take effect. (http://bit.ly/1bswGwe)
** The Ontario Provincial Police force has identified a number of security gaps, including a lack of cameras inside Parliament, as part of its review of the police response to the Ottawa shooting of Oct. 22, sources say. (http://bit.ly/19OW5zH)
** Ontario Premier Kathleen Wynne is leaving the door open to allowing new brewer-owned craft beer specialty shops, a major challenge to The Beer Store's current monopoly on most beer sales in the province. (http://bit.ly/1Iu0P9j)
NATIONAL POST
** Just ahead of Thursday's belt-tightening budget, Alberta Premier Jim Prentice announced a new way of managing the oil-rich province's finances as it struggles with a revenue gap that could exceed C$7 billion. (http://bit.ly/1OyJ4ty)
** Seven years ago, with the Olympics fast approaching, newly elected Vancouver Mayor Gregor Robertson vowed to marshal the city's "brightest minds" and end homelessness once and for all by 2015. On Tuesday, Robertson acknowledged that the pledge was an obvious failure, but provided an explanation: Vancouver is too balmy. (http://bit.ly/1BlG3nB)
** Prime Minister Stephen Harper said on Tuesday that Canada intends to fight the Islamic State of Iraq and Al-Sham for as long as the militant group poses a threat. (http://bit.ly/1xg7faL)
China
SECURITIES JOURNAL
- Heilongjiang, Shandong, Guangxi, Chongqing, Shaanxi and Qingdao will be pilot regions for rolling out reforms to car insurance, the China Insurance Regulatory Commission said.
SECURITIES TIMES
- China Vanke said in an announcement it planned to issue 9 billion yuan ($1.45 billion) medium-term notes in the interbank market.
SHANGHAI SECURITIES NEWS
- Sixty percent of listed companies performed very well in 2014, according to data gathered by the newspaper from companies' 2014 annual reports, with electrical equipment and textiles as the standout sectors.
CHINA DAILY
- The Asian Infrastructure Investment Bank (AIIB) will be "reciprocal, efficient and inclusive", a contrast to the World Bank which is dominated by the United States and its veto power, an editorial in the newspaper said.
For Hong Kong and South China newspapers see....
Britain
The Times
RAIL STRIKE LOOMS IN WEEKS AFTER UNION REJECTS NEW PAY DEAL
The first national rail strike in 20 years could be called within weeks after workers rejected a four-year pay deal. Members of the Rail, Maritime and Transport union could down tools by the end of April causing chaos on the railways in the run-up to the general election in early May. (http://thetim.es/1N61LmR)
TAXPAYERS WILL PROVIDE A 499 POUNDS IPAD FOR EVERY MP
MPs will be handed new iPads after the general election, at a cost of 1 million pounds ($1.48 million) to the taxpayer. The House of Commons Commission says that offering each of the 650 members an iPad Air 2, costing 499 pounds each, will save money. (http://thetim.es/1BLjCqO)
The Guardian
UK INFLATION HITS ZERO FOR THE FIRST TIME ON RECORD
Inflation has fallen to zero for the first time on record in Britain, boosting incomes in real terms and handing the chancellor a pre-election advantage. The consumer prices index dropped in February from 0.3 percent in January, bringing the United Kingdom to the brink of a spell of deflation that is expected in the coming months. (http://bit.ly/1HyprA1)
GREECE PLEDGES FULL LIST OF REFORMS WITHIN THE WEEK
Greece has pledged to pull together a comprehensive list of reforms by the start of next week, in an attempt to unlock fresh funds before Athens runs out of cash in April. Government spokesman Gabriel Sakellaridis said that the programme demanded by Greece's increasingly impatient creditors would be finished within days. (http://bit.ly/1BjiZ8O)
The Telegraph
JEREMY CLARKSON TO BE SACKED BY THE BBC
Jeremy Clarkson is to be sacked as Top Gear presenter after a BBC investigation concluded he did attack a producer on the programme. Lord Hall, the director general of the BBC, is expected to announce his decision on Wednesday after considering the findings of an internal investigation. (http://bit.ly/1CWjFXT)
TELEFONICA AGREES 10.25 BILLION POUNDS SALE OF O2 TO HUTCHISON WHAMPOA
O2, Britain's second-largest mobile operator, has been sold to Hutchison Whampoa Ltd, the owner of rival operator Three, for 10.25 billion pounds, to create a giant that will control 40 percent of the market. Telefonica, the Spanish parent of O2, said it had agreed final terms with Hong Kong conglomerate after two months of exclusive negotiations and due diligence. (http://bit.ly/1HxKdfF)
Sky News
BANKS TO CARRY ON CLOSING DESPITE CABLE DEAL
Britain's banks will pledge this week to continue investing in their branch networks "for decades to come" despite signing an agreement enabling them to close outlets even when they are the final one in a local community. (http://bit.ly/1HBuYFU)
BRITISH NATIONALS 'LIKELY' ON CRASHED PLANE
A number of British nationals are thought to have been on board the Germanwings aircraft which crashed in the French Alps, says Foreign Secretary Philip Hammond. Recovery teams have been flown in by helicopter and one of the black box flight recorders, crucial in piecing together what happened, has been found.(http://bit.ly/19NASGb)
The Independent
TESCO SHAREHOLDERS TAKE ACTION OVER OVERSTATED PROFITS
Tesco Plc has another battle on its hands after a group of shareholders has emerged seeking compensation for overstated profits. The group is a non-profit organisation under the name Tesco Shareholders Claims Limited. (http://ind.pn/1FTZw3D)
McDonald's UK boss Jill McDonald to take the wheel at Halfords
Halfords has appointed McDonald's UK boss Jill McDonald as the new chief executive of the bike to car parts business. Jill McDonald replaces former boss Matt Davies, who left earlier this year to join Tesco Plc as head of the UK business after his predecessor, Chris Bush, left in the wake of the accounting scandal that hit the supermarket. (http://ind.pn/1EF2hBO)
Fly On The Wall Pre-Market Buzz
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Durable goods orders for February at 8:30--consensus up 0.2%
DOE petroleum inventory reports for week of March 20 at 10:30
ANALYST RESEARCH
Upgrades
Alliant Energy (LNT) upgraded to Outperform from Neutral at RW Baird
American Water (AWK) upgraded to Outperform from Neutral at RW Baird
Aqua America (WTR) upgraded to Outperform from Neutral at RW Baird
Artesian Resources (ARTNA) upgraded to Outperform from Neutral at RW Baird
Estee Lauder (EL) upgraded to Overweight from Neutral at Piper Jaffray
General Dynamics (GD) upgraded to Outperform from Sector Perform at RBC Capital
Hawaiian Holdings (HA) upgraded to Outperform from In-Line at Imperial Capital
Middlesex Water (MSEX) upgraded to Outperform from Neutral at RW Baird
Otter Tail (OTTR) upgraded to Outperform from Neutral at RW Baird
PNM Resources (PNM) upgraded to Outperform from Neutral at RW Baird
Xcel Energy (XEL) upgraded to Outperform from Neutral at RW Baird
Downgrades
AB InBev (BUD) downgraded to Reduce from Overweight at HSBC
BreitBurn Energy (BBEP) downgraded to Sell from Neutral at UBS
Finish Line (FINL) downgraded to Neutral from Buy at B. Riley
iDreamSky (DSKY) downgraded to Neutral from Overweight at JPMorgan
ING Groep (ING) downgraded to Neutral from Buy at Goldman
Informatica (INFA) downgraded to Neutral from Buy at Mizuho
Kofax (KFX) downgraded to Hold from Buy at Canaccord
LRR Energy (LRE) downgraded to Sell from Neutral at UBS
Orbital ATK (OA) downgraded to Market Perform from Outperform at Wells Fargo
PCTEL, Inc. (PCTI) downgraded to Neutral from Buy at B. Riley
SJW Corp. (SJW) downgraded to Neutral from Outperform at RW Baird
Sonus (SONS) downgraded to Hold from Buy at Wunderlich
Tesla (TSLA) downgraded to Underperform from Outperform at CLSA
Initiations
Aerie Pharmaceuticals (AERI) initiated with a Buy at Brean Capital
Brunswick (BC) initiated with a Buy at Stifel
Fox Factory (FOXF) initiated with a Buy at DA Davidson
Harley-Davidson (HOG) initiated with a Buy at Stifel
Jason Industries (JASN) initiated with a Buy at Stifel
Micron (MU) initiated with a Neutral at MKM Partners
Neff (NEFF) initiated with a Market Perform at Wells Fargo
Polaris Industries (PII) initiated with a Buy at Stifel
Stericycle (SRCL) initiated with an In-Line at Imperial Capital
Ultragenyx (RARE) initiated with a Buy at CRT Capital
United Rentals (URI) initiated with an Outperform at Wells Fargo
COMPANY NEWS
Kraft Foods (KRFT), H.J. Heinz announce definitive merger agreement. Under the terms of the agreement, which has been unanimously approved by both Heinz and Kraft's boards, Kraft shareholders will own a 49% stake in the combined company and shareholders will receive stock in the combined company and a special cash dividend of $16.50 per share. The aggregate special dividend payment of approximately $10B is being fully funded by an equity contribution by Berkshire Hathaway (BRK.A) and 3G Capital
Lexmark (LXK) to acquire Kofax (KFX) for $11 per share in cash, or a total enterprise value of approximately $1B
Great Wolf Resorts, which is currently controlled by funds affiliated with Apollo Global (APO), to be acquired by affiliate of Centerbridge Partners
Stamps.com (STMP) said it intends to acquire Endicia from Newell Rubbermaid (NWL) for $215M in cash
Rocket Fuel (FUEL) appointed Monte Zweben as interim CEO and reiterated Q1 non-GAAP revenue guidance
Achillion Pharmaceuticals (ACHN) said Chief Regulatory Officer Dr. Gautam Shah is departing company
Lpath (LPTN) said Phase 2a Asonep study did not meet primary endpoint
Merck (MRK) announced new $10B share repurchase program
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Leidos (LDOS), Sonic (SONC), Christopher & Banks (CBK), HealthEquity (HQY), Christopher & Banks (CBK), Sonic (SONC), Steelcase (SCS)
Companies that missed consensus earnings expectations include:
Yingli Green reports Q4 adjusted EPS (49c)
Companies that matched consensus earnings expectations include:
Turquoise Hill (TRQ), EXFO Inc. (EXFO)
Sonic (SONC) sees 25%-27% EPS growth in FY15
Christopher & Banks (CBK) sees Q1 revenue $90M-$94M, consensus $108.18M, sees FY15 revenue $422M-$432M, consensus $438.56M
HealthEquity (HQY) sees FY16 EPS 28c-30c, consensus 32c
Leidos (LDOS) sees FY15 EPS $2.20-$2.45, consensus $2.53
Steelcase (SCS) sees Q1 adj. EPS 13c-17c, consensus 15c
NEWSPAPERS/WEBSITES
Google (GOOG) working on project to add bill pay function to Gmail, Re/code reports
Apple Watch (AAPL) has faced yield, manufacturing issues "at every stage of the development," AppleInsider reports
YouTube (GOOG) to relaunch livestreaming platform, Daily Dot says (AMZN)
Nielsen says to unveil way to measure Netflix viewing by midyear, Bloomberg reports
Facebook (FB) leaks announcements from F8 conference, including Parse for IoT, Messenger as a platform, Business Insider reports
SYNDICATE
Cellectis (CLLS) 5.5M share Secondary priced at $41.50
EnLink Midstream (ENLK) files to sell 22.8M common units representing limited partners
La Quinta (LQ) 20.75M share Secondary priced at $23.71
Mast Therapeutics (MSTX) files $150M mixed securities shelf
Nationstar (NSM) files to sell 17.5M shares of common stock
Novavax (NVAX) files to sell $175M in common stock
Southern Missouri Bancorp (SMBC) files $75M mixed securities shelf
Unit Corp. (UNT) files automatic mixed securities shelf
ZS Pharma (ZSPH) 4.01M share Secondary priced at $46.25
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Assange : Western adventurism created ISIS, Israel behind Hamas
link for the Assange story
http://rt.com/news/243445-assange-west-islamists-us/
Meanwhile in other news.
Europe has seen it's biggest yearly decline in Nat gas consumption since the start of the crisis in 2008.
A huge 10% drop in 2014(IEA).
Source?
http://www.iea.org/statistics/relatedsurveys/monthlygasdatasurvey/
See also the oxfords institute for energy studies
"the outlook for gas in Europe"
Published in June 2014
This will give you context.
The decline seen in European gas consumption in 2014 was as if Holland ( a major Consumer) + a couple of Irelands simply disappeared from Europe.
To put this in perspective - the total decline from Y2008 to 2013 was 10.5%!!!
Why's the NWO supplying weapons to Yemen? Are they going to take over Saudi Arabia?
also notice the biggest consumption declines of 2014 in the core rather then the periphery.
This contrasts sharply with the 2008 -2013 period where typically the dash for gas periphery suffered the biggest drops.
Is this new energy dynamic a consequence of the Draghi monetary policy?
Anyhow we are seeing a collapse of Industrial capitalism in Europe with electricity consumption in France down 6.1 %, with its now massive elec nuclear surplus exported to the true core - The UK
#4U9525
PHOTO: Cockpit Voice Recorder of 4U9525 Germanwingshttps://homment.com/germanvoice
" McLean, Virginia-based Capital One Financial Corp.'s (NYSE: CFO) subsidiary Capital One Bank has moved several banking operations to a new Houston office while in the middle of cutting more than 100 Houston jobs. "
http://www.bizjournals.com/houston/morning_call/2015/03/capital-one-bank...