Morning @ Cantor
Morning
@ Cantor 8/13
Today’s
Stories From Cantor Fitzgerald
Sal
Catrini (908) 517-5067
PLEASE
NOTE: Sal Catrini is out today.
Any
questions or Comments please call Brian Young 212-610-3629
CONTENTS: All
Headings Are Functioning Links
Sector
News:
Energy, Industrials, Transports, TMT, Materials, Autos, Fins, Real Estate, Consumer, Gaming/Lodging, HC, Europe Trading Wrap,
Asia Trading Wrap
Investment
Banking Wrap:
M&A, Money Raising
o US Stock Futures
o
S&P Futures down 2.6 points
o
USD up 0.05 in the session
o
The
USD is proving pretty resilient after better German and French GDP.
o Commodities
o
Gold up 0.7 to 1217.4, Copper down 0.2%, Crude up 0.16 to 75.9
o
Wheat: World Is Reliant on the U.S. for Its Wheat-
WSJ
§
The
drought decimating Russia's grain crop is helping put more money into the
pockets of U.S. farmers and leaving the world more dependent on the U.S.
harvest
o Overseas Action
o
Europe markets: FTSE 100: +0.44%; DAX: +0.16%; CAC 40: +0.31%
§
The
European Bourses saw earlier gains evaporate as below q/q HK GDP data (and
downward revisions) took out any positive spin from better German, France and
Euro Zone GDP results
o
Asian Markets: Nikkei
+0.44%; Hang Seng (0.16%); Shanghai Composite +1.21%
§
Asian
equity markets are in the green as short covering going into the weekend tracks
some late-session strength reverberating in US. Investors are focused on
prospects of a more upbeat German Q2 GDP data tipped to top expectations at
2.0%- TTN
o
Data:
§
Hong Kong Q2 GDP Q/Q: 1.4% v
1.9%e; Y/Y: 6.5% v 6.3%e; Prior month revised lower
§
France Q2 Preliminary Gross
Domestic Product Q/Q: 0.6% v 0.5%e ;
Y/Y: 1.7% v 1.5%e
§
Portugal Q/Q: GDP Q/Q: 0.2% v
0.2%e; Y/Y: 1.4% v 1.3%e
§
Spain Q2 Preliminary GDP
Q/Q: 0.2% v 0.3%e; Y/Y: -0.2% v -0.1%e
Germany
Q2
Preliminary GDP Q/Q: 2.2% v 1.3%e; Y/Y: 4.1% v 2.6%e; GDP WDA Y/Y: 3.7% v 2.4%e
(Faster QoQ growth since unification)
Czech Q2 Preliminary GDP
Q/Q: 0.8% v 0.9%e; Y/Y: 2.2% v 2.3%e
Euro-Zone Q2 Advanced GDP Q/Q:
1.0% v 0.7%e; Y/Y: 1.7% v 1.4%e (Fastest pace since 2006)
o
Germany: German Economy Grows at Fastest Pace in 20 Years-
WSJ
o
German Military May Become
Volunteer Army- Sueddeutsche
o
China: PBoC Adviser Xia
Bin said China should raise deposit rates to deal with negative real rates -
People's Daily Interview
o
China: Former PBoC Advisor
Fan Gang: China's money supply has expanded too quickly; Govt should boost
investment in monopoly industries as well as overseas- Shanghai Securities News
o
China may invest about
CNY80B to stimulate domestic consumption - TTN
o
Japan PM Kan, BOJ may meet
next week to consider response measures to Yen rise - Asahi press
o
Japan: Japan's Top 3
automakers - Toyota, Honda, and Nissan - have been offering high incentives to
keep up sales of SUVs and luxury vehicles in US dealerships - Japanese press
- Economics
today:
o
Jul CPI, Retail Sales at 08.30 ET
o
Aug Michigan Consumer Sentiment
(Prelim.) at 09.55 ET
o
Jun Business Inventories at 10.00 ET
- Earnings:
o
Companies
due to report before the bell include: JCP
o Top M&A
o
Koreans may go hostile after Dana rejection- Telegraph
o
Aviva rejects RSA Insurance £5B offer for its general insurance
operations- Sky News
o
Vedanta may buy 51% of Cairn India- Financial Express
o
RSH RadioShack sale efforts derailed- NYPOST
o Top $ Raising
o
GM IPO filing may slip to early next week- Reuters
§ GM might delay its filing for an initial public offering to early next
week from the initial target date of Friday after the unexpected departure of
Chief Executive Ed Whitacre
§ http://www.reuters.com/article/idUSN1213117220100812
o
China Life, two others may shun AIA IPO- Reuters
§ China Life and two other Chinese companies may not proceed with bids for
stakes in American International Group's Asian unit AIA ahead of the unit's
planned IPO
o
Hiring Freeze?: Credit Suisse, Barclays are making cuts- BBG
o
Barclays
Plc, Credit Suisse Group AG and Royal Bank of Scotland Group Plc, which added
6,500 staff at their securities units in the past year, may lead a slowdown in
hiring in Europe as the fixed-income trading boom fizzles out
o Consumer
worries remain- CNBC
o
Today’s Retail sales, CPI, and Consumer Sentiment
reports should give a good view if consumers have turned positive on the
economy
o Rules for Big Banks Likely to Spread to Others-
American banker
o Corruption probe: US probes corruption in big pharma- FT
o
An industry attorney familiar with the probe said
that the DoJ was looking at whether pharma companies had ignored a “systematic
risk” inherent in the global drugs business and ignored obligations under local
and US anti-bribery law.
o Autos: VOLKSWAGEN SEES DECLINING GLOBAL AUTO MARKET IN 2H 2010- BBG
o Tech: India
May Target GOOG Google, Skype Next After Blackberry- CNBC
o
“There was consensus that there [is] more than one
type of service for which solutions are to be explored. Some of them are BlackBerry,
Skype, Google etc,” according to minutes from a meeting between the Department
of Telecommunications
o Tech: ORCL Sues
GOOG, Saying Android Violates Java Copyrights- WSJ
o Tech: VZ, CMCSA eye more TV on tablets- WSJ
o Tech: Germany Weighs Limits on GOOG Google- WSJ
o
Germany is considering introducing legislation that
would place stricter controls on Google Inc.'s Street View mapping service and
similar applications in the country
o
Tech: HPQ bribery probe heats up- WSJ
o
The
U.S. Department of Justice has asked Hewlett-Packard Co. to provide a trove of
internal records as part of an international investigation into allegations
that H-P executives paid bribes in Russia
o Gaming Data: MSFT Microsoft’s Xbox 360 outsold Nintendo Co.’s Wii last month, becoming the
top selling video- game console in the U.S. for the first time in almost three
years- BBG
o
Sales of the Xbox 360 more than doubled to 443,500
units, NPD Group said. Consumers bought 253,900 Wii players, little changed
from a year ago, while sales of Sony Corp.’s PlayStation 3 gained 76 percent to
214,500 units.
o U.S. Saudi Sale, With
Helicopters, Said to Approach $60 Billion- BBG
o Pentagon Slams WikiLeaks' Plan to Post More War Logs-
WSJ
o
U.S. defense officials on Thursday responded angrily
to WikiLeaks' plan to post additional Afghan war logs, with Defense Secretary
Robert Gates suggesting that the move could further endanger the lives of
Afghans who helped the U.S. war effort.
o 'Overpaid' Pensions Being Seized- WSJ
o
There aren't any statistics regarding pension
overpayments, but senior advocates say they have seen a spike of
"recoupment" cases
o Double-Dip
Fear Is a 'Very Good Thing': Mobius- CNBC
o
Fears of a double-dip recession are good for markets,
as this will pressure global central banks to stay liquid, said Mark Mobius,
chairman of Templeton Emerging Markets Group.
o GM’s
New Leader known as Pragmatic- CNBC
o
Having held top jobs at a string of companies and
more recently working for a buyout fund with a mandate to spot opportunities,
Mr. Akerson has a knack for parachuting in, surveying the landscape and making
operational and financial changes
o Coast feels the strain of a greater workload-
WPO
o Gates Urges Congress
to Avoid Harmful U.S. Military Budget Cuts- BBG
o
Defense Secretary Robert Gates urged Congress to
avoid repeating what he called “the same mistake”
o
Defense funding has dropped after periods of
conflict four times in the past 100 years, gutting national security
institutions
o Pentagon phasing out top brass in budget cuts-
WPO
o
the defense secretary's pledge Monday to cut about 5
percent of the brass is nothing short of seismic for many at the Pentagon
o Undergraduates Warned
of New Student Loan Delays- BBG
o
Students have been warned they may not receive their
full loans in time for the start of the new university term, as the body
responsible for awarding funds is hit by administrative problems for a second
successive year.
o Macro negative:
o
Youth Unemployment Hits Record High- CNBC
§ The report from the ILO says 81 million out of 630 million 15-24 year
olds where unemployed at the end of 2009, some 7.8 million more than at the end
of 2007.
o
New Worries About Europe’s Recovery- WSJ
§ Gloom is overtaking financial markets’ view of the euro zone again–just
at the moment when the region prepares to announce what will be the strongest
growth figures in two years
o
ECB Poll Finds Weak Prospects for Euro Zone-
WSJ
§
The
euro zone will grow at very subdued rates for the next two years despite recent
signs of a German-led pickup in activity
o
Irish Banks Rattling Nerves Again- WSJ
§ Less than a month after stress tests calmed concerns about Euro banks,
new problems in the Irish banking sector are making investors nervous once
again.
o Macro Positive:
o
U.S. Retail Sales Probably Rose for First Time in Three
Months- BBG
§ Retail sales in the U.S. probably rose in July for the first time in
three months as auto dealers sold more cars and merchants used discounts to
spark demand, economists said before a report today
o Political Stories:
o
Democratic Seats Vulnerable on Jobs- WSJ
§ A poor economy never bodes well for incumbents. Cook Report, the
nonpartisan political newsletter that tracks congressional races, estimates
that 73 House seats are vulnerable
o
Judge Lets Gays Marry in California Pending an Appeal- WSJ
§ The federal judge who struck down the ban on same-sex unions in
California said that gays could start marrying Wednesday, unless a higher court
steps in.
o
Two Senators is all that’s needed to pass border
security bill- WSJ
§ On Thursday, the chamber approved a $600 million border-security bill in
31 minutes, from opening gavel to final passage. While their colleagues were
enjoying a summer recess, Sen. Chuck Schumer flew in from New York and Sen. Ben
Cardin drove his Pontiac from Baltimore to represent the entire Senate in the
cavernous chamber.
o Fed watch stories:
o
US Needs
More 'Juice' — From the Fed: Economist- CNBC
§
“I
think the Fed should be talking up the economy. The [Fed] policy is
appropriately positioned,” John Ryding, founding partner and chief economist of
RDQ Economics, told CNBC Wednesday
o
Economists Want Policy Makers to Back Off Now- WSJ
§ Economists are getting more pessimistic about the strength of the U.S.
recovery, but they don't think policy makers should do anything more to support
it
o Crisis Watch
o Pakistan Fight Stalls for U.S.- WSJ
§ The U.S. military has stopped
lobbying Pakistan to help root out one of the biggest militant threats to
coalition forces in Afghanistan, U.S. officials say
o
Top Real Estate Stories:
o
High-End Home Sales Getting Boost From Low 'Jumbo' Rates-
CNBC
§
While record-low mortgage rates
aren't doing much to spur regular home sales, the higher end of the housing
market is getting a significant boost from the decline in so-called jumbo
rates—mortgages of $417,000 and above
o
Loan Rates in Week Set Record Lows- American
Banker
o Equity Recap
o
Equity
markets were in recovery mode in the early going, having troughed in Asia
(Japan opened down 2% and recovered half of those losses by the close). S&P’s,
which initially fell 10 points in the afterhours session last night, had
rallied back to even. However, amidst a slew of tech downgrades and a warning
from retailer KSS, the decline began anew. At 8:30, the Initial Claims for
Unemployment came in (19k worse at 484k), and the decline picked up speed. By
the cash open, we were down almost 15 points to the 1070.50 level. This proved
to be the low of the session. The balance of the day was spent in a (nearly
successful) effort to get back to even. Stocks ended down about ½%. The futures
have not only broken the 7/31 low, they’ve managed to close below that level;
the next support in 1050.
o
Of
the 10 Industry groups, tech was weakest (off 1.7%), led lower by CSCO, which
fell exactly 10%. Other notable Tech decliners: CAVM (off 10.5%), NETL (off
8.9%), STEC (off 7.2%) and ALTR (off 6.1%).
Homebuilders were weak as foreclosures rose 4% sequentially, reversing a
3 month string of declines (HOV off 3.7% and SPF off 4.1%). On the positive
side, the Ag stocks showed strength, led higher by IPI (up 4.4%), MOS (up
3.8%), POT (up 3.6%) and AGU (up 3.5%).
o
Billy
Clark and Team
o Converts recap
o
Large
Cap names lead the way in volume comprising 38% of the total volume. This was
double yesterday. EMC was the most active name in our market with investors
selling the short dated 2011 and buying the 2013 bond, in effect, buying
cheaper volatility. This trade highlights the refocus on volatility and away
from some of the credit trades we’ve seen over the past few months. MRK announce
that they have completed their mandatory conversion taking another $200MM out
of our market. Fixed Income’s recent boom in new issues hasn’t spilled over
into our market. The calendar is still empty with nothing on the horizon. This
could change quickly and if we do see an uptick in volatility, maybe that will
entice issuers to consider our market when raising capital.
o
Tom
Fazio
o Investment Grade
Recap
o
Lighter
secondary volume in IG today as records were set with new issuance
(again). One of the last AAA’s around, JNJ came with $1.1BN in new 10s
and 30s at record low coupons, 2.95% and 4.50%. Even more shocking to me
was from universally love Detroit Ed (DTE A2/A-) coming at 3.45%, lower than
the then amazing to behold 3.50% that McDonalds (A2/A) came just two weeks
ago. Both of these deals make old XTO (XOM Aaa/AAA) and CARGIL (A2/A)
look that much more so attractive. Higher quality buyers abound despite
tight spreads and low absolute yield as single-A’s were actually better on the
day…BBB’s were mixed with NWL (Baa3/BBB-) slightly better, going out +172-167
(px’d +175 last week), KFT (Baa2/BBB-) wider (20’s went out +147-142 from
+127-122 a week ago). Jordan and Duncan had names that took it on the
chin a little more than my names (AA, MTNA,…) but all in all despite the
economic numbers again pretty poor we are going out off the wides of the day if
not better.
o
Continuing
claims were below 4500 for the only the third time this year but initial
jobless came in above expectations (484k v 465k), equities opened lower and
tried to go higher a couple of times but ended down 58pts, now only 361pts
above 10,000, with the sentiment around I don’t think anyone would be surprised
to see us retest 10,000. But when all is said and done there still
remains cash to be put to work in corporates and accounts and dealers will pay
for it as recent deals bear witness.
o
Michael
Salemo and Team
o
KNOC
indicates it may go hostile in bid for Dana Petroleum - FT (
o
REpower
confirms previously announced preliminary Q1 results; reaffirms full year
guidance
o
R8R.GR
Roth and Rau reports H1
o
Lukoil
reports H1 total hydrocarbon production available for sale reached 2.26M bpd,
+1.8% y/y
o
SMA
Solar reports H1
o
WSJ
says Vedanta Resources would be better off not buying any of Cairn India
o
Globe
and Mail looks at toll taken by Enbridge pipeline closure
o
COP
Lukoil gets $1.5B loan to help buy back shares from ConocoPhillips - Bloomberg
o
BP
to pay $50.6M fine for 2005 explosion at Texas City, Texas, refinery - Reuters
o
ALY
Seawell to buy Allis-Chalmers Energy for $890M in transaction value- reuters
o
Vedanta
Resources may spend £4B to take stake in Cairn India - Independent
o
NBL
Noble Energy completes previously announced sale of certain Mid-Continent and
Illinois basin assets to an affiliate of Citation Oil & Gas
o
Southwestern
Energy provides updated f10 guidance
o
Schindler
Holding upgraded to outperform from underperform at Cheuvreux
o
Aker
Solutions upgraded to accumulate from hold at Danske Bank
o
Yit
agrees to buy majority stake in Slovakian construction services company Reding;
financial details weren't disclosed
o
Talks
to avoid strike at BAA airports could start this weekend - BBC
o
Assa
Abloy AB acquires US Security Metal Products; expected to be EPS accretive from
acquisition date
o
Wacker
Neuson confirms preliminary Q2 results and previously raised guidance
o
BAE
Systems downgraded to neutral from buy at UBS
o
Bauer
reports H1
o
Group
reports H1
o
Schindler
Holding and Droege International to merge activities of their subsidiaries
Actebis and ALSO
o
Homag
Group CFO Andreas Hermann to leave the company on 31-March 2011
o
LMT
Lockheed Martin awarded $309M Javelin contract
TECH/MEDIA/TELECOM
o
PCs: Panasonic and Sony
are seeing a 30% drop in price on 3D TVs since their release earlier in 2010 –
Nikkei
o ORCL Sues GOOG,
Saying Android Violates Java Copyrights- WSJ
o VZ, CMCSA eye more TV on tablets- WSJ
o GOOG: Germany Weighs Limits on GOOG Google- WSJ
o
Germany is considering introducing legislation that
would place stricter controls on Google Inc.'s Street View mapping service and
similar applications in the country
o
HPQ: bribery probe heats up- WSJ
o
The
U.S. Department of Justice has asked Hewlett-Packard Co. to provide a trove of
internal records as part of an international investigation into allegations
that H-P executives paid bribes in Russia
o
RIMM Research In Motion
to give India access to BlackBerry messenger services - Money Control
o
NWSA News Corp to start
up new national enewspaper - LA Times
o
Qantas CEO Says Bookings
‘Very Good’ on Asia Rebound- BBG
o
Patni Computer Systems declares
special interim dividend
o
GOOG Google says
California made it impossible for company to bid for $60M email contract - LA
Times
o
Anite
downgraded to hold from buy at Altium Securities
o
UBS
makes changes to European Technology Alpha Preferences list
o
WSJ
notes that Demand Media has never been profitable, despite CEO's claims
o
AVGO
Avago announces 14.9M share secondary for holders
o
EPAY
Bottomline Technologies guides fiscal 2011 Increased from previous $170-173M.
o
CA
CA Technologies announces acquisition of 4Base Technology
o
AMAP
AutoNavi Holdings reports Q2
o
CIL
China Intelligent Lighting & Electronics reports Q2
o
STST
Argon ST reports Q3
o
ABTL
Autobytel.com reports Q2
o
FLEX
Flextronics announces new board authorization for an additional $200M share
repurchase
o
RNIN
Wireless Ronin Technologies reports Q2
o
INTX
Intersections reports Q2
o
ADSK
Autodesk reports Q2
o
SHOR
ShoreTel reports Q4
o
EPAY
Bottomline Technologies reports Q4
o
ACFN
Acorn Energy reports Q2
o
BSQR
BSQUARE reports Q2
o
EFOI
Energy Focus reports Q2
o
VRAZ
Veraz Networks reports Q2
o
ARWR
Arrowhead Research reports Q3
o
GSB
GlobalSCAPE reports Q2
o
Muehlbauer
Holding AG & CO initiated buy at Berenberg
o
H&R
WASAG AG reports - Co also expects to see good demand for
chemical-pharmaceutical raw materials again in the 2nd half of the year
o
Holmen
AB upgraded to buy from hold at SEB Enskilda
o
Ahlstrom
upgraded to buy from hold at SEB Enskilda
o
Magnitogorsk
Iron & Steel reports
o
K+S
AG upgraded to neutral from underperform at Exane BNP Paribas
o
Rio
Tinto (RIO.LN), Potash Corp (POT) want to buy 10%-15% stake in Uralkali --
Vedmosti
o
The
value of Uralkali was estimated at approx $15B.
o
ThyssenKrupp
reports Q3- Co is cautiously optimistic that the current economic recovery will
prove sustainable
o
WSJ
says Vedanta Resources would be better off not buying any of Cairn India
o
A
"Heard on the Street" column says major miners don't buy into oil.
The only exception, BHP Billiton (BLT.LN), has a unique historical
justification for its position. The column says oil futures would be a much
cheaper hedge against energy costs than a takeover would be, especially with
Cairn India trading near its all-time high. The column concludes that buying
into the oil company would stretch Vedanta's balance sheet and give
shareholders reason to be concerned.- WSJ
o
Severstal
selling US steel mills - Baltimore Sun
o
Vedanta
Resources (VED.LN) may spend £4B to take stake in Cairn India - Independent
o
18:13
TGB Taseko Mines reports Q2
o
Jintai
Mining files for 6M share IPO at $4-6/share through Maxim Group
Flotek Industries reports
o
SVM
Silvercorp Metals, Inc. reports
o
GEVO
Gevo files $150M IPO through UBS and Goldman
o
ALB
Albemarle CFO Richard J. Diemer, Jr. to resign; Richard Fishman named interim
successor
o
MLP
upgraded to hold from sell at Societe Generale
o
Aviva
declines to comment on report RSA Insurance Group offered to buy its general
insurance operations -- Reuters
o
Aviva
rejects RSA Insurance Group £5B offer for its general insurance operations --
Sky News
o
Gagfah
downgraded to underperform from outperform at Macquarie Research
o
Fortress
(FIG), Metropolitan Life (MET) in late bidding for ResCap - NY Post
o
IVG
Immobilien reports Q2 net €9.6M vs year-ago
o
Prudential
PLC upgraded to hold from sell at Oriel Securities
o
MI
Developments reports Q2
o
China
Life reports unaudited Jan-Jul premium income
o
Prudential
Holdings gets OK from Malaysia's central bank to talk about taking stake in
Pacific & Orient - Reuters
o
AIG
China Life, others think AIA IPO is overpriced, says 21st Century Business
Herald - Reuters
o
CVBF
CVB Financial CFO Edward Biebrich Jr postpones retirement
o
SPPR
Follow up: Supertel Hospitality reports Q2
o
SPPR
Supertel Hospitality reports Q2
o
UTR
Unitrin announces resignation of CFO Eric Draut effective 3-Sep
o
IAAC
International Assets reports
o
AMIC
American Independence reports Q2
o
CDII
Follow-up: China Direct Industries reports Q3
o
MERR
Merriman Curhan Ford reports
o
CDII
China Direct Industries reports
o
TMK
Torchmark Corp increases quarterly dividend by 6.7% to $0.16 from $0.15
o
IHC
Independence Holding Co. reports
o
ENH
Endurance Specialty authorizes 7M share repurchase program
o
GDOT
Green Dot Corp reports Q2
TRANSPORTS
o
GLNG
Golar LNG upgraded to buy from hold at SEB Enskilda
o
Hamburger
Hafen und Logistik reports H1 G
o
PRXI
Premier Exhibitions receives salvage award for recovery of Titanic artifacts
o
ULTR
Ultrapetrol Limited reports Q2
o
XJT
ExpressJet reports July Load
o
TOD
Todd Shipyards reports Q1
o
New
Wave Group AB upgraded to buy from accumulate at Svenska Handelsbanken
o
Fortress
(FIG), Metropolitan Life (MET) in late bidding for ResCap - NY Post
o
Phoenix
Footwear reports Q2
o
HLYS
Heelys reports
o
Anheuser-Busch
InBev upgraded to accumulate from hold at Degroof
o
Diageo
downgraded to hold from buy at Investec
o
Huegli
Holdings reports
o
Cermaq
reports
o
WSJ
is positive on Anheuser-Busch InBev
o
Schindler
Holding and Droege International to merge activities of their subsidiaries
Actebis and ALSO
o
Swedish
Match downgraded to sell from hold at Royal Bank of Scotland
o
DAR
Darling International reports
o
ALCO
Alico to hold an investor conference call on 18-Aug at 16:00ET
o
JSDA
Jones Soda reports Q2
o
SBUX
Barron's Weekday Trader is positive on Starbucks
o
BLOKA
Blockbuster delays releasing Q2 results to 13-Aug – Reuters
o
DV
DeVRY reports Q4
o Harrah's Entertainment negotiating to build casinos in Cleveland, Cincinnati – WSJ
o
Bally
Technologies reports Q4
o
Biofrontera
subsidiary receives manufacturing and distribution license
o
ALGETA.NO
ALGETA reports Q2
o
Axis-Shield
welcomes formal approval of anti-ccp antibody testing for diagnosis of early
rheumatoid arthritis
o
Lundbeck
reports Q2
o
Carl
Zeiss Meditec upgraded to overweight from neutral at HSBC
o
Santhera
Phamaceuticals granted European patent for the use of idebenone in the
treatment of Duchenne Muscular Dystrophy, other muscular dystrophies (CHF 8.08)
o
US
Department of Justice, SEC looking at pharmaceutical companies' payments in
corruption probe - FT
o
LLY
Eli Lilly announces adverse ruling in patent litigation for Strattera; lowers
2010 revenue growth guidance
o
SUNH
Sun Healthcare files an S-3 MEF; to register and additional $40M in common
stock pursuant to 1-May-08 shelf
o
NGSX
NeurogesX files $75M mixed shelf
o
CPRX
Catalyst Pharmaceutical reports Q2
o
NEXM
NexMed reports
o
TRMS
Trimeris reports Q2
o
MRNA
Marina Biotech reports
o
MDSO
Medidata Solutions reports Q2
o
OXGN
OXiGENE reports Q2
o
MDSO
Medidata Solutions reports Q2
o
Trubion
Pharmaceuticals to be acquired by Emergent BioSolutions - reuters
o
ALIM
Alimera Sciences reports
o
ILI
Interleukin Genetics reports Q2
o
AIS
Antares Pharma reports Q2
o
PIP
Pharmathene reports Q2
o
Oils
o
Dana
Petroleum (+2.3%). According to sources close
to the deal, KNOC has started approaching Dana investors directly after talks
with management fail.
o
Seadrill (+1%). Seadrill have agreed to buy Allis-Chalmers Energy
for $890m.
o
Metals and Miners
o
Thyssenkrupp
(+2.4%). 3Q figures impress the
market. They also lift their FY guidance.
Japan
o
NKY+0.44%,
TPX +0.42%
o
NKY
rose drawing support from an apparent halt in the yen’s advance against the
dollar. Turnover on the TPX rose to 1.28 trillion yen from 1.08 trillion yen
yesterday
o
Stocks
rose across most sectors led by oil & gas, consumer, telecom and health
care. Utilities fell
o
Exporters
rose on bargain hunting after the yen halt its advance against the dollar:
autos +0.11%, CE +1.61%, precision +0.33%
o
Best
performing sectors on the TPX: oil & coal +2.26%, rubber products +1.94%,
textiles & apparels +1.66%; worst performing sectors: real estate -0.65%,
fishery, agriculture & forestry -0.53%, mining -0.29%
Hong Kong
o
HSI
-0.16%; HSCEI -0.38%
China
o
SHCOMP
+1.21%; SZCOMP +1.82%
o
Stocks
rose steadily in late trading helped by firmer sentiments as investors
speculate the government won’t further tighten lending and property curbs given
the slowdown in the economy. Turnover on the SHCOMP fell to 94.10B yuan from
86.82B yuan yesterday
o
Stocks
rose across most sectors led by health care, industrials, materials and
consumer
o
Gold
mining +4.06% after the price of the metal rose
o
Real
estate +1.50%. A Chinese property industry group called on the government to
refrain from tightening real-estate curbs further after measures including
higher mortgage rates and lending restrictions led to a slump in transactions.
Shanghai’s new mortgage loans plunged 98% YoY to 270M yuan in July, the lowest
in at least a year, the Shanghai branch of the PBoC reported
o
Consumer
names +1.70% after the Securities Times reported China may spend more than 80B
yuan this year to spur domestic consumption
M&A
o
M&A Losers in $10 Trillion Deal Binge Led by McClatchy,
Sprint- BBG
o
More than half of the 100 biggest takeovers made
during the last mergers-and-acquisitions boom have something in common: By one
measure, they never should have happened.
o
The stocks of 53 companies that made the biggest
purchases from 2005 to 2008 lagged behind industry peers two years later
o
Burkle launches proxy war for BKS Barnes & Noble-
Reuters
o
Billionaire investor Ron Burkle on Thursday launched
a proxy war to raise his control over Barnes & Noble Inc (BKS.N), after
talks with the top U.S. bookselling chain fell apart and a poison pill to
prevent him from taking over was upheld in court
o
http://www.reuters.com/article/idUSN1211605220100812
o
Koreans may go hostile after Dana rejection- Telegraph
o
Dana said it was unable to open its books without a
confidentiality agreement from KNOC, while the Koreans said they would go no
further without a board recommendation
o
KNOC followed by expressing its
"disappointment" that its approach had been rejected. It added that
it was "considering its options" – which could include a hostile bid
for the company.
o
Keep Couche-Tard off board, CASY Casey's tells investors-
Reuters
o
Casey's General Stores, the U.S. convenience store
chain fighting a hostile takeover bid from Canada's Alimentation Couche-Tard
(ATDb.TO), urged shareholders on Thursday to vote against an attempt by
Couche-Tard to gain influence over its board of directors.
o
http://www.reuters.com/article/idUSN126319020100812
o
Aviva rejects RSA Insurance Group £5B offer for its
general insurance operations-Sky News
o
Aviva declines to comment on report RSA Insurance
Group offered to buy its general insurance operations- Reuters
o Indonesia energy
deals simmer on Asia's M&A burner- Reuters
o
Major energy deals are on the boil in resource-rich
Indonesia, regional dealmakers and analysts say, as Western energy giants seek
to raise money for near-term projects and to pay down debt.
o
http://www.reuters.com/article/idUSTOE67B03020100813
o Vedanta may buy 51%
of Cairn India- Financial Express
o
Earlier reports said, Cairn Energy may sell a stake in
its Indian operation Cairn India, but will not exit the business, the head of
the the company's local unit said on Friday.
o
"I don't think they are exiting the business.
They are just selling stake... It may or may not be substantial," Rahul
Dhir, chief executive of Cairn India Ltd told reporters.
o
http://www.financialexpress.com/news/vedanta-may-buy-51-stake-in-cairn-india/659771/
o Cairn may need India
govt nod for stake sale- Reuters
o
India-focused Vedanta Resources (VED.L) is in talks
with Cairn Energy, which has a 62.37 percent stake in Cairn India, to buy a
stake in the unit
o
http://uk.reuters.com/article/idUKDEB00335420100813
o RSH RadioShack sale
efforts derailed- NYPOST
o
As first reported by The Post, the electronics chain
hired investment bank Goldman Sachs this spring to find a buyer and hoped to
fetch more than $3 billion in the process
o
But lackluster consumer spending and shaky debt
markets -- as well as RadioShack's stubbornly high stock price -- have led most
buyout firms to tune out in recent weeks.
o Randstad to acquire
Japan's FujiStaff for $161 mln- Reuters
o
utch staffing company Randstad will buy the four
fifths of Japanese peer FujiStaff it does not already own in a move to boost
its reach in the world's second-largest staffing market
o
http://www.reuters.com/article/idUSLDE67C08D20100813
o EBS Emergent to buy
TRBN Trubion Pharma for up to $135.5 mln- Reuters
o
Emergent BioSolutions said it agreed to buy Trubion
Pharma for up to $135.5 million in cash and stock to expand its product
pipeline into oncology and autoimmune diseases.
o
http://www.reuters.com/article/idUSSGE67B0O020100812
o Fortress (FIG),
Metropolitan Life (MET) in late bidding for ResCap- NY Post
o
Not only did Edens, co-founder of Fortress
Investment Group, win the auction this week for American International Group's
consumer lender American General, which has $3 billion in outstanding loans,
but it is one of the last suitors for GMAC's Residential Capital business that in
the second quarter produced $13.5 billion in mortgage loans
o
http://www.nypost.com/p/news/business/giving_credit_Fd4FaZMQ8VUbfNpjTWFotM
o Malaysia's P&O
receives nod to talk to Prudential- Reuters
o
"Pacific & Orient received the approval by
fax (Wednesday) yesterday morning, but there have been no discussions about a
price yet,"
o
http://www.reuters.com/article/idUSSGE67B0CH20100812
o New firms replenish
buyout market- Reuters
o
Kohlberg Kravis & Roberts and the Blackstone may
own the headlines for sponsoring the biggest buyouts. But a bevy of new LBO
firms have quietly formed in recent years, buying and selling small and
medium-size companies in less-traveled regions of the country.
o
http://www.reuters.com/article/idUSN1223773120100812
o
ASH Ashland looking to
sell distribution business- Reuters
o
Ashland,
the chemical maker and Valvoline brand owner, is looking to sell its chemicals
and plastics distribution business and has hired Bank of America to advise on
the possible
o
http://www.reuters.com/article/idUSN1223279920100812
o
Seawell to buy ALY
Allis-Chalmers Energy for $308 mln- Reuters
o
Seawell
on Thursday said it agreed to buy Allis-Chalmers Energy Inc for roughly $308
million, creating an oilfield services company operating in more than 30
countries
o
http://www.reuters.com/article/idUSN1215327920100813
$ RAISING
IPOs
o GM IPO filing may slip
to early next week- Reuters
o
General Motors might delay its filing for an initial
public offering to early next week from the initial target date of Friday after
the unexpected departure of Chief Executive Ed Whitacre
o
http://www.reuters.com/article/idUSN1213117220100812
o China Life, two
others may shun AIA IPO- Reuters
o
China Life and two other Chinese companies may not
proceed with bids for stakes in American International Group's (AIG.N) Asian
unit AIA ahead of the unit's planned IPO
o
http://www.reuters.com/article/idUSTOE67701520100813
o Jintai Mining files
for 6M share IPO at $4-6/share through Maxim Group
o Gevo Inc files for
$150 mln IPO- Reuters
o
Renewable chemicals and biofuels company Gevo Inc
filed with U.S. securities regulators on Thursday to raise up to $150 million
in an initial public offering of common stock.
o Imperial Holdings
files for $287.5 mln IPO- Reuters
o
The company, which provides premium financing for
individual life insurance policies and buys structured settlements, plans to
use the net proceeds to operate its regular business.
o
http://www.reuters.com/article/idUSSGE67B0NZ20100812
PRICINGS
o Initial Offerings
o
No intial offerings priced today
o Secondary Offerings
o
No secondary offerings priced today
NEWS
o CVC amends Univar's loan
before stake sale- reuters
o
Private equity firm CVC Capital Partners [CVC.UL]
asked lenders to global chemicals distributor Univar [UNIV.UL] to approve a new
$300 million loan and extend existing debt as it readies a 49 percent stake
sale
o
http://www.reuters.com/article/idUSN1213381420100812
o Healthcare: NGSX NeurogesX files $75M
mixed shelf
o Tech: AVGO Avago announces 14.9M share
secondary for holders
o Healthcare: SUNH Sun Healthcare to register and additional $40M in common stock
o
American
Gaming Association Gaming Industry Forum - Aug 13, 2010
o
Bank
of America Merrill Lynch Specialty Pharmaceuticals Conference - Aug 12, 2010 -
Aug 13, 2010
·
8:40AM: CADX
·
9:20AM: CLDA , CPIX
·
10:40AM: VVUS
·
11:20AM: PPCO , REGN
o
Canadian
Security Traders Annual Conference - Aug 12, 2010 - Aug 15, 2010
o
International
Quality & Productivity Center Military Vehicle Armor & Power Focus Day -
Aug 10, 2010 - Aug 13, 2010
o TODAY’S EVENTS
o
Shareholder
Meetings
§
ECLP,
MDRX, UAHC, BPZ, FTK
o ECONOMICS
o
0830
Consumer Price Index
o
0830
Advance Retail Sales
o
0955
U of Mich confidence Index
o
1000
Business Inventories
o EARNINGS
o Autos
·
CIEC,
ENA, TOVC, TTEG, ZERO, CALI, KNDI
o Materials
·
LPAD,
CMIN, LTUM, ROAC, CAGC, NOEC, GORO, XTGR, GSPG, ADES, CRUI,, FSI, CHOP, FRD
o Consumer/Retail/Education
·
JCP,
ROX, CRV, HLYS, DRJ, HWG, NPK, HOOK, DMC, WVVI, INOC, PNTR, CYXN, QKLS, NBS,
EMDY, LWAY, SPU, YUII, BNLB, CKGT, HEPI, TBV, MOC, SPGZ
o
Energy
·
AENY,
MMEX, PWVI, GRH, SGZH, PUDA, ETLE, MHTX, SOEN, TOTY, ESA, FPP, MHR, MNAP, MXC,
PDO, PNRG, SNRV, ZN, BIOF, NGBF, PBOF
o Financials
·
CAFI,
CPSS, COWN, SIEB, AAME, NSEC, FAC, GAN, HALL, DIMC, FBIZ, LARK, MBR, RBPAA,
USBI, BFSB, COBK, JFBI, MGYR, NECB, SNFCA, PMIC
o Gaming, Lodging,
& Leisure
·
SNSTA,
ZAAP, GPIC
o Healthcare
·
AAPH
, ASRG, BVTI, HDVY, SKNY, ACHN, ACTC , CBLI, CBPO, CLSP, CUR, CVM, DARA, DYAI,
GENT, ISCO, MBCI, NLTX, NWBO, NYMX, OPXA, OXGN, PRWP, RGN, SNGX, SPPI, TRMS, TTNP,
AEMD, CADM, DXR, ELOS, NEPH, POSC, PSID, SCIE, VSCI, ZYXI, CBAI, DSCI, RVP,
SHMR, WNDM, MEDQ, BDSI, HLCS, ILI, ACCP, AEN, AOLS, ARYX, CYAN, ECTE, NBY,
SKBI, TCM , BLGO
o Industrials/Homebuilders
·
ADG,
TIK, XNN, CCLTF, BEST, CMT, AXIH, AMOT, CRTP, NEXS, SOPW, SPIR, APDN,
ICXT, STRN, CIWT, IDSA, NVIC, GCHT, CWS, SHE, WUHN, BPAC, PWX, HLXW
o Media
·
ATRN,
CCME, SWWI, CNYD, SGA, PRVT
o Real Estate
·
TRC,
TCI, VRTB, AQQ, ARL, CKX, IOT, PW
o
Tech/Telecom
·
BITS,
CTFO, WZE, HBE, ACFN, PFSW, CVV, OPTI, FTLK, HUTCU, NSSI, MEDG, ABTG, DDDC,
ADPT, WTT, ETAK, SBAY, VIP, ONSM, QPSA, SPEX, RPTN, TKOI, TSTC, WGAT
o Transportation
·
AMCF,
VLCCF
o Utilities MAM, EGAS, TRIT
***All
eco data from Bloomberg and DJ
Prepared by staff
of Cantor Fitzgerald & Co. ("Cantor") and is for information
purposes only. It is not intended to form the basis of any investment decision,
should not be considered a recommendation by Cantor or any other person and
does not constitute an offer or solicitation with respect to the purchase or
sale of any investment nor is it a confirmation of terms. Any calculations and
valuations presented herein are intended as a basis for discussion. Sources of
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gives no warranty that the information contained herein is accurate or
complete. Any opinions or estimates given may change. Cantor undertakes no
obligation to provide recipients with any additional information or any update
to or correction of the information contained herein. This material is intended
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are institutional investors. Cantor, its officers, employees, affiliates and
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losses, costs or claims howsoever arising from any inaccuracies or omissions in
the information contained herein or any reliance on that information. Cantor
may have positions in financial instruments mentioned, may have acquired such
positions at prices no longer available, and may have interests different or
adverse to your interests. No liability is accepted by Cantor for any
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