Morning @ Cantor
Morning
@ Cantor 8/31 Today’s
Stories From Cantor Fitzgerald Sal
Catrini (908) 517-5067 CONTENTS: All
Headings Are Functioning Links
Sector News: Energy, Industrials, Transports, TMT, Materials, Autos, Fins, Real Estate, Consumer, Gaming/Lodging, HC, Other
Stories, Europe Trading Wrap, Asia Trading Wrap
Investment Banking Wrap: M&A, Money Raising
o US
Stock Futures, SPs dn 4
o Europe stocks near session highs dn 0.9% at 7am et
… European Unemployment data
in line with expectations and contains the aversion flow
§
The Euro Stoxx 600 falls for a second day.
Financials decline on earnings
§
EU banks , miners, and autos getting hit worst
Tuesday..Spanish bank particularly hit today
§
Allied Irish bank dn 5% today
§
Nikkei
ends session down over 3.5% while JPY currency remains firm
o
Fear
bid today..treasuries bid, 2 yr back at 0.5%...yen bid
o
U.S.
Treasuries Rise, Extending Monthly Gain as Stocks Decline..2 yr under 0.5%
§
sending 10-year notes to their biggest
monthly gain since the end of 2008
§
Two-year yields were within five basis points
of a record low before the Federal Reserve releases minutes of its last meeting
o
US
libor: 3-month: Dollar: 0.296% vs prior 0.297%
o
FX:
§
USD near lows at 7am et….dn 0.117 to
83.047
§
Flight
to safety pushes Swiss franc to all-time high against euro
§
The Swiss franc registered the biggest gain
against the U.S. dollar among 16 major currencies today, strengthening 0.82
percent as of about 5:00 p.m. Tokyo time. The worst performer was the New
Zealand dollar, which fell 1.52 percent.
§
Yen nudges back near 15-year peak as
BOJ impact fizzles
§
Yuan
Set for Biggest Monthly Drop Since 1994 as Economy Slows – BBG..
The yuan has declined 0.5 percent so far this month, trimming gains since the
central bank ended a two-year dollar peg on June 19 to 0.3 percent.
o
Crude dn
1%
o
Gold
and copper dn small tues
o
Gold
Rallying to $1,500 as Soros’s Bubble Inflates – BBG
§
Analysts raised their 2011 forecasts more than
for any other precious metal the past two months, predicting a 10th annual
advance, data compiled by Bloomberg
o
Tech bellwethers …Hon Hai, Foxconn International
Tumble After Earnings
o
Big
story: Japan Confirms Meeting With Zhou
Amid Speculation He Left China – BBG
o
Japan’s financial regulator confirmed that
its chief met with Chinese central bank governor Zhou Xiaochuan in Beijing
yesterday amid speculation the head of the People’s Bank of China had left the
country.
o
New
clash today in US vs China, on aluminum ruling due today in US – BBG
o
PBOC: Yuan
Reform Won't Close U.S. Trade Gap - WSJ
o
Strengthening Hurricane Earl may rake
U.S. east coast
o
Tropical Storm Fiona Joins Earl, Danielle in
Atlantic Ocean
o
New York City Heat Wave Expected to Last Till
Weekend
o Overseas
Action
o
Europe markets:
§ Europe stocks near session highs dn 0.9% at 7am et
o Asian
Markets:
§ Asia
slammed
·
Nikkei
(3.55%); Hang Seng (0.97%
·
Shanghai Composite (0.47%)
o Data:
§
European
Unemployment data in line with expectations
§
Germany
Aug Unemployment Change: -17K v -20Ke; Unemployment Rate: 7.6% v 7.6%e
§
Euro
Zone July Unemployment Rate: 10.0% v 10.0%e
§
India
Q2 GDP Y/Y: 8.8%e v 8.6% prior; faster rate since Q4 2007
·
India's
economy grew at its fastest clip in nearly three years in
the quarter through June on strong manufacturing growth and farm output that
may keep the central bank on its policy tightening path
·
increasing
pressure on the central bank to extend the most aggressive round of
monetary-policy tightening in Asia.
§
80% of Greeks pessimisitc about economy – BBG
§
German Aug unemployment change
(17k) vs consensus (20k), unemployment rate 7.6% vs consensus 7.6%.
§
UK Jul Mortgage Approvals
48,722 vs consensus 46,500 and prior revised 48,562.
§
Good
data: Japan July
industrial production +0.3% m/m vs survey (0.4%).
§
Russian Central Bank (CBR) Leave Refi Rate
unchanged at 7.75%; As Expected
§
South
Korea commented that it would drop its call for currency swap arrangement
from G-20 agenda
§
China's
PBoC Hu commented that there were
signs of a slowdown in the slow global recovery but no double dip recession was
foreseen. He reiterated that yuan exchange rate was not key in rebalancing
US-China trade and that the US borrowing-based consumption model must change.
He again stressed that China remained a responsible investor of forex reserves
– TTN
§
NZD
falls after South Canterbury Finance confirmed appointment of a receiver
·
South Canterbury Finance company failed to
secure private-sector debt restructuring, forcing govt receivership
o Economics today:
o ICSC-Goldman Chain Store at 07:45 ET
o Redbook Chain Store at 08:55 ET
o Jun Case-Shiller Home Price Index at 09:00 ET
o Aug Chicago PMI at 09:45 ET
o Aug Consumer Confidence at 10:00 ET
o Aug FOMC Minutes at 14:00 ET
o API Crude Inventories at 16:30 ET
o ABC Consumer Comfort at 17:00 ET
o U.S.
sells $34b 4-week bills, 11:30 a.m.
o Japan
briefing today on economy
- Earnings:
o
Dollar General (DG), 7 a.m., $0.38
o
DSW (DSW), 7 a.m., $0.45
o
Energy Conversion Devices (ENER) 7 a.m.,
$(0.64)
o
Bank of Nova Scotia (BNS@CN), 7:08 a.m., C$1
o
Applied Signal Technology (APSG), 4 p.m.,
$0.22
o
Accuray (ARAY), 4:10 p.m., $0.04
o
ABM Industries (ABM), 5 p.m., $0.41
o
For-Profit
Education meeting today :
§
Tuesday
morning, Sen. Dick Durbin (D., Ill.) is expected to
hold a hearing in Chicago to examine whether for-profit schools mislead
students about the jobs available after graduation, and whether additional
federal oversight is needed. Senior executives of a number of the companies are
expected to appear.
o Crisis panel to hear from Bernanke
and Lehman's Fuld – Reuters link
o
Top M&A
o MMM, COGT: 3M May See
Competition in Bid to Purchase Cogent – BBG
o
SNA Snap-On holder ValueAct discloses 8% stake in
an amended 13D filing
o
DRL Doral Financial holder Marathon Asset
Management discloses 6.2% stake in 13D filing
o
APD,
ARG: PRESS RELEASE:
Air Products Comments on Airgas' Latest Delaying Tactics
o
AIG: Taiwan
Rejects Sale of AIG Unit – WSJ link
§ Taiwan's government rejected a bid for American
International Group Inc.'s Taiwanese life insurance unit Nan Shan Life
Insurance Co., citing concerns over the island's financial security.
o
SKS…A bid for Saks is in
store… dailymail, SA
o
SKS
+20.4% (rumor of a private equity bid) – per SA
o
http://www.dailymail.co.uk/money/article-1307507/A-bid-Saks-store.html
o Dell Expected to Bow Out of 3PAR Bidding –
CNBC link
o BHP Denies Plans to Divest Potash Assets – CNBC link
o
Potash Corp. Says BHP Has Been Cold-Calling
Customers – BBG
o Newcrest paves way for gold M&As
after Lihir buy –
Reuters link
o Seat
Pagine Gialle not aware of any interest from PagesJaunes (PAJ.FP) -- Reuters
o Merger-Arbitrage ETF Banks on Deal Pickup – WSJ link
§ An
exchange-traded fund that specializes in merger arbitrage has received a
lukewarm reception in the market, but a burst of deal activity may invite some
investors to take a closer look.
o
Top $ Raising
o SurgiVision Postpones Its Planned Initial
Public Offering – BBG
o In A Sleepy Week, Nobody Doesn't Like Sara Lee's
$800M Bond Deal – DJ
§ The
summer doldrums weren't evident when bakery products maker Sara Lee Corp. (SLE)
came to market Monday with a $800 million bond issue, its first U.S. bond sale
since 2003
- Credit market stories:
o
More lenders back away from deals with environmental risk
§ Major commercial lenders are increasingly
deciding not to finance projects with significant environmental risk, fearing
harm to their profit and reputation. Bank of America, Citigroup, Credit Suisse,
JPMorgan Chase, Morgan Stanley and Wells Fargo are tightening up their
evaluation of mountaintop mining projects or simply declining to finance them. The New York Times (free registration) (30 Aug.)
o
Bond buyers aren't punishing
Obama for a record-high deficit
§ When President Bill Clinton wanted to boost
borrowing 16 years ago to stimulate the U.S. economy, advisers warned that the
bond market would punish him with higher borrowing costs when the deficit
started to increase. Today, President Barack Obama faces the opposite, experts
said. The supply of Treasurys has expanded 70% in the past two years, but investor
demand has been so strong that interest has declined 17% this fiscal year. Bloomberg
(30 Aug.)
o
Munis: Bloomberg)
-- Pennsylvania’s capital city won’t make $2.2 million in Sept. 1 bond payments
it has guaranteed on behalf of the Harrisburg Authority, according to Chuck
Ardo, a spokesman for Mayor Linda Thompson.
Harrisburg has already skipped about $6 million in payments this year on
the debt related to a waste-to-energy incinerator.
o
Munis: Miami Weighs Pay Cuts After Budget Gap Leads
to Lower Ratings - BBG
o Fed watch:
o Fuld, Bernanke and Bair will testify before the crisis
panel
§ Former Lehman Bros. CEO Richard Fuld, Federal
Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corp. Chairwoman
Sheila Bair and other insiders are scheduled to testify before the U.S.
Financial Crisis Inquiry Commission this week. The hearing will focus on the
"expectations and impact of extraordinary government intervention"
during the financial crisis. The panel will explore the idea of "too big
to fail" at its two-day hearing. Bloomberg
(30 Aug.) , Reuters
(31 Aug.)
o
Kohn to Become Brookings
Academic After Fed from
DealBook
§ Donald
Kohn, vice chairman of the Federal Reserve, will take his central banking
expertise to the Brookings Institution after he retires this week from four
decades at the Fed, Brookings announced on Monday.
o
Elizabeth
James, director of futures business at Barclays, told a U.S. bankruptcy court
that the bank did not have a clear grasp of Lehman Bros.' derivatives business
when Barclays was looking into acquiring its derivatives trades in 2008.
"Lehman's books were in such a mess that I don't think they knew where
they were," James said. Bloomberg
(30 Aug.)
o
Second Leg of Crisis
Beginning: Hedge Fund Manager
o September
and October hold bad news for stock markets and banks remain overleveraged as
we head into the second leg of the financial crisis according to Pedro De
Noronha, the managing partner at Noster Capital in London.
o http://www.cnbc.com/id/38930268
o
Lack of faith in
policymakers hits risk from Financial Times
o A
sense that fiscal and monetary authorities are bumbling their lines in the face
of a dangerous plot twist for the global economy is gripping markets, pushing
traders back into havens such as core government bonds and the yen
o
EU
austerity measures,
the London Times reported that the UK government is reconsidering its plan to
purchase £10.5B in air refueling tankers for the Royal Air Force, while, the FT
reported that UK Chancellor Osborne is planning to cut the Treasury
department's workforce by 25% over the next 4 years.
o
US govt to the rescue….again??
o
Obama promises new
efforts to boost economy from
Wash Post
§ Under pressure to revive the faltering recovery,
President Obama said Monday that he and his economic team are discussing
"additional measures" to bolster growth and spur hiring, including
"further tax cuts" to encourage businesses to create jobs.
o
Obama
Pushes Small Business Bill, Hints at More Steps – CNBC link
o
Is
Another Tax Credit For Home Buyers On the Way? –
CNBC link
o
Economy Needs Another
Big Stimulus Push: Krugman
§
The US economy needs another government
stimulus program as big as the one President Obama pushed through Congress in
February 2009, economist Paul Krugman said on CNBC Monday
§
http://www.cnbc.com/id/38922732
o Major Hedge Funds Cut Back on Equity Risk in 2nd
Quarter
o
The shift, evident in second-quarter
securities filings, is not as simple as leaving equities behind
o
many money managers have shifted to more
defensive investments like utilities and high dividend plays, according to a
Thomson Reuters review of portfolio disclosures by 30 of the largest
fundamentally-oriented hedge funds
o
http://www.cnbc.com/id/38920934
o Companies Say New US Pay Law A 'Logistical
Nightmare' – FT link
o
The mandatory disclosure will provide
ammunition for activists seeking to target perceived examples of excessive pay
and perks
o Cheap Chinese Labor May Be a Thing of the
Past – FT, CNBC link
o
The manufacturing hub in Guangdong province
has been buzzing with two different but related stories—the spate of suicides
at Foxconn, the company that makes the iPad and other hi-tech gadgets, and a
high-profile strike at a Honda components plant.
o
Both
events have also resulted in eye-catching wage increases—30 percent in the case
of the Foxconn workers and a 24 percent offer at the Honda factory (they want 50 percent).
o About 2,000 Employers to Draw Health Funds –
WSJ
o
Almost 2,000 employers and unions will be
eligible to submit retirees' medical bills for reimbursement by a $5 billion
federal fund, the Obama administration will disclose Tuesday, suggesting the fund will be spread
widely but thinly.
o
Employers won funds to offset health costs.
Above, GM retirees join health-care benefits protest in 2009.
o
.General Motors Co., General Electric Co.,
Procter & Gamble Co., PepsiCo Inc., Alcoa Inc., Intel Corp., and Pfizer
Inc. are among the large corporations that the White House will say can submit
retirees' health bills for reimbursement.
o Citigroup Will Meet With
Mayo After Analyst Complains – BBG
o
Citigroup Inc. said its senior management
will meet with Mike Mayo after the analyst complained that their failure to do
so for almost two years caused him to doubt the bank’s trustworthiness. The company will “meet with Mr. Mayo in due
course,” Jon Diat, a spokesman for Citigroup, said in an e-mail today following
Mayo’s report.
o Tech weigh overnight:
o
Foxconn (2038.HK)
tumbled 7% … Hon Hai Precision Industry (2317.TT) dropping 7% to lead
tech shares down
o
Quanta Computer
Inc., the world’s largest maker of laptops, posted profit that missed estimates
and cut its shipment forecast for the current quarter, citing signs of economic
weakness in developed markets. BBG
o Rusal (486.HK) rose 2%
after reporting their respective H1 results
o Hermes , the Paris
luxury-goods producer, reported Tuesday a 55% surge in first-half net profit,
buoyed by strong sales in Asia
o Autos: U.S.
Wants Report Card for Cars – WSJ link
o
The Obama administration proposed dramatic
new rules for how auto makers advertise the fuel economy of a vehicle,
assigning them letter grades from A to D.
·
Autos: Toyota Prius Augurs Collapse in Japan’s Auto
Sales – BBG
o
The Prius hybrid has spearheaded sales growth
for Toyota Motor Corp. in Japan for more than a year, helped by government
subsidies. The model will likely bear the brunt of plunging demand as the
support ends. “A collapse in sales is
unavoidable,” said Hiromi Inoue, the new-car sales chief for Tokyo Toyopet
Motor Sales Co. “The daily pace of orders for the Prius is already dropping. We
are bracing ourselves for the coming crisis.”
o Casinos : Stanley Ho
o
SJM
Holdings Ltd., the casino operator controlled by Macau
billionaire Stanley Ho, said first- half profit rose more than fourfold after
it added more tables for high rollers from China - BBG
o Media conglomerate Bertelsmann AG
said Tuesday said it swung to a first-half net profit and lifted its outlook for 2010.
o Are Genetically Altered Fish OK? US to Make a
Decision –
CNBC link
o
U.S. health officials are set to rule on
whether a faster-growing, genetically engineered fish is safe to eat in a
decision that could deliver the first altered animal food to consumers' dinner
plates
o US vs China stories :
o PBOC: Yuan Reform Won't Close U.S. Trade Gap – WSJ link
§ China will continue to relax restrictions on the use of
the yuan, but those changes won't resolve China's massive trade imbalance with
the U.S., the central bank's deputy governor said.
o
China
might be exposed if its economic outlook deteriorates because its growth is
being fueled by a rapid expansion of banks' balance sheets, Moody's Investors
Service said. "Pain lies ahead if China's economic growth slows and the
banking business model cannot adjust accordingly in time," said Yvonne
Zhang, senior analyst for China at Moody's. Telegraph (London) (30 Aug.)
o
Political Stories:
o Terror: ABC News: Two Men on United Flight from
Chicago Arrested on 'Preparation of a Terrorist Attack' in Amsterdam
§
U.S. officials said the two appeared to be
travelling with what were termed "mock bombs" in their luggage.
"This was almost certainly a dry run, a test,"
§
http://abcnews.go.com/Blotter/united-flight-arrested-terror-charges-amsterdam/story?id=11517664
o
US
finding expected on Chinese aluminum exports WP
§
Analysts say the Obama administration, under
congressional pressure to take a tough stance on Chinese trade policies, is
expected to declare that China unfairly helped its aluminum industry.
o
Obama speech on Iraq has
risks from
Wash Post
§
President Obama is promoting the decision to
end the U.S. combat mission in Iraq on Tuesday as a fulfillment of his campaign
promise to draw the war to a close. But some of the president's detractors are
using the same moment to question the wisdom of doing so - noting that Iraq is
still afflicte...
o
GALLUP:
GOP Takes Unprecedented 10-Point Lead on Generic Ballot
o
Dealbook Column: Why
Wall St. Is Deserting Obama from NYT
§
A letter from a hedge fund manager to his
investors about Washington’s policies stirs up controversy on a sensitive topic
among the moneyed elite
o Barney Frank's Chair of Finance Panel Eyed by
GOP – CNBC link
o Obama to loosen rules on
technology exports from Wash Post
o 11 U.S. troops in
Afghanistan killed by roadside bombs in 2 days from Los Angeles Times
o Mideast: Reuters) - Israeli Prime Minister Benjamin
Netanyahu flew to Washington on Tuesday for peace talks with the Palestinians,
leaving up in the air the question of future Jewish settlement construction
once a partial freeze ends.
o Reuters)
- An Iranian newspaper said on Tuesday that Carla
Bruni, the wife of France's president, deserved to die after she expressed
solidarity with a woman sentenced to be stoned for adultery
o Australia PM Rejects Fresh Election Call –
WSJ link
o
Britain
and France preparing to share use of aircraft carriers;
Effort to save money while retaining military power...
§
http://www.thesun.co.uk/sol/homepage/news/3118476/UK-and-France-tobr-share-aircraft-carriers.html
o
Climate Panel Faces Heat –
WSJ link
o
Homelessness
Up 50% In New York City
§
The homeless population living on New York
City streets has gone up 50 percent in the past year, according to city
statistics reported by the HellsKitchenLife.com
blog.
o
Gadhafi
Urges Italians to Convert – WSJ
link
o
U.S.
to Use Drones on Entire U.S.-Mexico Border, Official Says - BBG
o
Japan
Ponders Increasing Fuel Tax WSJ
§ Japan's
Ministry of Economy, Trade and Industry said it plans to propose raising taxes
on fossil fuels to fund initiatives to fight climate change, beginning in the
fiscal year starting April 2011
§ http://online.wsj.com/article/SB10001424052748704323704575461324196275804.html?mod=WSJ_latestheadlines
o Equity
Recap
o
It was a very quiet day with the uk closed
overseas and most guys grabbing their last week with their families before
school starts. It’s just amazing how easy the market gave back Friday’s
fluff and if we were open another 1 hour or so, we would have tested that 1,041
level that has held the last few times down. There wasn’t much to shoot
against, with the volume at 818million(-25%) from Friday and Breadth to the
market had about 4 declining issues vs. every 1 advancing issue, while internally
here, buy and sell names were flat, albeit very quiet. We saw very little with
conviction and had some shorts laying them out again
o
Billy Clark and Team
o
CMBS recap
o Good day in CMBS.
In the face of wider corps and equity mkts, CMBS was unchanged to
tighter. GG10s finished the day a couple
bps tighter (+323/$103-24). As mentioned
before, GG10s are trading with technicals in mind and feel as though they are
are ready to gap tighter on good news; however, Im not seeing much end account
buy interest in that part of the mkt.
o AM/AJ world continues to have a good bid. We are looking for more CSMC 06-C1 Ajs which
we traded on Fri and JPMCC 05-LDP5 AJ which covered $90-03 today. Saw $120mm in AM/AJ out for the bid with 3/4s
from money managers. Despite the
selling, AMs continue to trade well. We
have buyers of clean '05 (AAA rated) and '06 AM paper. As mentioned in the weekly recap, AJs are
laging AMs with '05s trading 10+pts behind vs $8pts a month ago. Thought the WBCMT 06-C23 AJs covering at 78-12 looked attractive.
o Bid list volume today was decent for a summer Monday at
$340mm. Most the selling from money
managers. 36% of the selling from HFs
and Insur cos.
o NEWS:
o 1. Simon closed on
Prime- plus for a few WBCMT deals with large Prime loans 2.
Reminder: Stuy Twon auction on Thur
o 3. 3 Former
Boscov's Stores Head To Auction In Md.BALTIMORE (AP), Sept 13. Key for BACM 06-3 recoveries. We like this deal sans the Boscov loans. Like saying Im a great running back except Im
slow.
o
GEORDIE WALKER
o
Rates Commentary
o
After
Friday's large selloff with yields 11-17bps higher in the intermediate and long
end, buyers quickly emerged at these" higher" rates. The initial bid
occurred overnight with strong real money buying in Asia concentrated in
the belly of the curve. The Treasury market was closed for the London session
but as New York opened, Treasuries continued their bid with 7s leading
throughout . The Asian bid was aided later on from month end extensions (~.12
years) and equity weakness. Overall flows were on the lighter side with
the holiday and last unofficial week of summer. The market had very few
down ticks throughout the session closing near or at its highs across the
curve, benchmarks ~7-11bps lower in yield. The Treasury announced they will be
selling $10Bln 10 year TIPS on Thursday. The Fed conducted their fifth purchase
today across the TIPS curve which was smaller than anticipated at
360mm. Their largest purchase was in the 1 7/8 7/19.
o
Primary Dealer
SECTOR NEWS WITH MACRO IMPLICATIONS
o
Cameron Loses Bid
to Slow Retrieval of Spill Evidence – BBG:
Cameron International Corp. lost a bid to delay removal of the blowout
preventer, a key piece of safety equipment linked to the BP oil spill, from the
sunken Deepwater Horizon rig
o Climate
Panel Faces Heat – WSJ link
o Lukoil
Net Profit Falls 16% – WSJ
link
§ Russia's biggest privately owned oil p roducer said net
profit for the second quarter fell 16% on higher taxes and export duties,
strengthening of the ruble and rising transportation costs.
o
U.S. Power Acquisitions Surge as Blackstone, NRG Hunt
Bargains - BBG
§ Acquisitions in the U.S. power industry surged more than
20-fold by value in the first eight months of the year. Advisers say expect
more deals as buyers such as Blackstone Group LP bet electricity prices will
rise with economic recovery.
UTILITIES
o
o
MMM, COGT: 3M May See Competition in Bid to Purchase
Cogent – BBG
o
APD,
ARG: PRESS RELEASE:
Air Products Comments on Airgas' Latest Delaying Tactics
o
PRPX,
FSTR Portec Rail Products, L.B. Foster company announce
second amendment to merger agreement, extension of tender offer
o
DCI
Donaldson reports Q4 EPS
o
BLL Ball
Corp wins contract to build WorldView-3 for DigitalGlobe
o
KBR KBR
awarded contract by Chemetall Foote for lithium hydroxide operation expansion
o
Weekly USDA crop report says 70% of corn in
good to excellent condition; Unchanged vs. the prior week.
o
Autos: U.S.
Wants Report Card for Cars – WSJ link
§
The Obama administration proposed dramatic
new rules for how auto makers advertise the fuel economy of a vehicle,
assigning them letter grades from A to D.
o
Toyota Prius Augurs Collapse in Japan’s Auto
Sales – BBG
§
The Prius hybrid has spearheaded sales growth
for Toyota Motor Corp. in Japan for more than a year, helped by government
subsidies. The model will likely bear the brunt of plunging demand as the
support ends. “A collapse in sales is
unavoidable,” said Hiromi Inoue, the new-car sales chief for Tokyo Toyopet
Motor Sales Co. “The daily pace of orders for the Prius is already dropping. We
are bracing ourselves for the coming crisis.”
o
Past-Due Auto Loans Tumbled in 2Q from American Banker
§
The amount of U.S. auto loans at least 60
days past due fell in the second quarter by the largest amount in nine years,
the consumer ratings agency TransUnion said Monday ...
o
Volvo to challenge BMW, Mercedes, Audi with V60 wagon from Automotive News
§
Volvo plans to challenge BMW, Mercedes and
Audi with its new V60 station wagon in Europe. Volvo forecasts annual sales of
50,000 of the V60.
o
Magna investors lose appeal of Stronach's buyout plan from Automotive News
§
Magna International Inc. shareholders who
opposed ending the dual-class share structure of Canada's largest auto-parts
maker lost a court appeal of the decision.
o
Honda Motor denies report it
plans to sell stake in Hero Honda Motors (HH.IN) - Nikkei
o
Jetliner
Brake Systems Probed – WSJ
link
o KSP K-Sea
Transportation postpones Q4 conference call, originally scheduled for 31-Aug
o Airlines; Emirates’s Clark Says Buying AMR Stake Makes
No Sense (BBG)
o JAL plans to cut 49 routes and retire 103 planes in
restructuring
§ Bankrupt Japan Airlines said in a
rehabilitation plan submitted to Tokyo District Court that cost-cutting
measures will include shutting down 10 international and 39 domestic routes, as
well as taking 103 aircraft out of operation. The company aims to achieve a
9.2% profit margin by March 2013. Reuters
(31 Aug.) , FlightGlobal.com/Air Transport Intelligence (31 Aug.) , Bloomberg
(31 Aug.)
o
US
finding expected on Chinese aluminum exports WP
§
Analysts say the Obama administration, under
congressional pressure to take a tough stance on Chinese trade policies, is
expected to declare that China unfairly helped its aluminum industry.
o BHP Denies Plans to Divest Potash Assets – CNBC link
o
Potash Corp. Says BHP Has Been Cold-Calling
Customers – BBG
§
said BHP Billiton Ltd. has been cold-calling
some of its customers in bid to “undermine” the world’s biggest fertilizer
maker as part of a $40 billion hostile takeover bid. “We can only assume that BHP Billiton’s
purpose is to sow seeds of doubt and confusion about the future of Potash
Corp.,”
o Rio
Tinto approves $1.6B investment in Hope Downs 4 mine
o Rio
Tinto to spend $1B on new iron-ore mine in Australia - Telegraph
o SEED Origin Agritech reports Q2 EPS
o
Newcrest's Lihir buy to trigger more gold M&A from Business Spectator
§ Potential targets all hold assets overseas.
o Rusal
Swings to First-Half Profit –
CNBC link
o
Canada
Burnishes Role as Arctic Power – WSJ
link
§
As Northwest Passage becomes clearer of ice
and mineral wealth beckons, Canada boosts its northern claims with a search for
vanished explorers and its first Arctic mission statement.
o
Foxconn (2038.HK)
tumbled 7% … Hon Hai Precision
Industry (2317.TT) dropping 7% to lead tech shares down
o
Quanta Computer Inc., the
world’s largest maker of laptops, posted profit that missed estimates and cut
its shipment forecast for the current quarter, citing signs of economic
weakness in developed markets. BBG
o
ASML Holding downgraded to hold from buy at
Deutsche Bank
o
Dell
Expected to Bow Out of 3PAR Bidding – CNBC link
o
Sony dn
on yen moves tues
o
RVSN RADVision announces shareholder
approval of partial cash self tender offer
o
DRAM
contract prices continue to fall, says DRAMeXchange from DIGITIMES
o
DRAM contract prices continue trending
downwards in the second half of August, according to DRAMeXchange. Pricing in
the spot market is also facing a continual drop amid weak demand.
o Google
Buys SocialDeck – WSJ
link
o
Samsung
Seeks 'Apps' for TVs – WSJ link
o
A push to control how Internet applications
are created for TVs is kicking into high gear with Samsung planning to rally
software makers around its own technology for making and distributing TV
"apps."
o FCC Adjusts Rules for TV Band – WSJ link
o Technology and telecommunications companies could soon
get access to unused TV airwaves, allowing them to introduce new wireless
gadgets and services, under rules that Federal Communications Commission
officials are close to putting into final form.
o
Media
conglomerate Bertelsmann AG said Tuesday said it swung to a
first-half net profit and lifted its
outlook for 2010.
o
Intel
Looks Beyond PCs – WSJ link
o
Intel
$1.4 billion deal to buy the wireless unit of Infineon Technologies AG
demonstrates the chip giant's willingness to adjust its strategies to expand
beyond the computer industry.
o
Foxconn International Holdings
(2038) led the Hong Kong market lower with a 7 percent slump after the
beleagured contract cell phone maker slipped further into the red as it fights
rising costs, falling handset prices and wage pressures. REUTERS
o
Allen's
Suit Renews Patent Debate – WSJ
link
o
The Internet companies sued by Microsoft
co-founder Paul Allen for patent infringement will be able to mount aggressive
defenses, including that the billionaire sued too late.
o
Google,
AP Reach New Deal – WSJ
link
o Compal
Taiwan-based notebook maker Compal Electronics chairman Rock Hsu at a
meeting with Taiwan's National Communications Commission (NCC) on August 30
pointed out that notebook demand in
the second half of 2010 is not turning weak, but instead the shipment
ratio in the third quarter is dropping, according to a Chinese-language Commercial
Times report.
o
NEC to offer cloud computing in China from Financial Times
o
NEC is setting up a joint venture with
Neusoft, China’s largest IT outsourcing provider, to offer cloud computing in
the country, the Japanese electronics firm’s first move to offer such services
outside its home market
o
News Corp still debating renting
shows for $0.99 with Apple (AAPL) - LA Times
o
http://www.latimes.com/business/la-fi-ct-itunes-20100830,0,896642.story
o
INXI INX
Inc discloses it dismissed PricewaterhouseCoopers as accounting firm on 24-Aug
o
HPQ DOJ
says that Hewlett-Packard will pay $55M to settle federal kickback probe
o
ATMI ATMI
announces $50M stock repurchase plan
o
PRLS
Peerless Systems names Timothy Brog as CEO
o
ATRM
Aetrium names president John Pollock to additional role as COO
o ADSK Autodesk
to reintroduce AutoCAD design software for Macs for first time since 1992 – NYT
o
Canadian telecoms told to share their
fiber-optic networks with wholesale resellers - Globe and Mail
o
Verizon-only Bing app shows
proprietary side of Android
o
Android may not be open to everybody for much
longer - LA Times
o
http://latimesblogs.latimes.com/technology/2010/08/bing-verizon-android.html
o
MetroPCS, Leap Aim to Widen Prepaid-Call
Market as Growth Slows – BBG
o
Gome Electrical Appliances Holdings Ltd. rose the most in almost two months in Hong Kong
trading amid speculation a battle for control of China’s second-biggest
electronics retailer is intensifying.
BBG
o
Extended
Discounts to Weigh on Aug US Retail Sales –
CNBC link
o
SKS…A bid for Saks is in
store… dailymail, SA
o
SKS
+20.4% (rumor of a private equity bid) – per SA
o
http://www.dailymail.co.uk/money/article-1307507/A-bid-Saks-store.html
o
For-Profit
Education
: Not All Are True to Schools
o
Investors Differ Over Prospects of For-Profit
Education
o
Tuesday
morning, Sen. Dick Durbin (D., Ill.) is expected to
hold a hearing in Chicago to examine whether for-profit schools mislead
students about the jobs available after graduation, and whether additional
federal oversight is needed. Senior executives of a number of the companies are
expected to appear.
o
Theaters,
Airplanes to Post Calories – WSJ link
o
The federal government plans to expand posted
calorie counts beyond restaurants to include thousands of other places that
offer food, including airplanes, movie theaters and convenience stores
o
Benihana
: Kudos for Keiko from NY Post
o
While the heirs of late Benihana founder
Rocky Aoki battle management, they appear to have lost an internal power
struggle with their stepmom for control of a family trust that could determine
the fate of the company. After a two-year courtroom fight, a probate judge has
ruled in favor of...
o
BKS: Burkle nixes idea to control B&N from NY Post
o West
Coast billionaire Ronald Burkle denied he's looking to take control of Barnes
& Noble while accusing the book chain's board of rubberstamping a slew of
deals that have benefited the founding Riggio family. Burkle charged that
Chairman Len Riggio's $500 million sale of a struggling college bookstore...
o
SEED Origin
Agritech reports Q2 EPS
o
SKS
Daily Mail discusses rumor that Saks may be the target of a private equity bid
o
WINN
Winn-Dixie reports Q4 EPS
o
NED Noah Education Holdings reports
o
OPI Products denies it is being sold -
Women's Wear Daily
o
nail-polish specialist is thought to be of
interest to both private-equity and strategic buyers, none of whom are named.
o
http://www.wwd.com/beauty-industry-news/opi-denies-sale-talk-3232226?browsets=1283246009398
o
Imitating cheaper brands, Hugo Boss cutting
design-to-shop time – FT
o
SNA Snap-On holder ValueAct discloses 8%
stake in an amended 13D filing
o
SJM Holdings Ltd., the casino operator
controlled by Macau billionaire Stanley Ho, said first- half profit rose more
than fourfold after it added more tables for high rollers from China - BBG
o ABK: Hedge Funds Seek to Stop Ambac Dividend Payments – WSJ link
o
Buffett’s Berkshire, XL Post Reinsurer Surplus Drop – BBG
§ Warren Buffett’s Berkshire Hathaway Inc. and XL Group Plc
are among U.S. reinsurers reporting a decline in policyholders’ surplus after
four straight quarterly gains.
o
DRL Doral Financial holder Marathon Asset
Management discloses 6.2% stake in 13D filing
o Ross May Find Profit Elusive in Muni Insurance Buffett
Shunned – BBG
§ Wilbur Ross’s monopoly in municipal- bond insurance won’t
guarantee higher profits. The
72-year-old billionaire’s Assured Guaranty Ltd. is alone in the $2.8 trillion
debt market after Warren Buffett, 80, stopped his Berkshire Hathaway Assurance
Co. from backing new issues. After entering the industry in December 2007 with
fresh capital as leaders Ambac Financial Group Inc. and MBIA Inc.faltered,
Buffett said last year that deteriorating state and local finances had made the
business “dangerous.”
o
Citigroup Will Meet With Mayo After Analyst Complains – BBG
§ Citigroup Inc. said its senior management will meet with
Mike Mayo after the analyst complained that their failure to do so for almost
two years caused him to doubt the bank’s trustworthiness. The company will “meet with Mr. Mayo in due
course,” Jon Diat, a spokesman for Citigroup, said in an e-mail today following
Mayo’s report.
o
Warren's Fate Is Gauge of Wall St. Overhaul from DealBook
§ This autumn, Elizabeth Warren, a contender to become the
top U.S. consumer financial regulator, could become a focal point in a political
debate over how far government should go to rein in the financial sector and
other corporate interests.
o
Government could earn £30bn profit from
bailout scheme – The Banker from guardian.co.uk
§ The government is set to reap almost £30bn from its
holdings in the British banks it bailed out at the time of the financial
crisis, according to an analysis published today.
o
Early bonus by Suisse from NY Post
§ Credit Suisse, which slashed 2009 bonuses for about 400
managing directors in the UK to reduce a one-time tax, plans to provide them
with a cash award tomorrow. The directors were notified last week about the
payments, which will be deferred over three years and subject to...
o GS: Goldman feels
heat in suit vs. Dollar Thrifty - NYP
§ Goldman Sachs' mantra that "clients come first"
is under fire again.
§ The investment bank, which is still trying to burnish its
reputation after settling fraud charges brought this year by the Securities and
Exchange Commission, stands accused in a lawsuit of using information it
gleaned from one client to win business from another.
§ The suit claims Goldman took "non-public
information" that it got from advising Dollar Thrifty Automotive Group on
one deal and used it to pitch rival Hertz Rental Global Holdings in a bid to
win a lucrative investment banking assignment.
§ Read more: http://www.nypost.com/p/news/business/wheeling_dealing_EXQt7fyKJ3WCR3mg0DMciP?CMP=OTC-rss&FEEDNAME=#ixzz0yAusKEH0
o AIG: Taiwan Rejects Sale of AIG Unit – WSJ link
§ Taiwan's government rejected a bid for American
International Group Inc.'s Taiwanese life insurance unit Nan Shan Life
Insurance Co., citing concerns over the island's financial security.
o
Failed Bank Bargains Run Dry –
WSJ link
o
Despite the brisk pace of U.S. bank failures
this year, buyers of the assets are accepting smaller price discounts and more
credit risk, and in some cases paying a premium for deposits.
o credit-ratings firms: Kroll
Gets a License to Shoot – WSJ
link
o Onetime
corporate sleuth Jules Kroll has acquired a small credit-ratings firm, in an
effort to get licenses needed to go up against S&P, Moody's and Fitch.
o
Thrifts Fear New World Order Under Fed, OCC from American Banker
o As
the Fed and OCC take over supervision of thrifts and their holding companies,
savings and loans have grown increasingly scared about a possible crackdown on
their business.
o
FFBC
First Financial Bancorp prepays $232M of FHLB advances
o
CMA Comerica upgraded to outperform
from neutral at RW Baird
o
PSEC Prospect
Capital Corp reports Q4 net investment income per share
o
VCBI
Virginia Commerce CEO Peter Converse named to additional role of president
o
WSJ discusses the contagion from the housing
bust
o
PSEC
Prospect Capital Corp reports f10 net investment income of $66.5M vs year ago
$59.2M--10K
o
SWS SWS
Group reports Q4 EPS
o
European Banks sector upgraded to overweight
from benchmark at Credit Suisse
o
Ireland preparing to help banks leave
guarantee scheme – FT
o
LCH.Clearnet slashing fees for larger London
market participants, effective 1-Oct – FT
o
EFG
Eurobank (EUROB GA) dn
2.7% after 1H profit declined
o
Piraeus Bank (TPEIR
GA) dn 2.5%
o
Raiffeisen Bank (RIBH AV) dn 1.7%, net income
missed estimates.
o
Is
Another Tax Credit For Home Buyers On the Way? –
CNBC link
o
Housing the big headwind on labor market
recovery - FT
o
The
15-Year Mortgage Gains Fans – WSJ
link
o
Simon
Closes Purchase of Prime Outlets – WSJ
link
o
StuyTown: $3.6B feud deepens from NY Post
o
As part of their campaign to cut hedge fund
honcho Bill Ackman out of the picture, the holders of StuyTown's whopping $3.6
billion first mortgage appear to be paving the way for a tenant-led buyout. The
mortgage holders, led by special mortgage servicer CW Capital, are arranging
for...
o
UK mortgage approval rise but total lending weakest since
March from Telegraph Finance
o
British mortgage approvals and consumer
credit lending rose unexpectedly in July, but total net lending was its weakest
since March, Bank of England figures showed.
o
SKH
Skilled Healthcare Group announces that Humboldt County court proceedings have
been postponed from 31-Aug to 2-Sep
o
MYGN Myriad
Genetics announces additional stock repurchase program
o
Valeant Pharmaceuticals and GlaxoSmithKline
may have to wait an extra three months
for a review of experimental epilepsy
medicine as FDA seeks more time to study data
o
Pharma:
: Drugmakers work
to bring new anti-blood-clotting drugs to market - NYT
o
The article does not break any news, saying
that researchers were due to present results of studies on two of the drugs
today at the European Society of Cardiology meeting: apixaban (BMY/PFE) and
Xarelto (rivaroxaban) (BAYN.GR/JNJ).
o
http://www.nytimes.com/2010/08/31/health/research/31drug.html?_r=1&adxnnl=1&ref=business&adxnnlx=1283248941-vnlAeQpYZqoA29LTSoYWrw
o
BNVI
Bionovo announces positive FDA guidance regarding its chemistry, manufacturing
and controls plan for Menerba
o
GENZ
Genzyme should be careful not to overplay its hand - WSJ
o
BNVI
Bionovo announces 1-for-5 reverse stock split
o
ALIM
+4.9% (Iluvien receives FDA priority review for the treatment of diabetic
macular edema)
o
MATK Consensus
metrics for Martek Biosciences
o
VRUS
Pharmasset files $150M mixed shelf
o
UNIS
Unilife reports Q4 EPS
o
o
ENERGY
o
Lukoil – 1.7%. Numbers miss
o
Wood Group -1.6%. Despite contract win from BP.
o
Encore Oil + 19%. Oil find in North Sea.
o
SBM Offshore – 1%. Numbers miss.
o
Kazakhstan says to
double oil export tax next year.
o
Mining
o
Biliton -0.8%. Denies to break up
Potash if successful (RTRS)
o
TMT
o
Double downgrade in
ASML following on from Intels warning on Friday
o
Vodafone looking to
sell its stake in China Mobile valued at £4bln
o
HC
o
CA
FP H1 opened -1.5% currently +1.5% mkt share gaining!!! figs miss -
latin america hurting figs
o
SAN
FP -1.5% $18.5bn bid for Genzyme essentially hostile - looking for ways to get
around "brick wall" / Genzyme no merger interest
o
AZN
LN -1% FDA wants evidence for clinical trials for Motavizumab
o
UK MID-CAP and
Smaller Companies
o
HANSTEEN (HSTN LN): Interim numbers from real estate company are
in-line with expectations. NAV per share down 4p y.o.y. due to the payment of
2009 full year dividend and an adverse movement in currency from a weaker €/£
rate. Positive reports from the HBI German (€330m) and Kilmartin (£81m)
acquisitions made during the period.
o
ROK PROPERTY (ROK LN): Contract win. The company announces that it has
won a contract with Inter Partner (part of AXA) to provide emergency property
services. Contract expected to be worth up to £40m over three years. Currently
trading 1p better (5.3%) @ 19.75p.
o
CONNAUGHT (CNT LN): An article in Saturday’s London Financial Times
suggested that Centrica amongst others are interested in the GasForce business
(SME Gas Compliance) within Connaught. Although any disposal would not make too
much impact on the overall debt situation, shares are currently trading up 17%
@ 16.16p.
o
Japan
•
NKY-3.55%, TPX -2.96%
•
NKY fell tracking US overnight after US
income registered a smaller-than-expected growth and as investors continued to
sell on BoJ’s failure to curb the yen’s strength. Turnover on the TPX fell to
1.07 trillion yen from 1.18 trillion yen yesterday
•
Stocks fell across most sectors led by tech,
industrials, materials, oil & gas, financials and consumers
•
Exporters fell as the yen resumed strength:
autos -2.36%, CE -3.34%, precision -4.15%
•
Tech plunged 3.81% tracking its US peers
•
Oil & gas -3.08% after crude prices fell
•
Best performing sectors on the TPX: electric
power & gas -0.46%, airline -1.31%, pharma -1.62%; worst performing
sectors: glass & ceramics -4.27%, construction -4.17%, precision -4.15%
o
Hong Kong
•
HSI -0.97%; HSCEI -1.12%
•
Stocks fell amid concerns about the global
economy after US income rose smaller-than-expected. Turnover on the HSI fell to
HK$15.17B from HK$16.83B yesterday
•
Shippers fell on concern slowing global
economy will reduce transport demand:
o
China
•
SHCOMP -0.52%; SZCOMP +0.72%
•
SHCOMP fell with concerns about the global
economy offsetting strong corporate earnings and prompting investors to sell
financials. Turnover on the SHCOMP rose to 118.58B yuan from 74.01B yuan
yesterday
•
Stocks fell across most sectors led by
financials, utilities, oil & gas, telecom, industrials and materials. Tech
and health care rose
•
Shippers -1.33% on concern a slowing global
economy will reduce transport demand
•
Airlines -3.17% after recent
rally
•
Financials were weak: real estate -0.52%,
banks -1.72%, insurers -1.73%
•
Oil & gas -0.82% after crude price
fell
•
investors continued to chase food names
+1.35% and health care +0.88%
INVESTMENT
BANKING
o Shareholders Driving M&A Now: Jones Day Exec – CNBC
link
o APD, ARG: PRESS RELEASE: Air Products Comments on
Airgas' Latest Delaying Tactics
o
"After 10 months of stonewalling,
the Airgas Board remains determined to use any and all means to avoid a
referendum on Air Products' offer. Rather than accept a vote by Airgas shareholders
to hold a 2011 Annual Meeting in January, the Airgas Board is desperately
pursuing a two-track entrenchment strategy -- ask shareholders to wait until
June 2011 to hold the Airgas Board accountable, and sue to invalidate the
September 15 vote if shareholders demand accountability now. Air Products has
given Airgas shareholders a clear path to receive a substantial premium now --
there is no need for further delaying a sale of Airgas."
o
DRL Doral
Financial holder Marathon Asset Management discloses 6.2% stake in 13D filing
o SKS…A bid for Saks is in store… dailymail, SA
o
SKS
+20.4% (rumor of a private equity bid) – per SA
o
http://www.dailymail.co.uk/money/article-1307507/A-bid-Saks-store.html
o MMM, COGT: 3M May See
Competition in Bid to Purchase Cogent - BBG
o Merger-Arbitrage ETF Banks on Deal Pickup – WSJ link
§ An
exchange-traded fund that specializes in merger arbitrage has received a
lukewarm reception in the market, but a burst of deal activity may invite some
investors to take a closer look.
o Google
Buys SocialDeck – WSJ
link
o Is Tech About To Explode With M&A? –
CNBC link
o Dell Expected to Bow Out of 3PAR Bidding –
CNBC link
§ survey of eight technology investors and analysts by
Reuters on Monday found most expect Dell to soon give up its pursuit of 3PAR,
either ceding to HP's last offer of $30 per share or giving up at a few dollars
higher at most.
§ Dell has until Wednesday to match HP's $2 billion
offer for the company
o BHP Denies Plans to Divest Potash Assets – CNBC link
o Genzyme
Rejects Sanofi Offer – WSJ
link
o Genzyme Corp.'s board
again rejected an $18.5 billion takeover proposal from Sanofi-Aventis SA, although
Genzyme suggested it would be open to future talks if there were a higher
starting price.
o Genzyme's suggestion
contrasts with accusations from Sanofi Chief Executive Chris Viehbacher that he
"encountered a brick wall" in trying to begin merger talks. And with
the French drug maker stressing its discipline in pursuing the Cambridge,
Mass., biotech, the rhetoric from both sides hints that any deal could take
some time.
o AIG: Taiwan
Rejects Sale of AIG Unit – WSJ link
§ Taiwan's government rejected a bid for American
International Group Inc.'s Taiwanese life insurance unit Nan Shan Life
Insurance Co., citing concerns over the island's financial security.
o Benihana
: Kudos for Keiko from NY Post
o
While the heirs of late Benihana founder
Rocky Aoki battle management, they appear to have lost an internal power
struggle with their stepmom for control of a family trust that could determine
the fate of the company. After a two-year courtroom fight, a probate judge has
ruled in favor of...
o
BKS: Burkle nixes idea to control B&N from NY Post
o West
Coast billionaire Ronald Burkle denied he's looking to take control of Barnes
& Noble while accusing the book chain's board of rubberstamping a slew of
deals that have benefited the founding Riggio family. Burkle charged that
Chairman Len Riggio's $500 million sale of a struggling college bookstore...
o
Newcrest's Lihir buy to trigger more gold M&A from Business Spectator
§ Potential targets all hold assets overseas.
o
Airlines; Emirates’s Clark Says Buying AMR Stake Makes
No Sense (BBG)
o
Seat Pagine Gialle not aware of
any interest from PagesJaunes (PAJ.FP) – Reuters
o OPI
Products denies it is being sold - Women's Wear Daily
o
nail-polish specialist is thought to be of
interest to both private-equity and strategic buyers, none of whom are named.
o
http://www.wwd.com/beauty-industry-news/opi-denies-sale-talk-3232226?browsets=1283246009398
o Tomkins shareholders will today
have their last chance to formally register any opposition to the proposed
takeover by Onex and Canada Pension Plan. The Financial Times
o Actelion saw its shares gain on
the back of industry takeover speculation, Tagesanzeiger reported. The
Tagesanzeiger market report cited market observers who said the takeover offer
for Genzyme by Sanofi-Aventis has fanned takeover speculation in the biotech
industry
o Sanofi Aventis (SAN FP)/ Genzyme Corp (GENZ
US) Genzyme's board is reportedly holding out for an
indicative offer closer to USD 75 per share before starting takeover talks with
Sanofi-Aventis, Financial Times reported, which cited people familiar with the
matter. Genzyme chairman and chief executive Henri Termeer yesterday restated
the rejection of Sanofi-Aventis cash offer. Temeer wrote to Sanofi-Aventis
chief executive Chris Viehbacher, saying the Genzyme board members are
unanimous in their belief that the time is not right to sell the company.
Temeer added that Sanofi's proposal does not provide any fresh information, or
price improvement. The proposal therefore provides insufficient basis for
negotiations, Temeer said.
o Tui will not get a takeover offer from Russian
investor Alexei Mordashov, Frankfurter Allgemeine reported
o Infineon is not currently in talks on new
acquisitions, Frankfurter Allgemeine reported.
o Vodafone
is preparing to raise more than GBP4bn by selling its shares in China Mobile,
the first in a string of planned disposals, The Sunday Times
o PSS:
Glenhill Advisors reports 5.1% passive stake in Collective Brands
o MDC PARTNERS HOLDER LEON COOPERMAN REPORTS STAKE
EQUAL TO 5.2%
o
SNA Snap-On holder ValueAct discloses 8%
stake in an amended 13D filing
o U.S. Power Acquisitions
Surge as Blackstone, NRG Hunt Bargains - BBG
§ Acquisitions in the U.S. power industry surged more than
20-fold by value in the first eight months of the year. Advisers say expect
more deals as buyers such as Blackstone Group LP bet electricity prices will
rise with economic recovery.
o SurgiVision Postpones Its Planned Initial
Public Offering – BBG
o Coface, a unit of Natixis,
could consider an initial public offering in the spring of 2011, La Tribune
reported citing an interview with Chief Executive Jerome Cazes
o IBA, the Belgian biotech company, is planning to
list its pharma division, reported l'Echo
·
***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 information are believed to be reliable but Cantor makes no representation
and 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
solely for institutional investors and investors who Cantor reasonably believes
are institutional investors. Cantor, its officers, employees, affiliates and
partners shall not be liable to any person in any way whatsoever for any
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
loss that may arise from any use of the information contained herein or derived
here from. This product may not be reproduced or redistributed outside the
recipient's organization. Sources: Cantor Fitzgerald & Co., Reuters,
Bloomberg, CNBC, Dow Jones, Marketwatch, Trade-Alert, and the Wall Street Journal.