Again as first
reported here: Record U.S. Oil Glut May Fill
Storage, Cut Prices (
BBG)
IEA sees renewed pressure on oil prices as glut worsens (
Reuters)
No EU unanimity on renewing Russia economic sanctions (
Reuters)
Nikkei 225 Closes Above 19,000 for First Time Since April 2000
(
BBG)
Tsipras says Greece doing its part in euro zone deal (
Reuters)
ECB Set to Buy Fewer Bonds as Price Gains Ease Crunch (
BBG)
These Americans Are Getting Rich Trading Derivatives Banned in
the U.S. (
BBG)
U.S. 2015 profits forecast to grow 1.7 percent; oil, dollar are
concerns (
Reuters) - in a month this will say
"decline"
Manhunt for shooting suspects grinds on in Ferguson, Missouri (
Reuters)
Ukraine to Trim Main Rate Once Hryvnia Steadies, Gontareva Says
(
BBG)
UK construction slides as house building falls (
FT)
Prosecutors Interview People Tied to Ackman in Probe of
Potential Herbalife Manipulation (
WSJ)
Major nations hold talks on ending U.N. sanctions on Iran (
Reuters)
Boeing Helped Craft Own Loan Rule (
WSJ)
Overnight Media Digest
WSJ
* Federal prosecutors and the FBI are probing potential
manipulation of Herbalife Ltd stock and have interviewed people
hired by hedge-fund billionaire William Ackman, who has led a
long-running campaign against company. (
http://on.wsj.com/1Gy3YDp)
* Hillary Clinton appears to be an outlier among administration
colleagues in the way she used email, according to a Wall Street
Journal survey. A look back at practices during President Barack
Obama's first term, when Clinton was secretary of state, shows no
clear pattern in how administration officials used email. (
http://on.wsj.com/1Bz0hxC)
* The tumbling euro and easy-money policies are boosting
optimism in corporate Europe that the long-struggling region might
finally begin a sturdy recovery. But Europe's good fortune is a
headache for U.S. corporate competitors that face a squeeze on
overseas sales from the rising dollar. (
http://on.wsj.com/1Gy45Pa)
* In bidding wars like the one that has developed over Salix
Pharmaceuticals, whoever offers the most usually wins. Determining
who's the high bidder in this case - Endo International or Valeant
Pharmaceuticals - may be harder than it seems. (
http://on.wsj.com/1b6Redo)
* Intel Corp cut its revenue outlook for the current quarter by
nearly a billion dollars, saying it has seen weaker-than-expected
demand for business desktop computers. (
http://on.wsj.com/1Gy5WUj)
* The UK government has applied to join an infrastructure
investment bank led by Beijing aimed at promoting development in
Asia, China's finance ministry said. China, which has been the main
backer of the regional bank, welcomes UK's decision and will seek
opinions from existing founding members, according to a ministry of
finance statement published on its website. * Federal prosecutors
and the FBI are probing potential manipulation of Herbalife Ltd
stock and have interviewed people hired by hedge-fund billionaire
William Ackman, who has led a long-running campaign against
company. (
http://on.wsj.com/1Gy3YDp)
* Hillary Clinton appears to be an outlier among administration
colleagues in the way she used email, according to a Wall Street
Journal survey. A look back at practices during President Barack
Obama's first term, when Clinton was secretary of state, shows no
clear pattern in how administration officials used email. (
http://on.wsj.com/1Bz0hxC)
* The tumbling euro and easy-money policies are boosting
optimism in corporate Europe that the long-struggling region might
finally begin a sturdy recovery. But Europe's good fortune is a
headache for U.S. corporate competitors that face a squeeze on
overseas sales from the rising dollar. (
http://on.wsj.com/1Gy45Pa)
* In bidding wars like the one that has developed over Salix
Pharmaceuticals, whoever offers the most usually wins. Determining
who's the high bidder in this case - Endo International or Valeant
Pharmaceuticals - may be harder than it seems. (
http://on.wsj.com/1b6Redo)
* Intel Corp cut its revenue outlook for the current quarter by
nearly a billion dollars, saying it has seen weaker-than-expected
demand for business desktop computers. (
http://on.wsj.com/1Gy5WUj)
* The UK government has applied to join an infrastructure
investment bank led by Beijing aimed at promoting development in
Asia, China's finance ministry said. China, which has been the main
backer of the regional bank, welcomes UK's decision and will seek
opinions from existing founding members, according to a ministry of
finance statement published on its website.
FT
The European Union has backed Euratom's decision to block
Hungary's 12 billion euro nuclear deal with Russia, a move that
will hold Hungary's plans to import fuel exclusively from
Russia.
British retailer Philip Green said on Thursday his struggling
department store chain BHS had been acquired by buyout firm Retail
Acquisitions.
German lender Commerzbank AG has agreed to pay $1.45 billion to
settle allegations it committed sanctions violations and failed to
detect and report potential money laundering activities.
GlaxoSmithKline Plc said it plans to sell its stake in Aspen
Pharmacare and expects to raise about $900 million.
NYT
* The Federal Communications Commission on Thursday released
extensive details of how it would regulate broadband Internet
providers as a public utility, producing official wording that
almost certainly sets the stage for extended legal fights. (
http://nyti.ms/1C979lN)
* Commerzbank AG of Germany agreed to pay nearly $1.5 billion
and dismiss some of its employees to resolve an array of charges in
the United States. One strand of the case focused on the bank's
dealings with Iranian companies blacklisted by the United States. (
http://nyti.ms/1Gy74av)
* Walt Disney Co on Thursday used its annual shareholder meeting
to make several movie announcements, the biggest being about a
big-screen follow-up to "Frozen," the animated musical that took in
more than $1.3 billion globally in 2013. (
http://nyti.ms/1GxvBws)
* Mary Jo White, chairwoman of the Securities and Exchange
Commission, shot back at criticism that the nation's biggest banks
enjoy special treatment in Washington, delivering a sweeping
defense of the government while also rebuking the financial
industry's "repeated and disturbing violations of law". (
http://nyti.ms/1DdkECv)
Canada
THE GLOBE AND MAIL
** Canada's broadcast regulator, Canadian Radio-television and
Telecommunications Commission is proposing new rules that would
offer the owners of CraveTV and Shomi the prospect of looser
regulation if they make their services available to all Canadians
directly online with no television or Internet subscription
required. (
http://bit.ly/1GJwllt)
** The personal sacrifices made by tens of thousands of
patients, along with billions of dollars invested in drug
development, are effectively being wasted because the results of
failed experiments are so rarely made available to other
scientists. (
http://bit.ly/1MxG3YB)
** A benefit proposed by the government to prevent disabled
veterans from spending their retirement years in poverty could
disadvantage those injured in older conflicts such as Korea and the
Second World War by clawing back their lifetime payments for pain
and suffering, veterans advocates say. (
http://bit.ly/1BcJlYV)
NATIONAL POST
** A proposed transfer of unused spectrum between two of
Canada's small wireless carriers was recently rejected by Ottawa,
marking the latest transaction in the telecommunications sector
that failed to win Industry Canada's blessing. The deal would have
seen Saskatchewan Telecommunications Holding Corp purchase two
10-year licences to wireless airwaves in Regina and Saskatoon from
Toronto-based Wind Mobile Corp. (
http://bit.ly/1MxFpdF)
** Members of Parliament are in line for a 2.3 percent pay
raise, about five times the increase the Conservative government is
offering public-service employees. (
http://bit.ly/1Fi0dnr)
** Highgate Public School in Toronto barred its doors on
Thursday in response to an international online threat that also
affected schools with the same name in England. The threat reads in
part: "Today is the day. In 25 minutes the bells will ring at
Highgate school. I will kill as many children as I can for the
countless children you have killed. Allahu Akbar my brothers and
sisters." (
http://bit.ly/1wDhMfU)
China
CHINA SECURITIES JOURNAL
- China will extend the tenure of banks' merger and acquisition
loans to seven years from five, the China Bank Regulatory
Commission (CBRC) said. A CBRC official said the commission would
continue to support M&As in the manufacturing industry and in
industries with excess capacity.
- Eight insurance companies were expected to invest more than 30
billion yuan ($4.79 billion) to build 18 nursing homes, said Huang
Hong, vice chairman of the China Insurance Regulatory Commission
(CIRC).
SHANGHAI SECURITIES NEWS
- The average amount of investment in the stock market by retail
investors was 521,000 yuan in 2014, up 5.5 percent from a year
earlier, the Shenzhen Stock Exchange said in a report.
GLOBAL TIMES
- The Dalai Lama shows no restraint in abusing his religious
influence for political purposes and should know that any attempt
to mess with reincarnation will make him a 'double betrayer' of
both his motherland and his religion, the newspaper said in an
editorial. History has proven that political struggles disguised by
religion will ruin the reputation of a religion, it said.
CHINA DAILY
- Violence against mainland visitors in Hong Kong and so-called
'parallel traders' has triggered widespread concern among academics
and even the most radical faction in the opposition camp.
PLA DAILY
- China's President, Xi Jinping, on Thursday called to
strengthen China's national defence and the combativeness of the
armed forces through greater civil-military integration, saying
efforts must be made to ensure "coordinated, balanced and
compatible development" of the country's economic and national
defence capabilities.
Britain
The Times
SPAIN'S SABADELL MAKES 1.7 BLN POUND PLAY FOR TSB
TSB Banking Group Plc has confirmed it has received a takeover
offer from Spanish bank Banco de Sabadell SA , valuing the
challenger bank at 1.7 billion pounds($2.53 billion). (
http://thetim.es/1Baw6aY)
GREEN SELLS LOSS-MAKING BHS FOR 'NOMINAL SUM'
Sir Philip Green has sold off BHS to a group of investors,
ending a long-running attempt to dispose of the loss-making
business. The high street department store has been bought by
Retail Acquisitions Limited, a company set up to purchase BHS in
November last year. Neither party has confirmed the fee paid but it
is reported to have been nominal, perhaps as low as 1 pound. (
http://thetim.es/1EEhFTY)
The Guardian
JOHN LEWIS CUTS STAFF BONUS TO 12-YEAR LOW AFTER WAITROSE
PROFITS TUMBLE
John Lewis Partnership Plc employees will receive their lowest
bonus for 12 years after the partnership cut the annual payout for
its 93,800 staff to 11 percent of salary. (
http://bit.ly/1EEiv32)
GERMANY-GREECE ROW HEATS UP AS SCHÄUBLE DENIES INSULTING
VAROUFAKIS
German Finance Minister Wolfgang Schauble has described as
"nonsense" accusations that he insulted his Greek counterpart Yanis
Varoufakis with comments that he was "foolishly naive". (
http://bit.ly/1EEiSLe)
The Telegraph
BRITAIN'S PLAN TO JOIN CHINA'S 'WORLD BANK' ANGERS
WASHINGTON
Britain has announced plans to become the first major Western
country to join a Chinese-led development bank, drawing a concerned
response from the United States. The $50 billion Asian
Infrastructure Investment Bank has been feted by Beijing as a way
of financing regional development, and is seen as a potential rival
to U.S.-based institutions such as the World Bank. (
http://bit.ly/1GxwViT)
APPLE'S TIM COOK 'OFFERED HIS LIVER TO DYING STEVE JOBS'
Apple Inc Chief Executive Tim Cook offered to give Steve Jobs
part of his liver while the company's co-founder lay dying in bed
waiting for a transplant, according to a new book. (
http://bit.ly/1CanJSh)
Sky News
EX-THOMAS COOK BOSS SNUBS NEW OWNER'S BHS JOB
The former chief executive of Thomas Cook has turned down the
chance to take the helm of high street chain BHS following a deal
which removed the chain from the ownership of one of Britain's
richest tycoons. (
http://bit.ly/1EElrg6)
The Independent
PASSPORTS FOR CASH: THE COUNTRIES SELLING CITIZENSHIP TO TAX
HAVENS
Citizenship has been turned into a commodity by countries
including Cyprus, Grenada, Antigua, Malta and St. Kitts in the
Caribbean, which is now the most popular place in the world to buy
a passport - for as little as $250,000. (
http://ind.pn/1EEmdd8)
Fly On The Wall Pre-market Buzz
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Producer Price Index for February at 8:30--consensus up 0.3%
U. of Michigan consumer sentiment index for March at
10:00--consensus 95.5
Baker Hughes U.S. rig count for week of March 13 at
13:00--prior 1192
ANALYST RESEARCH
Upgrades
eHealth (EHTH) upgraded to Outperform from Market Perform at FBR
Capital
Flextronics (FLEX) upgraded to Neutral from Sell at Goldman
Intel (INTC) upgraded to Buy from Hold at Canaccord
Mobileye (MBLY) upgraded to Buy from Neutral at Goldman
Rockwell Collins (COL) upgraded to Buy from Hold at Canaccord
Sanmina (SANM) upgraded to Buy from Neutral at Goldman
Steel Dynamics (STLD) upgraded to Buy from Neutral at
Citigroup
Redwood Trust (RWT) upgraded to Outperform from Market
Perform at Keefe Bruyette
Downgrades
Aramark (ARMK) downgraded to Neutral from Outperform at RW Baird
Children's Place (PLCE) downgraded to Neutral from Buy at
Citigroup
Diageo (DEO) downgraded to Underperform from Neutral at
Credit Suisse
Genesco (GCO) downgraded to Neutral from Buy at Sterne Agee
InspireMD (NSPR) downgraded to Perform from Outperform at
Oppenheimer
InterXion (INXN) downgraded to Market Perform from Outperform
at Raymond James
QIWI (QIWI) downgraded to Neutral from Positive at
Susquehanna
Royal Dutch Shell (RDS.A) downgraded to Sector Perform from
Outperform at RBC Capital
Initiations
Aspen Aerogels (ASPN) initiated with a Buy at Citigroup
Bill Barrett (BBG) initiated with a Market Perform at Cowen
Blueknight Energy Partners (BKEP) initiated with an
Outperform at RBC Capital
Bonanza Creek (BCEI) initiated with a Market Perform at Cowen
Cameron (CAM) initiated with a Neutral at Citigroup
Easterly Government Properties (DEA) initiated with an
Outperform at Raymond James
Enable Midstream (ENBL) initiated with a Sector Perform at
RBC Capital
Ensco (ESV) initiated with a Neutral at Susquehanna
Knowles (KN) initiated with a Buy at Topeka
Madison Square Garden (MSG) initiated with a Buy at BTIG
NXP Semiconductors (NXPI) initiated with a Strong Buy at
Needham
PDC Energy (PDCE) initiated with an Outperform at Cowen
Vitesse (VTSS) initiated with a Buy at Topeka
COMPANY NEWS
Alan Hoffman, executive VP, global corporate affairs, for
Herbalife (HLF) said "[Bill] Ackman has a $1B bet against Herbalife
and a direct financial interest in hurting our company. For more
than two years, he has spent over $75M orchestrating a false and
fabricated attack against Herbalife, all in an effort to enrich
himself. We are confident in the strong fundamentals of our
business model"
BP (BP) to sell Australian bitumen business to Puma Energy
Apple (AAPL) CEO Tim Cook told CNBC's Jim Cramer that 11,000
people have signed up to study using ResearchKit
Gran Tierra (GTE) to reduce full-time staff by 20% among
other cost reductions
Ulta Salon (ULTA) boosted share repurchase program by
$100M
EARNINGS
Companies that beat consensus earnings expectations last night
and today include:
Hibbett Sports (HIBB), Civeo Corp. (CVEO), FutureFuel (FF),
Kronos Worldwide (KRO), Aratana Therapeutics (PETX), Kronos
Worldwide (KRO), Ignite Restaurant (IRG), Information Services
(III), Trovagene (TROV), Jamba (JMBA), Athersys (ATHX), FXCM
(FXCM), QAD Inc. (QADA), InspireMD (NSPR), BioAmber (BIOA), Ulta
Salon (ULTA), Fate Therapeutics (FATE), Silvercrest Asset (SAMG),
Anacor (ANAC), Aeropostale (ARO), Kratos Defense (KTOS), Kindred
Biosciences (KIN), El Pollo Loco (LOCO), ChipMOS (IMOS)
Companies that missed consensus earnings expectations include:
Nexvet Biopharma (NVET), Fortuna Silver Mines (fsm), Quantum
(QTWW), Hill International (HIL), Medifast (MED), Avinger (avgr),
FTD Companies (FTD), eMagin (EMAN), Gastar Exploration (GST),
TearLab (TEAR), OncoMed (OMED), Diversified Restaurant (BAGR),
Gaiam (GAIA), CTI BioPharma (CTIC), Towerstream (TWER), Charles
& Colvard (CTHR)
Companies that matched consensus earnings expectations include:
Cytori Therapeutics (CYTX), ChemoCentryx (CCXI), RE/MAX
Holdings (RMAX), Peregrine (PPHM), Dicerna (DRNA)
NEWSPAPERS/WEBSITES
Feds investigating potential Herbalife (HLF) stock manipulation,
WSJ reports
IBM (IBM) considering adopting bitcoin technology for major
currencies, Reuters reports
Spansion (CODE), Cypress (CY) begin laying off 1,600 after
merger, Mercury News says
Harley-Davidson (HOG) laying off 169 Kansas City employees,
Journal Sentinel reports
Report: MacBook (AAPL) unlikely to exceed 450K in 1H15 sales,
DigiTimes says
SYNDICATE
ADMA Biologics (ADMA) files to sell common stock
CareFusion (CFN) files to sell $100M of common stock for
holders
Continental Building (CBPX) files to sell 5M shares for
holders
Dicerna (DRNA) files to sell 10M shares of common stock
First Republic Bank (FRC) files to sell 3.5M shares of common
stock
Galena (GALE) announces public offering of common stock and
warrants
Habit Restaurants (HABT) files to sell 5.75M shares of Class
A common stock for holders
HubSpot (HUBS) amends S-1, raises offering to 4.1M shares
from 3.7M shares
Imperva (IMPV) 3M share Secondary priced at $39.00
Marcus & Millichap (MMI) 4M share Secondary priced at
$33.50
West Corp. (WSTC) 11M share Secondary priced at $30.75
Western Gas Partners (WES) files to sell $500M common units
for partners
