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Outstanding Performance Article Rewards
We're excited to announce our latest two Outstanding Performance award winners. Each author receives $2,500. Read more about our Outstanding Performance award winners here.
Winner #1: Long idea on CBK (Christopher & Banks) by Ben Axler, published April 16, 2012. Return to date: +428%
Winner #2: PRO short idea on USU (USEC Inc.) by J Mintzmyer, published July 29, 2013. Return to date: +94%
Note: Both articles will be part of the SA PRO equity research archive available exclusively to SA PRO subscribers. In honor of the awards, both articles will be available to all readers for the next 48 hours.
The summit of G20 finance ministers wrapped up in Cairns over the weekend, with the U.S. and Canada urging the EU to resolve its internal political differences and do more to stimulate its economy. The meeting concluded with the G20 agreeing on a suite of structural reform measures that would boost collective growth with a target just short of 2% over the next five years. Ministers claim that would add about $2T to the world economy by 2018.
Following the summit, U.S. Treasury Secretary Jack Lew announced that the Treasury Department was close to finishing work to restrict the benefits for companies that complete tax inversions, but warned that Congress will have to complete the job. "Treasury is completing its work on administrative action to use our existing authority to limit the economic benefits of inversion," says Lew. "Administrative action cannot shut the door completely, and Congress will still need to act."
Japan's Minister for Economic Revitalization, Akira Amari, has indicated that a second increase in consumption tax will go ahead as planned, saying it is necessary to meet the rising costs for social security and the country’s budget deficit. Weeks of disappointing data previously caused some advisers to Prime Minister Shinzo Abe to call for a delay in the increase to 10%, due to take effect next October, arguing that the first rise in April, from 5% to 8%, had taken too heavy of a toll.
After much speculation, Siemens has announced that it would buy Dresser-Rand for $7.6B, and says that its $83/share bid was unanimously supported by Dresser-Rand's (DRC) board of directors. Siemens (SIEGY) also announced the sale of its 50% stake of household goods joint venture BSH to partner Robert Bosch for ⁈3B ($3.9B). Siemens expects to close the Dresser-Rand deal by summer 2015, while it aims to complete the sale of its BSH stake in the first half of 2015.
Alibaba's IPO has now become the world's largest-ever at $25B, after bankers issued additional shares to raise the deal size by 15% on strong demand, Bloomberg reports. The underwriters exercised a so-called greenshoe option to sell an additional 48M ADSs, which was widely expected should the shares perform well in the public market. Shares of Alibaba (BABA) soared 38% on their Friday debut, the biggest first-day jump for an IPO of at least $10B.
Meanwhile, as Alibaba's largest stockholder, SoftBank says it expects a gain of about ¥500B ($4.6B) from the Chinese company's listing in NY, after the shares surged on their first day of trade. CEO Masayoshi Son says he would want to own more of Alibaba, although he reiterated that SoftBank (SFTBF) was happy with its current 32% stake.
HTC will be refocusing its energies on tablets, after Google ([[GOOG]], [[GOOGL]]) selected the Taiwanese company to make its upcoming 9-inch Nexus tablet. Google declined to comment on the reason it switched partners for Nexus devices, but outlined that "Android is a vibrant ecosystem, and...there’s room for many partners to do well and to innovate with Android." HTC (HTCCY) had made Google’s first Nexus smartphone, the Nexus One, in 2010, but hasn’t made a device for the line since.
EMC is considering options that could include a merger deal with a rival, following pressure from an activist shareholder and the expected retirement of its longtime chief executive Joseph Tucci. EMC (EMC) "held on-and-off merger discussions" with H-P (HPQ) for nearly a year before the talks recently ended, and is also said to have held talks with Dell, the WSJ reports. Cisco (CSCO) and Oracle (ORCL) are also seen as potential merger partners.
Blackstone says it is "giving up on Russia", and has chosen not to renew the contracts of the consultants it employs in the country. In addition to the freeze in Western investment due to new U.S. and European sanctions, Blackstone (BX) says it has not found suitable investment opportunities in the country in the last three years.
Without stating a reason, Microsoft has delayed the launch of its Xbox One in China, which had been set for release on Tuesday. The company now says the game console will be released by the end of the year. Microsoft (MSFT) announced last spring that it would start selling the Xbox One in China, after the Chinese government ended its longstanding ban on foreign videogame consoles and games.
TTM Technologies has agreed to acquire rival circuit board maker Viasystems (VIAS) for more than $250M, WSJ reports. The cash and stock deal will likely be announced as soon as today. TTM Technologies (TTMI) and Viasystems recorded roughly $2.5B in combined sales in 2013.
U.K. supermarket chain Tesco says it overstated its half-year profits by £250M ($409M) and has appointed Deloitte to look into the discrepancy. The announcement follows a string of disappointing results, which led to the recent departure of Tesco's ([[TSCDF]], [[TSCDY]]) chief exec and CFO.
Air France pilots have voted to extend their strike over the airline's transfer of services to its low-cost unit Transavia and have asked to meet with France’s prime minister to make their case against the plan. The strike, which began last Monday, has now been extended to Sept. 26. Air France (AFLYY) has estimated the cost of the strike at ⁈10M-15M ($12.8-19.2) a day.
Proclaiming its largest single order by number of planes from an African carrier, Boeing (BA) announces it has received an order for 20 737 MAX 8s from Ethiopian Airlines. The order is worth more than $2.1B at list prices and also includes options and purchase rights for a further 15 737 MAX 8s.
General Motors has recalled 221.5K Cadillac XTS and Chevrolet Impala sedans due to defective brake pads. The electronic parking brake that applies pressure to the back of the brake pads might not fully retract after it is disengaged, causing excessive brake heat and increasing the risk of a fire. GM's (GM) recall impacts Cadillacs from 2013-2015 and Impalas from 2014 and 2015.
Marchex, Inc. (MCHX) -65.3% since Jul. 11 Ariana Research article »
Embraer S.A. (ERJ) +31% since Dec. 9 Trading the Spread article »
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In Asia, Japan -0.7% to 16206. Hong Kong -1.4% to 23955. China -1.7% to 2290. India +0.4% to 27207.
In Europe, at midday, London -0.8%. Paris -0.2%. Frankfurt -0.2%.
Futures at 6:20: Dow -0.3%. S&P -0.5%. Nasdaq -0.5%. Crude -0.5% to $91.95. Gold -0.2% to $1214.70.
Ten-year Treasury Yield flat at 2.57%
Notable earnings before today's open: [[AZO]], [[NEOG]]
Notable earnings after today's close: [[ASNA]]
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