HALISTER: Startup Valuation Drop to Spur More Acquisitions by Tech Giants

Startup Valuation Drop to Spur More Acquisitions by Tech Giants

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GOOG US (Alphabet Inc)

People
David Drummond (Alphabet Inc)
Byron Deeter (Deer Management Co LLC)
Fidelity Investments (Fidelity Management & Research)
Kevin Hartz (Eventbrite Inc)
Marc Andreessen (Andreessen Horowitz)

Topics
BGOV Tech/Telecomm

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UUID: 7947283

HALISTER1: UST MORNING CALL: Expectations Low for Yellen 6 Days After FOMC

UST MORNING CALL: Expectations Low for Yellen 6 Days After FOMC

(Bloomberg) -- Focus remains on Fed Chair Yellen’s testimony today and tomorrow, and the U.K. EU referendum on Thursday amid lack of U.S. data.
  • Expect muted yield moves on the back of Yellen, particularly given the market’s focus on global geopolitics, JPMorgan writes in a client note; still sees 1.68%-1.70% zone as support for U.S. 10-year note
  • Lack of time between Yellen testimony and her post-FOMC speech on June 15, which included a great degree of uncertainty, mean there’s not enough time to get any certainty on much of anything, RBS writes in a client note
    • Given it is an election year, there may be an even greater degree of grandstanding than usual by the senators: RBS
  • EU referendum outcome promises to be meaningful test of liquidity in key markets; results will risk an exaggerated move based on participants’ unwillingness to stand in front of the initial price action, CRT writes in a note
  • Technicals:
    • Resistance: 131-20 (June 20 high); 131-26 (June 17 low); 132-03+ (June 16 low)
    • Support: 131-04+ (pivot s1); 130-30 (50% retreat of May 31-June 16 rally); 130-16+ (61.8% Fibo of May 31-June 16 rally)
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Gilts Close Gap vs BTPs, SPGBs as Brexit Premium Trimmed: Charts

Gilts Close Gap vs BTPs, SPGBs as Brexit Premium Trimmed: Charts

(Bloomberg) -- Regression analysis shows beta coefficient of U.K. 10Y yields vs Italy, Spain increased this year, with the spreads recently narrowing from last week’s multi-month highs as Brexit polls swing in favor of “remain”; see chart here.
  • U.K. 10Y yields have declined this quarter amid continued uncertainty over Brexit vote while similar-maturity Italy and Spain yields have increased
  • Spread on 10Y BTPs over gilts is now 19bp, compared with -19bp on April 1
  • The periphery-EGB beta to gilts has been increasing this year; see regression analysis here
    • R^2 = 0.58, y = -67.28x + 221.68 this year
  • NOTE: Tanvir Sandhu is an interest-rate and derivatives strategist who writes for First Word. The observations he makes are his own and are not intended as investment advice.
  • NOTE: To follow our referendum night live blog, click here.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Jefferies Posts Quarterly Profit as Fixed-Income Trading Surges

Jefferies Posts Quarterly Profit as Fixed-Income Trading Surges

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
JEF US (Jefferies Group LLC)
LUK US (Leucadia National Corp)

People
Ben Lorello (Jefferies LLC)
Brian Friedman (Jefferies Group LLC)
Fred Orlan (Jefferies LLC)
Peter Forlenza (Jefferies LLC)
Richard Handler (Jefferies Group LLC)

Topics
Leveraged Finance

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UUID: 7947283

HALISTER: SoftBank’s Arora Steps Down After Son Clinches Supercell Deal

SoftBank’s Arora Steps Down After Son Clinches Supercell Deal

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GOOG US (Alphabet Inc)
9984 JP (SoftBank Group Corp)

People
Masayoshi Son (SoftBank Group Corp)
Nikesh Arora (SoftBank Group Corp)
Ronald Fisher (Brightstar Corp)

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UUID: 7947283