(2) *SANOFI FILES CONSENT SOLICITATION TO REPLACE MEDIVATION'S BOARD

*SANOFI FILES CONSENT SOLICITATION TO REPLACE MEDIVATION'S BOARD

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
MDVN US (Medivation Inc)
SAN FP (Sanofi)

People
Charles Slacik (Beckman Coulter Inc)
David Wilson (Graduate Management Admission Council)
Marvin Frankel ((US)Dist Court:NY-Southern)
Olivier Brandicourt (Sanofi)
Steven Shulman (Access MediQuip LLC)

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UUID: 7947283

HALISTER: Tiffany Sales Trail Analysts’ Estimates as Tourist Demand Wanes

Tiffany Sales Trail Analysts’ Estimates as Tourist Demand Wanes

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
TIF US (Tiffany & Co)
RL US (Ralph Lauren Corp)
M US (Macy's Inc)

People
Brian Yarbrough (Edward Jones)
Ike Boruchow (Wachovia Securities Inc)
Oliver Chen (Cowen Group Inc)

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UUID: 7947283

HALISTER: Tiffany Down 2.9% Pre-Mkt; Cuts Yr EPS Forecast; 1Q Comps. Miss

Tiffany Down 2.9% Pre-Mkt; Cuts Yr EPS Forecast; 1Q Comps. Miss

(Bloomberg) -- Tiffany forecasts FY17 EPS down mid-single digits, saw down mid-single digits to unchanged in March, est. down 1% to $3.78.
  • Shares drop 2.9% to $62 pre-mkt vs yesterday’s close $63.85
  • Sees worldwide net sales down low-single digits
    • Still targets yr worldwide gross retail square footage growth 2% (net)
  • Still expects yr op. margin below FY16’s 19.7% (excl. charges) due to SG&A expense growth exceeding sales growth
  • Reaffirms yr FCF at least $400m, capex $260m
  • Sees 2Q adj. EPS down similar rate as in 1Q, saw down 5%-10%, est. down 8% to 79c
  • 1Q EPS ex-tax benefit 64c, with benefit 69c, est. 68c
    • 1Q gross margin 61.2% vs 59.1% y/y, est. 59.7%; effective tax rate 29% vs 34.7% y/y
  • 1Q rev. down 7% to $891.3m, est. $915m (range $889m-$935m)
  • 1Q systemwide comp. sales constant currency -9% vs est. -4.6% (Consensus Metrix, avg of 19)
  • Regional ests. (in constant currency):
    • Americas -9%, est. -8.3%
    • Japan +5%, est. +10.2%
    • Asia-Pacific -12%, est. -7.2%
    • Europe -14%, est. -7.2%
  • Net inventories at April 30 were 2% lower than prior year
  • Says 1Q challenges included continued pressure from foreign tourist spending in Europe, U.S., Asia, particularly in Hong Kong
  • NOTE: May 13, Newell Brands Appoints Tiffany’s Nicoletti as CFO
  • Call 8:30am, 888-737-3628 pw 3632445
  • See PREVIEW TIFFANY 1Q: Mgmt Shakeup, Weak Tourism May Hurt, BI Says
Statement NSN O7QAYOMEWG74
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
TIF US (Tiffany & Co)

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UUID: 7947283

HALISTER: India Said to Require Local Sourcing by Apple to Open Stores (2)

India Said to Require Local Sourcing by Apple to Open Stores (2)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AAPL US (Apple Inc)

People
Ankur Bisen (Technopak Advisors Pvt Ltd)
Arun Jaitley (Republic of India)
Narendra Modi (Republic of India)
Timothy Cook (Apple Inc)

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UUID: 7947283

HALISTER: Computerized Trader Leapfrogs Deutsche Bank in Spot FX (1)

Computerized Trader Leapfrogs Deutsche Bank in Spot FX (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
DBK GR (Deutsche Bank AG)
ERM LN (Euromoney Institutional Investor PLC)

People
Alex Gerko (XTX Markets Ltd)
Zar Amrolia (XTX Markets Ltd)

Topics
Market Structure
Quantitative Science

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UUID: 7947283

HALISTER: Little-Known, AAA-Rated Firms Are Beating the Insurance Giants

Little-Known, AAA-Rated Firms Are Beating the Insurance Giants

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
MET US (MetLife Inc)
PRU US (Prudential Financial Inc)
BLK US (BlackRock Inc)
664653Z GR (Viega GmbH + Co KG)

People
Carl Icahn (Icahn Enterprises Holdings LP)
Hillary Clinton (United States of America)
John Schlifske (Northwestern Mutual Life Insurance Co/The)
Peter Hancock (American International Group Inc)
Robert Haines (Creditsights Inc)

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UUID: 7947283