HALISTER: Staples’s Amazon Claims in Office Depot Case ‘Fell Short’ (1)

Staples’s Amazon Claims in Office Depot Case ‘Fell Short’ (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AMZN US (Amazon.com Inc)
ODP US (Office Depot Inc)
SPLS US (Staples Inc)
1070L US (United States District Court for the Northern District of New York)
13362Z US (United States Federal Trade Commission)

People
Deborah Feinstein (United States Federal Trade Commission)
Emmet Sullivan (United States District Court for the District of Columbia)
Ira Gorsky (Elevation LLC)
Ronald Sargent (Staples Inc)
Seth Bloom (Bloom Strategic Counsel PLLC)

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UUID: 7947283

HALISTER: Novartis Splits Up Drug Unit as Top Executive Will Depart (3)

Novartis Splits Up Drug Unit as Top Executive Will Depart (3)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
NOVN VX (Novartis AG)
GSK LN (GlaxoSmithKline PLC)

People
David Epstein (Novartis AG)
Andrew Witty (GlaxoSmithKline PLC)
Bruno Strigini (Novartis AG)
Joseph Jimenez (Novartis AG)
Paul Hudson (AstraZeneca KK)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER1: INSIDE G-10: Dollar Trades Mixed in Thin Volumes as Oil Rallies

INSIDE G-10: Dollar Trades Mixed in Thin Volumes as Oil Rallies

(Bloomberg) -- The dollar is mixed vs G-4 currencies in tight trading ranges, with several European markets shut for the Whit holiday.
  • Oil rallies to six-month high, shrugging off weak China data as Nigerian production disruption adds to supply concerns
  • USD/JPY gains 0.2% to 108.87, vs 108.47-108.99 range
    • Pair may be on the verge of resuming its broader bear trend after coming off a week showing multiple failed attempts at breaking the 109.46 Fibonacci resistance
    • USD/JPY 1-mo. forwards points decline and pair’s 1-mo. implied volatility rises as settlement dates go across the BOJ’s June 15-16 meeting: Yoshihito Ichiguchi, Mitsubishi UFJ Trust and Banking
    • PM Abe says in parliament that fiscal measures may be needed to create demand
  • EUR/USD +0.1% at 1.1320
    • Resistance at 1.1359, May 10 low; support at 1.1283/71, May 13 low, 55-DMA
    • EUR risk-reversal spread at 2011 low on Brexit hedges: analysis
    • Offers seen at 1.1330, 1.1360 and above 1.1400; bids at 1.1285-00, 1.1250 and 1.1225-30: traders
  • GBP/USD down 0.1% to 1.4348, while 2-mo. implied volatility rises to highest since March 2009
    • Leveraged funds reduced their net short positions on sterling to the lowest since Dec. in the week ended May 10: Nomura says citing internal and CFTC flows
    • Fitch says an exit from the EU by the U.K. would hit European economies and increase political risks in Europe
  • BBDXY little changed at 1,186.56, vs 1,185.05-1,188.04 range
    • Index tests key resistance and a short-term move might be shortly indicated by technical patterns
    • U.S. presidential election could add to FX uncertainty: ING
  • AUD/USD up 0.3% to 0.7291, reversing losses earlier in the session on intraday short-covering from leveraged funds
    • Resistance is 0.7310, May 12 low
    • AUD better bid on macro inflows vs NZD and JPY than USD: trader
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Yoshihito Ichiguchi (Mitsubishi UFJ Financial Group Inc)

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UUID: 7947283

HALISTER1: Long-End EGB Supply Driven by Atypical Hedge-Fund Demand: BofAML

Long-End EGB Supply Driven by Atypical Hedge-Fund Demand: BofAML

(Bloomberg) -- April’s record issuance of long-end EGBs was driven by demand from hedge funds likely positioning for duration extension of ECB QE purchases, BofAML strategists including Ralf Preusser write in note.
  • Traditionally, long-end demand has come from insurance, pension accounts
    • However, take-up of long-end syndications from hedge funds has almost doubled since 2014 to 15% most recently, from 8%
  • Despite record long-end issuance in April, swap spreads have richened, indicating demand is driving the supply
  • Hedge-fund demand is likely driven by duration extensions in ECB QE, anticipation of a more sizable and systematic move
  • Visible duration extension seen in national central banks’ purchases may be a signal that QE holdings of short-end bonds are close to the issue limit
  • Continue to see value in 10s30s flatteners given recent demand driven increase in long-end issuance, PSPP buying being forced out the curve
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

People
Ralf Preusser (Merrill Lynch International)

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UUID: 7947283

HALISTER: United Rentals Poised to Rise on 2017 Rental Rate Rebound: Citi

United Rentals Poised to Rise on 2017 Rental Rate Rebound: Citi

(Bloomberg) -- United Rentals viewed as positive risk/reward amid strong free cash flow and expected multiple expansion on improved rental rates next yr, Citigroup analyst Timothy Thein (buy) writes in note.
  • URI rose as much as 9.1%, most intraday since April 21; top performer today in SPX; vol. of 1.2x 3-mo. avg daily volume
  • “Positive” on industry outlook as demand growth last month outpaced supply for 1st time in 15 mos.
  • URI updated guidance assumes no m/m positive rate growth in the summer months, which may be “conservative” outlook
  • H&E Equipment also up, rising as much as 7.2%; Titan Machinery climbed as much as 4.5%
  • NOTE: Earlier, peer Ashtead gained as much as 6.1%, most intraday since Dec. 9, on 1.2x 3-mo. avg daily volume after Exane upgraded co. to outperform vs neutral
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
URI US (United Rentals Inc)

People
Timothy Thein (Citigroup Inc)

Topics
Exclusive Midcap Coverage
Industrials

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UUID: 7947283