Halister News

(Bloomberg) -- Nomura takes some profit on its receive MYR 3mfwd1s3s10 NDIRS trade that was done at beginning of April, strategists Vivek Rajpal and Prashant Pande write in May 9 note.

• Trade performed well in April as KLIBOR fixings fell and front-end rates reached new lows while longer-end underperformed; given the good performance in the last month, Nomura sees value in taking partial profits
• Position currently sized at USD15K DV01 in belly of 3mfwd1s3s10s; Nomura takes profit on USD5K DV01 while maintaining USD10K DV01, and remains open to adding it back should it retrace
• Nomura awaits Malaysia’s 1Q GDP data due May 13 and BNM meeting on May 19; market may react to any signs of dovishness as May 19 meeting will be new BNM governor’s first rate review
• Expects volatility in rates markets; if there’s uptick in rates or any meaningful flattening, Nomura may add to positions reflecting its bias toward front-end receivers and steepeners

(Bloomberg) -- Pershing Square seeks to sell 16.85m shrs in Zoetis at $46.75-$47/shr, NYT reports, citing 2 unidentified people with direct knowledge of the deal.

• Pershing to continue to own 25m shrs in ZTS
• Transaction managed by BofA, Credit Suisse
• Pershing Square, Credit Suisse declined to comment; Bank of America didn’t immediately respond to a request seeking comment: NYT
• NOTE: Pershing Square is ZTS largest holder with 8.43% as of April 22: Bloomberg data

--MICHAEL SIN

(Bloomberg) -- Gap April comp. sales -7.0% vs est. +1.1% (Retail Metrics); GPS down >10% post-market on >37k shares traded.

• Comps by brand for April (y/y)
  • Gap Global -4.0% vs est. +3.2%
  • Banana Republic -7.0% vs est. -5.1%
  • Old Navy -10.0% vs est. +2.6%
• 1Q Prelim. EPS $0.31 to $0.32, est. 44c; reports 1Q May 19
• April sales call recording 800-427-6397, available at 4:15pm

Statement: Link Related News and Information: First Word scrolling panel: FIRST First Word newswire: NH BFW --With assistance from Sebastian Silva. To contact the reporter on this story: Janet Freund in New York at jfreund11@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Sebastian Silva