HALISTER1: BUND ALERT: Breaching Bullish Trendline From December ECB Day

BUND ALERT: Breaching Bullish Trendline From December ECB Day

(Bloomberg) -- Bund generic futures contract (currently tracking Sept. -- RXU7) has slipped below the rising trendline support from Dec. 8, the day of 2016’s last ECB meeting (see chart), Bloomberg Technical Analyst Sejul Gokal writes.
  • Contract also trading below its 200-DMA at 162.97, first time since late May
  • A close Wednesday below the trendline level at 162.92 could spark a selloff to 161.94, the last Fibonacci defense line of the March-April rally
  • Should the trendline survive the challenge today and 200-DMA remain also intact, scope for sideways consolidation could intensify amid oversold unwind risk
    • Market still regarded to be range-bound and, as such, “oscillators’; may help anticipate tactical turns
    • 9-day RSI at 27; past 4 tests this year at 30 or below have marked bottoms
  • Today’s focus points:
    • Resistance 163.24, 163.51, 163.91
    • Support 163.65-56, 162.48-44, 162.14, 161.97, 161.71
  • NOTE: Schatz futures broke major support line that has underpinned market since 2014: click here for more
  • NOTE: Sejul Gokal is a technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

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UUID: 7947283

HALISTER: Philips to Buy Spectranetics, Starts Buyback of Up to EU1.5B(1)

Philips to Buy Spectranetics, Starts Buyback of Up to EU1.5B(1)

(Bloomberg) -- Philips to start a tender offer to acquire Spectranetics for $38.50/share in cash, announces buyback of up to EU1.5B.
  • Deal:
    • Implied EV ~EU1.9b, inclusive of Spectranetics’ cash and debt
    • Philips to finance acquisition through combination of cash on hand and issuance of debt; deal to close in 3Q
    • To add to rev, adj EBITA margin, adj EPS by 2018
  • Buyback:
    • Up to EU1.5B, ~46.1m shares at current prices
    • Co. to start program in 3Q, complete it in two years
  • Link to statement
  • NOTE (June 16): Philips Rises on Report Activist Third Point Has Built a Stake
  • NOTE (June 27): Nestle announced a $21 billion share buyback program, after Dan Loeb’s hedge fund Third Point bought a stake 
Story Link:NSN OS8SRX6JTSEB

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
PHIA NA (Koninklijke Philips NV)
SPNC US (Spectranetics Corp/The)

People
Daniel S Loeb "Dan" (Third Point LLC)

Topics
BFW Debt Capital Mkts Europe

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UUID: 7947283

HALISTER: Philips to Buy Spectranetics for $38.50/Shr in Cash

Philips to Buy Spectranetics for $38.50/Shr in Cash

(Bloomberg) -- Philips will commence a tender offer to acquire Spectranetics for $38.50/share, to be paid in cash upon completion.
  • Deal implies EV ~EU1.9b, inclusive of Spectranetics’ cash and debt
    • Philips to finance acquisition through combination of cash on hand and issuance of debt
    • Transaction expected to close in 3Q
Link to Statement:Link

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
PHIA NA (Koninklijke Philips NV)
SPNC US (Spectranetics Corp/The)

Topics
BFW Debt Capital Mkts Europe

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UUID: 7947283