SHORT AIRBUS

BAD NEWS IN THE PRICE : CLOSING for -17.98% ABS -21.1% REL

The bad news is in the price and even with the EUR screaming it keeps going up, add to that the massive discount to Boeing and there are no sellers. We step aside for a nice loss. Merci!   AIRBUS SHORT INTO Q2 Friday • 14th July 2017 • 10:22 The bull case is well…

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BUY TULLOW: CLOSING LONG

TIME FOR A PULLBACK +47.39%

This has been a great trade for us. I think people are very long Tullow and it has basically gone up in a straight line. Even though ultimately I think Tullow and Oil goes higher this year I feel it will have a pull back first. Stepping aside and booking a profit.   BUY TULLOW:…

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ALTICE

CLOSING LONG : DRAHI DOES THE JOB

Its been a wild ride but for us. The valuation was too compelling and contrary to what the mkt pushed there was no re financing due till 2022, EBITDA margins remained healthy so talk of bankruptcy was premature. However the market created a self fulfilling sell off which created an opportunity. We step aside now…

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BUY VW

MAINFIRST PUSHING - DIESELGATE A DISTANT MEMORY

MAINFIRST on VW (+/220) With Dieslgate becoming a distant memory we push the BUY case again this morning. Audi model upswing starts (A8, A7 and new A6 in H2-18) and a host of new SUVs will push Audi’s EBIT up 25% by 2020 (vs 2017) and VW’s new high margin Atlas now represents half of…

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GEMALTO

ATOS OFFERS €46/SHARE: CLOSING +40.30%

The board of Gemalto has noted announcement yesterday evening of unsolicited and conditional proposal by Atos to make a cash offer for all issued and outstanding shares of the company at offer price of EUR 46/sh (cum dividend in cash), company says in a statement on Tuesday. On Nov. 28, Atos submitted proposal, valid until…

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EDF: BUY

DEEP VALUE WITH ATOMIC UPSIDE

EDF break up talk in French press. Similar to RWE/IGY ” scenario has been circulating for many months separating EDF’s nuclear activities from the rest of the group, namely renewable energies, energy services and 27 million customers. Without going as far as a dismantling that would raise a sling of trade unions, the idea is…

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MINERS: WHERE DO THEY GO FROM HERE?

CLOSING SHORT MINERS

The dollar has rallied and china tightened as we expected but commodities and miners don’t care. So it is time to step aside. Closing RIO +0.65%. AAL -0.76%   MINERS: WHERE DO THEY GO FROM HERE? SHORTING RIO & AAL Wednesday • 18th October 2017 • 15:54 Sector +25% since mid June. Number of drivers;…

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TIME TO BUY TELCOS?

BUY A BASKET OF INCUMBANTS: VOD/TEF/ORA/KPN/DT

SXKP is the second worst performing sector -5% YTD, and -12% relative to the ESTX. Since the start of 2016 its almost 30% underperformance, and that during a period of yield compression that has benefitted other yielding sectors. Why have the telcos been so poor? Competition is intense so growth is hard to come by,…

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MICHELIN

CLOSING TRADING SELL + 2.87% ABS +3.07% REL

Numbers tonight and I think they will be ok. This was a trading sell and I don’t need the earnings risk. May look to re short tomorrow post numbers but for now we step aside and book a small profit.   MICHELIN TRADING SELL Thursday • 28th September 2017 • 16:08 Despite recently cutting EBIT…

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EEM US

TRADING SHORT

Last night was a mildly hawkish surprise from the FED. Certainly judging by the bond market recently, the hurricanes and recent poor inflation prints had dampened expectations for December. December is in play, and you get the feeling the FED want to continue normalising while they still can, and why not whilst the US is…

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