Just reading the blog on WSJ and talking to our spec sits desk and it looks like the bump is not possible now. Its a bit too messy and although they technically have till Monday it seems unless the AZN board accepts the £55 a share offer(which they have already rejected) there is no more…
Been buying AZN this morning PFE can still bump with Panel and AZN board approval PFE misjudged the level at which AZN would talk – splitting the bid / ask as indicated by AZN in their statement didn’t work Don’t think PFE to walk from a massive deal for such a small price. AZN is…
Short Enel as a Trading Call ENEL has an almost 1 to 1 correlation to the Italian bond price. The more we find out about the European version of QE it seems the most efficient/likely way will be through lending channel. ABS purchases will be the way they go. The latest peripheral bond yield…
Numbers where poor and although not loved by analysts could well be dead money for now. Still relatively well owned especially by the hedgies. However I still think the sale of the Spanish loans is a ST positive. Talk of 4 interested parties looking at a 4-5bn and a bid expected within 4 weeks. Having…
We are cutting ARM here, the stock has fell out of favour of late despite posting a 37% rise in 1Q license revenues and strong expectations for the 2H The market has focused on royalty revenues, which rise of 3%, disappointed given its valuation We still believe ARM is a great long-term play, leveraged into…
Peugeot one of our key calls in the France/CAC call Been a nice trading stock in and around the rights and the re-weight Now time to play them again on the long side Still a great European restructuring story Our Spec sits desk have done a study on the technical side of the rights trade…
Reading a piece from Exane on the AstraZeneca and the index implications. They are saying the new entity as most people think will be UK incorporated holding company and to be listed on the New York Stock Exchange. If the deal goes ahead Astra will leave most of the European Indices. (FTSE UK (FTSE All…
Peugeot announced today its EUR1.95bn rights issue, with Dongfeng & the French government taking 14.1% a piece The market has taken this well with shares up ~4%, inclusive of their new detached warrants The company said it will use the proceeds of this to make important investments in implementation of its “Back in the Race”…
Tavares steering in the right direction for us… UG was hit hard on what the market perceived to be unambitious mid-term targets announced under Tavares’s “Back in the Race” plan on Monday The stock is still 5% lower than pre-announcement, which we believe is an over exaggeration hindered further by a poor market backdrop…
We are closing our short on Tesco after returning 13.2% since inception in December. Tesco shares are having a small relief rally today after FY results were better than expected. Undoubtedly the environment remains challenging but for me estimates are already extremely low and most of the pessimism is in the price, with the analyst…