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Wall Street in full speed

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11/12/2019 | 09:33am EST

A lot of news today: the European car industry could get some respite, Osram agrees to be bought by AMS rumors are circulating around Walgreens Boots and Jaguar Land Rover. U.S. stock-index futures remain little changed, while Asian and European shares rose amid optimism on the trade war. Wall Street was lifted out of its torpor by KKR's alleged interest in Walgreens Boots Alliance, a transaction that could reach a record amount for an LBO, since the American pharmacy network already weighs more than $53 billion on the stock market and there is talk of a $70 billion bill to convince the Board of Directors.

The earnings season continues, with Linde, Enel, Vodafone, Deutsche Post, Tyson Foods, Continental, Experian, Iliad or Infineon due to report their earnings today.

Washington seems prepared to soften its stance on the European auto industry. The latest rumors, converging, suggest that Donald Trump will postpone possible extra tariffs on European vehicle imports by at least six months, after having made progress with the European Union. This would be good news for the cyclical automotive sector, and excellent information for the German industry, which is very self-sufficient. French automakers Peugeot and Renault, even if they no longer sell across the Atlantic, would benefit indirectly, as would French equipment manufacturers such as Faurecia, Valeo, Plastic Omnium and others.

SunPower splits. The American company, in which Total owns 55%, will split its activities into two listed companies by creating Maxeon Solar, an entity dedicated to the manufacture of solar panels, in which the Chinese Tianjin Zhonghuan Semiconductor will invest $298 million. It will operate plants in France, Malaysia, Mexico and the Philippines, plus R&D centers outside the United States and Canada. SunPower will retain innovation, high-efficiency solar systems, storage and energy services. Sunpower will own 71.1% of Maxeon Solar and TZS 28.9%. The shares of the new company will be listed on the Nasdaq.

"Osrams" on the move. Osram recommends that its shareholders accept AMS' offer. "After intense negotiations, we agreed on most of the major conditions of the operation," the group said, adding that it had obtained guarantees on employment in Germany until the end of 2022. AMS offers EUR 41 per share.

JLR is looking for a partner. Jaguar Land Rover's parent company, Tata Group, has reportedly approached rivals such as BMW and Geely to form a partnership, according to Bloomberg. The objective is to find the necessary investments to electrify the range. Geely has declined, while BMW did not wish to comment. The financial agency points out that other manufacturers could be approached.

Heavy. The Walgreens Boots Alliance pharmacy network gained more than 5% at the close yesterday after insistent rumors of a proposed takeover by the KKR fund, making it the largest LBO in history. We're talking about a $70 billion operation.

Re-establishment of trust. Boeing expects its 737 MAX to return to commercial operation in January, later than previously planned. However, this sounds like good news, which allowed the title to rebound yesterday. It will still have to be confirmed that this date will not slip for the umpteenth time and... restore the confidence of flight crews and passengers.

Jacobs is lightening up in Barry. Barry Callebaut's largest shareholder, Jacobs Holding, has transferred 2.85% of the capital to the Ontario Teachers' Pension Plan and intends to invest an additional 7.17% through an accelerated bookbuilding procedure. The price range was set between CHF 1910 and CHF 1940, for a closing price of CHF 2086 yesterday: the shares were sold at CHF 1915. The Jacobs family will remain the reference shareholder with approximately 40% of the shares. Philippe Jacobs described the operation as the "biggest investment" in the history of his group.

Higher bid. Are you tired of the accumulation of articles on the consumer buying frenzy on Alibaba's "Singles Day"? Neither do we, but we are still serving you the results of the operation: $38.3 billion worth of goods were sold between Sunday and Monday, compared to $30.8 billion in the previous record signed the previous year. And "Black Friday" is coming...

Chapter 11. Dean Foods has applied for placement under Chapter 11. In parallel, the company announces that it is in advanced discussions to sell almost all its assets to Dairy Farmers of America, although no guarantee of a positive outcome can be given.

In other news. Mediaset increased its positions in ProSiebenSat to 15.1%. Google has partnered with the Ascension healthcare group to confidentially collect and analyze the medical information of millions of Americans in 21 states, without informing patients or doctors, but ensures that everything has been done properly. WeWork is reportedly seek to poach T-Mobile US CEO John Legere. Chinese steelmaker Jingye Steel has signed a non-definitive takeover agreement for British Steel, which could amount to £50-70 million depending on the sources. Merck obtains the green light from the European Medicines Agency to market the first Ebola vaccine. The Del Vecchio family increases to 9.9% of Mediobanca. Uniper has raised its 2019 objectives. Lonza's Managing Director, Marc Funk, is leaving the company for personal reasons. Cerberus is asking for the departure of the head of Deutsche Bank.

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING 2.09% 204.64 Delayed Quote.46.24%
BOEING COMPANY (THE) 0.60% 350 Delayed Quote.8.90%
DEAN FOODS 1.67% 0.061 Delayed Quote.-98.43%
DEUTSCHE POST AG 0.91% 34.275 Delayed Quote.42.05%
ENEL S.P.A. 1.10% 6.805 End-of-day quote.33.45%
EXPERIAN PLC -0.45% 2443 Delayed Quote.28.82%
HUDSON'S BAY COMPANY -3.99% 8.43 Delayed Quote.20.44%
ILIAD 0.04% 114.4 Real-time Quote.-6.77%
INFINEON TECHNOLOGIES AG 1.70% 20.215 Delayed Quote.14.47%
INTERCONTINENTAL EXCHANGE, INC. -0.02% 92.31 Delayed Quote.22.57%
LINDE PLC 0.83% 205.64 Delayed Quote.30.70%
MEDIASET 0.22% 2.696 End-of-day quote.-1.97%
MERCK AND COMPANY -0.13% 88.98 Delayed Quote.16.61%
OSRAM LICHT AG 0.70% 44.82 Delayed Quote.17.38%
SUNPOWER CORPORATION 5.00% 7.56 Delayed Quote.44.87%
THE HOME DEPOT, INC. -1.81% 212 Delayed Quote.25.65%
TOTAL -0.52% 47.395 Real-time Quote.3.17%
TYSON FOODS -0.14% 88.49 Delayed Quote.67.92%
UNIPER SE 0.58% 29.53 Delayed Quote.29.91%
VODAFONE GROUP PLC 0.59% 143.58 Delayed Quote.-6.64%
WALGREENS BOOTS ALLIANCE -0.68% 58.01 Delayed Quote.-14.52%

Romain Fournier
© MarketScreener.com 2019
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