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From Briefing.com
Periodicals Wrap-Up for Monday, August 11th
WALL STREET JOURNAL: According to people familiar with the matter, Waste Management (WMI) was expected to raise its unsolicited cash offer for Republic Services (RSG) to $6.73B, an increase of nearly 10%, the Wall Street Journal reported…FINANCIAL TIMES: The Financial Times reported that Royal Bank of Scotland (RBS) is selling up to $8B of its debt to private equity firms Blackstone (BX), Apollo, and TPG, inside sources said. The private equity firms buying the debt could make a profit of up to 30% on the deals, according to Blackstone President Tony James…The Financial Times also reported that a rule preventing naked short-selling in 19 key financial stocks, including Fannie Mae (FNM), Freddie Mac (FRE), and Lehman Brothers (LEH), is set to expire tomorrow and the SEC has said that it will not extend the rule…TELEGRAPH: According to the Telegraph, Blackstone is partnering with Quindao Haier, a Chinese consumer goods manufacturer, to bid on General Electric’s (GE) appliance unit…ASSOCIATED PRESS: Best Buy (BBY) said it intends to place a dozen vending machines in major airports around the country, according to the Associated Press. The machines will sell various electronic products, and are scheduled to be installed by September 1…
Weekly additions to the Investors Business Daily-100
The following are additions to the Investors Business Daily-100 list for the week of August 8: Industrial Svcs of america (IDSA), Quanta Services (PWR), Warnaco Group (WRC), New Oriental Education & Technology (EDU), Kendle International (KNDL), Parexel Intl.(PRXL), Intuitive Surgical (ISRG), Buffalo Wild Wings (BWLD), Amphenol Corp (APH), Interwoven Inc (IWOV), Gartner Inc (IT), True religion Apparel (TRLG ), Dorchester Minerals (DMLP), Penn Virginia Corp (PVA), Herbalife (HLF), Koppers Holdings (KOP), Plexus Corp (PLXS), Cummins Inc. (CMI), Rockwood Holdings Inc (ROC), Parametric Tech (PMTC), Ensign Group (ENSG), Sybase (SY), Newmarket Corporation (NEU), Gentiva Health services (GTIV), Lufkin Industries (LUFK), LMI aerospace (LMIA), Express Scripts (ESRX), Quality Systems (QSII), Netflix (NFLX), Adobe Systems (ADBE), Netlogic Microsystems (NETL).
Weekly subtractions from the Investor’s Business Daily-100
The following are subtractions from the Investors Business Daily-100 list for the week of August 8 : Titan Machinery (TITN), Potash Corp Saskatchewan (POT), EnerSys (ENS), Mosaic (MOS), T Three Energy Services (TTES), Massey Energy company (MEE), Metalico (MEA), Whiting Petroleum (WLL), National Oilwell Varco (NOV),Natural Gas Sevices Group (NGS), Colfax Corp (CFX), Agrium (AGU), Petroquest Energy Inc (PQ), Lumber Liquidators (LL), Priceline.com (PCLN), Hess Corp (HES), Comphanhia Siderurgic Nacional (SID), Compass Minerals (CMP), Occidental Petroleum (OXY), Mesabi Trust (MSB), Buckle Inc. (BKE), Unitedstates Steel (X), Atwood Oceanics (ATW), Mindray Medical Intl (MR), VSE Corp (VSEC), Monsanto (MON), Teledyne (TDY), Airgas (ARG), Ensco International (ESV), Alcon Inc (ACL), Forrester Research (FORR).
National City faces SEC probe-WSJ
National City (NCC) revealed that it is the subject of an “informal ” Securities and Exchange Commission investigation. The issues being investigated include: loan underwriting, bank regulatory matters, and a sale of a sub-prime division in 2006 for $1.3B.
Citigroup reorganizes research/analysis led by investment banker-WSJ
Research and analysis will be combined into one group at Citibank (C). The controversy lies in the fact that the head of the group is an investment banker, Hamid Biglari, chief operating officer of Citi’s institutional clients group. This rekindles fears of a skew of influence to investment banking clients rather than investors.
Rio Tinto considering IPO for its US coal business-WSJ
The company said on Friday it was considering an initial public offering for its U.S. coal business. Rio Tinto (RTP) would consider an IPO rather than an outright sale. The company has set a goal of selling $10B in assets to defend itself against a hostile bid from BHP Biliton (BHP). Cloud Peak Energy, The US coal unit, filed a registration statement with the SEC in connection with Cloud Peak’s proposed initial public offering. The filing lists a maximum offering price of $1B.
Loading up on shares of fast-growing companies at hefty markdowns – Barron’s
Barron’s interviewed the top-ranked mutual-fund managers in their latest Barron’s/Value Line survey say it’s a great time to load up on shares of fast-growing companies selling at hefty markdowns. Most of the 100 managers on this year’s list generated sterling returns in the past 3 and 5 years ended June 30, according to Value Line. Most are in the red on a 12-month and ytd basis, since taking their lumps due to the credit crisis, although the majority continue to outpace the broad market, which was off about 13% in 2008 through the end of June. Some of the sectors and stocks that these mutual-fund managers have found attractive are or that have produced nice returns are: (groups/themes) select energy, steel and industrial materials names; some are tip-toeing into financial stocks, specifically those laden with debt; (stocks) Charles Schwab (SCHW), IBM (IBM), McDermott International (MDR), ABB (ABB), Mosaic (MOS), Potash (POT), United States Steel (X), Nucor (NUE), Chesapeake Energy (CHK), Forest Oil (FST) and Hudson City Bancorp (HCBK). Also, some fund firms have multiple new offerings on this year’s list of investments.
Staying in the market and beating it with caution – Barron’s
Barron’s interviewed Douglas C. Lane of investment firm Douglas C. Lane & Associates. The firm invests long-only, aiming for low portfolio turnover and takes a long-term view, typically 3 to 5 years, of securities. The firm oversees about $2B in assets. Portfolio managers buy both traditional growth and value stocks. And although they do hold some American depositary receipts, or ADRs, they don’t invest directly in overseas markets, which they view as too risky. All of this has led to solid performance. As of July 31, the firms core equity composite had soundly beaten the S&P’s 500 index based on one-, three-, five-, seven- and 10-year periods. One area where Douglas Lane sees opportunity is media, including several cable companies and newspaper publisher Gannett (GCI), whose shares have been battered. Lane wouldn’t be surprised if the market tests its 2008 lows in 2009. Besides that, he says, the biggest risk is to be out of the market when all of this clears up. The credit crisis has created some opportunities, but Lane is not sure he wants to take advantage of any right now. The firm reduce a lot of their exposure to the energy space, and went to an underweight stance, holding only a few of the bigger companies like Schlumberger (SLB). One other sector where Lane has “taken some money out” is in basic-materials stocks. Right now, Lane can’t find an entire sector that he is excited about. When that’s the case, Lane says don’t sector invest, and just focus and invest on individual companies and not worry about the macro environment. Lane says if you are looking for individual companies, it’s pretty hard not to find some companies in the Health care sector, which has been cheap. Lane’s Overall Picks: Gannett (GCI), General Electric (GE), Qualcomm (QCOM) and Kimberly-Clark (KMB).
Auxilium Pharmaceuticals-AUXL: Two drugs worth owning the company for – Barron’s
Auxilium Parmaceuticals (AUXL), is the maker of Testim, a testosterone-based gel designed to help men lead longer, more energetic lives. Testim is the fastest growing testosterone-replacement therapy on the market. Testim, available only by prescription, already pulls in about $120M in revenues a year, and sales are expected to increase by about 20% annually. John Mulhall, director of sexual medicine at Memorial Sloan-Kettering Cancer Center in NY says, “this is a growing market, and it’s very safe.” Longer term, doctors say, testosterone therapy can curb the risks of heart disease, diabetes and osteoporosis. Testim is not the only reason that Auxilium merits a look. AUXL, with a market value of about $1.5B, has a drug in late-stage trials that appears to have even greater potential. That drug, Xiaflex, is aimed at treating a hand disorder suffered by hundreds of thousands, known as Dupuytren’s contracture. CEO Armando Anido calls Xiaflex “a late-stage blockbuster opportunity.” Barring any delays in government approval, Xiaflex could launch by late 2009 and become a $200M business by 2011, says money manager Patrick Lee of Palo Alto Investors. Counting the potential for both Testim and Xiaflex, Lee and PAI partner Joon Yun see Auxilium shares reaching $100 over three years, up from about $37 recently. So far this year, the shares are up about 21%. Lee values the Testim business at $1B. The Xiaflex business, he suggests, is worth about $3B.
High-energy plays at lower prices – Barron’s
The sharp drop in oil and natural-gas prices has produced an even sharper pullback in energy stocks, creating what may be one of the best buying opportunities in the sector in several years, says Barron’s. Barring a collapse in oil and gas, energy could prove to be one of the market’s top groups over the next year. Most of the stocks could easily rise 25% or more. Despite their strong prospects and the rise in petroleum prices over the past year, oil stocks sell at modest valuations. Prices of some have fallen substantially since 2007 ended. Many of the stocks are trading at levels that make them look like bargains for long-term investors, such as: BP (BP), Chevron (CVX), ConocoPhilips (COP), ExxonMobil (XOM), Marathon (MRO), Anadarko (APC), Apache (APA), Devon Energy (DVN), XTO Energy (XTO), Canadian Natural Resources (CNQ) and Suncor (SU). Given the sharply higher finding costs and the risks of dry holes, this could prompt a new wave of takeovers if the independents’ share prices don’t bounce back. Anadarko and Devon are viewed as prime targets.
Technology Trader: A theory on a break-up of Microsoft – Barron’s
This week’s column focuses on one unhappy investors thoughts on how to break up Microsoft (MSFT) and why the company should spin off the Xbox. A savvy contributor to voiceoftheshareholder.com, a Website where investors can anonymously share their analyses, recently posted a break-up analysis of Microsoft aimed at explaining why shareholders aren’t thrilled with the current state of affairs. The author, once worked for Goldman Sachs, then for a good-sized hedge fund, and now manages money on his own. His analysis, which strikes Barron’s columnist Mark Veverka as an honest and well-executed intellectual exercise, concludes that Microsoft’s entertainment and device business, primarily Xbox, is undervalued by the recent stock price of about $28. He proposes that the division, which accounted for 13% of FY08 revenues and 5% operating margins, be spun off to unlock its true value. The analyst estimates that the unit might fetch $4B in the open market. He also suggests that the money-losing online-services division, which would benefit most from a Yahoo! (YHOO) deal, also be spun off. That would leave what the contributor calls the Big Three: the business division, Windows client division and the server and tools division. The Microsoft business division and the Windows client division, he estimates the two units together are worth about $250B. The server and tools division, he pegs the value of the unit at $55B. Thus, he values the Big Three at $305B. Plus, MSFT has about $35B in cash, which raises the total value to $340B. Last, the author subtracts $79B for “other and corporate overhead,” which brings the total value of the Big Three, without entertainment devices and online services, to about $260B. That is slightly more than Microsoft’s current market valuation of $256B, which means shareholders are getting zero value for the entertainment and device outfit, the author contends.
Plugged-In: Tech bulls face a long wait – Barron’s
Some tech investors still like very long bets. Columnist Tiernan Ray says, with the current economic state of inactivity, bets on our wired future may unravel with less velocity and less fanfare, but the downward tug is once again growing notable. Ray referenced the a few situations in some of the big tech stocks – as reasons why Tech bulls will need to wait longer for a turnaround. On Google (GOOG), a question of the solvency of Google’s AOL investment raises…more questions. Answers must wait, however, until the time that either AOL is sold or the economy revives. Meanwhile, GOOG was up 5.5% on the week. On Sprint Nextel (S), the company reported yet another disappointing quarterly report, in which almost a million customers fled, sales fell 11%, profits missed expectations by a mile, and Sprint nixed its convertible offering. Sprint shares rose 7% last week. On Clearwire (CLWR), the company finds its long bets getting longer, as Clearwire said it will have no new subscribers for the rest of the year as it awaits the build-out of nationwide wireless network for high-speed mobile Internet access, based on new WiMax technology with Sprint. And lastly on SanDsk (SNDK), the company disclosed in its quarterly filing that it has broken covenants on $562M of leases for the equipment used in its joint venture with Toshiba to make chips. SNDK shares rose 14% for the week — proving that some tech investors still like very long bets.
Royal Bank of Scotland reportedly sells debt to private equity firms-FT
Royal Bank of Scotland (RBS) is selling up to $8B of its debt to private equity firms Blackstone (BX), Apollo, and TPG, inside sources said. The loans that Royal Bank is selling were used to finance acquisitions by private-equity firms. The private equity firms buying the debt could make a profit of up to 30% on the deals, according to Blackstone President Tony James.
Rule preventing naked short-selling is scheduled to expire tomorrow-FT
A rule preventing naked short-selling in 19 key financial stocks, including Fannie Mae (FNM), Freddie Mac (FRE), and Lehman Brothers (LEH), is set to expire tomorrow and the SEC has said that it will not extend the rule. The SEC is developing new proposals designed to prevent abusive short-selling in all stocks, but those measures cannot be implemented until October at the earliest.
Asian Markets Wrap-Up for Monday, August 11
Asian stocks advanced as inflation concerns eased as a result of from lower commodity prices…JAPAN: The Nikkei 225 Stock Average rose 262.50, or 2%, to 13,430.91, while the broader Topix index gained 20.07, or 1.6%, to 1,280.00. Honda Motor (HMC) was up 4.6% to Y3,630. Toyota Motor Corp. (TM) increased 4.1% to Y5,030. Sony (SNE) added 2.8% to Y4,380. Sumitomo Rubber jumped 6.4% to Y921. Toyo Tire & Rubber Co. increased 6.2% to Y310. Mitsubishi Chemical Holdings Corp. gained 5.7% to Y630. Zeon Corp.surged 10% to Y455. Fuji Heavy Industries added 6.9% to Y622. Hoya was up 6.5% to Y2,375…AUSTRALIA: The S&P/ASX 200 Index advanced 39.90, or 0.80%, to 5,026.10. Commonwealth Bank added 2.4% to A$44.48. Australia & New Zealand Banking Group (ANZBY) increased 2.5% to A$17.78. Newcrest Mining (NCMGY) dropped 8.1% to A$24.25…AROUND ASIA: In Hong Kong, the Hang Seng Index fell 25.87, or 0.1%, to 21,859.34. China Mobile (CHL) was down 1.1% to HK$99. China Shenhua Energy Co.slid 3.8% to HK$23.95. Chalco slipped 1.7% to HK$6.38. Jiangxi Copper Co. declined 3.7% to HK$11.06. Zijin Mining Group Co. lost 4% to HK$4.80. China Eastern (CEA) slumped 7.9% to HK$1.97…In Thailand, stocks advanced because of speculation that the former Prime Minister Thaksin Shinawatra will seek asylum in another country reducing political tensions.
Many consumers last to know about stolen credit card numbers-WSJ
Last week it was revealed that 40 million credit card numbers had been stolen from nine retailers. But at least two of them, Boston Market Corp. and Forever 21, failed to notify their customers, according to the Wall Street Journal. Three others, OfficeMax (OMX), Barnes and Noble (BKS), and Sports Authority, would not confirm or deny if they had. Those who almost immediately notified consumers were TJX Cos. (TJX), BJ’s Wholesale Club (BJ), DSW (DSW) and Dave and Buster’s. The U.S. has charged 11 people in the U.S. and four other countries, including the Ukraine and China, for stealing credit card numbers between 2003 and 2008.
Demand soars for Apple’s cellphone software-WSJ
“I’ve never seen anything like this in my career for software,” says Apple (AAPL) CEO Steve Jobs about the soaring demand for software for the iPhone on Apple’s new online software site, the App Store. In its first month over 60M programs have been downloaded. Many are free, but there still were over $1M a day in sales, according to the Wall Street Journal. “Who knows, maybe it will be a $1B marketplace at some point in time,” he added. LOL the recurring revenues in this biz model is outright sick!
U.S. equity futures point to a quiet open
U.S. equity futures are pointing to a quiet open as the markets digest last week’s gains. The fighting between Georgia and Russia has caused crude oil to tick higher but that would have been expected anyway given last week’s big price drop. This week’s economic calendar includes reports on advanced retail sales, CPI numbers, jobless claims, consumer confidence and oil inventory.
At UBS pressure grows for radical changes-WSJ
As UBS (UBS) prepares to report its second quarter results tomorrow, it’s write-downs for bad credit investments are expected to hit $43B, and on Friday it settled with U.S. regulators to buy back about $19B in auction rate securities.The overriding question is what the company will do to shake things up, according to the Wall Street Journal. For starters, it could sell its U.S. money management unit and separate off its investment bank.
Low short term rates are good for banks, but for how long?-WSJ
In light of the Fed’s decision last week to keep short term interest rates low–2%–means the Fed, as it has in past recessions, keeps rates low to help spur bank profits. But now, says the Wall Street Journal’s “Heard on the Street”, bank investors should remain cautious. For one, with little room to lower them anymore, the Fed could reverse course and raise short term rates. Also, whatever profits banks garner because of the Fed’s position doesn’t mean that it will be enough help to the ailing companies. And there’s always the possibility they could be forced to go back to investors to raise fresh capital., One thing’s for sure: It will probably be easier to see which banks are the biggest losers.
Research in Motion takes 10% of U.S. cell phone sales-Reuters
According to Strategy Analytics, Research in Motion’s (RIMM) BlackBerry device took 10% of U.S. cell phone sales in Q2. The firm says RIM saw huge success with enterprise and consumer handsets with total mobile phone shipments rose to 41.9M from 39.8M in Q208.
Rights to Erbitux drug at center of Bristol-Myers takeover of ImClone-WSJ
Bristol-Myers Squibb (BMY) has said that it will pay $4.5B to buy the 83% of ImClone Systems (IMCL) that it doesn’t already own. But there’s a catch and it involves billions in futures sales. Key is who has the rights to Erbitux, a cancer treatment drug. Imclone says it does. Bristol Myers says a new version of the drug may be a competing product and if so it says it’s entitled to rights. For now, any conclusion is inclusive. “My read is that the contract language is nebulous,” says Eric Schmidt with Cowen & Co. He adds that there is “clearly room for [Bristol] to claim one thing and [ImClone] the other.” The dispute could take years to conclude
U.S. equity futures continue to point to a lower open
The futures continue to point to a slightly lower open as oil holds onto its slight gains. The conflict between Georgia and Russia, and a bounce after last week’s drop in the price of crude, are reasons being attributed to oil’s strength. Also there’s news of lower gasoline prices. A national survey now shows that the average price of a gallon of gasoline nationwide is $3.85, down 15 cents from two weeks ago. While energy prices remain high the Democrats continue to push for an additional stimulus program. But Treasury Secretary Paulson said in a speech over the weekend that he is taking a wait and see approach. Paulson said he’s concerned about driving the budget deficit higher.
Apple video upgrade for the Mac may be in the works-Silicon Valley Insider
According to a source at the Silicon Valley Insider, Apple’s (AAPL) product transition mentioned in a recent conference call refers to quicktime encoding/decoding chips built into the Mac computers.
Genentech-DNA: Believe company may be worth $124 per share@BERN
Bernstein thinks Genentech may be worth $124 per share, including synergies with Roche. The firm set their target for Genentech at $101, and they maintained their Outperform rating on the shares.
J Crew-JCG: Comfortable with Q2 estimate of 33c@WEDB
Wedbush believes that summer merchandise was well received and they are getting positive early reads on fall merchandise. Wedbush reiterates their Buy rating and $50 target
Nvidia-NVDA: Expect in-line Q2 with recently lowered guidance@WEDB
Wedbush believes NVDA’s Q3 guidance on Tuesday could disappoint due to headwinds in desktop GPU and higher inventory. Wedbush trims their target to $16 from $18
JA Solar-JASO: Believe JASO made progress during quarter@CSTI
Collins Stewart believes JASO made good progress on its capacity expansion efforts in the quarter and will achieve its goal of ramping annual capacity production to 500MW by year end. The firm did lower its price target to $23 from $32 on uncertain 2009 demand due to potential revised solar policy in Spain. Shares are Buy rated.
Monsanto-MON valuation attractive, reiterate Overweight@MSCO
Morgan Stanley said at MON’s current valuation, investors are getting their pipeline for free. The firm values MON’s existing business at $110/share and the pipeline at $60.
Airlines: Price drop in fuel a positive, revenue risk is to the downside@UBSW
UBS said the drop in fuel prices benefits their EPS estimates but said revenue risk is to the downside given optimistic revenue growth estimates. The firm said DAL appears most attractive while LCC is expensive relative to its historic valuation.
Enzon, Inc.-ENZN trading halted, pending news
Agrium-AGU reaches agreement on Egyptian Nitrogen facility
Agrium announced that, through two wholly-owned subsidiaries has entered into an agreement with MISR Oil Processing Company, S.A.E of Egypt, whereby MOPCO will acquire the EAgrium project, and EAgrium shareholders will obtain an equity interest in the combined entity. Agrium will own a 26 percent interest in the combined entity, which includes the recently completed 675,000 tonne urea MOPCO facility which is expected to commence commercial production by the start of the fourth quarter of 2008. The combined entity intends to construct two additional urea trains on the MOPCO site, which will increase the total annual capacity to approximately two million tonnes of urea. Agrium’s share of the annual production would be 175,000 tonnes of urea until the expansion is complete in 2011, after which it would increase to approximately 525,000 tonnes annually.
Airlines may be profitable in 2009@MSCO
Morgan Stanley said the drop in oil is a “game changing” event and could lead to the airline industry being profitable in 2009. The firm notes LCC and UAUA as the main beneficiaries.
Alpha Natural-ANR shareholder value much higher than CLF bid@FBRC
Friedman Billings recommends ANR shareholders reject the takeover bid by CLF and recommends investors buy ANR on its own merits. The firm said ANR has sought-after met coal reserves, diversified met coal products, and quality thermal coal assets, among other attributes.
Merrill Lynch-MER: Believe company’s liquidity is solid@BOFA
After Merrill disclosed its liquidity and operational risk figures, Banc of America thinks the company’s Tier 1 capital position is solid, and the firm maintained their Buy rating.
Solar: Lowering 2009 global solar module estimate@UBSW
UBS now expects 2009 industry solar module prices to decline 20% YoY vs. -14% given the likely reduced market size in Spain. The firm upgraded ENER to Buy from Neutral and downgraded SPWR to Neutral from Buy.
SunPower-SPWR downgraded to Neutral from Buy@UBSW
Target to $80 from $90.
LDK Solar-LDK initiated with a Buy, target $50@THNK
Semiconductors: Use pullbacks to build positions@DBAB
Deutsche Bank believes macro concerns are largely reflected in the group and recommends buying strong secular growers with low valuations/turnaround stories on pullbacks. The firm recommends Buy rated INTC, ISIL, ITLN, MPWR, NSM, POWI, and TXN.
Intel-INTC says next generation chips to carry Intel core name
Intel Corporation announced today that desktop processors based on the company’s upcoming new microarchitecturewill be formally branded “Intel(R) Core(TM) processor.” The first products in this new family of processors, including an “Extreme Edition” version, will carry an “i7″ identifier and will be formally branded as “Intel(R) Core(TM) i7 processor.” This is the first of several new identifiers to come as different products launch over the next year.
Cephalon-CEPH: Possesses an emerging pipeline of recently launched products@AMTR
Strong fundamentals continue to be demonstrated by the company’s strong management, which has also largely been able to avoid revenue pitfalls. Heading into the 2H08 and 2009, AMTR remains bullish on the stock and anticipates the company’s story will be one of execution. Maintain Buy rating
The government is releasing crop production data at 8:30am Tue, which is expected to show first yield and production estimates for this year’s corn and soybean crops. Corn and soybean futures fell today on expectations that the report will show a bumper crop.
Fast Money position recap- Macke Owns (WMT) (COST) (DIS) (MSFT) (EMC); Adami Owns (AGU) (C) (BTU) (GS) (INTC) (MSFT) (NUE); Karabell Owns (FMCN) (AAPL) (AGU) (GOOG) (JPM) (GLD) (SLB); Finerman’s Firm Is Short (IYR) (IJR) (MDY) (SPY) (IWM) (XLF) (BBT) (COF); Finerman’s Firm And Finerman Own (C) Leaps; Finerman Owns (GS); Finerman’s Firm Owns (MSFT) (SUN) (TSO) (VLO); Finerman’s Firm Owns (ANF) And (ANF) Call Spreads; Gartman Is Short (TAP) (TM) (MA); Gartman Owns (AFFY) (FLO) (PLL) (IBM) (HOG) (SDS); Gartman Owns (ANDE) And Is Short (ADM); Gartman Owns (QQQQ) And Is Short (TLT); CIBC Gartman Index Owns Copper, Aluminum, Wheat, Corn, Soybean, Natural Gas, 10yr Canadian Bond, Australian Dollar; CIBC Gartman Index Is Short Crude Oil, Sugar, Euro.
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