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Alstom (OTC:ALSMY) Stock, Chaîne d'Options

ALSTOM UNSP ADR

Alstom develops and markets systems, equipment, and services for the railway transport sector, including rolling stock, maintenance and modernization services, signaling, and infrastructure, which are offered separately, bundled, or as fully integrated solutions. The company is one of the key international players in the industry with a strong position in European markets.

Alstom SA

The Chinese government is contemplating an increase in fiscal stimulus, reflecting a desire to recover a portion of the economic growth that has been lost over recent quarters to achieve the <a href="https://www.benzinga.com/topic/chinese-stocks">annual growth target of 5%.</a>
That&#8217;s according to <a href="https://www.bloomberg.com/news/articles/2023-10-10/china-weighs-new-stimulus-higher-deficit-to-meet-growth-target?sref=TBDibEcD">Bloomberg</a>, citing sources familiar with the situation. Government policymakers are currently weighing the possibility of issuing at least 1 trillion yuan ($137 billion) in additional sovereign debt to fund infrastructure investments, including projects related to water conservation. 
No official announcement has been made yet.
These developments have led to a surge in global equity indices. In Hong Kong, shares, as tracked by the Hang Seng Index, saw an increase of 0.8%, and a similar performance was observed by the S&amp;P/ASX 200 in Australia.
Within the Asian region, the Japanese Nikkei Index showed the strongest performance, with gains of up to 1.8%. 
Some notable stock gainers in the Asian market included companies like Kawasaki Kisen Kaisha Ltd. (OTCPK: KAIKY) and Miniso Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NYSE">MNSO</a>), both experiencing a 6% increase.
In Europe, stocks also displayed positive momentum, with Italy&#8217;s FTSE Mib 30 and Spain&#8217;s IBEX 35 indices standing out, both registering a 1.7% increase.
In the European market, Just Eat Takeaway.com NV (OTCPK: JTKWY) rose by 6%, alongside Alstom (OTCPK: ALSMY), which also saw a 6% increase, and TUI AG (OTCPK: TUIFF) with a 5.7% increase.
Read Also: <a href="https://www.benzinga.com/markets/equities/23/10/35158917/stocks-futures-signal-cautious-optimism-amid-hopes-of-fed-pause-pepsicos-solid-q3-focus-shifts-t">Stocks Futures Signal Cautious Optimism Amid Hopes Of Fed Pause, PepsiCo&#8217;s Solid Q3; Focus Shifts To Week&#8217;s Inflation Data</a>
<h2 class="wp-block-heading">Country Garden Issues Default Warning</h2>
At the same time, concerns persist regarding issues in the property sector, particularly regarding Country Garden Holdings, which is currently facing the risk of default. The former leading construction company in China issued a warning via a stock exchange filing on Tuesday, indicating its inability to meet future offshore payment obligations, including those related to dollar-denominated bonds.
Ting Meng, a senior credit strategist at Australia and New Zealand Banking Group, told Bloomberg that Country Garden&#8217;s recent statement may force offshore bondholders to push forward a restructuring proposal.
The company announced on Tuesday a significant drop of 81% in contracted sales for September compared to the previous year, primarily due to the persistently weak demand from homebuyers in China. This decline caused Country Garden&#8217;s shares to fall by 11% in Hong Kong on Tuesday, following a 6.7% drop in the previous session.
Notably, Country Garden&#8217;s dollar bond maturing in January 2024 is currently trading at 6 cents on the dollar, while the bond due in 2031 is trading at less than 5 cents on the dollar.
Domestic stocks in China underperformed global equities on Tuesday. The Shanghai Composite index declined by 0.7%, and the Shenzhen Component saw a loss of 0.6%. These losses extended from the previous session.
Chart: Country Garden&#8217;s Dollar-Denominated Bonds Tumble 
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="730" src="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/10083012/XS188044271_2023-10-10_13-29-59_02f76-1024x730.png" alt="" class="wp-image-121268" srcset="https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/10083012/XS188044271_2023-10-10_13-29-59_02f76-1024x730.png 1024w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/10083012/XS188044271_2023-10-10_13-29-59_02f76-300x214.png 300w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/10083012/XS188044271_2023-10-10_13-29-59_02f76-768x547.png 768w,https://s3.amazonaws.com/editorial.benzinga.com/wp-content/uploads/2023/10/10083012/XS188044271_2023-10-10_13-29-59_02f76.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Now Read: <a href="https://www.benzinga.com/markets/asia/23/10/35156875/asia-mixed-eurozone-in-green-crude-retreats-after-mondays-surge-global-markets-today-while-us-was-sl">Asia Mixed, Eurozone In Green, Crude Retreats After Monday&#8217;s Surge &#8211; Global Markets Today While US Was Sleeping</a>

Asia

Macro Economic Events

Emerging Markets

Eurozone

Economics

Tech

ALSMY

JTKWY

KAIKY

MNSO

TUIFF

China Contemplates Stimulus As Property Giant Country Garden Teeters On Brink Of Default

Upgrades

Downgrades

Initiation

Intraday Update

Analyst Ratings

ABNB

AGCO

ALGT

AMAM

ATAI

AYLA

CMPS

DCRB

DNAY

EDRVF

FEMY

FSLR

IPSC

KNTE

MOLN

MRAC

NAUT

NGENF

ODFL

OKTA

PCAR

POSH

RBLX

RDWR

SNCY

SPNS

SQSP

Tempest Therapeutics, Inc. - Common Stock

TPST

TRMR

ULCC

VTSI

ZLPSF

Benzinga's Top Ratings Upgrades, Downgrades For July 13, 2021

Goldman Sachs analyst Daniela Costa downgrades Alstom (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ALSMY#OTC">ALSMY</a>) from Buy to Neutral.

News

Goldman Sachs Downgrades Alstom to Neutral

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Trading Ideas

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AAIGF

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AAUKF

AAVMY

AAVVF

ABBRF

ABCP

ABILF

ABMC

ABNAF

ABSSF

ACDVF

ACGBY

ARCH BIOPARTNERS INC ORD by Arch Biopartners Inc.

ACHFF

ACKRF

ACNDF

ACNNF

ACOPF

ACRL

ACSAY

ACUIF

ADAD

ADDDF

ADDYY

ADMT

ADYEY

AEGOF

AERG

AETUF

AEXAY

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AGESY

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AGGFF

AHCHY

AHEXY

ALTERNATE HEALTH CORP ORD by Alternate Health Corp.

AHGIF

AHKSF

AHKSY

AHWSF

AIBGY

AIBRF

AIQUY

AIRRF

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AKAOQ

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ALBY

ALEAFIA HEALTH INC ORD by Aleafia Health Inc.

ALEAF

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ALIF

Allianz Ag Muenchen Namen-Akt Vinkuliert Shares

ALIZF

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ALMTF

ALPMY

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AMMX

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ANTH

ANACONDA MINING INC by Anaconda Mining Inc.

ANXGF

Australia and New Zealand Banking Group Limited

ANZBY

ANZLY

AOIFF

AOMFF

ASCOT RESOURCES LTD by Ascot Resources Ltd.

AOTVF

APELY

APHD

APMCF

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Stocks That Hit 52-Week Highs On Tuesday

As General Electric Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ge#NYSE">GE</a>) prepares to provide a critical financial update for its shareholders on Thursday, investors are still trying to figure out exactly how a blue chip company worth $300 billion at the beginning of 2016 could now have a market cap of under $90 billion.
According to the <a href="https://www.wsj.com/articles/how-ge-built-up-and-wrote-down-22-billion-in-assets-11552469401?mod=hp_lead_pos4">Wall Street Journal</a>, nefarious accounting practices were responsible for the disconnect between GE&rsquo;s reported value and its market cap, and one analyst says Wall Street expectations for GE&rsquo;s future may still be too high.
<h3>How GE Fooled Wall Street</h3>
WSJ&#39;s Michael Rapoport focuses on GE&rsquo;s accounting treatment of a $10 billion 2015 deal with Alstom SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/alsmy#OTC">ALSMY</a>) as one example of the dubious way GE was propping up its bottom line right under investors&rsquo; noses.
GE acquired Alstom&rsquo;s Power business for $10 billion but then immediately registered $13.5 billion in goodwill on its books upon the deal&rsquo;s completion. In the accounting world, goodwill is the amount of money a company spends on an acquisition that is above and beyond the asset value of the target. While this practice wasn&rsquo;t strictly illegal, it essentially allowed GE to claim Alstom&rsquo;s Power business, which GE purchased for $10 billion, had a net negative value of $3.5 billion.
Incredibly, Rapoport wrote, the strange treatment of the Alstom deal didn&rsquo;t stop there when GE ramped up the goodwill associated with the deal to $17.3 billion in 2016.
Why would GE perform such seemingly strange accounting maneuvers? The general idea is that GE was likely attempting to avoid depreciation and/or amortization costs associated with the Alstom assets, which would have eaten into GE&rsquo;s profits in each quarter since the deal&rsquo;s completion. By reducing the value of the Alstom assets on its balance sheet, GE was simply carrying the Alstom assets as goodwill quarter-after-quarter, avoiding taking the inevitable earnings hit that was building under the surface.
Ultimately, GE took a $22 billion goodwill writedown in late 2018 and many investors and analysts were completely blindsided as to where the charge came from and why it was so large.
<h3>Expectations Still Too High</h3>
Unfortunately for GE investors, Gordon Haskett analyst John Inch said Wednesday analysts expecting GE to eventually recover from its current batch of problems may have their sights set too high.
GE recently guided for negative free cash flow from its Industrial segment in 2019. Some analysts have said the cash flow problems are only temporary, and GE will ultimately get back to $1 per share in free cash flow in the next couple of years.
&ldquo;Considering GE&rsquo;s divestitures of high cash generating businesses coupled with Power&rsquo;s substantial long-term challenges, this aspirational target screens as both dubious and lacking basic intuition,&rdquo; Inch wrote in a note.
Inch said GE would essentially need to double its EPS over the next three years to get to $1 in free cash flow by fiscal 2021, an outlook that doesn&rsquo;t make much sense considering GE&rsquo;s plan is to sell off some of its best-performing assets in the meantime to shore up its balance sheet. Inch also said he believes GE&rsquo;s Aviation business is currently approaching a cyclical peak.
Inch is calling for 35 cents per share in free cash flow from GE in fiscal 2020 and only modest growth from that point forward.
Gordon Haskett has an Underperform rating and $7 price target for GE&#39;s stock.
Shares traded at $9.98 Wednesday afternoon.
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/03/13302129/ge-ceo-says-industrial-free-cash-flow-will-turn-negativ">GE CEO Says Industrial Free Cash Flow Will Turn Negative In 2019</a> 
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/03/13269804/analysts-remain-skeptical-amid-general-electrics-aggres">Analysts Remain Skeptical Amid General Electric&#39;s Aggressive Asset Sales</a>
Photo credit: Momoneymoproblemz (Own work), <a href="https://commons.wikimedia.org/wiki/File:General_Electric_Sign,_Fort_Wayne,_Indiana.JPG">via Wikimedia Commons</a>

Analyst Color

Price Target

Reiteration

Gordon Haskett: General Electric Bull Thesis 'Dubious And Lacking Basic Intuition'

The following are the M&amp;A deals, rumors and chatter circulating on Wall Street for Tuesday, September 26, 2017.
Siemens, Alstom Sign MoU to combine Siemens&rsquo; Mobility Business, Rail Traction Drives Business with Alstom
The Deal:
Siemens (OTC: <a class="ticker" href="/stock/siegy#OTC">SIEGY</a>) and Alstom (OTC: <a class="ticker" href="/stock/alsmy#OTC">ALSMY</a>) have signed a Memorandum of Understanding to combine Siemens&rsquo; mobility business, including its rail traction drives business, with Alstom. Siemens will receive newly issued shares in the combined company representing 50 percent of Alstom&rsquo;s share capital on a fully diluted basis.
Alstom existing shareholders will receive two special dividends, including a control premium of &euro;4.00 per share to be paid shortly after closing, plus an extraordinary dividend of up to &euro;4.00 per share to be paid out of the proceeds of Alstom&rsquo;s put options for the General Electric (NYSE: <a class="ticker" href="/stock/ge#NYSE">GE</a>) joint ventures of approximately &euro;2.5 billion subject to the cash position of Alstom. Siemens will receive warrants allowing it to acquire Alstom shares representing two percentage points of its share capital that can be exercised earliest four years after closing.
The transaction is expected to close at the end of 2018.
Alstom US shares closed at $4.03 on Tuesday, up 13 cents. Siemens closed at $68.59, down 37 cents.
Trivago Acquires Tripl
The Deal:
Trivago (NASDAQ: <a class="ticker" href="/stock/trvg#NASDAQ">TRVG</a>) announced the acquisition of the assets of machine learning travel startup Tripl. Terms were not disclosed.
Trivago closed at $11.21, up 23 cents.
Bruker Acquires MERLIN
The Deal:
Bruker Corporation (NASDAQ: <a class="ticker" href="/stock/brkr#NASDAQ">BRKR</a>) announced the closing of its acquisition of MERLIN Diagnostika GmbH, which has a technology and product portfolio for human and veterinary antibiotic resistance and specialty susceptibility testing. Financial details were not disclosed.
Bruker closed at $29.18, down 35 cents.

Rumors

BRKR

SIEGY

TRVG

Wall Street's M&A Chatter From September 26: Siemens-Alstom, Trivago-Tripl, Bruker-Merlin

Legal

Alstom Sues GE for Breach of Contract Tied to Sale ff Rail Signaling Business -Reuters

GE Expected to Gain EU Antitrust Approval for Purchase of Alstom Power Unit, According to Sources -Reuters

Management

GE CEO Immelt Says Has Not Seen Any EU Objections to Alstom Deal Different from those Related to Other GE European Acquisitions -Retuers

EU Antitrust Regulators Say GE's Bid For Alstom's Energy Unit Could Harm Competition, According to Sources -Reuters

GE CEO Immelt Says Confident Alstom Deal Gets Approved -Reuters

GE Power Unit Head Says GE Will to Make Concessions to to Get Regulatory Approval -Reuters

EU Antitrust Regulators Suspend Investigation of GE's Proposed Takeover of Alstom's Power Equipment Business

GE CEO Immelt to Meet EU Antitrust Chief Vestager on May 5 to Discuss Alstom Deal, According to Source -Reuters

Earnings

Guidance

From Conf Call: GE CEO Says Alstom Deal on Track for H2 Close

EU Antitrust Regulators Begin Extensive Investigation into GE's Proposed Takeover of Alstom's Power Equipment Business -Reuters

EU Antitrust Regulators Likely to Launch Probe into GE's $14.08B Offer for Alstom's Power Equipment Business, According to Sources -Reuters

French company Alstom SA (OTC: <a class="ticker" href="/stock/alsmy#OTC">ALSMY</a>) reported an 11% gain in its third-quarter sales.
Alstom's sales in the quarter climbed to EUR1.50 billion ($1.74 billion), compared to EUR1.35 billion, in the year-ago period. During the quarter, Alstom booked orders worth 1.615 billion euros ($1.87 billion), versus 2.54 billion euros.
Alstom reiterated its outlook of "high single digit organic sales growth" for the full year.
Alstom shares rose 1.96% to close at $3.12 yesterday.

Alstom Posts Rise In Q3 Sales, Reiterates Full-Year Outlook

Alstom Pleads Guilty: Will Pay Record $772M Fine to Resolve Foreign Bribery Charges

US, Alstom Near $500M Settlement Over Foreign Bribery -DJ

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