Events Desk
(212) 884-8096
THURSDAY 10-31-2013
p. 1 of 4
Alerts For Today Publish Time 7:15AM
**US FUTURES: (S&P -4.50, DJI -25, NDX -15.0, 10 Year Treasury Yield 2.50, +9/32). European markets mostly lower. Asian
markets closed lower. Gold is Lower. Oil is Higher. The US $ is Higher vs. Pound; Lower vs. Yen; Higher vs. Euro.
**KEY NEWS: FOMC and RBNZ less dovish than expected. BOJ offered a minimal policy statement ahead of the release of
semiannual Outlook for Economic Activity and Prices, voting unanimously to increase monetary base at annual pace of 6070T yen - its standard policy setting and as widely expected. Reserve Bank of New Zealand Leaves Official Cash Rate
Unchanged at 2.50% (as expected). CHINA: injects liquidity into money markets for 2nd consecutive session. US Treasury's semiannual currency report again declined to name China as currency manipulator, instead shifting more focus to Germany and its
large current account surplus contributing to deflationary pressure in the rest of the EZ. ITALY: Unemployment at fresh record high.
EURO ZONE: September Unemployment Rate: 12.2% v 12.0%e; October CPI Estimate Y/Y: 0.7% v 1.1%e; CPI Core Y/Y: 0.8% v
1.0%e. SPAIN: 10-year government yield dips below 4.00% for first time since early May.
**M & A NEWS: LEAP Announces shareholder approval for proposed combination with AT&T.
**EARNINGS OUT THIS AM (VS CONSENSUS): AAWW (-.27), ABC (+.05, adj.), ABX (+.08, adj.), ACOR (+.26, adj), APOL
(+.30, ex items), Bombardier (-.01, adj.), CI (+.27, adj.), CPLA (+.08), EPD (-.03), EPL (-.07), EVER (In-Line), GBX (+.09), IRM
(+.01, adj.), MD (+.04), MYL (+.04), NIHD (-.39, adj.), NI (In-Line), ORBK (+.08, adj.), ORN (+.05), PCRX (+.06), PWR (+.02), Q
(+.04, adj.), SFY (In-Line), STFC (+.11), STRA (+.25, adj.), TDC (-.01), THRM (+.04, adj.), TWC (+.05, adj.), VICL (In-Line), VRX
(+.11, adj.), WNR (-.16, adj.).
**IN THE RAGS/ONLINE: NYT: State legislatures around the country, facing growing public concern about collection and trading of
personal data, are proposing a range of privacy laws that cover everything from tracking students to police monitoring cellphones;
WSJ: At end of two-day meeting, Federal Reserve officials emerged with signature easy-money program intact and no clear signal
about whether they would begin pulling it back at their December meeting; London’s top traders and bankers could soon see a big
boost to their monthly pay as part of an effort by banks to soften the blow of a new EU law limiting annual bonuses; Bloomberg: C.
and JPM are putting their top London currency dealers on leave after regulators probing the manipulation of foreign-exchange rates
started investigating the traders’ use of an instant-message group.
**KEY ECONOMICS: 7:30AM: Challenger, Gray & Christmas Job-Cut Report (October); 8:30AM: Initial Jobless Claims (w/e 10/26);
9:45AM: Bloomberg Consumer Comfort Index (w/e 10/25); 10:00AM: Chicago PMI (October); TBA: Dallas Fed PCE (September).
**KEY EVENTS TO WATCH: Morning: Treasury Secretary Jacob Lew chairs a meeting of the Financial Stability Oversight
Council (FSOC) at Treasury and; In The Afternoon: joins Secretary of State Kerry to brief members of Congress on the
Administration’s efforts to prevent Iran from acquiring a nuclear weapon. 10:45AM: Commerce Secretary Penny Pritzker
with WMT CEO Bill Simon hold a news conference to "make a major announcement" at the SelectUSA 2013 Investment Summit in
Washington, DC. 1:30PM: President Obama delivers remarks at the first ever SelectUSA 2013 Investment Summit in Washington,
DC.
**KEY INDUSTRY RELEASES: 9:00AM: International Grains Council releases world grain production #'s for October; 10:30AM:
E.I.A. publishes weekly natural gas storage report; 3:00PM: USDA publishes agricultural prices for October.
**CONFERENCES: Cato Institute Policy Perspectives Conference, Washington, DC; Ira Sohn Foundation European Investment Conference, London; SelectUSA 2013 Investment Summit, Washington, DC; SelectUSA Investment Summit, Washington, DC
**ANALYST MEETINGS: Catlin Group Ltd. (London), EW (at the Transcatheter Cardiovascular Therapeutics Conference).
**COMPANY UPDATE: INAP (acquisition of iWeb)
**ANNUAL MEETINGS: DOLE (Re Merger with David H. Murdock), ORCL, WBMD.
**KEY ANALYST ACTIONS: UPGRADES: ALU (ESN), CAVM (Oppenheimer), CSS (RBC), EXPE (Tier1), HTS (Compass Point),
ICLR (ISI), ITRI (Brean), MCHP (Mizuho), SM (Baird), THOR (Canaccord). DOWNGRADES: AJG (Compass Point), BWP (BCS),
CVD (RJF), FLR (Canaccord), ITRI (Janney), MDAS (ISI Group), MSM (Baird), NICE (BCS), SAIA (RJF), SEE (Jefferies), UMC
(Tier1).
**IN AFTER HOURS TRADING. HIGHER: On Earnings: ZLTQ, EXPE, SPRT, PFPT, ISIL, ANIK, QUIK, FLDM, ITMN, UNTD,
PPC, SHOR, SWKS, PGTI, THOR, ARRS, AFFX, OI, PRAA, PVA, TRN; Others: XOMA (study results); DSCO (offering); LOWER:
On Earnings: WTW, SGI, GLUU, JIVE, ROVI, JDSU, TSYS, RATE, MOH, SPWR, V, AVNW, AXTI, MET, SLRC, SBUX (slower
sales growth is Asia), FB
Broker Meetings
ROADSHOWS
IN NEW YORK
Karyopharm Therapeutics (IPO) BofA Merrill Lynch,
Leerink Swann, Ritz Carlton
DEALS EXPECTED
Container Store Group (TCS) (IPO) JPM/ Barclays/
Credit Suisse
Qunar Cayman Islands Ltd. (QUNR) (IPO) Goldman
Sachs (Asia)/ Deutsche Bank (between $9.50-$11.50)
NEW YORK EVENTS
Management Lunches:
EDU, Morgan Stanley.
1on1s:
CMX, RBC Capital.
Daimler AG. JPM.
GE, BAC-ML.
BOSTON EVENTS
1 on 1s:
Cairn Energy, Jefferies.
GSVC, Oppenheimer.
SNN, JPM.
OTHER US EVENTS
1 on 1s:
ALTR, Piper Jaffray, Minneapolis.
Ardmore Shipping Corp, Jefferies, Houston.
BABY, Roth Capital, San Francisco.
BAE Systems, Jefferies, Los Angeles.
California Stem Cell (private), Piper Jaffray, Irvine.
China Telecom Corp Ltd., Jefferies, Hong Kong.
ECL, Credit Suisse, San Francisco.
Gazprom OAO, Goldman Sachs.
Home Retail Group, BAC-ML, Edinburgh.
LPTN, JMP Securities, San Francisco.
Nestle, Morgan Stanley, San Francisco/Santa Fe.
St. James’s Place plc, JPM, San Francisco.
TransForce, RBC Capital, San Francisco.
Trupanion, Credit Suisse, San Francisco.
Tullow, Morgan Stanley, Chicago.
XOOM, Needham, San Francisco.
INTERNATIONAL EVENTS
1 on 1s:
Canam Group, RBC Capital, Montreal.
Morrisons plc, BAC-ML, London.
Natura, BAC-ML, Tokyo.
Redrow, BAC-ML, London.
RTL Group, Morgan Stanley, Montreal.
Skandinaviska Enskilda Banken AB, RBC Capital.
Turk Telecom, Credit Suisse, London.
URI, Piper Jaffray, Toronto.
WH Smith, BAC-ML, London.
Today’s Focus
ECONOMICS
IN THE US
7:30AM: Challenger, Gray & Christmas Job-Cut Report
(October). Last Reading: 40,289.
8:30AM: Initial Jobless Claims (w/e 10/26). Consensus
Estimate: 339,000 vs. 350,000; Continuing Claims (w/e
10/19). Consensus Estimate: 2.87M vs. 2.874M. 4-Week
Average. Last Reading: 348.25K
9:45AM: Bloomberg Consumer Comfort Index (w/e
10/26). Last Reading: -36.10
10:00AM: Chicago PMI (October). Consensus Estimate:
55.0 vs. 55.7
10:00AM: DJ-BTM US Business Barometer (w/e 10/19).
Last Reading: -0.4%
4:30PM: Money Supply (w/e 10/28)
4:30PM: Federal Reserve Board releases Condition
Statement of Federal Reserve Banks; Factors Affecting
Reserves of Depository Institutions; and Money Stock, Liquid Assets, Debt Measures.
TBA: Dallas Fed PCE (September). Last Reading: +1.5%
AUCTIONS/ FED ACTIONS
11:00AM: NY Fed will Purchase Treasury Coupons in the
11/15/2024 - 02/15/2031 Maturity Range.
11:30AM: Treasury Announces a 3 & 6 Month Bill Auction
IN EUROPE
10/30-10/31: Eurogroup President and Netherlands
Finance Minister Jeroen Dijsselbloem visits Latvia.
IMF Deputy Head Lipton speaks on Germany in Berlin.
Norway Central Bank (Norges) Governor Olsen speaks
in Trondheim.
ECONOMIC RELEASES: 03:00EDT/08:00GMT Finland
Aug Final Trade Balance; 03:45EDT/08:45GMT France
Sept PPI; Sept Consumer Spending;
04:00EDT/09:00GMT Hungary Aug Final Trade Balance;
Sept PPI; 05:00EDT/10:00GMT Iceland Sept Final Trade
Balance; 05:00EDT/10:00GMT Italy Sept Preliminary
Unemployment Rate; 05:00EDT/10:00GMT Czech
Republic Sept Money Supply M2; 06:00EDT/11:00GMT
Belgium Sept Unemployment Rate; 06:00EDT/11:00GMT
Italy Oct Preliminary CPI NIC Incl Tobacco; CPI EU Harmonized; 06:00EDT/11:00GMT EU Sept Unemployment
Rate; 06:00EDT/11:00GMT EU Oct CPI Estimate;
Advance CPI Core; 07:00EDT/12:00GMT Ireland Oct Live
Register Level SA; Live Register Monthly Change; Oct
Unemployment Rate; 07:00EDT/12:00GMT Italy Sept PPI;
09:00EDT/14:00GMT Poland Oct NBP Inflation Expectations; TBD Spain Aug Current Account Balance; Aug
Housing Permits; TBD Greece Aug Retail Sales.
FIXED INCOME: 06:00EDT/11:00GMT EU Daily Euribor
Fixing; 06:30EDT/11:30GMT Hungary Debt Agency
(AKK) to sell Bonds; 07:00EDT/12:00GMT Czech Republic to sell Bills
IN THE PACIFIC RIM
10/30-11/1: Australia hosts the 13th Council of Ministers Meeting of the Indian Ocean Rim Association for
Regional Cooperation in Perth.
MONETARY POLICY MEETING: Bank of Japan.
Events Desk
(212) 884-8096
THURSDAY 10-31-2013
IN CANADA
national Trade Edward Fast, Magna International Board of
Directors J. Trevor Eyton. Part 2: former VP Dick Cheney,
GardaWorld Cash Services, RBC Capital Vice Chairman
Michael Fortier.
3:00PM: Concluding Plenary - The Financing Infrastructure Imperative: Building a Foundation for the Next Era of
Growth. Speakers: Lazard, Toronto Port Authority, AIMCO.
GDP (August); Average Weekly Earnings (August)
IN CENTRAL AND SOUTH AMERICA
Mexico: deadline for Senators to approve the tax bill
before a budget deadline.
Mexico: Budget Balance YTD (September); Net Outstanding Loans (September); Brazil: Net Debt % GDP (September); Nominal Budget Balance (September); Primary Budget Balance (September).
INDICES RELEASES EXPECTED
WEEKLY
AEROSPACE/DEFENSE: BA releases orders #’s.
ENERGY: 10:30AM: E.I.A. publishes US underground
natural gas stocks (gas storage report) at 1:00PM: Natural
gas update; heating oil, propane residential and wholesale
price data report and at 5:00PM: releases coal production
report
FINANCIAL SERVICES: 1:00PM: Federal Home Loan
Mortgage Corporation survey on fixed-rate mortgages.
RETAIL: 8:00AM:Sportscan publishes athletic footwear
sales/trends #'s.
TECHNOLOGY: DRAMeXchange releases price changes
for DRAM chips.
TRANSPORTATION: Association of American Railroads publishes the number of freight carloads on major
U.S. railroads.
MONTHLY
AGRICULTURE: 9:00AM: International Grains Council
releases world grain production #'s for October; 3:00PM:
USDA publishes agricultural prices for October
AIRLINES: The International Air Transportation
Association releases international airline traffic #'s for
September; Qantas (QAN.AU) releases air traffic #'s.
CHEMICALS: CMAI Global (acquired by I.H.S. Cera)
releases chemical pricing (monomers, plastics & polymers,
aromatics) reports to clients.
ENERGY: E.I.A. publishes Natural and supplemental gas
production, supply, consumption, disposition, storage,
imports, exports, and prices in the United States. (Natural
Gas Monthly); HGT releases distribution report (Record
Date).
FINANCIAL SERVICES: National Association of Credit
Management publishes Credit Managers Index; Mortgage
Insurance Companies of America publishes private
mortgage insurance #'s for September (reinsurance in
force, new insurance written, and the cure-to-default ratio);
Fannie Mae (FNMA) monthly summary report including
year-to-date activities for gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate
risk measures, serious delinquency rates, and loan modifications for September; AMG Data Services publishes
mutual fund inflow #'s and outflow #'s; CLMS Closed-End
Funds (CHI, CHY, CSQ, CGO and CHW) announce
monthly distribution for November.
FOOD/ BEVERAGE: UK Customs & Excise publishes
alcohol consumption; National Alcohol Beverage Control Association publishes spirits sales #'s in controlled
states recap report.
HOTEL/ GAMING: Nevada Gaming Control Board publishes Las Vegas Strip gaming revenue #'s.
INDUSTRIAL: Business & Institutional Furniture Manufacturer Association publishes commercial furniture shipments.
REAL ESTATE: Radar Logic Inc. releases the RPX
Monthly Housing Market Report for August.
RETAIL SALES: 8:30AM: RAD.
RETAIL: International Council of Shopping Centers
publishes Canadian Shopping Center Employment for
August; National Restaurant Association publishes
restaurant performance #'s.
SEMICONDUCTORS: Semico inflection point indicator
(IPI) index released for September.
TECHNOLOGY: I.P.C. publishes IMS/PCB (Interconnect
manufacturing services/Printed circuit board) Book-to-Bill
for August.
QUARTERLY
ENERGY: Glencore Xstrata Plc reports production #s
and Interim Management Statement; American Fuel and
Petrochemical Manufacturers publishes petrochemical
production #'s and inventory #'s for Q3.
FINANCIAL SERVICES: Mortgage Bankers Association
publishes Q3 commercial/multifamily mortgage loan originations.
MEDIA/ENTERTAINMENT: BLC releases advertising #'s
(with earnings); JRN releases advertising #'s; (with earnings); NYT releases advertising #'s (with earnings).
PHARMACEUTICALS: Lonza Group releases product
pipeline update (with earnings).
REAL ESTATE: SPF releases order #'s (with earnings).
RETAIL SALES: AAP, BODY, CEC, SBUX (with earnings).
TELECOM: BT Group Plc releases subscribers #'s (with
earnings-Q2 and Half Year).
MACRO CONFERENCES (EDT)
p. 2 of 4
10/31-11/1: SelectUSA Investment Summit, Washington, DC.
9:00AM: Opening / Welcome Remarks: The U.S. is Open
for Business. Speaker: Commerce Secretary Penny
Pritzker.
9:15AM: A View of the US and Global Economy. Speaker:
Treasury Secretary Jack Lew.
9:25AM: Plenary Introduction. Speaker: Undersecretary
for Commerce Francisco Sanchez.
9:30AM: Why Select the USA: Perspectives on Investing
and Operating in the United States. Speakers: BLK CEO
Larry Fink, DOW CEO Andrew Liveris, WMT CEO Bill
Simon, National Economic Council Director Gene Sperling.
11:00AM: 1) Why the Economics Favor Investing in the
United States. Speakers: Deloitte, Bloomberg, Canada
Pension Plan. 2) U.S. Leadership in Advanced Manufacturing. Speakers: GlobalFoundries CEO Ajit Manocha,
FLEX President Jeannine Sargent, Rolls-Royce North
America CFO William T. Powers III. 3) Taking Advantage
of the World’s Deepest Technology Market. Speakers:
Samsung Electronics EVP David Steel, GOOG VP Alfred
Spector, CRM Co-founder Parker Harris.
2:15PM: America's Universities: Partnering with the
World's Leading Education and Research Institutions.
Speakers: Sanofi North America, academics.
3:30PM: 1) U.S. Energy Resources and Regional Opportunities. Speakers: Sasol North America, Iberdrola
Renewables, E.ON North America. 2) Opportunities for
Private Investment in U.S. Infrastructure. Speakers:
Meridiam Infrastructure, Brookfield, Cintra US. 3) Opportunities for Global Firms to Compete in the U.S. Economy.
Speakers: Tata Sons North America, Nexteer Automotive,
Essar Steel Minnesota LLC, Braskem America.
4:30PM: Closing. Speaker: Labor Secretary Thomas
Perez.
OBAMA ADMINISTRATION
Morning: Treasury Secretary Jacob Lew chairs a meeting of the Financial Stability Oversight Council (FSOC) at
Treasury; and; In The Afternoon: joins Secretary of
State Kerry to brief members of Congress on the Administration’s efforts to prevent Iran from acquiring a nuclear
weapon.
10:45AM: Commerce Secretary Penny Pritzker with
WMT CEO Bill Simon hold a news conference to "make a
major announcement" at the SelectUSA 2013 Investment
Summit in Washington, DC.
12:30PM: Secretary of State John Kerry holds a bilateral
meeting with Director General of the International Atomic
Energy Agency Yukiya Amano; and at 3:00PM: holds a
bilateral meeting with Iraqi Foreign Minister Hoshyar
Zebari.
12:30PM: Interior Secretary Sally Jewell delivers
remarks on the economic value of our national parks at a
National Press Club
1:30PM: President Obama delivers remarks at the first
ever SelectUSA 2013 Investment Summit in Washington,
DC; at 3:15PM: meets with Senator elect Corey Booker
7:00PM: Defense Secretary Chuck Hagel delivers the
keynote address at the Anti-Defamation League centennial
meeting, Grand Hyatt, NYC.
WASHINGTON EVENTS
10:00AM: "China's Third Plenum: Reform and Opening
Up 2.0?" at the Brookings Institution.
12:30PM: Interior Secretary Sally Jewell speaks on
"conservation priorities, including Interior's role in the President's Climate Action Plan, and strengthening the nation's
economy through healthy lands, water and wildlife” at the
National Press Club.
OTHER REGIONS
7:15AM: Women's Leadership Breakfast in conjunction with the Technology Committee at the Executives
Club of Chicago. Speakers: BA CIO Kim Hammonds;
S&C Electric Company Vice President, Power Systems
Solutions Wanda Reder; XRX Chief Technology Officer
and President, Xerox Innovation Group Sophie Vandebroek and moderator Nicor Gas President Beth Reese.
UN GENERAL ASSEMBLY
PLENARY AND RELATED MEETINGS
1) Report of the International Court of Justice.
2) Report of the International Criminal Court; reports of the
Secretary-General and note by the Secretary-General.
COMPANY EVENTS
IN EUROPE
10/31: Cato Institute Policy Perspectives 2013, Waldorf-Astoria, NYC.
11:00AM: Welcome. Speaker: Cato Institute VP Jerry
Taylor.
11:05AM: Keynote: The Fiscal and Monetary Barriers to
Economic Recovery. Speaker: Encima Global LLC President David Malpass.
11:35AM: Obamacare: What We Now Know. Speaker:
Cato Institute Senior Fellow Michael Tanner.
11:55AM: Rise of the Surveillance State. Speaker: Cato
Institute VP Gene Healey.
12:30PM: Luncheon Address: WSJ Author Peggy Noonan.
10:00AM: Catlin Group Ltd. hosts Investor Day, London
10/30-10/31: International Economic Forum of the
Americas Annual Meeting, Toronto.
8:30AM: Plenary - The Global Energy Revolution: Beyond
the Myth, Confronting Reality. Speakers: Bloomberg New
Energy Finance, SWN, JOGMEC.
10:30AM: 1) Financing Infrastructure for Global Growth:
The Role of Institutional Investors. Speakers: Toronto
Region Board of Trade, AIMCO, Sun Life Financial, Asian
Development Bank Institute, Ontario Teachers’ Pension
Plan, Capstone Infrastructure. 2) The Commodities Outlook: Moving Past the Supercycle. Speakers: Scotiabank,
GDF Suez Energy North America, World Bank. 3) Leveraging Clean Technologies: Towards Energy Savings.
Speakers: Ontario Power Authority, Bloomberg New Energy Finance, BDC Venture Capital, Sustainable Development Tech Canada.
12:00PM: Energy Security and Evolving Geopolitical Realities in the 21st Century. Part 1: Canada Minister of Inter-
10:00AM: EW hosts an analyst event at the Transcatheter
Cardiovascular Therapeutics Conference, San Francicso,
CA
IN CANADA
11:30AM: Teck Resources Ltd hosts call to discuss Fort
Hills Oil Sands Project. #800-565-0813.
IN THE US
8:00AM: INAP hosts call to discuss acquisition of iWeb in
a deal valued at approximately $145M. #866-515-9839.
8:00AM: TQNT hosts Investor and Analyst Day, NYC.
OTHER
M&A: VRNM / BASF Corp - tender offer expires
ANNUAL MEETINGS:
9:30AM: WBMD, W NY, Union Square, NYC.
1:00PM: DOLE, Westlake Village, GA (special meeting Re
Merger with David H. Murdock)
1:00PM: ORCL, Redwood City, CA
OTHER: CEMI, CMRE, DRYS, ORIG, PIKE, TECH.
S&P Index Changes: FTDDV (FTD Companies Inc.) will
replace UNTD in the S&P SmallCap 600 Index , PBNY will
replace STL in the SmallCap 600 Index
Stock Split: UNTD: 1-7 reverse split.
Events Desk
(212) 884-8096
BROKER SPONSORED CALLS
10:00AM: Oracle: Strategic Considerations and Recap
of Exadata Opportunity: JPM hosts call with analyst.
#888-566-4617 (US); +1-517-623-4811 (outside US);
Passcode: software.
2:00PM: DNA Download; Update on Trends in DNA
Sequencing: Leerink Swann hosts call with experts.
#973-528-0045; ID=635784. (Companies: FLDM, ILMN,
LIFE, PACB).
Friday’s Key Events
BIG 3 AUTOS REPORT SALES #S FOR SEPTEMBER.
US bank stress test (CCAR) criteria could hit around
11/1 (the ’12 forms hit on 11/15/12).
ANALYST MEETINGS: T (to offer iPad air with Wi-Fi +
Cellular)
Conferences
AAPL: iPhone 5s and iPhone 5c will be available in
more than a dozen countries including India and Mexico.
BROKER (EDT)
DEADLINE: Syria completes destruction of its chemical weapons production and mixing/filling equipment.
10/30-11/1: Credit Suisse China Investment Conference, Hong Kong.
1-on-1s with: VNET, Agile Property Holdings, Ajisen China, Anta Sports Products, AutoNavi, Bosideng International, China Everbright, China Galaxy Securities, China Lodging Group, China Medical Holding System, China Merchants Bank, China Molybdenum, China Oilfield Services,
China Overseas Grand Oceans Group, China Overseas
Land & Investment, China Petroleum & Chemical Corp.,
China Resources Gas Group, China Resources Land, China Shanshui Cement Group, China Telecom Corp., China
Unicom Hong Kong, CIFI Holdings Group, CITIC Securities, CNOOC, Country Garden Holdings, E-Commerce
China Dangdang, Evergrande Real Estate Group, Focus
Media, Founder Securities, Kaisa Group Holdings, Mecox
Lane, Peak Sports Products, Petrochina, Phoenix New
Media, QIHU, QIYI.com, Samson Holdings, Shenzhou
International Group, Shimao Property Holdings, Sihuan
Pharma Holdings, SOHU, Sunac China Holdings, XRS,
TAOM, Tenfu Cayman Holdings, Tingyi Cayman Islands
Holding, Tsui Wah Holdings, Vipshop Holdings.
10/30-10/31: Deutsche Bank Mexican Conference, London. Invite only.
10/31-11/1: Dundee Capital Markets Gold Roundup
Conference, Austin.
Presenting Company: IAMGold Corp.
10/31: Ira Sohn Foundation European Investment Conference, London.
8:45AM: Edgerton Capital Co-Founder John Armitage,
Lone Pine Capital Managing Director Mala Gaonkar, The
Children’s Investment Fund Co-Founder Chris Hohn,
Tybourne Capital Management Managing Partner Eashwar Viswanathan, Dynamo Capital Co-Founder Bruno
Rocha, Naya Management LLP Managing Partner Masroor Siqqiqui, Talisman Global Asset Management Limited
CIO Julian Sinclair, AKO Capital CEO Nicola Tangen, Pelham Capital Founder Ross Turner, Weiss Asset Management CIO Andrew Weiss.
10/31: Nomura Hong Kong/China IPO Corporate Day,
Hong Kong.
1-on-1s with: China Outfitters Holding, China Yongda
Automobiles Services Holding Co., Xiao Nan Guo Restaurants Holdings, Labixiaoxin Snacks Group, CIFI Holdings,
Freetech Road Recycling Tech Holdings, Trigiant Group.
10/31: TD Securities Middle-East Geopolitical Forum,
London.
Participating Companies: Western Zagros.
BROKER FIELD TRIPS (EDT)
10/28-11/1: Jefferies Coal, Power & Materials Tour, Beijing/Shanxi/Anhui/Shanghai.
INDUSTRY CONFERENCES (LOCAL)
MEDICAL / PHARMA / HEALTHCARE
10/26-10/31: American College of Chest Physicians
CHEST 2013 Meeting, Chicago.
Exhibitors include: Bayer, BSX, CFN, Cook Medical,
CSL Behring, FRX, GE Healthcare, GILD, GSK, HOSP,
ITMN, KND, Lumenis, Morgan Scientific, Nova Medical,
Olympus America, MYL, PFE, Philips Healthcare, RMD,
Siemens Healthcare, Sunovion, TEVA, TMO, UTHR, TMO,
UTX, VIDA Diagnostics.
10/27-11/1: Cardiovascular Research Foundation
Annual Conference, San Francisco.
7:00AM: Janssen Pharma (JNJ): Improving Clinical Practice in Patients with Atrial Fibrillation. MDT: Innovative
Hybrid Therapy for Complex Cardiovascular Problems:
Collaborative Care Case Reviews. Tryton Medical: Dedicated Bifurcation Stents: Tryton Medical Randomized Trial
Results – Establishing the New Standard. VOLC: Putting
Appropriateness Within Reach: New Global Clinical Data
and Workflows.
12:30PM: Bard Peripheral Vascular: First Look at Outcomes from LEVANT 2, the First IDE Trial for Drug Coated
Balloons. MDT: Interventional Cardiovascular Medicine in
Asia: Management Today: Current Challenges and Emerging Solutions. Philips Healthcare: New Low Dose Imaging Technology: Experience in Guiding Complex Interventions.
7:00PM: Biosensors: New Concepts for Improved Patient
Outcomes. Cook Medical: Drug-Coated Balloon Technologies: Controversies, Current Challenges and Future
Trends. InspireMD: The Embolic Protection Stent: A More
Effective Solution in STEMI Treatment.
10/31-11/2: Diabetes Technology Society Diabetes
Technology Meeting , San Francisco.
Speakers: IKFE GmbH, Evidera, Onset Ventures, DJO
Global, ABT, MDT, Dexcom, LIFE, Roche, JNJ.
TECHNOLOGY / TELECOM / MEDIA
10/29-10/31: OTC Brasil Conference, Rio de Janeiro.
Speakers: STO, Petrobras, SLB, RepsolSinopec, ERJ,
Keppel FELS, BHI.
10/29-10/31: RSA Security Conference Europe, Amsterdam.
Speakers: EMC, MSFT, DELL, SYMC, RMBS.
USER GROUP MEETINGS (EDT)
10/29-10/31: ARMH Developer Summit at TechCon,
Santa Clara.
Speakers: Goo Tech, ARMH, ADSK.
10/29-10/31: UBM Tech TechCon, Santa Clara.
Speakers: LSI, SNPS, FSL, CDNS, RHT, IAR Systems,
MENT, TXN, GDOT, Samsung.
INDUSTRIAL / AEROSPACE / CONSTRUCTION
10/29-10/31: Smart Fabrics Europe Conference,
Barcelona. Speakers: Oryon Tech, Lda Tech, Centexbel.
ANNUAL MEETINGS: IIVI, TWER.
President Obama meets with Iraqi Prime Minister
Nouri al-Maliki in Washington to discuss "the importance
of the U.S.-Iraq relationship under the U.S.-Iraq Strategic
Framework Agreement (SFA).”
8:00AM: Blood Products Advisory Committee meets to
discuss MP Biomedicals' biologic license application for
the MP Diagnostics HTLV Blot 2.4, a Western Blot
intended for use as a confirmatory test for blood
donors. In the afternoon, the committee will hear update
presentations on: 1) The April 2013 FDA public workshop
on multiplex detection of transfusion transmissible agents
and blood cell antigens in blood donations and 2) FDA
safety communications on new boxed warnings for
immune globulin products and hydroxyethyl starch solutions. Following the update presentations: the committee hears presentations on the research programs of the
Laboratory of Biochemistry and Vascular Biology, Division
of Hematology, Office of Blood Research and Review,
Center for Biologics Evaluation and Research, FDA.
ECONOMICS
FED SPEAKERS: 9:10AM: Federal Reserve Bank of St.
Louis President James Bullard speaks on the U.S.
economy and monetary policy before the St. Louis Regional Chamber Financial Forum in St. Louis; 11:15AM: Federal Reserve Bank of Minneapolis President Narayana
Kocherlakota gives opening remarks before the Minnesota Healthy Communities, St. Paul, MN; 12:00PM: Federal
Reserve Bank of Richmond President Jeffrey Lacker
receives the 2013 Global Citizen award at a public ceremony hosted by the Global Interdependence Center in
Philadelphia, PA.
US: 8:58AM: Markit Manufacturing PMI (October-Final);
10:00AM: ISM / Manufacturing Employment/ Prices Paid
(October); 10:30AM: ECRI Weekly Index of Economic
Activity (w/e 10/25).
EUROPE: 01:00EDT/06:00GMT Russia Oct Manufacturing PMI; 02:00EDT/07:00GMT Ireland Oct Investec Manufacturing PMI; 03:30EDT/08:30GMT Sweden Oct PMI
Manufacturing; 04:00EDT/09:00GMT Norway Oct Manufacturing PMI; 04:30EDT/09:30GMT Czech Republic Oct
Manufacturing PMI; 04:30EDT/09:30GMT Swiss Oct PMI
Manufacturing; 05:00EDT/10:00GMT Greece Oct Manufacturing PMI; 05:00EDT/10:00GMT Norway Oct Unemployment Rate; Sept Credit Indicator Growth;
05:30EDT/10:30GMT UK Oct PMI Manufacturing;
06:00EDT/11:00GMT Denmark Oct PMI Survey; TBD
Czech Republic Oct Budget Balance; TBD Russia Money
Supply Narrow Def; Oct Wellbeing Fund; Reserve Fund;
TBD Italy Oct Budget Balance; TBD Ireland Oct Consumer Confidence Index (Expected release 11/1-11/8).
FIXED INCOME: 06:00EDT/11:00GMT EU Daily Euribor
Fixing; 06:00EDT/11:00GMT France Debt Agency (AFT)
to sell combined €7.4B in 3-month, 6-month, and 12-month
bills; 07:10EDT/12:10GMT UK DMO to sell 1-month, 3month and 6-month Bills
PACIFIC RIM: 00:00 Indonesia Oct CPI; CPI Core; 00:00
Indonesia Sept Trade Balance; Exports; Imports; 01:00
Japan Oct Vehicle Sales; 01:00 India Oct HSBC/Markit
Manufacturing PMI; 01:30 Australia Oct Commodity
Index; 03:30 Thailand Foreign Reserves; Forward Contracts; 21:00 China Oct Non-Manufacturing PMI (11/2)
CENTRAL AND SOUTH AMERICA: Brazil: Industrial
Production MoM/ YoY (September); Trade Balance Monthly (October); Exports/Imports Total (October); Vehicle
Sales Fenabrave (October); Mexico: Central Bank Economist Survey; Remittances Total (September).
In The Rags
NYT: State legislatures around the country, facing growing
public concern about collection and trading of personal
data, are proposing a range of privacy laws that cover
everything from tracking students to police monitoring cellphones, p. A1; As college degrees increasingly become
seen as a tool for job preparation, universities are growing
concerned about the drop in interest in humanities, p. A1;
Story looks at federal prosecutor Leon Wiedman, who
leapt from anonymity to become the scourge of Wall Street
as architect of recent legal crackdown on banks’ dubious
mortgage practices, p. A1; FDA finds nearly 12% of the
spices being imported into the U.S. are contaminated with
insects, rodent hairs, and other things, p. A3; Fed’s decision about to delay tapering “amounted to a declaration it
is not yet ready to decide” about when to launch process,
and “shed little light on how soon changes may come,” p.
B1; Even if President Obama rejects the Keystone XL
pipeline, oil companies are already building rail terminals
to deliver oil from western Canada to the U.S., and even
Asia, p. B1; Many merchants support the idea of using Bitcoins, which they see as a path to lower payment processing and more secure transactions, p. B1.
WSJ: At end of two-day meeting, Federal Reserve officials
emerged with “their signature easy-money program intact
and no clear signal about whether they would begin pulling
it back at their December meeting,” p. A1; President Obama rebuts complaints about the Affordable Care Act, says
Americans who are losing insurance under the law would
find better coverage under it, p. A1; Lead finance story
says “London’s top traders and bankers could soon see a
big boost to their monthly pay as part of an effort by banks
to soften the blow of a new EU law limiting annual bonuses,” p. C1; +/- NDQ: Earlier this year, stock market regulators “may have missed a chance to head off problems
related to an August glitch that stopped trading on Nasdaq-listed securities for hours,” p. C1; With London’s real
estate market growing increasingly hot, investors are now
THURSDAY 10-31-2013
p. 3 of 4
looking to parts of Britain they’d ignored after the financial
crisis, p. C1; +/- JPM: Question of how bank came to double-lease land for oil drilling in Eagle Ford Shale and
whose responsibility it was to make sure that didn’t happen
is central to its latest legal headache, p. C1; Hong Kong
Stock Exchange considering change in rules regarding
shareholder structure, which could open door for Alibaba
to list in city, p. C1; As social security payments for 63M
retirees and disabled people rise 1.5% in January, debate
over federal spending is likely to increase despite the historically small adjustment, p. A2; 2012 financial report from
Fresno, Calif. showed city with less than a day’s worth of
available cash in its general fund, but though things have
improved, city has little margin for error, p. A3; Columnist
David Wessel says Lawrence Summers’ argument to
focus on spurring growth and ignoring the deficit is overly
optimistic, p. A4; New WSJ/NBC News poll finds President
Obama’s job approval rating has sunk to an all-time low,
noting he now faces the same discontent that hit Republicans after shutdown, p. A5; Researchers have discovered
a potentially powerful new treatment for HIV that would
use antibodies to disable the virus, “a finding that promises
to energize research in both prevention and treatment,” p.
A7; Study finds a close cousin of the SARS virus that killed
more than 750 people a decade ago lives in bats and
could jump directly to people, p. A7; Study from Beijing’s
Tsinghua University finds up to 64M households have had
their land taken or homes destroyed during urbanization,
p. A11; +/- FB: After reporting strong third-quarter results,
executives told analysts company won’t be able to cram
more ads into users’ news feeds, and that teens, a crucial
market segment, are spending less time on site, p. B1; +
INFY: Indian outsourcing giant reaches $34M civil settlement with U.S. authorities that resolves all allegations
about visa fraud and ends the investigation into the company, p. B2; - TEVA: Chief executive Jeremy Levin said to
have lost his job because of ongoing dispute with board,
just as world’s largest generic drug maker faces more
competition for its top-selling product from Indian upstarts,
p. B2; + AMR Corp., LCC: Airlines “preparing a settlement
proposal to the U.S. Justice Department that would include
offers to give up slots at Reagan National Airport,” p. B2;
FDA, in bid to prevent drug shortages, “is setting new rules
requiring companies to notify the agency of any manufacturing interruptions of drugs in short supply,” p. B3; Ladar
Levison, founder of shuttered encrypted e-mail service
Lavabit, is partnering with encryption company Silent Circle to create a new kind of messaging called Darkmail, p.
B7; +/- XOM: Investors will be watching oil giant’s earnings
report today to see if its output and profit margins have
stemmed their declines, p. B7; A number of small manufacturers, facing soaring health insurance costs, will continue to offer coverage to employees even though Affordable Care Act doesn’t require them to, p. B8; Ahead of the
Tape: “The rewards of consistency and capital discipline
are enduring for XOM investors,” p. C1; H.O.T.S.: Economy may dash expectations the Fed could taper bond buying sooner rather than later; FB “is successfully moving
with the mobile times, yet it remains a one-trick advertising
pony”; In China, large banks are pulling away from capital
buffers, p. C8; In opinion piece, Ruchir Sharma says China’s growth numbers are illusory, noting “huge new flows
of credit and public investment are delaying needed
reforms and inflating a real estate bubble,” p. A15.
FT: Lex Column: Speculators should have fun playing
short-term movements in FB; BCS has shown promise in
its recovery in many ways, but the investment bank is
holding back progress; TEVA may be priced right, but “too
much strategic detail gives competitors an edge”; New
drugs at SNY may lead to new growth next year; Volkswagen needs to change gears, “rating of shares in Europe’s
biggest automaker remains modest”; Comment: Bank of
England’s Mark Carney “is wise to nurture the city, but it
will take a lot of international negotiations to agree on any
new bank.”
IBD: Big Picture: “Stocks let mild early gains slip away and
the major indexes staged moderate losses in mixed volume Wednesday. Some leading growth stocks continued
to rally, but a few succumbed to more heavy selling”; New
America: Retail experts say Black Friday “has lost its
mojo,” and that worries over jobs, the economy, and other
uncertainty threatens to dull the day’s impact for sector;
Technology: +/- FB: Social site’s earnings doubled amid
growth in mobile, but share’s gains were erased after
hours on news younger teens are losing interest; Twitter’s
IPO bears a resemblance to companies that went public
during the dot-com boom, according to ratings agency
Rapid Ratings.
USA: Momentum is building in Congress to overhaul the
NSA in wake of ongoing revelations about its spying, but
some observers fear change could go too far; GoDaddy
will abandon the sexual imagery and focus on humor in its
two upcoming Super Bowl ads; Budget deficit for FY13
dropped to $680.3B, the first time in five years the shortfall
has been below $1T.
NY POST: Columnist John Crudele says he’s among
those who believe market is headed for another crash.
Online
BARRON’S ONLINE: Barron’s Take: + on GM, “strong
Q3 results, fueled by robust truck sales, suggest automaker’s stock can drive higher.”
DIGITIMES: Demand for high-end PCBs promising, says
Manz executive Alex Liu in a Q&A; IC backend service
company Advanced Semiconductor Engineering looking for 6-8% sequential revenue growth in fourth quarter;
Taiwan shipped more than 378M small- to medium-size
panels in Q3; United Microelectronics saw Q3 earnings
nearly double on-quarter.
WOMEN’S WEAR DAILY: Dutch brand Scotch & Soda
has opened six stores this year, with another two to open
next month in Denver’s Cherry Creek mall and Portland,
Ore.’s Pioneer Place mall; Hugo Boss Q3 net grew 9% as
retail business offset decline for wholesale.
ALL THINGS DIGITAL: Move by AAPL “to shift its iPad
launches to the fall from earlier in the year appears to have
undermined its standing versus rival tablet makers.”
POLITICO: GOP’s long-standing message about Affordable Care Act “finally broke into the mainstream” this past
week as people started receiving letters cancelling their
insurance policies.
PAIDCONTENT: Politico plans to launch a free, bi-monthly
print magazine, as well as a new “Politico Magazine” section of its website that will be updated daily.
Events Desk
(212) 884-8096
TECHCRUCH: After nearly five years and 5M backers,
Kickstarter gets a new CEO as two founders step back.
CNET: GOOG’s four-story “mystery barge” remains
docked in the middle of San Francisco Bay, with no clear
explanation as to why; Six steps Silicon Valley can take to
protect users from NSA spying.
THE HILL: President Obama asked Hillary Clinton to stay
on for an extra year as Secretary of State after he won
reelection over concern about losing her and outgoing
Defense Secretary Leon Panetta as the same time.
NEJM: 1) Bivalirudin, started during transport for primary
percutaneous coronary intervention, improved 30-day clinical outcomes with a reduction in major bleeding but with
an increase in acute stent thrombosis; 2) Early autologous
stem-cell transplantation improved progression-free survival among patients with high-intermediate-risk or highrisk disease who had a response to induction therapy;
overall survival after transplantation was not improved,
probably because of the effectiveness of salvage transplantation.
BLOOMBERG SURVEILLANCE: 7:00AM: Abby Joseph
Cohen, president of global markets at Goldman Sachs;
7:18AM: Kerry Trainor, CEO of Vimeo; 7:34AM: Bernie
Marcus, founder of Home Depot; 8:18AM: Arthur Levitt,
former SEC chairman; 8:30AM: Danny Blanchflower, president, Dartmouth College.
US Analyst Actions
UPGRADES: ALU (ESN), CAVM (Oppenheimer), CSS
(RBC), EXPE (Tier1), HTS (Compass Point), ICLR (ISI),
ITRI (Brean), MCHP (Mizuho), SM (Baird), THOR (Canaccord).
DOWNGRADES: AJG (Compass Point), BWP (BCS),
CVD (RJF), FLR (Canaccord), ITRI (Janney), MDAS (ISI
Group), MSM (Baird), NICE (BCS), SAIA (RJF), SEE (Jefferies), UMC (Tier1).
EUROPEAN / ASIAN ANALYST ACTIONS
UPGRADES: Avocet Mining plc (Canaccord), Clariant
AG (Societe Generale), Eni SpA (Natixis), Henkel KGaA
(Jefferies), Pohjola Bank (Seb Enskilda), Sanofi Aventis
(Natixis), Travis Perkins (Berenberg).
DOWNGRADES: Abertis Infrastructures (Canaccord,
RBC), Argonaut Gold (Canaccord), Canadian Utilities
(Canaccord), Ebro Foods (Kepler), Fiat (ESN), Iberdrola
(ESN, Societe Generale), L’Oreal (Jefferies), Randstad
Holdings (ESN), Technip (RJF).
INITIATES: Spirax Overweight (HSBC).
After the Close Wednesday
S&P INDEX CHANGES
-AOS to replace SKS in MidCap 400.
-FF to replace AOS in SmallCap 600.
-KORS move to S&P 500 to be delayed until a future date.
EARNINGS
-BEAT estimates: THG (+.30); WPZ (+.26); AHL (+.25);
WTW (+.23); DHT, SSW (+.21); NEWP, SPWR (+.20);
ANIK (+.19); PL (+.18); COHR, PVA (+.17); ALL (+.16);
ATX, HDSN, KRFT (+.15); CACC, KS, ZLTQ (+.13); INT,
SSNI (+.12); CSC, CSII, FIX, LNC (+.11); CHDN, GLRE,
SLRC, TRN (+.10); FLT, HBI, ITMN (+.09); CARB, EXPE,
FARO, HVT, THOR (+.08); BYI, DXPE, FB, IRF, MAR,
RDEN, SHOR (+.07); ELGX, OTEX (+.06); NSIT, POWI,
PRAA, WMB (+.05); ARRS, AXS, ISIL, JAH, JIVE, NSR,
SKUL (+.04); ACCL, AFFX, AOSL, BOOM, CNL, FLDM,
GLUU, GMED, KONA, MCHP, SBUX, SGK, UNTD, XBKS
(+.03); CAVM, DRIV, ELX, EXAM, EXEL, HOS, KRNY, OI,
PSMT, SGI, SPRT, SWKS (+.02); AXTI, BFIN, EDMC,
JDSU, MASI, MDAS, PCTI, PFPT, PGTI, PPC, QUIK,
RKUS, SAM, STNR, STR (+.01)
-IN-LINE with estimates: ATML, CROX, DRCO, EXP, JBT,
MN, MXL, OIS, PGI, PKI, STAA, TFSL, UIHC, V
INITIATES: ATHN Market Perform (FBR), CERN Outperform (FBR), CWST Outperform (Imperial Capital), EHTH
Market Perform (FBR), ESNT Buy (BTIG), FEYE Perform
(Oppenheimer), MDRX Market Perform (FBR), OMCL Outperform (FBR), PRTA Outperform (RBC), QSII Underperform (FBR), VCRA Market Perform (FBR), WNC Overweight (Piper).
-DISAPPOINTED: ATR, AVNW, BVN, CAR, CHUY, CJES,
CNW, COHU, CTIC, CW, CYH, CYTK, DLLR, EEP,
EGAN, FISH, FXCB, HY, IDIX, IPI, ISH, ITRI, KEG,
KEYW, MANT, MERU, MET, MGRC, MMLP, MOH,
MTGE, MUR, NCMI, RAIL, RATE, RCKY, RCPT, RM,
ROVI, RRTS, SIGI, SJW, SUNS, TSYS, TTMI, TTS,
TUES, VNR, WPRT, XL
Around The World
GUIDANCE
US Futures are lower.
European markets are lower.
Asian markets closed lower.
Nikkei: -174.41; Hang Seng: -97.65; CSI 300: -33.75; Taiwan: -15.00; Kospi: -29.49; FTSE: -27; DAX: -15; CAC:
+5; Gold: -13.80; Copper: -0.0175; Oil: +0.06; 10 Year
Treasury Yield: 2.50%, +8/32; US$: Higher vs. Pound;
Lower vs. Yen; Higher vs. Euro; S&P Futures: -4.50;
NASDAQ Futures: -15.0; DOW Futures: -25.
IN EUROPEAN OVERSEAS TRADING (BY SECTOR)
- INDUSTRIALS: Technip TEC.FR -7% (cut outlook), Croda CRDA.UK -6.5% (cautious outlook), Draegerwerk
DRW3.DE -3% (Q3 sales below ests); GEA Group
G1A.DE +4% (Q3 profits rose y/y), Geberit GEBN.CH
+4% (Q3 results above ests)
- CONSUMER DISCRETIONARY: Premier Foods
PFD.UK -8% (Q3 sales declined), Rentokil RTO.UK -6%
(share placement speculation), L'Oreal OR.FR -1.5% (Q3
sales below ests), Lufthansa LHA.DE -1% (Q3 profits
declined y/y); Anheuser-Busch +1.5% (Q3 profits above
ests).
- FINANCIALS: Commerzbank CBK.DE -1.5% (broker
commentary); Banco Popular POP.ES +3% (Q3 results
above ests), BNP BNP.FR +2.5% (Q3 profits above ests),
Credit Agricole ACA.FR +2% (broker commentary).
- BASIC MATERIALS/RESOURCES: Wacker Chemie
WCH.DE -5% (Q3 results below ests), Antofagasta
ANTO.UK -1.5% (lower copper prices), Glencore Xstrata
GLEN.UK -0.50% (issued 9-month production); Avocet
Mining AVM.UK +6.5% (reported decline in Q3 cash
costs).
- TECHNOLOGY: Alcatel-Lucent ALU.FR +15% (Q3 loss
narrowed)
- TELECOM: BT BT.UK -0.30% (Q3 results in line).
- HEALTHCARE: Novo Nordisk NOVOB.DK -4% (cut FY
outlook), AstraZeneca AZN.UK -2% (Q3 profits below
ests, new CFO), Bayer BAYN.DE flat (Q3 profits above
ests, Rev below).
- ENERGY: Shell RDSA.UK -4.5% (Q3 profits below ests),
Total FP.FR -1.5% (Q3 profits declined y/y); BG BG.UK
+1% (reported Q2 results).
- STOXX50 SECTORS: Utilities -1.4%, Energy -1%,
Telecom -0.7%, Industrials -0.5%, Basic Materials 0.4%, Consumer Non-Cyclical -0.2%, Technology 0.1%; Consumer Cyclical +1%, Financials +0.3%]
IN ASIAN OVERSEAS TRADING (BY SECTOR)
- CONSUMER DISCRETIONARY: Panasonic Corporation 6752.JP +3.5% (confirms staff relocation plans); Suning Appliance Co Ltd 002024.CN -6.8% (Q3 results);
Qantas Airways Ltd QAN.AU -2.4% (increases share in
Jetstar Japan)
- CONSUMER STAPLES: Woolworths Limited
WOW.AU +0.7% (Q1 results)
- INDUSTRIALS: SAIC Motor 600104.CN +0.4% (Q3
results); Nippon Yusen 9101.JP +2.8% (H1 results); Toyota Industries 6201.JP +0.4% (H1 results); Kawasaki
Kisen Kaisha 9107.JP +1.3% (H1 results)
- MATERIALS: Marubeni Corp 8002.JP -1.0% (construction plans); Daido Steel 5471.JP -6.5% (H1 results)
- FINANCIALS: China Minsheng Banking Corp 1988.HK
-2.7% (Q3 results); AgBank 1288.HK +0.3% (Q3 results);
ICBC 1398.HK -1.7% (Q3 results); Bank of Communications 3328.HK -2.3% (Q3 results); Bank of China
3988.HK flat (Q3 results); Hua Xia Bank Co 600015.CN 1.4% (Q3 results); CapitaLand Ltd CAPL.SG -1.3% (Q3
results); National Australia Bank Ltd NAB.AU -2.2% (FY
results); CITIC Securities 600030.CN -1.7% (Q3 results);
Shenyin Wanguo Ltd 218.HK +8.1% (merger speculation); Mitsui & Co Ltd 8031.JP -0.6% (power project)
- TECHNOLOGY: Qingdao Haier Co Ltd 600690.CN
+0.4% (Q3 results)
- HEALTHCARE: Shanghai Fosun Pharmaceutical
Group Co Ltd 2196.HK -1.5% (Q3 results)
-POSITIVE: CSII, ELX, FLT, GLUU, ISIL, NSIT, THOR,
TRN, WTW
-IN-LINE: ACCL, GMED
-NEGATIVE: ARRS, ATR, AVNW, BYI, CAR, CARB,
CHUY, CROX, CYH, DRIV, EDMC, ELGX, HBI, ITRI, JAH,
JIVE, KONA, MANT, MAR, MCHP, MDAS, MOH, PFPT,
PKI, RDEN, RKUS, ROVI, RRTS, SAM, SBUX, SPWR,
SWKS, TTMI
THURSDAY 10-31-2013
p. 4 of 4
-COO names Daniel McBride COO.
-CTIB appoints Timothy Patterson CFO.
CONTRACT AWARDS
-BAE Systems awarded $195M US Army contract.
-HON awarded $502M DoD contract.
-UTX Sikorsky unit awarded $110.8M and $86.8M US
Navy contracts.
CONSUMER
-KRFT to partner with MCD for sale of McCafe coffee
products for U.S. market.
-Woolworths Limited reports Q1 revenue A$15.7B vs.
A$15.2B y/y.
FINANCIAL
-BAC: Legal costs related to mortgage investigations may
exceed reserves by $5.1B, up from earlier estimate of
$2.8B.
-ESS reports Q3 FFO $1.91 vs. $1.91E.
-National Australia Bank reports FY13 cash profit
A$5.94B vs. A$5.9BE, revenue A$18.3B, +3.2% y/y.
-UBS, DB, C, BCS, HBC, RBS, JPM, and CS have all
either launched internal probes or received information
requests from regulators regarding currency trading practices (FT).
HEALTHCARE
-ABT announces meaningful changes to quality of life for
patients treated with MitraClip therapy.
-Astellas Pharma granted orphan drug designation by
FDA for avuconazonium sulfate as a treatment of zygomcosis.
-CLVS announces first patient enrolled in ARIEL2 study of
Rucaparib in ovarian cancer.
-ESPR announces initiation of phase 2B clinical study of
ETC-1002 in patients with or without statin intolerance and
hypercholesterolema.
-JNJ: FDA grants orphan drug designation to Jannsen’s
flubendazole as treatment of onchocerclasis caused by
onchocerca volvulus.
-KOOL announces strategic reorganization, cutting 11
positions.
-Mesoblast: FDA approves phase 3 trial in patients with
chronic congestive heart failure using Mesenchymal Precursor Cells.
-XOMA reports positive results from two phase 2 studies in
Gevokizuma proof-of-concept program.
TECHNOLOGY
-AAPL 10-K filing shows company budgeting for a 57%
increase in 2014 capex.
THE BACK OFFICE
-DIVIDEND NEWS: SBUX increases dividend 24% to
$0.26/share from $0.21; NRF increases dividend 5% to
$0.21 from $0.20.
-STOCK BUYBACKS: V sets $5B share buyback program; ATML announces $300M stock buyback program;
SAME STORE SALES
DEALS PRICED
-PSMT Q4 SSS +12%.
-SBUX: Ameicas SSS +8%; Global SSS +7%; EMEA SSS
+2%.
-TUES Q1 SSS +9.1%.
-Bank of Chongqing prices 707.5M shares of IPO at
HK$6.00/share, in middle of $5.60-6.50/share range.
-CHGG sets IPO at 15M shares in $9.50-11.50/share
range.
-ESNT Prices 19.7M share IPO at $17/share.
-ICLD prices 1.25M shares of common stock in public
offering.
-MEP to sell 18.5M shares between $19-21/share in IPO.
-STAY to sell 28.3M IPO shares between $18-21.
-YELP prices 3.75M shares of common stock at $67 in follow-on offering.
GLOBAL MACRO NEWS
-AUSTRALIA: September Building Approvals m/m:
14.4% vs. 2.8%E; y/y: 18.6% vs. 1.2%E; September Private Sector Credit m/m: 0.3% vs. 0.4%E; y/y: 3.3% vs.
3.4%E; Q3 Import Price Index q/q: 6.1% vs. 3.5%E;
Export Price Index q/q: 4.2% vs. 3.3%E;
-CHINA: People’s Bank of China to conduct CNY16B in
14-day reverse repos, injects CNY29.1B this week vs.
drained CNY58B last week; PBoC sets yuan midpoint at
6.1425 vs. 6.1412 prior setting and 6.0938 prior close.
-FRANCE: September Consumer Spending m/m: -0.1%
vs. 0.3%E; y/y: -0.1% vs. 0.2%E.
-GERMANY: September Retail Sales m/m: +0.4% vs.
+0.4%E; y/y; 0.2% vs. 1.1%E; November GFK Consumer Confidence: 7 vs. 7.2E.
-JAPAN: October Markit/JMMA Manufacturing PMI:
54.2 vs. 52.5 prior; Japan investors bought net ¥1.04T in
foreign bonds last week vs. ¥1.41T in prior week; Foreign
investors sold net ¥8B in Japan stocks vs. bought
¥297.8B in prior week; September Labor Cash Earnings
y/y: +0.1% vs. -0.4%E; Bank of Japan policy statement
reiterates plan to increase monetary base at annual pace
of ¥60-70T; September Annualized Housing Starts:
1.04M vs. 983KE; Housing Starts y/y: 19.4% vs. 12.1%E;
Construction Orders y/y: 89.8% vs. 21.4% prior.
-NEW ZEALAND: Bank of New Zealand leaves official
cash rate unchanged at 2.5%, as expected; September
Building Permits m/m: 1.4% vs. 1.5% prior; October
ANZ Business Confidence: 53.2 vs. 54.1 prior; ANZ
Activity Outlook: 47.1 vs. 45.3 prior; September Money
Supply M3 y/y: 7.3% vs. 6.5% prior.
-SINGAPORE: Q3 Preliminary Unemployment Rate:
1.8% vs. 2.1%E; September Money Supply M1 y/y:
15.3% s. 15.7% prior; M2 y/y: 7.5% vs. 7.1% prior; September Bank Loans and Advances y/y: 15.7% vs.
15.4% prior; September Credit Card Bad Debts (SGD):
19.8M vs. 19.2M prior; Credit Card Billings: 3.4B vs.
3.4B prior.
-TAIWAN: Q3 Preliminary GDP y/y: 1.6% vs. 2.6%E.
-UNITED KINGDOM: October GFK Consumer Confidence: -11 vs. -8E; October Nationwide House Prices
m/m: 1% vs. 0.7%E; y/y: 5.8% vs. 5.1%E.
-UNITED STATES: Treasury semi-annual currency
report says German nominal current account surplus is
larger than China’s in 2012 and export-led growth is creating problems for the eurozone, does not designate China
or any other nation as a foreign exchange manipulator;
Senators McCain and Graham seek to delay confirmation of Fed chairwoman nominee Yellen in order to gain
more information about Benghazi attacks.
MERGER AND ACQUISITIONS
-ALCO announces proposal to adopt $14/share merger
agreement with Mallard Parent and M Acquisition Corporation failed to receive required shareholder vote.
-INTU acquires online scheduling company FullSlate,
terms undisclosed (TechCrunch).
-NYX and ICE postpone closing merger to allow EU regulators to process and issue approvals.
PERSONNEL CHANGES
-APOL appoints J. Mitchell Bowling CEO effective December 2.
OFFERING ANNOUNCEMENTS
-AVGO files mixed securities shelf of indeterminate
amount.
-Bank of Queensland plans AUD-denominated bond
offering.
-CELG registers mixed shelf of indeterminate amount.
-DAR files automatic mixed securities shelf.
-DSCO offering shares of common stock.
-EGAS announces 1.1M share 2ndary by holder.
-FUBC files $150M mixed securities shelf.
-IBM plans 7- and 12-year euro-benchmarked bond
issuance.
-IKAN files registration for offering of up to $35M (upsized
from $30M) of common stock.
-KOG files to sell $350M in 2021 5.50% senior notes.
-MHO files $400M mixed securities shelf.
-PG registers dollar-denominated notes of indeterminate
amount.
-TTMI files $250M mixed shelf.
-WDC holder to offer 10.9M shares.
AFTER HOURS TRADING
HIGHER: On Earnings: ZLTQ, EXPE, SPRT, PFPT, ISIL,
ANIK, QUIK, FLDM, ITMN, UNTD, PPC, SHOR, SWKS,
PGTI, THOR, ARRS, AFFX, OI, PRAA, PVA, TRN; Others: XOMA (study results); DSCO (offering); LOWER: On
Earnings: WTW, SGI, GLUU, JIVE, ROVI, JDSU, TSYS,
RATE, MOH, SPWR, V, AVNW, AXTI, MET, SLRC,
SBUX, FBAFTER HOURS TRADING
HIGHER: On Earnings: ZLTQ, EXPE, SPRT, PFPT, ISIL,
ANIK, QUIK, FLDM, ITMN, UNTD, PPC, SHOR, SWKS,
PGTI, THOR, ARRS, AFFX, OI, PRAA, PVA, TRN; Others: XOMA (study results); DSCO (offering); LOWER: On
Earnings: WTW, SGI, GLUU, JIVE, ROVI, JDSU, TSYS,
RATE, MOH, SPWR, V, AVNW, AXTI, MET, SLRC,
SBUX, FB