>>> US Gapping Up

Gapping up In reaction to strong earnings/guidance: AEGR +8.4%, LULU +7.5%, EXPR +6.1%, BLFS +4.8%, BURL +4.4%, PRCP +4%, HOLX +3.3%, AFFX +3%, NLS +2.3%, HCA +1.9%, KKD +1.4%, AMDA +0.5%

M&A news: FMI +116.3% (enters a broad, strategic collaboration with Roche (RHHBY) in the field of molecular information in oncology), TKMR +48.1% (Tekmira Pharma and and OnCore Biopharma Announce merger agreement to create global Hepatitis B virus company), NPSP +8.6% (to be acquired by Shire (SHPG) for $46.00 per share), QGEN +1.2% (acquires Enzymatics Enzyme Solutions Unit)

Select Biotech related names showing strength: RMTI +4.4%, KITE +2.3%, ACHN +1.6%, ARNA +1.3%

Other news: CPXX +20.3% ( announces the publication of Phase 2 data evaluating CPX-351 in adult patients with first-relapse acute myeloid leukemia), ABGB +15.2% (cont strength following late breaking news on Friday), AGEN +13.8% (favorable commentary on Friday's Mad Money), BMY +6.5% (Phase 3 study of Opdivo compared to docetaxel in patients with second-line squamous cell non-small cell lung cancer was stopped early; met its endpoint), SSH +5.9% (provides update; concluded 2014 with 40 enrollments, 21 activated centers, and 12 additional centers committed to participate), OCLS +4.7% (enters into agreement to sell Ruthigen (RTGN) shares for $5.5 mln in event of Ruthigen merger), RIGL +4.6% (announced various updates to its programs and financial status), SUNE +3.8% (SunEdison and Omnigrid Micropower Company announced that they have signed a framework agreement to develop 5,000 rural projects), FRO +3.6% (still checking), AA +1.7% (ahead of earnings later today), PSTI +1.7% (issues letter to shareholders), CLTX +1.6% (announces FDA allowance of IND for Clinical Development of MRX-6 Cream in Atopic Dermatitis, DBVT +1.3% (announces publication in the Journal of Allergy and Clinical Immunology of data demonstrating that epicutaneous immunotherapy may influence the natural history of allergy), BIIB +1.1% (to expand neuropathic pain portfolio with the acquisition of Convergence Pharmaceuticals)

Analyst comments: BLCM +3.2% (initiated with a Buy at Jefferies, initiated with a Overweight at Piper Jaffray), WIN +3.1% (upgraded to Buy from Neutral at BofA/Merrill), FTR +1.8% (upgraded to Buy from Neutral at BofA/Merrill), PCAR +1.2% (upgraded to Outperform at RBC Capital Mkts), ALK +0.5% (upgraded to Buy from Hold at Evercore ISI)

(BFW) P. Telecom Says Shareholders May Consider Suspending Meeting

BN 01/12 13:38 *PT SAYS APPROVAL OF PT PORTUGAL SALE DEPENDS ON SHAREHOLDERS
BFW 01/12 13:38 *PT SAYS SHAREHOLDERS MAY CONSIDER SUSPENDING MEETING
BN 01/12 13:38 *PORTUGAL TELECOM COMMENTS IN REGULATORY FILING
BN 01/12 13:37 *PT SAYS SHAREHOLDERS MAY CONSIDER SUSPENDING MEETING
P. Telecom Says Shareholders May Consider Suspending Meeting
2015-01-12 13:52:54.112 GMT


By Joao Lima
(Bloomberg) -- Portugal Telecom SGPS says shareholders may
consider it appropriate to suspend today’s shareholder meeting,
according to a regulatory filing.
* During shareholder meeting, the approval of the sale of PT
Portugal by Oi depends on exclusive decision of Portugal
Telecom SGPS shareholders
* An announcement with complementary information will be
disclosed to the market this week following ongoing contacts
with securities regulator CMVM
* NOTE Earlier: PT Workers’ Union Will Request Suspension of
Shareholder Meeting Link
Statement: Link


Link to Company News:{PTC PL <Equity> CN <GO>}
Link to Company News:{ATC NA <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
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To contact the reporter on this story:
Joao Lima in Lisbon at +351-21-340-4570 or
jlima1@bloomberg.net

To contact the editor responsible for this story:
Henrique Almeida at +351-21-340-4634 or
halmeida5@bloomberg.net

Reuters - Airbus in talks with regulator on ejectable 'black boxes'

Airbus in talks with regulator on ejectable 'black boxes'

MONTREAL/PARIS, Jan 12 (Reuters) - Airbus has begun talks with a European regulator to make ejectable flight recorders available on its two largest models, the A380 and the new A350, potentially making them the first commercial planes to use the technology.

The European company said that further ahead it could also expand the use of ejectable recorders, which combine voice and data recordings, to new versions of its A330 and A320 jets.

The talks with the European Aviation Safety Agency (EASA) come as global aviation authorities consider recommending the devices to make it easier to recover evidence in cases such as the Dec. 28 crash of an AirAsia jet, whose data recorder was recovered on Monday but whose voice recorder is still missing.

Used in military planes for decades, ejectable or "deployable" recorders separate from the tail during a crash and float, emitting a satellite distress signal.

"Airbus is working with EASA ... and other stakeholders to advance the approval of such a solution industry-wide," an Airbus spokesman said, adding there was no indication when the devices might be in use.

"In the future, applicability for our other aircraft products could be likewise considered, but presently we have decided to focus on the A350 and A380," he added.

EASA declined to comment.

Recommended by investigators after an Air France A330 jet crashed in 2009, ejectable recorders are gaining support at the U.N.'s International Civil Aviation Organization (ICAO).

A proposal recommending that new commercial aircraft certified after 2016 be equipped with them is to be heard by ICAO's Air Navigation Commission this month.

If approved, following a three-month consultation among 191 member states, it would likely appear in a new package of ICAO standards in 2016 and could come into force from around 2021. ICAO's standards are not always implemented by all members.

The move could benefit existing military suppliers including Finmeccanica's DRS Technologies, which is pushing for ejectable black boxes in commercial aircraft.

However, not all countries appear ready to back the technology, which is seen as only one way of recovering evidence on crashes over water. Others include rolling out lower-frequency locator beacons, under an already approved ICAO standard that would make black boxes easier to find.

Some officials fear relying solely on ejectable flight recorders would take attention and resources away from the search for deep-water wreckage and bodies that can also help solve air crashes and ease the suffering of families.

Boeing has taken the opposite stance over the use of deployable recorders, arguing the majority of its black boxes are recovered within 30 days and citing instances where the alternative recorders have failed on military aircraft

>>> US Early premarket gappers

Early premarket gappers

Gapping up: FMI +106.1%, TKMR +40.4%, AGEN +14.4%, ABGB +13.7%, EXPR +9.1%, NPSP +8.6%, BMY +5.9%, SSH +5.7%, CLDX +4.7%, RMTI +4.6%, JUNO +4.1%, BLCM +3.9%, UA +3.8%, KITE +3.6%, WIN +3.4%, LULU +3.2%, AFFX +3%, ASML +2.8%, ACHN +2.7%, NXPI +2.1%, UN +2%, CCL +1.9%, UAL +1.8%, ORAN +1.8%, RAD +1.8%, AA +1.7%, SLW+1.4%, BIIB +1.4%, BUD +1.3%, BBY +1.2%, QGEN +1.2%

Gapping down: ARWR -16%, TIF -4.4%, GDP -4.3%, WTI -4.1%, LORL -3.6%, SDRL -3.2%, SSL -2.8%, STO -2.5%, RIO -1.9%, PBR -1.8%, VALE -1.8%, RIG -1.7%, SHPG -1.6%, SLB -1.3%, RDS.A -1.3%, ARNA -1.3%, VLO -1.2%, BHP -1.1%, COP -1.1%

USA TODAY : Saudi prince: $100-a-barrel oil 'never' again

Saudi billionaire businessman Prince Alwaleed bin Talal told me we will not see $100-a-barrel oil again. The plunge in oil prices has been one of the biggest stories of the year. And while cheap gasoline is good for consumers, the negative impact of a 50% decline in oil has been wide and deep, especially for major oil producers such as Saudi Arabia and Russia. Even oil-producing Texas has felt a hit. The astute investor and prince of the Saudi royal family spoke to me exclusively last week as prices spiraled below $50 a barrel. He also predicted the move would dampen what has been one of the big U.S. growth stories: the shale revolution. In fact, in the last two weeks, several major rig operators said they had received early cancellation notices for rig contracts. Companies apparently would rather pay to cancel rig agreements than keep drilling at these prices. His royal highness, who has been critical of Saudi Arabia's policies that have allowed prices to fall, called the theory of a plan to hurt Russian President Putin with cheap oil "baloney" and said the sharp sell-off has put the Saudis "in bed" with the Russians. The interview has been edited for clarity and length.

Q: Can you explain Saudi Arabia's strategy in terms of not cutting oil production?

A: Saudi Arabia and all of the countries were caught off guard. No one anticipated it was going to happen. Anyone who says they anticipated this 50% drop (in price) is not saying the truth.

Because the minister of oil in Saudi Arabia just in July publicly said $100 is a good price for consumers and producers. And less than six months later, the price of oil collapses 50%.

Having said that, the decision to not reduce production was prudent, smart and shrewd. Because had Saudi Arabia cut its production by 1 or 2 million barrels, that 1 or 2 million would have been produced by others. Which means Saudi Arabia would have had two negatives, less oil produced, and lower prices. So, at least you got slammed and slapped on the face from one angle, which is the reduction of the price of oil, but not the reduction of production.

Q: So this is about not losing market share?

A: Yes. Although I am in full disagreement with the Saudi government, and the minister of oil, and the minister of finance on most aspects, on this particular incident I agree with the Saudi government of keeping production where it is.

Q: What is moving prices? Is this a supply or a demand story? Some say there's too much oil in the world, and that is pressuring prices. But others say the global economy is slow, so it's weak demand.

A: It is both. We have an oversupply. Iraq right now is producing very much. Even in Libya, where they have civil war, they are still producing. The U.S. is now producing shale oil and gas. So, there's oversupply in the market. But also demand is weak. We all know Japan is hovering around 0% growth. China said that they'll grow 6% or 7%. India's growth has been cut in half. Germany acknowledged just two months ago they will cut the growth potential from 2% to 1%. There's less demand, and there's oversupply. And both are recipes for a crash in oil. And that's what happened. It's a no-brainer.

Q: Will prices continue to fall?

A: If supply stays where it is, and demand remains weak, you better believe it is gonna go down more. But if some supply is taken off the market, and there's some growth in demand, prices may go up. But I'm sure we're never going to see $100 anymore. I said a year ago, the price of oil above $100 is artificial. It's not correct.

Q: Wow. And you said you are in agreement with the Saudi government to not give up market share?

A: This is the only point I'm agreeing with the Saudi Arabian government on oil. That's the only point, yes.

Q: Should the Saudis cut production if they get an agreement with other oil producing countries to take oil off the market?

A: Frankly speaking, to get all OPEC countries to approve and accept it, including Russia and Iran, and everybody else, is almost impossible You can never have an agreement whereby everybody cuts production. We can't trust all OPEC countries. And can't trust the non-OPEC countries. So it's not on the table because the others will cheat. The past has proven that. When Saudi Arabia cut production in the '80s and '90s, everybody cheated and took market share from us. Plus, remember there is an agenda here also. Although Saudi Arabia and OPEC countries did not engineer the reduction in the price of oil, there's a positive side effect, whereby at a certain price, we will see how many shale oil production companies run out of business. So although we are caught off guard by this, we are capitalizing on this matter whereby we'll live with $50 temporarily, to see how much new supply there will be, because this will render many new projects economically unfeasible.

Q: What about the theory of the pressure on the Russians? There's a theory that the U.S. and the Saudis have agreed to keep prices low to pressure Russia because of what Putin has done in Ukraine.

A: Two words: baloney and rubbish. I'm telling you, there's no way Saudis will do this. Because Saudi Arabia is hurting as much as Russia, period. Now, we don't show it because of our big reserves. But I'll tell you Saudi Arabia and Russia are in bed together here. And both are being hurt simultaneously. And there's no political conspiracy whatsoever against Russia. Because we are shooting ourselves in the foot if we do that.

Q: You said the price of oil will dampen the shale revolution in America. How?

A: Shale oil and shale gas, these are new products in the market. And we see big ranges. no one knows for sure what price is the breaking point for shale. Wells have a higher production cost. And very clearly these will run out of business, or at least not be economical. At $50, will it still be economically feasible? Unclear. This is a very much developing story.


Q: Some people believe this crash in oil will create a lot of new mergers in the energy industry. Do you agree?

A: No doubt about that. For sure there'll be a lot of consolidation in the market. Because many small and medium-sized companies can't afford this. Because they are very much dependent on the price of oil. Big companies like Exxon and Chevron are weathering the oil market crash because they are integrated vertically. But no doubt there'll be some mergers and acquisitions coming in one to two years.

Q: Let me switch to the terrorism in Paris. Terrorists killed the cartoonist who joked about the prophet Mohammed. What is your opinion on this?

A: What took place is a horrendous crime that no one can permit and accept. And unfortunately these small minority people are ruining the name of Islam. Now the whole world — Muslims, Christians, Jews, Hindus, Buddhists, atheists — have to come together and be united, and be sure to eliminate those minority of the Muslim community. Those that hijacked our religion and try to eliminate them not only militarily. That's happening right now against ISIS (the Islamic State) by the Americans and their allies. But also mentally, educationally and culturally, also. This is a disease we are getting at now. This really will put us in the Middle Ages unfortunately. It feels like the Middle Ages right now. But I think that the world is united. I just heard, for example, (U.S. Secretary of State) John Kerry giving a speech in French, which was very nice of him to do. It was a calming process for the French people. My foundation is in communication with the presidential palace in France and the French government, to see what we can do to ... (support) these families and these victims, innocent victims that were under attack. And then we have to show that Islam really is united with Christianity, and Judaism, and other religions in the world to limit this disease from from Earth.

Q: Back to finance. Interest rates have gone down. The 10-year yield dropped below 2%. The Federal Reserve ended quantitative easing. But markets seem to be thinking the other way, that rates are going lower.

A: You are talking about the last two weeks. And remember, the last two weeks were a Saudi panic situation, price of oil collapsing. The stock market collapsing. So don't use this as the barometer indicator, the last two weeks. This was a panic situation. The Fed is navigating rates higher slowly.

Q: The stock market started the year off with heavy selling. What about some of your other investments, in media, banking and in technology? Such as Twitter or jd.com. Would you put new money to work in this market today?

A: Clearly the year began with a sell-off because there are so many events that came together. People are taking profits because 2014 was very good. And also, they had this oil crisis, whereby everyone was caught off guard by this major crash in the price of oil. But I think the U.S. economy is doing really very well. Especially relative to the rest of the world. The big question right now is what happens to Germany. Because Germany really is the anchor of all Europe. Also, Japan, and India, and China. These are the three major countries that the world depends on. So, there are opportunities. But also many risks here. If Japan, China, India and Germany improve 1% or 2%, this would be a major improvement for growth globally.

Q: Do you think the European Central Bank should come up with stimulus?

A: There's a struggle right now between ECB President Mario Draghi, who is pushing for a stimulus, and Angela Merkel of Germany, who is worried about having inflation. We're seeing a clash over there between these two ideas. But I think that Draghi is preparing the market for a stimulus. Yes.

>>> Vinci : Implements €200M share buyback program (0.7% of market cap)

Implements €200M share buyback program (0.7% of market cap) 

As part of the implementation of its share buyback programme, VINCI signed a share purchase agreement with an investment services provider on 9 January 2015.

According to the agreement, the investment services provider will sell to VINCI no later than 30 March 2015, up to €200 million worth of VINCI shares at an average price per share determined based on the market prices observed during the entire duration of the agreement. This price cannot exceed the maximum purchase price per share set by the VINCI Ordinary and Extraordinary Shareholders' Meeting on 15 April 2014.