>>> US Close Dow+0,40% S&P +0,50% Nasdaq +0,45% Russel +0,25%

Closing Market Summary: Stocks End Abbreviated Week on Upbeat Note

The stock market finished a cautious week on a modestly higher note. The S&P 500 added 0.5%, ending the week with a slim gain of 0.2%, while the Russell 2000 (+0.3%) shed 0.2% for the week.

This morning, the Nonfarm Payrolls report for August revealed the addition of 142,000 payrolls, while the Briefing.com consensus expected a reading closer to 223,000. Interestingly, this was followed by a rally in equity futures with investors viewing the report as an argument in favor of the Fed potentially delaying its first rate hike.

Equity indices slipped from their opening levels, but the S&P 500 found support near the 1990 mark, which served as resistance in July and provided support over the past two weeks. The benchmark index tested the area around 10:45 ET and spent the remainder of the session in a slow climb to new highs.

All ten sectors finished in the green, but health care (+0.6%) contributed to the opening weakness. The countercyclical sector was pressured by Gilead Sciences (GILD 105.36, -1.50) in the early going with the stock down 8.7% at its worst point of the session. Shares of GILD narrowed their loss to 1.4% by the close, while the iShares Nasdaq Biotechnology ETF (IBB 270.60, -0.32) shed 0.1% after being down as much as 2.0%. Furthermore, the ETF logged its fourth consecutive decline, ending the week lower by 2.2%.

The underperformance of the biotech space kept the Nasdaq Composite behind the S&P 500, but the tech-heavy Nasdaq still drew a good bit of strength from the technology sector (+0.7%), which outperformed throughout the day. Components of all sizes contributed to the advance with Apple (AAPL 98.97, +0.85), Facebook (FB 77.26, +1.31), and Microsoft (MSFT 45.90, +0.64) gaining between 0.9% and 1.7%. High-beta chipmakers also displayed strength with the PHLX Semiconductor Index climbing 0.9%.

Even though technology spent the day in the green, it was the utilities sector (+1.2%) that finished in the lead.

Treasuries rallied following today's Nonfarm Payrolls report, but surrendered all of their gains during the day. The 10-yr yield ended at 2.45%.

Participation was below average with roughly 600 million shares changing hands at the NYSE.

Taking a closer look at the details of today's jobs report:
  • Nonfarm payrolls increased by 142,000 (consensus 223,000) 
    • July nonfarm payrolls revised to 212,000 from 209,000 
    • June nonfarm payrolls revised to 267,000 from 298,000 
  • Private sector payrolls increased by 134,000 (consensus 200,000) 
    • July private payrolls revised to 213,000 from 198,000 
    • June private payrolls revised to 260,000 from 270,000 
  • Unemployment rate was 6.1% (consensus 6.1%) versus 6.2% in July 
  • Average hourly earnings rose 0.2% (consensus 0.2%) after being unchanged in July 
  • The average workweek was 34.5 hours (consensus 34.5) for the sixth consecutive month 
  • The labor force participation rate was 62.8% versus 62.9% in July 
Monday's economic data will be limited to the Consumer Credit report for July (consensus $17.80 billion), which will cross the wires at 15:00 ET.
  • Nasdaq Composite +9.7% YTD 
  • S&P 500 +8.6% YTD 
  • Dow Jones Industrial Average +3.4% YTD 
  • Russell 2000 +0.6% YTD

(BFW) *INTEL LAUNCHES INTEL CORE M PROCESSOR

BFW 09/05 15:31 *INTEL LAUNCHES INTEL CORE M PROCESSOR
BN 09/05 15:30 *INTEL LAUNCHES INTEL® CORE™ M PROCESSOR
Intel Launches the Intel® Core™ M Processor
2014-09-05 15:30:00.165 GMT

Intel Launches the Intel® Core™ M Processor

New Intel Core M Processor Enables Razor-thin, Fanless Designs with the
Optimal Blend of Beauty, Performance and Battery Life; Available Holiday 2014

NEWS HIGHLIGHTS

* Acer*, ASUS*, Dell*, HP*, Lenovo* and Toshiba* to introduce new Intel®
Core™ M processor-based 2 in 1s. Some systems available starting in
October.
* Intel Core M processor delivers amazing performance and battery life for
the thinnest, fanless 2 in 1 devices.
* At a power-sipping 4.5 watts, it is the most energy-efficient Intel® Core™
processor in the company’s history.^1

IFA 2014

Business Wire

BERLIN -- September 5, 2014

IFA – At IFA, a global trade show for consumer electronics and home
appliances, Intel launched the new Intel® Core™ M processor, which will power
new 2 in 1 devices from a variety of manufacturers including: Acer*, ASUS*,
Dell*, HP*, Lenovo* and Toshiba*. Delivering the optimal blend of mobility and
performance, Intel’s new processor was purpose-built for amazing performance
in the thinnest, fanless ultra-mobile devices. The Intel Core M processor can
power razor-thin devices with Intel Core processor-level performance and
deliver up to double the battery life when compared to a 4-year-old system.^2

Intel Core M Processor Die Shot (Photo: Business Wire)

Intel Core M Processor Die Shot (Photo: Business Wire)

“We’ve been on a multi-year mission to address end-user requirements and
transform mobile computing,” said Kirk Skaugen, senior vice president and
general manager of personal computing at Intel Corporation. “The introduction
of Core M marks a significant milestone in that journey. Core M is the first
of a new product family designed to deliver the promise of one of the world’s
thinnest laptops and highest performance tablets in a single 2 in 1 device.”

Faster Performance, Even More Battery Life

The Intel Core M processor enables up to 50 percent faster compute performance
and 40 percent faster graphics performance versus the comparable, previous 4th
generation Intel Core processor.^3 Consumers with older PCs will notice a more
significant performance improvement. The Intel Core M processor delivers up to
two times the compute performance and up to seven times better graphics
compared to a 4- year-old PC, for example.^2

In 2013, Intel delivered the biggest generation-over-generation battery life
improvement in the company’s history. The Intel Core M processor and platform
power reductions raise the bar on battery life even higher. The Intel Core M
processor can handle more than 8 hours of video play, which is up to 20
percent (1.7 hours) longer battery life versus the previous-generation Intel
Core processor^4 and double the battery life of the average 4-year-old PC.^1

Thin, Fanless 2 in 1s Available for Holiday 2014...and Beyond

The Intel Core M processor package is 50 percent smaller and, at 4.5 watts,
has 60 percent lower thermal power than the previous generation.^5 This lets
OEMs design sleek, fanless systems less than 9 mm thin – thinner than an AAA
battery and today’s sleekest laptops. There are already more than 20 Intel
Core M processor-based OEM products in the development pipeline. The first
systems based on the Intel Core M processor will be on shelves for the holiday
selling season.

At IFA, manufacturers including Acer, ASUS, Dell, HP, and Lenovo unveiled new,
coming-soon Intel Core M processor-based devices across a range of sizes,
styles and price points.

* In Q4, Acer will expand its popular 2-in-1 series of notebooks with the
Aspire Switch 12*, featuring a 12.5-inch FHD display with unique kickstand
and magnet keyboard to move smoothly between five modes.
* ASUS introduced the ASUS Zenbook UX305*, an incredibly light and thin
Ultrabook™ with a 13-inch QHD display and the ASUS Transformer Book
T300FA* 2 in 1, which was unveiled during the Intel keynote. The
Transformer Book T300FA is a high-performance 2 in 1 and is expected to be
available in Europe this fall for an estimated €599. Looking ahead, ASUS
plans to go even thinner with the ASUS Transformer T300 Chi*.
* Dell has announced its first commercial 2 in 1, the Latitude 13 7000
Series*, which combines a lightweight business Ultrabook and a detachable
tablet in one powerful, no-compromise device.
* HP further extends its award-winning ENVY portfolio with the addition of
two new HP ENVY x2* detachable PCs, available in 13.3-inch and 15.6-inch
form factors.
* The new Lenovo ThinkPad Helix*, available in October, is 12 percent
lighter and measures 15 percent thinner than its predecessor while packing
even more power thanks to the Intel Core M processor.

Intel also previewed a forthcoming Intel Core M processor-based design from
Toshiba, and said broader availability of Intel Core M processor-based devices
is expected in the first half of next year.

To further system choice and availability, Intel said it is working with ODMs
including Wistron* and others. Wistron plans an Intel Core M processor-based
design inspired by the Intel “Llama Mountain” reference device. Intel first
unveiled the stunning, fanless Llama Mountain reference device, which measures
7.2 mm thin and weighs a mere 670 grams, at Computex in Taiwan earlier this
year.

A “Conflict-Free” Processor; Additional Features

Intel Core M is a “conflict-free” product, which means this product does not
contain conflict minerals (tin, tantalum, tungsten and/or gold) that directly
or indirectly finance or benefit armed groups in the Democratic Republic of
the Congo (DRC) or adjoining countries.

The Intel Core M processor is available in several versions: the up to 2.0 GHz
Intel Core M-5Y10/5Y10a processors and the up to 2.6 GHz Intel Core M-5Y70
processor. The Core M-5Y70 is the highest performing Intel Core M processor
and is also available with Intel® vPro™ technology for business 2 in 1s with
built-in security features to help protect data, user identities and network
access.^6

Additional Intel Core M platform features include support for high-quality
audio, Intel® Wireless Display 5.0, Intel’s second-generation 802.11ac
products and will evolve to support wireless docking with WiGig from Intel.
For more information visit: www.intel.com.

About Intel

Intel (NASDAQ:INTC) is a world leader in computing innovation. The company
designs and builds the essential technologies that serve as the foundation for
the world’s computing devices. As a leader in corporate responsibility and
sustainability, Intel also manufactures the world’s first commercially
available “conflict-free” microprocessors. Additional information about Intel
is available at newsroom.intel.com and blogs.intel.com, and about Intel’s
conflict-free efforts at conflictfree.intel.com.

Intel, the Intel logo, Intel Core, Intel vPro and Ultrabook are trademarks of
Intel Corporation in the United States and other countries.

*Other names and brands may be claimed as the property of others.

Software and workloads used in performance tests may have been optimized for
performance only on Intel microprocessors. Performance tests, such as SYSmark
and MobileMark, are measured using specific computer systems, components,
software, operations and functions. Any change to any of those factors may
cause the results to vary. You should consult other information and
performance tests to assist you in fully evaluating your contemplated
purchases, including the performance of that product when combined with other
products.

Results have been estimated based on internal Intel analysis and are provided
for informational purposes only. Any difference in system hardware or software
design or configuration may affect actual performance.

^1Energy efficiency based on SPEC CPU2006 Intel estimates for both performance
and core power. Comparison made vs. Intel prior generation Intel Core family
CPU Processors.

^2Intel® Core™ M-5Y70 Processor (up to 2.60GHz, 4T/2C, 4M Cache) vs.
Normalized to a 4-year-old PC with Intel® Core™ i5-520UM. Performance based on
SYSmark* 2014. Intel® Core™ M 5Y70 compared to Intel® Core™ i5-520UM. Weight
based on Intel® Core™ M processor-based 2 in 1 based on Intel® FFRD Llama
Mountain. Old PC is OEM laptop with Intel® Core™ i5-520UM and 62WHr battery, 3
lbs weight, 1.1-inch thick.

^3Up to 50 percent faster vs. 4th generation Intel Core processors based on:
Specfp_rate_base 2006 comparing Intel® Core™ M-5Y70 Processor compared to
previous-generation Intel® Core™ i5-4302Y at 4.5W. Up to 40 percent faster
graphics vs. 4th generation Intel Core processors based on: 3D Mark Ice Storm
comparing Intel® Core™ M-5Y70 Processor with Intel HD graphics 5300 vs.
Previous Generation Intel® Core™ i5-4302Y at 4.5W with HD Graphics 4200.

^4Intel Core M battery life tested vs. 4th generation Intel® Core™ processor
based platforms – 11.6-inch panel; 19x10; 200 nits; 35WHr battery; SSD; 4GB
memory. Full HD Local Video Playback Battery Rundown-measured using a Tears of
Steel 1080p 10 Mbps video. Configuration: In the device settings, disable all
radios. Disable Intel® Display Power Saving Technology (Intel® DPST), set up
the system to specified screen brightness using a full screen white
background, and re-enable Intel DPST. Turn OFF the adaptive brightness setting
under Power Options in Control Panel. Set “Dim the display” to never on both
battery and AC. Set “Put the computer to sleep” to never on both battery and
AC. Wait 15 minutes after boot. Launch the default video player (Windows* 8.1
Style UI video player for win), start the workload video in a loop, and
disconnect the AC plug to start the test. Measure the time until battery is
exhausted.

^54th generation Intel® CoreTM Processor (40 X 24 X 1.5 mm; 960 mm; 11.5W) vs.
Intel® Core™ M processor (30 X 16.5 X 1.05 mm; 495 mm; 4.5W)

^6No computer system can provide absolute security. Requires an enabled Intel
processor, enabled chipset, firmware and/or software optimized to use the
technologies. Consult your system manufacturer and/or software vendor for more
information.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140905005068/en/
Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50936693&lang=en

Contact:
Intel Corporation
Cara Walker, 503-696-0831
cara.walker@intel.com

-0- Sep/05/2014 15:30 GMT

(UBS) European Beer - Off-trade sales trend to mid-August

European Beer – Nielsen data
Off-trade sales trend to mid-August
(PDF ATTACHED)

* Europe beer volume decline in 4 weeks to August 16
Nielsen data for GB off-trade beer market shows volume +1.9% y/y for the 4 weeks to August 16, off an easy -1.3% comp. Price/mix of +0.3% is above the 12 week trend of -2.1%. Beer volume in France for the 4 weeks to August 10 declined -5.9% y/y, with -0.8% price/mix. Italy beer volume declined -13.2% y/y, with positive +2.6% price/mix. Nielsen captures 85% of the off-trade channel.

* Heineken gained share in GB but lost in France and Italy
In GB, Heineken volume grew +4.9% in the period y/y, and +1.9% price/mix. ABI
volume grew +0.7% y/y while Carlsberg's volume decreased -6.4% y/y. In France, ABI
volume declined -1.2% y/y, whereas Carlsberg fell -7.5%, a touch above Heineken
(-8.2% y/y). In Italy, Carlsberg lost share with volume -6.1% and price/mix -0.8%.
SABMiller volume declined -6.7% y/y, and price/mix of -0.3%. Heineken lost share with
volume -10.5% despite positive price/mix of +1.3%.

* We prefer ABInBev (Buy, €94 pt) among brewers
Fundamentally, we remain cautious on the Western Europe beer market considering a
still challenged consumer environment, high beer PCC, ageing demographics, high level
of competition, risk of VAT/excise duty increases and private label threat. We prefer
ABInBev (Buy, €94 pt)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: ZQK -12.4%, GPS -5.8%, ZUMZ -5.1%, FNSR -5%, SEAC -4.3%, BEBE -2.8%, BEBE -2.8%, COO -2.1%.

Other news: REPH -40.5% (announced that the Phase 2b clinical trial of Dex-IN for the treatmnet of acute post-operative pain is not expected to reach statistical significance at its current design), KORS -5.1% (Michael Kors files for ordinary share shelf offering by selling shareholders; launches secondary public offering of ordinary shares on behalf of Sportswear, one of its principal founding shareholders, for the offering of 11,629,627 ordinary shares), TUMI -4.4% (announced secondary offering of 8 mln shares of common stock by Doughty Hanson & Co. Managers Limited), PNNT -4% ( announces public offering of 11 mln shares of common stock), GLNG -3.5% (announces secondary offering of ~27.83 mln shares of its common stock by World Shipholding Ltd.), HMY -2.5% (still checking), ST -2.2% (announced offering of ~15.05 mln ordinary shares by selling shareholders), CX -2% (prices of €400 mln and $1.1 bln in Senior Secured Notes), SDRL -1.7% (still checking), AU -1.6% (still checking), GSK -1.5% (will not be able to fill all demand for flu vaccines, according to reports), GTAT -1.3% (cont vol due to speculation surrounding iPhone component), SHPG -1% (still checking).

Analyst comments: TTWO -1.3% (downgraded to Neutral from Buy at Sterne Agee), CS -1.1% (downgraded to Neutral from Buy at UBS), PCLN -0.7% (downgraded to Equal Weight from Overweight at Evercore ), MS -0.7% (downgraded to Neutral from Outperform at Macquarie).

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: BLOX +13.4%, AMBA +9.3%, LOCO +2.9%, VRNT +2.6%.

Other news: PRAN +27.6% (received orphan designation status for its product for the treatment of Huntington's disease), HART +13.7% (received orphan designation status for its inBreath airway transplant system to restore the structure and/or function of the trachea subsequent to tracheal damage due to cancer, injury or infection), NSPH +10.8% (has engaged Jefferies LLC as its financial advisor to assist it in the development and evaluation of a full range of potential strategic alternatives for the Company), TASR +6% (higher following announcement that the NYPD will begin a pilot program of equipping officers with body cameras), OMED +4.1% (FDA removes partial clinical hold on OncoMed's ipafricept), ICLD +2.8% (announces multi-site deployment of security and threat prevention solutions and services for a large global consulting firm), MOBI +2.6% (announces repurchase of 16 mln shares from Sequoia Capital ), GPRO +1.7% (up in sympathy following supplier AMBA earnings), DGLY +1.5% (cont usual volatility pre-mkt), JOY +1% (positive Barron's mention), SD +0.8% ( announces $200 mln share repurchase program)

Analyst comments: IPCI +3.7% (upgraded to Buy at Maxim Group), VRTX +2.3% (upgraded to Buy from Neutral at Goldman), CIEN +1.8% (upgraded to Buy from Neutral at Goldman), ICPT +1.8% (initiated with an Outperform at Cowen), MTRX +1.7% (upgraded to Overweight from Equal Weight at First Analysis Sec), SNDK +1.5% (upgraded to Overweight from Equal-Weight at Morgan Stanley), BLUE +1.4% (initiated with a Buy at Sun Trust Rbsn Humphrey), INSM +1.4% (initiated with an Outperform at Cowen), MBLY +1.4% (target raised to $52 at RBC Capital Mkts), IL +1.1% (upgraded to Buy at Stifel ), ING +1% (upgraded to Overweight from Equal Weight at Barclays), BEAV +1% (upgraded to Buy from Hold at Deutsche Bank), BP +0.9% (upgraded to Buy from Neutral at Citigroup), QGEN +0.6% (upgraded to Buy from Sell at DZ Bank)

>>> US Early premarket gappers

Early premarket gappers
Gapping up: PRAN +22.4%, HART +13.7%, BLOX +11.9%, NSPH +10.8%, AMBA +7.1%, TASR +6.1%, LOCO +5.1%, OMED +4.1%, HAL +2.9%, CIEN +2.8%, VRNT +2.6%, SNDK +1.1%, SLW +1%, ABX +0.9%, SD +0.8%

Gapping down: REPH -28.2%, ZQK -9.9%, FNSR -7.1%, TUMI -5.6%, ZUMZ -5.6%, GPS -5.6%, KORS -4.6%, GLNG -4.5%, PNNT -4%, BEBE -2.8%, BEBE -2.8%, CX -2.7%, COO -2.1%, SDRL -1.8%, HMY -1.8%, AU -1.6%, ST -1.5%, GSK -1.4%, SHPG -1.1%