>>> US Gapping down

Gapping down
Briefing note: With the S&P Futures down nearly 1% in the pre-market, many stocks are gapping lower that are not listed.

In reaction to disappointing earnings/guidance: NFLX -25%, EXTR -22.9%, BHI -11.7%, ZHNE -6.3%, MAT -4.4%, EBAY -3.3%, BX -2.9%, DAL -2.7%, GS -2.4%, PM -1.8%, BBT -1.6%, KMI -1.5%, BAX -1.5%, AXP -1.4%, FCS -0.7%, UNH -0.5%

M&A news: SHPG -1.3% (AbbVie's (ABBV) Board recommends stockholders vote against Shire transaction)

Select financial related names showing weakness: DB -5.3%, ING -5.1%, SAN -4.8%, CS -4.5%, BCS -3.9%, C -2.2%, JPM -1.9%, WFC -1.7%, BAC -1.5%

Select energy stocks trading lower: STO -6.1%, HAL -5.2%, RDS.A -4.3%, TOT -3.8%, BP -2.8%

Select EU related names showing early weakness: ALU -5.7%, UBS -4.6%, MT -4.4%, DEG -4.4%, ORAN -4.3%, ASML -4.2%, PHG -4.1%, SAP -3.6%, YY -3.3%, VOD -3.2%, NVS -2.2%

Select Momentum names of interest: GPRO -5.2%, TSLA -4.2%, TWTR -3.1%, FB -2.3%, AAPL -1.7%

Other news: INSY -8.8% (receives DEA approval to produce pharmaceutical Cannabidiol; provides update on status of cannabinoid program ), ESPR -8.6% (prices 4.25 mln shares of common stock at $20.00 per share), TTPH -6.2% ( announces proposed public offering of common stock), GWPH -6.1% (cont weakness), SHLD -4.9% (announces commencement of rights offering), JKS -4.5% (signs 200 MW PV project development agreement with Government of Shicheng County in Jiangxi Province), RIG -4.4% (provided fleet status report: total value of new contracts since the September 22, 2014 update is ~$610 mln), AEG -3.9% (announces agreement to sell its Canadian Life Insurance Business for CAD$600 mln; expected to result in a book loss of ~CAD$1.2 bln), MHR -3.7% (closes on the previously announced definitive agreement to sell certain non-core assets), CSUN -3.6% (announces CFO Mr. Yongfei Chen's resignation and appoints Mr. Shiliang Guo as acting CFO), AMZN -3% (following EBAY results), BHP -2.2% (trading in symp with RIO)

Analyst comments: CGG -8.4% (downgraded to Reduce from Neutral at Nomura), SDRL -4.5% (downgraded to Reduce from Neutral at Nomura), AKAM -3.5% (downgraded to Market Perform from Outperform at Wells Fargo), RIO -3.2% (downgraded to Market Perform at Cowen ), DIS -1.8% (downgraded to Neutral from Buy at Guggenheim).

>>> Marriot Vacations beats by $0.01, misses on revs; guides FY14 EPS in-line (

Marriot Vacations beats by $0.01, misses on revs; guides FY14 EPS in-line

Reports Q3 (Sep) earnings of $0.81 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.80; revenues rose 0.2% year/year to $413 mln vs the $420.79 mln consensus.
  • Adjusted EBITDA totaled $54 mln, an increase of $4 mln, or 8%, y/y
Co issues in-line guidance for FY14, sees EPS of $2.67-2.84 from prior range of $2.64-2.82, excluding non-recurring items, vs. $2.77 Capital IQ Consensus Estimate; contract sales growth expected to +1-3%; adjusted EBITDA of $190-200 mln.

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: HCA +4.9%, UMPQ +3.5%, BGG +2.4%, HNI +2.3%, TSM +1.8%, URI +1.7%, NTCT +1.3%, KMP +0.8%

Select Ebola related names showing strength: CMRX +6%, SRPT +2.3%, LAKE +0.6%

Select metals/mining stocks trading higher: AU +1.9%, GG +1.1%, GG +1.1%, IAG +0.8%, IAG +0.8%, PAAS +0.6%, ABX +0.5%

Other news: EGLE +120.6% (completed financial restructuring; all existing equity interests cancelled), MSO +16.8% (Martha Stewart confirms multi-year media partnership with Meredith Corporation (MDP); will have an immediate impact on Operating Income), CVV +11.5% ((reported $27.5 mln in new orders through Q3, representing an increase of ~239% in new orders from prior year),), VIMC+6.2% (announced $39.80 mln contract wins in Taiyuan City of Shanxi province), APP +6% (seeing reports that co has made an interest payment on its bonds), CHK +5.9% (announces sale of Southern Marcellus and Utica Shale assets for proceeds of $5.375 bln), ANV +5.4% (announced preliminary Q3 production and sales: 49,630 ounces of gold produced vs 52,198 in prior year), ATEA+2.4% (filed timely appeal, which will stay the suspension of trading of its common stock on NASDAQ, pending the decision by a NASDAQ hearings panel), CPA +2.4% (announced monthly traffic statistics for September 2014: System-wde passenger traffic increased 1.9% yoy)

Analyst comments: SBGL +5.5% (upgraded to Neutral from Sell at UBS), BMRN +0.2% (initiated with a Buy at Sun Trust Rbsn Humphrey)

>>> Goldman Sachs beats by $1.36, beats on revs --> GS -2.05%

Goldman Sachs beats by $1.36, beats on revs

Reports Q3 (Sep) earnings of $4.57 per share, $1.36 better than the Capital IQ Consensus Estimate of $3.21; revenues rose 24.8% year/year to $8.39 bln vs the $7.8 bln consensus.
  • Net revenues in Investment Banking were $1.46 billion for the third quarter of 2014, 26% higher than the third quarter of 2013 and 18% lower than the second quarter of 2014.
    • Net revenues in Financial Advisory were $594 million, 40% higher than the third quarter of 2013, reflecting an increase in industry-wide completed mergers and acquisitions.
    • Net revenues in Underwriting were $870 million, 17% higher than the third quarter of 2013, due to significantly higher net revenues in equity underwriting, principally from initial public offerings. This increase was partially offset by slightly lower net revenues in debt underwriting.
  • Net revenues in Institutional Client Services were $3.77 billion for the third quarter of 2014, 32% higher than the third quarter of 2013 and 2% lower than the second quarter of 2014.
  • Net revenues in Fixed Income, Currency and Commodities Client Execution were $2.17 billion, including a gain of $157 million related to the extinguishment of certain of the firm's junior subordinated debt, and were 74% higher than a challenging third quarter of 2013.
    • During the quarter, Fixed Income, Currency and Commodities Client Execution continued to operate in an environment characterized by generally low levels of activity, although during the latter part of the quarter, market-making conditions were generally more favorable. Commissions and fees were slightly higher compared with the third quarter of 2013.
    • During the quarter, Equities operated in an environment characterized by continued low volatility levels and generally lower market volumes in the United States and Europe compared with the second quarter of 2014.
  • Net revenues in Investing & Lending were $1.69 billion for the third quarter of 2014, 15% higher than the third quarter of 2013 and 18% lower than the second quarter of 2014. Net revenues in Investment Management were $1.46 billion for the third quarter of 2014, 20% higher than the third quarter of 2013 and essentially unchanged compared with the second quarter of 2014.
  • The ratio of compensation and benefits to net revenues for the first nine months of 2014 was 40.0%, compared with 43.0% for the first half of 2014 and 41.0% for the first nine months of 2013.
Capital
  • Book value per common share was $161.38 and tangible book value per common share was $151.70
  • On October 15, 2014, the Board of Directors of The Goldman Sachs Group, Inc. increased the firm's quarterly dividend to $0.60 per common share from $0.55 per common share.
  • The firm's Common Equity Tier 1 ratio was 11.8%

>>> Baker Hughes misses by $0.11, reports revs in-line

Baker Hughes misses by $0.11, reports revs in-line (53.63)
Reports Q3 (Sep) earnings of $1.02 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus Estimate of $1.13; revenues rose 5.3% year/year to $6.25 bln vs the $6.28 bln consensus.
  • Adjusted EBITDA in the third quarter of 2014 was a record high of $1,188 million, an increase of $29 million, or 3%, compared to the second quarter of 2014 and an increase of $170 million compared to the third quarter of 2013.

(BFW) Barroso Sees ‘No Reason for Panic Or Alarm’ Regarding Fin Mkts

Barroso Sees ‘No Reason for Panic Or Alarm’ Regarding Fin Mkts
2014-10-16 10:34:44.610 GMT


By Ryan Chilcote and Lorenzo Totaro
Oct. 16 (Bloomberg) -- “We have to be attentive to the
markets and we are,” European Commission President Jose Barroso
says in an interview with Bloomberg Television in Milan.
* “We are seeing the possibility of a slow growth globally,
in other parts of the world lower demand, we have seen the
evolution for instance of the price of oil”
* “There are several indications that can suggest global
slower growth. We have to take this seriously, but I think
there is no reason for panic or alarm, that is clearly my
position”: Barroso responding to question about latest
developments on international financial markets
* NOTE: Renzi Says Crisis Is Returning Dramatically on
Financial Mkts NSN NDJ6R36K50XY<GO>

Link to Company News:0629846D BB <Equity> CN <GO>

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To contact the reporter on this story:
Lorenzo Totaro in Rome at +39-06-45206326 or
ltotaro@bloomberg.net

To contact the editor responsible for this story:
Kevin Costelloe at +39-06-4520-6320 or
kcostelloe@bloomberg.net