(BFW) *ERGO SELLS 4.88M SHRS IN JENOPTIK AT EU12.15/SHR

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BN 04/03 15:29 *ERGO SELLS 4.88M SHRS IN JENOPTIK AT EU12.15/SHR BN 04/03 15:28 *ERGO SELLS ABOUT 8.5% STAKE IN JENOPTIK BN 04/03 15:27 *ERGO SELLS STAKE IN JENOPTIK

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*ERGO SELLS 4.88M SHRS IN JENOPTIK AT EU12.15/SHR 2014-04-03 15:29:56.434 GMT

--JIM SILVER

-0- Apr/03/2014 15:29 GMT

>>> Charles Schwab issues statement on high-frequency trading: 'High-frequency t

Charles Schwab issues statement on high-frequency trading: 'High-frequency trading is a growing cancer that needs to be addressed

Co's Chairman Charles Schwab and President and CEO Walt Bettinger posted the following statement on high-frequency trading at: {http://www.aboutschwab.com/press/issues/}

"Schwab serves millions of investors and has been observing the development of high-frequency trading practices over the last few years with great concern. As we noted in an opinion piece in the Wall Street Journal last summer, high-frequency trading has run amok and is corrupting our capital market system by creating an unleveled playing field for individual investors and driving the wrong incentives for our commodity and equities exchanges. The primary principle behind our markets has always been that no one should carry an unfair advantage. That simple but fundamental principle is being broken...High-frequency trading isn't providing more efficient, liquid markets; it is a technological arms race designed to pick the pockets of legitimate market participants...A simple solution would be to establish cancellation fees to discourage the practice of quote stuffing. The SEC and CFTC floated the idea last year. It has great merit. Make the fees high enough and they will eliminate high-frequency trading entirely. But if the practice is simply a scam, as we believe it is, an even better solution is to simply make it illegal. And exchanges should be neutral in the market. They should stop the practice of selling preferential access or data feeds and eliminate order types that allow high-frequency traders to jump ahead of legitimate order flow. These are all simply tools for scamming individual investors."

>>> US Filings, Offerings and Pricings

Filings, Offerings and Pricings

Filings:
  • LDR Hldg (LDRH) filed for a $25 mln mixed securities shelf offering and 3.8 mln shares of common stock by selling shareholders.
  • Legacy Reserves (LGCY) filed for a mixed securities shelf offering for an undisclosed amount.
  • Regado Biosciences (RGDO) filed for a $69 mln common stock offering.
  • Plug Power (PLUG) filed for a ~530.5K share common stock shelf offering by selling stockholders
Offerings:
  • EXACT Sciences (EXAS) filed a mixed securities shelf offering for an undisclosed amount; announced proposed public offering of $125 mln of common stock.
  • Venaxis (APPY) announced proposed public offering of common shares; size not disclosed.
  • Catalyst Pharma (CPRX) announced commencement of public offering of common stock.
  • BG Medicine (BGMD) announced proposed public offering of common stock.
  • 51job (JOBS) announced proposed private offering of US$150 mln convertible senior notes.
  • Central European Media (CETV) announced the commencement of the subscription period for its previously-announced fully-backstopped $341.8 mln rights offerin
Pricings:
  • Chipmos Technology (IMOS 22.91) announced that its 62.1% owned subsidiary, priced its previously announced share subscription at a price of NT$26.5/share ($0.88/share).
  • Pacific Ethanol (PEIX 17.25) priced underwritten offering of 1.75 mln shares of its common stock at $16.00/share, for gross offering proceeds of $28.0 mln

>>> ECB's Draghi: Moderate economic recovery is proceeding, continues to expect


ECB's Draghi: Moderate economic recovery is proceeding, continues to expect prolonged period of low inflation, expects to see gradual upward move in inflation - Prepared remarks
- Inflation expectations remain well anchored, based on subdued medium-term inflation outlook.
- Determined to maintain high degree of accommodation, can act swiftly if necessary.
- Reiterates ECB is prepared to use unconventional tools within its mandate if necessary.
- Looking ahead, further improvements in domestic demand should materialize.
- Geopolitical risk could negatively effect economic expectations.
- Low inflation reflects lower food, services and good prices.
- Inflation should pick up in April thanks to Easter expenditures.
- Risks to inflation outlook are broadly balanced over the medium term.
- Annual HICP should remain low in coming months before gradually rising in 2015, should hit level near 2% by end 2016.
- Subdued loan dynamics reflect the current stage of the business cycle and balance sheet adjustments.
- Eurozone credit market fragmentation must be further reduced.

>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance: CY +1.1% (also announced that Brad Buss, Executive Vice President and Chief Financial Officer is retiring from Cypress after eight years of service), RECN +0.3%.

Select battery related names showing strength: PLUG +5.6% (acquires ReliOn for $4 mln in stock; expected to be accretive to earnings in 2015 ), KNDI +2%, BLDP 2.5%, TSLA +1.2% (to appeal ban on NJ direct sales, according to reports out yesterday mid session).

Select oil/gas related names showing strength: NBR +1.7%, ESV +1.7%, CHK +0.8%, WFT +0.7% (approves change of jurisdiction of incorporation from Switzerland to Ireland), DVN +0.6%, NFX +0.6% (upgraded to Buy from Neutral at UBS).

Other news: AMRS +18.4% (Amyris and BASF reach agreement for strain engineering collaboration), CYTR +8.4% (to present updated Aldoxorubicin preclinical glioblastoma study results; support continued development of Aldoxorubicin as treatment for relapsed glioblastoma ), WPCS +6.6% (enters into definitive agreement to sell its Seattle Operations for ~ $2.7 mln), ISR +5.8% (continued strength), MNGA +5.4% (Expands into Georgia with New Distributor), ACTG +4.2% (announces settlements and license agreements), EJ +3.6% (announced that affiliate of its subsidiary Leju signed a partnership agreement with Zillow), MCP +3.5% (still checking), IRBT +2.3% (announces $50 mln stock repurchase program), CTRP +2.2% (announces up to $600 mln share repurchase program), ONNN +2.1% ( to Acquire Truesense Imaging for ~$92 mln in cash), MNKD +2.1% (continued strength), GILD +1.9% (announces results from Phase 3 Study of Sofosbuvir Among Hepatitis C Patients in Japan; The study met its primary efficacy endpoint), BBRY +1.8% (still checking), WBAI +1.5% (still checking), SUNE +1.3% (S.A.C. Capital cuts passive stake to 0.2%, down from 5.3% on 2/14 - amended 13G filing ), FIO +1.2% (Fusion-io collaborates with Oracle (ORCL) to double usable capacity for MySQL), ALLT +1.2% (receives $5 mln purchase order from a Tier-1 mobile and fixed operator), NVS +1.2% (announces data on 19 compounds at AACR highlight strong cancer pipeline across multiple molecular targets and biological pathways), HE+1.1% (issues statement: 'Board of directors has not cut the dividend, nor is a dividend cut currently contemplated'), PACW +1% (PACW to replace MANT in the S&P MidCap 400), CHL +1% (still checking), JKS +0.6% (signs RMB241.4 Million Loan Agreement with China Development Bank for Two PV Solar Projects), COST +0.1% (positive mention on Mad Money).

Analyst comments: OPEN +2% (upgraded to Buy from Neutral at Citigroup), MON +1.6% (upgraded to Overweight from Neutral at JP Morgan), KKR +0.5% (initiated with a Outperform at Bernstein), INTC +0.5% (resumed with an Overweight from Neutral at Piper Jaffray ), NXPI +0.3% (tgt raised to $76 from $60 at BofA/Merrill)

>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: SGOC -32.2%, CACI -8.9%, GBX -8.4%, EXAR -2.5%, BZH -2.4%, (sees Q2 net orders -9%; closings -13%; Reiterates Expectation of Net Income for Fiscal 2014; announces proposed offering of $300 mln aggregate principal amount of Senior Notes due 2019), TXI -1.9%, SEAS -1.4%, CS -0.2%, (light volume).

Select financial related names showing weakness: DB -1.8% (downgraded to Neutral from Overweight at JP Morgan), USB -1.3% ( downgraded to Neutral from Buy at Goldman; removed from Conviction Buy list), NBG -2.8%, C -1.1% (Feds will open criminal investigation over C's mexico unit, according to reports; downgraded to Neutral from Buy at Sterne Agee), LYG -1%.

A few metals/mining stocks trading modestly lower: RIO -1.7%, BHP -1.4%, ABX -1.2%, GDX -1.1%, SLW -0.9%.

Other news: BGMD -16.7% ( announces proposed public offering of common stock), APPY -7.7% (intends to offer shares of its common stock in an underwritten public offering), KIN -4.3% (early weakness attributed to secondary pricing), EXAS -3.9% (files mixed securities shelf offering; announces proposed public offering of $125 mln of common stock), CPRX -3.6% (announces commencement of public offering of common stock), PEIX -2.6% (Pacific Ethanol disclosed amendments to credit facility and term loan arrangements to accommodate restart of production at its Madera, California ethanol production facility), YELP -2.6% (gets subpoenas about users commonly, according to reports), LQDT -2.6% (under continued pressure), JOBS -1.5% (announces proposed private offering of us$150 million convertible senior notes), TTM -1.4% (still checking), JNPR -1.3% (discloses it expects to reduce worldwide headcount by ~6%), MANT -1.1% (MANT to replace PACW in the S&P SmallCap 600), RYAAY -1.1% (still checking), CAT -0.6% (Jim Chanos reaffirms on CNBC that he is still short CAT), BRCM -0.5% (Emulex discloses it entered into a Dismissal and Standstill Agreement with Broadcom ), CSC -0.3% (following CACI guidance).

Analyst comments: VVUS -5.3% (downgraded to Underweight from Neutral at Piper Jaffray), XOM -0.6% (initiated with an Underperform at BMO Capital Mkts), BRCM -0.5% (resumed with a Neutral from Overweight at Piper Jaffray), LNG -0.5% (downgraded to Neutral from Outperform at Credit Suisse; tgt raised to $65 from $50)