(Les Echos) Nestlé candidate acquisition of Danone Medical Nutrition

Link to Translation : {http://bit.ly/1d6usCi}
Link to Original/French Article : {http://bit.ly/1oDpYEP}

Nestlé candidate acquisition of Danone Medical Nutrition

According to several sources, four candidates have come forward to take the medical division for sale by Danone and whose value could reach nearly € 3 billion. Among them: Nestlé.

Danone Medical Nutrition arouses envy. According to several sources, four candidates have emerged to resume division disposal by the French group and whose value could reach nearly € 3 billion. Starting with two competitors, Nestlé and German Fresenius, the world of dialysis, at the head of a network of 260 clinics. Are also mentioned a third industrial candidate, as well as investment fund Nordic EQT. According to Reuters, which announced in mid-February the sale of the medical division of Danone, U.S. pharmaceutical companies Abbott and Baxter were potential candidates.
The medical division of Danone is extremely profitable. She realized in 2013 a turnover of 1.34 billion euros, up 5.6%, and reached a operating margin of 18.16%. This is the second best group profitability after infant nutrition, and to bottled water and dairy products latter providing more than half of total revenues with sales of € 11.79 billions , an increase of 3.2%.
Danone intends to focus on dairy products and baby food business which requires investment. In addition, the group has suffered setbacks in China due to unfounded fears of Fonterra supplier of raw materials risk of botulism. This situation forced him to withdraw products from sale. Cost of operation: 370 million euros in sales and 300 million operating profit less.
Sharpen the image of group health concern
His side Nestlé continues to enhance its image concerned about the health group. The Swiss giant acquired in February 2013 Pamlab, a U.S. company specializing in medical nutrition, which sells products for patients with mild cognitive impairment, depression and neuropathy. It has also opened in Lausanne, an institute dedicated to research the study of non-communicable diseases (Alzheimer's disease, diabetes, etc..) And their relationship with food. The Swiss group hopes to develop foods that can prevent these diseases, slow transmission or perhaps even cure one day.
Nestlé already carried out in this sector "health science" a turnover of about 2 billion Swiss francs (1.6 billion euros) per year.The investment fund EQT is no stranger to the area medical. With 20 billion euros in assets under management, the key capital actor in Europe is particularly present in Atos Medical and BSN Medical. Contacted, Nestlé has made no comment.

(Les Echos) Havas : Yannick Bolloré: "Havas strategy is not to become the bigge

Link to translation : {http://bit.ly/1gZPMVP}
Link to Original/French Article : {http://bit.ly/1eY9S2f}

Yannick Bolloré: "Havas strategy is not to become the biggest

Now debt free, group communication could push fires on acquisitions. The question of integration of Havas in Vivendi does not exist today, says its CEO.

Appointed CEO of Havas in early January, Yannick Bolloré, 34, son of Vincent, speaks for the first time on its strategic vision for the future of the 37% subsidiary of the Bolloré group. Nine months after the announcement of the proposed merger between Publicis and Omnicom, placing it on the agility of his model, lighter and more mobile.

Havas prides itself on being the only holding French independent advertising. But the merger between the number two and number three worldwide, Publicis, Omnicom, the problem of your critical size ...
Havas will indeed remain, mechanically, the only independent French group, with headquarters remaining in Paris.

Publicis continues to assert that the merger does not mean the purchase of a French company by a foreign and the group founded by Marcel Bleustein-Blanchet will never be American ...
I hope for him that John Wren (Omnicom's boss, Ed) has not read this interview! That said, this is not the fact is the last French Havas group bring us customers, but the agility of our model, lighter and more mobile. It is easier to win a marathon 70 pounds when you weigh 100 pounds ... Let's be clear: Havas strategy is not to become the biggest. Although the issue size is real because it is necessary to have a global dimension. But Havas, with national, European customers (54% of our margin comes from Europe) and international, now holds the global scale: in Latin America, Brazil is in the top seven of our major markets and Asia Southeast Australia can boast a double-digit growth, thanks to the defense budget that we have to win.

You disclaim Havas is a target to be redeemed, including WPP, the current world leader?
Altogether. Our share is stable and Havas is now debt free, with net debt fell to 90 million. Specifically, Havas is not for sale and we are located in a much more logical buyer or seller.

And what form could then take these acquisitions? In recent years, the external growth of the group has been quite sluggish ...
It is true Havas has not had in recent years a policy of aggressive acquisitions. The group was very traumatized by costly and unsuccessful operations, such as the acquisition of Snyder, bought $ 2.1 billion in 2000 by the previous team. Five years later, in May 2005, the Bolloré group entered the capital of Havas, while indebted to the tune of € 750 million, and I'm not sure it still exists in its current form if we were not intervene. The ratio between net debt and our equity is now back to 7% by the end of fiscal 2013 (25% on average debt over the year), which should allow us to resume growth external. After that, what is important is to have a clear strategy.

Specifically, the strategy of Publicis, Omnicom is to partner to better counter the Net giants and regain control of datas, imperative for their advertisers. Against any attack decided to adopt Havas?
There are three options. Either we continue to buy targets small to medium size and redistribute 40% of our profits to shareholders. Acquisitions we look aim to strengthen our technological expertise and our presence in certain geographic areas. Either we participate in a horizontal consolidation of the sector by buying some of our rivals. But I do not see what customers would benefit. Or, finally, we are considering investing in certain occupations to link the world of datas more closely with the content. We have already invested in a platform to better leverage our datas. Havas Media has also mounted with Orange, last October in Los Angeles, an experiment called "Siliwood", an R & D meeting the growing interest marks the convergence between the media industry and the entertainment industry . We brought a great mathematician awarded the Fields Medal, the equivalent of the Nobel Prize.

Which means you have to carry this type of strategy?
We do not have a problem of resources. Havas has a credit line of more than one billion euros.

Havas stay in the Vivendi group, whose largest shareholder, Vincent Bolloré is poised to become chairman of the supervisory board in June, would it make sense?
This has been the case in the past, since the Compagnie Générale des Eaux, Vivendi has since become, Havas had bought in 1998. Advertising section was removed from the group in 2000 to become Havas Havas Advertising and short. Today, the question does not arise. And there is no record in the study. The main link between Vivendi and Havas is that its subsidiary Canal + is one of our major customers.

The acquisition of SFR Numericable, if it materializes, he risks losing your agency Gauls SFR budget, its second account in terms of margin?
Things are totally compartmentalized. The first case did not impact at all on the second. For the rest, we believe that our teams have all the skills to keep our customers.

Your father Vincent Bolloré it is very present in the daily management of Havas?
It is not quite the contrary. He left our board of directors in August. It would be my great honor to welcome him back.

>>>> What to look at today - 21/03/2014

US Market closed higher, Financials lead stock higher helped by expected benefit from higher rates and psotive stress test results (29 out of 30 banks passed while Zions Bancorp failed)...Tech was also strong helped by chipmaker, AAPL was an underperformer..VIX @ 14,52 -3,97%...China markets started out modestly higher, before paring some of the initial
gains. NDRC downplayed default risk in corporate bonds, while 2 of China's top banks - ICBC and CCB - were repored to have suspended distributing high-yield trust products. China yuan remained under pressure with another fix in USD/CNY
at multi-month highs but offshore Yuan was little budged, as parity briefly fell below that critical 6.20 level...Nikkei closed fro Vernal Equinox Day...HS+1.02%...Shanghai +2.74%

Eur$ 1.3785 S&P Fut +0.13% European Future +0.07%

Macro
- Greece Debt Ratings Affirmed at B- at S&P, Outlook Stable
- U.S. Credit Outlook Revised to Stable From Negative at Fitch
- Russia Outlook Cut to Negative by S&P on Geopolitical Risk
- Russia’s Outlook Revised to Negative by Fitch on Sanctions
- 29 of 30 Banks Meet or Top Capital Targets in Fed Stress Test

Keep an eye on :
- AB1 GY :Etihad Is Looking at Ways to Buy All of Air Berlin: Handelsblatt
- ADS GY : Nike 3Q EPS, Rev., Futures Orders Top Ests. --> NKE (+2% after Ern, -3.4% after Hours on Conf call comments on FX headwinds to reduce EPSgrowth rate for Q4and into FY15
- BARC LN : Barclays Said to Miss Alibaba IPO Fees by Defying SoftBank’s Son
- EN FP : Bouygues significantly improves offer for Vivendi's SFR, increases cash part to EUR 13.15bn
- EN FP : France’s CDC to Invest EU300m Cash in Bouygues Offer for SFR
- BN FP : Nestle Is Candidate to Buy Danone Medical Nutrition Unit: Echos
- DRI GY : Drillisch 4Q 2013 Net EU8.7m
- ERICB SS : UBS selling 20.6mil shares in BookBuilding @SEK81.5
- F IM : Chrysler Truck Sales Surge Against Those From Ford, GM: WSJ
- FCAM LN : Elliott has disclosed a 17.588% interest in F&C Asset Management.
- GET FP : UK Regulator Aims to Make Eurotunnel Decision by Early May
- GIB GY : GSW Immobilien Proposes to Pay No Dividend for 2013, Bbg est. Was E1
- HAV FP : Havas 2013 Net EU128m vs Est. EU133m, CEO Sees Company as Buyer Rather Than Target, Echos Says
- ISP IM : Stora Enso Reorganizes Renewable Packaging Into 3 Businesses
- NESN VX : Nestle Is Candidate to Buy Danone Medical Nutrition Unit: Echos
- NOVN VX : Novartis Reports Start of New Phase 3b Study of Secukinumab
- RHK GY : Germany’s Sana Says large Takeovers Possible in Future, {http://reut.rs/1jf3y9H}
- RMS FP : Hermes CEO Dumas Says May Consider Shoe Co. Acquisition: Sole
- SAP GY : SAP Recommends EU1 Div. vs EU0.85 Y/y
- SKB GY : Koenig & Bauer Posts 2013 Net Loss, Adj. Operating Profit Drops
- STERV FH : Stora Enso Reorganizes Renewable Packaging Into 3 Businesses
- STCBV FH : Stockmann Reverses Russia Expansion, CEO Says in Talouselaemae
- SY1 GY : Symrise Is Set to Outperform Market, Raised to Neutral at Citi
- TEF SM : BBVA Raised Stake in Telefonica to 6.89% at End of 2013
- TKA AV : Telekom Austria shareholder pact between OIAG and America Movil cast in doubt
- UL FP : Unibail Plans New Tower at La Defense, Paris, Les Echos Says
- UNI IM : Unipol 2013 Loss EU78.6m vs Net EU285.3m Y/y
- UNI IM : UnipolSai May Convert Savings Shares to Ord., Cimbri Tells Sole
- VIV FP : Vivendi said to have received new offer from Bouygues, Reminds It Agreed to Exclusive Talks With Altice
- VOLVB SS : Cevian Capitl raised stake to 4,8% (vs 4,6%) of Capital & 12,7% ( vs 10,5%) of voting rights
- VOLVB SS : Volvo Cars Operating Profit in 2013 Surges on Cost Controls

>>> Brokers Upgrade & Downgrade - 21/03/2014

>>> Up
*COMMERZBANK RAISED TO OVERWEIGHT VS EQUALWEIGHT:MORGAN STANLEY
*FCC RAISED TO HOLD VS SELL AT SOCGEN
*HERMES INTL RAISED TO HOLD VS SELL AT SOCGEN
*INDITEX RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*M6 RAISED TO BUY VS NEUTRAL AT CITI
*MEDIASET ESPANA RAISED TO NEUTRAL VS SELL AT CITI
*MEGGITT RAISED TO BUY VS NEUTRAL AT UBS
*NOKIAN RENKAAT RAISED TO STRONG BUY VS BUY AT NORDEA
*SYMRISE RAISED TO NEUTRAL VS SELL AT CITI
*TNT EXPRESS RAISED TO BUY VS NEUTRAL AT UBS

>>> Down
*BOIRON CUT TO HOLD VS BUY AT SOCGEN
*BURBERRY CUT TO NEUTRAL VS BUY AT BOFAML
*HIKMA PHARMA CUT TO HOLD AT JEFFERIES
*KAZAKHMYS CUT TO REDUCE VS NEUTRAL AT NOMURA
*RBS CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*SBM OFFSHORE CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*TELE2 CUT TO HOLD VS BUY AT BERENBERG

>>> PT Change
*CAMPARI PT CUT TO EU5.5 VS EU5.7 AT UBS; KEPT AT SELL

>>> Initiation
*PEGASUS RATED NEW NEUTRAL AT CREDIT SUISSE
*TECAN RATED NEW BUY AT KEPLER CHEUVREUX; PT CHF120
*TIETO RESUMED BUY AT NORDEA, PT EU22

>>> Call
>> Stock
*OPHIR ENERGY CUT FROM CREDIT SUISSE SMID FOCUS LIST
*GAZPROM, SBERBANK CUT FROM CITI’S FOCUS LIST CEEMEA
*LUKOIL ADDED TO CITI’S FOCUS LIST CEEMEA
*ROLLS-ROYCE REMOVED FROM UBS’S LEAST PREFERRED LIST

>>> Li & Fung to focus on acquisition of US clothing and accessories brands in t

Li & Fung to focus on acquisition of US clothing and accessories brands in the future

Bruce Rockowitz, president of Hong Kong-listed supply chain company Li & Fung, said the future focus for the company will be to acquire US clothing and accessories brands. A report in the Standard also cited Li & Fung’s chairman William Fung Kwok-lun, who commented on the company’s proposed spin off of its global brands and licensing subsidiary as being part of Li & Fung’s three-year plan to diversity its operational risks

Li & Fung’s reported a 17% increase in net profit to USD 725m in 2013, the item noted.


Source The Standard

>>> SFR / Bouygues New Offer - Press Release

Bouygues significantly improves offer for Vivendi's SFR, increases cash part to EUR 13.15bn
Bouygues significantly improves its offer for SFR with EUR 1.85bn of extra cash, increasing cash part to EUR 13.15bn
The cash part of the offer is EUR 1.4bn higher than the rival one
In doing so, Bouygues intends to satisfy the requirements of Vivendi's Supervisory Board, which had considered its offer relevant
Bouygues is bringing a number of major, long-term industrial and financial shareholders into its Bouygues Telecom-SFR merger project
Bouygues reiterates its commitments concerning employment and investment
Convinced of the industrial strength of its plan to merge Bouygues Telecom and SFR and of its ability to create value over the long term, Bouygues submitted an offer to Vivendi comprising a substantially improved cash part on 20 March 2014.

At its Supervisory Board meeting of 14 March 2014, Vivendi confirmed the relevance of Bouygues' offer but considered the cash part to be insufficient. As a result, Bouygues is proposing to Vivendi to improve the cash part of its offer by EUR 1.85bn, bringing it to EUR 13.15bn, in addition to 21.5% of the new entity. The cash part of this offer is EUR 1.4bn higher than the rival offer which is currently being negotiated with Vivendi.

Bouygues confirms that the Bouygues Telecom-SFR merger would generate EUR 10bn in synergies, of which EUR 5bn from the mobile network, secured by the agreement signed with Free on 9 March 2014. The new offer thus values SFR at EUR 17.4bn factoring in all of the synergies, of which EUR 16.3bn already secured by the agreement with Free.

An IPO of the new entity is planned as soon as the merger is completed, thus giving Vivendi an immediate opportunity to monetise the remainder of its interest. The reduced size of its interest in the new entity will make it easier for Vivendi to monetise it in good conditions as and when it sees fit.

Bouygues is bringing into its project a number of long-term financial and industrial shareholders, who share the Group's family-owned entrepreneurial spirit. The Caisse des Dépôts et Consignations, already a shareholder of the Bouygues group, the Pinault family and JCDecaux Holding are therefore seizing the opportunity of this new offer either to acquire an interest or to strengthen their existing interest in the new entity. This contributes to significantly increasing the cash part of the offer for Vivendi. Other investors may also participate in order to buy out all of Vivendi's remaining interest.

The increase in the cash part of the offer has no impact on the debt of the new entity, which would continue to retain an Investment Grade rating.

Under this new offer, the equity interest of Bouygues in the new entity would be 67%, versus 52% in the previous offer, thereby confirming the Group’s determination to play a central role in the French telecoms sector.

Bouygues reiterates its commitment to ensuring that its project to create a major digital communications group in France will both stimulate investment and create long-term employment.

>>> US After Hours COMM +15.0%, SCVL +4.2%, TIBX +1.9%, INVE -7.3%, SYMC -6.7%,

After Hours Summary: COMM +15.0%, SCVL +4.2%, TIBX +1.9%, INVE -7.3%, SYMC -6.7%, AIR -6.3%, NKE -3.4% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: COMM +15.0%, SCVL +4.2%, TIBX +1.9%, SLW +0.4%

Companies trading higher in after hours in reaction to news: UPIP +73.2% (Co and Lenovo (LNVGY) announced a $100 mln patent licence and purchase transaction), GNK +30.7% (co made the scheduled semi-annual interest payment of approximately $3.1 million originally due on February 18, 2014 under its 5.00% Convertible Senior Notes due August 15, 2015), AVEO +12.6% (co regained worldwide rights to AV-203: Agreement with Biogen Idec (BIIB) allows AVEO to seek partner to accelerate clinical development), EGLE +9.1% (announced entry into waiver and forbearance agreement), ANN +7.5% (Golden Gate Capital disclosed 9.5% stake; ANN comments that it welcomes new investors), KIOR +8.4% (disclosed it issued Lenders ATM Warrants to purchase 3,032,406 shares of Class A common stock for exercise price of $1.37 on March 18), YELP +2.4% (co and YP signed strategic deal; agreement will allow YP to enhance its customers' business listings on Yelp and expand their distribution within the YP Local Ad Network to include Yelp's consumer reach), TXMD +1.9% (priced secondary offering of 9 mln shares at $7.10 per share)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: INVE -7.3%, SYMC -6.7%, AIR -6.3%, NKE -3.4%, RALY -3.1%, ENVI -2.6%, NWY -2.3%

Companies trading lower in after hours in reaction to news: SYMC -6.7% (announced its Board has removed Steven Bennett and appointed board member Michael Brown as interim president and chief executive officer, effective immediately; co also reported earnings), PBF -4.6% (announced offering of 15 mln shares of Class A common stock by First Reserve Management, L.P.), ENLK -2.0% (announced secondary offering of ~18 mln common units by selling unitholders), GTI -1.3% (disclosed effort to settle with the Daniel and Nathan Milikowsky Group; remains open to continuing to engage with Milikowsky group to reach a resolution)

>>> NKE - conf call pushed stock lower

Nike initially rose on earnings that beat on top and bottom line, but sold off over 3% after a particularly troublesome set of conference call comments. NKE sees Q4 Rev growing at a high single-digit rate (below futures rate) due to timing in shipments, and also projects devaluation in emerging currencies to result in significant headwinds on FY15 revenue, GMs, and profit growth. And while China revenue grew on the year in Q3, Q4 performance in the company's second biggest and most critical market was projected to be flat to slightly down.

>>> Asian Update

Asian Market Update: Stocks mixed as Yellen hangover wears off; March China flash PMI on tap for Sunday in focus

***Economic Data*** - (AU) AUSTRALIA JAN CONFERENCE BOARD LEADING INDEX M/M: 0.2% V 0.9% PRIOR - (NZ) NEW ZEALAND MAR ANZ CONSUMER CONFIDENCE INDEX: 132.0 V 133.0 PRIOR; M/M: -0.8% V -2.1% PRIOR - (NZ) NEW ZEALAND FEB CREDIT CARD SPENDING M/M: 0.3% V 1.0% PRIOR; Y/Y: 5.9% V 9.2% PRIOR - (NZ) NEW ZEALAND FEB NET MIGRATION: 3.5K (10-yr high) V 3.1K PRIOR - (NZ) NEW ZEALAND FEB ANZ JOB ADS M/M: 3.7% V 3.7% PRIOR (2nd consecutive rise) - (SL) SRI LANKA LEAVES REVERSE REPO RATE UNCHANGED AT 8.00%; LEAVES REPURCHASE RATE UNCHANGED AT 6.50% (EXPECTED) - (US) NORTH AMERICA FEB SEMI BOOK/BILL RATIO: 1.00 V 1.04 PRIOR (5-month low)

Market Snapshot (as of 03:30 GMT): - Nikkei225 closed, S&P/ASX +0.6%, Kospi +0.6%, Shanghai Composite flat, Hang Seng flat, Jun S&P500 flat at 1,866, Apr gold +0.3% at $1,333, Apr crude oil -1.0% at $99.38/brl

***Highlights/Observations/Insights*** - Federal Reserve released its bank stress tests after US market close, and out of 30 key banks tested only Zions was deemed to fall short of minimum capital levels under stress scenario. Zions issued a press release afterhours, stating it plans to resubmit capital plan, which will contain additional actions to further reduce risk. The bank also said that its original submission to the Federal Reserve occurred prior to the sale of certain collateralized debt obligation securities (CDOs) in January and February 2014, sales of which also resulted in a substantial reduction in risk. - Nike initially rose on earnings that beat on top and bottom line, but sold off over 3% after a particularly troublesome set of conference call comments. NKE sees Q4 Rev growing at a high single-digit rate (below futures rate) due to timing in shipments, and also projects devaluation in emerging currencies to result in significant headwinds on FY15 revenue, GMs, and profit growth. And while China revenue grew on the year in Q3, Q4 performance in the company's second biggest and most critical market was projected to be flat to slightly down. - China markets started out modestly higher, before paring some of the initial gains. NDRC downplayed default risk in corporate bonds, while 2 of China's top banks - ICBC and CCB - were repored to have suspended distributing high-yield trust products. China yuan remained under pressure with another fix in USD/CNY at multi-month highs but offshore Yuan was little budged, as parity briefly fell below that critical 6.20 level. A report from China National Energy Administration (NEA) underscored the extent to which the off-month timing of the Lunar New Year impacted data - Feb power consumption was up an impressive 13.7% while Jan-Feb up only 4.5% y/y. Markets await more clarity over the extent of China slowdown from the upcoming HSBC Flash manufacturing PMI to be unveiled on Sunday evening.

***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells A$700M in 3.25% 2018 Bonds, avg yield: 3.3988%, bid-to-cover: 5.2x - (US) Weekly Fed Balance Sheet Total Assets Week ending Mar 19th: $4.18T v $4.18T prior; Reserve Bank Credit: $4.22T v $4.14T prior; M1: -$22.2B (biggest fall in 4 weeks) v +$103.6B prior; M2: +$23.7B (first rise in 3 weeks) v -$13.9B prior - Foreign central bank holdings of US Treasuries: $2.89T v $2.86T w/w (**NOTE prior was the lowest holdings since $2.85T in Dec 2012) - M1 and M2 percent change at seasonally adjusted annual rates for last 13 weeks y/y: - M1 y/y change: 9.7% (6-month high) v 9.3% w/w; - M2 y/y change: 5.7% v 5.7% w/w - USD/CNY: Onshore Yuan (CNY) trading at 6.2315/USD v prior close of 6.2275; Falls more than 1% of mid-point setting for 3rd consecutive day

- USD majors traded without much direction in US hours and continue to lack conviction in Asia. EUR/USD was under significant pressure after the FOMC decision, but has since settled above the $1.3750 support - which has previously marked an inflection some 2 months back. USD/JPY is also consolidating overnight bullish USD momentum, trading in a 25pip range over the past 12 hours. AUD/USD popped up above the $0.9060 level, rising about 30pips from the lows. Going into the weekend, the focus will once again be on China, where March HSBC flash manufacturing PMI will be released on Sunday night. This will mark the first release that will not be clouded by the timing of the Lunar New Year said to be the culprit for the soft data in February.

US markets: - COMM: Raises Q1 guidance to EPS to $0.43-0.47 v $0.37e; Rev $900-925M v $865Me (guided $0.36-0.40, R$860-900M prior); +14.3% afterhours - CPWR: Said to draw interest from Vista Equity, Thoma Bravo; Not in active discussions with buyout firms - financial press; +2.2% afterhours - DFS: Raises quarterly dividend 20% to $0.24/shr from $0.20.shr; To repurchase $1.6B (about 5.8% of market cap) during FY14/15; +0.3% afterhours - ZION: To resubmit capital plan; Will contain additional actions to further reduce risk, increase common equity capital sufficient to meet or exceed minimum capital ratios; -0.7% afterhours - NKE: Reports Q3 $0.76 v $0.73e, R$6.97B v $6.82Be; CEO: Strong demand pulled some Q4 futures orders into Q3; Expect Q4 Rev to grow at a high single-digit rate (below futures rate) due to timing in shipments; Devaluation of EM FX to pose significant headwinds on FY15 Rev, GMs, and profit growth - conf call; -3.2% afterhours - SYMC: Appoints Michael Brown as interim-CEO effective immediately following termination of CEO Steve Bennett; reiterated Q4 guidance EPS $0.40-0.42 v $0.44e, Rev $1.615-1.655B v $1.66Be; -6.1% afterhours - AIR: Reports Q3 $0.45 v $0.50e, R$474.4M v $520.2M y/y; -6.2% afterhours

Notable movers by sector: - Consumer Discretionary: Li & Fung 494.HK +17.5% (FY13 results; to spin-off GBG); Success Universe Group 487.HK +6.7% (positive profit alert) - Financials: Ningbo Fuda Co 600724.CN +1.3% (FY13 results); Opes Asia Development 810.HK -20.2% (FY13 results); Bank of Chongqing 1963.HK +2.3% (FY13 results) - Energy: Kunlun Energy 135.HK -4.9% (FY13 results) - Industrials: Gome Electrical Appliances 493.HK +8.3% (FY13 results); Mesnac Co 002073.CN -4.2% (FY13 results); Jiangsu Sunrain Solar Energy 603366.CN -1.9% (FY13 results); WDS Ltd WDS.AU +6.1% (enters JV)

WSJ : Top SAC Capital Portfolio Manager to Start Own Hedge Fund

Top SAC Capital Portfolio Manager to Start Own Hedge Fund

Gary Plotkin Expected to Get More Than $200 Million From Steven A. Cohen

*Gabriel Plotkin, Top SAC Capital Portfolio Manager, to Leave the firm to Start His Own Hedge Fund, Sources Say

SAC Founder Steven A. Cohen Expected to Invest More Than $200 Million with Plotkin's New Fund, Sources Say

Plotkin Managed About $1 Billion at SAC