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*AFRICAN RAINBOW MINERALS RAISED TO BUY VS NEUTRAL AT BOFAML *ASML RAISED TO BUY VS HOLD AT SOCGEN *AUTOLIV RAISED TO NEUTRAL VS SELL AT CITI *EFG INTERNATIONAL RAISED TO OUTPERFORM VS NEUTRAL AT MEDIOBANCA *GEOX RAISED TO NEUTRAL VS SELL AT CITI *LONMIN RAISED TO BUY VS NEUTRAL AT BOFAML *SAFRAN RAISED TO TOP PICK AT RBC CAPITAL *STANDARD CHARTERED RAISED TO OUTPERFORM VS NEUTRAL: MACQUARIE *SULZER RAISED TO BUY VS NEUTRAL AT CITI

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*GLENCORE XSTRATA CUT TO NEUTRAL VS BUY AT BOFAML *INTERMEDIATE CAPITAL CUT TO NEUTRAL VS BUY AT BOFAML *LUXOTTICA CUT TO HOLD VS BUY AT BERENBERG *MEGGITT CUT TO OUTPERFORM AT RBC CAPITAL *SPONDA CUT TO NEUTRAL VS BUY AT UBS *TECNICAS REUNIDAS CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN

PT Change

*BENI STABILI PT RAISED 2% TO EU0.48 AT GOLDMAN; KEPT AT NEUTRAL

Initiation

*DANIELI RATED NEW BUY AT KEPLER CHEUVREUX; PT EU29.5 *MELROSE RATED NEW HOLD AT NUMIS, PT 290P *NETCARE RATED NEW EQUALWEIGHT AT BARCLAYS; PT ZAR24.00 *SONAE RATED NEW EQUALWEIGHT AT BARCLAYS; PT EU1.17

Country Sector Stock Call

*INSURANCE, TELECOMS CUT TO NEUTRAL VS OVERWEIGHT AT NOMURA *SUEDZUCKER CUT FROM CONVICTION SELL AT GOLDMAN, STILL SELL *BARRATT, FERROVIAL ADDED TO BOFAML BUILDINGS MOST PREFERREDS *VINCI, TAYLOR WIMPEY EXIT BOFAML BUILDINGS MOST PREFERRED LIST

Orco: Radovan Vitek likely to gain full control of company and subsequently to sell several Orco’s assets

Radoven Vitek, the owner of one-third in the listed real estate developer Orco, has higher chances than his opponents to gain full control of the company, wrote Hospodarske Noviny. The Czech language item cited two financial analysts, Pavel Ryska and Dusan Jalovy. However they noted that the fate of the company will lie with the decision of the minority shareholders.

The report specified that in the Orco General Meeting to be held on 6 December the shareholders will vote on Vitek’s proposal to remove six other members of Orco's board, leaving only Vitek, Edward Moss Hughes, who was named to the Board on Vitek’s proposal and the founder of the company Jean Francois Ott. The contrary proposal, suggested by two American funds – Kingstown Capital Management and Alchemy Special Opportunities – suggests a removal of Vitek and Hughes.

The item speculated that it is likely that the two funds will enforce postponing of the GM in order to gain more time for negotiations with other shareholders. In such a case the GM would be held at the beginning of January.

In case Vitek is successful in his intention to take control of the company, then he will, according to Hospodarske Noviny's undisclosed sources, lay off a high number of Orco employees and sell several company assets and projects. He will retain the core project in Bubny along with some other profitable assets.

Source Hospodarske Noviny

Asian Market Update: BoJ Oct meeting minutes reveal a split over attaining 2% inflation target; PBoC Gov supports wider Yuan trading band

***Observations/Insights*** - BOJ released the minutes of its Oct 31st meeting, containing no less than 3 dissenting voices out of 9 board members with a minority view. While the majority said the BOJ 2% inflation target can still be achieved toward the latter half of the 2-year timeframe, the dissenters said it may be difficult to reach the target. One member said inflation already peaked and noted Yen weakness would be temporary. Another member said BOJ credibility may be undermined if the time frame is not met, requiring a more formal warning. All 3 members' requests for language changes were voted down by the majority. - PBoC Gov Zhou reiterated China central bank will preserve "prudent" monetary policy but also expressed some further support on widening the yuan band. Euro currency rose against the dollar and on the crosses after the PBoC said EUR is an important part of China's FX reserve management system. PBoC was also positive on French govt debt. - RBA Dep Gov Lowe reiterated Gov Stevens' comments from last week that an intervention cannot be ruled out, but also added the threshold for the move is fairly high, sending AUD up about 50pips above $0.92 handle session high. Lowe also said productivity was improving and could be expected to rise further in export space, while also forecasting a lower terms of trade in the future.

***Economic Data*** - (PH) PHILIPPINES SEPT TRADE BALANCE: -$666M V -$411ME - (JP) JAPAN OCT CORPORATE SERVICE PRICE INDEX Y/Y: 0.8% V 0.9%E (5-year high) - (KR) SOUTH KOREA NOV CONSUMER CONFIDENCE: 107 V 106 PRIOR (33-month high)

***Fixed Income/Commodities/Currencies*** - JGB: Japan MoF sells ¥399.2B in 1.9% 40-year bonds, bid to cover: 4.13x v 3.37x prior - (AU) Australia MoF (AOFM) sells 2022 Indexed Notes; avg yield: 1.6139%; bid-to-cover: 5.22x - (CN) Daily Shibor fixings: O/N: 3.7460% v 3.8470% prior (2nd consecutive decline); 1-week: 4.6775% v 4.7400% prior (2nd consecutive decline) - (CN) PBoC to inject CNY32B in 7-day reverse repos (3rd consecutive injection) - (CN) PBoC temporarily halts CNY1B of bills rollover for the first time after July - Chinese press

- SLV: iShares Silver Trust ETF daily holdings fall to 10,330 tonnes (lowest level since 10,284 on Jul 23rd) from 10,360 tonnes - GLD: SPDR Gold Trust ETF daily holdings fall 3.3 tonnes to 848.9 tonnes (lowest since Jan 2009)

- EUR/USD: Rises to session high $1.3540 following PBoC Gov comments regarding euro remaining a big part of FX diversification; AUD/USD hit session highs above $0.92, helped by "high threshold for intervention" comments from RBA's Lowe. USD was also under pressure elsewhere, with USD/JPY falling toward 101.30 following the release of a BOJ minutes split and NZD/USD tested $0.8260 - up about 50pips from opening lows.

***Speakers/Political/In the Papers*** - (CN) PBoC Gov Zhou Xiaochuan: Domestic inflation stable; Must continue prudent monetary policy; To widen yuan trading band in orderly fashion - financial press - (CN) China house prices expected to rise 5% in 2014 after 10% gain in 2013 - financial press - (CN) Citigroup: Sees China 2013 GDP at 7.6%, 2014 GDP at 7.3% - (CN) PBoC's Xu Nuojin: 8% GDP growth not a problem in coming years; 8% export growth target is difficult to reach - financial press - (CN) China National Development and Reform Commission (NDRC) vice Chairman Lian : China may loosen investment approval policy - (CN) China Securities Regulatory Commission (CSRC) vice Chairman Yao: China to proactively consider preferred shares - Chinese press - (CN) China should slightly loosen monetary policy - Chinese press - (HK) Goldman Sachs: Raises forecast for Hang Sang Index in 2014 to 26,500 from 25,500 prior forecast

- (JP) Japan and US may deploy unmanned plane to East China Sea - Nikkei News - (JP) Japan MOF plans to reduce primary budget deficit by more than ¥4T in FY14/15 - financial press - (JP) Japan Chief Cabinet Sec Suga: Japan to work closely with international community to call for China restraint - (JP) Japan Econ Min Amari: TPP talks discrepancies have narrowed considerably

- (AU) RBA's Corbett: The economy would benefit from lower AUD - financial press interview - (AU) RBA Dep Gov Lowe: Expects in time to see the AUD lower; does not rule out intervention, threshold for intervention fairly high

- (KR) South Korea Fin Min Hyun: Sees 2014 GDP around 4% range - financial press - (KR) According to sources in South Korea Treasury, over 40% of planned govt spending may not get executed if the National Assembly does not endorse 2014 budget bill - Korean press

***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -0.6%, S&P/ASX +0.3%, Kospi +0.1%, Shanghai Composite flat, Hang Seng +0.2%, Dec S&P500 +0.1% at 1,804, Feb gold +0.8% at $1,252, Jan crude oil +0.2% at $94.32/brl

US markets: - PANW: Reports Q1 $0.08 v $0.07e, R$128.2M v $121Me; +9.0% afterhours - WDAY: Reports Q3 -$0.12 v -$0.17e, R$127.9M v $118Me; +8.1% afterhours - PWRD: Reports Q3 $0.46 (adj) v $0.37e, R$136M v $132Me; +7.1% afterhours - LGND: To be added to S&P600 after the close of trading at Nov 27th; +3.0% afterhours - AXE: Declares $5.00/shr special dividend; +1.7% afterhours - ITW: At least 6 major private equity groups said to be competing to buy the industrial packaging unit; Deal estimated above $3B - financial press; +0.6% afterhours

Notable movers by sector: - Consumer discretionary: L'Occitane 973.HK -2.8% (H1 results) - Industrials: Beihai Port Co Ltd 000582.CN +4.3%, Guangxi Wuzhou Communications Co Ltd 600368.CN +1.9% (speculations on Guangxi Dongxing City free trade zone); Daelim Industrial Co Ltd 000210.KR +1.1% (awarded order); Hyundai Motor Co 005380.KR +0.2% (US sales forecast); Ningbo Port Co Ltd 601018.CN +9.8%, Ningbo Marine Co Ltd 600798.CN +10.1%, Ningbo Fuda Co Ltd 600724.CN +9.6% (speculations on free trade zone in Zhejiang Province) - Materials: St Barbara Ltd SBM.AU +5.3% (FY14 production guidance) - Financials: Leopalace21 Corp 8848.JP -9.2% (share sale plan); China South City Holdings Ltd 1668.HK -7.3% (H1 results) - Technology: Mobicon Group Ltd 1213.HK +4.8% (H1 results); Xero Ltd XRO.AU -3.7% (H1 results) - Energy: ENN Energy Holdings Ltd 2688.HK +4.8% (strategic alliance with IBM); Sinopec 386.HK -2.8% (pipeline explosion)

Closing Market Summary: Holiday-Shortened Week Starts on Lower Note

The S&P 500 began the holiday-shortened week on a lower note, shedding 0.1%. The Dow Jones Industrial Average and Nasdaq outperformed, but their gains were limited to less than 0.1% apiece. Stocks held modest gains through the vast majority of the session, but a final-hour sell off sent the S&P 500 to a fresh low. Despite today's retreat, the benchmark index remains higher by 2.6% in November.

Energy (-0.8%) and materials (-0.7%) led the afternoon sell off after laggingthroughout the session. The energy sector was pressured by crude oil futures,which fell 0.8% to $94.03 per barrel. Oil futures were able to erase a portionof their losses after being down as much as 1.1% in reaction to the nuclear deal with Iran that was reached over the weekend. Meanwhile, steelmakers weighed on the materials sector as the Market Vectors Steel ETF (SLX 47.80, -0.47) lost 1.0%. Elsewhere, industrials (-0.4%) joined the final-hour sell off as Boeing (BA 133.00, -2.97) fell 2.2% amid news the company has warned airlines about a potential engine icing risk. The engine maker, General Electric (GE 26.73, -0.35), lost 1.3%. However, there were some pockets of strength among industrials as the Dow Jones Transportation Average outperformed with a gain of 0.3%.

The afternoon weakness also claimed three countercyclical groups—consumer staples (-0.2%), telecom services (-0.3%), and utilities (-0.4%)—while health care outperformed with a gain of 0.4%. Biotechnology was largely responsible for the relative strength as the iShares Nasdaq Biotechnology ETF (IBB 222.79,+2.16) added 1.0%. Outside of health care, only consumer discretionary (+0.1%) and financials (+0.1%) eked out narrow gains. Treasuries ended modestly higher with the 10-yr yield off one basis point at 2.74%. Trading volume was well below average as just over 620 million shares changed hands on the floor of the New York Stock Exchange. Today's economic data was limited to October pending home sales, which ticked down 0.6%. The reading followed last month's revised decrease of 4.6% (from 5.6%), and was worse than the 1.3% increase forecast by the consensus. Tomorrow, building permits for September and October will be reported at 8:30 ET while the September Case-Shiller 20-city Index and September FHFA Housing Price Index will be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of the November Consumer Confidence Index.

o Russell 2000 +32.4% YTD o Nasdaq +32.3% YTD o S&P 500 +26.4% YTD o DJIA +22.7% YTD

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Wereldhave Withdraws Offering of Up to EU220m 5yr Conv. Bonds 2013-11-25 20:43:54.61 GMT

By John Simpson Nov. 25 (Bloomberg) -- Co. says interest insufficient in combined transaction, which was to have included concurrent repurchase of EU230m of 2.875% notes due 2015. * Says it will continue to explore refinancing options to optimize its debt maturity profile at terms attractive to shareholders

Link to Statement:NSN MWU5EB3MBKSG <GO> Link to Company News:WHA NA <Equity> CN <GO>

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

To contact the editor responsible for this story: John Simpson at +1-416-203-5726 or jsimpson12@bloomberg.net

BlackBerry's Clock Is Ticking—Loudly

A Management Reshuffle Shows the New CEO Is Trying to Take the Smartphone Maker in a New Direction, but Time Isn't on His Side

New BlackBerry chief John Chen is wasting no time in trying to rescue the smartphone maker from its long line of stumbles. But he has considerably less time to do so than his predecessor.

Accordingly, Mr. Chen is moving fast. On Monday, just three weeks after taking the top job, he announced that three top-level executives plus one board member will be leaving. While new CEOs often reshuffle their leadership teams, Mr. Chen's quick moves are evidence that he is planning major changes for the company.

Mr. Chen has continued to signal that devices are part of BlackBerry's future. Yet it is notable that two of the dismissed executives—Chief Operating Officer Kristian Tear and Chief Marketing Officer Frank Boulben —had been brought on by previous CEO Thorsten Heins and had been key in implementing his plan to bet the company's future on a new operating system and family of devices. That bet has failed, leaving BlackBerry with few options.

Mr. Chen's deep background in enterprise software is a good indicator of where the board wants him to take BlackBerry. With the near-collapse of its handset business, BlackBerry generates about half of its revenue from services that help ensure the security and reliability of its network. Many believe BlackBerry could survive as a provider of such services across other wireless platforms such as Apple's AAPL +1.02% iOS and Android, rather than keeping those tethered to its own handset. Even so, it is a Hail Mary pass at this point.

When Mr. Heins took over BlackBerry in early 2012, it was still drawing more than $4 billion in revenue and shipping more than 11 million smartphones per quarter, with operations generating more than $1 billion in cash flow. Revenue has since plunged to $1.6 billion as of the last quarterly report, with BlackBerry being able to recognize only about 3.7 million smartphone shipments in the period and operations consuming $136 million in cash.

Mr. Chen's moves may help speed change at BlackBerry. But no matter how fast he goes, it may still prove to be too little, too late, given the magnitude of the challenge facing him.

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BN 11/25 17:14 *FCC TO BOOST STAKE IN REALIA TO 36.85% FROM 30.02%

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FCC to Boost Stake in Realia to 36.85% From 30.02% 2013-11-25 17:18:33.315 GMT

By Charles Penty Nov. 25 (Bloomberg) -- FCC to acquire 29.99m shares in Realia at EU1.92 p/shr, Realia says. * FCC opts to capitalize EU57.6m loan, Realia says * Sareb still hasn’t notified decision on capitalization of its loan: Realia * Realia comments in regulatory filing today

Link to Company News:{BKIA SM <Equity> CN <GO>} Link to Company News:{FCC SM <Equity> CN <GO>} Link to Company News:{RLIA SM <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Charles Penty at +34-91-700-9654 or cpenty@bloomberg.net

3 cos interested in buying Given Imaging

The asking price for the endoscopic capsule developer is reportedly $750-800 million, a 20% premium on the market cap.

Sources inform ''Globes'' that Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) has resumed talks, which might lead to the sale of the company, almost a year after calling them off. The developer of the PillCam endoscopic capsule for diagnosis of bowel diseases has a market cap of $675 million, following a 21% rise in its share price since the beginning of the year. The asking price reportedly reflects a company value of $750-800 million, a 20% premium on the current market cap, and the intention is to close a deal by the end of the year. The sources said that three companies are interested in acquiring Given Imaging, two as strategic investors and the third as a financial investor. Given Imaging declined to comment on the report. Over a year ago, Given Imaging confirmed that it intended to consider "strategic options" to create value for shareholders, and that talks had begun with several parties interested in acquiring the company. Potential buyers mentioned at the time included Fujifilm Holdings Corporation (TSE:4901) unit Fujinon, Johnson & Johnson (NYSE: JNJ), and Samsung Electronics Co. Ltd. (KSX: 5930; LSE: SMSN). When Given Imaging could not obtain the company value it wanted, its board of directors ended the talks. It reportedly reviewed offers at a company value of $700-750 million, but Given Imaging's controlling shareholder, Nochi Dankner's IDB Holding Corp. Ltd. (TASE:IDBH) had apparently hoped for more, possibly as much as $1 billion. After the talks were called off, Discount Investment Corporation (TASE: DISI), through which IDB controls Given Imaging, announced that it wanted to sell its 46% stake in the company (held directly and through subsidiary Elron Electronic Industries Ltd. (TASE: ELRN) and Rafael Development Corporation, Elron's joint venture with Rafael Advanced Defense Systems Ltd.). The reason for the decision was IDB's financial distress. New multibillion dollar markets Today's Given Imaging is in a different place from where it was a year ago. Since the talks for the sale of controlling interest were ended, Japan's Pharmaceuticals and Medical Devices Agency (PMDA) has approved the company's upgraded PillCam capsule and the company has obtained insurance indemnification for it. The company will able to begin sales of the upgraded capsules in early 2014, opening a market worth hundreds of millions of dollars. The company hopes to obtain US Food and Drug Administration (FDA) approval by the end of the year. US marketing approval and insurance indemnification will add another $1.7 billion market. In its full-year guidance for 2013, Given Imaging project earnings per share of $0.80-0.88 on $195-205 million revenue, although it recently said that it expects to only achieve the lower threshold of the guidance. It had $142 million in cash at the end of September.

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Belarus to Earn $2b From Potash Sales This Year: Lukashenko 2013-11-25 15:50:16.948 GMT

By Aliaksandr Kudrytski Nov. 25 (Bloomberg) -- Belarus has “generally” recovered after breakup with Uralkali, President Aleksandr Lukashenko says in Minsk, according to e-mailed statement from press service. * Forecast sales for 2013 “not a bad result” given complicated potash market: Lukashenko * NOTE: Belarus received $2.7b from exporting 6.1mt of potash fertilizers last yr, according to national statistics committee * NOTE: Belarus Plans 2014 Potash Exports of 7m tons at $300/t: Interfax NSN MW94876S972K <GO> * NOTE: Belarus Cedes Uralkali’s Baumgertner to Russia After Sale Accord NSN MWML446JTSE8 <GO>

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

--Editors: Scott Rose, Torrey Clark

To contact the reporter on this story: Aliaksandr Kudrytski in Minsk, Belarus at +7-495-771-7706 or akudrytski@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at +36-1-475-1191 or bpenz@bloomberg.net

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BFW 11/25 15:00 *CHRYSLER IPO SAID DELAYED BY U.S. TAX UNCERTAINTY BN 11/25 15:00 *PEOPLE FAMILIAR WITH PLANNING DESCRIBE DELAY BN 11/25 15:00 *CHRYSLER IPO SAID DELAYED BY U.S. TAX UNCERTAINTY

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Chrysler IPO Said Delayed by U.S. Tax Uncertainty 2013-11-25 15:03:32.318 GMT

By Brad Skillman Nov. 25 (Bloomberg) -- Chrysler IPO was delayed after automaker wasn’t able to resolve routine tax issue quickly enough to complete sale this yr, two people with knowledge of matter told Bloomberg’s Tommaso Ebhardt, Mark Clothier and David Welch. * Chrysler needs letter from IRS to clarify tax liabilities after IPO, people said * Spokesmen for Fiat, Chyrsler declined to comment * Earlier, Fiat Says Chrysler Decided to Not Proceed With IPO This Year {NSN MWTLT46JTSER <go>}

Link to Company News:{F IM <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Brad Skillman at +1-212-617-2763 or bskillman1@bloomberg.net