TheChek News Flow

Below is a recap of long, short ideas given on 1st day of Robin Hood conf in NYC.

• Greenlight’s Einhorn - long Micron (MU) • Third Point’s Loeb - long Softbank (9984 JT)- owns $1b position • Eagle’s Witmer - long Wyndham (WYN) • Chilton’s Chilton - long WR Grace (GRA) • Lakewood’s Bozza - short Opko Health (OPK) • Pine River’s Kuhn - short Progressive (PGR) • North Tide’s Laughlin - long Amedisys (AMED) • Axel’s Nikolayevsky - long SolarCity (SCTY) • HG Vora’s Vora - long Pinnacle (PNK) • Maverick’s Ainslie - short Great Wall Motor (2333 HK)

FT on Third Point : {http://www.ft.com/intl/cms/s/0/30e08532-52e6-11e3-8586-00144feabdc0.html#axzz2l4lllpB7}

Wind and 3 Italia likely to merge in near future

Wind Telecomunicazioni, the Italian telco owned by Russian group Vimpelcom, is likely to merge with 3 Italia, a mobile phone subsidiary of Hong Kong conglomerate Hutchison Whampoa, in the near future, Italian language daily Il Messaggero reported. The report cited a reserved analysis by the Bernstein investment house that in turn cited Marco Patuano, the CEO of Telecom Italia who said talks between Wind and 3 Italia were an open secret.

The report said one of the main obstacles to the merger is corporate governance, in terms of the balance of shareholder control at the end of the merger.

The report said, Wind and 3 Italia have held discussions in the past but they had foundered because Hutchison owner Li Ka Shing had asked at least EUR 5bn for 3 Italia.

Source Il Messaggero

Asian Market Update: BOJ Gov Kuroda shuts down expectations for more easing as yen pairs and Nikkei turn lower

***Observations/Insights*** - Tokyo stocks traded up into the lunch break but have since pared those gains on mixed set of comments by BOJ Gov Kuroda. Speaking in Parliament, Kuroda initially noted JPY weakness is not excessive, but then directed more attention toward the options for an eventual exit from easy policy, reiterating overnight remarks that any additional easing is not being considered at the moment. USD/JPY traded up above 101.30 but has since pulled back toward the 101 yen handle. - Shanghai Composite is also on the defensive in the afternoon session, falling back below the technically key 2,200 level. S&P expressed some skepticism over China's ability to transition its economy into a consumption-driven one quickly. Separately, a PBoC official said the central bank will continue to request that local banks delever, and also noted the overall economy has entered into a long-term deleveraging process. AUD remained among the most heavily sold currencies as PBoC comments hit the wires, falling some 80pips from the highs to $0.9170 with an added tailwind in Aussie weakness from the overnight comments out of RBA Gov Stevens encouraging more downside.

***Economic Data*** - (TW) TAIWAN OCT UNEMPLOYMENT RATE: 4.2% V 4.2%E - (JP) BANK OF JAPAN (BOJ) NOV MONTHLY ECONOMIC REPORT: MAINTAINS ASSESSMENT; domestic economy is recovering moderately - (NZ) NEW ZEALAND OCT NET MIGRATION: 3.0K V 2.7K PRIOR

***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells A$800M in 2016 Bonds; avg yield: 2.9681%; bid-to-cover: 5.4x - (US) Weekly Fed Balance Sheet Assets Week ending Nov 20th: $3.864T v $3.864T (record high) prior; M1 y/y change: 8.5% v 8.5% w/w; M2 y/y change: 6.5% v 6.5% w/w - (CN) Daily Shibor fixings: O/N: 3.8990% v 3.8890% prior (first rise in 4 sessions); 1-week: 4.7630% v 4.7080% prior (first rise in 4 sessions)

- CME lowers initial gold margins by 9.4%, silver by 11.0%; lowers WTI crude futures margins by 8.1%; effective at the close of business on Friday Nov 22nd - GLD: SPDR Gold Trust ETF daily holdings fall 3.6 tonnes to 856.7 tonnes (lowest since Feb 2009)

- USD/CNY: (CN) PBoC sets yuan mid point at 6.1680 v 6.1366 prior setting (weakest Yuan setting since Nov 10th)

***Speakers/Political/In the Papers*** - (CN) PBoC official: PBoC to continue to request banks delever - financial press - (CN) China to start interbank gold swap trading on China foreign exchange trade system (CFETS) starting on Nov 25th - financial press - (CN) China may start natural gas price reform soon - Chinese press - (CN) S&P: China faced with trilemma in raising consumption; despite record growth over decade there are structural shortcomings - (CN) China expands consumer finance company trial to 10 more cities - financial press

- (JP) BOJ Gov Kuroda: Japan will continue to exceed potential growth rate; To keep current program in place until stable 2% inflation is realized; Not considering additional monetary measures at the moment - addressing parliament - (JP) Japan coast guard reports 4 Chinese vessels entered Japan disputed Senkaku Islands - financial press - (JP) Japan Econ Min Amari: Any changes in GPIF pension fund depends on prices - financial press - (JP) Japan to issue fewer new Bonds in FY14/15 - Japanese press

- (KR) Bank of Korea (BOK) Gov Kim: Global liquidity is a major topic of discussion in global policy - press conf - (NZ) RBNZ assistant gov McDermott: Reiterates fx rate at historically high levels; would like to see lower exchange rate; NZD is overvalued

- Goldman Sachs: Sees at least 15% loss in gold, iron ore, soybean, and copper in 2014

***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +0.7%, S&P/ASX +0.8%, Kospi +0.6%, Shanghai Composite -0.2%, Hang Seng +0.5%, Dec S&P500 flat at 1,793, Dec gold -0.1% at $1,242, Jan crude oil -0.3% at $95.18/brl

US markets: - TWC: Charter Communications said to be near agreement with banks to help fund bid for Time Warner Cable - financial press

- MRVL: Reports Q3 $0.32 v $0.25e, R$931.2M v $871Me; +6.2% afterhours - ADSK: Reports Q3 $0.41 v $0.39e, R$555.2M v $547Me; +3.3% afterhours - NKE: Increases quarterly dividend 14% to $0.24 from $0.21; +0.6% afterhours

- UPS: Announces 2014 rate increases; average rise of 4.9%; -0.1% afterhours - INTU: Reports Q1 -$0.06 v -$0.09e, R$622M v $603Me; -0.9% afterhours - GPS: Reports Q3 $0.72 v $0.70e, R$3.98B v $3.98Be; Approves $1B Share Repurchase Authorization (5.2% of market cap); -1.1% afterhours - P: Reports Q3 $0.06 (adj) v $0.06e, R$181.6M v $176Me; -1.3% afterhours - ROST: Reports Q3 $0.80 v $0.81e, R$2.40B v $2.44Be; -7.4% afterhours

Notable movers by sector: - Consumer discretionary: David Jones Ltd DJS.AU +2.1% (trading update); Kingmaker Footwear Holdings Ltd 1170.HK -4.0% (H1 results); Air New Zealand Ltd AIR.NZ +4.2% (Oct passenger results); Parkson Retail Group 3368.HK -5.1% (Q3 results) - Industrials: Chongqing Road & Bridge Co 600106.CN +3.0%, Chongqing Gangjiu Co Ltd 600279.CN +4.8%, Chongqing Yukaifa Co Ltd 000514.CN +10.0% (Alibaba to invest in Chongqing); Shanghai Zhixin Electric 600517.CN +5.1% (awarded order); Daiwa House Industry 1925.JP +0.2% (invest plans) - Materials: Formosa Plastics 1301.TW +1.4% (invest plans) - Financials: Glorious Property Holdings Ltd 845.HK +31.5% (privatizing plans) - Technology: Acer Inc 2353.TW +6.1% (appoints founder as Chairman & President); Tokyo Electron Ltd 8035.JP +1.0% (orders); NTT Data Corp 9613.JP +1.9% (acquisition) - Telecom: China Telecom 728.HK +0.5%, ZTE 763.HK +0.6% (rumors on 4G licenses)

+------------------------------------------------------------------------------+

Rhoen-Klinikum Says Braun Sues to Block Sale of Clinics 2013-11-21 21:37:00.607 GMT

By Jim Silver Nov. 21 (Bloomberg) -- B. Braun Melsungen AG filed lawsuit against sale of 43 clinics, other assets to Fresenius unit Helios, Rhoen-Klinikum says in statement. * Braun wants court to void sale or rule it needs >90% support from shareholders, Rhoen-Klinikum says * Rhoen-Klinikum says sale doesn’t need shareholders’ approval, expects transaction to be completed * NOTE: Oct. 15, Braun Melsungen Boosts Stake in Rhoen Klinikum to 10.98% of Shrs * NOTE: Sept. 12, Fresenius to Pay $4.1 Billion for Rhoen- Klinikum Hospitals

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

--Editor: John Simpson

To contact the reporter on this story: Jim Silver in New York at +1-212-617-7342 or jsilver@bloomberg.net

To contact the editor responsible for this story: Andrea Snyder at +1-202-624-1831 or asnyder5@bloomberg.net

Closing Market Summary: Stocks End on Highs The S&P 500 settled higher by 0.8%, snapping its three-day losing streak. The tech-heavy Nasdaq outperformed with an advance of 1.2% while the Dow Jones Industrial Average (+0.7%) registered its first close above the 16,000 level. Stocks climbed throughout the session with the Nasdaq bolstered by some of itsrecent laggards. Momentum names like Facebook (FB 46.70, +0.27), LinkedIn (LNKD 220.61, +4.42), Priceline.com (PCLN 1159.11, +12.02), and Micron (MU 19.99, +1.19) gained between 0.6% and 6.3%. Micron led the group, breaking outto an 11-year high, after activist investor David Einhorn made a bullish case for the stock. Biotechnology also provided the Nasdaq with a measure of support as the iShares Nasdaq Biotechnology ETF (IBB 214.21, +3.14) jumped 1.5%. On a related note, the health care sector outperformed in morning trade, but ended behind the broader market with a gain of 0.5%. Other countercyclical groups also lagged, but only the telecom services sector(-0.3%) ended in the red. Meanwhile, consumer staples (+0.2%) and utilities(+0.3%) posted modest gains. Notably, the staples sector was pressured by Target (TGT 64.19, -2.30) as the stock fell 3.5% after reporting disappointing results. Target was not the only retailer pressured by below-consensus earnings. Over on the discretionary side, Dollar Tree (DLTR 56.28, -2.64), Game Stop (GME 48.80, -3.64), and Sears Holdings (SHLD 59.93, -1.77) lost between 2.9% and 6.9% in reaction to disappointing earnings and/or guidance. It should be noted many retailers have offered cautious comments regarding their expectations for the holiday quarter. However, the SPDR S&P Retail ETF (XRT 87.55, +0.68) managed to outperform with a gain of 0.8%. Moreover, the consumer discretionary sector (+0.9%) ended among the leaders.

Speaking of leaders, financials (+1.5%) spent the entire session ahead of the remaining sectors. The group received broad support from its top components and Bank of America (BAC 15.59, +0.45) was the best performer among the majors. Elsewhere, the energy sector (+0.8%) ended in-line with the broader market while crude oil spiked 1.6% to $95.34 per barrel. The other commodity-linked space—materials (+0.8%)—also kept pace with the broader market even as miners weighed. The Market Vectors Gold Miners ETF (GDX 22.53, -0.32) fell 1.4% while gold futures slid 1.1% to $1243.70 per troy ounce. Treasuries ended mixed with the 10-yr yield slipping one basis point to 2.79%. Also of note, the 30-yr yield hit its highest level (3.938%) since August 2011 before ending at 3.883%. A fractional loss in the 5-yr note caused its yield to tick up to 1.363%. Participation was on the light side as 669 million shares changed hands on the floor of the NYSE. On the economic front, weekly initial claims dropped by 21,000 to 323,000 (consensus 333,000). The Department of Labor acknowledged,however, that the seasonal adjustments from the Veterans Day holiday may have played a role in the sharp decline, so we'll have to put an asterisk next to the encouraging headline. Separately, producer prices declined 0.2% (consensus -0.2%) in October due to lower energy prices while core PPI, which excludes food and energy, increased 0.2% (consensus 0.1%). Over the last 12 months, PPI is up just 0.3% while core PPI has risen a tame 1.4%. Lastly, manufacturing activity softened in November as the Philadelphia Fed's Business Outlook dropped to 6.5 from 19.8 in October. The consensus expected the index to fall to 11.9. Employment levels deteriorated notably as the Number of Employees Index fell to 1.1 from 15.4. There is no notable economic data on tomorrow's schedule.

o Russell 2000 +31.8% YTD o Nasdaq +31.5 YTD o S&P 500 +25.9% YTD o DJIA +22.2% YTD

+------------------------------------------------------------------------------+

Chrysler Banks Said to Weigh IPO Valuation of About $10 Billion 2013-11-21 20:56:08.534 GMT

By Ptrick McHale Nov. 21 (Bloomberg) -- Chrysler Group LLC’s advisers are discussing a valuation of about $10b for co. before an IPO that could take place next month, people with knowledge of the matter tell Bloomberg’s Leslie Picker, Mark Clothier and Tommaso Ebhardt. * Investment banks have considered range of $9b-$16b; currently focusing on range of about $10b-$11b * IPO value may be below what Chrysler is worth in a sale to Fiat Story: NSN MWMSGP6TTDSO <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: Patrick McHale at +1-212-617-2083 or pmchale7@bloomberg.net

Consensus New Positions

* Facebook (FB): Soros Fund, Maverick Capital, Viking Global, and Coatue Management all initiated new stakes in the social media giant during the third quarter. After the company’s IPO debacle last year where shares fell from $40 down to $20, investors gradually started to scoop up shares and warm up to the valuation. More recently, investors have been pleased with the company’s monetization of its mobile platforms.

* DaVita (DVA): Passport Capital, Perry Capital, and Lone Pine Capital all established stakes in this dialysis company during Q3. Shares had recently been hit on news that a proposal by the Centers for Medicare and Medicaid Services would decrease payments to dialysis facilities by $970 million in calendar year 2014 (more details here). And in new Q4 portfolio activity, Berkshire Hathaway has just disclosed additional purchases of DVA shares. This seems to be one of Ted Weschler’s favorite investments and he must have high conviction, as they now own over $2 billion worth of DVA shares. The company also had a 2-for-1 stock split on September 6th and all portfolio tables in this issue have already accounted for this change.

* HCA (HCA): This for-profit hospital network was purchased by the likes of Passport Capital, Omega Advisors, and Viking Global during the quarter. The investment thesis here is that the company should benefit from Obamacare as more patients have access to health insurance. This has also been a longtime (and profitable) holding of Larry Robbins’ Glenview Capital as well.

* 21st Century Fox (FOXA) and News Corp (NWSA): These two securities weren’t necessarily actively purchased by hedge funds in the third quarter, but rather received in a spinoff. Many hedge funds in this issue (including Third Point, Maverick, Blue Ridge, Farallon, Coatue, Tiger Global, Lone Pine, and Viking Global) previously owned shares of the old News Corp entity. This company split up into 2 new companies: 21st Century Fox (FOXA), which houses the entertainment division and ‘new’ News Corp (NWSA) which owns the legacy publishing assets. Many of the funds above chose to hold onto the growth portion of the spin-off (FOXA) and sell the shares they received in the publishing business (NWSA). So even though these positions appear as ‘new’ holdings throughout the issue, just remember that the vast majority of these funds received these via spinoff.

Consensus increase position

* Crown Castle International (CCI): Coatue Management, Glenview Capital, and Lone Pine Capital all added to pre-existing positions in CCI during the third quarter. Shares took a brief hit on worries of rising interest rates, but have since quickly rebounded. This is a play on increased wireless data usage and there is also a potential future catalyst of a REIT conversion.

* Dollar General (DG): This dollar-store giant was purchased again by the likes of Passport Capital, Pennant Capital, and Lone Pine Capital during the third quarter. Shares climbed from $52 to $56 at the end of Q3 and have since traded even higher.

* Monsanto (MON): Hedge funds like Blue Ridge Capital, Viking Global, and Lone Pine all added to their holdings in MON again in Q3. This company provides agricultural products and is known for its seeds and biotechnology. Blue Ridge in particular has owned shares for quite some time.

* TransDigm Group (TDG): Farallon Capital, Maverick Capital, and Tiger Global all added to their pre- existing stakes in this designer and supplier of aircraft components. A large part of the investment thesis here hinges on a strong management team and solid capital allocation.

* Equinix (EQIX): Paulson & Co, JANA Partners, and Lone Pine Capital all bought more EQIX shares during the quarter. Shares have fallen from $230 in the second quarter down to $161 presently and hedge funds have started to dip their toes back into the water of this datacenter and colocation play.

Consensus Sold Positions

* Realogy (RLGY): This real estate brokerage play was once a consensus buy among hedge funds, but now some funds seem to have soured on that bet, including Blue Ridge, Coatue, and Tiger Management. Some of the worries seem to be that rising mortgage rates could deter homebuyers from buying, thus decreasing real estate transaction volume.

* Clearwire (CLWR): This is a consensus sell only because shares no longer trade (CLWR was bought out by Sprint Nextel (S)). Hedge funds that previously owned CLWR stakes include arbitrage-focused firms like Farallon and Paulson & Co, but also Glenview Capital.

* Smithfield Foods (SFD): This was another arbitrage position that was bought out in the quarter by China’s Shuanghui, so shares no longer trade. Again, arbitrage focused firms like Paulson & Co and Farallon were involved here.

* Elan (ELN): This was also an arbitrage play as the company put itself up for sale and shares rose on the possibility of a takeover. Investors such as JANA Partners, Paulson & Co, and Viking Global sold their shares in Q3. Elan agreed to a deal with Perrigo (PRGO) in July for $8.6 billion and shareholders of both companies just approved the merger a few days ago.

* ‘Old’ News Corp Entity (NWSA/NWS): This old stock mainly appears on this list for explanation purposes. The ‘old’ News Corp entity completed a split up into 21st Century Fox (FOXA) and ‘new’ News Corp (NWSA) shares. As such, hedge funds no longer show positions in the old entity because it no longer trades. Instead, they will either show stakes in FOXA, ‘new’ NWSA, or both, depending on what they decided to do after the transaction.

Consensus Decrease Position

* American International Group (AIG): While the company still trades below book value, this stock appears on this list for the second consecutive quarter. Many hedge funds are up big on their positions and are locking in some profits as the discount to book value begins to narrow. Soros, Appaloosa, Pennant, Omega, Blue Ridge, Glenview, Perry, and Fairholme all trimmed their stakes in Q3. Note that Bruce Berkowitz’s Fairholme is not on this list because he still retains a massive $4 billion stake in AIG.

* Priceline.com (PCLN): This is most likely a case of locking in profits as PCLN is up 80% over the past year. Tiger, Bridger, Farallon, Maverick, Pennant, Coatue, and Lone Pine all cut their stakes in this online travel- booking giant.

* Charter Communications (CHTR): Realistically, this stock is more of a mixed activity name. It graces this list because a good amount of funds trimmed their stakes (including Tiger Global, Bridger, Farallon, Soros, Lone Pine, and Coatue). At the same time, some other prominent funds were out buying as well.

* Google (GOOG): This highflying tech stock continues to head higher and hedge funds like Tiger, Passport, Appaloosa, Soros, Lone Pine, and Coatue have reduced their exposure to the name. This is at least partially because their position sizes have increased due to share price appreciation (GOOG is up over 58% over the past year).

* Liberty Global (LBTYA): In the past, some hedge funds were selling Liberty Global voting shares (LBTYA) and instead buying non-voting shares (LBTYK) because they traded at a discount. This quarter, it looks like they were just simply selling some of their LBTYA exposure. Funds that did so include: Soros, Third Point, Maverick, Blue Ridge, and Coatue.

Fed's Bullard says he doubts rate cut to IOER would have an impact; says strong November jobs report (due out Dec 6) would raise chance of tapering in Dec meeting

U.S. To Consider Cellphone Use On Planes

Proposal Would Allow for Calls Above 10,000 Feet

The Federal Communications Commission will propose allowing passengers to use their cellphones on airplanes, people familiar with the matter said.

While phone use would still be restricted during takeoff and landing, the proposal would lift an FCC ban on airborne calls and cellular data use by passengers once a flight reaches 10,000 feet, an FCC official said.

The move comes just weeks after the Federal Aviation Administration said it would allow expanded use of electronic devices during flights, as technical concerns about the airborne use of gadgets fade. Yet it promises to raise a vigorous debate about the social merits of allowing people to make phone calls amid a captive audience at close quarters.

The proposal is scheduled to be discussed at the commission's December meeting. If implemented, it would then be up to the airlines to decide whether to allow voice calls.

In October, the FAA said it would allow passengers to use electronic devices such as e-books or tablets as long as wireless signals were disabled. The agency emphasized that cellphones must remain in airplane mode—with cellular transmissions shut off. Cellphones "cannot be used for voice communications based on FCC regulations," the FAA said.

The proposal will be sent out in what's known as a Notice of Proposed Rule Making, in which the agency will invite comments on the idea before making a final decision. The entire process could take months.

When the FCC made a similar proposal in 2004, it received more than 8,000 comments. The FCC dropped the proposal in 2007 amid objections from flight attendants and other groups who said it would be a nuisance. The FCC also was concerned by a "lack of technical information upon which we may base a decision," according to its 2007 decision.

If adopted, the FCC's order would merely permit airlines to implement wireless technology on planes. It wouldn't require them to do so, and individual airlines would then decide whether to enable voice services on their flights. The FAA would still have to certify any new equipment

The technology to allow cellphone use on planes already exists and has been deployed internationally.

Liberty Global's Next Frontier Could Be Content

Liberty Global LBTYA +0.88% has already bought almost every big cable operator in Europe. But the Nasdaq-listed cable company's deal making might not be limited to pipes. Instead, Liberty's next battleground could be media content.

Liberty has until now successfully brushed aside concerns that it owns little content, save some sports and movie channels in Belgium and the Netherlands. After all, video services delivered over the Internet like Netflix have far less reach in Europe, and 75% of TV viewing is still free-to-air broadcasts. Instead, Liberty spends about $2 billion a year buying programming from other pay-TV operators and broadcasters.

But some U.S. cable operators believe there are benefits to owning both distribution and content; witness Comcast's CMCSA +1.77% takeover of NBCUniversal in February. Liberty could also follow that logic. Its major competitive advantage, offering superfast broadband Internet connections, will eventually fade as telecom operators expand fiber networks, which offer even faster download speeds. That makes having exclusive content more of a draw.

Competition for popular programming in Europe is already stiff, pushing costs up for everyone. In the U.K., where Liberty owns cable operator Virgin Media, BT Group BT.A.LN +0.93% is paying £900 million ($1.45 billion) for the three-year rights to show European soccer matches, more than double what Sky and free-to-air broadcaster ITV ITV.LN -0.11% previously paid, estimates Bernstein Research.

But there's no single solution to address Liberty's shortcomings across the Continent. Exclusive sports rights are sold nationally, and Liberty doesn't have the critical mass in many markets to spread the cost. In Germany, buying a broadcaster makes no sense because Liberty's cable companies don't have nationwide reach. A more appealing option would be co-investing in content with cable peers covering different parts of the country.

Still, in the U.K., Liberty might see merit in an approach for ITV, the broadcaster that produced the internationally popular drama "Downton Abbey." NTL, one of Virgin's legacy companies, bid for ITV in 2006. The broadcaster would give Virgin a platform through which to produce exclusive programs, as well as strengthening its hand when negotiating rights to others' content.

ITV could also be a decent investment. Most of the broadcaster's cost base is fixed, meaning higher retransmission fees and any pickup in TV advertising revenue falls straight to ITV's bottom line. Its free cash flow is forecast to rise 54%, to more than £500 million, over the next two years.

True, ITV's £7.5 billion market value looks a lot for Liberty to swallow so soon after it bought Virgin in February. But Liberty is quickly deleveraging and is forecast to generate $1.9 billion in free cash flow next year. It might wait and see how BT's foray into sports content reshapes the pay-TV market. But sooner or later, ITV could be the sort of deal Liberty might need to consider.