TheChek News Flow

100 DAYS OF HEAVY SNOW: Britain now facing worst winter in SIXTY YEARS warn forecasters

LONG-RANGE weather forecasters have warned that Britain should prepare for heavy and persistent snow for up to THREE MONTHS with winter 2013 set to be the worst in more than 60 years.

The latest detailed forecasts for winter 2013 ALL point towards months of relentless extreme cold with heavy snow 'extremely likely' across the country.

Arctic air will roar in from the North Pole later this week, triggering the start of the worst winter in many people's lifetimes.

Experts in long-range weather forecasting said the WHOLE of Britain should be prepared for this winter to be the most severe since 1947, which saw the UK hit by relentless snow and some of the lowest temperatures on record.

February 1947 was the coldest in history with heavy snow the following month leading to seven-metre high drifts.

Flooding was also a problem as rain ran off frozen ground in torrents leading to widespread chaos on the roads.

As the Daily Express reported at the time, roads and railways across Britain were blocked by huge Arctic blizzards.

Coal supplies - already low in the wake of WWII - struggled to get reach power stations and many were forced to shut down, causing widespread blackouts. The lack of power supplies became so critical that at one point radio and TV broadcasts were suspended, magazines were ordered to stop being published and many newspapers were forced to cut their size.

Gapping down

In reaction to disappointing earnings/guidance: MZOR -7.2%.

Other news: ALNY -5.8% ( presents new pre-clinical data on RNAi Therapeutics for cardiovascular disease), FU -5.5% (continued volatility), CXP -2.5% (following late spike, announces final results of its modified Dutch Auction tender offer; total of ~9.362 mln shares of Common Stock were properly tendered and not properly withdrawn at or below the final purchase price of $25.00 per share), YOKU -2.4% and RENN -1.4% (still checking), QGEN -1.8% ( Announces Third Co-Development Program for Companion Diagnostics Paired With Lilly's (LLY) Investigational Cancer Compounds ; New partnership builds on Lilly-QIAGEN framework agreement), ADT -1.6% (unfavorable mention on MadMoney), UNH -0.4% ( plans to drop thousands of doctors from plans, according to reports).

Analyst comments: SVU -4.9% (downgraded to Sell from Neutral at Goldman), REGI -2.5% (downgraded to Hold from Buy at Canaccord Genuity), ANR -2.2% (downgraded to Sell from Neutral at Citigroup), NVDA -1.7% ( downgraded to Underweight from Equal-Weight at Morgan Stanley), MSFT -1.6% (downgraded to Underperform from Neutral at BofA/Merrill), WLT -0.8% (downgraded to Neutral from Buy at Citigroup), CNX -0.8% (downgraded to Neutral from Buy at Citigroup), HK -0.6% (downgraded to Sell from Neutral at Goldman)

Gapping up

In reaction to strong earnings/guidance: JKS +10.2%, TSN +3.9%.

A few financial related names showing strength: DB +1.3%, IBN +1.4%, ITUB +1%, JPM +1% (reaches $4.5 bln agreement with 21 institutional investors to resolve repurchase and servicing claims), RBS +0.7% (disclosed that it previously announced that it planned to exit its structured retail investor products and equity derivatives business; RBS continues to make progress).

Select solar stocks trading higher: JASO +4%, CSIQ +2.8% ( DIF Infrastructure to Acquire Four Utility-Scale Solar Power Plants from Canadian Solar), SPWR +2.7%, YGE +2.2%, SOL +1.9% (announced it will deliver more than 178,000 PV modules, which will be used in a 53.5MW project being developed by leading solar PV project developer, OCI Solar Power ), SUNE +1.1%, FSLR +0.3%

Other news: CTIC +7% (continued strength; plans to discuss with investors and analysts its Development, Commercialization and License Agreement with Baxter (BAX); Co expects to receive $67 million in cash milestone progress payments from Baxter through 2015), CPRX +6.2% (Announces Publication of Preclinical Proof-of-Principle of CPP-115 Efficacy in Suppressing Infantile Spasms in Epilepsia; CPP-115 suppresses spasms in the multiple-hit model of IS), VJET +5.1% / DDD +1.3% (continued strength), ARIA +4.8% (still checking), ONVO +4.8% (continued strength), FREE +4.2% (announces results of annual meeting of shareholders and Appointment of new Chief Financial Officer Dimitris Papadopoulos), BA +3.3% (receives order from Etihad Airways, Boeing and flydubai announce historic single-aisle agreement), PSTI +3.3% (still checking), MCP +3% (still checking), JCP +2.4% (still checking), CG +1.8% (Carlyle ticking higher on positive Barron's mention), FUEL +1.7% (Rocket Fuel higher after exec interview on MadMoney), YY +1.6% (YY announced that it has decided to withdraw its previously announced proposed offering of $250 mln in aggregate principal amount of convertible notes due 2018 ), POT +1.5% / MOS +0.9% (Russia's Mikhail Prokhorov has agred to purchase a 21.75% stake in Uralkali, according to reports), CRM +1.4% (mentioned favorably on MadMoney on Friday), QIHU +1.3% (Qihoo 360 Tech. and Xunlei plan launch of new 360 Safe Browser in November, according to Marbridge ), SNE +1.1% (Sony has sold 1 mln PS4's on first day, according to reports), SI +0.4% (Chairman plans to stay at company until 2018, according to reports).

Analyst comments: DBD +1.4% (upgraded to Buy from Hold at KeyBanc), GG +0.7% (upgraded to Buy from Neutral at Citigroup)

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Tyson Foods beats by $0.01, reports revs in-line; guides FY14 revs above consensus; Jim Lochner, Chief Operating Officer, to retire at end of FY14

Reports Q4 (Sep) earnings of $0.70 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 7.0% year/year to $8.89 bln vs the $8.9 bln consensus.

Co issues upside guidance for FY14, sees FY14 revs of $36.0 bln vs. $35.72 bln Capital IQ Consensus Estimate.

"All periods reported reflect a discontinued operation, which was part of our Chicken segment, recognized in fiscal 2013." Chicken - Sales volumes grew due to increased domestic and international production driven by stronger demand for our chicken products. The increase in average sales price in the fourth quarter and 12 months of fiscal 2013 was due to mix changes and price increases associated with higher input costs. Beef - For the fourth quarter of fiscal 2013, sales volume rose as we increased production due to sufficient cattle supply and strong demand for our beef products. Pork - Sales volume decreased as a result of balancing our supply with customer demand and reduced exports. Prepared Foods - Sales volume increased as a result of improved demand for our prepared products and incremental volumes from the purchase of two businesses in fiscal 2013. "Outlook In fiscal 2014, we expect overall domestic protein production (chicken, beef, pork and turkey) to increase ~1% from fiscal 2013 levels. Grain supplies are expected to increase in fiscal 2014, which should result in lower input costs."

The following is a summary of the fiscal 2014 outlook for each of itssegments, as well as an outlook on sales, capital expenditures, net interest expense, debt and liquidity, share repurchases and dividends: Chicken -- We expect domestic chicken production to increase 3-4% in fiscal 2014 compared to fiscal 2013. Based on current futures prices, we expect lower feed costs in fiscal 2014 compared to fiscal 2013 of ~$500 million. Beef -- We expect to see a reduction of industry fed cattle supplies of 2-3% in fiscal 2014 as compared to fiscal 2013. Pork -- We expect industry hog supplies to increase 1-2% in fiscal 2014 and exports to improve compared to fiscal 2013. For fiscal 2014, we believe our Pork segment will be in its normalized range of 6.0%-8.0%. Prepared Foods -- We expect operational improvements and pricing to offset increased raw material costs. In a separate release, the co announced Jim Lochner's decision to retire in September 2014 after a more than 30-year career at Tyson Foods and IBP, inc. Lochner has served since 2009 as the company's chief operating officer and overseen much of the turnaround during the last four years. He is relocating to the company's fresh meats headquarters in Dakota Dunes, South Dakota, where he will support the fresh meats business. Following retirement, Lochner will serve the company in an advisory capacity through the end of 2017. Co also announced the creation of several new leadership positions to support future growth in its domestic and international protein and prepared foods businesses. The move aligns with the company's stated long-term strategy, which is to accelerate growth in the international, poultry and prepared foods arenas through innovation and services while cultivating the best talent in the food industry.

Early premarket gappers

Gapping up: ARIA +8.4%, MCP +8.1%, CTIC +7%, JKS +5.8%, VJET +5.1%, ONVO +4.8%, BA +3.3%, PSTI +3.3%, CSIQ +2.8%, SOL +1.9%, CG +1.8%, YY +1.6%, POT +1.5%, CRM +1.4%, SNE +1.1%, JPM +1%, MOS +0.9%, RBS +0.7%, SI +0.4%

Gapping down: MZOR -7.2%, ALNY -5.8%, FU -5.5%, CXP -2.5%, QGEN -1.8%, ADT -1.6%, UNH -0.4%

Good but not vintage

Over the past two years, global equity returns have been driven entirely by multiple expansion, with aggressive monetary policy helping reduce tail risks and lower the equity risk premium. With QE coming to an end this is unlikely to continue in 2014. However, we do not foresee a new bear market. Economic growth is picking up, earnings are likely to meet relatively modest expectations and retail investors are finally returning to equities. We see a total return of around 10% for the global market by end-2014.

Global themes for 2014

In the regional reports that accompany this global overview, we asked our analysts to identify the investment themes which they think will drive their sector over the coming 12 months. A careful reading of these themes reveals some interesting common threads from a global perspective. Below, we highlight the six most often-cited themes: * Regulation/government policy (p. 15). Six years after the global financial crisis, governments continue to interfere in markets, creating potential winners and losers. * Margin improvement (p. 16). With top-line growth likely to remain hard to come by, the focus will remain on improving margins. * M&A (p. 17). Our analysts see a new wave of M&A starting, based mainly on structural consolidation. * Stretched valuations (p. 17). After five years of a bull market, some valuations are beginning to look stretched. We believe investors should focus on second-tier stocks where valuations remain attractive. * Higher interest rates (p. 18). As the Fed moves towards tapering, analysts are increasingly nervous about companies with high gearing or that are otherwise affected by rising rates. * Tech break-throughs/new models (p. 19). A convergence in technologies is dramatically altering many business models.

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Saipem Jumps; Seadrill Said Interested in Offshore Drilling 2013-11-18 09:08:20.59 GMT

By Benjamin Dow and Chiara Remondini Nov. 18 (Bloomberg) -- Saipem up as much as 4.4%, leads gains on Stoxx 600 Oil & Gas Index (-0.35%), FTSE MIB Index (-0.2%). * On Nov. 16, Milano Finanza reported that Seadrill may be interested in SPM IM’s offshore drilling business, particularly deepwater; paper cited people familiar

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

To contact the reporters on this story: Benjamin Dow in Moscow at +7-495-771-7735 or bdow2@bloomberg.net; Chiara Remondini in Milan at +39-02-8064-4241 or cremondini@bloomberg.net

To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net

Snapchat sexting scandal could scare off investors

Oh, snap! Snapchat, the self-destructing photo-sharing app that recently snubbed a $3 billion offer from Facebook, might want to reconsider. Just a day after reports that the company had turned down the billions, Snapchat — a 2-year-old startup with no revenue — was ensnared in a sexting scandal that underscores the dangers of the app, especially for its young users. Montreal police arrested 10 teenage boys Thursday on child-porn charges for passing around pictures of girls ages 13 to 15 in sexual poses or performing sexual acts. The boys allegedly coaxed their female friends into posing for the pictures and sending them using SnapChat. The girls thought the pictures would vanish within seconds. Instead, the boys found ways to get around the time limit. Those can include taking screen shots of the phone, finding hidden files on the device or taking a picture of the phone with another phone. The privacy scare could crimp Snapchat’s efforts to win up to $200 million in a fund-raising round that could value the company at $3 billion to $4 billion, say experts. “If the valuation is based on privacy protection and they fail to provide it, the company will find itself losing its user base quickly — and even faster than companies that don’t promise privacy in the first place,” said Larry Chiagouris, a marketing professor at Pace University. Snapchat didn’t return The Post’s request for comment. But there’s little doubt that privacy has become its major selling point. Bill Gurley, whose Benchmark Capital is one of Snapchat’s biggest venture capital backers, promoted Snapchat’s privacy features Tuesday when he linked to a tweet from the Federal Communications Commission, which warned that 30 percent of college admissions officers look at applicants online. “If you still don’t understand Snapchat, take a look at this tweet from our government’s FCC,” Gurley tweeted. Gurley’s Benchmark was part of a $60 million round of fund-raising that closed in June, giving Snapchat a valuation of $800 million. Snapchat lets users send photo and video messages that disappear after they are viewed, usually within 10 seconds. In September its CEO and co-founder Evan Spiegel said users were sharing 350 million photos a day . Users of Facebook’s photo and video-sharing service Instagram post an average 55 million photos a day.

Shoppers put brakes on recovery predictions

Expectations that consumer spending will lead the UK’s economy to full health were tempered on Monday by data showing Britain’s shoppers shunned the high street as household finances deteriorated at their sharpest pace in more than six months. Retail footfall registered its worst performance since the start of the year in the three months to October, according to figures from the British Retail Consortium, while Markit’s index of household finances for November slipped to its lowest level since April.

The household finance index, which measures perceptions of financial wellbeing, fell to 38.8 – well below the crucial 50 figure that marks an improvement in conditions. Those polled said a tighter squeeze on their cash was dampening their appetite for big purchases. Tim Moore, of Markit, said: “November’s survey highlights yet another setback for household budgets as weak pay trends and energy price rises appeared to overshadow recent positive news about labour market conditions.” The British Retail Consortium and data firm Springboard reported a 2.9 per cent drop in footfall last month, compared with October 2012. Over the three months, footfall was down by 2.1 per cent. The number of visitors to the high street fell more sharply than in shopping centres or out of town retail parks; the data recorded a dip of 3.6 per cent, compared with 2.9 per cent and 1.2 per cent falls. Diane Wehrle, retail insights director at Springboard, said the performance of out of town retail parks was “clearly the result of the recorded demand for leisure, household and games products”. According to the data, just over 11 per cent of retail space in the UK’s town centres is empty. Vacancy rates are worst in Northern Ireland, where almost a fifth – 18.5 per cent – of shops are empty, and Wales, where the figure is 16.7 per cent. In Greater London, 6.6 per cent of shops are empty. Helen Dickinson, director-general of the British Retail Consortium, said: “Although the proportion of empty shops in the UK is unchanged, it’s again masking widespread variations.” Ms Dickinson added: “Despite the tentative optimism in the air, it’s clear that conditions remain challenging. Retailers will be hoping that a festive boost to browsing and buying puts things back on a more even keel over the coming months.” Some better news came from department store John Lewis, which reported that sales had topped £100m for the first time this year last week – the earliest week on record. The onset of cold weather boosted sales of boots and slippers, along with hot water bottles, ear muffs and tumble dryers. Online sales were up almost a quarter on last year, accounting for 31 per cent of sales.