>>> Penn Virginia Corp. Soros discloses increased 9.18% stake (8.9% prior); Soro


Penn Virginia Corp. Soros discloses increased 9.18% stake (8.9% prior); Soros believes PVA should explore alternatives to enhance shareholder value - filing
- Reporting Persons have, from time to time, engaged in discussions with management of the Issuer regarding, among other things, the Issuers business, assets, prospects and strategic alternatives and direction. The Reporting Persons believe that the Issuer has been very well managed, and in fact that the financial incentives for its management team should be enhanced. However, the Reporting Persons also believe that the Issuer should explore strategic alternatives as a means to enhance or maximize shareholder value, and intend to continue to discuss the matters described above with the Issuer's management and may also seek to have conversations with the Issuers board of directors, as well as other shareholders of the Issuer, other industry participants, potential acquirers and other interested parties, and may take other steps seeking to bring about changes to increase shareholder value as well as pursue other plans or proposals

(BFW) VW CFO Says Talks With Investors in Sweden Have Been ’Positive’

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VW CFO Says Talks With Investors in Sweden Have Been ’Positive’ 2014-03-18 13:49:53.589 GMT

By Christoph Rauwald March 18 (Bloomberg) -- VW CFO repeats Scania offer ‘very attractive’ for shareholders. * Scania developed ‘very positively’ since VW bought stake * VW CFO Poetsch comments at Porsche SE annual press conference * Earlier: VW Doesn’t See Committee Statement as Reason to Change Position * Scania shares down 3.1% to SEK189.7 vs VW offer SEK200 * VW statement on Scania

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

To contact the reporter on this story: Christoph Rauwald in Frankfurt at +49-69-9204-1146 or crauwald@bloomberg.net To contact the editors responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net Brian Lysaght

>>> Nucor guides Q1 EPS below consensus --> Watch steel in Europe / NUE -0.2% no

MT NA : -0.83%
SGZ GY : +1.75%
TKA GY : +0.06%
VOE AV : +5.69%

Nucor guides Q1 EPS below consensus

Co issues downside guidance for Q1 (Mar), sees EPS of $0.30-0.35 vs. $0.48 Capital IQ Consensus. This range represents a decrease from the qualitative guidance presented in Q4 earnings release and conference call which stated "We currently expect that first quarter of 2014 earnings, excluding the impact of the fourth quarter out-of-period tax adjustment, will be similar to the fourth quarter of 2013 levels [$0.46]."

The larger factor impacting the first quarter was severe weather conditions, which has disrupted customer demand, decreased the amount of railcar availability and has exacerbated conditions in the seasonally weaker performance of our fabricated construction products businesses. Additionally, import levels have continued to negatively impact pricing and margins at our bar and sheet mills. Looking forward, we continue to see small but noticeable improvements in the nonresidential construction markets.

Projected Q1 results include an estimated LIFO charge of $14.5 million ($0.03 per diluted share) compared to a charge of $17.4 million ($0.04 per diluted share) in the fourth quarter of 2013 and a charge of $18.0 million ($0.03 per diluted share) in the first quarter of 2013. Also included in the projected first quarter results is an estimated $9.0 million charge ($0.02 per diluted share) related to the disposal of assets within the steel mills segment. Earnings in the fourth quarter of 2013 included an out-of-period non-cash gain of $21.3 million ($0.07 per diluted share) related to a correction to a deferred tax balance.


>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: GALE -16.1%, YGE -10.5%, TWER -10%, INTX -6.9%, DTSI -3.8%, PRKR -2.5%, DLR -1.9%, SNOW -1.4%, RLYP -1.2%, FSM -1%.

Select metals/mining stocks trading lower: SLW -1.9%, ABX -1.8%, SLV -1.7%, HL -1.5%, GG -1.5%, HMY -1.4%, AU -1.3%, NEM -1.3%, IAG -1.3%, GDX -1.2%, GLD -0.9%.

Other news: KIOR -46.7% (after it disclosed that it determined that impairment indicators existed related to the Columbus facility as a result of the Columbus facility not generating positive cash flows; says plan to pursue the required financing), OXBT -7.4% (announces proposed public offering), JRCC -5.7% (filed to delay form 10-K), GME -5.4% (Wal-Mart (WMT) introduces new trade-in and pre-owned video game services and offering, starting Mar 26), CCRN -4.9% (provides updated fourth quarter & Full Year 2013 financial results), CHH -3.2% (announced secondary offering of 3 mln shares of common stock by selling stockholders), SFM -3% (filed for 15 mln share common stock offering by selling shareholders), GBDC -2.8% (announced public offering of 3.5 mln shares of its common stock), CRTO -2.2% announced public offering of 5.25 mln ADSs, each representing one of Criteo's ordinary shares;), EOX -1.9% (announced offering of $125 mln in aggregate principal amount of Convertible Senior Notes due 2019), DLR -1.9% (announced Michael F. Foust Departs as Chief Executive Officer; Board Appoints A. William Stein as interim Chief Executive Officer), YY -1.8% (announced proposed offering of $400 mln convertible senior notes), CUTR -1.6% (filed to delay from 10-K), FRC -1.4% (announced 3.5 mln share Common Stock Offering) SNE -0.9% (weakness overseas following Sony Pictures layoff announcement yest).

Analyst comments: SFLY -6.7% ( downgraded to Undperform from Outperform at Cowen), EJ -2.1% (removed from Conviction Buy list at Goldman), UMPQ -1.6% (downgraded to Sector Perform at RBC Capital Mkts), KORS -0.7% (initiated with an Underweight at Barclays), CSCO -0.7% (downgraded to Equal Weight from Overweight at Barclays).

>>> US Gapping up

Gapping up 

In reaction to strong earnings/guidance: RNA +21.3%, FF +21.2%, ATEC +10.6%, MBT +3.1%, HTZ +2.3%, WPCS +1.9%, NVGS +1.6%, ACFN +1.4%, KYTH +0.7%, .

M&A news: NVS +0.5% (in discussions to purchase Gamida-Cell for up to $600 mln, according to reports).

Other news: ADXS +9.6% (receives patent in Japan for ADXS-HPV for the treatment of cervical cancer), OCLS +6.5% (Continued strength; move comes ahead of expected IPO of subsidiary Ruthigen), LOCM +4.1% (ticking higher following strength seen yesterday afternoon), YOD +3.8% (still checking), YNDX +3.3% (has purchased Tel Aviv's KitLocate location service technology, according to reports), PLUG +2.8% (cont volatility), KNDI +2.8% (cont strength), JASO +2.2% (cont strength), CBI +1.5% (co and Chiyoda announced their joint venture was awarded a contract for LNG liquefaction and export facilities), GTAT +1.2% (still checking), BIIB +1% (announces the FDA has extended the initial Prescription Drug User Fee Act date for its review of the Biologics License Application for marketing approval of PLEGRIDY by three months).

Analyst comments:AMZN +2.91% (target raised to $455 at Oppenheimer), ICPT +1.8% (target raised to $500 at Needham), PVH +1.2% (initiated with an Overweight at Barclays), KATE +1.0% (initiated with an Overweight at Barclays), QGEN +0.9% (upgraded to Buy from Hold at Berenberg), HPQ +0.6% (upgraded to Overweight from Equal Weight at Barclays)

FT : Start-ups with an Apple flavour

Steve Jobs hurled many abusive names at Andy Grignon during his six years at Apple. Mr Grignon internalised the criticism to such an extent that he even had one particularly offensive name printed on his business card there.
“I got yelled at all the time,” he says with a hint of pride. Now, as this former senior manager for the iPhone maker prepares to launch a product of his own, Mr Grignon says his encounters with Apple’s tempestuous co-founder prepared him for anything. “Once you’ve gone through the worst of a Steve meeting, any other meeting – whether pitching an investor or giving a demo – doesn’t feel hard,” he says. “When you are yelled at by Steve Jobs you know you are being yelled at by the best.”
Mr Grignon is part of a select group in Silicon Valley: Apple alumni who have gone on to found their own companies. Whereas many former Google or Facebook employees have launched start-ups, Apple has not been a wellspring of entrepreneurialism.

But Google’s $3.2bn acquisition of smart-home pioneer Nest Labs, launched by two former Apple superstars, marked a turning point. As more people escape One Infinite Loop, Apple’s corporate HQ in Cupertino, California, to start out on their own, each is hoping to take with them some of that Apple magic – and the tough lessons they learnt there.
Few of these Apple seeds have fallen far from the tree. Take Mr Grignon’s Quake Labs, set up with former Apple designer Bill Bull. They are developing an online service, Eightly, that lets anyone create an app that works on any device, without needing to write any code – a sort of App Store for everyone.
Similarly Tim Bucher, a former senior vice-president of Macintosh engineering in the mid-2000s, will next month start selling Lyve, an online storage system that works a little like Apple’s iCloud and iPhoto but lets people manage their images and videos across any sort of device.
Mark Kawano, whose six years at Apple included designing iPhoto and helping external developers to make good-looking iOS apps, has just laun­ch­ed an app for the iPad: Storehouse, a slick, simple service for arranging photos, videos and words into magazine-like stories.
Even Tony Fadell and Matt Rogers, Nest’s founders, built their thermostats and smoke alarms much as Ap­ple might: charging premium pri­ces for devices with a design and at­ten­tion to detail that strive to create an emotional connection with customers. “Tony and Matt are the first two successful entrepreneurs I’ve seen come out of Apple,” says Randy Komisar, a Nest board member as an investor at Kleiner Perkins Caufield & Byers, and also a former Apple employee. “Ap­ple’s culture was not that entrepreneurial. It was a command-and-control hierarchy with Jobs at the top. Matt and Tony were exceptions.”
Many employees tended to stay at Apple for a long time. Most of its executive team have worked in Cupertino for more than 15 years.
“Apple is so good we don’t need to leave to form our own companies,” says Nikola Hu, a former iOS engineer who nonetheless left to develop Moov, a wearable fitness tracker. “Inside Apple, everything would be much faster because they have more resources.”
However, more are beginning to follow Mr Hu out of the door. In her new book Haunted Empire, Yukari Iwatani Kane says “morale has languished” at Apple since Mr Jobs died in 2011, and that resignations have inc­reased as its stock price stagnates and product launches become “more incremental”.
For many Apple refugees, Nest was a first step to their own entrepreneurial endeavour. Hugo Fiennes, who led Apple’s hardware team for the first four versions of the iPhone, worked on Nest’s initial ther­m­ostat before for­m­ing Electric Imp, a platform for con­necting devices to the “internet of things”. Former iPhone software des­igner Mike Matas helped create Nest’s user interface before laun­ching Push Pop Press, a maker of digital books for the iPad.
In 2011, Push Pop Press was bought by Facebook, and Mr Matas now works in Creative Labs, a kind of start-up within Facebook that created its lauded new iPhone app, Paper. “Their bar for excellence is really high and they al­ways strive to really perfect stuff before it goes out,” Mr Matas recalls of Apple. “Anyone who works there takes that with them.”


Mr Matas worked on Paper with for­mer Apple colleagues Sharon Hwang, a graphic designer, and Loren Brichter, who after leaving Apple sold an iPhone app, Tweetie, to Twitter and also created the game Letterpress.
Despite the familiar colleagues, Mr Matas says working at Facebook can be very different from Apple. Now it is a question of working with users who generate their own content, he says: “You have to design for other people’s stuff.” While Apple’s teams were silo­ed and rarely met their counterparts in other departments, Facebook is much more collaborative. “A lot of stuff that Paper has developed has gone out into other parts of the company,” he says.
Nonetheless, Paper was developed in secrecy for more than a year before its surprise unveiling in January. That seems more like Apple’s ap­proach than the internet companies’. Facebook and Google often post new services to the web to see how users res­pond, before improving them based on large-scale, real-world behaviour.
Mr Grignon says Facebook’s sometime motto of “move fast and break things” sits uncomfortably with many longstanding Apple employees. “It’s a recklessness, in a way, of engineering. It works well for folks like Facebook but Apple engineers go­ing into companies like that can experience a certain level of frustration.”
He says Apple’s reputation for perfectionism sometimes works against alumni. “When you have a bunch of Apple guys together, [investors] are concerned that we won’t ship until it’s perfect,” he says. “We work very hard to combat that.”
Now, Mr Kawano says, the development of mobile apps has forced the tech industry to raise its design standards: “The minimum viable product needs to be way better than you would do for the web, because the platform is so much higher quality.”
That might suggest former Apple staffers have an advantage when they found tech companies. But Mr Bull says it is hard to generalise about people that emerge from Cupertino. “There is the whole gamut of egotists and humble people.” While many try to emulate Apple’s emphasis on user-centric design, there were no “dogmatic principles” behind its success, he adds.
Even Jobs’s unique approach to management was “just saying the obvious”, says Mr Grignon. “Most people are more polite than that – they won’t cut to the middle of your heart and turn the knife a bit.”