TheChek News Flow

Early premarket gappers

Gapping up: SNTS +37%, SQNM +22.9%, IL +22.5%, OLED +18.4%, MITK +15.5%, AIRM +14.6%, UBNT +12.2%, ENOC +11.6%, GERN +11.3%, LCI +9.5%, SLXP +9.4%, FEYE +9.1%, ADEP +9%, ABTL +8.6%, GPS +7.9%, CYTX +7.9%, ARAY +7%, ARNA +6.6%, ACET +6.6%, NKTR +6.2%, MDRX +5.4%, PTIX +4.2%, XONE +4%, PCYC +4%, MCP +4%, SSTK +3.5%, ENSG +3.2%, ENSG +3.2%, CLNE +3.1%, CPST +2.7%, VVC +2.5%, UEPS +2.3%, AREX +2.1%, III +2%, SGMS +1.8%, AA +1.7%, BONE +1.6%, OCZ +1.3%, NOG +1.3%, NVDA +1.2%, PCLN +1%.

Gapping down: TRMR -35.5%, NES -32.5%, DRRX -20.1%, AVG -13.7%, MCZ -12.9%, PXLW -8.9%, SYNM -7.7%, PODD -7.6%, FXEN -6.8%, RNDY -6.6%, SLCA -6.1%, UNXL -6%, WYN -5.4%, ACPW -5.1%, SFM -4.9%, SFM -4.9%, SWIR -4.8%, TEU -4.7%, ELON -4.1%, TSLA -3.4%, OPXA -3.2%, NSU -2.6%, NVAX -2.5%, CST -2.4%, ARIA -1.7%, MRC -1.6%, BCC -1.6%, TEP -1.3%, MNST -1.2%, ALJ -1.1%, OCLR -1%, DIS -1%.

Read more: http://www.briefing.com/InPlayEq/InPlay/InPlayDual.htm#ixzz2k3d8tsYl

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BofA ‘More Cautious’ on Deere, Initiates CNHI at Underperform 2013-11-08 12:28:47.974 GMT

By Arie Shapira Nov. 8 (Bloomberg) -- BofA downgrades Deere to neutral vs buy, PT $89 from $95; initiates CNH Industrial at underperform, PT $10. * “More cautious” on DE given lower corn prices, upside risk to USDA crop production forecasts, less confidence in Section 179 extension, headwinds for construction equipment given “extremely poor” read-through from CAT/CNH earnings * Still has favorable L-T view on farm equipment demand * DE has 8 buys, 10 holds, 8 sells w/ avg PT $86 * DE down 5.6% YTD vs S&P 500 Machinery index (S5MACH) up 14% * DE reports 4Q Nov. 20 * NOTE: USDA to release first WASDE report in two mos. today 12pm, see preview * NOTE: ISI Group yday downgraded machinery sector to neutral; DE, CNHI both cut to neutral vs buy

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

--With assistance from Roger Neill in London.

To contact the reporter on this story: Arie Shapira in New York at +1-212-617-1488 or ashapira3@bloomberg.net

To contact the editor responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net

Third Tesla Model S catches fire, brings call for safety inquiry

http://nypost.com/2013/11/08/third-tesla-model-s-catches-fire-brings-call-for-safety-inquiry/

WASHINGTON — Tesla Motors Inc.’s third fire in five weeks involving a Model S suggests U.S. regulators need to examine the luxury electric car, a safety advocate said after a Tennessee accident. Shares of the Palo Alto, Calif. based carmaker led by Elon Musk slid as much as 9 percent to $137.62, after reports of the newest fire. That decline follows a 15 percent drop Wednesday after the carmaker’s third-quarter results and fourth- quarter outlook disappointed investors. The two-day drop is the biggest intraday decline since Dec. 27, 2010. The National Highway Traffic Safety Administration “absolutely has to investigate” Wednesday’s Tennessee incident, Clarence Ditlow, executive director of the Center for Auto Safety, based in Washington, said in a telephone interview. A Model S driver struck a tow hitch in the middle of a lane on Interstate 24 near Murfreesboro, Tenn., damaging the car’s undercarriage and causing the fire, Dalya Qualls, a Tennessee Highway Patrol spokeswoman, said in an email. The driver was able to pull the car over and was uninjured, Qualls said. NHTSA declined to investigate the Model S fire in Washington state in October, the first such reported blaze, in which metal debris was involved. “It appears there’s inadequate shielding on the bottom of these vehicles,” Ditlow said. “Road debris is a known hazard to the undercarriage of vehicles.” The U.S. agency “will contact the local authorities who are looking into the incident to determine if there are vehicle safety implications that merit agency action,” Karen Aldana, a spokeswoman for NHTSA, said in an e-mail. Liz Jarvis-Shean, a Tesla spokeswoman, didn’t immediately respond to an email question about the need to strengthen the aluminum casing that houses the 1,000-pound (454-kilogram) lithium-ion battery that powers the Model S. “We have been in contact with the driver, who was not injured and believes the car saved his life,” Jarvis-Shean said in an earlier email. “Our team is on its way to Tennessee to learn more about what happened in the accident. We will provide more information when we’re able to do so.”

Tesla, the best-performing automotive stock this year, has been under scrutiny as Musk works to create the world’s biggest and most profitable seller of electric cars. Even with this week’s declines, Tesla shares have surged more than fourfold this year after reporting its first quarterly profits. The Washington state Model S fire took place Oct. 1, with another in Mexico in mid-October. NHTSA said Oct. 24 it found no evidence the first Model S fire resulted from defects or violations of U.S. safety standards. NHTSA doesn’t investigate vehicle accidents that occur outside the U.S., the agency has said. A possible fix for the Model S, priced from $70,000 to more than $100,000, “is not rocket science,” Ditlow said. “Probably the simplest task Tesla has is putting a strong steel shield on the bottom of the car.” A U.S. investigation or recall of the Model S “could raise near-term concerns to a higher level in terms of cost, image and production disruption to Tesla,” Adam Jonas, an analyst for Morgan Stanley, said in a research report Thursday. “We would be very surprised if Tesla has not already launched its own investigation into the cause of battery compartment intrusion to explore causes and potential remedies,” said Jonas, who rates the stock overweight. A voluntary recall “would be consistent with Tesla’s extraordinary efforts to build brand value and trust.” Multiple reports of battery fires may harm Tesla’s image, said Karl Brauer, an industry analyst for Kelley Blue Book in Irvine, Calif. “At some point the cause of the fire, the safety of the drivers and even the attitude of the owners — all three apparently want another car — stops mattering because you’re left with recurring headlines featuring the words ‘Tesla’ and ‘fire,’” Brauer said. “For a company with a stock price based as much or more on image than financials, those recurring headlines are highly damaging,” he said. The Tennessee fire was first reported on the ValueWalk website, which cited photos of the car fire posted on the Tesla Motors Club forum website.

Roche mulling GBP 8.7bn hostile bid for BioMarin Pharmaceuticals; AstraZeneca and Shire also interested

Roche, a listed Swiss pharmaceuticals company, was said to be mulling a potential GBP 8.7bn (EUR 10.44bn) hostile bid for BioMarin Pharmaceuticals, the Daily Express reported. The newspaper’s market report section cited market sources for speculation that Roche might table a hostile offer for BioMarin as early as next week.

The article also mentioned chatter that listed rivals AstraZeneca and Shire might follow suit with offers for BioMarin.

A market report in The Independent also mentioned talk that Roche might make an offer for BioMarin, adding that Shire and AstraZeneca are also said to be interested. The item did not cite a source for the rumour.

BioMarin’s market capitalisation currently stands at USD 8.43bn (EUR 6.28bn).

Source Daily Express, Independent

US Market closed lower leads by the Nasdaq...VIX jump 9.5% @ 13.91...today in the US Oct NFP,Sept pers income & Michigan Sentiment ...China October trade surplus rose to a 10-month high, bolstered by a much stronger than expected increase in exports just a month after a surprise contraction. Exports to US accelerated to 6.9% from 4.2%, while exports to Europe slowed to 0.5% from 1.1%. Imports of iron ore - a gauge of China's internal industrial health - rose 20% y/y but fell over 10% m/m...- China money market tightened again following overnight decision not to inject liquidity in the system. China will release its inflation, retail sales, production, and new loans data for October over the weekend...S&P dwg France rating to AA-(not such a big news)...Euro Lower

Eur$ 1.3406 S&P Fut +0.16% European Fut -0.60%

Keep an eye on : - ALV GY : Allianz 3Q Net EU1.45b; Est. EU1.37b; Raises Outlook - CFR VX : Richemont 1H Sales EU5.32b; Analyst Est. EU5.35b, Sees ‘Subdued’ Environment, 1H Op. Profit Misses - ENI IM : Eni Seeks $10b in Gas Contract Arbitration from Statoil, DN Says - EI FP : Essilor Agrees to Buy Costa Inc. in U.S. in All-Cash Deal - PIM GY : Puma Sees 2013 Net Earnings Positive, Significantly Below 2012 - SESG FP : SES 3Q Revenue Beats Estimates; Reiterates 2013 Growth Forecast - STL NO : Eni Seeks $10b in Gas Contract Arbitration from Statoil, DN Says - TEF SM : Telefonica 3Q Sales Beat, Oibda Misses; Reiterates Targets - UBSN VX : UBS Agrees to Buy StabFund From SNB for $3.76b - MF FP : Wendel Says 3Q Organic Sales Growth 4.6% Before FX Fluctuations

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BN 11/08 07:02 *MERLIN ENTERTAINMENTS: MGMT WILL HOLD 4.4% OF SHRS BN 11/08 07:02 *MERLIN ENTERTAINMENTS: KIRKBI WILL HOLD 29.9% OF SHRS BN 11/08 07:02 *MERLIN ENTERTAINMENTS: PROCEEDS TO BE AROUND £957M BN 11/08 07:01 *MERLIN ENTERTAINMENTS: OFFER COMPRISES 303.8M ORDINARY SHRS BN 11/08 07:01 *MERLIN ENTERTAINMENTS: MKT CAP AT TRADING START SEEN 3.19B PNDS BN 11/08 07:00 *MERLIN ENTERTAINMENTS OFFER PRICE SET AT 315P BN 11/08 07:00 *MERLIN ENTERTAINMENTS ANNOUNCEMENT OF OFFER PRICE BN 11/08 07:00 *MERLIN ENTERTAINMENT MERL ANNOUNCEMENT OF OFFER PRICE

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*MERLIN ENTERTAINMENTS OFFER PRICE SET AT 315P 2013-11-08 07:00:56.3 GMT

See {NSN MVXNGE3HBS3O <GO>} for the RNS Newswire press release.

See {MERL LN Equity CN <GO>} for company news.

-0- Nov/08/2013 07:00 GMT

Up

*AKZO RAISED FROM NEUTRAL AT JPMORGAN *BABCOCK INTERNATIONAL RAISED FROM NEUTRAL AT GOLDMAN, CONVICTION BUY *KLEPIERRE RAISED TO OUTPERFORM VS NEUTRAL AT EXANE *PENNON GROUP RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC *SSAB RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY

Down

*A2A CUT TO HOLD VS BUY AT KEPLER CHEUVREUX *BENETEAU CUT TO UNDERPERFORM VS NEUTRAL AT EXANE *CGG CUT TO HOLD VS BUY AT KEPLER CHEUVREUX *INMARSAT CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS *PROSIEBEN CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS *SHANKS GROUP CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE

PT changes

*Credit Agricole PT Raised to EU9 vs EU8.5 at Mediobanca *DELHAIZE PT CUT TO EU50.50 FROM EU53 AT ING *ENEL PT RAISED TO EU3.7 VS EU3.2 AT UBS; KEPT AT BUY *Pirelli PT Raised to EU13.5 vs EU12 at JPMorgan *SocGen PT Raised to EU40.3 vs EU35.6 at Mediobanca *SORIN PT RAISED TO EU2.5 VS EU2.4 AT BERENBERG; KEPT AT BUY

Initiation

*BETFAIR RATED NEW OVERWEIGHT AT HSBC; PT 1,245P *GRAND CITY PROPERTIES RATED NEW BUY AT BERENBERG; PT EU7.5 *LADBROKES RATED NEW NEUTRAL AT HSBC; PT 200P *PEUGEOT RATED NEW REDUCE AT NOMURA; PT EU8 *RENAULT RATED NEW NEUTRAL AT NOMURA; PT EU68 *WILLIAM HILL RATED NEW UNDERWEIGHT AT HSBC; PT 385P

Country Sector Stock Call

*BABCOCK INTERNATIONAL RAISED TO CONVICTION BUY AT GOLDMAN *EUROPEAN AUTOS & AUTO PARTS CUT TO BEARISH FROM NEUTRAL AT NOMURA *European Equities Underpriced, May Return 27% in 2014: Barclays

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BFW 11/08 06:06 *FRANCE CUT TO AA FROM AA+ AT S&P; OUTLOOK STABLE FROM NEGATIVE BN 11/08 06:06 *FRANCE CUT TO AA FROM AA+ AT S&P; OUTLOOK STABLE FROM NEGATIVE BFW 11/08 06:04 *FRANCE DOWNGRADED TO AA FROM AA+ AT S&P; OUTLOOK STABLE BN 11/08 06:00 *FRANCE RATED AA WITH STABLE OUTLOOK AT S&P

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MORE: France Downgraded to AA From AA+ at S&P; Outlook Stable 2013-11-08 06:16:00.171 GMT

By Tom Kohn and Colin Keatinge Nov. 8 (Bloomberg) -- Ratings co. comments in statement. * Cites French govt reform of tax, labor markets, products and services won’t raise French medium-term growth prospects * Lower economic growth is constraining public finances * Outlook stable, reflecting probabilities of higher or lower rating in next 2 years (less than 1 in 3) * Affirmed A-1+ short-term ratings * Statement: NSN MVXL4R3PWT1D <GO>

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

--Editor: Tom Kohn

To contact the reporter on this story: Tom Kohn in Frankfurt at +49-69-92041-283 or tkohn@bloomberg.net

To contact the editor responsible for this story: Tom Kohn at +49-69-92041-283 or tkohn@bloomberg.net

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Alcatel-Lucent Added, Vedanta Cut From MSCI Regional Indexes 2013-11-07 23:02:55.928 GMT

By Lisa Pham Nov. 8 (Bloomberg) -- Changes effective close of Nov. 26. * Austria: Verbund cut * Finland: Kesko B cut * France: Alcatel-Lucent, Valeo added * Germany: RTL Group, Sky Deutschland added; RWE Vorzug cut * Greece: Alpha Bank, Piraeus Bank, Folli Follie, Hellenic Petroleum, Jumbo, National Bank of Greece, Public Power Corp., Titan Cement added * Hungary: Richter Gedeon added; Magyar Telekom cut * Morocco: Attijariwafa Bank, Douja Promotion Groupe, Maroc Telecom cut * Russia: Moscow Exchange added; Inter RAO, LSR Group, TMK cut * Spain: Acciona cut * Sweden: Ratos B cut * Switzerland: Banque Cantonale Vaudoise cut * Turkey: Ulker Biskuvi Sanayi added * UK: Vedanta Resources cut * Link to MSCI website

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

To contact the reporter on this story: Lisa Pham in Sydney at +61-2-9777-8681 or lpham14@bloomberg.net

To contact the editor responsible for this story: Jan Dahinten at +65-6212-1164 or jdahinten@bloomberg.net

Asian Market Update: China trade balance hits 10-month highs as exports improve; RBA quarterly statement lowers 2014 GDP forecast

***Observations/Insights*** - China October trade surplus rose to a 10-month high, bolstered by a much stronger than expected increase in exports just a month after a surprise contraction. Exports to US accelerated to 6.9% from 4.2%, while exports to Europe slowed to 0.5% from 1.1%. Imports of iron ore - a gauge of China's internal industrial health - rose 20% y/y but fell over 10% m/m. - RBA quarterly policy statement affirmed 2013 GDP at 2.25% but lowered its 2014 forecast to 2-3% range from 2.5-3.5% prior target. RBA also lowered its outlook for the first half of 2015 but maintained the full year at 2.75-4.25%. In terms of inflation, RBA raised its 2013 projections to 2.5% but cut 2015 to 2% midpoint. Unemployment was seen rising through the end of 2013 and throughout 2014 before starting to ease in 2015. - China money market tightened again following overnight decision not to inject liquidity in the system. China will release its inflation, retail sales, production, and new loans data for October over the weekend.

***Economic Data*** - (CN) CHINA OCT TRADE BALANCE: $31.1B V $24.8BE (10-month high); Exports Y/Y: +5.6% v 1.7%e; Imports Y/Y: 7.6% v 7.4%e - (JP) JAPAN OCT OFFICIAL RESERVE ASSETS: $1.28T V $1.27T PRIOR - (JP) Japan investors bought net ¥276.6B in foreign bonds last week (4th straight week of net purchases) vs bought net ¥1.04T in prior week; Foreign Investors bought net ¥247.B in Japan stocks v sold net ¥7.9B in prior week - (MY) MALAYSIA SEPT TRADE BALANCE (MYR): 8.7B V 6.5BE - (PE) PERU CENTRAL BANK CUTS REFERENCE RATE BY 25BPS TO 4.00%, NOT EXPECTED

***Fixed Income/Commodities/Currencies*** - (CN) Daily Shibor fixings: O/N: 3.7610% v 3.7300% prior (2nd consecutive rise); 1-week: 3.9390% v 3.8910% prior (2nd consecutive rise) - (CN) PBoC may drain net CNY14B next week from market without any other operations - financial press - USD/CNY: (CN) PBoC sets yuan mid point at 6.1355 v 6.1450 prior setting (highest Yuan setting since Oct 27th) - (JP) BOJ offers to buy ¥110B in JGB with maturity up to 1-yr, ¥200B in JGB with maturity over 10-yr, and ¥2T in T-bills outright - (AU) Australia MoF (AOFM) sells A$1B in 4.25% 2017 Bonds; avg yield: 3.1431%; bid-to-cover: 3.58x - (US) Weekly Fed Balance Sheet Assets Week ending Nov 6th: $3.808T (record high) v $3.800T prior; M1 y/y change: 8.8% v 9.0% w/w; M2 y/y change: 6.6% v 6.6% w/w

- USD majors are contained to narrow ranges after a volatile US session coming in the wake of a surprise ECB rate cut and a better than expected US GDP data. EUR/USD remains supported above $1.34 handle, while USD/JPY pared its losses to trade above 98.10 after falling nearly 2 big figures in US hours from its post-GDP highs. Strength in the Yen also weighed on Tokyo stocks, with Nikkei225 index falling about 1% in the afternoon session. AUD was once again in focus, selling off after the RBA quarterly policy statement below $0.9430 and subsequently rising to $0.9480 on better than expected China trade data.

***Speakers/Political/In the Papers*** - (CN) Ex-PBoC adviser Li Daokui: sees China economic growth to slowdown in next 2-3 years - financial press - (CN) PBoC may drain net CNY14B next week from market without any other operations - financial press - (CN) China Bank of Communications (BoCom): China non- state owned enterprises (SOE) stock outperformance signals excess optimism - (CN) China Securities Regulatory Commission (CSRC) may establish investors compensation fund - financial press - (CN) China Premier Li Keqiang: China economy has to expand 7.2% per year in order to create 10M jobs annually - Nikkei News - (CN) Barclays economist: China inflation in Oct expected to have risen, led by higher vegetable prices - Shanghai Daily

- (JP) Japan said to be delaying decision on collective self-defence; constitutional review to be put off - Japanese press - (JP) Japan parliament to ask finance lobby chiefs to appear in parliament - financial press

- (AU) Swaps markets now pricing in a near-30% chance of another RBA rate cut within 6 months - financial press

- (KR) Moody's: South Korea fiscal fundamentals support its AA3 rating and stable outlook

***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 -1.2%, S&P/ASX -0.5%, Kospi -0.6%, Shanghai Composite -1.1%, Hang Seng -0.6%, Dec S&P500 +0.2% at 1,748, Dec gold flat at $1,309, Dec crude oil +0.2% at $94.40/brl

US markets: - UBNT: Reports Q1 $0.46 v $0.39e, R$129.7M v $113Me; +13.8% afterhours - GPS: Reports Oct SSS +4% v +1.3%e; +8.0% afterhours - ARNA: Expands Marketing and Supply Agreement for BELVIQ (lorcaserin HCl) with Eisai; to receive $60M upfront payment and up to $176.5M in milestones; +6.6% afterhours - GRPN: Reports Q3 $0.02 (adj) v $0.01e, R$595M v $613Me; Acquires of Korea's Ticket Monster $260M; +1.5% afterhours - NVDA: Reports Q3 $0.26 v $0.20e, R$1.05B v $1.05Be; Raises quarterly dividend 13% to $0.085 from $0.075; +1.3% afterhours

- PCLN: Reports Q3 $17.30 v $16.20e, R$2.27B v $2.21Be; -1.1% afterhours - DIS: Reports Q4 $0.77 v $0.76e, R$11.57B v $11.4Be; -1.7% afterhours - AVG: Reports Q3 $0.52 v $0.47e, R$100.1M v $102Me; -10.2% afterhours - TRMR: Reports Q3 $0.00 v -$0.02e, R$35.3M v $36.8Me; -29.8% afterhours

Notable movers by sector: - Consumer discretionary: DeNA Co Ltd 2432.JP -11.1% (H1 results); Toppan Printing Co Ltd 7911.JP -2.0% (H1 results); Cosmos Initia Co 8844.JP -4.5% (H1 results); THK Co Ltd 6481.JP +8.8% (H1 results) - Consumer staples: Wilmar International WLIL.SG -2.0% (Q3 results) - Industrials: Nippon Sheet Glass Co Ltd 5202.JP -2.4% (H1 results); Bridgestone Corp 5108.JP +2.2% (9-month results); Nok Corp 7240.JP +3.4% (H1 results); Johnson Electric Holdings 179.HK +4.7% (H1 results; analyst action); Guangzhou Automobile Group 601238.CN +2.5% (Oct results); China Cosco Holdings Co Ltd 1919.HK -5.3% (exec under investigation) - Materials: Fuji Seal International Inc 7864.JP +10.8% (H1 results); Fortescue Metals Group Ltd FMG.AU -4.3% (Teck Resources plans to sell stake in Company) - Financials: ACOM Co Ltd 8572.JP -4.8% (H1 results); Everbright Securities Co Ltd 601788.CN -1.5% (Oct results) - Technology: Nikon Corp 7731.JP -4.4% (H1 results); Rakuten Inc 4755.JP -2.3% (9-month results); Avex Group Holdings Inc 7860.JP -9.2% (H1 results); Disco Corp 6146.JP +8.8% (H1 results); Toshiba Corporation 6502.JP -2.4% (plans on acquisition) - Utilities: TEPCO 9501.JP -1.5% (announces emergency staff measures)