Are You A Member Of The "1%" - In 2012 A Record 166 Americans Made Over $50 Million
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Analyzes relative attractiveness of different luxury product categories. • Criteria include retail economics, growth opportunities, competitive threats, consumer favor • Says Jewellery ranks high in terms of retail economics and enjoys material branding headroom and socio-demographic support • RTW emerges as most challenged category, as competition abounds – both in terms of countless high-end brands as well as fast-fashion alternatives • Says Richemont, Swatch, Luxottica look best positioned from category mix viewpoint
BOJ Gov Kuroda: Reiterates view that country on path at achieve 2% inflation; won't hesitate to take steps to achieve goal - Press Conference in Osaka - Too early to debate exit strategy for BOJ; easy policy having effects steadily as expected - Urges speedy implementation of growth strategy - Focus on whether domestic demand is sustainable and if overseas economies will recover - Vital for FX to move in stable manner
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Hermes Hasn’t Felt Slowdown in China, Axel Dumas Says: L’Opinion 2013-11-05 07:16:28.230 GMT
By Andrew Roberts Nov. 5 (Bloomberg) -- Hermes benefiting as China becomes more elitist, co-CEO Dumas says in interview with L’Opinion. * U.S. is “emerging country” where European brands can grow by double-digit percentage: Dumas * Japan remains country for future: Dumas * In Europe, Hermes profiting from influx of tourists; local clientele growing, except in Greece and Spain: Dumas * Online accounts for 1% of Hermes sales: Dumas * Hermes to open stores in Milan, Shanghai, Miami in 2014: Dumas * Strategy won’t change when Dumas becomes sole CEO in January: Dumas * Hermes to focus on strengthening production, developing historic crafts, pursuing international development and rethinking online strategy: Dumas * Hermes would be open to buying back LVMH stake if it were available: Dumas.
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To contact the reporter on this story: Andrew Roberts in Paris at +33-1-5365-5015 or aroberts36@bloomberg.net
To contact the editor responsible for this story: Celeste Perri at +31-20-589-8505 or cperri@bloomberg.net
Up
*HSBC RAISED TO BUY FROM NEUTRAL AT MIZUHO; PT HK$100, GBP8 *SIBANYE GOLD RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS *SOLOCAL GROUP RAISED TO NEUTRAL VS SELL AT GOLDMAN *TUPRAS RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
Down
*3I GROUP CUT TO HOLD VS BUY AT LIBERUM *ANSALDO CUT TO HOLD VS BUY AT KEPLER CHEUVREUX *ARYZTA CUT TO NEUTRAL VS BUY AT GOLDMAN *AXEL SPRINGER CUT TO SELL VS NEUTRAL AT GOLDMAN *BELGACOM CUT FROM OUTPERFORM AT MACQUARIE *CREDIT SUISSE CUT TO EQUALWEIGHT AT MORGAN STANLEY *ELECTRA PRIVATE EQUITY CUT TO HOLD VS BUY AT LIBERUM *FRAPORT CUT TO HOLD VS BUY AT DEUTSCHE BANK *HAVAS CUT TO NEUTRAL VS BUY AT GOLDMAN *HGCAPITAL TRUST CUT TO SELL VS HOLD AT LIBERUM *INDRA CUT TO SELL VS NEUTRAL AT UBS *INFORMA CUT TO NEUTRAL VS BUY AT GOLDMAN *MODERN TIMES CUT TO NEUTRAL VS BUY AT GOLDMAN *NYRSTAR CUT TO SELL VS NEUTRAL AT GOLDMAN *PEARSON CUT TO NEUTRAL VS BUY AT GOLDMAN *SIEMENS CUT TO NEUTRAL VS BUY AT UBS *STROER AG CUT TO NEUTRAL VS BUY AT GOLDMAN *SWEDISH MATCH CUT TO NEUTRAL VS BUY AT GOLDMAN *VEOLIA ENVIRONNEMENT CUT TO NEUTRAL AT HSBC *WEIR GROUP CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
PT change
*ArcelorMittal PT Raised to EU12 vs EU10.5 at Nomura *Banco Popolare PT Cut to EU1.15 vs EU1.36 at Morgan Stanley *CNH Industrial PT Cut to EU7.5 vs EU8 at Macquarie *EADS PT RAISED TO EU56 VS EU52 AT RBC; KEPT AT OUTPERFORM *Electrolux PT Cut to SEK175 vs SEK195 at Nomura; Kept at Neutral *Mediobanca PT Raised to EU6.9 vs EU5.5 at Morgan Stanley *Mediolanum PT Raised to EU6.25 vs EU6 at Goldman *Monte Paschi PT Cut to EU0.17 vs EU0.25 at Morgan Stanley *Poltrona Frau PT Raised to EU3 vs EU2.34 at Mediobanca *Pop. Milano PT Raised to EU0.5 vs EU0.35 at Morgan Stanley *UBI PT Raised to EU4.8 vs EU3.7 at Morgan Stanley *UniCredit PT Raised to EU5.72 vs EU5.51 at JPMorgan
Initiation
*ARKEMA ADDED TO CITI’S LEAST PREFERRED BEST IDEAS DATABASE *FOXTONS RATED NEW NEUTRAL AT CREDIT SUISSE, PT 322P *HENRY BOOT RATED NEW BUY AT NUMIS *JZ CAPITAL PARTNERS RATED NEW HOLD AT LIBERUM
Country Sector Stock Call
*PUBLICIS ADDED TO CONVICTION BUY LIST AT GOLDMAN *BSKYB CUT FROM CONVICTION BUY AT GOLDMAN, STILL A BUY *MEDIASET RAISED TO CONVICTION BUY VS NEUTRAL AT GOLDMAN *UBS REMOVED FROM CONVICTION BUY AT GOLDMAN, STILL A BUY *UBM ADDED TO CONVICTION BUY LIST AT GOLDMAN *UBS REMOVED FROM MORGAN STANLEY’S EUROPE BEST IDEAS LIST *Buy ING, UBS Says Ahead of 3Q
US market closed higher with small caps leazding after few trading days of underperformance...trrading volume were well below average...VIX @ 12,93 -2,64% ...today we are waiting for the ISM to be released...Fed dove Rosengren reiterates that US economy still challenged, unemployment remains high, and inflation still low; Hints that delaying the start of taper to the spring of 2014 would still have little impact on balance sheet relative to the Dec start ...PBoC out with a 3rd consecutive modest liquidity injection of CNY8B; Separately, China HSBC services PMI now in expansion for nearly 2 years. HSBC economist points to "broad-based improvement into 4Q, as greater volumes of new business translated into the second consecutive expansion of employment. Shanghai +0.3%...
Eur$ 1.3496 S&P fut +0.03% European fut +0.26%
Keep an eye on : - AMAG AV : AMAG 3Q Sales and Profit Fall on Declining Aluminum Price - AOX GY : Alstria Office 9M FFO Up 7.5%; Net Falls 26%; Confirms Targets - BEI GY : Beiersdorf Raises 2013 Sales, Ebit Forecasts - BMW GY : BMW 3Q Profit Beats, Rev. Misses; Full-Year Forecast Confirmed - DSM NA : DSM 3Q Revenue Misses Estimates, Repeats 2013 Outlook,Says Nutrition Performance Good, Repeats Units Goals - ENEL IM : Enel Sells Endesa's Assets to Enagas for EU600m, MF Reports - FME GY : Fresenius Medical 3Q Adj. Ebit $576m; Sees 2013 Net at Lower End - FRE GY : Fresenius SE 3Q Adj. Ebit Misses Est.; Confirms 2013 Forecast - HDD GY : Heidelberger Druck Narrows 2Q Loss, Ebitda Up; Confirms Outlook - HNR1 GY : Hannover Re 3Q Net EU205.5m vs EU265.5m; Confirms Profit Goal - HOLN VX : Holcim 3Q Net Above Estimates; Confirms FY Op. Profit Guidance - HSBA LN : HSBC Earnings, Optimistic Outlook Are Reassuring, Barclays Says - INGA NA : Buy ING, UBS Says Ahead of 3Q - PFV GY : Pfeiffer Vacuum 3Q Sales Fall, Orders Rise, Confirms FY Guidance - RAIVV FH : Raisio 3Q Ebit Improves in Year, Sales Decline; Keeps Forecast - SKYD GY : Sky Deutschland 3Q Ebitda Climbs 19% to EU29.2m, Beats Estimates - SY1 GY : Symrise 3Q Ebit EU76.4m, Est. EU77.4m; Forecasts Maintained - TIT IM : Telecom Italia SpA There is speculation the firm's strategy plan may involve a smaller capital raise and sale of Argentina unit - UCG IM : UniCredit Says EU650m of Tassari Debt to Convert to Equity - VLA FP : Valneva Sees Full-Year Loss At High End of EU20m-EU25m Forecast - VIV FP : Vivendi Sells 53% of Maroc Telecom to Etisalat for EU4.2B Cash
Asian Market Update: AUD falls as RBA escalates its discomfort with high exchange rate; China, India services PMIs recover further Tue, 05 Nov 2013 0:56 AM EST
***Observations/Insights*** - RBA leaves rates on hold as widely expected; Accompanying statement notably more cautious than last month, calling AUD exchange rate levels "uncomfortably high" and ramping up the need for weaker currency to balance growth. RBA also underscores uncertainty related to its outlook for improvement in private sector (ex-mining) demand, as well as adding that public sector investment will be weak. AUD falls moderately on the statement. - PBoC out with a 3rd consecutive modest liquidity injection of CNY8B; Separately, China HSBC services PMI now in expansion for nearly 2 years. HSBC economist points to "broad-based improvement into 4Q, as greater volumes of new business translated into the second consecutive expansion of employment. - Philippine and Taiwan inflation softer than expected. - Fed dove Rosengren reiterates that US economy still challenged, unemployment remains high, and inflation still low; Hints that delaying the start of taper to the spring of 2014 would still have little impact on balance sheet relative to the Dec start.
***Economic Data*** - (AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH RATE TARGET UNCHANGED AT 2.50%; AS EXPECTED - (AU) AUSTRALIA OCT AIG PERFORMANCE OF SERVICES INDEX: 47.9 V 47.1 PRIOR (7-month high) - (CN) CHINA OCT HSBC/MARKIT SERVICES PMI: 52.6 V 52.4 PRIOR (21st month of expansion) - (IN) INDIA OCT HSBC/MARKIT SERVICES PMI: 47.1 V 44.6 PRIOR; 4th straight contraction - (HK) HONG KONG OCT HSBC/MARKIT PMI: 50.1 V 50.0 PRIOR (highest reading in 7-months) - (PH) PHILIPPINES OCT CPI M/M: 0.1% V 0.4%E; Y/Y: 2.9% v 3.2%E; CPI CORE Y/Y: 2.5% V 2.4%E - (JP) JAPAN OCT MONETARY BASE Y/Y: 45.8% V 46.1% PRIOR (first sequential decline in 9 months) - (TW) TAIWAN OCT CPI Y/Y: 0.6% V 1.1%E; WPI Y/Y: -1.6% V -1.5%E - (KR) SOUTH KOREA OCT FOREIGN RESERVES: $343.2B V $336.9B PRIOR - (UK) UK OCT BRC SHOP PRICES INDEX Y/Y: 0.8% V 1.0%E
***Fixed Income/Commodities/Currencies*** - (CN) PBoC to inject CNY8B in 7-day reverse repos - (JP) BOJ offers to buy ¥250B in 1-3yr JGB, ¥350B in 3-5yr JGB and ¥200B in JGB with maturity more than 10-yr - (TW) Taiwan sells NT$25B in 9-month bills; avg yield 0.445%
- SLV: iShares Silver Trust ETF daily holdings fall to 10,497 tonnes (first fall since Oct 22nd) from 10,502 tonnes - (CN) China 2013 gold production may hit record high - Chinese press
- AUD traded lower in the wake of the RBA policy statement that singled out currency strength as a threat to rebalancing economy away from mining-dominated growth. AUD/USD fell about 40pips to 0.9465 session low, AUD/JPY was down over 30pips below 93.20, and AUD/NZD fell over 40pips from the highs below 1.1450. EUR/USD traded in a 20pip range around $1.35, while USD/JPY fell some 40pips to a low of 98.25 from the highs.
***Speakers/Political/In the Papers*** - (CN) Beijing may tighten high-priced real estate sales - financial press - (CN) China Premier Li Keqiang: an increase of 1% in GDP creates 1.5M jobs - financial press - (CN) China 54 cities Oct property market transaction volume 277K units, +5.5% m/m (2nd highest point in 2013) - financial press - (CN) China to raise 2014 solar installation target to 12GW v 10GW prior - financial press - (CN) China may conduct carbon emissions trial expansion - Chinese press
- (JP) Japan Fin Min Aso: want to respect fiscal council members request for spending cut - (JP) Japan Econ Min Amari: Cabinet agreed on special economic zone bill
- (AU) HSBC chief Australia economist Bloxham: Australian labor market to remain loose in Oct before improving in the coming months - SMH - (AU) Australia 's Minister for Industry Macfarlane: Expects to complete free trade agreement with China in H1 of 2014 following 9 years of negotiations - China Daily
- (KR) NYU Economist Roubini said to have expressed concern regarding South Korea's aging demographics and growing public debt during his meeting with Fin Min Hyun - Korean press - (PH) Philippines Central Bank Dep Gov Guinigundo: Philippine inflation to remain within target
- (US) Fed's Rosengren (dove, FOMC voter): Monetary policy should be data dependent; US economy still challenged, unemployment remains high, and inflation still low; May reduce asset purchases if there is enough evidence of sustainable recovery.
***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.2%, S&P/ASX +0.9%, Kospi -0.4%, Shanghai Composite -0.4%, Hang Seng -0.6%, Dec S&P500 -0.1% at 1,761, Dec gold flat at $1,315, Dec crude oil +0.1% at $94.72/brl
US earnings: - MDR: Reports Q3 -$0.27 (inc charges) v -$0.04e, R$686.9M v $751Me - filing; -8.6% afterhours - CF: Reports Q3 $4.07 v $3.84e, R$1.10B v $1.15Be; -2.8% afterhours - APC: Reports Q3 $1.13 v $1.18e, R$3.85B v $3.75Be; -1.9% afterhours - THC: Reports Q3 $0.45 v $0.46e, R2.41B v $2.40Be; -1.6% afterhours - TRGP: Reports Q3 $0.39 v $0.36e, R$1.56B v $1.59Be; -1.0% afterhours - UNM: Reports Q3 $0.85 v $0.82e, R$2.54B v $2.58Be; -0.2% afterhours
- WFT: Reports Q3 $0.23 v $0.21e, R$3.82B v $4.10Be; +0.2% afterhours - ED: Reports Q3 $1.58 v $1.41e, R$3.48B v $3.49Be; +0.3% afterhours - RKT: Reports Q4 $2.66 adj v $2.48e, R$2.49B v $2.58Be; +1.4% afterhours - MRO: Reports Q3 $0.87 v $0.78e, R$3.91B v $4.02Be; +1.7% afterhours - ORIG: Reports Q3 $0.30 ex items v $0.18e, R$328.5M v $301Me; +8.1% afterhours
Notable movers by sector: - Consumer discretionary: Asahi Group Holdings 2502.JP +2.6% (9M results); Genting Singapore Plc GENS.SG +1.3% (Q3 results) - Industrials: Minebea 6479.JP +18.0% (analyst action); CITIC Pacific Ltd 267.HK -1.3% (analyst action); Nissan Motor Co Ltd 7201.JP -10.0% (H1 results); Mitsui Chemical Inc 4183.JP -4.6% (H1 results); Mitsubishi Motors 7211.JP -4.0% (Oct results) - Materials: Ube Industries Ltd 4208.JP -5.8% (H1 results) - Financials: China Vanke Co Ltd 000002.CN -1.0% (Oct results) - Technology: Wintek Corp 2384.TW +0.5% (Oct results); Canon Inc 7751.JP -0.2%, Ricoh Co Ltd 7752.JP flat (warns on possible data leak) - Energy: Nisshinbo Holdings Inc 3105.JP -1.3% (facility plans in Brazil); Origin Energy ORG.AU +2.1% (project update) - Utilities: TEPCO 9501.JP -3.0% (considers reorganization)
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BFW 11/05 05:21 *VIVENDI SELLS 53% OF MAROC TELECOM TO ETISALAT FOR EU4.2B BFW 11/05 05:19 *CORRECT: VIVENDI SELLS STAKE FOR EU4.2B BN 11/05 05:19 *CORRECT: VIVENDI SELLS STAKE FOR EU4.2B BN 11/05 05:17 *VIVENDI SIGNS ACCORD WITH ETISALAT BN 11/05 05:16 *VIVENDI AGREEMENT ON MAROC TELECOM
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Vivendi Sells 53% of Maroc Telecom to Etisalat for EU4.2B Cash 2013-11-05 05:27:44.510 GMT
By David Whitehouse Nov. 5 (Bloomberg) -- Vivendi says agreement with Etisalat has been signed, remains subject to regulatory approval in countries where Maroc Telecom operates. * Vivendi confident transaction will be completed by early 2014.
Link to Company News:{ETISALAT UH <Equity> CN <GO>} Link to Company News:{VIV FP <Equity> CN <GO>} Link to Company News:{IAM MC <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: David Whitehouse at +33-1-5365-5059 or dwhitehouse1@bloomberg.net
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Merck Seen Adding $13 Billion With Pfizer Breakup Path: Real M&A 2013-11-05 00:00:00.7 GMT
(For a Real M&A columns news alert: SALT REALMNA <GO>.)
By Tara Lachapelle Nov. 5 (Bloomberg) -- Merck & Co., the second-biggest U.S. drugmaker, may be coming around to the idea of separating its businesses after the breakup of larger rival Pfizer Inc. boosted shareholder value by $50 billion. Merck Chairman and Chief Executive Officer Ken Frazier said last week that he’s evaluating whether the animal-health unit and consumer products would be better off outside the $134 billion company. Slimming down to focus on human medicines would follow in the footsteps of Pfizer, which spun off its animal- health unit and sold its baby formula business. Novartis AG also has identified its animal-health division as a top candidate to sell, Bloomberg News reported yesterday. Shares of Merck have trailed every other large drugmaker in the past 12 months and underperformed the Standard & Poor’s 500 Health Care Index since 2010, according to data compiled by Bloomberg. The Whitehouse Station, New Jersey-based company is firing 20 percent of its workers and grappling with declining sales and setbacks on experimental medicines. As some rivals boost investor returns through spinoffs and unit sales, Goldman Sachs Group Inc. estimates that there’s almost $13 billion of unrealized value within Merck’s conglomerate structure. “You have a road map laid out by Pfizer,” said David Heupel, a Minneapolis-based fund manager at Thrivent Financial for Lutherans, which oversees $12 billion in equity assets including Merck shares. “You don’t have to be the first company to go down that path and hope that it creates value because we have some proof that it does.”
Portfolio Evaluation
Medicines for animals, such as antibiotics and vaccines, generated $3.4 billion of sales last year, 7.2 percent of Merck’s $47 billion of total revenue. Consumer-care products, such as Coppertone suntan lotion, Claritin allergy medicine and the Dr. Scholl’s foot-care line, had $1.95 billion of sales. Merck is evaluating those units to determine whether they “produce the most value inside our portfolio or outside our portfolio,” Frazier, who has been CEO of Merck since January 2011, said on an earnings conference call Oct. 28. “We continue to evaluate all of our businesses -- including Animal Health and Consumer Care -- and currently view them as important components of our diverse portfolio, contributing both top and bottom line growth,” Steve Cragle, a spokesman for Merck, said in an e-mail yesterday. “If we were to view them as being more productive outside of Merck, we would consider alternatives.”
Pfizer Breakup
Pfizer sold its infant-nutrition business to Nestle SA for $11.9 billion in 2012, and then this year spun off its animal- health unit as a separate publicly traded company called Zoetis Inc. Pfizer stockholders received shares of Zoetis. Since first announcing the sale to Nestle, Pfizer’s market value has climbed by about $37 billion, data compiled by Bloomberg show. Including Zoetis’s current $16 billion market value, that’s a $53 billion increase for Pfizer shareholders. Bristol-Myers Squibb Co. decided to become a pure-play drugmaker by spinning off its baby-formula business, Mead Johnson Nutrition Co., in 2009. Abbott Laboratories also split off AbbVie Inc. less than a year ago to separate its non- pharmaceutical businesses from its best-selling arthritis drug Humira. Novartis, Europe’s biggest drugmaker by sales, is working with Goldman Sachs on a portfolio review, according to people familiar with the matter, who asked not to be named because the process is confidential. In addition to animal health, the $208 billion company is also considering selling its over-the-counter medicines unit and the vaccines operation, they said this week.
‘Intense’ Pressure
While Pfizer, Bristol-Myers and Novartis gained at least 22 percent in the past year, Merck has fallen 0.6 percent, making it the worst performing large pharmaceutical stock, data compiled by Bloomberg show. “Merck management is responding to intense shareholder pressure,” Mark Schoenebaum, a New York-based analyst at International Strategy & Investment Group LLC, said in an e-mail yesterday. Like Pfizer’s Zoetis, Merck’s animal-health business “could definitely stand on its own.” The unit is tucked inside a company that’s valued at 9.8 times its trailing 12-month earnings before interest, taxes, depreciation and amortization, data compiled by Bloomberg show. Zoetis fetches twice that.
Value Potential
“Merck has pretty attractive assets in its consumer and animal-health businesses,” Heupel of Thrivent said in a phone interview. “We’re comfortable in the belief that they would be worth more spun off, sold or divested than under Merck right now.” When valuing Merck’s units separately, they add up to $50 a share, according to Jami Rubin, a New York-based analyst at Goldman Sachs. With the stock at $45.72 yesterday, her estimate implies about $12.5 billion of value could be unlocked by breaking the company into pieces. The downside to selling or spinning off assets is that Merck would be giving up cash flow at a time when its core drug business faces challenges, Rubin wrote in an Oct. 29 report. Sales of its best-selling product, diabetes pill Januvia, fell 5 percent in the third quarter. Merck’s “management sounds like it will execute a deal soon,” such as divesting the animal-health or consumer units, or making an acquisition in oncology, Alex Arfaei, a New York- based analyst at Bank of Montreal, wrote in an Oct. 28 report.
Acquisition Money
Valeant Pharmaceuticals International Inc., the most acquisitive health-care company in the past three years, could buy some of Merck’s products in emerging markets or the company’s consumer products to complement its own over-the- counter business, Arfaei said. Laurie Little, a spokeswoman for Laval, Quebec-based Valeant, didn’t respond to a phone call or e-mail seeking comment. Merck could use the money from a unit sale to acquire or partner with a growing biotechnology company focused on human health care, said Herman Saftlas, a New York-based equity analyst at Standard & Poor’s. That said, Merck seems less willing to part with some of its smaller businesses than Pfizer was, he said. “It’s on the table, but whether it’s going to happen, I have high doubts,” Safltas said in a phone interview. “Pfizer was planning this for many years and sliced and diced the company very carefully into different portions that could be easily siphoned off. As far as Merck, this is the first time we’re hearing about something like this.” While Merck may be able to unlock as much value by driving sales growth of Januvia and better developing its pipeline, the company may be pushed to drive value faster, said Vamil Divan, a New York-based analyst at Credit Suisse Group AG. Streamlining operations “is the focus of the whole industry right now,” Divan said in a phone interview. “Frazier’s under pressure to get the stock working again, so he has to be more open to these ideas.”
For Related News and Information: Novartis Said to Explore Animal-Health Sale Amid Asset Review NSN MVR4WC6JIJVE <GO> Merck Narrows Full-Year Forecast as Sales of Januvia Stall NSN MVEAVI6JTSF6 <GO> Pfizer Breakup Talk Stoked by Discount to Drug Stocks: Real M&A NSN MHVHKU1A74E9 <GO> Merck deal news: MRK US <Equity> TCNI MNA <GO> Bloomberg Industries - Large Pharma Research: BI PHRMG <GO> Real M&A columns: NI REALMNA <GO> Top deal stories: DTOP <GO>
--With assistance from Drew Armstrong in New York, Eva von Schaper in Munich, Albertina Torsoli in Geneva and Matthew Campbell in London. Editors: Sarah Rabil, Beth Williams
To contact the reporter on this story: Tara Lachapelle in New York at +1-212-617-8911 or tlachapelle@bloomberg.net
To contact the editor responsible for this story: Sarah Rabil at +1-212-617-5992 or srabil@bloomberg.net