>>> U.S. Steel beats by $0.31, misses on revs

U.S. Steel beats by $0.31, misses on revs

Reports Q3 (Sep) loss of $0.14 per share, excluding excluding an after-tax non-cash goodwill impairment charge of $1.8 billion, or $12.24 per diluted share, $0.31 better than the Capital IQ Consensus Estimate of ($0.45); revenues fell 11.2% year/year to $4.13 bln vs the $4.32 bln consensus.

As of September 30, 2013, U. S. Steel had $697 mln of cash and $2.4 bln of total liquidity

Reportable Segments and Other Businesses •Flat-rolled segment results from operations improved versus the second quarter due to an increase in average realized prices and lower repairs and maintenance costs partially offset by reduced shipments. ◦Average realized prices increased compared to the second quarter due to higher spot market prices. ◦Shipments decreased significantly due to a planned blast furnace outage at our Great Lakes Works and the Lake Erie Works labor dispute. •Third quarter results for our European segment decreased compared to the second quarter. A scheduled blast furnace outage resulted in significantly lower shipments and increased facility repairs and maintenance costs. Average realized euro-based prices were comparable to the second quarter as decreases in spot and contract market prices were offset by the positive effect of a higher percentage of value-added shipments. •Third quarter results for our Tubular segment were comparable to the second quarter. Shipments and average realized prices increased slightly primarily due to a higher percentage of alloy and seamless shipments. Operating costs increased due to higher repairs and maintenance costs. Outlook/commentary "We expect total reportable segment and Other Businesses income from operations to decrease compared to the third quarter due primarily to planned maintenance outages in our Flat-rolled segment...Results for our European segment are projected to improve compared to the third quarter and Tubular results are expected to be comparable to the third quarter...Fourth quarter results for our Flat-rolled segment are expected to be near breakeven...We expect results for our European segment to improve in the fourth quarter and return to profitability due to higher shipments and lower facility repairs and maintenance costs as a blast furnace outage was completed in the third quarter..."

>>> Telstra, Alcatel-Lucent achieve 100Mbps over copper

Telstra, Alcatel-Lucent achieve 100Mbps over copper

Australian carrier Telstra and Alcatel-Lucent have achieved speeds of up to 100 Mbps over existing copper networks using noise-cancelling technology, reports The Australian. The trials, which used vectoring technology, began in September. Alcatel-Lucent is also involved in newly announced trials with NBN Co to test fibre-to-the-basement technology for multi-dwelling unit

>>> Europe Luxury 3Q Growth Similar to 1H: Exane; Prefers Swatch

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Europe Luxury 3Q Growth Similar to 1H: Exane; Prefers Swatch 2013-10-29 08:09:06.455 GMT

By Heather Burke Oct. 29 (Bloomberg) -- European luxury 3Q sales updates to date suggest organic growth similar to 1H, Exane says; prefers hard luxury cos. including Richemont, Swatch, Hermes. * LVMH, Kering, Burberry reports didn’t show sequential improvement in calendar 3Q even with easier y/y comparables * Weak demand in mainland China dampened growth in 2H; demand mixed in rest of world * Adverse FX boosts level of organic growth needed to meet consensus ests. * Richemont appears supported in S-T by jewelry growth, watch market slowly improving (outperform) * Swatch may be helped by watch mkt, retail development (outperform) * NOTE: Luxury Market Headed for Slowest Year of Growth Since 2009: Bain * NOTE Oct. 25: Kering Tumbles in Paris as Gucci Slowdown Hurts Growth * NOTE Oct. 16: LVMH Slumps on Concern Over Fashion, Leather Goods Slowdown

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--Editor: Nadine Skoczylas

To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net

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

(BofA-ML) Equity Client Flow Trends

Consumer Discretionary sees biggest outflows ever

* Most selling by hedge funds since 2008 Last week, during which the S&P 500 was up 0.9%, BofAML clients were net sellers of $963mn of US stocks following the prior week’s large net buying. Net sales were entirely due to hedge funds, whose net sales were the largest since December 2008, and the second-largest in our data history. Despite this, hedge funds still remain small cumulative net buyers year-to-date. Institutional clients were net buyers for the second consecutive week—but remain the biggest net sellers YTD—while private clients continued their net buying streak (with purchases of equities in 21 of the last 22 weeks). Private clients are the largest net buyers of equities year-to-date, with $15bn of inflows into ETFs and $2bn of inflows into single stocks. By size segment, large, mid and small caps all saw outflows last week, and only mid caps have seen inflows YTD.

* Biggest outflows ever from Consumer Discretionary stocks Net sales last week were led by Consumer Discretionary, where outflows were the largest in our data history (since 2008). Tech, Financials and Staples also saw large net sales. The largest inflows were into ETFs, while Energy stocks also saw big inflows (largest since July 2012). Industrials currently has the longest net buying trend at four consecutive weeks, while no sector has seen two consecutive weeks of net sales. Based on four-week average flows, which are less volatile, clients continue to prefer defensives over cyclicals: Consumer Staples and Utilities have the longest net buying trends (since mid August), while Energy, Tech and Discretionary have the longest net selling trends (since late September).

* Other notable flows: All clients bought Energy, sold Staples - Hedge funds’ near-record net sales were due to outflows across eight of the ten sectors, led by Consumer Discretionary. Only Health Care and Energy saw net buying by hedge funds last week. - All three client groups were net buyers of Energy last week, while Staples saw net sales by all three groups. - Flows varied by size segment, as no size segment saw net buying or net selling by all three client groups last week. - BofAML pension fund clients were net sellers of US stocks for the third consecutive week last week, chiefly due to sales of ETFs. Their largest net buys were of Materials. This group remains a net seller YTD. For details, see pg 9.

>>>Fimalac Fnac and Fimalac Groups are joining forces to develop ticketing solut

Fimalac Fnac and Fimalac Groups are joining forces to develop ticketing solutions and acquire the company Datasport - The shares will be acquired through a rights issue and the proceeds will be used by Kyro to finance the acquisition of Datasport (DSP), a leader in sports event ticketing for over 20 years. - Together, Fnac and Fimalac will support the development of Kyro's business in the entertainment segment, while the acquisition of Datasport will allow the two partners to strengthen their position in sports events.

(BFW) Linde May See Some Profit Taking on Outlook Cut, JPMorgan Says

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Linde May See Some Profit Taking on Outlook Cut, JPMorgan Says 2013-10-29 07:51:32.658 GMT

By Chiara Remondini Oct. 29 (Bloomberg) -- Linde’s investors may be slightly disappointed by weak 4Q outlook, take profits, JPMorgan says.

JPMORGAN (neutral) * 2013 profit target marginally cut due to weak FX going forward * Beat due to strong margins in Gases division * Organic rev. growth of +2.6% at lower end

GOLDMAN (buy) * Underlying 3Q in line, Ebitda at EU1.03b helped by EU57m div. payment from co. in which Linde holds an investment * Ebitda in line with ests. stripping out div. payment

KEPLER CHEUVREUX (buy) * Mixed 3Q numbers * Slight target cut due to stronger-than-expected FX impacts, will be seen as negative

DZ BANK (buy) * 3Q above ests. * 2013 target adjusted due to adverse currency effects as expected

* Earlier: Linde 3Q operating profit beats est.; trims 2013 profit forecast * Indicated 1.4% lower in Lang&Schwarz pre-market * Linde key quarterly earnings metrics: BI Analyzer * Statement

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

--Editor: Nadine Skoczylas

To contact the reporter on this story: 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

>>> TULLOW OIL TLW WELL UPDATE, NORWAY

Well update - Wisting Alternative, Norway

29 October 2013 - Tullow Oil plc (Tullow) announces that the Wisting Alternative well (7324/7-1S), offshore Norway in the Barents Sea, has reached Total Depth. The well was not appraising the major discovery at Wisting Central and encountered oil shows in the deeper targeted Kobbe and Snadd formations but the reservoir rock was of poor quality where penetrated.

Wisting Alternative was drilled five kilometres north west of the Wisting Central light oil discovery, announced on 6 September 2013, in a deeper independent structure. Following the completion of drilling operations, extensive data acquisition and sampling has been carried out and the well will now be plugged and abandoned. Work will continue on evaluating the Wisting Central discovery and understanding the regional geology.

The well was drilled by the Leiv Eiriksson semi submersible rig and is located approximately 315 kilometres north of Hammerfest. The well was drilled to a total depth of approximately 2,452 metres in a water depth of 413 metres.

The Wisting Alternative well is located in licence PL537 in which Tullow has a 20% interest. OMV (Norge) are the operator with a 25% interest while Idemitsu (20%), Statoil (15%) and Petoro (20%) are also partners.