FT : Apple software to drive smart Ferrari

Apple software to drive smart Ferrari

First the mobile phone, now the car. Having revolutionised personal communication Apple now wants to change the way we drive.
The technology group will next week launch its first in-car operating system with Ferrari, Mercedes-Benz and Volvo as it attempts to take the lead in a fierce race to dominate tomorrow’s smart cars.
The breakthrough comes amid a swirl of market rumours that Apple could be eyeing a bid for electric carmaker Tesla Motors. Google and other technology companies are already working on plans to develop their own car models alongside traditional automotive manufacturers.

The deal marks the first time that Apple is embedding its software in devices other than its own branded products. The choice of the Ferrari, Volvo and Mercedes-Benz is seen to be in keeping with the US tech group’s high-end phones.
Apple’s head of internet software and services, Eddy Cue, joined the Ferrari board in 2012, saying at the time that he had “personally dreamed of owning a Ferrari since I was 8 years old and have been lucky to be an owner for the past 5 years.”
Cars connected to the internet and seamlessly integrated with personal communication devices are seen as the harbingers of vehicles that can drive themselves, mobile offices and “mobility solutions” for cities where all vehicles are controlled or monitored from a central database.
Carmakers are engaged in a fierce battle for control of car dashboards as incumbents fight with technology companies such as Microsoft and IBM to develop the software systems that will power the connected cars of tomorrow.
Rupert Stadler, chairman of Audi, used his keynote speech at January’s Consumer Electronics Forum, the technology industry’s annual symposium, to herald a new era of “connected cars” that would see automobiles become “the largest social mobile devices we own.”
The official announcement of Apple’s deal will be made at next week’s Geneva Motor Show, sources told the Financial Times. A number of other manufacturers are expected to incorporate it into models in 2014. Apple, and the carmakers declined to comment
Drivers will be able to use Apple Maps as in-car navigation, as well as listen to music and watch films. Calls can be made through the system, which will tie into the Siri voice recognition platform so that messages can be read to the driver who can respond by dictating a reply.
An Apple powered car has been expected since the launch of its updated iOS 7 software. Cars can already play music through Apple devices but this allows the iOS software on the screen to be built into the car.
Apple showed the first images of the “iOS in the Car” platform at a developer conference last year, which in effect mirrors the iPhone on the in-car display.

>>> Moody's revises Luxembourg outlook to stable from negative; affirms AAA sov

 Moody's revises Luxembourg outlook to stable from negative; affirms AAA sovereign rating
- The key drivers of today's outlook change are as follows: 
(1) Moody's believes there is now a lower likelihood that Luxembourg's government balance sheet will need to contribute to further collective support to non-core euro area countries, and in particular to Italy or Spain. Furthermore, Moody's believes that Luxembourg's exposure to contagion risks within the wider euro area has reduced. 
(2) The Luxembourg economy is steadily recovering, with the financial services industry providing a notable contribution. 

- Moody's affirmed Luxembourg's Aaa rating due to: 
(1) The continued soundness of public finances, as reflected in low debt metrics and high financial flexibility. 
(2) Moody's expectation that medium to-long-term challenges in the economic and public finance sphere will continue to be proactively addressed by the authorities.

>>> Moody's revises Germany outlook to stable from negative; affirms AAA soverei

Moody's revises Germany outlook to stable from negative; affirms AAA sovereign rating
- The key drivers for today's outlook change are: (1) Diminished risks that Germany's government balance sheet will be affected by further collective support to other euro area countries, in particular to Italy (Baa2 stable) or Spain (Baa2 positive), along with reduced contagion risks within the wider euro area. (2) Progress with respect to fiscal consolidation as reflected in nearly balanced budgets in 2012 and 2013 and a declining debt-to-GDP ratio. (3) Diminished risks that Germany's government balance sheet will be affected by a further crystallization of contingent liabilities from the German banking system. 
- Moody's has affirmed Germany's Aaa rating due to the country's advanced and diversified economy, very high debt affordability and a history of stability-oriented macroeconomic policies.

>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: NIHD -24.4%, ELGX -22.2% (also downgraded to Perform from Outperform at Oppenheimer), APEI -15.7% (also downgraded to Market Perform from Outperform at BMO Capital), DECK -13.8% (also downgraded to Hold from Buy at Jefferies; tgt lowered to $75 from $100; upgraded to Positive from Neutral at Susquehanna ), YUME -13.8% (YuMe downgraded to Neutral from Buy at Citigroup), KBR -11.5% (also downgraded to Hold from Buy at BB&T Capital Mkts ), BONA -10.7%, MDVN -10.1% (also downgraded to Underperform from Mkt Perform at Cowen), CHUY -9.7%, PSO -7%, SQNM -6.6%, ENDP -4.3% (Endo Health announces departure of Chief Scientific Officer), PIR -4.3%, AVD -4.1% (light volume), SWN -3.8%,PKT -3.3%, ACAD -3.3%, CLNE -3.2%, DRRX -2%, BID -1.8% (also Third Point LLC Responds to Sotheby's Conclusion That Daniel S. Loeb Would Be an Appropriate Member of the Company's Board of Directors), AMAP -1.8%, SPLK -1.6%, KOG -1.5%, CEMP -1.4% (light volume), OLED -1.2%, GPS -1.2% (Gap's Old Navy opens its first store in Mainland China; upgraded to Neutral from Underweight at Atlantic Equities), HALO -1.1%, NOG -0.9% (light volume), ROST -0.4%.

Select financial related names showing weakness: RBS -1.8%, HSBC -1.1%, SAN -1%, BCS -0.7%.

Airline names lower following UAL Q1 update: UAL -3.7% ( lowers Q1 capacity outlook due to weather), JBLU -0.9%, DAL -0.7%, AAL -0.6%

Other news: MTL -15.6% (down on financing speculation -- co has responded and says it is pure speculation -- see 646 comment for color), IMI -16.9% (light volume, Intermolecular announced that the development activity related to the Collaborative Development Program agreement with SanDisk (SNDK) and Toshiba (TOSBF) has reached its successful conclusion), CGEN -7% (announces proposed public offering of ordinary shares), MGIC -6.2% (announces proposed public offering of its ordinary shares, size not disclosed), NEPT -4.4% ( announces common stock offering ; number of shares to be determine by price of offering), CLNY -2.4% (prices $13 mln shares of common stock), AMPE -2.4% (prices 8.5 mln shares of common stock at $7.00 per share), P -1.5% (following AMZN news), QCOR -1.4% (following yesterday's 7 point decline; reports out indicate the FDA will review lab results discussed in Citron Research article), RDY -1.3% (still checking), RIO -1% (still checking for something specific), NE -0.6% (provides update on the status of drilling rig in Brazil; 77 non-essential personnel were evacuated from the rig without injuries, and no pollution has been reported), DPM -0.4% (prices offering of 12.5 mln common units at $48.90 per unit).

Analyst comments: ITMN -2.1% (downgraded to Neutral from Outperform at Credit Suisse), PAAS -1.4% (downgraded to Hold from Buy at Deutsche Bank), MWE -1.1% (downgraded to Market Perform from Outperform at Wells Fargo; downgraded to Equal-Weight from Overweight at Morgan Stanley), VNR -1% (downgraded to Market Perform from Outperform at Wells Fargo; downgraded to Sector Perform at RBC Capital Mkts), MYL -0.5% ( downgraded to Hold at Needham; even deal fever eventually breaks).

>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance: CETV +19.9% (also announces refinancing of 2016 notes with proceeds from a rights offering and financing provided by Time Warner), OVTI +15.4%, IG +13.1%, YOKU +11.1%, WUBA +10.7%, MELI +10.4%, NMBL +9% (also assumed with a Buy at Needham; tgt $62; strong F4Q & F1Q outlook), REGI +7.2%, SLXP +4.7%, EVC +3.8% (light volume), EPZM +3.7%, AT +3.6%, AL +3.5%, (light volume), TUMI +3% (light volume), JOE +3% (light volume), GLOG +2.9%, BCEI +2.9% (ticking higher), PMC +2.8% (light volume), FNHC +2.7% (thinly traded), MNST +2.6%, QUNR +2.4%, CLVS +2.1%, AUXL +2.1%, DDD +1.8%, SFM +0.8%, CRM +0.6% .

M&A related: SOHU +7.3% (Sohu and Tencent video segment merger speculation), JOSB +3.6% and MW +2.9% (Jos. A. Bank rejects $63.50 per share tender offer; agrees to meet with the Men's Warehouse - willing to consider a higher price), ARIA +1.1% (continued strength following late push higher on M&A speculation).

Other news: MEIP +24% (Treatment of acute myeloid leulemia received orphan designation), CLSN +8.1% (announces positive interim data from Phase 2 DIGNITY trial in breast cancer), CARA +6% (continued strength), NVAX +5.3% (Announces Extension of Contract for Advanced Development of Recombinant Influenza Products and Pandemic Preparedness With HHS-BARDA), QIWI+4.8% (may be attributed to Ukraine plans to limit FX cash withdrawals to UAH15K per day), PRKR +4.3% (. announces Qualcomm (QCOM) dismisses counterclaims against ParkerVision), GLUU +4% (may be attributed to MAT buying MEGA Brands), ZU +2.2% (continued momentum), ESI +2.1% ( S.A.C. Capital discloses 5.0% passive stake in 13G filing), ALU +1.9% (still checking for anything specific), ACT +1.7% (ticking higher; confirms that it has filed an Abbreviated New Drug Application with the FDA seeking approval to market Dronedarone Hydrochloride Tablets 400 mg), WDAY +1.2% (following positive MadMoney mention),WHR +0.7% (ticking higher following positive MadMoney mention), PEP +0.4% (Director Cook in letter to activist Nelson Peltz: Board and mgmt are comfortable and in complete alignment in rejecting your proposal), HOT +0.1% (following positive MadMoney mention).

Analyst comments: MITT +1.4% (upgraded to Buy at Wunderlich; tgt raised to $19), CS +1.1% (upgraded to Overweight from Equal Weight at Barclays), TOT +0.7% (upgraded to Buy from Neutral at UBS), TRIP +0.6% (upgraded to Neutral from Negative at Susquehanna)

>>> US Early premarket gappers

Early premarket gappers

Gapping up: MEIP +24%, OVTI +15.1%, IG +11.9%, MELI +10.4%, YOKU +8.9%, WUBA +8.4%, CLSN +8.1%, REGI +7.2%, NMBL +5.7%, NVAX +5.3%, SLXP +4.7%, PRKR +4.3%, GLUU +4%, EVC +3.8%, EPZM +3.7%, AT +3.6%, AL +3.5%, ESV +3.4%, JOSB +3%, TUMI +3%, JOE +3%, MW +2.9%, FNHC +2.7%, MNST +2.6%, ESI +2.1%, CLVS +2.1%, ALU +1.9%, QUNR+1.6%, CRM +1%

Gapping down: MTL -25%, ELGX -20%, APEI -15.7%, DECK -13.8%, YUME -13.8%, KBR -10.4%, CHUY -9.7%, CGEN -7%, PSO -7%, SQNM -6.6%, MGIC -6.2%, BONA -4.5%, NEPT -4.4%, MDVN -4.2%, AVD -4.1%, SWN -3.8%, UAL -3.7%, PKT -3.3%, ACAD -3.3%, CLNE -3.2%, CLNY -2.4%, AMPE -2.4%, DRRX -2%, ONVO -1.9%, RBS -1.8%, BID -1.8%, TTM -1.6%, SPLK-1.6%, KOG -1.5%, QCOR -1.4%, CEMP -1.4%, OLED -1.2%, HALO -1.1%, NOG -0.9%

(APW) IMF 'Ready to Respond' to Ukraine Aid Bid

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IMF 'Ready to Respond' to Ukraine Aid Bid 2014-02-27 15:53:06.338 GMT

By JUERGEN BAETZ Brussels (AP) -- The International Monetary Fund will answer Ukraine's call for financial help "at this critical moment in its history," fund chief Christine Lagarde said Thursday. In the IMF's first official statement on Ukraine since the country's political crisis intensified last week, Lagarde said a fact-finding team will be sent to Kiev in the coming days to assess the financial needs. "We are ready to respond," she said. The mission will help the IMF understand the economic situation and its officials will start discussing with Ukrainian authorities what reforms would be required in exchange for an emergency loan program, she added. Ukraine's finance ministry has said it needs $35 billion for this year and next to avoid default. The political turmoil since the end of last year has roiled the economy, depleted the central bank's reserves and sent its currency tumbling. Any financial help from the IMF for the country of 46 million is likely to come with tough conditions attached, including demands for budget cuts, structural reforms and a devaluation of the currency to make the economy more competitive. The IMF would also likely demand a sharp increase in the price of natural gas, which the country heavily subsidizes. Those measures are likely to be unpopular and dent the support of any new government. A devaluation of the currency would hurt Ukrainians' quality of life as it would cause import prices to soar. More expensive energy would further hurt consumers' budgets. Ukraine officially asked the IMF for help Thursday, Lagarde said. The IMF said it is in talks with several nations and other multilateral organizations — institutions like the World Bank or the European Union — to determine the best way of assisting Ukraine. Ukraine has a fraught relationship with the IMF, however. It previously sought help from the Washington-based fund but then failed to keep to the terms of earlier bailouts in 2008 and 2010. Negotiations on the conditions for a new IMF loan package are likely to last months, and officials said no deal can be reached before a stable, elected government is in place. Officials say Ukraine will need financial assistance rapidly, even before a full IMF package can be concluded. The EU has offered to bridge that gap, while declining to specify how much money will be needed. The U.S. is also looking into how it can assist. Estimates of Ukraine's financing needs vary, but analysts say the country might need a total of $20 billion to $25 billion for 2014 and 2015, perhaps $15 billion this year and $10 billion the next. The money would help pay salaries and pensions and maturing bonds. Ukraine had a promise of $15 billion in help from Russia — but that's on hold after parliament voted Saturday to remove pro-Russian President Viktor Yanukovych and take the country closer to the 28-nation EU instead. Kiev has only gotten $3 billion of Moscow's bailout cash. ___ Follow Juergen Baetz on Twitter at http://www.twitter.com/jbaetz

-0- Feb/27/2014 15:53 GMT