>>> US Early premarket gappers

Early premarket gappers

Gapping up: MLNK +11%, EMKR +10.4%, OXGN +8.5%, BORN +6.1%, BBVA +1.6%, CSX +1.5%, BCS +1.4%, MAT +1.4%, DB +1.3%, RCL +1.3%, GPOR +1.3%, PCYC +1.1%, TEF +1.1%, TSLA +1.1%, YHOO +1.1%, BAC +1.1%, IBM +1%

Gapping down: WTSL -8.9%, JOEZ -7.6%, SWK -7.5%, MCP -5%, LBY -4.1%, GY -3.8%, OCZ -3.8%, LLTC -2.7%, OMC -1.9%, GDP -1.8%, ACI -1.7%, C -1.4%, IBKR -1.4%, BBL -1.3%, INTC -1.3%, HLF -0.7%, GMCR -0.5%

>>> Bank of America beats by $0.01, reports revs in-line

Bank of America beats by $0.01, reports revs in-line

Reports Q3 (Sep) earnings of $0.20 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 5.3% year/year to $21.74 bln vs the $21.74 bln consensus. Relative to the year-ago quarter, the results for the third quarter of 2013 were driven by reduced negative credit valuation adjustments on the company's credit spreads and increases in equity investment income, net interest income and investment and brokerage income. The company also benefited from improved credit quality and lower expenses. These factors were partially offset by lower mortgage banking income and the negative impact from remeasuring certain deferred tax assets due to the U.K. corporate income tax rate reduction enacted in July 2013. •Net interest income, on an FTE basis, totaled $10.5 billion in the third quarter of 2013, compared to $10.2 billion in the third quarter of 2012A. The improvement was driven by reductions in long-term debt balances, less negative market-related premium amortization, lower rates paid on deposits, and higher commercial loan balances. These factors were partially offset by lower consumer loan balances and lower asset yields. •Net interest margin was 2.44 percent in the third quarter of 2013, compared to 2.32 percent in the third quarter of 2012. •Noninterest income increased $774 million from the year-ago quarter, led by lower negative FVO adjustments, higher equity investment income primarily related to the gain on the sale of the company's remaining China Construction Bank (CCB) shares in the current quarter, and improved investment and brokerage income.The provision for credit losses was $296 million in the third quarter of 2013, down $915 million from the second quarter of 2013 and $1.5 billion less than the third quarter of 2012. •The provision for credit losses was lower than net charge-offs, resulting in a $1.4 billion reduction in the allowance for credit losses in the third quarter of 2013. •Noninterest expense was $16.4 billion, compared to $17.5 billion in the year-ago quarter, driven primarily by lower litigation expense, reduced expenses in Legacy Assets and Servicing (LAS) and lower personnel expense as the company continued to streamline processes and achieve cost savings. •Litigation expense was $1.1 billion in the third quarter of 2013, compared to $471 million in the second quarter of 2013 and $1.6 billion in the third quarter of 2012. Consumer & Business Banking •Consumer and Business Banking reported net income of $1.8 billion, up $428 million, or 32 percent, from the year-ago quarter, driven by higher revenue, lower provision expense and lower noninterest expense. Revenue of $7.5 billion increased $263 million from the year-ago quarter, driven by higher net interest income, partially offset by the impact of the continued low-rate environment on deposit spreads and lower average loans. •Consumer Real Estate Services reported a net loss of $1.0 billion for the third quarter of 2013, compared to a net loss of $857 million for the same period in 2012. Revenue declined $1.5 billion from the third quarter of 2012 to $1.6 billion. Noninterest income was $844 million, a decrease of $1.5 billion from the year-ago quarter, primarily due to lower servicing income and lower core production revenue. Core production revenue was $465 million in the third quarter of 2013, down from $944 million in the year-ago quarter, due largely to lower interest rate lock commitments and lower margins. The provision for representations and warranties was $323 million in the third quarter of 2013, compared to $307 million in the third quarter of 2012. Global Wealth and Investment Management •Global Wealth and Investment Management net income rose 26 percent from the third quarter of 2012 to $719 million, reflecting solid revenue performance and low credit costs. Revenue increased 8 percent from the year-ago quarter to $4.4 billion, driven by higher asset management fees related to long-term AUM flows and higher market levels, as well as higher net interest income. Global Banking •Global Banking reported net income of $1.1 billion in the third quarter of 2013, slightly down from the year-ago quarter, as an increase in revenue was offset by higher provision for credit losses as the company continued to build reserves for loan growth. Revenue of $4.0 billion was up $223 million, or 6 percent, from the third quarter of 2012, reflecting higher net interest income driven by loan growth. Global Markets reported a net loss of $778 million in the third quarter of 2013, compared to a loss of $276 million in the year-ago quarter. Excluding DVA and the impact of the U.K. tax rate change, net income was $531 million in the third quarter of 2013, compared to $872 million in the year-ago quarter. Global Markets revenue increased $98 million, or 3 percent, from the year-ago quarter to $3.4 billion. Excluding DVAF, revenue decreased $193 million, or 5 percent, to $3.7 billion driven by lower revenue across the Fixed Income businesses partially offset by improved performance in Equities. DVA losses were $291 million, compared to losses of $582 million in the year-ago quarter. •Fixed Income, Currency and Commodities sales and trading revenue, excluding DVAG, was $2.0 billion in the third quarter of 2013, a decrease of $501 million from the year-ago quarter, driven by lower market volumes arising from concerns around monetary policy as well as political uncertainty domestically and abroad. •Equities sales and trading revenue, excluding DVAG, was $970 million, an increase of $255 million, or 36 percent, from the year-ago quarter due to continued gains in market share and increased market volumes. Capital •As of September 30, 2013, the company's Tier 1 common capital ratio on a Basel 3 fully phased-in basis under the advanced approach is estimated at 9.94 percent, up from 9.60 percent at June 30, 2013 and 8.97 percent at September 30, 2012. The increase in the estimated Basel 3 Tier 1 common capital ratio from the second quarter of 2013 was primarily due to earnings, lower deductions for deferred tax assets and increases in accumulated other comprehensive income. Estimated Basel 3 risk-weighted assets increased modestly compared to the second quarter of 2013. •Tangible book value per share was $13.62 at September 30, 2013, compared to $13.32 at June 30, 2013 and $13.48 at September 30, 2012. Book value per share was $20.50 at September 30, 2013, compared to $20.18 at June 30, 2013 and $20.40 at September 30, 2012.

>>> U.S. Bancorp reports EPS in-line, misses on revs; NIM unchanged at 3.43% QoQ

U.S. Bancorp reports EPS in-line, misses on revs; NIM unchanged at 3.43% QoQ

Reports Q3 (Sep) earnings of $0.76 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.76; revenues fell 5.6% year/year to $4.89 bln vs the $4.95 bln consensus. •Total net revenue on a taxable-equivalent basis for the third quarter of 2013 was $4,891 mln; $288 mln (5.6 percent) lower than the third quarter of 2012, reflecting a 2.5 percent decrease in net interest income and a 9.1 percent decrease in noninterest income. •USB reported 22.5 bln of mortgage and other retail loan originations. •The net interest margin in the third quarter of 2013 was 3.43 percent, compared with 3.59 percent in the third quarter of 2012, and 3.43 percent in the second quarter of 2013. •Net interest income declined year-over-year, as an increase in average earning assets was offset by a decrease in the net interest margin. Noninterest income declined year-over-year, primarily due to lower mortgage banking revenue. •The Company's provision for credit losses for the third quarter of 2013 was $298 mln, $64 mln lower than the prior quarter and $190 mln lower than the third quarter of 2012. •Average total loans were $12.4 bln (5.7 percent) higher in the third quarter of 2013 than the third quarter of 2012, driven by growth in residential mortgages (19.9 percent), commercial loans (10.9 percent), retail leasing (7.8 percent), total commercial real estate (5.1 percent), credit card (2.3 percent) and other retail loans (1.1 percent). •On a linked quarter basis, net charge-offs decreased $64 mln (16.3 percent), and nonperforming assets, excluding covered assets, decreased $41 mln (2.1 percent). The allowance for credit losses was $4,578 mln at September 30, 2013, compared with $4,612 mln at June 30, 2013, and $4,771 mln at September 30, 2012. •USB reports Tier 1 common equity ratio of 8.6 percent estimated using final rules for Basel III standardized approach released July 2013. •"The Company's third quarter earnings of $1.5 bln, or $.76 per diluted common share, reflected our continuing ability to manage through the current uncertain and slow-growing economy. Our Company produced industry-leading performance metrics, including return on average assets of 1.65 percent, return on average common equity of 15.8 percent and an efficiency ratio of 52.4 percent, as our diversified mix of businesses mitigated the impact of the pull-back in mortgage banking activity."

>>> PepsiCo beats by $0.07, reports revs in-line; reaffirms FY13 guidance

PepsiCo beats by $0.07, reports revs in-line; reaffirms FY13 guidance

Reports Q3 (Sep) earnings of $1.24 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $1.17; revenues rose 1.5% year/year to $16.91 bln vs the $16.98 bln consensus.

•Organic revenue increased 3.9% year to date and core constant currency operating profit increased 8% year to date. Reported operating profit increased 6% year to date. •Core gross margin expanded 70 basis points in the quarter reflecting implementation of effective revenue management strategies. •PepsiCo Americas Foods organic revenue grew 7% in the quarter driven by mid-single-digit organic revenue growth at Frito-Lay North America and double-digit organic revenue growth in Latin America Foods. Reported net revenue increased 5% in the quarter driven by mid-single-digit net revenue growth at Frito-Lay North America and high-single-digit net revenue growth at Latin America Foods. •In the U.S., the company's largest market, grew value, volume and unit market share in salty snacks in the quarter. •Despite a challenging North America LRB category, NAB sequentially improved both volume and value market share performance in measured channels while leading the industry in net price realization at retail. •AMEA organic revenue grew 6% in the quarter reflecting organic volume growth in both snacks and beverages, despite political and marketplace volatility in certain markets, notably Egypt and India. Year-to-date, AMEA organic revenue increased 11%. Reported net revenue in AMEA declined 3% in the quarter and 3% year to date, reflecting the impact of structural changes and foreign exchange translation. •Developing and emerging market organic revenue grew 9% in the quarter. On a reported basis, developing and emerging market net revenue grew 4 percent in the quarter reflecting structural changes and unfavorable foreign exchange translation. Consistent with its previous guidance for 2013, the co expects 7% core constant currency EPS growth versus its fiscal 2012 core EPS of $4.10. Based on the current foreign exchange market consensus, the co currently expects that foreign exchange translation will have an unfavorable impact of at least 2%age points on the company's full-year core EPS performance in 2013.

Excluding the impact of structural changes and foreign exchange translation, organic revenue is expected to grow mid-single digits versus 2012, consistent with the company's long-term guidance. The impact of structural changes, principally beverage refranchisings, is expected to reduce net revenue growth by ~1%age point for the full year. Based on the current foreign exchange market consensus, the co currently expects foreign exchange translation to have an unfavorable impact of ~2%age points on the company's full year net revenue growth.

For 2013, the company expects low-single-digit commodity inflation, and productivity savings of ~$900 million. The co expects advertising and marketing expense to increase at or above the rate of net revenue growth. The co expects higher interest expense driven by increased debt balances and a core effective tax rate of ~27%. The co is targeting over $9 billion in cash flow from operating activities and more than $7 billion in management operating cash flow (excluding certain items) in 2013. Net capital spending is expected to be ~$3 billion in 2013, within the company's long-term capital spending target of less than or equal to 5% of net revenue. The co expects to return a total of $6.4 billion to shareholders in 2013 through dividends of ~$3.4 billion and share repurchases of ~ $3.0 billion.

Co reaffirms guidance for FY13, sees EPS of constant FX core EPS +7%, excluding non-recurring items, vs. $4.35 Capital IQ Consensus Estimate.

(BFW) Teva to Seek Deals That Build Up Product Line, Expand Geography

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BFW 10/16 10:56 *TEVA MAY SPEED PACE OF ACQUISITIONS IN 2014, BOARD MEMBER SAYS BN 10/16 10:56 *TEVA TO SEEK DEALS THAT BUILD UP PRODUCT LINE, EXPAND GEOGRAPHY BN 10/16 10:56 *TEVA BOARD MEMBER HURVITZ SPEAKS IN INTERVIEW BN 10/16 10:56 *TEVA COULD SEEK DEALS UP TO $1B BN 10/16 10:56 *TEVA COST CUTS, JOB REDUCTIONS 'JUSTIFIED,' BOARD MEMBER SAYS BN 10/16 10:56 *TEVA MAY SPEED PACE OF ACQUISITIONS IN 2014, BOARD MEMBER SAYS

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Teva to Seek Deals That Build Up Product Line, Expand Geography 2013-10-16 11:04:49.481 GMT

By David Wainer Oct. 16 (Bloomberg) -- Teva could seek deals up to $1b, may speed pace of acquisitions in 2014, board member Chaim Hurvitz said in interview. * TEVA cost cuts, job reductions “justified”: Hurvitz Link to article: {NSN MURD2C6JIJUO <go>}

Link to Company News:{TEVA IT <Equity> CN <GO>}

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

To contact the reporter on this story: David Wainer in Tel Aviv at +972-3-542-7110 or dwainer3@bloomberg.net

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

>>> BlackRock misses by $0.01, reports revs in-line; reports 12% YoY increase in

BlackRock misses by $0.01, reports revs in-line; reports 12% YoY increase in AUM to $4.096 trillion

Reports Q3 (Sep) earnings of $3.88 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $3.89; revenues rose 6.6% year/year to $2.47 bln vs the $2.48 bln consensus.

The Company reported $4.096 trillion in assets under management at September 30, 2013, up 12% year-over-year

BLK reported $25.3 billion of long-term net inflows driven by Retail and iShares. Retail global long-term net inflows of $8.3 billion included net inflows of $3.4 billion in the United States and $4.5 billion in EMEA. Long-term net inflows were diversified across all asset classes, led by multi-asset class net inflows of $2.9 billion with particular demand for the flagship Multi-asset Income and Global Allocation funds.

iShares long-term net inflows of $20.2 billion included U.S. and European iShares net inflows of $16.4 billion and $5.0 billion, respectively. Renewed appetite for emerging markets and broad market European equity exposure in the latter part of the quarter drove equity net inflows of $21.1 billion, partially offset by fixed income net outflows of $1.5 billion. Investment advisory, administration fees and securities lending revenue of $2.2 billion increased $129 million from the prior year due to growth in long-term average AUM.

"Long-term net inflows of more than $25 billion reflected positive flows across all major asset classes and geographies, driven by demand for outcome-oriented solutions, unconstrained fixed income and retail alternative strategies. We are seeing the steps we have taken to further enhance performance and invest in our brand drive accelerating growth in retail flows. Our Global Retail business added $8.3 billion of long-term net inflows in the quarter and more than $22 billion thus far in 2013, driving 7% year-to-date annualized organic growth, up from 3% growth for full year 2012. Our iShares ETFs also saw strong net inflows as liquidity-oriented investors turned to iShares once again to increase exposure during the quarter, and as buy-and-hold investors continued to access our Core Series product suite, which has attracted $9 billion of inflows year to date."