>>> US Close Dow+0,18% S&P+0,06% Nasdaq-0,48%

Closing Market Summary: Major Averages Mixed Amid Yellen Nomination

The S&P 500 added 0.1%, but was unable to regain its 100-day moving average (1,662) after flirting with that level throughout the afternoon. The tech-heavy Nasdaq underperformed throughout the session, sliding 0.5%.

Equities began the session with slim gains amid reports President Obama was set to nominate Janet Yellen as the next Chairwoman of the Federal Reserve.However, given the expected nature of the announcement, the early boost faded quickly. The major averages appeared on their way to another losing session, but found support during late-morning trade when the Dow Jones Industrial Average tested its 200-day moving average (14,728) for the first time this year. The price-weighted Dow built the subsequent rebound on the relative strength of top-weighted names like Nike (NKE 70.89, +0.61), IBM (IBM 181.32, +2.60), and Goldman Sachs (GS 154.44, +1.39). On a related note, the financial sector (+0.3%) finished ahead of the remaining cyclical groups while other growth-sensitive areas were a bit more mixed. The materials space advanced 0.2% with aluminum manufacturer Alcoa (AA 8.10, +0.16) gaining 2.0% after reporting better-than-expected earnings on a 1.2% decline in revenue. Miners contributed to the sector's strength as the Market Vectors Gold Miners (GDX 23.92, +0.10) added 0.4%. On the downside, the discretionary sector (-0.4%) lagged throughout the session as quick service restaurants displayed weakness after Yum! Brands (YUM 66.48, -4.82) reported disappointing earnings and made cautious comments about its operating environment going forward. Elsewhere, much of the Nasdaq underperformance was the result of significant losses among biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 194.50, -4.20) lost 2.1% to extend its week-to-date loss to 8.5%. In turn, this weighed on the health care sector (-0.2%), which was the only countercyclical group ending in negative territory. Treasuries registered modest losses with the benchmark 10-yr yield rising three basis points to 2.67%. Trading volume was right in-line with average as 732 million shares changed hands on the floor of the NYSE. The Minutes from the latest Federal Open Market Committee meeting reflected much of what has already been communicated to the markets by the regional Fed presidents. Once again, several participants took note of tighter financial conditions while others pointed out rising fiscal risks associated with the stalemate in Washington. Most notably, the Minutes revealed that most FOMC participants expected the Fed to begin scaling back the pace of its asset purchases this year with purchases being concluded in the middle of 2014. Separately, the weekly MBA Mortgage Index rose 1.3% to follow last week's downtick of 0.4%. Tomorrow, weekly initial claims will be reported at 8:30 ET while September import/export prices and the September Treasury Budget will not be released due to the partial government shutdown.

>>> Gilead Sciences Inc To Stop Phase 3 Study 116 of Idelalisib in Chronic Lymphocytic Leukemia Early Because of Positive Risk-Benefit

Gilead Sciences Inc To Stop Phase 3 Study 116 of Idelalisib in Chronic Lymphocytic Leukemia Early Because of Positive Risk-Benefit - DMC recommendation is based on a predefined interim analysis showing highly statistically significant efficacy for the primary endpoint of progression-free survival in patients receiving idelalisib plus rituximab compared to those receiving rituximab alone. The safety profile of idelalisib was acceptable and consistent with prior experience in combination with rituximab in previously treated CLL. Gilead has informed the U.S. Food and Drug Administration (FDA) of the plan to end the study and will engage in a dialogue with the FDA regarding a regulatory filing in CLL. Data from Study 116 will be submitted for presentation at an upcoming scientific conference. - Chief Scientific Officer: This is the first Phase 3 study to report positive results for a new class of targeted therapies that inhibit B-cell receptor signaling as a major component of their mechanism of action, an important area of focus in the development of chemotherapy-free regimens in CLL and other B-cell malignancies. - A new drug application (NDA) for idelalisib was submitted for refractory indolent non-Hodgkins lymphoma (iNHL) on September 11, 2013. Gilead plans to file for regulatory approval of idelalisib in the European Union later this year.

>>> BlackBerry Canada pension fund indicates it could join a consortium and bid for the company

BlackBerry Canada pension fund indicates it could join a consortium and bid for the company - financial press

**NOTE: 10/04 20:29:13 BBRY: Google, Cisco, SAP, Intel and others considering bids for all or part of Blackberry; still unclear which if any will make bids that would offer alternative to the Fairfax tentative offer of $9/shr. Korean tech giants Samsung and LG are also said to be potential bidders. BBRY has asked for preliminary expressions of interest from potential buyers by early next week. The firms are said to be most interested in Blackberry's secure server network and its patent portfolio. - 9/23: Holder Fairfax (10% stake) enters letter of intent offering $9/shr for BBRY subject to due diligence. - 10/02: Reportedly Blackberry has attracted interest from a few PE firms; Co-founder Lazaridis (5.7% stake) is still interested in putting together an offer for the company.

WSJ : Activist Pushes for Split of Darden Restaurants

Activist Pushes for Split of Darden Restaurants Barington Capital Wants to Separate Red Lobster, Olive Garden From Rest of Company

An activist investor is hungry for change at Darden Restaurants Inc. DRI +5.73%

Hedge fund Barington Capital Group LP has taken a 2.8% stake in Darden, the owner of Olive Garden, Red Lobster and six other restaurant chains. The fund is pushing for Darden to form two separate companies, among other changes, according to people familiar with the matter.

New York-based Barington, which has amassed its Darden stake together with other investors, has held talks with the restaurant operator's management. The investors argue that Darden should create one company with its Olive Garden and Red Lobster restaurants, and another with its higher-growth chains, which include Capital Grille, the people said.

It isn't clear what other investors are in the group, which also has urged the company to reduce costs faster than it already is and to try to cash in on its real estate. Based on Darden's current market value of about $6.05 billion, the group's stake is worth nearly $170 million. "We believe that Darden has the potential to deliver significantly higher returns to shareholders," said a Barington spokesman.

A spokesman for Darden said the company "welcomes input on enhancing shareholder value," adding that its board "will take the time necessary to thoroughly evaluate Barington's suggestions, just as the company does for any of its shareholders."

Based in Orlando, Fla., Darden has more than 2,100 restaurants in North America, which, in addition to the other chains include the LongHorn Steakhouse, Yard House, Eddie V's Prime Seafood, Seasons 52 and Bahama Breeze brands. The company owns the land at more than 1,000 of its restaurants, according to financial filings.

Darden has been hurt by economic weakness as some consumers shift to lower-priced fast-food restaurants, while others gravitate toward chains like Chipotle Mexican GrillCMG +0.49% and Potbelly PBPB +1.99% that don't have table service and therefore offer the prospect of quicker meals—and no tips.

At Olive Garden—Darden's biggest chain by revenue—same-restaurant sales dropped 4% in the first fiscal quarter, while they fell 5.2% at Red Lobster.

The company also has been hit with higher food and labor costs. During its most recent earnings call, Darden said that it would aim to save about $50 million annually.

Reflecting the challenges the company faces, its stock price had fallen about 15% over the past 12 months. It was little changed at $46.35 around midday Wednesday before surging more than 6% on The Wall Street Journal's report of the Barington group's stake.

In its most recent quarter, Darden's overall sales grew 6.1% to $2.16 billion, and the company posted a $70.2 million profit. Sales at its other chains have been more robust as well-off consumers continue dining at upscale restaurants. Same-store sales at Darden's higher-end chains rose 0.5% in the quarter.

Barington's portfolio has around a dozen companies at any given time. Earlier this year the hedge fund built up a stake in Jones Group Inc., JNY +0.56% pushing for the retailer to reduce costs, add directors and sell parts of its portfolio. Jones is now in the late stages of an auction of the entire company, according to people familiar with the matter.

In 2006, the fund contacted apparel maker Warnaco Group Inc.'s management and suggested that the company sell non-core brands and reduce expenses. Warnaco later sold its Anne Cole, Ocean Pacific and other brands.

WWD : Nike Projects $10B in Apparel Sales by 2017

Nike Inc. has set the performance bar high.

Mark Parker, president and chief executive officer, said the company could add nearly $11 billion in sales by 2017, raising its revenues to $36 billion.

And a big part of that will come from apparel, which is expected to keep pace with its growth in recent years and add $3 billion in sales by 2017, expanding to more than $10 billion in annual revenue. Nike-branded apparel has been growing by nearly 40 percent over the past three years.

"We’ve been growing our women’s [apparel] business faster than we have our men’s business," Parker said at a meeting with investors.

The ceo and other executives were pitching the athletic giant, which already has over $25 billion in sales, as a growth company.

"There is more opportunity for Nike today than at any point in our history," Parker said. "Over the next decade, we will see the world’s middle class grow by over one billion consumers." Much of this growth will come from countries such as Brazil, Russia, India and China.

Trevor Edwards, president of the Nike brand, said the brand’s strength flowed from its focus on sports, which provides both excitement and technical inspiration as it seeks to meet the performance needs of top athletes.

"Sport is a powerful force," Edwards said. "It transcends the boundaries of distance, of language, of culture. Every single year gives us the new hope of a freshman class, the promise of a new phenomenal athlete and the anticipation of a new team on the cusp of greatness. The Nike brand lives and thrives with this … energy of sport."

The brand is also plotting rapid expansion on line.

Edwards projected that sales on nike.com would quadruple to $2 billion for 2017, up from sales of $540 million during the fiscal year ended May 31.

"The consumer landscape continues to see tectonic shifts created by the impact of digital," Edwards said. "The young consumer lives in a digital world. Digital is like oxygen. It’s omnipresent and indispensible. It’s everywhere and it’s always on."

>>> MINUTES OF THE SEPT 18 FOMC MEETING: SOME MEMBERS WORRIED THAT TAPER WOULD INCREASE MARKET RATES; TAPER WAS A CLOSE CALL FOR MANY VOTING MEMBERS

MINUTES OF THE SEPT 18 FOMC MEETING: SOME MEMBERS WORRIED THAT TAPER WOULD INCREASE MARKET RATES; TAPER WAS A CLOSE CALL FOR MANY VOTING MEMBERS - Officials who were against tapering were disappointed by recent figures, many wanted a cautious path toward slowing of bond purchases - meeting participants regarded the information received during the intermeeting period as indicating that economic activity had continued to expand at a moderate pace, albeit somewhat more slowly than earlier anticipated, and they generally indicated that the broad contours of the outlook further out had not changed materially since their July meeting - In discussing labor market developments, a number of participants indicated that gains in payrolls in the July and August employment reports were disappointing, but one participant also noted that seasonal adjustment tended to be challenging during the summer months. - Despite the continued improvement in household balance sheets, a number of factors were mentioned as possible restraints on spending, including declines in consumer confidence, concerns about job security and availability, and the lingering effects of this year's payroll tax increase - While downside risks to the outlook for the economy and the labor market were generally viewed as having diminished, on balance, since last fall, a number of significant risks remained, including those related to the potential economic effects of the sizable increases in interest rates since the spring, ongoing fiscal drag, and the possible fallout from near-term fiscal debates

- reference: {http://www.federalreserve.gov/monetarypolicy/fomcminutes20130918.htm}