>>> What to look at

US Market closed lowers with Nasdaq leading the move (-0.29%), best performers were the materials +0.3% and worst was financials down 0.7%...no much action...AAPL Coninue to trade lower (-1.2%)...MidCap were week too with Russel trading lower by 0.8%...Gold & Silver were also underpressure...volume @ 688mil. Shares still weak...VIX @ 14.15 +2.54%...NKE -1.2% on Numbers in after hours (watch ADS & PUM today in Europe)...Even with a weaker JPY, Japan didn't managed to closed much higher...still better than China that losing 1.91% as China money rates climb...Gold climbed in Asia after being on historical lows in US yest...European Union Downgraded at S&P; Loses Top Credit Rating...

Eur$ 1.3630 S&P Fut +0.12% European fut +0.46%

*UNITED KINGDOM ’AAA/A-1+’ RATINGS AFFIRMED AT S&P
*IRELAND RATINGS AFFIRMED AT S&P; OUTLOOK REMAINS POSITIVE

>>> Keep an eye on :
- ADS GY : Nike sees FY14 rev growth at a high single digit to low double digit rate
- AF FP : KLM May Intensify Cooperation With Brazil's GOL, Telegraaf Says
- APRI US : Apricus says France’s ANSM grantednational phase approval to Vitaros cream for treatment ofpatients with erectile dysfunction.APRI up 6.9% post-mkt
- AZA IM : Alitalia may see Etihad take stake by March 2014; Etihad confirms negotations are taking place
- BBVA SM : BBVA Says It’s Taking Part in Corpbanca Sale Process
- EN FP : Bouygues Telecom Plans Fixed-Internet Price Cuts, Figaro Says
- BKIA SM : Bankia Parent BFA Seeks to Give Up Operating as a Bank
- BVI FP : Bureau Veritas Says Announcement, Conference Call Suspended
- CA FP : Carrefour in Talks With Partners for India Retail, Standard Says
- CLS1 GY : McKesson Has About 50.72% of Celesio Shr Capital for Deal
- DBK GY : Deutsche Bank, Units Outlook to Negative, Affirmed by Moody’s
- HBH3 GY : Hornbach Holdings 3Q Net 16.3m vs EU6.6m, Sticks to Outlook
- HELN SW : Helvetia Group Raises Stake in Nationale Suisse by 5.27%
- IM NA : Imtech Sees Potential Non-Cash Margin Impact From Germany Plan
- LXS GY : Lanxess denies possible sale of entire rubber chemicals division
- MOBB BB : Mobistar Gets EU120m Credit Line From Parent to Pay for Spectrum
- NOVN VX : Novartis recalls millions of sample drugs over contamination concerns
- PVA SM : Pescanova Net Loss Widened to EU775.6 Million in 2012
- REL LN : Elsevier Fights Harvard, Others on Publishing: Wash. Post Link
- RESTA FH : Restamax Lowers Profit Guidance for 2013 Ebitda, Sales
- RIO LN : Rio Tinto CEO Says Company Still Focused on Reducing Capital
- SAS SS : SAS Considers Issuing Preference Shares, CEO Tells Berlingske
- SCHP VX : Schindler to Take Further Impairment on Hyundai Elevator Stake
- SGO FP : Saint-Gobain to Sell U.S. Fiber Cement Siding Unit to Elementia
- STL NO : Statoil Cuts Sverdrup Resource Estimate to 1.8b-2.9b boe
- TEC FP : Technip Forms Five-Year Deepwater Market Joint Venture in China
- TCH FP : Technicolor Closes Film Laboratory in California: L.A.Times Link
- TEF SM : Telefonica Has No Agreement With BlackRock Over Telecom Italia
- THR BB : Meditor Capital Management Cuts ThromboGenics Short Bet to <0.5%
- TIT IM : Tel. Italia Reserves Right to Take Action Against Access Fee Cut
- HO FP : Thales Wants to Double German Sales in 10 Years, Echos Says
- WPP LN : WPP Completes Purchase of Majority Stake in Kenya’s ScanGroup

>>> Nike beats by $0.01, reports revs in-line

Nike beats by $0.01, reports revs in-line (78.26 -0.29)
Reports Q2 (Nov) earnings of $0.59 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.58; revenues rose 8.0% year/year to $6.43 bln vs the $6.44 bln consensus.
  • Futures orders at end of Q2 (ex-FX) +13% vs street expectations of ~10% and +7% last year.
  • Revenues for the NIKE Brand were $6.1 billion, up 9% on a currency neutral basis, with growth in every product type, geography and key category.
    • Revenues for Converse were $360 million, up 11% on a currency neutral basis, driven by strong performance in our largest owned markets: North America, the United Kingdom, and China.
  • Inventories for NIKE, Inc. were $3.7 billion, up 11% from November 30, 2012. NIKE Brand wholesale unit inventories increased 7% to support future demand. Changes in foreign currency exchange rates and product cost drove an ~4 % point net increase in NIKE, Inc. inventory growth.
  • Gross margin increased 140 basis points to 43.9%. Gross margin benefitted from a shift in the mix of the Company's revenues to higher margin products and businesses, higher average prices, easing raw materials product input costs and continued strength in the higher margin Direct-to-Consumer business. These benefits were partially offset by unfavorable changes in foreign exchange rates and higher labor product input costs.
  • During Q2, co repurchased a total of 5.5 million shares for ~$402 million as part of the four-year, $8 billion program approved by the Board of Directors in September 2012.

European Union Downgraded at S&P; Loses Top Credit Rating

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BFW 12/20 05:23 *EUROPEAN UNION CUT TO AA+ FROM AAA AT S&P, OUTLOOK STABLE BFW 12/20 05:18 *S&P: EUROPEAN UNION TO AA+/STABLE FROM AAA/NEGATIVE

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European Union Downgraded at S&P; Loses Top Credit Rating 2013-12-20 05:27:44.738 GMT

By Grant Clark Dec. 20 (Bloomberg) -- Long-term rating cut to AA+ from AAA; outlook stable from negative: statement. * Overall creditworthiness of 28 members has declined * Budgetary negotiations have become more contentious, signaling rising risks to support of EU from some members Statement: {NSN MY3B3V3PWT1D <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: Grant Clark at +65-6212-1101 or gclark@bloomberg.net

US After Hours

After Hours Summary: RHT +10.9%, AIR +0.7%, KUTV -19.7%, TIBX -14.4%, NKE -1.1% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: RHT +10.9%, AIR +0.7%

Companies trading higher in after hours in reaction to news: APRI +7.4% (announced national phase approval for erectile dysfunction cream - Vitaros in France), TRAK +6.7% (announced agreement to acquire Dealer.com for 8.7 mln shares of common stock and $620 mln in cash), JNY +4.1% (to be acquired by Sycamore Partners for $15 per share in cash), CIM +2.6% (announced special dividend of $0.20 per share), GENT +2.4% (to be acquired by Jazz Pharmaceuticals for $57 per share in cash tender offer), EXEL +1.7% (COMETRIQ (cabozantinib) received positive opinion from CHMP for progressive, unresectable locally advanced or metastatic medullary thyroid carcinoma)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: KUTV -19.7%, TIBX -14.4%, NKE -1.1%, BTU -0.7%

Companies trading lower in after hours in reaction to news: IDCC -11.7% (co lost patent case against Nokia, Huawei, and ZTE), DHT -5.4% (filed for ~28.13 mln share common stock offering by selling shareholders), NAVB -3.7% (European Medicines Agency (EMA) has provided updated Day 180 feedback and has elected to continue the assessment of the Marketing Authorization Application (MAA) for Lymphoseek (technetium 99m tilmanocept) Injection), BSPM -2.8% (filed for $35 mln mixed securities shelf offering)

US Close

losing Market Summary: Nasdaq loses 0.3%

There was plenty of excitement in the stock market on Wednesday following the FOMC decision to taper its asset purchase program. There wasn't much excitement, however, on Thursday, which featured the added news that the Senate passed the two-year budget agreement. After some early gyrations, the major indices held to pretty tight trading ranges throughout the session and ended the day little changed.

All in all, it was a pretty good showing given the scope of Wednesday's advance and considering the yield on the 10-yr note went as high as 2.95% before settling back down to 2.93%.

A lack of concerted leadership and some buying exhaustion were to blame for the inability to log another record closing high for the S&P 500. It challenged Wednesday's high on two occasions, but each time it was greeted with renewed selling interest that held it in check. The Dow, though, eked out another record close.

Sector-wise, there wasn't a single sector that moved up, or down, more than 1.0%. The performance range was highlighted by a 0.3% gain for the materials sectors on the upside and a 0.7% loss for the rate-sensitive utilities sector on the downside.

Large-cap averages held up better than their smaller counterparts, but a 1.2% drop in Apple (AAPL 544.46, -6.31) left the Nasdaq 100 in a position of underperforming the broader market. The S&P Midcap 400 Index (-0.8%) and the Russell 2000 (-0.8%) were the biggest laggards. That was likely owed to some portfolio rebalancing decisions given that each has outperformed the Dow Jones Industrial Average and S&P 500 year-to-date.

Another notable pocket of weakness was found in the precious metals space. Gold (-$43.30 to $1191.70/troy oz.) and silver (-$0.89 to $19.17/troy oz.) dropped 3.5% and 4.4%, respectively, on a host of reasonable explanations that ranged from dollar strength to a lack of inflation concern to tax-loss selling.

Today's economic data didn't move the needle much since it was a mixed bag.

o Initial claims for the week ending December 14 rose by 10,000 to 379,000 . consensus 333,000). That was the highest level in nine months, but once again seasonal adjustment problems were cited by the Department of Labor as impacting the reporting, so it couldn't be taken at face value as a "clean read." o Existing home sales declined 4.3% in November to a seasonally adjusted annual rate of 4.90 mln (. consensus 5.00 mln). November marked the first time in 29 months that home sales were below year-ago levels. o The Philadelphia Fed Index jumped to 7.0 in December (. consensus 5.0) from 6.5, reflecting an expansion in manufacturing activity in the Philly Fed region o Leading Indicators increased 0.8% in November (. consensus 0.6%) following a downwardly revised 0.1% increase (from 0.2%) in October The only item on Friday's economic calendar is the third estimate for third quarter GDP (. consensus 3.6%; prior 3.6%), which isn't expected to have any impact given its dated nature. o Trading volume today was on the lighter side with 688 mln shares changing hands at the NYSE. That number will be substantially higher on Friday given the quarterly rebalancing and options expiration activity.

o Nasdaq +34.1% YTD o Russell 2000 +32.7% YTD o S&P 500 +26.9% YTD o DJIA +23.5% YTD

>>> Technip Wins CNOOC contract for ethylene plant in China's Guangdong Province

Technip Wins CNOOC contract for ethylene plant in China's Guangdong Province
- Technip was awarded by CNOOC Oil & Petrochemicals Company Ltd a contract to supply its proprietary ethylene technology and process design package for a grassroots 1,000 KTA(1) ethylene plant in Huizhou, Guangdong Province, Peoples Republic of China. This contract also covers technical support during detailed engineering, pre-commissioning and start-up.

Key components of Technips ethylene technology for this project include:

its Ultra Selective Conversion (USC) furnace technology preferred for high-capacity, low-cost liquid and gas cracking capabilities;
its Advanced Recovery System (ARS) technology utilizing the Heat Integrated Rectifier System (HRS), which reduces energy consumption in liquids cracker designs.
The products of this ethylene plant will feed other downstream units at the complex, including a 300,000 metric tons per annum grassroots cumene plant. The technology for the cumene plant is provided by Badger Licensing LLC(2).

Technips operating center in Houston (Texas, USA), with the support from the Groups operating center in Mumbai (India), is currently executing the project. Mechanical completion is scheduled by mid-2015.

Since the acquisition of Stone & Webster process technologies in 2012, Technip has widened its range of services and has reinforced its leadership in the downstream business.

>>> Saint-Gobain Sells fiber cement siding business to Plycem USA

Saint-Gobain Sells fiber cement siding business to Plycem USA
- Saint-Gobain has signed an agreement for the sale of its U.S.-based Fiber Cement siding business to Plycem USA, a subsidiary of Elementia of Mexico. This business is part of Saint-Gobain's Exterior Products activity of the Construction Products Sector. It manufactures and sells fiber cement siding, trim and accessory products for the U.S. and Canadian residential and commercial construction markets. The business employs close to 250 people and has three production sites in the United States: Roaring River, North Carolina; Terre Haute, Indiana; and White City, Oregon.
- With this divestiture, Saint-Gobain's Exterior Products Siding business will focus its efforts on its vinyl and polymer shake siding cladding businesses that hold prominent positions in the North American exterior cladding market. This transaction is expected to be finalized in the 1st quarter of 2014, subject to standard closing conditions.

(BFW) *ASTRAZENECA LOSES APPEALS COURT FIGHT OVER HANMI’S NEXIUM COPY

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BN 12/19 16:19 *ASTRAZENECA LOSES BID TO HALT HANMI'S COPY OF NEXIUM DRUG BFW 12/19 16:19 *ASTRAZENECA LOSES APPEALS COURT FIGHT OVER HANMI’S NEXIUM COPY BN 12/19 16:18 *ASTRAZENECA LOSES APPEALS COURT FIGHT OVER HANMI'S NEXIUM COPY

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AstraZeneca Loses Appeals Court Fight Over Hanmi’s Nexium Copy 2013-12-19 16:20:52.806 GMT

By Susan Decker Dec. 19 (Bloomberg) -- AstraZeneca Plc lost an appeals court ruling today that will enable Hanmi Pharm Co. to sell a copy of the heartburn treatment Nexium. AstraZeneca’s patent on the drug is limited to a specifically named salt, the U.S. Court of Appeals for the Federal Circuit in Washington said in an opinion posted on its website. AstraZeneca had conceded that Hanmi’s version wouldn’t infringe the patent if the appeals court ruled in that way. Hanmi has been barred from selling its copy of Nexium until the decision was released today.

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To contact the reporter on this story: Susan Decker in Washington at +1-202-624-1941 or sdecker1@bloomberg.net

To contact the editor responsible for this story: Elizabeth Wasserman at +1-202-624-1954 or ewasserman2@bloomberg.net