TheChek News Flow

US MArket closed on highs, tech was leading the move (Nasdaq+1.2%)...Retail sector was underpressure after cautious comments regarding the holiday Quarter but sector managed to close in black...VIX -5.52% @ 12.66... Brazil -0.65%... Tokyo stocks traded up into the lunch break but have since pared those gains on mixed set of comments by BOJ Gov Kuroda. Speaking in Parliament, Kuroda initially noted JPY weakness is not excessive, but then directed more attention toward the options for an eventual exit from easy policy, reiterating overnight remarks that any additional easing is not being considered at the moment. USD/ JPY traded up above 101.30 but has since pulled back toward the 101 yen handle. ...Shanghai Composite is also on the defensive in the afternoon session, falling back below the technically key 2,200 level. S&P expressed some skepticism over China's ability to transition its economy into a consumption-driven one quickly. Separately, a PBoC official said the central bank will continue to request that local banks delever, and also noted the overall economy has entered into a long-term deleveraging process...Nikkei +0.10%...Shanghai-0.35%

Eur$ 1.3485 S&P Fut -0.05% European Futures +0.13%

Keep ane eye on : - ASSAB SS : Assa Abloy Sees Return to 5% Organic Growth, Morgan Stanley Says - CON GY : Raised forecast for sales of driver assistance systems,Now targeting €1B in sales of driver assistance systems in 2016 vs prior view of 2020. - EAD FP : EADS Restructuring May Mean Job Cuts at Eurocopter: La Lettre - F IM : Chrysler Banks Said to Weigh IPO Valuation of About $10 Billion - GSK LN : MolMed May Make Experimental Gene Therapy for GlaxoSmithKline - MAERSK DC : Maersk to Get More Oil From North Sea With New Technology: JP - MMB FP : Lagardere to Shrink Revenue From Print Products, Sell Magazines - NOVN VX : Novartis Plans $5b Share Buyback Starting Immediately - NUM FP : Numericable CFO Lemaitre Says SFR Merger Makes Strategic Sense - PHOR LI : Phosagro May Merge Its Production Units With Apatit: Vedomosti - REA BB : RealDolmen 1H Net Income EU4.52m Vs EU16.6m Loss - RHK GY : Rhoen-Klinikum Says Braun Sues to Block Sale of Clinics - RIO LN : Rio Tinto Signs $7.5 Billion Revolving Loans To Refinance Debt - RNO FP : Renault Has Oral Agreement From China for Dongfeng JV: Echos - SAN FP : Sanofi Rheumatoid Arthritis Drug Reduces Pain, Damage in Study - SGL GY : BMW& SGL Carbon are planning to double production capacities for carbon - TKTT FP : Tarkett IPO, start trading today (€530mil mkt cap), priced @ €29 - HO FP : Thales Australia Wins Support Contract for 4 Aust. Navy Ships - TUI GY : Fredriksen Raises TUI AG Stake, Sell All Shares in TUI Travel - VIV FP : Numericable CFO Lemaitre Says SFR Merger Makes Strategic Sense - WIND IM : Wind and 3 Italia likely to merge in near future

Up

*BANK LEUMI RAISED TO NEUTRAL VS SELL AT CITI *DAILY MAIL RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS *KUEHNE & NAGEL RAISED TO BUY VS NEUTRAL AT GOLDMAN *SERCO RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE *WHITBREAD RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN *WILLIAM HILL RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS

Down

*FLUGHAFEN ZUERICH CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE *PUBLIC POWER CUT TO NEUTRAL VS BUY AT CITI *SAPPI CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE

PT Changes

*Johnson Matthey PT Raised to 3,650p vs 3,050p at Deutsche Bank

Initiation

*AHOLD REINSTATED BUY AT BOFAML, PT EU15 *CARREFOUR REINSTATED BUY AT BOFAML, PT EU32 *CASINO GUICHARD REINSTATED BUY AT BOFAML, PT EU95 *COLRUYT REINSTATED UNDERPERFORM AT BOFAML, PT EU36 *DELHAIZE REINSTATED UNDERPERFORM AT BOFAML, PT EU39 *JERONIMO MARTINS REINSTATED UNDERPERFORM AT BOFAML, PT EU13 *MERLIN ENTERTAINMENTS RATED NEW BUY AT DEUTSCHE BANK; PT 395P *MORRISON REINSTATED BUY AT BOFAML, PT 325P *QIWI RATED NEW BUY AT GOLDMAN, PT $70 *ROYAL MAIL RATED NEW NEUTRAL AT NOMURA; PT 400P *ZODIAC AEROSPACE RATED NEW EQUALWEIGHT AT MORGAN STANLEY, GIVEN NEW PT OF EU130

Country Sector Stock Call

*BOFAML REINSTATE FOOD RETAIL IN EUROPE *STADA ADDED TO UBS’S MOST PREFERRED LIST *Panalpina Named a Least Preferred Stock at Citi

Citi Screens for Stocks with Decent Div. Yields and/or Growth

Highlights global divs. have risen 15% since 2011 in USD despite flat EPS.

* Says a drop in div. yld from 3.1% to 2.5% seems less intimidating than 12x to 17x rise in trailing PE * Says payout ratios have risen but are still well below historic norms; sees plenty of scope for cos. to pay out more * Says div. growth has become increasingly important driver of global equities, perhaps more important than EPS growth * Also sees evidence that div. growth is now as important as yld in driving price performance * Screens for those regions, sectors, stocks that offer best trade-off between div. yld and growth * Among regions says CEEMEA shows strongly * Among global sectors, says Financials stands out * Imposes 2% yield cut-off to stop it being dominated by cos. increasing divs from very low base; also limit number of Financials to 10 stocks - List includes KBC, SocGen, Maybank, Danske Bank, Credit Agricole, UniCredit, Lloyds Banking, UBS, Capital One, Swedbank, Agrium Inc, CA Inc, Apple, Ford Motor, Las Vegas Sands, Potash Corp of Saskatchewan, Phillips 66, Cisco Systems, Sands China, The Williams Companies, Woodside Petroleum, Seagate Technology, Toyota Motor, Kraft Foods, AbbVie, Japan Tobacco, Mosaic Co, Valero Energy Corp, EADS, HeidelbergCement, Lukoil, Givaudan, Marathon Petroleum, Macy’s Inc, JFE Holdings, Mobile Telesystems OJSC, MTN Group, Telenor, Seadrill, Nissan Motor

Dan Loeb, the activist investor pushing for change at Sony, has revealed another “$1bn plus” position in a Japanese company, this time telecom and internet group SoftBank. Speaking at the Robin Hood Investors Conference in New York, Mr Loeb said he had followed up his big share purchase – about 1 per cent of the company – with a meeting with SoftBank’s founder Masayoshi Son in Japan in recent weeks.

The value of SoftBank’s stakes in US telecom company Sprint and Chinese ecommerce site Alibaba were particular attractions, Mr Loeb said. He also heaped praise on Mr Son’s leadership. Sony’s entertainment group found itself in the spotlight this year when Mr Loeb wrote a blistering letter saying it was “characterised by a complete lack of accountability and poor financial controls”. Mr Loeb, who has spent more than $1bn amassing a Sony stake, proposed a partial spin-off of Sony’s entertainment group, which was rejected by the company’s board. Sony promised to cut the number of Hollywood movies it releases each year and focus more of its resources on television series productions as it responded to stinging criticism of the company from Mr Loeb. Kazuo Hirai, Sony’s chief executive, told an investor conference that the company’s entertainment division, which includes film, TV and music, “must get better”. He acknowledged the poor performance of Sony Pictures this summer, which released a string of flops, such as After Earth, starring Will Smith, but told investors entertainment was “a core part of Sony” that was “crucial to our future growth”. The investor day at Sony Pictures’ studio in Culver City, California aimed to address some of Mr Loeb’s criticisms. Amy Pascal, co-chairman of Sony Pictures Entertainment, said the studio was pushing for a “more equitable balance between risk and reward” with its investments in movies and would release fewer films – about 18 per year, compared with “low 20s” in recent years. The studio had cut the number of expensive “first look” deals with top stars, she said, adding that Sony would not “work with directors . . . who are unable to respect the budgets of our films”. Sony Pictures has appointed Bain & Co to advise on cost-cutting with the aim of saving $100m or more. Michael Lynton, chief executive of Sony Entertainment, said the company would make a “significant shift from motion pictures to higher margin television production and networks”. The studio has scored with acclaimed hits such as Breaking Bad and its recent series, The Black List, which has been a ratings winner on the NBC network. Steve Mosko, president of Sony Pictures Television, said the company had sold 38 different series to 16 television networks. “That’s up more than 200 per cent over our slate 10 years ago,” he said.

Below is a recap of long, short ideas given on 1st day of Robin Hood conf in NYC.

• Greenlight’s Einhorn - long Micron (MU) • Third Point’s Loeb - long Softbank (9984 JT)- owns $1b position • Eagle’s Witmer - long Wyndham (WYN) • Chilton’s Chilton - long WR Grace (GRA) • Lakewood’s Bozza - short Opko Health (OPK) • Pine River’s Kuhn - short Progressive (PGR) • North Tide’s Laughlin - long Amedisys (AMED) • Axel’s Nikolayevsky - long SolarCity (SCTY) • HG Vora’s Vora - long Pinnacle (PNK) • Maverick’s Ainslie - short Great Wall Motor (2333 HK)

FT on Third Point : {http://www.ft.com/intl/cms/s/0/30e08532-52e6-11e3-8586-00144feabdc0.html#axzz2l4lllpB7}

Wind and 3 Italia likely to merge in near future

Wind Telecomunicazioni, the Italian telco owned by Russian group Vimpelcom, is likely to merge with 3 Italia, a mobile phone subsidiary of Hong Kong conglomerate Hutchison Whampoa, in the near future, Italian language daily Il Messaggero reported. The report cited a reserved analysis by the Bernstein investment house that in turn cited Marco Patuano, the CEO of Telecom Italia who said talks between Wind and 3 Italia were an open secret.

The report said one of the main obstacles to the merger is corporate governance, in terms of the balance of shareholder control at the end of the merger.

The report said, Wind and 3 Italia have held discussions in the past but they had foundered because Hutchison owner Li Ka Shing had asked at least EUR 5bn for 3 Italia.

Source Il Messaggero

Asian Market Update: BOJ Gov Kuroda shuts down expectations for more easing as yen pairs and Nikkei turn lower

***Observations/Insights*** - Tokyo stocks traded up into the lunch break but have since pared those gains on mixed set of comments by BOJ Gov Kuroda. Speaking in Parliament, Kuroda initially noted JPY weakness is not excessive, but then directed more attention toward the options for an eventual exit from easy policy, reiterating overnight remarks that any additional easing is not being considered at the moment. USD/JPY traded up above 101.30 but has since pulled back toward the 101 yen handle. - Shanghai Composite is also on the defensive in the afternoon session, falling back below the technically key 2,200 level. S&P expressed some skepticism over China's ability to transition its economy into a consumption-driven one quickly. Separately, a PBoC official said the central bank will continue to request that local banks delever, and also noted the overall economy has entered into a long-term deleveraging process. AUD remained among the most heavily sold currencies as PBoC comments hit the wires, falling some 80pips from the highs to $0.9170 with an added tailwind in Aussie weakness from the overnight comments out of RBA Gov Stevens encouraging more downside.

***Economic Data*** - (TW) TAIWAN OCT UNEMPLOYMENT RATE: 4.2% V 4.2%E - (JP) BANK OF JAPAN (BOJ) NOV MONTHLY ECONOMIC REPORT: MAINTAINS ASSESSMENT; domestic economy is recovering moderately - (NZ) NEW ZEALAND OCT NET MIGRATION: 3.0K V 2.7K PRIOR

***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells A$800M in 2016 Bonds; avg yield: 2.9681%; bid-to-cover: 5.4x - (US) Weekly Fed Balance Sheet Assets Week ending Nov 20th: $3.864T v $3.864T (record high) prior; M1 y/y change: 8.5% v 8.5% w/w; M2 y/y change: 6.5% v 6.5% w/w - (CN) Daily Shibor fixings: O/N: 3.8990% v 3.8890% prior (first rise in 4 sessions); 1-week: 4.7630% v 4.7080% prior (first rise in 4 sessions)

- CME lowers initial gold margins by 9.4%, silver by 11.0%; lowers WTI crude futures margins by 8.1%; effective at the close of business on Friday Nov 22nd - GLD: SPDR Gold Trust ETF daily holdings fall 3.6 tonnes to 856.7 tonnes (lowest since Feb 2009)

- USD/CNY: (CN) PBoC sets yuan mid point at 6.1680 v 6.1366 prior setting (weakest Yuan setting since Nov 10th)

***Speakers/Political/In the Papers*** - (CN) PBoC official: PBoC to continue to request banks delever - financial press - (CN) China to start interbank gold swap trading on China foreign exchange trade system (CFETS) starting on Nov 25th - financial press - (CN) China may start natural gas price reform soon - Chinese press - (CN) S&P: China faced with trilemma in raising consumption; despite record growth over decade there are structural shortcomings - (CN) China expands consumer finance company trial to 10 more cities - financial press

- (JP) BOJ Gov Kuroda: Japan will continue to exceed potential growth rate; To keep current program in place until stable 2% inflation is realized; Not considering additional monetary measures at the moment - addressing parliament - (JP) Japan coast guard reports 4 Chinese vessels entered Japan disputed Senkaku Islands - financial press - (JP) Japan Econ Min Amari: Any changes in GPIF pension fund depends on prices - financial press - (JP) Japan to issue fewer new Bonds in FY14/15 - Japanese press

- (KR) Bank of Korea (BOK) Gov Kim: Global liquidity is a major topic of discussion in global policy - press conf - (NZ) RBNZ assistant gov McDermott: Reiterates fx rate at historically high levels; would like to see lower exchange rate; NZD is overvalued

- Goldman Sachs: Sees at least 15% loss in gold, iron ore, soybean, and copper in 2014

***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +0.7%, S&P/ASX +0.8%, Kospi +0.6%, Shanghai Composite -0.2%, Hang Seng +0.5%, Dec S&P500 flat at 1,793, Dec gold -0.1% at $1,242, Jan crude oil -0.3% at $95.18/brl

US markets: - TWC: Charter Communications said to be near agreement with banks to help fund bid for Time Warner Cable - financial press

- MRVL: Reports Q3 $0.32 v $0.25e, R$931.2M v $871Me; +6.2% afterhours - ADSK: Reports Q3 $0.41 v $0.39e, R$555.2M v $547Me; +3.3% afterhours - NKE: Increases quarterly dividend 14% to $0.24 from $0.21; +0.6% afterhours

- UPS: Announces 2014 rate increases; average rise of 4.9%; -0.1% afterhours - INTU: Reports Q1 -$0.06 v -$0.09e, R$622M v $603Me; -0.9% afterhours - GPS: Reports Q3 $0.72 v $0.70e, R$3.98B v $3.98Be; Approves $1B Share Repurchase Authorization (5.2% of market cap); -1.1% afterhours - P: Reports Q3 $0.06 (adj) v $0.06e, R$181.6M v $176Me; -1.3% afterhours - ROST: Reports Q3 $0.80 v $0.81e, R$2.40B v $2.44Be; -7.4% afterhours

Notable movers by sector: - Consumer discretionary: David Jones Ltd DJS.AU +2.1% (trading update); Kingmaker Footwear Holdings Ltd 1170.HK -4.0% (H1 results); Air New Zealand Ltd AIR.NZ +4.2% (Oct passenger results); Parkson Retail Group 3368.HK -5.1% (Q3 results) - Industrials: Chongqing Road & Bridge Co 600106.CN +3.0%, Chongqing Gangjiu Co Ltd 600279.CN +4.8%, Chongqing Yukaifa Co Ltd 000514.CN +10.0% (Alibaba to invest in Chongqing); Shanghai Zhixin Electric 600517.CN +5.1% (awarded order); Daiwa House Industry 1925.JP +0.2% (invest plans) - Materials: Formosa Plastics 1301.TW +1.4% (invest plans) - Financials: Glorious Property Holdings Ltd 845.HK +31.5% (privatizing plans) - Technology: Acer Inc 2353.TW +6.1% (appoints founder as Chairman & President); Tokyo Electron Ltd 8035.JP +1.0% (orders); NTT Data Corp 9613.JP +1.9% (acquisition) - Telecom: China Telecom 728.HK +0.5%, ZTE 763.HK +0.6% (rumors on 4G licenses)

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Rhoen-Klinikum Says Braun Sues to Block Sale of Clinics 2013-11-21 21:37:00.607 GMT

By Jim Silver Nov. 21 (Bloomberg) -- B. Braun Melsungen AG filed lawsuit against sale of 43 clinics, other assets to Fresenius unit Helios, Rhoen-Klinikum says in statement. * Braun wants court to void sale or rule it needs >90% support from shareholders, Rhoen-Klinikum says * Rhoen-Klinikum says sale doesn’t need shareholders’ approval, expects transaction to be completed * NOTE: Oct. 15, Braun Melsungen Boosts Stake in Rhoen Klinikum to 10.98% of Shrs * NOTE: Sept. 12, Fresenius to Pay $4.1 Billion for Rhoen- Klinikum Hospitals

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

--Editor: John Simpson

To contact the reporter on this story: Jim Silver in New York at +1-212-617-7342 or jsilver@bloomberg.net

To contact the editor responsible for this story: Andrea Snyder at +1-202-624-1831 or asnyder5@bloomberg.net

Closing Market Summary: Stocks End on Highs The S&P 500 settled higher by 0.8%, snapping its three-day losing streak. The tech-heavy Nasdaq outperformed with an advance of 1.2% while the Dow Jones Industrial Average (+0.7%) registered its first close above the 16,000 level. Stocks climbed throughout the session with the Nasdaq bolstered by some of itsrecent laggards. Momentum names like Facebook (FB 46.70, +0.27), LinkedIn (LNKD 220.61, +4.42), Priceline.com (PCLN 1159.11, +12.02), and Micron (MU 19.99, +1.19) gained between 0.6% and 6.3%. Micron led the group, breaking outto an 11-year high, after activist investor David Einhorn made a bullish case for the stock. Biotechnology also provided the Nasdaq with a measure of support as the iShares Nasdaq Biotechnology ETF (IBB 214.21, +3.14) jumped 1.5%. On a related note, the health care sector outperformed in morning trade, but ended behind the broader market with a gain of 0.5%. Other countercyclical groups also lagged, but only the telecom services sector(-0.3%) ended in the red. Meanwhile, consumer staples (+0.2%) and utilities(+0.3%) posted modest gains. Notably, the staples sector was pressured by Target (TGT 64.19, -2.30) as the stock fell 3.5% after reporting disappointing results. Target was not the only retailer pressured by below-consensus earnings. Over on the discretionary side, Dollar Tree (DLTR 56.28, -2.64), Game Stop (GME 48.80, -3.64), and Sears Holdings (SHLD 59.93, -1.77) lost between 2.9% and 6.9% in reaction to disappointing earnings and/or guidance. It should be noted many retailers have offered cautious comments regarding their expectations for the holiday quarter. However, the SPDR S&P Retail ETF (XRT 87.55, +0.68) managed to outperform with a gain of 0.8%. Moreover, the consumer discretionary sector (+0.9%) ended among the leaders.

Speaking of leaders, financials (+1.5%) spent the entire session ahead of the remaining sectors. The group received broad support from its top components and Bank of America (BAC 15.59, +0.45) was the best performer among the majors. Elsewhere, the energy sector (+0.8%) ended in-line with the broader market while crude oil spiked 1.6% to $95.34 per barrel. The other commodity-linked space—materials (+0.8%)—also kept pace with the broader market even as miners weighed. The Market Vectors Gold Miners ETF (GDX 22.53, -0.32) fell 1.4% while gold futures slid 1.1% to $1243.70 per troy ounce. Treasuries ended mixed with the 10-yr yield slipping one basis point to 2.79%. Also of note, the 30-yr yield hit its highest level (3.938%) since August 2011 before ending at 3.883%. A fractional loss in the 5-yr note caused its yield to tick up to 1.363%. Participation was on the light side as 669 million shares changed hands on the floor of the NYSE. On the economic front, weekly initial claims dropped by 21,000 to 323,000 (consensus 333,000). The Department of Labor acknowledged,however, that the seasonal adjustments from the Veterans Day holiday may have played a role in the sharp decline, so we'll have to put an asterisk next to the encouraging headline. Separately, producer prices declined 0.2% (consensus -0.2%) in October due to lower energy prices while core PPI, which excludes food and energy, increased 0.2% (consensus 0.1%). Over the last 12 months, PPI is up just 0.3% while core PPI has risen a tame 1.4%. Lastly, manufacturing activity softened in November as the Philadelphia Fed's Business Outlook dropped to 6.5 from 19.8 in October. The consensus expected the index to fall to 11.9. Employment levels deteriorated notably as the Number of Employees Index fell to 1.1 from 15.4. There is no notable economic data on tomorrow's schedule.

o Russell 2000 +31.8% YTD o Nasdaq +31.5 YTD o S&P 500 +25.9% YTD o DJIA +22.2% YTD

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Chrysler Banks Said to Weigh IPO Valuation of About $10 Billion 2013-11-21 20:56:08.534 GMT

By Ptrick McHale Nov. 21 (Bloomberg) -- Chrysler Group LLC’s advisers are discussing a valuation of about $10b for co. before an IPO that could take place next month, people with knowledge of the matter tell Bloomberg’s Leslie Picker, Mark Clothier and Tommaso Ebhardt. * Investment banks have considered range of $9b-$16b; currently focusing on range of about $10b-$11b * IPO value may be below what Chrysler is worth in a sale to Fiat Story: NSN MWMSGP6TTDSO <GO>

Link to Company News:F IM <Equity> CN <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: Patrick McHale at +1-212-617-2083 or pmchale7@bloomberg.net