TechCrunch : Apple is looking into reports of iPhone 8 batteries swelling

Apple is looking into reports of iPhone 8 batteries swelling
Reports from a few iPhone 8 and iPhone 8 Plus buyers have suggested there could be an issue with the battery inside some of the devices swelling, causing the case of Apple’s new iPhone to split open and expose the smartphone’s internals.
Apple has now confirmed it is looking into it, although a spokeswoman declined to comment further when asked how many devices are affected.
From what we’ve heard the number of reports so far is very few.
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Second Taiwan iPhone 8 buyer reports casing split open by swollen battery



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Yesterday CNET rounded up the handful of reports that have emerged — saying there are at least six different reports in at least five countries of the iPhone 8 splitting along its seams.

Today Reuters also noted a report in Chinese state media of an iPhone buyer claiming a newly purchased iPhone 8 Plus arrived cracked open on October 5, though apparently without any signs of scorching or an explosion.
Apple rival Samsung had big problems with smartphone batteries in its Galaxy Note 7 smartphone. In that instance some Note 7 batteries caught fire, and the problem was extensive enough that it led Samsung to recall all Note 7 handsets— at great expense.
In the case of the iPhone 8 the issue appears to be limited to batteries bloating/swelling, rather than catching fire — at least as reported so far.
Although the phone only went on sale on September 22 so it’s still early days for the device.
Apple did not release figures for the first weekend sales of the iPhone 8 and 8 Plus, as it has in the past with new iPhones, so it’s also not yet clear how many of these handsets are in the hands of buyers at this point.
Some analysts have suggested consumers may be holding off on upgrading their iPhone to buy the top-of-the-range iPhone X, which Apple also announced at the same time, but with a later release date.
Pre-sales for the iPhone X are due to begin on October 27, with the handset slated to ship on November 3.

>>> Eros International reports Q1 results

Eros International reports Q1 results
  • Co reports Q1 EPS of ($0.02) vs $0.00 Capital IQ consensus two analyst estimate; revs -14% YoY to $60.8 mln vs $52.78 mln Capital IQ Consensus Estimate
  • As of September 30, 2017, Eros Now paying subscribers increased to 3.7 million from 2.9 million as of June 30, 2017. This represents a quarter-over-quarter increase of 27.6%. Over that same period, registered users have grown to over 75 million.
  • Operating profit for the quarter ended June 30, 2017 increased by 62.5% to $11.7 million from $7.2 million in the prior year period.
  • Adjusted EBITDA for the quarter ended June 30, 2017 decreased by 12.7% to $15.8 million from $18.1 million in the prior year period

WSJ : No End in Sight for Stocks’ Longest Streak in 20 Years

No End in Sight for Stocks’ Longest Streak in 20 Years
October for some recalls the financial crisis and the crash of 1987, but this year few see signs of an imminent downturn

Stocks continue their steady march higher, notching milestones not seen in more than 20 years, yet many investors see few obstacles to the seemingly endless run.

The S&P 500 closed at its sixth consecutive record Thursday, its longest streak of highs since 1997. A gauge of expected swings in the index fell to an all-time low. Investors don’t see many worries ahead: The economy keeps growing at a slow but steady pace, corporate earnings remain healthy and investors are betting a tax overhaul will further boost profits.

That isn’t what many analysts and investors expected coming into this year, when they thought bond yields would rise as the economy heated up, and stocks would stall as valuations remained stretched. Instead, bond yields are lower than where they ended last year—the benchmark 10-year U.S. Treasury note stood at 2.352% Thursday, down from 2.446% at the end of 2016—and inflation remains stubbornly short of the Federal Reserve’s 2% target.

Stocks have kept climbing. The Dow Jones Industrial Average and Nasdaq Composite closed at fresh highs Thursday.
“It’s kind of like the 1996 moment where Alan Greenspan himself called stocks irrationally exuberant” and the rally continued for three more years, said Jason Pride, director of investment strategy at Glenmede, which has about $37 billion in assets under management. Stocks are expensive now, but they “are not at extremes,” he said.


The S&P 500’s current record streak is the longest since the eight highs ending June 17, 1997, during the dot-com boom.
The markets have been so calm that some analysts and investors have expressed concerns that money managers are growing complacent. The CBOE Volatility Index, known as Wall Street’s “fear gauge,” fell 4.6% Thursday to 9.19, surpassing its record closing low of 9.31 set in December 1993.
Stock-market gains have been broad, spanning regions and sectors. Japan’s Nikkei Stock Average closed at its highest level since August 2015 on Thursday. The Stoxx Europe 600 rose for nine straight trading days through Tuesday, its longest winning streak in more than two years.
Several U.S. companies have posted outsize gains this year. In the Dow industrials, Boeing Co. has risen 66%, while Caterpillar Inc. andVisa Inc. each have added 36%. Stock advances have also been widespread, with all 11 major sectors of the S&P 500 in positive territory for the month so far.
October brings back painful memories of the financial crisis and the crash of 1987 for many investors and analysts. And the long economic expansion and eight-year bull market have some saying this rally can’t go on forever.
There are signs of skepticism, with some investors pulling money out of U.S. stocks even as they hit records.
Mutual funds and exchange-traded funds tracking U.S. equities posted outflows in the second quarter, according to fund tracker EPFR Global, the first quarterly outflows for the funds since the third quarter of 2016. Stock-trading volumes on major U.S. exchanges have hovered below average levels for the year in recent weeks, which some analysts say reflects investors’ lack of conviction in the rally.
Yet few see signs of an imminent downturn.
“The market’s seeing smooth sailing ahead for the economy right now,” said David Klaskin, chief investment officer of Oak Ridge Investments, which has $3.4 billion in assets under management. Stocks are expensive, but with central banks remaining accommodative, that’s helping indexes trudge on, he said. Mr. Klaskin has been cautious of fast-growing companies that are among the best performers this year; he acknowledges those bets haven’t paid off.
U.S. consumer prices remain sluggish, but other patches of the economy have perked up. U.S. economic output grew at a 3.1% annual rate in the second quarter, slightly stronger than previously thought. September auto sales rose at their fastest pace of the year. A gauge of manufacturing activity reached a 13-year high last month, while service-sector activity rose to its highest level since 2005.
Because Hurricanes Harvey and Irma likely slowed hiring last month, economists are projecting just 80,000 jobs added in September—less than half this year’s monthly average growth of 176,000—when the Labor Department releases its monthly employment report Friday. But the labor market has been strong, with unemployment hovering near a 16-year low in recent months.
“The rally has been akin to a relay race,” said Brian Jacobsen, multi-asset strategist at Wells Fargo Asset Management, which has $450 billion in assets under management. “Every time there’s been a slowdown, the baton has been passed to another part of the economy.”
Mr. Jacobsen is optimistic about the potential for corporate tax changes and expects shares of financial companies, small-capitalization stocks and makers of both discretionary and staple consumer products to perform well.
Steven Chiavarone, assistant vice president and portfolio manager atFederated Investors , which has $360.4 billion in assets under management, said the firm recently increased its position in small-cap stocks because it thinks smaller companies stand to benefit more from a tax overhaul. Those firms tend to generate more revenue domestically.
“Policy is unfolding in a positive way relative to what we think were overly muted expectations in the market,” Mr. Chiavarone said. “We feel pretty good going into the back half of the year,” he said, adding that he expects another strong quarter of earnings growth.
U.S. economic growth has been strong enough to support corporate earnings but slow enough to keep the Federal Reserve on a gradual path of interest-rates increases, keeping a lid on yields. That combination also has helped major indexes climb by double-digit percentages in 2017.
The Fed last month signaled that it plans to raise interest rates one more time in 2017 and three times in 2018, while starting to shrink the $4.2 trillion bond portfolio it amassed in its efforts to stimulate the economy. Central banks in the U.K. and Canada are also poised to tighten policy.
While many investors anticipate the proposed Republican tax framework will boost profits, further lifting stock prices, they also expect it will add to a budget shortfall and require the government to borrow more, potentially driving yields higher.

>>> Cooke to buy Omega Protein for USD 22 per share

Cooke to buy Omega Protein for USD 22 per share
06 OCT 2017
Cooke, a family-owned New Brunswick company, has agreed to buy Omega Protein [NYSE:OME], the Houston-based nutritional products company, for USD 22 per share in cash.
The transaction is expected to close near the end of 2017 or early in 2018.
The target's shares closed on Thursday at USD 16.60 apiece for a market cap of USD 373m.
Omega Protein CEO Bret Scholtes said that the deal recognizes Omega Protein's 100-year-old fishing business and provides stockholders with an immediate premium. Cooke CEO Glenn Cooke said the transaction will enable the Canadian group to further diversify its supply side.
BMO Capital Markets, Kelley Drye & Warren and Deloitte are advising Cooke.
BMO Capital Markets, which is providing the financing for the transaction, is being advised by Jones Day. Morgan, Lewis & Bockius is serving as legal counsel to Cooke in connection with the committed financing.
JPMorgan Securities and Vinson & Elkins are advising Omega Protein.
In August Omega Protein investor Bradley Radoff (BLR Partners) filed a 13D, reporting a stake of 5.8%. Radoff stated he had held talks with the board regarding a potential sale of the company, capital allocation and enhanced corporate governance.
Press release:
Cooke Inc. ("Cooke"), a New Brunswick company and parent of Cooke Aquaculture Inc., and Omega Protein Corporation ("Omega Protein" or the "Company"), a nutritional product company and a leading integrated provider of specialty oils and specialty protein products, today announced that they have entered into a definitive agreement (the "Merger Agreement") under which Cooke will acquire all outstanding shares of Omega Protein for USD 22.00 per share in cash. The transaction price represents a premium of 32.5% to Omega Protein's closing share price on October 5, 2017. The Merger Agreement has been unanimously approved by the Board of Directors of each of Omega Protein and Cooke.
"We are very pleased to sign this agreement with Omega Protein," said Glenn Cooke, CEO of Cooke Inc. "Omega Protein will provide us with another platform in Cooke's growth strategy through further diversification in the supply side of the business. We believe this will be a very good fit between our two cultures. Omega Protein has a 100-year history with an experienced and dedicated workforce, which we value, and a tradition of operating in small, coastal towns and communities that we share. Their focus on sustainable aquaculture and agriculture and the production of healthy food is also a great fit with our experience and culture."
Cooke carries on the business of finfish aquaculture globally through its wholly-owned subsidiary Cooke Aquaculture Inc. The New Brunswick, Canada based Cooke family also has significant investments in wild fisheries globally through their ownership of Cooke Seafood USA, Inc. and Icicle Seafoods, Inc. Cooke Aquaculture Inc. is an aquaculture corporation founded in Blacks Harbour, New Brunswick, Canada with salmon farming operations in Atlantic Canada (operated by its affiliate, Kelly Cove Salmon Ltd.), the United States (Maine and Washington), Chile and Scotland, as well as seabass and seabream farming operations in Spain. In 2015, Cooke Seafood USA, Inc. was created, and grew rapidly through the acquisitions of Wanchese Fish Company, Inc. in the USA and the assets of Fripur S.A., the largest fishing company in Uruguay. The Cooke family also acquired Icicle Seafoods, Inc. in 2016. The addition of Omega Protein serves as a perfect strategic piece for the Cooke family of companies.
"We are excited about the agreement, which we believe recognizes the value of Omega Protein's successful, 100-year-old fishing business and also provides stockholders with an immediate premium," said Bret Scholtes, President and CEO of Omega Protein. "Cooke is a family owned company and in many ways, reminds us a lot of ourselves and this agreement is the perfect fit for the two companies. Cooke is a highly-regarded and responsible leader in the global fishing and seafood industry."
Transaction Highlights
The transaction – which is expected to close near the end of 2017 or early in 2018 – is subject to the approval of Omega Protein stockholders, certain regulatory approvals and other customary closing conditions.
BMO Capital Markets is providing committed financing for the transaction.
Advisors
BMO Capital Markets is serving as the buy-side financial advisor, Kelley Drye & Warren LLP is serving as legal counsel and Deloitte LLP is acting as financial and tax due diligence advisor to Cooke.
Jones Day is serving as counsel to BMO Capital Markets, and Morgan, Lewis & Bockius LLP is serving as legal counsel to Cooke, in connection with the committed financing.
J.P. Morgan Securities LLC is acting as exclusive financial advisor to Omega Protein and provided a fairness opinion to its Board of Directors. Vinson & Elkins L.L.P. is serving as legal counsel to Omega Protein.

>>> US Early premarket gappers

Early premarket gappers
Gapping up:
  • GIGA +51.1%, SNCR +25.8%, TROV +22.5%, OHGI +6.6%, NAV +4.2%, LGL+3.7%, IMMU +3%, APVO +2.6%, YUMC +2.6%, GSAT +2.4%, KDMN +2.3%,MRK +1.8%, LUV +1.2%, GDOT +0.6%, HON +0.5%
Gapping down:
  • IMGN -4.3%, NLY -3.9%, IRM -2.7%, COST -2.7%, HELE -2.4%, CRH -2%,HFC -1.8%, ITEK -1.7%, GIMO -1.3%, CDE -0.9%, TGT -0.8%, LLY -0.5%,WMT -0.5%

FT : ECB agrees to reveal more details of corporate bond holdings

The European Central Bank has bowed to pressure from campaign groups and parliamentarians to reveal more about the corporate bonds it has bought as part of its €2tn quantitative easing programme.

The ECB plans to publish information on the credit ratings of its holdings of €115bn-worth of corporate debt bought under QE, as well as a breakdown of the economic sectors represented by the holdings.

The publication of the information — which the ECB will update every six months — comes after members of the European Parliament and the QE for People campaign criticised the bank for being too opaque over its holdings of corporate bonds.

The ECB has in the past said that revealing too much about its holdings of corporate bonds will lead to markets trying to game the system. At present, it publishes the names of the bonds bought, but says nothing about the quantities in which it holds each bond.

The following information will appear on the ECB’s website at 4pm local time in Frankfurt today:

- A table comparing the credit rating distribution of Corporate Sector Purchase Programme (CSPP) holdings and of the eligible bond universe;

- A table comparing the country of risk distribution of CSPP holdings and of the eligible bond universe;

- A table comparing the economic sector distribution of CSPP holdings and of the eligible bond universe.

Handelsblatt : Accelerating Toward Sales and Spin-Offs

Accelerating Toward Sales and Spin-Offs
The automotive industry is rethinking non-core activities and looking for ways to prepare for the future. Unlike their peers, German car companies are doing it in secret.


The world’s carmakers and suppliers have made their intentions clear: The introduction of new competitors in electric cars, the Internet of Things and an increasing distaste for aging technologies means companies have to re-evaluate what they do, and what they want to do in the future. Some companies, Italy’s Fiat and American supplier Delphi for example, have been specific about their plans, with investors revving at the prospects of profitable spin-offs and restructurings. Germany’s automotive industry, however, isn’t so forthcoming.

The supervisory board of Stuttgart’s Daimler, for instance, is currently preparing a “feasibility study” that will mull restructuring into a parent company that oversees Daimler’s activities, which stretch from tiny, two-seater Smarts to giant, over-the-road Freightliners. External consultants will spend a year considering whether the new structure makes sense. The management board has attempted to allay employee fears of sales, saying there are “no plans to split off any parts of the company,” and that the aim is not to “cut costs or staff.” But officially, Daimler has not commented on the issue.

“Companies need to become faster and more agile, and to do that they have to get rid of ballast,” said automotive expert Stefan Bratzel, head of the Center of Automotive Management, a research institution based in Germany. “The old automotive world, with its different areas of business that have evolved over time, is a heavy backpack”. The automotive industry is undergoing massive structural changes, with operations being hived off and sold. Diesel’s days are numbered and a phase of global consolidation is beginning. Investors now consider a company’s ability to transform more important than the old measures of success, such as margins and number of units sold.

Back in Stuttgart, Daimler has a market cap of about €72 billion ($84 billion). Analysts at Goldman Sachs believe this is relatively low and estimate that it is about a quarter below what the sum of the company’s parts would be worth. Arndt Ellinghorst from Evercore ISI calculates that a spin-off of the trucks business alone would generate added value of €32 billion.

But it’s not just about money: the aim is also to allow the subsidiaries to enter into independent partnerships. If, for example, the Mercedes car division wants to enter into a cross-shareholding arrangement with another automaker, it will have to be able to do this on its own, as a corporation in its own right. As things currently stand, the whole group would have to be involved – which would be ill-advised, following the disastrous merger between Daimler and Chrysler in 1998.

One thing that is certain is that employees will have a braking effect, forcing the German automotive industry to take a different path in the global transformation process. “The advantage is that we can think through our strategy in detail,” Mr. Bratzel, the analyst, said. He’s recently been looking at the plans of new competitors based in Silicon Valley. “The disadvantage is that we’ll lose time compared with competitors who are pushing into the mobility market at breakneck speed.”

However, German automotive giant Volkswagen (VW) has even greater potential. The group, which has 12 brands and 600,000 employees, has been plagued for the last two years by the diesel emissions scandal. Chief executive Matthias Müller told the Wall Street Journal at the beginning of September that a team was already looking at options for the spin-off and sale of peripheral activities. A possible IPO for the commercial vehicles subsidiary Truck&Bus, which includes the group brands MAN and Scania, is top of the list.

VW also has a broad portfolio of subsidiaries that it accumulated during the era when Martin Winterkorn was CEO and Ferdinand Piëch was supervisory board chairman. This includes the motorcycle brand Ducati, which has already attracted interest from potential buyers. Through the MAN subsidiaries Diesel and Turbo, VW is also a global player in diesel for ships and an equipment supplier to the gas industry. Renk, a company based in Augsburg, supplies transmission systems for wind turbines and Leopard battle tanks. These divisions together represent about one-fifth of the group’s total sales of €2 billion.

“We’re reviewing our portfolio,” another high-ranking manager recently confirmed in conversation with Handelsblatt. For the moment, however, all moves are on hold: Matthias Müller, like Daimler chief executive Dieter Zetsche, needs approval from employee representatives on the group’s supervisory board for any far-reaching changes. The employee representatives are in no hurry, as the group works council is due to be re-elected next spring and election campaigns are under way.