>>> US Pre-market indicqtions

ML
VOLVO - CEO says focusing on boosting profitability in Dagens Industri(99)+2-3%
ST JAMES - We UPGRADE to Buy, PO 1090p. Think advice you can rely on (965)..+2%
JIMMY CHOO - Solid. Back on tract to deliver highest earnings growth (131.5)+2%
VOW - 'Future Pact' agreed, margin target could disappoint today (131)....+1-2%
SAGE - US peer Intuit reported small beat on rev/earnings. U/G away (685).+1-2%
LAFARGEHOLCIM - CMD. Lower 2018 targets but raise cash returns (CHF55.45)...+1%
SAP - Positive read across from salesforce.com beat o/n, +5% aft hrs (78).+0.5%
HANNOVER RE - We DOWNGRADE to Neutral, PO 105 on rise in bond yields (103)-0.5%
MUNICH RE - DOWNGRADE to Underperform, PO 170 on rise in bond yields (174)-0.5%
MAERSK - Spec potentially bidding for Dong Oil unit valued at >$2b (8880)...-1%
MINERS - Copper -0.9%, Iron Ore -2.9% with BHP OZ +0.17% & RIO OZ -0.4%...-1-2%

MainFirst
*VW-Planning to cut €3.7b a year through 2020,30k jobs to go.......+1%
*AIRBUS-Wins $1.3b order for 13 planes from Japan's Peach..........+0.5%
*VOLVO-CEO focusing on boosting profitability - DI.................+0.5%
*LAFARGE-Cuts '18 Ebitda tgt 7b(+8b),b/back over 2yr 1b,Div CHF2...+2%
*UNICREDIT-No firm decision yet on Capital Optimization............-0.5%
*MAERSK-And EIG among potential bidders for Dong's oil.............U/C
*BPOST-Invites PostNL 2 discuss merger terms,S/hldrs push 4 deal...U/C
*AIR FRANCE-Plans management changes, Head of Long-Haul to leave....U/C
*SAP-Positive read across from SalesForce last night,stk +5.5%.....+0.5%

>>> What to look at today - 18th of November 2016

Dow +0.17% S&P+0.49% Nasdaq. +0.74% Russell +0.56%
US Market closed higher, increased inflation concerns had investors rotating out of the bond market in favor of more growth-oriented positions. Federal Reserve Chair Janet Yellen highlighted recent economic growth when she stated that economic data since the November Fed meeting has been consistent with expectations. Chair Yellen also indicated that a policy rate increase may be appropriate relatively soon. According to the CME's FedWatch Tool, the implied probability of a December interest rate hike registers at 90.6%, unchanged from yesterday. BBY +13.7% after topping consensus estimates for the quarter and issuing upbeat guidance for the fourth quarter. CSCO-4.8% on cautious guidance. Energy sector (-0.7%) ended on a lower note as crude oil surrendered an intraday gain, sliding into negative territory. WTI crude settled down 1.1% ($45.38/bbl; -$0.19). US After Hours MRVL +7%, CRM +5%, NUAN +2% following earnings/guidance, SCTY +2% and TSLA +1% on shareholders' merger approval... GPS -4.9%, WSM -4%, AMAT -1% following earnings/guidance. Strong US economic data and hawkish comments from Fed chair Yellen preserve the 2-week-long USD bull trend; USD/JPY hit a 5-month high above ¥110 and EUR/USD falls to 11-month low below $1.06; Treasury yields also continue to rise, particularly on the long-end, steepening the curve to multi-months highs. Gold prices fall to multi-month lows below $1,210. China property prices are stabilizing, with first tier appreciation slowing notably. NBS said "property prices have stabilized in the second half of October." Separately in China, Financial Stability Bureau official remarked China is prepared for economic uncertainties. BOJ Gov Kuroda says the recent rise in 2-yr and 5-yr JGB yields has been quite fast, pledging to continue to use fixed rate operations as needed with unlimited capacity for purchases; Prepared to conduct operations even at below market yields. Comments follow overnight BOJ's first use of fixed-rate facility to buy 2-yr and 5-yr JGBs to curb the recent yield rise.

Nikkei +0.59% Hang Seng +0.10% CSI -0.29% Shanghai -0.27%

EUR 1.0594 CNH 6.9103 CNY 6.8909 JPY 110.71 GBP 1.2391 CHF 1.0088 RUB 65.0715

S&P -0.07% EuroStoxx +0.39% Dax +0.47% SMI +0.19% FTSE +0.17%

Macro :
- Sweden Fin. Minister Wants ‘As Soft a Brexit as Possible’: Rtrs
- ECB’s Angeloni Hopes EU To Harmonize States Leeway on Bank Rules
- Deloitte May Move Roles If U.K. Crimps Immigration, Sky Says
- Brevan Howard Hedge Fund Suffers $1.1 Billion in Outflows
- York Capital Assets Said to Slump by $2 Billion From Withdrawals
- Antofagasta Says Copper Market May Swing to Shortage in ’18/’19

Keep an eye on :
- ABI BB : AB InBev Board Member Descheemaeker Buys Net EU2.81m of Stock
- ACS SM : ACS Sells Sintax Stake; Transaction Generates EU5.6M Gain
- AF FP : Air France Head of Long-Haul Bruno Dellile to Leave: Tribune
- ANTO LN : Antofagasta Says Copper Market May Swing to Shortage in ’18/’19
- BAMNB NA : *BAM TO SELL 47 PROPERTY POSITIONS IN NORTH EAST OF NETHERLANDS
- BAYN GY : Monsanto/Bayer Said in Talks With Remedy Buyers: DealReporter
- BT/A LN : BT and Deutsche Telekom Plan Network Sharing, Joint Development
- CARLB DC : Carlsberg CEO Says His Job Hinges on Reaching 2018 Goals: Borsen
- CHOO LN : Jimmy Choo Says 2H LFL Sales to Dare Have Turned Positive
- DBK GY : Deutsche Bank eyes bonus clawback for former bosses - FT
- LEY FP : Faiveley Transport 1H Rev. Falls Y/y; Wabtec Purchase Seen 4Q
- FER SM : Ferrovial Says 56% of Rights Holders Received New Shares
- GKN LN : GKN to shut UK helicopter plant with loss of 230 jobs - FT
- ILD FP : Iliad’s Niel Sees ‘Huge Increase’ in Cash Flow in 2019
- DEC FP : JCDecaux Expects ‘Slightly Negative’ Impact From 2017 Elections
- KPN NA : KPN Not Interested in Merger, Sees Consolidation Happening: CEO
- LHN VX : LafargeHolcim Cuts 2018 Ebitda Target, Sees Up to CHF1b Buybacks
- MAERSKB DC : Maersk, EIG Said Among Potential Bidders for Dong’s Oil Unit
- MAIL LI : Mail.ru Not in Merger Talks With MegaFon, CFO Hammond Says
- NFLX US : Amazon Said to Expand Video Streaming Into 200 Countries: DJ
- NOVN VX : Novartis Sandoz Etanercept Has Equivalent Efficacy to Originator
- PNL NA : PostNL, Bpost Should Start Talks, FD Cites Shareholder Capfi
- RIO LN : Rio Tinto Offered Bribe for Iron Mine, Ex-Guinea Official Says
- SKY LN : Sky Will Let Some Rights Go as It Reduces Dependence on Sports
- UCG IM : UniCredit to Announce Possible Share Sale, Cost Cuts on Dec. 13
- VWS DC : Vestas Is Interested in Buying China’s United Power: Finans
- VOLVB SS : Volvo CEO Says Focusing On Boosting Profitability: DI
- VOW3 GY : VW Said Planning EU3.7b/Yr Cost Savings, Job Cuts: Handelsblatt
- VOW" GY : VW Said to Cut 23,000 Jobs, Save EU3.7 Billion With Labor Pact
- VOW3 GY : Volkswagen Says It Reached Labor Deal With German Workers

>>> Europe : Brokers Upgrades & Downgrades - 18th of Novembre 2016

>>> Up
*Genel Energy Raised to Hold at Jefferies
*Ophir Energy Raised to Buy at Stifel, PT 90p
*Premier Oil Raised to Buy at Jefferies
*TERNA RAISED TO NEUTRAL AT CREDIT SUISSE

>>> Down
*ABN Amro Cut to Neutral at Macquarie, PT EU21
*Ahold Cut to Hold at Deutsche Bank, PT EU22.50
*Mediobanca Cut to Hold at Kepler Cheuvreux, PT EU7.20
*Swedbank Cut to Hold at Deutsche Bank
*Topdanmark Cut to Neutral at Goldman, PT DKK185

>>> PT Change


>>> Initiation
*Enel Resumed Equal-Weight at Morgan Stanley, PT EU4.30
*Italgas Rated New Outperform at Credit Suisse, PT EU3.80

>>> Call
>> Stock
*BNP, CREDIT SUISSE ADDED TO CITI FOCUS LIST EUROPE
*MOTOR OIL ADDED TO CEEMEA FOCUS LIST AT GOLDMAN
*SAGE GROUP ADDED TO CONVICTION BUY LIST AT GOLDMAN

>>> Asian Update

Asia Mid-Session Market Update: China first tier city prices stabilize; BOJ Gov Kuroda defends use of fixed rate operations in JGBs

***US Session Highlights***
- (US) OCT CPI M/M: 0.4% V 0.4%E; CPI EX FOOD AND ENERGY M/M: 0.1% V 0.2%E; CPI NSA INDEX: 241.729 V 241.785E; Y/Y CPI Ex Food and Energy Y/Y: 2.1% v 2.2%e
- (US) OCT HOUSING STARTS: 1.323M V 1.156ME; BUILDING PERMITS: 1.229M V 1.193ME (another jump in single family)
- (US) INITIAL JOBLESS CLAIMS: 235K (lowest since 1973) V 257KE; CONTINUING CLAIMS: 1.98M V 2.03ME (lowest since 2000)
- (US) NOV PHILADELPHIA FED BUSINESS OUTLOOK: 7.6 V 7.8E; new orders 18.6 v 16.3 prior
- (US) Fed Chair Yellen: Rate hike could be appropriate 'relatively soon'; no mention of US elections in remarks - prepared text
- (US) Atlanta Fed GDPNow: raises Q4 GDP forecast to 3.6% from 3.3% on Nov 15th

***US markets on close: Dow +0.2%, S&P500 +0.5%, Nasdaq +0.7%***
- Best Sector in S&P500: Technology/Services
- Worst Sector in S&P500: Basic Materials/Utilities
- Biggest gainers: BBY +13.7%, NTAP +6.3%, MU +5.2%, WYNN +4.5%, IPG +4.1%
- Biggest losers: MNK -7.3%, FSLR -5.1%, CSCO -4.8%, SWN -4.1%, SJM -3.9%
- At the close: VIX 13.4 (-0.3pts); Treasuries: 2-yr 1.06% (+4bp), 10-yr 2.28% (+6bps), 30-yr 2.99% (+6bps)

***US movers afterhours***
- MRVL: Reports Q3 $0.20 v $0.12e, R$654M v $612Me; +8.5% afterhours
- CRM: Reports Q3 $0.24 v $0.21e, R$2.14B v $2.12Be; +5.5% afterhours
- ROST: Reports Q3 $0.62 v $0.56e, R$3.09B v $2.96Be; +3.4% afterhours
- SCTY: SolarCity and Tesla shareholders approve planned merger; deal expected to close within days; SCTY +1.9% afterhours; TSLA +0.6% afterhours
- NUAN: Reports Q4 $0.41 v $0.39e, R$512M v $505Me; +1.9% afterhours
- AMAT: Reports Q4 $0.66 v $0.66e, R$3.30B v $3.31Be; -2.1% afterhours
- WSM: Reports Q3 $0.79 v $0.77e, R$1.25B v $1.26Be; guides Q4 $1.45-1.55 v $1.59e, R$1.57-1.65B v $1.63Be; -2.9% afterhours
- GPS: Reports Q3 $0.60 v $0.59e, R$3.80B v $3.77Be; -4.1% afterhours
- KTOS: Offers indeterminate amount of common stock through Canaccord and B. Riley -9.6% afterhours

***Asia Session Notable Observations, Speakers and Press***
- Strong US economic data and hawkish comments from Fed chair Yellen preserve the 2-week-long USD bull trend; USD/JPY hit a 5-month high above ¥110 and EUR/USD falls to 11-month low below $1.06; Treasury yields also continue to rise, particularly on the long-end, steepening the curve to multi-months highs. Gold prices fall to multi-month lows below $1,210.
- China property prices are stabilizing, with first tier appreciation slowing notably. In Beijing, New Home Prices were at a 10-month low m/m at 0.5% v 4.5% prior; Shanghai m/m also slowed to 0.5% from 2.7%, while Shenzhen m/m saw its first decline in years at -0.5% v +1.9% prior; All-70 city China prices hit 3-month low m/m at 1.1% v 2.1% prior, though y/y was still at multi-year highs of 12.3% v 11.2% prior. NBS said "property prices have stabilized in the second half of October." Separately in China, Financial Stability Bureau official remarked China is prepared for economic uncertainties.
- Japan PM Abe enthused after "long frank discussion with US President-elect Trump" at their NYC meeting; Renewed conviction toward a relationship of trust with Trump.
- BOJ Gov Kuroda says the recent rise in 2-yr and 5-yr JGB yields has been quite fast, pledging to continue to use fixed rate operations as needed with unlimited capacity for purchases; Prepared to conduct operations even at below market yields. Comments follow overnight BOJ's first use of fixed-rate facility to buy 2-yr and 5-yr JGBs to curb the recent yield rise.
- Despite OIS futures tipping a small chance of higher rates by RBA next year, one survey of economists forecast one more rate cut in Q3; Several houses expect as many as 2 more cuts by RBA, though there is also a camp expecting OCR to bottom at current level.

***Asia Key economic data:***
- (CN) CHINA OCT PROPERTY PRICES M/M: RISE IN 62 OUT OF 70 CITIES VS 63 PRIOR; Y/Y: RISE IN 65 OUT OF 70 CITIES V 64 PRIOR
- (NZ) NEW ZEALAND Q3 RETAIL SALES (EX-INFLATION): 0.9% V 0.9%E
- (NZ) NEW ZEALAND Q3 PPI INPUT Q/Q: 1.5% V 0.9% PRIOR; PPI OUTPUT Q/Q: 1.0% V 0.2% PRIOR
- (NZ) NEW ZEALAND NOV ANZ CONSUMER CONFIDENCE INDEX: 127.2 (19-month high) V 122.9 PRIOR; M/M: 3.5% V 1.6% PRIOR
- (KR) South Korea Oct PPI Y/Y: -0.2% v -1.1% prior
- (US) NPD: Oct Video Games Sales +6% y/y at $875.7M

***Asian Equity Markets (23:30ET)***
- Nikkei +0.7%, Hang Seng +0.3%, Shanghai Composite -0.3%, ASX200 +0.3%, Kospi -0.3%

***FX ranges/Commodities/Futures/Fixed Income (23:30ET):***
- EUR 1.0580-1.0630; JPY 109.95-110.75; AUD 0.7380-0.7420; NZD 0.7000-0.7035
- Dec Gold -0.8% at 1,207/oz; Dec Crude Oil -0.6% at $45.16/brl; Copper -1.1% at $2.46/lb
- GLD: SPDR Gold Trust ETF daily holdings fall 5.7 tonnes to 920.6 tonnes; 6th straight decline; lowest since June 23rd
- Equity Futures: S&P e-mini -0.1%, Dax -0.2%, FTSE100 -0.2%
- USD/CNY: *(CN) PBOC SETS YUAN MID POINT AT 6.8796 V 6.8692 PRIOR; weakest Yuan setting since 2008; 11th straight day of weaker Fix
- (CN) China MoF sells 50-yr bonds at 3.48%; Bid to cover 3.77x
- (JP) BOJ offers to buy ¥400B in 1-3yr JGBs, ¥420B in 3-5yr JGBs, ¥190B in 10-25yr JGBs, ¥110B in 25-yrs or higher JGBs, and ¥1.5T in T-bills
- (AU) Australia MoF (AOFM) sells A$900M in 2.75% 2019 Bonds; avg yield: 1.841%; bid-to-cover: 4.03x (1-year high)

Notables / movers:
- Coal names falls as China NDRC issues directive to increase production ahead of winter; WHC.AU -8.9%, 1088.HK -3.5%, 1898.HK -3.4%
- TPV Technology Ltd 903.HK: Reports Q3 Net profit $18.6M v loss $26.3M y/y, Rev $2.47B v $2.80B y/y; -1.3%
- Eagle Nice International 2368.HK: Reports H1 Net HK$121M; Rev HK$1.08B v HK$947M y/y; -1.3%
- ZTE 763.HK: update related to restrictions by US Commerce Dept; -1.7%
- Swire Pacific 19.HK: Confirms realignment of Coca-Cola Bottling in China; consideration payable by SBHL in relation to realignment CNY4.65B; -0.3%
- Singamas Container Holdings 716.HK: Guides FY16 net loss at least $53M v loss $2.7M y/y; -4.3%

- iCar ICQ.AU: Carsales said to be considering offer for iCar - press; +31.6%
- Myer MYR.AU: Reports Q1 Rev A$719.2M v A$728Me (1 est); SSS +1.6% (5th straight quarter of SSS increase); +14.4%
- Paladin PDN.AU: Guides FY17 uranium production 3.8-4.0M lb; uranium is unsustainable at <$20/lb; sees 10-15% of global supply cut as early as 2017; -4.0%
- AusNet AST.AU: Reports H1 Net A$178.6M v A$374.5M y/y; EBITDA A$595.3M v A$650.4M y/y; Rev A$1.02B v A$1.01Be; +1.0%
- Kathmandu Holdings KMD.NZ: Reports Q1 Rev +2.8% y/y; SSS +1.4%; -3.4%
- Brambles BXB.AU: Macquarie Resumed BXB.AU with Outperform, price target: A$13; +1.6%
- Sydney Airport SYD.AU: Credit Suisse Cuts SYD.AU to Underperform from Neutral; Oct traffic metrics; -1.5%
- FCG.NZ Fonterra: Raises FY16/17 forecast for Farmgate milk price by NZ$0.75 to NZ$6.00/kg; -0.2%

>>> US Close Dow +0.17% S&P+0.49% Nasdaq. +0.74% Russell +0.56%

Closing Market Summary: Bonds Slide and Stocks Gain on Upbeat Data

The stock market ended the Thursday affair on a modestly higher note as investors assessed the latest battery of economic data. The Nasdaq Composite (+0.7%) finished ahead of both the S&P 500 (+0.5%) and the Dow Jones Industrial Average (+0.2%).

Participants expanded their bets on an improving economy as increased inflation concerns had investors rotating out of the bond market in favor of more growth-oriented positions.

The Consumer Price Index (CPI) increased 0.4% (consensus +0.4%) in October while core CPI, which excludes food and energy, ticked up by 0.1% (Briefing. com consensus +0.2%). The data showed a firming inflation trend with the headline index rising to 1.6% year-over-year. Meanwhile, the core reading is up 2.1% year-over-year.

The latest housing data also helped pro-growth positioning as housing starts rose to an annualized rate of 1.323 million (consensus 1178k) in October. This will figure positively into fourth quarter GDP estimates and also marks the strongest reading since 2007. Building permits increased 0.3% to a seasonally adjusted rate of 1.229 million (consensus 1.200 million).

Federal Reserve Chair Janet Yellen highlighted recent economic growth when she stated that economic data since the November Fed meeting has been consistent with expectations. Chair Yellen also indicated that a policy rate increase may be appropriate relatively soon. According to the CME's FedWatch Tool, the implied probability of a December interest rate hike registers at 90.6%, unchanged from yesterday.

The tech-heavy Nasdaq (+0.7%; month-to-date: +2.8%) outperformed, narrowing this month's performance gap. The Dow Jones Industrial Average (+0.2%; month-to-date: +4.2%) and S&P 500 (+0.5%; month-to-date: +2.9%) ended closer to their flat lines. The modest advance in the benchmark index was underpinned by gains in six sectors.

The heavily-weighted financial (+1.3%), consumer discretionary (+1.2%), and technology (+0.7%) sectors led while real estate (-0.9%) and energy (-0.7%) underperformed.

The economically-sensitive financial sector (+1.3%) outperformed amid rising market rates and positive economic data. Banking names led the advance as steepening in the yield curve improved the industry's earnings potential. The SPDR S&P Bank ETF (KBE 40.17, +0.53) finished higher by 1.3%. Separately, Dow component JPMorgan Chase (JPM 78.02, +0.62, +0.8%) ended behind its peers after settling a hiring probe for approximately $265 million.

In the consumer discretionary space (+1.2%), homebuilders outperformed on the heels of the better-than-expected housing data. The iShares Dow Jones US Home Construction ETF (ITB 27.34, +0.57) rallied 2.1%. Meanwhile, electronics retailer Best Buy (BBY 45.99, +5.54) spiked 13.7% after topping consensus estimates for the quarter and issuing upbeat guidance for the fourth quarter.

The technology sector (+0.7%) continued playing catch up with the broader market. Dow component Microsoft (MSFT 60.64, +0.99) outperformed after an upgrade to "Buy" from "Neutral" at Goldman. Conversely, shares of Cisco Systems (CSCO 30.05, -1.52) fell 4.8% after the company issued some cautious guidance. The tech giant did, however, beat bottom-line estimates for the quarter.

The energy sector (-0.7%) ended on a lower note as crude oil surrendered an intraday gain, sliding into negative territory. WTI crude settled down 1.1% ($45.38/bbl; -$0.19).

The Treasury complex finished on a lower note with the long-end of the curve underperforming. The yield on the 2-yr note finished higher by two basis points (1.03%) while the yield on the benchmark 10-yr note rose six basis points to 2.29%.

Today's trading volume was below the average of 895 million as fewer than 831 million shares changed hands at the NYSE floor.

Today's economic data included CPI for October, October Housing Starts and Building Permits, weekly initial claims, and the Philadelphia Fed Survey for November: 

  • CPI increased 0.4%, as expected, in October while core CPI, which excludes food and energy, rose 0.1% (consensus +0.2%).
    • On a year-over-year basis, total CPI is up 1.6% -- its largest 12-month increase since October 2014 -- and core CPI is up 2.1%
  • October housing starts surged 25.5% to a seasonally adjusted annual rate of 1.323 million (consensus 1.178 million).
  • Building permits rose 0.3% to a seasonally adjusted annual rate of 1.229 million (consensus 1.200 million)
  • Initial claims for the week ending November 12 dropped by 19,000 to 235,000 (consensus 258,000).
    • Continuing claims decreased by 66,000 to 1.977 million, which is the lowest level since April 15, 2000.
  • The Philadelphia Fed Index dipped to 7.6 in November (consensus 8.5) from 9.7 in October, although the new orders index ticked up to 18.6 from 16.3.


There is no economic data of note scheduled to be released today

>>> After Hours Summary: MRVL +7%, CRM +5%, NUAN +2% following e


After Hours Summary: MRVL +7%, CRM +5%, NUAN +2% following earnings/guidance, SCTY +2% and TSLA +1% on shareholders' merger approval... GPS -4.9%, WSM -4%, AMAT -1% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: MRVL +7.1%, KOOL +6.2% (thinly traded), CRM +5.2%, ROST +3.3%, KEYS +2.2%, POST +1.7%, SPWH +1.6%, NUAN +1.6% (also extends Paul Ricci's contract as Chairman and CEO)

Companies trading higher in after hours in reaction to news: SYUT +23.2% (Synutra agrees to be taken private for $6.05/share in cash), HRG +11.5% (HRG Group confirms evaluating potential strategic alternatives to maximize shareholder value; Pres/CEO plans 2017 departure), DRYS +10.7% (modestly rebounding), GLBS +9.4% (will report Q3 results after the close on Monday, Nov 21), FCEL +6.7% (FuelCell Energy announces a contract with Alberta Innovates for an engineering study on a fuel cell carbon capture application at a Husky Energy-owned heavy oil thermal facility), PIP +5% (announces a $2.91 special cash dividend), SCTY +2% and TSLA +0.7% (Tesla Motors shareholders approve proposed merger with SolarCity), MNK +1% (modestly rebounding, presented study that addresses possible impact of H.P. Acthar Gel on use of corticosteroids among patients with rheumatoid arthritis, lupus, and dermatomyositis/polymyositis)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: GPS -4.9%, WSM -4%, AMAT -1.1%

Companies trading lower in after hours in reaction to news: KTOS -11.5% (intends to offer and sell shares of its common stock in an underwritten public offering pursuant to an effective shelf registration statement; size not disclosed), EMES -5.7% (commences an underwritten public offering of 2,750,000 common units), RGC -4.7% (to sell 13,000,000 shares of Class A common stock by Anschutz Corporation and certain of its affiliates), RLOG -3.3% (continued strength), VRX -1.1% (Aceto launches generic for Valeant's Benzamycin Gel to treat acne vulgaris)