>>> Patrick Harker named new president of Philadelphia Fed (replacing Plosser),

Patrick Harker named new president of Philadelphia Fed (replacing Plosser), effective March 1st 

The board of directors of the Federal Reserve Bank of Philadelphia today announced that Patrick T. Harker, 56, currently president of the University of Delaware and a member of the Philadelphia Fed's board of directors, has been named the 11th president and chief executive officer of the Philadelphia Fed, effective July 1, 2015. The appointment was jointly approved by eligible directors of the Philadelphia Fed's board of directors, all nonbankers by law, and the Board of Governors of the Federal Reserve System in Washington, D.C. 

As president of the Philadelphia Fed, Harker will participate on the Federal Open Market Committee in the formulation of U.S. monetary policy and will oversee the 900 employees at the Philadelphia Fed.

Harker, who has served as a nonbanking Class B director of the Philadelphia Fed for the past three years, will succeed Charles I. Plosser, who retired effective March 1, 2015.

"We were fortunate to have an exceptional and wonderfully diverse slate of candidates and are delighted that Pat Harker emerged as the best person to serve as the next president and chief executive officer of the Federal Reserve Bank of Philadelphia," said James E. Nevels, chairman of the Philadelphia Fed's board of directors. "His deep roots in the region, his distinguished career in academia, his drive for innovation, and his passion to make our region an economic engine for the future truly impressed our board."

When asked about his new position, Harker replied, "As a lifelong native of the Third District, I am honored and excited to be asked to serve as the president and chief executive officer of the Federal Reserve Bank of Philadelphia. I look forward to working with the Bank's dedicated staff to continue the Philadelphia Fed's vital service to the District and the nation."

In addition to serving as president of the University of Delaware, Harker is also a professor of business administration in the university's Alfred Lerner College of Business and Economics and a professor of civil and environmental engineering in the university's College of Engineering.Before joining the University of Delaware in July 2007, he was the dean of the Wharton School of the University of Pennsylvania and the Reliance Professor of Management and Private Enterprise. Before his appointment as dean in 2000, he was an interim dean and deputy dean, and he also acted as chair of the operations and information management department at Wharton.In addition to his service on the Philadelphia Fed's board, Harker is on the board of directors of Pepco Holdings Inc., as well as the Huntsman Corp., and is a founding member of the board of advisors for Decision Lens, Inc. He is a member of the Regional Leadership Initiative Steering Committee at the Council on Competitiveness and a member of the Select Operating Committee of Select Greater Philadelphia.

Harker has a Ph.D. in civil and urban engineering, a master's degree in economics, and an M.S.E. and B.S.E. in civil engineering from the University of Pennsylvania.When he was named UPS Transportation Professor of the Private Sector in 1991, Harker became the youngest faculty member in Wharton's history to be awarded an endowed professorship. Harker has published or edited nine books and has written more than 100 professional articles. From 1996-1999, he served as editor-in-chief of the premier journal Operations Research.

Harker also served as a White House Fellow in 1991, and he served from 1991-1992 as a special assistant to FBI Director William S. Sessions. He was named a Fellow of the Institute for Operations Research and the Management Sciences (INFORMS) in October 2012 and a Charter Fellow of the National Academy of Inventors in December 2012.

(BFW) Buyout Firms Said to Line Up Bids for Philips Lighting Ops: Rtrs

Buyout Firms Said to Line Up Bids for Philips Lighting Ops: Rtrs
2015-03-02 14:48:39.436 GMT


By Christopher Kingdon
(Bloomberg) -- Philips’ sale of the majority of its
lighting components business is nearing an end, Reuters reports,
citing three unidentified people familiar.
* Consortium of private equity firms CVC and KKR as well as
Bain Capital were expected to hand in offers by Monday
deadline valuing the business at roughly EU2.5b
* Philips, buyout groups declined to comment: Reuters
* NOTE: Feb. 24: Philips Intends IPO for Lighting Division in
Health Care Bet


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Christopher Kingdon

(BFW) Hermes’s Deputy CEO Patrick Albaladejo Has Left the Company

BN 03/02 14:01 *HERMES'S DEPUTY CEO ALBALADEJO CONFIRMS DEPARTURE VIA E-MAIL
BN 03/02 14:01 *HERMES'S DEPUTY CEO PATRICK ALBALADEJO HAS LEFT THE CO.
Hermes’s Deputy CEO Patrick Albaladejo Has Left the Company
2015-03-02 14:04:36.860 GMT


By Andrew Roberts
(Bloomberg) -- Albaladejo left at the end of February, he
says via e-mail.

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pserafino@bloomberg.net

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: XLRN -26.2%, JKS -8.5%, STNG -4.5%, BIOS -4.4%, GFA -2.8%, GTE -2%, PMC -2%, CORE -1.6%, OPK -1.4%, VNR -0.5%

Select financial related names showing weakness: SSL -2.7%, TNP -2.7%, SDRL -1.9%, RDS.A -1%, RIG -1%, ESV -1%, .


Other news: LL -25.4% (60 Minutes profiles alleged health violations at LL), WBAI -13.3% (provides additional information on temporary suspension of sales by provincial sports lottery administration centers), GDP -8.5% (announces public offering of 12 mln shares of common stock), NBG -8.3% (cont pre-mkt vol), LPI -7.8% (announces 50 mln share offering of common stock), PCRX-7.7% (receives complete response letter from FDA for sNDA seeking approval of EXPAREL), NAVI -7.1% (co disclosed expiration of ED asset recovery contract and NY DFS Subpoena), KOOL -6.6% (receives notice of non-compliance with Nasdaq listing rule), KOS -5.3% (provides update on 2015 exploration drilling program), BAK -3% (signed with Petrobras (PBR) a new amendment to the petrochemical naphtha supply agreement with a 6-month duration), GPRO -2.4% (likely related to competitor Xiaomi launching a low-end action camera ), ROVI -2% (Co seeing financial adviser following activist pressure, according to reports), VIP -1.5% (VimpelCom and Wind Telecomunicazioni announce sale of majority stake in Wind tower subsidiary to Abertis Telecom), CARB -1.5% (j2 Global (JCOM) withdraws tender offer for Carbonite; currently intends to nominate candidates for election to the Board of Directors of Carbonite at 2015 annual meeting), NLSN -1.1% (announces secondary common stock offering by selling shareholders of 8 mln shares of common stock)

Analyst comments: AKAO -3.8% (downgraded to Underperform from Outperform at Credit Suisse), SCMP -3.5% (downgraded to Underperform from Neutral at Credit Suisse ), WTW -2.9% (downgraded to Underweight from Equal-Weight at Morgan Stanley), GEVA -2.8% (downgraded to Neutral from Overweight at JP Morgan), ISIS -2.7% (downgraded to Hold at Stifel), CBRL -1.3% (downgraded to Hold from Buy at Miller Tabak), WAC -1.3% (downgraded to Underperform from Mkt Perform at FBR Capital), PTCT -1.9% (downgraded to Neutral from Overweight at JP Morgan), SAVE -0.7% (downgraded to Hold from Buy at Stifel), CRM -1.3% (downgraded to Hold from Buy at Argus), OAS -1.3% (downgraded to Neutral from Buy at Guggenheim), JOY -1.9% (downgraded to Neutral from Buy at BofA/Merrill), SNY -0.9% (downgraded to Neutral at Exane BNP Paribas
)