>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: HYGS -9.8%, NAV -4.4%, KO -1.1%, PAY -0.9%, WHR -0.8%, ELY -0.6%

Select Russia related names showing weakness: CTCM -12.1%, MBT -7.9%, YNDX -6.6%, VIP -5.9%, RSX -4.8%

Select oil/gas related names showing early weakness: LINE -1.3%, NOV -1.3%, COP -1.3%, OXY -1.2%, HAL -1.1%, SLB -1%, ESV -0.8%, XOM -0.5%

Other news: CYCC -47.3% (determined that based on available interim data, it would be unlikely for the study to reach statistically significant improvement in survival ), FRO -13.9% (entered into a private agreement to exchange $22,5 mln of the outstanding principal amount of the Company's 4.5% Convertible Bond Issue 2010/2015), AXAS -8.2% (provided Q4 and FY15 production guidance; co reduced 2015 drilling budget to ~$54 mln from $200 mln due to current commodity price weakness), LPI -6% (announces 2015 capital budget of $525 mln), RDY -5.1% (announces the launch of valganciclovir tablets), WAVX -3.6% (elected David Cote Chairman of the Board), CLF -2.6% (still checking), TSLA -1.3% (still checking), CHK -1.3% (closed on a new five-year, $4 bln senior unsecured revolving credit facility), CELG -1.2% (still checking)

Analyst comments: BAS -3% (downgraded to Sell from Hold at Wunderlich), SFLY -2.6% (downgraded to Neutral from Buy at Goldman), OAS -1.9% (downgraded to Hold from Buy at Wunderlich), MSFT -1.3% (downgraded to Underperform from Neutral at BofA/Merrill), TWTR -0.5% (target lowered to $45 from $55, maintain Buy at Evercore ISI)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: WG +1.7%, FCEL +1.3%, RCI +1.2%, MMM +1.1%

M&A news: TLM +49% (Repsol (REPYY) to acquire Talisman Energy for $8.00 per common share in all-cash transaction), IHG +1.1% (agreed to acquire Kimpton Hotels & Restaurants for $430 mln in cash)

Select metals/mining stocks trading higher: VALE +4.7%, IAG +4.3%, GG +3.9%, KGC +3.7%, GDX +3.5%, SLW +3.4%, RIO +2.9%, ABX +2.8%, HL +2.8%, NEM +2.6%, GLD +1.6%, MT +1.6%, SLV +1.2%, BHP +1.2%

Other news: BLRX +19.6% ( announced that it has entered into a multi-year strategic collaboration agreement with Novartis Pharma (NVS)), STRI +16.5% (announced closing of sale of controlling interest to Zhenfa Energy Group; declared special dividend of $0.85 per share; increased size of Board of Directors), LADR +10.7% (announced that it is commencing the steps necessary to elect Real Estate Investment Trust status with an expected effective date of January 1, 2015), PRTA +9% (announced that the FDA granted Fast Track designation to NEOD001, a novel monoclonal antibody for the potential treatment of AL amyloidosis), AUY +7.4% (announced 'significant' new discoveries at Chapada and El Penon; discoveries improve operational outlook), RSH +5.1% (entered into an agreement for advisory and interim management services with FTI Consulting), IMN +4.7% (Clinton Group intends to nominate three candidates for the Imation Board of Directors), TS +4.1% (still checking), SNE +3.1% (issues press release on measure taken surrounding cyber attacks), PKI +1.4% (FDA approved marketing of the EnLite Neonatal TREC Kit to help detect Severe Combined Immunodeficiency), BA +1.2% (increased share repurchase authorization to $12 bln and raised dividend by 25%).

Analyst comments: SPWR +1.6% (upgraded to Overweight from Equal-Weight at Morgan Stanley), SAVE +1.3% (upgraded to Outperform from Mkt Perform at Raymond James), RAD +1.2% (upgraded to Buy from Neutral at UBS), GRUB +0.8% (upgraded to Buy from Neutral at Goldman), FBC +0.6% (upgraded to Outperform from Mkt Perform at Keefe Bruyette), RXN +0.5% (initiated with a Buy at KeyBanc Capital Mkts)

>>> 3M Affirms long-term sales and earnings growth objectives, sees FY15 EPS in-

3M Affirms long-term sales and earnings growth objectives, sees FY15 EPS in-line with consensus; approves 20% increase in Q1 dividend

Co will speak to investors and analysts at the 2015 outlook meeting in New York City.
  • The company is on track to deliver its long-term financial targets, organic growth remains strong, and productivity is improving margins in 2014 and 2015. Three key strategic levers continue to drive the company forward: portfolio management, investing in innovation and business transformation. These levers, combined with more aggressive capital deployment, will drive enhanced value creation.
3M will reiterate its 2013-17 financial objectives:
  • Grow earnings per share 9 to 11% per year, on average
  • Grow organic sales 4 to 6% per year, on average
  • Achieve return on invested capital of approximately 20%
  • Convert approximately 100% of net income to free cash flow
FY15
Co issues in-line guidance for FY15 (Dec), sees EPS of $8.00-8.30 vs. $8.20 Capital IQ Consensus Estimate.
  • The company expects that free cash flow conversion will be in the range of 90 to 100%.

(BFW) China Said to Signal Lifting of Ban on GMO Corn Variety

--> SYNN could move on that

China Said to Signal Lifting of Ban on GMO Corn Variety
2014-12-16 11:06:43.783 GMT


By Bloomberg News
(Bloomberg) -- China govt told traders and officials that
Ministry of Agriculture approved lifting a ban on imports of MIR
162 corn from U.S., people familiar with the matter say.
* Ban covered genetically modified corn variety created by
Syngenta AG, according to the people, who ask not to be
identified because the information hasn’t been made public
* NOTE: China’s corn imports this year fell short of forecasts
after the country started blocking U.S. shipments containing
MIR 162 in 2013
* NOTE: Talks of U.S.-China Joint Commission on Commerce and
Trade start today in Chicago
* NOTE: Agricultural quarantine and inspection will be a
priority at the meeting, Shen Danyang, spokesman at the
Ministry of Commerce, says today in a press briefing
* China’s agriculture ministry doesn’t immediately respond to
faxed request for comment; U.S. embassy spokesman doesn’t
return e-mail seeking comment


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

To contact Bloomberg News staff for this story:
Steven Yang in Beijing at +86-10-6649-7724 or
kyang74@bloomberg.net;
Feiwen Rong in Beijing at +86-10-6649-7563 or
frong2@bloomberg.net
To contact the editor responsible for this story:
Ramsey Al-Rikabi at +81-3-3201-8908 or
ralrikabi@bloomberg.net

>>> Schoolboy investor : he made the whole thing up

Schoolboy investor who led the world to believe he made $72m now says he made the whole thing up - but magazine claims to have seen proof he's worth at least $10million

* Mohammed Islam, 17, came clean while surrounded by his new friends--a crisis team of PR pros and attorneys
* A firestorm of criticism has since been aimed at New York Magazine for printing a story that appeared to back up the $72m claim
* NYmag reporter Jessica Pressler hit back Monday claiming they indeed saw documents 'confirming the eight figures' Islam was rumored to have

The New York City high schooler who gained overnight fame after he told a reporter he'd made $72 million trading stocks on his lunch break now says he's made it all up.

Mohammed Islam, 17, has now hired a pricey crisis PR firm and battle-tested attorneys to help him spread the word.

He was surrounded by his new entourage when he came clean to the New York Observer about his little fib-turned-major international news story on Monday.

He now claims to have no clue where New York Magazine came up with the huge figure.

Meanwhile, the reporter whose story made Islam an internet star insists she was shown bank statements that show he's worth eight figures, which would mean at least $10 million.

Islam, president of prestigious Stuyvesant High School's investment club, now claims it was really all just simulated money he made using an online trading program.

The Queens teen told the Observer that not only was the $72 million totally false, but he's never made any money in the stock market at all.

'[I led her to believe] I had made even more than $72 million on the simulated trades,' he told the Observer.

A firestorm of criticism was unleashed in the wake of Islam's retraction on New York Magazine and the original article's author Jessica Pressler.

Detractors say the writer failed to do appropriate fact checking for her article.

The Observer's Ken Kurson writes:

'Even if this working-class kid had somehow started with $100,000 as a high school freshman on day one at Stuy High, he’d have needed to average a compounded annualized return of something like 796% over the three years since. C’mon, man.'

Helaine Olen of the Pacific Standard took to Twitter, as many did Monday, to demand that Pressler come up with some answers to how she and her publication managed to pass off the seeming impossibility as fact.

'OK. Here goes ... did he show statements? I have a 15 yr old so I want to believe,' Olen tweeted.

Pressler responded to the criticism through Twitter on Monday morning.

'We saw a bank statement confirming the eight figures, & I'm comfortable with what's in the piece,' she wrote.

In the wake of the controversy New York Magazine felt compelled to add an editor's note to qualify their now contentious article.

'Our story portrays the $72 million figure as a rumor; the initial headline has been changed to more clearly reflect the fact that we did not know the exact figure he has made in trades. However, Mohammed provided bank statements that showed he is worth eight figures, and he confirmed on the record that he’s worth eight figures.'

So, as the Observer and everyone else wants to know: where did Pressler come up with the $72 million figure?

In Islam's own words, 'The number’s a rumor.'

Indeed, Pressler does not state the $72 million figure as fact in her original article.

Regardless, NYmag.com has since changed the original headline so as not to reflect that number.

(DB) Commodities 1Q 15 Update : Special FX required

* Currency to provide an important tailwind
The strengthening of the US dollar in 2014 has clearly been a headwind to
mining equities' performance. We think the flipside of this - weaker producer
currencies - will provide a tailwind to miners' cost control and free cash flows
in 2015. Adding this to increased cash flow post-cost saving and capex cutting
programmes, stabilising earnings from less volatile commodity prices, plus
strong balance sheets, we reiterate our view that the sector offers value, at
0.72x Price to NPV on average, In the longer-term, we think the mining stocks
can perform in a US dollar strengthening cycle, as they have done in previous
cycles, driven by cost and capex cutting success.
* Industrial metals displaying resilience – prefer base over bulks and precious
We think that the majority of base metals prices have displayed resilience in
the face of ongoing US dollar strength, with our thesis of lower price volatility
playing out. The bulks have been weaker, led by coal, then iron ore and now
oil. In 2015, we expect aluminium and zinc to be the outperformers of the
Industrial metals. For Bulk commodities, prices have fallen below the marginal
cost of production. However, producer cost containment has delayed the
necessary quantum of supply cuts needed for a price recovery. The
appearance of contango in the Brent forward curve is a clear example of the
rapid deterioration in physical fundamentals in the oil market. In terms of
precious metals, the gold outlook remains clouded by our assessment that US
real yields, the US dollar and the S&P500 will all post further advances heading
in 2015. However, we still view physical fundamentals in the PGM complex as
becoming healthier.
* Mixed earnings outcomes: increasing Al and Zn 2015 forecasts, cutting bulks
Our earnings estimates for the diversified miners come down 20-40% in both
2015 and 2016 as we factor in our lower bulk commodity price forecasts.
There is a small offset from assuming a weaker AUD and ZAR. Our forecasts
for Boliden, Norsk Hydro and Nyrstar benefit from increased base metals price
forecasts plus weaker SEK and NOK assumptions. Our estimates for a weaker
Russian Rouble benefits 2015-16 earnings for the Russian gold miners.
* We upgrade BOL and NHY from Hold to Buy; downgrade GLEN to Hold
As a result of the changes from our commodity price assumptions, we have
upgraded both Boliden and Norsk Hydro from Hold to Buy recommendations
and we have downgraded Glencore from Buy to Hold.