>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: YOD -18%, MOV -16%, RTRX -13.9%, RCON -9.6%, BIOC -7.5%, SYMX -6.1%, VJET -6%, YOKU -5.9%, MNDL -5.5%, (Mandalay Digital to acquire Appia; name to change to Digital Turbine; MNDL stock to be issued at agreed-upon value of $4.50 per share; significant revenue synergy potential; immediate cost savings anticipated ), TSE -5.4%, WYY -5.1%, CREG -4.4%, SINA -4.1%, CVTI -3.9%, (commenced a public offering of 2.2 mln shares of its Class A common stock), FENG -2.3%, ELP -2.3%, AMAT -2.2%, CCS -1.8%, XON -1.6%

M&A news: AZN -2.7% (not likely to get revised bid from Pfizer (PFE), according to Reuters

Select Brazil related names showing weakness: SID -5.4%, BBD -4.2%, ITUB -3.9%, CIG -3.9%, ABEV -3%, TSU -2.6%, VALE -2.3%

Select metals/mining stocks trading lower: AU -3.1%, AUQ -3.1%, AEM 3.0%, EGO -2.6%, HMY -2.5%, GFI -2.4%, SLV -1.9%, IAG -1.1%, RIO -1.1%

Other news: ABGB -41.9% (disclosed clarification to misunderstanding around its calculation of corporate net debt), BAXS -33.3% (announced the termination of its Nasdaq listing), OCN -6.7% (co and Wells Fargo (WFC) agreed to cancel the sale of mortgage servicing rights),  PBR -6.4% (failed to meet deadline to release earnings), ENLK -6.2% (announced the commencement of an underwritten public offering of 10.5 mln common units representing limited partner interests of the Partnership), NOK -4.4% (sets key 2015 and long-term financial targets, outlines operational and strategic priorities at its Capital Markets dayI), CVTI -4.1% (announced that it has commenced a public offering of 2.2 mln shares of its Class A common stock; co also reported earnings), CQH -3.2% (Cheniere Energy Partners announces public offering of 10 mln common shares), JRJC -2.7% (ceased its client-auditor relationship with its independent registered public accounting firm Grant Thornton China), PBYI -2.4% (announces positive top line results from PB272 Phase II trial in HER2 positive metastatic breast cancer (NEfERTT Trial); Neratinib achieves statistically significant reduction in incidence of central nervous system metastases ), ARCP -1.5% (receives lender waiver and extension for reporting Q3 financial statements)

Analyst comments: MTOR -2.5% (downgraded to Neutral from Buy at Goldman ), OLED -2.2% (downgraded to Perform at Oppenheimer ), LULU -1.5% (downgraded to Underperform from Neutral at Sterne Agee ), NKE -0.7% (downgraded to Neutral from Buy at Sterne Agee) 

>>> US Gapping up

Gapping up 
In reaction to strong earnings/guidance: SPU +43.3%, CRRS +29.2%, TUBE +12.5%, USAT +10.1%, FRSH +9.8%, HOLI +9.5%, BONA +8.7%, DEJ +8.3%, INVE +4.9%, JWN +4.3%, REED +3%, WB +3%, SZMK +2.4%, MTU +1.8%, BITA +1.5%, KIN +1.4%, .

M&A news: BHI +5.9% (confirms preliminary discussions with Haliburton (HAL)), HAL +2.2% 

Other news: GERN +36.4% (entered into an exclusive worldwide license and collaboration agreement with Johnson & Johnson's (JNJ) Janssen Biotech; will receive an initial payment of $35 mln), HTZ +4.5% (provides update to accounting issues, gives update to Q3), TIBX +1.7% (TIBCO Software and Balboa Merger Sub announce $950 million senior notes offering), PDLI +1.4% (announces successful conclusion of revenue interest agreement with AxoGen (AXGN)), DOW +1.1% (responded to Third Point statement: 'The company fundamentally disagrees with the position outlined by Third Point')

Analyst comments: NTES +1.5% (upgraded to Overweight from Underweight at HSBC Securities), TNK +1% (upgraded to Neutral from Underweight at JP Morgan), SLXP +1% (upgraded to Buy from Neutral at UBS)

>>> Vallourec - Awarded major contract for the Kaombo ultra-deep offshore projec

Awarded major contract for the Kaombo ultra-deep offshore project in Angola 

Has been awarded a contract to supply premium tubes and connections for the ultra-deep offshore Kaombo project in Angola, operated by TOTAL E&P Angola. As part of this contract, Vallourec will supply 27,000 tons of OCTG (Oil Country Tubular Goods) for wells drilled within 1,400 to 2,000 meters water depth and reaching up to 5000 meters drilling depth. 

The Kaombo oil field, located 150 km off the Angolan coast, is one of the largest oil developments operated by TOTAL in this area, with complex drilling conditions.The Kaombo project is composed of 59 wells to be drilled in a variety of complex geologies, requiring different types of well design with their contingency. A third of the wells target subsalt reservoirs, which require drilling through salt layers to reach target depth. Vallourec will supply its most advanced premium tubular solutions, including VAM21 connections combined with integral premium connections (VAMSLIJII and VAMBOLT).

Casing and tubing products will be manufactured and finished in France, Indonesia and Brazil. Manufacturing of the First batches will be completed in December 2014. Drilling operations will start in the third quarter 2015 and are expected to last until 2021.

(BofA-ML) The Flow Show - Bullish on Wall St, Bearish on BoJ & ECB

>> Talking Points
* Bullish on Wall Street: solid inflows to both equities ($7.0bn) and bond funds ($7.5bn); YTD bond inflows ($199bn) outpacing equity ($116bn)
* Bullish on Quality: bond inflows again totally dominated by inflows to Investment Grade ($7.1bn) as investors go “up in quality”
* Bearish on Inflation: another week of outflows for TIPs, bank loan & Gold funds
* Bullish on Growth: equity inflows again dominated by US ETFs (& health care the sector winner) as investors rotate to “growth” markets & sectors
* Bearish on BoJ & ECB: cutting against price action, Japan funds record largest outflows since May’10 , while QE-failure writ-large as Europe funds see 10th outflow past 11 weeks


>>> Asset Class Flows
* Equities: $7.0bn inflows (note stark divergence between $12bn ETF inflows and $5bn out of mutual funds)
* Bonds: $7.5bn inflows (8 straight weeks) (Table 1)
* Precious metals: $0.7bn outflows (outflows in 11 out of past 12 weeks)

>>> Equity Flows
* Europe: $2.2bn outflows (outflows in 10 out of past 11 weeks)
* Japan: big $3.8bn outflows (largest since May’10) (Table 2)
* US: $12.0bn inflows (all via ETF’s – SPY, IVV, MDY)
* EM: modest $0.3bn inflows

>>> Fixed Income Flows
* 47 straight weeks of inflows to IG bond funds ($7.1bn) (Chart 2)
* 4 straight weeks of inflows to HY bond funds ($0.9bn)
* 3 straight weeks of inflows to EM debt funds ($0.3bn)
* 18 straight weeks of outflows from bank loan funds ($0.4bn)
* 10 straight weeks of outflows from TIPS ($0.2bn)
* $1.6bn outflows from govt/tsy funds (largest in 8 weeks)

(BofA-ML) The Thundering Word : The Year Behind

Link to document :{http://bit.ly/1xDvddz}

* Our favorite stats from the “Year Behind”:
- Global central bank assets (including FX reserves) now stand at $22.6 trillion (a sum larger than the combined GDP of US & Japan)
- 83% of world equity market cap is currently supported by zero interest rate policies; and 50% of all government bonds in the world currently yield 1% or less
- Government bond yields fell to all-time lows in 2014 in Japan, Germany, France, Spain, Italy, Ireland, Portugal, Sweden, Korea, Czech Republic, Hungary, Poland……..
- And yet the total return from global government bond markets in 2013 & 2014 combined is on course to fall 4.0%, the worse 2-year return since the early-80s
- 2014’s best performing asset…the US Dollar (11% annualized) besting global Equities (6%), Fixed Income (2%) and Commodities (-17%)
- Copper is down 11% (annualized), silver -22%, the price of Brent crude oil on course for a 31% slump…Deflation the theme of 2014
- AAA-rated US corporate bonds (9% annualized) outperforming CCC-rated bonds (2%)…“flight to quality” theme
- US equities (14% annualized) stunningly outperforming European equities (-6%) by the widest margin in 40 years (1976)… “flight to growth” theme
- US large-cap beating US small-cap by 950bps, widest margin since 1998…“flight to liquid assets” theme
- Best performing global equity market is reforming India (36% annualized); worst are non-reforming Greece (-39%), Portugal (-35%). Russia (-28%)
- Only double-digit yields left: Venezuela (22.6%), Ukraine (15.6%) in $-denominated debt; Egypt (14.1%), Nigeria (12.6%), Brazil (12.3%) & Russia (10.0%) in local currency debt
- Finally, Apple’s market cap ($662bn) is now $170bn bigger than market cap of all the Eurozone banks combined; and just shy of MSCI market cap of both Latin America ($695bn) & EMEA ($704bn).

(BFW) Altice 3Q Sales Fall, Ebitda Rises

Altice 3Q Sales Fall, Ebitda Rises
2014-11-14 07:14:03.939 GMT


By Sam Chambers
Nov. 14 (Bloomberg) -- Altice 3Q sales fall 0.3% y/y to
EU832m, Ebitda rises 12% to EU396m.
* 3Q Ebitda margin expands by 5.3 pct points to 47.6%
* Conf call 2pm CET, +44(0)20-3427-1915, pin 3652036
* Statement


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To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

>>> Nokia - Guides Nokia Networks FY15 net rev to rise y/y; guides group CAPEX €

Guides Nokia Networks FY15 net rev to rise y/y; guides group CAPEX €200M - Analyst Day Presentation 
- Guides Nokia Networks FY15 non-IFRS op margin to be 8-11%.
- Guides HERE FY15 Net Rev to rise y/y, non-IFRS op margin 5-10%
- Guides Nokia Technologies FY15 Rev to rise y/y, non-IFRS op expenses to rise 'meaningfully' y/y ( related to higher investments in licensing activities, development of licensable technologies, and business enablers including go-to-market capabilities)
- Nokia expects Group Common Functions non-IFRS operating expenses to be approximately EUR 120 million in 2015.