>>> Brokers Upgrades & Downgrades

>>> Up
*ACCOR RAISED TO BUY VS HOLD AT SOCGEN: BLOOMBERG DATA, ADDED TO SOCIETE GENERALE'S PREMIUM LIST; ATOS REMOVED
*HENDERSON GROUP RAISED TO OVERWEIGHT VS UNDERWEIGHT AT BARCLAYS

>>> Down
*ABERDEEN ASSET MGMT CUT TO NEUTRAL VS BUY AT UBS
*ASHMORE GROUP CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*LPP CUT TO NEUTRAL VS BUY AT UBS

>>> PT Changes


>>> Initiation
*ROCKET INTERNET RATED NEW NEUTRAL AT JPMORGAN, PT EU49
*SENIOR RATED NEW OVERWEIGHT AT JPMORGAN, PT 400P
*STORA ENSO RATED NEW UNDERPERFORM AT JEFFERIES, PT EU5.50
*UPM RATED NEW HOLD AT JEFFERIES, PT EU12.80

>>> Call
>> Stock
*ACCOR ADDED TO SOCIETE GENERALE'S PREMIUM LIST; ATOS REMOVED

>>> Sainsbury stake rumoured to be eyed by US activist fund - reports

Sainsbury stake rumoured to be eyed by US activist fund

Shares in J Sainsbury rose yesterday, 11 November, amid rumoured involvement of a US-based activist investor, The Independent reported. The market report said AIM-listed Crystal Amber Fund is believed to have been eyeing the UK-listed supermarket chain on behalf of an unnamed US-based fund.

According to unidentified sources, the funds are holding fire on any movement until Sainsbury issues its interim results later today and may then opt to acquire a stake in the business, the report said.

The Daily Mail cited a blog report which indicated that Knight Vinke, an investment management firm based in New York City, might attempt to buy a strategic interest in Sainsbury.

Meanwhile, the Financial Times said Sainsbury is expected to reveal today it is cutting its dividend by around a third.


Source Independent, Daily Mail, Financial Times

>>> Asian Update

Asian Market Update: Yen hits new 7-year lows on fresh speculation of postponed sales tax hike and snap polls

***Economic Data*** - (JP) JAPAN OCT M2 MONEY SUPPLY M2 Y/Y: 3.2% V 3.0%E; M3 Y/Y: 2.6% V 2.5%E - (JP) JAPAN SEPT TERTIARY INDUSTRY INDEX M/M: 1.0% V 0.8%E - (AU) AUSTRALIA NOV WESTPAC CONSUMER CONFIDENCE INDEX: 96.6 V 94.8 PRIOR; M/M: 1.9% (2nd consecutive rise) V 0.9% PRIOR - (AU) AUSTRALIA Q3 WAGE COST INDEX Q/Q: 0.6% (matches 5-year low) V 0.6%E; Y/Y: 2.6% V 2.6%E - (KR) SOUTH KOREA OCT BANK LENDING TO HOUSEHOLD (KRW): 508T V 501T PRIOR; 6-year high

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 +0.9%, S&P/ASX -0.9%, Kospi +0.6%, Shanghai Composite +0.1%, Hang Seng +0.3%, Dec S&P500 -0.1% at 2,035

***Commodities/Fixed Income*** - Dec gold +0.1% at $1,164, Dec crude oil -0.6% at $77.50/brl - (JP) BOJ offers to buy ¥400B in 5-10yr JGB, ¥240B in 10-25yr JGB and ¥120B in JGB with maturity over 25-yr - (AU) Australia MoF (AOFM) sells A$700M in 3.25% bonds due 2025; Avg yield: 3.4139%; Bid-to-cover: 2.9x

***Market Focal Points/Key Themes/FX*** - Rumors resurfaced that a snap election in the lower house of Japan's Diet serving as a referendum on the impending PM Abe sales tax decision would be called, weighing on the Yen. USD/JPY tested fresh 6-year highs around 116 in early trading after a Sankei report citing unnamed cabinet advisors said that Abe would push back the sales tax increase to Apr 2017, dissolve parliament later this month, and hold elections in December. A number of officials have since weighed in on the renewed speculation. BOJ adviser Kawai said the delay could make BOJ's decision harder by hurting fiscal trust by diminishing attractiveness of govt bonds. Abe's economic adviser Honda is in favor of a delay as it would help facilitate achieving 2% inflation target. Typically fiscally conservative Fin Min Aso said it would be hard to fund social welfare without tax rise to 10%. Finally, chief cabinet sec Suga once again refuted the rumors, stating there has been no change in the official stance the govt would study Q3 GDP results before making a decision. USD/JPY had retraced its gains below 115.50 on those Suga comments in the afternoon session.

- US and China leaders reportedly secured a new agreement on CO2 emission reduction at the APEC summit. China is promising that 20% of its energy would be sourced from non-fossil fuel by 2030, while US pledged to cut CO2 emissions by 26-28% by 2025 v 2005 level.

- Australia Westpac Consumer confidence saw a 2nd straight month of marginal improvement, however "pessimists have outnumbered optimists" for 9 consecutive months. Westpac said this marks the longest run of pessimists outnumbering optimists since the Global Financial Crisis and before that the recession of the 1990s.

- RBNZ semiannual Financial Stability Report announced the central bank would not relax the mortgage lending (LVR) limits for now, and also reiterated NZD is above sustainable and justified levels. Among the key risks facing New Zealand economy, RBNZ listed imbalances in the housing market, high levels of indebtedness in the dairy sector, potential effects of a slowdown in the Chinese economy, and the banking system's reliance on offshore funding. NZD was a bit softer on the release of the report.

***Equities*** US markets: - EVDY: Reports Q3 $0.08 v $0.07e, R$42.3M v $41.9Me; +9.7% afterhours - FOSL: Reports Q3 $1.96 v $1.82e, R$894M v $879Me; Announces $1B buyback (18.2% of market cap); Renews Global Licensing Agreement with Michael Kors for Watches and Jewelry through 2024; +9.6% afterhours - SUPN: Reports Q3 $0.39 v $0.45e, R$52.5M v $48.3Me; +6.8% afterhours - YY: Reports Q3 ADS $0.87 v $0.77e; Rev CNY1.0B v CNY487M y/y; +3.8% afterhours - YHOO: Agrees to acquire programmatic video advertising platform BrightRoll for $640M in cash; flat afterhours

Notable movers by sector: - Consumer Discretionary: Myer Holdings MYR.AU -6.7% (Q1 results); Gome Electrical Appliances 493.HK -4.9% (e-commerce including Alibaba, JD, Jumei traded lower during earlier US session) - Energy: Tap Oil TAP.AU +9.1% (production update) - Industrials: WDS Ltd WDS.AU -32.8% (cuts outlook); Hyundai Heavy 009540.KR +10.8% (awarded order); Aurizon Holdings AZJ.AU +2.6% (shares repurchase) - Utilities: AusNet Services AST.AU +2.0% (H1 results)

>>> US After Hours

After Hours Summary: GEVO +26.2%, PFIE +8.6%, FOSL +8.6%, YDLE -7.3%, NLST -4.3% following earnings/guidance

After Hours Gainers: Companies trading higher in after hours in reaction to earnings: GEVO +26.2%, PFIE +8.6%, FOSL +8.6%, PAHC +7.1%, SUPN +6.5%, OPWR +4.6%, YY +2.7%, SANW +2.6%, LMNS +2.6%, INGN +2.3%, IPWR +1.1%, CYCC +1.0%

Companies trading higher in after hours in reaction to news: MATX +7.8% (to acquire Horizon Lines' (HRZL) Alaska operations; expected to be accretive to earnings and cash flow; HRL also higher by ~60%), DRRX +4.2% (provided an update on POSIDUR: FDA finds it acceptable to conduct only one additional soft tissue clinical trial to generate the data required for approval for the indication of soft tissue post-surgical analgesia), MNDL +1.7% (announced that Digital Turbine Ignite is currently available on a number of Verizon Wireless smartphones and will be added to more over the next several quarters), SWKS +1.1% (announced that its Board has authorized the purchase of up to $300 mln of common stock), QGEN +0.1% (announced it has entered into a master collaboration agreement with Novartis (NVS) to enable the development and commercialization of companion diagnostics to be paired with existing Novartis pharmaceutical products as well as compounds in its development pipeline)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: YDLE -7.3%, NLST -4.3%, NOAH -0.1%

Companies trading lower in after hours in reaction to news: FANG -3.1% (launched a secondary common stock offering of 2 mln shares by selling shareholders), GM -0.4% (seeing reports that co has cut ~160 jobs and slowed production at a Michigan assembly plant due to weakening demand for electric vehicles),

>>> US Close Dow+0,01% S&P+0,07% Nasdaq+0,19%

Closing Market Summary: Stocks Register Slim Gains on Veterans Day

The major averages ended the Tuesday session on a flat note after spending the trading day near their unchanged levels. The S&P 500 added 0.1% after maintaining a five-point range throughout the day.

Today's trading volume (600 million shares at NYSE) represented the lowest total since early September, but the subdued participation was understandable since the bond market was closed for Veterans Day. The European session had a similar feel with some investors away for Armistice Day. Elsewhere, Japan's Nikkei spiked 2.0% after Reuters reported Prime Minister Shinzo Abe is likely to push back the next sales tax increase and may call for a snap election. The news weighed on the yen, sending the dollar/yen pair into the 116.00 area, but intraday dollar weakness resulted in a pullback below 115.50.

The modest 0.3% retreat in the Dollar Index (87.54, -0.27) helped crude oil ($77.83, +0.43) to a gain of 0.6% while the energy sector (+0.3%) ended the session near its high after showing opening weakness.

Meanwhile, the remaining cyclical sectors ended mixed. Financials (-0.2%), and industrials (-0.1%) lagged while consumer discretionary (+0.4%), technology (+0.1%), and materials (+0.5%) registered gains.

Industrials kept pace with the market early on, but slumped alongside General Electric (GE 26.38, -0.09). The top-weighted sector component lost 0.3% while transport stocks also underperformed. The Dow Jones Transportation Average shed 0.1%.

On the upside, the materials sector received support from miners as Market Vectors Gold Miners ETF (GDX 18.22, +0.77) rallied 4.4%. The smallest cyclical sector by weight climbed ahead of the health care (+0.4%), which started in the lead, but retreated from its early high.

Unlike health care, the other countercyclical groups ended in the red. The utilities sector (-0.4%) was the weakest performer while consumer staples (-0.2%) and telecom services (-0.1%) settled closer to their flat lines.

Participants did not receive any economic data today and tomorrow's economic news will be limited to the 7:00 ET release of the MBA Mortgage Index and the Wholesale Inventories report for September (consensus 0.2%), which will be released at 10:00 ET.

* Nasdaq Composite +11.6% YTD  * S&P 500 +10.4% YTD  * Dow Jones Industrial Average +6.3% YTD  * Russell 2000 +1.5% YTD

(BFW) *QIAGEN IN PACT WITH NOVARTIS; NO TERMS

BFW 11/11 21:03 *QIAGEN IN PACT WITH NOVARTIS; NO TERMS
BN 11/11 21:01 *QIAGEN IN PACT WITH NOVARTIS; NO TERMS
BN 11/11 21:01 *QIAGEN PACT NON-EXCLUSIVE
BN 11/11 21:00 *QIAGEN ENTERED MASTER PACT PACT WITH NOVARTIS AG
BN 11/11 21:00 *QIAGEN NEW PACT PROVIDES OPTIONS ACROSS THERAPEUTIC AREAS
BN 11/11 21:00 *QIAGEN SIGNS NINTH MASTER PACT PACT FOR COMPANION DIAGNOSTICS
QIAGEN Signs Ninth Master Collaboration Agreement for Companion Diagnostics
2014-11-11 21:00:18.133 GMT

QIAGEN Signs Ninth Master Collaboration Agreement for Companion Diagnostics

PR Newswire

HILDEN, Germany, and MANCHESTER, England, November 11, 2014

HILDEN, Germany, and MANCHESTER, England, November 11, 2014 /PRNewswire/ --

  

o Master collaboration agreement is a framework for developing and
commercializing QIAGEN companion diagnostics, paired with new or existing
products  
o New agreement provides options across therapeutic areas 
o Collaboration adds to QIAGEN's more than 20 projects with pharma companies
for development of blood- or tissue-based biomarker tests to guide
treatments  

 

QIAGEN N.V. (NASDAQ: QGEN; Frankfurt Prime Standard: QIA) today announced it
has entered into a master collaboration agreement with the Swiss
pharmaceutical company Novartis AG to enable the development and
commercialization of companion diagnostics to be paired with existing Novartis
pharmaceutical products as well as compounds in its development pipeline.

The non-exclusive agreement with Novartis creates a framework for
collaborations that would include developing QIAGEN companion diagnostics to
guide treatment decisions for Novartis pharmaceutical products. The scope of
the collaboration can cover all QIAGEN platforms, indications or biomarkers.
Financial terms of the agreement were not disclosed.

The collaboration with Novartis is the ninth master framework agreement
reached by QIAGEN for the development of companion diagnostics, underscoring
its position as the preferred partner to pharma companies.

"We are very pleased to be working with Novartis in the development and
commercialization of companion diagnostics to support their innovative
pharmaceutical products. Healthcare providers are increasingly benefitting
from personalized treatment strategies based on genomic insights, to select
the right drug for the right patient at the right time and in the right dose,"
said Peer M. Schatz, Chief Executive Officer of QIAGEN N.V. "This broad
agreement gives Novartis and QIAGEN the flexibility to pursue co-development
projects. We are committed working with our partners like Novartis to make
improvements in life possible."

QIAGEN is pursuing more than 20 collaborative projects with Pharma and biotech
companies to develop, validate and market companion diagnostics designed to
guide the treatment of cancers and other diseases. Around the world, QIAGEN
already markets companion diagnostics based on molecular biomarkers, and the
company has a growing portfolio of novel targets in development.

The companion diagnostic programs span a range of platforms for molecular
testing. A number of the diagnostics are real-time PCR assays for analysis on
QIAGEN's Rotor-Gene Q, a component of the QIAsymphony family of automated
instruments. For example, QIAGEN received FDA approvals in 2012 and 2014 for
its therascreen^® KRAS RGQ PCR Kit in colorectal cancer and in 2013 for the
therascreen^® EGFR test in NSCLC - both running on Rotor-Gene Q. In addition,
QIAGEN is a leader in developing universal solutions for NGS platforms which
include a broad number of gene panels that cover an extensive range of
cancer-related genes and gene regions. A recent addition to the portfolio of
QIAGEN platforms for companion diagnostics is the multi-modal, multi-analyte
Modaplex system, which enables laboratories to analyze multiple sample types
simultaneously for dozens of DNA and RNA biomarkers.

QIAGEN also is pioneering companion diagnostics based on blood or other fluid
samples for medical situations that make surgical biopsies difficult. QIAGEN
has collaborations to develop first-in-class, non-invasive tests for genetic
biomarkers using liquid biopsies, which use blood or other fluid samples
rather than tissue samples. QIAGEN's liquid biopsy technologies include
industry-leading kits for processing free-circulating DNA and RNA, genomic
material from single cells, or exosomes circulating in the body.

About QIAGEN 

QIAGEN N.V., a Netherlands-based holding company, is the leading global
provider of Sample & Assay Technologies that are used to transform biological
materials into valuable molecular information. Sample technologies are used to
isolate and process DNA, RNA and proteins from biological samples such as
blood or tissue. Assay technologies are then used to make these isolated
biomolecules visible and ready for interpretation. QIAGEN markets more than
500 products around the world, selling both consumable kits and automation
systems to customers through four customer classes: Molecular Diagnostics
(human healthcare), Applied Testing (forensics, veterinary testing and food
safety), Pharma (pharmaceutical and biotechnology companies) and Academia
(life sciences research). As of September 30, 2014, QIAGEN employed
approximately 4,200 people in over 35 locations worldwide. Further information
can be found at http://www.qiagen.com.

Certain of the statements contained in this news release may be considered
forward-looking statements within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S. Securities
Exchange Act of 1934, as amended. To the extent that any of the statements
contained herein relating to QIAGEN's products, markets, strategy or operating
results, including without limitation its expected operating results, are
forward-looking, such statements are based on current expectations and
assumptions that involve a number of uncertainties and risks. Such
uncertainties and risks include, but are not limited to, risks associated with
management of growth and international operations (including the effects of
currency fluctuations, regulatory processes and dependence on logistics),
variability of operating results and allocations between customer classes, the
commercial development of markets for our products in  applied testing,
personalized healthcare, clinical research,  proteomics, women's
health/HPV testing and  nucleic acid-based  molecular diagnostics; changing
relationships with customers, suppliers and strategic partners; competition;
rapid or unexpected changes in technologies; fluctuations in demand
for QIAGEN's products (including fluctuations due to general economic
conditions, the level and timing of customers' funding, budgets and other
factors); our ability to obtain regulatory approval of our products;
difficulties in successfully adapting QIAGEN's products to integrated
solutions and producing such products; the ability of QIAGEN to identify and
develop new products and to differentiate and protect our products from
competitors' products; market acceptance of QIAGEN's new products, the
consummation of acquisitions, and the integration of acquired technologies and
businesses. For further information, please refer to the discussions in
reports that QIAGEN has filed with, or furnished to, the U.S. Securities and
Exchange Commission (SEC).

Contacts:
Public Relations:
Dr. Thomas Theuringer
Director Public Relations
+49-2103-29-11826
+1-240-686-7425

Email: pr@qiagen.com
http://www.twitter.com/qiagen

Investor Relations:
John Gilardi
Vice President Corporate Communications and Investor Relations
+49-2103-29-11711
+1-240-686-2222

Email: ir@qiagen.com

SOURCE QIAGEN

-0- Nov/11/2014 21:00 GMT

(ZH) Former Goldman Banker Reveals The Path To The Next Depression And Stock Mar

Former Goldman Banker Reveals The Path To The Next Depression And Stock Market Collapse

A funny thing happened on the way to the ‘end’ of the multi-trillion dollar bond buying program known as QE - the Fed chronicles. Aside from the shift to a globalization of QE via the European Central Bank (ECB) and Bank of Japan (BOJ) as I wrote about earlier, what lingers in the air of “post-taper” time is an absence of absence. For QE is not over. Instead, in the United States, the process has simply morphed from being predominantly executed by the Federal Reserve (Fed) to being executed by its major private bank members. Fed Chair, Janet Yellen, has failed to point this out in any of her speeches about the labor force, inflation, or inequality.

The financial system has failed and remains a threat to us all. Only cheap money and the artificial inflation of asset values can make it appear temporarily healthy. Yet, the Fed (and the Obama Administration) continue to perpetuate the illusion that making the cost of (printed) money zero by any means has had a positive effect on the population at large, when in fact, all that has occurred is a pass-the-debt-ponzi-scheme co-engineered by the Fed and big US bank beneficiaries. That debt, caught in the crossfires of this central-private bank arrangement, is still doing nothing for American citizens or the broader national or global economy.

The Fed is already the largest hedge fund in the world, with a book of $4.5 trillion of assets. These will plummet in value if rates rise. Cue the banks that are gearing up their own (still small in comparison, but give them time) role in this big bamboozle. By doing so, they too are amassing additional risk with respect to interest rates rising, on top of all their other risk that counts on leveraging cheap money.

Only the super naïve could possibly believe that the Fed and its key banks haven’t been in regular communication about this US Treasury security shell game. Yet, aside from a few politicians, such as former Congressman Ron Paul, Congressman Sherrod Brown and Senators Bernie Sanders and Elizabeth Warren, the notion that Fed policy has helped bankers, rather than other people, remains largely divorced from bi-partisan political discussion.

Adding more fuel to the central-private bank collusion fire, is the fact that the Fed is a paying client of the JPM Chase. The banking behemoth is bagging fees for holding and executing transactions on the $1.7 trillion New York Fed’s QE mortgage portfolio, as brilliantly exposed by Pam Martens and Russ Martens.

Wouldn’t it be convenient if JPM Chase was also trading this massive mortgage book for its own profits? Or rather - why wouldn’t they be? Who’s going to stop them – the Fed? Besides, they hold more trading assets than any other US bank, so why not trade the Fed’s securities ostensibly purchased to help the public - recover?

According to call report data compiled by the extremely thorough website www.BankRegData.com, nearly 97% of all bank trading assets (including US Treasuries) are held by just 10 banks, led by JPM Chase with 43.80% and followed by Citigroup at 24.51% of all bank trading assets.

Last quarter, US Treasuries were the fastest growing form of security bought by banks, increasing by 26.3% or $72 billion over the prior quarter. As the Fed tapered, banks stepped in to do their part in the coordinated Fed-private bank QE game. In the past year, banks have added $185.8 billion of US Treasuries to their books, more than doubling their share of government debt.

Just seven banks comprised nearly all ($70.5 billion) of this quarterly increase: State Street Bank, Capital One, JPM Chase, Wells Fargo, Bank of America, Bank of NY Mellon and Citigroup. By the end of the third quarter of 2014, Citigroup, with $95 billion, was the largest holder of US Treasuries, followed by Bank of America at $54.8 billion and Wells Fargo at $37.8 billion from nearly zero at the start of 2014. Bank of NY Mellon holds $25.3 billion and JPM Chase holds $15 billion US Treasuries.

This increase in US Treasury holdings reflects another easy money element of our federally subsidized banking system. Banks take deposits from individuals for which they pay close to zero in interest, in fact, charge customers fees for keeping their money (courtesy of the Fed’s Zero-Interest-Rate policy.) They can turn that around to make a cool risk-free 2.3% by parking the money in 10-year US Treasuries. Why lend to Joe the Plumber, when the US government is providing such a great deal?

But, the recent timing here is key. Banks only started buying US Treasuries in earnest when the Fed announced its tapering plans. Thus, not only are they participants in the ZIRP game as recipients of cheap money, they are complicit in effecting monetary policy. As the data analyzed so expertly by Bill Moreland at www.BankRegData.com makes clear, there has been no taper. Thus, the publicized reason for tapering – better job and economic growth – is also bogus.

During the third quarter, Wells Fargo and Bank of America matched Fed purchases of US Treasuries, keeping the total amount of US Treasuries in QE land neutral. With such orchestration to keep rates down and the prices of US Treasury securities up, all the talk about whether the labor force is strengthening or inflation exists or not is mere show. Banks haven’t even propped up the labor market in their own industry. They chopped 11,400 jobs last quarter. In the past two years, they cut 57,236 jobs.

No one in either political party mentioned any of this during the mid-term elections. Yet, our political-financial system has gone from the dysfunctional to the failed to the surreal. Speculation, once left to individuals and investors, is now federally sponsored, subsidized and institutionalized. When this sham finally buckles and the next shoe falls and rates do eventually rise, the stock market will tank, liquidity will die, and the broader economy will plunge into a worse Depression than before. We are not there yet because of these coordinated moves and the political force behind them. But we are on a precarious path to that inevitability.

WSJ : Ackman Takes Stake in Animal-Health Company Zoetis

Ackman Takes Stake in Animal-Health Company Zoetis

Activist Could Push Company to Sell Itself to Larger Drug Maker

Activist investor William Ackman has taken a roughly $2 billion stake in Zoetis Inc. and could push the animal-health company to sell itself to a large drug maker like Valeant Pharmaceuticals International Inc., according to people familiar with the matter.

Mr. Ackman’s Pershing Square Capital Management LP has built the stake, which amounts to roughly 10% of Zoetis, with fellow hedge fund Sachem Head Capital Management LP, the people said. Sachem Head is run by Scott Ferguson, a former protégé of Mr. Ackman.

A spokesman for Florham Park, N.J.-based Zoetis, which has a market value of about $20 billion, said the company got a call from Mr. Ackman regarding the investment, but declined to comment on it.