RTR - Germany's economic advisers see one percent growth in 2015 - Sueddeutsche


(Reuters) - Germany's panel of economic advisors expects growth of 1 percent next year in Europe's biggest economy and will cut its forecasts for this year to 1.2 percent from 1.9 percent, the Sueddeutsche newspaper reported on Tuesday.

The panel, which formally announces its latest forecasts on Wednesday, has made the adjustments due to geopolitical risks and unfavourable developments in the euro zone, said the newspaper, without citing its sources.

Other economists and the government have already cut their forecasts for this year.

RTR - Telecom Italia board could meet on Brazil options next week


Nov 11 (Reuters) - The board of Telecom Italia could meet as early as next week to discuss possible M&A operations in Brazil, two sources familiar with the situation told Reuters on Tuesday.

Telecom Italia controls Brazil's No. 2 wireless operator TIM Participacoes, which is seen as a likely candidate to take part in an expected consolidation of the local market.

One of the sources said among the operations that could be examined was a tie-up with Brazilian telecoms operator Oi .

According to the sources the board could give Telecom Italia's management a mandate to carry out an in-depth evaluation of some options. Any operation would take time and it is not certain that it would be successful, the sources added.

Telecom Italia declined to comment.

On Friday, Telecom Italia CEO Marco Patuano said the group was ready to explore the possibility of buying or merging with Oi. (Reporting by Danilo Masoni, editing by Silvia Aloisi)

>>> US Gapping Down

Gapping down
In reaction to disappointing earnings/guidance: ERII -19.5%, ACM -17.3%, HALO -12%, VSLR -10.4%, CMLS -8.8%, HK -8.6%, CZR -7.3%, (also files to delay form 10-Q; intend to file within the five day extension period), UNIS -7.1%, XNCR -5.8%, ACAD -5.2%, MACK -4.8%, ARTX -4.4%, HEAR -3.8%, CALL -3.1%, ZOES -2.8%, EGY -2.7%, TOUR -2.5%, W -2.1%, CRH -1.8%, DHI -1.6%, NPSP -1.5%, XRX -0.8%

Select metals/mining stocks trading lower: CLF -2.6%, RIO -2.4%, VALE -1.9%, MT -1.7%, HMY -1.3%, EGO -1.1%, EGO -1.1%, BHP -1%

Select oil/gas related names showing early weakness: PBR -2.4%, RDS.A -1.2%, BP -1.1%, KEG -1.1%, TOT -1.0%

Other news: CODI -6.8% (announced it has commenced a public offering of 6 mln trust shares ), DVAX -6.4% ((files for a $200 mln mixed securities shelf offering; co also disclosed it entered into an at the market issuance Sales Agreement with Cowen), MCEP -5.7% (announces public offering of 5.8 mln common units ), FPRX -5.7% (filed for $100 mln offering of common stock), SFM -5.6% ( announced the launch of a public offering of 15 mln shares of its common stock held by affiliates of Apollo Global Management), LOCK -5.4% (LifeLock disclosed that on November 5, 2014, the Audit Committee, after discussion with management and Ernst & Young, determined that various financial statements previously filed with the SEC should no longer be relied upon), NNN -1.9% (announces offering of 4 mln shares of common stock ), BABA -1.6% (pulling back pre-mkt after recent strength), HTZ -1.4% (files to delay form 10-Q), BLMN -1.2% (announces secondary public offering of aggregate of 18,307,782 shares of common stock by selling stockholders ), ISIS -0.9% (announces proposed offering of $425 million of convertible senior notes ), LOCO -0.8% (files for offering of 6 mln shares of common stock by selling stockholders)

Analyst comments: ABB -1.1% (initiated with a Underperform at Jefferies), JPM -0.9% (downgraded to Mkt Perform from Outperform at Keefe Bruyette), TDC -0.9% (initiated with a Underperform at Macquarie)

>>> BABA - Alibaba: $8 bln GMV (~RMB 48.9 bln) was settled through Alipay on Ali

Alibaba: $8 bln GMV (~RMB 48.9 bln) was settled through Alipay on Alibaba’s China and international retail marketplaces by 8:43 pm Hangzhou time on November 11

$8 billion GMV (~RMB 48.9 billion) was settled through Alipay on Alibaba's China and international retail marketplaces by 8:43 pm Hangzhou time on Nov 11. Of the US$8 billion, mobile GMV settled through Alipay accounted for 42.9%.

Additional highlights include:
  • At 11:49 a.m. Hangzhou time, total GMV settled through Alipay exceeded 2013 desktop online sales from Thanksgiving through Cyber Monday, or $5.29 billion.
  • At 1:31 p.m. Hangzhou time, total GMV settled through Alipay surpassed 2013 total GMV settled through Alipay of RMB 36.2 billion (US$5.8 billion).
  • At 5:10 p.m. Hangzhou time, more than 200 million logistics orders were placed.
  • At 7:25 p.m. Hangzhou time, mobile GMV settled through Alipay exceeded RMB 20 billion (~US$3.27 billion).

>>> US GApping Up

Gapping up 
In reaction to strong earnings/guidance: MODN +21.3%, QIWI +13.6%, LLNW +12%, ATW +8.8%, TC +7.1%, ICUI +6.7%, VOD +6%, RAX +5%, (authorizes $500 mln share repurchase), OMEX +4.8%, PTLA +2.4%, INSY +2.2%, ESPR +2.1%, PDLI +2%, DTSI +1.3%

M&A news: PT +7.3% (cont momentum higher on M&A spec)

Other news: LITB +13.1% (following singles day in China), ANIK +5.7% ( announced that the Center for Medicare & Medicaid Services has assigned a unique Healthcare Common Procedure Coding System code, or J-Code, to its product MONOVISC), JRJC +5.3% (announces new partnership with Great Wall Securities to open online accounts and to trade real-time), PBF +5% (Baupost Group disclosed 10.37% passive stake in 13G filing), ACHN +4.3% (cont momentum higher pre-mkt after yday's 27% move), MDR +3.5% (announced that it has been awarded a three-year shallow water pipeline contract by Brunei Shell Petroleum ), JD +1.3% (following singles day in China), SAN +1.2% (still checking), SNY +1.2% (Regeneron and Sanofi announce positive results from Phase 2b study of Dupilumab ), PLUG +0.9% (names Paul Middleton as new CFO), ESLT +0.8% (awarded ~$29 mln contract to provide logistics support to the United States Air Force's F-16 head-up displays ), STNG +0.8% (declared a quarterly dividend of $0.12 per share, reflecting an increase of 20%)

Analyst comments: TRMR +6.6% (upgraded to Buy from Hold at Jefferies), ZNGA +6.5% (upgraded to Buy from Hold at Jefferies), ORBC +3% (upgraded to Overweight from Equal Weight at First Analysis Sec), IMAX +2.8% (upgraded to Buy from Neutral at Goldman), TWX +2% (upgraded to Buy from Neutral at Goldman; added to Conviction Buy list), AUY +1.6% (upgraded to Overweight from Neutral at HSBC Securities), IMPV +1.6% (initiated with a Outperform at Macquarie), CERS +1% (initiated with a Buy at Cantor Fitzgerald), BBVA +0.9% (upgraded to Buy from Reduce at Nomura )

(BFW) UniCredit 3Q Net EU722m; Analysts’ Est EU493.4m


BN 11/11 13:11 *UNICREDIT 3Q TRADING INCOME EU386M VS EU372M
BN 11/11 13:11 *UNICREDIT 3Q NET COMMISSIONS EU1.85B; EST EU1.87B
BN 11/11 13:11 *UNICREDIT 3Q NET INTEREST INCOME EU3.12B; EST EU3.17B
BFW 11/11 13:10 *UNICREDIT 3Q NET EU722M; EST EU493.4M

UniCredit 3Q Net EU722m; Analysts’ Est EU493.4m
2014-11-11 13:13:27.771 GMT


By Blanche Gatt
Nov. 11 (Bloomberg) -- UniCredit 3Q net interest income
EU3.12b; est. EU3.17b.
* 3Q net commissions EU1.85b; est. EU1.87b
* 3Q rev. EU5.55b; est. EU5.67b

Link to Company News:{UCG IM <Equity> CN <GO>}

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

To contact the editor responsible for this story:
Blanche Gatt at +44-20-7392-0351 or
bgatt@bloomberg.net

>>> S&P500 EARNINGS RUN THROUGH (Source: FactSet)

S&P500 EARNINGS RUN THROUGH (Source: FactSet)

* 446 companies have reported with a 77% EPS (5 year avg 73%), and a 60% sales, beat rate.

* EPS growth for 3Q is 7.6%, which is better than expectations on Sept 30th of 4.5%. 9 out of 10 sectors has better growth today.

* Sales growth is 4% vs estimates of 3.8% at 30th Sept. The energy sector is the only one seeing –ve growth.

* How have the stocks reacted? Beat and the average stock increases 2.5% from 2 days before to 2 days after.

* Guidance for 4Q – 55 have issued –ve guidance and 18 +ve guidance.

* Profit margins for the S&P 500 have grown to record levels, coming in at 10.1% of sales in 3Q.

>>> US Early premarket gappers

Early premarket gappers
Gapping up: MODN +20.8%, QIWI +13.6%, LLNW +11.2%, ATW +8.8%, DTSI +7.5%, TC +7.1%, VOD +5.9%, ICUI +5.8%, ANIK +5.6%, PBF +5%, ACHN +4.3%, IMAX +2.8%, INSY +2.5%, RAX +1.8%, ABX +1.7%, GSK +1.4%, CHK +1.3%, SAN +1.2%, PLUG +0.9%, WWD +0.9%, PDLI +0.9%

Gapping down: ERII -19.5%, ACM -17.3%, CALL -15.2%, VSLR -9.8%, CMLS -8.8%, HALO -8.8%, W -7.5%, UNIS -7.1%, CZR -6.8%, ACAD -6.1%, XNCR -5.8%, HK -5.8%, ARTX -4.4%, ZOES -2.8%, TOUR -2.5%, NPSP -1.5%, MACK -1.4%, DHI -0.8%

WSJ : Obama Calls on FCC to Issue Rules Protecting ‘Net Neutrality’

Obama Calls on FCC to Issue Rules Protecting ‘Net Neutrality’

President Weighs In as Agency Seeks to Finish Regulations
President Barack Obama called on the Federal Communications Commission Monday to declare broadband Internet service a public utility, saying that it is essential to the economy and that the “strongest possible rules” are needed to ensure that the Internet doesn’t become divided into fast and slow lanes.

The president called for the FCC to expand its regulatory authority over the industry, a departure from the years of light regulation that the providers say has enabled them to flourish.

The endorsement of a stronger regulatory approach contributed to a slide in broadband providers’ shares, raised new questions about a proposed merger between Comcast Corp. and Time Warner Cable Inc. and further hardened the political lines on “net neutrality”—the principle that all Internet traffic should be treated equally.


Firefox Vice President Johnathan Nightingale says President Obama's proposal to group broadband providers with phone companies would be a step toward eliminating online ‘discrimination.’
.
Major broadband providers such as AT&T Inc., Verizon Communications Inc. and Comcast swiftly criticized Mr. Obama’s approach and said they didn’t think it would stand up in court, with AT&T explicitly saying it would challenge such rules. Internet companies, including Netflix Inc., cheered the president’s plan, saying it would prevent the providers from demanding payment to reach consumers.

The threat of prolonged litigation adds to pressure on FCC Chairman Tom Wheeler, who is trying to write rules for the Internet that can pass muster with the courts using a telecommunications law that many people believe is outdated.

House Speaker John Boehner (R., Ohio) said Republicans would fight the president’s plan, which he called a “misguided scheme” to regulate the Internet.

Mr. Obama specifically called for the FCC to reclassify broadband Internet access as a utility, and then to ban broadband providers from blocking or slowing down traffic, or striking deals to give some websites special treatment. He also argued that any rules should apply to both mobile and fixed networks, a departure from the FCC’s previous set of net neutrality rules in 2010.

Those rules were thrown out by a federal court in January, and ever since Mr. Wheeler has been trying to craft rules that would both prevent broadband providers from charging websites tolls to reach consumers while also standing up to an inevitable legal challenge. In doing so, he faces strong pressure from net-neutrality supporters and Web companies to enact strong rules, as well as pushback from broadband providers wary of giving the FCC more regulatory power.

Net-neutrality supporters, which include Web companies, activists and academics, argue that without such rules broadband providers would be able to demand payment from Netflix and other firms offering services that consume large amounts of bandwidth. Mr. Obama said the prospect of broadband providers deciding which websites reach consumers is unacceptable and contrary to the nature of the Internet.

“We cannot allow Internet service providers to restrict the best access or to pick winners and losers in the online marketplace for services and ideas,” he said.

Mr. Wheeler has tried to address those concerns by offering rules that would let the FCC police content deals to ensure they aren’t harmful or anticompetitive.

But his assurances have failed to satisfy the net-neutrality camp, which says only a flat ban on paid prioritization would allow a small company to grow into the next Facebook or Google.

The FCC has thus far resisted a flat ban because it is legally risky and could outlaw services aimed at encouraging low-income users to adopt home broadband service. But the issue has become a flash point in the debate, and recent plans floated by the FCC that would ban most but not all paid prioritization further incensed many net-neutrality supporters.

For many such supporters, the only way for the FCC to make its rules stick is for the agency to classify broadband as a telecommunications service under Title II of the Communications Act instead of keeping it as a lightly-regulated information service. Mr. Obama’s endorsement of reclassification was viewed as a major victory for activists and a blow to the broadband industry.

“For a generation, the Internet has been an American success story. Light-touch regulation has encouraged levels of investment unprecedented by any industry and spawned incredible innovation. Today’s action puts all of that at risk—and puts it at risk not to remedy any specific harm that has occurred,” said Jim Cicconi, AT&T senior executive vice president.

Comcast executive vice president David L. Cohen said the move would be “a radical reversal that would harm investment and innovation, as today’s immediate stock market reaction demonstrates,” adding that Congress should take up the issue.

Shares of Comcast and Time Warner fell 4% and 5% respectively Monday as investors appear to worry that a more hawkish FCC might choose to block the companies’ proposed merger.

Net neutrality supporters have argued that any rules that don’t include full reclassification are destined to fail in court. Both sides have acknowledged that regardless of what rules the FCC adopts, litigation appears all but certain. Given the likelihood of court battle, FCC officials are taking their time on writing the rules, and may seek additional comment on the pros and cons of reclassification.

Mr. Wheeler appeared to confirm that a vote on the rules isn’t likely until 2015 in a statement where he welcomed the president’s input on the issue.

“The more deeply we examined the issues around the various legal options, the more it has become plain that there is more work to do.

.
The reclassification and hybrid approaches before us raise substantive legal questions. We found we would need more time to examine these to ensure that whatever approach is taken, it can withstand any legal challenges,” Mr. Wheeler said.

Support for the president’s statement was strongest in Silicon Valley, where Web companies and venture capitalists view net neutrality as crucial to the future of their industries.

“It’s amazing,” said Matt Mullenweg, founder and CEO of Automattic, the San Francisco-based parent company of the Web publishing platform WordPress. “This is great for us at WordPress…We’re particularly affected by net neutrality because we power the independent Web. Our small customers cannot afford to do paid deals with cable and telcos.”

>>> SFY US (Swift Energy) to Restate 2013 Full-Year and 2014 Quarterly Financial

to Restate 2013 Full-Year and 2014 Quarterly Financial Results to Correct Understatement of Retained Earnings and Overstatement of Full Cost Ceiling Test Write-Down 
- The ceiling test error causing this restatement relates to the incorrect inclusion in prior periods of the tax effect of Swift Energys asset retirement obligations when computing the ceiling test limitation of its oil and natural gas properties under full-cost pool accounting. The Company has determined that the error caused understatement in periods prior to 2014 of retained earnings and overstatement of its full cost ceiling-test write-down.
- For the fiscal year ended December 31, 2013, correction of this error is expected to increase the Company's overall net oil and gas property balances by approximately $50 million, increase its deferred tax liability by approximately $20 million, and increase its retained earnings to increase by approximately $30 million.
- As the ceiling-test-error resulted in an understatement of the undepleted full cost pool subject to depletion in all periods after a ceiling write-down, at December 31, 2013, the most recent ceiling write-down of approximately $74 million (on a pre-tax basis), which occurred in the fourth quarter of 2013, is overstated by approximately $27 million on a pre-tax basis. Reversal of this overstatement is currently anticipated to substantially reduce the Companys previously reported net loss for 2013. A similar error occurred in connection with the Companys full cost ceiling write-down at December 31, 2008 and at March 31, 2009.
- For the first two fiscal quarters of 2014 (financial statements for which are included in the Company's Forms 10-Q filed with the Commission on May 1, 2014 and August 1, 2014, respectively), correction of the ceiling-test-error is expected to decrease net income for each quarterly period by amounts currently estimated to be approximately $500,000.