TheChek News Flow

After Hours Summary: NAME +33.2%, ECOM +29.1%, ZNGA +6.4%, SLXP -37.3%, PFMT -17.9% following earnings/guidance

After Hours Gainers: Companies trading higher in after hours in reaction to earnings: NAME +33.2%, ECOM +29.1%, MITK +29.1%, MIFI +16.5%, MRC +12.9%, WLDN +8.9%, LFVN +8.5%, ZGNX +0%, GST +7.3%, INFI +7.1%, MFLX +6.6%, ZNGA +6.4%, NKTR +6.2%, VOLC +5.9%, LGF +5.7%, FICO +5.3%, PVCT +5.1%, BEBE +5%, VPCO +4.8%, TXMD +4.5%, TCPI +4.4%, KING +4.3%, GPS +3.4%, LMOS +3.3%, UNXL +2.9%, PSEC +2.8%, NOG +2.6%, RSYS +2.4%, SPPI +2.3%, DNN +2.2%

Companies trading higher in after hours in reaction to news: RMTI +36.7% (FDA Advisory Committee recommended Triferic for iron replacement and maintenance of hemoglobin in hemodialysis patients), ECOM +27.9% (announced the acquisition of E-Tale Holdings Limited, a UK-based company that offers a leading global 'where to buy' solution, terms not disclosed; co also reported earnings), RPRX +16.4% (co reported it held a "constructive" meeting with the FDA regarding a potential Androxal NDA filing), APT +11.0% (announced significant increase in October orders), LFVN +8.5% (announced a new $7 mln share repurchase program; co also reported earnings), PVCT +5.1% (announced it has submitted its phase 3 protocol for evaluation of PV-10 for treatment of locally advanced cutaneous melanoma to the FDA; co also reported earnings), VPCO +4.8% (announced proposed merger with Vaporin)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: SLXP -37.3%, PFMT -17.9%, UBNT -16.4%, FWM -15.8%, MDRX -15.5%, YUME -15.4%, ICPT -13%, OLED -12.2%, KTOS -11.4%, WAVX -10.7%, QTWW -10.3%, ANET -10.1%, CPST -9.5%, GUID -9.4%, SSTK -9.2%, XOMA -7.8%, FSLR -7.1%, SFM -4.9%, CSC -4.6%, GXP -4.2%, MDVN -3.8%, DAR -3.7%, DVA -3.6%, AIRM -3.5%, LOCO -3.5%, RNF -3.3%, GSAT -3.2%, NES -3%, HNSN -2.9%, ANAC -2.3%

Companies trading lower in after hours in reaction to news: ICPT -13.0% (lower following publication of FLINT trial data of obeticholic acid for the treatment of NASH; also seeing reports that co will need to run additional safety studies), PME -3.9% (announced that it will restate previously issued financial statements), BIG -3.1% (announced decision of its Board of Directors to approve proxy access amendments), CTIC -2.5% (announced proposed public offering of convertible preferred stock), REXX -2.5% (announced CFO, Michael Hodges, has decided to resign from his position effective Jan 31, 2015)

Asian Market Update: RBA outlook affirms GDP forecasts, tips higher inflation in 2016

***Economic Data*** - (AU) AUSTRALIA RBA QUARTERLY STATEMENT ON MONETARY POLICY: Reiterates AUD above fundamental value - (AU) AUSTRALIA OCT AIG PERFORMANCE OF CONSTRUCTION INDEX: 53.4 (3-month low; 5th month of expansion) V 59.1 PRIOR

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 +0.4%, S&P/ASX +0.5%, Kospi +0.1%, Shanghai Composite +0.4%, Hang Seng -0.9%, Dec S&P500 +0.1% at 2,029

***Commodities/Fixed Income*** - Dec gold -0.2% at $1,140, Dec crude oil -0.3% at $77.66/brl - GLD: SPDR Gold Trust ETF daily holdings fall 3.0 tonnes to 732.8 tonnes; Lowest level since Sept 2008 - USD/CNY: (CN) PBoC sets yuan mid point at 6.1602 v 6.1565 prior setting (weakest setting since Sept 4th) - (AU) Australia MoF (AOFM) sells A$600M in 4.25% 2026 Bonds; avg yield: 3.4418%; bid-to-cover: 3.67x - (JP) Japan investors bought net ¥806.6B in foreign bonds v bought ¥43.4B in prior week; Foreign investors bought net ¥904.7B in Japan stocks v bought ¥178.0B in prior week - (US) Weekly Fed Balance Sheet Total Assets for week ending Nov 5th: $4.49T v $4.49T prior; M1 y/y change: 8.4% v 8.1% w/w; M2 y/y change: 5.6% v 5.3% w/w

***Market Focal Points/Key Themes/FX*** - RBA quarterly policy projections offered little support to the plunging AUD as it merely maintained Australia GDP projections through 2016 while also anticipating a marginal rise in inflation to arrive later than expected. In fact, despite maintaining expectation for inflation to remain in 2-3% target range in the most recent policy statement - the 2014 year-end CPI target was reduced to 1.75% from 2% and 1H15 CPI lowered to 2.00% midpoint from 2.25% prior forecast. RBA added China property market slump poses a key external risk, albeit with some domestic relief in low rates and strong population growth supporting home building.

- Recently-appointed and seldom-speaking Cleveland Fed President Mester unfurled her relatively hawkish stance at a speech in NYU, noting she would have liked for the "considerable time" language to be taken out of the FOMC statement. Mester added she would prefer not to wait until price objectives are reached before adjusting policy, stating 2% inflation would return by the end of 2016 and unemployment of 5.5% would be achieved next year. In the long run, Mester sees the Fed funds rate around 3.75%, which is notably below the 5.25% pre-GFC peak.

- Korean officials continue to balk at the recent aggressive policy easing from the BOJ. After comments from the Finance Ministry intending to manage KRW moves in line with JPY overnight, BOK Gov Lee said Korea will not "do nothing" about weak JPY. USD/KRW is knocking at the door of KRW1,200 - a 14-month low for KRW on increasingly interventionist verbal rhetoric.

- Concurrently, USD/JPY briefly dipped lower by about 25pips after more neutral comments from Econ Min Amari calling both excessive rises AND falls in JPY as undesirable. Subsequently, Fin Min Aso took a more favorable stance on the issue, noting weak Yen's positive impact toward exports and the progress BOJ is making toward stopping deflation with extra easing measures. USD/JPY continued its upward push, approaching overnight 7-year high around 115.50.

***Equities*** US markets: - RPRX: Holds Constructive Meeting With FDA Regarding Androxal NDA Filing; +20.8% afterhours - AVG: Company said to be up for sale - financial press; +11.0% afterhours - ZNGA: Reports Q3 -$0.01 (adj) v -$0.01e, R$176.6M v $172Me; +6.8% afterhours - LGF: Reports Q2 $0.24 v $0.13e, R$552.9M v $516Me; +5.7% afterhours - FICO: Reports Q4 $1.33(adj) v $0.92e, R$221.6M v $207Me; +5.3% afterhours - KING: Reports Q3 $0.56(adj) v $0.48e, R$523.4M v $506Me; Approves $150M share repurchase program (approx 3.5% of market cap); +4.5% afterhours - GPS: Reports Oct SSS -3.0%; prelim Q3 $0.78-0.79 v $0.71e; R$3.97B v $4.06Be; +3.2% afterhours - PBR: To raise wholesale gasoline prices by 3% and diesel by 5%, goes into effect at midnight on Friday - press; +2.8% afterhours - NVDA: Reports Q3 $0.39 v $0.29e, R$1.23B v $1.20Be; +2.1% afterhours

- VWR: Reports Q3 $0.26 v $0.22 y/y, R$1.11B v $1.06B y/y (no est); -1.8% afterhours - DIS: Reports Q4 $0.89 v $0.89e, R$12.4B v $12.4Be; -2.4% afterhours - DVA: Reports Q3 $0.90(adj) v $0.91e, R$3.25B v $3.23Be; -3.2% afterhours - CSC: Reports Q2 $1.18 v $1.01e, R$3.08 v $3.18Be; -4.6% afterhours - SFM: Reports Q3 $0.17 v $0.16e, R$766.4M v $763Me; -4.9% afterhours - FSLR: Reports Q3 $0.87 (GAAP) v $0.64e, R$889M v $1.04Be; cuts FY14 Rev guidance; -7.1% afterhours - UBNT: Reports Q1 $0.48 v $0.52e, R$150.1M v $159Me; -16.3% afterhours - MDRX: Reports Q3 $0.06 v $0.10e, R$345M v $354Me; -16.6% afterhours - SLXP: Reports Q3 $1.53 v $1.56e, R$355M v $393Me; Guides Q4 and FY14 below consensus; -38.3% afterhours

Notable movers by sector: - Consumer Discretionary: Unicharm 8113.JP +2.2% (H1 results) - Financials: Huatai Securities 601688.CN +7.6%, Sinolink Securities 600109.CN +4.1%, Guoyuan Securities 000728.CN +3.1% (CSRC comments on Shanghai-Hong Kong stock connect trading); Agile 3383.HK -2.7% (Oct sales results); Greentown China 3900.HK -2.3% (Oct sales results); Mitsui & Co Ltd 8031.JP +1.9% (CEO comments on shares repurchase) - Materials: Alumina Ltd AWC.AU +2.6% (analyst action) - Industrials: Yamaha Motor 7272.JP +4.6% (9-month results) - Technology: Lenovo 992.HK -5.2% (momentum on Q2 results)

Closing Market Summary: Stocks Climb Ahead of October Jobs Report

Equity indices registered modest gains on Thursday ahead of the Nonfarm Payrolls report for October (consensus 235,000), which will be released tomorrow. The S&P 500 added 0.4% with seven sectors ending in the green.

The key indices spent the entire session in a slow and steady climb off their opening lows, but the same could not be said for the greenback.

The Dollar Index (88.08, +0.64) spiked 0.7% after the European Central Bank released its latest policy statement. Although the central bank did not announce any changes, the euro tumbled below 1.2380 against the dollar after Mario Draghi said the bank will begin purchases of asset-backed securities soon and will not hesitate to introduce additional easing if needed. The reminder of willingness to consider additional measures boosted European equities and helped U.S. futures climb off their overnight lows.

However, it should be noted that the ECB has already discussed its intentions to begin ABS purchases in the past. Furthermore Mr. Draghi's comments about additional easing contrasted with Tuesday's Reuters story, which claimed nearly half of the ECB board opposes the implementation of a sovereign quantitative easing program.

The resulting dollar strength weighed on crude oil (77.90, -0.78), but the energy sector (+1.3%) ended in the lead despite showing early weakness. The sector climbed to highs during the final hour of the session, rising above the industrial space (+1.1%), which led for the bulk of the day.

Industrials received strong support from General Electric (GE 26.36, +0.54) as the top-weighted sector component reclaimed its 200-day moving average, spiking 2.1% to levels last seen in mid-September. Transports also fared well with the Dow Jones Transportation Average jumping 1.3%.

Elsewhere among cyclical sectors, consumer discretionary (+0.9%) and materials (+0.8%) displayed strength while financials (+0.1%) and technology (-0.1%) lagged.

The materials sector was boosted by miners after Randgold Resources (GOLD 64.61, +5.45) reported earnings. The company missed bottom-line estimates, but investors cheered news indicating Randgold has closed its revolving credit facility. The stock spiked 9.2% while the Market Vectors Gold Miners ETF (GDX 17.21, +0.62) jumped 3.7%.

On the downside, technology (-0.1%) spent the day in negative territory after Qualcomm (QCOM 70.57, -6.63) reported disappointing results. Shares of QCOM plunged 8.6% while the PHLX Semiconductor Index lost 0.9%.

The losses among chipmakers weighed on the Nasdaq, but the index caught up to the broader market during the final hour. Biotechnology factored into the afternoon strength with the iShares Nasdaq Biotechnology ETF (IBB 293.32, +4.42) climbing 1.5%. For its part, the health care sector (+0.6%) settled ahead of the remaining countercyclical groups.

Treasuries ended on their lows with the 10-yr yield up four basis points at 2.38%.

Participation was ahead of average with more than 730 million shares changing hands at the NYSE floor.

Economic data included Initial Claims, Productivity/Labor Cost data, and Challenger Job Cuts:

* Nonfarm labor productivity increased 2.0% in the third quarter, down from an upwardly revised 2.9% (from 2.3%) gain in the second quarter 

* The consensus expected an increase of 1.5%  * Output growth decelerated in the third quarter, increasing 4.4% after a 5.5% increase in the second quarter, which was in-line with third quarter GDP growth  * The relatively weaker output level resulted in a modest acceleration in unit labors costs, up 0.3% after declining 0.5% in Q2 2014 

* Initial Claims declined to 278,000 from a revised rate of 288,000 (from 287,000), while the consensus expected a reading of 285,000 

* Claims have held below the 300,000 mark for the past several weeks, setting expectations for relatively strong job growth 

* The Challenger Job Cuts report for October rose 11.9% to follow the prior decline of 24.4% 

Tomorrow, the October Nonfarm Payrolls report (consensus 235,000) will be released at 8:30 ET while the Consumer Credit report for September (consensus $16.00 billion) will cross the wires at 15:00 ET.

* Nasdaq Composite +11.1% YTD  * S&P 500 +9.9% YTD  * Dow Jones Industrial Average +5.9% YTD  * Russell 2000 +0.7% YTD

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Allergan Tussle Injects Fat Premium Into Botox Maker: Real M&A 2014-11-06 22:44:24.544 GMT

(For a Real M&A column news alert: {SALT REALMNA <GO>}.)

By Tara Lachapelle Nov. 7 (Bloomberg) -- As the contest to win control of Allergan Inc. heats up, so has the valuation. The Botox maker’s pricetag has doubled in the past year as Valeant Pharmaceuticals International Inc. persists with its hostile bid and Actavis Plc sidles up. The $59 billion target’s profit multiple is already 60 percent higher than the median of past pharmaceutical takeovers that large, according to data compiled by Bloomberg. Most megamergers generate losses for shareholders, so Allergan’s winning bidder will have to work to justify the price. Valeant, a serial acquirer, is known for cutting costs at the businesses it purchases. Piper Jaffray Cos.’s David Amsellem says Actavis also can cut costs at Allergan and leverage its department that markets medicines to primary-care doctors. Actavis would be gaining a business that increases profit about 20 percent a year or more, the New York-based analyst said. “There’s always a risk of overpaying, but I think you have to consider the extent of synergies and tax efficiencies,” Amsellem said in a phone interview. And given Allergan’s earnings growth, “I wouldn’t say it’s a particularly expensive stock.” Three-quarters of analysts covering Allergan still recommend investors purchase shares at this level, according to data compiled by Bloomberg.

‘Inadequate’ Offer

Allergan has an offer on the table from Valeant that it says is “grossly inadequate.” Allergan shares have risen for eight straight days to a record $197.40 apiece yesterday, well above Valeant’s bid. Valeant said last week that it’s prepared to raise the offer to at least $200 a share. As Allergan seeks to fend off the hostile suitor, the company said in a filing yesterday that it’s in talks with another party that may lead to merger negotiations, without providing further information. That third party is Actavis, people with knowledge of the matter said yesterday. Even Actavis shareholders are cheering on the possible deal, with its stock rising 1 percent yesterday. If history’s any guide, those shareholders are more likely to lose money after a merger this big. About two-thirds of company takeovers that exceeded $20 billion between 1996 and 2013 destroyed value, data compiled by Bloomberg show. The acquirers also lagged behind the MSCI World Index in the three years after completing the deals, according to the data. Pfizer Inc.’s $64 billion acquisition of Pharmacia Corp. in 2003 is one such example. Pfizer posted the worst underperformance among the buyers analyzed.

Different Today

There are differences between those past deals and the current wave of acquisitions in the pharmaceutical industry. For one, many of the acquirers today are moving or have moved their legal addresses overseas where the tax rate is lower, giving them more room to pay up for purchases. Both Valeant and Actavis have undergone this type of inversion deal. Valeant is based in Laval, Quebec, while Actavis is domiciled in Dublin. Their interest in Allergan is putting the company into the rankings of expensive deals. Allergan was valued yesterday at 25 times trailing 12-month earnings before interest, taxes, depreciation and amortization, double its valuation a year ago. Attempted or completed takeovers larger than $20 billion in this industry have a median multiple of just 15.6, data compiled by Bloomberg show.

Familiar Territory

It’s familiar territory for Actavis, which struck the priciest pharmaceutical megadeal ever, paying almost 300 times Ebitda for Forest Laboratories Inc. earlier this year. The $25 billion takeover transformed generic-drug maker Actavis into a developer of brand-name medicines. Actavis shares have risen 12 percent since the deal closed. Valeant has built its business by acquiring companies and cutting research and development spending and other costs. The $43 billion drugmaker estimates about $2.7 billion of savings from an Allergan purchase. We don’t yet know Actavis’s synergies estimate. “You don’t want to get into any kind of bidding war or situation where you end up overpaying,” David Steinberg, an analyst at Jefferies LLC, said in a phone interview. “The question is, is that the zone we’re getting into?” Whether it is depends on the assumptions the acquirers are factoring into their offers, such as revenue synergies, cost reductions and tax efficiencies, he said. “One of the worst things that can happen to a company is doing a bad deal,” Steinberg said. “That said, Allergan is one of the most unique and high-quality assets there are in health care. Companies like this don’t come around often.”

For Related News and Information: Allergan Said to Be in Active Deal Discussions With Actavis NSN NEMMY16JTSE9<GO> Allergan Tilts Toward Valeant in Merger Chain Reaction: Real M&A NSN NCVYW46KLVR9 <GO> Daimler to Rio Tinto Show New Surge in Deals Perilous: Real M&A NSN MHG24A0UQVI9 <GO> Real M&A columns: NI REALMNA <GO> Top deal stories: DTOP <GO>

--With assistance from David Welch in New York.

To contact the reporter on this story: Tara Lachapelle in New York at +1-212-617-8911 or tlachapelle@bloomberg.net To contact the editors responsible for this story: Beth Williams at +1-212-617-2307 or bewilliams@bloomberg.net Elizabeth Wollman

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BN 11/06 15:18 *SPORTS DIRECT MAX. EXPOSURE UNDER PUT OPTION LIMITED TO £46M BN 11/06 15:18 *SPORTS DIRECT HAS DISPOSED OF 4.6% STAKE IN DEBENHAMS BN 11/06 15:17 *SPORTS DIRECT PUT OPTION RELATION TO A 6.1% STAKE IN DEBENHAMS

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*SPORTS DIRECT INTL. SPD SELLS 4.6% STAKE IN DEBENHAMS 2014-11-06 15:17:48.733 GMT

RNS Newswire press release is accessible through:

{ERH RNS <GO>}

14443

-0- Nov/06/2014 15:17 GMT

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BN 11/06 14:18 *ALLERGAN, ACTAVIS TALKS MAY NOT LEAD TO AN AGREEMENT

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*ACTAVIS SAID TO BE IN ACTIVE TAKEOVER TALKS WITH ALLERGAN 2014-11-06 14:18:44.427 GMT

--CRAYTON HARRISON

-0- Nov/06/2014 14:18 GMT