>>> Knoll beats by $0.06, beats on revs

Knoll beats by $0.06, beats on revs (17.88)
Reports Q3 (Sep) earnings of $0.33 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.27; revenues rose 23.7% year/year to $268.3 mln vs the $259.74 mln consensus.
  • Net sales for the Office segment were $166.8 million during Q3, an increase of 10.8%, attributable to new workplace models and office systems. Offsetting this growth in the Office segment was a marginal decline in government sales year- over-year.
  • Net sales for the Studio segment was $72.2 mln, +91.5% (+13% ex-HOLLY HUNT acquisition.

Reuters - Vice Media to roll out local language news services, eyes TV deal


Oct 17 (Reuters) - New York-based Vice Media, whose edgy reportage has proved a hit with young people, is launching local news services in Germany, France, Italy, Spain, Australia, Brazil and Mexico over the next six months, and is working on a terrestrial television deal.

"We are going to be ramping out local language territories for news because there's been such a thirst for it," founder and Chief Executive Shane Smith told Reuters. "We are going to have a lot more local language domestic content in each of these territories."

The group - which counts Rupert Murdoch and Disney as investors - mixes hard-news reporting in Syria and Ukraine with packages on drugs and sex to appeal to teenagers and young adults, helping it win more than a million subscribers for its You Tube channel in seven months.

Funding will come from the $500 million investment it secured from U.S. firms Technology Crossover Ventures (TCV) and A+E Networks last month, which valued Vice at about $2.5 billion.

Smith said Vice was also working on buying TV networks, saying an announcement would come "sooner rather than later".

"We are looking to buy not only a series of networks but also to have pretty much a comprehensive global terrestrial carriage deal, where we'll be carried in between 150 and 200 countries from day one," he said.

"These deal are consuming to set up but we are on the home stretch now."

>>> Fed's Rosengren on CNBC

Fed's Rosengren on CNBC
  • Focuses on core inflation; says oil tends to fluctuate which makes it difficult to judge.
  • If oil stays around $80 a barrel expects low inflation readings.
  • Notes the employment rate has come down substantially.

>>> GE Brings Good Sales Growth Guidance to Life in Third Quarter Report

GE Brings Good Sales Growth Guidance to Life in Third Quarter Report
General Electric (GE 24.25) reported its third quarter results this morning and in true General Electric fashion it managed to top analysts' EPS expectations by a penny, aided by share buyback activity and solid expense management. To wit, operating earnings increased 6% to $0.38 per share with revenues up just 1% to $36.2 billion.

GE's largest division -- Power & Water -- saw revenues slip 2% from the year-ago period to $6.38 billion and its profit decline 8%. That weakness was offset, though, by a 7% jump in revenue and a 27% increase in segment profit for its Oil & Gas segment.

Total industrial segment revenue was up 3% for the period to $26.63 billion while total industrial segment profit increased 9%. GE Capital revenue was down 1% to $10.45 billion and its profit declined 22% to $1.49 billion.

GE said orders for its industrial segment were up 22% in the quarter, with increases in five of six segments. Growth market orders jumped 34%. Notably, the company now expects industrial organic revenue growth for the year to be at the higher end of the 4-7% range. Industrial segment organ revenue growth was 4% in the third quarter.

GE's backlog of equipment and services at the end of the quarter was $250 billion, up 9.2% from the same period a year ago. Year-to-date, GE said it has generated $7.2 billion in cash from its operating activities.

Notwithstanding its steady operating performance, shares of GE have languished this year. To be sure, the stock hasn't been helped much lately by the plunge in oil prices and heightened concerns about the pace of global economic growth. GE derived 53% of its revenue last year outside the U.S. (17.3% from Europe).

For years General Electric brought good things to life. Now, if only it could bring its stock price, which is down 13.5% year-to-date, to life.

The upbeat organic revenue growth guidance in today's report and a current dividend yield of 3.70% look to be helping. Shares of GE are indicated 3.7% higher in pre-market trading
.

>>> Morgan Stanley beats by $0.12, beats on revs --> MS +3.60%

Morgan Stanley beats by $0.12, beats on revs
Reports Q3 (Sep) earnings of $0.65 per share, excluding DVA (debt valuation adjustment) and a $0.12 tax benefit non-recurring items, $0.12 better than the Capital IQ Consensus of $0.53; GAAP revenues rose 12.0% year/year to $8.91 bln vs the $8.18 bln consensus. Excluding DVA, net revenues for the current quarter were $8.7 billion compared with $8.1 billion a year ago.
  • Institutional Securities net revenues excluding DVA were $4.3 billion reflecting continued strength in Investment Banking and Equity sales and trading and improved results in Fixed Income and Commodities sales and trading.
  • Wealth Management net revenues were $3.8 billion and pre-tax margin was 22%. Fee based asset flows for the quarter were $6.5 billion, with total client assets above $2.0 trillion at quarter end.
  • Investment Management reported net revenues of $655 million with assets under management or supervision of $398 billion.
  • At Sept 30, 2014, book value and tangible book value per common share were $34.17 and $29.25,19 respectively, based on ~2.0 billion shares outstanding.

>>> Honeywell beats by $0.06, reports revs in-line; raises FY14 guidance, in-lin

Honeywell beats by $0.06, reports revs in-line; raises FY14 guidance, in-line (86.39)
Reports Q3 (Sep) earnings of $1.47 per share, including $0.04 from a lower tax rate, $0.06 better than the Capital IQ Consensus of $1.41; revenues rose 4.8% year/year to $10.11 bln vs the $10.04 bln consensus.
  • Aerospace: sales ~flat, profit +8%
  • Automation and Control Solutions: sales +9%, profit +11%
  • Performance Materials and Tech: sales +7%, profit +8%
Co issues guidance for FY14, raises EPS to $5.50-5.55 from $5.45-5.55 vs. $5.54 Capital IQ Consensus; FY14 revs to $40.3-40.4 bln from $40.2-40.4 bln vs. $40.39 bln Capital IQ Consensus; segment margin to ~17% from 16.8-17%.

>>> General Electric beats by $0.01, misses on revs

General Electric beats by $0.01, misses on revs

Reports Q3 (Sep) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.37; revenues rose 1.4% year/year to $36.17 bln vs the $36.86 bln consensus.
  • Industrial sales of $26.0 bln increased 3% YoY.
    • Industrial segment profits rose 9% in the third quarter to $4.3 bln and industrial segment margins expanded 90 basis points.
    • Industrial segment organic revenue growth was 4%.
    • Orders were up 22% in the quarter, with increases in five of six segments. Growth market orders rose 34% with increases in five of nine growth regions. GE expects industrial organic revenue growth for the year to be at the higher end of the 4-7% range.
    • GE's backlog of equipment and services at the end of the quarter was a record $250 bln, up $21 bln over the year-ago period.
  • GECC revenues of $10.5 bln decreased 1% from last year.
  • Company is on track to meet its 2014 goal of $14-$17 bln in CFOA.
  • GE ended the quarter with $90 bln of consolidated cash and cash equivalents.
  • Our total-year framework is intact, GE expects Alstom to be accretive to earnings in 2015, and add $0.06-0.09 per share in 2016.
    • Through these transactions, GE is executing on its strategy to achieve 75% of its earnings from its Industrial businesses by 2016.

WSJ : LVMH: It May be Time for a Smartwatch

LVMH Moet Hennessy Louis Vuitton SAMC.FR +1.54% said on Friday it is considering teaming with a technology company to launch a smartwatch launch for one of its brands.

“There are some talks taking place about a partnership,” said Jean-Claude Biver, president of LVMH’s watch division. “Maybe in nine months, we will have a smartwatch.”

Apple Inc.AAPL -1.33%’s recently launched iWatch, which enables mobile payments among other functions, has shaken the traditional watch industry. Even the most elite of watchmakers feel pressure to respond.

Mr. Biver, chairman of Swiss luxury brand Hublot, said he doesn’t know yet which technology company LVMH is considering as a potential partner, and ruled out the possibility of a smartwatch for Hublot. LVMH’s other watch brands include Tag Heuer and Zenith.

“A smartwatch is very difficult for us because it is contradictory,” said Mr. Biver. “Luxury is supposed to be eternal … How do you justify a $2,000 smart watch whose technology will become obsolete in two years?” he added, waving his iPhone 6.

Still, Mr. Biver said the watch industry has to take notice given Apple’s sheer size and influence. “Others have done smartwatches before,” added Mr. Biver. “But when Apple does it, it will sell.”

Mr. Biver said Occupy Central has hurt demand in Hong Kong, with Chinese travelers balking at Hong Kong travel and locals less inclined to shop.

But he is optimistic about Macau, adding it has better growth potential than Hong Kong because gaming is popular among Chinese consumers. As Macau transitions to a gambling and entertainment hub, it will attract more non-gamblers, he said.

Reuters - Iron ore boss at trader Glencore quits - source

(Reuters) - The head of iron ore trading at commodities miner and trader Glencore, Christian Wolfensberger, has quit, according to a source with direct knowledge of the matter.

Wolfensberger, a Swiss-born Glencore veteran with more than two decades of experience, was appointed to run the iron ore division when it was hived off as a separate unit by the company after its 2011 stock market listing.

Wolfensberger had been on leave since the summer for personal reasons, the source said, and had opted not to return.

Sources familiar with the matter said Wolfensberger was not involved in Glencore's tentative move for Rio Tinto, the world's second-largest iron ore producer, in July. Rio rejected the approach.

Iron ore trading will now be run by Jyothish George, the first source said. Iron ore mining will continue to be run by Mark Eames, who was chief operating officer of Xstrata's iron ore division before the miner was taken over by Glencore.

Wolfensberger became a paper multi-millionaire on Glencore's listing three years ago, but is not listed as a current owner of Glencore shares on Thomson Reuters data.