Trims 2014 and 2015 globle growth forecasts; says Economic growth may never ret

IMF updates its World Economic Outlook (WEO): Trims 2014 and 2015 globle growth forecasts; says Economic growth may never return to pre-crisis levels 

- Cuts 2014 Global GDP growth outlook from 3.4% to 3.3%
- Cuts 2015 Global GDP growth outlook from 4.0% to 3.8%

2014 Growth Outlook
- Raises US 2014 GDP from 1.7% to 2.2%
- Cuts German 2014 GDP growth from 1.9% to 1.4%
- Cuts France 2014 GDP growth from 0.7% to 0.4%
- Maintains UK 2014 GDP growth at 3.2% 
- Cuts Japan 2014 GDP growth from 1.6%.to 0.9%
- Maintains China 2014 GDP growth at 7.4% (**Note: China official 7.5% forecast)
- Maintains Russia 2014 GDP 0.2% 2015 Growth Outlook
- Maintains US 2015 GDP at 3.0%
- Cuts German 2015 GDP growth from 1.7% to 1.5%
- Cuts France 2015 GDP growth from 1.4% to 1.0%
- Maintains UK 2015 GDP growth at 2.7%
- Cuts Japan 2015 GDP growth from 1.1%.to 0.8%
- Maintains China 2015 GDP growth at 7.1% 
- Cuts Russia 2015 GDP from 1.0% to 0.5%

Comments:
- Economic growth may never return to pre-crisis levels
- warns of eurozone stagnation

>>> IBM - Reportedly to resume talks to sell chip foundry unit to Globalfoundrie

Reportedly to resume talks to sell chip foundry unit to Globalfoundries - financial press 
Negotiations had broken down in July after IBM offered to pay Globalfoundries about $1 billion to take the unit, a person familiar said at the time. IBM is now willing to pay Globalfoundries more to take over the operations, the person said yesterday, asking not to be identified because the discussions are private. 

**Reminder: In late July, IBM broke off talks to sell chip foundry unit to GlobalFoundries as the two firms could not agree on terms. In early June, it was reported that IBM was near a deal with GlobalFoundries for chip-making unit in a deal which could be worth around $1.0B (about half of IBM's expectations for $2B)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: SIMO +14.9%, CAMP +7.2%, ISCA +4.9%, NLNK +1.9%, IDT +0.6%

Select Ebola related names showing strength: CMRX +3.9%, TKMR +3.4%, LAKE +2.8%

Select metals/mining stocks trading higher: IGLD +2.5%, IAG +0.8%, CDE +0.8%, SVM +0.6%

Other news: GTAT +15% (modest retracement following yesterday's massive decline), MAGS +15% (receives $8.2 mln of new orders; majority of the contracts are for expansions, changes and upgrades of existing homeland security installations in Israel), XCO +10.6% (announces sale of interests in Compass Production Partners), BCLI +9% (FDA grants fast track designation to NurOwn for the treatment of ALS), OXGN +8.3% (announced that data from the Phase 2 GOG186I study of fosbretabulin in combination with bevacizumab will be presented on November 9 at the International Gynecologic Cancer Society), GSAT +7.1% (issues statement in response to Kerrisdale Capital presentation), FEYE +5.8% (FireEye and SingTel partner to launch first managed defense solution; also, announced targeted attack protection for the Apple (AAPL) platform), BCRX +2.4% (announces late breaker presentation of OPuS-1 Phase 2 Trial results at the 23rd EADV Congress will be present Oct 11), ADHD +2.3% (after yesterday's 57% decline), ACHN +1.8% (disclosed it entered into a Master Security Agreement for a $1,000,000 Capital Expenditure Line of Credit), SBLK +1.6% (collected $8.016 mln from the sale of its claim against PAN OCEAN), REGN +1.3% (EYLEA (aflibercept) Injection received FDA approval for macular edema following retinal vein occlusion), PSTI +1.3% (wins cell therapy patent case in Europe; European Patent Office confirms validity of amended claims )

Analyst comments: ADHD +2.3% (upgraded to Outperform at FBR Capital), NDLS +2.1% (upgraded to Buy from Hold at Jefferies), AUY +2.1% (upgraded to Neutral from Underweight at HSBC Securities), GMCR +1.9% (initiated with a Buy at Goldman), KPTI +1.1% (initiated with a Outperform at Wedbush), IP +1.1% (upgraded to Buy from Neutral at BofA/Merrill), CCK +0.7% (upgraded to Outperform from Neutral at Macquarie
)

>>> US Gappingdown

Gapping down
In reaction to disappointing earnings/guidance: SODA -15.1%, TCS -14.6%, EZPW -13.6%, CBK -11.8%, AEGN -9.3%, AGCO -8.7%

M&A news: RIO -1% (issues statement regarding press speculation surrounding Glencore (GLNCY))

Notable EU names showing weakness: ORAN -2.2%, DB -2.1%, NOK -2%, NBG -1.8%, RCL -1.2%, CCL -1.1%, AZN -1.1%, UBS -1.1%, LYG -0.8%, CS -0.8%

Other news: KOS -6.1% (announces secondary public offering of 15 mln common shares), BBEP -5.3% (announces public offering of 14 mln common units), END -5.3% (announced the appointment of a Chief Restructuring Officer), IBIO -4.7% (files for sale of up to 23,418,172 shares of common stock by Aspire Capital Fund), CNHI -4.3% (in sympathy with AGCO earnings), KCAP -3.8% (commences 3 mln share public offering), DYN -2.1% (launched 22.5 mln share common stock and 4 mln share mandatory convertible preferred stock offerings), NRP -2% (prices 8.5 mln common units at $12.02 per common unit), OTIV -1.6% (filed for $50 mln mixed securities shelf offering), BUD -1.6% (still checking), MBLY -1.4% (cont weakness), NUS -1% (following afternoon strength on volume)

Analyst comments: LVS -3.1% (downgraded to Hold from Buy at Deutsche Bank), URI -2.7% (downgraded to Neutral from Buy at BofA/Merrill), DE -2.6% (downgraded to Underperform from Neutral at BofA/Merrill), SAN -1.4% (downgraded to Reduce from Neutral at Nomura), CMI -1.3% (downgraded to Neutral from Buy at BofA/Merrill), ATI -1.2% (downgraded to Hold from Buy at KeyBanc Capital Mkts), USB -0.8% (downgraded to Mkt Perform from Strong Buy at Raymond James )