Shale operaters Goodrich, Oasis Petroleum cut spending for 2015 as oil slides (Reuters) Greece to hold elections in January if president vote fails (Reuters) Norway’s Shock Rate Cut Drives Krone to Lowest Since 2009 (BBG) ‘Severe Downturn’ Threatening Norway, Central Bank Governor Says (BBG) Russia’s Fifth Rate Increase Fails to Halt Ruble Slide to Record (BBG) SNB Says Deflation Risks Increased as Franc Cap Maintained (BBG) China eases bank lending restrictions, PBOC targets 10 trillion yuan in loans for 2014 (Reuters) Mobius Says China’s Bull Market Is Just Getting Started (BBG) How Wal-Mart Made Its Crumbling China Business Look So Good for So Long (BBG) Japan machinery orders tumble in another blow to economy and PM Abe (Reuters) It’s a weird war when Iran and the U.S. are bombing the same country (Reuters) Banks only take €130bn of cheap loans from ECB (FT) Psychologist says U.S. Senates CIA report makes false charges (Reuters) Hong Kong police haul protesters away as camp site is dismantled (Reuters) New Jersey voters say U.S. not ready for president Jersey Guy Christie (Reuters) Overnight Media Digest WSJ * Starboard Value LP has built a roughly 6 percent stake in Staples Inc and increased its position in Office Depot Inc to about 10 percent, according to people familiar with the matter, moves that could increase pressure for a combination of the office-supply retailers. (on.wsj/1un4jRL) * In a blow to the Justice Departments Wall Street crackdown, a federal appeals court, U.S. Circuit Court of Appeals, overturned two insider-trading convictions and ruled it is not always illegal to buy or sell stocks using inside information. (on.wsj/12x70cT) * A top official at the Securities and Exchange Commission has taken the unusual step of saying Harvard University could be vulnerable to legal action from the agency or investors over a corporate governance project. (on.wsj/1Dezj0w) * Standard Chartered Plc on Wednesday said it has created a new board committee to focus on financial crime, a move that follows the extension of a deferred prosecution agreement with U.S. authorities. (on.wsj/1zzeuch) * Philadelphias transit agency has sued Gilead Sciences Inc , accusing the company of price-gouging on the sale of its $1,000-per-pill hepatitis C drug Sovaldi, the latest salvo in a battle between health-care payers and the pharmaceutical industry over prices. (on.wsj/1vSvn0x) * EBay Inc is considering a plan to eliminate thousands of jobs early next year as it prepares to split off its PayPal payments unit, according to people familiar with the companys thinking. (on.wsj/1BA9lmD) FT * BP will cut thousands of jobs cut across its global oil and gas business over the coming year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. * Standard Chartered has set up a board committee responsible for financial crime compliance, a day after U.S. authorities extended monitoring of the bank by three years. * Eneva SA, the Brazilian power producer controlled by Germanys E.ON SE and tycoon Eike Batista, filed for creditor protection on Tuesday after failing to refinance part of its 2.33 billion reais ($900 million) in debt. * Airbus Group cut its earnings expectation for 2016 on Wednesday. It also announced that delivery of its new A350 jet to its first customer Qatar Airways had been delayed. NYT * Starboard Value acquired a roughly 6 percent stake in Staples Inc, a person briefed on the matter said on Wednesday. The hedge fund also bolstered its holdings in Office Depot Inc - where it previously sat on the board - to 10 percent, from 8.6 percent. (nyti.ms/1uoWBY6) * Morgan Stanley agreed on Wednesday to pay a $4 million fine for failing to properly limit a rogue trader whose $1 billion bet on Apple Inc stock brought down the firm where he worked. (nyti.ms/12x8Hak) * Sony Corp was scrambling on Wednesday to cope with the fallout from the incendiary emails posted by Gawker, the tabloid news site, that revealed an ugly internal battle between Amy Pascal, Sonys co-chairwoman, and the producer Scott Rudin over Angelina Jolie and a planned Steve Jobs biopic. (nyti.ms/12PhZhF) * Despite an improving economy and jobs picture, the public is more pessimistic than it was after the 2008 financial crisis that it is possible to work hard and become rich, according to a New York Times poll. (nyti.ms/1unoP4z) * A former JPMorgan Chase & Co executive, Paul Camp, who led JPMorgans global transaction services, is set to join a digital currency start-up, Circle Internet Financial, part of a fledgling industry that is seeking to topple the traditional financial system. (nyti.ms/1IDc9RS) * The United States Court of Appeals for the Second Circuit in Manhattan overturned two of the governments signature convictions for insider trading, the case against the former hedge fund traders Todd Newman and Anthony Chiasson, who were tried together. (nyti.ms/13ajRCU) China CHINA SECURITIES JOURNAL - Year-end liquidity pressures to meet regulatory requirements have pushed Chinas five biggest state-owned commercial banks, Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China , China Construction Bank, and Bank of Communications to raise their deposit interest rates by a maximum of 20 percent to encourage people to deposit money. - China Merchants Bank said Anbang Insurance Group has increased its stake in the bank to 10 percent. Anbang will continue to expand its position in China Merchants through a private placement over the next twelve months, it said. SHANGHAI SECURITIES NEWS - The recent fluctuation in Chinas stock market might mark the end of a recent sharp rise in brokerage stocks, but the market is still bullish and capital is likely to keep chasing sectors seen to be supported by government policy, the newspaper said in a front-page commentary. CHINA DAILY - China will put out a major reform plan for its state-owned enterprises early next year to help these firms expand globally, modernize their management and become more innovative, the secretary-general of the State-Owned Assets Supervision and Administration Commission said on Wednesday. Britain The Times FALLING OIL PRICES AND NORTH SEA PLATFORMS CUT BRITAINS TRADE DEFICIT Falling oil prices and North Sea platforms coming back on line helped drive Britains trade deficit down to its lowest level in seven months in October. Imports of goods and services were 2 billion pounds higher than UK exports in October, a sharp improvement on Septembers 2.8 billion pounds ($4.41 billion)deficit. (thetim.es/1qx9kfh) CONSUMERS OVERPAYING FOR ENERGY COSTS, SAYS NEW OFGEM BOSS The new head of Ofgem has accused the regulators previous regime of failing 15 million households that have not switched supplier and are paying over the odds as a result. (thetim.es/1zNHc7o) The Guardian BRITISH MPS DEMAND INQUIRY INTO UKS ROLE IN CIA ABDUCTIONS MPs and human rights groups have demanded a judge-led inquiry into Britains involvement in CIA abductions of terror suspects, following the devastating U.S. Senate intelligence committees report. (bit.ly/1wzCFIp) HSBC FIRES TOP FOREX TRADING EXECUTIVE HSBC Holdings Plc fired a top foreign exchange trading executive a month after being fined 389 million pounds by U.S. and UK regulators over market rigging. Stuart Scott, head of forex trading for Europe, the Middle East and Africa, was dismissed on Tuesday, sources confirmed. (bit.ly/139abIO) The Telegraph SKY CONSIDERS WITHDRAWAL OF NOW TV FROM YOUVIEW Row over costs and slow development threatens streaming distribution deal with BT and TalkTalk set-top-box consortium. Sky could withdraw its Now TV streaming service from BT and TalkTalks television subscribers in a row over costs and the slow development of the YouView set-top-box technology they use. (bit.ly/1qw79Zf) CRYSTAL AMBER CLOSES IN ON SAINSBURYS SHARE RAID WITH PLANS TO RAISE NEW FUND Crystal Amber the UK activist fund, is planning to raise fresh firepower to target Britains biggest blue-chip companies fuelling speculation that it is moving closer to a share raid on Sainsbury. (bit.ly/1392fHq) Sky News FCA BOSSES FACE SECOND BONUS BLOW OVER PROBE The City watchdogs top executives could have their bonuses withheld or reduced for a second consecutive year following a coruscating report on its handling of an inquiry into the insurance industry. (bit.ly/12vjjGH) BP TO SPEND $1 BLN ON GLOBAL RESTRUCTURE Oil giant BP has announced plans for major restructuring across its global operations. The announcement of the $1 billion plan comes as crude oil prices have continued to slide, reaching five-year lows in December. (bit.ly/1Ah2A4T) The Independent CITY WATCHDOG LAMBASTED OVER INSURANCE FIASCO THAT WIPED BILLIONS OF POUNDS FROM INDUSTRY Britains financial watchdog was chastised in a damning report accusing it of being high risk, poorly supervised and inadequately controlled after wiping billions off the value of the Citys insurers. (ind.pn/12O66IY) THE TOP 25 PLACES TO WORK IN THE UK: GOOGLE TOPS LIST DECIDED BY EMPLOYEES Google Incs culture and the level of trust given to its employees have seen it named the best place to work in the UK, according to worker feedback. (ind.pn/167uCH6) Fly On The Wall Pre-Market Buzz ECONOMIC REPORTS Domestic economic reports scheduled for today include: Jobless claims for week of Dec. 6 at 8:30--consensus 295K Retail sales for November at 8:30--consensus up 0.4% Business inventories for October at 10:00--consensus up 0.3% ANALYST RESEARCH Upgrades Amdocs (DOX) upgraded to Buy from Neutral at Goldman Clear Channel Outdoor (CCO) upgraded to Outperform from Market Perform at Wells Fargo Eli Lilly (LLY) upgraded to Overweight from Underweight at Morgan Stanley GOL Linhas (GOL) upgraded to Overweight from Neutral at JPMorgan Mid-America Apartment (MAA) upgraded to Buy from Hold at KeyBanc Prologis (PLD) upgraded to Buy from Hold at Deutsche Bank The Advisory Board (ABCO) upgraded to Buy from Hold at Stifel Vital Therapies (VTL) upgraded to Outperform from Neutral at Credit Suisse Downgrades ARIAD (ARIA) downgraded to Underperform from Neutral at Credit Suisse AbbVie (ABBV) downgraded to Equal Weight from Overweight at Morgan Stanley Aimco (AIV) downgraded to Hold from Buy at KeyBanc Anglo American (AAUKY) downgraded to Underperform from Neutral at Exane BNP Paribas Approach Resources (AREX) downgraded to Underperform from Neutral at Sterne Agee Fifth Street Senior (FSFR) downgraded to Perform from Outperform at Oppenheimer Macerich (MAC) downgraded to Hold from Buy at Deutsche Bank Olin Corp. (OLN) downgraded to Underperform from Neutral at Longbow Prudential plc (PUK) downgraded to Neutral from Buy at Nomura Suncor (SU) downgraded to Neutral from Buy at BofA/Merrill Thompson Creek (TC) downgraded to Hold from Buy at Deutsche Bank Toll Brothers (TOL) downgraded to Underperform from Sector Perform at RBC Capital Travelers (TRV) downgraded to Neutral from Buy at UBS United Therapeutics (UTHR) downgraded to Underperform from Neutral at Credit Suisse Initiations Adeptus Health (ADPT) initiated with an Outperform at JMP Securities BE Aerospace when-issued (BEAVV) initiated with a Buy at Goldman Cenveo (CVO) initiated with an Outperform at Macquarie Deluxe (DLX) initiated with an Outperform at Macquarie Dynagas LNG (DLNG) initiated with a Hold at Canaccord EPAM Systems (EPAM) initiated with a Buy at Jefferies Echo Global (ECHO) initiated with a Neutral at Macquarie Ennis (EBF) initiated with an Underperform at Macquarie FedEx (FDX) initiated with a Neutral at UBS Forward Air (fwrd) initiated with a Neutral at Macquarie GasLog Partners (GLOP) initiated with a Hold at Canaccord GasLog (GLOG) initiated with a Buy at Canaccord Genpact (G) initiated with a Buy at Jefferies Matthews (MATW) initiated with a Neutral at Macquarie Navios Maritime Midstream (NAP) initiated with an Overweight at JPMorgan PACCAR (PCAR) initiated with a Buy at Global Hunter Qlik Technologies (QLIK) initiated with an Outperform at Wedbush R.R. Donnelley (RRD) initiated with an Outperform at Macquarie Roadrunner (RRTS) initiated with a Neutral at Macquarie Sonus (SONS) initiated with a Buy at B. Riley Stillwater Mining (SWC) initiated with a Buy at BofA/Merrill Tableau (DATA) initiated with an Outperform at Wedbush Teekay LNG (TGP) initiated with a Buy at Canaccord UPS (UPS) initiated with a Neutral at UBS Virgin America (VA) initiated with a Buy at CRT Capital XPO Logistics (XPO) initiated with an Outperform at Macquarie COMPANY NEWS Walgreens (WAG) CEO Greg Wasson announced retirement after Alliance merger. Stefano Pessina, executive chairman of Alliance Boots and a member of the Walgreens board, will serve as its acting CEO, pending a board search for a successor Google (GOOG) will shut Google News in Spain as a result of a new Spanish law CONSOL (CNX) board authorized management to pursue MLP formation, announced $250M share repurchase program Lowes (LOW) CEO sees ROIC reaching 19% by 2017 Urban Outfitters (URBN) said Q4 SSS up low single-digit thus far in Q4 Starboard raised stake in Office Depot (ODP) to 9.9% from 8.6% and reported a new stake of 5.1% in Staples (SPLS) EARNINGS Companies that beat consensus earnings expectations last night and today include: lululemon (LULU), Sigma Designs (SIGM), INTL FCStone (INTL), Comtech (CMTL), Aviat Networks (AVNW), Synergetics (SURG), Caseys General Stores (CASY), Restoration Hardware (RH), Central Garden & Pet Co. (CENTA) Companies that missed consensus earnings expectations include: Mens Wearhouse (MW), Wet Seal (WTSL), Oxford Industries (OXM) Companies that matched consensus earnings expectations include: Peregrine (PPHM) Lowes (LOW) sees FY14 EPS about $2.68, consensus $2.67 Danaher (DHR) sees FY15 adjusted EPS $4.35-$4.45, consensus $4.01, backs Q4 EPS view of $1.00-$1.04, consensus $1.02 lululemon (LULU) sees FY14 normalized EPS $1.74-$1.78, consensus $1.77, sees Q4 EPS 65c-69c, consensus 72c Aetna (AET) sees FY15 operating EPS at least $6.90, consensus $7.17, backs FY14 operating EPS $6.60-$6.70, consensus $6.68 NEWSPAPERS/WEBSITES eBay (EBAY) considering cutting thousands of jobs next year, WSJ reports Starboard may push for Staples (SPLS), Office Depot (ODP) merger, WSJ reports Wal-Mart used questionable accounting, sales practices in China, Bloomberg reports Nike (NKE) CIO Anthony Watson leaves company after 10 months, Business Insider reports Qualcomm (QCOM) cutting 600 jobs worldwide, CNet reports American Airlines (AAL), United Continental (UAL) can reach new highs, Barrons says SYNDICATE ARAMARK (ARMK) files to sell 25M shares for holders Bright Horizons (BFAM) files to sell 8M shares for holders Burlington Stores (BURL) files to sell 8M shares for holders HD Supply (HDS) files to sell 40.66M shares for holders LendingClub (LC) 58M share IPO priced at $15.00 MEI Pharma (MEIP) files to sell $45M shares of common stock Mattress Firm (MFRM) files to sell 2.18M shares for holders Momo (MOMO) 16M share IPO priced at $13.50 Nielsen (NLSN) files to sell 20M shares for holders
Posted on: Thu, 11 Dec 2014 13:11:41 +0000
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