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Nov 1, 2012

DealBook Afternoon Edition -November 1, 2012-: Davidoff: What Next for Netflix?



Thursday, November 1, 2012
TOP STORY
What Next for Netflix?
Davidoff: What Next for Netflix? Carl C. Icahn, a master of activist investing, typically follows a certain game plan, notes Steven M. Davidoff in the Deal Professor column. With the disclosure that Mr. Icahn has acquired a significant stake in Netflix, the investor will probably push for a sale of the company. Yet this may turn out, Mr. Davidoff writes, to be a replay of the Air Products bid for Airgas, where a board just says no, even if a bidder emerges - and even if shareholders want a sale to happen.
Netflix Says It Is Open to Icahn's 'Perspective' "We have many shareholders, now including Mr. Icahn, and we're always open to their perspective on how to build on our success," a Netflix spokesman says in an e-mail.
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    DEALBOOK HIGHLIGHTS
    RedPrairie to Buy JDA Software for $1.9 Billion RedPrairie agreed on Thursday to buy JDA Software for $1.9 billion in cash, combining two firms that make software that helps companies manage their supply chains.
    Clearwire Investor Demands Sale of Spectrum Sprint Nextel may have designs on the struggling cellphone network operator Clearwire, but a minority investor in Clearwire is calling on the company to remember its smaller shareholders.
    The Bruce-Bharara Bromance At a concert in Hartford attended by the United States attorney for Manhattan last week, Bruce Springsteen shouted, "This is for Preet Bharara!" before ripping into "Death to My Hometown," a rollicking Celtic-inspired anthem.
    At American Express, Warnings About the 'Fiscal Cliff' Companies are starting to warn investors about the harsh effects of the coming fiscal cliff of federal spending cuts and tax increases, which would begin to take effect after Dec. 31.
    Hurt by $1.6 Billion Charge, Lloyds Bank Posts a Loss The Lloyds Banking Group set aside an additional $1.6 billion to compensate clients who were sold insurance inappropriately, as the firm reported a net loss in the third quarter.
    Meeker's Address on the State of USA Inc. In an update to her USA Inc. report presented at an investor conference last week, Mary Meeker, a former top analyst at Morgan Stanley, argued that the country's fiscal problems had only gotten worse.
    Deutsche Bank Names Chief of North American Unit Jacques Brand has been appointed chief executive of Deutsche Bank's North American operations.
    Chinese Sovereign Wealth Fund to Buy Stake in Heathrow Airport The China Investment Corporation has agreed to buy a 10 percent stake in Heathrow Airport for around $727 million.
    Senior Justice Dept. Lawyer Returns to Jenner & Block Thomas J. Perrelli, a former United States associate attorney general, is rejoining the law firm Jenner & Block, the latest in a string of senior Justice Department lawyers to leave government for private practice.
    LOOKING AHEAD
    The jobs report for October - fraught with potential political significance - is expected to show that non-farm employers added 125,000 jobs. Factory orders for September is also on the economic calendar. Royal Bank of Scotland, Chevron, the Washington Post Company and Chesapeake Energy report quarterly results. 
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Wall Street at Close Report | Marketwatch November 1, 2012-: U.S. stocks rally after upbeat economic data

By Deborah Levine and Polya Lesova, MarketWatch 

SAN FRANCISCO (MarketWatch) — U.S. stocks greeted November with a solid rally on Thursday after a string of data from the U.S. and China buoyed hopes that the global economic recovery remains on track. 

The Dow Jones Industrial Average DJIA +1.04%  advanced 136.16 points, or 1%, to end at 13,232.62, with only three of its 30 components losing ground. It rose as high as 13,273.71 intraday. 


Post-Sandy, airlines, hotels feel pain Glimpses of Sandy's impact on business emerge as airlines and hotels report lost revenue while builders of infrastructure like power lines say repair work could boost their bottom lines. 

This is the blue-chip index’s largest point gain since Sept. 13. 

The S&P 500 index SPX +1.09%  gained 15.43 points, or 1.1%, to 1,427.59, with industrials and information technology the top gainers among its 10 major industry groups. 

The Nasdaq Composite COMP +1.44%  climbed 42.83 points, or 1.4%, to 3,020.
Advancers outnumbered decliners by a three-to-one ratio on the New York Stock Exchange.
“The data still tells me we’re in a modest growth and modest inflation economy going into next year,”said Scott Wren, senior equity strategist at Wells Fargo Advisors 

Still, he said some caution is warranted as the day’s outsized moves come after a pullback in recent weeks, with Friday bringing the government’s monthly employment report. Also, the presidential election on Tuesday will be key in how the U.S. will tackle a package of expiring tax breaks and spending measures that threaten to push the economy into a recession.

“I don’t think you can read too much into this particular bounce but we want clients positioned for a continuation of the recovery,” Wren said. “I don’t want to read too much into the day’s move because tomorrow could erase it with one fell swoop or build on it.” 

The economic data was mostly positive on Thursday. 

Shortly after the market opened, the Conference Board said its consumer-confidence index increased to 72.2 in October from a downwardly revised 68.4 in September. Read: Consumer confidence highest since 2008. 
 
The Institute for Supply Management’s index of purchasing managers edged up to in October, with the data exceeding Wall Street expectations. Read: Manufacturers grow a little faster. 

“We have improving U.S. economic data across the board, juxtaposed against worries about the fiscal cliff,” said Art Hogan, market strategist at Lazard Capital Markets, of reports illustrating improved confidence and “mildly better” manufacturing data.
The day began on a higher note after better-than-expected economic data from China, which was “followed up with better reports from ADP and jobless claims,” Hogan said.

Hints on jobs data

Employment-related data released before markets opened also pointed in a good direction. Payroll-processing firm ADP said 158,000 private-sector jobs were created in October. Separately, the government said that weekly applications for unemployment benefits fell by 9,000 to a seasonally adjusted 363,000. Read: U.S. requests for jobless benefits decline
“Nothing we heard today would suggest we’re going to see a real significant acceleration in the economy or significant acceleration in hiring,” Wren said.
The labor report Friday will probably be viewed more for how it will affect the election, with particular attention to any rise or fall in the unemployment rate, since the general public tends to focus more on that, he said.
In Asia, two Chinese manufacturing surveys showed signs of economic recovery. Read: China PMI survey point to ongoing recovery.
Shares of Exxon Mobil Corp. XOM +0.47% , a Dow component, gained 0.5% even after it reported a 7% decline in third-quarter earnings due to lower production. Read: Exxon profit down on weaker production.
Top gainers in the Dow included Bank of America Corp. BAC +4.51%  , Caterpillar Inc. CAT +3.35%  and Microsoft Corp. MSFT +3.42%
The stock market reopened on Wednesday after a two-day shutdown due to Hurricane Sandy; the major U.S. stock indexes declined in October, posting their first monthly loss since May. The S&P 500 fell 2% in October. 

Deborah Levine is a MarketWatch reporter, based in San Francisco. Polya Lesova is MarketWatch's New York deputy bureau chief.
 

Business in Vanvouver | BIV Today's Business News -November 1, 2012-: Council approves transportation plan



Evergreen line Skytrain renderingTransportation

Council approves transportation plan

Vancouver City Council voted Wednesday to approve the new Transportation 2040 plan, which provides a framework for the future of transportation in the city.

Vancouver Airport Authority boss Berg retiring

Larry Berg, the CEO of Vancouver Airport Authority, will wrap up a 20-year career at YVR when he retires, which he plans to do in early 2013.

Fisheries

 

Freeze fish farm licences in Discovery Islands: Cohen

Ottawa must immediately freeze new licences for salmon farms in the Discovery Islands, remove the promotion of fish farming from Department of Fisheries and Ocean (DFO)’s purview and implement and properly fund a wild salmon policy that was only half-heartedly adopted in 2005.

Mining and Energy

 

Power companies need strategy to control rates: KPMG

Canadian power companies will need to spend $300 billion on capital improvements over the next two decades, but have no clear strategy for keeping power rates from skyrocketing, a new KPMG study concludes.

Economy and Finance

Vancouverites seek more retail bargains than most: Deloitte

People in Vancouver are more likely to compare prices, look for discounts, use coupons and follow sales information than the average Canadian, according to the results of a new Deloitte poll released this morning.

Education and Research

CUPE strike action continues for post-sec support workers

Support workers at Simon Fraser University are expected to hold a one-day walkout at the school's main campus in Burnaby today. Similar strikes are expected at SFU's Surrey campus Friday and its Harbour Centre location Saturday and Sunday.

FGC BOLSA -FGC FINANCIAL MARKETS PRESS RELEASE November 1, 2012.

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