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Oct 24, 2013

NYT | Breaking News October 24, 2013: F.D.A. Seeks Tighter Control on Prescriptions for Class of Painkillers

The New York Times | BREAKING NEWS

BREAKING NEWS Thursday, October 24, 2013 4:02 PM EDT
F.D.A. Seeks Tighter Control on Prescriptions for Class of Painkillers
The Food and Drug Administration on Thursday recommended tighter controls on how doctors prescribe the most commonly used narcotic painkillers.
The move, which represents a major policy shift, follows a decade-long debate over whether the widely abused drugs, which contain the narcotic hydrocodone, should be controlled as tightly as more powerful painkillers such as OxyContin.
The drugs at issue contain a combination of hydrocodone and an over-the-counter painkiller like acetaminophen or aspirin and are sold either as generics or under brand names like Vicodin or Lortab. Doctors use the medications to treat pain from injuries, arthritis, dental extractions and other problems.


DealBook P.M. Edition October 24, 2013: Icahn Urges Apple to Begin Share Buyback.

hursday, October 24, 2013
A cartoon on Carl Icahn's Web site.
Icahn Urges Apple to Begin Share Buyback The activist investor Carl C. Icahn posted a letter on his new Web site to Timothy D. Cook urging Apple to immediately begin an offer to buy back $150 billion in Apple shares.
  • DEALBOOK » | DealBook: Icahn Takes a Bow as Big Winner in Netflix Trade
    A ticker and an unrelated billboard juxtaposed in Times Square appear to tell the Twitter story.
    Twitter Said to Be Close to Unveiling Price Range for I.P.O. Twitter is preparing to announce a price range for its initial public offering within the next two days, a person briefed on the matter said, as it readies a road show for investors.
    Credit Suisse Sets Changes as Earnings Fall Short of Expectations
    Credit Suisse Sets Changes as Earnings Fall Short of Expectations Net income of 454 million Swiss francs, or $509 million, for the July-September period was far short of the 705 million francs analysts surveyed by Reuters had been expecting.
    K.K.R. Profit Buoyed by Rising Markets
    K.K.R. Profit Buoyed by Rising Markets Private equity firms including K.K.R. have benefited as improving markets have helped push up the value of their investments.
    Football App, a German Start-Up, Gets U.S. Investment
    Football App, a German Start-Up, Gets U.S. Investment A $7 million investment by Union Square Ventures comes as Berlin is gaining credibility as one of Europe's largest technology hubs.
    Lazard Earnings Rise 75% on Deals and Cost-Cutting
    Lazard Earnings Rise 75% on Deals and Cost-Cutting The improvement reflects, in part, a rise in markets, which has helped both the firm's core financial advisory arm and its asset management business.
    Permira to Buy Maker of Dr. Martens
    Permira to Buy Maker of Dr. Martens The deal for the R. Griggs Group is valued at about $485 million and adds another strong consumer name to the private equity firm's portfolio.
    Santander Profit Rises as It Sets Aside Less to Cover Bad Loans
    Santander Profit Rises as It Sets Aside Less to Cover Bad Loans The Spanish lender said profit rose to about $1.5 billion in the third quarter, as the bank wrote down billions of dollars of mortgages.
    McKesson Acquires Stake in Germany's Celesio in $8.3 Billion Deal
    McKesson Acquires Stake in Germany's Celesio in $8.3 Billion Deal McKesson Corporation said Thursday that it had agreed to acquire a controlling stake Celesio, in a deal that would create one of the world's largest pharmaceutical wholesalers.
    Reuters Breakingviews: Activist Bet on Evercore Would Have Beaten One on Lazard Nelson Peltz's faith in Lazard's chief executive, Ken Jacobs, has been rewarded. And yet a bet on a purer investment banking play would have been more lucrative, writes Antony Currie.
    Quotation of the Day
    "I hereby agree to withhold my shares from the proposed $150 billion tender offer. There is nothing short term about my intentions here."
    Carl C. Icahn urged Apple to buy back shares.
    DealBook Video
    'The Daily Show' and the Wall Street 'Witch Hunt'
    'The Daily Show' and the Wall Street 'Witch Hunt' "It's a shakedown, witch hunt, scalping jihad," Jon Stewart said, mocking financial television's coverage of the $13 billion JPMorgan Chase settlement.

Wall Street at Close Report by MarketWatch October 24, 2013: U.S. Stock Indexes Rise on Global View.

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch)U.S. stocks climbed on Thursday, with the S&P 500 gaining a day after halting a run to a record high, with equities picking up steam along with large-cap companies such as Apple Inc. and Exxon Mobil Corp. on signs of an improving global economy. 

“If these companies are strengthening,” then the rest of the market will too, said Dan Greenhaus, chief global strategist at BTIG LLC. Beyond iPhone maker Apple AAPL +0.33%   and oil producer Exxon Mobil XOM +0.92% , he listed Wal-Mart Stores Inc. WMT +0.69%   and General Electric Co. GE +0.19%  as bolstering the overall market. 

Watch AT&T, 3M and Symantec
Tomi Kilgore takes a look at which stocks traders will be watching during market action, including AT&T, 3M, and Symantec. Photo: Getty Images. 

The Dow Jones Industrial Average DJIA +0.62%  gained 95.88 points, or 0.6%, to 15,509.21.
The S&P 500 index SPX +0.33%  climbed 5.69 points, or 0.3%, to 1,752.07. Consumer discretionary led sector gains among the S&P 500’s 10 major sectors, while utilities paced the declines. 

The Nasdaq Composite COMP +0.56%  added 21.89 points, or 0.6%, to 3,928.96. 

“We’re just getting back a little bit of what we gave up yesterday. There is no impetus for the Federal Reserve to begin its tapering programs; prospects are now deferred well into the first quarter of 2014,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott. 

“And, we’re actually starting to get some numbers on the revenue side that are better than expected,” said Luschini, pointing to AutoNation Inc. AN -0.81%   and 3M Co. MMM -0.37%  as examples. “Since the start of July, the dollar has fallen about 6%, and large multi-nationals are getting a bid as a consequence of that,” he added. 

On Thursday, the dollar DXY -0.01%  edged lower against the currencies of major U.S. trading partners, including the euro EURUSD -0.02% and the yen USDJPY +0.08%

Ford Motor Co. F -0.11%  climbed 1.4% after the auto maker reported earnings that topped estimates. Symantec Corp.’s SYMC +0.37%  shares fell almost 13% after the security-software provider projected sales and profit beneath Wall Street’s expectations. 

For every three stocks falling, more than four rose on the New York Stock Exchange, where 716 million shares traded. Composite volume approached 3.6 billion. 

Gold futures GCZ3 -0.30%  rose $16.30, or 1.2%, to $1,350.30 an ounce. Borrowing costs reflected in the 10-year Treasury note 10_YEAR -0.08%  yield rose 1 basis point to 2.514%. 

“Gold is firming a little bit, which is a signal of deferred tapering prospects, and bond prices are reacting in the same vein. They are all saying the same thing, that from what we’ve seen, there is no impetus for monetary policy to shift. Given gold’s positive view of that, and the bond market’s complacent view of that, equity prices remain well bid,” Luschini offered. 

Energy prices reversed course after a three-session slide, with crude-oil futures CLZ3 +0.12% rising 25 cents, or 0.3%, to $97.11 a barrel.

“It’s a tax cut being applied to the consumer in the form of lower gas prices, which is particularly important leading into the all-important holiday season,” said Luschini, referring to the commodity’s recent slide. 

HSBC Holdings PLC and Markit’s China purchasing managers’ index rose to 50.9 this month, with the initial read illustrating the world’s second-largest economy is gaining traction.
The preliminary reading of Markit’s U.S. flash manufacturing purchasing managers index fell to 51.5 in October from 52.8 in September, with Markit’s chief economist blaming the government shutdown for the pullback. 

Other U.S. economic data had jobless benefits falling by 12,000 to 350,000 last week, but the count was viewed as distorted due to computer problems in California. 
The claims data “should not have much bearing on the market since there were major issues with California’s computers during that time,” Kevin Giddis, a fixed-income analyst at Raymond James, noted in emailed commentary. 

A separate report found the U.S. trade deficit little changed in August, with both imports and exports losing steam. 

“Leading into September, where we expected tapering to begin, good news was good news. Suddenly bad news is good. I think that’s perverse, but that’s what’s driving the market right now,” said Luschini. 

Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter @MWKateGibson.

BIV Today's Business News October 24, 2013: Industry Canada okays Telus Acquisition of Public Mobile.


Industry Canada okays Telus acquisition of Public Mobile

Industry Canada has approved a plan by Telus (TSX:T) to buy Ontario upstart mobile carrier ... READ MORE

Retail and Manufacturing


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The majority of small business owners in British Columbia admit they would have ... READ MORE

Mining and Energy


Skilled workers asked to consider Prince George

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Teck reports drop in profits

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Goldcorp profits plummet in third quarter

Vancouver-based gold mining giant Goldcorp (TSX:G) had a tough ... READ MORE

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B.C and Ontario ink labour agreement for geoscience professionals

Canadian businesses should consider hiring more people with disabilities: BMO

Richmond BitTorrent search site shut down after epic battle with Hollywood

This Week's Issue


Innovate or stagnate – warning to Surrey businesses

Columbia Plastics Ltd. has been in business since the end of the Second World War and understands ... READ MORE

The Economist |From The Desk of John Micklethwait, Editor-in-Chief October 24, 2013: Special Report on the Koreas / Puerto Rico / Interstellar Travel / Politics This Week

The Economist
Thursday October 24th 2013
Editor's picks
In continental Europe our cover looks at the euro zone's "other debt crisis": it has too many zombie firms and overborrowed households, and they are an even bigger drag on growth than the sovereign-debt mess. In the rest of the world we study American capitalism. In response to red tape and high taxes, corporate America is mutating into a variety of new forms, many of them worryingly opaque.

John Micklethwait, Editor-in-Chief

Special report on the Koreas:
Parallel worlds
The 38th parallel, separating north and south, is Korea's most important dividing line. But it is only one of many
Puerto Rico:
Greece in the Caribbean

Stuck with a real debt crisis in its back yard, America can learn from Europe's Aegean follies
Interstellar travel:
Starship troupers
If starships are ever built, it will be in the far future. But that does not deter the intrepid band of scientists who are thinking about how to do it
Politics this week
After securing a two-year stint as a member of the UN Security Council, Saudi Arabia immediately renounced its seat, saying that the body had failed to bring peace to the Middle East. The unprecedented move was prompted partly by annoyance with America for its timidity, in Saudi eyes, over Syria and Iran.


Click Here!

ADVFN III Evening Euro Markets Bulletin October 24, 2013:

ADVFN III Evening Euro Markets Bulletin
Daily world financial news Thursday, 24 October 2013

London Market Report
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FTSE 100EuronextDax perfCAC 40
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London close: Markets lifted by corporate earnings, China outlook
- FTSE 100 at levels not seen since May
- China manufacturing PMI at seven-month high
- Financials, miners and pharma stocks gain

techMARK 2,642.27 +0.68%
FTSE 100 6,713.18 +0.58%
FTSE 250 15,526.93 +0.21%

UK markets set a fresh five-month high on Thursday as investors celebrated an improved outlook for China and digested a host of upbeat corporate earnings from across the globe.

Strong gains amongst financials, miners and pharmaceutical stocks helped the FTSE 100 higher today, along with upbeat results from blue chips Shire and WPP. Strong earnings from US giants Ford and 3M and European peers Daimler and ABB also gave sentiment a boost on global equity markets today.

London’s benchmark index finished up 38.7 points at 6,713.18; it has not closed above this level since May 28th when it finished at 6,762.01.

Global equity markets were on the up after figures from HSBC and Markit showed that activity in China’s manufacturing sector rose to a seven-month high. The manufacturing purchasing managers’ index (PMI) increased from 50.2 to 50.9, ahead of the consensus forecast of 50.4.

“Anything that’s good for Chinese growth is viewed as positive for the global economy, which is why we’re seeing European indices on the rise again […] following the brief pull back yesterday,” said Market Analyst Craig Erlam from Alpari.

Markets largely shrugged off the Eurozone composite PMI, which measures activity in both the services and manufacturing sectors, as it unexpectedly fell from 52.2 to 51.5 in October. Nevertheless, the index remains in growth territory (above 50), which is likely to lift confidence as the region moves out of recession.

Shire surges after Q3 beat

Drugmaker Shire climbed after it increased its full-year earnings growth guidance from “double digit” to “mid-to-high teens” following a better-than-expected third quarter. Heavyweight pharmaceutical peers GlaxoSmithKline and AstraZeneca were also providing a lift on markets this afternoon.

Aberdeen Asset Management was a high riser on the news it was in talks with Lloyds for the potential acquisition of Scottish Widows Investment Partnership. Lloyds, along with banking peers Standard Chartered, RBS and HSBC, were also in demand, as banks rebounded after the announcement of European Central Bank stress tests scared investors yesterday.

The mining sector was putting in a decent performance today as stocks tracked metal prices higher and celebrated the improved outlook for China. Fresnillo and Vedanta were registering decent gains by the close.

Advertising giant WPP advanced after reporting a 7.2% rise in revenue to £8.2bn in the first nine months on the back of acquisitions and new business wins.

Ophir Energy jumped after confirming reports that it will sell a part interest in gas field blocks one, three and four in Tanzania.

Heading the other way was High Street retailer Sports Direct which sank sharply after MASH Holdings, a company wholly owned by founder and Deputy Chairman Mike Ashley, sold 16m shares a 2.7% stake at 662.5p each, a 7.5% discount to Wednesday's closing price. The £106m sale reduced MASH's holding to 61.7%.

Meanwhile, Debenhams tanked after saying it expects the retail marketplace to remain “highly competitive” as it reported full-year profits fell 2.7% to £154m.

FTSE 100 - Risers
Shire Plc (SHP) 2,760.00p +9.31%
Aberdeen Asset Management (ADN) 450.40p +5.83%
Lloyds Banking Group (LLOY) 80.12p +2.84%
Fresnillo (FRES) 1,022.00p +2.82%
Petrofac Ltd. (PFC) 1,462.00p +2.67%
Rolls-Royce Holdings (RR.) 1,174.00p +2.62%
Vedanta Resources (VED) 1,088.00p +2.16%
GlaxoSmithKline (GSK) 1,597.00p +1.69%
British Land Co (BLND) 623.00p +1.63%
GKN (GKN) 376.20p +1.57%

FTSE 100 - Fallers
Sports Direct International (SPD) 685.00p -3.79%
William Hill (WMH) 388.60p -2.61%
Marks & Spencer Group (MKS) 476.70p -1.79%
Tullow Oil (TLW) 959.00p -1.44%
Kingfisher (KGF) 367.90p -1.37%
ITV (ITV) 192.60p -1.23%
Centrica (CNA) 356.70p -1.03%
Diageo (DGE) 2,012.50p -0.81%
Severn Trent (SVT) 1,860.00p -0.80%
Next (NXT) 5,210.00p -0.76%

FTSE 250 - Risers
Ophir Energy (OPHR) 326.70p +9.12%
Ferrexpo (FXPO) 196.10p +6.17%
Kazakhmys (KAZ) 265.00p +5.41%
Hochschild Mining (HOC) 168.50p +5.38%
Inchcape (INCH) 644.50p +3.53%
Essar Energy (ESSR) 123.50p +2.75%
Man Group (EMG) 90.45p +2.67%
Serco Group (SRP) 552.50p +2.31%
TR Property Inv Trust (TRY) 231.00p +2.30%
Rank Group (RNK) 153.80p +2.19%

FTSE 250 - Fallers
Debenhams (DEB) 101.00p -8.76%
Spirent Communications (SPT) 118.20p -4.29%
Petra Diamonds Ltd.(DI) (PDL) 118.20p -3.35%
Fisher (James) & Sons (FSJ) 1,082.00p -3.31%
Cranswick (CWK) 1,064.00p -3.18%
Euromoney Institutional Investor (ERM) 1,020.00p -3.13%
Ocado Group (OCDO) 421.10p -2.97%
Genus (GNS) 1,335.00p -2.84%
Millennium & Copthorne Hotels (MLC) 599.50p -2.60%
Alent (ALNT) 346.00p -2.54%

Europe Market Report
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FTSE 100EuronextDax perfCAC 40
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Europe close: Chinese data lifts markets
- China manufacturing expands
- Spain's jobless rate falls
- Eurozone PMI Composite declines
- US weekly initial jobless claims drop

FTSE 100: 0.55%
DAX: 0.63%
CAC 40: 0.34%
FTSE MIB: 1.28%
IBEX 35: 0.78%
Stoxx 600: 0.41%

European stocks rallied on the back of an upbeat Chinese manufacturing report and an unexpected fall in Spain’s jobless rate.

HSBC’s purchasing managers’ index for manufacturing in China rose to 50.9 in October from 50.2 last month, beating the 50.4 forecast. A reading above 50 signals expansion.

“This is a very encouraging sign and, if the rest of the data hadn’t already done this, all but guarantees that growth in China this year will exceed the minimum 7% threshold set by the government, and probably its own targets from the start of the year of 7.5%,” said Craig Erlam, Market Analyst at Alpari.

“Anything that’s good for Chinese growth is viewed as positive for the global economy, which is why we’re seeing European indices on the rise again this morning, following the brief pull back yesterday.”

Stocks were in the red yesterday as concerns over a spike in money-market rates in China and nervousness ahead of a round of stress tests for European banks weighed on investor sentiment.

In another boost to markets today, Spain's jobless rate declined in the third quarter to 26% from 26.3% in the previous quarter, compared to the consensus of 26.1%, the National Statistics Institute revealed.

The busy tourist season between July and September lifted the jobs market.
The country’s central bank yesterday estimated that Spain’s economy grew for the first time in two years in the third quarter, exiting the second recession since 2008.

In the Eurozone, the PMI Composite - which includes manufacturing and services activity - fell to 51.5 this month from 52.2 in September, Markit Economics revealed. Economists had pencilled in a reading of 52.4, signalling that the recovery in the currency bloc is struggling to gain momentum.

“The manufacturing and services PMIs out of the Eurozone, while mostly missing expectations, were also still very encouraging,” Erlam added.

“While some also fell slightly from last month’s levels, the fact that only the French manufacturing PMI remains in contraction territory must be seen as a positive thing.”

Ophir Energy, Daimler

Ophir Energy after the UK oil and gas explorer said it has started talks to sell assets in Tanzania.

Daimler gained after the maker of luxury vehicles reported third-quarter earnings that beat analysts’ forecasts.

ABB climbed after the maker of power transformers reported earnings that topped estimates amid growing orders in China and Germany.

Celesio rallied after McKesson Corp. agreed to buy the German drug wholesaler for €3.9bn.

SEB AB advanced after the Swedish bank posted third-quarter net income that exceeded analysts’ projections.

Credit Suisse Group fell after the Swiss bank reported second quarter profit that missed analysts’ expectations.

Ericsson dropped after the maker of wireless-network equipment reported profit and sales that fell short of consensus.

Brent crude declines

Brent crude futures fell $0.382 to $107.390 per barrel on the ICE.

The euro increased 0.17% to $1.3799.

US Market Report
US open: Upbeat earnings, China data lift markets higher
- Ford, 3M beat forecasts with quarterly results
- Chinese manufacturing brightens outlook
- US data mostly misses estimates

Dow Jones: 0.26%
Nasdaq: 0.19%
S&P 500: 0.02%

US stock markets edged higher in early trading on Thursday as traders focused on an improving outlook for China and instead shrugged off disappointing economic data closer to home.

A number of corporate earnings figures also lifted sentiment today as companies from Ford to 3M managed to exceed analysts’ expectations. The share prices of and Microsoft were also higher this morning ahead of their results out after the close.

Global equity markets were on the up after figures from HSBC and Markit showed that activity in China’s manufacturing sector rose to a seven-month high. The manufacturing purchasing managers’ index (PMI) increased from 50.2 to 50.9, ahead of the consensus forecast of 50.4.

Jobless claims fail to hit forecasts

Weekly initial jobless claims fell by 12,000 in the week ended October 19th to 350,000 from a revised 362,000, though it still missed the consensus forecast of 340,000. The higher-than-expected figure was partly due to the effects of the government shutdown as well as the continuing impact of a computer-system upgrade in California last month.

Meanwhile, the four-week moving average of claims increased by 10,000 on the prior week to 348,000.

“It is unclear how long the technical issues in California and government shutdown effects will persist, but both remain upside risks for jobless claims in coming weeks,” said analyst Cooper Howes from Barclays.

In other economic data, Markit’s ‘flash’ US PMI for the manufacturing sector fell from 52.8 to 51.1 in October, missing the 52.5 estimate.

The August trade deficit increased slightly to $38.8bn in August from a downwardly-revised $38.6bn the month before, though this was slightly under analysts’ forecasts.

Ford beats quarterly estimates

Carmaker Ford accelerated after third-quarter revenues rose from $32.1bn to $36bn, ahead of the $33.8bn consensus forecast. The firm also said it expects an improvement in full-year pre-tax profit in 2013, better than previous guidance.

3M the technology conglomerate, also impressed with a 6% increase in third-quarter profit to $1.23bn on sales up 5.6% at $7.92bn.

Software maker Citrix advanced after increasing its buyback and forecasting fourth-quarter earnings ahead of analysts’ estimates.

Equinix, the operator of data centres, gained after saying it expects fourth-quarter sales to exceed $559m, above market forecasts.

Gold miner Goldcorp was also higher after managing to beat predictions despite a sharp drop in profits in the third quarter after a 21% fall in average realised gold prices.

Heading the other way was computer security firm Symantec which plunged after cutting its 2014 outlook to below Wall Street estimates. It now expects revenue to fall 3-4% on the year.

Akamai Technologies declined after projecting fourth-quarter revenue and profit that fell short of some forecasts.

Broker Tips
Aquarius Platinum: Investec lowers target from 48p to 42p and downgrades from hold to sell.

ASOS: Citi increases target from 5800p to 7000p reiterating its buy recommendation.

BHP Billiton: Jefferies raises target from 2350p to 2400p and keeps a buy recommendation.

Clinigen: Investec increases target from 313p to 469p reiterating its hold recommendation.

Europa Oil & Gas Holdings: Northland Capital places its target prev.: 17.60p under review, while retaining a buy recommendation.

GlaxoSmithKline: Deutsche Bank reduces target from 1850p to 1800p, while leaving its buy recommendation unchanged.
Go-Ahead Group: Investec raises target from 1645p to 1800p keeping a buy recommendation.

Home Retail Group: Deutsche Bank ups target from 160p to 185p and maintains a hold recommendation. Citi increases target from 115p to 195p and upgrades to neutral.

Kazakhmys: Jefferies cuts target from 300p to 280p retaining a hold recommendation. Investec raises target from 190p to 262p upgrading from sell to hold.

Mitchells & Butlers: Alphavaue shifts target from 371.10p to 371.60p upgrading from sell to reduce.

Premier Oil: Liberum Capital upgrades to hold with a target of 300p. FinnCap lowers target from 410p to 405p, while its buy recommendation remains unchanged.

Reckitt Benckiser: Investec raises target from 4425p to 4700p keeping a hold recommendation.

Rio Tinto: Jefferies increases target from 3600p to 4000p maintaining its buy recommendation.

RSA Insurance: Alphavalue lowers target from 149.10p to 148.20p downgrading from buy to add.

Sports Direct International: Citi increases target from 780p to 825p and retains a buy recommendation.

Sweett Group: WH Ireland moves target from 60p to 75p keeping a buy recommendation. Westhouse Securities ups target from 58p to 70p and stays with its buy recommendation.

Tracsis: WH Ireland downgrades from buy to outperform with a target of 220.

Vedanta Resources: Jefferies reduces target from 1350p to 1250p and stays with its hold recommendation.

WPP Group: Bank of America ups target from 1400p to 1480p and reiterates a buy recommendation. Investec places its target prev.: 1325p under review, while leaving its buy recommendation unchanged.