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Oct 28, 2014


Last Updated Oct 28, 2014 8:00 PM EDT

WALLOPS ISLAND, Va. -- An Orbital Sciences Antares rocket carrying an unmanned cargo craft bound for the International Space Station exploded into flames Tuesday evening moments after launch at NASA's Mid-Atlantic Regional Spaceport in Wallops Island, Virginia.
The countdown had seemed routine and the rocket lifted off as scheduled at 6:22 p.m. EDT, but then burst into a fireball seconds later. The debris crashed down on the launching pad, spreading fiery wreckage around the area.
NASA said all personnel are accounted for and no one was injured.
This was the first catastrophic launch failure since NASA began its commercial spaceflight effort.
The rocket was constructed by Orbital Sciences Corp., which contracts with NASA to supply the ISS. A statement from Orbital said the company has formed an "anomaly investigation board" which will work with government agencies on a probe into the explosion.
"As we begin to gather information, our primary concern lies with the ongoing safety and security of those involved in our response and recovery operations," said Frank Culbertson, Orbital's Executive Vice President. "We will conduct a thorough investigation immediately to determine the cause of this failure and what steps can be taken to avoid a repeat of this incident."
NASA stated on its website that "a mishap occurred shortly after liftoff," and promised to provide more information as soon as possible. It said it was working with Orbital Sciences to gather data on the mission's failure.
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Reuters Technology Report - October 28, 2014: Google's YouTube explores paid, ad-free video service

Google's YouTube explores paid, ad-free video service
SAN FRANCISCO (Reuters) - YouTube, the popular online video service owned by Google Inc, is planning to offer a paid, ad-free version, the head of the site said.

U.S. sues AT&T over data throttling on some phone plans
WASHINGTON (Reuters) - The U.S. government filed a lawsuit against AT&T Inc on Tuesday, alleging the No. 2 U.S. wireless carrier sold consumers unlimited data plans but would reduce their Internet speeds once they exceeded a certain amount of data

IBM adds $5 billion to share buyback program
(Reuters) - IBM Corp said its board had approved a $5 billion share buyback in addition to the $1.4 billion remaining from its existing program.

Apple CEO fires back as retailers block Pay
LAGUNA BEACH Calif. (Reuters) - Apple Inc CEO Tim Cook fired back at CVS and Rite Aid on Monday after the drugstore chains blocked the iPhone maker's mobile payments service, saying there were plenty of other retailers around the world to sign up

Alibaba's Ma says open to working with Apple on payments
LAGUNA BEACH Calif. (Reuters) - Alibaba Group Holdings Ltd executive chairman Jack Ma said he's open to working with Apple Inc on mobile payments, as China's richest person prepares to call on Hollywood this week in search of media partners.

Former Google executive's app aims to tackle chronic illness
SAN FRANCISCO (Reuters) - Having difficulty managing chronic disease? Now there's an app for that.

Twitter's efforts to engage users yet to fully pay off
(Reuters) - Twitter Inc's efforts to improve user engagement and growth rates are taking longer than expected to gain traction, prompting a wave of rating and price target cuts on the stock.

Japan's SoftBank kicks off $10 billion India online spree, buys stake in Snapdeal
MUMBAI (Reuters) - Japanese telecom and media group SoftBank Corp has set its sights on Indian e-commerce in its aggressive expansion drive, saying it will invest about $10 billion in the booming sector as it took a strategic stake in one of its rising stars

GT Advanced sought to avoid costly battle with Apple: filing
SAN FRANCISCO (Reuters) - GT Advanced Technology Inc , which struck an agreement with erstwhile partner Apple Inc last week that allowed it to proceed with its bankruptcy, said the iPhone maker had threatened to seek damages of more than $1 billion against the company.

InterDigital shares rise on U.S. patent fight win over ZTE
WASHINGTON (Reuters) - Shares of InterDigital Inc rose on Tuesday after a federal jury in Delaware found that ZTE Corp infringed three of its mobile phone patents, according to the company and a court filing.

SEC Litigation Release - October 28, 2014: Court Approves Initial Distribution of $264 Million to Harmed Investors in SEC Ponzi Scheme Case Against Connecticut-Based Hedge Fund Manager.

SEC Seal


Litigation Release No. 23122 / October 28, 2014

Securities and Exchange Commission v. Francisco Illarramendi, Highview Point Partners, LLC and Michael Kenwood Capital Management, LLC, as Defendants, and Highview Point Master Fund, Ltd., Highview Point Offshore, Ltd., Highview Point LP, Michael Kenwood Asset Management, LLC, Michael Kenwood Energy and Infrastructure LLC, and MKEI Solar, LP, as Relief Defendants, Civil Action No. 3:11cv-78

Court Approves Initial Distribution of $264 Million to Harmed Investors in SEC Ponzi Scheme Case Against Connecticut-Based Hedge Fund Manager

The Securities and Exchange Commission announced today that on October 27, 2014, a federal court in Connecticut approved a receiver's plan to distribute assets to the victims of the fraud allegedly perpetrated by Connecticut-based hedge fund manager Francisco Illarramendi, and approved an initial distribution amount of $264,580,160 from the assets recovered to date.
In January 2011, the SEC charged Illarramendi and various entities owned or controlled by him, including investment advisers Highview Point Partners, LLC, and Michael Kenwood Capital Management, LLC, with engaging in a multi-year Ponzi scheme involving hundreds of millions of dollars. On February 3, 2011, the U.S. District Court for the District of Connecticut appointed a receiver in the case to marshal the assets of a number of entities formerly owned or controlled by defendants Illarramendi, Highview Point Partners, and Michael Kenwood Capital Management. The receiver has collected substantial assets to distribute to parties harmed by the defendants' alleged wrongdoing, and the Court has approved the receiver's initial plan to distribute over $264 million. The receiver plans to make additional distributions to harmed parties at a later time as additional funds become available.
The SEC's action against Illarramendi and others remains pending. In a parallel criminal action, on March 7, 2011, Illarramendi pleaded guilty to two counts of wire fraud, one count of securities fraud, one count of investment advisor fraud, and one count of conspiracy to obstruct justice, to obstruct an official proceeding and to defraud the SEC. He is awaiting sentencing. Also, on August 3, 2011, the Commission issued an Order by consent barring Illarramendi from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization.
The SEC acknowledges and appreciates the assistance of the U.S. Attorney's Office for the District of Connecticut and the Federal Bureau of Investigation.
For further information, see Litigation Release No. 21828 (January 28, 2011), No. 21875 (March 7, 2011); No. 21970 (May 16, 2011); Litigation Release No. 22015 (June 28, 2011), Litigation Release No. 22245 (January 31, 2012).

DealBook P.M. Edition - October 28, 2014: Top Story: Lawsuit Contends Consultant Misled Detroit Pension Plan.

For the latest updates, go to »
Coletta Estes is one of the roughly 35,000 people suing a Detroit pension consultant.
Lawsuit Contends Consultant Misled Detroit Pension Plan The suit contends that Gabriel, Roeder, Smith used faulty methods that "doomed the plan to financial ruin." The litigation may have implications beyond Michigan because of the firm's influence in public pensions.
Deal Professor: The Consequences of Saying No to a Hostile Takeover Bid A report on hostile takeovers in the last five years suggests that shareholders should take a close look at which option creates most value.
A branch of UBS in Zurich.
UBS Posts Higher Profit Despite Legal Charges The Swiss bank said third-quarter profit increased 32 percent even as it took a charge of about $1.9 billion related to litigation and regulatory issues.
The Swiss bank UBS in Zurich.
Reuters Breakingviews: UBS's Legal Pain Begins to Ease The Swiss bank's underlying businesses are now prospering, and investors can finally start expecting decent returns, Dominic Elliott of Reuters Breakingviews writes.
Stefan Krause, chief financial officer of Deutsche Bank.
Deutsche Bank Preparing to Replace Financial ChiefStefan Krause is expected to shift to another position within the bank and Marcus Schenck, a Goldman Sachs partner, will be his replacement, according to people briefed on the discussions.
Anthony Duclair of the New York Rangers celebrates his first N.H.L. goal at Madison Square Garden.
Shareholder Pressure Helped Lead to New MSG Board Members Though veteran activist Nelson Peltz is joining MSG's board, the company's choice of new board members came about after another hedge fund, JAT Capital Management, disclosed in late August that it had purchased a stake.
Headquarters of Twitter in San Francisco.
Reuters Breakingviews: Twitter's Valuation Tips Back Toward Earth Investors knocked more than $3 billion off Twitter's worth despite sales doubling. Blame the company's overdone value multiples.
Ex-Employee of Broker in Britain Charged in Libor Inquiry Noel Cryan, who worked at the brokerage firm Tullett Prebon, is the 13th person to face criminal charges in Britain in an inquiry into manipulation of the London interbank offered rate, or Libor.
A branch of Standard Chartered in Singapore.
Standard Chartered Profit Falls 16% The British bank, which generates most of its profit in Asia, said it planned to look for an additional $400 million in cost reductions in 2015.
A branch of Lloyds Bank in London.
Lloyds Bank to Cut 9,000 Jobs in Digital Push The announcement came as the bank, owned in part by the British government, reported that its third-quarter underlying profit rose 42 percent, to about $3.5 billion.
Eurozone to Provide Data on Inflation and Jobs Markets will be keyed to the release on Friday of Eurostat's first estimate of October inflation in the 18-nation eurozone, along with its September employment data. With demand too weak to create inflationary pressures and the price of oil slipping, the region is at risk of sliding into outright deflation, complicating the policy choices of the European Central Bank.
Fed Likely to Discontinue Bond-Buying Stimulus The Federal Reserve is likely to announce the end of its latest bond-buying campaign on Wednesday, after a two-day meeting of its policy-making committee. Fed officials say the program, begun in the fall of 2012, has succeeded in increasing job growth. The Fed also may update its plans for short-term interest rates, which it has held near zero since late 2008, to emphasize that the timing of a first increase depends on the strength of the economy. Most Fed officials forecast that the first increase will come around the middle of next year.
Positive Expectations for Third-Quarter G.D.P. On Thursday, the Commerce Department will release its report on the gross domestic product for the third quarter. No one expects a repeat of the second quarter's impressive 4.6 percent annualized growth rate, but several economists sounded a positive note with estimates hovering around the 3 percent mark. Forecasters sounded confident that consumer spending would remain fairly strong and, despite the stock market's recent somersaults, keep the American economy growing through the end of the year.
For the latest updates, go to »

WSJ | Biggest Gainers Closing on October 28, 2014.

Biggest Gainers Closing
Biggest Gainers
4:46 pm ET 10/28/2014
Harvest Natural Resources (HNR)1,203,216$3.971.0033.67
Cliffs Natural Resources (CLF)37,623,63411.292.0522.19
Aerohive Networks (HIVE)7,821,4855.760.9018.52
GOL Linhas Aereas Inteligentes ADS (GOL)3,276,4115.080.7216.51
Navios Maritime Holdings (NM)1,664,7665.830.6913.42
Resolute Energy (REN)1,094,0083.830.4011.66
OMNOVA Solutions (OMN)234,9696.450.6711.59
Safe Bulkers (SB)909,6845.660.5811.42
Midstates Petroleum (MPO)580,7413.010.3011.07
Sparton (SPA)52,66126.232.4610.35
Cloud Peak Energy (CLD)1,298,24111.651.059.91
Baltic Trading (BALT)1,157,0393.930.359.78
Walter Energy (WLT)4,362,1832.360.219.77
Magnum Hunter Resources (MHR)3,293,1704.620.419.74
Alamo Group (ALG)64,43842.663.789.72
PetroQuest Energy (PQ)770,3194.520.409.71
Jones Energy Cl A (JONE)421,83911.681.019.47
Roundys (RNDY)649,5113.400.299.32
ITT Educational Services (ESI)1,103,1309.620.798.95
First BanCorp (Puerto Rico) (FBP)1,184,7375.140.428.90
W&T Offshore (WTI)1,177,7149.400.758.67
Matador Resources (MTDR)882,95824.321.908.47
Kemet (KEM)106,7584.570.358.29
Stoneridge (SRI)105,06212.650.948.03
Rex American Resources (REX)377,05372.225.317.94
Receptos (RCPT)4,255,270$95.7628.0241.36
Sanmina (SANM)3,000,44224.505.1426.55
Covisint Wi (COVSV)8,8343.100.5019.23
Integrated Device Technology (IDTI)12,242,54616.632.5818.41
Atara Biotherapeutics (ATRA)70,09520.242.9016.72
Medicines (MDCO)2,967,28425.863.6716.54
Tornier (TRNX)6,263,02527.863.8115.84
SCYNEXIS (SCYX)38,8437.790.9814.39 ADS (CYOU)400,76820.482.4813.78
Clean Energy Fuels (CLNE)3,447,6677.220.8713.70
TriMas (TRS)1,159,49230.243.6113.56
Buffalo Wild Wings (BWLD)2,679,343151.6817.8613.35
Maxwell Technologies (MXWL)1,091,11711.091.2913.16
Hydrogenics (HYGS)120,22416.951.9112.70
Cynosure Cl A (CYNO)599,77323.892.6712.58
Speed Commerce (SPDC)144,7862.880.3112.06
Marinus Pharmaceuticals (MRNS)19,2977.460.8012.01
Commercial Vehicle Group (CVGI)346,2346.490.6811.70
Synchronoss Technologies (SNCR)1,962,87251.955.3611.50
Synergy Pharmaceuticals (SGYP)1,203,6373.110.3211.47
Universal Stainless&Alloy Products (USAP)21,09026.962.7611.40
Madison Square Garden (MSG)6,039,43972.997.2110.96
CDK Global (CDK)8,579,16833.023.2310.84
Celldex Therapeutics (CLDX)2,982,80817.061.6410.64
Marrone Bio Innovations (MBII)335,9542.720.2610.57
Direxion Daily Brazil Bull 3X Shares (BRZU)901,246$13.231.4912.67
ELEMENTS ETN-SPECTRUM Large Cap U.S. TR (EEH)3,90228.853.1812.39
Direxion Daily Natural Gas Related Bull 3x Shares (GASL)433,89612.901.3811.98
Direxion Daily Latin America Bull 3X Shares (LBJ)27,72916.921.489.59
VelocityShares 3x Long Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (UGAZ)4,939,75011.040.888.66
Direxion Daily Small Cap Bull 3x Shares (TNA)8,172,85471.155.628.58
ProShares UltraPro Russell2000 (URTY)375,53181.686.408.50
Direxion Daily FTSE China Bull 3X Shares (YINN)214,29930.172.308.25
Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG)9,018,0498.220.547.03
ProShares Ultra MSCI Brazil (UBR)32,22036.352.356.91
Direxion Daily Energy Bull 3x Shares (ERX)1,016,11979.485.086.83
ProShares Short VIX Short-Term Futures ETF (SVXY)1,937,70268.584.286.66
iPath Bloomberg Nickel Subindex Total Return ETN (JJN)62,08120.711.266.48
Global X Brazil Mid Cap ETF (BRAZ)7,51411.510.696.38
Direxion Daily Emerging Markets Bull 3x Shares (EDC)1,594,55326.511.445.74
Direxion Daily Gold Miners Bull 3x Shares (NUGT)6,222,48719.351.035.62
ProShares Ultra Russell2000 (UWM)434,35482.294.365.59
iPath Dow Jones -UBS Coffee Subindex Total return Coll ETN (CAFE)5,22823.861.265.58
Direxion Daily Small Cap Bull 2X Shares (SMLL)3,82040.502.135.55
ProShares Ultra FTSE/Xinhua China 25 (XPP)58,40260.473.015.24
ProShares Ultra Bloomberg Natural Gas (BOIL)136,75628.341.405.20
Direxion Daily Russia Bull 3x Shares (RUSL)777,06410.000.485.04
ProShares UltraPro MidCap400 (UMDD)27,285103.144.915.00
iShares MSCI Brazil Capped ETF (EWZ)64,303,14541.291.964.98
Direxion Daily Mid Cap Bull 3x Shares (MIDU)107,09587.984.134.93
Receptos (RCPT)4,255,270$95.7628.0241.36
Harvest Natural Resources (HNR)1,203,2163.971.0033.67
Vasco Data Security International (VDSI)4,415,29323.735.4429.74
Sanmina (SANM)3,000,44224.505.1426.55
Cliffs Natural Resources (CLF)37,623,63411.292.0522.19
Covisint Wi (COVSV)8,8343.100.5019.23
Aerohive Networks (HIVE)7,821,4855.760.9018.52
Integrated Device Technology (IDTI)12,242,54616.632.5818.41
Atara Biotherapeutics (ATRA)70,09520.242.9016.72
Medicines (MDCO)2,967,28425.863.6716.54
GOL Linhas Aereas Inteligentes ADS (GOL)3,276,4115.080.7216.51
Tornier (TRNX)6,263,02527.863.8115.84
ERBA Diagnostics (ERB)70,2573.180.4114.80
Synergy Resources (SYRG)1,169,09111.041.4214.76
SCYNEXIS (SCYX)38,8437.790.9814.39 ADS (CYOU)400,76820.482.4813.78
Clean Energy Fuels (CLNE)3,447,6677.220.8713.70
TriMas (TRS)1,159,49230.243.6113.56
Navios Maritime Holdings (NM)1,664,7665.830.6913.42
Buffalo Wild Wings (BWLD)2,679,343151.6817.8613.35
Maxwell Technologies (MXWL)1,091,11711.091.2913.16
American Caresource Holdings (ANCI)10,2623.060.3512.88
ARC Group Worldwide (ARCW)108,85010.571.2012.81
Hydrogenics (HYGS)120,22416.951.9112.70
Direxion Daily Brazil Bull 3X Shares (BRZU)901,24613.231.4912.67
See All Gainers
Includes common, closed end funds, ETFs, ETNs and REITS with prior day close of $2 a share or higher, with volume of at least 2,000.
x - stock is trading ex-dividend
Source: WSJ Market Data Group