LOL@Fundamentals: European Stocks Fall as Investors Seek Stimulus Clarity (BBG) Obama, Republicans sound conciliatory note but battles loom (Reuters) Firms drop Pimco funds from managed accounts (Reuters) Not All QE Is Created Equal as U.S. Outpunches ECB-BOJ (BBG) Ukraine Accuses Russia of Sending Troops as Truce Wobbles (BBG) Lenovo Slumps After Projecting China ‘Hypergrowth’ to End (BBG) Palo Alto Networks discovers new malware targeted at Apple devices (Reuters) IPO That Brought In $1 Billion in March Implodes in Denmark (BBG) Leaked Documents Expose Global Companies’ Secret Tax Deals in Luxembourg (ICIJ) Israel arrested UBS adviser, 13 others, in tax evasion investigation (Reuters) NYC Trump Co-Op Dwellers Face Million-Dollar Bills (BBG) Those Sunspots Approaching Earth Could Bring Blackouts (BBG) Frash clashes in Hong Kong (Reuters) Fastest-Growing Family Office Rides Rise in Ultra-Rich (BBG) GM tells court it not liable for claims over pre-bankruptcy cars (Reuters) Billionaire Enclave Prices Drop on Singapore Property Curbs (BBG) Tax changes weaken case for new Pfizer bid, says AstraZeneca CEO (Reuters)

Overnight Media Digest


* U.S. prosecutors have launched a money-laundering investigation of a member of Vladimir Putin's inner circle, escalating pressure on the Russian president's billionaire supporters. The U.S. Attorney's Office is investigating if Gennady Timchenko transferred funds linked to allegedly corrupt deals in Russia through the U.S. financial system. (http://on.wsj.com/1EjZZdo)

* In an acknowledgment of the Republican Party's new dominance in Congress, President Barack Obama and Republican Senator Mitch McConnell, tentatively began charting a path forward on trade, taxes and other policy matters. (http://on.wsj.com/10pBr3r)

* Benjamin Lawsky, New York's superintendent of financial services is looking at expanding the use of independent monitors at banks and other firms as a way to prevent bad behavior. Such compliance specialists are in place as part of settlements of legal cases covering issues as varied as allegations of U.S. sanctions violations and mortgage-servicing abuses. (http://on.wsj.com/1zxc4w3)

* Amazon.com Inc tested package delivery by licensed cab in San Francisco and Los Angeles through the taxi-hailing mobile app Flywheel, in the company's latest experiment to speed package shipments. (http://on.wsj.com/1GrINEV)

* Leyne, Strauss-Kahn & Partners, the financial-services firm that was headed by former International Monetary Fund chief Dominique Strauss-Kahn and late financier Thierry Leyne, said on Wednesday that it is insolvent. (http://on.wsj.com/1xaKodP)

* Altegrity Inc, the company that vetted Edward Snowden, is in talks with creditors to cut its roughly $1.7 billion in debt after losing key U.S. government contracts. Altegrity is trying to reach a restructuring deal with creditors ahead of a January interest payment that it may not be able to afford. (http://on.wsj.com/1uxjFJz)

* Anheuser-Busch InBev NV is launching a tequila-flavored beer called Oculto in the United States next year, aimed at younger consumers who increasingly choose liquor and Mexican beers. Earlier this year, Heineken USA began selling a tequila-flavored beer in Florida and Georgia called Desperados. (http://on.wsj.com/1tebt9W)

* Orbital Sciences Corp said it would temporarily pay for rockets provided by another company to launch cargo into orbit for NASA, in the wake of last month's launch failure of its own Antares booster. The company said it plans to pay for up to two such launches through 2016 to fulfill its commitments to the National Aeronautics and Space Administration (http://on.wsj.com/10Xfg5T)

* Investors pulled a net $48 billion from Pacific Investment Management Co.'s mutual funds in October following the departure of star manager Bill Gross, the fund research firm Morningstar said Wednesday. (http://on.wsj.com/1zxmH1L)


Banca Monte dei Paschi di Siena, Italy's third largest lender, has approved a proposal to raise up to 2.5 billion euros ($3.12 billion) in a rights issue, after it emerged as the biggest loser in the European Central Bank's annual stress tests last month.

Dominique Strauss-Kahn's investment company, Leyne, Strauss-Kahn and Partners, has declared itself insolvent. The former head of the International Monetary Fund left the company last month after he became aware of "excessive borrowing" by the group.

ING Groep NV, the largest Dutch bank, said it would repay the last of its state aid ahead of schedule this week, signalling an extra dividend for shareholders as lending growth drove a jump in pretax earnings.

Financial Conduct Authority, the UK's financial markets regulator, has fined three senior executives of insurance retailer Swinton Group a total of 928,000 pounds ($1.48 million) for presiding over a culture of high-pressure sales. Swinton's former Chief Executive Peter Halpin has been banned from heading any financial services company in the future.


* With Republicans poised to control both the House and Senate next year, American business is gearing up for a major push on long-sought goals like an overhaul of the corporate tax system, building the Keystone XL oil pipeline, lighter environmental and financial regulation and winning congressional backing for trade deals with Asia and Europe. (http://nyti.ms/1pnQyXj)

* A group of investigative reporters published findings on Wednesday accusing more than 300 companies, including PepsiCo Inc, Ikea AB and FedEx Corp, of benefiting from preferential deals with the government of Luxembourg. (http://nyti.ms/1wyx7fd)

* Carlyle Group LP, the private equity firm, is teaming up with the British publisher Euromoney Institutional Investor Plc to acquire Dealogic Plc, a seller of financial data, for $700 million on booming stock sales, debt issuance and mergers. (http://nyti.ms/1uyqcDf)

* ING Groep NV said it would repay the last of what it owes for a bailout during the financial crisis on Friday, six months earlier than expected. (http://nyti.ms/1omyIDd)

* Leyne, Strauss-Kahn & Partners, a Luxembourg investment firm formerly associated with Dominique Strauss-Kahn, was declared insolvent after the apparent suicide of his business partner last month and the discovery of previously unknown "financial commitments." (http://nyti.ms/1EkgWV2)

* The French government gave formal approval to General Electric Co's $13.5 billion deal for the energy business of Alstom SA, the French power and transportation company. (http://nyti.ms/1tezwWq)

* The asset management arm of Perella Weinberg Partners is merging two subprime auto lenders that it owns as part of an effort to streamline their operations and expand market share. (http://nyti.ms/1x83mkx)



** Disgraced Peterborough Member of Parliament Dean Del Mastro abruptly resigned his House of Commons seat on Wednesday, less than a week after a judge found him guilty on three counts of violating the Canada Elections Act. (http://bit.ly/1GszKUb)

** Honda Motor Co Ltd will announce on Thursday that it planned to invest about $800 million at its manufacturing plants in Alliston, Ontario, to improve their efficiency and position them for production of future models. (http://bit.ly/1xhNFGz)


** Quebec Premier Philippe Couillard is being criticized for not speaking French in a speech at a recent conference in Iceland. But Couillard snapped back that those taunting him should go to London or New York and see how far speaking French gets them. (http://bit.ly/1GsCReH)

** Paul Rollinson, the chief executive of Kinross Gold Corp , said the company was unlikely to move forward with its much-anticipated Tasiast expansion project if gold prices did not rebound from their recent steep decline. (http://bit.ly/1x8GGQW)


- China's Shanghai and Shenzhen stock exchanges said they had started a pilot programme to issue private placement bonds for merger and acquisition.

- China Communications Construction Co said it is looking into issuing preferred stocks. It did not give any details on the timing nor the size of the issuance.


- A total of 166 funds which manage below 50 million yuan ($8.18 million) in assets are at the risk of being liquidated, according to data by Wind Informational Statistics. Of these, 16 micro funds have assets below $10 million yuan.


- The number of couples who have applied to have a second child since China relaxed its family planning regulations last November is far lower than expected, the government said. Of the 11 million couples eligible to have a second child, just 6 percent, or about 700,000, have submitted applications, the National Health and Family Planning Commission said.

- The yuan is increasingly used by foreign companies to settle cross-border transactions and meet financing needs as China continues to internationalise the currency, the Bank of China said in a report. The yuan is used by 26 percent of foreign trading companies to settle more than 15 percent of their transactions.


- Latest data from private property developers confirm that new home sales accelerated considerably in October following the government's stimulus policies, but doubts remain whether the upswing can be maintained until the end of the year. October new residential property sales in 30 cities rose 24.3 percent over September to 18.37 million square meters, according to E-House.

- Corruption involving collusion between government officials and business owners and executives remains the biggest challenge facing those involved in the campaign against bribery and fraud, according to the top anti-graft body.

Fly On The Wall Pre-Market Buzz


Domestic economic reports scheduled for today include:
Jobless claims for week of November 1 at 8:30--consensus 283K
Nonfarm productivity for Q3 at 8:30--consensus up 1.5%
Unit labor costs for Q3 at 8:30--consensus up 0.8%



CST Brands (CST) upgraded to Outperform from Market Perform at Wells Fargo
Inergy Midstream (NRGM) upgraded to Buy from Hold at Stifel
Santander Brasil (bsbr) upgraded to Neutral from Underweight at HSBC
Tableau (DATA) upgraded to Outperform from Sector Perform at RBC Capital
Willis Group (WSH) upgraded to Hold from Sell at Deutsche Bank


AcelRx (ACRX) downgraded to Neutral from Buy at Mizuho
American Eagle Energy (AMZG) downgraded to Market Perform from Outperform at Northland
American Electric (AEP) downgraded to Market Perform from Outperform at Wells Fargo
Coeur Mining (CDE) downgraded to Sell from Hold at Deutsche Bank
Duke Energy (DUK) downgraded to Hold from Buy at Deutsche Bank
Fiesta Restaurant (FRGI) downgraded to Neutral from Buy at Longbow
Hormel Foods (HRL) downgraded to Market Perform from Outperform at BMO Capital
IntercontinentalExchange (ICE) downgraded to Hold from Buy at Deutsche Bank
Ironwood (IRWD) downgraded to Sell from Hold at Cantor
Lloyds Banking (LYG) downgraded to Market Perform from Outperform at Bernstein
ProAssurance (PRA) downgraded to Market Perform from Outperform at Raymond James
Rex Energy (REXX) downgraded to Neutral from Outperform at RW Baird
Solazyme (SZYM) downgraded to Market Perform from Outperform at Cowen
Solazyme (SZYM) downgraded to Neutral from Outperform at RW Baird
Solazyme (SZYM) downgraded to Sector Perform from Outperform at Pacific Crest
Sykes Enterprises (SYKE) downgraded to Neutral from Outperform at RW Baird
Tangoe (TNGO) downgraded to Hold from Buy at Stifel
Tangoe (TNGO) downgraded to Market Perform from Outperform at Raymond James
Web.com (WWWW) downgraded to Neutral from Overweight at JPMorgan
Wisconsin Energy (WEC) downgraded to Market Perform from Outperform at Wells Fargo


Dycom (DY) initiated with a Market Perform at Wells Fargo
NPS Pharmaceuticals (NPSP) initiated with a Buy at CRT Capital
Ruckus Wireless (RKUS) initiated with an Outperform at RBC Capital
Vertex (VRTX) initiated with a Buy at CRT Capital


Perrigo (PRGO) to acquire Omega Pharma NV for EUR 3.6B
Plains All American (PAA) to acquire 50% interest in BridgeTex from Occidental (OXY) for $1.08B
CBS (CBS) CEO said 'fairly definitively' will have Showtime streaming service in 2015
Siemens (SIEGY) said it will sell hearing aid business to EQT for EUR 2.15B
Tesla (TSLA) said 50,000 Model S deliveries in 2015 is 'no problem,' said expects Model X deliveries to start in 3Q15
American Capital (ACAS) said it plans to split into three companies
Palo Alto Networks (PANW) revealed discovery of unprecedented iOS, OS X malware (AAPL)


Companies that beat consensus earnings expectations last night and today include:

CBS (CBS), News Corp (NWSA) AstraZeneca (AZN), CECO Environmental (CECE), Oncolytics Biotech (ONCY), Carrizo Oil & Gas (CRZO), Mitel (MITL), Cyan (CYNI), TRI Pointe Homes (TPH), CDW Corporation (CDW), Prestige Brands (PBH), Tarena (TEDU), AES Corp. (AES), GAIN Capital (GCAP), U.S. Concrete (USCR), Taminco (TAM), Swift Energy (SFY), Calpine (CPN), Walker & Dunlop (WD), Amerseco (AMRC), Higher One (ONE), Gran Tierra (GTE), Civeo Corp. (CVEO), Globe Specialty Metals (GSM), Middleby (MIDD), Kindred Healthcare (KND), Delek US (DK), Rand Logistics (RLOG), Alamo Group (ALG), Alamo Group (ALG), Ormat Technologies (ORA), PTC Inc. (PTC), Gentiva Health (GTIV), Concho Resources (CXO), Matador (MTDR), Regency Energy Partners (RGP), Energy Transfer Equity (ETE), LivePerson (LPSN), China Biologic (CBPO), Sun Life Financial (SLF), Schweitzer-Mauduit (SWM), JBT Corporation (JBT), Blueknight Energy Partners (BKEP), Murphy USA (MUSA), Kinross Gold (KGC), Southwest Gas (SWX), Belmond Ltd (BEL), SP Plus Corp. (SP), Ashland (ASH), Atmos Energy (ATO), Bacterin (BONE), Golden Star Resources (GSS), MBIA (MBI), Tronox (TROX), LHC Group (LHCG), Heritage Insurance (HRTG), Stamps.com (STMP), Blucora (BCOR), US Ecology (ECOL), Plains GP Holdings (PAGP), AVG Technologies (AVG), Kennedy Wilson (KW), Coeur Mining (CDE), Liberty Global (LBTYA), W&T Offshore (WTI), Convergys (CVG), Sunoco Logistics (SXL), Sierra Wireless (SWIR), , PennyMac Financial (PFSI), InnerWorkings (INWK), American Water (AWK), Babcock & Wilcox (BWC), Textura (TXTR), Autobytel (ABTL), QEP Resources (QEP), ChemoCentryx (CCXI), Callon Petroleum (CPE), Zillow (Z), Anworth Mortgage (ANH), Polypore (PPO), MarkWest Energy (MWE), OraSure (OSUR), Artesian Resources (ARTNA), DCP Midstream (DPM), DCP Midstream (DPM), Metabolix (MBLX), CenturyLink (CTL), DealerTrack (TRAK), Depomed (DEPO), SolarCity (SCTY), Marin Software (MRIN), Envision Healthcare (EVHC), Aerohive (HIVE), SpartanNash (SPTN), CTPartners (CTP), Planar Systems (PLNR), Approach Resources (AREX), Natures Sunshine Products (NATR), Web.com (WWWW), Gulfport Energy (GPOR), Tutor Perini (TPC), Intralinks (IL), American Eagle Energy (AMZG), Alexander & Baldwin (ALEX), Ixia (XXIA), TESARO (TSRO), Ocean Rig UDW (ORIG), Maiden Holdings (MHLD), Nanosphere (NSPH), Box Ships (TEU), Quality Distribution (QLTY), Intersect ENT (XENT), EnerSys (ENS), Tableau (DATA), PowerSecure (POWR), Tesla (TSLA), Silver Spring (SSNI), GSI Group (GSIG), Endocyte (ECYT), Skullcandy (SKUL), Franco-Nevada (FNV), Cornerstone OnDemand (CSOD), Symantec (SYMC), Whole Foods (WFM), LDR Holding (LDRH), Alnylam (ALNY), VIVUS (VVUS), Foundation Medicine (FMI)

Companies that missed consensus earnings expectations include:

Dorian LPG (LPG), Chesapeake Utilities (CPK), Fuel Systems (FSYS), Perrigo (PRGO), Cinemark (CNK), Olympic Steel (ZEUS), Generac (GNRC), Teekay (TK), Randgold (GOLD), Teekay Tankers (TNK), Ellington Financial (EFC), Energy XXI (EXXI), Andersons (ANDE), Garrison Capital (GARS), TeleTech (TTEC), Brookdale Senior Living (BKD), Sunoco (SUN), BioDelivery reports Q3 EPS (51c), Genworth (GNW), Energy Transfer Partners (ETP), ION Geophysical (IO), TerraForm Power (TERP), Ensign Group (ENSG), Baltic Trading (BALT), Oiltanking Partners (OILT), Jones Energy (JONE), Tenaris (TS), BioScrip (BIOS), Markel (MKL), Masonite (DOOR), TetraLogic (TLOG), Ladder Capital (LADR), Regado Biosciences (RGDO), Dynegy (DYN), Aveo Pharmaceuticals (AVEO), Craft Brew (BREW), Mattersight (MATR), Mattersight (MATR), Matrix Service (MTRX), Western Asset Mortgage (WMC), Cross Country Healthcare (CCRN), Cenveo (CVO), Novavax (NVAX), CrossAmerica (CAPL), Brookdale Senior Living (BKD), SunEdison reports Q3 EPS ($1.91), Points International (PCOM), Alexza Pharmaceuticals (ALXA), Providence Service (PRSC), Regulus Therapeutics (RGLS), Prudential (PRU), Antero Resources (AR), SunEdison (SUNE), Hannon Armstrong (HASI), Fox Factory (FOXF), Solazyme (SZYM), Thoratec (THOR), Tangoe (TNGO), McDermott (MDR), Molycorp (MCP), Molycorp (MCP), Hutchinson Technology (HTCH), XPO Logistics (XPO), CF Industries (CF), Insulet (PODD), TearLab (TEAR), DryShips (DRYS), Safe Bulkers (SB), ProAssurance (PRA), Meadowbrook Insurance (MIG), Numerex (NMRX), Immunomedics (IMMU), Wright Medical (WMGI), WebMD (WBMD), Qualcomm (QCOM)

Companies that matched consensus earnings expectations include:

Natural Gas Services (NGS), MiX Telematics (MIXT), New Mountain Finance (NMFC), Air Transport Services (atsg), Paragon Shipping (PRGN), Exar (EXAR), Continental Resources (CLR), Genpact (G), Annaly Capital (NLY), Chefs' Warehouse (CHEF), Axcelis (ACLS), TrueCar (TRUE), Roundy's (RNDY), Roundy's (RNDY), Noodles & Company (ndls), EVERTEC (EVTC), Ruth's Hospitality (RUTH), MediWound (MDWD)


AstraZeneca (AZN) CEO says tax revisions cripple new Pfizer (PFE) offer, Reuters reports
Apple (AAPL) may be planning glasses-free 3D display for next iPhone, MacRumors reports
RBS (RBS) retreat could include central and eastern Europe, FT reports
Agrium (AGU) to cut 500 jobs, sell some businesses, Reuters reports
Amazon (AMZN) exec says company "undeterred" by Fire Phone performance, Business Insider reports


Booz Allen (BAH) announces sale of 10M shares of Class A common stock by holder
LDR Holding (LDRH) files $150M mixed securities shelf, 2.M shares for holders
Mast Therapeutics (MSTX) files to sell equity securities
Nevro (NVRO) 7M share IPO priced at $18.00
Rocket Fuel (FUEL) files to sell 3.7M shares for selling stockholders
TrueCar (TRUE) plans to offer 1M shares of common stock
TrueCar (TRUE) plans to offer 5.4M shares for holders
Western Digital (WDC) files to sell 5.4M shares for Viviti Technologies

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