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US EQUITIES OPENING HEADLINES INCLUDING: US stock futures point to a mixed open on Wall Street

Last updated: 14:57 08 Apr 2014 BST, First published: 13:57 08 Apr 2014 BST

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US stock futures point to a mixed open on Wall Street and look to reverse the recent downward trend led by the NASDAQ 100, which has seen the index post its biggest three day drop since November 2011. Alcoa will kick off earnings season for Q1 after-market today, and although they have outperformed the S&P 500 this year with gains of approx. 20% YTD, earnings and revenue are expected to be lower than Q1 of 2013 and recent upside in reaction to the LME inventory destocking seen as unwarranted by many analysts. AA Weekly April 11th ATM 12.5 straddle implies a 5% price swing ahead of earnings. Elsewhere, Fed’s Kocherlakota, Plosser and Evans are scheduled to speak at 1230CDT/1830BST, 1345CDT/1945BST and 1500CDT/2100BST respectively.

Stocks in Europe are seen lower across the board (Eurostoxx50 -0.48%), with consumer services sector under performing where Sports Direct trading sharply lower following share placement. At the same time, risk averse sentiment supported demand for more defensive sectors, with health-care benefiting as a result. 

FTSE (-0.86%), CAC (-0.76%), DAX (-0.71%), SMI (+0.12%), IBEX (-1.72%), FTSE MIB (-1.36%), EURO STOXX (-0.79%) prices taken at 1320BST

Best Performing Sectors in the STOXX Europe 600: Basic Materials (-0.07%), Health Care (-0.21%), Consumer Goods (-0.26%) 

Worst Performing Sectors in the STOXX Europe 600: Consumer Services (-2.04%), Telecommunications (-1.27%), Industrials (-1.23%)

US ICSC Chain Store Sales (April 08) W/W 1.5% (Prev. 3.6%) 

- US ICSC Chain Store Sales (Apr 08) Y/Y 1.5% (Prev. 0.6%)

US NFIB Small Business Optimism (Mar) M/M 93.4 vs. Exp. 92.5 (Prev. 91.4)

Corporate Earnings

Small-to-Mid Cap Stocks (USD 1-20bln)

ISCA | International Speedway Corp | Q1 EPS USD 0.33 vs. Exp. USD 0.34

Earnings from after-market yesterday (8th April 2014)

Schulman (SHLM) - Q2 Adj. EPS USD 0.39 vs. Exp. USD 0.33. Q2 revenue USD 588.51mln vs. Exp. USD 575mln. Raises FY14 adjusted EPS to USD 2.23 – USD 2.28 from USD 2.08 – USD 2.13 vs. Exp. USD 2.16.

DJI

News

Citigroup (C) – Co. has agreed to pay USD 1.125bln cash to settle mortgage repurchase claims by group of institutional investors, plus certain fees and expenses, for which the Co. has taken an additional charge of approx. USD 100mln. (BBG)

S&P 500

News

US Banks - The Fed says it intends to give banking entities two additional 1-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations. (BBG) 

Boston Scientific (BSX) – Co. has received clearance from the US FDA and CE Mark approval in Europe for the Expect Slimline Needle, which is now globally available for Endoscopic Ultrasound-Fine Needle Aspiration procedures. (BBG)

Eli Lilly (LLY) - A US jury has ordered Takeda Pharmaceutical Co Ltd to pay USD 6bln in punitive damages and co-defendant Eli Lilly to pay USD 3bln in a case claiming that cancer risks to the diabetes drug Actos were concealed. (RTRS) 

Express Scripts (ESRX)- Express Scripts is escalating its price war with Gilead Sciences Inc. in an effort to force the drug maker to cut the USD 84,000 price of its new hepatitis C pill. (BBG)

Ford (F) - China March sales 103,815 vehicles, up 28%. China Q1 sales 271,321 vehicles, up 45%; China month sales surpassed 100,00 mark for the first time. (BBG)

Humana (HUM)/UnitedHealth (UNH) - The Obama administration has rolled back some of the more controversial cuts proposed for privately managed Medicare health plans used by the elderly following pressure from insurance companies and lawmakers. (Chicago Tribune)

Time Warner (TWX) - Co. reports a proposed USD 1.5bln refinancing by Time Inc In connection with the Co.'s previously announced intention to separate Time Inc. from Time Warner Inc. (BBG)

Nasdaq 100

News

Apple (AAPL) – Co. may release its iWatch in Q3 with targets of 65mln in 2014. (DigiTimes) As a reminder, the US Court of Appeals hears the Co.’s and Google patent arguments 

Apple (AAPL)/Google (GOOG)/Intel (INTC)/Adobe (ADBE) - Co.'s are at the centre of a class-action suit that seeks USD 9bln as compensation for employees who contend the tech giants colluded to prevent their employees from being hired at rivals. (NY Times) 

Amazon (AMZN)/eBay (EBAY) - Channeladviser says Amazon March same store sales 26.2% vs 23.0% in February; eBay March same store sales 17.8% vs 15.0% in January. (BBG)

Gilead Sciences (GILD) - Express Scripts is escalating its price war with Gilead Sciences Inc. in an effort to force the drug maker to cut the USD 84,000 price of its new hepatitis C pill. (BBG)

Google (GOOG) – Co. is in early talks to acquire Skybox Imaging and has also recently expressed interest in Titan Aerospace, which was recently said to be in discussions with Facebook (FB). (The Information)

Microsoft (MSFT) – Co. and Nokia’s proposed deal has received regulatory approval from the Ministry of Commerce of the People's Republic of China. (BBG) 

Other News

58.com (WUBA) - Tiger Global reports 6.5% passive stake in the Co. (theflyonthewall)

Alkermes (ALKS) - Co. is to file a new drug application to FDA in Q3 for aripiprazole lauroxil. (BBG) This follows positive top-line results from a phase 3 clinical trial of aripiprazole lauroxil in patients with schizophrenia. Co. shares trade up 8.7% in pre-market trade

Advanced Semiconductor (ASX) – Co. reports March revenue up 13.4% to USD 656mnln. (BBG)

BlackBerry (BBRY) – A federal jury has ruled in favour of the Co. in a patent infringement case brought by Dutch semiconductor NXP in the US District Court, Middle District of Florida, Orlando Division. (RTRS) 

Cheniere Energy (LNG) - Morgan Stanley recommends staying long in the Co.’s shares and reiterates its overweight rating and USD 78 price target. (Morgan Stanley

Elbit Systems (ESLT) – Co. has been awarded a contract in the Latin American region, in an amount of approx. USD 100mln, for the supply of a Homeland Security solution. (theflyonthewall)

Gastar Exploration (GST) – Co. says that its production in Marshall County, West Virginia has been shut-in since early Saturday morning due to the rupture of a pipeline operated by Williams Partners. (BBG) 

Herbalife (HLF) - Last Friday Dan Loeb sold his entire stake in the Co. (NY Post)

James River Coal Company (JRCC) - Co. and its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code. (BBG)

Jones Group (JNY) – Co.’s shareholders have approved a merger with Sycamore Partners for USD 15/Shr. (BBG) 

LMI Aerospace (LMIA) - Glen Capital Partners reports 7.1% passive stake in the Co. (theflyonthewall)

Nordic American Tanker (NAT) - Co.’s 12mln share Spot Secondary prices at USD 8.62. (BBG) Of note the size of the offering was raised to 12mln shares from 10mln shares

Plug Power (PLUG) - Co. CEO says wants to expand into new areas for his Co.'s fuel cells, beginning with refrigerated delivery trucks and airport support vehicles, according to the report. (BBG)

Spectranetics (SPNC) – Co. expects to report Q1 revenue of USD 39.6mln and a gross margin of 74%, compared with 72.6% for the same quarter of last year. Lowers FY14 revenue view to USD 171.5mln - USD174mln from USD177.5mln - USD180mln. (BBG) 

Stemline Therapeutics (STML) – Co. has announced that the FDA has accepted the Co.’s Investigational New Drug application for SL-701. (BBG) 

TherapeuticsMD (TXMD) – Co. has announced positive outcomes of a rabbit irritation study for TX 004-HR, a rapidly acting estrogen vaginal preparation capsule. (BBG) 

Versartis (VSAR) - Sofinnova Venture Partners VIII reports an 8.9% stake in the Co. (BBG)

Voxeljet (VJET) – Co. is offering 3mln American Depositary Shares with the selling shareholders offering 1mln ADSs. (theflyonthewall) 

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