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  • Today - Thursday, October 2, 2014

  • 4:14 AM
    • After a long tussle over inflation policy with the economy minister Axel Kicillof, Argentina's central bank chief Juan Carlos Fabrega has resigned.
    • Fabrega had argued for tighter anti-inflation policies and opposed the government's heavy fiscal spending, in stark contrast to Kicillof, who pushed to boost growth in the stagnating economy.
    • Economists estimate that inflation is climbing to as high as 40% in the country
    • Argentina's Merval Index closed down 8.2% yesterday, with rumors surfacing of the resignation prior to the market close.
    • ETFs: ARGT
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  • 3:32 AM
    • As expected, Philips (NYSE:PHG) says it will appeal yesterday's U.S court ruling ordering it to pay $466M in compensation to Masimo (NASDAQ:MASI) for infringing two patents.
    • "We are very disappointed in the verdict of the jury and surprised by the magnitude of the proposed award," says Philips CEO Frans van Houten.
    • The patents in question relate to technology used to help measure blood oxygen and track pulse rates.
    • Previously: Masimo wins $466M verdict against Philips
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  • 3:14 AM
    • Sirius XM Radio (NASDAQ:SIRI) will appeal a California federal judge's ruling stating it violated state copyright laws for airing pre-1972 songs by the band, The Turtles, without paying royalties.
    • Last month, U.S. District Judge Philip Gutierrez found that California law gave the band copyright protection, although federal copyright only applies to recordings made after February 1972.
    • The outcome of the case will have wide reaching implications for not only digital music services, but for radio stations and public venues as well.
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  • 2:42 AM
    • The FCC is prepping its upcoming auction of frequencies known as AWS-3, scheduled to begin on Nov. 13. The auction is expected to raise at least $10B and will include airwaves previously occupied by multiple federal users.
    • A total of 80 entities submitted initial applications, including Dish Network (NASDAQ:DISH) and three of the four largest U.S. wireless carriers - Verizon (NYSE:VZ), AT&T (NYSE:T) and T-Mobile (NYSE:TMUS).
    • Sprint (NYSE:S) is planning sit out on the auction to save firepower for a major sale of low-frequency airwaves scheduled for next year.
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  • 2:10 AM
    • "About time to unveil the D and something else," tweets Tesla's TSLA Elon Musk with an accompanying photo displaying an Oct. 9 date.
    • Just what either of those entail is still unknown, although Musk has previously suggested that the third generation of Teslas would involve both the long-awaited "budget" sedan and an SUV smaller than the Model X.
    | 1 Comment
  • 1:46 AM
    • Despite raising concerns last month regarding Expedia's (NASDAQ:EXPE) takeover of (OTCPK:WTIFY), Australia's Competition and Consumer Commission has cleared the $660M deal.
    • The antitrust regulator says that the acquisition is unlikely to diminish the dynamic nature of the online accommodation distribution market.
    • Previously: Expedia, Wotif deal raises concerns down under
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  • 12:00 AM
  • Wednesday, October 1, 2014

  • 7:04 PM
    • With carriers turning cautious amid slowing subscriber growth and intense price pressure, R$5.8B ($2.4B) was spent during a closely-watched auction for Brazilian 4G spectrum, far less than the R$8B the government was hoping to raise.
    • America Movil (NYSE:AMX) bought a chunk of the airwaves, as did Telefonica's (NYSE:TEF) Vivo (NYSE:VIV) and Telecom Italia's (NYSE:TI) TIM Participacoes (NYSE:TSU). Oi (NYSE:OIBR), looking to strengthen its balance sheet follow the Portugal Telecom deal, decided to pass.
    • All 4 carriers have been the subject of M&A intrigue in recent months. Oi has reportedly been looking to merge with TIM, while TI is believed to have mulled a takeover of Oi. AMX says it's interested in partnering with Oi on a bid for TIM, and Telefonica has struck a deal to buy Brazilian wireline carrier GVT.
    | Comment!
  • 6:49 PM
    • Railcar makers sold off today after railroad and oil lobbyists asked the government to delay the imposition of new rules that would require the use of safer railcars for hauling crude oil: GBX -10.2%, TRN -7.7%, ARII -5.9%, RAIL -4.2%.
    • Jim Cramer sees a potentially "disastrous" situation for the railcar companies, warning that extended battle could weigh on earnings expectations.
    • UBS analyst Eric Crawford says it should not have come as a surprise that the users of railcars want more time, as it indicates how important the transportation of crude by rail has become; it also shows there is not an oversupply of tank cars, and the lobbyists' position should lessen worries that railcar orders are at risk of being cancelled.
  • 6:39 PM
    • Waters Corp. (WAT -0.7%) will report Q3 results on October 21 before the open. The conference call will begin at 8:30 am ET.
    • Consensus view is EPS of $1.29 on revenues of $487M.
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  • 6:36 PM
    • Akorn (AKRX -3.8%) acquires the rights to the short-acting bronchodilator Xopenex (levalbuterol HCI) Inhalation Solution from Sunovion Pharmaceuticals for $45M in cash, net of certain liabilities.
    • The transaction will add $18M - 20M to Akorn's top line and $0.07 - 0.08 to EPS in 2015 excluding the impact of acquisition-related amortization.
    • Per IMS Health, the U.S. market for the branded and generic versions of Xopenex is ~$280M.
    | Comment!
  • 6:33 PM
    • A Delaware jury has ruled Philips (PHG -2.2%) should pay Masimo (MASI +12.9%) $466M for infringing patents related to fingertip devices that measure blood oxygen and pulse rates. It also cleared Masimo of infringing a Philips patent.
    • Philips will almost certainly appeal the ruling, which has led Masimo shares to soar.
    • Masimo originally sued Philips in 2009. Philips has been arguing Masimo's patents are invalid due to the obviousness of the technology, and because the patent filings were poorly written.
    | 1 Comment
  • 6:30 PM
    • Neogen (NEOG +0.3%) acquires Ann Arbor, MI-based BioLumix, a manufacturer of automated systems for the detection of microbial contaminants. Terms of the transaction are undisclosed.
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  • 6:23 PM
    • ST. Jude Medical (STJ +0.4%will report Q3 results on Wednesday, October 15 before the open. The conference call will begin at 6:30 am CT.
    • Consensus view is EPS of $0.96 on revenues of $1.39B.
    | Comment!
  • 6:19 PM
    • Canadian Pacific Railway (NYSE:CP) says it expects to more than double its profit from 2014 levels and boost annual revenue to C$10B by 2018.
    • The improved financial targets come as CP says it hit a number of its financial and operational objectives two years earlier than expected.
    • The four-year plan is the second long-term road map put forth by Hunter Harrison since he became CEO in 2012; Under Harrison, CP's operating ratio has improved to the mid-60% range and its share price has tripled.
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  • 6:16 PM
    • Align Technology (ALGN -3.1%) will report Q3 results on Thursday, October 23 after the close. The conference call will begin at 4:00 pm ET.
    • Consensus view is EPS of $0.43 on revenues of $189M.
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  • 6:15 PM
    • Windstream (NASDAQ:WIN) has bought Business Only Broadband, a provider of fixed wireless broadband services in Chicago, NYC, North Jersey, and Milwaukee. Terms are undisclosed.
    • The company plans to "expand the Business Only Broadband network into additional markets beginning in 2015." A map of Windstream's fiber network shows plenty of potential locations.
    • Windstream's business revenue rose fractionally Y/Y in Q2 to $749M, as voice customer losses offset data growth.
    | Comment!
  • 6:13 PM
    • Affymetrix (AFFX -6%) will report Q3 results on Thursday, October 30 after the close. The conference call will start at 5:00 pm ET.
    • Consensus view is EPS of $0.04 on revenues of $84M.
    | Comment!
  • 6:06 PM
    • Bio-Rad Laboratories (BIO +0.8%) Clinical Diagnostics Group President John Goetz promoted to COO responsible for the global operations of the business including Clinical Diagnostics and Life Science. Global ERP head John Hertia succeeds him as President of Clinical Diagnostics.
    • Ms. Shannon Hall promoted to EVP and President of Life Sciences from her former position of VP and GM of the Lab Separations Division of Life Sciences.
    | Comment!
  • 6:01 PM
    • S&P -0.03%.
    • 10-yr -0.01%.
    • Euro -0.01% vs. dollar.
    • Crude -0.15% to $90.70.
    • Gold -0.08% to $1,213.40.
    | Comment!
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