10:19, 15 Jan 2015 (Thu)
By John Revill

ZURICH--Swiss businesses are bracing themselves for negative effects from the scrapping of the Swiss central bank's cap for the franc-euro, a move that could sharply reduce the value of sales to their key European markets. The blue chip Swiss Market Index plunged 9.6% in lunchtime trading, and billions of Swiss francs were wiped from the value of companies such as cement maker Holcim AG and pharma giant Novartis AG, after the Swiss National Bank said it would eliminate a long-observed cap of 1.20 francs per euro. Representatives from Novartis declined to comment, while Holcim said the drop reflected the general development of the Swiss market. The SNB's decision, which caused the franc to surge in value to about 1.03 per euro from around 1.20, was particularly critical for companies which rely on sales to the 19 countries in the eurozone--Switzerland's biggest export market and buyer of more than half of the Alpine country's products. A rise in the value of the Swiss franc reduces the value of sales made in euros, and pressures profitability. It also makes Swiss products less attractive if Swiss companies raise their euro-denominated prices to compensate. Swiss watchmakers are vulnerable as they have to produce most of their products within Switzerland, to qualify for a so-called Swiss-made label. Jean-Daniel Pasche, president of the Swiss watchmakers' federation said he was "anxious" about the decision, and feared a negative impact on exports. Among the companies worst affected in Thursday's selloff were the watchmakers Swatch Group AG and Cie. Financiere Richemont SA, both of which saw their stock plunge 15%. Swatch Chief Executive Officer Nick Hayek has previously been among the strongest supporters of the 1.20 Swiss franc per euro minimum exchange rate, which was introduced by the SNB in September 2011 to prevent deflation and help Swiss companies remain competitive. Mr. Hayek said Thursday's decision by SNB President Thomas Jordan to scrap the minimum exchange rate will have disastrous consequences for Switzerland. "Words fail me," Mr. Hayek said in a prepared statement. "Jordan isn't only the name of the SNB president, but also of a river and today's SNB action is a tsunami; for the export industry and for tourism, and finally for the entire country." Also likely to be badly hit by the SNB's decision are machine tool makers, one of Switzerland's largest export sectors. The rise of the franc made Swiss companies less competitive and "profit margins will melt," said Ivo Zimmermann, spokesman for their association Swissmem. "Companies are thinking about what to do next," Mr. Zimmermann said. "They are very worried." Plumbing and building supplies company Geberit AG said Thursday that for every 10% rise in the value of the franc, the value of the company's sales would fall by 7% to 9%, while its profit margin would be reduced by 0.5%. Industry associations said exporters wouldn't be the only part of the Swiss economy to be hit. "Suppliers to the exporters in Switzerland will come under pressure to reduce prices again," said Rudolf Minsch, chief economist at Economiesuisse, the country's main business association which represents around 100,000 companies. There was also likely to be a surge in consumers shopping outside Switzerland, crossing over the borders into neighboring France, Italy and Germany, depressing consumer spending within Switzerland. Another worry was the lack of certainty which the minimum exchange rate gave and many companies based their decision making around, Mr. Minsch said. Many now expect the Swiss economy, which has consistently outperformed its neighbors in recent years, to slow. Switzerland's annualized growth hit 1.9% in the third quarter, compared with just 0.6% in the eurozone. Investment was likely to be reduced as a result of the uncertainty, while jobs and wages could also come under pressure. The Swiss Federation of Trade Unions estimates around 80,000 jobs could be lost if the Swiss franc settles in the long term around parity with the euro. The resulting rise in the value of the Swiss franc would put pressure on wage levels and employment, while it could also lead to more outsourcing, its chief economist Daniel Lampart said. Write to John Revill at john.revill@wsj.com

Access Investor Kit for Schweizerische Nationalbank Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=CH0001319265
(END) Dow Jones Newswires January 15, 2015 10:19 ET (15:19 GMT)

EURUSD is trading at historic lows – the lowest in almost a decade – after breaking the psychological level of 1.20. This may be only the starting point of a deeper and more prolonged depreciation of the euro towards 1.15. The two key elements behind the drop are the resurgence of the sovereign debt crisis and expectations that the European Central Bank will launch a policy easing program to avoid Japanese-style deflation in the euro area.
Once again, the ECB will have no choice other than to take the lead in order to reassure investors. This means implementing a sovereign bonds purchasing programme despite German reluctance. It may not be the best option to strengthen growth and reinforce inflation but it is the only option left.
The ECB may launch this programme as soon as January 22. Over the past few weeks, pressure has increased on the central bank after the publication of data confirming the increasing risk of deflation in the Eurozone. For the first time since 2009, year-on-year inflation turned negative, as measured by the December Eurozone CPI estimate, with much of the pressure coming from the 30% plunge in the oil price since Opec’s last meeting in November. LINK - Saxo Bank

TOKYO, Jan 5 (Reuters) - U.S. crude futures extended 
declines to a third day on Monday to stay near their lowest 
level in more than five years, hurt by a slew of weak economic 
data in the worlds biggest oil consumer. 

FUNDAMENTALS 
* NYMEX crude for February delivery CLc1 was down 39 cents 
at $52.30 a barrel by 2340 GMT, after settling down 58 cents at 
on Friday. The contract fell as low as $52.03 on Friday, the 
lowest since May 2009. 
* London Brent crude for February delivery LCOc1 was down 
52 cents at $55.90 a barrel, after settling down 91 cents. 
* In a sign of tepid economic conditions, U.S. construction 
spending unexpectedly fell 0.3 percent in November, while the 
pace of growth in the U.S. manufacturing sector slipped to a 
six-month low in December, according to the Institute for Supply 
Management. ID:nL1N0UH0OD 
* Oil prices have been choppy due to thin trading volume at 
the start of the new year, analysts said. A big slide in oil 
prices has accelerated after OPEC declined to restrict oil 
output in November despite pressure from its member nations. 
* The plunge in oil prices in the past six months wont 
affect Kuwaits economic development projects and the 
governmenht will continue to support capital expenditure in the 
economy, Finance Minister Anas al-Saleh said on Sunday. 
ID:nL6N0UJ09Q 

MARKETS NEWS 
* U.S. stocks closed little changed on Friday in the first 
trading session of 2015, finishing well off session highs as 
economic data short-circuited early gains. .N 
* The euro tumbled to its lowest level since early 2006 in 
Asia on Monday as a wave of stop-loss sales were tripped on the 
break of major chart support, sending the U.S. dollar flying 
higher against a range of competitors. USD/ 

DATA/EVENTS 
* The following data is expected on Monday: (Time in GMT) 
- 0135 Japan Manufacturing PMI Dec JPRPMI=ECI 
- 0500 U.S. Total Vehicle Sales Dec USVEH=ECI 
- 1445 U.S. ISM-New York Index Dec USNYBC=ECI 

(Reporting by Osamu Tsukimori; Editing by Eric Walsh) 
((osamu.tsukimori@thomsonreuters.com, +813 6441 1857, Reuters 
Messaging: osamu.tsukimori.thomsonreuters.com@reuters.net;)) 

Disclaimer:

© Thomson Reuters 2015. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters is not liable for any errors or delays in Thomson Reuters content, or for any actions taken in reliance on such content. ‘Thomson Reuters’ and the Thomson Reuters logo are trademarks of Thomson Reuters and its affiliated companies.

For additional information on other Thomson Reuters Services please visit the Thomson Reuters public web site http://www.thomsonreuters.com/.

Weekly Natural Gas Storage Report

http://ir.eia.gov/ngs/ngs.html

12:05, 31 Dec 2014 (Wed) 

MOSCOW--Russian inflation accelerated as the ruble plummeted in December to a rate of 11.4% for the year, the highest level since the 2008 financial crisis. Many retailers started raising prices in December as the ruble's losses against the dollar soared over 40% for the year amid Western sanctions on Russia and a plunging price for oil, the country's main export. Consumer prices rose 2.6% in December compared with the previous month, according to preliminary data from the State Statistics Committee published Wednesday. In November, annual inflation was 9.1% Food prices rose 15.4% on the year, while non-food inflation stood at 8.1%, the data showed. Last year, consumer prices rose 6.5%. Russia's economy is facing stagflation, a combination of low growth and stubbornly high inflation, and is likely to fall into recession next year after the central bank jacked up lending rates to support the beleaguered ruble. 

Write to James Marson at james.marson@wsj.com

Repost by C. Hagan

Sign up for Superfund newsletter at www.tinyletter.com/superfund 

REPOST

(Inside Oil - Asia edition will not be published on Thursday, January 1, 2015 as markets are 
closed in observance of New Year Holiday. Wishing everyone a Happy New Year.) 


TOP NEWS 

U.S. opens door to oil exports after year of pressure 

The Obama administration on Tuesday bowed to months of growing pressure over a 40-year-old ban 
on exports of most domestic crude, taking two steps expected to unleash a wave of ultra-light 
shale oil onto global markets. 

Obama move on U.S. oil exports paves way for Canadian crude, too 

As the Obama administration issued landmark guidelines expected to open the door for selling 
more domestic shale oil abroad, it also likely smoothed the way for more Canadian crude to be 
shipped through U.S. ports. 

Fire at Libyan oil port destroys up to 1.8 mln barrels of crude 

A fire raging for almost a week at Libyas biggest oil port of Es Sider has destroyed up to 1.8 
million barrels of crude and damaged seven storage tanks, causing total damage of $213 million, 
a top oil official said on Tuesday. 

OPEC oil out out hits six month low in December on Libya 

OPECs oil supply fell by 270,000 barrels per day (bpd) in December to a six-month low as 
fighting cut Libyan output, offsetting record Iraqi southern exports and stable Saudi Arabian 
production, a Reuters survey found. 

Indonesias new energy governance team recommends Petral shake-up 

Petral, the trading arm of Indonesias state energy company Pertamina , should undergo a 
management shake-up, forensic audit and be stripped of its right to handle oil imports, the 
countrys new oil and gas governance team recommended on Tuesday. 

POLL-U.S. crude stocks likely slipped last week, products up 

U.S. commercial crude oil inventories were forecast to have slipped marginally in the week ended 
Dec. 26, while products stocks rose, an expanded Reuters survey showed on Tuesday. 

Petrovietnam to trim crude oil, gas output in 2015 

State oil and gas group Petrovietnam said it plans to cut Vietnams crude oil output next year 
to 16.8 million tonnes (337,000 barrels per day), down 3.3 percent from 2014, citing oil price 
volatility. 

Court orders Argentinas YPF to disclose contract with Chevron 

An Argentine judge on Tuesday ordered the state-controlled energy firm YPF to fully disclose 
details of its contract with Chevron Corp sought by an opposition lawmaker amid allegations of 
secret clauses in the agreement. 

MARKET NEWS 

Brent and WTI see small gains as end of year approaches 

Crude futures closed up slightly Tuesday, getting some relief from a weak dollar but not making 
significant strides as traders prepared for the end of the year. 

FOREX-Dollar index on track for best annual gain in 9 years 

The dollar was on track to end 2014 with a gain of 12 percent against a basket of major 
currencies, and anticipated U.S. interest rake hikes may strengthen its appeal in the new year. 

GLOBAL MARKETS-China stocks are top performers in 2014, oil depressed 

Asian markets were ending 2014 on a cautionary note as worries about Greeces future in the euro 
zone served as an excuse to take profits on crowded trades, though Chinese stocks seemed 
destined for their best year in five. 

(Reporting By Vishaka George)

Subscribe to SuperfundEquities.com Newsletter - covering finance and business, equities and markets. 

Russia's Putin scraps New Year's holidays for ministers

AP - Thu Dec 25, 7:15AM CST

MOSCOW (AP) — Russian President Vladimir Putin on Thursday scrapped New Year's holidays for government ministers because of the unfolding economic crisis.

Russian company employees throughout the country are entitled to holiday from Jan. 1 to Jan. 12 when Russians celebrate the New Year, the main holiday in Russia, as well as Orthodox Christmas on Jan. 7.

Putin told a televised government session on Thursday that Cabinet ministers should not take this time off.

"For the government, for your agencies we cannot afford this long holiday, at least this year - you know what I mean," he said.

Prime Minister Dmitry Medvedev told Cabinet ministers on Thursday he expects them to keep the situation in check even during the holiday lull "from the first days of the year."

Russia's economy, battered by low oil prices and Western sanctions, is set to enter recession next year for the first time in six years, while the ruble is now worth less than half of its value.

The ruble staged a modest rally last week and was trading 2 percent higher at 52 rubles per dollar Thursday, up from 80 rubles earlier this month.

The Russian Central Bank announced on Thursday that the country's currency reserve has dropped below $400 billion for the first time since August 2009, as the government has been selling the currency on the market to support the ruble.

Stabilizing the ruble, which is one of the world's worst-performing currencies this year following the slide in oil prices and the sanctions imposed on Russia, is a priority for the country's monetary authorities. The Central Bank in past weeks raised its key interest rate to 17 percent and said it will offer dollar and euro loans to banks so they can help major exporters that need foreign currencies to finance operations.

Many Russian companies have been locked out of Western capital markets following the sanctions imposed on the country for its involvement in Ukraine.

Superfund Equities Report

Fiat Chrysler is having problems. Earlier this year we stood by them and the vision of the dynasty. We traded in and out and had an established level of confidence when the Ferrari IPO was announced. Then came the airbags. Let us wait to see about Ferrari.

North Korea denies hacking Sony, U.S. stands by its assertion...LINK

Upgrades

BHP Billiton plc (LON:BLT) had its price target lowered by analysts at Deutsche Bank from GBX 2,400 ($37.72) to GBX 2,100 ($33.00) on Tuesday. They now have a "buy" rating on the stock.

The Dow Chemical Company (NYSE:DOW) is now covered by analysts at Nomura on Tuesday. They set a "buy" rating and a $57.00 price target on the stock. 24.3% upside from the previous close of $45.84.

Vale SA (ADR) (NASDAQ:VALE) had its price target lowered by analysts at Credit Suisse from $10.50 to $7.50 on Monday. They now have an "underperform" rating on the stock. 7.9% downside from the previous close of $8.14.

Onward Profits!


Chad


Chad Hagan

CEO, Hagan Capital

Executive Editor, Superfund Equities


SUBSCRIBE @

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ODP >> Takeover Target - December 11, 2014 - Updated 12/17/2014 by C. Hagan




Business Summary: Office Depot, Inc. (ODP, $7.54/shr - NOW AT $7.99) supplies office products and services to consumers and businesses through approximately 2,000 stores and its primary websitewww.officedepot.com in North America (approximately 80% of sales) and select international countries (20% of sales). ODP is entering the second year of a three-year integration plan following its merger with Office Max in late 2013 and the combined company generates annual revenue of approximately $16 billion.




Activist Investor: Activist investor Starboard Value LP on December 10, 2014 filed a 13 D/A reporting an increased 9.9% stake in ODP after filing an initial 13D back in September 2012. Starboard has been an active ODP shareholder over the last two years and won three board seats in an August 2013 settlement with the company. Also on December 10, 2014 Starboard filed a 13D reporting a new 5.1% stake in larger competitor Staples, Inc. (SPLS, $16.10/shr). Both ODP and SPLS stocks popped after yesterday's joint filings as Starboard is reportedly pushing for a merger of the two competitors.




SPLS / ODP Merger Mania: SPLS and ODP actually agreed to merge in 1996, but the transaction was subsequently blocked by the FTC. Credit Suisse analyst Gary Balter recently proposed that the two companies should now give it another go (see 9/2/14 research report) and Starboard seems to agree. The competitive landscape has changed dramatically and based on language in the FTC's unconditional approval of the ODP/OMX 2013 merger (seehttp://www.ftc.gov/sites/default/files/documents/closing_letters/office-depot-inc./officemax-inc./131101officedepotofficemaxstatement.pdf), Balter thinks a SPLS/ODP combination would likely be approved. For its merger with OMX, ODP is targeting $750 million of synergies after three years and recently posted better than expected 3Q14 results and provided better than expected 2015 guidance, indicating that the synergies are real and dropping to the bottom line. Balter estimates that a grander SPLS/ODP merger could yield $1.4 billion of annual synergies and double the current combined operating profit of the two companies, suggesting huge value creation for both ODP as target and SPLS as acquirer.




Thesis Summary: ODP at 5.5x 2015 EV/EBITDA and 0.28x EV/Sales trades at a big discount to SPLS at 7.5x EV/EBITDA and 0.48x EV/Sales despite ODP being the rumored takeover target and despite ODP having a better earnings trajectory than SPLS as significant ODP/OMX merger synergies are expected to benefit the bottom line for the next few years. For example, ODP EBITDA is expected to grow from approximately $565 million in 2014 to $775 million in 2015 with further growth in 2016 as synergies ramp and annualize; while consensus estimates for SPLS suggest flattish EBITDA of approximately $1.4 billion from 2014 to 2016. While ODP has upside to $10.20/shr (plus 35%) simply based on a 7.5x SPLS EV/EBITDA multiple, the real upside will come if SPLS buys or merges with ODP in a transaction that seems to make perfect sense if it were to pass antitrust review. As detailed below, ODP may have huge upside to $20/shr (plus 165%) in a merger scenario and arguably modest near-term downside due to its big discount to SPLS, improving operating results, synergy tailwind, net cash balance sheet, activist involvement and general SPLS/ODP merger buzz. [Note: ODP's indicated EV multiples include $500mm of estimated liabilities for remaining integration costs, legal accruals, and timber sale deferred taxes.]




Upside Takeover Scenario: Balter suggests that SPLS move sooner rather than later and hypothesizes that SPLS pay an 80% premium in an all-cash, debt-financed purchase of ODP (note: ODP was trading at $5.12/shr when the research was published). I would advise, however, that ODP demand credit for at least 50% of the estimated synergies from a transaction, which would still be hugely accretive to SPLS. I frame an upside scenario for ODP as follows: 1) ODP has guided to approximately $475 million of operating profit in 2015, or roughly $775 million EBITDA; 2) Add $700 million for 50% of estimated SPLS/ODP merger synergies, gets you to $1.475 billion EBITDA; 3) Apply SPLS current EV/EBITDA multiple of 7.5x (so not even figuring a premium multiple) derives $11 billion of enterprise value attributable to ODP; 4) Subtract $200 million of ODP net debt/obligations estimated at year-end 2014 (roughly $1.0b cash, $700mm debt, and $500mm estimated other liabilities) derives $10.8 billion of equity value, or $20/shr (plus 165%) for ODP based on 545 million diluted shares. Even with the huge premium, SPLS would be purchasing ODP at only 5.1x EBITDA pro forma for 100% of Balter's estimated synergies and a still reasonable 7.5x EBITDA pro forma for 50% of estimated synergies. The ODP takeover would be hugely accretive to SPLS based on the modest purchase multiple and cheap debt financing, even if SPLS uses some equity consideration.




Confucius Says: When the rumored target of an activist-inspired-logical-value-creating-merger in a cheap-money-fueled-hot-M&A-market is trading at a big discount to the rumored acquirer despite having superior earnings trajectory, the target is a buy... even if it sells office supplies.Thank you Andrew Shirley, 9665 Wilshire Boulevard, Beverly Hills, CA, 90212

Superfund Equities Report













SIGN UP AT WWW.TINYLETTER.COM/SUPERFUND







Greetings December!




Today in Atlanta it was unseasonably warm. I like weather benchmarks, and today we blew one out. That will change with night fall. Come on strong winter!




What is up with commodities? Are traders in Zurich shutting shop? Perhaps switching to Saudi only oil and for that fact, eastern demand for precious metals?




The US oil industry is maturing, not ending...LINK




Even lower crude prices possible...




However, as of 9pm last night WTI crude oil hit new multi-year lows in early overseas action - to $64.60 per barrel.




NOW, Gold is at $1208 per ounce and silver is at $16.64. Also, Swiss voters overwhelmingly rejected a proposal which would have forced the central bank to hold 16% more gold in holdings - as in pure, non-transferable holdings.







Stock Upgrades/ Downgrades...




Alcoa Inc (NYSE:AA) was upgraded by analysts at Citigroup Inc. from a "neutral" rating to a "buy" rating. They now have a $21.00 price target on the stock, up previously from $12.50. 21.5% upside from the previous close of $17.29.













​American Airlines Group Inc (NASDAQ:AAL) was upgraded by analysts at Bank of America from a "neutral" rating to a "buy" rating. They now have a $55.00 price target on the stock, up previously from $46.00. 13.3% upside from the previous close of $48.53.













Thomson Reuters Co. (NYSE:TRI) was upgraded by analysts at Nomura from a "reduce" rating to a "neutral" rating. Previous closing price of $39.60.













La Quinta Holdings Inc (NYSE:LQ) was upgraded by analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating. They now have a $26.00 price target on the stock, up previously from $22.00. 18.1% upside from the previous close of $22.02.













Energy XXI (Bermuda) Limited (NASDAQ:EXXI) was downgraded by analysts at Iberia Capital from an "outperform" rating to a "sector perform" rating on Friday. Previous closing price of $4.01. Today EXXI closed at $3.42. We recommend shorting the stink out of it.













Del Frisco's Restaurant Group Inc (NASDAQ:DFRG) was upgraded by analysts at Raymond James from a "market perform" rating to an "outperform" rating. Previous closing price of $22.22.













General Electric Company (NYSE:GE) is now covered by analysts at RBC Capital on Monday. They set an "outperform" rating and a $30.00 price target on the stock. Today closed at $26.02.













Deere & Company (NYSE:DE) was upgraded by analysts at Robert W. Baird from a "neutral" rating to an "outperform" rating. They now have a $105.00 price target on the stock, up previously from $85.00. 21.2% upside from the previous close of $86.62.













Venture Capital + Valuations...













Tech valuations are getting hot - so they say - a bubble? LINK













GoPro is developing its own range of drones. Make your own 'going vertical' joke - LINK













TO GREAT PROFITS! - CH








































Chad Hagan













CEO, Hagan Capital

11/29/2014 - Superfund Equities Report - www.tinyletter.com/superfund

The fund sold F (Ford) and piled up on TASR (Taser), SWHC (Smith & Wesson), ZNGA (Zynga) and ABR (Arbor REIT)

Citi Group's Index unit is for sale - LINK

OPEC's meeting in Vienna this week shook the oil markets. 

West Texas Intermediate is at: $66.15

Brent is at: $70.15

Oil is breaking serious resistance levels. 

China is considering a broad ban on smoking, including tobacco advertising, smoking in public places and cutting smoking scenes in film and TV. Up more than 10% from the year before, the country’s tobacco industry generated nearly 956B yuan ($155.6B) in taxes and profits in 2013. China is home to more than 300M smokers!!!!!

Seagate refinancing $300M worth of debt (11/24/2014)  - $STX Seagate (STX +1.6%) plans to offer $300M worth of senior notes; their pricing and maturity date is undisclosed for now. Proceeds, along with cash on hand, will be used to redeem 6.8% senior notes due 2016. Seagate expects a total redemption cost of $362M. Seagate had $3.8B in debt as of Oct. 3, and $2.2B in cash. The hard drive giant sold $1B worth of debt in May. Great hard drive / memory business. 

Securities Upgrades/ Downgrades

Progressive Waste Solutions Ltd (NYSE:BIN) was upgraded by analysts at Stifel Nicolaus from a "hold" rating to a "buy" rating. They now have a $37.00 price target on the stock. 21.0% upside from the previous close of $30.57. 

Boyd Gaming Co. (NYSE:BYD) was upgraded by analysts at Macquarie from an "underperform" rating to a "neutral" rating. They now have a $12.00 price target on the stock, up previously from $11.00. 0.4% upside from previous close of $11.95.

Chemring Group plc (LON:CHG) was upgraded by analysts at Investec to a "buy" rating. They now have a GBX 250 ($3.91) price target on the stock.

Eaton Corp plc (NYSE:ETN) was upgraded by analysts at Zacks from an "underperform" rating to a "neutral" rating. They now have a $73.00 price target on the stock. 5.7% upside from the previous close of $69.07. 

CG Holdings, Inc. Class A (NYSE:KCG) was upgraded by analysts at Sandler O'Neill from a "hold" rating to a "buy" rating. They now have a $14.00 price target on the stock. 28.0% upside from the previous close of $10.94. 

Luxottica Group SpA (ADR) (NYSE:LUX) was upgraded by analysts at Nomura from a "neutral" rating to a "buy" rating. Previous closing price of $52.15.  

Mineral Resources Limited (ASX:MIN) was upgraded by analysts at RBC Capital from a "sector perform" rating to an "outperform" rating. They now have a $10.00 price target on the stock, down previously from $11.00.

Williams Partners L.P. (NYSE:WPZ) was upgraded by analysts at Jefferies Group from a "hold" rating to a "buy" rating. They now have a $62.00 price target on the stock, up previously from $56.00. 15.9% upside from the previous close of $53.49.

Google Glass is still around - and if you take the time to read this article, you will think about getting a pair - LINK 

December is not all vacation -

Former Bear Stearns CEO James Cayne became a poster-child for ill-timed vacation planning. In 2007, amid a nascent global financial crisis, two of his company's hedge funds were melting down, faced with demands for more collateral, etc. At the time, Cayne was competing in a bridge tournament without access to a mobile phone or e-mail, a blunder that cratered the market's confidence in Bear Stearns, which collapsed in March of 2008 and was sold for $2 a share to JPMorgan.- from Barrons 

TO GREAT PROFITS!

CH

Chad Hagan

CEO, Hagan Capital

EIC, Superfund Equities

www.tinyletter.com/superfund

$TKMR TKMR After 11/06/2014 Earnings Chart . Statement from CEO - "Our goal this quarter was to continue the advancemen http://stks.co/a1ECc
— Chad Hagan (@SuperFund) Nov. 9 at 12:53 PM

S&P 500 Justifies Oppenheimer’s 2,014 in 2014: Chart of the Day

By David Wilson

Nov. 4 (Bloomberg) -- When John Stoltzfus predicted almost a year ago that the S&P 500 would end 2014 at 2,014, the chief investment strategist at Oppenheimer & Co. was more optimistic than any of his Wall Street peers.

As the CHART OF THE DAY shows, Stoltzfus was vindicated for his bullishness. The S&P 500 surpassed his estimate at the end of last week and held above the projection yesterday, when it closed at 2,017.81.



The chart begins on Nov. 19, when the New York-based strategist made his call. At that time, he was the only one of 15 strategists in a Bloomberg survey to see the index at 2,000 or higher this year. As of yesterday, 16 of 20 strategists did.

Stoltzfus said in a telephone interview yesterday that he will revisit the 2,014 estimate after today’s election results are tallied.

“If we do bump it up, I can’t imagine it will be a heck of a lot,” he said. “This market could easily move sideways and close pretty much where we are, or somewhat higher.” He added that he plans to make his initial 2015 call within the next two weeks.

The S&P 500 climbed 13 percent from last Nov. 19 through yesterday. Sustained U.S. economic expansion, rising corporate earnings and the Federal Reserve’s monetary policy spurred the gain, he said.

The 2,014-in-2014 estimate was matched by Adam Parker, chief U.S. equity strategist at Morgan Stanley, last December. Parker shifted to a 12-month forecast in June and now sees the S&P 500 reaching 2,125 by next November.

----------

Sincerely,


David Wilson

FROM 10/2/2014

Ebola crisis rekindles concerns about secret research in Russian military labs - bio war?

"She was an ordinary lab technician with an uncommonly dangerous assignment: drawing blood from Ebola-infected animals in a secret military laboratory. When she cut herself at work one day, she decided to keep quiet, fearing she’d be in trouble. Then the illness struck.

“By the time she turned to a doctor for help, it was too late,” one of her overseers, a former bio­weapons scientist, said of the accident years afterward. The woman died quickly and was buried, according to one account, in a “sack filled with calcium hypochlorite,” or powdered bleach" -

Read this article here - Thx Washington Post

Many (many) shipping companies will rebound, some will not.

We have swung out of our earlier positions and have settled an $BALT as a major player, especially due to trading volume and M$A rumors.

By Tiernan Ray

Shares of Nokia (NOK) are up 41 cents, or almost 6%, at $8.35, continuing pre-market gains, after the company this morning beat Q3 expectations, and raised its profit outlook.

Revenue in the three months ended in September 41%, year over year, to €3.32 billion, yielding €0.09 per share.

Analysts had been modeling €3 billion and €0.07 per share.

Profit, excluding some costs, almost quintupled to €760 million.

Nokia said its “Networks” business unit had 13% revenue growth, to €2.9 billion. The company said the results showed its “strong position in a world where technology is undergoing significant change.”

The company noted several positive factors in the networks business:

Performance at Nokia Networks was particularly satisfying, with both growth and improved profitability. Progress was widespread, with four of our six regions increasing sales; Mobile Broadband sales and profitability were up sharply; Global Services delivered its sixth consecutive quarter of double digit profitability; and I was pleased to see a rebound in Europe driven by our robust deal momentum. That said, I also want to be clear that Networks benefited from some unique developments in the quarter, with a business mix weighted towards Mobile Broadband and regional mix that included strong gains in North Ameri

Nokia said the network unit’s operating profit margin this year is now expected to rise above 11%, better than the company’s targeted range of 5% to 10%. The company also raised its capital spending forecast to €250 million for the year, up from €200 million expected previously.

Wells Fargo’s Maynard Um reiterates a Market Perform rating on the stock and a valuation range of $8 to $8.80, writing that “Networks drove the surprise to the upside with HERE and Technologies slightly below expectations [...] Sales were driven primarily due to major new LTE deployments in North America and China.” Adnaan Ahmed of Berenberg reiterates a Buy rating, and an €8.40 price target on the ordinary shares (NOK1V), writing that “The key to the Nokia investment case is that its Networks margins do not fall off a cliff.”

He tells investors to expect minimal growth next year, on constrained capital spending by carriers:

For all of last year and this year (with today’s guidance), Nokia’s Networks business has been able to sustain 10%+ margins. We think this should continue for the next 12-18 months, as long as telco spend does not precipitously decline. Obviously, a major worry in the market right now is that US spend has peaked, as has China’s, and – outside of Vodafone – in Europe spend is muted. We agree with most of these assertions. We think Nokia’s Networks business will grow at a 3% clip next year. It will continue to benefit from Vodafone and some of the recent wins it has had in Europe. In the US, it has hardly any exposure to AT&T and Verizon. Sprint and T-Mobile are its major customers and T-Mobile is now starting to deploy LTE-advanced, which should be good for revenues and margins.

Update

Today 1:08 PM ET (Dow Jones) Print

By Ben Kesling

Ohio health officials strengthened the state's Ebola-monitoring protocols Saturday to require that state

residents who are self-monitoring after contact with an Ebola-exposed environment don't leave the U.S.

Ohio residents who monitoring themselves for symptoms of the Ebola virus must also undergo daily

appointments with a health-department official, according to the state's new mandates.

Ohio instituted the ban on international travel for those being monitored citing "the inability to track

them down in the event they fail to meet their daily reporting requirements," according to a statement by

the state's Emergency Operations Department.

State officials said Sunday morning that 73 people are subject to the new regulations and that 52 other

people are self-monitoring but were at the lowest risk of infection, having had no direct contact or

extended time in the same enclosed space as a confirmed patient. Another 28 individuals are being

closely watched but their cases haven't yet been categorized.

The state has no confirmed cases of Ebola, but has actively quarantined three people who had direct

contact with a confirmed Ebola patient, Dallas nurse Amber Vinson who helped treat Thomas Eric

Duncan and is now being treated for the disease herself.

Ohio officials said the new daily, statewide tally of those being monitored will improve communications

with the public and ensure transparency in the health-care process.

The new travel rules announced Saturday by the Ohio Department of Health require anybody in the state

who is self-monitoring and wants to travel within the state or the U.S. to make arrangements to ensure

another health jurisdiction takes responsibility for the daily reporting.

"As we've seen, travel is a potential problem," Dr. Mary DiOrio, the state's epidemiologist, said in a

statement issued Saturday. "We don't want to take the slightest chance for this disease to potentially

spread."

The state is trying to avoid a repetition of what happened in Texas. Two exposed health-care workers in

Dallas--one of whom was later diagnosed with Ebola--traveled; one on a plane and the other on a cruise

ship. Dr. DiOrio said the state is comfortable with criticism of its aggressive stance and is confident the

actions taken are legal.

Those being monitored can be compelled to comply with the new restrictions, said Bill Teets, a

spokesman for the state of Ohio.

Ms. Vinson, a nurse at Texas Health Presbyterian Hospital, Dallas, traveled to Ohio from Oct. 10 to Oct.

13, flying on a commercial airline even after she started to run a fever. She subsequently tested positive

for Ebola a day later, when she returned to Texas.

Since then, local and state Ohio health officials and the Centers for Disease Control and Prevention have

been working to track people in the state who might have been in contact with her.

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(END) Dow Jones Newswires

October 19, 2014 13:08 ET (17:08 GMT)

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