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From Briefing.com: Weekly Recap - Week ending 18-Oct-13

Dow +28.00 at 15399.65, Nasdaq +51.13 at 3914.28, S&P +11.35 at 1744.5

The S&P 500 registered its third consecutive gain, rising 0.7% to extend its weekly advance to 2.4%. However, the Nasdaq (+1.3%) was today's standout as Google (GOOG 1011.41, +122.61) made a significant contribution to the relative strength of the tech-heavy index. Shares of Google surged 13.8% after the company surpassed earnings expectations by 37 cents.

Thanks to Google's surge, the tech sector settled in the lead with a gain of 1.8%. Even though the sector ended sharply higher, some other top members underperformed. Qualcomm (QCOM 68.40, -0.30) shed 0.4% and IBM (IBM 173.78, -1.05) fell 0.6% after plunging 6.4% yesterday. Chipmakers sat out the rally as Intel (INTC 23.88, -0.05) slipped 0.2% while the broader PHLX Semiconductor added 0.3%.

Outside of technology, the industrial sector (+1.1%) was the only group that ended with a gain larger than 1.0%. Top sector component General Electric (GE 25.55, +0.87) jumped 3.5% after beating earnings expectations by a penny on a 1.5% year-over-year decline in revenue. Transports also contributed to the sector's strength as the Dow Jones Transportation Average advanced 1.2%. Kansas City Southern (KSU 117.35, +4.19) was the top index component, rising 3.7% despite reporting a bottom-line miss.

Elsewhere, the energy space (+0.9%) outperformed with Schlumberger (SLB 93.99, +2.56) providing a measure of support after beating on earnings. Crude oil ended with a modest gain of 0.2% at $100.84 per barrel.

Also of note, the financial sector (+0.3%) underperformed even as Morgan Stanley (MS 29.69, +0.76) rose 2.6% after beating on earnings and revenue. JPMorgan Chase (JPM 54.30, +0.09) received a late-afternoon boost off its lows amid reports of the bank reaching a $4 billion settlement with the Federal Housing Finance Agency after the FHFA sought as much as $6 billion in damages. Even though financials lagged, the sector was the top performer of the week, rising 5.1%.

On the downside, the health care space (-0.4%) ended in the red. Intuitive Surgical (ISRG 376.52, -22.61) weighed following its top-line miss while biotechnology underperformed as well. The iShares Nasdaq Biotechnology ETF (IBB 206.78, -1.59) lost 0.8%.

Treasuries ended little changed with the 10-yr yield at 2.59%.

Trading volume was aided by options expiration as nearly 900 million shares changed hands on the floor of the New York Stock Exchange.

September existing home sales will be reported on Monday at 10:00 ET. On the earnings front, McDonald's (MCD 95.20, -0.27), Halliburton (HAL 52.47, +0.75), and SAP (SAP 73.75, +0.86) will report their quarterly results prior to the opening bell.

Week in Review: Equities Notch Fresh Record Highs as Government Shutdown Ends

On Monday, equity indices posted modest gains even as the agreement to end the partial government shutdown and extend the debt ceiling remained elusive. The S&P 500 added 0.4%. Stocks slumped at the open after the weekend ended without any concrete progress in Washington. Despite the opening weakness, dip-buyers were quick to step in, drawing encouragement from late-morning reports indicating a bipartisan meeting was scheduled to take place at the White House at 15:00 ET. The technology sector (+0.5%) fueled much of the session-long rebound as top components rallied. Netflix (NFLX 333.50, +3.40) also displayed strength, surging 7.8% after reports indicated the company is exploring making its service available through cable set-top boxes. The company also said it entered into a production deal with Sony (SNE 19.61, -0.42).

Tuesday saw the S&P 500 settle lower by 0.7% after contradicting headlines from Washington fostered volatile price action throughout the session. Equity indices displayed modest losses at the open, but were able to turn positive by late afternoon. The rebound was predicated on optimism associated with budget talks in Washington after Senate Majority Leader Harry Reid was quoted as saying 'tremendous progress' had been made. Selling pressure intensified during the final 90 minutes of the session amid headlines indicating the Senate has halted its negotiations pending the outcome of the House vote. California Senator Dianne Feinstein weighed in on the situation, saying budget talks have 'all fallen apart.' All ten sectors ended in the red with countercyclical consumer staples (-0.9%) and utilities (-1.4%) leading to the downside. Among staple stocks, Coca-Cola (KO 38.78, +0.23) lost 0.7% following its in-line earnings report.

On Wednesday, the S&P 500 settled higher by 1.4% with participants rushing into equities as Washington lawmakers appeared to be on the verge of striking a deal that would fund the government through January 15 while extending the debt ceiling until February 7, and maintaining the sequester. All ten sectors posted gains with financials (+2.2%) ending in the lead. The sector received support from Bank of America (BAC 14.63, -0.03) and PNC Financial (PNC 75.04, +0.36) after both banks reported bottom-line beats.

The major averages ended Thursday's session on a mixed note as the Dow shed just over two points while the S&P 500 added 0.7% to notch a fresh all-time high at 1,733.45. With the third quarter earnings season heating up, the Dow Jones Industrial Average was victimized by disappointing results from two market-moving names. Goldman Sachs (GS 158.69, +0.37) and IBM ended with respective losses of 2.4% and 6.4% after both reported bottom-line beats on light revenue. Goldman Sachs missed top-line estimates by roughly $500 million while IBM reported revenue $1 billion below analyst expectations. Shares of IBM weighed on the technology sector (-0.2%) while financials (+0.9%) were able to shake off Goldman's weakness with help from American Express (AXP 80.52, +0.29). The Dow component jumped 5.1% following its earnings beat.

DJIA +17.5% YTD
S&P 500 +22.3% YTD
Nasdaq +29.6% YTD
Russell 2000 +31.3% YTD

 
 Index	   Started Week	 Ended Week  Change  % Change	YTD % 
 DJIA	     15237.11	 15399.65   162.54	1.1	17.5 
 Nasdaq	      3791.87	  3914.28   122.41	3.2	29.6 
 S&P 500	1703.20	  1744.50    41.30	2.4	22.3 
 Russell 2000  1084.32	  1114.77    30.45	2.8	31.2

This week's top 20 % gainers

Utilities: TGS (2.79 +20.35%)
Technology: PRKR (6.39 +108.05%), SCTY (59.46 +41.12%), BITA (24.32 +29.5%), NQ (24.92 +24.19%)
Services: SAVE (43.05 +27.07%), ENV (35.95 +19.81%), AAP (98.7 +18.91%)
Industrial Goods: MY (3.36 +28.9%), CECE (18.83 +21.18%)
Healthcare: GERN (4.28 +42.57%), INSM (15.25 +25.82%), OPK (11.6 +23.62%), KERX (11.26 +23.43%), ZIOP (4.94 +19.63%)
Financial: NOAH (21.06 +34.87%)
Basic Materials: MPO (6.45 +26.03%), MTDR (21 +21.45%), BVN (13.78 +18.85%)

This week's top 20 % losers

Utilities: ATLS (46.44 -9.35%)
Technology: TDC (42.64 -19.3%), UTEK (25.48 -14.04%), DMD (5.2 -13.23%), SGI (14.5 -12.05%), QTM (1.38 -10.46%), VECO (34.44 -10.05%), CRAY (23.54 -9.33%)
Services: OSTK (26.07 -10.34%), GDOT (20.95 -10.16%)
Industrial Goods: SWK (77.16 -17.6%), FLIR (29.43 -9.97%)
Healthcare: AMRN (2.03 -68.45%), ARIA (2.67 -16.82%), ECYT (11.3 -16.11%), IMMU (4.47 -8.99%)
Consumer Goods: SCSS (18.6 -26.2%), CQB (11.52 -9.87%)
Basic Materials: MCP (5.36 -22.03%), ANW (10.5 -10.47%)

4:18PM Closing Market Summary: Nasdaq Leads Equities Higher (WRAPX) : The S&P 500 registered its third consecutive gain, rising 0.7% to extend its weekly advance to 2.4%. However, the Nasdaq (+1.3%) was today's standout as Google (GOOG 1011.41, +122.61) made a significant contribution to the relative strength of the tech-heavy index. Shares of Google surged 13.8% after the company surpassed earnings expectations by 37 cents.

Thanks to Google's surge, the tech sector settled in the lead with a gain of 1.8%. Even though the sector ended sharply higher, some other top members underperformed. Qualcomm (QCOM 68.40, -0.30) shed 0.4% and IBM (IBM 173.78, -1.05) fell 0.6% after plunging 6.4% yesterday. Chipmakers sat out the rally as Intel (INTC 23.88, -0.05) slipped 0.2% while the broader PHLX Semiconductor added 0.3%.

Outside of technology, the industrial sector (+1.1%) was the only group that ended with a gain larger than 1.0%. Top sector component General Electric (GE 25.55, +0.87) jumped 3.5% after beating earnings expectations by a penny on a 1.5% year-over-year decline in revenue. Transports also contributed to the sector's strength as the Dow Jones Transportation Average advanced 1.2%. Kansas City Southern (KSU 117.35, +4.19) was the top index component, rising 3.7% despite reporting a bottom-line miss.

Elsewhere, the energy space (+0.9%) outperformed with Schlumberger (SLB 93.99, +2.56) providing a measure of support after beating on earnings. Crude oil ended with a modest gain of 0.2% at $100.84 per barrel.

Also of note, the financial sector (+0.3%) underperformed even as Morgan Stanley (MS 29.69, +0.76) rose 2.6% after beating on earnings and revenue. JPMorgan Chase (JPM 54.30, +0.09) received a late-afternoon boost off its lows amid reports of the bank reaching a $4 billion settlement with the Federal Housing Finance Agency after the FHFA sought as much as $6 billion in damages. Even though financials lagged, the sector was the top performer of the week, rising 5.1%.

On the downside, the health care space (-0.4%) ended in the red. Intuitive Surgical (ISRG 376.52, -22.61) weighed following its top-line miss while biotechnology underperformed as well. The iShares Nasdaq Biotechnology ETF (IBB 206.78, -1.59) lost 0.8%.

Treasuries ended little changed with the 10-yr yield at 2.59%.

Trading volume was aided by options expiration as nearly 900 million shares changed hands on the floor of the New York Stock Exchange.

September existing home sales will be reported on Monday at 10:00 ET. On the earnings front, McDonald's (MCD 95.20, -0.27), Halliburton (HAL 52.47, +0.75), and SAP (SAP 73.75, +0.86) will report their quarterly results prior to the opening bell.

Week in Review: Equities Notch Fresh Record Highs as Government Shutdown Ends

On Monday, equity indices posted modest gains even as the agreement to end the partial government shutdown and extend the debt ceiling remained elusive. The S&P 500 added 0.4%. Stocks slumped at the open after the weekend ended without any concrete progress in Washington. Despite the opening weakness, dip-buyers were quick to step in, drawing encouragement from late-morning reports indicating a bipartisan meeting was scheduled to take place at the White House at 15:00 ET. The technology sector (+0.5%) fueled much of the session-long rebound as top components rallied. Netflix (NFLX 333.50, +3.40) also displayed strength, surging 7.8% after reports indicated the company is exploring making its service available through cable set-top boxes. The company also said it entered into a production deal with Sony (SNE 19.61, -0.42).

Tuesday saw the S&P 500 settle lower by 0.7% after contradicting headlines from Washington fostered volatile price action throughout the session. Equity indices displayed modest losses at the open, but were able to turn positive by late afternoon. The rebound was predicated on optimism associated with budget talks in Washington after Senate Majority Leader Harry Reid was quoted as saying 'tremendous progress' had been made. Selling pressure intensified during the final 90 minutes of the session amid headlines indicating the Senate has halted its negotiations pending the outcome of the House vote. California Senator Dianne Feinstein weighed in on the situation, saying budget talks have 'all fallen apart.' All ten sectors ended in the red with countercyclical consumer staples (-0.9%) and utilities (-1.4%) leading to the downside. Among staple stocks, Coca-Cola (KO 38.78, +0.23) lost 0.7% following its in-line earnings report.

On Wednesday, the S&P 500 settled higher by 1.4% with participants rushing into equities as Washington lawmakers appeared to be on the verge of striking a deal that would fund the government through January 15 while extending the debt ceiling until February 7, and maintaining the sequester. All ten sectors posted gains with financials (+2.2%) ending in the lead. The sector received support from Bank of America (BAC 14.63, -0.03) and PNC Financial (PNC 75.04, +0.36) after both banks reported bottom-line beats.

The major averages ended Thursday's session on a mixed note as the Dow shed just over two points while the S&P 500 added 0.7% to notch a fresh all-time high at 1,733.45. With the third quarter earnings season heating up, the Dow Jones Industrial Average was victimized by disappointing results from two market-moving names. Goldman Sachs (GS 158.69, +0.37) and IBM ended with respective losses of 2.4% and 6.4% after both reported bottom-line beats on light revenue. Goldman Sachs missed top-line estimates by roughly $500 million while IBM reported revenue $1 billion below analyst expectations. Shares of IBM weighed on the technology sector (-0.2%) while financials (+0.9%) were able to shake off Goldman's weakness with help from American Express (AXP 80.52, +0.29). The Dow component jumped 5.1% following its earnings beat.

DJIA +17.5% YTD
S&P 500 +22.3% YTD
Nasdaq +29.6% YTD
Russell 2000 +31.3% YTD

4:05PM Dell Board approves special cash dividend of $0.13/share (DELL) 13.83 -0.02 : Co announced that its board of directors has declared the special cash dividend of $0.13 per common share contemplated by the revised definitive merger agreement with affiliates of Michael Dell and Silver Lake Partners. The record date for the special dividend will be the close of business on Oct. 28, 2013.

3:30PM Earnings Preview for the week of October 21 - 25 (SUMRX) : Of the companies reporting earnings for the week of October 21 - 25 some of the bigger names include:

Monday:
Pre Market - HAL, MCD, PHG, MAN, SAP, VFC, SAH, HAS, GCI
After Hours - TXN, DFS, WRB, VMW, NFLX, RCII
Tuesday:
Pre Market - WIT, UTX, NVS, LMT, DAL, DD, EMC, TRV, FCX, KMB, WHR, ITW, CNC, STT, RAI, PNR, R, AKS, ABG, RF
After Hours - AMGN, ACE, CNI, BRCM, STM, FTI, NBR, CLS, JNPR, RHI, UIS, APOL, BCR
Wednesday:
Pre Market - BA, WLP, CAT, GD, NOC, LLY, AEP, BMY, LCC, TMO, NSC, MSI, CMC, FDML, DPS, OCR, CP, ECA, WYN, NLSN, OC, ARG, LO, SLGN, ATI
After Hours - T, AIZ, TEX, ORLY, SYMC, ESV, NXPI, TSCO, RE, FBHS, LRCX, SWFT, TMK, VAR, CCI, CTXS
Thursday:
Pre Market - CAJ, ERIC, F, MCK, BG, DOW, ABB, MMM, IP, AVT, CS, RTN, XRX, CVE, LUV, MO, CL, AN, RCI, XEL, CAM, RS, PCP, GPI, RCL, BLL, CCE, BEN, ALV, WCC, HSY, BSX, EME, CMS, CELG, POT, HOT, PHM, ORI, NBL, UFS, ALK, BMS, SJR, SHPG, FAF, TKR, GG, ZMH
After Hours - BSAC, ESRX, MSFT, AMZN, IM, WDC, CB, PFG, EMN, KBR, NCR, CLF, USTR, FLS, SPN, CINF, CA, FSL, MTW, POL, CERN
Friday:
Pre Market - PG, UPS, ETN, NOV, ABBV, LEA, AON, SHW, DTE, WY, AVY, NWL, COL, SPG, LPNT

1:20PM Adobe Systems displaying some relative strength in the outperforming Software sector IGV in recent trade (ADBE) 52.71 +0.64 : Stock has pushed to a new session high of 52.74 in recent trade leaving it just under this week/Oct high at 52.82. Note that its multi-year high from Sep is modestly above at 52.96.

Large Cap Gainers

CMG (499.07 +13.66%): Missed quarterly EPS by $0.12 ($2.66 vs $2.78 estimate), revs rose 18.0% yoy to $826.9 mln vs $820.24 mln estimate; comps +6.2% vs ~5% estimate, driven by increased traffic; target raised at Lazard and Miller Tabak
GOOG (1001.83 +12.72%): Beat quarterly EPS by $0.37 ($10.74 vs $10.37 estimate), revs rose 31.4% yoy to $14.89 bln vs $14.8 bln estimate; target raised at Jefferies, Deutsche Bank, Credit Suisse, B. Riley, Canaccord, RBC Capital, Bernstein, UBS, Telsey Advisory Group
BHI (56.06 +8.28%): Beat quarterly EPS by $0.03 ($0.81 ex items vs $0.78 estimate), revs rose 8.1% yoy to $5.79 bln vs $5.78 bln estimate; mentioned positively at Cowen

Large Cap Losers

ISRG (380.59 -4.65%): Reported Q3 GAAP EPS of $3.99, revs fell 7.2% yoy to $499 mln vs $525.87 mln estimate; sees FY13 revs in lower half of previously provided range of flat to +7%; downgraded to Underperform from Market Perform at Northland Capital
UNH (68.1 -4.58%): Downgraded to Hold from Buy at Cantor Fitzgerald
GPC (78.21 -3.17%): Missed quarterly EPS by $0.08 ($1.12 vs $1.20 estimate), revs rose 9.2% yoy to $3.69 bln vs $3.76 bln estimate

Mid Cap Gainers

ALGN (56.99 +24.09%): Beat quarterly EPS by $0.10 ($0.40 ex items vs $0.30 estimate), revs rose 20.5% yoy to $164.5 mln vs $158.75 mln estimate; sees Q4 EPS of $0.41-0.43 vs $0.36 estimate, revs of $169.1-173.1 mln vs $164.28 mln estimate
ATHN (128.12 +21.48%): Missed quarterly EPS by $0.02 ($0.29 ex items vs $0.31 estimate), revs rose 43.1% yoy to $151.5 mln vs $154.89 mln estimate; sees FY13 EPS "at or near the low end" of $1.05-1.15 vs $1.03 estimate, revs "close to the mid-point" of $580-615 mln vs $594.53 mln estimate; upgraded to Buy from Neutral at Sterne Agee
FSLR (49.3 +7.24%): Seeing strength on speculation of an activist investor

Mid Cap Losers

AMD (3.59 -12.22%): Beat quarterly EPS by $0.02 ($0.04 ex items vs $0.02 estimate), revs rose 15.1% yoy to $1.46 bln vs $1.42 bln estimate; sees Q4 revs +2-8% (~$1.49-1.58 bln) vs $1.52 bln estimate; downgraded to Neutral from Buy at BofA/Merrill
IPG (15.97 -5.45%): Missed quarterly EPS by $0.01 ($0.17 vs $0.18 estimate), revs rose 1.8% yoy to $1.7 bln vs $1.71 bln estimate; downgraded to Market Perform from Overweight at Albert Fried
PBCT (14.29 -5.18%): Missed quarterly EPS by $0.01 ($0.20 vs $0.21 estimate); net interest margin decreased 3 basis points from prior quarter to 3.30%

11:42 am Technology sector
The tech sector is trading notably higher this morning, ahead of small gains seen in the broader market (SPY +0.47%). Google (GOOG +12.24%) is leading the way on strong third quarter earnings. Chinese internet companies Qihoo (QIHU +5.61%) and Baidu (BIDU +5.01%) are also trading higher. Advanced Micro Devices (AMD -12.22%) is down on weak earnings results.

In tech earnings last night:

ZHNE (+27.40%) reported Q3 GAAP EPS of $0.05 vs -$0.14 last year, revs rose 8% yoy to $31.5 mln
GOOG (+12.24%) beat on EPS and matched analyst estimates on revs; aggregate paid clicks increased approximately 26% yoy
EFII (+1.92%) beat on the top and bottom line
RMBS (-1.04%) is trading lower despite beating by $0.04
AMD (-12.22%) is also lower despite beating by $0.02 ($0.04 ex items vs $0.02 estimate) and reporting revs rose 15.1% yoy to $1.46 bln vs a $1.42 bln estimate

In news, PRKR (+21.73%) continued to see gains following a positive ruling in its patent litigation case against Qualcomm (QCOM). First Solar (FSLR +7.04%) is also higher on activist speculation.

BlackBerry (BBRY +0.73%) again surfaced as a potential target for Lenovo (LNVGY). Iron Mountain (IRM +1.42%) acquired Cornerstone Records Management for $191 million in cash. In upgrades, Cypress Semi (CY +2.58%) was upgraded to Outperform from Sector Perform at Pacific Crest, target $11. Intuit (INTU +1.21%) was upgraded to Buy from Neutral at BofA/Merrill. VMware (VMW +3.76%) was also upgraded to Overweight from Neutral at JP Morgan.

A few notable downgrades are: IBM (IBM -0.26%) downgraded to Hold from Buy at Argus, Fairchild Semi (FCS +0.93%) downgraded to Hold from Buy at Canaccord Genuity, and Advanced Micro (AMD -12.22%) downgraded to Neutral from Buy at BofA/Merrill.

On Monday morning Check Point (CHKP) and SAP (SAP) are scheduled to report earnings.

RFMD (RFMD) unveiled its first power doubler amplifier in a multi-chip module to support the requirements of the new data over cable service interface specification 3

Alpha and Omega Semiconductor (AOSL) release a new dual MOSFET family in the common-drain configuration in both DFN 5x6 and Micro-DFN 3.2x2 packages.

8:02AM SunPower E20/327 solar panels achieve lowest potential induced degradation (SPWR) 31.59 : Co announces that its high-efficiency SunPower E20/327 Solar Panel recently underwent stringent third-party testing for potential induced degradation by PV Evolution Labs. Upon completion, the panels showed power loss of less than 0.2 percent, performing better than any of the others tested. The average degradation of modules that passed this test is ~4-5%.

SunPower earned certificates in all grounding configurations and, when compared against conventional panels that passed, its panels degraded at a rate 20 times lower. Only 50 percent of all panels tested successfully passed the program's criteria. A conventional panel is approximately 240 watts, 15 percent efficient and ~1.6 square meters in size.
4:38PM Celanese beats by $0.04, misses on revs (CE) 53.98 -0.26 : Reports Q3 (Sep) earnings of $1.20 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $1.16; revenues rose 1.7% year/year to $1.64 bln vs the $1.66 bln consensus. Co deployed $96 mln of cash, repurchasing approximately 2 million shares at an average price of $48.74.


"Our global teams have done a tremendous job this year of driving earnings growth through Celanese-specific initiatives. As we take our initial view of 2014, we expect earnings growth will continue to be driven by the actions we are taking, not by depending upon increases from the global economy. Celanese-specific initiatives that translate innovation from new products and drive efficiencies through productivity will fuel earnings growth in 2014 at levels consistent with our long-term growth objective."

4:30PM This week's biggest % gainers/losers (SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

Utilities: TGS (2.79 +20.35%)
Technology: PRKR (6.39 +108.05%), SCTY (59.46 +41.12%), BITA (24.32 +29.5%), NQ (24.92 +24.19%)
Services: SAVE (43.05 +27.07%), ENV (35.95 +19.81%), AAP (98.7 +18.91%)
Industrial Goods: MY (3.36 +28.9%), CECE (18.83 +21.18%)
Healthcare: GERN (4.28 +42.57%), INSM (15.25 +25.82%), OPK (11.6 +23.62%), KERX (11.26 +23.43%), ZIOP (4.94 +19.63%)
Financial: NOAH (21.06 +34.87%)
Basic Materials: MPO (6.45 +26.03%), MTDR (21 +21.45%), BVN (13.78 +18.85%)

This week's top 20 % losers

Utilities: ATLS (46.44 -9.35%)
Technology: TDC (42.64 -19.3%), UTEK (25.48 -14.04%), DMD (5.2 -13.23%), SGI (14.5 -12.05%), QTM (1.38 -10.46%), VECO (34.44 -10.05%), CRAY (23.54 -9.33%)
Services: OSTK (26.07 -10.34%), GDOT (20.95 -10.16%)
Industrial Goods: SWK (77.16 -17.6%), FLIR (29.43 -9.97%)
Healthcare: AMRN (2.03 -68.45%), ARIA (2.67 -16.82%), ECYT (11.3 -16.11%), IMMU (4.47 -8.99%)
Consumer Goods: SCSS (18.6 -26.2%), CQB (11.52 -9.87%)
Basic Materials: MCP (5.36 -22.03%), ANW (10.5 -10.47%)

4:21PM HCI Group increases quarterly dividend 22.2% to $0.275 from $0.225 per share (HCI) 42.11 +0.46 :

4:18PM Closing Market Summary: Nasdaq Leads Equities Higher (WRAPX) : The S&P 500 registered its third consecutive gain, rising 0.7% to extend its weekly advance to 2.4%. However, the Nasdaq (+1.3%) was today's standout as Google (GOOG 1011.41, +122.61) made a significant contribution to the relative strength of the tech-heavy index. Shares of Google surged 13.8% after the company surpassed earnings expectations by 37 cents.

Thanks to Google's surge, the tech sector settled in the lead with a gain of 1.8%. Even though the sector ended sharply higher, some other top members underperformed. Qualcomm (QCOM 68.40, -0.30) shed 0.4% and IBM (IBM 173.78, -1.05) fell 0.6% after plunging 6.4% yesterday. Chipmakers sat out the rally as Intel (INTC 23.88, -0.05) slipped 0.2% while the broader PHLX Semiconductor added 0.3%.

Outside of technology, the industrial sector (+1.1%) was the only group that ended with a gain larger than 1.0%. Top sector component General Electric (GE 25.55, +0.87) jumped 3.5% after beating earnings expectations by a penny on a 1.5% year-over-year decline in revenue. Transports also contributed to the sector's strength as the Dow Jones Transportation Average advanced 1.2%. Kansas City Southern (KSU 117.35, +4.19) was the top index component, rising 3.7% despite reporting a bottom-line miss.

Elsewhere, the energy space (+0.9%) outperformed with Schlumberger (SLB 93.99, +2.56) providing a measure of support after beating on earnings. Crude oil ended with a modest gain of 0.2% at $100.84 per barrel.

Also of note, the financial sector (+0.3%) underperformed even as Morgan Stanley (MS 29.69, +0.76) rose 2.6% after beating on earnings and revenue. JPMorgan Chase (JPM 54.30, +0.09) received a late-afternoon boost off its lows amid reports of the bank reaching a $4 billion settlement with the Federal Housing Finance Agency after the FHFA sought as much as $6 billion in damages. Even though financials lagged, the sector was the top performer of the week, rising 5.1%.

On the downside, the health care space (-0.4%) ended in the red. Intuitive Surgical (ISRG 376.52, -22.61) weighed following its top-line miss while biotechnology underperformed as well. The iShares Nasdaq Biotechnology ETF (IBB 206.78, -1.59) lost 0.8%.

Treasuries ended little changed with the 10-yr yield at 2.59%.

Trading volume was aided by options expiration as nearly 900 million shares changed hands on the floor of the New York Stock Exchange.

September existing home sales will be reported on Monday at 10:00 ET. On the earnings front, McDonald's (MCD 95.20, -0.27), Halliburton (HAL 52.47, +0.75), and SAP (SAP 73.75, +0.86) will report their quarterly results prior to the opening bell.

Week in Review: Equities Notch Fresh Record Highs as Government Shutdown Ends

On Monday, equity indices posted modest gains even as the agreement to end the partial government shutdown and extend the debt ceiling remained elusive. The S&P 500 added 0.4%. Stocks slumped at the open after the weekend ended without any concrete progress in Washington. Despite the opening weakness, dip-buyers were quick to step in, drawing encouragement from late-morning reports indicating a bipartisan meeting was scheduled to take place at the White House at 15:00 ET. The technology sector (+0.5%) fueled much of the session-long rebound as top components rallied. Netflix (NFLX 333.50, +3.40) also displayed strength, surging 7.8% after reports indicated the company is exploring making its service available through cable set-top boxes. The company also said it entered into a production deal with Sony (SNE 19.61, -0.42).

Tuesday saw the S&P 500 settle lower by 0.7% after contradicting headlines from Washington fostered volatile price action throughout the session. Equity indices displayed modest losses at the open, but were able to turn positive by late afternoon. The rebound was predicated on optimism associated with budget talks in Washington after Senate Majority Leader Harry Reid was quoted as saying 'tremendous progress' had been made. Selling pressure intensified during the final 90 minutes of the session amid headlines indicating the Senate has halted its negotiations pending the outcome of the House vote. California Senator Dianne Feinstein weighed in on the situation, saying budget talks have 'all fallen apart.' All ten sectors ended in the red with countercyclical consumer staples (-0.9%) and utilities (-1.4%) leading to the downside. Among staple stocks, Coca-Cola (KO 38.78, +0.23) lost 0.7% following its in-line earnings report.

On Wednesday, the S&P 500 settled higher by 1.4% with participants rushing into equities as Washington lawmakers appeared to be on the verge of striking a deal that would fund the government through January 15 while extending the debt ceiling until February 7, and maintaining the sequester. All ten sectors posted gains with financials (+2.2%) ending in the lead. The sector received support from Bank of America (BAC 14.63, -0.03) and PNC Financial (PNC 75.04, +0.36) after both banks reported bottom-line beats.

The major averages ended Thursday's session on a mixed note as the Dow shed just over two points while the S&P 500 added 0.7% to notch a fresh all-time high at 1,733.45. With the third quarter earnings season heating up, the Dow Jones Industrial Average was victimized by disappointing results from two market-moving names. Goldman Sachs (GS 158.69, +0.37) and IBM ended with respective losses of 2.4% and 6.4% after both reported bottom-line beats on light revenue. Goldman Sachs missed top-line estimates by roughly $500 million while IBM reported revenue $1 billion below analyst expectations. Shares of IBM weighed on the technology sector (-0.2%) while financials (+0.9%) were able to shake off Goldman's weakness with help from American Express (AXP 80.52, +0.29). The Dow component jumped 5.1% following its earnings beat.

DJIA +17.5% YTD
S&P 500 +22.3% YTD
Nasdaq +29.6% YTD
Russell 2000 +31.3% YTD

4:11PM Prudential issues statement regarding final designation as a non-bank systematically important financial institution: 'will not seek to rescind the designation' (PRU) 82.53 +0.27 : Co announced that, after careful review, it will not seek to rescind the designation of the company as a non-bank systemically important financial institution by the Financial Stability Oversight Council (FSOC). The company will continue to work with the Board of Governors of the Federal Reserve System and other regulators to develop regulatory standards that take into account the differences between insurance companies and banks, particularly in the use of capital, and that benefit consumers and preserve competition within the insurance industry.

4:06PM Tech Data receives stay of trading suspension pending NASDAQ hearing (TECD) 50.56 +0.29 : Co announced that it received a letter from The NASDAQ Stock Market stating that the NASDAQ Listing Qualifications Panel (the "Panel") had granted the Company's request to extend the stay of suspension of trading in its common stock pending a final determination regarding the Company's listing status following a hearing before the Panel. The hearing has been scheduled for November 7, 2013. At the hearing, the Company will request additional time to satisfy the NASDAQ listing requirement that the Company be current in its filings with the Securities and Exchange Commission.

4:05PM Dell Board approves special cash dividend of $0.13/share (DELL) 13.83 -0.02 : Co announced that its board of directors has declared the special cash dividend of $0.13 per common share contemplated by the revised definitive merger agreement with affiliates of Michael Dell and Silver Lake Partners. The record date for the special dividend will be the close of business on Oct. 28, 2013.

4:04PM Next Week's Events of Interest : Events and conferences of interest for next week, October 21st-25th, are listed below. For a complete list of next week's events, please see the events calendar.

Monday

Futurecom 2013
Scheduled to appear: ORCL, ALU, ALU, ALU, QCOM, QCOM, ERIC, RKUS, JNPR, ACN, JNPR, EXTR, CIEN, CNSI
PDA Phramaceutical Microbiology Conference
Scheduled to appear: NDZ
PharmAsia Shanghai Summit
Scheduled to appear: CI, SNY, NCI, ABT, MDT, MRK, AZN, AMGN, LLY, CAH, SCR, C, NVS, BAYRY.PK, PFE, BMY, AZN

Tuesday

Aberdeen Group 2013 Chief Service Officer Summit
Scheduled to appear: KSS, PBI, SYK, BERY, CIEN, EMC, PCRFY.PK, XRX
Customer Experience Management in Telecoms: North America Summit
Scheduled to appear: CNSI, CMCSA, EGAN, USM, CTL, RCI, FTR, MTSC, TWC, NTLS, SYKE
Apple (AAPL) iPad Event at 13:00 Eastern

Wednesday

Jefferies 3rd Annual Asia Corporate Access Summit
Scheduled to appear: CCIH
MarkLogic Summit Series 2013: Washington DC
Scheduled to appear: SGI
ROTH Capital Partners Solar Symposium
Scheduled to appear: RSOL, ENPH, CSIQ

Thursday

Silver Summit
Scheduled to appear: EXK, RVM, CA:GPR, MGN, CDE, CA:FVI, CA:SVM, AG, HL, TAHO, PAAS
World Cord Blood Congress Monaco 2013
Scheduled to appear: KOOL
CMS Energy Corp. Investor Day
Scheduled to appear: CMS

Friday

New York Times Global Forum Asia
Scheduled to appear: HPQ
American College of Rheumatology Meeting
Scheduled to appear: CELG, ATRS, SVNT
Mellanox Technologies (MLNX) Analyst Day

3:30PM Earnings Preview for the week of October 21 - 25 (SUMRX) : Of the companies reporting earnings for the week of October 21 - 25 some of the bigger names include:

Monday:
Pre Market - HAL, MCD, PHG, MAN, SAP, VFC, SAH, HAS, GCI
After Hours - TXN, DFS, WRB, VMW, NFLX, RCII
Tuesday:
Pre Market - WIT, UTX, NVS, LMT, DAL, DD, EMC, TRV, FCX, KMB, WHR, ITW, CNC, STT, RAI, PNR, R, AKS, ABG, RF
After Hours - AMGN, ACE, CNI, BRCM, STM, FTI, NBR, CLS, JNPR, RHI, UIS, APOL, BCR
Wednesday:
Pre Market - BA, WLP, CAT, GD, NOC, LLY, AEP, BMY, LCC, TMO, NSC, MSI, CMC, FDML, DPS, OCR, CP, ECA, WYN, NLSN, OC, ARG, LO, SLGN, ATI
After Hours - T, AIZ, TEX, ORLY, SYMC, ESV, NXPI, TSCO, RE, FBHS, LRCX, SWFT, TMK, VAR, CCI, CTXS
Thursday:
Pre Market - CAJ, ERIC, F, MCK, BG, DOW, ABB, MMM, IP, AVT, CS, RTN, XRX, CVE, LUV, MO, CL, AN, RCI, XEL, CAM, RS, PCP, GPI, RCL, BLL, CCE, BEN, ALV, WCC, HSY, BSX, EME, CMS, CELG, POT, HOT, PHM, ORI, NBL, UFS, ALK, BMS, SJR, SHPG, FAF, TKR, GG, ZMH
After Hours - BSAC, ESRX, MSFT, AMZN, IM, WDC, CB, PFG, EMN, KBR, NCR, CLF, USTR, FLS, SPN, CINF, CA, FSL, MTW, POL, CERN
Friday:
Pre Market - PG, UPS, ETN, NOV, ABBV, LEA, AON, SHW, DTE, WY, AVY, NWL, COL, SPG, LPNT

2:53PM NYMEX Energy Closing Prices (COMDX) :

Nov crude oil rose $0.49 to $101.12/barrel
Crude oil traded higher today on strong China GDP data. The country's GDP rose 2.2% q/q vs expectations of 1.9% (the y/y reading came in at 7.8%, as expected). The energy component climbed to a session high of $101.98 in morning pit action but retreated towards the unchanged line. It settled with a 0.5% gain, shaving weekly losses to 0.8%.
Nov natural gas settled unchanged at $3.76/MMBtu
Natural gas fell to a session low of $3.69 but gained momentum in afternoon action. It managed to erase the earlier losses and settled the session unchanged, booking a 0.3% loss for the week.
Nov heating oil rose 5 cents to $3.04/gallon
Nov RBOB gasoline rose 2 cents to $2.67/gallon

2:43PM Further upside extension -- Dow +39, S&P +12, Nasdaq Comp +51 (TECHX) :

2:29PM NRG Energy: Trading resumed following news that co would acquire assets from bankrupt Edison Mission Energy (NRG) 29.15 +1.19 :

2:27PM CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (COMDX) :

Dec corn fell 2 cents to $4.41/bushel
Dec wheat rose 19 cents to $7.05/bushel
Nov soybeans fell 1 cent to $12.91/bushel
Nov ethanol rose 2 cents to $1.81/gallon
Jan sugar (#16 (U.S.)) rose 0.30 of a penny to 22.28 cents/lbs

2:25PM Dollar Hovers Flat: 10-yr: unch..2.595%..USD/JPY: 97.90..1.3675 (SUMRX) : Dollar Hovers Flat: The Dollar Index has erased its early losses and now holds little changed near 79.65. Early selling pressed the Index to 79.50, its lowest level in eight months, but a steady bid over the course of U.S. trade has lifted it back to the flat line. Click here to see a daily Dollar Index chart.

EURUSD is +5 pips at 1.3675 as trade looks for its best close in 11 months. Some early excitement ran the single currency above the 1.3700 level, but those gains have been unable to hold amid a session free of any meaningful news or data. Eurozone data out Monday is limited to German PPI.
GBPUSD is +5 pips at 1.6165 as trade struggles to hold its gains. Early buying ran cable above the 1.6200 level, but sellers stepped in to defend the October highs, and now have action holding just off session lows. The 1.5950/1.6000 area is home to some meaningful support.
USDCHF is -5 pips at .9020 as trade has been locked in a tight 30 pip range. Traders are paying close attention to the .9000 level as support there has held up since the fall of 2012. Bulls will breathe a bit easier if they are able to regain the .9150/.9200 area.
USDJPY is flat at 97.90 as trade lingers in the middle of the day's range. Some overnight buying made for a test of the 50 dma (98.05), but bulls have so far been unable to retake that level. The 97.00 area remains important as support is helped by the 200 dma. Japan's trade balance will cross the wires Sunday evening.
AUDUSD is +40 .9665 as action holds at a four and a half-month high. The hard currency has been boosted by the stronger than expected Q3 Chinese GDP and the appetite for risk.
USDCAD is -5 pips at 1.0290 as trade has been limited to a tight 25 pip range. The pair saw little reaction to this morning's CPI data (0.2% actual v. 0.1% expected), but remains on track for a third straight day of losses. The 1.0250 area looms large as trendline support of the September 2012 lows coincides with the 200 dma. Canada's wholesale sales data is due out Monday.

2:18PM NRG Energy confirms it entered into agreement to acquire Edison Mission Energy for $2.635 bln (stock halted) (NRG) 28.86 +0.90 : Co confirmed it entered into a plan sponsor agreement with Edison Mission Energy (EME), certain of EME's subsidiaries, the unsecured creditors committee, certain of EME's unsecured noteholders, and the parties to the Powerton and Joliet sale leaseback transaction to acquire substantially all of the assets of EME, including its equity interests in certain of its subsidiaries, for an aggregate purchase price of $2,635 million. The aggregate purchase price, which is subject to certain post-closing adjustments, will consist of approximately 12.7 million shares of NRG common stock (valued at $350 million based upon the volume-weighted average trading price of the 20 trading days prior to October 18, 2013) with the balance to be paid in cash on hand. In connection with the transaction, NRG will also assume non-recourse debt of approximately $1,545 million, of which $273 million is associated with assets designated as Non-Core Assets pursuant to the asset purchase agreement.

Strategic Rationale:

Increases NRG's generation portfolio by nearly 8,000 net megawatts (MW), providing additional fuel diversity, geographic diversity, and opportunities to achieve economies of scale
Significantly expands pipeline of assets available to drive growth at NRG Yield (NYLD) through future drop-downs with 1,600 MW of long-term, fully-contracted wind and natural gas assets
Builds off the scaled platform and the best practices from the GenOn combination

Financial Highlights:

Expected full year 2014 Adjusted EBITDA of $330 million (or $140 million of pre-tax income) of which $185 million (or $39 million of pre-tax income) is attributable to assets that are suitable for drop-down to NYLD
Transaction anticipated to be credit neutral to NRG

2:00PM Steady stream of fresh session highs this afternoon -- Dow +28, S&P +11.5, Nasdaq Comp +47 (TECHX) : Bank KBE, Reg Bank KRE which underperformed early in the session have displayed intraday relative strength in recent action along with Internet FDN, Industrial XLI.

1:48PM COMEX Metals Closing Prices (COMDX) :

Dec gold fell $8.40 to $1314.20/ounce
Gold traded in negative territory today, dipping to a session low of $1311.20 in afternoon pit trade. Despite settling 0.6% lower, it booked a 3.6% gain for the week.
Dec silver fell $0.05 to $21.92/ounce
Silver chopped around near the unchanged line. It brushed a session high of $22.05 in morning floor action and eventually settled 0.2% lower, booking a 3.2% weekly gain.
Dec copper settled unchanged at $3.30/lbs

1:20PM Adobe Systems displaying some relative strength in the outperforming Software sector IGV in recent trade (ADBE) 52.71 +0.64 : Stock has pushed to a new session high of 52.74 in recent trade leaving it just under this week/Oct high at 52.82. Note that its multi-year high from Sep is modestly above at 52.96.

1:07PM Dow +13 joins S&P +8.8 and Nasdaq Comp +41 at new session highs (TECHX) :

1:06PM Visa sets new session high of 200.41, its multi-year high from Sep is at 200.86 (V) 200.35 +2.07 :

1:00PM Boeing adjusts production rate for 747-8 program to 1.5 airplanes per month from 1.75 through 2015 due to lower market demand (BA) 121.95 -0.36 : Co announced that it will adjust the production rate for the 747-8 program from 1.75 airplanes to 1.5 airplanes per month through 2015 because of lower market demand for large passenger and freighter airplanes.

"This production adjustment better aligns us with near-term demand while stabilizing our production flow, and better positions the program to offer the 747-8's compelling economics and performance when the market recovers," said Eric Lindblad, vice president and general manager, 747 Program, Boeing Commercial Airplanes. "Although we are making a small adjustment to our production rate, it doesn't change our confidence in the 747-8 or our commitment to the program."

The company expects long-term average growth in the air cargo market to begin returning in 2014, and forecasts global demand for 760 large airplanes (such as the 747-8) over the next 20 years, valued at $280 billion. The first delivery at the new production rate is expected in early 2014. The production rate change is not expected to have a significant financial impact.

12:57PM Midday Market Summary: Stocks Near Highs as Technology Leads (WRAPX) : At midday, the Nasdaq trades with a solid gain of 1.0% while the Dow Jones Industrial Average (+0.1%) has had a difficult time staying above its flat line.

The outperformance of the Nasdaq is largely due to the 13.0% gain in Google (GOOG 1004.28, +115.49) after the company beat its earnings expectations by 37 cents. This has also boosted the technology sector (+1.5%) while some other top tech names lag. eBay (EBAY 50.84, -0.55) and Microsoft (MSFT 34.74, -0.18) hold respective losses of 1.1% and 0.5% while IBM (IBM 173.90, -0.93) is lower by 0.5% as it sees continued weakness following yesterday's earnings-driven 6.4% decline.

Although the largest S&P 500 sector-technology-is the clear leader, two other top-weighted groups-financials and health care-have kept the S&P 500 (+0.5%) from matching the gain in the Nasdaq.

The financial sector is little changed even as Morgan Stanley (MS 29.70, +0.77) trades up 2.6% after beating on earnings and revenue. Even though bank shares lag, the sector remains atop this week's leaderboard with a week-to-date gain of 4.9%.

Elsewhere, the health care sector has been pressured by Intuitive Surgical (ISRG 379.04, -20.09) and companies specializing in biotechnology. Intuitive Surgical holds a loss of 5.0% after missing revenue expectations while the iShares Nasdaq Biotechnology ETF (IBB 204.93, -3.44) trades lower by 1.7% as top components trade broadly lower.

Treasuries are little changed with the 10-yr yield at 2.59%.

12:50PM American Homes 4 Rent prices public offering of 4.4 mln of its 5% Series A Participating Preferred Shares for gross proceeds of ~ $110 mln (AMH) 15.84 +0.02 : The Series A Participating Preferred Shares have an initial liquidation preference of $25 per share that may be increased by an additional amount based on home price appreciation in the Company's top 20 markets as determined by the Federal Housing Finance Agency's House Price Index, subject to certain limitations and conditions.

12:42PM Notable movers of interest (SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

CMG (499.07 +13.66%): Missed quarterly EPS by $0.12 ($2.66 vs $2.78 estimate), revs rose 18.0% yoy to $826.9 mln vs $820.24 mln estimate; comps +6.2% vs ~5% estimate, driven by increased traffic; target raised at Lazard and Miller Tabak
GOOG (1001.83 +12.72%): Beat quarterly EPS by $0.37 ($10.74 vs $10.37 estimate), revs rose 31.4% yoy to $14.89 bln vs $14.8 bln estimate; target raised at Jefferies, Deutsche Bank, Credit Suisse, B. Riley, Canaccord, RBC Capital, Bernstein, UBS, Telsey Advisory Group
BHI (56.06 +8.28%): Beat quarterly EPS by $0.03 ($0.81 ex items vs $0.78 estimate), revs rose 8.1% yoy to $5.79 bln vs $5.78 bln estimate; mentioned positively at Cowen

Large Cap Losers

ISRG (380.59 -4.65%): Reported Q3 GAAP EPS of $3.99, revs fell 7.2% yoy to $499 mln vs $525.87 mln estimate; sees FY13 revs in lower half of previously provided range of flat to +7%; downgraded to Underperform from Market Perform at Northland Capital
UNH (68.1 -4.58%): Downgraded to Hold from Buy at Cantor Fitzgerald
GPC (78.21 -3.17%): Missed quarterly EPS by $0.08 ($1.12 vs $1.20 estimate), revs rose 9.2% yoy to $3.69 bln vs $3.76 bln estimate

Mid Cap Gainers

ALGN (56.99 +24.09%): Beat quarterly EPS by $0.10 ($0.40 ex items vs $0.30 estimate), revs rose 20.5% yoy to $164.5 mln vs $158.75 mln estimate; sees Q4 EPS of $0.41-0.43 vs $0.36 estimate, revs of $169.1-173.1 mln vs $164.28 mln estimate
ATHN (128.12 +21.48%): Missed quarterly EPS by $0.02 ($0.29 ex items vs $0.31 estimate), revs rose 43.1% yoy to $151.5 mln vs $154.89 mln estimate; sees FY13 EPS "at or near the low end" of $1.05-1.15 vs $1.03 estimate, revs "close to the mid-point" of $580-615 mln vs $594.53 mln estimate; upgraded to Buy from Neutral at Sterne Agee
FSLR (49.3 +7.24%): Seeing strength on speculation of an activist investor

Mid Cap Losers

AMD (3.59 -12.22%): Beat quarterly EPS by $0.02 ($0.04 ex items vs $0.02 estimate), revs rose 15.1% yoy to $1.46 bln vs $1.42 bln estimate; sees Q4 revs +2-8% (~$1.49-1.58 bln) vs $1.52 bln estimate; downgraded to Neutral from Buy at BofA/Merrill
IPG (15.97 -5.45%): Missed quarterly EPS by $0.01 ($0.17 vs $0.18 estimate), revs rose 1.8% yoy to $1.7 bln vs $1.71 bln estimate; downgraded to Market Perform from Overweight at Albert Fried
PBCT (14.29 -5.18%): Missed quarterly EPS by $0.01 ($0.20 vs $0.21 estimate); net interest margin decreased 3 basis points from prior quarter to 3.30%

12:41PM Stock indices edge above mid-morning range, hovering slightly under morning peaks -- Dow +6.1, S&P +7.9, Nasdaq Comp +37 (TECHX) :

12:33PM LRR Energy L.P. increases quarterly cash distribution slightly to $0.4875 from $0.485 (LRE) 17.37 +0.58 :

11:58AM European Markets Closing Prices (SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

UK's FTSE: + 0.7%
Germany's DAX: + 0.6%
France's CAC: + 1.1%
Spain's IBEX: + 0.8%
Portugal's PSI: + 0.1%
Italy's MIB Index: + 0.4%
Irish Ovrl Index: + 0.9%
Greece ATHEX Composite: + 2.4%

11:49AM Stocks/ETFs that traded to new 52 week highs/lows this session- New highs (149) outpacing new lows (1) (SCANX) : Stocks that traded to 52 week highs: ABBV, ABC, AES, AIG, ALL, AMP, AMTD, AMZN, APA, AVGO, BA, BBVA, BBY, BHI, BID, BIDU, BMY, BX, CAH, CBI, CBS, CCE, CE, CELG, CERN, CFN, CHK, CLR, CNO, COF, COLE, COP, CUBE, CXO, D, DDD, DFS, DG, DHR, DLPH, DOW, DRH, DVN, EDU, ELN, FB, FDX, FLR, FLS, FNP, FNSR, FOXA, FTI, GA, GCI, GE, GILD, GNC, GNW, GOOG, HAL, HBAN, HCA, HES, HIG, HOT, HP, IM, ING, INTU, IR, JAH, KAR, KEY, KKR, KLAC, KOG, KR, LCC, LINTA, LNG, LPI, LUV, LVS, LYB, LYV, MCK, MCO, MDT, MGM, MMC, MMM, MPEL, MS, NBL, NFLX, NI, NLSN, NOC, NOK, NWL, NYX, OCR, OXY, P, PAYX, PBI, PFG, PX, PXD, RAD, ROST, SAN, SBAC, SBGI, SBUX, SFUN, SINA, SIRI, SLB, SNDK, SPWR, STX, STZ, SU, SWY, SYK, TEF, TMO, TMUS, TOT, TRW, TSS, TYC, UA, UPS, URI, VNTV, VRSN, WAG, WDC, WFM, WFT, WYNN, XRX, YELP, YNDX, YY, ZMH

Stocks that traded to 52 week lows: NUAN

ETFs that traded to 52 week highs: BJK, CROP, CUT, DIG, DVY, EEB, EFA, EWG, EWI, EWK, EWN, EWO, EWP, EWQ, EWY, EZU, FAN, FDN, GREK, GULF, HAO, IAI, IEO, IGE, IHI, IOO, IWC, IWF, IWM, IXC, IYE, IYF, IYG, IYH, IYM, IYT, IYZ, KCE, KIE, MDY, MES, OIH, PBD, PBW, PMNA, PPH, QQQ, RTH, SDY, SMH, SOCL, SOXX, SPY, TAN, UWM, UYG, UYM, VGK, VTI, XES, XLE, XLF, XLK, XLV, XLY, XOP, XRT

ETFs that traded to 52 week lows: SMN, UUP, VXX, VXZ

Note: To reduce the list of stocks making 52 week highs/lows to a manageable size we have filtered out stocks below $2 bln in market cap and below 1 mln average volume. Without this filter 698 stocks made 52 week highs and 18 stocks made 52 week lows.

11:44AM Financial Select Sector SPDR hovering slightly under its opening session high and its previous multi-year high from July at 20.94/20.93 (XLF) 20.89 +0.02 : A firmer start allowed the XLF to test/fractionally break its July peak at 20.93 (session high 20.94) to reach its highest level since 2008. Insurance KIE and Broker IAI have provided leadership while Bank KBE and Reg Bank KBE have underperformed.

11:16AM Currency Commentary: DXY Hits 8-month Low (SUMRX) :

The Dollar Index slumped to 79.55 overnight, its lowest level in eight months. The DXY has been sliding lower since the resolution of the debt ceiling, showing some of the lasting effects of the political stand off. Also hurting the dollar was the downgrade by China's Dagong which holds influence in Asia.
The euro is flirting with the 1.37 level for the first time since early February. A weak dollar has helped drive buyers into the euro. An improvement in economic data and a belief that Europe will see a rise form its two year economic malaise is also helping the single currency. Finally, Chinese economic data this morning was a positive. China is Europe's largest trading partner so that will also provide a tailwind to the euro.
The pound is pushing back toward the 1.62 level. Sterling hit 1.6260 on October 1. This will be a key resistance level for the markets in coming sessions.
The yen continues to crawl toward its 200 sma (97.14). Yen has pushed back into the 97 area late in the week as the dollar has swooned (FOREX, BONDX).

11:15AM 21st Century Fox: TPG to acquire 21st Century Fox's stake in Phoenix Satellite Television Holdings Limited (FOXA) 34.33 +0.01 : TPG and 21st Century Fox (FOXA) announced that they have entered into a definitive agreement, pursuant to which TPG agreed to acquire the remaining 12.15% stake held by 21CF's wholly owned subsidiary Star Entertainment Holdings Limited in Phoenix Satellite Television Holdings Limited. Upon completion of the sale, 21CF will no longer hold an equity interest in Phoenix and its representatives will step down from the board.

10:22AM Stock indices pause -- S&P +6.1, Nasdaq Comp +33 (SPY) : The S&P paused just shy of 1742 resistance from The Technical Take (session high 1741.24), while Nasdaq Comp held near 3898/3904 (session high 3902).

10:13AM Cormedix to raise $3 mln in concurrent offerings (CRMD) 0.98 -0.01 : Co announced that it has entered a securities purchase agreement with an existing institutional investor pursuant to which it has agreed to sell 150,000 shares of Series C-1 Non-Voting Convertible preferred stock and a warrant to purchase up to 750,000 shares of common stock, and also entered into a separate securities purchase agreement with another existing institutional investor pursuant to which it has agreed to sell 150,000 shares of Series C-2 Non-Voting Convertible preferred stock and a warrant to purchase up to 750,000 shares of common stock, for aggregate gross proceeds of $3 mln.

The net proceeds of the financing will be used for general corporate purposes, including the development and commercialization of Neutrolin, and working capital and capital expenditures. No underwriter or placement agent was used in this transaction.

10:11AM Corporate Resource acquires Cameo Employment Services, terms not disclosed (CRRS) 3.59 +0.14 :

10:06AM Relative sector weakness in Finance XLF, Housing XHB, Biotech IBB, Health XLV (TECHX) :

10:05AM Google hits the $1,000 mark. (GOOG) 1,000 +111.83 : A monster gap up in response to earnings, GOOG is welcomed into the "$1,000 club."

10:03AM Baidu.com edges slightly above its early Oct peak at 161.48 to set a new 52-wk high -- session high 161.79 (BIDU) 161.19 +7.36 :

10:02AM Trimas subsidiary Cequent Performance Products enforces protection of intellectual property rights (TRS) 40.77 +0.52 : Co announced that Cequent Performance Products reached an agreement with Pacific Rim International, LLC that protects Cequent's intellectual property rights for its Bulldog brand 2-speed jack design. Cequent discovered that Pacific Rim sold jacks nearly identical to the patented technology in Cequent's Bulldog jacks, and filed a patent infringement suit against Pacific Rim. Cequent demanded that Pacific Rim stop selling those jacks in the marketplace, and pay Cequent for monetary damages based on the sale of those jacks. In response to Cequent's claims, Pacific Rim agreed to a confidential settlement with Cequent.

9:57AM S&P +7 and Nasdaq Comp +34 run to new session highs, this time joined by lagging Dow +6 (SPY) :

9:45AM Opening Market Summary: Major Averages Open Mixed (WRAPX) : The major averages began the session in mixed fashion. The Nasdaq (+0.6%) and S&P 500 (+0.3%) hover near their opening highs while the Dow Jones Industrial Average (-0.1%) holds a modest loss as 21 of its 30 components trade in negative territory.

Meanwhile, the broader market is being underpinned by three influential sectors as energy, industrials, and technology sport respective gains of 0.6%, 0.8%, and 0.8%. The technology sector is an early leader with Google (GOOG 980.57, +91.77) trading higher by 10.3% after reporting an earnings beat.

Although three cyclical groups have shown early strength, two other growth-oriented sectors-financials and materials-have sat out the opening rally. Both sectors are little changed.

9:43AM Big 4 Oil Service cos (OIH +2%) ripping to multi year highs following strong reports from SLB, BHI (OIH) 50.18 +0.98 : BHI +9%, SLB +3%, HAL +1%, WFT +1%.

9:40AM KMG Chemicals (thinly traded) to close Fremont, California site and shift production to alternate facilities (KMG) 23.56 +0.33 : Co announced that as part of a global restructuring of its Electronic Chemicals operations, the company will close its Fremont, California manufacturing site and shift production primarily to the company's Hollister, California and Pueblo, Colorado facilities. The transfer of production from the Fremont site to other locations will begin by the end of calendar 2013, and all production from the facility is expected to cease by March 31, 2014.

9:34AM Divergent action for stock indices -- Nasdaq Comp +25, S&P +5.5, Dow -23 (TECHX) : Weighing on the Dow in the early going are: HS, MSFT, INTC, AXP, DIS, MCD.

9:27AM Uranium Energy enters into definitive agreements with three institutional investors to purchase an aggregate of up to 3,380,952 Units of the co at a price of $2.10 per Unit (UEC) 2.19 : Co announced that it has entered into definitive agreements with three institutional investors to purchase an aggregate of up to 3,380,952 Units of the Company at a price of $2.10 per Unit for gross proceeds of up to $7.1 mln. Each Unit is comprised of one share of common stock of the Company and 0.55 of one share purchase warrant, each whole warrant exercisable at a price of $2.60 to purchase one share of common stock of the Company for a three year period from the date of issuance. The closing of the Offering is expected to take place on or about October 23, 2013, subject to satisfaction of customary closing conditions.

The Company anticipates that the net proceeds from the Offering will be used to fund exploration and pre-extraction expenditures at the Company's South Texas projects including the Burke Hollow Project and for general corporate and working capital purposes.

9:26AM First Horizon reports EPS in-line; Co continues to unwind from former mortgage business with increased repurchase reserve (FHN) 11.44 : Reports Q3 (Sep) earnings of $0.19 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.19.

Credit quality

Asset quality continues to improve, with net charge-offs declining 80 percent year over year. Third quarter 2012 included $40 million in net charge-offs associated with the implementation of new regulatory guidance
Overall trends are stable or improving

Capital

Capital ratios remain strong.


"Our bankers are generating very good momentum growing our business and improving credit quality, and we are proud that as a result of their efforts we have regained the top market share in Tennessee," said Bryan Jordan, First Horizon's chairman and CEO. "In capital markets we continue to perform well in a somewhat volatile interest rate environment. I am proud of what our team has accomplished in building our business and, while sometimes frustrating, the progress we continue to make in winding down our national mortgage business

9:26AM Chimerix prices 2,476,995 shares of its common stock at $16.50 by selling shareholders (CMRX) 17.00 :

9:26AM On The Wires (WIRES) :

Medical Marijuana (MJNA) announced that HempMedsPX, a corporate portfolio co of Medical Marijuana and the exclusive master distributor and contracted marketing co for CannaVest and Medical Marijuana, is augmenting their product line with new cannabidiol (CBD)-rich hemp-based products at Cibdex.com.
Ogilvy Public Relations, a unit of Ogilvy & Mather, a WPP (WPPGY) co, announced two new client additions to its New York roster: Altec Lansing, audio electronics manufacturer and Bitdefender, security and anti-virus software creator.
Power Integrations (POWI) introduced the first reference design for a Qualcomm (QCOM) Quick Charge 2.0-enabled charger power supply.
Terreno Realty (TRNO) acquired two industrial properties located in Carlstadt, New Jersey on Oct 17, 2013 for a purchase price of ~ $9.9 mln.
UBS Wealth Management Americas, a division of UBS AG (UBS), announced the relaunch of its equity plan business: UBS Equity Plan Advisory Services (formerly known as Corporate Employee Financial Services or CEFS).
Exactech (EXAC) announced the presentation of scientific posters and presentations regarding its latest advancements for shoulder and knee replacement surgery during the 2013 International Society for Technology in Arthroplasty Annual Congress this week in Palm Beach, FL.
Tyler Technologies (TYL) announced that Shelby County, Tenn., has chosen Tyler's Odyssey court case management system to modernize and streamline court processes.

9:23AM CVR Partners reschedules 3Q2013 earnings release and conference call to Nov.1 (UAN) 18.75 :

9:22AM CVR Energy reschedules 3Q2013 earnings release and conference call to Nov.1 (CVI) 40.81 :

9:22AM CVR Refining reschedules 3Q2013 earnings release and conference call to Nov. 1 (CVRR) 25.29 :

9:15AM S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +25.20. (WRAPX) : The major averages are poised to register gains at the open as the S&P 500 will look to build on its week-to-date advance of 1.8% after ending yesterday's session at a fresh record high of 1,733.15.

Equity futures have received significant pre-market support from a handful of large names reporting above-consensus earnings. Most notably, Google (GOOG 969.56, +80.77) has soared 9.1% in pre-market action after eclipsing Capital IQ earnings expectations by 37 cents. Given the early strength, shares of Google should provide a significant boost to the technology sector while other growth-sensitive groups are also expected to see opening gains.

Among financials, Capital One (COF 72.50, +0.35) and Morgan Stanley (MS 29.70, +0.77) hold respective pre-market gains of 0.5% and 2.7% after both names beat on earnings and revenue.

Elsewhere, the energy sector should see early support from Schlumberger (SLB 93.27, +1.84) after the company reported a bottom-line beat.

Treasuries have retraced a portion of their overnight move, but they remain in positive territory. The 10-yr yield is down two basis points at 2.57%.

9:08AM Amazon.com announces that the new 7' Kindle Fire HDX is now shipping (AMZN) 310.77 :

9:07AM Knightsbridge Tankers Ltd prices 6 mln share public offering at $9.00 per share (VLCCF) 10.40 :

9:04AM EPR Properties prices public offering of 3.6 mln of its common shares; co will receive ~ $176.8 mln of gross proceeds (EPR) 50.09 :

9:03AM Praxair starts up air separation plant in Brazil (PX) 124.40 : White Martins, the Brazil-based subsidiary of Praxair, has started up a new 800 tons per day air separation plant in the state of Minas Gerais, located in southeastern Brazil. Under a long-term contract, Praxair's new plant will supply industrial gases to ArcelorMittal (MT).

9:03AM TE Connectivity announces that its subsidiary, Tyco Electronics Group has called for redemption its 5.95% Senior Notes due 2014 (TEL) 52.48 :

9:02AM Genuine Parts misses by $0.08, misses on revs (GPC) 80.77 : Reports Q3 (Sep) earnings of $1.12 per share, $0.08 worse than the Capital IQ Consensus Estimate of $1.20; revenues rose 9.2% year/year to $3.69 bln vs the $3.76 bln consensus.

Commentary: Commentary: "...This was especially true in our non-automotive businesses, as the demand patterns across these segments decelerated in the quarter. Fortunately, our Automotive Group performed reasonably well for us and continues to report solid progress in their operations...In the third quarter, sales for the Automotive Group were up 22% for the second consecutive period. This increase includes core North American growth of approximately 5% and the positive impact of the Australasian acquisition. We were pleased by the ongoing positive sales trends in both North America and at GPC Asia Pacific. Sales for Motion Industries, our Industrial Group, were down by 2.5%; and EIS, our Electrical/Electronic Group, showed sales down approximately 5%. S. P. Richards, our Office Products Group, had a 3% sales decrease for the quarter."

9:02AM Cinedigm announced it priced an underwritten public offering of 7,904,340 shares of Class A common stock at a price per share of $1.43 (CIDM) 1.53 :

9:01AM Safeway Board of Directors increases authorized level of the co's stock repurchase program by $2.0 bln (SWY) 33.38 : Through the end of the third quarter of 2013, Safeway had ~ $0.8 billion remaining under its previously authorized stock repurchase program.

9:00AM Tompkins Financial increases cash dividend by 5.3% to $0.40/share (TMP) 47.51 :

9:00AM Fairchild Semi to switch stock exchange listing to NASDAQ on October 31 (FCS) 12.37 : Co announces that it will voluntarily transfer its stock exchange listing from The New York Stock Exchange to the NASDAQ Global Select Market on October 31, 2013. The company's stock will continue to trade under the symbol "FCS". This transfer will be seamless to Fairchild investors.

8:57AM S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +22.20. (WRAPX) : The S&P 500 futures trade higher by 0.3%.

It was a sea of green across Asia as all of the major bourses, aside from Japan's Nikkei (-0.2%), ended with gains. The overnight enthusiasm came following in-line Chinese Q3 GDP (7.8%), and was supported by an underlying bid following yesterday's reversal on Wall Street. The Shanghai Composite (+0.2%) managed to eke out a small gain, but Hong Kong's Hang Seng was more impressive, posting a 1.1% advance. However, the big winner was India's Sensex (+2.3%) as trade rallied to a three-year high. Meanwhile, Japan's Nikkei (-0.2%) lagged as a strong yen weighed. S&P chimed in overnight, reaffirming its 'AA-' rating while maintaining a negative outlook and saying that a downgrade remains possible if the Japanese government fails to implement reform. Other Chinese data showed fixed asset investment is up 20.2% year-to-date (20.4% expected) and industrial production advanced 10.2% year-over-year (10.1% expected).

In Japan, the Nikkei shed 0.2% as trade continues to struggle near resistance that has been in place since the early summer. Automakers were weak as Toyota gave up 1.0% and Honda Motor shed 0.3%. Elsewhere, financials slightly outperformed as Mitsubishi UFJ Financial ticked up 0.2%.
Hong Kong's Hang Seng finished higher by 1.1% as trade continues to press resistance in the area. Insurer AIA surged 4.4% after the company reported a jump in new business growth. Meranwhile, PC maker Lenovo shed 1.7% on reports it was considering a bid for smartphone maker Blackberry.
In China, the Shanghai Composite added 0.2% as trade held below the 200-day moving average. Brokerage firms outperformed with Industrial Securities gaining 1.2%.

Major European indices hover near their highs as the quiet session continues. In Germany, Angela Merkel's CDU/CSU alliance has agreed to begin coalition talks with SPD, which is reportedly looking to replace the current Finance Minister Wolfgang Schaeuble. Elsewhere, Spanish bad loan ratio rose to a record level of 12.1% in August. Economic data was limited to Spain's industrial new orders, which fell 5.4% year-over-year (4.2% expected, 1.5% previous).

Germany's DAX is higher by 0.2% as health care outperforms. Bayer, Fresenius Medical, and Henkel are all up between 1.1% and 2.0%. SAP is the weakest index member, down 1.4%.
Great Britain's FTSE trades up 0.5% with consumer names in the lead. Reckitt Benckiser and Whitbread are both up near 2.0%. Media names lag with British Sky Broadcasting and ITV down 1.8% and 0.5%, respectively.
In France, the CAC holds a gain of 0.7% as consumer names contribute to the strength. Accor and L'Oreal trade with respective advances of 3.9% and 3.1%.

8:48AM On The Wires (WIRES) :

Worthington Industries (WOR) has finalized its agreement with Nisshin Steel and Marubeni-Itochu Steel forming a JV called Zhejiang Nisshin Worthington Precision Specialty Steel. Located near Shanghai, China, the JV will produce cold rolled strip steel primarily for the automotive industry.
Check Point Software Technologies (CHKP) announced that the Check Point SWG-12600 Secure Web Gateway received a "Performance Verified" rating from Miercom.
The largest tracking solar plant acquired by Southern Company (SO) subsidiary Southern Power in partnership with Turner Renewable Energy, the Spectrum Solar Facility, has begun commercial operation.
Sirius XM Radio (SIRI) announced today's launch of "El Show de Piolin," hosted by Eddie "Piolin" Sotelo.
SED International Holdings (SED) announced that SED International de Colombia has been appointed Microsoft's (MSFT) authorized channel distributor in Colombia for its XBox, hardware and productivity software product families.
Fifth Third Bank (FITB) has extended more than $9.3 bln in new and renewed credit to business customers from July through Sep 2013.
Inter Parfums (IPAR) announced that its subsidiary Inter Parfums USA entered into an agreement to acquire certain assets of the fragrance division of Oscar de la Renta. Terms were not disclosed. Simultaneously, the firms entered into a worldwide and exclusive licensing agreement to create, produce and distribute perfumes and cosmetics under the Oscar de la Renta brand.

8:42AM Alico: 734 Agriculture and Arlon Group purchase majority interest in Alico; transaction values the majority stake at $37 per share (ALCO) 43.00 : 734 Agriculture and Alico announced that 734 Agriculture, a private investment company owned and controlled by Remy W. Trafelet and George R. Brokaw, in partnership with Arlon Group, a global food and agriculture investment firm founded by Continental Grain, have entered into definitive agreements under which an affiliate of 734 Agriculture will acquire ~ 50.5% of Alico's outstanding voting stock from Atlantic Blue Group, a family owned holding company. The all cash transaction values the majority stake in Alico at $37 per share, for a total purchase price of $137.8 mln. The transaction is scheduled to close during the fourth calendar quarter of 2013, subject to limited customary closing conditions.

8:31AM Zuoan Fashion says it is co's policy is not to comment on unusual market activity (ZA) 3.10 : Co announced that, in view of the unusual activity in the Company's stock, the New York Stock Exchange has contacted the Company in accordance with the Exchange's usual practice. The Company stated that its policy is not to comment on unusual market activity.

8:26AM S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +27.00. (WRAPX) : Equity futures continue to hover near their best levels of pre-market action with Nasdaq (+0.6%) futures in the lead after Google (GOOG 971.50, +82.71) delivered a strong quarterly report.

Overall, investors have responded positively to most earnings reported since yesterday's close. General Electric (GE 25.35, +0.67), Morgan Stanley (MS 29.97, +1.04), and Schlumberger (SLB 93.45, +2.02) hold pre-market gains ranging from 2.2% to 3.5% after all three reported bottom-line beats. Of the three, Morgan Stanley was to only name to surpass its revenue expectations.

Treasuries hold modest gains with the 10-yr yield down two basis points at 2.57%.

8:24AM Gapping down (SCANX) : In reaction to disappointing earnings/guidance: ACTG -17.4%, AMD -9.5%, TXT -6.3%, ISRG -6%, BGS -3.1%, RMBS -2.1%, (light volume), STI -1.9%, HON -0.9%.

Other news: PSDV -47.4% and ALIM -38.7% (receive Complete Response Letter For ILUVIEN), ARIA -29.8% (announces discontinuation of the Phase 3 Epic Trial of Iclusig in Patients with Newly Diagnosed Chronic Myeloid Leukemia), VLCCF -10.6% (announced a public offering of common shares), CIDM -8.5% (intends to offer and sell in an underwritten public offering 7,904,340 registered shares of Class A common stock, to acquire Gaiam's entertainment unit for $51.5 mln), EVEP -5.1% (announces public offering of 5 mln of its common units representing limited partner interests), TAM -5.1% (still checking), CMLP -2.7% (commenced an underwritten public offering of 14,000,000 common units representing limited partner interests), SAP -1.8% and ASML -1.6% (still checking), OMER -0.5% (files for $100 mln mixed securities shelf offering to replace expiring universal shelf registration statement), .

Analyst comments: SWIR -3.5% ( downgraded to Mkt Perform from Outperform at Raymond James), AMRN -2% (downgraded to Neutral from Buy at Citigroup), MPWR -1.7% (downgraded to Market Perform from Outperform at Wells Fargo), IRF -1.6% (downgraded to Market Perform at Wells Fargo), PNRA -1.3% (downgraded to Neutral from Outperform at Wedbush ), BAX -0.5% (downgraded to Market Perform from Outperform at Raymond James, downgraded to Equal-Weight from Overweight at Morgan Stanley)

8:17AM EV Energy Partners prices 5 mln common unit offering at $36.86 per unit (EVEP) 38.45 : Co announced that its public offering of 5,000,000 common units was priced at $36.86 per unit to the public. The Partnership expects the delivery to occur on Oct 23, 2013. In addition, the underwriters have an over-allotment option to purchase up to 750,000 common units.

Assuming no exercise of the over-allotment option, the Partnership expects to receive net proceeds from the offering of ~$181.2 mln, after deducting the underwriting discounts and commissions and estimated offering expenses, and including the Partnership's general partner's proportionate capital contribution.

The Partnership intends to use the net proceeds from the offering, including the proceeds from any exercise of the over-allotment option of common units, to repay borrowings outstanding under its senior secured credit facility. Wells Fargo Securities, Citigroup, J.P. Morgan, Raymond James, RBC Capital Markets, Baird, and Credit Suisse will act as joint book-running managers of the underwritten offering of common units.

8:16AM Gapping up (SCANX) : In reaction to strong earnings/guidance: ZHNE +25.4%, ALGN +16.5%, (also upgraded to Buy from Hold at Cantor Fitzgerald), CPSS +9.8% (light volume), GOOG +9.2%, CMG +7.7%, CPHD +6.8%, ATHN +4.3%, HCA +4.1%, BHI +3.8%, MS +3.2%, PH +3%, (light volume), SLB +2.8%, GE +2.5%, COF +0.5%.

M&A news: WTSL +5.6% (Wet Seal considering sale of the company, according to The Deal story out yesterday), CHK +2.1% (reports that BP and Royal Dutch Shell may be interested in the company ), BBRY +1.2% (late spike on WSJ story suggesting renewed Lenovo (LNVGY) interest).

A few financial related names showing strength: PUK +3.2%, IBN +1.3%, BAC +0.7%, DB +0.6%.

Select mining stocks trading higher: RIO +1.5%, BBL +1.2%, BHP +0.8%, GOLD +0.6%.

Many tech/internet names are higher following GOOG results: QIHU +1.5%, YNDX +1.2%, SOHU +1.1%, BIDU +1%, SINA +0.5%, ASML +-1.6%,

Solar names trading higher: RSOL +3.6%, LDK +3.1%, CSIQ +2.7%, JKS +2.1% (Signs Strategic Agreement for 120MW with the local authority in Electromechanical Industrial Park, Zhenjiang New Area in Jiangsu Province), SPWR +1% (E20/327 Solar Panels Achieve Lowest Potential Induced Degradation),

Other news: ANAC +18.8% (Anacor Pharma announces favorable ruling in its arbitration with Valeant Pharmaceuticals), GAIA +7.1% (Cinedigm to acquire Gaiam's entertainment unit for $51.5 mln), CPE +2.6% (enteres into an agreement with W&T Offshore (WTI) to sell its interests in the Medusa field and Medusa Spar and substantially all of its Gulf of Mexico shelf assets, for total cash consideration of $100 mln), FB +2.3% (sympathy strength with GOOG, still checking for anything additional), CVM +2.3% (receives notification from NYSE Regulation dated Oct 17, 2013 that the co is now considered to have regained compliance with the listing requirements of the NYSE MKT Company Guide, HIMX +2% (still checking), CF +1.5% ( increases quarterly dividend by 150% to $1.00 per share), THC +1.2% (following HCA results), DEO +0.9% (continued strength following earnings), TSLA +0.8% (still checking), OXY +0.4% (announces initial phase of strategic review; Board of Directors authorized pursuing sale of a minority interest in the Middle East/North Africa operations).

Analyst comments: AMZN +2.7% (Amazon.com upgraded to Buy from Neutral at UBS), BTU +2.3% (Peabody Energy upgraded to Outperform from Market Perform at BMO Capital), VMW +2.2% (VMware upgraded to Overweight from Neutral at JPMorgan), UNP +1.2% (Union Pacific upgraded to Buy from Neutral at Goldman), VZ +1% (Verizon upgraded to Buy from Hold at Deutsche Bank), TMUS +0.9% (added to Conviction Buy List at Goldman), INTU +0.5% (Intuit upgraded to Buy from Neutral at BofA/Merrill),

8:13AM On The Wires (WIRES) :

The Ritz-Carlton, Tianjin, a subsidiary of Marriott International (MAR), opened its doors officially today in Tianjin.
Centene (CNC) announced that its subsidiary, Centurion of Minnesota, has executed an agreement with the Minnesota Department of Corrections to provide managed healthcare services to offenders in the state's correctional facilities. Centurion is a JV between Centene and MHM Services.
Under Armour (UA) announced the opening of a new Under Armour Experience at the Jing An Kerry Centre in Shanghai, China.
RFMD (RFMD) unveiled its first power doubler amplifier in a multi-chip module to support the requirements of the new data over cable service interface specification 3.
Alpha and Omega Semiconductor (AOSL) release a new dual MOSFET family in the common-drain configuration in both DFN 5x6 and Micro-DFN 3.2x2 packages.
PTC Therapeutics (PTCT) will hold its first R&D Day on Friday, October 25, 2013 from 8:30 a.m. to 12:00 p.m. ET in New York City.

8:10AM European Markets Update: DAX +0.2%, FTSE +0.4%, CAC +0.7% (SUMRX) : Major European indices hover near their highs as the quiet session continues. In Germany, Angela Merkel's CDU/CSU alliance has agreed to begin coalition talks with SPD, which is reportedly looking to replace the current Finance Minister Wolfgang Schaeuble. Elsewhere, Spanish bad loan ratio rose to a record level of 12.1% in August. Economic data was limited to Spain's industrial new orders, which fell 5.4% year-over-year (4.2% expected, 1.5% previous).

Germany's DAX is higher by 0.2% as health care outperforms. Bayer, Fresenius Medical, and Henkel are all up between 1.1% and 2.0%. SAP is the weakest index member, down 1.4%.
Great Britain's FTSE trades up 0.4% with consumer names in the lead. Reckitt Benckiser and Whitbread are both up near 2.0%. Media names lag with British Sky Broadcasting and ITV down 1.8% and 0.5%, respectively.
In France, the CAC holds a gain of 0.7% as consumer names contribute to the strength. Accor and L'Oreal trade with respective advances of 3.9% and 3.1%.

8:05AM KKR to acquire Avoca Capital; financial terms not disclosed (KKR) 22.01 : Co announced a transaction to acquire Avoca Capital, a European credit investment manager with ~ $8 billion in assets under management. Financial terms of the transaction were not disclosed.

8:04AM Pinnacle announces changes to segment reporting format (PNK) 23.44 : As a result of the acquisition of Ameristar Casinos and the integration of its properties into Pinnacle Entertainment's operations and financial reporting, the Co will make changes to its reportable segment disclosures beginning with the 2013 Q3. The new reportable segments will generally align the Co's external financial reporting segments with its new internal operating segments, which are based on its internal organizational structure, operating decisions, and performance assessment.

The Co's three reportable segments will be comprised of the following:

The Co's South segment will consist of the financial results for the following properties: L'Auberge Lake Charles, Boomtown New Orleans, L'Auberge Baton Rouge, Boomtown Bossier City, and Ameristar Casino Hotel Vicksburg.

The Co's Midwest segment will consist of the financial results for the following properties: River City, Belterra, Ameristar St. Charles, Ameristar Council Bluffs, Ameristar Kansas City, Ameristar East Chicago, and River Downs. Lumiere Place Casino and Hotels will be accounted for as a discontinued operation beginning in the 2013 Q3 and will not be incorporated in the Midwest segment's results.

The Co's West segment will consist of the financial results for the following properties: Ameristar Casino Resort Spa Black Hawk, Cactus Pete's and Horseshu Hotel & Casino.

8:04AM Valeant Pharma announces award In Anacor (ANAC) dispute; co has been ordered to make a one-time payment of $100 mln in damages plus costs and fees to Anacor (VRX) 112.00 : Co announced the interim final award in its previously disclosed arbitration with Anacor Pharmaceuticals (ANAC) to resolve a breach of contract dispute arising out of services provided by Dow Pharmaceutical Sciences prior to its acquisition by Valeant. As a result of the Sep 2013 arbitration hearing, Valeant has been ordered to make a one-time payment of $100 mln in damages plus costs and fees to Anacor. The arbitrator did not grant an injunction or ongoing royalty, which means that, while still subject to regulatory approval, nothing in the arbitrator's order prevents the launch of Jublia (efinaconazole 10% topical solution). As previously disclosed, Anacor had sought an award of at least $215 mln plus injunctive relief.

8:03AM Asian Markets Close: Nikkei -0.2%, Hang Seng +1.1%, Shanghai +0.2% (SUMRX) : It was a sea of green across Asia as all of the major bourses, aside from Japan's Nikkei (-0.2%), ended with gains. The overnight enthusiasm came following the stronger than expected Chinese Q3 GDP (7.8% actual v. 7.5% expected), and was supported by an underlying bid following yesterday's reversal on Wall Street. The Shanghai Composite (+0.2%) managed to eke out a small gain, but Hong Kong's Hang Seng was more impressed, posting a 1.1% advance. However, the big winner was India's Sensex (+2.3%) as trade rallied to a three-year high. Meanwhile, Japan's Nikkei (-0.2%) lagged as a strong yen weighed. S&P chimed in overnight, reaffirming its 'AA-' rating while maintaining a negative outlook and saying that a downgrade remains possible if the Japanese government fails to implement reform. Other Chinese data showed fixed asset investment is up 20.2% YTD (20.4% expected) and industrial advanced 10.2% YoY (10.1% expected). Looking at the currencies...USDCNY fell to a 20-year low of 6.0968; USDINR ticked up to 61.26; USDJPY is weaker at 97.75; AUDUSD is stronger near .9655. In Japan, the Nikkei closed -0.2% as trade continues to struggle near resistance that has been in place since the early summer. Automakers were weak as Toyota gave up 1.0% and Honda Motor shed 0.3%. Elsewhere, financials slightly outperformed as Mitsubishi UFJ Financial ticked up 0.2%.

In Hong Kong, the Hang Seng finished +1.1% as trade continues to press resistance in the area. Insurer AIA surged 4.4% after the co reported a jump in new business growth. Meranwhile, PC maker Lenovo shed 1.7% on reports the co was considering a bid for smartphone maker Blackberry...In China, the Shanghai Composite settled +0.2% as trade held below the 200 dma. Brokerage firms outperformed with Industrial Securities gaining 1.2%.

In India, the Sensex closed +2.3% as trade moved to within 1.7% of all-time highs. Financials led as ICICI Bank and HDFC Bank jumped 4.6% and 3.4%, respectively. Elsewhere, heavyweight Reliance Industries posted a solid 2.9% advance. Click here to see a daily Sensex chart.

In Australia, the ASX finished +0.7% as trade ended at a fresh 40-month high. Financials were higher across the board as Westpac led the way with a 1.1% gain. Meanwhile, miners lagged as BHP Billiton and Rio Tinto slipped 0.1% and 0.4%, respectively.

In Taiwan, the Taiex settled +0.8%...In South Korea, the Kospi closed +0.6%.

In other regional markets...Malaysia +0.1%...Singapore +0.2%...Vietnam +0.3%...Indonesia +0.6%...Philippines +0.7%...Thailand +1.1%

8:03AM KC Southern misses by $0.01, reports revs in-line (KSU) 113.16 : Reports Q3 (Sep) adj. earnings of $1.10 per share, $0.01 worse than the Capital IQ Consensus Estimate of $1.11; revenues rose 7.7% year/year to $621.6 mln vs the $622.4 mln consensus.

Overall, carload volumes were 3% higher than in third quarter 2012. Third quarter revenue growth compared to 2012 was led by a 17% increase in Intermodal. Revenues from Industrial & Consumer, Agriculture & Minerals and Automotive grew by 7%. Revenues from Energy and Chemicals & Petroleum grew by 6% and 3%, respectively, over 2012.

8:02AM SunPower E20/327 solar panels achieve lowest potential induced degradation (SPWR) 31.59 : Co announces that its high-efficiency SunPower E20/327 Solar Panel recently underwent stringent third-party testing for potential induced degradation by PV Evolution Labs. Upon completion, the panels showed power loss of less than 0.2 percent, performing better than any of the others tested. The average degradation of modules that passed this test is ~4-5%.

SunPower earned certificates in all grounding configurations and, when compared against conventional panels that passed, its panels degraded at a rate 20 times lower. Only 50 percent of all panels tested successfully passed the program's criteria. A conventional panel is approximately 240 watts, 15 percent efficient and ~1.6 square meters in size.

8:02AM CEL-SCI Corp receives notification from NYSE Regulation dated Oct 17, 2013 that the co is now considered to have regained compliance with the listing requirements of the NYSE MKT Company Guide (CVM) 0.86 :

8:01AM S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +24.50. (WRAPX) : U.S. equity futures hold pre-market gains with the S&P 500 futures up 0.3% while Nasdaq (+0.5%) futures outperform as shares of Google (GOOG 976.50, +87.71) contribute to the strength. Google sports a pre-market gain of 9.9% after handily beating earnings expectations.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.2%, China's Shanghai Composite +0.2%, and Hong Kong's Hang Seng +1.1%.
In regional economic data:
China's GDP rose 2.2% quarter-over-quarter (1.9% expected, 1.7% prior) while the year-over-year reading came in at 7.8%, as expected (7.5% previous). In addition, industrial production increased 10.2% year-over-year (10.1% expected, 10.4% last), retail sales rose 13.3% year-over-year (13.5% forecast, 13.4% previous), and fixed asset investment climbed 20.2% year-over-year (20.3% expected, 20.3% prior).
Japan's foreign bonds buying report pointed to net purchases in the amount of JPY380.70 billion (-JPY2.22 trillion prior).
In news:
Bank of Japan Governor Haruhiko Kuroda spoke overnight, but did not provide too much new insight. The central bank governor said monetary policy has started showing effects on the economy while making progress in correcting yen strength.

Major European indices hover near their highs. Germany's DAX +0.2%, Great Britain's FTSE +0.4%, and France's CAC +0.5%.
Economic data was limited:
Spain's industrial new orders fell 5.4% year-over-year (4.2% expected, 1.5% previous).
Looking at news:
Spanish bad loan ratio rose to a record level of 12.1% in August.
In Germany, Angela Merkel's CDU/CSU alliance has agreed to begin coalition talks with SPD, which is reportedly looking to replace the current Finance Minister Wolfgang Schaeuble.

In U.S. corporate news:

Capital One (COF 72.25, +0.10): +0.1% after beating on earnings and revenue.
Chipotle Mexican Grill (CMG 473.99, +34.92): +7.7% after its above-consensus comparable stores guidance overshadowed its earnings miss.
General Electric (GE 25.35, +0.67): +2.7% after beating earnings expectations by one cent.
Honeywell (HON 85.99, -0.75): -0.9% following its mixed results. The company surpassed earnings estimates by one cent, but reported revenue below analyst expectations.
Intuitive Surgical (ISRG 365.00, -34.13): -8.6% after reporting an earnings beat on below-consensus revenue.
Morgan Stanley (MS 29.75, +0.82): +2.8% after beating on earnings and revenue.
Schlumberger (SLB 94.00, +2.57): +2.8% following its earnings beat.

8:01AM Pfizer reports top-line results from two Lyrica capsules CV Phase 3b studies. The fibromyalgia study, A0081275 met its primary endpoint. Separately, the painful DPN study, A0081269 did not meet its co-primary endpoints (PFE) 30.26 : Co announced top-line results from two phase 3b, placebo-controlled studies with Lyrica (pregabalin) Capsules CV in patients with fibromyalgia (FM) and painful diabetic peripheral neuropathy (DPN), respectively.

The fibromyalgia study, A0081275 met its primary endpoint, showing a reduction in pain associated with fibromyalgia in patients who were treated concurrently with antidepressant therapy for comorbid depression.

Separately, the painful DPN study, A0081269 did not meet its co-primary endpoints by sufficiently reducing DPN pain and DPN pain on walking compared to placebo.

The fibromyalgia study (A0081275) was a multicenter, double-blind, randomized, placebo-controlled, two-way cross-over study of Lyrica in the treatment of FM pain in patients taking concurrent antidepressant therapy for comorbid depression. The study enrolled 197 patients diagnosed with both fibromyalgia and comorbid depression who were taking a stable dose of a single antidepressant medicine (either a selective serotonin reuptake inhibitor or a serotonin--norepinephrine reuptake inhibitor) for their depression for at least three months prior to the study. In each of the two double-blind treatment periods, patients were randomized to receive Lyrica (300 or 450 mg) or placebo twice per day during a six-week treatment phase, followed by a two-week washout period, and then crossed over to the opposite treatment for an additional six weeks.

The study met its primary endpoint, showing a statistically significant greater reduction in fibromyalgia pain in patients receiving Lyrica compared to patients receiving placebo assessed by diary-based, daily pain scores. The safety profile of Lyrica was consistent with previous studies and current product labeling. The most common adverse events in this study included dizziness, somnolence and constipation.

7:51AM IntercontinentalExchange announces ICE Futures Europe reached a daily volume record of 16,034 contracts in ICE Coal futures on Oct 17, 2013; previous volume record was 14,090 contracts on Mar 28, 2013 (ICE) 197.25 : Volume for ICE Coal futures and options also reached a combined record of 21,734 contracts on October 17, 2013, compared with the previous combined record of 19,390 on June 25, 2013. ICE gC Newcastle Coal futures achieved record open interest of 26,941 contracts on October 17, 2013.

7:40AM Parker-Hannifin beats by $0.20, reports revs in-line; raised FY14 EPS above consensus (PH) 106.78 : Reports Q1 (Sep) earnings of $1.67 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus Estimate of $1.47; revenues rose 0.5% year/year to $3.23 bln vs the $3.26 bln consensus.

Co raised guidance for FY14, sees EPS of $6.57-7.17, excluding expenses of $0.47/diluted share associated with its previously announced restructuring and an expected gain of $1.68/diluted share associated with a joint venture agreement between Parker Aerospace and GE Aviation to be recorded in the quarter ending Dec 31, 2013, vs. $6.70 Capital IQ Consensus Estimate.

7:35AM Iron Mountain acquires Cornerstone Records Management for ~ $191 mln in cash; expects limited impact on 2013 results and annualized rev of $50 to $55 mln in 2014 with ~ $20 mln in Adjusted OIBDA (IRM) 25.98 : Co has acquired Cornerstone Records Management, growing its core information storage business by adding complementary small and mid-sized organizations to its customer base. The firm purchased Cornerstone for ~ $191 million in cash, subject to certain purchase price adjustments. Co expects limited impact on 2013 results and annualized revenue of $50 to $55 million in 2014 with approximately $20 million in Adjusted OIBDA. Additional Adjusted OIBDA benefits are expected to be realized over time as real estate synergies are achieved.

7:34AM MoSys misses by $0.01; misses on revs (MOSY) 4.26 : Reports Q3 net loss of $0.12 per share, ex-items vs ($0.11) CIQ estimate; revs declined 100K QoQ to $1.0 mln vs $1.4 mln CIQ est

Gross margin for the third quarter of 2013 was 83% compared with 93% in the second quarter of 2013 and 96% for the third quarter of 2012.

7:33AM Cleveland Biolabs transfers laboratory and preclinical services personnel to Buffalo BioLabs (CBLI) 1.57 : Co announces that because of maturation of its development pipeline and a reduced need for certain services, it has transferred laboratory and preclinical services personnel to Buffalo BioLabs, an entity affiliated with one of the co-founders. CBLI has executed a service agreement providing for continued access to this team on an as-needed basis.

7:32AM Aegean Marine Petrol prices public offering of $75 mln of 4.00% convertible senior notes due 2018 (ANW) 10.35 :

7:32AM Caesars Entertainment announces that Oct 21, 2013 is scheduled as the date for the distribution of subscription rights for common stock of Caesars Acquisition (CZR) 20.09 : As previously announced in a press release issued by Caesars on Oct 3, 2013, each stockholder of Caesars as of the close of business on Oct 17, 2013 will be issued, at no charge, one non-transferable subscription right for each whole share of Caesars common stock owned by that stockholder as of the close of business on the Record Date. The subscription rights may not be sold, transferred or assigned and will not be quoted on any stock exchange or market.

7:30AM TransAct Tech announces Ohio Appeals Court's denial of Avery Dennison's (AVY) request for preliminary injunction (TACT) 13.84 : Co announced that the Court of Appeals for the Eleventh Appellate District in Lake County, Ohio, has affirmed the Nov 2012 judgment of the Lake County Court of Common Pleas in TransAct's favor. The earlier Lake County Court of Common Pleas judgment denied Avery Dennison's (AVY) request for a preliminary injunction against TransAct for alleged misappropriation of Avery Dennison trade secrets in connection with the design of the Company's food safety terminals.

7:29AM Morgan Stanley beats by $0.09, beats on revs (MS) 29.75 : Reports Q3 (Sep) earnings of $0.50 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.41; revenues rose 50.0% year/year to $7.93 bln vs the $7.53 bln consensus.

Compensation expense of $4.0 billion was relatively unchanged from a year ago.
Non-compensation expenses of $2.6 billion decreased from $2.8 billion in the prior year primarily due to the absence of non-recurring Wealth Management integration expenses in the prior year quarter.

Institutional Securities

Institutional Securities reported pre-tax income from continuing operations of $371 million compared with a pre-tax loss of $1.9 billion in the third quarter of last year. Net revenues for the current quarter were $3.7 billion compared with $1.5 billion a year ago. DVA resulted in negative revenue of $171 million in the current quarter compared with $2.3 billion a year ago.
Advisory revenues of $275 million declined from $339 million a year ago reflecting lower levels of completed market activity.
Equity underwriting revenues were $236 million compared with $199 million a year ago reflecting increased client activity.
Fixed income underwriting revenues were $481 million compared with $431 million a year ago reflecting growth in investment grade bond and loan fees.
Equity sales and trading net revenues of $1.7 billion increased from $1.3 billion in the prior year quarter reflecting strong performance across products and regions.
Fixed Income & Commodities sales and trading net revenues were $835 million compared with $1.5 billion a year ago. Results reflect lower client activity and market volumes across all products.
Compensation expense for the current quarter of $1.6 billion compared with $1.7 billion in the prior year quarter.
Non-compensation expenses of $1.7 billion were relatively unchanged from a year ago.
Morgan Stanley's average trading Value-at-Risk (VaR) measured at the 95% confidence level was $52 million compared with $61 million in the second quarter of 2013 and $63 million in the third quarter of the prior year.

Wealth Management

Wealth Management reported pre-tax income from continuing operations of $668 million compared with $247 million in the third quarter of last year. The quarter's pre-tax margin was 19%. Net revenues for the current quarter were $3.5 billion compared with $3.2 billion a year ago. Results for the current quarter do not include a noncontrolling interest allocation to Citigroup Inc. (Citi) following the completed acquisition of the Wealth Management Joint Venture, whereas the prior year quarter included a noncontrolling interest allocation to Citi of $9 million.
Asset management fee revenues of $1.9 billion increased 6% from last year's third quarter primarily reflecting an increase in fee based assets and positive flows, partially offset by lower referral fees from Citi.
Compensation expense for the current quarter of $2.0 billion was relatively unchanged from a year ago. Non-compensation expenses of $796 million decreased from $1.0 billion a year ago driven primarily by the absence of non-recurring integration costs reported in the prior year quarter, and continued expense discipline.

Capital

Morgan Stanley's Tier 1 capital ratio under Basel I was approximately 15.3% and Tier 1 common ratio was approximately 12.6% at September 30, 2013.18 At September 30, 2013, book value and tangible book value per common share were $32.13 and $26.96,19 respectively, based on approximately 2.0 billion shares outstanding.

7:29AM Dollar Slips to 79.50: 10-yr: +07/32..2.562%..USD/JPY: 97.70..EUR/USD: 1.3684 (SUMRX) : The Dollar Index continued lower in overnight trade as action fell to the 79.50 level before stabilizing. Today's weakness has the Index trading at its worst level in eight months with trade nearing a test of the critical 79.00 area.

EURUSD is +20 pips at 1.3690 as trade has been limited to a 40 pip range amid the absence of any meaningful news and data out of the region. Today's bid has the single currency testing the February highs while a breakout would produce the best print in 11 months. Click here to see a daily EURUSD chart.
GBPUSD is +45 pips at 1.6205 as trade revisits the early October highs. The current two-day advance has tacked on close to 250 pips and has trade zeroing in on the 1.6300 level. That area remains critical as it has provided a lid on action for the past 26 months.
USDCHF is flat at .9020 as a recent bid has lifted trade off session lows. The ability to hold the .9000 area is of the utmost importance for the bulls as support at the level has been in place since the fall of 2011.
USDJPY is -15 pips at 97.75 as trade slides for a second day. The pair has seen little reaction to S&P reaffirming its 'AA-' rating while maintaining a 'negative' outlook and saying that a downgrade remains possible if the Japanese government fails to implement reform. The 97.00 area remains key as support is helped by the 200 dma.
AUDUSD is +30 pips at .9655 as trade zooms higher for the seventh time in eight days. The recent streak has tacked on almost 250 pips and is setting up a test of the 200 dma (.9760). Today's advance comes after China reported Q3 GDP of 7.8% (7.5% expected). Other Chinese data showed fixed asset investment is up 20.2% YTD (20.4% expected) and industrial advanced 10.2% YoY (10.1% expected). USDCNY fell to a fresh 20-year low of 6.0968.
USDCAD is unchanged at 1.0295 amid a quiet overnight trade as traders await this morning's CPI data. The 1.0250 area remains key as trendline support off the September 2012 lows aids the 200 dma.

7:19AM First Niagara beats by $0.01 (FNFG) 10.93 : Reports Q3 (Sep) earnings of $0.20 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.19.

Additinal metrics:

Net interest margin increased 4 basis points from the second quarter to 3.40%
Fee income declined 4% driven by lower mortgage banking revenues
Average commercial business and real estate loans increased 7% QoQ
Continued momentum in indirect auto loans, which increased by $280 mln
Noninterest-bearing checking balances increase 6% QoQ
Transactional deposits averaged 35% of deposits, up from 31% a year-ago
Continued investment in mobile and digital banking to match evolving consumer banking preferences
NCOs remained flat compared to the prior quarter at 0.33% of average originated loans
Nonperforming originated loans decline 6% QoQ

Credit Quality

The provision for loan losses on originated loans totaled $25.4 mln in the third quarter of 2013, including $12.5 mln to support loan growth and $12.9 mln to cover net charge-offs during the quarter.
At September 30, 2013, nonperforming originated loans comprised 0.89% of originated loans, which equaled a 13 basis point improvement from the prior quarter. Net charge-offs equaled 33 basis points of average originated loans, consistent with the second quarter.

7:15AM Marlin Midstream Partners Board of Directors declared a quarterly cash distribution of $0.23 per unit (FISH) 18.18 : This distribution represents a prorated amount of Marlin's full minimum quarterly distribution of $0.35 per unit for each whole quarter or $1.40 on an annualized basis, based on the number of days between the closing of the Partnership's IPO on July 31, 2013 and the end of the third quarter.

7:12AM Interpublic misses by $0.01, reports revs in-line (IPG) 16.89 : Reports Q3 (Sep) earnings of $0.17 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.18; revenues rose 1.8% year/year to $1.7 bln vs the $1.71 bln consensus.

During Q3, the co repurchased 6.2 million shares of its common stock at an aggregate cost of $100.2 million and an average price of $16.11 per share.

"We remain on track to deliver against our full-year target of 2-3% organic revenue growth. However, macro conditions in Europe and our results in that region remained more challenging than had been expected at the outset of this year. Investments related to new business wins have also been significant year-to- date. We will continue to drive to our target of 50 basis points of margin expansion for the year, though delivering such a result will depend on very strong performance in the fourth quarter. We are considering targeted year-end cost actions to appropriately position the company for further operating margin expansion in 2014 and beyond."

7:09AM Honeywell beats by $0.01, misses on revs; raises low end of FY13 EPS, lowers FY13 rev guidance (HON) 86.74 : Reports Q3 (Sep) earnings of $1.25 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.24; revenues rose 3.3% year/year to $9.65 bln vs the $9.91 bln consensus.

Co issues guidance for FY13, sees EPS of $4.90-4.95 (from $4.85-4.95) vs. $4.95 Capital IQ Consensus Estimate; lowers FY13 revs to $38.8-39.0 bln from $38.9-39.3 bln vs. $39.17 bln Capital IQ Consensus Estimate. "Despite lower than expected sales in the quarter, primarily related to the delay in closing Intermec and lower Defense & Space sales, strong execution across the portfolio helped drive earnings at the high-end of our guidance range. Our short-cycle businesses, particularly Energy, Safety and Security, and Turbo Technologies, are benefitting from improving end markets, new product introductions, and geographic expansion, while our long-cycle businesses are maintaining a robust backlog, driven by favorable macro trends and strong win rates... Looking ahead to 2014, we are planning for a continued slow growth macro environment, but see a path to strong earnings growth driven by our relentless seed planting in new products and technologies, continued penetration of high growth regions, and growing traction on key process initiatives."

Aerospace: Sales were down (2%) compared with the third quarter of 2012 driven by an (11%) decline in Defense & Space sales as a result of planned ramp downs and program delays, as well as supply chain constraints, partially offset by Commercial growth. Commercial OE sales were up 3% in the quarter driven by continued strong OE build rates and favorable platform mix. Commercial Aftermarket growth of 5% was driven by improved flight hour growth and strong RMU (Repairs, Modifications, and Upgrades) sales. Segment profit was up 3%, and segment margins expanded 110 bps to 20.2%, driven by commercial growth, including productivity net of inflation and commercial excellence, partially offset by lower Defense & Space volume.
ACS: Sales were up 4% reported, 3% organic, compared with the third quarter of 2012, primarily driven by growth in Energy, Safety, and Security due to strong residential end markets, improving commercial retrofit activity, new product introductions, and the favorable impact of acquisitions net of divestitures. Segment profit was up 11% and segment margins expanded 90 bps to 15.3% driven by strong sales conversion, commercial excellence, and productivity net of inflation.
PMT: Sales were up 10% reported, but down (1%) organic, compared with the third quarter of 2012, driven by the favorable impact of the Thomas Russell acquisition, partially offset by challenging global market conditions in Advanced Materials. Segment profit was up 11% and segment margins increased 10 bps to 18.7%, driven by the favorable margin impact of higher UOP licensing and productivity partially offset by inflation and continued investments for growth.
Transporation: Sales were up 6% reported, 5% organic, compared with the third quarter of 2012, driven by strong growth from new platform launches and higher turbo gas penetration in all regions, partially offset by slightly lower European light vehicle production and lower off-highway sales in the U.S. Segment profit was up 23% and segment margins increased 190 bps to 14.0% primarily driven by strong Turbo material productivity and volume leverage, and operational improvements in Friction Materials, partially offset by unfavorable price.

7:03AM JinkoSolar Holding signs strategic agreement for 120MW with the local authority in Electromechanical Industrial Park, Zhenjiang New Area in Jiangsu Province (JKS) 26.00 : Co announced that it has signed a strategic agreement with the local authority in Electromechanical Industrial Park, Zhenjiang New Area, Jiangsu Province, to develop 120 MW distributed PV power plant within 3 years. It will be the largest distributed PV power plant in China upon its completion. With a total investment of more than RMB 1 bln, the project covers an area of ~ 1.2 mln square meters and is designed for commercial and residential rooftop installations in Zhenjiang New Area, Jiangsu Province. JinkoSolar will be responsible for project declaration, investment, EPC, operation and maintenance.

6:35AM General Electric beats by $0.01, reports revs in-line (GE) 24.68 : Reports Q3 (Sep) earnings of $0.36 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.35; revenues fell 1.5% year/year to $35.73 bln vs the $36.05 bln consensus, driven by lower revenues in GE Capital due to planned asset reductions, and a negative FX impact of $132 mln.

"Orders grew 19% with orders growth around the world. Total segment profit grew 12%, Industrial margins grew 120 basis points in the quarter, and we are on track for planned margin expansion of 70 basis points for the year. GE Capital continues to perform well, and we finished the quarter with a Tier 1 common ratio of 11.3%, up 116 basis points.

"Our Industrial strength was broad based, with six of seven businesses growing earnings. As expected, our Power & Water business is strengthening in the second half of the year. Our strategic initiatives are working: growth market orders expanded 22%; service revenues grew 7%; and margins grew significantly, driven by a positive value gap and company-wide simplification efforts. We have reduced Industrial structural costs by ~$1 bln YTD, and will exceed our plan for the year."

Orders for the quarter rose 19% to $25.7 bln. GE's backlog of equipment and services at the end of the quarter was its highest ever at $229 bln, up $6 bln from the second quarter. Infrastructure order pricing was flat for the quarter. The ratio of equipment orders received to sales billed (book-to-bill) was 1.2.

"This quarter we delivered on our major strategic goals for investors. We grew Industrial segment profits 11% with good margin expansion. GE Capital is smaller and stronger; it is returning cash to the parent, while maintaining its profitability. And with a record backlog of $229 bln, we are winning in the market and are well positioned for 2014. Our overall framework for the year is unchanged."

Industrial cash from operating activities (CFOA), excluding NBCUniversal deal-related taxes and pension contributions, was $5.9 bln, up 5% from the year-ago period. Year-to-date total CFOA of $7.8 bln was 27% lower due to NBCU deal-related taxes and the timing of GE Capital dividends. GE ended the quarter with $87 bln of consolidated cash and cash equivalents, and is on track to generate $14 bln to $17 bln of CFOA this year.

GE Capital continues to decrease the size of its portfolio, while focusing on its core businesses. GE Capital earnings rose 13% on positive results from its Real Estate and Consumer businesses. ENI (excluding cash and equivalents) was $385 bln at quarter-end. Volume was up 6% for the quarter, with good returns. General Electric Capital Corporation's (GECC) Tier 1 common ratio rose 116 basis points to 11.3%, and net interest margin was strong at 5%. During the quarter, GECC paid $2 bln in dividends to the parent.

Google (GOOG) beat by $0.37, reports revs in-line; Q3 earnings were $10.74 per share, better than expected; revenues rose 31.4% y/y.

On a consolidated basis, Google revenues for the quarter ended September 30, 2013 were $14.89 billion, an increase of 12% y/y.
Google segment revenues were $13.77 billion, or 92% of consolidated revenues, in the third quarter of 2013, representing a 19% increase y/y.
Google-owned sites generated segment revenues of $9.39 billion, or 68% of total Google segment revenues. This represents a 22% increase y/y.
Google's partner sites generated segment revenues of $3.15 billion, or 23% of total Google segment revenues.
Google segment revenues from outside of the United States totaled $7.67 billion, representing 56% of total Google segment revenues in the third quarter of 2013, compared to 55% in the second quarter of 2013 and 53% in the third quarter of 2012.
Aggregate paid clicks increased approximately 26% y/y and increased approximately 8% q/q.
Average cost-per-click decreased approximately 8% y/y and decreased approximately 4% q/q.
Traffic acquisition costs increased to $2.97 billion in the third quarter of 2013, compared to $2.77 billion in the third quarter of 2012. TAC as a percentage of advertising revenues was 24% in the third quarter of 2013, compared to 26% in the third quarter of 2012.
Motorola Mobile segment revenues were $1.18 billion, or 8% of consolidated revenues in the third quarter of 2013, compared to $1.78 billion, or 13% of consolidated revenues in the third quarter of 2012. Operating expenses were $5.04 billion in the third quarter of 2013, or 34% of revenues, compared to $4.61 billion in the third quarter of 2012, or 35% of revenues.

Google (GOOG) tgt raised earlier to $1100 from $1020 at UBS. Moving from 2H13 to 1H14, firm believes that co's innovation in digital advertising will allow co to produce above digital ad market growth rates. Co is quickly transforming into a digital economy powerhouse by addressing consumer & enterprise needs across technology hardware, software/services/apps, ecommerce and cloud computing. In the coming years, firm expects co to be the main beneficiary of many of the themes (mobile, personalization, social and disruption/innovation) that will drive secular growth in the Internet.

Verizon (VZ): Canccord Genuity notes, solid execution highlighted by wireless strength and wireline improvement. Firm notes once again Verizon demonstrates its US wireless strength in the quarter with solid postpaid subscriber growth in an increasingly competitive market place, while delivering strong margin performance despite the latest iPhone launch in the quarter. With a now fully financed deal to acquire the 45% interest in Verizon Wireless held by Vodafone, they believe Verizon continues to be uniquely positioned to deliver the financial benefits of the combined entity to shareholders. With higher revenue and EBITDA growth rates forecasted for the next few years, firm believes Verizon should continue to trade at a premium to its peers; $50 tgt.

DISH Network (DISH) filed a complaint against Media General, requesting that the Federal Communications Commission immediately require Media General to negotiate in good faith to resolve a blackout that began Oct. 1. In the Complaint, DISH explains how Media General has breached its statutory duty to negotiate in good faith: "Media General's conduct violates the Commission's rules requiring good faith negotiation for retransmission consent rights, because, among other things, Media General failed to respond for 11 days to DISH's last pre-blackout offer." Media General blocked programming from DISH customers in 17 markets after a retransmission contract expired.