- Samaras Says He’d Join Alliance to Keep Greece in Euro (BBG)
- Tensions with Warren camp could loom over Clinton campaign (Reuters)
- Ackman Report on Herbalife in China Figures in Probe (WSJ)
- Al Shabaab storms Kenyan university, 14 reported killed (Reuters)
- Iraq’s Four-Mile Line of Supertankers Fuels Shipping-Rates Surge (BBG)
- Menendez's fate could sharpen Republicans' edge in Senate (Reuters)
- IRS Chief Chides Ted Cruz Over 'Abolish the IRS' Mantra (BBG)
- Yemen Houthi fighters backed by tanks reach central Aden (Reuters)
- EU Lays Groundwork for Antitrust Charges Against Google (WSJ)
- Patient evaluated for Ebola at Colorado hospital after seeing symptoms (Reuters)
- RadioShack Is Dead, Long Live RadioShack (WSJ)
- Iron ore falls below US$50 a tonne, heaping pressure on Joe Hockey (Guardian)
- No Sleeping In for Stock Jocks Awaiting Good Friday Jobs Report (BBG)
- TV Everywhere Gets So Popular Many Now Watch It. . . On TV (Reuters)
- Another "hedge fund" using Twitter for stock tips (BBG)
Overnight Media Digest
WSJ
* Europe's competition regulator is preparing to move against Google Inc. in the next few weeks, a person familiar with the matter said Wednesday, setting the stage for charges against the U.S. Internet-search giant in a five-year-old investigation that has stalled three times and sparked a political firestorm. (http://on.wsj.com/1DxOGAh)
* McDonald's Corp plans to raise wages by more than 10 percent for workers at U.S. restaurants it operates - fresh evidence of the rising wage pressure in the American labor market. (http://on.wsj.com/1DxOW2d)
* Federal prosecutors have begun to look at a presentation organized by investor William Ackman on Herbalife's operations in China, as part of a probe into potential market manipulation of the company's stock, according to people familiar with the matter. (http://on.wsj.com/1DxPB3C)
* After a brush with liquidation last week, a reincarnated version of the RadioShack electronics chain will debut later in April under the ownership of hedge fund Standard General LP with an assist from Sprint Corp. (http://on.wsj.com/1DxQ5GO)
* The U.S. commodities regulator sued giant food companies Kraft Foods Group Inc and Mondelez Global LLC over alleged manipulation of wheat prices in 2011, marking a fresh crackdown on how companies outside the financial industry use derivatives markets. (http://on.wsj.com/1DxQR6G)
* The Securities and Exchange Commission announced a settlement Wednesday with KBR Inc over allegations it used employment agreements that could have muzzled whistleblowers, a move that marks the agency's first-ever enforcement action of this kind. (http://on.wsj.com/1DxQKYR)
FT
The Bishop of Birmingham, Reverend David Urquhart, will be a part of the team gathered by Dame Colette Bowe, chair of the Banking Standards Board, to oversee the task of restoring faith in UK's banking sector.
Opposition party Labour said critics of party Leader Ed Miliband's business are "well-known supporters, peers and donors" of the Conservative party.
UBS Group AG will make top executives convince shareholders whether they are worth the 58 million swiss franc ($60.04 million) variable pay they received last year. As part of its new plan, the Swiss bank is putting variable pay for its executive board and the remuneration for directors in 2015 and 2016 to a shareholder vote at its May 7 annual meeting.
Technology start-ups in London received about $682 million in funding in the first three months of 2015, according to data from the Mayor of London's promotional body, London & Partners.
NYT
* In an announcement circulated and recirculated among incredulous gay-rights advocates, Wal-Mart Stores Inc. posted a statement in its Twitter feed that asked the governor of Arkansas, its home state, to reject a legislation that critics say could allow discrimination against lesbians and gay men.(http://nyti.ms/1ISRgkq)
* Luxury car exporter Alibek Turkayev's nearly two-year legal battle to recover a Porsche Cayenne and $120,786 seized by United States authorities has ended with federal prosecutors in South Carolina agreeing to return the property and drop a civil forfeiture lawsuit. (http://nyti.ms/1ISRtUT)
* Federal prosecutors said in a court filing on Wednesday that HSBC Holdings PLC - the British bank which avoided criminal prosecution in 2012, on charges of money laundering and transferring funds for Iran and other blacklisted nations, was going slow on making changes. Prosecutors found fault in the bank for weaknesses in spotting suspicious transactions and for enabling a corporate culture resistant to change. (http://nyti.ms/1ISSdcx)
* President Obama on Wednesday signed an executive order aimed at retaliating against foreign-based online attacks on the United States as the government scrambles to catch up to national security threats that are evolving in a world of fast-changing technology. (http://nyti.ms/1ISSmg0)
* Yukos, the defunct Russian oil giant whose dismantling a decade ago came to define a country's flawed property rights system, announced on Wednesday that it had reached a final legal settlement with NK Rosneft OAO, the state oil company that prospered from the breakup. (http://nyti.ms/1ISSEDD)
China
SECURITIES JOURNAL
- Housing in 100 Chinese cities was valued at 10,523 yuan ($1,698) per square meter, down 0.15 percent from a month earlier, indicating an easing in home price decline, according to a China Index Academy report.
CHINA BUSINESS NEWS
- China will adopt higher quality fuel and gasoline standards by the end of 2016, a year ahead of schedule, the newspaper said in an exclusive report, without citing sources.
SECURITIES TIMES
- Both Shanghai Pudong Development Bank (SPDB) and Shanghai Rural Commercial Bank (SRCB) said they "have no idea" about the speculation that the SPDB is planning to purchase SRCB stakes.
CHINA DAILY
- Beijing's new air pollution emergency response program, which controls the number of vehicles on roads at times of high pollution, lowers the threshold for issuing air pollution alerts and increases penalties for violators, will be more effective in combating air pollution than existing measures, according to an editorial in the newspaper.
SHANGHAI DAILY
- A hundred Chinese start-ups will be provided with 100 million yuan worth of free software and cloud services, Microsoft said on Wednesday, the newspaper reported.
Britain
The Times
PANIC IN THE MARKETS AS POLL JITTERS HIT STERLING
Jitters hit the markets yesterday as analysts warned investors that Britain faced the prospect of a weak and ineffective government after a dead-heat election. (thetim.es/1I63sk6)
QUINDELL'S BLUNDER REFLECTS BADLY ON AIM
The credibility of the London stock exchange's junior market was brought into question yesterday by the latest debacle at Quindell Plc. Shares in the troubled insurance services company were suspended after it admitted to a glaring error in a statement to the stock market on Monday. (thetim.es/1NKe0pE)
The Guardian
BG GROUP CONCEDES FAILINGS OVER CEO HELGE LUND'S 25 MLN STG PAY DEAL
The BG Group board has admitted it "did not strike the correct balance" on pay when it offered a 25 million pounds ($37.06 million) package to lure the Norwegian oil boss Helge Lund to the company as chief executive. (bit.ly/1xZO5GS)
HSBC MUST DO MORE TO CLEAN UP OPERATIONS, SAYS REPORT
HSBC needs to do more to clean up the way it does business and overhaul the culture that exists in some of its operations, according to a report for the U.S. authorities. (bit.ly/1EGA03d)
The Telegraph
DEALMAKERS TOAST BEST START TO THE YEAR SINCE 2007 M&A BOOM
Bankers believe the United Kingdom will continue to attract overseas buyers, despite potential disruptions from the election. Dealmakers around the world started the year with a bang after more than $902 billion of mergers and acquisitions were announced in the first quarter, the highest three-month total since the pre-crash boom in 2007. (bit.ly/1GhTF8q)
SPORTS DIRECT VALUATION HIT BY GOVERNANCE WORRIES
Worries about corporate governance at Sports Direct have forced an influential broker to cut its estimate of the retailer's valuation by a fifth. While analysts at Morgan Stanley on Wednesday started coverage of the FTSE 100 company with an "overweight" recommendation - the equivalent of a "buy" - because of the opportunities for Sports Direct to expand in Europe, they also cautioned that governance at the business is "an issue" and was deterring institutional investors from buying the stock. (bit.ly/1I655hO)
Sky News
INSURER HASTINGS MOTORS TOWARDS £1BN LISTING
The owners of Hastings, one of the United Kingdom's fastest-growing insurers, have appointed investment bankers to steer the company towards a 1 billion pounds post-lection flotation. (bit.ly/1ImAEke)
KURT GEIGER TO TRY ON ANOTHER NEW OWNER
The upmarket shoe retailer Kurt Geiger is preparing to try on another new owner less than a year after its last buyout. (bit.ly/1Dwufn8)
The Independent
TWO THIRDS OF ECONOMISTS SAY COALITION AUSTERITY HARMED THE ECONOMY
A host of eminent economists have given a thumbs-down to the Coalition's controversial austerity policies in a major new poll. (ind.pn/1EE4LWA)
BUSINESS LEADERS MIGHT NOT BE AS ANTI-LABOUR AS THAT LETTER WOULD HAVE YOU BELIEVE
Business will not be voting Labour. That's the impression left by an open letter to The Daily Telegraph signed by 103 business leaders. The signatories said a "change in course" from the economic path laid out by "this Conservative-led Government" would "threaten jobs and deter investment". But we should be wary of assuming the views of the 103 signatories are representative of the views of the entire business community in the UK. There are around five million private sector businesses according to the latest estimates. (ind.pn/19HyPD5)
Fly on the Wall Pre-Market Buzz
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Jobless claims for week of March 28 at 8:30--consensus 285K
International trade balance for February at 8:30--consensus deficit $41.2B
ISM New York for March at 9:45--consensus 62.0
Factory orders for February at 10:00--consensus down 0.4%
EIA natural gas storage change for week of March 27 at 10:30
ANALYST RESEARCH
Upgrades
CRH (CRH) upgraded to Neutral from Underperform at Exane BNP Paribas
Dick's Sporting (DKS) upgraded to Positive from Neutral at Susquehanna
Franklin Street (FSP) upgraded to Hold from Sell at Stifel
Macerich (MAC) upgraded to Neutral from Sell at UBS
Macerich (MAC) upgraded to Neutral from Underperform at Credit Suisse
Mosaic (MOS) upgraded to Sector Performer from Underperformer at CIBC
Steven Madden (SHOO) upgraded to Overweight from Neutral at Piper Jaffray
World Point Terminals (WPT) upgraded to Buy from Neutral at BofA/Merrill
Downgrades
Garmin (GRMN) downgraded to Neutral from Buy at Goldman
Iconix Brand (ICON) downgraded to Market Perform from Outperform at Cowen
Infinera (INFN) downgraded to Neutral from Buy at Goldman
NewLink Genetics (NLNK) downgraded to Hold from Buy at Jefferies
Phibro Animal Health (PAHC) downgraded to Neutral from Outperform at Macquarie
Stryker (SYK) downgraded to Underweight from Equal Weight at Barclays
Webster Financial (WBS) downgraded to Neutral at Boenning & Scattergood
Initiations
A.O. Smith (AOS) initiated with a Perform at Oppenheimer
AerCap (AER) initiated with an Outperform at Macquarie
Agile Therapeutics (AGRX) initiated with an Outperform at FBR Capital
Air Lease (AL) initiated with an Outperform at Macquarie
Avolon (AVOL) initiated with a Neutral at Macquarie
BioDelivery Sciences (BDSI) initiated with an Outperform at FBR Capital
CDK Global (CDK) initiated with a Hold at Evercore ISI
Cinedigm (CIDM) initiated with a Neutral at Macquarie
Cnova (CNV) initiated with a Neutral at Goldman
Liberty Interactive (QVCA) initiated with a Buy at Brean Capital
Lion Biotechnologies (LBIO) initiated with an Outperform at FBR Capital
Lumenis (LMNS) initiated with a Buy at Maxim
Mettler-Toledo (MTD) initiated with an Equal Weight at Morgan Stanley
Mueller Water (MWA) initiated with an Outperform at Oppenheimer
Rexford Industrial (REXR) initiated with a Buy at Wunderlich
Spectrum (SPPI) initiated with an Outperform at FBR Capital
Speedway Motorsports (TRK) initiated with an Outperform at Macquarie
Summit Therapeutics (smmt) initiated with an Outperform at JMP Securities
Targa Resources Partners (NGLS) resumed with a Neutral at Citigroup
Targa Resources (TRGP) resumed with a Buy at Citigroup
TrueCar (TRUE) initiated with a Sell at B. Riley
COMPANY NEWS
Kraft (KRFT), Mondelez (MDLZ) charged with manipulation of wheat futures by CFTC
Pershing Square said 'confident' Herbalife (HLF) violating Chinese law prohibiting direct selling and pyramid sales
Urban Outfitters (URBN) said Q1 comps up mid single-digit thus far
Repros Therapeutics (RPRX) announced FDA acceptance for filing of enclomiphene citrate product NDA
TCP International (TCPI) said product validation proceeding as expected
Intrexon (XON) signed CRADA with NCI for RTS platform
Allegiant Travel (ALGT) said holiday weekend pilots' strike averted
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Micron (MU), Progress Software (PRGS), National American University (NAUH), Sigma Designs (SIGM), Sportsman's Warehouse (SPWH)
Companies that missed consensus earnings expectations include:
Franklin Covey (FC)
Micron (MU) sees Q3 revenue $3.85B-$4.05B, consensus $4.29B
Progress Software (PRGS) sees Q2 EPS 29c-32c, consensus 34c, lowers FY15 EPS view to $1.35-$1.45 from $1.37-$1.47
Sportsman's Warehouse (SPWH) sees Q1 EPS (4c)-(3c), consensus (1c), sees FY15 EPS 56c-63c, consensus 64c
NEWSPAPERS/WEBSITES
China slams Google (GOOG) for web security comments, Financial Times reports
EU move suggests Google (GOOG) antitrust lawsuit coming soon, WSJ reports
Pfizer (PFE) ends vaccine operations in China after Prevenar expiration, WSJ reports
Apple (AAPL) dealings with record labels scrutinized by EC, Financial Times reports
Report: Samsung (SSNLF) sees 15% of management resign in 2014, DigiTimes reports
Oasis Petroleum (OAS) considering MLP for North Dakota gas processing plant, Reuters reports
SYNDICATE
Aquinox (AQXP) enters $25M common stock sales agreement with Cowen
Axalta Coating (AXTA) 40M share Secondary priced at $28.00
Conatus (CNAT) files to sell common stock, no amount given
Foamix (FOMX) files to sell ordinary shares, no amount given
HealthEquity (HQY) files $75M common stock shelf
Kornit Digital (KRNT) 7.1M share IPO priced at $10.00
ORBCOMM (ORBC) files to sell 3.91M shares of common stock for holders
Poage Bankshares (PBSK) files to sell 106,834-144,540 shares of common stock at $12.73
Raptor Pharmaceuticals (RPTP) 9.5M share Secondary priced at $9.00
Salix Pharmaceuticals requests withdrawal of registration statement
Summit Hotel Properties (INN) files to sell 352,103 shares of common stock for holders
Summit Hotel Properties (INN) files to sell 412,174 shares of common stock for holders
Ziopharm (ZIOP) files to sell 11.72M shares of common stock for holders