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STOCKS FALL AT THE OPEN ON ELECTION JITTERS

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STOCKS FALL AT THE OPEN ON ELECTION JITTERS

  • Tightening polls in the U.S. presidential race continued to steer market sentiment.
  • Haven assets rise as investors wait for an interest rate decision from the Federal Reserve.
  • The Fed voted 7-3 in September to keep rates unchanged in a range between 0.25% and 0.5%.
  • Alibaba’s second-quarter revenue beat estimates.

US FINANCIAL MARKET

Valeant, in Push for Cash, Looks to Sell Stomach-Drug Business

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  • Valeant is in advanced talks to sell a big stomach-drug business to Japan’s Takeda for about $10 billion, a move seen easing pressure on Valeant over its hefty debt load.
  • The companies could reach a deal for Salix, which Valeant bought just a year-and-a-half ago, in the coming weeks.
  • There is another unnamed potential bidder in the mix, according to a person familiar with the matter.
  • The purchase price would include about $8.5 billion in cash and future royalty payments to Valeant, the people said.

Alibaba Results Top Views as User Base Grows

  • Alibaba reported profit fell 66% to 7.62 billion yuan ($1.14 billion) from 22.75 billion yuan a year earlier.
  • The year-ago quarter included a noncash revaluation gain of 18.6 million yuan.
  • Revenue rose 55% to 34.29 billion yuan ($5.14 billion).
  • Alibaba reported 439 million annual active buyers, up 14% from a year ago.
  • Mobile monthly active users rose 30% to 450 million.

Time Warner’s Cable and Film Drive Growth; Guidance Raised

  • Time Warner reported a profit of $1.47 billion, up from $1.04 billion a year earlier.
  • Revenue climbed 9.2% to $7.17 billion, topping the $6.98 billion analysts were looking for.

Allergan Cuts Forecast, Initiates Dividend, Expands Buyback  

  • Revenue rose 4.4% to $3.62 billion.
  • For the year, Allergan said it now expects revenue of $14.45 billion to $14.65 billion, down from $14.65 billion to $14.9 billion previously.
  • Allergan also said it would pay an initial quarterly dividend of 70 cents in March 2017.

Gilead Sales of Hepatitis C Drugs Harvoni and Sovaldi Slump under Competitive Pressure

  • Gilead reported Harvoni sales decreased 44% to $1.86 billion, while Sovaldi sales also fell 44% to $825 million.
  • Analysts had expected Harvoni sales of $2.32 billion and Sovaldi sales of $1.06 billion.
  • Overall, Gilead reported a third-quarter profit of $3.33 billion, down from $4.6 billion a year earlier due to acquisition-related impacts, stock-based compensation and other items.
  • Revenue decreased 9.6% to $7.5 billion. Gilead affirmed its 2016 product sales outlook.

Zoetis Raises Annual Guidance on Strong Sales of Allergy Drug

  • Zoetis reported a profit of $239 million, up from $189 million a year prior.
  • Revenue rose 2.2% to $1.24 billion.

Health Insurer Anthem’s Profit Declines as Medical Costs Rise

  • The company said it now expects revenue for 2016 to be about $83.5 billion, compared with its earlier estimate of between $82.5 billion and $83.5 billion.
  • In the latest quarter, total medical enrollment grew 3.1% from to 39.9 million.
  • The company posted a profit of $617.8 million, down from $654.8 million a year earlier.
  • Revenue climbed 7.5% to $21.4 billion.

Yelp leads legacy web businesses in staging a comeback

  • Yelp reported a surprise profit, marking the highest adjusted EBITDA in the company’s history.

Vulcan Materials Revenue Falls as Wet Weather Affects Shipments

  • But the construction-materials company’s profit rose as margins expanded.
  • Vulcan posted a profit of $139.8 million, up from $123.8 million a year ago.
  • Revenue fell 2.9% to $1.01 billion.

Tesla obliged to pay $1.7 billion to Panasonic for gigafactory cells

  • Panasonic, Tesla’s longstanding battery partner, agreed in 2014 to invest in equipment, machinery and other manufacturing tools at the gigafactory, which will make cylindrical lithium-ion cells for Tesla’s cars.

Chipmaker Broadcom to buy network gear maker Brocade for $5.5 billion

  • Singapore-based Broadcom, formerly Avago Technologies, is known for its connectivity chips while California-based Brocade makes networking hardware, software and storage products.

Ford’s U.S. vehicle sales dip 11.7 percent in October

  • October vehicle sales in the United States fell to 188,813 from 213,938 a year earlier.

Chief Who Guided Herbalife through Troubles Will Step Down

  • Michael O. Johnson has weathered a number of prominent struggles, including a bruising battle with the hedge fund manager William A. Ackman and a settlement with government regulators over the nutritional supplement maker’s business practices.
  • Now Mr. Johnson is paving the way to step down as chief executive.
  • He will be succeed by Richard P. Goudis, a longtime lieutenant who is the company’s chief operating officer.

The Lockheed F-35 Needs another Half Billion Dollars

  • The F-35 program office made the request for more money to complete development, which is supposed to be in its last stretch after 15 years.
  • The call for more money comes as the Pentagon’s chief weapons tester has issued a fresh warning that the aircraft, projected to cost $379 billion for a fleet of 2,443 U.S. planes, is far from showing it has full combat capability.

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US ECONOMY & POLITICS

ADP Private Payrolls Add 147,000 Workers in October
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  • Economists had expected an increase of 170,000. The September total was revised to 202,000 from 154,000.

U.S. mortgage application activity falls to five-month low

  • Mortgage market index fell 1.2% to 486.2, which was the lowest level since the week of May 27.
  • Interest rates on 30-year fixed-rate mortgages, which are the most widely held type of U.S. home loans, averaged 3.75% in the latest week, matching the level last seen in June.

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EUROPE & WORLD

Airbus expects to sell around 670 jets in 2016

  • Airbus officially targets more than 650 commercial deliveries, but the company’s finance director last week told analysts that it actually would deliver more than 670.
  • Airbus posted 566 gross orders between January and September.

Maersk Shares Sink After Profit Hit by Weak Freight Rates, Oil Prices

  • Danish shipping-and-oil giant posts 43% fall in third-quarter profit.
  • Net profit dropped to $429 million from $755 million a year earlier.
  • Revenue declined 9% to $9.18 billion.

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TODAY in HISTORY

CREDIT: Lewis, Samuel. “A map of Lewis and Clark's track across the western portion of North America, from the Mississippi to the Pacific Ocean : by order of the executive of the United States in 1804, 5 & 6,” 1814. Geography and Map Division, Library of Congress. Call Number G4126.S12 1814 .L41 Vault.

Map of Lewis and Clark’s expedition

  • North Dakota and South Dakota became the 39th and 40th states, respectively (1889)

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