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$TM Recalls 242k Hybrids for Break Default

“TOKYO (Reuters) – Toyota Motor Corp is recalling about 242,000gas-electric hybrid vehicles worldwide, including the bestselling Prius model, due to a brake design flaw, the automaker said on Wednesday.

Toyota is recalling the Prius produced between March and October 2009, and the Lexus HS 250hmade between June and October 2009, spokeswoman Shino Yamada said.

The recalled vehicles could experience greater stopping distances when braking because of amechanical design flaw in a brake part, Yamada said.

That part, the brake pressure accumulator, could crack with fatigue and release nitrogen gas into the brake fluid, she said, adding that no accidents, injuries or deaths have been reported as a result of the defect….”

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$AAPL Faces a Ban on Imports as They Lose the First Round in a Patent Case With Samsung

Apple Inc. (AAPL)’s first loss against Samsung Electronics Co. (005930) in a U.S. patent case could mean a ban on imports of some older devices including the iPhone 4 while lessening prospects of the largest smartphone makers ending their legal battles.

The U.S. International Trade Commission’s decision, posted in a notice on its website yesterday, covers the iPhone 4 and iPad 2 3G sold for use on networks operated by AT&T Inc. (T)T-Mobile US Inc. (TMUS) and two regional carriers, General Communication Inc. (GNCMA) in Alaska and CT Cube LP inTexas.

With dozens of lawsuits spread across four continents in their battle for a greater share of the $293.9 billion market for smartphones, each side can now claim a victory in the U.S. With plenty of litigation remaining, Samsung’s victory probably won’t bring the two sides closer to settling, said Will Stofega, a program director at Framingham, Massachusetts-based researcher IDC.

“There’s too much skin in the game now,” he said. “It’s almost so ugly I don’t think they’ll come to any agreement. Both companies have a lot of cash and are generating a lot of money. It’s not like they have to worry about paying the legal bills.”

Obama Review…”

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$GS to Loan Alibaba $500 Million As Company Looks to IPO

“Goldman Sachs Group Inc. will lend $500 million to Alibaba Group Holding Ltd. as the company seeks $8 billion of loans, two people familiar with the matter said.

The pledge by the New York-based bank forms part of a facility that will cut debt costs forChina’s biggest e-commerce company, the people said yesterday, asking not to be identified because the details are private. Edward Naylor, a spokesman for Goldman Sachs in Hong Kong, declined to comment….”

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Gapping Up and Down This Morning

SOURCE
NYSE

GAINERS

Symb Last Change Chg %
EMES.N 19.72 +1.23 +6.65
HY.N 65.14 +3.34 +5.40
LND.N 5.38 +0.24 +4.67
INFY.N 43.43 +1.68 +4.02
NTI.N 24.66 +0.91 +3.83

LOSERS

Symb Last Change Chg %
SSNI.N 18.63 -2.17 -10.43
EARN.N 18.26 -1.14 -5.88
PANW.N 45.83 -2.69 -5.54
I.N 23.25 -1.12 -4.60
RKUS.N 12.00 -0.52 -4.15

NASDAQ

GAINERS

Symb Last Change Chg %
CLVS.OQ 74.71 +38.13 +104.24
OSH.OQ 3.73 +1.36 +57.38
TSRO.OQ 46.22 +12.01 +35.11
PXLW.OQ 3.69 +0.68 +22.59
CHTP.OQ 2.36 +0.43 +22.28

LOSERS

Symb Last Change Chg %
INFI.OQ 16.43 -10.52 -39.04
SNTA.OQ 4.87 -2.51 -34.01
NRCIB.OQ 27.00 -7.12 -20.87
NETE.OQ 4.10 -0.79 -16.16
SCON.OQ 3.25 -0.56 -14.70

AMEX

GAINERS

Symb Last Change Chg %
SAND.A 8.05 +0.57 +7.62
FCSC.A 5.20 +0.25 +5.05
NSPR.A 2.39 +0.09 +3.91
AKG.A 2.68 +0.07 +2.68
EOX.A 6.24 +0.13 +2.13

LOSERS

Symb Last Change Chg %
FU.A 3.31 -0.17 -4.89
BXE.A 4.99 -0.23 -4.41
TXMD.A 2.71 -0.08 -2.87
REED.A 4.75 -0.10 -2.06
OGEN.A 2.80 -0.04 -1.41

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BASF Will Invest 10 Billion Euros in the Asia Pacific Area, Company Expects to Double Profits

BASF SE (BAS) plans to invest 10 billion euros ($13 billion) in the Asia-Pacific region as it shifts research and procurement to the world’s fastest growing chemical market to help double profitability there.

The Asia-Pacific division, which saw margins deteriorate to 10 percent last year, has a “good chance” to reach the average profitability of the group, Martin Brudermueller, deputy chief executive officer and head of the region, said today at a press conference in Hong Kong. On a group level, BASF aims to lift margins to 20 percent by the end of the decade from a current 14 percent.

The world’s largest chemical company will hire 9,000 people and double sales to 25 billion euros in Asia-Pacific by 2020. Competition in the region is intensifying and BASF is looking to avoid developments in the agrochemical market, where it fell behind peers expanding in Asia.

“The competitive environment has become sharper and more challenging than we had thought,” Brudermueller said today. “We have to change and accelerate the change. We have to be creative and take out costs.”

One-quarter of research and development will take place in the region in an effort to shift the Ludwigshafen, Germany-based company’s focus to a service provider from a chemical producer and differentiate it more from local competitors, Brudermueller said.

Chinese Pressure…”

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May Auto Sales Get a Boost From Pick Up Truck Sales

“DETROIT (Reuters) – Strong pickup truck sales, spurred by an improving housing market, boosted May U.S. auto sales after a disappointing April, automakers reported on Monday.

The three major U.S. automakers dominate pickup truck sales, which generally are sold at a higher profit margin than other vehicles.

The surge in pickup truck sales began late last year and has continued to outpace growth for the U.S. auto industry through May.

Pickup truck sales in May rose about 2 percentage points to 11.7 percent of the overall industry, Ford Motor Co said.

“Quite simply, it’s a great time to be in the truck business,” said Kurt McNeil, head of U.S. sales operations for General Motors Co . “The housing recovery, relatively stable gas prices, and the release of pent-up demand” have helped pickup trucks sales.

Total U.S. auto sales were on track to exceed analyst expectations of a 6 percent rise from last year, to about 15.1 million vehicles on a seasonally adjusted annualized rate.

GM said that May U.S. sales will be between 15.4 million and 15.5 million on a seasonally adjusted annualized rate.

However, GM, the No. 1 automaker in U.S. sales, missed analysts’ expectations by nearly 6 percent, showing a 3 percent sales gain for May….”

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Gapping Up and Down This Morning

SOURCE
NYSE

GAINERS

Symb Last Change Chg %
SBGL.N 3.62 +0.35 +10.70
RALY.N 21.93 +0.65 +3.05
AMRE.N 19.88 +0.46 +2.37
OCCH.N 26.63 +0.59 +2.27
BSMX.N 15.82 +0.35 +2.26

LOSERS

Symb Last Change Chg %
PANW.N 48.52 -5.87 -10.79
BFAM.N 36.05 -2.10 -5.50
NTI.N 23.75 -1.28 -5.11
ABBV.N 42.69 -1.86 -4.18
BXMT.N 26.37 -1.13 -4.11

NASDAQ

GAINERS

Symb Last Change Chg %
OSH.OQ 2.37 +0.56 +30.94
AFFY.OQ 2.07 +0.47 +29.38
UPI.OQ 2.65 +0.45 +20.45
OVTI.OQ 18.47 +2.98 +19.24
HGSH.OQ 9.66 +1.51 +18.53

LOSERS

Symb Last Change Chg %
UNXL.OQ 15.21 -4.57 -23.10
LBIX.OQ 3.90 -0.68 -14.85
PXLW.OQ 3.01 -0.51 -14.49
RSOL.OQ 2.70 -0.35 -11.48
ASTX.OQ 4.85 -0.55 -10.19

AMEX

GAINERS

Symb Last Change Chg %
TXMD.A 2.79 +0.27 +10.71
NSPR.A 2.30 +0.17 +7.98
FCSC.A 4.95 +0.05 +1.02

LOSERS

Symb Last Change Chg %
EOX.A 6.11 -0.47 -7.14
BXE.A 5.22 -0.31 -5.61
OGEN.A 2.84 -0.16 -5.33
AKG.A 2.61 -0.11 -4.04
ORC.A 12.02 -0.44 -3.53

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Owner of 7 Eleven Plans Acquisitions for More North American Exposure

Seven & I Holdings Co. (3382), the operator of 7-Eleven convenience stores, plans more acquisitions in the U.S. and may more than double North America outlets as consumer spending improves in the largest economy.

In North America the company “could increase our store number to 20,000 or even 30,000,” Chairman Toshifumi Suzuki said in a May 30 interview at the company’s Tokyo headquarters. It currently has more than 8,000 outlets in the region and Suzuki didn’t provide a timeframe for the planned expansion….”

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$TSLA Promises to Make More Fueling Stations Across the U.S. & Canada

“DETROIT (AP) — Electric car maker Tesla Motors Inc. promises to boost the number of fast-charging stations in the U.S. and Canada to make cross-country travel by electric car possible in the next year.

The company said Thursday that by the end of next month, it will triple the number of charging stations it runs from the current eight, and the number will go to around 100 in the coming year, putting stations within reach of almost the entire populations of both countries.

The pace of construction is about twice as fast as the company had previously announced.

The expanded “supercharger” network will allow owners of Tesla’s $70,000 Model S sedans to travel from Los Angeles to New York, probably by the coming winter, as well as make other long-distance trips. The Model S can travel about 200 miles, or for about three hours, when fully charged. With the network, it can be recharged to 50 percent of its battery capacity in 20 to 30 minutes, allowing drivers to make quick stops before driving on.

The supercharging stations are about 10 times as faster than most public charging stations, Tesla said on its website.

Currently Tesla has eight supercharger stations in California and on the East Coast. It has plans to add four stations in California this summer. Stations also will be added during the summer so drivers can go from Vancouver, British Columbia, to Seattle and Portland; and from Austin, Texas, to Dallas. They also will come on-line quickly in Illinois and Colorado.

In addition, the company intends to add four stations this summer in the densely populated Eastern Seaboard, where it currently has two.

Elon Musk, who leads the company, said Thursday that the stations will always be free for owners of the large-battery version of the Model S. Owners of the brand’s smaller-battery version will have to pay for the option of using the stations….”

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$BA Picks Up a Nice Order From Singapore Airlines

“SINGAPORE/PARIS (Reuters) – Singapore Airlines Ltd agreed to spend $17 billion to buy 30 Airbusand 30 Boeing Co. aircraft, underscoring the airline’s bet on a pick-up in the struggling premium class market.

The significant orders announced on Thursday make Singapore Airlines (SIA) the long-awaited launch customer for a proposed stretched version of the 787 Dreamliner, boosting Boeing’s plans to offer a 320-seat aircraft designed in large part for crowded intra-Asian routes.

The move comes as SIA attempts a big strategy overhaul, pushing into the budget airlines segment and expanding its regional network.

“They demonstrate our commitment to the Singapore hub and our confidence in the future for premium full-service travel,” SIA Chief Executive Goh Choon Phong said in a statement.

“Today’s aircraft orders are among the biggest in Singapore Airlines’ history, helping to ensure that we retain our industry leading position.”

This month, SIA reported weaker-than-expected full-year results and warned of a deteriorating environment as it struggles to cope with the rapid emergence of Gulf carriers and low cost Asian rivals such as Malaysia’s AirAsia Bhd and Indonesia’s Lion Air.

State-backed Emirates Airline, Etihad Airways and Qatar Airways are stitching deals, while Gulf states race to become regional hubs linking Asia-Pacific and Europe.

Boeing has been talking up the possibility of a third model of its newest passenger plane for over a year. But the project took a back seat as Boeing grappled with a three-month grounding of the 787 fleet due to battery problems earlier this year….”

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$C Settles FHFA Suit for Misleading Advice Over MBS

Citigroup has reached a settlement with a federal agency that had accused the bank of misleading Fannie Mae and Freddie Mac into buying 3.5 billion of mortgage-backed securities.

The settlement with the Federal Housing Finance Agency was disclosed in a filing on Tuesday in U.S. District Court in Manhattan, where a series of related cases by the agency against Wall Street banks are pending.

The filing did not disclose the terms of the deal. FHFA spokeswoman Stefanie Johnson said the settlement was “satisfactory” but declined to say how much Citi would pay….”

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Sallie Mae to Split Company Into 2 Public Entities

“(Reuters) – Student loan provider Sallie Mae Corp said it would split the company into two publicly traded entities and named John Remondi as its chief executive officer.

Sallie Mae, the largest U.S. student lender, said it would separate its consumer banking business from the larger education loan management business as part of a plan to unlock value and enhance long-term growth potential.

The company, which trades under the formal name of SLM Corp, said the split will be undertaken through a tax-free distribution of common stock to its shareholders….”

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$MS Looks to Satisfy a Reach for Yield by Raising Up To $3B for International Property Fund

Morgan Stanley (MS), the biggest property investor among Wall Street banks before the financial crisis, is trying to raise $1 billion to $3 billion for a new global real estate fund amid appetite for higher-yielding investments, said two people with knowledge of the effort.

The firm is seeking a large contribution from China Investment Corp., which owns 6.4 percent of New York-based Morgan Stanley, said one of the people, who spoke on condition of anonymity because the fundraising is private. Calls to CIC’s news department in Beijing weren’t immediately answered.

Matt Burkhard, a spokesman for Morgan Stanley, declined to comment on fundraising….”

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VW Agrees to a 5.7% Pay Raise for Workers as Profits Surge

Volkswagen AG (VOW)Europe’s largest carmaker, agreed to raise wages for German workers by 5.7 percent over 20 months as the country’s biggest manufacturing union helped employees tap into the company’s growing profit.

VW will increase base pay by 3.4 percent as of Sept. 1 and another 2.2 percent as of July 1, 2014, the Wolfsburg, Germany-based company said in a statement today.

Contract terms are in line with an industrywide pay increase that the IG Metall union won in mid-May for about 770,000 manufacturing workers in the state of Bavaria. That accord is being used as a model for labor agreements elsewhere in the country. The VW pact, negotiated separately from IG Metall’s regional accords, covers 102,000 employees at six plants in western Germanyand the financial services unit.

Germany’s economy grew just 0.1 percent in the first quarter….”

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Samsung, $SNE, & $AAPL Duke it Out for Market Share in India

“Global technology companies such as Samsung Electronics Co. (005930)Apple Inc. (AAPL)and Sony Corp. (6758) are poised to see surging sales in India as the country’s anemic tech manufacturing sector can’t fulfill booming demand for TVs and smartphones.

The world’s fastest-growing market for consumer electronics has few homegrown makers of flat-panel TVs and no producers of mobile phones or the semiconductors and displays used in the devices. Last year, the nation of 1.2 billion people spent $14.2 billion importing screens and smartphones, accounting for 90 percent of demand, government data show.

India’s technology manufacturers haven’t kept pace with itssoftware industry, which last year contributed 4.7 percent of the country’s $1.8 trillion gross domestic product. While the government is trying to support local output with subsidies, only foreign companies have the technology needed to benefit from incentives, according to India’s Department of Electronics andInformation Technology.

“India got carried away with the success of software,” said Suresh Khanna, secretary general of India’s Consumer Electronics and Appliances Manufacturers Association. “We never developed newer, smarter technologies and largely ignored hardware.”

Assuming India’s economy grows at a 6.5 percent annual rate, the foreigners may be fighting for share of a market totaling 27 million flat-screen TVs by 2017, up from about 7.2 million this year, Khanna said in an interview.

Just a quarter of the TVs sold in India are assembled locally, by companies including Samsung and LG (066570) Electronics Inc., and none of the core components are manufactured in the country, Khanna said. No smartphones are made in India, he said.

Chinese Smartphones….”

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$GOOG Said to Face a New Antitrust Case

“U.S. regulators are in the early stages of an antitrust probe into whether Google, which dominates web display advertising, has broken antitrust law in how it handles some ad sales, a source told Reuters on Thursday….”

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$PG Announces the Return of Former CEO A.G. Lafley

“NEW YORK (AP) — Household products giant Procter & Gamble Co. is hoping its former CEO can work his magic once again.

The Cincinnati company said late Thursday that former CEO A.G. Lafley, a 33-year industry veteran, is returning its top post. The surprise move comes as the world’s largest consumer-products maker tries to spur growth in the face of stiff global competition.

Lafley, 65, replaces CEO Bob McDonald, effective immediately. McDonald, who will retire June 30 after a transition period, has served as CEO since 2009.

Lafley, who led P&G from 2000 to 2009, also is taking the president and chairman titles.

The 175-year-old company’s Tide detergent, Crest toothpaste and other products can be found in 98 percent of American households. But it is struggling to grow.

In his first stint at the helm, Lafley helped right an ailing P&G, emphasizing innovation and a “consumer-is-boss” focus. That included spending more time in personal observation and interviews with consumers.

He also pulled off the blockbuster $57 billion acquisition of the Gillette Co. in 2005, expanding P&G’s reach into male-oriented products with Gillette’s shavers and razors.

“A.G.’s track record and his depth of experience at P&G make him uniquely qualified to lead the company forward at this important time,” said board director Jim McNerney….”

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$SNE Board Considers Entertainment Spinoff

Sony Corp. (6758) directors are discussing whether to adopt billionaire Daniel Loeb’s proposal for an initial public offering of its entertainment business, a week after the TV maker said the assets weren’t for sale.

“It’s only a start,” Chief Executive Officer Kazuo Hirai said of the talks, without giving a timeframe for any response. “It’s important that the board will discuss this and come to a decision that represents Sony’s stance.”

Sony has jumped 22 percent since Third Point LLC’s Loeb told Hirai that partially spinning off the entertainment assets would bring a higher valuation and raise cash for the company, whose movie studio topped the U.S. box office last year. Film and financial services earnings have helped the Tokyo-based company counter nine straight annual losses from making TVs.

“Sony will consider how to keep control of the company and may be forced to throw a bone to prevent a long, ugly fight,” said Edwin Merner, president of Tokyo-based Atlantis Investment Research Corp. “They will try to give up as little as possible and are no doubt receiving advice on how to fight off the aggressor.”

Elissa Doyle, a spokeswoman for Third Point, declined to comment.

Sony, which held its corporate-strategy meeting yesterday, rose to the highest in more than two years in Tokyo. Japan’s biggest TV maker surged 5.9 percent yesterday to 2,290 yen, extending gains this year to 139 percent, while Japan’s benchmark Nikkei 225 Stock Average rose 1.6 percent. Sony American Depositary receipts fell 3.3 percent to $22.15.

Third Point

The Nikkei newspaper reported that the board may discuss a potential IPO. Hirai said during a news conference yesterday that talks have started, and he declined to give his view on the proposal….”

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Gapping Up and Down This Morning

SOURCE 
NYSE

GAINERS

Symb Last Change Chg %
DATA.N 50.75 +19.75 +63.71
PBYI.N 37.36 +2.58 +7.42
MRIN.N 12.00 +0.68 +6.01
RKUS.N 13.87 +0.57 +4.29
RH.N 54.15 +2.15 +4.13

LOSERS

Symb Last Change Chg %
SBGL.N 2.91 -0.21 -6.73
OCCH.N 25.94 -1.58 -5.74
AGI.N 13.10 -0.70 -5.07
RIOM.N 2.83 -0.15 -5.03
SXE.N 20.55 -0.42 -2.00

NASDAQ

GAINERS

Symb Last Change Chg %
MKTO.OQ 23.10 +10.10 +77.69
SCTY.OQ 45.00 +9.31 +26.09
VNDA.OQ 6.58 +1.08 +19.64
MVIS.OQ 2.65 +0.43 +19.37
VSAT.OQ 71.38 +11.57 +19.34

LOSERS

Symb Last Change Chg %
ARUN.OQ 13.10 -4.51 -25.61
FSGI.OQ 5.02 -1.07 -17.57
PBMD.OQ 2.35 -0.45 -16.07
COSI.OQ 2.56 -0.43 -14.38
MERU.OQ 3.56 -0.45 -11.22

AMEX

GAINERS

Symb Last Change Chg %
IBO.A 2.10 +0.10 +5.00
FU.A 4.17 +0.13 +3.22
NSPR.A 2.64 +0.07 +2.72
REED.A 4.94 +0.08 +1.65
NML.A 20.37 +0.19 +0.94

LOSERS

Symb Last Change Chg %
TXMD.A 2.77 -0.19 -6.42
EOX.A 6.11 -0.19 -3.02
SAND.A 6.70 -0.18 -2.62
AKG.A 2.30 -0.06 -2.54
MHR_pe.A 23.50 -0.23 -0.97

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