Ford (F) Considers Making Tesla-Like Vehicle (TSLA) Oct 24, 2014 11:49AM

Tesla Motors (Nasdaq: TSLA) is on watch Friday following commentary from segment peer Ford Motor (NYSE: F).

Ford CEO Mark Fields commented today that Ford is considering making a higher-performance, Tesla-style electric vehicle.

It's consistent with our product philosophy, the executive said during a Q&A session following Ford's Q3 report.

Ford clearly has the manufacturing capability and sourcing ability to make such a vehicle. In addition, the company won't face patent litigation with Tesla opening up its portfolio earlier this year.

We drove it. We took it apart. We put it back together and we drove it again, Fields said.

Shares of Tesla are down 0.9 percent.


Herbalife (HLF) Expects to Be Exonerated in FTC Probe, CFO Tells Bloomberg Oct 24, 2014 11:19AM

Herbalife (NYSE: HLF) Expects to Be Exonerated in FTC Probe, CFO Tells Bloomberg


CBD Energy (CBDE) Slammed; Reports Certain Financial Statements Should Not be Relied Upon Oct 24, 2014 10:14AM

CBD Energy (NASDAQ: CBDE) shares have gotten slammed early today after the company n a filing with the SEC on Form 6-K that the Company, through its Audit Committee, and in concert with PricewaterhouseCoopers, its independent registered public accounting firm, has determined that its audited Financial Statements for the 2012 and 2013 Fiscal Years, and its unaudited interim financial statements as of and for the six months ended December 31, 2013 (the "December Statements") cannot be relied upon, and revisions are required.

In the case of the audited financial statements for Fiscal Years 2012 and 2013, the determination of non-reliance is related solely to uncertainty about the completeness and accuracy of disclosures with respect to related party transactions. It is anticipated that revisions will impact footnotes to the financial statements, and that no material revisions will be required to be made to the Statements of Operations or Balance Sheets related to those periods.

With respect to the December Statements, in addition to uncertainty about disclosures of related party transactions, there are also uncertainties as to whether:

- the full (or any) value is recoverable in connection with a deposit of approximately $680,000 recorded as a current asset;

- some or all of approximately £575,000 of expenditures capitalized in connection with the Company's offering of Secured Energy Bonds should have been expensed under the highly technical requirements of AASB139 Financial Instruments: Recognition and Measurement ;

- disclosures regarding goodwill were adequate and some impairment should have been recognized;

- certain expenses should have been classified in different categories.

The Company's Audit Committee is conducting a review of the foregoing issues and the Company is not currently aware of any other accounting errors requiring adjustment to any prior period Financial Statements; however, the possibility remains that adjustments or supplementary disclosures will be required in addition to those noted. As a consequence of the review, the Company expects a delay in completing its audit of 2014 Fiscal Year Financial Statements and to file its annual report on Form 20-F after the regulatory deadline. Nevertheless, the Company intends to do so as soon as practicable.

Mr. Gerard McGowan, the Company's Executive Chairman and Managing Director, is the potentially related party referenced above, and he proposed to take a voluntary leave for 30 days. This action was unanimously approved by the Board to avoid any doubt that the Audit Committee could conduct its review in the most expeditious and independent manner. Mr. William Morro, Chairman of the Company's Audit Committee, has also been appointed as non-executive Chairman of CBD. On an interim basis, the Executive Committee of the Board, also chaired by Mr. Morro, is providing executive guidance and ensuring continuity of decision-making.

Mr. Morro stated, "It is constructive that Gerry has chosen to recuse himself from the business during the Audit Committee review and committed to cooperate fully to facilitate a quick and definitive conclusion to the Audit Committee's assessment and as rapid a completion of the Fiscal Year 2014 audit as possible. In addition, Gerry will be available to the Board and management during his leave to ensure that the ongoing operations of the Company are not disrupted. The Board is confident that CBD's capable business unit managers on three continents will continue to carry out the Company's strategies and execute on its business plans with minimal disruption during Gerry's leave. These plans include the ramp-up of residential solar sales in the US, which was kicked off last week with the completion of the first Westinghouse Solar US installation and that business unit's initial recognition of revenue."


Chiquita Brands (CQB) Shareholders Have Not Approved Revised Transaction with Fyffes Oct 24, 2014 09:31AM

Chiquita Brands International, Inc. (NYSE: CQB) ("Chiquita") today announced that based on the votes cast at the Company's Special Meeting of Shareholders held today Chiquita shareholders have not approved the revised transaction agreement with Fyffes plc (ESM: FFY ID: AIM: FFY LN) ("Fyffes"). Accordingly, each of the parties has delivered notice to terminate the transaction agreement, and the proposed combination with Fyffes has lapsed for the purpose of the Irish Takeover Rules.

In addition, Chiquita said that it expects to enter into discussions with the Cutrale/Safra Group regarding Cutrale / Safra's revised offer to acquire all of the outstanding stock of Chiquita for $14.50 per in cash.

"We appreciate the consideration and perspectives of all Chiquita shareholders who participated in this process," said Edward F. Lonergan, President and Chief Executive Officer of Chiquita. "Given today's results, we have determined to terminate the agreement with Fyffes and to engage with Cutrale / Safra regarding its revised offer. I want to thank David McCann and the entire Fyffes team for their efforts throughout this process. While we are convinced they would have been a strong merger partner, we will now go forward as competitors. We would also like to express our gratitude to Chiquita's employees for their hard work and dedication on behalf of Chiquita and our customers."

Chiquita notes that no definitive agreement with Cutrale / Safra has been reached and there can be no assurances that any transaction will result from these discussions. Chiquita does not expect to update the market with any further information unless and until the Board has reached a final decision.


Baxter Int'l (BAX) Reports FDA Approval of OBIZUR as AHA-Related Bleeding Episode Treatment Oct 24, 2014 09:04AM

Baxter Int'l (NYSE: BAX) announced that the United States Food and Drug Administration (FDA) has approved OBIZUR [Antihemophilic Factor (Recombinant), Porcine Sequence] for the treatment of bleeding episodes in adults with acquired hemophilia A (AHA), a very rare and potentially life-threatening acute bleeding disorder. OBIZUR was granted orphan-drug status by the FDA and its review was prioritized based on AHA’s classification as a rare disease and the potential for the treatment to address an important unmet medical need.

OBIZUR is the first recombinant porcine FVIII treatment approved for AHA that allows physicians to manage the treatment’s efficacy and safety by measuring factor VIII activity levels in addition to clinical assessments. OBIZUR replaces the inhibited human factor VIII with a recombinant porcine sequence factor VIII based on the rationale that it is less susceptible to inactivation by circulating human factor VIII antibodies.

''The approval of OBIZUR is welcome news for the hemophilia community based on the data from the first clinical trial designed specifically for acquired hemophilia A, which found that all patients responded to treatment within 24 hours,'' said Dr. Rebecca Kruse-Jarres, Director of the Hemophilia Care Program at Puget Sound Blood Center in Seattle and the clinical trial’s principal investigator. ''Importantly, this new option to treat bleeding episodes will enable us to measure factor VIII levels, thus giving us an objective marker of hemostasis that can guide dosing and prevent overdosing.''

The approval is based on a global, prospective, controlled, multi-center Phase 2/3 open-label clinical trial that examined the efficacy of OBIZUR in the treatment of serious bleeding episodes in adults with AHA (29 patients evaluated for safety, 28 evaluated for efficacy). All patients treated with OBIZUR (28/28) showed a positive response, meaning an effective or partially effective response with bleeding stopped or reduced and clinical improvement, at 24 hours after the initial infusion. A total of 86 percent (24/28) had successful treatment of the initial bleeding episode. The overall treatment success was determined by the investigator based on the ability to discontinue or reduce the dose and/or dosing frequency of OBIZUR. Common adverse reactions observed in greater than five percent of 29 patients in the clinical trial were development of inhibitors to porcine FVIII.

''As a new treatment option with the ability to measure FVIII activity in the body, OBIZUR will address important unmet needs for patients with acquired hemophilia A, a potentially life-threatening condition,'' said Brian Goff, head of Baxter’s hemophilia franchise. ''This approval reflects Baxter’s long-standing commitment to discovering new options for hemophilia patients and adds to our portfolio of treatments that reduce the burden of these diseases.''

OBIZUR will be commercially available in the United States in the coming months and is currently under regulatory review in Europe and Canada.


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