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NuVasive Hits 7-Year High After Q2 Earnings Beat

Spinal-product specialist NuVasive (NUVA) got an upgrade and two price-target increases Wednesday after its Q2 earnings beat estimates late Tuesday. The stock hit a seven-year high in early trading. NuVasive’s profit rose 11% over the year-earlier quarter to 31 cents a share, beating analysts’ consensus by 6 cents, according to Thomson Reuters. Sales rose 6% to $202.9 million, about $2 million above estimates. NuVasive added 7 cents to its full-year non-GAAP EPS guidance, now $1.17, and also raised its operating margin guidance slightly. The company also said that it had reached a definitive settlement with the Justice Department over charges of improper Medicare and Medicaid claims related to its products. NuVasive admitted to no wrongdoing but agreed to pay a $13.5 million fine. Northland Capital Markets upgraded the stock to outperform from market perform. “NuVasive’s Integrated Global Alignment (iGA) platform is a game changer in improving surgical outcomes when combined with Bendini and a product line with the widest lordosis (spinal curvature) range,” wrote analyst Mark Landy in his upgrade note. “As broad adoption of iGA will take time, iGA will be a growth driver in 2015 and 2016.” When Johnson & Johnson (JNJ) had reported its Q2 earnings, RBC Capital Markets analyst Glenn Novarro noted that J&J appeared to be losing market share in spinal products and suspected that smaller players like NuVasive were the beneficiaries. Tuesday’s report confirmed that it was the case. “Overall, NuVasive continues to take spine market share and make significant progress on the profitability front,” he wrote in his research note. Leerink analyst Richard Newitter wrote that buyouts could also become a catalyst for the stock. “Management said on the call NuVasive is likely to be more aggressive on deals,” Newitter wrote in his research note Wednesday, in which he lifted his price target to 65 from 57. “CEO (Gregory) Lucier was reluctant to provide details around size, scope or geography. But he did emphasize the company would be disciplined, evaluating opportunities on an ROIC basis.” In early trading on the stock market today, NuVasive stock hit 55.22, its highest point since Sept. 2008. By midmorning it was up around 7%, near 54. Follow Amy Reeves on Twitter: @IBD_Areeves.

Tokyo stocks open 0.79% lower

Tokyo stocks opened 0.79 percent lower Tuesday after a big drop in the Chinese stock market sparked worries about global economic growth.

The Nikkei 225 index at the Tokyo Stock Exchange lost 161.53 points to 20,188.57 at the start.

Equity markets around the globe retreated after the Shanghai stock exchange plummeted 8.48 percent on fears the Chinese government will pull back on support measures that have stabilised the market the last three weeks. Key commodities, including oil and copper, also fell.

On Monday, the Dow Jones Industrial Average shed 0.73 percent, while the broad-based S&P 500 fell 0.58 percent.

In Tokyo forex trade, the dollar was at 123.26 yen early Tuesday, slightly up from 123.24 yen in New York late Monday.

The euro changed hands at $1.1089 and 136.68 yen against $1.1091 and 136.69 yen in US trade.

Lok Sabha secretariat notice to Vadra for Facebook comment

New Delhi, July 27 (IANS) The Lok Sabha secretariat has sought an explanation from Robert Vadra, son-in-law of Congress president Sonia Gandhi, for his Facebook comment allegedly criticising the functioning of parliament.


“A show-cause notice was served on Robert Vadra on July 25 for his Facebook comments. He has been asked to reply within seven days,” an official told IANS on Monday.

“After getting a response from Vadra, the Speaker’s office will decide whether the matter should be referred to the privilege committee or not,” the official added.

Reacting to the notice, the Congress said these issues needed to be answered by the individual against whom the notice was issued.

“I have no doubt that as and when it is received, it will be adequately replied to, keeping in mind the dignity of the house,” Congress spokesperson Abhishek Manu Singhvi told media persons.

In an apparent bid to counter the opposition demand for the resignations of BJP ministers, two party parliamentarians had moved a privilege motion against Vadra last Thursday.

The motion was moved by BJP chief whip in the Lok Sabha Arjun Ram Meghwal and Prahlad Joshi, Lok Sabha member from Dharwad, Karnataka.

Vadra, whose land deals in Haryana and Rajasthan are being probed, talked about “diversionary politics” and “so-called leaders” in his Facebook post on July 21, the first day of the monsoon session of parliament.

“Parliament begins and so does their petty diversionary political tactics. People of India are not fooled. Regret to see India led by such so called leaders,” Vadra also tweeted.

PRESS DIGEST - Hong Kong - July 24

HONG KONG, July 24 (Reuters) - These are some of the leading
stories in Hong Kong newspapers on Friday. Reuters has not
verified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST
– The Hong Kong government wants to attract Berlin-based
start-ups interested in venturing into China or Asia by using
the city as a launching pad to draw investment and talent, says
Chung Wing-hin, InvestHK’s head of investment promotion in
Berlin. The idea is to use such link-ups to boost the local
start-up scene, he adds. (http://bit.ly/1Knf0i3)

THE STANDARD
– Hong Kong high-end fashion retailer and distributor
Dickson Concepts has little faith in the retail
market, with executive chairman Dickson Poon saying the market
is unlikely to improve in the second half. (http://bit.ly/1JBNBpD)
– Li Ka-shing-controlled Power Assets Holdings
said it will “actively seek” shopping opportunities worldwide as
underlying profit rose 4.2 percent to HK$3.77 billion ($486.40
million) in the six months to June from a year earlier. (http://bit.ly/1KngLf0)

HONG KONG ECONOMIC JOURNAL
– Chinese sportswear group Xtep International Holdings Ltd
said it has signed a strategic cooperation agreement
with express delivery group S.F. Express to launch logistics
delivery and warehousing facilities, in a bid to build an
online-to-offine sales platform to integrate online and offline
sales channels.
For Chinese newspapers, see……………
($1 = 7.7508 Hong Kong dollars)

(Reporting by Donny Kwok; Editing by Sunil Nair)

Przed wojną to byli komornicy
Aż trzynaście lat przygotowywano w II RP reformę przejętego po zaborcach systemu egzekucji długów, żeby windykatorzy przestali się kojarzyć z bandytami. Tymczasem dziś jest znów prawie jak za cara
EU Nations Tussle Over Plan to Spread Migrants Across Europe

European Union governments argued over plans to disperse migrants from northern Africa and the Middle East as countries disagree over how many each should take.

With a self-imposed end-of-July deadline looming, ministers meeting in Brussels on Monday sounded pessimistic about finding an immediate solution to the question of how to resettle 40,000 asylum seekers across the 28-nation EU.

“Only five to 10 countries” have agreed to take in a fair share of refugees, German Interior Ministry State Secretary Emily Haber said before going into the talks. “Numerous countries, around about 20 out of 28, feel it is other people’s business.”

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Civil war in Syria and chaos in Libya are driving the biggest wave of migration in Europe since the fall of communism in the early 1990s. European governments took in 185,000 asylum seekers in 2014, an increase of almost 50 percent from 2013, with Greece and Italy in the front line.

The ministers need to flesh out a plan agreed at a summit last month, where after a heated argument EU leaders pledged to share the burden of migrants from across the Mediterranean Sea.

While they decided in principle to resettle 40,000 asylum-seekers who have fled to Italy and Greece, the leaders opted against obligatory quotas for each European nation and fell short of agreeing on a voluntary distribution system.

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A separate proposal to take a further 20,000 refugees directly from countries of origin or transit has proved less controversial.

Eastern European governments have complained that they would be flooded with refugees under the proposal. Britain opted out of the plan.

“We will have quite tough discussions about relocation,” said Latvian Interior Minister Rihards Kozlovskis. “I hope we will manage it.”

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