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MARKET CURRENTS

  • 2:09 PM "We think the impact will be between €5B and €10B," the Bank of Spain tells FT, in the first official estimate of the additional provisions Spain's banks will need to take against bad loans as the government prepares to do away with "extend and pretend." Although the extra provisioning will no doubt weigh on results, expectations are that Banco Santander (SAN -0.2%) and BBVA +1.86% will have no trouble absorbing the hit, though it isn't clear that the same can be said of smaller banks. Comment! [Global & FX]
  • 2:07 PM Boeing (BA +1.7%) updates its Orders and Deliveries page for the week, saying that since its last update it has received 107 new orders consisting of six 777s and 101 737s. In the Changes category, it reduced 737 net orders by 24. Additionally, the company says that Chinese regulators have cleared local airlines to fly the 787 Dreamliner, and are expected to allow them to launch overseas flights within a matter of months. Comment! [On the Move, Global & FX, Consumer]
  • 2:06 PM The NYSE rules to let stand all trades in American Electric Power (AEP -1%) and NextEra Energy (NEE -1.2%) but prices for certain "aberrant" trades will be excluded from the high and low prices in data feeds. There were hundreds of trades early this morning in AEP at or below $46.03 and in NEE at or below $76.19, more than 50% below yesterday's closing prices. 2 Comments [Energy]
  • 2:03 PM Starbucks (SBUX -1.4%) takes the news of a potentially cooling China economy a little worse than other large service/consumer product companies with future growth prospects in China increasingly part of its valuation. SBUX in China by the numbers: The company's 800 China outlets in 58 cities grew same-store sales by 8% and brought in over $200M last quarter. The brand claims 61% of the China coffee market and sees opening 1.5K stores by 2015. Comment! [Consumer]
  • 2:00 PM On the hour: Dow -0.12%. 10-yr +0.06%. Euro +0.59% vs. dollar. Crude -0.99% to $93.35. Gold +1.71% to $1390.75. Comment!
  • 1:55 PM Topeka initiates InvenSense (INVN +0.2%) at Buy and assigns a $16 price target, representing a 29% upside from yesterday's close. Analyst Suji De Silva cites the company's market leading position in motion sensing functionality. (See also: Pac Crest says INVN to gain AAPL as client) Comment! [Tech]
  • 1:55 PM Omeros (OMER +1.6%) trades up today after saying its investigational new drug application for the evaluation of OMS824, its treatment for Huntington's disease, has been cleared by the FDA. Comment! [Healthcare, On the Move]
  • 1:48 PM BioTime (BTX -0.2%) says its shareholders have overwhelmingly approved the planned acquisition of stem cell-related assets from Geron (GERN). The green light was given at a special meeting of shareholders, with at least 32.5M votes coming in favor from the 34.5M shares represented and voted. Comment! [Healthcare, M&A]
  • 1:45 PM Hydrogenics (HYGS +13.3%) soars as SA Pro contributor Joe Springer calls it one of the most undervalued stocks in the market due to its first-to-market position in the power-gas arena. The article comes out of embargo tomorrow at 11 a.m. 1 Comment [Energy]
  • 1:36 PM VeriFone (PAY +2.9%) trades higher after SunTrust Robinson Humphrey chimes in with an upgrade on the company to Buy from Neutral. The company is two months into its tenure under a new CEO with sentiment gradually improving after a FQ1 earnings warning caught everyone napping and decimated share price. Comment! [Consumer]
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TOP ARTICLES2:13 PM ET THURSDAY MAY 23
DIA 0.07%
SPY -0.26%
QQQ -0.13%
GLD 2.07%
ETF Movers
BZF WisdomTree Brazilian Real ETF 0.67%
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF 0.46%

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