TOP NEWS
MARKET CURRENTS
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11:52 AM Tim Cook (AAPL) testifies at a Senate hearing on corporate offshore taxes. "We don't depend on tax gimmicks," Cook asserts, while pushing for a big overhaul of U.S. corporate tax code. "Apple has always believed in the simple, not the complex." Sen. John McCain isn't satisfied with Apple's defenses, claiming the company "has violated the spirit of the law if not the letter of the law." Sen. Rand Paul has strongly defended Apple. "Congress should be on trial here for creating a byzantine tax code." (previous) Comment! [Tech]
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11:49 AM As leaked earlier, Jamie Dimon will keep both jobs at JPMorgan (JPM +2.1%) as the vote to separate the Chairman and CEO roles receives only about 32% support (got 40% last year). Additionally, all board members are re-elected, including risk-committee member Ellen Futter, who got 53.1% of the vote. Comment! [Financials, Breaking News, Top Stories]
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11:43 AM Halliburton (HAL -1%) says its Q2 operating profit margin will be negatively impacted by a decline in rigs working in Mexico as the country transitions to a new way of awarding service contracts. HAL had earlier seen a margin close to the mid-teens for the quarter. In North America, HAL says the market for pressure pumping equipment remains 20% over-supplied, which should be cut in half by year's end. Comment! [Energy]
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11:39 AM Industrial- components maker Rexnord (RXN +4%) moves up today, despite posting a mixed FQ4 and giving a downbeat 1Q forecast. Longer term, the company guides to the high end, now expecting FY14 EPS of $1.10 - $1.18 on revenue growth of 1% - 3%. The Street view is for an EPS of $1.10. The company also said that a decision on its future should occur this quarter, after saying in February it was beginning a review that would include selling one or both of its major business lines. Comment! [Earnings, On the Move]
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11:39 AM Piper raises its PT for Zynga (ZNGA +2.4%) to $3.50 from $2.75: the firm says checks indicate core business stability and mobile game traction. Running with Friends remains #5 on the App Store's U.S. free app leaderboard; Draw Something 2 has fallen to #64. Comment! [Tech]
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11:38 AM In case anyone was curious, Kyle Bass continues to bet on a full-blown Japanese currency (FXY) and government debt (JGBT, JGBL, JGBS, JGBD) crisis. "This gross vs. net argument is just silly," says Bass alluding to large official and other domestic holdings of JGBs. "If they go to try and sell any of those assets, it will create a panic." Bass commissioned a poll of Japanese investors asking their reaction if the government asked them to buy JGBs amid a crisis: 8% said they would buy, 83% said they would "run, not walk" from the paper. Comment! [Global & FX]
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11:31 AM Royal Dutch Shell (RDS.A +0.8%) aims to start production from a greenfield project in Iraq's Majnoon oil field within the next two to three months, with total output expected to reach 175K bbl/day by the end of the year, CEO Simon Henry says. The ramp up in output has been delayed while Shell resolved operational and legislative issues such as cost recovery and importing equipment. Comment! [Energy]
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11:28 AM General Motors (GM -1.6%) says it will invest $44.5M in a Michigan factory which builds Cadillac ATS and CTS sedans as well as being slated to produce the 2015 Chevrolet Camaro. As part of its investment, a 400K square foot building will be built next to the plant to build parts in the correct order for assembly. Comment! [Consumer]
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11:18 AM Food delivery websites Seamless and Grubhub will merge to create a company that could take the niche industry to the next level. Though online food ordering sites are a hodge-podge of various options, the Seamless-Grubhub combination could lead to an expansive national rollout and a dominant industry position in the space. Should Yelp (YELP +1.4%) or Open Table (OPEN +2.7%) be worried about the threat of expanded services from the new company? Comment! [Consumer, M&A, Tech]
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11:09 AM H-P's (HPQ) Vertica analytics database unit, acquired in 2011 and generally seen as an M&A bright spot for a company that hasn't had many lately, has been hit with a slew of major defections. Two top engineers and a pre-sales/services VP jumped ship last month, and one ex-employee claims about half of the 127 Vertica employees around at acquisition time have left. Vertica, whose offerings complement Autonomy's enterprise search/analytics software, faces competition from EMC's Pivotal spinoff (via Greenplum), IBM's Netezza unit, Teradata's Aster unit, and others. Comment! [Tech]
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TOP ARTICLES11:54 AM ET TUESDAY MAY 21
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LATEST ARTICLES
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ALPHA-RICH IDEAS
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MACRO VIEW
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DIVIDENDS & INCOME
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ETFs & PORTFOLIO STRATEGY
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INVESTING IDEAS
- Baidu: Interesting Bet On Internet And Mobile Growth by Pawel Perz • Comment!
- Molycorp Is A Bear Trap by Shock Exchange • Comment!
- Thermo Fisher A Decent Long-Term Opportunity by Fundamental Analyst • Comment!
- General Electric Looks As If It's Becoming The Shareholder-Friendly Company It Once Was by Chuck Carnevale • 1 Comment
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- 2 Basic Materials Stocks With Recent Intensive Insider Buying by Markus Aarnio • Comment!