TOP NEWS
MARKET CURRENTS
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8:19 AM There's new life in ING's attempt to sell its South Korean life insurance unit as Kyobo Life Insurance - SK's 3rd largest - says it has made a bid. The country's 2nd largest insurer - Hanwha - is also expected to make a bid, as are at least 2 P-E funds. KB Financial had been lined up to buy the unit for $2.1B last year, but dropped out. Comment! [Financials]
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8:18 AM Janney Montgomery Scott cuts Cubist Pharmaceuticals (CBST) to Neutral and takes its price target to $50 from $55, bringing its rating and PT largely in line with those of Cantor's Irina Rivkind who upgraded the stock to Hold from Sell (price target $49) on Tuesday. Comment! [Healthcare]
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8:18 AM CME Group (CME) declares $0.45/share quarterly dividend, in line with previous. Forward yield 2.81%. For shareholders of record June 10. Payable June 25. Ex-div date June 6. (PR) Comment! [Dividends]
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8:14 AM Precision Castparts (PCP) declares $0.03/share quarterly dividend, 71.42% decrease from prior dividend of $0.105. Forward yield 1.02%. For shareholders of record June 7. Payable July 1. Ex-div date June 5. (PR) 1 Comment [Dividends]
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8:11 AM Canaccord Genuity downgrades Cirrus Logic (CRUS) to Hold from Buy and lowers its price target to $18 from $25. For clarification, the gross margin forecast of "mid- 40s" from yesterday's investor conference disappointed those expecting 50-52% and Stifel downgraded the shares to Hold from Buy ($32 price target removed), citing customer AAPL's "significant challenges [and] headwinds." Nevertheless, investors (perhaps sensing a buying opportunity) have bid the stock up 1.3% premarket. Comment! [Tech, On the Move]
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8:11 AM Tsakos Energy (TNP): Q1 EPS of $0.02 beats by $0.10. Revenue of $97.69M beats by $29.96M. (PR) Comment! [Earnings, Breaking News]
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8:10 AM Rio Tinto (RIO) cuts ~100 jobs at its Kennecott copper operation in Utah and warns more positions will be cut to reduce operating costs after April's pit-wall collapse. Rio estimates more than 165M tons of earth slid into its open-pit Bingham Canyon mine, and will reduce planned copper production there by about 50% this year. RIO -1.2% premarket. Comment! [Commodities]
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8:07 AM Shares of Wendy's (WEN) are up 2.6% premarket after a juicy upgrade from Janney Montgomery Scott to a Buy rating. The company's new store design has been drawing praise and is viewed by some as a differentiator between the chain and the beaten-down look of some other rivals. 1 Comment [Consumer, On the Move]
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8:07 AM Oil traders might have an opportunity in the recently-narrowed spread between WTI crude (USO) and Brent (BNO), says Goldman. Though expecting further narrowing in the near-term, the team recommends selling WTI Dec. 2014 contracts and buying equivalent Brent as rising Gulf Coast supplies later this year and in 2014 should pressure WTI prices. Comment! [Commodities]
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8:01 AM Ford (F) plans to retire the Ford Falcon model with production shutting down in Australia. The automaker says it hasn't decided what to do with the Ford Territory, also sold Down Under. Comment! [Consumer]
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