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MARKET CURRENTS

  • 12:00 PM On the hour: Dow +0.7%. 10-yr -0.36%. Euro -0.3% vs. dollar. Crude -1.32% to $94.91. Gold -0.28% to $1373.75. Comment!
  • 12:00 PM After more than tripling since its (unloved) IPO 14 months ago, Nationstar Mortgage (NSM) is the subject of a glowing writeup in Forbes - "A jewel in Fortress' (FIG) portfolio." Mortgage servicing is recognized as a great business now and Nationstar - along with Fortress-owned Newcastle (NCT, NRZ) - Ocwen (OCN) and  Walter (WAC) are currently the favorites of the mortgage gorillas, Fannie and Freddie. Comment! [Financials]
  • 11:59 AM Chinese greenhouse vegetable producer and marketer Le Gaga Holdings (GAGA +10.8%) flowers after receiving a proposal from a consortium of investors (which includes the chairman and CEO) to take the company private for $4.01/share in cash, a 20% premium to Tuesday's close. (PR) 1 Comment [On the Move]
  • 11:58 AM BP (BP +0.4%) has allocated $2.85B to develop Iraq's Rumaila oilfield in 2013, up from $2.2B last year, with plans to drill new 300 oil wells over the next five years, according to the head of the joint management committee for the field. Boosting output from Iraq's most prolific oilfield is vital for the country to realize its ambition of raising oil exports to 6M bbl/day by 2017. Comment! [Energy]
  • 11:52 AM Toll Brothers (TOL +7.7%%) ramps higher today as its FQ2 easily beats estimates. Net profit rose 46% Y/Y on an increase in orders and higher average selling prices. CEO Douglas Yearley added that the company raised prices by about $26K per home on average during the quarter, noting that "in many markets as prices increase, a sense of urgency takes hold and demand continues to rise." Comment! [On the Move, Earnings, Consumer]
  • 11:49 AM Noble Energy (NBL +0.7%) confirms it made a natural gas discovery at the Karish prospect offshore Israel, as its Karish-1 probe drilled to a total depth of 15,783 ft. had uncovered 184 ft. of net natural gas pay. NBL estimates 1.6T-2T cu. ft. of discovered gross resources. (earlier) Comment! [Energy]
  • 11:41 AM Neither Lloyds (LYG +1.9%) not Royal Bank of Scotland (RBS +1.5%) will need to sell shares or accept more government aid as the U.K.'s banking regulator signs off on using future earnings and asset sales to fill capital holes. The banks "have advanced their plans to a position where disclosure is appropriate," says the Prudential Regulation Authority. Comment! [Financials]
  • 11:38 AM Fusion-io (FIO +0.4%) is the subject of renewed M&A speculation, as Bloomberg points to the record low in FIO's price-sales ratio while prospects remain intact, with sales projected to more than double through 2015 as more data centers use FIO’s flash-memory technology. "Any large hardware provider who has storage solutions could find value in them," an analyst says, particularly after the recent break in valuation. Comment! [Tech, M&A]
  • 11:32 AM Archer Daniels Midland (ADM -0.7%) could see a benefit from the big jump in corn planting over the last week. The USDA says producers have been "rapidly advancing" their pace of corn planting after getting off to a slow start this season. Comment! [Consumer]
  • 11:27 AM Emclaire Financial Corp (EMCF) declares $0.20/share quarterly dividend, in line with previous. Forward yield 3.20%. For shareholders of record June 3. Payable June 21. Ex-div date May 30. (PR) Comment! [Dividends]
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TOP ARTICLES12:05 PM ET WEDNESDAY MAY 22
DIA 0.79%
SPY 0.73%
QQQ 0.53%
GLD -0.07%
ETF Movers
DXJ WisdomTree Japan Hedged Equity ETF 1.91%
FORX PIMCO Foreign Currency Strategy ETF 0.25%

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