TOP NEWS
MARKET CURRENTS
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9:20 AM Meade Instruments (MEAD) rises a cool 99.4% premarket to $3.33. The company said Friday Jinghua Optics & Electronics will acquire all of the outstanding shares for $3.45 each, subject to shareholder approval. (PR) Comment! [M&A, On the Move]
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9:16 AM Stifel Nicolaus downgrades Kansas City Southern (KSU) to a Sell rating after shares went on a M&A-fueled rally to push valuation high for a railroad concern. KSU +40% YTD, -0.6% premarket. Comment! [Consumer]
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9:15 AM Market preview: Stock futures suggest small losses at the open after Friday's surge catapulted the Dow and S&P 500 to all-time highs. The big corporate news over the weekend was Yahoo's $1.1B deal to buy Tumblr, but shares only +0.6%. Precious metals are in focus after spot silver prices plunged as much as 9% in Asian trading and gold fell 2%. No major economic data today. Comment!
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9:12 AM General Motors (GM) CFO Dan Ammann says the automaker is "reasonably" on its way to realizing cost savings by streamlining its business across divisions and operations. The automaker's reorganization involves breaking down long-standing fiefdoms within GM and banking on its ability to bring many tech and engineering functions in-house. Comment! [Consumer]
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9:10 AM Premarket gainers: AQ +116%. MEAD +97%. PACT +38%. WBSN +28%. RSOL +26%. ROSG +16%. JASO +16%. JRCC +14%. QIHU +12%. LDK +9%. PXP +7%. IQNT +5%. VOYA +5%. DANG +5%.
Losers: XNPT -26%. NBG -8%. Comment! [On the Move]
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9:09 AM Jefferies downgrades Bed Bath & Beyond (BBBY) to Hold from Buy (price target to $71 from $76) citing valuation. "The company has all the potential to become an omni-channel leader in the home furnishings retail vertical in several years' time," notes analyst John Marrin. Up until then however, it will be "a pretty bumpy ride," he says. Comment! [Consumer]
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9:08 AM Oppenheimer takes a more cautious view of Lowe's (LOW) in front of its Q1 earnings report with a downgrade to Perform and a $46 price target. LOW -0.5% premarket to $42.45. (earnings preview) Comment! [Consumer]
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9:06 AM Texas on Friday became the latest state to sue BP, Halliburton (HAL) and others tied to the 2010 Gulf of Mexico oil spill, alleging the parties "engaged in willful and wanton misconduct." The Texas lawsuit asks for money for various reasons including sales and hotel occupancy taxes the state says it didn't receive because visitors didn't go to its Gulf Coast communities due to the spill. 1 Comment [Energy]
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9:00 AM On the hour: S&P -0.15%. 10-yr +0.17%. Euro +0.13% vs. dollar. Crude -0.57% to $95.74. Gold -0.89% to $1352.55. Comment!
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8:57 AM In deals divesting itself of the majority of its inland fleet, Hercules Offshore (HERO) sells 11 of its inland barge rigs to an undisclosed buyer for $45M and sells its inland barge rig Hercules 27 to another unrelated buyer for $10M. HERO expects to book a non-cash impairment charge of ~$40M in Q2. Comment! [Energy]
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TOP ARTICLES9:21 AM ET MONDAY MAY 20
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LATEST ARTICLES
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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
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