TOP NEWS
MARKET CURRENTS
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6:29 PM Southern Co. (SO) replaces the head of its Mississippi utility amid growing concern about the cost of its Kemper coal power plant whose estimated price tag has ballooned to $4.3B. General counsel Ed Holland is named CEO of Mississippi Power following the sudden retirement of Ed Day, who had headed the utility since 2010. SO took $540M in charges against earnings related to Kemper in Q1. Comment! [Energy]
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6:19 PM Intuit (INTU) unveils a big restructuring a day before its FQ3 report arrives. Starting Aug.1 (the beginning of FY14), Intuit will be split into 6 units: Small Business Financial Solutions (QuickBooks, Intuit Payments), Small Business Management Solutions (employee management, Demandforce), Consumer Tax (TurboTax), Consumer Ecosystem (Quicken), Accounting Professionals, and Financial Services (online banking). Kiran Patel and Alex Lintner, currently the respective chiefs of Intuit's Small Business and Global Business units, will be leaving. (tax season results) Comment! [Tech]
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6:06 PM With its stock offering complete, Tesla (TSLA) will likely pay back its DOE loan on Wednesday, tweets Elon Musk. He adds Tesla's supercharger network announcement (previous) will be pushed back to next week as a result. Shares -0.6% AH. 1 Comment [Consumer]
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6:00 PM On the hour: S&P -0.03%. 10-yr -0.01%. Euro 0.% vs. dollar. Crude -0.07% to $96.87. Gold -0.02% to $1392.65. Comment!
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5:58 PM Cabot Oil & Gas (COG) says it is using natural gas to fracture wells in the Marcellus shale via dual-fuel technology in a process that can displace as much as 70% of the diesel fuel traditionally used to operate fracking equipment, a first for the area. COG says the goals of its dual-fuel projects are to reduce air emissions and truck traffic, as well as cut costs. 2 Comments [Energy]
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5:55 PM Yahoo (YHOO) shows off a big overhaul for Flickr on a day when Tumblr is dominating headlines. The new Flickr site dedicates a lot more real estate to images at the expense of white space, and (echoing Yahoo's home page revamp) features a Facebook-like activity feed. Yahoo is also now giving Flickr users a whopping 1TB of free storage (easily more than most rivals), and allowing 3-minute-or-shorter 1080p video uploads. Will it be enough to reverse the fortunes of a service that has become an also-ran in a very competitive online photo-sharing space? (previous) Comment! [Tech]
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5:49 PM Alcoa (AA) fills in more of the details on the 460K metric tons of smelting capacity it wants to remove, saying it will postpone construction of a potline at its Baie-Comeau smelter in Quebec and prepare for the upgrade by investing $100M during the next three years, as well as permanently shutting the plant’s two Soderberg potlines. AA says related charges will remove $0.11-$0.13 from EPS in 2013. Comment! [Commodities]
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5:46 PM After-hours top gainers, as of 5:15 p.m.: LXP +5.7%. JASO +2.9%. EVF +2.8%. GIS +2.5%. RAD +2.5%.
After-hours top losers: KOS -11.9%. HGG -9.1%. ABX -6.7%. RGLD -5.4%. TAHO -5.1%. Comment! [On the Move]
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5:38 PM Carnival (CCL) -4.5% AH after warning it expects 2013 EPS of $1.45-$1.65, below prior guidance of $1.80-$2.10 and a consensus of $1.97. The cruise line operator says its net revenue yield will be down 2%-3% in 2013, worse than prior guidance for flat growth, thanks to soft ticket pricing, higher-than-expected trip cancellations, and higher sales/admin costs. It looks as if Hedgeye was right. RCL -1.5% in sympathy. NCLH could also end up falling. Comment! [Consumer, Earnings, On the Move]
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5:35 PM Deutsche Bank remains bullish on oil service stocks (OIH), seeing favorable underlying trends in Q1 as North American margins improved Q/Q despite a decline in the rig count, suggesting significant operating leverage as activity levels recover. DB's four top stocks to buy, all with price targets well in excess of Wall Street consensus: BHI, HAL, NBR, HERO. Comment! [Energy, Quick Ideas]
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