TOP NEWS
MARKET CURRENTS
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10:59 AM Statoil (STO) says its plans for the Johan Castberg oilfield in the Barents Sea are being undermined by unexpected regulatory changes that threaten to limit development in the far north, as the project needs new infrastructure and already was a challenge in terms of costs. CEO Helge Lund says a stable political and regulatory environment has been Norway’s “most important competitive advantage" during the past 20 years. Comment! [Energy]
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10:51 AM Vivus Pharmaceuticals (VVUS +3.6%) extends yesterday's gains, bringing its two-day run to ~13% as Carl Icahn's former head of health care investments Alex Denner is added to First Manhattan's proposed slate of directors. Denner and First Manhattan, who own some 12% of the outstanding shares between them, are critical of VVUS' handling of Qsymia (I, II), and want to get "the best people behind a great asset," First Manhattan says. SA contributor Brian Wilson thinks any weakness in the business is "unlikely to be reflected in the stock price as short sellers worry about a potential bidding war between activist shareholders and management." Comment! [Healthcare, On the Move]
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10:47 AM Marvell's (MRVL +0.3%) price target is lifted $2 to $15 by RBC's Doug Freedman post-earnings, noting the low-end of FQ2 guidance is above both his and Street estimates. Needham ups its PT $3 to $15. Both maintain Buy ratings. Something didn't sit well with JMP Securities which cuts to Sell with $8 PT. Perhaps the stock's 57% YTD run has priced the good news in. Shares have given up big premarket gains. Comment! [Tech, On the Move]
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10:46 AM Luxury retail companies seem to be seeing something more than economists do as they ramp up investments and marketing on expectations for increased high-end spending in the U.S. Even with all the focus on the growth potential for the luxury sector in China and Hong Kong, by sales the U.S. market is still twice as big and has plenty of upside, according to industry insiders. A wildcard in the mix is the impact from some relaxed rules on visa approvals for wealthier tourists from emerging markets. On watch: Hermes, LVMH Moet Hennessy (MAGOF.PK), Gucci (GUCG.PK), Louis Vuitton (LVMUY.PK), Coach (COH), Tiffany (TIF), Ralph Lauren (RL), Burberry (BURBY.PK), Saks (SKS), Hugo Boss, Christian Dior (CHDRF.PK). Comment! [Consumer, Global & FX]
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10:43 AM L.B. Foster Company (FSTR) declares $0.03/share quarterly dividend, in line with previous. Forward yield 0.26%. For shareholders of record June 7. Payable June 21. Ex-div date June 5. (PR) Comment! [Dividends]
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10:38 AM Reliance Industries (RLNIY.OB), BP and Niko Resources say they made a significant gas and condensate discovery at their Krisha Godavari D6 deepwater block off eastern India. Reliance, which operates the venture and holds a 60% interest with BP holding 30%, says the data suggests good flow potential and will evaluate development options. Comment! [Energy]
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10:33 AM Ziopharm Oncology (ZIOP +39.1%) soars on huge volume. The stock is now up ~68% since Wednesday. Comment! [Healthcare, On the Move]
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10:32 AM Salesforce.com (CRM -7.8%) is cut to Hold with price target reduced $9 to $42 at Wedbush post-earnings. Analyst Steve Koenig views "deferred commission expenditures" as the best indicator of new sales activity, and they fell 46% Y/Y. Asked about it on the CC (transcript), CFO Graham Smith suggests a tough comp as the reason for the big dip. Needham's Mike Huang reiterates his Buy and $50 PT: "We don't detect any meaningful deterioration of sales cycles or close rates." Comment! [Tech, On the Move]
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10:30 AM An opinion piece titled "The Other Government Motors" from the WSJ isn't too subtle about taking apart the Q1 profit Tesla Motors (TSLA +1.4%) reported as it hitched a free ride with U.S. taxpayers. The zero-emission tax credits Tesla can sell to other automakers and the generous $7.5K federal tax credits to motivate buyers are the big two complaints. But what isn't entirely clear is why other car companies selling EVs aren't lumped into the same discourse? 4 Comments [Consumer]
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10:27 AM Shoe Carnival (SCVL +10%) hits a 52-week high after Q1 results top estimates. From the report: Q1 was challenging thanks to colder weather, but trends improved in April helping comps growth which, although still negative (-0.8%), was better than the company anticipated. Revenues rise 4.3% Y/Y, profit margin falls 130 basis points, SG&A falls $2.8M. Guidance: Q2 revenue of $217-220 and EPS of $0.26-0.30 against consensus of $218.88 and $0.28/share. (PR) Comment! [Consumer, Earnings, On the Move]
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