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MARKET CURRENTS

  • 5:15 AM Directors at Chesapeake Energy (CHK) recruit Anadarko (APC) senior VP of international and deep-water operations Robert Douglas Lawler to succeed Aubrey McClendon as CEO, WSJ says. Lawler, a seasoned industry veteran, will join CHK on June 17 and says he "looks forward to generating value for shareholders in the years ahead." Besides plugging a multi-billion dollar gap between the company's spending and cash flow, Lawler's greatest challenge might be dealing with McClendon, whose contractual well investment rights mean he will likely be a part of the picture at CHK even if he isn't at the helm. Comment! [Energy, Top Stories]
  • 4:57 AM The Japanese economy is slowly improving, the government says, pointing to evidence that exports and factory output are beginning to show signs of life. The upgraded economic assessment is the first upbeat report in two months. Additionally, Reuters Tankan survey showed a sixth consecutive month of improving manufacturer sentiment in Japan, as exporters cheer the weak yen. The index printed at 7, the first positive read in more than a year. The country's Economics Minister says the stage is set for a "V-shaped recovery." The rosy outlook was enough to boost the Nikkei (EWJ, DXJ)) 1.47% on the session. Comment!
  • 4:33 AM Goldman upgrades Abbott Laboratories (ABT) to Buy from Neutral saying H2 business pressures have "resolved into a more positive trajectory" and valuation has become relatively more compelling thanks to the rally in the S&P and increased peer multiples. Price target: $44 from $38. Comment! [Healthcare]
  • 12:10 AM Notable earnings after Monday’s close: TIVO Comment! [Earnings]
  • 12:05 AM Notable earnings before Monday’s open: CPB, HGG, JASO, QIHU 1 Comment [Earnings]
  • 12:00 AM Monday's economic calendar:
    8:30 Chicago Fed National Activity Index Comment!
  • 19 May, 10:30 PM "France, but also Germany, have a special responsibility, as heavyweights in the eurozone, to take seriously the new deficit reduction rules," Bundesbank chief Jens Weidmann says, becoming the second official in a week to remind France of its obligation to cut its budget deficit to 3%, even if it takes a few extra years. There is a "certain amount of flexibility" in the rules, Weidmann continues, but their "credibility won't be enhanced if one were to exhaust [that] flexibility right at the start." Translation: Weidmann doesn't want anyone pushing their luck. 3 Comments [Global & FX]
  • 19 May, 10:12 PM The latest installment of the Senior Loan Officer Opinion Survey, has some observers worried. Citing "increased competition," banks generally reported easing their lending standards on business loans over the last three months, as razor thin margins have created a scramble for C&I business (previous). Concurrently, the amount of business loans extended rose 10% Y/Y to $1.55T, leading some to question whether the combination of more lending and lax underwriting standards might prove hazardous to the system. Competition "creates the temptation to do silly things," M&T vice-chairman Mike Pinto tells FT. 3 Comments [U.S. Economy, Financials]
  • 19 May, 7:48 PM Among those apparently not worried about the fate of the 787 Dreamliner during the first quarter were hedge funds. All told, hedgies spent $1.6B during Q1 buying shares of Boeing (BA), FactSet says. (Also: 787 deliveries begin anew) 4 Comments
  • 19 May, 6:34 PM Nokia's (NOK) rumored 41MP sensor Lumia phone, codenamed EOS, will have a polycarbonate body and a display similar to that of the Lumia 920 (4.5," 1280x768 display), a source tells WMPoweruser. The source adds the phone will be lighter than the 920, that its thickness will be on par, and that its camera will sport a xenon flash and a lens cover "that opens when the camera app is started." A new camera app is also said to be on board. The Verge reported in January AT&T will sell the phone; considering T-Mobile is selling the 925, there's some logic to that. 26 Comments [Tech]
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TOP ARTICLES5:29 AM ET MONDAY MAY 20
DIA 0.44%
SPY 0.93%
QQQ 0.96%
GLD -2.02%
ETF Movers
DFJ WisdomTree Japan SmallCap Dividend ETF 2.40%
FIVZ PIMCO 3-7 Year U.S. Treasury Index ETF 0.00%

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