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MARKET CURRENTS

  • 7:41 AM Blackstone's (BX) a buyer of single-family property, but plans a wave of other real estate sales, and its Brixmor Property Group could be among the first. Blackstone is considering an IPO of the unit - the 2nd largest owner of U.S. community and neighborhood shopping centers - reports Bloomberg. The biggest clue is the hiring of Mike Pappagallo from Kimco as President and CFO, a job he starts today. Comment! [Financials]
  • 7:40 AM Best Buy's (BBY) store-within-a-store strategy is starting to pay off as wasted (no profits) space for DVD and CD products is converted into creative floor space that can produce profits, according to Janney Montgomery Scott's David Strasser. The analyst sees positive same-store sales for the current quarter. 1 Comment [Consumer]
  • 7:38 AM The 787 Dreamliner is back in the air in the U.S. as the CEOs of Boeing (BA) and United Airlines (UAL) fly with 250 other passengers from Houston to Chicago aboard the jet. Comment!
  • 7:31 AM Campbell Soup (CPB): FQ3 EPS of $0.62 beats by $0.06. Revenue of $2.09B (+15% Y/Y) beats by $0.05B. (PR) Comment! [Earnings, Breaking News, Consumer]
  • 7:30 AM DELL's board sends another letter to Carl Icahn and Southeastern Asset Management, reiterating its need for more details on their purchase proposal, i.e. how they plan to finance it. "Unless we receive information that is responsive to our May 13 letter, we are not in a position to evaluate whether your proposal (is superior to Dell and Sliver Lake's). Comment! [M&A, Tech]
  • 7:25 AM If Scotland were an independent state, its banking sector would have assets totaling 1250% of GDP, a U.K. government report says, throwing the financial risks inherent in a 2014 referendum on Scottish independence into stark relief. By contrast, Cyprus' banks had assets equivalent to 700% of economic output before the crisis. Such an "exceptionally large banking sector," centered around two large players in Royal Bank of Scotland (RBC) and Bank of Scotland would be vulnerable to financial shocks, the U.K. Treasury notes. Scotland's Finance Secretary called the report "a feeble attempt to undermine confidence" in an independent Scotland. Comment! [Global & FX, Financials]
  • 7:23 AM Danone (DANOY.PK) says it will invest €325M ($417M) in separate deals with China Mengniu Dairy in an effort to return to the Chinese liquid milk and yogurt market. The French company will have an indirect interest of about 4% in China Mengniu Dairy through a joint venture with a goal of increasing its stake in the future. Comment! [Global & FX]
  • 7:23 AM Charles Schwab (SCHW) is downgraded to Sell at KBW with price target unchanged at $16.50. The stock has had a big run (+35%) this year (what hasn't) even as the the company continues to deal with sluggish trading and ZIRP. Comment! [Financials]
  • 7:16 AM Stopping asset purchases at once would be too disruptive, says Dallas Fed chief Richard Fisher, appearing on CNBC. The hawk instead calls for the program to be tapered, beginning imminently. "We've made people richer ... the question is what have we done for working men and women in this country." 2 Comments [Breaking News, U.S. Economy]
  • 7:15 AM Actavis (ACT) confirms it will buy Warner Chilcott (WCRX) for $8.5B in a stock for stock transaction. The deal will see Warner Chilcott shareholders receive 0.160 shares of the "new" Actavis for each Warner Chilcott share they own. The combined company will become the third-largest specialty pharmaceutical player in the U.S. Comment! [Healthcare, M&A]
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TOP ARTICLES7:47 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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