TOP NEWS
- Broad but shallow decline for stocks
- P&G investors cheer return of Lafley
- More retailer woes as Abercrombie reports
- It's all about price - Gundlach buys Apple
- Time for gold producers return to hedging?
- InterOil soars on Exxon deal
- Feds put chill on bank mergers
- No bounce for Nikkei after Thursday plunge
MARKET CURRENTS
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12:38 PM Heard during Foot Locker's (FL -6.1%) earnings call: 1) Execs say products are "right" at Foot Locker stores, but due to weather patterns more sales will shift to Q2 from Q1. 2) In Q1, traffic was down, but ASPs were higher. 3) The planned acquisition of Runners Point Group appears to be a bet on Germany - not the continent as a whole. 4) The retailer says comparable store sales are flat this month. That's not great news for Nike (NKE -1.4%), Under Armour (UA -1.3%), or Finish Line (FINL -2.2%) - unless the catch-up that Foot Locker points to materializes. (webcast) Comment! [Consumer, Earnings]
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12:32 PM Vanda Pharmaceuticals (VNDA +16.7%) pops today after the Tech Council of Maryland named the company Life Science Firm of the Year, outlining its encouraging research on tasimelteon, a circadian regulator for the treatment of Non-24-Hour Disorder. The disorder is a rare condition that affects blind people, for which there are currently no FDA-approved drugs. Comment! [Healthcare, On the Move]
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12:30 PM Three lunchtime reads:
1) The deeper agenda behind "Abenomics"
2) Five key things about the SAC insider case
3) Banks' lobbyists help in drafting financial bills Comment!
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12:30 PM Stocks bounce from a sizable early loss, the S&P 500 and Nasdaq each off 0.35% in the noon hour. It's a broad decline with no sector in the green and the only big S&P 500 gainers being P&G and Intuitive Surgical. Has Apple become a Treasury bond? It's up today and seems to outperform every time there's a selloff. Comment!
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12:28 PM Barrick Gold (ABX -0.5%) is halted on news Chile's environmental regulator has imposed a $16M fine - the maximum allowed under Chilean law - and stopped construction on its $8.5B Pascua-Lama project, citing "serious violations" of its environmental permit. 1 Comment [Commodities]
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12:22 PM The pressure on reinsurance pricing isn't set to dissipate anytime soon, says Credit Suisse, after talking with 9 of the firms this week. Faring best will be those with higher exposure to Florida (say ACE) - where price pressure will ease somewhat - as opposed to those with more of a national presence (say RNR). Rated Outperform are Aspen (AHL) - with less than 25% of the portfolio exposed to industry headwinds - and Validus (VR) - trading near book despite a more diverse revenue line. Comment! [Financials]
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12:21 PM Solar stocks (TAN +0.8%; KWT +1.5%) wrap up a banner week, as Chinese solar panel makers begin to shift emphasis from their overcrowded home market in favor of lucrative exports. The rally was sparked by JA Solar's better than expected shipments, but analysts call for caution: The stocks are addicted to momentum, and stock moves are often disconnected from dire market prospects most of the companies face. Comment! [Tech, Energy]
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12:21 PM Valeant (VRX +12.3%) is nearing a deal to acquire Bausch & Lomb for ~$9B, WSJ says. Comment! [Healthcare, M&A, Breaking News]
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12:20 PM Shares of Melco Crown (MPEL) shrug off a downgrade from Macquarie to trade higher than their opening level as traders bet yesterday's selloff on worries about China's economy was a bit overdone. Though it's not up and running in the Philippines just yet, Melco Crown will be more than a pure Macau play in the future. Comment! [Consumer, On the Move]
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12:06 PM Cubist Pharmaceuticals (CBST -1.5%) slips on a downgrade to Neutral on valuation at Janney Capital. Despite the downgrade - not to mention a 36% runup in the shares since last November - the firm raises its price target on the stock by another 10% to $55 from $50. Separately, CBST's CEO Mike Bonney is scheduled to present at Jefferies 2013 Global Healthcare Conference on Monday, June 3, to discuss it's pipeline, financial outlook, and recentdevelopments. Tune into the live presentation here: (Webcast) Comment! [Healthcare, On the Move]
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TOP ARTICLES12:38 PM ET FRIDAY MAY 24
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LATEST ARTICLES
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