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MARKET CURRENTS

  • 7:59 AM "It was the absolute worst time to raise money," says a portfolio manager, commenting on mREITs (REM) who "doubled-down" in Q1 rather than turn money away just ahead of their worst quarter since the financial crisis. Most mREIT managers, of course, are paid based on AUM, giving them an incentive to raise capital at pretty much any time. Firms such as Anworth (ANH) and MFA Financial (MFA) have compensation packages more tied to profits and chose not to join the capital-raising party this year. Comment! [Financials]
  • 7:56 AM In a blog post announcing a partial recall of Model S vehicles, Tesla Motors (TSLA) CEO Elon Musk notes the automaker hasn't received a single customer complaint on the issue of a potentially-weak mounting bracket. Maintaining its sense of style, the company will arrange to have recalled vehicles picked up from its owners to be fixed. TSLA -2.0% premarket to $101.30. Comment! [Consumer, On the Move]
  • 7:54 AM Intercept Pharmaceuticals (ICPT) rises 1% premarket after pricing its public offering at $33.01/share. (PR) Comment! [Healthcare]
  • 7:54 AM Tetra Tech (TTEK) -10.2% premarket after saying yesterday it expects to post an FQ3 loss due to higher than expected restructuring costs related to its eastern Canada and mining operations. Brean Capital downgrades TTEK to Hold from Buy, noting the pre-announcement implies that it will be several quarters before the company regains its footing in terms of overall profitability. Comment! [Energy, On the Move]
  • 7:48 AM "Why would they rush to taper now," says UBS' Drew Matus (also formerly a Fed economist), noting unemployment is nowhere near low enough and inflation is at a half-century low. A Bloomberg survey of economists has the FOMC waiting until its late-October meeting before commencing the taper and slashing purchases to $65B/month from $85B. 3 Comments [U.S. Economy]
  • 7:43 AM More on FedEx's (FDX) FQ4: The firm says 3,600 employees will be leaving in phases under a voluntary employee separation program. As a result of more international customers selecting lower-rate services. FedEx says it will make capacity cuts for Express Shipping for its business between Asia and the U.S. FDX +0.8% premarket. (PR) Comment! [Consumer, Earnings]
  • 7:37 AM More on FedEx's (FDX) FQ4: The company improved its operating margin during the quarter by 60 bps to 9.6%. The FedEx Express segment saw revenue increase 3% to $6.98B while sales at the FedEx Ground segment were up 12% to $2.78B. FedEx freight segment sales slipped 1% to $1.39B. For FY14 the company sees EPS growth of 7% to 13%. FDX +0.9% premarket. (PR) Comment! [Consumer, Earnings]
  • 7:37 AM Starwood Property Trust (STWD) announces Archetype Mortgage Capital - a commercial property loan origination platform acquired as part of the LNR purchase - has changed its name to Starwood Mortgage Capital. (PR) Comment! [Financials]
  • 7:31 AM FedEx (FDX): FQ4 EPS of $2.13 beats by $0.18. Revenue of $11.4B in-line. (PR) Comment! [Earnings, Breaking News]
  • 7:29 AM Obama "essentially fired Ben Bernanke on the spot," says ex-Fed Governor Larry Meyer, commenting on the President's remarks during an interview yesterday (he's stayed a lot longer than he was supposed to). Meyer also notes the "tepid" testimonial from the President following that line. "It's time to really now focus on who the next chairman might be." 2 Comments [U.S. Economy]
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TOP ARTICLES8:00 AM ET WEDNESDAY JUN 19
DIA 0.84%
SPY 0.80%
QQQ 0.86%
GLD -1.20%
ETF Movers
DXJ WisdomTree Japan Hedged Equity ETF 2.48%
BUND PIMCO Germany Bond Index ETF 1.33%

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