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MARKET CURRENTS

  • 1:11 PM Medical device maker Derma Sciences (DSCI +0.7%) trades higher today after appointing industry veteran Amy Paul to its Board of Directors effective immediately. Ms. Paul retired from C.R. Bard after 26 years with the company. Comment! [Healthcare, On the Move]
  • 1:02 PM General Motors (GM -0.2%) has a nice little insurance policy to help it create shareholder value just in case the forecasts for strong U.S. auto sales don't pan out. The connectivity value of the Onstar service from the automaker makes the asset worth close to a whopping $8B to $10B, according to a bullish take from Citigroup. Though speculation on an Onstar spinoff has been going on for more than a decade, the high penetration rate of communication/security services also makes the stand-alone concept more enticing than ever. 1 Comment [Consumer]
  • 1:00 PM On the hour: Dow -0.25%. 10-yr +0.04%. Euro -0.11% vs. dollar. Crude -0.45% to $93.83. Gold -0.43% to $1385.85. Comment!
  • 12:52 PM The slide in Fluor (FLR -3.1%) shares is attributed to Chile's halt on the Pascua-Lama mining project. On Feb. 18, Barrick Gold (ABX) awarded contracts to FLR involving construction management for the project; FLR booked the undisclosed value into its Q4 2012 backlog. Comment! [Commodities, On the Move]
  • 12:47 PM Radcom (RDCM +1.3%) recovers from nearly a 3% drop in early trading after the company announced that it's cancelled its extraordinary general meeting of shareholders scheduled for Wednesday, June 5, and whil hold its annual shareholders meeting June 30 instead. The agenda of the meeting includes the re-election of Board Members, approval of compensation, and a discussion of its auditors' report, as well as other company business. Comment! [On the Move, Tech]
  • 12:45 PM Midday top 10 gainers: OTT +41%. ZIOP +25%. ESMC +18%. DRAM +17%. FCEL +17%. VNDA +17%. TNP +16%. BLDP +14%. BLOX +13%. VRTA +12%.
    Midday top 10 Losers: DF -51%. RNIN -29%. ETAK -17%. SHLD -14%. HIHO -14%. HGSH -12%. PLM -11%. ANF -10%. TITN -10%. ARO -10%. 3 Comments [On the Move]
  • 12:45 PM Multi-asset income ETFs are here to stay, writes Paul Britt, as Guggenheim's CVY crosses $1B in AUM. It's been around since 2006, but a new entrant, MDIV has pulled in $440M in less than a year. These income funds have no mandate in their search for yield and roam across dividends (DVY), high-yield (HYG), REITs (IYR, VNQ), and MLPs (AMJ) as necessary. One drawback is their somewhat high expense ratios - in the 60-80 bp range, compared, for example, to DVY at 40 bps. Other M-A ETFs: INKM, IYLD, GYLD, HGI. Comment!
  • 12:43 PM Volkswagen (VLKAY.PK) could see a production halt in South Africa with the main automobile workers union in the nation threatening to tell members to stop working due to the dismissal of members. Ford had its own answer to high labors costs in Australia with a mass exit and a plan to import. Comment! [Consumer, Global & FX]
  • 12:42 PM Silver Wheaton (SLW +0.9%) also is halted on news that Chile fined Barrick Gold (ABX) and stopped construction on the Pascua-Lama mine. In addition to being a key growth asset for ABX, Pascua-Lama significantly increases SLW's long-term growth profile, Briefing.com says; SLW's 25% share of the estimated average annual silver production for the project's first full five years is 9M oz. Comment! [Commodities]
  • 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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TOP ARTICLES1:20 PM ET FRIDAY MAY 24
DIA -0.07%
SPY -0.24%
QQQ -0.22%
GLD -0.27%
ETF Movers
CCXE WisdomTree Commodity Country Equity ETF 1.50%
LTPZ PIMCO 15+ Year U.S. TIPS Index ETF 0.49%

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