TOP NEWS
MARKET CURRENTS
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3:04 PM Don't look for immediate changes to JPMorgan's (JPM +1.6%) board, according to bank sources, following lead director Lee Raymond's hint to "stay tuned" at yesterday's annual meeting. Three of the bank's 4 risk committee members squeaked by with less than 60% of the vote. The stock hits a 52-week high today as investors applaud shareholders backing away from the ledge by not coming anywhere near separating the Chairman and CEO roles. Comment! [Financials]
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3:01 PM Window, door and siding maker Ply Gem Holdings (PGEM) is set to price its 15.8M share IPO today for between $18 to $20 each, valuing the deal at around $300M. If history is any guide, the stock could be poised to have a strong debut. Already this year, three homebuilders have floated initial shares, the first in the industry since 2004. The stocks have all traded higher since, with seasoned homebuilder stocks also posting big gains this year as well. Comment! [Consumer]
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3:00 PM On the hour: Dow -0.19%. 10-yr -0.59%. Euro -0.48% vs. dollar. Crude -2.05% to $94.21. Gold -1.34% to $1359.15. Comment!
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2:58 PM National Bank of Greece (NBG -4.6%) will raise €1.17B of a necessary €9.75B capital hole with a 2.2:1 rights issue at €4.29/share (adjusted for a 1:10 reverse split). The rights will trade in Athens from May 30-June 7 and NBG's current common shares will be suspended from May 24 to allow the reverse split to clear - trading to resume on May 30. After more than doubling in a month, shares are off 43% over the past few sessions. Comment! [Financials]
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2:58 PM OGE Energy's (OGE -1.7%) power systems "suffered a lot of damage" from the Oklahoma tornado, CEO Peter Delaney says, and some of the 500K customers currently without power "won't have any infrastructure remaining to take any power." Delaney predicts ~$20M in damage to OGE's systems. Comment! [Energy, On the Move]
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2:50 PM Tredegar Corporation (TG) declares $0.07/share quarterly dividend, in line with previous. Forward yield 1.11%. For shareholders of record June 14. Payable July 1. Ex-div date June 12. (PR) Comment! [Dividends]
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2:48 PM Petrobras (PBR -3.2%) has $20B in cash reserves and isn't facing cash flow difficulties as suggested by some market rumors, PBR President Maria das Gracas Silva Foster tells a Brazilian lawmakers, adding that a recent $11B bond sale was aimed at more growth and investment, not at meeting pending obligations. Comment! [Energy]
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2:46 PM Bancorp of New Jersey (BKJ) declares $0.06/share quarterly dividend, in line with previous. Forward yield 1.82%. For shareholders of record June 7. Payable June 28. Ex-div date June 5. (PR) Comment! [Dividends]
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2:38 PM Varian Medical (VAR -1.5%) says it's received FDA 501(k) clearance for its Nexus DRF Digital X-Ray Imaging System, a diagnostic X-ray imaging processing workstation that combines radio frequency and digital radiography. Comment! [Healthcare]
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2:33 PM Total (TOT -0.7%) approves a €1B project ($1.29B) to modernize its Antwerp refining and petrochemical platform, the company's largest in Europe. TOT says the project is part of its strategy of focusing investment on its large integrated platforms to position them among the most competitive in the industry. Comment! [Energy]
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TOP ARTICLES3:05 PM ET WEDNESDAY MAY 22
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