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MARKET CURRENTS

  • 11:24 AM Brazil plans to auction off its largest-ever offshore oil discovery in October at the country's first presalt-bid round, selling exploration and production rights for the Libra prospect estimated to hold 8B-12B barrels of recoverable crude oil. Petrobras (PBR) will be required to take a minimum 30% stake in any winning bid group - unrealistic, critics say, since it lacks the necessary personnel and financial resources. Comment! [Energy, Global & FX]
  • 11:22 AM China Biologic (CBPO -5.3%) slides on the news that on May 21 two of its shareholders sold its competitor, Shanghai RAAS, about 2.7M of its shares representing 9.9% of equity. CBPO says it had no knowledge of the deal, nor had there been any discussions with Shanghai RAAS. The sale looks to be questionable at best, considering that one of the shareholders' shareholding status was under dispute in a pending case in Hong Kong, and Shanghai RAAS was aware of that fact. Comment! [Global & FX, Healthcare]
  • 11:14 AM Fast-casual chain Noodles files for IPO of an undetermined size. In its released financials, the company indicated revenue grew from $170M in 2008 to $300M in 2012. At current growth rates, Noodles could expand to 2.5K restaurants over the next 15 to 20 years and eventually give Panera (PNRA -0.5%), Qdoba (JACK -0.4%), and Chipotle (CMG -1.3%) something to think about. Noodles is expected to trade under the symbol NDLS. (S-1) Comment! [Consumer]
  • 11:11 AM Hibbett Sports (HIBB -4.1%) sinks after Q1 earnings and revenue miss estimates. From the report: Sales and comps rise 3% and 0.8% Y/Y respectively (Q1 2012 comps were +12%). Product margin was up during the period, but an 18 basis point rise in warehouse expenses hurt HIBB's gross margin, which fell slightly (10 basis points Y/Y). FY14 EPS outlook is reiterated at $2.85-3.05 versus consensus of $3.03. (PR) Comment! [Consumer, Earnings, On the Move]
  • 11:05 AM Heard during Abercrombie & Fitch's (ANF -10.1%) earnings call: 1) The biggest takeaway is that ten percentage points of the large drop in comparable store sale is attributable to inventory issues. 2) China isn't the problem behind slumping sales. Comp sales in the nation were +40% despite difficult inventory issues. 3) On share buybacks, the retailer says it will remain consistent with past policy - but will have a goal of maintaining a cash position of $350M. 4) Analysts take a pass on asking about the recent flap over the stance of CEO Michael Jefferies on plus sizes. (webcast) Comment! [Consumer]
  • 11:03 AM National Bank of Greece (NBG) may have to up its offers after results of tenders for 5 preferred securities show decent, but not fantastic participation, with about €80M of the paper set to still be outstanding after the May 27 settlement date. Shares (and presumably the ADRs) are halted from trading until May 30. (PR) Comment! [Financials]
  • 11:01 AM Taro Pharmaceutical (TARO -7%) slides after earlier reporting Q1 earnings of $1.10 per share on net sales of $165.1M, an increase of 13.8%, from a year ago. Gross margin grew to 72.4% from 68.3%, offsetting an increase in Research and development expenses by 23.9% to $12.2M. Settlements and loss contingencies totalled $33.3M, dragging down operating income to $63.1M, or 38.2% of net sales, compared to $66.2 million, or 45.6% the year prior. Comment! [Healthcare, Earnings, On the Move]
  • 11:00 AM On the hour: Dow -0.3%. 10-yr +0.12%. Euro -0.03% vs. dollar. Crude -0.75% to $93.54. Gold -0.38% to $1386.45. Comment!
  • 10:59 AM Statoil (STO) says its plans for the Johan Castberg oilfield in the Barents Sea are being undermined by unexpected regulatory changes that threaten to limit development in the far north, as the project needs new infrastructure and already was a challenge in terms of costs. CEO Helge Lund says a stable political and regulatory environment has been Norway’s “most important competitive advantage" during the past 20 years. Comment! [Energy]
  • 10:51 AM Vivus Pharmaceuticals (VVUS +3.6%) extends yesterday's gains, bringing its two-day run to ~13% as Carl Icahn's former head of health care investments Alex Denner is added to First Manhattan's proposed slate of directors. Denner and First Manhattan, who own some 12% of the outstanding shares between them, are critical of VVUS' handling of Qsymia (I, II), and want to get "the best people behind a great asset," First Manhattan says. SA contributor Brian Wilson thinks any weakness in the business is "unlikely to be reflected in the stock price as short sellers worry about a potential bidding war between activist shareholders and management." Comment! [Healthcare, On the Move]
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TOP ARTICLES11:35 AM ET FRIDAY MAY 24
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SPY -0.57%
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CAD PIMCO Canada Bond Index ETF 0.83%

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