TOP NEWS
MARKET CURRENTS
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2:06 PM FOMC Economic Projections: 2013 GDP growth estimate is cut a hair to 2.3-2.6% from 2.3-2.8%, but is boosted in 2014 to 3-3.5% from 2.9-3.4%. The unemployment rate forecast for 2013 is trimmed to 7.2-7.3% from 7.3-7.5% and in 2014 to 6.5-6.8% from 6.7-7%. 14 out of 19 FOMC members see rate hikes beginning in 2015 (4 see hikes before then). Comment! [U.S. Economy, Breaking News, Top Stories]
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2:06 PM Lazard raises its FY14 EPS estimate for Chicago Bridge & Iron (CBI +0.7%) to $5.33 from $5. Analyst Will Gabrielski is now looking for the shares to hit $75, representing a near 23% upside from Tuesday's close. Comment!
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2:03 PM Analysts weren't surprised by the when-issued trading in Australia of the new companies emerging from the split of News Corp. (NWS, NWSA). In their debut in Sydney, 21st Century Fox (Fox movie, pay TV and free TV busines, Sky Deutschland, Sky Italia, part of BskyB ) rose over 5% while the new News Corp. (Wall Street Journal, The Sun, Barron's, Australian media assets) dropped 3%. Comment! [Consumer, On the Move]
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2:01 PM FOMC Announcement: No changes to the $85B per month in asset purchases and the committee stands ready to increase or decrease the level as necessary. Downside risks to the economy and the labor market have diminished since the fall. 1 Comment [Breaking News, Top Stories, U.S. Economy]
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2:01 PM Ahead of Micron's (MU +0.4%) afternoon FQ3 report, Charles Kau, the chairman of Micron's Inotera JV, predicts the current DRAM shortage will last through 2015, thanks to controlled expansion and surging mobile DRAM usage. Kau expects DRAM demand to outstrip supply by 3% in 2013, 5%, in 2014, and 7% in 2017. Those numbers back up recent comments from Credit Suisse, which declared the DRAM industry is seeing structural improvements following a wave of consolidation around Micron, Samsung (SSNLF.PK), and SK Hynix. Analyst commentary on Micron has been very positive going into earnings, but a lot of good news has been priced in. Comment! [Tech]
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1:59 PM Inergy (NRGY -37.5%) completes its distribution to unitholders of the ~56.4M common units it previously held in Inergy Midstream (NRGM -1.3%), marking the first step in Crestwood Midstream's (CMLP +1%) takeover of NRGY, which is expected to close by Q3. Raymond James calls the move a "structural cleanup" ahead of CMLP's takeover. Comment! [Energy, On the Move]
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1:53 PM Neurocrine Biosciences (NBIX +2.7%) moves up today after being initiated by Oppenheimer with an Outperform rating. The firm says that its sees blockbuster potential for elagolix, with Phase 3 endometriosis results expected in H114 and Phase 2 results in H214. A secondary asset, NBI-98854, a Vesicular Mono-Amine Transporter 2 compound for treating tardive dyskinesia, is risky, but only modest value is baked in. Comment! [Healthcare, On the Move]
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1:36 PM Though high-end Lumia models such as the 920, 925, and (expected) EOS get most of the ink, the low-end 520 could be the biggest seller in Nokia's (NOK -0.3%) Windows Phone lineup. Google Trends data points to surging interest in the 520, which features a 4" display, lacks 4G support, and is dirt cheap - Wal-Mart sells the 521, a variant working on T-Mobile's network, for an unsubsidized $130 .... if it's in stock. Also, the 520 is now #2 in GSM Arena's daily interest rankings, behind only the Galaxy S4; no other Nokia phone is in the top-10. 7 Comments [Tech]
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1:35 PM Nektar Therapeutics (NKTR +8.8%) rises after saying NKTR-181 (basically an opioid which doesn't act like an opioid in terms of euphoric effects) "rated similar to placebo in 'drug liking' and 'feeling high' scores" compared to oxycodone. The drug's slow rate of entry into the brain is intended to reduce the euphoria that is often cited as a contributor to opioid analgesic addiction. (PR) Comment! [Healthcare, On the Move]
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1:33 PM Procter & Gamble (PG +0.2%) announces a new licensing agreement with Alexander McQueen. Under the terms of the deal, P&G will be able to immediately market fragrances under the Alexander McQueen brand name. What to watch: During last week's presentation (slides) at the Deutsche Bank Global Consumer Conference, execs said the company will increase its focus on making "value and performance" claims on its large stable of brands. On that note, a fragrance fit for a future queen could be an upcoming tag line. Comment! [Consumer]
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TOP ARTICLES2:09 PM ET WEDNESDAY JUN 19
PORTFOLIO
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LATEST ARTICLES
- Unwinding Crowded BlackBerry Short Trade Can Choke Short Sellers by Tufenk • Comment!
- Emerging Markets: Forget The Fed And Focus On Country Risks by Evariste Lefeuvre • Comment!
- Why 2014 Could Be Ugly: A Look At The Fed by Christopher Drose • Comment!
- American Capital Agency Cuts While Hybrids Maintain Dividends by Equity Whisper • Comment!
- Lentuo International Positioned To Take Off by Gary Bourgeault • Comment!
- The Ultimate Judge Of A Federal Reserve Chairman's Success: The Value Of The U.S. Dollar by John M. Mason • Comment!
- Advanced MicroDevices' Strategic Partnership With Arm Holdings: Negative Implications For Intel? by Andy Batts • 1 Comment
- Trying To Connect The Dots On The Fed's Exit Strategy Timing by Joseph Stuber • Comment!
- Monetary Policy And Perceived Liquidity by Stock Traders Daily • Comment!
- 3 Biotechs With Strong Momentum - Can They Keep It Up? by Craig Keolanui • 1 Comment
ALPHA-RICH IDEAS
- ICA: Mexico's Massive Investment Will Send This Beaten-Down Stock Back To The Stars by Brian McCormick • 5 Comments
- Jos A. Bank: Buy One Share And Get Two Free by Money Investor • 26 Comments
- Penn Virginia: Strong Value Upside Driven By Quality Of Eagle Ford Assets by Richard Zeits • 3 Comments
- Red Hat: Take Advantage Of Investors Being Offsides For 10%+ Move This Week by Josh Burwick • 2 Comments
- Columbia Sportswear: You Can Buy The Clothes But Not The Stock by Money Investor • Comment!
- Failed Titanic Sale Won't Sink Premier Exhibitions by Whopper Investments • 14 Comments
- American Vanguard Should Reap A Better Multiple by Stephen Simpson • 2 Comments
- TRIO: High Quality Business With Near-Term Catalyst And Asymmetric Risk-Reward by Mike Winston • 10 Comments
- Vera Bradley: Fashionable Growth At A Great Price by Josh Arnold • 4 Comments
- ChipMOS: Stock Remains Dirt Cheap, 50%+ Upside By Year End by Valuable Insights • 10 Comments
MACRO VIEW
- Emerging Markets: Forget The Fed And Focus On Country Risks by Evariste Lefeuvre • Comment!
- Why 2014 Could Be Ugly: A Look At The Fed by Christopher Drose • Comment!
- The Ultimate Judge Of A Federal Reserve Chairman's Success: The Value Of The U.S. Dollar by John M. Mason • Comment!
- Trying To Connect The Dots On The Fed's Exit Strategy Timing by Joseph Stuber • Comment!
- The One Fed Statement Markets Are Not Prepared For by Markos Kaminis • 1 Comment
- Breakdown Of What Forex Traders Can Expect From The Fed by Kathy Lien • Comment!
DIVIDENDS & INCOME
- American Capital Agency Cuts While Hybrids Maintain Dividends by Equity Whisper • Comment!
- Monetary Policy And Perceived Liquidity by Stock Traders Daily • Comment!
- American Capital Agency: Dividend Cut Less Than Expected But Prepare For The Fed by Christopher F. Davis • 10 Comments
- Did The Bond Bubble Burst? by Keith Springer • Comment!
- To Buy, To Hold Or To Trim? A Look At 5 BDCs by Ron Stewart • 4 Comments
- Agency Mortgage REITs Will Suffer At The Hands Of Treasury Yield Volatility by Dane Bowler • 14 Comments
ETFs & PORTFOLIO STRATEGY
- Rising Bond Yields Pose Macro Risks For Eurozone Equities by Boost ETP • Comment!
- Hold Off On VIG For Now: A Better Opportunity Will Come Along by Mark Piro • 2 Comments
- WisdomTree Emerging Markets Rebalance Results In Significantly More Russia Exposure by Morningstar • Comment!
- The Art Of Low Turnover by William Smead • 1 Comment
- 5 Mistakes To Avoid With Your ETF Portfolio by David Fabian • Comment!
- Asset Allocation And Rebalancing Review - June 19, 2013 by James Picerno • Comment!
INVESTING IDEAS
- Lentuo International Positioned To Take Off by Gary Bourgeault • Comment!
- Advanced MicroDevices' Strategic Partnership With Arm Holdings: Negative Implications For Intel? by Andy Batts • 1 Comment
- Zinco Do Brasil, An Intriguing Investment In Management Capabilities by Dutch Trader • Comment!
- Galena Biopharma: David Battles Goliath by Regarded Solutions • 2 Comments
- Forum Energy Technologies: A Well Placed Oil And Gas Services Company by Fund Gurus • Comment!
- Medivation's Competitor Was Just Acquired, But It's Not As Bad As It Sounds by PropThink • Comment!