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MARKET CURRENTS

  • 3:09 AM The dollar strengthens across the board following the Ben Bernanke Show yesterday. "Bernanke was more explicit than markets had expected. Rising U.S. yields will spur broad dollar buying. The dollar's direction is now set," says Credit Agricole's Yuji Saito. USD-JPY (FXY) +1.1%, USD-EUR +0.3%, USD-GBP (GBB) +0.3%, USD-AUD +0.6%. Comment! [Global & FX, U.S. Economy, Top Stories, On the Move]
  • 2:43 AM HSBC Chinese manufacturing PMI has fallen to a nine-month low of 48.3 in June from 49.2 in May and vs consensus of 49.4; manufacturing output index 48 vs 50.7. "Manufacturing sectors are weighed down by deteriorating external demand, moderating domestic demand and rising de-stocking," says HSBC. Beijing's preference for reform over stimulus will have a limited impact in the short term, so HSBC expects "slightly weaker growth in Q2." (PR) Comment! [Global & FX, Top Stories]
  • 12:10 AM Notable earnings after Thursday’s close: ORCL, TIBX Comment! [Earnings]
  • 12:05 AM Notable earnings before Thursday’s open: IHS, KR, PIR, RAD Comment! [Earnings]
  • 12:00 AM Thursday's economic calendar:
    8:30 Initial Jobless Claims
    9:00 PMI Manufacturing Index Flash
    9:45 Bloomberg Consumer Comfort Index
    10:00 Existing Home Sales
    10:00 Philly Fed Business Outlook
    10:00 Leading Indicators
    10:30 EIA Natural Gas Inventory
    4:30 PM Money Supply
    4:30 PM Fed Balance Sheet Comment!
  • 19 Jun, 8:09 PM Five Below (FIVE) sinks in the post session after announcing an 8.6M share secondary offering. All of the shares are being offered by selling shareholders, including certain members of Five Below's management team and Board of Directors. The underwriters are expected to have a 30-day option to purchase an additional 1.3M shares to cover over-allotments. FIVE won't receive any proceeds from the sale. Goldman Sachs, Barclays, Jefferies, Credit Suisse and Deutsche Bank are joint book-running managers. Shares -6% AH. Comment! [Consumer, On the Move]
  • 19 Jun, 7:58 PM Echo Therapeutics (ECTE +1.9%) says that its priced its full 4.628M share public offering, which includes the full over-allotment exercise, at $2.70 per share, an actual 3% premium to today's closing price of $2.62. Demand for the deal was high, and the sale will generate around $12.5M in gross proceeds before the underwriting discount and other offering costs are deducted. Shares +1.9% AH. Comment! [Healthcare, On the Move]
  • 19 Jun, 7:58 PM Ebix's (EBIX) merger agreement with a Goldman Sachs affiliate has been terminated. The termination is the result of Ebix's receipt of a letter from a U.S. Attorney for the Northern District of Georgia stating it has "opened an investigation into allegations of intentional misconduct" found in recent shareholder class action suits against Ebix. The letter follows an SEC investigation into Ebix's accounting launched earlier this year. EBIX -25% AH. SA contributor Gotham City Research has been quite critical of Ebix's accounting for some time. 2 Comments [Tech, M&A, On the Move]
  • 19 Jun, 7:28 PM EMC is buying Israeli storage software startup ScaleIO for $200M-$300M, TechCrunch and Geektime report. ScaleIO's software allows storage found inside servers to be pooled and managed like storage arrays on a SAN. This can lead to both cost savings and (esp. when flash memory is used) performance gains. Acquiring ScaleIO would be the latest in a string of moves from EMC to lower its traditional focus on array sales. Last month, EMC announced ViPR, a software platform for managing storage hardware/services from both EMC and rivals, and in March, the company showed off new server flash cards and caching software. Comment! [Tech, M&A]
  • 19 Jun, 6:41 PM Apple (AAPL) roundup: 1) Apple TV has received a software update that adds support for HBO GO, WatchESPN, and 3 other sources. iTunes Radio will arrive this fall. 2) Apple patent chief Boris Teksler has left to join France's Technicolor. 3) Apple has won a $30M contract to supply iPads for L.A. schools; iPad education sales have been a priority for Apple. 4) After using iOS 7 for a week, BGR's Zach Epstein offers a critical take that doesn't revolve around icons. "Apple’s mobile platform just isn’t getting any smarter ... What meaningful, innovative functions can iOS 7 perform that iOS 6 could not?" Dan Frommer, another early user, isn't as harsh, but offers a similar take. "The big-picture reality is that iOS 7 really isn’t very different." 12 Comments [Tech]
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TOP ARTICLES3:16 AM ET THURSDAY JUN 20
DIA -1.19%
SPY -1.27%
QQQ -1.09%
GLD -1.19%
ETF Movers
WDTI WisdomTree Managed Futures Strategy ETF 0.40%
TRSY PIMCO Broad U.S. Treasury Index ETF 0.00%

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