TOP NEWS
MARKET CURRENTS
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11:23 AM Yahoo/Tumblr (YHOO +0.7%) roundup: 1) Yahoo promises Tumblr will "enhance EBITDA and revenue" next year. Marissa Mayer states Yahoo could introduce ads on Tumblr's blog feed, and also on individual blogs (with a blogger's permission). 2) Some Tumblr users aren't happy with the deal, and rival WordPress reports taking in some defectors. Mayer views this as inevitable. 3) Yahoo claims Tumblr gets 75M new blog posts each day, and that over half its users are using its mobile apps. 4) In criticizing the deal, John Saroff argues traditional display ads don't suit Tumblr well. John Batelle thinks that's fine, since Tumblr is great for native ads. (previous) Comment! [Tech]
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11:22 AM Shares of WPX Energy (WPX +6.8%) surge after hedge fund Taconic Capital discloses a 6.39% stake in the company and says it "may engage in communications with relevant parties [on] ways to enhance shareholder value." WPX has been strong in recent weeks after being cleared by Pennsylvania regulators, which said it was not responsible for water contamination in the state. Comment! [Energy, On the Move]
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11:21 AM Senator Charles Schumer wants airlines to reverse their steep increase on flight change fees after Delta Air Lines (DAL -0.5%), United Airlines (UAL -1.1%), American Airlines (AAMRQ.PK), and U.S. Airways (LCC -0.6%) all bumped off their charge to $200 from $150. Last year, the top airlines collected $2.6B in reservation change fees which accounted for a decent portion of the overall growth in the industry. Comment! [Consumer]
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11:21 AM "I haven't seen anything this scummy since the worst of the subprime mortgage lenders," Whitney Tilson says of World Acceptance (WRLD +0.3%). In a letter sent out Sunday evening, Tilson (who is short the stock) applauds Pultizer prize-winning ProPublica's lengthy piece on the company and its installment loans which ProPublica says sometimes end up carrying annual rates of up to 200%. The piece also flags what it calls "useless" credit insurance products from which Citron Research (long-time WRLD detractor) claims the company derives more than half its profits. WRLD (which is heavily shorted) denies the charges and says it provides a valuable service. Comment! [Financials]
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11:19 AM Raven Industries (RAVN -9.4%) takes a hit this morning after its Q1 misses estimates. The company reported an EPS of $0.38 per share, versus estimates of $0.44, missing by $0.06 and down 27% Y/Y. Revenue came in at $103.7M versus expectations of $112.64M. Sales were down 12% from the same period last year. Looking forward, the company warns that "delivering year-over-year sales and earnings growth in the second quarter of fiscal 2014 will be challenging." Comment! [Earnings, On the Move]
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11:15 AM Pinterest says it's in partnership with several retail brands including Target (TGT -0.8%), Netflix (NFLX +0.3%), and Sony (SNE +2.8%) to include more detailed information on product pins. The photo-sharing website is starting to draw more interest from retailers due to its higher signal-to-noise ratio and average user income than other social networking sites. Comment! [Consumer]
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11:08 AM Ensco plc (ESV) declares $0.50/share quarterly dividend, in line with previous. Forward yield 3.16%. For shareholders of record June 10. Payable June 21. Ex-div date June 6. (PR) Comment! [Dividends]
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11:04 AM Sangamo BioSciences (SGMO -4.5%) takes a bit of a hit this morning, despite the presentation of new data demonstrating the successful application of its In Vivo Protein Replacement Platform in a mouse model. The company, in partnership with Shire (SHPG +1.8%), is developing ZFP Therapeutics for both hemophilia A and B using this approach. The data was presented late last week at the 16th Annual Meeting of the American Society of Gene and Cell Therapy in Salt Lake City. Comment! [Healthcare, On the Move]
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11:03 AM OCZ (OCZ +7.2%) bounces after announcing NetGear (NTGR +0.1%) has qualified its relatively costly Deneva 2 enterprise SSDs for use on NetGear's ReadyDATA 516 NAS storage systems for SMBs. Shares still -34% YTD thanks to investor frustration with SEC filing delays. (PR) Comment! [Tech, On the Move]
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11:02 AM McCraith Beverages filed a federal lawsuit in New York against Anheuser-Busch InBev (BUD -0.6%) over old distribution rights to brands acquired by the company. A-B says its believes the law supports it granting new brand rights for equity wholesalers. Comment! [Consumer, Global & FX]
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TOP ARTICLES11:23 AM ET MONDAY MAY 20
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LATEST ARTICLES
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