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MARKET CURRENTS

  • 2:59 AM Fiat CEO (FIATY.PK) Sergio Marchionne has reportedly approached Goldman Sachs, BofA, Deutsche Bank and other banks about financing the Italian car maker's attempt to buy the 41.5% of Chrysler held by a union-run trust. The acquisition of the stake, which is worth $1.75-4.27B depending on whom you ask, would give Fiat access to Chrysler's $11.9B in cash and allow the combined company to carry out an IPO in New York. Comment! [Consumer, M&A]
  • 2:45 AM Two freight trains, one run by Union Pacific (UNP) and the other by BNSF Railway (BRK.A), collided at an intersection in Missouri yesterday, causing several cars to derail and injuring seven people. The derailment was the second this year involving a Union Pacific train on the stretch of track where yesterday's incident took place. Comment! [Consumer]
  • 2:36 AM Although he's just been reappointed as CEO of P&G (PG), one of A.G. Lafley's top priorities will reportedly be to find his successor. The problem Lafley faces is that several senior executives left during the tenure of Bob McDonald, including promising leaders such as Charles Bergh, now CEO of Levi Strauss, and new Baccarat boss Daniela Riccardi. Comment! [Consumer]
  • 25 May, 10:55 PM Marchers in more than 400 cities across 52 countries took part in protests against Monsanto (MON) today, calling attention to what they say are dangers posed by genetically modified foods. Monsanto is "poisoning our children, poisoning our planet," claims one of the organizers. The company says its seeds help farmers produce more from their land while conserving resources such as water and energy. 18 Comments [Commodities, Consumer]
  • 25 May, 6:30 PM To what extent should boards take direction from shareholders? Not much, in the eyes of CommonWealth REIT (CWH) and Urban Outfitters (URBN). Each has done a noble job of thumbing its nose at investors; the former by reinstating a director kicked out in a proxy vote, and the latter by finally giving into shareholders' wishes to elect a female director - by nominating the CEO's wife. (NYT, Gretchen Morgenson) 1 Comment
  • 25 May, 6:00 PM Where's a GARP investor to look given a relative shortage of cheap growers? Barron's Jack Hough likes stocks "experiencing midlife growth spurts," particularly: Conn's (CONN), BioScrip (BIOS), JDS Uniphase (JDSU), and AFC Enterprises (AFCE). Comment! [Quick Ideas]
  • 25 May, 5:30 PM Shares of Trimble Navigation Limited (TRMB) could rise 25% over the next year, Barron's says: "Over the past decade, as farmers embraced its technology, Trimble earnings grew at an annualized rate of 26%. This year, profits are likely to advance a more subdued 13%... As the construction sector rebounds and Trimble expands its end markets, profits should take off once again." Comment! [Quick Ideas]
  • 25 May, 4:46 PM Barron's takes a liking to UTi Worldwide (UTIW): "As the restructuring proceeds and the airfreight market rebounds, profit margins could rise significantly, boosting earnings. The shares could rally 35% in the next 18 months." One criticism left unanswered: UTIW's margins are much thinner than those of freight-forwarding heavyweight Expeditors International of Washington (EXPD). Comment! [Quick Ideas]
  • 25 May, 4:15 PM Apple's (AAPL) effective tax rate of 14% is just a smidgin lower than IBM at 15% and Google (GOOG) at 17%. And Apple's hardly on the lowest rung: Amazon's (AMZN) rate is just 6%, Ford's (F) 3%, and Carnival's (CCL) just 1%. In trying to untangle what S&P 500 companies pay in taxes, David Leonhardt finds top executives are exceptionally shrewd at holding tax rates down. (infographic) 23 Comments
  • 25 May, 1:25 PM Blackstone (BX) plans to pull a "significant portion" of the ~$550M it has invested with Steve Cohen and SAC Capital in light of the ongoing insider trading investigation, according to a letter from pension consulting firm Russell Investments reviewed by Reuters. Blackstone's redemption request came "sometime before May 15," meaning the asset management firm made the decision prior to SAC's disclosure that it would no longer cooperate unconditionally with authorities and prior to news that Cohen himself had been subpoenaed. 1 Comment [Financials]
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TOP ARTICLES3:11 AM ET SUNDAY MAY 26
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