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MARKET CURRENTS

  • 1:00 PM On the hour: Dow +0.32%. 10-yr +0.13%. Euro +0.24% vs. dollar. Crude -0.37% to $96.57. Gold -0.57% to $1376.25. Comment!
  • 12:59 PM Five of 2013's biggest tech high-flyers - SolarCity (SCTY -10.1%), Himax (HIMX -6%), UniPixel (UNXL -9.1%), SunPower (SPWR -5.2%), and Ubiquiti (UBNT -4.4%), are seeing heavy losses today. Netflix (NFLX -0.9%), another big 2013 winner, is down moderately.  Is this a sign tech momentum investors are looking to take some cash off the table? YTD gains: SCTY +287%. HIMX +200%. UNXL +72%.  SPWR +282%. UBNT +56%. NFLX +156%. Comment! [Tech, On the Move]
  • 12:58 PM The Fed should continue with QE, says St. Louis Fed chief Bullard, as the reaction in financial markets (stocks higher?) proves the purchases have been effective. He says the program should be adjusted (higher or lower) based on incoming economic data. He tosses out negative interest rates as a possible policy (why not), but suggests the effects of such a move would be minor. 1 Comment [U.S. Economy]
  • 12:51 PM Netflix (NFLX -1.5%) could pass all cable networks and perhaps even a major network this summer in terms of hours watched per month as the streaming service launches Arrested Development just as the traditional network season winds down. The feat is fairly impressive when it's considered that the service is only 28M homes - compared to the +100M penetration of cable networks. Q1 scorecard of viewer hours/month (via BTIG): CBS 3.3B; ABC 2.6B; NBC 2.3B; Fox 1.9B; Disney Channel 1.3B; Netflix 1.2B. Comment! [Consumer]
  • 12:47 PM Energy infrastructure largely escapes damage from yesterday's tornado that ripped through Oklahoma, though a Southern Star natural gas pipeline reports some damage. Valero (VLO) and Phillips 66 (PSX) say their refineries escaped damage, Enterprise Products Partners (EPD) reports no damage to its Seaway pipeline, and operations at the Cushing crude hub are unaffected. Comment! [Energy]
  • 12:47 PM Midday top 10 gainers: SDBT +75%. LEDS +26%. PTIX +25%. FXEN +25%. BDL +23%. YGE +20%. SCOK +18%. PEIX +18%. JRCC +15%. CCIH +14%.
    Midday top 10 Losers: IEC -21%. BVX -15%. EFUT -15%. HGG -13%. UNXL -11%. SCTY -10%. BORN -10%. RSOL -9%. HNP -9%. IGTE -9%. Comment! [On the Move]
  • 12:46 PM Web.com (WWWW -5.9%) is selling off. A possible culprit: director Anton Levy recently disclosed the sale of 2M shares. Levy is a managing director at P-E firm General Atlantic, which sold Network Solutions to Web.com in 2011. Comment! [Tech, On the Move]
  • 12:45 PM IEC Electronics (IEC -21.7%) plunges after receiving a delisting notice from the NYSE. The company reported "estimated" financial results for Q2 Monday, but said it did not meet the SEC's extended deadline for filing is 10-Q. Earlier this month, the company said it would restate its FY12 financial statements. Today's losses bring the two slide to -32%. Comment! [Tech, On the Move]
  • 12:43 PM Another driver for the run in U.S. solar stocks today is a big move in Chinese solar stocks overnight, particularly Hareon Solar Technology, which jumped to its 10% daily limit on speculation that the U.S. and China are seeking to resolve a dispute over trade in solar-energy equipment that could lead to soaring tariffs: JA Solar (JASO +5%), China Sunergy (CSUN +5.2%), Ascent Solar (ASTI +32%), Spire (SPIR +9.6%), Trina Solar (TSL +10.3%), Hanwha Solarone (HSOL +11.5%), Suntech Power (STP +20.5%), ReneSola (SOL +8.1%), LDK Solar (LDK +10.3%). Comment! [Global & FX, On the Move, Tech, U.S. Economy]
  • 12:38 PM Oil States (OIS -0.6%) is downgraded to Neutral from Buy at Sterne Agee after shares jump 30% since Jana Partners disclosed its big stake and suggested turning its worker accommodations business into a REIT. Indeed, OIS shares could be worth $130-$145 with such a change, the firm says, but investors buying shares now are betting on exactly that; Sterne says it isn't yet willing to handicap the potential. Comment! [Energy, Quick Ideas]
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TOP ARTICLES1:05 PM ET TUESDAY MAY 21
DIA 0.36%
SPY 0.30%
QQQ 0.27%
GLD -1.35%
ETF Movers
EU WisdomTree Euro Debt ETF 2.50%
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF 1.22%

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