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MARKET CURRENTS

  • 3:16 PM Toro (TTC +3.7%) moves up today after posting a better than expected FQ2. Net earnings rose 14% Y/Y on sales strength in its professional segment, which helped offset a 13% decline in residential sales. The company says that although it backs current earnings guidance, it's lowering revenue growth expectations to between 3% and 4%, compared with its February forecast of a 5% revenue increase. Gross margin improved to 35.8% from 34%. Comment! [On the Move, Earnings, Consumer]
  • 3:15 PM ReneSola (SOL -5.3%) is downgraded to Underperform from Neutral with a lower $1.50 target price at Credit Suisse based mostly on rising costs including increases via outsourcing; SOL won't get much of a break in China, where wafer and module costs may slip only $0.01 in Q2 and may be flat in H2. Also, the firm doesn't expect progress in tariff talks between Europe and China. Comment! [Tech, Energy, Quick Ideas, On the Move]
  • 3:11 PM Chatter says trading desks are busy with corporate buyback activity today as CFOs take advantage of a little selling to put repurchase plans into action. AAPL is the gorilla, having bumped its authorization to $60B from $10B. Others of note include: LyondellBasel (LYB), Merck (MRK) - which just entered an accelerated repurchase program, NetApp (NTAP), Northrop Grumman (NOC), Macy's (M), and Delta (DAL). There's also IBM - long with a reputation for issuing debt at lows in yield. Is their equity timing as good? Comment!
  • 3:08 PM Delta Air Lines (DAL +0.8%) CEO Richard Anderson says in a wide-ranging interview with Charlie Rose that the carrier will work hard to create a superior brand. He also calls the combined US Airways-American Airlines a "formidable" competitor, but makes it clear Delta will stay number one. Comment! [Consumer]
  • 3:05 PM First Financial Corporation (THFF) declares $0.48/share Semi Annual dividend, in line with previous. Forward yield 3.16%. For shareholders of record June 14. Payable July 1. Ex-div date June 12. (PR) Comment! [Dividends]
  • 3:01 PM Agency MBS fail to bounce from the "massive liquidation" following Bernanke's testimony yesterday, according to CIBC's Tom Tucci. Suggestions of a tapering of Fed purchases sent Fannie Mae MBS with 3% coupons to their lowest levels of the year. "Right now it seems the only source of demand is the Fed," says BAML's Brad Scott. Unsurprisingly, pure agency mREITs like AGNC and ARR hit 52-week lows today. Annaly (NLY) - now diversified into the commercial space with the CXS purchase - outperforms. 3 Comments [Financials]
  • 3:00 PM On the hour: Dow +0.13%. 10-yr +0.06%. Euro +0.56% vs. dollar. Crude -0.03% to $94.26. Gold +1.72% to $1390.95. Comment!
  • 2:57 PM Even as H-P (HPQ +15.6%) shares enjoy another big rally in the wake of last night’s quarterly results, Topeka Capital's Brian White sees only a "sugar high... not a sustainable trend." While the upside excites bulls in the short-term, the fact remains that H-P’s profits and sales have dropped for seven quarters in a row, he says, maintaining his Sell rating and $12 price target. 3 Comments [Tech, On the Move]
  • 2:57 PM Apricus Biosciences (APRI -19.4%) tanks after pricing 6M common shares at $2.85, a 13% discount to the closing price of $3.30 on Wednesday. The company also sold warrants to purchase up to 3M shares of common stock and plans to raise a total of $15.8 million net of expenses. The shares of stock and warrants are immediately separable and will be issued separately. The warrants are exercisable immediately upon issuance, have a five-year term and an exercise price of $3.40 per share. Comment! [Healthcare, On the Move]
  • 2:50 PM Zale's (ZLC +3%) trades higher again after delivering tidy margin gains in FQ3 and nabbing an exec from rival Signet to be its new chairman. Solid execution from management has trickled down to the retailer's bottom line and has helped lift shares 65% YTD. Comment! [Consumer]
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TOP ARTICLES3:22 PM ET THURSDAY MAY 23
DIA -0.01%
SPY -0.28%
QQQ -0.20%
GLD 1.96%
ETF Movers
CCXE WisdomTree Commodity Country Equity ETF 1.50%
BUND PIMCO Germany Bond Index ETF 0.74%

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