TOP NEWS
MARKET CURRENTS
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2:05 AM Johnson Controls (JCI) is reportedly in talks with P-E firms about selling them its automotive electronics unit, which is valued at $1B, after industry interest weakened due to the unit's softer-than-expected performance. Delphi Automotive (DLPH) has pulled out the running, although Visteon (VC) and SAIC (SAI) subsidiary Huayu Automotive Systems are still involved. Comment! [M&A]
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1:55 AM Sony (SNE) repeats that it will review Daniel Loeb's proposal that the company float its entertainment business after Loeb's Third Point hedge fund increased its stake in the electronics firm to 7% from 6.5%. In the past, Sony has said that its film and device units are better together - CEO Kazuo Hirai believes they have valuable synergies - and that it would consider Loeb's spin-off idea. Comment! [Tech, Top Stories, Consumer]
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1:45 AM Japanese industrial production grew 0.9% on month in April, as in March, but came in well below preliminary data of +1.7%. On year, output dropped 3.4% vs -6.7% a month earlier. The on-month change in April was due to the government altering the base year to 2010 from 2005, which affected the weightings of items in the index and the method used to account for seasonal factors. Comment! [Global & FX]
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12:10 AM Notable earnings after Tuesday’s close: ADBE Comment! [Earnings]
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12:05 AM Notable earnings before Tuesday’s open: FDS Comment! [Earnings]
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12:00 AM Tuesday's economic calendar:
FOMC meeting begins
7:45 ICSC Retail Store Sales
8:30 Consumer Price Index
8:30 Housing Starts
8:55 Redbook Chain Store Sales Comment!
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17 Jun, 11:28 PM Dan Loeb's Third Point raises its stake in Sony (SNE) to 7% from 6.5% according to a letter (text) sent to SNE's board. "Shareholders should not have to wait any longer," Loeb says, "the company’s most valuable untapped synergies lie within entertainment itself." 1 Comment [Tech, Breaking News, Top Stories]
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17 Jun, 11:16 PM Goldman's take on the power of the press: "Stocks maintain early gains until FT Harding hits the tape with an article suggesting a signal from Bernanke this Wednesday that the taper was drawing near … Then via Twitter Harding casts doubt on his own predictions and more than half of those losses are reversed [reinforcing] how important the FOMC Wednesday will be." Speaking of reinforcement, does this action just bolster Stan Druckenmiller's contention that all price signals are now compromised by central bank interference? Comment! [U.S. Economy]
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17 Jun, 10:53 PM Despite "mounting criticisms from multiple parties" the risk/reward profile on shares of Intuitive Surgical (ISRG) is "attractive," Wedbush says, initiating the stock at Outperform with a $580 price target citing the company's "track record of innovation" and the "ongoing launch of new instruments." Comment! [Healthcare]
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17 Jun, 10:42 PM Premier Exhibitions' (PRXI) board authorizes a stock repurchase plan of up to 1.5M shares (about 3% of the float). "Today's announcement is indicative of the improvement in our financial condition and our positive outlook for the future," says Chairman Mark Sellers. Premier has tumbled badly of late over questions about whether the sale of its Titanic artifacts will ever go through. Remain patient, say the bulls, who also remind of now-viable operations separate from the Titanic. 1 Comment
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