TOP NEWS
MARKET CURRENTS
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7:19 AM The IMF calls for more forceful action on monetary policy in its latest report on the U.K. The agency is likely to get its wish with the only thing seemingly holding back the BOE from easier policy being a wait for a new sheriff to arrive (Mark Carney in July). On fiscal policy, the IMF says take it easy on austerity, suggesting a corporate tax cut paid for by broadening the VAT tax base. Excuse me? Already lower on the session, cable (FXB) snores through the report. The FTSE (EWU) is flat, continuing at a 12-year high. Comment! [Global & FX, Breaking News]
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7:17 AM Ford (F) says close to 75% of its plants in North America are operating on more than two shifts a day as the automaker ramps up production. The extra shifts could account for as many as an extra 240K vehicles this year. (Previous: Ford cut backs summer shutdown) Comment! [Consumer]
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7:13 AM Saks (SKS) could draw bids from sovereign-wealth funds in the Middle East and Asia along with P-E interest, according to The New York Post. Analysts think a deal price could fall in the $18 to $20 range to give the 41-store chain a valuation of over $2.6B and give 17% stakeholder Carlos Slim a tidy profit on his investment. SKS +17.7% premarket to $16.08. Comment! [Consumer, On the Move]
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7:08 AM S.Y. Bancorp (SYBT) declares $0.20/share quarterly dividend, in line with previous. Forward yield 3.30%. For shareholders of record June 10. Payable July 1. Ex-div date June 6. (PR) Comment! [Dividends]
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7:05 AM More on Toll Brothers (TOL) FQ2 earnings: Home deliveries up 33% in units, up 38% in dollars Y/Y. Average price of $577K, up from $557K a year ago. Average price of signed contracts of $678K, up from $585K a year ago. Backlogs up 52% in units (to 3,655) and 69% in dollars. Gross margin of 23.3% vs. 23.2% a year ago. "One year ago we were somewhat reluctant to raise home prices ... now we are finding ... a sense of urgency takes hold and demand continues to rise." Shares -0.6% premarket. CC at 2 ET. (PR) Comment! [Earnings]
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7:05 AM Lions Gate (LGF) says it set a sales record at the Cannes Film Festival, earning more than $250M from its 9 titles to top last year's mark by over 50%. The company notes its strong performance was boosted by its increased ability to self-distribute in key regions. Comment! [Consumer]
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7:03 AM MBA Mortgage Applications: -9.8% vs. -7.3% last week. Comment! [U.S. Economy]
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7:02 AM Booz Allen Hamilton (BAH): FQ4 EPS of $0.40 beats by $0.03. Revenue of $1.55B (+0.3% Y/Y) beats by $0.04B. (PR) Comment! [Earnings, Breaking News]
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7:00 AM On the hour: S&P +0.13%. 10-yr +0.02%. Euro +0.2% vs. dollar. Crude -0.6% to $95.61. Gold +0.58% to $1385.55. Comment!
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6:59 AM More on Staples' (SPLS) Q1: Sales fell off amid widespread store closings with comparable store sales down 2% Y/Y. The retailer saw more weakness in computer and tech categories which was only partially offset by growth in tablet sales. Staples.com sales were up 3%. The company generated $348M of operating cash flow during the quarter. Full-year EPS forecast to be $1.30-$1.35. (PR) Comment! [Consumer, Earnings]
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LATEST ARTICLES
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MACRO VIEW
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DIVIDENDS & INCOME
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ETFs & PORTFOLIO STRATEGY
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INVESTING IDEAS
- Cramer's Mad Money - Home Depot's Treasure Trove Of Investing Ideas (5/21/13) by SA Editor Miriam Metzinger • Comment!
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