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MARKET CURRENTS

  • 3:13 PM Markets start to fall in earnest as the reality of a tapering and then ending in QE sinks in - even as the chairman is at pains to prove it's anything but a tightening move. The DJIA (DIA -0.8%) is off 145 points as the 10-year Treasury yield soars 15 bps to 2.33%, its highest level in 2 years. Reversing sizable early gains is the mREIT sector (REM -2.3%) - a leveraged holder of the paper the Fed will no longer be buying - with American Capital (AGNC -2%), (MTGE -1.5%), Annaly (NLY -2.2%), Invesco (IVR -2.5%), Two Harbors (TWO -3.5%), and Anworth (ANH -2.2%) leading the way. The greenback (UUP +0.9%) continues to fly higher. 3 Comments [On the Move]
  • 3:12 PM Onglyza, a diabetes drug co-marketed by Bristol-Myers Squibb (BMY -1.3%) and AstraZeneca (AZN -1.2%), failed to reduce the risk of heart attacks and related disease compared with a placebo in a big clinical trial. The drug was approved by the FDA in 2009 to treat type 2 diabetes, but required a large clinical trial to assess its cardiovascular safety. The outcome disappointed those hoping for a boost to the market for type 2 diabetes pills, and could have implications for other companies with similar drugs, including Merck's (MRK) blockbuster Januvia. Comment! [Healthcare, On the Move]
  • 3:08 PM Urban Outfitters (URBN -1.6%) continues to impress retail watchers with the steady growth of its direct-to-consumer channels (24% of total sales). Management's acumen at expanding online and catalog sales is one of the reasons the company's revenue and growth rates has beat peers Aeropostale, American Eagle Outfitters, Buckle, and Abercrombie & Fitch. Comment! [Consumer]
  • 3:00 PM On the hour: Dow -0.70%. 10-yr -1.07%. Euro -0.88% vs. dollar. Crude -0.58% to $98.16. Gold -0.58% to $1358.35. Comment!
  • 2:59 PM Lazard comes to the defense of Buy-rated Vanda Pharmaceuticals (VNDA -22%) after TheStreet's Adam Feuerstein tanks the stock with questions about the design of a Phase 3 trial for Tasimelteon (previous). Feuerstein's assessment is "surprisingly inflammatory," analyst Joshua Schimmer says, noting that the sell-off could be a buying opportunity given management's confidence in the drug. Comment! [Healthcare, On the Move]
  • 2:58 PM Cemex (CX +1.2%) has slipped 12% during the past month, and Barclays believes it’s time to buy the stock, not just because it's underperforming but fundamentals look good too, as EBITDA growth over the next four years driven by the recovering U.S. housing market. The firm also notes CX has been able to increase the amount of time it has to pay its debt while lowering the interest rates it owes. Comment! [Quick Ideas]
  • 2:49 PM Bernanke press conference: Should projections hold, Bernanke sees QE ending "around mid-year" 2014 and the unemployment rate being about 7% at that time. Responding to a question, he says the FOMC stands ready to quickly adjust - i.e. fire purchases back up - should it prove to have made a mistaken forecast. Stocks (SPY -0.5%) and Treasurys (TLT -1.2%) are at session lows. 3 Comments [U.S. Economy]
  • 2:48 PM William Blair's Brian Drab provides a fairly positive take on 3D Systems' (DDD -2.4%) recent analyst day, but nonetheless reiterates an Underperform on account of valuation. Drab observes 3D's management talked up the expansion of its healthcare offerings (specialized/personalized products) and Quickparts on-demand parts service (new markets/geographies), and hinted price points for Cube desktop printers could fall below $1K and (in 12-18 months) $500. But with shares trading at 46x 2013E EPS, Drab considers expectations too high. (analyst day slides) 2 Comments [Tech]
  • 2:46 PM Orchard Supply (OSH -59%) says the U.S. Bankruptcy Court has approved all of the First Day Motions related to its voluntary Chapter 11. The motions collectively will enable the company to continue operating its business as usual as it completes its Chapter 11 case. Comment! [On the Move, Consumer]
  • 2:42 PM Aside from Linn Energy (LINE +6%) (earlier), SandRidge Energy (SD +3.2%) also enjoys a sustained rise from Lee Cooperman's CNBC comments. He thinks SD's assets are worth close to $10/share and expects management changes in the coming weeks. The full list of stocks Cooperman likes (video): TCRD, ESRX, HAL, RIG, QCOM, MSI, CIM, S, DISH, ARP. Comment! [Quick Ideas, On the Move]
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TOP ARTICLES3:22 PM ET WEDNESDAY JUN 19
DIA -0.93%
SPY -0.92%
QQQ -0.79%
GLD -0.62%
ETF Movers
CCX WisdomTree Commodity Currency ETF 1.22%
BUND PIMCO Germany Bond Index ETF 0.74%

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