TOP NEWS
MARKET CURRENTS
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4:34 AM Vodafone (VOD): FQ4 organic service revenue -4.2% (in line, but worst quarterly drop on record): -12.8% in Italy and -11.5% in Spain. Impairment charge of £1.8B in Italy, bringing total impairments for Spain and Italy to £7.7B for the full year during which sales were down 4.2%, to £44.4B and core earnings were off 3.1% to £13.3B. Adjusted operating profit beats, rising 9.3% to £12B. The company said it will keep its 45% share of Verizon's (VZ) dividend payment to shore up operations. Comment! [Tech, Earnings]
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12:10 AM Notable earnings after Tuesday’s close: NTAP,ADI, CPWR, INTU, Comment! [Earnings]
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12:05 AM Notable earnings before Tuesday’s open: AZO, BBY, DCIX, DKS,HD, MDT, NM, SKS, TJX Comment! [Earnings]
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12:00 AM Tuesday's economic calendar:
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales
11:30 Fed's Bullard: Monetary Policy Comment!
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20 May, 10:25 PM Shares of Industrial & Commercial Bank of China fall nearly 2% in Hong Kong following Goldman's sale of its remaining stake in the bank. (previous) Comment! [Financials]
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20 May, 10:18 PM "It would no doubt come as some surprise to many … that S&P's repeated assurances that its ratings were objective … were entitled to no more weight than an infomercial hawker's claim that his knife will outlast any other," the Justice Department says, referencing S&P's (MHFI) assertion that because statements about the independence of its ratings were described as "mere puffery" in a previous judgement, they can't form the basis for a lawsuit. The Justice Department asked a federal judge to allow a suit against the ratings agency to move forward Monday, after S&P filed for dismissal last month. Comment!
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20 May, 7:53 PM TiVo (TIVO): Q1 beats across the board on narrower losses as the TV set-top box maker continues to boost its subscriber rolls and rack up stronger revenue. The company has now posted subscriber increases for seven straight quarters, following a four-year streak of declining subscriber numbers. In the latest period, TiVo added a net 255K subscribers, compared with the 206K subscribers gained in the prior year period. Shares +1.1% AH. Comment! [Earnings, On the Move, Tech]
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20 May, 7:36 PM More on Urban Outfitters (URBN): Q1 beats on a per share basis but comes up short on revenue. Net profit rose 39% Y/Y as the clothing retailer posted record revenue and margins widened to 36.8% from 35.6% on fewer markdowns at Anthropologie. Comp retail sales, including catalog and online businesses, rose 9%, including 6% growth at its namesake brand, 8% at Anthropologie and 44% at Free People. Direct-to-consumer comp net sales were 14% higher, while sales at the company's wholesale business jumped 16%. Shares -4.1% AH. Comment! [Consumer, Earnings, On the Move]
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20 May, 7:07 PM Loopholes allowed Apple (AAPL) to avoid $44B in U.S. taxes from 2009-2012, claims a Senate report released shortly after Apple's official statement. Though peers have also been accused of using offshore havens, the report argues Apple went further by creating a subsidiary (responsible for ~1/3 of profits from 2009-11) that used differences in U.S. and Irish law to have no residence whatsoever. Sen. Carl Levin calls this "the Holy Grail of tax avoidance." Also, while Apple claims $6B in FY12 federal tax payments, the report claims the real number is $2.4B if one backs out deferred payments on foreign cash (only paid if/when the cash is repatriated) 51 Comments [Tech]
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20 May, 6:55 PM Rockwood Holdings' (ROC) pigments businesses have attracted offers from buyout firms including Blackstone (BX) and Advent International, Reuters reports. ROC is packaging its Sachtleben titanium dioxide unit with its color additives units and is hoping to sell or spin off the businesses by the end of the year for as much as $2B. 1 Comment [Commodities, M&A]
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TOP ARTICLES5:01 AM ET TUESDAY MAY 21
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LATEST ARTICLES
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