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MARKET CURRENTS

  • 5:39 PM Depomed (DEPO) says that the FDA's website shows that an Abbreviated New Drug Application for a generic version of Zipsor has been submitted. DEPO hasn't received a Paragraph IV certification with respect to the filing and doesn't know the identity of the party that filed. The company says Zipsor is protected by five patents, all of which are listed in the FDA’s Orange Book, and it intends to vigorously enforce its intellectual property rights relating to the drug. Comment! [Healthcare]
  • 5:39 PM Red Hat (RHT) guides on its FQ1 call for FQ2 EPS of $0.32-$0.33 and FY13 EPS of $1.31-$1.35, in-line with Street estimates of $0.33 and $1.34 and better than feared. Aided by strong demand from telco and cloud customers, FQ1 billings rose 14% Y/Y, a solid improvement from the 9% FQ4 growth that had disappointed some investors. Deferred revenue balance -3% Q/Q and +16% Y/Y to $1.06B, and $179M was spent on buybacks. Shares +3.9% AH, thanks in part to low expectations. (PR) (yesterday) Comment! [Tech, Earnings, On the Move]
  • 5:35 PM Notable earnings after Thursday’s close: ORCL, TIBX Comment! [Earnings]
  • 5:30 PM After-hours top gainers, as of 5:15 p.m.: FNSR +10%. GME +9%. HW +7%. EDAP +6%. NOK +5%.
    After-hours top losers: GASX -9%. ZIXI -7%. SCS -4%. QAI -2%. GLW -2%. Comment! [On the Move]
  • 5:30 PM Notable earnings before Thursday’s open: IHS, KR, PIR, RAD Comment! [Earnings]
  • 5:26 PM Wedbush likes Owens Corning (OC) despite "gyrations" tied to the "timing and pace of new residential construction." The logic behind analyst Al Kaschalk's initiation is a bit heavy, but in sum: The company's margins in the roofing segment are supported by reasonable pricing and "strong positioning", Composite margins are set to expand, and "cadence" regarding the Insulation segment (see Q1 earnings PR for more) is positive. OC initiated at Outperform with a $50 PT. Comment!
  • 5:24 PM TransCanada (TRP) announces the appointment of a new independent director, Mr. John Richels, effective immediately. Mr. Richels has been the president and CEO of Devon Energy (DVN) since 2010. Comment! [Global & FX, Commodities]
  • 5:20 PM In tandem with its FQ3 results, Jabil (JBL) is announcing a restructuring. The contract manufacturer plans to cut an undisclosed number of jobs, and record $180M in charges (cash charges will total $140M).  FQ4 guidance is for revenue of $4.55B-$4.65B and EPS of $0.50-$0.58, below a consensus of $4.59B and $0.60. Jabil sees its High Velocity manufacturing sales rising 15% Y/Y in FQ4, and its Diversified Manufacturing and Enterprise & Infrastructure sales holding steady. Shares -0.3% AH. (PR) Comment! [Tech, Earnings]
  • 5:15 PM Memorial Production Partners (MEMP) files for a public offering of ~12.4M common units, all of which will be offered by selling unitholders. MEMP will receive no proceeds from the offering. Comment! [Energy]
  • 5:12 PM As the result of Safeway's (SWY) sale of its Canadian operations to Empire/Sobeys for C$5.8B in cash, strong 2013 free cash flow and the 2013 Blackhawk IPO, it plans to repay or retire a total of $2.8B in debt compared to debt balances at the end of fiscal 2012. The $2.8B price tag include $2B to be paid down as soon as practicable after the transaction closes, and approximately $0.8B from 2013 free cash flow and 2013 Blackhawk IPO proceeds. Comment! [Consumer]
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TOP ARTICLES5:40 PM ET WEDNESDAY JUN 19
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SPY -1.27%
QQQ -1.09%
GLD -1.19%
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CCX WisdomTree Commodity Currency ETF 1.22%

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