TOP NEWS
MARKET CURRENTS
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2:52 AM The SEC plans to alter the somewhat cozy relationship it has with Wall Street and force companies to admit wrongdoing in some settlements or face the risk of going to court instead. That's not to say that the agency will abandon the "no admit, no deny" approach, new Chairwoman Mary Jo White said yesterday, but it does mark her first big policy change. It comes after the likes of Judge Jed Rakoff rejected the SEC's $285M deal with Citigroup because of the "no admit, no deny" clause in the deal. Comment! [U.S. Economy, Financials]
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1:55 AM Facebook (FB) CEO Mark Zuckerberg has discussed potential partnerships with Samsung (SSNLF.PK) President Shin Jong Kyun as the U.S. company looks to boost advertising sales on mobile devices. The firms already seem to have a decent relationship, with Samsung being among the first device makers to feature Facebook's Home software on its handsets. Meanwhile, Facebook intends to invest more in Korea and serve as a platform for startups. 1 Comment [Tech, Consumer]
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1:44 AM Boeing's (BA) 787 has suffered another hiccup after an apparent problem with an oil filter in one of the plane's engines forced a United Airlines (UAL) Dreamliner flying to Tokyo from Denver to make an unscheduled landing in Seattle. There was no indication that the problem was related to the 787's revamped battery, but it is the latest of several glitches to plague the jet since commercial flights resumed recently. Comment!
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1:35 AM The weak yen helped Japanese exports grow at the fastest rate since 2010 in May, with sales abroad jumping 10.1% on year vs +3.8% in April and consensus of +6.5%. However, volume dropped 4.8%, hurt by the economic situation in China and the EU. Imports climbed 10% vs +9.5% a month earlier and forecasts of +10.8%. Japan generated a trade deficit for the 11th consecutive month as the figure widened 13% on month to ¥993.9B ($10.4B). (PR) Comment! [Global & FX, Top Stories]
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12:10 AM Notable earnings after Wednesday’s close: FNSR, JBL, MU, RHT Comment! [Earnings]
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12:05 AM Notable earnings before Wednesday’s open: FDX Comment! [Earnings]
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12:00 AM Wednesday's economic calendar:
7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:00 PM FOMC Forecast
2:30 PM Bernanke Press Conference Comment!
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18 Jun, 7:36 PM Pool Corp. (POOL) lowers its FY13 earnings guidance as the wholesale distributor said cooler and unusually wet weather in its seasonal markets in North America and Europe led to later-than-usual pool openings and lower-than- expected sales. The company cut its 2013 per-share earnings view by a dime, now expecting to earn between $2.03 to $2.13. Shares -6.3% AH. 1 Comment [Earnings, On the Move]
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18 Jun, 7:31 PM Dish (DISH) is all but officially abandoning its bid for Sprint (S). In a fresh update, the satellite TV provider says the revised SoftBank (SFTBF.PK) deal makes it "impracticable" for it to submit a new offer by Sprint's June 18 deadline, and that it will now focus its "efforts and resources" on the Clearwire (CLWR) tender offer. It increasingly looks as if SoftBank will end up with Sprint (vote on June 25), and Dish with a big minority stake in Clearwire that it could use to obtain a 4G network/spectrum deal with the 3 other parties in this saga. S -1.8% AH. CLWR +1.8%. (previous) 7 Comments [Tech, M&A]
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18 Jun, 7:12 PM Amgen (AMGN) ups its stake in Cytokinetics (CYTK) to 11,909,406 shares from 3,484,806 shares reported on March 21. The increase now puts AMGN's holding at 7.58% of CYTK's outstanding float. CYTK +7.4% AH. Comment! [Healthcare, On the Move]
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LATEST ARTICLES
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