TOP NEWS
MARKET CURRENTS
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1:28 PM Dovish Chicago Fed chief Charles Evans sounds constructive on the economy saying it's performing quite well and that Fed policy should hit "escape velocity" in 2014. Stocks give up their small gains, SPY now flat and the QQQs -0.4%, even with a 1.8% gain from Apple. Comment!
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1:25 PM The sell-side is dueling over Pandora (P +3.4%) ahead of Thursday's FQ1 report: Just one trading day after Maxim cut shares to Hold and MKM started coverage with a Sell, Barclays is upgrading the Web radio leader to Equalweight and raising its PT to $17 from $10. Shares now +81% YTD; 33.4% of the float was shorted as of April 30. (Piper) Comment! [Tech, On the Move]
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1:20 PM Cavium (CAVM -2.7%) slides thanks to a downgrade to Market Perform from JMP. The network processor vendor has been rallying since delivering a Q1 beat and better-than-feared Q2 guidance on April 30. Comment! [Tech, On the Move]
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1:12 PM Tableau (DATA +14%) and Marketo (MKTO +11.5%) are both adding very nicely to Friday's giant post-IPO pops (I, II). Tableau now +85% from its IPO price of $31, Marketo +98% from its IPO price of $13. Tableau is now trading at 25x 2012 sales, and Marketo at 15x 2012 sales. Comment! [Tech, On the Move]
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1:10 PM With borrowers racing to market before demand dries up or interest rates rise, corporate bond (LQD) sales this month are on pace for their busiest May ever, according to Bloomberg. The previous record of $162.6B was hit in 2008. Warnings from Buffett and Gross about the likelihood of higher rates are ignored as "investors have cash to spend yet fewer alternatives to buy," writes a Morgan Stanley team. Comment!
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1:07 PM Nomura downgrades SanDisk (SNDK -2.3%) to hold on valuation grounds, leading shares to take a breather following a 38% YTD gain. Though granting SanDisk is benefiting from "disciplined" NAND flash supply growth and improving product mix, Nomura still sees potential risks, such as capacity additions from rivals, high capex due to technology transitions, and the potential for Samsung (SSNLF.PK) to gain an edge down the line from its lead in developing 3D NAND chips. Comment! [Tech, On the Move]
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1:06 PM LMC Automotive thinks demand for automobiles in China will return to a double-digit pace next year and stay stable for the four to five years. It's a common enough forecast in the industry with IHS Automotive going so far as to say there is "no chance" for a negative growth environment in China due to the less than 7% of the population that owns a car. Rough forward-looking China capacity counts: General Motors (GM +1.4%) 5M vehicles a year; Hyundai and Kia (HYMLF.PK) combined 1.8M; Ford (F +0.4%) 1.2M by 2015; Volkswagen (VLKAY.PK) 4M by 2018. Comment! [Consumer]
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1:00 PM On the hour: Dow +0.08%. 10-yr +0.03%. Euro +0.32% vs. dollar. Crude +0.97% to $97.22. Gold +1.39% to $1383.65. Comment!
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1:00 PM Themis Trading's Joe Saluzzi says SEC rules designed to head off so-called "flash crashes" might have failed to arrest Anadarko's (APC +1.6%) plunge from over $90 per share to just a penny Friday afternoon because during the first phase of the rules' implementation, restrictions "don't apply after 3:30 p.m." Saluzzi also notes that the APC experience shows that "limit orders are mostly placed by short term, hyper speed 'liquidity providers' who quickly cancel at the [first] sign of trouble." Comment!
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12:57 PM As precious metals prices turn around, share prices of gold (GDX +4.7%) and silver miners (SIL +3.1%) surge: ABX +5.9%, GG +4.5%, KGC +6.4%, NEM +4.7%, SLW +4%. Even South African producers turn mixed, despite the call from the country's mine workers union for big pay increases: AU -0.8%, GFI +1.5%, HMY -0.5%. Comment! [Commodities, On the Move]
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TOP ARTICLES1:31 PM ET MONDAY MAY 20
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LATEST ARTICLES
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- Singapore Dollar Drops, Watch For The Rebound by Squeeky Wheel • Comment!
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ALPHA-RICH IDEAS
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MACRO VIEW
- Singapore Dollar Drops, Watch For The Rebound by Squeeky Wheel • Comment!
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- Interview With Michelle Girard: No Risk Of Recession, But Fed Purchases Do Nothing But Boost Stock Prices by Harlan Levy • Comment!
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DIVIDENDS & INCOME
- Utility Investors Should Focus On ROIC, Not Dividend Yield - Part II S&P Utility Index by Jon Parepoynt • Comment!
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ETFs & PORTFOLIO STRATEGY
- Aussie Rules: Forex And Fixed Income Positioning by Cerebro1 • Comment!
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INVESTING IDEAS
- Broadcom Can Maintain Its Leadership In The Set-Top Box Market by Trefis • Comment!
- Breaking Down The Alerian Index Round II: Enterprise Product Partners by Mike Maher • Comment!
- Vascepa Data Should Make Amarin Longs Worried by Quoth the Raven • 1 Comment
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