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MARKET CURRENTS

  • 8:38 AM Hyundai (HYMLF.PK) and Kia (KIMTF.PK) continue to lose market share in South Korea to foreign brands as sharply lower tariffs make exports cheaper for local buyers. Foreign automakers now account for 41% of the market, up from 28% just two years ago. The trend is most pronounced in the luxury market where BMW (BAMXY.PK), Audi (VLKAY.PK), and Mercedes-Benz (DDAIF.PK) are all picking up market share steadily. Comment! [Consumer, Global & FX]
  • 8:31 AM E-Commerce China Dangdang (DANG) is upgraded by Morgan Stanley to an Overweight rating and assigned a price target of $6.50. DANG +5.1% premarket to $6.00. Comment! [Global & FX, Consumer]
  • 8:30 AM Apr. Chicago Fed National Activity Index: -0.53 vs. -0.23 prior. Comment! [U.S. Economy]
  • 8:29 AM Sweetening the pot ahead of today's shareholder vote deciding the fate of Freeport McMoRan's (FCX) proposed takeover of Plains Exploration (PXP), PXP declares a special $3/share dividend and FCX announces a $1/share supplemental dividend to be paid upon closing the acquisition. With a close vote expected, the moves may well tip support in favor of the deal. PXP +6.2%, FCX +0.8% premarket. 1 Comment [Energy, On the Move]
  • 8:29 AM Pactera Technology (PACT) moves 29% higher premarket after receiving a proposal from a consortium of investors to take the company private for $7.50 per share, a 43% premium to Friday's close. (PR) Comment! [Tech]
  • 8:29 AM The flood of tourists into Hong Kong from Mainland China looks promising to global retailers setting up shop in the region, although the tilt towards more bargain shopping could be a trend to watch for high-end sellers. Outlet malls have seen the biggest gains in traffic and sales in Hong Kong which sets up nicely for retailers that planned a strategy which pivots on squeezing profits from the channel. Hong-Kong watching: Nike (NKE), Limited Brands (LTD), Gucci (GUCG.PK), Prada, Louis Vuitton (LVMUY.PK), Coach (COH), Ralph Lauren (RL), Michael Kors (KORS), Swatch (SWGAY.PK), Burberry (BURBY.PK), and Tiffany (TIF). Comment! [Consumer, Global & FX]
  • 8:28 AM Umpqua Holdings (UMPQ) declares $0.15/share quarterly dividend, 50% increase from prior dividend of $0.10. Forward yield 4.44%. For shareholders of record June 28. Payable July 15. Ex-div date June 26. The board approved special dividend of $0.05/share payable on June 14, to shareholders on record of May 31. (PR)
     
      Comment! [Dividends]
  • 8:27 AM Synovus Financial (SNV) slides 3.2% premarket after Goldman downgrades to Sell with $2.50 price target. The stock is pricing in M&A speculation, says analyst Ryan Nash, but standing alone, earnings don't justify such a level. Comment! [Financials, On the Move]
  • 8:22 AM Guggenheim announces the closing of its Chinese Yuan bond ETF (RMB), effective June 14 as the fund failed to generate significant investor interest since its 2011 launch. The fund’s May dividend distribution will be suspended which should maximize the amount shareholders will receive at liquidation on or about June 21st. Comment!
  • 8:13 AM More on Websense (WBSN)-Vista Equity Partners (previous): Websense shareholders will receive $24.75 in cash for each of their shares to mark a 29% premium over Friday's closing price. The company says it talked to several potential suitors before settling on the offer from the P-E firm. The transaction is slated to close during Q3 of 2013. (PR) Comment! [Tech, M&A]
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TOP ARTICLES8:38 AM ET MONDAY MAY 20
DIA 0.44%
SPY 0.93%
QQQ 0.96%
GLD -2.02%
ETF Movers
DFJ WisdomTree Japan SmallCap Dividend ETF 2.40%
FIVZ PIMCO 3-7 Year U.S. Treasury Index ETF 0.00%

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