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MARKET CURRENTS

  • 12:55 PM Kellogg (K -0.9%) has seen its Special K brand be a star performer for the company for years as it continues to peck away more market share due to low-calorie products which have been decidedly on-trend. The next step from the brand is a wave of new products which will feature additional nutritional benefits on top of the low calorie counts. Kellogg has also developed a loyal following from its online weight management program which claims over 2M members. Comment! [Consumer]
  • 12:50 PM JP Morgan puts out a bullish note on M/I Homes (MHO -0.3%) today, initiating the shares with an Overweight and a $34 price target. The firm says the stock has had an impressive performance in 2012, up 176% versus the universe average of 94%, but has lagged its peers YTD, up only 2% the universe average of 24%. JP thinks that near industry leading order growth of 41% and 33% in 2013 and 2014, respectively, combined with strong operating margin expansion, should give the shares some upside over the near term. Comment! [Quick Ideas]
  • 12:49 PM Baird's Jayson Noland downgrades NetApp (NTAP -1.8%) to Underperform ahead of tomorrow's FQ4 report, citing share losses to EMC and others. Noland: "We are not advocating a short position ... due to the possibility of a positive investor reaction to opex rationalization or shareholder friendly use of cash ... We do recommend investors take profits." EMC has "outperformed NetApp" in Baird's reseller checks since Q3 '11, something Nolan attributes to the launch of EMC's VNX mid-range systems, more innovative products, and "increased channel friendliness." He also notes NetApp has been slow to roll out all-flash storage systems. Comment! [Tech, On the Move, Quick Ideas]
  • 12:45 PM Midday top 10 gainers: AQ +115%. MEAD +104%. RSOL +50%. JASO +46%. CAMT +44%. PACT +32%. HSOL +31%. WBSN +28%. CSUN +27%. PPHM +20%.
    Midday top 10 losers: NBG -28%. TISI -17%. IEC -14%. XNPT -12%. VBFC -11%. CHCI -9%. RAVN -9%. SBSA -9%. OSIS -9%. INSY -9%. Comment! [On the Move]
  • 12:40 PM Wall Street cheers Chesapeake's (CHK +4%) appointment of Doug Lawler as CEO as a vote of confidence in CHK after building a strong reputation at Anadarko (APC). While hopeful the move will improve capital discipline and allocation decisions, Tudor Pickering cautions it will be a steep wall to climb "given the balance sheet leverage and need to materially sell assets into a weak [acquisitions] market." 1 Comment [Energy, On the Move]
  • 12:40 PM This just in. Precious metals (GLD +2.2%), (SLV +2.6%) are sharply higher on the session after a panicky Sunday evening plunge brought both to multi-year lows. Other than dollar weakness (UUP -0.5%) across the board, there's no news in particular - perhaps some satiated bears decided to cover and a trend took hold. 4 Comments [Commodities, On the Move]
  • 12:39 PM Where's the love for Wal-Mart (WMT -0.3%)? Despite projections the retail giant will grow earnings at a double-digit rate, the stock trades with a lower multiple than defensive-oriented peers such as Hershey, Kellogg, and Procter & Gamble, observes Stephen Leeb. The company is also gobbling up market share in the grocery category and its  e-commerce sales growth beat Amazon's (30% vs. 22%) during the last quarter. 1 Comment [Consumer]
  • 12:38 PM Jefferies raises its price target on Zumiez (ZUMZ +1.8%) to $28 from $22 saying the specialty retail group has likely moved past "the noise in Q1" and faces easier compares going forward. Comment! [Consumer, On the Move]
  • 12:34 PM AbbVie (ABBV -1%) says it's initiated a Phase 3 clinical study of diabetic nephropathy with Atrasentan, which is designed to assess the effects of the investigational compound on progression of kidney disease as part of standard of care for patients with stage 2 to 4 chronic kidney disease and type 2 diabetes. The study will evaluate the drug's impact on renal outcomes, such as the onset of end-stage renal disease, as defined by need for chronic dialysis, transplant or death due to renal failure progression. Comment! [Healthcare]
  • 12:31 PM Acorda Therapeutics (ACOR -1%) is issued a patent for Amprya entitled "Methods of Using Sustained Release Aminopyridine Compositions." This patent covers a range of dosage strengths, and is separate from 2 method of use patents issued in 2011 and 2013 that are set to expire in 2027 and 2026, respectively. The drug is approved in the United States as a treatment to improve walking in patients with multiple sclerosis. Comment! [Healthcare, On the Move]
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TOP ARTICLES12:56 PM ET MONDAY MAY 20
DIA 0.14%
SPY 0.20%
QQQ -0.15%
GLD 2.16%
ETF Movers
AUSE WisdomTree Australia Dividend ETF 1.16%
AUD PIMCO Australia Bond Index ETF 0.51%

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