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MARKET CURRENTS

  • 7:52 AM Argus upgrades Dunkin' Brands (DNKN) to Buy from Hold as it hones in on the company's prospects to see strong domestic and international growth. Analysts also forecast that DNKN will reap benefits from its franchise model. Shares +1.4% premarket. Comment! [Consumer, On the Move]
  • 7:48 AM WTI crude continues to tumble, -1.4% to $92.69 - the lowest level since early November, and off 12.5% just this month. While tiny Greece continues to dominate the headlines, China being in something greater than a soft landing may be of more import. Comment! [Commodities]
  • 7:47 AM Northrop Grumman (NOC) will increase its quarterly dividend to $0.55 from $0.50, payable on June 13 to shareholders of record on May 28. It's the ninth consecutive annual increase in Northrop's quarterly dividend. (PR) Comment!
  • 7:43 AM More on Target's (TGT) Q1: Comparable-store sales +5.3% Y/Y. Credit card receivable decreased 6% to $6.1B. Both EBITDA and EBIT margin rates higher. SG&A expense rate falls to 19.9% from 20.4% last year. Sees Q2 EPS of $1.04-$1.14. Raises FY12 EPS guidance to $4.10-$4.30, from $4.05-$4.25. Shares +3.3% premarket. (PR) Comment! [Consumer, On the Move]
  • 7:41 AM As rumored last night, Facebook (FB) increases the size of its IPO to 421.2M shares from 337.4M. (S-1) Comment! [Tech, Breaking News]
  • 7:37 AM A chart of Greek private sector bank deposits provides a clear image of a depression. Not to make light of the €700M withdrawn since the election, but reductions of that amount have been par for the course each week for several years, and likely reflect economic contraction as much as a bank run. There remains €165B in deposits in the system. 2 Comments [Global & FX]
  • 7:32 AM Target (TGT): Q1 EPS of $1.04 beats by $0.03. Revenue of $16.8B (+6% Y/Y) in-line. Shares +3% premarket. (PR) Comment! [Earnings, On the Move]
  • 7:30 AM GE Capital will pay to parent GE a $475M dividend in Q2, and a $4.5B special dividend in 2012 - the first such payments since they were suspended in 2009. Shares +2.7% premarket. (PR) 1 Comment [Breaking News, Financials]
  • 7:25 AM More on Abercrombie & Fitch's (ANF) Q1: Comparable store sales -5% Y/Y, led lower by Europe. Expects same-store sales to fall at a mid-single digits rate. Sees full year EPS of $3.50-$3.75, with lower sales offset by higher gross margin. Shares -0.9% premarket. (PR) Comment! [Earnings, On the Move]
  • 7:24 AM Chico's FAS (CHS): Q1 EPS of $0.32 beats by $0.02. Revenue of $651M (+21% Y/Y) beats by $21M. (PR) Comment! [Earnings]
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ANALYSIS FOR WEDNESDAY, MAY 16, 7:50AM ET

DIA -0.45%
SPY -0.52%
QQQ -0.30%
GLD -1.07%

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