TOP NEWS
MARKET CURRENTS
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3:39 PM Private-equity is taking profits, with this week's 7 offerings pushing the year's total to 86, more than double the amount this time last year, according to Dealogic. The dollar amount of $34B is a triple. In addition to Oaktree (OAK) and Apollo (APO) insiders cashing in some chips this month, Bain sold chunks of Bloomin Brands and Sensata (ST), Carlyle (CG) unloaded part of Wesco Aircraft, and teamed with Blackstone (BX) to sell $1.3B of Nielsen Holdings (NLSN). Comment! [Financials]
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3:28 PM Sibanye Gold (SBGL -5.6%) bucks weakness in South African gold miners Gold Fields (GFI -2.2%), AngloGold (AU -2.4%) and Harmony Gold (HMY -1.8%), as local money manager Allan Gray raises its stake in the miner to 10.1%. SBGL shares have slipped 51% YTD. 1 Comment [Commodities, On the Move]
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3:25 PM Las Vegas Sands (LVS -0.6%) replaces PricewaterhouseCoopers as its auditor with Deloitte Touche amid some legal and regulatory issues the company is currently dealing with. According to a previous SEC filing, the company didn't have any notable disputes with PwC. Comment! [Consumer]
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3:21 PM Covidien (COV +0.5%) says its board of directors has approved the spinoff of its pharmaceuticals business to Mallinckrodt, setting an exchange ratio of one Mallinckrodt share for every eight Covidien shares. The distribution will occur on June 28, and trading of Mallinckrodt shares will begin July 1 on the NYSE under the symbol "MNK." Comment! [Healthcare, Global & FX]
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3:16 PM There's no bounce today for Facebook (FB -3.5%) whose slide today takes the stock to a new YTD low. The only news of note is Google's (GOOG) rumored entry into the Waze bidding amid reports Waze isn't interested in Facebook's desire to have part of the team move to Silicon Valley. Adding Waze would make Google Maps an even more robust product while keeping Facebook off of its territory. 1 Comment [Tech, On the Move, M&A]
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3:14 PM Northrop Grumman (NOC +1%) expands its investment in Australia, saying it's awarded contracts to 3 new global supply chain partner companies who will provide products and services for a variety of missions and capabilities. The Australian companies forming part of its expanded global supply chain, are; Electro Optic Systems, CEA Technologies, and Insitec. Comment! [Global & FX]
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3:13 PM Oil stocks are particularly were well-positioned to take advantage of a stronger H2 economy, Edward Jones' Kate Warne tells CNBC, naming National Oilwell Varco (NOV) and Chevron (CVX) as her top energy picks. Natural gas and oil could see continued strong demand throughout 2013 and beyond, and NOV benefits either way, Warne says; she also likes CVX's "stability" in the oil sector. Comment! [Energy, Quick Ideas]
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3:12 PM Yahoo (YHOO +1.7%) throws its name into the Hulu hat to join a number of P-E firms as well as DirecTV and Time Warner Cable in the hunt. Owners Disney (DIS +0.1%), Comcast (CMCSA +0.2%), and News Corp (NWS, NWSA) will weigh the best offer, but will also want to position themselves on the content side to be protected. (Previous on Hulu-mania) Comment! [Tech, Consumer]
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3:00 PM After a 13% decline over the last two months and now trading about 5% below book value, Invesco Mortgage (IVR) gets its 2nd insider buy in a week, with CIO John Anzalone adding about 9% to his stake in the company with a 2,100 share purchase Wednesday at $19.61 each (previous: CEO's purchase). 1 Comment [Financials]
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3:00 PM On the hour: Dow 0%. 10-yr 0%. Euro 0.% vs. dollar. Crude -0.3% to $93.97. Gold -0.45% to $1385.55. Comment!
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TOP ARTICLES3:47 PM ET FRIDAY MAY 24
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LATEST ARTICLES
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