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MARKET CURRENTS

  • 9:31 AM Pandora (P +1.85%) announces a new Facebook (FB) Timeline app which lets users publish music activity automatically to their FB Timeline. P says listeners will have complete control over what they share with their friends and notes that the new offering "builds upon existing Pandora-based social features available on both mobile and the web." (PR) Comment! [Tech, On the Move]
  • 9:28 AM Clearwire (CLWR) says it board of directors recommends shareholders approve the Sprint (S) offer to buy the company for $3.40 per share. A voting date is set for May 31. Comment! [Tech, M&A]
  • 9:22 AM Allstate (ALL) makes some balance sheet moves, announcing a plan to retire $3B of outstanding senior and subordinated debt with a combination of preferred stock, subordinated "hybrid" debt, and cash. The repurchase of outstanding debt will be done at a premium, forcing a charge to earnings in Q2. (PR) Comment! [Financials]
  • 9:22 AM Amazon (AMZN) introduces a new publishing platform that will let writers use characters from existing works of licensed fiction to publish new stories and make them available for purchase in the Kindle store. The author-AMZN split will be 35%-65% for works of 10K words or more. Comment! [Consumer]
  • 9:18 AM All bets may not be off regarding iGate (IGTE) after the company dismissed CEO Phaneesh Murthy this week, but Oppenheimer's are, at least in terms of predicting a price. Analyst Glenn Greene removes his $22 target and downgrades the shares to Perform from Outperform, saying "Mr. Murthy was instrumental in IGTE's growth strategy and we suspect key customer relationships. He will not easily be replaced." Comment! [Tech]
  • 9:17 AM Apache Corporation (APA) declares $0.20/share quarterly dividend, in line with previous. Forward yield 0.95%. For shareholders of record July 22. Payable August 22. Ex-div date July 18. (PR) Comment! [Dividends]
  • 9:17 AM Premarket gainers: ZLC +30%. MBND +24%. CLNT +23%. SKS +18%. ONCY +10%. BIOF +9%. TOL +6%. NTAP +6%. YGE +5%. GALE +5%.
    Losers: STP -9%. NBG -7%. BALT -9%. UAN -6%. Comment! [On the Move]
  • 9:16 AM Kohl's (KSS) names Michelle Gass to the newly created position of chief customer officer to oversee areas including e-commerce and marketing. The exec comes from Starbucks where she was president of Starbucks Europe, Middle East and Africa. Comment! [Consumer]
  • 9:16 AM Outflows from gold ETPs of 10.27 metric tons YTD have surpassed the combined inflows of the previous 2 years, according to Bloomberg. One portfolio manager notes the outflows about equal the amount mined, meaning new supply has doubled this year. "The market has a lot of metal to absorb." GLD +1.3% premarket. 2 Comments [Commodities]
  • 9:15 AM Market preview: Stock futures point to gains at the open, with equities poised for a 19th advance in the past 24 sessions. S&P +0.3%. Attention will be focused on Bernanke’s congressional testimony and Fed meeting minutes; investors will be looking for the sweet spot of continuing but slow economic progress that ensures no quick QE letup. Still ahead: existing home sales, EIA petroleum inventories. 1 Comment
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TOP ARTICLES9:32 AM ET WEDNESDAY MAY 22
DIA 0.13%
SPY 0.10%
QQQ -0.04%
GLD 1.10%
ETF Movers
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF 1.22%
DXJ WisdomTree Japan Hedged Equity ETF 1.08%

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