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MARKET CURRENTS

9:07 AM Gene therapy company bluebird bio (BLUE) has raised $101M in its Nasdaq IPO by selling a greater-than-planned 5.9M shares at $17 each, above the expected range of $14-16. The price values the firm at $389M. What's unusual about the IPO is that bluebird has no significant, if any, clinical data behind it. (previous) Comment! [Healthcare]
9:06 AM Bank of America (BAC), JPMorgan (JPM), Citigroup (C), and Wells Fargo (WFC) have failed to comply with parts of the $25B national mortgage settlement, according to Joseph Smith, the independent monitor appointed to oversee the process. "We still have work to do on the loan modification process," he says. His findings jibe with anecdotal reports and comes as the NY AG has signalled his intention to sue the banks over violations. Comment! [Financials, Top Stories]
9:05 AM Premarket gainers: ADBE +7%. UNXL +7%. CYTK +7%. SRPT +7%.
Losers: OSH -46%. VNDA -16%. Comment! [On the Move]
9:00 AM On the hour: S&P +0.01%. 10-yr +0.12%. Euro +0.03% vs. dollar. Crude +0.02% to $98.69. Gold +0.34% to $1371.55. Comment!
8:59 AM A.H. Belo (AHC) says Robert Decherd will resign as its CEO to be replaced by James Moroney who is currently the publisher and CEO of The Dallas Morning News. Decherd will continue to serve on the board. Comment! [Consumer]
8:59 AM American Capital Agency (AGNC) declares $1.05/share quarterly dividend. Forward yield 16.57%. For shareholders of record June 28. Payable July 26. Ex-div date June 26. Shares +2.5% premarket. (PR) Comment! [Dividends, On the Move]
8:58 AM American Capital Mortgage Investment (MTGE) declares $0.80/share quarterly dividend, 11% decrease from prior dividend of $0.90. Forward yield 15.7%. For shareholders of record June 28. Payable July 26. Ex-div date June 26. (PR) Comment! [Dividends]
8:55 AM Linn Energy (LINE) and LinnCo (LNCO) are upgraded to Outperform at Howard Weil, which believes the Berry Petroleum (BRY) merger could be a great catalyst, providing improved organic targets and an oilier profile. While LINN's primary focus is closing the BRY deal, H2 could prove exciting with an improved organic growth program and the potential for additional large acquisitions. LINE +1.6% premarket. Comment! [Energy, Quick Ideas, On the Move]
8:55 AM Orchard Supply (OSH) tells investors rather bluntly that it expects equity holders will experience a "complete loss" of their investment as a result of the pending bankruptcy. Shares were bid up early this week on speculation that the sale of assets to Lowe's would leave some value in the company. OSH -51.5% premarket. Comment! [Consumer, On the Move]
8:50 AM More on Wal-Mart (WMT) vs. Amazon (previous): As Wal-Mart pushes harder to compete with Amazon online, a giant albatross hangs around its head with complicated extra layers of distribution adding to its costs. The retailer's online shipping costs come to around $5 to $7 per parcel compared to the $3 to $4 Amazon sees. 2 Comments [Consumer]