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MARKET CURRENTS

  • 2:06 PM FOMC Economic Projections: 2013 GDP growth estimate is cut a hair to 2.3-2.6% from 2.3-2.8%, but is boosted in 2014 to 3-3.5% from 2.9-3.4%. The unemployment rate forecast for 2013 is trimmed to 7.2-7.3% from 7.3-7.5% and in 2014 to 6.5-6.8% from 6.7-7%. 14 out of 19 FOMC members see rate hikes beginning in 2015 (4 see hikes before then). Comment! [U.S. Economy, Breaking News, Top Stories]
  • 2:06 PM Lazard raises its FY14 EPS estimate for Chicago Bridge & Iron (CBI +0.7%) to $5.33 from $5. Analyst Will Gabrielski is now looking for the shares to hit $75, representing a near 23% upside from Tuesday's close. Comment!
  • 2:03 PM Analysts weren't surprised by the when-issued trading in Australia of the new companies emerging from the split of News Corp. (NWS, NWSA). In their debut in Sydney, 21st Century Fox (Fox movie, pay TV and free TV busines, Sky Deutschland, Sky Italia, part of BskyB ) rose over 5% while the new News Corp. (Wall Street Journal, The Sun, Barron's, Australian media assets) dropped 3%. Comment! [Consumer, On the Move]
  • 2:01 PM FOMC Announcement: No changes to the $85B per month in asset purchases and the committee stands ready to increase or decrease the level as necessary. Downside risks to the economy and the labor market have diminished since the fall. 1 Comment [Breaking News, Top Stories, U.S. Economy]
  • 2:01 PM Ahead of Micron's (MU +0.4%) afternoon FQ3 report, Charles Kau, the chairman of Micron's Inotera JV, predicts the current DRAM shortage will last through 2015, thanks to controlled expansion and surging mobile DRAM usage. Kau expects DRAM demand to outstrip supply by 3% in 2013, 5%, in 2014, and 7% in 2017. Those numbers back up recent comments from Credit Suisse, which declared the DRAM industry is seeing structural improvements following a wave of consolidation around Micron, Samsung (SSNLF.PK), and SK Hynix. Analyst commentary on Micron has been very positive going into earnings, but a lot of good news has been priced in. Comment! [Tech]
  • 1:59 PM Inergy (NRGY -37.5%) completes its distribution to unitholders of the ~56.4M common units it previously held in Inergy Midstream (NRGM -1.3%), marking the first step in Crestwood Midstream's (CMLP +1%) takeover of NRGY, which is expected to close by Q3. Raymond James calls the move a "structural cleanup" ahead of CMLP's takeover. Comment! [Energy, On the Move]
  • 1:53 PM Neurocrine Biosciences (NBIX +2.7%) moves up today after being initiated by Oppenheimer with an Outperform rating. The firm says that its sees blockbuster potential for elagolix, with Phase 3 endometriosis results expected in H114 and Phase 2 results in H214. A secondary asset, NBI-98854, a Vesicular Mono-Amine Transporter 2 compound for treating tardive dyskinesia, is risky, but only modest value is baked in. Comment! [Healthcare, On the Move]
  • 1:36 PM Though high-end Lumia models such as the 920, 925, and (expected) EOS get most of the ink, the low-end 520 could be the biggest seller in Nokia's (NOK -0.3%) Windows Phone lineup. Google Trends data points to surging interest in the 520, which features a 4" display, lacks 4G support, and is dirt cheap - Wal-Mart sells the 521, a variant working on T-Mobile's network, for an unsubsidized $130 .... if it's in stock. Also, the 520 is now #2 in GSM Arena's daily interest rankings, behind only the Galaxy S4; no other Nokia phone is in the top-10. 7 Comments [Tech]
  • 1:35 PM Nektar Therapeutics (NKTR +8.8%) rises after saying NKTR-181 (basically an opioid which doesn't act like an opioid in terms of euphoric effects) "rated similar to placebo in 'drug liking' and 'feeling high' scores" compared to oxycodone. The drug's slow rate of entry into the brain is intended to reduce the euphoria that is often cited as a contributor to opioid analgesic addiction. (PR) Comment! [Healthcare, On the Move]
  • 1:33 PM Procter & Gamble (PG +0.2%) announces a new licensing agreement with Alexander McQueen. Under the terms of the deal, P&G will be able to immediately market fragrances under the Alexander McQueen brand name. What to watch: During last week's presentation (slides) at the Deutsche Bank Global Consumer Conference, execs said the company will increase its focus on making "value and performance" claims on its large stable of brands. On that note, a fragrance fit for a future queen could be an upcoming tag line. Comment! [Consumer]
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TOP ARTICLES2:09 PM ET WEDNESDAY JUN 19
DIA -0.46%
SPY -0.49%
QQQ -0.46%
GLD -0.11%
ETF Movers
BUND PIMCO Germany Bond Index ETF 1.33%
CCX WisdomTree Commodity Currency ETF 1.22%

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