TOP NEWS
MARKET CURRENTS
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12:35 PM "The Fed just has to remain friendly and I think they will," says Lee Cooperman, following Jeff Gundlach on CNBC. Business development firm THL Credit (TCRD) gets a boost after Cooperman mentions it as a company providing both growth and yield. Linn Energy (LINE): "We think the assets are worth more than $40." Comment! [Quick Ideas]
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12:30 PM Three lunchtime reads:
1) Making the case for a rise in inflation
2) Bond investors head for the hills
3) On what really is different this time around Comment!
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12:26 PM MFRI (MFRI +12%) pops as the company announces $55M in new orders, including additions to two landmark projects in Saudi Arabia and piping to support the construction of flow lines in the Gulf of Mexico. The company noted however, that $25M of the orders were already reported in its Q1 backlog. Comment! [On the Move]
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12:26 PM Richard Zeits sees a potential double or triple for Penn Virginia (PVA +1.3%) in the next 2-3 years, citing the market's failure to fully appreciate PVA's transformational Eagle Ford acquisition. PVA is "akin to an LBO situation," Zeits writes: quality assets with significant potential upside, a focused business plan, and in-place financing where "disciplined and effective operational execution may lead to substantial rewards." Comment! [Energy, Quick Ideas]
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12:24 PM Google (GOOG +0.1%) steps up its challenge to Yelp (YELP +2.3%), by showing an interactive "carousel" of businesses when PC searches are made for local info. The update follows the launch of a carousel for tablet users in December, and the January addition of Zagat listings to the Google Places API. Meanwhile, CLSA has raised its PT for Google to $1,100, even though Q2 data from search marketing firm Performics has been mixed, with Y/Y spending growth falling to 4.5% from 12.4%, thanks partly to tough comps. Mobile now makes up 36% of Performics' tracked U.S. paid clicks, but only 13.5% of ad spend, due to lower prices. CLSA is confident Enhanced Campaigns will help narrow the gap. Comment! [Tech]
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12:22 PM State Street (STT -0.1%) shakes up its asset management unit - State Street Global Advisors - with global equities chief Alistair Lowe set to leave the company at year's end. SSgA will combine its cash and fixed-income lines under Steve Meier, the current CIO of cash who will become CIO of fixed-income, currency, and cash. (PR) Comment! [Financials]
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12:20 PM Realty Income (O) declares $0.1815417/share Monthly dividend, 0.17% increase from prior dividend of $0.1812292. Forward yield 4.87%. For shareholders of record July 1.Payable July 15.Ex-div date June 27.(PR) Comment! [Dividends]
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12:16 PM Actuant (ATU -0.2%) posts a lackluster performance today, as its FQ3 beat across the board but net profit swung into the red on a $150M write-down tied to its electrical segment. The company recently put the unit up for sale, reclassifying it as a discontinued operation as it looks to focus its growth efforts on the energy, infrastructure, farm productivity, and natural resources and sustainability areas. Sales edged up 0.3% to $344.2M, but gross margin fell to 39.8% from 40.4%. Comment! [Earnings]
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12:12 PM Noble Energy (NBL +1%) moves higher as a group of Israeli cabinet members, including the finance and energy ministers, approve the export of 40% of natural gas from the offshore Leviathan field; the decision needs full cabinet approval next week. The ministers estimate the exports will bring $60B to Israel’s economy in the next 20 years. The quota doesn’t apply to the neighboring Tamar field, also operated by NBL. Comment! [Energy]
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12:09 PM Calling long-dated U.S. Treasurys (TLT, TBT) the most hated asset class in the world (ed: They've been so for years), Jeff Gundlach - appearing on CNBC - calls them the one place where you can make money over the coming weeks. "There are no signs of inflation anywhere." 3 Comments [Quick Ideas]
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LATEST ARTICLES
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ALPHA-RICH IDEAS
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MACRO VIEW
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DIVIDENDS & INCOME
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ETFs & PORTFOLIO STRATEGY
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INVESTING IDEAS
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