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MARKET CURRENTS

  • 3:54 AM BOJ Governor Haruhiko Kuroda continues his campaign to calm the markets after last week's volatility, saying that Japan's banks are strong enough to withstand external shocks such as rising interest rates and a deteriorating economy. And should the economy recover, increasing rates wouldn't even have much of an impact on the soundness of banks. Comment! [Global & FX, Top Stories]
  • 3:41 AM The Department of Justice has filed a request asking the U.S. Bankruptcy Court in Manhattan to block the outline of AMR's (AAMRQ.PK) merger with US Airways (LCC), partly due to the $19.9M severance package that would be paid to outgoing AMR CEO Tom Horton. The DOJ's move follows the rejection of the package by Judge Sean Lane in March even though he approved the merger. 1 Comment [Consumer, M&A]
  • 3:28 AM BP (BP), Shell (RDS.A), Statoil (STO) and others have been sued for allegedly conspiring to fix the price of Brent Crude oil and futures contracts. The lawsuit, which was filed by Chicago-based commodity trading house Prime International, is the first such action following news of a European investigation into possible oil-price manipulation. 1 Comment [Energy]
  • 3:16 AM Visa (V) and MasterCard (MA) have sued trade groups and retailers that have rejected a $7.25B agreement over credit-card swipe charges, with the firms looking to prevent the defendants from seeking antitrust damages for the fees. The lawsuit on Friday came a day after 17 retailers, including Target (TGT) and Macy's (M), sued Visa and Mastercard over the charges. Comment! [Consumer, Financials]
  • 2:59 AM Fiat CEO (FIATY.PK) Sergio Marchionne has reportedly approached Goldman Sachs, BofA, Deutsche Bank and other banks about financing the Italian car maker's attempt to buy the 41.5% of Chrysler held by a union-run trust. The acquisition of the stake, which is worth $1.75-4.27B depending on whom you ask, would give Fiat access to Chrysler's $11.9B in cash and allow the combined company to carry out an IPO in New York. Comment! [Consumer, M&A]
  • 2:45 AM Two freight trains, one run by Union Pacific (UNP) and the other by BNSF Railway (BRK.A), collided at an intersection in Missouri yesterday, causing several cars to derail and injuring seven people. The derailment was the second this year involving a Union Pacific train on the stretch of track where yesterday's incident took place. Comment! [Consumer]
  • 2:36 AM Although he's just been reappointed as CEO of P&G (PG), one of A.G. Lafley's top priorities will reportedly be to find his successor. The problem Lafley faces is that several senior executives left during the tenure of Bob McDonald, including promising leaders such as Charles Bergh, now CEO of Levi Strauss, and new Baccarat boss Daniela Riccardi. Comment! [Consumer]
  • 25 May, 10:55 PM Marchers in more than 400 cities across 52 countries took part in protests against Monsanto (MON) today, calling attention to what they say are dangers posed by genetically modified foods. Monsanto is "poisoning our children, poisoning our planet," claims one of the organizers. The company says its seeds help farmers produce more from their land while conserving resources such as water and energy. 21 Comments [Commodities, Consumer]
  • 25 May, 6:30 PM To what extent should boards take direction from shareholders? Not much, in the eyes of CommonWealth REIT (CWH) and Urban Outfitters (URBN). Each has done a noble job of thumbing its nose at investors; the former by reinstating a director kicked out in a proxy vote, and the latter by finally giving into shareholders' wishes to elect a female director - by nominating the CEO's wife. (NYT, Gretchen Morgenson) 1 Comment
  • 25 May, 6:00 PM Where's a GARP investor to look given a relative shortage of cheap growers? Barron's Jack Hough likes stocks "experiencing midlife growth spurts," particularly: Conn's (CONN), BioScrip (BIOS), JDS Uniphase (JDSU), and AFC Enterprises (AFCE). Comment! [Quick Ideas]
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TOP ARTICLES4:28 AM ET SUNDAY MAY 26
DIA -0.05%
SPY -0.16%
QQQ -0.14%
GLD -0.57%
ETF Movers
GULF WisdomTree Middle East Dividend ETF 0.67%
ZROZ PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF 0.57%

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