MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 23
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7:14 PM Tempur-Pedic International (TPX) says shareholders have approved the company's name change to Tempur Sealy International, at the company's annual meetingheld yesterday. The new name recognizes the combination of Tempur-Pedic and Sealy. The shares will continue to trade on the NYSE under the symbol "TPX." [Consumer, M&A] Comment!
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7:05 PM WhiteWave (WWAV) announces the completion of its spinoff from Dean Foods (DF). In addition, its board has authorized a $150M share repurchase program. The primary purpose of the program will be to offset dilution from WhiteWave’s equity compensation plans, but the company reserves the option to make discretionary, opportunistic purchases as well. WWAV +0.7%, DF +0.3% AH. [M&A] Comment!
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6:41 PM Procter & Gamble (PG) says it is bringing A.G. Lafley out of retirement to become Chairman and CEO effective immediately, succeeding Bob McDonald, who is retiring at the end of June after 33 years with the company. Shares +0.5% AH. [Consumer, Breaking News] Comment!
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6:26 PM New Chesapeake Energy (CHK) CEO Doug Lawler will make more than $22M in 2013 - a cash salary of $1.25M plus a signing bonus, stock awards and other perks - according to an SEC filing. Predecessor Aubrey McClendon's 2012 compensation package totaled $16.9M, with a $975K cash salary. [Energy] 6 Comments
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6:21 PM AVEO Pharmaceuticals (AVEO) has been informed by its partner, Astellas Pharma (ALPMY.PK), that it no longer intends to submit a Marketing Authorization Application to the European Medicines Agency for tivozanib, its treatment for advanced renal cell carcinoma, nor does not intend to fund any future trials under its strategic collaboration agreement. AVEO says it's evaluating the impact of the news and its options for the drug going forward. AVEO -14.7% AH. [Healthcare, Global & FX, On the Move] Comment!
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6:15 PM Titan Machinery (TITN) -12.4% AH after warning of a loss in the April quarter, hurt by lower sales in its agriculture and construction business. Sees FQ1 EPS loss of $0.01-$0.03 vs. $0.18 consensus estimate, and revenues of ~$440M vs. $480M consensus. See FY 2014 EPS of $1.70-$2.00 vs. prior $2.00-$2.30 and $2.15 consensus. [On the Move] Comment!
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6:00 PM On the hour: S&P +0.05%. 10-yr flat%. Euro -0.01% vs. dollar. Crude +0.08% to $94.43. Gold -0.01% to $1389.85. Comment!
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5:55 PM Serious overcapacity in China's steel industry is unlikely to ease in 2013, which could continue to hamper steel prices (SLX), analysts say at Platts Steel Market Europe conference. China is set to produce ~750M metric tons of crude steel in 2013 while capacity will rise to 950M, putting heavy pressure on steel prices in Europe and in the world steel industry as a whole. [Commodities, Global & FX] 2 Comments
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5:40 PM Kinder Morgan says it could eventually simplify its complex gaggle of companies, even though "we like having the two MLPs out there to accelerate dropdowns," CFO Kimberly Dang says. The dropdowns will wrap up next year, and a combination would have to "make economic sense. If the economics don’t work... we have no issue running two MLPs. [It] is not a huge administrative burden.” [Energy] 3 Comments
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5:29 PM TransAtlantic Petroleum (TAT): Q1 EPS of $0.01 in-line. Revenue of $35.5M beats by $0.8M. (PR) [Earnings, Breaking News] Comment!
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5:26 PM Merck (MRK) provides an update on its clinical trials for preladenant, an investigational compound for the treatment of Parkinson's disease. An initial review of data from three separate Phase III trials showed no evidence of efficacy when compared with placebo, therefore MRK says it will discontinue the program and no longer plans to pursue any regulatory filings. Shares -0.4% AH. [Healthcare] Comment!
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5:12 PM Carl Icahn and Southeastern Asset Management have initiated talks with banks and asset managers to line up commitments for as much as $7B in bridge loans to back their leveraged recapitalization proposal for Dell (DELL), Reuters reports. Icahn and Southeastern are looking to lock in the financing before Dell shareholders meet in July to vote on a rival offer from CEO Michael Dell and Silver Lake Partners. [Tech] Comment!
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5:04 PM Google (GOOG) reportedly is the subject of a new antitrust probe by the FTC related to the way it uses its dominant position in online display-advertising to beat down competition. At issue is whether Google is illegally pushing companies taking out display ads to use more of its other services. The FTC wrapped a long investigation of Google's search business in January without taking any action. This new probe is in the early stages, say sources, and may not expand beyond that. [Tech] 1 Comment
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5:00 PM On the hour: S&P +0.06%. 10-yr 0%. Euro +0.58% vs. dollar. Crude -0.01% to $94.34. Gold -0.03% to $1389.65. Comment!
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4:55 PM Occidental Petroleum (OXY) may consider selling its overseas assets or splitting into three separate companies to fund a stock buyback and improve its share price, CEO Steve Chazen reportedly told UBS analysts this week. "Chazen's commentary clearly implied that any restructuring strategy would likely focus on larger-scale restructurings with potential to 'move the needle' in terms of valuation," UBS writes. [Energy] Comment!
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4:48 PM More on Marvell (MRVL) 2014 FQ1 earnings: FQ2 revenue guidance of $770M-$810M, non-GAAP gross margin of 51.5%-53.5%, non-GAAP operating expenses of $305M-$325M, non-GAAP EPS of $0.17-$0.21. Consensus revenue is $763M, EPS is $0.18. Company puts earnings beat on better than normal seasonal demand and share gains in storage and networking end markets. "We expect growth to be driven by increased traction in areas such as mobile handsets, tablets, connectivity, and SSDs." CC at 4:45 ET. Shares +7.2% AH. (PR) [Tech, Earnings, On the Move] Comment!
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4:47 PM More on Nordson (NDSN): FQ2 comes in short of the mark despite a 21% rise in total sales. Organic sales volume grew in all three operating units and every region, with strong margin performance in every segment; Adhesive Dispensing Systems +1%, Advanced Technology Systems +14%, Industrial Coating Systems +13%. Backlog totalled approximately $200M, +3% Y/Y. Looking forward the company sees Q3 EPS of $1.00 - 1.09, below the consensus of $1.15, on revenue of $404M - $419M, also below the consensus call for sales of $429.9M. Shares -3.6% AH. [Earnings, On the Move] Comment!
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4:39 PM More on Sears Holdings' (SHLD) Q1 results: Domestic comparable store sales fell 3.6%, comprised of decreases of 4.6% at Kmart and 2.4% at Sears U.S., blamed on weather related declines in lawn and garden; excluding that category, comp store sales would have gained 0.3%. Online business rose 20% Y/Y. Says it may put its service agreement business up for sale to raise cash. Shares -13% AH. [Consumer, Earnings, On the Move] 6 Comments
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4:38 PM More on Pandora (P) 2014 FQ1 earnings: FQ2 revenue guidance of $155M-$160M, EPS of a loss of $0.02 to profit of $0.01 vs. consensus of $149.7M and $0.01 profit. FY14 revenue guidance of $615M-$635M, EPS of a loss of $0.02 to profit of $0.08 vs. consensus of $616.7M and $0.01 profit. FQ1 non-GAAP mobile revenue of $86.7M up 101% Y/Y vs. mobile listener growth of just 47% (improved monetization). Total listen hours of 4.18B up 35%. Share of total U.S. radio listening is 7.33%, up from 5.86% a year ago. CC at 5 ET. Shares +8.5% AH. (PR) [Earnings, Tech, On the Move] 1 Comment
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4:33 PM Nordson (NDSN): FQ2 EPS of $0.84. Revenue of $382.1M (+21% Y/Y) misses by $0.46M. (PR) [Earnings, Breaking News] Comment!
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4:27 PM More on Salesforce.com (CRM) 2014 FQ1 earnings: FQ2 revenue guidance of $931M-$936M and EPS of $0.11-$0.12 vs. consensus of $935M and $0.12. Deferred revenue balance of $1.73B up 30% Y/Y. Unbilled deferred revenue balance - business contracted but not yet billed - of $3.6B up 33% Y/Y. CC at 5 ET. Shares -5.9% AH. (PR) [Earnings, Tech, On the Move] 2 Comments
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4:21 PM UQM Technologies (UQM): FQ4 EPS of -$0.06 misses by $0.03. Revenue of $1.7M misses by $0.22M. (PR) [Earnings, Breaking News] Comment!
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4:19 PM Cavco Industries (CVCO): FQ4 EPS of $0.20 misses by $0.01. Revenue of $108.8M. (PR) [Earnings, Breaking News] Comment!
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4:16 PM Sears Holding (SHLD): Q1 EPS of -$1.29 misses by $0.69. Revenue of $8.5B beats by $0.34B. Shares -7.1% AH. (PR) [Earnings, Breaking News, On the Move] Comment!
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4:15 PM Market recap: Buy-the-dip remains the overriding psychology of this momentum market, as stocks mostly overcame a morning swoon fed by fears the Fed would take away the punchbowl, plus the Nikkei's 7.3% plunge and weak manufacturing data from China. Once positive economic news came in (I, II) and the Fed's Williams and Bullard offered dovish remarks, investors decided to buy instead of run for cover. The dollar dropped as the yen soared, while gold jumped 1.8%. [Top Stories] 2 Comments
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4:13 PM Pandora Media (P): Q1 EPS of -$0.10 in-line. Revenue of $125.5M beats by $1.67M. Shares +9.3% AH. (PR) [Earnings, Breaking News, Tech, On the Move] Comment!
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4:12 PM Shoe Carnival (SCVL): Q1 EPS of $0.47 beats by $0.07. Revenue of $232.3M (+4.3% Y/Y) beats by $3.13M. (PR) [Earnings, Breaking News] Comment!
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4:11 PM New York & Co (NWY): Q1 EPS of $0.03. Revenue of $227.5M beats by $10.6M. (PR) [Earnings, Breaking News] Comment!
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4:10 PM More on Gap's (GPS) Q1: The company reports comparable store sales gained 2% during the quarter with Gap, Old Navy, and Banana Republic all making a solid contribution but nothing remarkable. Operating margin expanded 290 bps to 14.2%. Store count: Athleta +5 to 40; +2 China stores to 49; Gap North America -7 to 983, Total stores +21 to 3,428. The retailer reaffirms its full year EPS guidance of $2.52-$2.60 vs. $2.72 consensus. GPS -1.0% AH. (PR) [Consumer, Earnings] Comment!
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4:09 PM Infoblox (BLOX): FQ3 EPS of $0.11 beats by $0.05. Revenue of $58M (+34% Y/Y) beats by $1.94M. Shares +8.1% AH. (PR) [Earnings, Breaking News, On the Move] Comment!
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4:08 PM Williams-Sonoma (WSM): Q1 EPS of $0.41 beats by $0.05. Revenue of $888M (+8.6% Y/Y) beats by $19.89M. (PR) [Earnings, Breaking News] Comment!
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4:07 PM Marvell (MRVL): Q1 EPS of $0.19 beats by $0.05. Revenue of $734M beats by $12.45M. Shares +6.9% AH. (PR) [Earnings, Breaking News, Tech, On the Move] Comment!
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4:06 PM Salesforce.com (CRM): Q1 EPS of $0.10 in-line. Revenue of $893M (+28% Y/Y) beats by $5.92M. Shares -4.2% AH. (PR) [Earnings, Breaking News, Tech, On the Move] 3 Comments
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4:05 PM Ross Stores (ROST): Q1 EPS of $1.07 in-line. Revenue of $2.54B (+8% Y/Y) beats by $0.02B. (PR) [Earnings, Breaking News] Comment!
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4:04 PM Zumiez (ZUMZ): Q1 EPS of $0.08. Revenue of $148.5M (+14.3% Y/Y) beats by $1.24M. (PR) [Earnings, Breaking News] Comment!
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4:02 PM Aeropostale (ARO): Q1 EPS of -$0.16 beats by $0.01. Revenue of $452.3M (-9% Y/Y) beats by $8.04M. (PR) [Earnings, Breaking News] Comment!
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4:01 PM Gap (GPS): Q1 EPS of $0.71 beats by $0.05. Revenue of $3.73B (+7% Y/Y) beats by $0.05B. (PR) [Earnings, Breaking News] Comment!
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4:00 PM At the close: Dow -0.07% to 15297. S&P -0.27% to 1651. Nasdaq -0.13% to 3459.
Treasurys: 30-year +0.27%. 10-yr +0.09%. 5-yr +0.02%.
Commodities: Crude +0.14% to $94.41. Gold +1.72% to $1390.95.
Currencies: Euro +0.63% vs. dollar. Yen -1.3%. Pound -0.42%. Comment! -
4:00 PM Inspire MD (NSPR -14%) gets smacked down today, flying in the face of largely posititve results from six-month trials of its MGuard Embolic Protection Stent that showed a lower mortality rate. The MGuard EPS uses a micro-net mesh sleeve to prevent unstable arterial plaque and clots that cause heart attack blockage from breaking off and exacerbating damage. [Healthcare, On the Move] Comment!
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3:56 PM Devon Energy (DVN -1.4%) is downgraded to Neutral from Overweight at J.P. Morgan. Although DVN's decision on its midstream MLP is expected by the end of Q2 and other potential strategic changes by year-end, the firm is skeptical that any changes would be enough to cause mid- to long-term stock outperformance. [Energy, Quick Ideas] Comment!
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3:49 PM Getting an go-ahead from the CA Public Utilities Commission, Sprint (S) and SoftBank (SFTBF.PK) announce they've received all necessary state regulatory approvals for their transaction (Softbank's purchase of a majority stake in Sprint). Next up is the FCC and a government panel which reviews foreign investments. DISH has yet to win these state approvals, maybe giving an edge to SoftBank which can promise a speedier and more certain closing. [M&A] 1 Comment
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3:46 PM Echo Therapeutics (ECTE +12.8%) move up on the Street's upbeat take on its Symphony CGM System, a needle-free continuous glucose monitoring system which the company unveiled and demonstrated in a webcast yesterday. CEO Patrick T. Mooney, M.D., commented that Symphony can effectively "improve glucose monitoring in hospitals and help alleviate the burden on both patients and caregivers," Patrick T. Mooney, M.D., chairman and CEO said in a statement released today. [Healthcare, On the Move] Comment!
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3:44 PM Magellan Midstream Partners (MMP -0.7%) may build a pipeline extension connecting its network to its terminals in central Arkansas, where the imminent shutdown of Enterprise Partners' (EPD) 230K bbl/day distillate pipeline is raising concerns about supply in the state. EPD says flows on the line are too low to justify more spending, but Arkansas' AG is challenging the shutdown. [Energy] Comment!
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3:34 PM "Every business is going to have cycles (of) good times and bad times," says American Capital (AGNC, MTGE) CIO Gary Kain, speaking at a conference (transcript) (presentation), and not willing to admit this is a bad time. The reality, he says, is all those Fed purchases haven't tightened up mortgage spreads all that much. "(It's confusing to me ... I mean we didn't expect them to perform the way they did." [Financials] 4 Comments
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3:25 PM China's exports of rare earth metals have rallied in recent months, a trend attributed to low rare earth prices and Japanese demand. But Molycorp (MCP -2.9%), whose shares have jumped 30% in the past two weeks, says it might be premature to assume a firm turnaround in global demand: "Inventories have been built up over the past several years, and they are returning to more normal levels now." [Commodities, On the Move] 4 Comments
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3:16 PM Toro (TTC +3.7%) moves up today after posting a better than expected FQ2. Net earnings rose 14% Y/Y on sales strength in its professional segment, which helped offset a 13% decline in residential sales. The company says that although it backs current earnings guidance, it's lowering revenue growth expectations to between 3% and 4%, compared with its February forecast of a 5% revenue increase. Gross margin improved to 35.8% from 34%. [On the Move, Earnings, Consumer] Comment!
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3:15 PM ReneSola (SOL -5.3%) is downgraded to Underperform from Neutral with a lower $1.50 target price at Credit Suisse based mostly on rising costs including increases via outsourcing; SOL won't get much of a break in China, where wafer and module costs may slip only $0.01 in Q2 and may be flat in H2. Also, the firm doesn't expect progress in tariff talks between Europe and China. [Tech, Energy, Quick Ideas, On the Move] Comment!
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3:11 PM Chatter says trading desks are busy with corporate buyback activity today as CFOs take advantage of a little selling to put repurchase plans into action. AAPL is the gorilla, having bumped its authorization to $60B from $10B. Others of note include: LyondellBasel (LYB), Merck (MRK) - which just entered an accelerated repurchase program, NetApp (NTAP), Northrop Grumman (NOC), Macy's (M), and Delta (DAL). There's also IBM - long with a reputation for issuing debt at lows in yield. Is their equity timing as good? 4 Comments
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3:08 PM Delta Air Lines (DAL +0.8%) CEO Richard Anderson says in a wide-ranging interview with Charlie Rose that the carrier will work hard to create a superior brand. He also calls the combined US Airways-American Airlines a "formidable" competitor, but makes it clear Delta will stay number one. [Consumer] Comment!
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3:01 PM Agency MBS fail to bounce from the "massive liquidation" following Bernanke's testimony yesterday, according to CIBC's Tom Tucci. Suggestions of a tapering of Fed purchases sent Fannie Mae MBS with 3% coupons to their lowest levels of the year. "Right now it seems the only source of demand is the Fed," says BAML's Brad Scott. Unsurprisingly, pure agency mREITs like AGNC and ARR hit 52-week lows today. Annaly (NLY) - now diversified into the commercial space with the CXS purchase - outperforms. [Financials] 11 Comments
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3:00 PM On the hour: Dow +0.13%. 10-yr +0.06%. Euro +0.56% vs. dollar. Crude -0.03% to $94.26. Gold +1.72% to $1390.95. Comment!
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2:57 PM Even as H-P (HPQ +15.6%) shares enjoy another big rally in the wake of last night’s quarterly results, Topeka Capital's Brian White sees only a "sugar high... not a sustainable trend." While the upside excites bulls in the short-term, the fact remains that H-P’s profits and sales have dropped for seven quarters in a row, he says, maintaining his Sell rating and $12 price target. [Tech, On the Move] 7 Comments
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2:57 PM Apricus Biosciences (APRI -19.4%) tanks after pricing 6M common shares at $2.85, a 13% discount to the closing price of $3.30 on Wednesday. The company also sold warrants to purchase up to 3M shares of common stock and plans to raise a total of $15.8 million net of expenses. The shares of stock and warrants are immediately separable and will be issued separately. The warrants are exercisable immediately upon issuance, have a five-year term and an exercise price of $3.40 per share. [Healthcare, On the Move] Comment!
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2:46 PM Gold's sharp rise today can be attributed to the dollar's drop vs. the yen; when the dollar drops, gold should rise, as their correlation during the past 24 days has hit -86%. A stock sector that's standing out is emerging market gold miners: South Africa’s Sibanye (SBGL), Harmony (HMY) and AngloGold (AU), plus Peru's Buenaventura (BVN) are stronger, even as their corresponding country ETFs (EZA; EPU) are in the red. [Commodities, On the Move] 5 Comments
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2:29 PM Sempra Energy (SRE -3%) digs out of session lows but remains the S&P 500's worst performer after cutting the top end of guidance for 2013 and offering a weak outlook for 2014. SRE says it is seeking to further optimize its capital structure through additional subsidiary debt and equity issuances, including a possible MLP using Cameron liquefaction as a foundation. [Energy, On the Move] Comment!
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2:18 PM Shanda Games (GAME +16.4%) rips higher despite a subdued Q1 earnings report. During an earnings call, the company highlighted its mobile game launch progress, saying Million Arthur launched already in Korea, and in Taiwan on the Android and iOS platforms and will hit Mainland China and Singapore this summer. (transcript) [Tech, On the Move] Comment!
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2:09 PM "We think the impact will be between €5B and €10B," the Bank of Spain tells FT, in the first official estimate of the additional provisions Spain's banks will need to take against bad loans as the government prepares to do away with "extend and pretend." Although the extra provisioning will no doubt weigh on results, expectations are that Banco Santander (SAN -0.2%) and BBVA +1.86% will have no trouble absorbing the hit, though it isn't clear that the same can be said of smaller banks. [Global & FX] Comment!
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2:07 PM Boeing (BA +1.7%) updates its Orders and Deliveries page for the week, saying that since its last update it has received 107 new orders consisting of six 777s and 101 737s. In the Changes category, it reduced 737 net orders by 24. Additionally, the company says that Chinese regulators have cleared local airlines to fly the 787 Dreamliner, and are expected to allow them to launch overseas flights within a matter of months. [On the Move, Global & FX, Consumer] Comment!
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2:06 PM The NYSE rules to let stand all trades in American Electric Power (AEP -1%) and NextEra Energy (NEE -1.2%) but prices for certain "aberrant" trades will be excluded from the high and low prices in data feeds. There were hundreds of trades early this morning in AEP at or below $46.03 and in NEE at or below $76.19, more than 50% below yesterday's closing prices. [Energy] 9 Comments
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2:03 PM Starbucks (SBUX -1.4%) takes the news of a potentially cooling China economy a little worse than other large service/consumer product companies with future growth prospects in China increasingly part of its valuation. SBUX in China by the numbers: The company's 800 China outlets in 58 cities grew same-store sales by 8% and brought in over $200M last quarter. The brand claims 61% of the China coffee market and sees opening 1.5K stores by 2015. [Consumer] Comment!
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2:00 PM On the hour: Dow -0.12%. 10-yr +0.06%. Euro +0.59% vs. dollar. Crude -0.99% to $93.35. Gold +1.71% to $1390.75. Comment!
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1:55 PM Topeka initiates InvenSense (INVN +0.2%) at Buy and assigns a $16 price target, representing a 29% upside from yesterday's close. Analyst Suji De Silva cites the company's market leading position in motion sensing functionality. (See also: Pac Crest says INVN to gain AAPL as client) [Tech] 1 Comment
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1:55 PM Omeros (OMER +1.6%) trades up today after saying its investigational new drug application for the evaluation of OMS824, its treatment for Huntington's disease, has been cleared by the FDA. [Healthcare, On the Move] Comment!
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1:48 PM BioTime (BTX -0.2%) says its shareholders have overwhelmingly approved the planned acquisition of stem cell-related assets from Geron (GERN). The green light was given at a special meeting of shareholders, with at least 32.5M votes coming in favor from the 34.5M shares represented and voted. [Healthcare, M&A] Comment!
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1:45 PM Hydrogenics (HYGS +13.3%) soars as SA Pro contributor Joe Springer calls it one of the most undervalued stocks in the market due to its first-to-market position in the power-gas arena. The article comes out of embargo tomorrow at 11 a.m. [Energy] 5 Comments
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1:36 PM VeriFone (PAY +2.9%) trades higher after SunTrust Robinson Humphrey chimes in with an upgrade on the company to Buy from Neutral. The company is two months into its tenure under a new CEO with sentiment gradually improving after a FQ1 earnings warning caught everyone napping and decimated share price. [Consumer] Comment!
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1:33 PM "Everyone has to have big eyes, big ears, know what's going on around them and be policemen for the organization," says Goldman Sachs (GS) CEO Blankfein to employees as part of the annual meeting. Among the reforms after a 3-year review of bank practices: Proposed transactions need to be run through "technological matrixes" to check for appropriateness. Don't me afraid to call me, says Blankfein, as the risk of reputational damage outweighs the cost of wasting his time. (Video to be posted to website later) [Financials] 1 Comment
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1:26 PM Stanley Black & Decker (SWK -2.4%) Chairman John Lundgren made an interesting revelation during his chat at the Electrical Products Group Conference yesterday. The exec says the company will keep an eye on the spinoff from Ingersoll Rand of its security business to see if a similar move would make sense for SWK with its security business. On strategy: "Because if we are convinced a year or two years from now that we have got a 12x EBITDA business trapped in a 7 or 8x business, we will make it bigger." [Consumer] Comment!
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1:25 PM Elan's (ELN +3%) board has rejected the sweetened takeover bid from Royalty Pharma, saying it "continues to grossly undervalue" the company, with board chairman Robert Ingram adding that it's "no more than an opportunistic attempt to acquire our company at a substantial discount at our shareholders' expense." It urges shareholders to reject the offer, noting also that it's reducing the acceptance threshold to 50% plus one share from 90%. [Healthcare, On the Move, M&A] 1 Comment
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1:14 PM Overdue student loans reached an all-time high of 11% during Q3 of last year, according to the DOE. The news comes just as the House approved a Republican-led proposal to allow interest rates on student loans to float. Still up for debate is whether or not a two-year extension of the 3.4% rate for subsidized Stafford loans will be legislated. Sector watch: APEI, APOL, CECO, COCO, ESI, STRA, LINC, LOPE, BPI, DV, CPLA, EDMC, NAUH. [Consumer] 2 Comments
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1:13 PM Revett Minerals (RVM -20.3%) plunges after providing an update on the Troy Mine. RVM says the "unexpected discovery of ground fall" in the "A Drive" and the projected time frame for establishing alternative development have necessitated an "immediate and significant reduction" in the Troy Mine workforce."The realization that the recommencement of underground mining operations will not resume by the end of the second quarter as planned has forced us to take difficult cost reduction measures," CEO John Shanahan says. (PR) [Commodities, On the Move] Comment!
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1:13 PM The "Too Big To Fail" subsidy is a myth, according to Goldman research which shows the banking industry (XLF) is about the only one in the U.S. where the larger firms pay higher funding costs than the smaller ones. It may be so now, but the TBTFs had a large funding advantage amid the financial crisis and have paid an average of 31 basis points less than their smaller brethren over the last decade. [Financials] 1 Comment
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1:05 PM Retail analyst Rahu Sharma found a few things to like about Ralph Lauren (RL -2.4%) despite the company's top line miss with its FQ4 report. The retailer sold its inventory near full price and showed its brand is in good form. If guidance looks a touch light, Sharma reminds that lowball numbers from the company are par for the course. [Consumer] Comment!
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1:04 PM Halcon Resources (HK -9.4%) falls sharply midday as investors don't seem impressed with an operational update the company provided regarding its acreage in the Utica/Point Pleasant play. Updates were given on the Philips 1H, the Allam 1H, the Brugler 1H, the Yoder 2H, and the Kibler 1H wells. The company says the delineation process will be substantially complete by Q4. (PR) [Energy, On the Move] 10 Comments
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1:00 PM On the hour: Dow -0.06%. 10-yr 0%. Euro +0.58% vs. dollar. Crude -0.8% to $93.53. Gold +1.41% to $1386.65. Comment!
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12:59 PM Summer studio watch: 1) Sony (SNE): The studio has seven films coming, but no sure-fire winners although After Earth could be the sleeper in the crowd. Daniel Loeb will be watching. 2) Warner Bros: (TWX) Though bad reviews are a major risk for The Hangover Part III, Man of Steel is forecast to be major hit across demographics. If Superman delivers, a refreshed franchise could boost forecasts for TWX. 3) Universal (CMCSA): Studio heads could roll if Fast & Furious 6 and RIPD don't deliver the macho audience in a crowded field. 4) Disney (DIS): Iron Man 3 is expected to have strong legs into the summer while The Lone Ranger looks more susceptible to disappoint with it debuting up aside Despicable Me 2. Pixar's Monsters University also hits screens. (box office projections) [Consumer] Comment!
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12:54 PM Home Loan Servicing Solutions (HLSS +1.5%) President John Patrick Van Vlack adds 4.3% to his stake in the company, purchasing 4,505 shares at $23.11 each. [Financials] Comment!
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12:50 PM Hi-ho, hi-ho, its off to work we go as Highway Holdings (HIHO +34%) soars to new highs after the company announced a multi-year order for vacuum cleaner components from an undisclosed leading international appliance manufacturer. The company says that production has already commenced, and an initial order of approximately three million components have already been delivered to the customer. [Global & FX, On the Move] 1 Comment
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12:50 PM The defensive utility sector (XLU -1%) isn’t looking very safe at the moment, as the break below the 50-day moving average suggests further weakness in the days ahead. Technician Ralph Acampora sees the break as a short-term sell for the Dow Jones Utility index but also a longer-term positive for the broader market as investors rotate out of defensive sectors and into more economically sensitive stocks. [Energy, Quick Ideas] 1 Comment
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12:45 PM Kindred Healthcare (KND +2.5%) rallies for a second day on the back of Susquehanna's upgrade to Positive yesterday. The firm says the stock should continue to trade higher as the company exits its underperforming nursing care centers and free cash flow continues to rise. [Healthcare, On the Move] Comment!
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12:31 PM Kimco (KIM) and its JV partner agree to sell their stakes in 87 Mexican industrial properties for $294M plus the assumption of $306M in mortgage debt. Kimco's interest is a hair over 50%. (PR) [Financials] Comment!
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12:30 PM Three lunchtime reads:
1) How much of a dove is Bernanke really?
2) The Fed squeezes the shadow banking system
3) Overdue student loans reach record Comment! -
12:27 PM New Gold (NGD +1.8%) is initiated with a Buy rating and $9.50 price target at Global Hunter. NGD is a mid-cap gold producer with four operating mines which also gets a significant portion of its revenue and earnings power from copper and silver exposure, which the firm believes gives it an advantage over peers in a declining gold price environment. [Commodities, Quick Ideas, On the Move] 1 Comment
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12:17 PM Cirrus Logic (CRUS -17.2%) plummets after an investment presentation (Barclays Global Tech, Media, and Telecommunications Conference) in which it mentions "increased pricing pressures in the smartphone markets" and says "revenue for the fiscal year [will] likely [be] impacted by an expected decline in average selling prices" (slide 18). [Tech, On the Move] 3 Comments
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12:13 PM Dover (DOV +4.8%) is upgraded to Buy from Neutral with a $90 price target at BAML following news it is spinning its Knowles and Sound Solutions businesses into a new public company. The firm had been concerned about DOV's exposure to Nokia (NOK) and Blackberry (BBRY) platforms as well as the pace of the value ramp up on Apple's (AAPL) iPhone. [Tech, Quick Ideas, On the Move] Comment!
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12:11 PM Shares of small-cap, generic pharmaceutical maker Lannett Company (LCI +5%) get a boost today after being initiated at Needham with a Buy rating and a price target of $15. The firm calls FY13 a transition year for LCI as its operations are positioned for strong future growth, with potentially significant upside coming from additional generic approvals/product launches, and progress around key product filings. Technical note: The stock is currently in the process of breaking out of its 52-week range of $3.72 - $12.57. [Healthcare, Quick Ideas, On the Move] Comment!
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12:04 PM Stocks have mostly erased big early losses, with the Dow (DIA, DOG) just nosing into the green - its outperformance a result of H-P's 14% jump. The S&P 500 is off 0.3% and the Nasdaq off 0.1%. 5 Comments
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12:00 PM On the hour: Dow -0.02%. 10-yr +0.01%. Euro +0.61% vs. dollar. Crude -0.73% to $93.59. Gold +1.21% to $1383.95. Comment!
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11:59 AM Apache (APA -2.1%) should sell its assets in Egypt, which have dragged the company’s valuation by 20%-30% and is likely to get worse given the country’s "dysfunctional government, deteriorating economy, polarized society and exploding population," Oppenheimer says, adding APA should use the proceeds to buy back 15% of its shares and reduce debt. [Energy, On the Move] 1 Comment
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11:55 AM "The Real Bubble is Gold: and It's Deflating," writes MKM's Mike Darda, who says the key turning point was the metal's (GLD. IAU) failure to rally in wake of last fall's QE∞ inception. "Investors simply took it at face value that gold was soaring and would continue to rise because of (the Fed)." Inflation picking up will be even worse for gold, he says, as this would make the Fed an aggressive tightener of policy. [Commodities] 15 Comments
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11:46 AM HEICO (HEI +10.8%) jumps to new 52-week highs today, after the company reported late Wednesday FQ2 earnings that easily topped Street estimates. Revenue grew by 10% Y/Y, driven by strong organic growth in both its Flight Support and Electronic Technologies segments, as well as better margins. Looking ahead, the company says it sees increases in airline capacity and maintenance spending to yield moderate organic growth, and it raises FY13 growth guidance from around 6% to 8% to between 8% and 10%. [Healthcare, On the Move] Comment!
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11:46 AM While controversy continues over the northern leg of the Keystone XL pipeline, construction of the $2.3B southern section connecting the Cushing, Okla., hub with the Texas coast is more than 75% complete and proceeding on schedule, TransCanada (TRP -0.7%) says. The 485-mile southern leg will be able to move 700K bbl/day of oil when completed. [Energy] 1 Comment
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11:42 AM More from GameStop's (GME -1%) earnings call (previous): 1) Mobile is highlighted as a growth area. 2) Execs flex their muscles, noting GameStop has $1B of trade credits a year to give it some leverage. 3) On the Wii U (NTDOY.PK), despite sales trailing off the company is convinced the console system shouldn't be written off with new innovation coming. 4) Guidance was lowered due to Q1 results and based on new assumptions on the console cycle. (webcast) [Consumer] Comment!
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11:38 AM Nordion (NDZ +9%) ramps higher this morning after the company says it will divest its Target Therapies business to BTG for around $200M. That means, after fees, NDZ should rake-in nearly $185M on the closing. The sale its part of the company's larger strategic reorganization, and it's hefty price tag for a business whose sole product is its targeted liver cancer therapy, TheraSphere. [Healthcare, Global & FX] Comment!
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11:36 AM ChannelAdvisor (ECOM) trades 38% higher than its IPO price of $14 per share on its public debut. The e-commerce software firm plans to use the IPO funds to help it expand international operations and grow its marketing services. [Tech, On the Move] Comment!
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11:36 AM ING. U.S. (VOYA +1.3%) is reiterated a Buy with $31 price target at BTIG following earnings. Analyst Mark Palmer holds that retirement services and asset management - not life insurance - are VOYA's dominant businesses (they command a higher multiple) and he's impressed 76% (vs. his modeled 70%) of adjusted operating earnings came from those units. ROE was up 120 bps to 9.5%, ahead of a 110 bp management goal. [Earnings, Financials, On the Move] Comment!
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11:33 AM FMC Technologies (FTI -0.6%) receives what is likely to be a lucrative subsea contract from Shell (RDS.A) for work at its Stones field project in the ultra-deepwater Walker Ridge area of the Gulf of Mexico. Shell is targeting peak output of 50K boe/day under the first phase of development at the field, which holds ~2B boe and is believed by tShell to have "significant upside potential." [Energy] Comment!
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11:30 AM Heard during GameStop's (GME -1.7%) earnings call: 1) The retailer expects the wave of next-gen consoles to have lower opening prices, but doesn't provide estimates. 2) The game cycle is expected to regain traction in 2014 as adoption rates of new systems hit critical mass. 3) On the outlook for used games, execs think new consoles will kickstart a fresh round of buying/trading - but acknowledge long-term trends will be influenced by digital alternatives. 4) The company says it will maintain its previously announced pace of share buybacks. 5) In an important note, GameStop says it's partnering closely with Microsoft and Sony to ensure a "seemless transition" to next consoles. But at what cost to profits? (webcast) [Consumer] 1 Comment
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11:20 AM Coal (KOL) has been gaining on natural gas in U.S. power generation, but coal producers aren't enjoying the benefits, buffeted by headwinds including increased regulations. Simmons analysts say most coal names do not screen as cheap, and the firm sees near-term volatility as investors trade around macro events; its sector favorites are Cloud Peak Energy (CLD) and Walter Energy (WLT). [Energy, Quick Ideas] 7 Comments
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11:11 AM The broad selloff isn't touching H-P (HPQ +14.2%) following last night's earnings. Jefferies' Peter Misek weighs in with an upgrade from Sell to Hold. He praises H-P for having the discipline to sacrifice PC market share to retain profitability (unlike DELL; Whitman (transcript): "Maybe that's what you do when you're about to go private.") Misek also likes the cash flow guidance of $7.5B - "(it) materially changed our view of H-P margin, cash flow, and EPS prospects." [Tech, On the Move] 2 Comments
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11:02 AM Dish Network (DISH -1.4%) warns the Committee on Foreign Investment review of the proposed SoftBank (SFTBF.PK)-Sprint (S +0.1%) transaction highlights the serious national security risks the deal could pose. In particular, the company points to the potential use of Chinese-manufactured equipment on a foreign-controlled Clearwire network. [Consumer, Tech, Global & FX] 1 Comment
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11:01 AM May Kansas City Fed Manufacturing Survey: +2 vs. consensus of -2; -5 in Apr. [U.S. Economy] Comment!
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11:00 AM On the hour: Dow -0.48%. 10-yr 0%. Euro +0.33% vs. dollar. Crude -1.65% to $92.72. Gold +1.22% to $1384.15. Comment!
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10:59 AM Chembio Diagnostics (CEMI +0.2%) bucks a weak tape after saying it won a $750K cooperative research agreement with a US government agency to develop rapid point-of-carediagnostic tests for five infectious diseases associated with febrile illness and to multiplex them into one assay. The eight-month project also hopes to optimize the test for use with a mobile reader that incorporates cell phone technology to enable the results to be recorded, transmitted and monitored remotely via a cloud system, in real-time. [Healthcare, On the Move] 1 Comment
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10:56 AM Color from today's Starwood Hotels & Resorts (HOT +1.5%) upgrades (I, II): BofA/ Merrill Lynch moves its price target to $84 from $70, noting the company's "solid fundamental positioning and accelerating capital returns," while Morgan Stanley sets a price target of $79 and says HOT's "asset ownership/ property mix position it well given current trends [and] its selling mandate allows it to capitalize on near peak real estate values." Like BofA, MS also highlights capital returns. Comment!
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10:52 AM Electric vehicle roundup: 1) The tiny plug-in car market segment will have two entrants with lease options at $199 per month - the Chevrolet Spark (GM -1.3%) and the Nissan Leaf (NSANY.OB) - as the automakers appear willing to take some losses to keep the segment alive and kicking. 2) In China, an EV rental project in Beijing draws solid interest. Electric vehicles in the city are already popular for short commutes with over 2.7K electric taxis slated for service by the end of the year. 3) An Elon Musk interview on Bloomberg TV dissects the Tesal Motors (TSLA +1.8%) DOE loan payoff in great detail. He also says he thinks the automaker has enough capital to avoid future capital raises. (audio) [Consumer] 11 Comments
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10:51 AM Mortgage rates rise for the third straight week, according to Freddie Mac's weekly survey. The 30-year fixed-rate mortgage averaged 3.59%, up from last week's 3.51%, while the 15-year fixed averaged 2.77% vs. 2.69% a week ago. The respective rates were 3.78% and 3.04% a year ago. [U.S. Economy] Comment!
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10:49 AM CIT Group (CIT +0.2%) is reiterated a Buy at BTIG, with price target raised to $55 from $45. Mark Palmer sees 3 paths to a higher price: 1) Organic growth should allow the company to reverse a $1.6B allowance against a deferred tax asset that may end up being able to be used. 2) The company transitioning from deep-turnaround story to capital-return story. 3) Its status as an attractive acquisition target. [Financials] Comment!
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10:43 AM Gordmans Stores (GMAN): Q1 EPS of $0.17 beats by $0.05. Revenue of $131.4M (-1.9% Y/Y) beats by $2.04M. (PR) [Earnings, Breaking News] Comment!
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10:43 AM The fastest revenue growth in the oil industry is putting Papua New Guinea’s Oil Search (OISHF.PK) in line for Asia's largest-ever energy takeover, Bloomberg speculates. Its $19B PNG LNG venture with Exxon, sure to spin off lots of cash, starts shipments to Asia next year, and the 80%-complete project is supported by the government and local communities. XOM, TOT and Australia's Woodside could be interested. [Energy] Comment!
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10:36 AM Shares of Stemline Therapeutics (STML -2.2%) slip this morning after Jefferies and Aegis Capital announced an exercise of their option to purchase around 620K additional shares in connection with STML's previously announced 4.1M share public offering. The option's exercise at $14.50 per share will add around $69M in total gross proceeds to STML's coffers before deducting underwriting discounts and commissions. Closing is expected on or about May 28. [Healthcare, On the Move] 2 Comments
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10:35 AM Art meets Finance: Lions Gate (LGF +2.4%) trades higher as enthusiasm builds for the company's prospects after a strong performance at the Cannes Film Festival. The crown jewel for the studio this year will be the release of The Hunger Games: Catching Fire next November and in a nice little twist of cross-selling the movie's teaser trailer displays the LGF stock symbol at the closing. (trailer) [Consumer, On the Move] Comment!
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10:34 AM The sale of the rest of its stake in Industrial Bank doesn't mean Goldman Sachs (GS) isn't committed to growing in China, says Lloyd Blankfein, speaking from Salt Lake City - site of Goldman's annual meeting today. Roll this one around: Goldman reaped about $12B in sales proceeds and dividends from its $2.58B investment made in 2006 just ahead of the IPO. [Financials] 1 Comment
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10:26 AM A year after Argentina expropriated Repsol's majority stake in YPF, there's little prospect of a deal on compensation even though both sides would rather avoid a costly, drawn-out legal battle. Argentina's lack of funds and its limits on the control private firms have over their investments, which could deter Repsol from accepting assets such as the Vaca Muerta shale field in any settlement, pose major obstacles. [Energy, Global & FX] Comment!
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10:25 AM Quality Systems (QSII -6%) slips after its FQ4 missed across the board earlier this morning. Total sales grew by 2% Y/Y, but net earnings took a hit from reorg charges and a goodwill impairment charge for the quarter due to an operational review of its hospital unit. Separately, the company says it's appointed Michael Aghajanian to its Board of Directors, effective immediately. Aghajanian fills one of the two vacancies on the Board after recent resignations. [Earnings, On the Move] Comment!
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10:23 AM Buckle (BKE -5.3%) is having a tough day after reporting earnings and revenue that missed expectations. Sales rose 2.3% Y/Y during the period but SG&A expense jumped 2.8%, more than offsetting the revenue increase. Comps growth was 1.2% and online sales growth came in at 6%. (PR) [Consumer, Earnings, On the Move] Comment!
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10:19 AM Off the lows. Forty-five minutes into the session finds stocks posting just moderate losses. S&P 500 (SPY -0.7%), Nasdaq 100 (QQQ -0.4%) - with Apple a notable gainer, +0.7%. George Soros' reflexitivity: Worry of tapering sends stocks lower, thereby lessening chances of tapering. 2 Comments
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10:12 AM The ProShares High Yield-Interest Rate Hedged ETF (HYHG) starts trading today joining the likes of HYLS and THHY. The fund will short Treasurys to offset its exposure to high-yield corporate debt and comes with an expense ratio of 0.50% - significantly lower than THHY (1.45%) and HYLS (1.19%). Comment!
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10:10 AM Target (TGT -0.1%) appears to have a few aces up its sleeve as continues its rollout in Canada. The retailer has been conservative with food offerings, but has tipped off that is likely to change. It is also ahead of its expected pace of REDcard penetration which sets up nicely for repeat shopping trends. Also, execs are quick to note that expenses are heavy on the front side as the company is overly-cautious in order to make sure store openings go smoothly. (CC transcript) [Consumer] Comment!
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10:10 AM Perry Ellis (PERY -3.3%) slides after the company misses on the top line in Q1. Management reaffirms its FY14 outlook for revenue growth of 3-5% and for adjusted EPS of $1.50-1.60, but cuts guidance slightly for GAAP earnings to $1.58-1.68 versus a previous range of $1.60-1.70. (PR) [Consumer, Earnings, On the Move] Comment!
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10:07 AM More on New Home Sales: The March print was revised sharply higher - to 444K from 417K. April sales were 2.3% higher than March and 29% higher than a year ago. The median sales price was $271.6K, the average $330.8K. Inventory stands at 156K, representing a supply of 4.1 months. Homebuilders ETF (XHB -0.4%). (full report) [U.S. Economy] Comment!
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10:02 AM Children's Place (PLCE +6.7%) posts strong gains after beating on both the top and bottom line. From the report: CEO Jane Elfers says — in what is now a familiar refrain from retailers this quarter — that the company "had a difficult start [before] April sales improved significantly." Comps growth was negative (-5.5%) as was sales growth (-3.5%). $56.2M remains under the company's share repurchase program. PLCE also raises its EPS guidance for FY13 to $3.05-3.20 against consensus of $3. (PR) [On the Move, Consumer, Earnings] Comment!
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10:01 AM Approach Resources (AREX -3.6%) reports a temporary curtailment of production due to a power failure at the Phillips 66 Sweeny refinery; as a result, AREX expects Q2 production of 8.7M-9.1M boe/day vs. prior guidance of 9.3M-9.6M boe/day. Power has been restored to the affected fractionation units at Sweeny, and AREX expects a full return to service by the end of this week. [Energy, On the Move] Comment!
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10:00 AM April New Home Sales: 454K vs. 425K expected, 444K prior (revised from 417K). [Breaking News, U.S. Economy, Top Stories] 2 Comments
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10:00 AM On the hour: Dow -0.63%. 10-yr +0.09%. Euro +0.31% vs. dollar. Crude -2.03% to $92.37. Gold +1.02% to $1381.35. Comment!
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9:59 AM Also hit by something resembling a flash crash is Two Harbors (TWO -2.5%), which printed $10.91 (from last night's $11.63 close) before quickly bouncing to its current level of $11.33. (previous) [Financials, On the Move] Comment!
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9:54 AM Launching this week is the Barclays ETN + FI Enhanced Global High Yield ETN (FIGY), focused - as its name implies - on high yield stocks around the world. Also coming to market is the Barclays ETN + FI Enhanced Europe 50 ETN (FEEU) - composed of 50 European blue-chippers, making it similar to the Stoxx Europe 50 ETF (FEU). Comment!
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9:52 AM Trading is temporarily halted in NextEra Energy (NEE) and American Electric Power (AEP) after early trades printed as low as $30.37 and $22.28, respectively. Yesterday's respective closing prices were $79.16 and $48.59. [Energy] 6 Comments
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9:52 AM Rue21 (RUE +22.7%) trades just a shade under its buyout offer of $42 as the potential for competing bids keeps interest high. Of its retail peers, Zumiez (ZUMZ +0.7%) seems to be getting the biggest lift from the M&A buzz in the sector. [Consumer, On the Move] Comment!
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9:48 AM Green Mountain Coffee Roasters (GMCR -7.3%) slumps again in early trading to briefly dip below $70. The report from the options pit is that action has intensified over the stock. Somewhere in the GMCR equation, the forecast for higher coffee commodity prices also needs to be factored in. [Consumer, On the Move] 2 Comments
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9:45 AM The Bloomberg Consumer Comfort Index rises to -29.4 from -30.2 last week. Notably, the index climbed to -20.7 among homeowners, the highest level since January 2008 and 24 points higher than the level among renters. For the first time since November 2007, those earning $75K-$100K have joined those earning more than $100K in reporting a positive index score. [U.S. Economy, Breaking News] Comment!
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9:37 AM Shares of Melco Crown (MPEL -4.5%) take a lashing in early trading on concerns growth in China will sputter. Citigroup's favorite gaming sector name trades at roughly 9X 2014 EBITDA estimates. [Consumer, On the Move] Comment!
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9:35 AM Deutsche's upbeat outlook for HDD names comes in a note which also contains cautious words from analyst Sherri Scribner on contract manufacturers. Fabrinet (FN -9.6%) may suffer from "continued struggles in the optical market," she says, and Sanmina's (SANM -5.9%) "lack of revenue growth" is disconcerting. Both names are downgraded as is Flextronics (FLEX -2.9%), whose price target is maintained at $8, but is cut from Buy to Hold. [Tech] Comment!
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9:32 AM Ally Financial takes another step towards an IPO as it agrees to pay $2.1B towards the settlement of the ResCap bankruptcy. The move, says Ally, essentially removes the threat it would have to pay billions more in private claims related to its subprime mortgage arm. It's also a victory for MBIA (MBI), whose share of the proceeds could be $600M, according to hedge funder Manal Mehta (he's long). [Financials] 3 Comments
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9:31 AM At the open: Dow -0.62% to 15213. S&P -0.84% to 1641. Nasdaq -0.98% to 3429.
Treasurys: 30-year +0.6%. 10-yr +0.25%. 5-yr +0.11%.
Commodities: Crude -1.6% to $92.77. Gold +1.52% to $1388.25.
Currencies: Euro +0.4% vs. dollar. Yen -1.67%. Pound -0.21%. 1 Comment -
9:29 AM Sempra Energy (SRE) slightly narrows its FY 2013 EPS guidance to $4.30-$4.60 from $4.30-$4.80 vs. $4.48 analyst consensus. Sets guidance at $4.25-$4.55 for 2014 and $5.10-$5.60 for 2017, and reaffirms its long-term compound annual earnings growth target of 6%-8%. [Energy] Comment!
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9:22 AM Shares of Dollar Tree (DLTR) move 2.5% higher premarket as the retailer's "impressive" Q1 results brings in buyers. Margins improved slightly during the quarter and the company seemed to navigate around some of the tax refund and weather ripples that hit Wal-Mart and Target. [Consumer, On the Move] Comment!
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9:21 AM WisdomTree (WETF) tumbles 5.2% premarket following Japan's overnight crash. The stock's more than a double this year as money has poured into its Japan Hedged Equity Fund (DXJ), which is off 7.3% premarket. Another yen-hedged Japan fund - Deutsche's far smaller DBX ETF Trust (DBJP) - is off 8.3%. [Financials, On the Move, Global & FX] Comment!
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9:20 AM Market preview: U.S. markets are indicated to open sharply lower, as jitters over when the Fed will begin to taper its bond purchases, an unexpected contraction in China's manufacturing sector, and the Nikkei's 7.3% overnight plunge combine to make a toxic brew. S&P -1%, Dow -0.8%. Basic resource stocks in Europe saw a selloff on the news. Still ahead: new home sales, EIA natural gas. Comment!
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9:15 AM SABMiller (SBMRY.PK) CEO Alan Clarke says most of the brewer's markets are growing, although North America remains sluggish. In Q1, revenue for SABMiller grew 10% to $34.5B while profit came in at $3.27B. The company notes MillerCoors sales were weak but higher-margin Tenth & Blake craft beer sold well. Latin America is a concern as growth slowed to 3% from a 9% pace a year ago. [Global & FX, Consumer] Comment!
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9:14 AM An upward revision to Q1 GDP did little for stocks in Singapore (EWS) as the Straits Times tumbles 1.77% to its lowest level in in two weeks amid global selling. Across the region: Thai equities (THD) fall 1.5%, amid "caution" before next week's central bank meeting (on down days it's "rate cut caution" on up days its "rate cut speculation"), Malaysian shares (EWM) drop 0.61% in Kuala Lumpur, and Philippine stocks (EPHE) sink 0.96% in Manila, erasing three quarters of a two-day rally. [Global & FX] Comment!
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9:10 AM ING. U.S. (VOYA): Q1 operating EPS of $0.73 vs. $0.68 a year ago and within the range the company announced prior to its IPO earlier this month. (PR) [Earnings, Financials] Comment!
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9:03 AM Sanmina (SANM) -3.6% premarket after Deutsche Bank downgrades shares to Sell from Hold after rising 23% YTD "without a change in fundamentals or an improvement in profitability or revenue growth." The firm also is more conservative on a back-half recovery in the telecom and networking markets, which comprise ~50% of SANM's sales. [Tech, On the Move] Comment!
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9:00 AM On the hour: S&P -0.96%. 10-yr +0.13%. Euro +0.32% vs. dollar. Crude -1.53% to $92.84. Gold +1.26% to $1384.65. Comment!
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8:57 AM More on GameStop (GME): The retailer says comparable store sales fell 6.7% Y/Y during Q1 with new hardware sales down 30.6% and pre-owned sales slipping 7.5%. Looking for channels for future growth? During Q1, mobile sales grew 290% to $46.8M and digital sales rose 47.3%. FY13 EPS is pegged at $2.90-$3.15 vs. $2.75-$3.15 previous and the company's outlook for comparable store sales is improved slightly. GME +1.5% premarket. (PR) [Consumer, Earnings, On the Move] 2 Comments
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8:54 AM Marathon Oil (MRO) -2.5% premarket after saying it failed to reach a deal with a prospective buyer for a portion of its 20% outside-operated interest in Alberta's Athabasca Oil Sands Project. MRO says its goal of divesting $1.5B-$3B in assets during 2011-13 remains intact. [Energy, On the Move] Comment!
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8:54 AM More on Stein Mart's (SMRT) Q1: Net income, revenue, and comps post 35.6%, 3.8%, and 1.2% gains respectively. Comps rose 8% in April as the retailer closed out the quarter on a positive note. Lower markdowns contributed to higher gross profit and SG&A as a percentage of sales fell. Inventories were higher by ~$16M Y/Y "to support higher sales." (PR) [Consumer, Earnings] Comment!
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8:49 AM Just spun off from Newcastle Investment (NCT), New Residential (NRZ) gets busy, announcing a co-investment with Nationstar Mortgage (NSM) in a recent acquisition of MSRs with UPB of about $23B. New Residential is investing about $38M in exchange for one-third of the monthly cash flow, net of a fee paid to Nationstar, which will perform all servicing functions. All of the mentioned companies are in the portfolio of Fortress Investment (FIG), which has also acquired one-third of the cash flows. (PR) [Financials] Comment!
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8:45 AM More on Rue21 (RUE): An initial 40-day "go-shop" period process will start today during which the retailer can try to reel in another bid. A low termination fee of ~$10M makes this a feasible option. If Apax Partners lands Rue21 it will have its work cut out for it after the company reported a tough comparable store sales decline of 4.6% for Q1. (PR) [Consumer, M&A] Comment!
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8:40 AM More on jobless claims: The big decline nearly erases last week's large and unexpected jump, and will do nothing to ease concern about "tapering." The 4-week moving average is little-changed at 339,500. S&P 500 futures remain lower by 0.95%, but bond prices continue to give up some of their big early gains, TLT +0.3%. [U.S. Economy] 3 Comments
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8:39 AM PetroChina (PTR) says it will seek to increase cooperation with companies including Exxon (XOM), BP, Shell (RDS.A), Chevron (CVX) and Eni (E), potentially teaming up to make acquisitions or joint exploration activities, as it makes expansion abroad a priority. PTR plans to invest ~$60B this decade in global oil and natural gas assets to increase the share of overseas output to half of its total. [Energy] 1 Comment
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8:35 AM STEALTHGAS (GASS): Q1 EPS of $0.26. Revenue of $29.4M (+1% Y/Y). (PR) [Earnings, Breaking News] Comment!
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8:35 AM Johnson & Johnson's (JNJ) Pharmaceuticals Business Review is just getting underway (webcast) (agenda) (presentation). The company anticipates more than 10 new product filings and 25 significant brand extensions by 2017. Shares -1.2% premarket. [Healthcare, Breaking News] Comment!
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8:34 AM Toro (TTC): FQ2 EPS of $1.32 beats by $0.15. Revenue of $704M beats by $3.65M. (PR) [Earnings, Breaking News] Comment!
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8:33 AM Advance Auto (AAP): Q1 EPS of $1.65 beats by $0.03. Revenue of $2.01B. (PR) [Earnings, Breaking News] Comment!
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8:32 AM Gamestop (GME): Q1 EPS of $0.46 beats by $0.06. Revenue of $1.87B (-6.8% Y/Y) beats by $0.03B. (PR) [Earnings, Breaking News] Comment!
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8:30 AM Initial Jobless Claims: -23K to 340K vs. 345K consensus, 363K prior (revised). Continuing claims -112K to 2.91M. [U.S. Economy, Top Stories, Breaking News] 6 Comments
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8:19 AM Deutsche Bank's Sherri Scribner (who likes the HDD space) upgrades Seagate Technology (STX) to Buy from Hold and raises the price target on it ($46 from $40) and shares of Western Digital (WDC). She says outperformance stemming from "the impact of the Thailand floods, which reset pricing and profitability higher" and industry consolidation will continue to benefit the two companies which Jim Chanos recently called value traps (STX is his favorite short). Meanwhile, SA contributor Sneha Shah also likes the industry consolidation thesis. (See also: Lazard's PT boost for WDC) STX +.85% premarket. [Tech] 2 Comments
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8:19 AM Forest Labs (FRX) expects to name a successor to Howard Solomon by the end of the year as the CEO announces his retirement, effective Dec. 31 (he'll be 86). Solomon expects to remain Chairman through the 2014 annual meeting, at which a new one will be elected. (PR) [Healthcare] Comment!
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8:18 AM Jefferies thinks Limited Brands (LTD) still looks an underperformer after it dissected the retailer's Q1 results. Analyst Randal Konik calls out the slowing same-store sales growth trends for the company and notes it will run up against some tough margin comparables later in the year. [Consumer] Comment!
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8:14 AM More on Ralph Lauren's (RL) FQ4: An efficient quarter from the retailer but a tad light on revenue. The company says strong retail segment growth was offset in part by unfavorable currency swings and a dip in sales for its wholesale segment. Operating expenses as a percentage of sales were flat Y/Y and 50 bps lower M/M. Consolidated comparable store sales rose 3% during the period. The FY14 outlook includes a 4% to 7% forecast for revenue growth and capex spending of $350M-$450M. RL -3.8% premarket. (PR) [Consumer, Earnings, On the Move] Comment!
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8:13 AM McDonald's (MCD) declares $0.77/share quarterly dividend, in line with previous. Forward yield 3.03%. For shareholders of record June 3. Payable June 17. Ex-div date May 30. (PR) [Dividends] 2 Comments
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8:11 AM BASF (BASFY.PK) and Monsanto (MON) plan to commercially launch a drought-tolerant variety of genetically modified corn in the U.S. next year, a senior BASF official says. The two companies have a revenue sharing arrangement, with 60% of revenue going to MON and the rest to BASF. [Commodities, Consumer] Comment!
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8:09 AM Trans World Entertainment (TWMC): Q1 EPS of $0.05. Revenue of $93.9M (-16.3% Y/Y). (PR) [Earnings, Breaking News] Comment!
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8:08 AM KeyCorp (KEY) names Donald Kimble CFO, effective June 3. He's currently the CFO of Huntington Bancshares (CFO) which presumably is now on the hunt for one. (PR) [Financials] Comment!
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8:06 AM Macau-sensitive stocks could swing lower as a subpar reading on China PMI casts doubts on the strength of the economy in the nation. Any type of sustained slowdown in China would rattle the sector with double-digit gaming revenue from Macau baked into valuations. On watch: MGM, MPEL, WYNN, LVS. [Consumer] Comment!
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8:05 AM Stein Mart (SMRT): Q1 EPS of $0.33 beats by $0.05. Revenue of $321.3M. (PR) [Earnings, Breaking News] Comment!
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8:04 AM Asia Entertainment (AERL): Q1 EPS of $0.36 misses by $0.04. Revenue of $64.3M. (PR) [Earnings, Breaking News] Comment!
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8:01 AM Limited Brands (LTD) (now going by L Brands) could trade higher when it opens after raising its full-year EPS guidance to $2.95-$3.15 from $2.92-$3.12 on top of a minor EPS beat with its Q1 report. The retailer saw steady sales gains across its brands during the last quarter while expenses and inventory only rose moderately. [Consumer] Comment!
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8:01 AM On the hour: S&P -1.02%. 10-yr +0.19%. Euro +0.22% vs. dollar. Crude -1.11% to $93.23. Gold +1.74% to $1391.25. Comment!
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7:55 AM The Republican-controlled House last night approved a bill saying a presidential permit was not needed to approve the Canada-to-Nebraska leg of the Keystone XL pipeline (TRP), but the vote may have emboldened opposition, as 50 fewer Democrats backed the bill than a similar one a year ago. The bill's fate in the Senate is uncertain, and Pres. Obama has promised a veto. [Energy] 5 Comments
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7:54 AM The FDA grants priority review to Celgene's (CELG) NDA for the supplemental use of ABRAXANE alongside gemcitabine for patients with advanced pancreatic cancer. (PR) [Healthcare] 1 Comment
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7:51 AM Volvo (VOLVY.PK) may sell its U.S. construction-equipment rental business, according to Bloomberg. P-E firms and several companies are reported to be sniffing around [Consumer, Global & FX] Comment!
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7:51 AM Right on cue for the market dip, the AAII Investor Sentiment Survey shows a surge in bulls, their number jumping 10.5 points to 49% - the highest since mid-January, and against the long-term average of 39%. Bears jumped ship, their number dropping 7.8 points to 21.6% vs. the long-term average of 30.5%. 2 Comments
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7:47 AM More on Dollar Tree's (DLTR) Q1: Comparable store sales rose 2.1% during the period and operating margin improved by 70 bps. A net 92 stores were opened during Q1. For Q2, the retailer expects sales of $1.81B to $1.86B and EPS of $0.52-$0.57, higher than prior guidance but a bit short of Street estimates. DLTR +1.3% premarket. (PR) [Consumer, Earnings] Comment!
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7:45 AM More on Alkermes' (ALKS) FQ4 : Revenues from five key commercial products rise +26% Y/Y and free cash flow jumps to $48M from $8.4M. For the full year (the first full year that reflects the Elan Drug merger) revenues and (non-GAAP) net income rise 48% and 285% to $575.5M and $1.31/share respectively. AMPYRA/FAMPYRA revenues were $65M for the full year vs. $24.6M for FY12 and VIVITROL revenues rose 41% Y/Y to $58.1M. Operating expenses ex a one-time restructuring charge were essentially flat. (PR) [Healthcare] 1 Comment
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7:44 AM Dover (DOV) will spin off certain of its communication technologies businesses into a standalone, publicly traded company. The transaction should be completed early next year. Upon completion, Dover's annual revenue, on a pro-forma basis for 2013, will be $7.4B-$7.6B. [Tech] Comment!
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7:35 AM Following Dimon's big victory, it's back to business at JPMorgan (JPM) and a subsidiary - JPMorgan International Bank - is today fined £3.1M (not a typo) by U.K. authorities for systems and controls failings related to its provision of retail-investment advice and portfolio-investment services. Shares -1.2% premarket, inline with the broader market swoon. [Financials] Comment!
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7:33 AM Bon-Ton Stores (BONT): Q1 EPS of -$1.41 beats by $0.32. Revenue of $646.9M (+1% Y/Y) misses by $18.33M. (PR) [Earnings, Breaking News] Comment!
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7:32 AM Apollo Investment (AINV): FQ4 NII of $0.21 in-line. (PR) [Earnings, Breaking News, Financials] Comment!
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7:31 AM Motorola Solutions (MSI) is maintained a Neutral at MKM Partners despite upbeat management comments at an analyst meeting yesterday. MKM sees the potential for more guidance cuts this year, noting the company maintained H2 forecasts despite missing its Q1 target and cutting its Q2 outlook. MKM notes more significant news from the meeting: The implementation of a holding-company structure for overseas units that should lower the 2013 effective tax rate to 10-15% from 32-33%. [Tech] Comment!
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7:30 AM Dollar Tree (DLTR): Q1 EPS of $0.59 beats by $0.02. Revenue of $1.87B (+8.3% Y/Y) in-line. (PR) [Earnings, Breaking News] Comment!
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7:28 AM Columbus McKinnon (CMCO): FQ4 EPS of $0.37 beats by $0.01. Revenue of $144.6M misses by $6.6M. (PR) [Earnings, Breaking News] Comment!
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7:27 AM Children's Place (PLCE): Q1 EPS of $0.83 beats by $0.22. Revenue of $423.2M (-3.5% Y/Y) beats by $6.62M. (PR) [Earnings, Breaking News] Comment!
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7:26 AM Slow down there Tesla Motors (TSLA). A blog post from Chrysler (FIATY.PK) says the EV automaker is "unmistakably incorrect" in its statement on being the only U.S. automaker to have fully repaid its government loans, noting Chrysler paid off U.S. and Canadian government loans ahead of schedule. On Tesla, Chrysler asks if it's a short memory or a short-circuit that led to the disputed claim? [Consumer] 31 Comments
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7:26 AM Shiloh Industries (SHLO): FQ2 EPS of $0.43 beats by $0.09. Revenue of $182.1M beats by $19.M. (PR) [Earnings, Breaking News] Comment!
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7:25 AM Kirklands (KIRK): Q1 EPS of $0.10 beats by $0.05. Revenue of $101.2M (+3.5% Y/Y) beats by $0.5M. (PR) [Earnings, Breaking News] Comment!
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7:24 AM Medtronic (MDT) announces regulatory approval for VIV procedures using CoreValve and CoreValve Evolut TAVI systems in degenerated bioprosthetic surgical aortic valves. It's the first-ever approval for VIV procedures, a minimally-invasive option for at-risk patients. Shares -1% premarket. [Healthcare] Comment!
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7:23 AM Patterson Companies (PDCO): FQ4 EPS of $0.62 in-line. Revenue of $964.9M (+3.1% Y/Y) misses by $4.54M. (PR) [Earnings, Breaking News] Comment!
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7:23 AM Cato (CATO): Q1 EPS of $1.05 beats by $0.02. Revenue of $269.7M misses by $5.M. (PR) [Earnings, Breaking News] Comment!
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7:22 AM Alkermes (ALKS): FQ4 EPS of $0.40. Revenue of $163.4M beats by $35.39M. (PR) [Earnings, Breaking News, Healthcare] Comment!
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7:20 AM Buckle (BKE): Q1 EPS of $0.78 misses by $0.04. Revenue of $269.7M (+2.3% Y/Y) misses by $2.78M. (PR) [Earnings, Breaking News] Comment!
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7:18 AM Coinstar (CSTR) CFO Galen Smith says the company will see better results in the second half of the year as it benefits from a strong slate of summer movies. Box office total in the U.S. have slumped so far this year with a relatively weak slate of films partially to blame. Execs with Coinstar presented yesterday at the B. Riley & Co. Investor Conference. (webcast) [Consumer] Comment!
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7:14 AM Cisco (CSCO) is reaffirmed a Buy with $26 price target at Citigroup which says the firm's economic leverage is under-appreciated. More earnings surprises could drive the shares to $30, says the team. Cisco off 1% premarket, inline with the Nasdaq 100. [Tech] Comment!
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7:09 AM Nissan (NSANY.OB) says it will recall 841K vehicles due to a glitch with the steering wheel of the automaker's Micra compact model. The repair job will involve tightening a potentially misbehaving steering wheel bolt. [Consumer, Global & FX] Comment!
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7:08 AM The Fed trots out St. Louis' Jim Bullard who says it's been awhile since the FOMC discussed an exit from QE, and he doesn't think the group is about to start talking about it anytime soon. In fact, making Mr. Bullard nervous these days is inflation that is too low. S&P 500 futures are well off the lows, now -0.7%. 9 Comments
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7:02 AM "I'll take 'Kiss of Death Magazine Covers' for minus 7%, Alex," tweets a clever fellow as this week's The Economist cover shows Japan PE Shinzo Abe flying through the air like Superman. DXJ -6.9% premarket. [Global & FX] 5 Comments
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7:02 AM European regulators accept the concessions made by United Continental (UAL), Lufthansa (DLAKY.PK), and Air Canada (AIDIF.PK) on their existing agreement to share transatlantic routes. The carriers will give up airport slots in Frankfurt and New York City as part of the negotiated arrangement to open up competition. [Consumer] Comment!
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7:00 AM On the hour: S&P -0.79%. 10-yr +0.11%. Euro +0.22% vs. dollar. Crude -0.85% to $93.48. Gold +1.56% to $1388.75. Comment!
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6:56 AM General Motors (GM) says the Chevrolet Spark EV will have a starting price of $27,495 when it goes on sale in California and Oregon next month which will make it one of the budget leaders in the category. The model's price falls to $19,995 after factoring in the a $7,500 federal tax credit. [Consumer] Comment!
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6:56 AM Prepping for the government possibly classifying it as a "systematically important financial institution," AIG is on the lookout to hire a director with regulatory experience. On the list are those who have run regulated financials as well as former regulators, according to sources. It's a new regulatory day, and an insurance company whose board is heavy with insurance people won't cut it anymore. [Financials] Comment!
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6:52 AM More on Signet Jewelers' (SIG) FQ1: Same-store sales rose 6.4% Y/Y, led by a 10.2% gain by Kay in the U.S. E-commerce sales in the U.S. division increased 48% to $25.6M. Average transaction prices rose during the quarter. The retailer expects to open 70 to 80 new Kay and Jared stores in FY14. (PR) [Earnings, Consumer] Comment!
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6:48 AM S&P 500 futures (SPY) -1%, Nasdaq 100 (QQQ) -1% following the Nikkei's 7.3% crash overnight. In Europe, the Stoxx 50 (FEZ) -2.2%. Shanghai fell 1.2% as its PMI slipped into contraction territory for the first time in 7 months. Treasurys catch a bid, the 10-year yield off 5 bps to 1.99%, TLT +0.8% premarket. 12 Comments
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6:47 AM More on Hormel Foods' (HRL) Q1: Volume was up 4% during the quarter. Revenue gains were led by a 49% Y/Y increase in Grocery Products, while Refrigerated Foods and Jennie-O Turkey Store sales both fell back. Segment operating profit slipped 2%, partially due to higher grain costs and weaker commodity turkey prices. The company backs its full year EPS guidance of $1.93-$2.03. (PR) [Consumer, Earnings] Comment!
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6:42 AM More on TD Bank (TD) FQ2 earnings: Adjusted EPS of $1.90 vs. $1.78 a year ago. Canadian retail banking net income of $877M up 5% Y/Y. U.S. retail banking net income of $392M up 9%. Wholesale banking net income of $220M up 12%. Provision for credit loses of 0.39%, up from 0.35% last quarter, 0.37% a year ago. Tier 1 capital ratio of 10.8%. Book value/share of $50.18 vs. $45.19 a year ago. Bank has applied to repurchase up to 12M shares on TSX, more than 1% of the float. (PR) [Earnings, Financials] 1 Comment
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6:35 AM Signet Jewelers (SIG): Q1 EPS of $1.13 beats by $1.13. Revenue of $993.6M. (PR) [Earnings, Breaking News] Comment!
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6:33 AM Toronto-Dominion Bank (TD): Q1 EPS of C$1.90 in-line. Revenue of C$6.0B misses by C$0.07B. (PR) [Earnings, Breaking News, Financials] Comment!
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6:31 AM Goldman drops a Sell rating on Realty Income (O): "We believe upside earnings surprise risk is larger in small-cap healthcare and traditional net lease REITs due to their smaller asset bases. Additionally, O trades at a 38% premium to our net lease and healthcare names on a 2013E AFFO multiple basis. Although we believe O's record of a sustainable and growing dividend will continue, we also think material dividend increases are more likely across the REIT sector (average AFFO payout of 77%) than for O (92%)." O fell 4.8% yesterday and is off 1.3% premarket. [Quick Ideas, On the Move] 4 Comments
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6:09 AM Taomee (TAOM): Q1 EPS of $0.04 misses by $0.02. Revenue of $9.6M beats by $1.4M. (PR) [Earnings, Breaking News] Comment!
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6:00 AM Overseas: Japan -7.3%. Hong Kong -2.5%. China -1.1%. India -1.9%. London -1.9%. Paris -2.4%. Frankfurt -2.7%. 1 Comment
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5:41 AM The preliminary Markit composite PMI for the eurozone prints at 47.7 in May which, albeit still squarely in contraction territory, is still a three-month high. Both services and manufacturing "saw an easing in the rate of decline" and employment dropped for the seventeenth straight month. Ultimately, "the eurozone's second recession in five years looks set to drag into a seventh successive quarter," Markit's chief economist Chris Williamson says. [Global & FX] Comment!
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5:30 AM Japan's economy minister isn't worried about Thursday's sell-off . "I thought the pace of the Nikkei’s rise recently was faster than expected [and] the weak Chinese data prompted investors to take profits all at the same time," Akira Amari says. As for the yen: of course it rose, stocks were down, he notes. [Global & FX] 1 Comment
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5:18 AM Lenovo (LNVGY.PK): FQ4 net profit of $127M beats by $20M. FQ4 revenue of $7.83B (+4% Y/Y) misses by $140M. Full year net profit of $635.15M beats by $16.91M. Full year Revenue of $33.87B (+15% Y/Y). [Tech, Earnings] Comment!
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4:57 AM Monitoring the global sell-off: European markets are down sharply following the Japanese session with the FTSE -1.87%, DAX -2.6%, CAC 40 -2.45%, IBEX 35 -2.17%. [Global & FX] Comment!
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4:42 AM Even Japanese stocks are subject to the law of gravity (who knew?) as a confluence of factors sends the Nikkei (EWJ, DXJ) plunging 7.3% on the session (the swing from intraday high to low was ~9%). Yields on JGB 10s (JGBL) spiked above 1% at one point as an already skittish and volatile market was further rattled by what have generally been perceived as hawkish comments out of Ben Bernanke and other Fed officials on Wednesday. Yields pulled back in late trading. Compounding the problem for Japanese stocks was the yen (FXY), which has strengthened some 2% against the dollar to 101.16 most recently. (See also: China HSBC flash PMI shows contraction) [Global & FX, On the Move] 8 Comments
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3:17 AM China PMI shrinks for the first time in seven months, dropping to 49.6 from 50.4 in April, missing expectations. HSBC, who collect the data, didn't mince words in an appeal to Beijing: "The cooling manufacturing activities in May reflected slower domestic demand and ongoing external headwinds. A sequential slowdown is likely in the middle of Q2, casting downside risk to China's fragile growth recovery. Moreover, the further signs of labor market slackness call for more policy support. Beijing still has fiscal ammunition to do so." ETFs: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF; BONDS: RMB, DSUM, CHLC, CNY, CYB, FXCH [Global & FX] 1 Comment
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3:08 AM Equity futures turn sharply lower overnight, possibly in reaction to weak manufacturing data out of China and a mini-crash in Japan that left the Topix -6.9%. Factory activity in China shrunk for the first time in 7 months, reflecting "slower domestic demand and ongoing external headwinds." S&P futures currently -1.1% to 1637.50 after dropping below 1634 when European markets first opened. [Global & FX, Breaking News, On the Move] 12 Comments
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12:00 AM Thursday's economic calendar:
6:05 Fed's Bullard: U.S. Economic and Monetary Policy
8:30 Initial Jobless Claims
9:00 PMI Manufacturing Index Flash
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 New Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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