MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 23, 2013
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8:04 PM More on Infoblox (BLOX): FQ3 beats across the board as total revenue ramps up 34% Y/Y. Net losses narrowed as the data-center technology company benefited from growing product demand across all regions. The company also raised its FY13 revenue expectations, now expecting between $220M to $221M, versus previously targeted revenue of $216M to $219M. For Q4, the company projected earnings of $0.08 - $0.09 a share on revenue of $58M to $59M. Analysts forecast an EPS of $0.07 on revenue of $58M. Shares +14% AH. [Tech, Earnings, On the Move] Comment!
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7:23 PM Sears Holdings (SHLD) gets slammed in after-hours trade following a disappointing first quarter that was much worse than analysts expected. In its conference call, CEO Eddie Lampert says the performance is "not acceptable,” adding that “a company of our size and with our assets should be generating a significant profit.” Shares -12% AH. [Earnings, On the Move, Consumer] 3 Comments
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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] 2 Comments
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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] 3 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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