MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, June 19, 2013
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5:24 PM TransCanada (TRP) announces the appointment of a new independent director, Mr. John Richels, effective immediately. Mr. Richels has been the president and CEO of Devon Energy (DVN) since 2010. Comment!
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10:58 AM Teva Pharmaceutical (TEVA -0.5%) says it's settled a a class action lawsuit in Israel resulting in the generic drug titan disclosing the compensation of senior executives and directors on an individual basis starting with this year's annual report. The drugmaker also agreed to reimburse $1.1M for the plaintiffs' legal fees and other expenses in the case, which aimed to increase transparency at the company. Teva also will pay $200K in compensation to the plaintiffs. 1 Comment
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10:44 AM Winners and losers from Chrysler's (FIATY.PK) fight with the NTHSA: Though it capitulated and agreed to a recall, Chrysler scored a cheap fix (adding trailer hitches) to what could have been a more expensive issue and protected its brand in front of the planned buyout by Fiat and eventual IPO. The NHTSA saves itself what may have been a painful process of going through discovery - while General Motors (GM) and Ford (F) got a free look at how a battle with the agency goes down. Consumers with 1993-2004 Grand Cherokees and 2002-07 Libertys walk away with a little extra value due to the new trailer hitch, but might still be wondering about those rear-end collisions. 2 Comments
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10:36 AM Iraq's Kurds are set to complete a new oil pipeline to Turkey which could export more than 1M bbl/day by 2015, a move sure to provoke further anger from the Baghdad government as the autonomous region increases control over oil resources in its region. The plan is backed by Turkey, and Genel Energy (GEGYF.PK) is thought to be planning to send its Taq Taq output through the pipeline. Comment!
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10:31 AM Sony (SNE -2.9%) will not directly address Third Point's call for the company to spin off its entertainment business during its annual meeting tomorrow, according to sources. Loeb won't be in attendance, but the wide-open nature of annual meetings in Japan will give other shareholders plenty of chances to try to force Sony executives to make a statement on the proposal. Comment!
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9:44 AM Mexico is on the brink of ending a near 80-year monopoly in its oil and gas industry, as the government proposes opening up to profit-sharing deals and JVs to allow the exploration of increasingly difficult reserves. Pemex is known for inefficiency, corruption and large losses, but as a national symbol for many Mexicans, any moves are likely to involve liberalizing, not privatizing. 3 Comments
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9:15 AM Market preview: U.S. stock futures remain flat as investors look to be staying well out of the way until Ben Bernanke has his say later today. For those interested in something other than the "will they or won't they" tapering saga, Sprint is -3.4% as its acquisition process heads towards a Japanese endgame, while Adobe jumps 7.3% following earnings and Alcatel-Lucent climbs 4.8% on news of its revamp. Ongoing: Paris Air Show Comment!
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9:09 AM Markets in Southeast Asia coast through a quiet session amid thin trading ahead of the Fed. Thai (THD) and Vietnamese (VNM) shares outperform, rising 0.7% and 0.9% respectively while stocks in Singapore (EWS, EWSS), Malaysia (EWM), and Indonesia (EIDO, IDX) fall 0.5%, 0.07%, and 0.7%. Comment!
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8:05 AM Honda (HMC) agrees to pay $580M to settle a lawsuit filed by the U.S. government over engines which allegedly violated emissions standards. Comment!
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7:26 AM Hennes & Mauritz (HMRZF.PK) says sales in June are very strong as its new collections hit stores. CEO Karl-Johan Persson notes the strong month isn't due to promotions with most items selling at or near full-price. Comment!
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7:22 AM China's GDP growth forecast is cut to 7.4% by HSBC for both 2013 and 2014 from 8.2% and 8.4% previously. HSBC's view is now south of consensus as chief economist Qu Hongbin says reform measures - positive in the long-term - will actually be harmful to growth in the more immediate future. Shanghai (FXI, CAF) continues to slide, falling another 0.75% overnight. 1 Comment
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7:02 AM Smog-infested Shijiazhuangn in China announces a plan to limit automobile sales of new vehicles to 100K this year and only allow households to to own at most two cars in an effort to improve air quality. Automobile analysts think more cities in China could be forced to limit the growth of automobiles due to worsening air pollution. The measures could put the brakes on some of the most ambitious plans of automakers (F, TM, FIATY.PK, HMC, NSANY.OB, VLKAY.PK, DDAIF.PK) for the country. 5 Comments
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4:52 AM The Bank of England's Monetary Policy Committee again voted unanimously to keep interest rates at 0.5% at a meeting earlier this month and 6-3 against more quantitative easing, the minutes show. As in the last few months, outgoing Governor Mervyn King was among those wanting the bank to increase the program by another £25B to £400B. This was King's last vote before he cedes the reigns to Mark Carney in July. The pound drops against the dollar and is now -0.1% at $1.5624. (PR) Comment!
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4:22 AM European shares (FEZ) mostly fall as investors adjust their positions ahead of the Fed, although there does seem to be increasing confidence that the FOMC won't signal the end of its QE program today. "There is a lot of slack in the economy and there is no inflation pressure," says Standard Chartered's Ned Rumpeltin. EU Stoxx 50 -0.1%, London -0.7%, Paris -0.6%, Frankfurt -0.7%, Madrid +0.5%, Milan flat. Comment!
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4:11 AM Japanese shares (DXJ) buck the trend in Asia and rise 1.8% after exports jump a better-than-expected 10.1%, with Sony and SoftBank rising on corporate news (I, II). Stocks elsewhere in the region fall as investors stay cautious ahead of the FOMC monetary policy announcement later. Hong Kong -1.1%, China -0.7%, India -0.3%. Comment!
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1:35 AM The weak yen helped Japanese exports grow at the fastest rate since 2010 in May, with sales abroad jumping 10.1% on year vs +3.8% in April and consensus of +6.5%. However, volume dropped 4.8%, hurt by the economic situation in China and the EU. Imports climbed 10% vs +9.5% a month earlier and forecasts of +10.8%. Japan generated a trade deficit for the 11th consecutive month as the figure widened 13% on month to ¥993.9B ($10.4B). (PR) Comment!
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Tuesday, June 18, 2013
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6:44 PM More on China Cord Blood (CO): FQ4 easily beats estimates across the board on a 33% jump in total sales. Accumulated subscriber base rose by 30.1% Y/Y. Gross margin also rose to 79.8%, from 76.6%. Shares +3.4% AH. Comment!
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3:14 PM Smoking rates in the U.S. dipped even lower than expected, according to data released by the CDC. Last year, only 18% of adults in the U.S. identified themselves as smokers after the rate stalled around the 20% to 21% range for a seven-year period. The news isn't a shock for Big Tobacco (MO, LO, RAI, BTI) which has been pitching the case that electronic cigarettes will be a billion-dollar business. 5 Comments
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2:37 PM Chrysler (FIATY.PK) has reportedly decided to comply with a government request to recall 2.7M vehicles to end a showdown over the issue which upset the status quo in the industry a bit. Comment!
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