MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, June 19, 2013
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8:55 AM Linn Energy (LINE) and LinnCo (LNCO) are upgraded to Outperform at Howard Weil, which believes the Berry Petroleum (BRY) merger could be a great catalyst, providing improved organic targets and an oilier profile. While LINN's primary focus is closing the BRY deal, H2 could prove exciting with an improved organic growth program and the potential for additional large acquisitions. LINE +1.6% premarket. Comment!
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8:55 AM Orchard Supply (OSH) tells investors rather bluntly that it expects equity holders will experience a "complete loss" of their investment as a result of the pending bankruptcy. Shares were bid up early this week on speculation that the sale of assets to Lowe's would leave some value in the company. OSH -51.5% premarket. Comment!
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8:38 AM Vanda Pharmaceuticals (VNDA) sinks 14% premarket after Adam Feuerstein raises questions about the design of the company's Phase 3 trial for Tasimelteon (previous) which he says has "changed numerous times." Specifically, Feuerstein notes that the company changed the primary endpoint to a measure it created which "has never been used before in sleep-drug clinical trials [and is not ] endorsed by the FDA." Comment!
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8:29 AM Vivus' (VVUS +4.3%) Stendra drug for erectile dysfunction demonstrated a statistically significant improvement vs a placebo a trial of 440 patients between the ages of 40 and 70, with the aim being for the medication to take effect within 15 minutes of being consumed. A major problem with other treatments is that patients are advised to wait 1-2 hours for the drugs take effect, or they have to be consumed daily. (PR) Comment!
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8:13 AM Cliffs Natural Resources (CLF) -1.8% premarket after shares are downgraded to Underperform from Neutral with a $16 price target (from $24) at BAML, which notes CLF's high cost of iron ore and met coal production. The firm thinks CLF will struggle to compete with new Australia capacity but sees no reason for a liquidity panic. 1 Comment
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8:11 AM BlackBerry (BBRY) slips 3% premarket after a downgrade to Sell at Bernstein, which sees earnings peaking in FQ1 and "significant risk" of a miss in H2. OTR Global says U.K. Q10 sales fell off a cliff and have been - "not a typo" - just 30K-50K units since launch, reports Notable Calls. 24 Comments
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8:10 AM BT Group (BT -3.1%) CEO Ian Livingston will leave the company in September to become the Minister of State for Trade & Investment in the U.K. government. Livingston will be replaced by Gavin Patterson, who has led BT Retail and served as a BT Board member since 2008. (PR) Comment!
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7:56 AM In a blog post announcing a partial recall of Model S vehicles, Tesla Motors (TSLA) CEO Elon Musk notes the automaker hasn't received a single customer complaint on the issue of a potentially-weak mounting bracket. Maintaining its sense of style, the company will arrange to have recalled vehicles picked up from its owners to be fixed. TSLA -2.0% premarket to $101.30. 5 Comments
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7:54 AM Tetra Tech (TTEK) -10.2% premarket after saying yesterday it expects to post an FQ3 loss due to higher than expected restructuring costs related to its eastern Canada and mining operations. Brean Capital downgrades TTEK to Hold from Buy, noting the pre-announcement implies that it will be several quarters before the company regains its footing in terms of overall profitability. Comment!
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6:56 AM American Capital Agency (AGNC) gains 2.5% premarket after cutting its quarterly dividend 16% to $1.05/share, a 16.6% annualized yield based on last night's close, suggesting the cuts aren't over with. SA Pro's Dane Bowler a month ago suggested an annual payout of about $3.50 as a "sustainable" level for the dividend. (PR) 3 Comments
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5:05 AM Shares in new News Corp. (NWS), which will hold the company's publishing assets when it splits on June 28, fell 3% to $14.55 on their trading debut in Sydney after opening at a lower-than-expected $15. The non-voting stock slumped over 8% to $14.30. Due to the split, shares in 21st Century Fox, the entertainment business that comprises the other half of News Corp and is still trading under the parent company's name for now, dropped 6.9% to $30.53. 1 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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Tuesday, June 18, 2013
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7:36 PM Pool Corp. (POOL) lowers its FY13 earnings guidance as the wholesale distributor said cooler and unusually wet weather in its seasonal markets in North America and Europe led to later-than-usual pool openings and lower-than- expected sales. The company cut its 2013 per-share earnings view by a dime, now expecting to earn between $2.03 to $2.13. Shares -6.3% AH. 1 Comment
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