MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Friday, May 24, 2013
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4:26 AM Google (GOOG) could reportedly enter the fray for Israeli start-up Waze, which provides a mobile phone app that helps drivers avoid traffic jams and has over 40M users. Waze has been holding talks with Facebook (FB) for a $1B deal while there was chatter earlier this year of Apple offering $500M. Waze could disappoint them all by raising more venture-capital money and staying independent. Comment!
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4:11 AM German Ifo index of business confidence rises to 105.7 in May from 104.4 in April and tops estimates of 104.5. Current conditions 110 vs 107.3 and 107.2. Expectations static at 101.6, as forecast. The euro (FXE) spikes vs the dollar is now +0.1% after being lower, while the DAX is +0.1%. Comment!
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4:03 AM District Court Judge John Gleeson is reportedly considering rejecting HSBC's (HBC) $1.9B deal with authorities over money laundering charges involving terrorists and drug dealers. Should Gleeson quash the agreement, HSBC could be left open to criminal prosecution and a ban from operating in the U.S., although the DOJ is questioning whether the judge has the authority to reject the deal. We could hear more details at HSBC's annual meeting today. Shares -0.9% in London. Comment!
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3:41 AM The yen is higher vs the dollar as volatility in the currency markets somewhat echo the gyrations in Japanese stock markets. Bank of Japan Governor Haruhiko Kuroda says that the BOJ has no set target for the yen and that stability in Japanese debt market is "extremely desirable." His comments follow the extreme instability yesterday, when 10-year JGB yields rose as high as 1%, prompting the BOJ to step in with a fund-supplying operation. Dollar -0.5% at -¥101.54. Comment!
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3:08 AM Japanese shares end +0.6% following a volatile session in which stocks rose and fell by over 3% vs the close yesterday, when they slumped 7.3%. The plunge on Thursday was "just a speed bump" given this year's strong returns, says U.S. fund manager Audrey Kaplan. Improving economic conditions "will support the market going forward." Hong Kong flat, China +0.6%, India +0.3%. 2 Comments
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Thursday, May 23, 2013
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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%. 3 Comments
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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. 6 Comments
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Wednesday, May 22, 2013
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7:13 PM Lender Processing Services (LPS) is the subject of acquisition talks with Fidelity National (FNF) and buyout shop Thomas H. Lee, with a price tag of about $2.9B, the WSJ reports. Fidelity National was LPS' parent until a 2008 spinoff; a deal would not only bring the service provider back into FNF's umbrella, but mark the latest of many deals Fidelity's made with Thomas H. Lee. The deal values LPS at about $33/share; it closed Wednesday at $29.11. 3 Comments
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4:15 PM Market recap: It was quite a day for the tea-leaf readers. Stocks spiked early on release of Bernanke’s prepared testimony, then began to fade as he seemed to break with the dovish tone during his Q&A, and then turned red as the Fed meeting minutes indicated a bit of a dilemma over when to taper. Gold futures, up more than 1% early, finished negative. The dollar rallied; Treasurys fell, lifting 10-year yields to 2%. 24 Comments
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2:04 PM FOMC Minutes: A "number" on the FOMC favored beginning a tapering of QE as early as June, but the committee as a whole decided more progress on the economy is needed first. A few participants expressed concern inflation is under target and say future price developments must be carefully watched. One member wanted to boost asset purchases, while one wanted tapering to begin immediately. 12 Comments
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10:03 AM Bernanke Congressional Testimony: Premature tightening risks choking off the economic recovery, says Bernanke in prepared remarks, and the FOMC stands ready to increase or decrease QE as necessary. Watch live here. 11 Comments
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Tuesday, May 21, 2013
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4:10 PM Market recap: Stocks pushed higher as regional presidents Dudley and Bullard signaled the Fed remains far from winding down its stimulus, plus a bullish outlook from Goldman Sachs. Bernanke is on deck tomorrow with Senate testimony. Leading the gains were health care, consumer and bank stocks, while telecom and tech weighed on the downside. Treasurys rose; 30-year yields fell to 1.935%. 2 Comments
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11:49 AM As leaked earlier, Jamie Dimon will keep both jobs at JPMorgan (JPM +2.1%) as the vote to separate the Chairman and CEO roles receives only about 32% support (got 40% last year). Additionally, all board members are re-elected, including risk-committee member Ellen Futter, who got 53.1% of the vote. 6 Comments
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9:09 AM Sprint (S) raises its offer for Clearwire (CLWR) to $3.40/share ahead of today's shareholder vote on a $2.97/share offer, which was widely expected to be shot down. The revised offer, which trumps Dish's (DISH) $3.30/share bid and has been sent to Clearwire's board for review, is said to have the support of Comcast, Intel, and Bright House, who collectively own 26% of Clearwire shares not held by Sprint. Nonetheless, Clearwire +6.1% to $3.46, above the offer price. Sprint +1.1%. (previous) 6 Comments
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8:59 AM The effort to split the Chairman and CEO jobs at JPMorgan (JPM) appears to have failed, reports the NYT, citing sources who have seen the early tallies. The 3 members of the board's risk committee also look to have survived (an earlier leak says the 3 may be going no matter the vote outcome). The annual meeting begins at 10 ET. Shares +0.9% premarket. 1 Comment
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Monday, May 20, 2013
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4:15 PM Market recap: Stocks pulled back after the Dow and S&P hit new all-time highs, as comments from the Fed's usually-dovish Charles Evans on the improving economy added to views that he would support tapering QE bond purchases. Energy issues posted strong gains, balanced by lagging consumer staples. Gold and silver each rose more than 2% after big early losses, likely due to short covering. Comment!
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5:15 AM Directors at Chesapeake Energy (CHK) recruit Anadarko (APC) senior VP of international and deep-water operations Robert Douglas Lawler to succeed Aubrey McClendon as CEO, WSJ says. Lawler, a seasoned industry veteran, will join CHK on June 17 and says he "looks forward to generating value for shareholders in the years ahead." Besides plugging a multi-billion dollar gap between the company's spending and cash flow, Lawler's greatest challenge might be dealing with McClendon, whose contractual well investment rights mean he will likely be a part of the picture at CHK even if he isn't at the helm. 4 Comments
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Friday, May 17, 2013
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4:10 PM Market recap: The familiar buy-the-dip trade was back in action, and a bigger than expected rise in consumer sentiment plus a gain in leading economic indicators bolstered the view that maybe the economy isn't so bad. All key S&P sectors were in the green, led by energy and industrials. The dollar index jumped to its highest since July 2010, one of the factors behind gold's seventh straight losing session. 9 Comments
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10:41 AM Tableau's (DATA) IPO is as good as advertised. Shares opened at $47 and are currently at $49.82, up 61% from a raised IPO price of $31. That gives the analytics/data visualization software vendor a valuation of $2.86B, or a whopping 22x 2012 revenue. Rival Qlik (QLIK +4.6%) is up in sympathy - a bullish BMO note might also be helping. (S-1) (Pac Crest) Comment!
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