MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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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. 8 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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Thursday, May 16, 2013
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4:10 PM Market recap: Stocks staged a mild retreat from record highs as talk of a Fed wind-down from its bond-buying program grows louder. Downbeat reports on jobless claims and housing starts weighed on sentiment at the open. Most S&P sectors fell, led by health care and utilities, while techs rallied after Cisco (+12.5%) topped expectations. Treasurys rose, pulling the 10-year yield to 1.87%. 4 Comments
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8:31 AM Initial Jobless Claims: +32K to 360K vs. 330K consensus, 328K prior (revised). Continuing claims -4K to 3.00M. 11 Comments
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Wednesday, May 15, 2013
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4:30 PM More on Tesla: The company announces it's offering 2.7M shares (current value of $244M) and $450M in convertible debt due 2018 in a public offering. Elon Musk plans to buy $100M worth of shares - $45M through the offering, $55M through a private placement. Tesla expects $830M in gross proceeds. TSLA now +6.8% AH. 51 Comments
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4:10 PM Market recap: An anticipated pullback fizzled out early, and stocks continued to climb to new records, this time led by utilities and consumer staples which had been lagging recently. Tech shares trailed, as Apple continues to drop. Reports on manufacturing, industrial production and producer prices all were disappointing; though nothing seems to touch the broader stock market, most commodities were whacked. 5 Comments
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Tuesday, May 14, 2013
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4:15 PM Market recap: Why do people listen to David Tepper? Because he's often right. His appearance on CNBC this morning to share his bullish views set the table for today's rally, led by big banks including BofA and AmEx. However, techs lagged after Apple sold off on no apparent news. Nymex crude ended below $95 as the IEA detailed a "supply shock"; gold fell to a three-week low at $1,424.50. 12 Comments
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11:38 AM Dell (DELL -0.6%) will deliver its FQ1 report on Thursday instead of next Tuesday and EPS will miss estimates, David Faber reports. Though light on details, Faber says annualized operating income will be "well below" the $3B the Street is looking for, and notes weaker free cash flow will hurt the ability of a buyer to lever up the company. Shares are down to $13.44, 2% below Michael Dell/Silver Lake's $13.65 offer price. Update: Dell confirms its FQ1 report will now arrive on Thursday afternoon. 5 Comments
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Monday, May 13, 2013
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4:53 PM Verizon Wireless is making a fresh $7B cash distribution to owners Verizon (VZ) and Vodafone (VOD) - Verizon will get $3.85B, and Vodafone $3.15B. A $10B distribution was made in 2011, and an $8.5B distribution last November. CEO Lowell McAdam appeared to be hinting earlier this month Vodafone might not get a distribution this year, as Verizon Wireless focuses on paying down debt. VOD +0.5% AH. VZ +0.3%. 5 Comments
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4:15 PM Market recap: Stocks finished flat in lackluster trading, as stronger than expected retail sales were offset by disappointing news on China industrial production, which weighed industrial firms such as Alcoa and Joy Global. Investors also mulled the WSJ report that the Fed may be getting ready to scale back its bond-buying program. Treasurys fell, pushing 10-year yields to 1.931%; the dollar hit a four-year high vs. the yen above ¥102. Comment!
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Friday, May 10, 2013
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4:15 PM Market recap: An afternoon move higher pushed the S&P 500 +0.4% on the session to a new record close of 1,633. For the week the index gained 1.2%. The Nasdaq rose 0.8% on the day and 1.7% for the week. Tesla tacked on another 10% to yesterday's big move, and Molycorp shot 32% higher after an earnings beat and positive CC. Gold tumbled as much as $50/ounce before recovering to close just 1.5% lower. The devaluation of the yen continues, with dollar/yen - until about 24 hours ago unable to punch through ¥100 - rising all the way to ¥101.53. 1 Comment
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9:47 AM True Religion (TRLG) to be acquired by TowerBrook Capital Partners for $32/share in cash, valuing the company at $835M. Shares closed yesterday at $29.44. Back on Oct. 10, when TRLG first said it would explore strategic initiatives, it was trading at $21. TRLG halted. (PR) Great call by Vince Martin and Rabish. Comment!
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9:34 AM The "reach for yield," the threat of a run in money-market funds, and the possibility short-term wholesale markets could dry up are among the issues the Fed is keeping an eye on, says Ben Bernanke in a speech centered on vulnerabilities in the financial system. The legacy of the financial crisis remains - not just in lost jobs, but the legal and reputational consequences as well. 2 Comments
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Thursday, May 9, 2013
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4:15 PM Market recap: Stocks slipped down the stretch to halt the S&P’s five-session winning streak, even as data showed weekly jobless claims fell to a five-year low. The decline occurred amid speculation hinting at changes to the Fed's easing program. Most sectors ended lower, dragged by utilities and telecoms. The dollar rose across the board, soaring above 100 yen for the first time in four years. 4 Comments
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7:01 AM The Bank of England leaves policy unchanged, its benchmark rate remaining at 0.5% and the QE program dormant. Comment!
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Wednesday, May 8, 2013
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4:11 PM Groupon (GRPN): Q1 EPS of -$0.03 in-line. Revenue of $601.4M (+8% Y/Y) beats by $12.5M. Expects Q2 revenue of $575M-$625M vs. $616.1M consensus. Expects Q2 operating income of $20M-$40M, reaffirms 2013 GAAP operating income guidance of $100M+. Shares +12.2% AH. (PR) 3 Comments
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4:10 PM Market recap: Stocks finished near session highs, and the S&P tallied a fifth straight record close, as profit outlooks from companies including Electronic Arts helped boost sentiment. Industrial metals moved higher after China's better-than-expected trade surplus, which saw strong improvement in imports and exports. Treasurys rose despite a tepid auction; gold climbed 1.7%. 12 Comments
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Tuesday, May 7, 2013
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4:14 PM Market recap: The Dow gained 0.6% to close above 15K for the first time, and the S&P 500 rose 0.5% to a record-high 1,626. The Nasdaq closed flat as Apple took a break from its recent run, and Microsoft, Google, and Cisco all posted losses. AIG gave back some of its big spring gains after a Goldman downgrade and Yahoo rose 3.6% after its 10-Q revealed big results for Alibaba. Comment!
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Monday, May 6, 2013
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4:15 PM Market recap: Stocks digested Friday's rally to end narrowly higher in a quiet session marked by no major economic news. BofA led Dow gainers after reaching a settlement with MBIA in a legal dispute, helping push financials higher. Techs, a laggard for much of the year, extended recent gains as Apple and Google posted strong showings. Demand for safe-haven 10-year Treasurys fell, pushing yields up to 1.77%. Comment!
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