MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Friday, May 25, 2012
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4:10 PM Market recap: Stocks stumbled in listless pre-holiday trading, with no news to ease fixation on Spain (I, II, III), where regional banks are struggling and government bond yields are shooting higher. Still, all three top indexes posted their best weekly gains this month, snapping a three-week losing streak. Advancers and decliners finished nearly even on the NYSE. Comment!
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6:54 AM Lehman Brothers (LEHMQ.PK) confirms a report that it has agreed to buy the 26.5% stake it doesn't own in Archstone from Bank of America (BAC) and Barclays (BCS) for $1.58B. As expected, Sam Zell's Equity Residential (EQR), which was also battling for the apartment giant, will receive a $150M break-up fee from Lehman and the two banks. Comment!
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4:44 AM Dell (DELL) is in talks to buy Quest Software (QSFT), Bloomberg reports, as the PC maker continues its strategy of shifting its focus to higher-end business customers. In March, Quest agreed to sell itself to P-E firm Insight for $2B, or $23-a-share, although it then received other offers during a "go-shop" period. Comment!
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4:31 AM EU shares are higher for a second day as bargain hunters step into a market that was beaten down by fears over Greece earlier this week, and on hopes of another injection of ECB liquidity. Euro STOXX 50 +1%, London +0.6%, Paris +0.9%, Frankfurt +1.2%, Milan +1.25%, Madrid +1%. Comment!
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Thursday, May 24, 2012
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4:10 PM Market recap: Stocks bounced off losses after Italian PM Monti said most leaders at the EU summit backed joint eurobonds and he'd push Germany to support them (good luck with that). Earlier, talk that China’s biggest banks may fall short of loan targets was driving stocks lower. The euro tumbled to a 22-month low near $1.25; crude oil eased back above $90. NYSE losers slightly outnumbered gainers. 4 Comments
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9:15 AM Market preview: EU shares and U.S. stocks are higher despite some awful eurozone and Chinese PMI data. S&P Benchmark +0.1%. It could be because the EU says it wants Greece to stay in the eurozone, although they are planning for a "Grexit." Following earnings, H-P is +7.6% and Pandora is +17%, but NetApp is -13% and Tiffany is -8.2%. Later: Kansas City Fed Mfg Survey, Fed's Dudley Comment!
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8:38 AM Moody's affirms France's AAA-rating and its negative outlook, saying it would raise its outlook if the country's debt metrics improve but would cut if its contingent liabilities increase. Moody's adds that France's plan for sustainable finances is positive. 1 Comment
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8:32 AM Initial Jobless Claims: 370K vs. 371K consensus (prior week revised to 372K from 370K). Continuing claims -29K to 3.26M. 1 Comment
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8:28 AM Talks between the P5+1 world powers and Iran have continued for a second day, although big differences still remain. Iran wants the West to cancel its impending oil sanctions for the negotiations to carry on; the EU and U.S. want the country to halt its production of higher-enriched uranium and reverse its current capabilities. Comment!
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4:33 AM UK Q1 GDP revised down to -0.3% Q/Q from -0.2% preliminary reading. GDP revised down to -0.1% Y/Y from 0.0% preliminary. Comment!
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4:04 AM Eurozone flash PMI composite index comes in at 45.9 in May, a 35-month low, vs. 46.6 expected and 46.7 previous. Manufacturing at 45.0 vs. 45.9 prior. Services at 46.5 vs. 46.9 prior. 4 Comments
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3:27 AM Shell (RDS.A) extends its $1.8B offer to acquire Cove Energy (CNVGF.PK) to June 13, after Thailand's PTT Exploration came in with a higher $1.9B bid yesterday, sending Cove shares +11.2% in London to 249p, above PTT's 240p/share bid. Some expect Shell to pony up as much as $2.5B; Shell plays coy - it's "considering its options and will make a further announcement if appropriate." (previously) Comment!
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Wednesday, May 23, 2012
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4:10 PM Market recap: Stocks snapped back sharply from lows after France's Hollande and Italy's Monti voiced support for euro bonds and the Fed's Kocherlakota said a fall off the fiscal cliff would argue for new QE. But the move could just as easily be explained by short covering after a period of weakness. Crude oil ended below $90 for the first time since October. NYSE gainers beat losers seven to six. 3 Comments
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10:32 AM Europe rapidly deteriorates, the Stoxx 50 -3%, led by Italy, -3.8%, and Spain, -3.2%. The euro goes bidless, sliding under $1.26 for the first time since August 2010. S&P 500 -1.1%. 10 Comments
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9:29 AM BlackBay trader Todd Schoenberger says the market has it all wrong over Linkedin (LNKD -0.5%), which has been dragged down of late by Facebook. The site has well-balanced global breadth and an advantegous business model. "I would buy it now even if it goes up 20% or down 20%...It's a buy and hold," says Schoenberger. 2 Comments
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9:15 AM Market preview: U.S. stock futures track EU shares lower as fears of a Greek euro exit flare up again ahead of an EU summit in Brussels, with the S&P benchmark -0.8%. Dell (-13.4%) is taking a battering following a fairly woeful earnings report, while Big Lots is -6.1% for a similar reason, although Facebook (+2.6%) gets a bit of light relief following its IPO carnage. Later: New Home Sales, H-P earnings Comment!
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5:56 AM EU leaders are due to meet in Brussels today as Germany comes under increasing pressure to agree to a softening of austerity and to eurobonds, ideas favored by Francois Hollande. However, as an EU diplomat says: eurobonds are "the equivalent of ringing the bell for a happy hour so the inebriated can postpone their hangover indefinitely." 3 Comments
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3:29 AM Thailand's PTT Exploration and Production trumps Shell's (RDS.A) bid for Cove Energy (CNVGF.PK), offering £1.22B ($1.9B) for the Mozambique-focused explorer. Cove's management says it now backs PTT's bid, with the reversal coming just hours ahead of a deadline for investors to accept Shell's $1.8B offer. Shell -1.2% in London. Comment!
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2:38 AM Japan's trade deficit widened to ¥520.3B ($6.5B) in April from a shortfall of ¥84.5B in March, as exports rose a less-than-expected 7.9%. Finmin Jun Azumi calls for the Bank of Japan to "take appropriate steps in a timely manner;" analysts believe BOJ may boost asset purchases in the coming months. 3 Comments
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Tuesday, May 22, 2012
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4:10 PM Market recap: Late-day selling picked up as the euro dove to lows on headlines from former Greece PM Papademos, who said a Greece exit from the euro is being considered and would have "catastrophic" consequences for Europe. A rebound in JPM lifted bank stocks. Crude oil slid 1% to $91.66 on signs of progress with Iran. NYSE decliners led advancers five to three. 9 Comments
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