MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Friday, May 24, 2013
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6:25 PM News Corp. (NWS, NWSA) expects to write down the value of its soon-to-be-independent publishing business by $1.2B-$1.4B this quarter, according to an SEC filing. The media company says "certain of its goodwill and intangible assets were potentially impaired” at the publishing business, which includes newspapers such as the NY Post and WSJ. [Consumer] 1 Comment
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6:02 PM Actavis (ACT) confirms that an Appeals Court has granted an injunction to AstraZeneca (AZN) to enjoin ACT from further distribution of its generic version of Pulmicort until AZN's appeal before the Court gets resolved. ACT launched its generic version on April 1, following a ruling that AZN's patent was invalid. The following day, the Court then issued a temporary restraining order blocking ACT's generic sales to permit AstraZeneca an opportunity to seek injunctive relief with the Federal Circuit. Shares -0.3% AH. [Healthcare] Comment!
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6:00 PM On the hour: S&P flat. 10-yr +0.02%. Euro +0.02% vs. dollar. Crude -0.44% to $93.84. Gold -0.47% to $1385.25. Comment!
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5:54 PM The U.S. State Department takes the unusual step of releasing publicly the feedback it received about the controversial Keystone XL pipeline (TRP) in response to its draft environmental report. Well represented in the first batch of ~1.2M total comments are green groups like Tar Sands Action and the Sierra Club as well as advocacy groups like Americans for Tax Reform and the Institute for Energy Research. [Energy] 4 Comments
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5:42 PM Starz (STRZA) +3.2% AH after an SEC filing reveals Berkshire Hathaway (BRK.A, BRK.B) acquired ~5.62M shares, or a 5% stake, in the company. [Consumer, On the Move] 3 Comments
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5:37 PM Galena Biopharma (GALE) files a primary offering to sell up to 10,771,184 shares of common stock tied to the exercise of its warrants. Shares -2.3% AH. [Healthcare, On the Move] Comment!
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5:15 PM Google (GOOG) is developing plans to build a wireless network in emerging markets such as Africa and southeast Asia, seeking to target major cities currently lacking wired service, WSJ reports. GOOG plans to team with local companies to develop the networks and formulate business models to support them, but it's unclear whether GOOG already has lined up such deals or alliances. [Tech, Global & FX] 2 Comments
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5:00 PM On the hour: S&P 0%. 10-yr +0.02%. Euro +0.02% vs. dollar. Crude -0.44% to $93.84. Gold -0.48% to $1385.15. Comment!
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5:00 PM Here's an interesting tidbit about the Dow, which managed to edge up again today: The blue-chip average has gone 101 trading days without a three-day losing skid, the longest stretch in its history. The closest run to what we're seeing today came in 1935, when the blue-chip average went 93 days without a three-day losing blip. (video) [U.S. Economy] Comment!
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4:47 PM Problems at the Pascua-Lama mine were already factored into Barrick Gold’s (ABX -2%) share price, and the slide after today's construction halt should be considered short-term, Gold Newsletter's Brien Lundin says. The $16M fine imposed by Chile is "immaterial" when contrasted to the $8.5B currently allocated to the project, Cowen analysts say. [Commodities] 4 Comments
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4:37 PM China GengSheng Minerals (CHGS) says it received a delinquency letter from the NYSE on May 21 notifying the company that it wasn't in compliance because it has yet to file its Form 10-Q for the quarter ended March 31. It has until June 4 to submit a plan of actions it has taken, or will take, that will bring it into compliance. [Global & FX] Comment!
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4:26 PM After rising nearly 13% at the open following better than expected Q1 revenues with a jump in subscribers to its premium service, Pandora (P -4.2%) shares moved too far too fast before falling amid questions about the quality of its results. "Pandora needs to show further monetization gains in order to reach sustainable profitabilty," Dougherty's Steven Frankel says. "The mission is far from complete." [Tech, On the Move] 13 Comments
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4:17 PM DA Davidson chimes in on HEICO (HEI +1.2%) today after the company posted a solid FQ2, raising its price target from $44 to $48 and reiterating its Buy rating. The firm says the raised guidance by the company indicates strong organic growth, while the benefits from its Reinhold acquisition also appear to be gaining traction as well. Credit Suisse also upped its price target on the shares as well on the strong quarter from $43 to $50. [Earnings, On the Move] Comment!
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4:10 PM Market recap: Stocks finished mostly lower but the Dow edged higher, avoiding its first three-day slump of the year. Given the light volume and the looming holiday weekend, investors likely were mostly trimming around the edges of their portfolios. Among S&P sectors, utilities and energy paced decliners, weak earnings weighed on retailers, and P&G lifted consumer staples. [Top Stories] Comment!
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