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MARKET CURRENTS

  • 2:00 PM On the hour: Dow +0.17%. 10-yr -0.52%. Euro -0.36% vs. dollar. Crude -1.59% to $94.65. Gold -1.06% to $1362.95. Comment!
  • 2:00 PM OpenTable (OPEN -5.1%) slides as investors seem displeased with its Q1 Restaurant Industry Index which shows a 1.4% decline in the number of guests served in reservation-taking establishments in North America during the quarter. Some markets (notably Atlanta, Chicago, Philadelphia, and to a lesser extent Boston) faced "notable headwinds" as Y/Y growth rates swung squarely into negative territory. (PR) Comment! [Tech, On the Move]
  • 1:51 PM Johnson Controls (JCI) declares $0.19/share quarterly dividend, in line with previous. Forward yield 2.01%. For shareholders of record June 7. Payable July 2. Ex-div date June 5. (PR) Comment! [Dividends]
  • 1:50 PM Joy Global (JOY -3.3%) slides today, making it one of the worst laggards in the S&P 500 after Barclay's cut the shares to EqualWeight and lowers its price target from $79 to $66. Comment! [On the Move]
  • 1:43 PM Google just released a new tool under Google Trends to rank the highest search terms per category. Though it's not quite actionable advice quite yet, a lot of scientific abstracts have been making a solid case that in some industries a correlation between Google searches and stock prices exists. The trick is separating negative searches from positive ones. The most searched fashion brands on Google: 1) Forever 21 2) American Eagle Outfitters (AEO +2.3%) 3) Hennes & Mauritz (HMRZF.PK) 4) Tiffany (TIF +0.2%) 5) Hollister (ANF +1.2%). Comment! [Consumer]
  • 1:35 PM Citing an FDA warning letter and the company's revised FY13 guidance among other factors, Moody's puts Hospira's (HSP -0.8%) long-term debt rating on review for downgrade. The ratings agency says "cash payouts associated with [HSP's new medical device] strategy, remediation costs, and the potential for lost sales once its branded injectible sedative, Precedex, loses patent protection" could hurt liquidity and tighten credit metrics. Comment! [Healthcare]
  • 1:34 PM Ironwood Pharmaceuticals (IRWD -5%) slips after pricing its previously announced 10.5M share offering at $13 per share. All shares are being offered by the company, and proceeds are expected to be around $136.5M. The company intends for net proceeds to support the commercial launch of Linzess as well as support general research and development within the Company's pipeline. Comment! [Healthcare, On the Move]
  • 1:25 PM The list of groups Abercrombie & Fitch (ANF +1.6%) has offended recently just got a little longer after a judge says he will contemplate an injunction against the retailer for discriminating against the handicapped. A lawsuit filed by a group of customers alleges the retail chain limits access to shoppers in wheelchairs as it caters to its targeted younger svelte crowd. (Previous: No plus-sized lines for ANF) 2 Comments [Consumer]
  • 1:23 PM CTS Corporation (CTS) declares $0.035/share quarterly dividend, in line with previous. Forward yield 1.18%. For shareholders of record June 28. Payable August 2. Ex-div date June 26. (PR) Comment! [Dividends]
  • 1:16 PM More on Saks-Neiman Marcus: A combination of the two high-end retailers could help save costs through store closings and would give rival Nordstrom (JWN +0.5%) plenty to think about. Still, striking a deal price could be very tricky with KKR advising Saks (SKS +17%) on one side and Goldman Sachs repping Neiman Marcus on the other. Stay tuned. Comment! [Consumer, M&A]
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