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MARKET CURRENTS

  • Wednesday April 23, 10:48 AM ET
    • Papa Murphy's (FRSH) prices its IPO at $11 to $13 per share.
    • The restaurant operator could raise in the neighborhood of $87M with its public offering of shares.
    • Analysts don't see explosive growth for the chain, but note management has shown a steady hand.
    • SEC Form S-1
    [Consumer] Comment!
  • Wednesday April 23, 10:41 AM ET
    • Gaming in revenue in Macau will soar to $90B in 2018 after factoring in new casinos in Cotai, forecasts investment giant CLSA.
    • The firm sees the VIP and mass market segment both contributing to the explosive growth.
    • By comparison, Macau brought in $45B last year and major casinos in Nevada had revenue of just under $24B.
    • Macau related stocks: MPEL, MGM, WYNN, LVS, GXYEF, SJMHF.
    [Consumer] 1 Comment
  • Wednesday April 23, 10:39 AM ET
    • Nabors Industries (NBR +2.3%) marches higher despite reporting Q1 earnings that were cut in half from the previous year, as weather-related interruptions in its completion services segment overshadowed an otherwise solid performance by its drilling operations.
    • The weather impact was concentrated in completion services operations, which posted a $33.6M loss; the results also were affected by the expiration of a significant long-term contract.
    • CEO Anthony Petrello said market activity and pricing are strengthening, as higher than expected customer cash flows and moderating rig productivity are translating into incremental rig demand.
    • Argus lowers its FY 2014 EPS estimate, expecting the next two quarters to be challenging for NBR due to the launch of new rigs by competitors, but the firm sees earnings growing over the longer term and recommends the stock for investors with a time horizon of six months or longer (Briefing.com).
    [Energy, Earnings, On the Move] Comment!
  • Wednesday April 23, 10:31 AM ET
    • EIA Petroleum Inventories:
    • Crude +3.5M barrels vs.consensus of +2.4M and +10M last week.
    • Gasoline -0.3M barrels vs. consensus of -1.4M and -0.2M last week.
    • Distillates +0.6M barrels and -1.3M last week.
    • Futures -0.12% at $101.63.
    [Energy] 1 Comment
  • Wednesday April 23, 10:28 AM ET
    • Primark (ASBFY) plans to open its first store in the U.S. next year in the Boston region.
    • The British retailer has done well across the pond by offering fashion-conscious buyers a thrifty option.
    • Primark is owned by Associated British Foods (ASBFY).
    [Consumer, Global & FX] Comment!
  • Wednesday April 23, 10:20 AM ET
    • Morgan Stanley has downgraded Quality Systems (QSII -5.2%) to Underweight. Its PT stands at $15.
    • Shares of the patient care software provider have made fresh 52-week lows. They fell hard in January thanks to an FQ3 warning.
    [Tech, On the Move] Comment!
  • Wednesday April 23, 10:19 AM ET
    • The seasonally adjusted new home sales pace of 384K in March is 14.5% below that of February and 13.3% lower than a year ago. It's the slowest pace since July, and 14.5% is the 3rd-largest decline in 20 years. The median sales price of $290K is up 12.6% Y/Y. The supply of new homes on the market is 6 months at the current sales pace, up from 5 months in February.
    • Homebuilder ETFs: ITB -1.7%, XHB -1.2%.
    • Toll Brothers (TOL -1.6%), Lennar (LEN -1.9%), Hovnanian (HOV -1.5%), Pulte (PHM -1.6%), KB Home (KBH -3.3%), Beazer (BZH -2.4%), Ryland (RYL -2.6%)
    • The 10-year Treasury yield dips two basis points to 2.69%. TLT +0.4%, TBT -0.8%
    • Full report
    [U.S. Economy, Top News, On the Move] 1 Comment
  • Wednesday April 23, 10:16 AM ET
    • NuStar Energy (NS +0.9%) reports a mixed Q1 earnings picture but says Q1 distributable cash flow from continuing operations available to limited partners was $1/unit, vs. $0.73/unit DCF in the year-ago quarter; EBITDA from continuing operations was $126.7M vs. $94.1M a year ago.
    • Expects Q2 EPU and EBITDA results and coverage ratio to exceed year-ago results; sees higher EBITDA in its pipeline and fuels marketing segments due to increased pipeline throughputs and improved results in bunkering operations.
    • Backs FY 2014 pipeline segment EBITDA $40M-$60M higher than 2013, and expects to start covering distributions in H2 and for FY 2014.
    [Energy, Earnings] Comment!
  • Wednesday April 23, 10:08 AM ET
    • Credit Suisse cuts its rating on Tata Motors (TTM -0.7%) to a Neutral rating from Outperform.
    • The investment firm cites a lack of catalysts in making its call.
    [Consumer, Global & FX] Comment!
  • Wednesday April 23, 10:03 AM ET
    • Joseph Dunsmore, Digi's (DGII -1.3%) CEO since 1999 and chairman since 2000, will retire at year's end or "upon the earlier appointment of his successor." Executive search firm Spencer Stuart has been hired to find his replacement.
    • Aside from a post-Dot.com bubble crash and rebound, Digi shares have largely tread water since Dunsmore took over.
    [Tech] Comment!
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