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MARKET CURRENTS

  • 8:22 AM Protalix BioTherapeutics (PLX) says the Brazilian Ministry of Health commits to purchase ~$40M worth of the Gaucher disease treatment alfataliglicerase per year for two years and at least that much there after as part of a "technology transfer" agreement. PLX +8.3% premarket. (PR) Comment! [On the Move, Healthcare]
  • 8:20 AM Is it a one-month wonder or is trading activity materially picking up at the retail brokerages? E*TRADE (ETFC) reports a 15% monthly and 11% yearly increase in Daily Average Revenue Trades (DARTs) in May, a big change from recent reports which have seen annual declines. An update on the loan portfolio finds delinquencies off 14% in the two months ending on May 31. (PR) Comment! [Financials]
  • 8:13 AM Jefferies reiterates its Buy rating and $66 price target on Starbucks (SBUX) after sizing up the company's presentation at the investment firm's consumer conference yesterday (recap). Analysts with the firm say Starbucks has the best visibility in the large-cap growth universe. 1 Comment [Consumer]
  • 8:13 AM Cliffs Natural Resources (CLF) -1.8% premarket after shares are downgraded to Underperform from Neutral with a $16 price target (from $24) at BAML, which notes CLF's high cost of iron ore and met coal production. The firm thinks CLF will struggle to compete with new Australia capacity but sees no reason for a liquidity panic. Comment! [Commodities, Quick Ideas, On the Move]
  • 8:11 AM BlackBerry (BBRY) slips 3% premarket after a downgrade to Sell at Bernstein, which sees earnings peaking in FQ1 and "significant risk" of a miss in H2. OTR Global says U.K. Q10 sales fell off a cliff and have been - "not a typo" - just 30K-50K units since launch, reports Notable Calls. 5 Comments [Tech, On the Move]
  • 8:10 AM BT Group (BT -3.1%) CEO Ian Livingston will leave the company in September to become the Minister of State for Trade & Investment in the U.K. government. Livingston will be replaced by Gavin Patterson, who has led BT Retail and served as a BT Board member since 2008. (PR) Comment! [Consumer, Tech, On the Move]
  • 8:07 AM JPMorgan initiates Keryx Biopharmaceuticals (KERX +1.3%) at Overweight with a price target of $13, representing a near 70% upside from Tuesday's close. Shares +4.3% premarket. Comment! [Healthcare, On the Move]
  • 8:07 AM Actuant (ATU): FQ3 EPS of $0.62 beats by $0.04. Revenue of $344.2M beats by $0.49M. (PR) Comment! [Earnings, Breaking News]
  • 8:06 AM Statoil (STO) says it made a significant discovery of light, high-quality oil at the Harpoon prospect offshore Newfoundland, the first of a three-well exploration campaign in the area. Harpoon is located ~10 km southeast of STO's Mizzen discovery, which is believed to hold 100M-200M barrels of oil. Comment! [Energy]
  • 8:05 AM Honda (HMC) agrees to pay $580M to settle a lawsuit filed by the U.S. government over engines which allegedly violated emissions standards. Comment! [Consumer, Global & FX]
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TOP ARTICLES4:41 AM ET SUNDAY NOV 25
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