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MARKET CURRENTS

  • 7:36 PM Pool Corp. (POOL) lowers its FY13 earnings guidance as the wholesale distributor said cooler and unusually wet weather in its seasonal markets in North America and Europe led to later-than-usual pool openings and lower-than- expected sales. The company cut its 2013 per-share earnings view by a dime, now expecting to earn between $2.03 to $2.13. Shares -6.3% AH. Comment! [Earnings, On the Move]
  • 7:31 PM Dish (DISH) is all but officially abandoning its bid for Sprint (S). In a fresh update, the satellite TV provider says the revised SoftBank (SFTBF.PK) deal makes it "impracticable" for it to submit a new offer by Sprint's June 18 deadline, and that it will now focus its "efforts and resources" on the Clearwire (CLWR) tender offer. It increasingly looks as if SoftBank will end up with Sprint (vote on June 25), and Dish with a big minority stake in Clearwire that it could use to obtain a 4G network/spectrum deal with the 3 other parties in this saga. S -1.8% AH. CLWR +1.8%. (previous) 7 Comments [Tech, M&A]
  • 7:12 PM Amgen (AMGN) ups its stake in Cytokinetics (CYTK) to 11,909,406 shares from 3,484,806 shares reported on March 21. The increase now puts AMGN's holding at 7.58% of CYTK's outstanding float. CYTK +7.4% AH. Comment! [Healthcare, On the Move]
  • 7:09 PM IBM is launching a slew of cloud apps/services it says are aimed at C-Suite execs, but is light on specifics. Big Blue says its SmartCloud Solutions portfolio now offers 100+ business functions for decision-making execs such as CFOs, CMOs, procurement/supply chain officers, and HR chiefs to leverage. A new social media analytics solution for CMOs (will compete against CRM's Radian6 and ORCL''s Collective Intellect) is among them. The announcement comes on the heels of IBM's ~$2B acquisition of cloud infrastructure provider SoftLayer, which the company plans to integrate with its SmartCloud unit. Comment! [Tech]
  • 6:56 PM Money manager and Fox Business contributor Tobin Smith is dumped by the network following a report his firm accepts money from microcap companies to promote their stocks. Smith and friends just pocketed $50K from a stock endorsement for Petrosonic Energy (PSON.OB), a Bulletin Board company that has no revenues - "taking a bag of cash and luring the dumbest, poorest people into losses," Josh Brown says. 9 Comments
  • 6:50 PM Alcatel-Lucent (ALU) CEO Michel Combes will use tomorrow's strategy update to unveil plans to cut €1B ($1.34B) worth of costs, and to divest €1B worth of assets over the next 3 years (less than some investors have been hoping), Les Echos reports. Combes will also announce plans to focus on the router and mobile infrastructure markets - the former has been a bright spot for Alcatel thanks to strong edge router sales, and the latter has been faring better lately thanks to growing 4G orders. (earlier) 3 Comments [Tech]
  • 6:44 PM More on China Cord Blood (CO): FQ4 easily beats estimates across the board on a 33% jump in total sales. Accumulated subscriber base rose by 30.1% Y/Y. Gross margin also rose to 79.8%, from 76.6%. Shares +3.4% AH. Comment! [Healthcare, Global & FX, Earnings, On the Move]
  • 6:43 PM Even if the U.S. approves the Keystone pipeline (TRP), analysts say it won't be enough to sop up Canada's oil glut and would only temporarily alleviate the lack of pipeline infrastructure, meaning Canadian crude oil probably will remain the cheapest in the world. But a decision blocking Keystone would make the problem worse, reducing spending on oil sands projects by ~$9.4B during 2014-17. 1 Comment [Energy]
  • 6:39 PM Mellanox (MLNX) responds to a shareholder vote forcing CEO Eyal Waldman to give up the role of chairman by naming lead director Irwin Federman its new chairman. Federman is a partner at VC firm U.S. Venture Partners, and also serves on SanDisk and Check Point Software's boards. Also: Mellanox boasts the number of systems on the TOP500 supercomputer list using its FDR InfiniBand hardware has risen 3.3x over the last year, and that 205 of the systems uses InfiniBand. Comment! [Tech]
  • 6:19 PM Agilent (A) announces and prices a $600M offering of senior notes due July 2023; they carry a yield of 3.875%, and have been rated BBB+ by Fitch. Agilent says it will use the proceeds to pay down debt due next month, as well as for restructuring expenses and buybacks. The test equipment giant had $2.36B in debt as of April 30, and $2.64B in cash/investments. Comment! [Tech]
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