Market Currents

• Monday, October 26, 2009

• 09:26 AM Legg Mason (LM +3.3%) will name activist investor Nelson Peltz to its board after he quietly accumulated a 4.3% stake. In exchange for the board seat, Peltz's Trian will agree to accumulate no more than 9.9% of the company over the next two years, and will vote its share in favor of the company's slate of nominees during that period. Read Legg Mason's statement. Comment!

• Thursday, October 22, 2009

• 08:17 AM Legg Mason (LM): FQ2 EPS of $0.30 beats by $0.11. Revenue of $660M (-31.7%) vs. $652M. (PR) Comment!
• 00:05 AM Notable pre-market earnings: AUO, BDK, BG, BMY, CBE, CELG, CHKP, CIT, CNX, DAL, DHR, DO, DOW, EMC, ERIC, ESV, ETR, FITB, GR, HBAN, HOT, HSY, JBLU, JNS, KMB, LCC, LH, LM, MCD, MJN, MMM, MRK, NCR, NIHD, NUE, NVS, NYT, ORI, OXY, PDS, PLD, PM, PNC, POT, R, RAI, RGC, RS, RTN, RX, SGP, STI, SY, T, TASR, TIN, TMO, TRA, TRV, UNP, UPS, XRX, ZMH Comment!

• Saturday, August 15, 2009

• 16:46 PM Legg Mason's (LM) Bill Miller boosts his stake in Bank of America (BAC), but trims holdings of JPMorgan (JPM), State Street (STT) and Wells Fargo (WFC). (13-F) 1 Comment

• Monday, July 20, 2009

• 16:09 PM Legg Mason (LM): Q1 EPS of $0.35 beats by $0.13. Revenue of $613M (-42%) in-line. Shares +4.5% AH. (PR) Comment!
• 00:10 AM Notable earnings after Monday's close: BSX, CNI, LM, MDRX, PKG, SY, TXN, WERN, ZION Comment!

• Thursday, July 9, 2009

• 16:50 PM After Bill Miller's Legg Mason Opportunity Trust (LM) fund returns a stunning 48% in Q2, Larry Swedroe wonders: Is Miller regaining his touch, or getting lucky? 5 Comments

• Tuesday, June 16, 2009

• 11:18 AM Legg Mason (LM -2.2%) could lose $25-30B of sweep funds it managed for Citigroup (C) if Citi's new partner, Morgan Stanley (MS), decides to take over the portfolio, FBR says. And that seems likely, because MS already manages its own cash sweep program internally. Comment!

• Tuesday, May 5, 2009

• 09:00 AM Premarket gainers: ACAD +24%. MGM 16%. LVS +13%. XTXI +12%. AIG +11%. THC +10%. TKLC +9%. GERN +9%. EGLE +8%. ALKS +7%. FIG +6%. DRYS +6%. VRX +6%. AMLN +6%. YGE +6%. KFT +5%. CENX +5%. CTSH +5%. PCX +6%. CSIQ +5%. BZH +5%. NM +4%. EXM +4%. CDE +4%.
  Losers: BZ -21%. HOLX -20%. HLIT -15%. MYGN -14%. LM -11%. NMM -10%. PQ -10%. AXA -9%. PNX -8%. HEP -8%. ADM -7%. CHK -6%. DHI -5%. FITB -4%. RDN -5%. AKS -4%. AIB -4%. UL -4%. IRE -4%. KFN -4%. Comment!
• 07:12 AM Legg Mason (LM): FQ4 EPS of -$2.29 beats by $0.04. Revenue of $617M (-42.3%) vs. $611M. (PR) Comment!
• 00:05 AM Notable earnings before Tuesday's open: ADM, ADP, ALU, AVP, AYE, BAM, CBB, CEG, CTSH, CVS, DNR, DRH, DUK, EMR, FCL, FE, HEW, HNT, ICE, JOE, KFT, LM, LPX, MAC, MVL, PAG, PCP, PGN, PNW, PQ, RDN, SE, SRE, TAP, TEVA, UNT, VRX, VTR, WEC, WTI, WY, WYNN, XEC
    Comment!

• Friday, March 27, 2009

• 14:41 PM At least three fund managers (BLK, AZ, LM) are readying funds that will take advantage of various parts of the government's private/public toxic-asset program - offering the small guys a chance to get in on the action. 2 Comments

• Thursday, March 5, 2009

• 09:01 AM Premarket gainers: SAY +11%. ADBE +10%. FDO +8.5%. LM +7%. AUY +5%. NXG +4%. WMT +3%. CIEN +3%. Comment!

• Wednesday, January 28, 2009

• 09:00 AM Premarket losers: ALD -29%. LM -14%. TEL -13%. SGEN -7%. CP -5%. NVS -4%. NEM -4%. Comment!
• 07:15 AM Legg Mason (LM): FQ3 EPS of -$10.55, including $6.03/share impariment charge, vs. consensus of -$4.02. Revenue of $720M (-39.3%) vs. $826M. AUM -17% to $842B due to outflows and market declines. (PR) Comment!
• 00:05 AM Notable earnings before Wednesday's open: AAI, AMG, BA, BDX, BEN, BHI, COP, DOV, GD, HES, LM, MWV, NVS, NYT, PX, SAP, SO, SY, T, TDW, TEL, USG, WFC, WLP Comment!