|Symbol||Company Name||Price||Price Chg.||Price % Chg.||Volume (000)||Volume % Chg.|
|WAC||Walter Investment Mgmt||$36.09||1.00||3%||435||46%|
|SKM||S K Telecom Co Ltd Ads||$21.64||0.47||2%||816||23%|
|NAT||Nordic Amer Tanker Ltd||$8.36||0.11||1%||238||-14%|
|XIN||Xinyuan Real Estate Ads||$4.20||0.05||1%||184||45%|
|KKR||K K R & Co Lp||$20.29||0.24||1%||333||-63%|
|MGA||Magna Intl Inc||$75.20||0.69||1%||165||-38%|
|VOD||Vodafone Group Plc Adr||$29.46||0.16||1%||5,576||75%|
|DD||Dupont De Nemours & Co||$54.24||-0.30||-1%||1,044||-52%|
|SXL||Sunoco Logistics Ptnr Lp||$64.35||-0.52||-1%||88||0%|
|GE||General Electric Co||$23.63||-0.31||-1%||12,794||-9%|
|MT||Arcelor Mittal Cl A||$12.15||-0.17||-1%||2,608||17%|
|OZM||Och-Ziff Cap Mgmt Cl A||$10.90||-0.18||-2%||210||-52%|
|GOLD||Randgold Resources Adr||$66.54||-1.34||-2%||636||91%|
|SCCO||Southern Copper Corp||$27.15||-0.66||-2%||503||-24%|
How To Navigate Backwards Land
Ears of specialty mortgage servicers (OCN, NSM, NRZ, WAC) perk up after Wells Fargo (WFC +1.7%) management - responding to an earnings call question - says it's exploring a sale of MSRs sometime in H2.
- GE, BRK.B:
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- AAPL, BRK.B:
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Cyprus may decide to build as many as five liquefied natural gas trains in addition to a planned $12B three-train terminal to accommodate gas from Israel and Lebanon, a top official says. Noble Energy (NYSE:NBL) owns a 70% stake in Block 12 off Cyprus, which is believed to contain 7T cu. ft. of gas; Total (NYSE:TOT), which has rights to Blocks 10 and 11, also may be interested in working with NBL at Block 12.
JPMorgan Second Quarter Earnings Jumped By 31%
Google's (GOOG -0.3%) relationship with Apple (AAPL +0.2%) has improved over the last year, and the tech giants are in "constant business discussions on a long list of issues," says Eric Schmidt. In spite of their differences, Apple and Google remain quite dependent on each other, and the WSJ reported in April Apple is reluctant to end its iOS search deal with Google. Also: 1) Schmidt predicts commercial use of Google's self-driving tech is years, rather than decades, away, and states Google has talked to "every single car company." 2) Digitimes reports the next-gen Nexus 7 will launch in late July or early August; it's expected to sport a 1980x1200 display, and Wi-Fi-only models will reportedly be priced at $199-$249.
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GE Capital Retail Bank's Second Annual Shopper Study Outlines Digital Path to Major Purchases - 81% Research Online Before Visiting Store
"We're trying to make clear to you this would be a dramatic reduction in profits," says Jamie Dimon (NYSE:JPM), responding (earnings call) to a question about mortgage revenue guidance. Mortgage production could drop 40% if rates stay at their current level, says CFO Lake. Earlielr, the bank reported originations up 12% from a year ago, but off 7% on a sequential basis.
Himax Technologies Led 10 M/Y Technology Dogs To 6% To 60% June Upsides
More from the JPMorgan (JPM) earnings call: Addressing NIM - which has previously trickled down, but tumbled in Q2 - CFO Lake notes surging deposit growth led to a $109B increase in cash balance and caused a major chunk of the slide in interest margin (pg. 14). The bank expects NIM to be fairly stable in Q3 with NII up modestly on a Y/Y basis. One may ponder the exit of the London Whale - a key function of his office was to put to work this excess cash. Shares +0.7% premarket.
Thermo Fisher Scientific (NYSE:TMO) declares $0.15/share quarterly dividend, in line with previous. Forward yield 0.68% For shareholders of record September 16. Payable October 15. Ex-div date September 12. (PR)
JPMorgan (JPM) expects the holding company to be compliant with new capital rules by 2015 Q1 (at the latest), says CFO Marianne Lake, speaking on the CC (presentation slides). Speaking to reporters ahead of the call, Lake calls the Warren-McCain "21st Century Glass Steagall" irrelevant - "(It) didn't have anything to do with the crisis. Investors like the model we have." The stock's at about a 13-year high. Shares +0.35% premarket as the call continues.
Seasonal oil tanker hiring orders rose to their highest seasonal level since 2007, as demand for crude cargoes accelerates before a projected surge in oil refining. Rates on the benchmark Saudi Arabia to Japan route reportedly have jumped fourfold to $24,939/day since late June, helping owners contend with VLCC earnings that averaged $6,838/day YTD, lowest since at least 1997. FRO +4.1% premarket.
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Thermo Fisher Scientific Inc. (TMO) declares $0.15/share quarterly dividend, in line with previous. Forward yield 0.68%. For shareholders of record Sept. 16. Payable Oct. 15. Ex-div Sept. 12. (PR)
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More on JPMorgan (JPM) Q2 earnings: Q2 income boosted by $0.24/share by reduced loan loss reserves in real estate and credit card portfolios, and cut $0.09/share by increased litigation reserves. Dimon: Net charge-offs in credit cards near historical lows and in real estate are down more than 50% Y/Y. Consumer & Community Banking revenue off 3% Y/Y, with net interest income off 1% (NIM of 2.31% vs. 2.62% a year ago). Noninterest revenue off 7% Y/Y, though mortgage originations up 12% (but off 7% Q/Q). Basel III Tier 1 common ratio of 9.3%. Book value/share of $52.54. CC at 8:30 ET. Shares +0.5% premarket. (PR)
JPMorgan Chase (JPM): Q2 EPS of $1.6 beats by $0.16. Revenue of $25.2B beats by $0.36B. (PR)
JPMorgan Chase Reports Second-Quarter 2013 Net Income of $6.5 Billion, or $1.60 Per Share, on Revenue1 of $26.0 Billion
The British government delays a decision on plain packaging of cigarettes in order to evaluate how a similar measure impacts smoking rates in Australia. Tobacco companies (MO, PM, LO, RAI, BTI, ITYBY.PK, BTI) have been a facing a heightened round of scrutiny over the last few months that has reset some revenue expectations.
It's not just early access to the Thomson-Reuters/University of Michigan consumer-sentiment survey that has been available for a costly fee, it's possible to buy exclusive access to a swathe of other market-moving reports. These include: Informa Economics' $30,000-70,000 a year crop surveys; the $1,500 Bedding Barometer on mattress sales, which can affect Tempur Sealy (NYSE:TPX); and the Association of Home Appliance Manufacturers' monthly shipment figures, available for $600 and relevant for GE (NYSE:GE), Whirlpool (NYSE:WHR) and Electrolux (OTCPK:ELUXF).
- GE, JPM:
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Democratic Senator Elizabeth Warren, Republican counterpart John McCain and two others have introduced the "21st Century Glass-Steagall Act," a reprise of the 1930s law that was repealed in 1999 and that separated traditional banking such as home loans and checking accounts from riskier pursuits like investment banking and trading derivatives. Slogans such as "banking should be boring" and keep "keep the gamblers out of our banks" have a populist ring, but the legislation will face many hurdles.
Notable earnings before Friday's open: INFY, JPM, WFC
More on Microsoft: The Verge reports Microsoft (NASDAQ:MSFT) will cut Surface RT prices by $150 across the board, leading the price of the 32GB base model to fall to $349. A Staples ad forwarded to Engadget appears to confirm this. The report comes shortly after Microsoft hinted at pending Surface RT and Pro refreshes at its partner conference, and a month after Bloomberg reported a next-gen RT model will feature 4G support. Microsoft has already offered a slew of RT promotions in recent months. All signs point to RT sales being pretty weak; Pro sales seem to be a little better.
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Microsoft (MSFT +2.9%) reorg roundup: 1) Wired's Ryan Tate thinks the appointment of Windows chief Julie Larson-Green as hardware/entertainment chief might position her to succeed Steve Ballmer. Kara Swisher isn't convinced. 2) Skeptics point out this is far from Microsoft's first reorg, even if it's a big one. Ex-Microsoft product manager Bobby Gill says past reorgs led to "planning paralysis." 3) AdWeek reports Microsoft online ad execs are worried their unit could be downsized, and perhaps eventually outsourced. This isn't the first time they've sounded off. 4) Company sources tell BI they're worried the post-reorg Microsoft won't have "mini-CEO" positions for rising stars. However, may are cautiously optimistic. (the reorg: I, II) (Ballmer's memos)
Notable earnings before Friday's open: INFY, JPM, WFC
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Sprint (NYSE:S) overhauls its prices and provides lifetime unlimited voice/data guarantees just a day after the SoftBank (OTCPK:SFTBF) merger closed. The carrier is offering smartphone users unlimited voice/text/data for $80/month for the first line on an account, with the price gradually dropping for lines 2-4. A $110/month plan that throws in 5GB of hotspot usage is also being rolled out. SoftBank CEO Masayoshi Son has made it clear Sprint will compete aggressively on price against AT&T (NYSE:T) and Verizon (NYSE:VZ), who have been trying to migrate subs to costly shared data plans. Sprint's announcement shortly follows the launch of T-Mobile's (NASDAQ:TMUS) Jump smartphone upgrade plan.
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Lorillard to Release Second Quarter 2013 Results on Thursday, July 25, 2013
BlackRock Kelso Capital Corporation to Report Second Quarter 2013 Earnings on August 1
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Disclosure: I am long MMM, AAPL, MT, BRK.B, BKCC, CAT, CTB, DHY, CSX, CYS, DD, EXG, EFC, GRMN, GE, HLF, JPM, KCAP, KKR, LMT, LO, MGA, MSFT, NAT, OZM, PBI, PSEC, GOLD, RSO, SI, SKM, SLRC, SCCO, SXL, TMO, TOT, TWO, VZ, V, VOD, WAC, XIN, ZTR.