MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 24
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8:58 AM Teva (TEVA) provides 2012 guidance on a conference call to investors, saying it expects EPS of $5.30-$5.40 vs. consensus of $5.59. It forecasts net revenue of $20B-$21B vs. 21.27B. Breakdown: U.S. $10.5B, Europe $5.8B, ROW $4.2B, Copaxone $3.8B. Shares +1.4% premarket. (PR) [Earnings, Healthcare] Comment!
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8:51 AM Dow Chemical (DOW) wins a final and binding $2.2B award from the International Court of Arbitration in a dispute with Petrochemical Industries of Kuwait. "The company's partnership with Kuwait, which includes several... joint ventures, remains strong and will continue to benefit both parties," Dow says. Shares +3.8% premarket. [On the Move] Comment!
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8:46 AM SABMiller (SBMRY.PK) tips off in its latest earnings release that beer drinking in the U.S. remains sluggish, with jointly-owned MillerCoors reporting domestic sales to retailers tailing off 2% Y/Y and sales to wholesalers dipping 3%. While the company blames the high unemployment rate in the U.S. for soft beer sales, the influence of craft breweries remains an underlying factor. [Global & FX, Consumer] 1 Comment
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8:40 AM Best quote from the EU summit: Discussions about eurobonds were "not unheated," says Jean-Claude Juncker. (via Sara Eisen) [Global & FX] 3 Comments
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8:38 AM Moody's affirms France's AAA-rating and its negative outlook, saying it would raise its outlook if the country's debt metrics improve but would cut if its contingent liabilities increase. Moody's adds that France's plan for sustainable finances is positive. [Global & FX, Top Stories] Comment!
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8:37 AM Rosetta Genomics (ROSG) shares continue their helium-like rise, +15.2% premarket after yesterday's +51% jump on no apparent news. Shares have climbed seven-fold since the May 16 news that Novitas, the designated Medicare Administrative Contractor for ROSG's miRview mets2 assay, plans to cover the assay for all Medicare beneficiaries. [Healthcare, On the Move] Comment!
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8:34 AM How about a show of hands on who thinks the euro is headed lower, asked Goldman's Jim O'Neill at a January hedge fund conference, when the currency was about $1.26. Nearly every hand in the room shot up. Six weeks later, the euro was buying $1.35. "If Europe says something good," writes Upsidetrader, look for a big reversal in the euro, the dollar, and stocks. [Global & FX] 2 Comments
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8:33 AM April Durable Goods: +0.2% vs. +0.5% expected, -3.7% (revised) prior. Ex-transport -0.6% vs. +0.7% expected, -0.8% (revised) prior. [U.S. Economy] 4 Comments
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8:32 AM Initial Jobless Claims: 370K vs. 371K consensus (prior week revised to 372K from 370K). Continuing claims -29K to 3.26M. [U.S. Economy, Breaking News, Top Stories] Comment!
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8:28 AM Talks between the P5+1 world powers and Iran have continued for a second day, although big differences still remain. Iran wants the West to cancel its impending oil sanctions for the negotiations to carry on; the EU and U.S. want the country to halt its production of higher-enriched uranium and reverse its current capabilities. [Energy, Top Stories] Comment!
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8:22 AM eBay (EBAY) strikes a deal with VeriFone (PAY) and Equinox Payments that will help it see PayPal gain wider acceptance at physical retailers. The move could expand PayPal's reach to 40M global payment terminals as it muscles into the competitive market to process payments at stores. [Consumer] Comment!
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8:22 AM "Who could blame" investors for continuing to pull money out of U.S. stock funds, writes Josh Brown of the 13th consecutive week of outflows. After having been beaten up by the bullies on your way to class, one learns to take a different route to homeroom. Comment!
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8:21 AM Suntech (STP) CEO Zhengrong Shi says if Europe follows the U.S. in levying punitive tariffs on Chinese solar panel imports, it could deal a "lethal" blow to the industry. Beyond words, China signals it may retaliate against the tariffs, saying U.S. government backing for six clean energy projects in China had violated WTO rules and acted as barriers to trade. [Tech, Energy, Global & FX] Comment!
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8:14 AM FRBNY President Dudley - one of the leading doves on the FOMC - sounds a hawkish tone, telling CNBC he doesn't see the need for additional ease at this time. What's changed? He has more confidence the economy is going to keep growing and less worry about a "Japanese-style deflation outcome." [U.S. Economy] 4 Comments
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8:05 AM France's data-protection agency, CNIL, accuses Google (GOOG) of stonewalling in its investigation of the company's new privacy policy, which was implemented despite CNIL asking Google for a delay. The agency says Google's answers to a questionnaire are "are often incomplete or approximate," and has given it a new one to fill in. [Tech, Consumer] 1 Comment
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8:02 AM The majority of steel mills in northern China have halted production, according to an analyst in the coal-trade business, putting more meat behind an earlier story about iron ore and coking coal buyers attempting to back away from orders. Not surprisingly, electricity producers seeing their own stockpiles of coal grow due to slumping demand for juice. [Global & FX] 1 Comment
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8:01 AM Heads may be scratching over at Hasbro (HAS) about a decision by Paramount Pictures to move the release of G.I. Joe: Retaliation from next month until sometime in 2013. The company makes G.I. Joe action figures and planned on seeing the scrapped summer blockbuster pushing sales higher. Shares -1.6% premarket. [Consumer] Comment!
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8:00 AM On the hour: S&P +0.21%. 10-yr -0.02%. Euro -0.15% vs. dollar. Crude +0.76% to $90.58. Gold +1.15% to $1566.15. Comment!
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7:53 AM Aluminum producers in the province of Henan (China's largest producing province) have idled about 700K tons of capacity in recent months, says a senior official, with another 500K to be shut by year's end. The country in total has capacity of 23M tons, mostly at the high end of the global cost curve, thus making it particularly susceptible to weaker demand. [Global & FX] Comment!
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7:43 AM Weak Chinese property developers are in survival mode, says S&P, facing "spiraling upward" borrowing costs. Higher-rated companies are also facing higher rates and shorter terms, the agency's Chris Lee says, not expecting much of a property recovery even if the government eases policy. [Global & FX] Comment!
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7:40 AM Monro Muffler Brake (MNRO): FQ4 EPS of $0.33 misses by $0.02. Revenue of $171M (+13.9% Y/Y) misses by $6M. Shares -1.4% premarket. (PR) [Earnings, On the Move] Comment!
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7:38 AM Viacom's (VIAB) Paramount Pictures delays the release of G.I. Joe: Retaliation from June 29 to next year in an unexpected move in light of the marketing and promotion already spent on the film - including a Super Bowl commercial. Though sources tip off that the studio may be looking at converting the film to 3-D to rake in more money, it also leaves it without a major summer release. [Consumer] Comment!
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7:38 AM Signet Group (SIG): Q1 EPS of $0.96 beats by $0.05. Revenue of $900M (+1.4% Y/Y) misses by $12M. Shares -4.7% premarket. (PR) [Earnings, On the Move] Comment!
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7:36 AM MakeMyTrip Limited (MMYT): FQ4 EPS of $0.08 beats by $0.02. Revenue of $47M (+66.8% Y/Y) beats by $16M. Shares +5.4% premarket. (PR) [Earnings, On the Move] Comment!
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7:30 AM Expect the ECB to respond to Greece by holding another LTRO, says Commerzbank's chief economist, adding he expects the bank to take its time about announcing such. "The growing uncertainty is poison for the economy," he says. He predicts a cheaper euro, not because of a run, but because the ECB will have the loosest monetary policy. [Global & FX] 2 Comments
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7:24 AM Southwest Airlines (LUV) plans to start making international flights for the first time with its decision to pick up AirTran's routes to Mexico and the Caribbean. The company is looking to add up to 25 flights days from a new international terminal at Houston's Hobby airport. [Consumer] Comment!
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7:22 AM More on China's HSBC PMI: Along with a decline in the headline number were falls in both input and output costs, perhaps giving greater scope for easier monetary policy (full report). Remember, this report covers smaller, privately-owned firms as opposed to the official PMI, where the companies have state support and better access to credit. [Global & FX] Comment!
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7:16 AM More on Tiffany's Q1: Comparable-store sales +4%. Regions outside the Americas outperformed, while Americas saw soft sales growth. SG&A expenses up 9% Y/Y. Net inventories increased 27% to $2.2B. Expects to add 24 stores this year. Lowers FY 2012 outlook to $3.70-$3.80, from prior guidance of $3.95-$4.05. Shares -8.1% premarket. (PR) [Consumer, On the Move] Comment!
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7:13 AM Patterson Companies (PDCO): FQ4 EPS of $0.61 beats by $0.05. Revenue of $936.3M (+5.9% Y/Y) beats by $21M. (PR) [Earnings, Healthcare] Comment!
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7:09 AM Peter Lynch had the theory Mondays are typically bad for stocks because the weekend just gives the worrywarts time to worry. Eddy Elfenbein puts the idea to the test and finds the S&P is off 8.23% for all the combined Mondays since April 15, 2011. Tuesdays: The S&P has gained 20.05%. 5 Comments
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7:02 AM Morgan Stanley downgrades Green Dot (GDOT) to Equalweight from Overweight. The move comes in the wake of an announcement of a plan by the CFPB to set rules on fees for prepaid cards. [Consumer] Comment!
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7:00 AM On the hour: S&P +0.46%. 10-yr -0.07%. Euro -0.04% vs. dollar. Crude +1.19% to $90.97. Gold +1.17% to $1566.45. Comment!
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6:57 AM McDonald's (MCD) ups its previously-announced $750M bond sale to $900M and scores near-record low interest rates in the process. The company sold $500M of 3-year notes with a 0.75% coupon and $400M of 7-year notes with a 1.875% coupon. [Consumer] Comment!
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6:44 AM General Motors (GM) says it has no plans to move production from South Korea to Europe after speculation popped up that a move could be in the offing. The topic has become a hot-button issue in South Korea, where the nation's highly-agitated unions have threatened "war" with GM over any loss of production. [Consumer, Global & FX] 2 Comments
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6:39 AM A decision from the EU's second highest court denies an appeal by Mastercard (MA) over excessive interchange fees charged on cross-border card payments. The company failed to convince the court that the fees were fundamental or that a significant number of European banks would stop using Mastercard if they were reduced. [Consumer, Global & FX] Comment!
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6:38 AM Toronto Dominion Bank (TD): FQ2 EPS of $1.82 beats by $0.04. (PR) [Earnings, Financials] Comment!
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6:31 AM U.S. stock futures turn higher ahead of economic releases on jobless claims and durable goods. S&P +0.3%, Dow +0.2%. [U.S. Economy] Comment!
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6:26 AM More on Costco (COST) FQ3: Net profit rose to $386M from $324M, comparable sales +5%, with the retailer enjoying increases in the U.S. and abroad. Costco's earnings came a day after Fitch affirmed its AA- rating, citing the company's strong competitive position, operating performance, and cash flow. [Earnings, Consumer] Comment!
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6:00 AM Overseas: Japan +0.1%. Hong Kong -0.6%. China -0.5%. India +1.9%. London +0.7%. Paris +1.0%. Frankfurt +0.1%. Comment!
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5:25 AM U.S. manufacturers are opposing JPMorgan's (JPM) plans to launch an ETF backed by physical copper, telling the SEC the fund would "grossly and artificially inflate prices" and "wreak havoc on the US and global economy." JPM's regulatory filings suggest its ETF could hold 61,800 tons, or 27% of the copper held in the London Metal Exchange’s global network of warehouses. [Commodities] 2 Comments
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4:33 AM UK Q1 GDP revised down to -0.3% Q/Q from -0.2% preliminary reading. GDP revised down to -0.1% Y/Y from 0.0% preliminary. [Breaking News, Global & FX, Top Stories] Comment!
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4:17 AM Confidence in Germany's business sector ticked down in May, with IFO's Current Assessment coming in at 113.3 vs. 117.5 in April. Business Climate comes in at 106.9 vs. 109.9 prior. [Global & FX] Comment!
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4:10 AM BOJ governor Shirakawa says the bank is committed to easing, but won't do so solely to weaken the yen. Shirakawa adds the "biggest factor affecting currency moves now is investors' risk aversion," and there's no evidence that an expanded monetary base will weaken the currency. Currently: USD -0.13% to ¥79.36. [Global & FX] 1 Comment
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4:04 AM Eurozone flash PMI composite index comes in at 45.9 in May, a 35-month low, vs. 46.6 expected and 46.7 previous. Manufacturing at 45.0 vs. 45.9 prior. Services at 46.5 vs. 46.9 prior. [Breaking News, Top Stories, Global & FX] 3 Comments
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3:50 AM BBVA (BBVA) is considering the sale of its pension businesses in Latin America, calling it an attractive but non-core unit. BBVA is slow-boating it, saying the strategic review will take several quarters and a decision is unlikely to be made this year. [M&A, Financials] Comment!
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3:46 AM German Q1 exports +1.7% Q/Q, a sharp turnaround from -1.5% in Q4. Imports flat Q/Q, up from -0.6% in Q4. [Global & FX] Comment!
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3:32 AM German flash manufacturing PMI at 45.0 in May, down from 46.2 in April. Services unchanged at 52.2. Composite output index at 49.6, down from 50.5 prior and a six-month low. [Global & FX, Breaking News] Comment!
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3:27 AM Shell (RDS.A) extends its $1.8B offer to acquire Cove Energy (CNVGF.PK) to June 13, after Thailand's PTT Exploration came in with a higher $1.9B bid yesterday, sending Cove shares +11.2% in London to 249p, above PTT's 240p/share bid. Some expect Shell to pony up as much as $2.5B; Shell plays coy - it's "considering its options and will make a further announcement if appropriate." (previously) [M&A, Commodities, Top Stories] Comment!
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3:14 AM Rio Tinto (RIO) sticks to its aggressive iron ore expansion plans, confirming its global output capacity could almost double to 450M metric tons by 2016. Despite China's slowing growth, Rio expects strong long-term demand for iron ore - though reports earlier this week said Chinese buyers are deferring or defaulting on coal and iron ore deliveries following a drop in prices. [Commodities] Comment!
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2:05 AM HSBC's flash estimate of China's PMI: 48.7, down from last month's 49.3. If the preliminary reading is confirmed on June 1, it will mark seven months of manufacturing contraction, bolstering the case for more stimulus. [Global & FX] Comment!
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2:01 AM German final Q1 GDP comes in at +0.5% Q/Q and +1.7% Y/Y, both in-line with preliminary readings. [Breaking News, Global & FX] Comment!
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12:00 AM Thursday's economic calendar:
8:30 Durable Goods
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 Fed's Dudley: 'Regional Economy'
1:00 PM Results of $29B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet 1 Comment
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