MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, May 24
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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. 1 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. Comment!
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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. 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. 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. Comment!
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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. 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) Comment!
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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. 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. 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. 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. 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. Comment!
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