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Pre Market Movers
Top Gaining Stocks
Price %Change
RTRX Retrophin Inc 16.28 26.40%
OVTI Omnivision Techno... 21.95 8.99%
RESN Resonant Inc 9.74 7.03%
BIG Big Lots Inc. 39.86 6.26%
NLNK Newlink Genetics ... 20.99 6.06%
ARRY Array Biopharma I... 4.42 4.74%
SPEX Spherix Incorpora... 2.15 3.86%
CLDX Celldex Therapeut... 14.83 3.71%
ABGB Abengoa S.a. Adr ... 23.50 3.62%
VEEV Veeva Systems Inc... 22.82 3.54%
JNUG Direxion Daily Jr... 14.90 3.40%
NBG National Bank of ... 3.58 3.17%
ICLD Intercloud System... 6.18 3.17%
SNN Smith & Nephew Pl... 89.00 2.09%
UIL Uil Holdings Corp... 37.76 2.08%
AUY Yamana Gold Inc. ... 7.27 1.96%
KGC Kinross Gold Corp... 3.80 1.88%
CRM Salesforce.com In... 55.39 1.82%
WTI W&t Offshore Inc.... 15.05 1.62%
RDY Dr. Reddys Labora... 40.70 1.60%
Top Losing Stocks
Price %Change
BLOX Infoblox 13.85 -32.50%
BNNY Annies Inc 29.60 -15.14%
EXPR Express 11.80 -13.43%
SPLK Splunk Inc. 45.65 -8.77%
LIVE Livedeal Inc. 4.28 -7.16%
GLUU Glu Mobile Inc. 3.80 -6.40%
CNTY Century Casinos I... 6.20 -4.32%
IBN Icici Bank Ltd (i... 49.04 -3.41%
ITLT Powershares DB 3x... 50.00 -3.36%
HIMX Himax Technologie... 6.73 -3.17%
NEM Newmont Mining Co... 22.04 -3.16%
YGE Yingli Green Ener... 3.41 -2.85%
RIO Rio Tinto Plc Ads... 51.99 -2.84%
ATHM Autohome Inc Adr ... 34.00 -2.44%
EXAS Exact Sciences Co... 13.85 -2.40%
JKS Jinkosolar Holdin... 28.55 -2.26%
BBL Bhp Billiton Plc ... 63.62 -1.90%
SDRL Seadrill Ltd. 37.71 -1.75%
BHP Bhp Billiton Ltd.... 68.68 -1.73%
EIDO ishares Msci Indo... 27.97 -1.72%
Read more at http://thestockmarketwatch.com/markets/pre-market/#lJdAihPxPyUOAM1W.99
data:
Personal Income and Outlays
[Report][Star]8:30 AM ET
Chicago PMI
[Report][djStar]9:45 AM ET
Consumer Sentiment
[Report][djStar]9:55 AM ET
Loretta Mester Speaks
12:30 PM ET
Jeffrey Lacker Speaks
2:00 PM ET
Farm Prices
[Bullet3:00 PM ET
Charles Plosser Speaks
5:00 PM ET
Futures -7
good morning
Frontrunning:
Snowden: 'no relationship' with Russian government (Reuters)
Bond Surge Worldwide Drives Index Yield to One-Year Low (BBG)
Shares flirt with record highs on ECB easing bets (Reuters)
Goldman Shuns Bonds Pimco’s Gross Favors in ‘New Neutral’ (BBG)
Dish to Become Largest Company to Accept Bitcoin (AP)
To Make a Killing on Wall Street, Start Meditating (BBG)
Snapchat CEO ‘Mortified’ by Leaked Stanford Fraternity E-Mails (BBG)
Apple to get Beats, music mogul Iovine for $3 billion (Reuters)
Fink Says Leveraged ETFs May ‘Blow Up’ Industry (BBG)
Porn may be messing with your head (Reuters)
Iranian Hackers Stalked U.S. Officials, Report Says (BBG)
Egypt's Sisi wins presidential election (Reuters)
Billionaire Forrest Sees Fortune in Australian Beef to China (BBG)
FBI’s Wanted List Sends Chinese Tech to First From Worst (BBG)
Overnight Media Digest
WSJ
* Apple Inc said on Wednesday it is buying Beats Electronics LLC for $3 billion to bolster a music business that has lost some of its mojo, as streaming-music services encroached on the downloads dominated by Apple's iTunes service. (http://r.reuters.com/tyt69v)
* One of the General Motors Co engineers at the center of the controversy over the company's handling of a deadly ignition switch defect has met with congressional investigators, indicating lawmakers are accelerating their probe, according to people familiar with the matter. (http://r.reuters.com/vyt69v)
* Valeant Pharmaceuticals International Inc, having so far been spurned by takeover target Allergan Inc, raised its offer to buy the Botox maker to $49.4 billion and sold the rights to some of its skin-care products in an attempt to smooth the antitrust review process if its unsolicited takeover bid is successful. (http://r.reuters.com/zyt69v)
* Hachette Book Group hit back at Amazon.com Inc on Wednesday, rebuffing the retailer's suggestion that the two jointly compensate authors affected by a dispute between the companies. (http://r.reuters.com/dav69v)
* Boeing Co said on Wednesday that U.S. air-safety regulators cleared its 787-8 Dreamliner to operate on a wider range of routes, with the jet able to handle longer oceanic and polar crossings as much as five-and-a-half-hours from a suitable landing field in the event of an emergency. (http://r.reuters.com/gav69v)
* Prominent proxy adviser Institutional Shareholder Services urged the ouster of most Target Corp board members for failing to manage risks and protect the company from a massive data breach at the end of last year, a warning to corporate boardrooms to take cybersecurity more seriously. (http://r.reuters.com/jav69v)
FT
Scottish engineering company Weir Group Plc said it would pursue other acquisitions after its bid for Finnish rival Metso Oyj was rejected by the heavy mining equipment leader.
Britain's biggest drugmaker GlaxoSmithKline is facing protests from Chinese junior employees who claim that the group is refusing reimbursement for bribes they were ordered to pay by senior staff amid a formal criminal probe for bribery in China and four other countries.
Tesco Plc, one of the big four grocers in the UK, is set to report its worst quarter in decades amid rising pressure to slash prices in the face of competition from discount chains, the company's joint brokers said.
Stryker Corp has denied any intention of making a bid for UK rival Smith & Nephew Plc after it emerged that the U.S. medical devices manufacturer was in early stages of preparing an offer.
One of London's most prominent investment bankers, Ian Hannam, lost his appeal against a heavy fine for market abuse, in a case that has fuelled a high-level debate about the rules around deals and the disclosure of information.
NYT
* As renewable energy production has surged in recent years, opponents of government policies that have helped spur its growth have pushed to roll back those incentives and mandates in state after state. (http://r.reuters.com/hav69v)
* Apple Inc is betting that Jimmy Iovine's four decades in the recording industry, his knack for trend-spotting and his credibility with artists will help rejuvenate its music business. (http://r.reuters.com/kav69v)
* William Ackman of Pershing Square Capital Management plans to raise money for a closed-end fund that could list on the London Stock Exchange. (http://r.reuters.com/mav69v)
* Suspended General Motors Co engineer Raymond DeGiorgio, who is at the center of accusations that the company covered up a deadly defect, appeared distraught during lengthy questioning by Congressional investigators, according to people familiar with the session. (http://r.reuters.com/qav69v)
* Amazon.com Inc and Hachette Book Group took their cases to the public on Wednesday as a dispute over contract terms became clashing visions about the distribution of information in the digital age. (http://r.reuters.com/rav69v)
Canada
THE GLOBE AND MAIL
* A promising Canadian stroke drug has received a rare waiver of consent that allows Toronto paramedics to use the drug on patients without their permission. (r.reuters.com/qaw69v)
* Canadians are "stupid" and post far too much information online, a former head of the national electronic spying agency says, leaving the country with "long ways to go" in protecting personal information in an Internet era. (r.reuters.com/waw69v)
Reports in the business section:
* Bank of Nova Scotia has settled on a plan to unload the majority of its stake in asset manager CI Financial , opting to sell shares directly to public investors by way of a bought deal. The bank is selling 72 million shares at C$31.60 each, amounting to a total deal size of about C$2.3 billion, making it one of the largest public offerings in Canada. (r.reuters.com/rew69v)
NATIONAL POST
* The Canadian government is in the process of hammering out a comprehensive new agreement on internal trade with the provinces, aimed at lowering barriers estimated to cost the country C$50 billion a year. (r.reuters.com/tew69v)
* Ontario Premier Kathleen Wynne is not ruling out teaming up with the New Democratic Party to form a government if the Progressive Conservatives win the most seats in the provincial election, but fall short of a majority. (r.reuters.com/cuw69v)
FINANCIAL POST
* Shares in PrairieSky Royalty Ltd, Canada's largest initial public offering in more than a decade, start trading on the Toronto Stock Exchange on Thursday. It will be a C$1.46 billion debut closely watched by the company, a spinoff from Encana Corp, investors who bought the 52 million shares being offered, and by lead underwriters. (r.reuters.com/nuw69v)
* Canadian National Railway Co, Canada's largest rail carrier, said on Wednesday that it was exceeding grain-shipment levels mandated earlier this year by the Canadian government despite a record crop that has squeezed available transportation and infrastructure. (r.reuters.com/quw69v)
China
CHINA SECURITIES JOURNAL
- China is supporting the establishment of crude oil futures and is looking to launch futures of the commodity this year, said Wang Yang, vice-president of the China Securities Regulatory Commision (CSRC).
SHANGHAI SECURITIES NEWS
- Bad loans at Chinese commercial banks rose to 646.1 billion yuan ($103.28 billion) at the end of the first quarter from 592.1 billion yuan at the start of the year, according to official data. This marked 10 straight quarters of rising bad loans.
CHINA DAILY
- Chinese teenagers are starting to smoke young, according to a new nationwide survey. Around 20 percent of kids between the ages 13-15 years have tried smoking, with 7 percent being frequent users, the Global Youth Tobacco Survey on China said.
- The Red Cross Society's Beijing branch signed an agreement with the city's public security bureau on Wednesday to strengthen cooperation on dealing with emergencies such as terrorist attacks.
SHANGHAI DAILY
- Shanghai will offer tax refunds to cruise tourists in specific venues to boost shopping, the city's tourism authority said on Wednesday. The city expects 1.08 million cruise tourists this year, up 44 percent on 2013.
PEOPLE'S DAILY
- China's economy is running smoothly and economic and structural adjustments are showing positive signs, the country's premier Li Keqiang was quoted as saying in the paper which acts as a mouthpiece of the leadership.
Britain
The Telegraph
NATIONWIDE WARNS OF 'UNINTENDED CONSEQUENCES' OF CURBING MORTGAGES
(http://link.reuters.com/fys69v)
Nationwide, Britain's biggest building society, has warned that efforts to curb mortgage lending in an attempt to cool the London housing market could have "unintended consequences" for the rest of the country.
PENSIONS REFORM LOOPHOLE MAY COST OSBORNE 24 BLN STG
(http://link.reuters.com/gys69v)
Treasury officials have been warned that the government could miss out on as much as £24billion because of the pensions freedoms announced by the chancellor in his budget, sources have said.
The Guardian
UNEMPLOYMENT RISING IN GERMANY AND FRANCE, FIGURES SHOW
(http://link.reuters.com/nys69v)
Unemployment is rising in Europe's two largest economies, with a shock jump in Germany and a new record high in France, according to the latest figures.
BANK OF ENGLAND GOVERNOR: CAPITALISM DOOMED IF ETHICS VANISH
(http://link.reuters.com/pys69v)
Capitalism is at risk of destroying itself unless bankers realise they have an obligation to create a fairer society, the Bank of England governor has warned.
The Times
ECB PREPARES STIMULUS PLANS AS DEFLATIONARY PRESSURE RISES
(http://link.reuters.com/rys69v)
Mario Draghi, the ECB president, has dropped clear hints that some form of stimulus would be launched after the governing council meets on Thursday. Interest rate cuts, quantitative easing and a variation of the UK's Funding for Lending scheme to help small businesses to access credit are being considered.
MITCHELLS & BUTLERS PLUCKS RIVAL ORCHID FOR 250 MLN STG
(http://link.reuters.com/sys69v)
Mitchells & Butlers has entered exclusive talks to acquire the rival Orchid pub company for more than 250 million pounds after outbidding the private equity firms Colony Capital and Starwood Capital.
Sky News
BRITISH GAS CHIEFS POISED TO QUIT IN SHAKE-UP
(http://link.reuters.com/vys69v)
The bosses of British Gas and its parent company are close to stepping down as part of a management shake-up at Britain's biggest energy supplier.
LLOYDS STEPS TOWARDS FEMALE EXECUTIVE TARGET
(http://link.reuters.com/hys69v)
The state-backed Lloyds Banking Group has taken a step toward meeting a self-imposed gender target for senior managers with the appointment of another top female executive.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Jobless claims for the Week of May 24 at 8:30--consensus 317K
Q1 GDP at 8:30--consensus down 0.5% for the quarter
Pending home sales for April at 10:00--consensus up 1.0% for the month
ANALYST RESEARCH
Upgrades
AngloGold (AU) upgraded to Overweight from Neutral at HSBC
Biogen (BIIB) upgraded to Overweight from Neutral at JPMorgan
CoreSite Realty (COR) upgraded to Hold from Sell at Cantor
D.R. Horton (DHI) upgraded to Outperform from Sector Perform at RBC Capital
Diamond Offshore (DO) upgraded to Equal Weight from Underweight at Morgan Stanley
Dollar Tree (DLTR) upgraded to Buy from Neutral at Sterne Agee
Harmony Gold (HMY) upgraded to Neutral from Underweight at HSBC
MercadoLibre (MELI) upgraded to Overweight from Neutral at JPMorgan
Palo Alto (PANW) upgraded to Outperform from Perform at Oppenheimer
Palo Alto (PANW) upgraded to Strong Buy from Outperform at Raymond James
Premier (PINC) upgraded to Buy from Neutral at Citigroup
Prospect Capital (PSEC) upgraded to Equal Weight from Underweight at Evercore
Twitter (TWTR) upgraded to Buy from Hold at Cantor
VMware (VMW) upgraded to Overweight from Neutral at Piper Jaffray
Vantiv (VNTV) upgraded to Outperform from Market Perform at Wells Fargo
Downgrades
Celgene (CELG) downgraded to Neutral from Overweight at JPMorgan
Credit Suisse (CS) downgraded to Neutral from Buy at BofA/Merrill
Digital Realty (DLR) downgraded to Hold from Buy at Cantor
Dollar General (DG) downgraded to Neutral from Buy at Sterne Agee
Energias de Portugal (EDPFY) downgraded to Sell from Neutral at Citigroup
HomeAway (AWAY) downgraded to Neutral from Overweight at JPMorgan
Manchester United (MANU) downgraded to Neutral from Overweight at JPMorgan
MedAssets (MDAS) downgraded to Neutral from Buy at Citigroup
New Jersey Resources (NJR) downgraded to Hold from Buy at Brean Capital
Initiations
Atmel (ATML) initiated with an Outperform at Imperial Capital
Chambers Street Properties (CSG) initiated with an Outperform at Wells Fargo
ExamWorks (EXAM) initiated with a Buy at Deutsche Bank
FairPoint (FRP) initiated with a Market Perform at Wells Fargo
Sabre (SABR) initiated with an Outperform at Bernstein
Stone Energy (SGY) initiated with a Buy at Brean Capital
COMPANY NEWS
Apple (AAPL) said it will acquire Beats Music, Beats electronics for $3B
BlackBerry (BRRY) CEO said he believes the company will be cash flow positive or breakeven end of fiscal year
AmSurg (AMSG) said it will acquire Sheridan Healthcare for $2.35B
Intercept Pharmaceuticals (ICPT) said the FDA granted fast track designation to obeticholic acid
Palo Alto Networks (PANW) reported better than expected Q3 results and announced a $175M settlement agreement with Juniper Networks (JNPR)
AT&T (T) and Uber announced a partnership to deliver Uber access to AT&T customers starting this summer
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Sanderson Farms (SAFM), ReneSola (SOL), Popeyes Louisiana Kitchen (PLKI), Amerco (UHAL), Palo Alto (PANW), EnerSys (ENS)
Companies that missed consensus earnings expectations include:
Tech Data (TECD), Quality Systems (QSII), Costco (COST), MPLX (MPLX), Safe Bulkers (SB), Gordmans Stores (GMAN)
Companies that matched consensus earnings expectations include:
Descartes Systems (DSGX), Tilly's (TLYS)
NEWSPAPERS/WEBSITES
Apple (AAPL) to continue Beat Music on Android (GOOG), Windows Phone (MSFT), TechCrunch says
BlackBerry (BBRY) CEO confident company will be saved, Bloomberg reports
BlackBerry (BBRY) CEO says company to focus again on enterprise roots, Re/code reports
Apple (AAPL) content chief sees best product lineup in 25 years, Re/code says
GM (GM) exec feels Google (GOOG) might be 'serious threat,' Bloomberg reports
BP (BP) approaches Supreme Court to shield Gulf spill payments, Reuters reports
3D Systems (DDD) stock looks overvalued, Barron's says
SYNDICATE
BioCryst (BCRX) 10M share Secondary priced at $10.00
Booz Allen (BAH) announces sale of 10M shares for holders
Fabrinet (FN) announces secondary offering of 3.15M shares for holders
Parkway Properties (PKY) files to sell up to $150M in common stock
RCS Capital (RCAP) announces proposed public offering of Class A Common Stock
Resonant (RESN) 2.25M share IPO priced at $6.00
Rexnord (RXN) 15M share Secondary priced at $25.50
Sophiris Bio (SPHS) files to sell 3.41M shares of common stock for holders
StoneMor Partners (STON) announce public offering of 2.6M common units
Vantiv (VNTV) announces secondary offering of 5.78M shares for holders
Average:
0
Pre Market Movers
Top Gaining Stocks
Price %Change
XXII 22nd Century Grou... 3.40 23.64%
IDSY I.d. Systems Inc.... 4.86 15.71%
PANW Palo Alto Network... 79.12 13.83%
ANF Abercrombie & Fit... 38.15 8.63%
ICPT Intercept Pharmac... 250.00 6.82%
SCON Superconductor Te... 3.08 6.57%
SNN Smith & Nephew Pl... 87.00 4.76%
S Sprint Corporatio... 9.55 3.80%
BBRY Research in Motio... 7.56 3.70%
CORT Corcept Therapeut... 2.31 3.59%
CLNE Clean Energy Fuel... 10.55 2.73%
CSTM Constellium Holdc... 30.15 2.69%
ORAN Orange 16.09 2.55%
KNDI Kandi Technologie... 12.80 2.32%
EXAM Examworks Group 29.35 2.23%
VTNR Vertex Energy Inc... 9.81 2.08%
XCO Exco Resources 5.43 2.07%
ISR Isoray 2.52 2.02%
JCI Johnson Controls ... 49.51 1.96%
GMED Globus Medical 25.00 1.79%
Top Losing Stocks
Price %Change
SPEX Spherix Incorpora... 2.61 -24.57%
TLYS Tillys 8.35 -21.08%
SOL Renesola Ltd. Ads... 2.45 -9.26%
CALL magicjack Vocalte... 12.99 -6.55%
FN Fabrinet 18.32 -6.39%
DARA Dara Biosciences ... 2.05 -5.96%
JDST Direxion Daily Jr... 28.11 -3.44%
INFY Infosys Limited A... 49.49 -3.26%
AWAY Homeaway Inc. 30.27 -2.98%
AUQ Aurico Gold 3.40 -2.58%
JNUG Direxion Daily Jr... 13.75 -2.41%
PLUG Plug Power Inc. 4.27 -2.06%
SBGL Sibanye Gold Ltd ... 9.56 -2.05%
TTM Tata Motors Ltd. ... 37.93 -2.04%
RXN Rexnord 25.65 -2.02%
NUGT Direxion Daily Go... 26.89 -1.86%
GFI Gold Fields Ltd. ... 3.47 -1.70%
RTRX Retrophin Inc 13.70 -1.65%
RH Restoration Hardw... 65.00 -1.63%
JMEI Jumei Internation... 28.62 -1.45%
Read more at http://thestockmarketwatch.com/markets/pre-market/#Hg092xvWzZeiGt6y.99
data:
GDP
[Report][Star]8:30 AM ET
Jobless Claims
[Report][Star]8:30 AM ET
Loretta Mester Speaks
8:30 AM ET
Sandra Pianalto Speaks
8:30 AM ET
Corporate Profits
[Bullet8:30 AM ET
Bloomberg Consumer Comfort Index
[Bullet9:45 AM ET
Pending Home Sales Index
[Report][djStar]10:00 AM ET
EIA Natural Gas Report
[Bullet10:30 AM ET
EIA Petroleum Status Report
[djStar]11:00 AM ET
3-Month Bill Announcement
[Bullet11:00 AM ET
6-Month Bill Announcement
[Bullet11:00 AM ET
7-Yr Note Auction
[Bullet1:00 PM ET
Fed Balance Sheet
[Bullet4:30 PM ET
Money Supply
[Bullet4:30 PM ET
Esther George Speaks
9:30 PM ET
Futures +15
good morning
Frontrunning:
Yellen Concerned by Housing Slowdown She Has Scant Power to Cure (BBG)
Because snow in Q1? Citigroup’s CFO Says Trading Revenue Could Slide 25% (BBG)
Banks Raise Caution Flag on Trading (WSJ)
The answer is yes: Hilsenrath asks if BOJ’s Kuroda Awakening to His Limits? (WSJ)
Google Develops Prototype Cars for Fully Autonomous Driving (WSJ)
Amazon Expects Lengthy Hachette Dispute (WSJ)
Ukraine Faces Hurdles in Restoring Its Farming Legacy (NYT)
Tencent $1 Billion Game Shows Global Hunt for Mobile Hits (BBG)
GE offer for Alstom has improved, French official says (Reuters)
More than 50 rebels killed as new Ukraine leader unleashes assault (Reuters)
To Make a Killing on Wall Street, Start Meditating (BBG)
Overnight Media Digest
WSJ
* Google Inc's co-founder Sergey Brin said it has developed prototype cars for fully autonomous driving. In a promotional video, Google showed off one of the prototypes, a two-seater vehicle that resembles a gondola on wheels. It has no steering wheel, accelerator pedal or brake pedal. Instead, the car relies on its own sensors and software to do the work. (http://r.reuters.com/nan69v)
* General Electric Co is willing to partner with French government in a possible alliance, Chief Executive Jeffrey Immelt told French lawmakers Tuesday as he tried to win their support for the company's $17 billion bid for Alstom SA's power equipment business. (http://r.reuters.com/san69v)
*Pilgrim's Pride Corp swooped in with a $5.5 billion offer for Hillshire Brands Co, maker of Jimmy Dean sausage and Ball Park hot dogs, a surprise bid that could upend Hillshire's plan to expand its supermarket sway by buying Pinnacle Foods Inc. (http://r.reuters.com/van69v)
* After a turbulent few months marked by a management shake-up, lackluster performance and client withdrawals, Pacific Investment Management Co is turning to a familiar face to help soothe nervous investors. The money manager, based in Newport Beach, California, said it had rehired Paul McCulley, a former senior executive. (http://r.reuters.com/wan69v)
* Amazon.com Inc said Tuesday it does not expect a quick resolution of a contract dispute with Hachette Book Group that has led to Amazon restricting the sale of some Hachette titles. (http://r.reuters.com/xan69v)
* Congress should require data brokers to tell consumers more about how they collect and use information and give consumers greater control over their personal data, the Federal Trade Commission said on Tuesday. (http://r.reuters.com/zan69v)
FT
Google could face specially created "cyber courts" as Berlin looks at a range of mechanisms to settle disputes concerning individuals seeking to protect their privacy and search engines.
Spanish government failed to protect citizens from recent housing crash because of which many are left with heavy debts, according to a report by Human Rights Watch, an international non-governmental organization.
Britain's fraud office has launched a formal criminal investigation into GlaxoSmithKline, posing a new challenge to the drugmaker, which already faces claims of bribery in China and four other countries.
Siemens said it was preparing to make an official bid for for Alstom SA, and defeat rival offer by General Electric, in its bid to create two European leaders in power generation and rail.
M&G, the investment unit of Prudential Plc, and ING Investment Management rank among the insurers leading a push in real estate investment as both the companies pump millions into the property market.
NYT
* Restoring Ukraine's farming legacy will be crucial to the success of the country's newly elected president, Petro Poroshenko, as such efforts would go a long way toward fixing Ukraine's economy and reducing its dependence on Russia. (http://r.reuters.com/fym69v)
* The Federal Trade Commission on Tuesday called on Congress to protect consumers against the unchecked collection and sharing of their digital data by providing people with tools to view, suppress and fix their information. (http://r.reuters.com/hym69v)
* Google Inc has begun building a fleet of 100 experimental electric-powered vehicles that will dispense with all the standard controls found in modern automobiles. (http://r.reuters.com/kym69v)
* After Mohamed El-Erian's surprising departure in March, Pimco has now brought back a prominent former executive, Paul McCulley, to help the asset management firm reassure skeptical investors and bolster its intellectual credentials. (http://r.reuters.com/rym69v)
* Since 2000, the Securities and Exchange Commission has sought to ensure equal access to that commodity through a rule known as Regulation FD. The rule generally requires that if a company disclosed material information to one person, it must do so to all. Yet even with that requirement and with the flood of information that is out there, some investors still appear to be getting premier access. (http://r.reuters.com/tym69v)
* The World Bank, a famously bureaucratic institution, is undergoing its first restructuring in nearly two decades. The overhaul is intended to keep it relevant at a time when even the poorest countries can easily tap the global capital markets. (http://r.reuters.com/gen69v)
* A task force convened by the Obama administration issued the most detailed study yet of blight in Detroit on Tuesday and recommended that the city spend at least $850 million to quickly tear down about 40,000 dilapidated buildings. (http://r.reuters.com/hen69v)
Canada
THE GLOBE AND MAIL
* A candidate in the Alberta Progressive Conservative leadership race is promising to change land-use rules that have angered some rural voters. Jim Prentice told the Medicine Hat News that he would rewrite the Land Stewardship Act if he becomes premier and would be more careful about private property rights. (http://r.reuters.com/dep69v)
* Skin cancer, one of the most preventable forms of the disease, is also one of the fastest-rising in Canada, according to a new report from the Canadian Cancer Society that notes the death rate for all cancers combined continues to fall for most age groups. (http://r.reuters.com/cep69v)
Reports in the business section:
* Royal Bank of Canada, the country's largest mortgage lender, is offering real estate agents C$1,000 for referring five first-time home buyers, as competition among banks for first-time buyers has heated up. (http://r.reuters.com/fep69v)
NATIONAL POST
* Toronto Liberal Member of Parliament John McKay was secretly recorded criticizing party leader Justin Trudeau over his edict that prospective MPs must follow the party's pro-choice position on abortion. (http://r.reuters.com/qep69v)
* Councillor Doug Ford indicated on Tuesday that his brother, Toronto Mayor Rob Ford, intends to stay in the mayoral race when he returns from addiction treatment. (http://r.reuters.com/zep69v)
FINANCIAL POST
* It is becoming increasingly difficult for families to own a home in Canada and affordability is expected to get worse going forward, according to the Royal Bank of Canada. (http://r.reuters.com/kup69v)
* Canada's biggest financial institutions have agreed to voluntarily reduce service costs for those that need to save the most following discussions with a federal government eager to push its "consumers-first agenda". (http://r.reuters.com/pup69v)
China
CHINA SECURITIES JOURNAL
- Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said the economy was in an "unusually intricate" situation and local branch offices needed to implement a prudent monetary policy to ensure economic stability and strengthen financial regulation.
- Song Liping, general manager of Shenzhen Stock Exchange, said the exchange would continue to promote and extend China's ChiNext board.
21st CENTURY BUSINESS HERALD
- Miao Jianming, president of China Life Insurance (Group) Co, said the company was going to get licences to start payment, securities and financial services, paving the way for the firm to become a full-fledged financial services company.
SHANGHAI SECURITIES NEWS
- Data from the China Insurance Regulatory Commission showed investments by insurers into stocks and equity funds reached 822 billion yuan ($131.6 billion) in the first four months of this year, accounting for just 10 percent of their total investment portfolio, which is a one-year low.
CHINA DAILY
- The government will release a detailed list of administrative fees for micro-sized and small enterprises as it seeks to alleviate the financial burden of a group of companies that are a source of economic dynamism, an official said on Tuesday.
SHANGHAI DAILY
- Shanghai plans to establish 8-10 smart parks with top-class technologies such as cloud computing and Big Data by 2015 as it looks to lead the sector nationwide, the city's information technology regulator said.
PEOPLE'S DAILY
- Stabilising and developing Xinjiang is the primary goal, the newspaper said in a commentary.
Britain
The Telegraph
BARCLAYS: INDEPENDENT SCOTLAND LIKELY TO GET NEW CURRENCY
(http://link.reuters.com/sam69v)
An independent Scotland would be twice as likely to adopt its own currency as continue using the pound, according to an analysis produced yesterday by Barclays for its investors.
M&S'S SWANNELL HIRED TO OVERSEE GOVERNMENT ASSET SALES
(http://link.reuters.com/tam69v)
Robert Swannell, the chairman of Marks & Spencer and City veteran, has been hired to help the Government speed up the sale of billions of pounds of state assets.
The Guardian
MORRISONS ASKS SUPPLIERS TO PAY FOR PRODUCTS TO MEET REGULATIONS
(http://link.reuters.com/vam69v)
Morrison Supermarkets Plc is asking suppliers to cover the cost of ensuring products meet regulations in the latest of a series of payment demands as the supermarket faces falling profits.
UK CINEMA CHAINS BAN ADS ON SCOTTISH INDEPENDENCE REFERENDUM
(http://link.reuters.com/ram69v)
The UK's major cinema chains have banned all adverts on the Scottish independence referendum after customers inundated them with complaints.
The Times
RIO TINTO CUTS MONGOLIAN MINING JOBS
(http://link.reuters.com/zam69v)
Rio Tinto is planning to cut about 300 jobs from its troubled project in Mongolia, further testing its turbulent relationship with the government.
TSB PARKS ITS TANK ON THE BIG BANKS' LAWN
(http://link.reuters.com/cem69v)
The chief executive of TSB Banking Group <IPO-TBS.L> declared that his company would do more to change the face of high street banking in Britain than any other challenger bank as he set out ambitious expansion plans in the wake of its 1.5 billion pound flotation next month.
Sky News
NATIONWIDE BIG WINNER FROM SEVEN-DAY SWITCH
(http://link.reuters.com/dem69v)
Britain's biggest building society Nationwide will emerge on Wednesday as one of the principal winners from a new system designed to encourage customer mobility when it discloses that it opened more than 420,000 current accounts last year.
MORTGAGE APPROVALS DECLINE FOR THIRD MONTH
(http://link.reuters.com/fem69v)
High street banks have reduced the number of mortgage approvals for the third month in a row, despite their total value reaching a six-year high. The British Bankers' Association said 12.2 billion pounds in loans were activated in April.
Fly On The Wakk 7:00 AM Market Snapshot
ECONOMIC REPORTS
No major domestic economic reports are scheduled today.
ANALYST RESEARCH
Upgrades
Auxilium (AUXL) upgraded to Buy from Neutral at MKM Partners
DreamWorks Animation (DWA) upgraded to Hold from Sell at Topeka
FormFactor (FORM) upgraded to Buy from Neutral at B. Riley
The Pantry (PTRY) upgraded to Outperform from Neutral at Macquarie
Twitter (TWTR) upgraded to Buy from Neutral at Nomura
Vince Holding (VNCE) upgraded to Buy from Hold at KeyBanc
Williams-Sonoma (WSM) upgraded to Overweight from Neutral at Piper Jaffray
Downgrades
Dollar General (DG) downgraded to Hold from Buy at Deutsche Bank
Live Nation (LYV) downgraded to Neutral from Buy at Sterne Agee
Lowe's (LOW) downgraded to Sell from Hold at Canaccord
Nautilus (NLS) downgraded to Neutral from Buy at B. Riley
Vodafone (VOD) downgraded to Hold from Buy at Berenberg
Initiations
Coca-Cola Enterprises (CCE) initiated with a Neutral at ISI Group
Delek US (DK) initiated with a Buy at BofA/Merrill
Nimble Storage (NMBL) initiated with a Neutral at Macquarie
Veeva (VEEV) initiated with an Overweight at JPMorgan
Waste Management (WM) initiated with an Outperform at Imperial Capital
COMPANY NEWS
Valeant (VRX) raises proposal for Allergan by $10.00 per share to $58.30 per share; adds new CVR related to DARPin sales which would provide up to approximately $25.00 per share of additional value
Valeant (VRX) to sell filler, toxin assets to Nestle (NSRGY) for $1.4B in cash
LoJack (LOJN) CFO Donald Peck to leave the company; Casey Delaney named Acting CFO
PetroLogistics (PDH) agrees to be acquired by Flint Hills for $14.00 per unit
Sanofi (SNY), Eli Lilly announce licensing agreement for Cialis OTC
Workday (WDAY) sees Q2 revenue $173M-$178M, consensus $171.5M
Qihoo 360 (QIHU) sees Q2 revenue $300M-$305M, consensus $270.18M
MiMedx (MDXG) raises lower end of Q2 revenue view to $22.5M-$23.5M from $21.5M-$23.5M
FormFactor (FORM) raises Q2 revenue guidance to $65M-$69M from $62M-$66M
Wet Seal (WTSL) sees Q2 adjusted EPS (9c)-(12c), consensus (4c)
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Toll Brothers (TOL), Seadrill (SDRL), Qihoo 360 (QIHU), Workday (WDAY)
Companies that missed consensus earnings expectations include:
America's Car-Mart (CRMT)
Companies that matched consensus earnings expectations include:
Wet Seal (WTSL)
NEWSPAPERS/WEBSITES
Apple (AAPL) expected to announce purchase of Beats for $3B this week, NY Post says
Broadcom (BRCM) extends market share to 49% in worldwide STB market, DigiTimes says
Facebook (FB) asks for EU review of WhatsApp deal, WSJ reports
GE (GE) sweetens bid for Alstom with job pledge, Reuters says
Google (GOOG) unveils self-driving car without steering wheel, Re/code reports
Microsoft (MSFT) CEO says not selling search to Yahoo, Re/code reports
Pfizer (PFE) looks like a buy after dropping bid for AstraZeneca, Barron's says
Xerox (XRX) beats out HP for $500M NY Medicaid contract, Bloomberg says
SYNDICATE
3D Systems (DDD) announces offering of 5.95M shares of common stock
ARAMARK (ARMK) launches 20M share common stock offering for holders
BioCryst (BCRX) files to sell $100M in common stock
Brookdale (BKD) announces secondary offering by affiliates of Fortress Investment
Cache (CACH) commences public offering of $14M of common stock
Health Care REIT (HCN) files to sell 1.8M shares of common stock
Installed Building (IBP) files to sell 8.1M shares of common stock for holders
Rexnord (RXN) launches 15M share common stock offering for holders
Strategic Hotels (BEE) commences 34M share common stock offering
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
WY Weyerhaeuser Co. ... 49.87 61.39%
SPEX Spherix Incorpora... 4.10 38.05%
QIHU Qihoo 360 Technol... 96.10 6.80%
LNC Lincoln National ... 51.98 6.43%
WDAY Workday 87.30 6.29%
CME Cme Group Inc 75.50 5.34%
TI Telecom Italia S.... 12.32 4.67%
VEEV Veeva Systems Inc... 22.00 4.27%
KORS Michael Kors Hold... 99.75 4.19%
FCEL Fuelcell Energy I... 2.32 4.04%
TOL Toll Brothers Inc... 36.97 3.73%
PE Parsley Energy In... 23.50 3.62%
TWTR Twitter Inc 31.38 2.85%
BSI Alon Blue Square ... 3.40 2.78%
KNDI Kandi Technologie... 12.93 2.70%
ARIA Ariad Pharmaceuti... 6.66 2.62%
SPLK Splunk Inc. 50.10 2.47%
HIMX Himax Technologie... 6.78 2.42%
SPPI Spectrum Pharmace... 8.10 2.27%
GTAT GT Advanced Techn... 16.31 2.19%
Top Losing Stocks
Price %Change
DSW Dsw A 27.95 -14.05%
GOMO Sungy Mobile Ltd.... 12.51 -9.74%
CSLT Castlight Health ... 15.97 -6.66%
NEWL Newlead Holdings ... 2.70 -6.25%
BEE Strategic Hotels ... 10.54 -5.05%
DDD 3D Systems Corp. ... 54.01 -4.64%
NWBO Northwest Biother... 6.28 -3.83%
LIVE Livedeal Inc. 3.66 -3.43%
BCRX Biocryst Pharmace... 9.65 -3.40%
FRO Frontline 2.31 -3.35%
QUIK Quicklogic Corpor... 4.00 -2.91%
HCN Health Care Reit ... 62.70 -2.69%
HQH H & Q Healthcare ... 27.96 -2.44%
JKS Jinkosolar Holdin... 24.55 -2.11%
PLUG Plug Power Inc. 3.92 -2.00%
K Kellogg Co. 66.68 -1.91%
PHG Koninklijke Phili... 31.46 -1.90%
MNKD Mannkind Corporat... 7.85 -1.88%
HQL H&q Life Sciences... 22.22 -1.86%
BUD Anheuser-busch In... 109.24 -1.56%
Read more at http://thestockmarketwatch.com/markets/pre-market/#APw0XQEvPk0iZCD3.99
data:
Bank Reserve Settlement
Market Focus »
MBA Purchase Applications
[Report][Bullet7:00 AM ET
ICSC-Goldman Store Sales
[Report][Bullet7:45 AM ET
Redbook
[Bullet8:55 AM ET
4-Week Bill Auction
[Bullet11:30 AM ET
52-Week Bill Auction
[Bullet11:30 AM ET
2-Yr FRN Auction
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Futures +22
good morning
Yes I did! How about you?
Was very fun....actually tired right now....might have done too much!
Raining here today.....but it's much needed...
Earnings Preview for the week of May 27 - 30 some of the bigger names include:
Tuesday:
Pre Market - BNS, AZO, JKS, FRO
After Hours - QIHU, WDAY, CRMT, WTSL
Wednesday:
Pre Market - BMO, SDRL, TOL, KORS, CHS, CBRL, DSW, BWS, DAKT, ROLL, NADL
After Hours - UHAL, PANW, TLYS, PLKI, SB, AGTC
Thursday:
Pre Market - COST, TECD, ANF, PLL, SAFM, FRED, SOL, MOD, QSII, DXLG, THR, IKGH, SBLK
After Hours - LGF, AVGO, GES, ESl, EXPR, OVTI, FWM, PSUN, SPLK, VEEV, BLOX, NMBL, VMEM, EXA
Friday:
Pre Market - BIG, ANN, GHM
TRADER RADAR FOR WEEK OF 5/26 to 5/30 ECONOMIC AND EARNINGS AHEAD
Monday, May 26
US Economics (Time Zone: EST)
US markets closed for Memorial Day
Global Economics (Time Zone: GMT)
No major reports scheduled.
UK markets closed for bank holiday
Tuesday, May 27
US Economics (Time Zone: EST)
08:30 Durable Goods Orders - exp. -0.7%, prior 2.9%
08:30 Durables Ex-Trans - exp. -0.1%, prior 2.4%
08:30 Cap Goods Orders Nondef Ex-Air - exp. -0.3%, prior 3.5%
08:30 Cap Goods Ship Nondef Ex-Air - exp. -0.1%, prior 1.5%
09:00 FHFA House Price Index M/M (Mar) - exp. 0.5%, prior 0.6%
09:00 House Price Purchase Index 1Q - exp. 1.3%, prior 1.2%
09:00 S&P/CS 20 City M/M (Mar) - exp. 0.7%, prior 0.76%
09:00 S&P/CS Composite-20 Y/Y - Mar., exp. 11.75%, prior 12.86%
11:00 Fed to purchase $2.25b-$2.75b notes in 7 to 10-year range
11:30 Treasury selling $25b 3-month, $23b 6-month bills
1:00 Treasury selling $31b 2-year notes
Fedspeak
8:10pm Lockhart (dove, nonvoter) to speak in Baton Rouge, LA.
Global Economics (Time Zone: GMT)
05:45 CHF GDP 1Q
08:30 GBP BBA Home Loans
Earnings
After:
Workday (WDAY)
Wednesday, May 28
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications
10:00 Fed to purchase $0.85b-$1.1b notes in 22 to 30-year range
11:30 Treasury selling 4-week bills
11:30 US to sell $13b 2-year FRN (reopening)
11:30 US to sell 4-week bills
1:00pm US to sell $35b 5-year notes
Global Economics (Time Zone: GMT)
CNY Industrial Profits YTD (Apr)
7:55 EUR German Unemployment Change (May)
9:00 EUR Euro-Zone Consumer Confidence (May final)
Earnings
Before:
Toll Brothers (TOL)
After:
Palo Alto Networks (PANW)
Thursday, May 29
US Economics (Time Zone: EST)
08:30 Initial Jobless Claims - expected 318K, prior 326K
08:30 Continuing Claims - exp 2655K, prior 2653K
08:30 GDP Annualized (1Q second estimate) - exp -0.5%, prior 0.1%
08:30 Personal Consumption 1Q - exp 3.1%, prior 3%
08:30 GDP Price Index - exp 1.3%, prior 1.3%
08:30 Core PCE QoQ - exp 1.3%, prior 1.3%
10:00 Pending Home Sales MoM - exp 1.0%, prior 3.4%
11:00 Fed to purchase $2.5b-$3.25b notes in 5 to 6-year range
1:00pm Treasury selling $29b 7-year notes
Fedspeak
08:30am Pianalto (hawk, voter, outgoing) gives opening remarks at conference in Cleveland
09:30am George (hawk, nonvoter) speaks at Stanford
Global Economics (Time Zone: GMT)
JPY Retail Trade (Apr)
JPY Japanese Investors Purchases of Foreign Bonds/Stocks
12:30 CAD Current Account Balance 1Q
Earnings
Before:
Costco (COST)
Abercrombie & Fitch (ANF)
After:
Lions Gate (LGF)
Express (EXPR)
Splunk (SPLK)
Friday, May 30
US Economics (Time Zone: EST)
08:30 Personal Income (Apr) - expected 0.3%, prior 0.5%
08:30 Personal Spending - exp 0.2%, prior 0.9%
08:30 PCE Deflator YoY - exp 1.7%, prior 1.1%
08:30 PCE Core YoY - exp 1.4%, prior 1.2%
09:00 ISM Milwaukee - prior 47.26
09:45 Chicago PMI (May) - exp 60.8, prior 63.0
09:55 University of Michigan Consumer Confidence (May final) - exp 82.5, prior 81.8
11:00 Fed purchasing $850m-$1.1b notes in 22 to 30-year range
Fedspeak
08:30am Pianalto (hawk, voter, outgoing) speaks on 2nd day of conference.
12:30pm Loretta Mester (expected to be hawkish, incoming voter), Cleveland Fed President beginning June 1, speaks at conference in Cleveland
2:00pm Lacker (hawk, nonvoter) speaks at Stanford
5:00pm Williams (dove, nonvoter) and Plosser (hawk, voter) speak at Stanford
Global Economics (Time Zone: GMT)
JPY Jobless Rate (Apr)
JPY Household Spending (Apr)
JPY CPI (Apr)
JPY Industrial Production (Apr Prelim)
09:00 EUR ITA CPI (May Prelim)
12:30 CAD GDP (1Q)
Earnings
No major reports
Frontrunning:
Vietnam, China trade accusations after Vietnamese fishing boat sinks (Reuters)
SEC Set to Spur Exchange Trading (WSJ)
Bank of Japan quietly eyes stimulus exit (Reuters)
Japan Risks Low Growth Even as Easing Spurs Inflation (BBG)
Hello Japan: Bond Market Message to Fed: Your 4% Rate Outlook Is Too High (BBG)
Malaysia, UK firm release satellite data on missing MH370 flight (Reuters)
Fighting rages in eastern Ukraine city, dozens dead (Reuters)
Bad Credit No Problem as Balance-Sheet Bombs Rally 94% (BBG)
Draghi’s Asset-Backed Drive Rouses Academic Skeptics (BBG)
For-Profit Colleges Face Test From State, Federal Officials (WSJ)
Boutique bank Sterne Agee imploding (AL)
Euroskeptic election surge gives EU a headache (Reuters)
Alarm Raised by Plan to Ease Credit Norms on U.S. Parent Loans (BBG)
How AstraZeneca escaped Pfizer's clutches this time (Reuters)
As His Foundation Has Grown, Gates Has Slowed His Donations (NYT)
Overnight Media Digest
WSJ
* Top U.S. securities regulators are embracing a plan designed to shift more stock trading onto exchanges and away from private trading venues operated by banks and other firms, according to people familiar with the discussions. The move, which could deliver a blow to bank trading operations, is expected to be part of a coming Securities and Exchange Commission pilot program aimed at boosting trading in the stocks of smaller companies. (http://r.reuters.com/qef69v)
* Pfizer Inc dropped its pursuit of British rival AstraZeneca Plc, leaving both drug makers to overcome aging pipelines and market pressures alone. Pfizer had been chasing AstraZeneca since November in an effort to create the world's biggest pharmaceutical company. (http://r.reuters.com/xef69v)
* Wal-Mart Stores Inc needs a more independent board in order to improve directors' handling of a protracted foreign-bribery probe and executive pay, a prominent proxy adviser said. Institutional Shareholder Services Inc, which advises big shareholders like mutual funds how to vote on corporate ballots, is concerned the company has not disclosed which, if any, of its executives might be found culpable in an investigation into alleged bribery overseas. (http://r.reuters.com/zef69v)
* Intuit Inc has agreed to buy bill-payment service Check Inc. for $360 million, according to two people familiar with the situation. The deal was signed on Friday and the two companies plan to announce it Tuesday, one of the people said. (http://r.reuters.com/buf69v)
* Federal and state officials are conducting probes into for-profit colleges over concerns that schools are marketing career-training programs that lack proper accreditation for students in certain fields, according to government agencies and regulatory filings. (http://r.reuters.com/duf69v)
FT
ECB president Mario Draghi warned that credit constraints were adding to disinflationary pressures in stressed countries, and said weak lending risks were derailing the eurozone's fledgling recovery.
Drugmaker Pfizer officially dropped its bid for UK pharmaceutical giant AstraZeneca on Monday, marking a rare failure for the U.S. company that has made a series of large acquisitions until now.
Rosneft and BP Plc signed an agreement to jointly explore for hard-to-recover oil in Russia, the first major deal for the state-run Russian oil company since the West imposed sanctions over Ukraine in March.
Swedish telecoms equipment maker Ericsson warned that lack of public sector expenditure in next generation networks was resulting in lessening returns on the development the company made in Europe, which is at the risk of falling behind other regions.
Four of Europe's 10 biggest car manufacturers including General Motors, BMW, Fiat and Hyundai would miss carbon dioxide emission reductions targets, and could face penalty according to an report by think-tank Transport & Environment.
NYT
* On the final day for Pfizer Inc to decide whether to abandon the plan, it said it did not intend to make an offer for AstraZeneca Plc. Last week, the British company rejected what Pfizer had called its final offer. The cash-and-stock bid, which valued AstraZeneca at about $119 billion, would have created the world's largest drug company. (http://r.reuters.com/vaf69v)
* In a sign of the growing potential under the federal health care law, several insurers that have been sitting on the sidelines say they will sell policies on the new exchanges in the coming year, and others plan to expand their offerings to more states. (http://r.reuters.com/waf69v)
* Martin Lipton, the superlawyer, has advised hundreds of boards of directors in the midst of crises. Now, however, Lipton is grappling with a board governance crisis of his own. As chairman of New York University's board of trustees, Lipton has been dealing with revelations that the university's much-heralded new campus in Abu Dhabi might have been the product, in part, of rights abuses of foreign laborers. (http://r.reuters.com/xaf69v)
* Bill Gates, who as the richest American has become one of the foremost advocates of philanthropy, has reduced the pace of his own giving to the Bill & Melinda Gates Foundation over the last decade. After starting the foundation with gifts of $356 million from 1994 to 1997, Gates, the co-founder of Microsoft Corp, vastly expanded it into the nation's largest with a burst of gifts totaling $24.6 billion over the next four years. Since then, however, he has dialed back this giving. (http://r.reuters.com/cef69v)
* A law that allows the government to read email and cloud-stored data over six months old without a search warrant is under attack from technology companies, trade associations and lobbying groups, which are pressing Congress to tighten privacy protections. Federal investigators have used the law to view content hosted by third-party providers for civil and criminal lawsuits, in some cases without giving notice to the individual being investigated. (http://r.reuters.com/kef69v)
Canada
THE GLOBE AND MAIL
* Canadian Prime Minister Stephen Harper is under mounting pressure to make the Supreme Court appointment process more transparent and less ideological, after revelations that four of the government's six candidates were from a court that was ultimately ruled ineligible. (http://r.reuters.com/weg69v)
* Toronto Mayor Rob Ford is on the sidelines, but the city's controversial leader remains a strong presence among the candidates who want to replace him, with contenders jockeying for position as the best choice to continue his agenda or move away from it. (http://r.reuters.com/dug69v)
Reports in the business section:
* Rogers Communications Inc's Chief Executive Guy Laurence believes a new cellular carrier would not have the ability to invest in Canada's capital-intensive wireless market and succeed. (http://r.reuters.com/fug69v)
NATIONAL POST
* The Muslim Brotherhood has established a "significant presence" in Canada, says a study released Tuesday that asks whether the government should follow the lead of the United Kingdom and launch an investigation into the group. (http://r.reuters.com/kug69v)
* Fawzi Ayoub was a hijacker, international terrorist operative and senior member of Hezbollah. He was also a naturalized Canadian citizen, but on Monday Lebanese media reported he was dead, killed in an ambush by Syrian rebels. (http://r.reuters.com/mug69v)
FINANCIAL POST
* Canada's construction industry faces a major shakeup in the wake of the proposed merger of cement makers Holcim Ltd and Lafarge SA as the country's competition watchdog eyes forced asset sales that could attract significant interest from bidders. (http://r.reuters.com/qug69v)
* Wal-Mart Stores Inc has confirmed it laid off hundreds of employees across Canada earlier this month in a move to rework its management structure. The retailer said it eliminated 750 jobs, which it says represented less than one per cent of staff, after testing a new management structure in select stores. (http://r.reuters.com/sug69v)
China
CHINA SECURITIES JOURNAL
- The insurance industry's total assets have exceeded 9 trillion yuan ($1.44 trillion) so far, sources close to the China Insurance Regulatory Commission (CIRC) said. Risk management will be a priority for the regulator for the year.
- Investigations of insider trading in the fund management industry should be formalised despite possible shocks to publicly offered funds, the newspaper said in an editorial.
- Moody's Investor Service downgraded its outlook on China's property development sector to "negative" from "stable" amid growing pessimism about the industry among foreign investors.
SHANGHAI SECURITIES NEWS
- The preferred share issuance plan by Shanghai Pudong Development Bank Co Ltd has won shareholders' approval. The fundraising is aimed at supporting its transformation into a large bank and achieving a more balanced structure involving its wholesale, retail and capital businesses.
SECURITIES TIMES
- China's central government published its plans and targets for energy saving for this year and the next. Energy-saving services will be regulated under the "negative list", which explicitly sets business boundaries and opens the gates for a wider range of unlisted companies.
21ST CENTURY BUSINESS HERALD
- New loans of China's "big four" state-owned banks have only reached 130 billion yuan as of May 25, sources said.
CHINA DAILY
- The U.S. Justice Department indicted five individuals of the People' Liberation Army, saying they had hacked into the computers of U.S. companies for the benefit of Chinese state-owned enterprises (SOEs). The act is seen as Washington's attempt to draw a fine line between spying to benefit particular companies, which it regards as illegitimate, and spying to benefit the economy, which it seems to regard as legitimate.
PEOPLE'S DAILY
- As of the first quarter of 2014, 53 SOEs have invested in 685 projects in Xinjiang, with the actual investment amount reaching 590.4 billion yuan.
Britain
The Telegraph
PFIZER BOSS IAN READ HITS BACK OVER ASTRAZENECA
(http://link.reuters.com/hud69v)
Ian Read told the Telegraph that the rules capping drug prices are discouraging investment in Britain, and are "inconsistent" with the government's apparent desire to attract research and development.
LLOYDS POISED TO LAUNCH TSB FLOAT
(http://link.reuters.com/jud69v)
Lloyds Banking Group is poised to fire the starting gun on the highly anticipated stock market flotation of TSB <IPO-TBS.L>, which will try to win the support of retail investors by giving them bonus shares.
The Guardian
VINCE CABLE VOWS GOVERNMENT WILL TACKLE ZERO-HOURS CONTRACT ABUSES
(http://link.reuters.com/kud69v)
The business secretary, Vince Cable, has said the government will tackle abuses of zero-hours contracts once a fuller picture of the number of employers using the controversial labour-hiring system becomes available.
COLES AND WOOLWORTHS URGE DEREGULATION OF RETAIL TRADING HOURS
(http://link.reuters.com/mud69v)
The supermarket giants Coles and Woolworths have called on the federal government to lead the states towards a deregulation of retail trading hours, citing bizarre rules that dictate when a shop can or cannot trade.
The Times
ASTRA PINS HOPES ON TRIALS AFTER PFIZER EXIT
(http://link.reuters.com/pud69v) Pfizer's official declaration that it had withdrawn its offer will shift the spotlight on to Pascal Soriot, the chief executive of AstraZeneca, to justify his reasons for blocking a deal as he is set to attend the unveiling of the trial results of two lung cancer treatments at the American Society of Clinical Oncology this weekend.
TSB SWEETENS THE PILL OF NO DIVIDENDS WITH FREE SHARES
Lloyds Banking Group will promise one free TSB <IPO-TBS.L> share for every 20 bought and held for a year by retail investors as it formally sets out the intention to float announcement.
Sky News
PFIZER WALKS AWAY FROM 69 BLN STG ASTRAZENECA DEAL
(http://link.reuters.com/rud69v)
U.S. firm Pfizer has confirmed it will not make another offer for British pharmaceuticals group AstraZeneca as a deadline expired for it to lodge a formal bid.
BLACKSTONE IN JOINT BID FOR FRIENDS' TAX ARM
(http://link.reuters.com/sud69v)
The private equity giant Blackstone has joined forces with a US-based specialist insurer to table a bid for the tax planning arm of Friends Life, the FTSE-100 financial services group.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Durable goods orders for April at 8:30--consensus down 0.8% for the month
S&P Case-Shiller 20-city composite index for March at 9:00--consensus up 0.7%
FHFA house price index for March at 9:00--consensus up 0.5%
Consumer confidence for May at 10:00--consensus 83.0
ANALYST RESEARCH
Upgrades
AMC Entertainment (AMC) upgraded to Buy from Neutral at B. Riley
Brooks Automation (BRKS) upgraded to Buy from Neutral at B. Riley
Cepheid (CPHD) upgraded to Buy from Hold at Needham
Cinemark (CNK) upgraded to Buy from Neutral at B. Riley
Cisco (CSCO) upgraded to Buy from Hold at Deutsche Bank
Credit Suisse (CS) upgraded to Buy from Hold at Deutsche Bank
Guidewire (GWRE) upgraded to Neutral from Sell at Citigroup
Henkel (HENKY) upgraded to Neutral from Underperform at Credit Suisse
Legacy Reserves (LGCY) upgraded to Neutral from Underweight at JPMorgan
NRG Energy (NRG) upgraded to Conviction Buy from Buy at Goldman
Office Depot (ODP) upgraded to Buy from Neutral at Goldman
Palo Alto (PANW) upgraded to Buy from Neutral at Nomura
Sherritt (SHERF) upgraded to Outperformer from Sector Performer at CIBC
Splunk (SPLK) upgraded to Outperform from Market Perform at Northland
Youku Tudou (YOKU) upgraded to Neutral from Underweight at HSBC
Downgrades
AstraZeneca (AZN) downgraded to Sell from Hold at Societe Generale
Hudbay Minerals (HBM) downgraded to Sector Performer from Outperformer at CIBC
NTELOS (NTLS) downgraded to Hold from Buy at Jefferies
NextEra Energy (NEE) downgraded to Buy from Conviction Buy at Goldman
Oiltanking Partners (OILT) downgraded to Hold from Buy at MLV & Co.
ResMed (RMD) downgraded to Underperform from Market Perform at Northland
Staples (SPLS) downgraded to Sell from Neutral at Goldman
Initiations
Aegerion (AEGR) initiated with a Sell at Goldman
Ares Management (ARES) initiated with a Neutral at Goldman
Ares Management (ARES) initiated with an Outperform at Keefe Bruyette
Ares Management (ARES) initiated with an Overweight at JPMorgan
Burger King (BKW) initiated with an Equal Weight at Morgan Stanley
Gramercy Property Trust (GPT) initiated with a Buy at BofA/Merrill
Oiltanking Partners (OILT) initiated with a Market Perform at Wells Fargo
Papa Murphy's (FRSH) initiated with a Buy at Jefferies
Papa Murphy's (FRSH) initiated with an Outperform at RW Baird
Papa Murphy's (FRSH) initiated with an Outperform at William Blair
Quotient (QTNT) initiated with a Buy at UBS
Sabre (SABR) initiated with a Buy at BofA/Merrill
Sabre (SABR) initiated with a Buy at Deutsche Bank
Sabre (SABR) initiated with a Buy at Goldman
Sabre (SABR) initiated with a Buy at Jefferies
Sabre (SABR) initiated with an Overweight at Morgan Stanley
COMPANY NEWS
Amgen (AMGN) announces FDA approval of Vectibix in combination with FOLFOX
Gentiva Health (GTIV) adopts shareholders rights plan
Pfizer (PFE) confirms it won't bid for AstraZeneca (AZN) after rejection of proposal
BioCryst (BCRX) announces positive results from OPuS-1, a trial of BCX4161
China Automotive (CAAS) announces special dividend of 18c per share
Stoneridge (SRI) to sell wiring business to Motherson Sumi Systems for $65.7M
Willis Group (WSH) acquires 75% controlling stake in Max Matthiessen for $205M
NEWSPAPERS/WEBSITES
Apple (AAPL) asks court to ban nine Samsung products, Re/code says
Bank of America (BAC) found $4B error after Fed wording change, WSJ reports
Barnes & Noble shares could double, Barron's says
Canada looks into GM (GM) crashes amid faulty switch complaints, Reuters says
Credit Swiss (CS) tax case sparks probe of 13 other banks, Bloomberg says
Google (GOOG) considering buying connected camera maker, The Information says
Intuit (INTU) to acquire Check Inc. for $360M, WSJ reports
Sears (SHLD) could drop over 50%, Barron's says
Tyson Foods (TSN) looks appealing, Barron's says
U.S. regulators back plan to shift trading onto exchanges, WSJ reports
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
NVGN Novogen Limited 4.70 25.33%
HSH Hillshire Brands ... 45.80 23.72%
VRNG Vringo Inc. 3.76 14.98%
BCRX Biocryst Pharmace... 9.85 9.38%
ADXS Advaxis Inc. 2.75 7.63%
INO Inovio Pharmaceut... 2.14 7.00%
BKS Barnes & Noble In... 18.00 6.89%
SPPI Spectrum Pharmace... 7.88 6.34%
RUSS Direxion Daily Ru... 12.56 6.17%
TI Telecom Italia S.... 11.94 5.48%
CAMP Calamp Corp. 19.15 5.05%
MPEL Melco Crown Enter... 35.59 5.02%
ODP Office Depot Inc.... 5.27 4.56%
STM Stmicroelectronic... 9.80 4.48%
XRS Tal Education Gro... 24.00 4.39%
ICLD Intercloud System... 5.33 4.31%
KNDI Kandi Technologie... 11.96 4.27%
PANW Palo Alto Network... 69.74 4.11%
NBG National Bank of ... 3.34 3.73%
NKTR Nektar Therapeuti... 12.10 3.60%
Top Losing Stocks
Price %Change
DRTX Durata Therapeuti... 14.95 -11.49%
NEWL Newlead Holdings ... 2.51 -11.31%
PF Pinnacle Foods 30.95 -6.97%
JKS Jinkosolar Holdin... 24.10 -6.81%
EFX Equifax Inc. 66.05 -5.01%
AFOP Alliance Fiber Op... 20.00 -4.26%
JNUG Direxion Daily Jr... 16.22 -3.68%
HMHC Houghton Mifflin ... 17.40 -3.55%
CSIQ Canadian Solar In... 23.50 -2.89%
LIVE Livedeal Inc. 4.30 -2.71%
EPI Wisdomtree India ... 22.13 -2.68%
NUGT Direxion Daily Go... 31.77 -2.67%
MFD Mac/first Glb Inf... 17.02 -2.63%
PIN Powershares India... 21.04 -2.59%
PPC Pilgrim\'s Pride ... 24.50 -2.39%
VVUS Vivus Inc. 4.53 -2.37%
AU Anglogold Ashanti... 16.48 -2.31%
GFI Gold Fields Ltd. ... 3.82 -2.30%
RSX Market Vectors Ru... 25.15 -2.22%
SPLS Staples Inc. 11.40 -2.15%
Read more at http://thestockmarketwatch.com/markets/pre-market/#d6V8L2QeOKzTOgrR.99
data:
Durable Goods Orders
[Report][Star]8:30 AM ET
FHFA House Price Index
[Report][Bullet9:00 AM ET
S&P Case-Shiller HPI
[Report][djStar]9:00 AM ET
PMI Services Flash
[Report][Bullet9:45 AM ET
Consumer Confidence
[Report][djStar]10:00 AM ET
Richmond Fed Manufacturing Index
[Report][Bullet10:00 AM ET
State Street Investor Confidence Index
[Bullet10:00 AM ET
Dallas Fed Mfg Survey
[Report][djStar]10:30 AM ET
4-Week Bill Announcement
[Bullet11:00 AM ET
3-Month Bill Auction
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6-Month Bill Auction
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2-Yr Note Auction
[Bullet1:00 PM ET
Dennis Lockhart Speaks
8:10 PM ET
Futures +52
good morning
hi there! sounds like lots of fun!
pool time here, bought stuff to cook out for tomorrow....
$GOGO ~ really great little stock....very nice play for you!
3 day weekend....
Girls are out of school June 3rd....
have fun!
frontrunning:
The Fed can't print trade? World Trade Flows Fall in First Quarter (WSJ)
PBOC’s Zhou Says China May Have Housing Bubble in ‘Some Cities’ (BBG)
ECB's Weidmann - Reviving ABS market not task for central bank (Reuters)
LOL: Fitch upgrades Greece by a notch to 'B'; outlook stable (Reuters)
LOL x2: Spain Sovereign Debt Rating Upgraded by S&P (BBG)
China Will Vet Tech Firms After Threatening U.S. Retaliation (BBG)
US to claim victory over China in WTO car dispute (BBG)
Obama urges Democrats to vote in midterms, attacks Republicans (Reuters)
U.S. Military Pushes for More Disclosure on Drone Strikes (WSJ)
The power struggle behind China's corruption crackdown (Reuters)
Secrecy of Oil-by-Train Shipments Causes Concern Across the U.S. (WSJ)
Overnight Media Digest
WSJ
* Hewlett-Packard Co is cutting thousands more jobs, as efforts to revitalize the company have sputtered amid a rapidly changing technology landscape. The company said Thursday it would cut an additional 11,000 to 16,000 jobs on top of 34,000 positions it previously said would be eliminated as part of a multi-year restructuring plan. (http://r.reuters.com/tar59v)
* Investors defied a technology-market slump to send shares of Chinese online retailer JD.com Inc as much as 20 percent higher after its initial public offering Thursday in New York. The shares opened trading at $21.75, and rose as high as $22.80 in early trading. The shares closed their first day at $20.90, a gain of 10 percent.(http://r.reuters.com/ber59v)
* Cox Communications Inc became the biggest U.S. cable operator to commit to rolling out a gigabit-speed broadband offering to all its residential customers, starting this year, the latest sign that the push for ultra-fast broadband speeds sparked by Google is gaining traction throughout the industry. (http://r.reuters.com/der59v)
* Google Inc is developing a new, cutting-edge tablet as it continues to experiment with advanced vision capabilities for mobile devices. The company plans to produce about 4,000 of the prototype tablets beginning next month, according to people briefed on the company's plans. (http://r.reuters.com/ger59v)
* One of AstraZeneca Plc's biggest shareholders, BlackRock Inc, has urged the British pharma giant's board to eventually re-engage in talks with Pfizer Inc over a possible deal, but backed its rejection of Pfizer's offer this week, according to people familiar with the situation. (http://r.reuters.com/jer59v)
FT
AstraZeneca's biggest shareholders have told the drugmaker they want the company to take a fresh look at a possible deal with Pfizer by August.
Swiss drugmaker Roche Holding AG said it had been visited by a unit of China's anti-trust regulator, in the latest move in the widening crackdown on corruption in the country's pharmaceutical sector.
Germany's largest bank Deutsche Bank's top executives faced angry investors at the annual shareholders' meeting, less than a week after announcing a surprise 8 billion euro capital raising plan.
Spanish government chose to move the country's maiden inflation-linked bonds in line with Eurozone Harmonised Index of Consumer Prices across European countries.
Wizz Air, central eastern Europe's largest airline, plans to list its shares on the London Stock Exchange next month and is seeking to raise 200 million euros ($273 million).
NYT
* The St. Petersburg International Economic Forum aims to woo foreign investment, but the event is under a cloud this year as Russia stands on the verge of recession. A panel at an annual economic forum here was deeply divided over the direction of the Russian economy. The isolationists in the group favored relying on state banks for its financing needs. Others called for Russia to deepen its ties with China, while a different contingent said global trade and commerce remain critical. (http://r.reuters.com/cer59v)
* Hundreds of miles from Credit Suisse's Madison Avenue office tower and an ocean away from its headquarters in Zurich, the bank found an unlikely opponent in Alexandria, Virginia. Federal prosecutors there helped lead an investigation into Credit Suisse, which this week pleaded guilty to helping thousands of American clients hide their wealth overseas. (http://r.reuters.com/fer59v)
* The Mizkan Group's $2.15 billion purchase of Unilever Plc's Ragu and Bertolli pasta sauce brands is the latest overseas foray by a storied and gutsy vinegar maker, one that helped transform sushi from an obscure delicacy into a global culinary phenomenon. (http://r.reuters.com/qar59v)
* The slide continued on Thursday for the deeply troubled Sears Holdings Corp, whose dismal earnings report not only lacked signs of improvement but also laid bare how few options the company had left. Sears Holdings, owner of Sears and Kmart stores, was once again the bleakest of the lackluster reports. It announced that it would close at least 80 stores this year, a downsizing move it has made in previous years without significant results. (http://r.reuters.com/xar59v)
* Online Chinese retailer JD.com Inc started life as a publicly traded company with a rousing start, closing up 10 percent on the Nasdaq on Thursday. At that price, shareholders valued the company at more than $28.6 billion, more than other American technology names like Twitter Inc and LinkedIn Corp. Investors in the United States seemed eager for the offering, even though some analysts have criticized JD.com's corporate governance and lack of profitability in recent years. (http://r.reuters.com/zar59v)
Canada
THE GLOBE AND MAIL
* The United States has implemented limits on emissions from the oil and gas sector that are "significant" and "comparable" to those the Canadian government is considering, says a newly released Environment Canada memo, one that contradicts Prime Minister Stephen Harper's assertion that Canada is waiting for the U.S. regulations before it acts. (http://r.reuters.com/pes59v)
* The Conservative Party of Canada has postponed a bitter nomination battle in a Toronto-area riding, saying it needs time to sort out complaints of fraud and robocalls in the riding. (http://r.reuters.com/qes59v)
Reports in the business section:
* Russia is weighing whether it should end its $3.4 billion deal with Bombardier Inc to buy Q400 turboprop planes to be built in a new assembly plant in Russia, the country's industry minister said. (http://r.reuters.com/tes59v)
NATIONAL POST
* Europe's seal ban is arbitrary, unfair and "inconsistent," the World Trade Organization ruled Thursday, but the continent will still be allowed to keep out Canadian seal products in order to "protect public morals." The ruling by the WTO Appellate Body was cheered by animal activists, but roundly condemned in Canada's seal hunting regions. (http://r.reuters.com/xes59v)
* A man accused of killing five young people in Calgary's worst mass murder has been found fit to stand trial. Matthew de Grood is charged with first-degree murder after four men and a woman were stabbed to death at a house party that was being held last month to mark the end of the university school year. (http://r.reuters.com/zes59v)
FINANCIAL POST
* The Keystone XL pipeline debacle with the United States has drawn plenty of second guessing of late that it's all Canada's fault - government's pushing too hard on behalf of the oil industry for approval in the United States and doing too little to ingratiate themselves to President Barack Obama by getting tough on greenhouse emissions from the sector. The man on the front lines of campaign, Canadian ambassador to the United States Gary Doer, couldn't disagree more. (http://r.reuters.com/gus59v)
* Toyota Motor Corp is recalling 430,500 vehicles for three separate safety problems, including 82,381 Sienna minivans in Canada that face potential problems caused by salt used by road crews to melt snow or ice in some areas. (http://r.reuters.com/pus59v)
Hong Kong
SOUTH CHINA MORNING POST
-- An Italian journalist who mounted an undercover operation to expose a suspected eastern European gangster told the District Court how easy it was to set up a money-laundering operation in Hong Kong. (http://link.reuters.com/nuq59v)
-- A more complete picture of Hong Kong, including all the off-street nooks and crannies, will soon be available online in 3D, via mapping developed by the University of Science and Technology. The comprehensive map of the city is being touted as better than those from Google and Apple. (http://link.reuters.com/puq59v)
-- Shanghai vice-mayor Tu Guangshao has heralded further financial liberalisation in the city's free-trade zone, fuelling speculation about future full convertibility of the yuan in the test bed for mainland economic reform. (http://link.reuters.com/quq59v)
THE STANDARD
-- Cheung Kong Holdings has priced its first batch of 350 units at City Point in Tsuen Wan close to those of secondary homes nearby, prompting some owners to cut their asking prices. The joint project has a price tag of up to HK$12,071 ($1,600) per sellable sq ft after a discount of up to 15.75 percent. (http://link.reuters.com/suq59v)
-- The "Father of Lan Kwai Fong," Allan Zeman, says he supports the idea of Hong Kong expanding into Hengqin in Zhuhai or Nansha as Hong Kong needs to compete with mainland cities. (http://link.reuters.com/vuq59v)
-- Staff training budgets grew to 3.1 percent of annual salaries last year, the highest since 2009, as companies want to develop and retain staff, a survey by personnel experts showed. This is the second-biggest proportion since 2004, the study by the Hong Kong Institute of Human Resource Management found. (http://link.reuters.com/wuq59v)
HONG KONG ECONOMIC JOURNAL
-- Sunac China Holdings Ltd said it would buy 24.3 percent of Greentown China Holdings Ltd for about HK$6.3 billion ($812.52 million), a price equivalent to HK$12 per Greentown share or 56 percent premium to the previous close.
-- Property-to-transportation group Shun Tak Holdings Ltd said it would sell its funeral service business in Macau for HK$624 million ($80.48 million).
HONG KONG ECONOMIC TIMES
-- Li & Fung Ltd's planned spinoff firm Global Brands Group is set to be a high growth company and is planning to acquire more brands which have potential to expand globally, according to Chief Executive Officer Bruce Rockowitz.
Britain
The Telegraph
INTEREST BILL ON UK'S 1.27 TRILLION STG DEBT TO HIT 1 BLN STG A WEEK
(http://link.reuters.com/xuq59v)
Britain's huge debt interest bill remains on course to hit £1bn a week this year, after official data showed the government borrowed 3 billion pounds more in April than forecast by analysts.
INTERNATIONAL DIRECTOR SET TO LEAVE MARKS & SPENCER
(http://link.reuters.com/zuq59v)
Jan Heere, who was hired from Inditex, the owner of Zara, in 2011, is understood to be returning to a role in Russia, although he is yet to resign from his role at Marks and Spencer .
The Guardian
CLYDESDALE BANK TO INTRODUCE FIRST PLASTIC BANKNOTES IN BRITAIN NEXT YEAR
(http://link.reuters.com/byq59v)
The first plastic banknotes in Great Britain will be introduced in Scotland next year to mark the 125th anniversary of the Forth Bridge, Clydesdale Bank has announced.
ROYAL MAIL SAYS POSTAL DELIVERIES TO REMOTE AREAS UNDER THREAT
(http://link.reuters.com/cyq59v)
Royal Mail has warned that postal deliveries to rural areas are under threat because rivals are being allowed to cherry pick easy and profitable deliveries in towns and cities without having to run services to isolated homes such as on Scottish islands.
The Times
COCA-COLA DIPS TOE IN TROUBLED WATERS AS IT TRIES TO PUT DASANI FIASCO IN PAST
(http://link.reuters.com/ruq59v)
Coca-Cola is to launch a fresh assault on Britain's 1.4 billion pound bottled water market by bringing its glacéau smartwater across the Atlantic.
GATWICK WILL GET EXTRA RUNWAY IN "POLITICAL FIX", WARNS BORIS
(http://link.reuters.com/dyq59v)
A "political fix" is emerging in favour of building a second runway at Gatwick airport as the government realises that it would be unable to expand Heathrow, mayor of London Boris Johnson claimed yesterday.
Sky News
BLACKROCK URGES ASTRAZENECA TO HOLD NEW TALKS
(http://link.reuters.com/fyq59v)
AstraZeneca's biggest shareholder wants the pharmaceuticals group to consider renewing talks with Pfizer about a 69 billion pound takeover offer once a curfew period imposed by City regulators has expired.
LONDON-MADE TECH HARDWARE 'EATING THE WORLD'
(http://link.reuters.com/gyq59v)
The maker of a new type of music keyboard has raised 7.6 million pound in funding, in a series A round that could value the company at 40 million pound. Dalston-based tech start up Roli raised the money from Balderton, Firstmark, Index and Universal Music.
Fly On The Wall 7:00AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
New home sales for April at 10:00--consensus up 10.7% to 420K rate
ANALYST RESEARCH
Upgrades
FireEye (FEYE) upgraded to Overweight from Equalweight at Barclays
German American Bancorp (GABC) upgraded to Outperform at Keefe Bruyette
L Brands (LB) upgraded upgraded to Buy from Hold at Stifel
Portfolio Recovery (PRAA) upgraded to Buy from Neutral at Janney Capital
RTI International (RTI) upgraded to Overweight from Neutral at JPMorgan
Rubicon (RBCN) upgraded to Perform from Underperform at Oppenheimer
Saint Joe Co. (JOE) upgraded to Outperform from Market Perform at Raymond James
Downgrades
Aeropostale (ARO) downgraded to Sector Perform from Outperform at RBC Capital
Aflac (AFL) downgraded to Equalweight from Overweight at Barclays
Covisint (COVS) downgraded to Sector Perform from Outperform at Pacific Crest
Hain Celestial (HAIN) downgraded to Hold from Buy at Jefferies
Linde (LNEGY) downgraded to Neutral from Buy at Goldman
RetailMeNot (SALE) downgraded to Hold from Buy at Stifel
Initiations
BNY Mellon (BK) initiated with a Hold at Deutsche Bank
CMS Energy (CMS) initiated with an Outperform at RW Baird
Durata Therapeutics (DRTX) initiated with a Buy at MLV & Co.
Dynagas LNG (DLNG) initiated with a Buy at Stifel
GasLog (GLOG) initiated with a Hold at Stifel
Golar LNG Partners (GMLP) initiated with a Buy at Stifel
Golar LNG (GLNG) initiated with a Hold at Stifel
Northern Trust (NTRS) initiated with a Hold at Deutsche Bank
State Street (STT) initiated with a Hold at Deutsche Bank
COMPANY NEWS
HP (HPQ) increased its workforce reduction forecast by 11,000-16,000 jobs, saying it now expects to lay off 45,000-50,000 employees, up from its prior estimate of 34,000, with 41,000 total to leave by the end of FY14
Barclays (BCS) fined $43.9M by FCA over gold price fixing
Starboard raised its stake in Darden (DRI) to 6.2% from 5.5%
Boeing (BA) acquired ETS Aviation, terms not disclosed
Keryx (KERX) said that the FDA extended the PDUFA date for Zerenex to September 7
Ziopharm Ad-RTS-IL-12 (ZIOP) said study shows precise control of IL-12 gene expression level
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Cavco Industries (CVCO), Nordson (NDSN), Compuware (CPWR), Mentor Graphics (MENT), Marvell (MRVL), GameStop (GME), Ocean Rig UDW (ORIG), TiVo (TIVO), Aeropostale (ARO), Gap (GPS), Zumiez (ZUMZ)
Companies that missed consensus earnings expectations include:
Covisint (COVS), New York & Co. (NWY), Shoe Carnival (SCVL), 21Vianet (VNET)
Companies that matched consensus earnings expectations include:
Hibbett Sports (HIBB), Brocade (BRCD), Aruba Networks (ARUN), The Fresh Market (TFM), Ross Stores (ROST)
HP (HPQ) reports Q2 Personal Systems revenue up 7% YoY
GameStop (GME) backs FY14 EPS view $3.40-$3.70, consensus $3.68
GameStop (GME) sees Q2 EPS 12c-20c, consensus 17c
Aeropostale (ARO) sees Q2 EPS (61c)-(55c), consensus (50c)
Gap (GPS) backs FY14 EPS $2.90-$2.95, consensus $2.93
NEWSPAPERS/WEBSITES
Google (GOOG) developing 'cutting-edge' tablet, WSJ reports
Sony (SNE) CEO vows again that TV unit will be profitable, Bloomberg reports
WWE (WWE) needs 1.3M-1.4M subscribers to make up for revenue loss, NY Post says
Apple (AAPL) wants Beats because streaming could 'kill' download sales, TechCrunch says
NTSB asks FAA to look into battery tests after 787 (BA) events, Bloomberg reports
Credit Suisse (CS) sells $5B worth of bonds since tax evasion suit, Bloomberg says
HSBC (HSBC) to face criticism over bonus payouts payments, The Independent reports
SYNDICATE
Agile Therapeutics (AGRX) 9.17M share IPO priced at $6.00
China Sunergy (CSUN) files to sell $45M of ordinary shares, warrants
Gold Resource (GORO) files to sell 4.1M shares for selling shareholders
Heritage Insurance (HRTG) 6M share IPO priced at $11.00
Matador (MTDR) files to sell 7.5M shares of common stock
Orbitz (OWW) 7.5M share Secondary priced at $6.60
Parsely Energy (PE) 50M share IPO priced at $18.50
Santander Mexico (BSMX) files to sell ADS for holders
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
PTCT Ptc Therapeutics ... 30.00 95.82%
FLTX Fleetmatics Group... 39.79 38.88%
BORN China New Borun C... 3.68 15.72%
WIA Western/claymore ... 13.79 13.50%
TFM The Fresh Market ... 31.60 10.10%
RKUS Ruckus Wireless 10.20 4.08%
GME Gamestop Corp. Cl... 38.33 3.93%
OWW Orbitz Worldwide ... 7.15 3.32%
GTAT GT Advanced Techn... 15.24 3.29%
FL Foot Locker Inc. ... 49.70 3.18%
FEYE Fireeye Inc 33.30 3.13%
TTS Tile Shop Hldgs I... 14.99 3.02%
CBS Cbs 61.00 2.88%
XONE The Exone Company... 29.45 2.79%
ISIS Isis Pharmaceutic... 25.64 2.77%
AHC A. H. Belo 11.58 2.66%
SSYS Stratasys Ltd. 96.98 2.55%
DDD 3D Systems Corp. ... 56.33 2.38%
JKS Jinkosolar Holdin... 25.50 2.37%
MRO Marathon Oil Corp... 37.00 2.27%
Top Losing Stocks
Price %Change
ARO Aeropostale Inc. ... 3.80 -15.93%
ARUN Aruba Networks In... 18.20 -9.27%
KERX Keryx Biopharmace... 12.63 -4.10%
YNDX Yandex N.v. 30.80 -4.05%
TGEN Tecogen Inc 20.00 -3.85%
WPRT Westport Innovati... 14.27 -3.12%
SHLD Sears Holdings Co... 37.00 -2.89%
ORAN Orange 16.25 -2.87%
HMC Honda Motor Co. L... 33.50 -2.22%
YOKU Youku Tudou 19.97 -2.11%
CTIC Cell Therapeutics... 2.81 -2.09%
NEWL Newlead Holdings ... 3.44 -1.99%
WBAI 500 Com Ltd. Adr ... 35.01 -1.77%
GAIN Gladstone Investm... 7.63 -1.68%
DEO Diageo Plc Ads 127.55 -1.54%
ICN Wisdomtree Indian... 21.57 -1.51%
TRV Travelers Cos Inc... 91.68 -1.43%
RAD Rite Aid 7.65 -1.42%
PLUG Plug Power Inc. 4.24 -1.40%
PUK Prudential Plc Ad... 46.57 -1.40%
Read more at http://thestockmarketwatch.com/markets/pre-market/#AKkdgkDc9siJOkzX.99
data:
New Home Sales
[Report][Star]10:00 AM ET
SIFMA Rec. Early Close 2:00 ET
Futures +9
Frontrunning:
McDonald’s Workers Arrested at Protest Near Headquarters (BBG)
U.S. Sends Troops to Chad to Hunt for Abducted Nigeria Girls (BBG)
BofA Scrapping Market-Making Unit Amid Trading Scrutiny (BBG)
Biggest attack in years kills 31 in China's troubled Xinjiang (Reuters)
Intense Fighting Flares in Eastern Ukraine (WSJ)
Fed Officials Tussle Over Labor Market Slack (Hilsenrath)
Ikea Economics Lure Central Bankers Seeking New Tools (BBG)
When Putin ordered up new hospitals, his associates botched the operation (Reuters)
Norway’s $33 Billion Man Steps Up Search in Asia Real Estate Bet (BBG)
New Faces Behind Fed Dots Seen Roiling Markets as Forecasts Move (BBG)
Good luck: Vietnam threatens to sue China (Reuters)
Tony Hayward, Ex-BP CEO, Gets His Life Back as Kurdish Pipeline Opens (BBG)
JD.com Raises $1.78 Billion, Pricing IPO Above Range (BBG)
Overnight Media Digest
WSJ
* Federal Reserve Chairwoman Janet Yellen has argued consistently in recent months that labor markets are abundant with slack that will hold inflation and wages down. But she hasn't convinced all her colleagues. Minutes of the Fed's April 29-30 policy meeting showed a lengthy debate on this subject and suggested labor-market slack will become an important battleground in the central bank's coming discussions about how long to continue its low-interest-rate policies. (http://r.reuters.com/pyj59v)
* Goldman Sachs Group Inc is ceding most of its ground on the New York Stock Exchange's trading floor. IMC Financial Markets, a Dutch high-speed trading firm, agreed on Wednesday to acquire Goldman's rights to operate as a designated market maker in more than 600 New York Stock Exchange-listed stocks, according to Scott Knudsen, IMC's Chicago-based head of trading. IMC will also hire about 15 floor brokers from the Wall Street firm. (http://r.reuters.com/tyj59v)
* Reynolds American Inc and Lorillard Inc are in advanced talks to combine in a deal that would dramatically reshape the U.S. tobacco landscape, creating a powerful No. 2 to industry leader Altria Group Inc, according to a person familiar with the matter. (http://r.reuters.com/vyj59v)
* The claws are out for the entire board of Darden Restaurants Inc after it agreed last week to sell its Red Lobster chain. Starboard Value LP, an activist investor that didn't want Darden to sell Red Lobster alone, is now launching a fight to take over the board, according to people familiar with the matter. (http://r.reuters.com/xyj59v)
* EBay Inc on Wednesday asked the 145 million registered users of its namesake marketplace to change their passwords following a cyber attack that compromised a database containing encrypted passwords and other data. (http://r.reuters.com/zyj59v)
* Three days after AstraZeneca PLC slammed the door on Pfizer Inc's latest $120 billion takeover offer, some big investors in the British drugs giant are refusing to give up. AstraZeneca's sixth-largest investor, Legal & General Group PLC, is urging the company's board to reverse its rejection of the deal, two people familiar with the situation said. (http://r.reuters.com/fak59v)
FT
The Financial Conduct Authority succeeded in overturning a lower court decision on UK legal aid. The Court of Appeal ruled that a complex fraud trial could go ahead despite defendants being unable to find legal representation.
Shareholders in Italy's Monte dei Paschi di Siena approved a proposal to boost the size of an upcoming share sale to 5 billion euros ($6.9 billion) to help it absorb a hit on its finances it expects from a Europe-wide bank health check.
Hedge fund Magnetar Capital is suing U.S. drugs wholesaler McKesson Corp, saying its acquisition of German peer Celesio was unfair to minority shareholders.
Tesco Plc, UK's biggest grocer, banned sweets and chocolates from checkouts in all of its stores as health campaigners crack down on sugary food items.
Netflix is pushing into Europe this year, the U.S. video streaming company said on Wednesday, as the company launches its service in Germany, France, Belgium, Switzerland and Austria by the end of 2014.
NYT
* China is going to great lengths to satisfy its growing hunger for energy to fuel its expanding car fleet and electrify its swelling cities. The Chinese government showed that desire on Wednesday when it reached a 30-year natural gas deal with Russia, even as China was locked in a tense standoff with Vietnam over a Chinese oil rig drilling in the contested South China Sea. (http://r.reuters.com/quj59v)
* JD.com Inc, an online retailer aspiring to become China's answer to Amazon.com Inc, exceeded expectations for its initial public offering on Wednesday, raising $1.78 billion. Even though the company has lost money for the last several years, its stock sale valued the company at $25.7 billion, a valuation even higher than Twitter Inc's at its market debut last fall. (http://r.reuters.com/tuj59v)
* One of the prime assets that the estate of the bankrupt Lehman Brothers Holdings Inc still has to sell is a 20 percent stake in the $22 billion hedge fund D. E. Shaw. But so far, Lehman has found no takers. Over the last six months, the Lehman estate has been trying to drum up interest in the stake, which the Wall Street bank bought a year before it collapsed. But few investment firms solicited by the Goldman Sachs Group Inc bankers who are shopping it have shown much interest in what is one of the industry's more successful trading firms. (http://r.reuters.com/zuj59v)
* Airbnb, the apartment sharing service, and New York law enforcement officials came to an agreement Wednesday after a dispute over rental data that lasted for the better part of a year. Under the terms of the deal, Eric Schneiderman, the New York State attorney general, will get the information he is seeking about Airbnb hosts in New York City, but it will be stripped of names and other personally identifiable information. (http://r.reuters.com/byj59v)
* Investment firm Starboard Value is seeking to unseat Darden Restaurants Inc's entire 12-member board, people briefed on the matter said on Wednesday. The move comes after the restaurant operator announced plans last week to sell Red Lobster to Golden Gate Capital, a private- equity firm, for about $2.1 billion. Both Starboard and another hedge fund, Barington Capital Group, fiercely criticized the deal as a "firesale" that shortchanged them and other investors. (http://r.reuters.com/cyj59v)
Canada
THE GLOBE AND MAIL
* Ontario's New Democratic Party Leader Andrea Horwath is expected to promise a family caregiver tax credit when she unveils her platform Thursday morning. The credit, which would provide C$1,275 annually to people caring for an ill or aging family member at home, is part of Horwath's attempt to position the NDP as the party of the "middle class," in a bid to broaden its base of support. (http://r.reuters.com/wam59v)
* In his first address to the National Assembly as Quebec's premier, Philippe Couillard warned tough times are ahead as Quebec seeks to put its financial house in order. In the end, the sacrifice will pay off though with more jobs and lower taxes, he promised. (http://r.reuters.com/bem59v)
Reports in the business section:
* The single biggest customer for the new Bombardier Inc C Series airplane, Republic Airways Holdings Inc, is raising doubts about whether it still wants the aircraft, another potential blow to Bombardier's attempt to carve out a profitable niche in the biggest segment of the large commercial airplane market. (http://r.reuters.com/fem59v)
NATIONAL POST
* After weeks of speculations, former Federal Minister Jim Prentice announced his intention to replace Alison Redford as the Leader of the Progressive Conservative Association of Alberta, and Premier of Alberta. (http://r.reuters.com/hem59v)
* Canadian Prime Minister Stephen Harper feared he might have to step aside in 2008 if a police investigation occurred into allegations his Conservative team had tried to bribe Independent Member of Parliament Chuck Cadman, a new book says. (http://r.reuters.com/kem59v)
FINANCIAL POST
* Chief Executive of Malaysia's Petroliam Nasional Bhd said the state-run energy giant will not proceed with a planned liquefied natural gas export terminal proposed for Canada's West Coast at all costs, even as the company eyes a potential final investment decision on the plant by year-end. (http://r.reuters.com/mem59v)
* As the list grows of investment dealers rejecting compensation awards recommended for their clients by Canada's independent banking ombudsman, an investor advisory panel is calling on the Ontario Securities Commission to step in and make the compensation binding. (http://r.reuters.com/nem59v)
Hong Kong
SOUTH CHINA MORNING POST
-- Mainland internet giant Tencent Holdings Ltd emerged as the world's fastest-growing brand this year and surpassed China Mobile as the most valuable in Asia, according to the latest BrandZ Global Top 100 study. (link.reuters.com/syh59v)
-- Advertising spending is going mobile, with a recent research report showing Chinese consumers are more receptive of mobile advertising than those in Britain and the United States. The report forecasts China's mobile advertising will reach 12.5 billion yuan ($2.01 billion) this year and swell to 25.7 billion yuan in 2017. (link.reuters.com/tyh59v)
-- The maiden flight of China's first large commercial passenger jet, the C919, has been delayed until the end of next year, with planes expected to be delivered to buyers in 2018, a senior official at its state-owned manufacturer Commercial Aircraft Corp of China said. (link.reuters.com/vyh59v)
THE STANDARD
-- The MTR Corp said part of the construction work for the South Island Line East is delayed, in another embarrassing admission by the railway operator. (link.reuters.com/wyh59v)
-- A bill to exempt the Macau chief executive from criminal liability during his term of office will be passed into law in Macau next week - after it sailed through a committee at Macau's Legislative Assembly on Wednesday. (link.reuters.com/zyh59v)
-- China Everbright said its state-owned parent China Everbright Group is waiting for the State Council to approve an internal restructuring ahead of a listing of the whole group. (link.reuters.com/caj59v)
HONG KONG ECONOMIC JOURNAL
-- Demand for service apartment with monthly rental of over HK$100,000 ($12,900) is seen weakening in Hong Kong as many international corporations trim their overseas staff housing subsidies, and that boost demand for smaller apartment with monthly rental of HK$80,000, according to real estates service firm Jones Lang LaSalle.
HONG KONG ECONOMIC TIMES
-- U.S. apparel brand J.Crew, which opened three stores in London last year as it kicked off its overseas expansion plan, has recently opened two stores in Hong Kong's Central business district and it plans to add three more in the city in the next two years to tap the local market, according to its Chief Executive Millard Drexler.
MING PAO DAILY NEWS
-- Hong Kong-based watch retailer Oriental Watch Holdings Ltd said it expects to report a "substantially lower profit" for the year ended March 2014 due to a slowdown in China economy and an increase in shop rents, while high-end luxury menswear retailer Trinity Ltd saw no improvement in operating environment in China due to the ongoing anti-corruption campaign.
Britain
The Telegraph
BP WILL TAKE GULF OF MEXICO ROW TO SUPREME COURT
(http://link.reuters.com/dej59v)
The British oil major said on Wednesday that it would ask the United States' highest court to revise a catch-all compensation deal it struck in 2012, which is being used to award payouts to people "with no apparent connection to the Deepwater Horizon spill".
HALFORDS ACCUSED OF SQUEEZING SUPPLIERS
(http://link.reuters.com/fej59v)
Letters seen by The Telegraph show Halfords Group asking suppliers to pay up to 10 percent of their annual sales with the retailer in what effectively amounts to a rebate on already agreed contractual payments.
The Guardian
ASTRAZENECA DIRECTORS UNMOVED BY SHAREHOLDER CALLS TO REOPEN PFIZER TALKS
(http://link.reuters.com/hej59v)
AstraZeneca's directors remained defiant on Wednesday night in the face of calls from one of the drugs company's biggest shareholders to reopen talks with its unwanted suitor, the U.S.-based Pfizer group.
TIMING OF MORTGAGE RATE RISE LOOKS LESS CERTAIN AFTER BANK OF ENGLAND MEETING
(http://link.reuters.com/jej59v)
The prospect of a rise in mortgage rates next spring looks more uncertain after Bank of England policymakers appeared to be split over when to end the UK's five years of cheap credit.
The Times
WE'RE WATCHING YOU, CARNEY TELLS INSURERS
(http://link.reuters.com/taj59v)
The governor of the Bank of England has warned insurers that he will hold their top executives to account in the same way that he has cracked down on Britain's errant bankers.
BANK'S UNITED FRONT OVER RATE RISE BEGINS TO CRACK
(http://link.reuters.com/kej59v)
All nine members of the Monetary Policy Committee voted in favour of keeping rates on hold this month, but the minutes of the meeting showed that, for some, the policy decision was becoming "more balanced".
Sky News
FAT FACE PULLS FLOAT AS CITY IPO FASHION FADES
(http://link.reuters.com/tuh59v)
Fashion retailer Fat Face <IPO-FFFL.L> is expected to abandon its planned flotation in a move that could mark a turning point in the City's frenzy of recent company listings.
BUYOUT GIANTS TEAM UP FOR SUB-PRIME LENDER
(http://link.reuters.com/xeh59v)
Two of the world's biggest private-equity groups Blackstone and TPG have joined forces to mount a takeover bid for Kensington, one of the UK's biggest specialist mortgage lenders.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Jobless claims for week of May 17 at 8:30--consensus 310K
Markit manufacturing PMI for May at 9:45--consensus 55.5
Leading indicators for April at 10:00--consensus up 0.4%
Existing home sales for April at 10:00--consensus up 2.2% to 4.69M rate
ANALYST RESEARCH
Upgrades
Booz Allen (BAH) upgraded to Buy from Hold at Stifel
Facebook (FB) upgraded to Overweight from Equal Weight at Evercore
Nabors Industries (NBR) upgraded to Buy from Hold at Jefferies
Reinsurance Group (RGA) upgraded to Outperform from Market Perform at Raymond James
Renasant (RNST) upgraded to Outperform from Market Perform at Keefe Bruyette
Downgrades
American Eagle (AEO) downgraded to Sell from Neutral at Citigroup
ArcelorMittal (MT) downgraded to Sell from Neutral at Goldman
Arcos Dorados (ARCO) downgraded to Neutral from Overweight at HSBC
Keurig Green Mountain (GMCR) downgraded to Neutral from Buy at Roth Capital
MedAssets (MDAS) downgraded to Neutral from Buy at BofA/Merrill
Mosaic (MOS) downgraded to Neutral from Outperform at Macquarie
Motorola Solutions (MSI) downgraded to Underperform from Neutral at Mizuho
STMicroelectronics (STM) downgraded to Underweight from Neutral at HSBC
SodaStream (SODA) downgraded to Underweight from Equalweight at Barclays
Initiations
AES Corp. (AES) initiated with an Equal Weight at Morgan Stanley
AT&T (T) initiated with a Market Perform at Bernstein
CF Industries (CF) initiated with a Neutral at UBS
CenturyLink (CTL) initiated with a Market Perform at Bernstein
China Biologic (CBPO) initiated with a Buy at Jefferies
First Quantum Minerals (FQVLF) initiated with an Underweight at HSBC
Frontier Communications (FTR) initiated with a Market Perform at Bernstein
Seabridge Gold (SA) initiated with a Speculative Buy at Canaccord
Sprint (S) initiated with a Market Perform at Bernstein
T-Mobile (TMUS)initiated with a Market Perform at Bernstein
Verizon (VZ) initiated with an Outperform at Bernstein
Windstream (WIN) initiated with an Outperform at Bernstein
COMPANY NEWS
Unilever (UN, UL) agreed to sell Ragu, Bertolli brands to Mizkan Group for $2.15B
Sears (SHLD) said it continues to evaluate options to separate Sears Auto Center business
Allergan (AGN) responded to Pershing that it is 'well aware of its fiduciary duties'
The Consumer Product Safety Commission announced that Nest Labs (GOOG) would recall 440,000 smoke alarms to repair a feature can prevent the alarm from immediately sounding
Sanchez Energy (SN) said it would acquire 106K continuous net acres in Eagle Ford trend of South Texas from wholly-owned subsidiaries of Royal Dutch Shell (RDS.A) for approximately $639M in cash
LINN Energy (LINE) signed a definitive agreement to trade a portion of its Permian Basin properties to Exxon Mobil (XOM) and its wholly owned subsidiary XTO Energy for operating interests in the Hugoton Basin
China Precision Steel (CPSL) announced delisting from NADSAQ
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Toronto-Dominion (TD), Sinovac Biotech (SVA), Bristow Group (BRS), Weibo (WB), L Brands (LB), Williams-Sonoma (WSM), Spartan Stores (SPTN), Synopsys (SNPS), 8x8, Inc. (EGHT), Rexnord (RXN), NetApp (NTAP)
Companies that missed consensus earnings expectations include:
Sears (SHLD), 58.com (WUBA), SINA (SINA), Aegean Marine (ANW), Westell Technologies (WSTL)
Companies that matched consensus earnings expectations include:
Royal Bank of Canada (RY), ValueVision (VVTV)
SINA (SINA) sees Q2 adjusted revenue $177M-$182M, consensus $197.74M
Williams-Sonoma (WSM) sees FY14 EPS $3.07-$3.17, consensus $3.17
Williams-Sonoma (WSM) sees Q2 EPS 49c-52c, consensus 55c
NetApp (NTAP) sees Q1 EPS 53c-58c , consensus 62c
NEWSPAPERS/WEBSITES
Lorillard (LO) in advanced talks to be acquired by Reynolds (RAI), Reuters reports (BTI)
General Motors (GM recalls over 238,000 cars in Brazil, Telegraph reports
Sony (SNE) says not thinking about quitting TV business, Reuters reports
Goldman Sachs (GS) to sell NYSE floor trading business to IMF Financial, WSJ reports
Starboard Value to launch proxy board to take over Darden (DRI) board, WSJ reports
Bank of America (BAC) will abandon electronic market-making unit, Bloomberg reports
SEC investigates Schwab (SCHW), Merrill (BAC) on anti-money laundering controls, Reuters says
GM (GM) expects to release investigation, compensation plan simultaneously, AP says
SYNDICATE
Activision Blizzard (ATVI) announces sale of 41.5M shares of common by Vivendi
American Realty (ARCP) 120M share Secondary priced at $12.00
CDW Corporation (CDW) files to sell 15M shares of common stock for holders
JD.com (JD) 93.686M share IPO priced at $19.00
JGWPT Holdings (JGW) files to sell 18.4M shares of common stock for holders
Monmouth Real Estate (MNR) 7M share Secondary priced at $8.50
Post Holdings (POST) 5.5M share Secondary priced at $47.70
RLJ Lodging Trust (RLJ) files to sell 7.5M common shares of beneficial interest
TechTarget (TTGT) 5M share Secondary priced at $6.25
Terreno Realty (TRNO) files to sell 6.5M shares of common stock
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
IGC India Globalizati... 2.24 12.00%
EGHT 8x8 Inc 8.85 10.49%
SN Sanchez Energy 31.50 9.15%
WSM Williams-sonoma I... 67.32 5.63%
YGE Yingli Green Ener... 3.31 5.41%
MOV Movado Group Inc.... 40.00 5.21%
LNCO Linnco Llc 28.84 4.99%
SGYP Synergy Pharmaceu... 3.80 4.11%
LINE Linn Energy Llc U... 29.44 4.07%
GOGO Gogo Inc. 15.85 3.93%
HES Hess Corp. 92.43 3.51%
GGAL Grupo Financiero ... 13.04 3.32%
HRB H&r Block Inc. 29.94 2.99%
SNE Sony Corp. Ads 16.47 2.62%
ISIS Isis Pharmaceutic... 23.75 2.37%
IBN Icici Bank Ltd (i... 51.96 2.36%
CTIC Cell Therapeutics... 2.60 2.36%
JKS Jinkosolar Holdin... 25.27 2.31%
JNUG Direxion Daily Jr... 17.50 2.22%
VJET voxeljet AG Ads 13.28 2.15%
Top Losing Stocks
Price %Change
CUBI Customers Bancorp... 20.10 -12.23%
BONT Bon-ton Stores In... 9.73 -8.55%
WB Weibo Corp Adr (s... 19.00 -6.17%
MNR Monmouth Real Est... 8.60 -5.39%
BBY Best Buy Co. Inc.... 24.02 -5.25%
SINA Sina Corporation ... 45.60 -4.72%
SHLD Sears Holdings Co... 35.01 -4.24%
WUBA 58.com Inc 40.00 -4.15%
KMDA Kamada Ltd. 7.96 -3.52%
AEO American Eagle Ou... 10.25 -3.30%
URBN Urban Outfitters ... 31.59 -2.86%
FCEL Fuelcell Energy I... 2.06 -2.83%
PDCO Patterson Compani... 40.05 -2.39%
ZNH China Southern Ai... 14.76 -2.25%
JDST Direxion Daily Jr... 24.25 -2.22%
QIWI Qiwi plc 41.30 -1.95%
NBG National Bank of ... 3.04 -1.94%
TSL Trina Solar Ltd. ... 13.30 -1.92%
NX Quanex Building P... 17.95 -1.81%
EBAY ebay Inc. 51.00 -1.70%
Read more at http://thestockmarketwatch.com/markets/pre-market/#dEzlbRfTPWXvtZ8e.99
data:
Jobless Claims
[Report][Star]8:30 AM ET
Chicago Fed National Activity Index
[Bullet8:30 AM ET
PMI Manufacturing Index Flash
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Existing Home Sales
[Report][Star]10:00 AM ET
Leading Indicators
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EIA Natural Gas Report
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Kansas City Fed Manufacturing Index
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3-Month Bill Announcement
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6-Month Bill Announcement
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52-Week Bill Announcement
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2-Yr Note Announcement
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5-Yr Note Announcement
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7-Yr Note Announcement
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10-Yr TIPS Auction
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John Williams Speaks
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Fed Balance Sheet
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Money Supply
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Futures +4
good morning
frontrunning:
Eric Holder proves he is no US banker puppet by smashing another foreign bank: BNP Falls as U.S. Probe Said to Cost More Than $5 Billion (BBG)
Fuld Was Top CEO When Fed Last Raised as New Neutral Era Beckons (BBG)
Tymoshenko loses her magic in Ukraine presidential race (Reuters)
GOP Sees Primaries Taming the Tea Party (WSJ)
Heard that one before: Russian troops preparing to leave Ukraine border area (Reuters)
Heard that one before too: Bank of England minutes show some members closer to voting for rate rise (Reuters)
BOJ Refrains From Easing With Signs Japan Weathering Tax Rise (BBG)
Vietnam riots land another blow on the global supply chain (FT)
Miner Freeport Pressured by Water Costs as Copper Prices Slide (WSJ)
Talks to end Thai crisis inconclusive, new round called (Reuters)
Japan Court Blocks Reactor Restarts (WSJ)
U.S. mortgage collectors gag homeowners in loan deals (Reuters)
Millennials Spurning Silicon Valley for Dallas Oil Patch (BBG)
Netflix to launch in six European countries this year (Reuters)
In cyber spying row, Chinese media call U.S. a 'mincing rascal' (Reuters)
Billion-dollar medical project helped fund “Putin’s palace” on the Black Sea (Reuters)
Overnight Media Digest
WSJ
* As a year-long U.S. tax-evasion case dragged on in recent months, board members at Credit Suisse Group AG considered actions that likely would have cost Brady Doug his job as chief executive, according to people familiar with the deliberations. (http://r.reuters.com/vec59v)
* Stymied in Washington on their minimum-wage push, low-wage workers are now pressing for U.S. companies to raise wages voluntarily. Fast-food workers have held rallies asking for hourly pay starting at $15. (http://r.reuters.com/wec59v)
* General Motors Co's costs for repairing faulty vehicles hit $1.7 billion on Tuesday after the auto maker added another 2.4 million cars, sport-utility vehicles and pickup trucks to this year's list of recent safety recalls. (http://r.reuters.com/zec59v)
* Simon & Schuster has agreed to make available more than 10,000 older titles to nascent e-book subscription businesses Oyster and Scribed, making it the second major book publisher to test consumer interest in Netflix Inc -like reading services. (http://r.reuters.com/buc59v)
* French Economics Minister Arnaud Montebourg said Tuesday that General Electric Co should change its $17 billion offer for the power-equipment division of French engineering group Alstom SA describing the current bid as "unacceptable." (http://r.reuters.com/guc59v)
* Yahoo Inc is looking to bolster its web-video technology with another acquisition. The internet portal is close to finalizing an acquisition of video-streaming startup RayV Inc, according to people familiar with the matter. (http://r.reuters.com/huc59v)
FT
Pfizer scrambled for support from AstraZeneca's shareholders as the UK drugmaker rejected its offer of a 55 pound-per-share deal, and said there was no chance of renewed talks.
Goldman Sachs has started the sale procedure for Metro International Trade Services - its metal warehouses network - calling it the right time to explore a sale, and the business not strategic to its clients.
Credit Suisse's brazen misconduct and shamefully inadequate internal inquiry led to the Swiss bank pleading guilty to criminal wrongdoing, Attorney General cited as reasons for the guilty plea.
Germany's financial watchdog charged Europe's biggest bank HSBC, U.S. bank JPMorgan and France's Credit Agricole with rigging financial benchmarks linked to the euro, exposing them to potential fines.
BP's chief economist Christof Ruhl, who had been overseeing the energy giant's long-term energy outlook, has decided to leave the company to join as research head at Abu Dhabi Investment Authority.
NYT
* A Justice Department indictment released on Monday - which accuses five Chinese military personnel of data thefts attacks on United States Steel Corp, Allegheny Technologies Inc , SolarWorld AG and United Steelworkers union - reads like a chronology of most of the major trade disputes between the United States and China in the last five years. (http://r.reuters.com/zac59v)
* Just two weeks after Target Corp's chief executive, Gregg Steinhafel, resigned, the company said that Tony Fisher, the president of Target Canada, would be replaced by Mark Schindele, senior vice president for merchandising operations. The company made the announcement the day before it is set to report its earnings for the first quarter. (http://r.reuters.com/bec59v)
* During his eight years as steward of the world's largest economy, Ben Bernanke's salary was about $200,000 a year. Now he makes that in just a few hours speaking to bankers, hedge fund billionaires and leaders of industry. This year alone, he is poised to make millions of dollars from speaking engagements. (http://r.reuters.com/hec59v)
* JPMorgan Chase & Co, the nation's biggest bank, will provide $100 million to help debt-ridden Detroit with housing repairs, blight removal, job training and economic development projects over the next five years, according to two people with direct knowledge of the plans. (http://r.reuters.com/jec59v)
* A day after Credit Suisse Group AG pleaded guilty to tax evasion in the United States, the Swiss bank says that it is able to conduct its business as normal despite its criminal conviction. Swiss officials and investors seemed to welcome the fact that the resolution allows the bank to put the matter behind it. (http://r.reuters.com/mec59v)
Canada
THE GLOBE AND MAIL
* The Canadian federal government will spend as much as C$2 million to review the "relevance and performance" of the key pillar of its greenhouse gas reduction strategy - one critics say is piecemeal and has failed to put Canada on track to meet its emissions reduction targets. (http://r.reuters.com/fed59v)
* Schools across British Columbia will begin closing next week, as the dispute between the province and its 41,000 teachers escalates, leaving parents scrambling to make arrangements for child care and raising questions about whether the province and teachers can bridge the wide gulf between them. (http://r.reuters.com/ged59v)
Reports in the business section:
* Enbridge Inc's billion-dollar plans for a pipeline to transport a diluting agent needed for oil sands project expansions moved one step closer to completion with confirmation that Keyera Corp will become a non-operating owner in the conduit to Fort McMurray, Alberta. (http://r.reuters.com/ded59v)
NATIONAL POST
* Canadian Prime Minister Stephen Harper told former Finance Minister Jim Flaherty in 2007 that he planned to move him from finance to industry, but backed off after Flaherty threatened to quit cabinet, a new book reveals. (http://r.reuters.com/hed59v)
* Former Ontario Premier Mike Harris and Senator Raynell Andreychuk will lead Canada's mission to observe the Ukrainian presidential election at the end of the month. (http://r.reuters.com/ned59v)
FINANCIAL POST
* That Canada has been a magnet for immigrants, many of them highly sought-after skilled workers, is well-documented, and that continues to be an issue close to its economic core. But the country is facing increasing competition from other major economies - the United States, Germany and the UK, for sure - as well as from fiscally challenged countries such as Spain, according to the Organization for Economic Cooperation and Development. (http://r.reuters.com/red59v)
* Canada is demanding the Commission for Environmental Co-operation drop its investigation into whether laws are being properly enforced when it comes to oilsands pollution. (http://r.reuters.com/ved59v)
China
CHINA SECURITIES JOURNAL
- China's National Development and Reform Commission (NDRC) said in an announcement on Tuesday that it plans to establish two or three national markets for coal trading.
SHANGHAI SECURITIES NEWS
- Chinese healthcare and defence sector funds are likely to see strong returns over the next decade, outstripping the wider market, fund managers told the official paper.
SHANGHAI DAILY
- Shanghai's top four taxi firms have launched a new taxi booking app to fight back against third-party providers which dominate the sector. China's taxi app market has attracted strong investment from the country's tech giants Alibaba Group Holding Ltd <IPO-ALIB.N> and Tencent Holdings Ltd.
CHINA DAILY
- The United States' decision to charge five military officers in China over hacking charges is "ill-advised, if not downright stupid," according to an editorial in the state-run paper on Wednesday. Washington is "simply rubbing salt" into a wound already opened by Edward Snowden's revelations, it said.
- China is considering levying heavier taxes on rare earth producers, which could drive up the prices of the minerals, an unnamed source told the official paper. The proposed overhaul would see the amount of tax linked to the value of the minerals rather than the volume as is done currently.
Britain
The Telegraph
RAISING INTEREST RATES MAY BE ONLY TOOL TO CONTROL HOUSING MARKET, SAYS BEAN
(http://link.reuters.com/cub59v)
Raising interest rates might be the only effective tool the Bank of England has to cool the housing market, its deputy governor, Charlie Bean, who retires at the end of June, has conceded.
LLOYDS ACTS TO CURB 'INFLATIONARY' LONDON HOUSING
(http://link.reuters.com/dub59v)
The UK's biggest mortgage provider, Lloyds Banking Group , has taken radical action to address what it called "inflationary pressures" in London's housing market, tightening requirements for high-value property purchases.
The Guardian
ASTRAZENECA TELLS SHAREHOLDERS TO STOP PRESSURING IT TO RECONSIDER PFIZER
(http://link.reuters.com/fub59v)
AstraZeneca told its shareholders to stop trying to pressure it into reconsidering its decision to reject Pfizer's 69 billion pound takeover.
OFGEM PENALISES SCOTTISH POWER FOR OVERCHARGING ON ENERGY BILLS
(http://link.reuters.com/gub59v)
Scottish Power has been forced to pay 750,000 pounds to a consumer campaign after an investigation by the regulator found the energy firm had been overcharging customers who refused to pay bills by direct debit.
The Times
COBHAM BUYS US COMPANY TO FLY HIGH AND DIG DEEP
(http://link.reuters.com/hub59v)
Cobham, previously best known as a defence and aerospace electronics and components company, is paying 869 million pounds to take over Aeroflex, whose UK assets include part of the British empire of the former Marconi company, which has been testing the next generation of 4G and 5G internet telecommunications.
SAGA MOVES TO SOOTHE FLOTATION PRICE FEARS
(http://link.reuters.com/jub59v)
Saga has told institutional investors that "a substantial number" of the 700,000 private punters who expressed an interest in its flotation had put in firm orders for shares.
Sky News
HOUSE PRICES UP AS PM MULLS HELP TO BUY FUTURE
(http://link.reuters.com/kub59v)
House prices have risen 8 percent in the year to March, figures have shown, as David Cameron said he would "consider" changes to the Help To Buy scheme if advised to do so by the Bank of England.
SPORTING INDEX OWNER HGCAPITAL BETS ON EXIT
(http://link.reuters.com/nub59v)
Fly On The Wall 7:00 AM Market Snapshot
ANALYST RESEARCH
Upgrades
AIG (AIG) upgraded to Buy from Neutral at Goldman
Agree Realty (ADC) upgraded to Buy from Hold at Wunderlich
Apollo Investment (AINV) upgraded to Outperform from Market Perform at JMP Securities
Dick's Sporting (DKS) upgraded to Market Perform from Underperform at BMO Capital
Evercore Partners (EVR) upgraded to Outperform from Market Perform at JMP Securities
Nokia (NOK) upgraded to Buy from Hold at Jefferies
Oil States (OIS) upgraded to Outperform from Market Perform at Raymond James
Precision Drilling (PDS) upgraded to Overweight from Equalweight at Barclays
Quality Systems (QSII) upgraded to Outperform from Sector Perform at RBC Capital
Downgrades
Dick's Sporting (DKS) downgraded to Hold from Buy at Canaccord
Dick's Sporting (DKS) downgraded to Neutral from Conviction Buy at Goldman
Dick's Sporting (DKS) downgraded to Neutral from Outperform at Credit Suisse
Dick's Sporting (DKS) downgraded to Neutral from Overweight at JPMorgan
Dick's Sporting (DKS) downgraded to Neutral from Overweight at Piper Jaffray
Digital Realty (DLR) downgraded to Hold from Buy at MLV & Co.
Gentiva Health (GTIV) downgraded to Neutral from Overweight at Piper Jaffray
Marketo (MKTO) downgraded to Buy from Conviction Buy at Goldman
Natural Grocers (NGVC) downgraded to Neutral from Overweight at Piper Jaffray
NuVasive (NUVA) downgraded to Hold from Buy at Needham
Potash (POT) downgraded to Market Perform from Outperform at Raymond James
Raymond James (RJF) downgraded to Neutral from Buy at Goldman
Initiations
Ally Financial (ALLY) initiated with a Market Perform at Bernstein
Bank of America (BAC) initiated with a Buy at MKM Partners
Citigroup (C) initiated with a Buy at MKM Partners
Covanta (CVA) initiated with a Buy at BB&T
Enable Midstream (ENBL) initiated with a Buy at UBS
Enable Midstream (ENBL) initiated with a Neutral at Citigroup
Enable Midstream (ENBL) initiated with a Neutral at Goldman
Enable Midstream (ENBL) initiated with a Neutral at JPMorgan
Enable Midstream (ENBL) initiated with an Overweight at Barclays
JPMorgan (JPM) initiated with a Buy at MKM Partners
Liquid Holdings (LIQD) initiated with an Outperform at JMP Securities
MakeMyTrip (MMYT) initiated with a Buy at Citigroup
NOW Inc. (DNOW) initiated with an Overweight at JPMorgan
OGE Energy (OGE) initiated with an Overweight at Barclays
WABCO (WBC) initiated with a Buy at Longbow
COMPANY NEWS
Netflix (NFLX) said it plans to significantly expand in Europe later this year
Noble Energy (NBL) terminated MoU with Woodside Petroleum (WOPEY)
Hercules Offshore (HERO) announced a five year drilling contract with Maersk Oil
Taco Bell, a division of Yum! Brands (YUM), announced that Brian Niccol will be promoted to CEO on January 1, 2015
Gilead (GILD) said Phase 2a study of GS-5806 met primary, secondary endpoints'
ARCP (ARCP) said it will sell shopping center portfolio for $1.98B to Blackstone (BX)
Hutchinson Technology (HTCH) announced a workforce reduction of about 100 employees
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Lowe's (LOW), Salesforce.com (CRM), Intuit (INTU), QIWI (QIWI), HEICO (HEI), Tidewater (TDW), China Distance Education (DL), Dycom (DY), Analog Devices (ADI)
Companies that missed consensus earnings expectations include:
Hormel Foods (HRL), LightInTheBox (LITB), Immune Pharmaceuticals (IMNP), Sociedad Quimica (SQM), ViaSat (VSAT)
Hormel Foods (HRL) backs 2014 EPS view $2.17-$2.27 , consensus $2.26
LightInTheBox (LITB) sees Q2 revenue $84M-$86M, consensus $83.13M
Lowe's (LOW) sees FY14 EPS approximately $2.63, consensus $2.62
Intuit (INTU) sees Q4 EPS 6c-8c, consensus 12c
Intuit (INTU) sees FY14 EPS $3.54-$3.58, consensus $3.58
Salesforce.com (CRM) sees FY15 adjusted EPS 49c-51c, consensus 50c
Salesforce.com (CRM) sees Q2 adjusted EPS 11c-12c, consensus 12c
NEWSPAPERS/WEBSITES
Gazprom (OGZPY), China sign $400B natural gas deal, Interfax reports
Google (GOOG) prepared to spend up to $30B on foreign deals, Bloomberg reports
Pfizer (PFE) could still raise bid for AstraZeneca (AZN), NY Times says
U.S. could seek over $5B for BNP Paribas (BNPQY) settlement, Bloomberg reports
Google (GOOG) passed on $4B-$5B deal to buy foreign company last year, WSJ reports
Yahoo (YHOO) near deal to acquire video-streaming startup RayV, WSJ says
Home Depot (HD) should get boost from warmer weather, Barron's says
SYNDICATE
1347 Property Insurance (PIH) files to sell $25.3M in common stock
American Realty (ARCP) files to sell $100M in common stock
Atlas Financial (AFH) 2M share Secondary priced at $12.50
Chimerix (CMRX) 7.3M share Secondary priced at $14.22
Methes Energies (MEIL) files to sell common stock
Physicians Realty Trust (DOC) 11M share Secondary priced at $12.50
Sensata (ST) files to sell 11.5M shares for holders, announces repurchase
Average:
0
Your rating: None
hi girlfriend!....
It is easy to get used to!!!
Will be out myself soon....
Have a great day!!
Pre Market Movers
Top Gaining Stocks
Price %Change
NEWL Newlead Holdings ... 3.90 17.82%
RIOM Rio Alto Mining L... 2.28 16.33%
MY China Ming Yang W... 2.95 10.90%
QIWI Qiwi plc 38.00 8.85%
ADMS Adamas Pharmaceut... 20.50 8.58%
TSL Trina Solar Ltd. ... 11.20 8.11%
TIF Tiffany & Co. 93.40 5.86%
PMFG Pmfg Inc. 4.35 5.33%
URA Global X Uranium ... 14.80 4.82%
SOL Renesola Ltd. Ads... 2.38 3.48%
HA Hawaiian Holdings... 14.96 3.31%
MUX Mcewen Mining 2.22 3.26%
POWR Powersecure Inter... 7.99 3.23%
NOK Nokia Corp. Ads 7.48 3.17%
NBG National Bank of ... 3.04 3.05%
HL Hecla Mining Co. ... 3.05 3.04%
CMRX Chimerix Inc. 14.63 2.88%
AZN Astrazeneca Plc A... 74.15 2.70%
FEYE Fireeye Inc 31.10 2.57%
JASO JA Solar Holdings... 9.50 2.48%
Top Losing Stocks
Price %Change
MCOX Mecox Lane Limite... 3.20 -17.53%
BBBY Bed Bath & Beyond... 58.29 -5.48%
GILT Gilat Satellite N... 4.60 -5.15%
QTS Qts Realty Trust ... 28.07 -5.01%
ISR Isoray 2.16 -4.42%
ATHM Autohome Inc Adr ... 33.00 -3.17%
KFX Kofax Ltd 7.22 -2.70%
ARIA Ariad Pharmaceuti... 6.19 -2.67%
ELY Callaway Golf Co.... 7.40 -2.63%
PLUG Plug Power Inc. 4.29 -2.50%
ORAN Orange 16.66 -2.46%
ARCP American Realty C... 12.60 -2.33%
AEO American Eagle Ou... 11.07 -2.29%
ORCL Oracle Corp. 40.61 -2.29%
SSRI Silver Standard R... 7.56 -2.20%
KMDA Kamada Ltd. 8.18 -1.68%
HRL Hormel Foods Corp... 47.85 -1.40%
NUVA Nuvasive Inc. 32.65 -1.39%
NUGT Direxion Daily Go... 32.50 -1.34%
CGEN Compugen Ltd. 7.93 -1.25%
Read more at http://thestockmarketwatch.com/markets/pre-market/#cDsmdbwgOMHYigmV.99
data:
MBA Purchase Applications
[Report][Bullet7:00 AM ET
William Dudley Speaks
10:00 AM ET
EIA Petroleum Status Report
[djStar]10:30 AM ET
Janet Yellen Speaks
11:30 AM ET
Esther George Speaks
12:50 PM ET
Narayana Kocherlakota Speaks
1:30 PM ET
FOMC Minutes
[Star]2:00 PM ET
Futures +42
good morning
frontrunning:
"May?" New Cold War May Emerge in Ukraine Crisis, Medvedev Says (BBG)
Wristslaps will be fast and furious: EU Commission charges HSBC, JPMorgan, Credit Agricole with rigging (Reuters)
Credit Suisse Rises as U.S. Guilty Plea Ends 3-Year Probe (BBG)
After Martial Law Declaration, Thailand Waits for General's Next Move (WSJ)
China property slowdown spells trouble for Asia bonds (FT)
Russia Close to $400 Billion Gas Pipeline Deal in Pivot to China (BBG)
Dimon-by-the-Sea Shows London Banking’s Engine of Growth (BBG)
Modi Faces Greece-Sized Snag to Economic Revival (FT)
U.K. Inflation Accelerates on Airfare Surge (BBG)
Prosecutors Announce Charges Against Makers, Users of Blackshades Software (WSJ)
Prices rising faster than wages again, ONS to warn (Telegraph)
ECB Said to Weigh Fed-Style Meeting Schedule on Policy (BBG)
Overnight Media Digest
WSJ
* Credit Suisse Group AG became the first financial institution in more than a decade to plead guilty to a crime Monday when the Swiss bank admitted it conspired to aid tax evasion and agreed to pay $2.6 billion to settle a long-running probe by the U.S. Justice Department.(http://r.reuters.com/kut49v)
* Federal prosecutors in New York on Monday announced charges against the creators of software called Blackshades that hackers around the world allegedly used to hijack hundreds of thousands of computers, allowing them to spy on victims through computer webcams and steal financial information. (http://r.reuters.com/nut49v)
* U.K.-based defense products maker Cobham PLC has reached a deal to buy Aeroflex Holding Corp, according to people familiar with the matter. Cobham has agreed to pay $10.50 a share in cash, said the people, or about $900 million. The price represents a 26 percent premium to where Aeroflex's shares closed on Monday. (http://r.reuters.com/put49v)
* Activist investor William Ackman sent an open letter Monday to Allergan Inc's board, claiming that the group failed in its duties when it rejected an unsolicited takeover bid from fellow pharmaceutical company Valeant Pharmaceuticals International Inc. (http://r.reuters.com/rut49v)
* Cisco Systems Inc unveiled two special-purpose desktop computers for videoconferencing, along with a new service enabling users of different devices and services to connect for online meetings. (http://r.reuters.com/sut49v)
* Chipotle Mexican Grill Inc is asking customers not to bring guns into stores after gun-rights activists carried rifles in one of its restaurants, making it the latest big consumer name to be drawn into the debate over firearms. (http://r.reuters.com/vut49v)
* Billionaire Donald Bren's Irvine Co has reached a deal to buy a 60-story Chicago tower for $850 million in what would be the city's highest price ever paid a square foot for an office building. (http://r.reuters.com/wut49v)
FT
Europe banks are expected to face a clampdown on debt sales as regulators fear investors not aware of hazards of buying debt that is not protected by deposit guarantee schemes.
AstraZeneca Plc shareholders have been split on the company's rejection of Pfizer's final offer of 55 pounds a share, with some arguing that the management has betrayed its shareholders while others praising the board for believing in long-term prospects.
British insurer RSA Insurance Group Plc said on Monday it had reached agreement to sell its majority-owned Canadian brokerage business - Noraxis Capital Corp - to U.S. insurance brokerage Arthur J. Gallagher & Co for C$500 million ($460.60 million).
The London Stock Exchange Group Plc has emerged as the preferred bidder for asset management group Russell Investments according to people familiar with the discussions.
Mitie has won an eight-year contract to run immigration centres near Heathrow for the Home Office, making the FTSE-250 outsourcer responsible for a third of Ministry of Justice's immigration estate.
NYT
* As part of a deal announced on Monday, Credit Suisse met the demands of federal prosecutors, agreeing to one count of conspiring to aid tax evasion in a scheme that "spanned decades." Credit Suisse, which has a giant investment bank in New York and whose chief executive is an American, will also pay about $2.6 billion in penalties and hire an independent monitor for up to two years. (http://r.reuters.com/cut49v)
* Opponents of the consolidation in the telecommunications industry - including on Capitol Hill - latched onto the AT&T Inc and DirecTV deal, arguing that such rapid merging in the markets for cable television, high-speed Internet and telephone service should lead regulators to hit the brakes on all such deals. But while both sides declared that the latest deal helped their cause, antitrust experts said the truth was more murky. (http://r.reuters.com/qut49v)
* General Motors Co on Monday hired one of its former executives to manage public relations and help steer it through a safety crisis linked to 13 deaths. GM said that Tony Cervone, who spent a decade with the automaker before leaving in 2009 and who has worked with its current chief executive, Mary Barra, will join the company immediately as its senior vice president for global communications. (http://r.reuters.com/gut49v)
* The Obama administration's first transportation secretary is joining Meridiam, an investment concern focused on public infrastructure projects, the firm plans to announce on Tuesday. Meridiam is expected to say that it has hired the former cabinet official, Ray LaHood, as a senior adviser to the firm's North American operations. (http://r.reuters.com/hut49v)
* Target Corp's former chief executive received $13 million in compensation in his last year at the company's helm, down from $20 million the year before, according to regulatory documents filed on Monday. The company's filings indicated that the significant reduction in Gregg Steinhafel's pay package resulted from shareholders' complaints that Steinhafel made too much money relative to the company's performance. (http://r.reuters.com/tut49v)
China
CHINA SECURITIES JOURNAL
- China will embrace international cooperation in energy, with an improvement in supply capability and development in the downstream industries including pipeline construction, oil-gas storage and product sales to be expected, analysts said. The development follows the news that Russian President Vladimir Putin hopes to sign a multi-billion dollar gas agreement with China during a two-day visit that kicks off on Tuesday .
- The ongoing ownership reform of China's state-owned enterprises (SOEs) should not serve as a means for SOEs to offload bad assets, but as a way to attract profitable investment from private capital, an editorial said.
SHANGHAI SECURITIES NEWS
- China is going to systematically push forward its capital market reform process to achieve the long-term effect of reform, said chief securities regulator Xiao Gang.
- China has moved forward on upgrading its "third board" over-the-counter market by implementing a trade settlement system.
SECURITIES TIMES
- The Shanghai Shipping Insurance Association has been granted permission by the China Insurance Regulatory Commission (CIRC) to be treated as an industry association instead of an individual company.
CHINA DAILY
- China's army purchased more than 1,000 domestically manufactured Hongqi (Red Flag) H7 cars, following instructions issued by the military - approved by Xi Jinping and the Central Military Commission - in January that said the armed forces were required to buy domestic auto brands as part of the nationwide drive to cut waste.
SHANGHAI DAILY
- Shanghai will accelerate economic restructuring, deepen reforms and encourage innovation to sustain the city's status as a leader in China's growth and development, Shanghai Vice Mayor Tu Guangshao told a media briefing ahead of the Asian summit.
Britain
The Telegraph
PRICES RISING FASTER THAN WAGES AGAIN, ONS TO WARN
(http://link.reuters.com/tys49v)
Prices are rising faster than wages again, official figures could show on Tuesday, days after Mark Carney, the Bank of England governor, said that the cost of living crisis was over.
BANKING STANDARDS BODY TO BE SET UP
(http://link.reuters.com/zys49v)
Sir Richard Lambert, who was asked to set up the Banking Standards Review Council (BSRC) by the chairmen of Britain's biggest banks, said the body would be a champion for better banking standards in the UK, even though it would not have powers to punish banks or individuals.
The Guardian
NEW RBS FINANCE DIRECTOR RECEIVES NEARLY 2 MLN STG IN SHARES ON FIRST DAY IN JOB
(http://link.reuters.com/bat49v)
Royal Bank of Scotland has handed its new finance director, Ewen Stevenson, almost 2 million pounds in shares on his first day in the job at the bailed out bank.
CO-OP'S LONGEST-STANDING DIRECTOR RESIGNS AFTER REFORM VOTE
(http://link.reuters.com/cat49v)
The Co-operative Group is facing further boardroom upheaval after the resignation of its longest-standing director, Ben Reid.
The Times
BORIS ATTACKS "UNTOLD MISERY" OF HEATHROW OPEN 24/7
(http://link.reuters.com/gat49v)
A proposal to run Heathrow 24 hours a day would inflict "untold misery on more than a million" people, mayor of London Boris Johnson said.
SIX YEARS IN THE MAKING, NOW HBOS REPORT FACES FURTHER DELAY
(http://link.reuters.com/hat49v)
The long-awaited report into the collapse of HBOS has been delayed again, with officials now resigned to publication not taking place before next year at the earliest, more than six years after the bank's costly demise.
Sky News
LET MARKET DECIDE BIDS' FATE, WOODFORD URGES
(http://link.reuters.com/jat49v)
Politicians should leave the fate of corporate takeover bids to boards and shareholders, a leading City fund manager Neil Woodford said on Monday as he backed AstraZeneca's rejection of Pfizer's 69.3 billion pound offer.
DALLAS-BASED HEDGE FUND BUYS CO-OP BANK STAKE
(http://link.reuters.com/kat49v)
A Dallas-based hedge fund boss has snapped up a stake in the struggling Co-operative Bank. Hayman Capital Management is understood to be one of a group of City and Wall Street investors which were assigned shares in the Co-op Bank as part of a 400 million pound fundraising.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
No major domestic economic reports scheduled today.
ANALYST RESEARCH
Upgrades
Abraxas Petroleum (AXAS) upgraded to Buy from Hold at Canaccord
Acxiom (ACXM) upgraded to Outperform from Market Perform at Wells Fargo
Carnival (CCL) upgraded to Equal Weight from Underweight at Morgan Stanley
DealerTrack (TRAK) upgraded to Outperform from Neutral at Macquarie
Devon Energy (DVN) upgraded to Overweight from Equalweight at Barclays
Dow Chemical (DOW) upgraded to Outperform from Market Perform at Wells Fargo
Enerplus (ERF) upgraded to Buy from Neutral at BofA/Merrill
Invesco (IVZ) upgraded to Overweight from Neutral at JPMorgan
Oil States (OIS) upgraded to Outperform from Sector Perform at RBC Capital
Seaspan (SSW) upgraded to Overweight from Equalweight at Barclays
Ultra Petroleum (UPL) upgraded to Equalweight from Underweight at Barclays
Downgrades
Anadarko (APC) downgraded to Equalweight from Overweight at Barclays
Campbell Soup (CPB) downgraded to Underperform from Neutral at Credit Suisse
DirecTV (DTV) downgraded to Equal Weight from Overweight at Morgan Stanley
J.C. Penney (JCP) downgraded to Underperform from Market Perform at Wells Fargo
LifeLock (LOCK) downgraded to Neutral from Buy at Goldman
Molycorp (MCP) downgraded to Underweight from Equal Weight at Morgan Stanley
Onex (ONEXF) downgraded to Sector Performer from Outperformer at CIBC
Questcor (QCOR) downgraded to Neutral from Buy at Mizuho
Ryanair (RYAAY) downgraded to In-Line from Outperform at Imperial Capital
Initiations
Ally Financial (ALLY) initiated with a Buy at Citigroup
Ally Financial (ALLY) initiated with a Hold at Deutsche Bank
Ally Financial (ALLY) initiated with a Neutral at Goldman
Ally Financial (ALLY) initiated with an Outperform at Keefe Bruyette
Ally Financial (ALLY) initiated with an Overweight at Barclays
Ally Financial (ALLY) initiated with an Overweight at JPMorgan
Ally Financial (ALLY) initiated with an Overweight at Morgan Stanley
Aruba Networks (ARUN) initiated with an Outperform at Imperial Capital
CyrusOne (CONE) initiated with a Buy at UBS
Dynagas LNG (DLNG) initiated with an Outperform at Clarkson Capital
Dynagas LNG (DLNG) initiated with an Outperform at Clarkson Capital
GasLog Partners (GLOP) initiated with an Outperform at Clarkson Capital
Lombard Medical (EVAR) initiated with an Overweight at Barclays
Lukoil (LUKOY) initiated with an Outperform at Credit Suisse
Navient (NAVI) initiated with a Buy at Janney Capital
Netflix (NFLX) initiated with a Buy at Topeka
WABCO (WBC) initiated with a Hold at Stifel
COMPANY NEWS
U.S. AG Holder: Credit Suisse (CS) to pay $2.6B, admits 'criminal wrongdoing'
EU says JPMorgan (JPM), Credit Agricole (CRARY) and HSBC (HSBC) may have breached antitrust rules
Merck (MRK), Endocyte (ECYT) withdrew CMA for vintafolide in Europe
Aeroflex (ARX) to be acquired by Cobham plc for approximately $1.46B
Sprint (S) to pay $7.5M to resolve Do-Not-Call investigation by FCC
Pfizer (PFE) confirmed its final proposal for AstraZeneca (AZN), comprising, for each AstraZeneca share, 1.747 shares in the combined entity and 2,476 pence in cash, representing an indicative value of GBP55.
Ophthotech (OPHT) entered into an ex-U.S. licensing and commercialization agreement with Novartis (NVS) for Ophthotech’s lead product candidate, Fovista
Clovis Oncology (CLVS) said the FDA granted Breakthrough Therapy designation for CO-1686
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Home Depot (HD), E-House (EJ), Perfect World (PWRD), NeoPhotonics (NPTN)
Companies that missed consensus earnings expectations include:
Staples (SPLS), Donaldson (DCI), Phototronics (PLAB), CUI Global (CUI), Paragon Shipping (PRGN), Fibrocell Science (FCSC), Urban Outfitters (URBN)
Companies that matched consensus earnings expectations include:
h.h. gregg (HGG), Stage Stores (SSI), Tarena (TEDU)
NEWSPAPERS/WEBSITES
JPMorgan (JPM) CEO Dimon says he's 'going nowhere,' WSJ reports
Microsoft (MSFT) to expand Surface lineup as tablet sales slow, WSJ reports
Pfizer (PFE) may be holding out hope of rekindling AstraZeneca (AZN) deal before the May 26 deadline, FT reports
Sources say Pfizer's (PFE) $117B AstraZeneca (AZN) pursuit likely to fail, Bloomberg says
Lockheed (LMT), Boeing (BA) venture says launch expenses less than thought, Reuters reports
Commerzbank (CRZBD) in talks to sell some assets to JPMorgan (JPM), Lone Star, WSJ reports
Intercept (ICPT) knew of abnormal cholesterol levels, The Street says
Source says BuzzFeed considering IPO, secondary share sale, Fortune reports
SYNDICATE
AcelRx (ACRX) files to sell 3.07M shares of common stock for holders
Chimerix (CMRX) announces offering of 6.2M shares of common stock
Graphic Packaging (GPK) offers 43.65M shares of common stock for holders
HCA Holdings (HCA) files to sell 15M shares of common stock for holders
Meridian Interstate Bancorp (EBSB) announces common stock offering
Orbitz (OWW) announces secondary common stock offering by holder
Physicians Realty Trust (DOC) files to sell 9.5M common shares of beneficial interest
Average:
0
Pre Market Movers
Top Gaining Stocks
Price %Change
ARX Aeroflex Holdings... 10.45 25.75%
TEDU Tarena Internatio... 8.74 8.44%
EJ E-house China Hol... 8.85 8.19%
NEWL Newlead Holdings ... 2.10 7.69%
SSLT Sesa Sterlite Lim... 16.65 6.66%
INDY ishares S&p India... 29.98 4.79%
IRDM Iridium Communica... 7.50 3.88%
ARNA Arena Pharmaceuti... 6.75 3.77%
ACXM Acxiom Corporatio... 22.31 3.74%
GREK Global X Ftse Gre... 20.60 3.41%
CUK Carnival Plc Ads ... 40.41 2.85%
VHC Virnetx Holding 15.16 2.78%
CYH Community Health ... 37.99 2.51%
CCL Carnival Corp. 39.77 2.39%
BT BT Group Plc Ads ... 63.94 2.21%
CIEN Ciena Corp 19.59 1.82%
PLUG Plug Power Inc. 4.57 1.78%
AZN Astrazeneca Plc A... 71.86 1.73%
PLX Protalix Biothera... 3.94 1.55%
CRM Salesforce.com In... 53.99 1.43%
Top Losing Stocks
Price %Change
ICPT Intercept Pharmac... 228.00 -12.31%
SPLS Staples Inc. 12.00 -10.38%
DKS Dicks Sporting Go... 48.05 -9.61%
ROIC Retail Opportunit... 14.35 -9.29%
MTDR Matador Resources... 23.15 -7.36%
ECYT Endocyte Inc. 6.14 -5.39%
URBN Urban Outfitters ... 34.41 -4.87%
PT Portugal Telecom ... 3.76 -4.08%
YY YY Inc. 54.46 -3.51%
VOD Vodafone Group Pl... 35.04 -3.50%
EDC Direxion Daily Em... 28.80 -3.00%
GPK Graphic Packaging... 10.42 -2.53%
MCP Molycorp 2.78 -2.46%
KMDA Kamada Ltd. 8.41 -2.32%
ONVO Organovo 6.55 -2.24%
HTH Hilltop Holdings ... 20.53 -2.05%
SWHC Smith & Wesson Ho... 14.80 -1.86%
ASTM Aastrom Bioscienc... 4.25 -1.85%
YNDX Yandex N.v. 30.03 -1.73%
TTM Tata Motors Ltd. ... 40.35 -1.44%
Read more at http://thestockmarketwatch.com/markets/pre-market/#yJaRZKAV6lVhowcv.99