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data:
ICSC-Goldman Store Sales
[Report][Bullet7:45 AM ET
Redbook
[Bullet8:55 AM ET
4-Week Bill Auction
[Bullet11:30 AM ET
Charles Plosser Speaks
12:30 PM ET
good morning
frontrunning:
Qatar Bank: Deutsche Bank to raise $11 bln with help from Qatar (Reuters)
AstraZeneca rejects Pfizer's take-it-or-leave-it offer (Reuters)
China Home-Price Growth Slowdown Spreads as Sellers Discount (BBG)
The new face of NSA: Mike Rogers (Reuters)
Putin orders troops near Ukraine to return home (AP)
Wall of Worry Rebuilt as Nasdaq Rout Sends Cash to High (Nasdaq)
Bank of England's Mark Carney highlights housing market's risk to UK economy (Guardian)
Greek Selloff Shows Rush for Exit Recalling Crisis (BBG)
Anti-austerity Greek radicals ahead in Athens local election (AFP)
German Economy Will Grow at Slower Tempo, Says Bundesbank (WSJ)
China, Europe drag world stocks lower; dollar slips (Reuters)
In Taking Crimea, Putin Gains a Sea of Fuel Reserves (NYT)
Gunmen loyal to ex-general storm Libyan parliament, demand suspension (Reuters)
Overnight Media Digest
WSJ
* AT&T Inc agreed to acquire DirecTV for $49 billion, a deal that would make it a major player in pay television and increase its clout with media companies at a time when video consumption is moving online. (http://r.reuters.com/jen49v)
* Citigroup Inc last year quietly ousted two top executives at its Banamex USA unit after regulators raised concerns about that bank's oversight of money transfers across the U.S.-Mexico border, according to people familiar with the matter. (http://r.reuters.com/men49v)
* Deutsche Bank AG plans to sell 8 billion euros ($10.96 billion) of new shares in a bid to quell concerns about its capital buffers in a challenging business and regulatory environment. (http://r.reuters.com/ten49v)
* Pfizer Inc said it made a final offer for AstraZeneca PLC valued at about $120 billion, after the British pharmaceutical company rebuffed its latest effort to enter takeover talks. New York-based Pfizer said its new offer increases the cash component of the proposed deal to 45 percent of the total price and values AstraZeneca shares at 55 pounds each. (http://r.reuters.com/cun49v)
* Google Inc is in talks about a possible acquisition of Twitch, a fast-growing, live-video-streaming service, according to two people familiar with the matter. The talks are at an early stage, and a deal is not imminent, the people said. (http://r.reuters.com/mun49v)
FT
U.S. drugmaker Pfizer said on Sunday it had raised its offer for AstraZeneca to 69 billion pounds ($116.12 billion), and vowed to would walk away if the British rival did not accept it.
Frankfurt-based Deutsche Bank launched plans to raise 8 billion euros ($11 billion) in new capital with the Qatari royal family a major new investor, in a bid by Germany's largest bank to end questions about its capital strength.
BT Group Plc plans to hire 1,600 engineers for installations and repair of its fibre networks across Britain in a bid to adhere to stricter targets for telephone and broadband lines.
Royal Bank of Scotland said on Sunday it is winding down its interest-rate trading business as capital and operating costs increase.
Swiss voters on Sunday rejected proposals to introduce the world's highest minimum wage, bringing relief to business leaders worried the measure would have hurt competitiveness and damaged the Swiss workplace. ($1 = 0.5942 British Pounds)
NYT
* AT&T Corp agreed on Sunday to buy satellite television operator DirecTV for $48.5 billion, trying to tilt the balance of power with media companies as the market for broadband internet and video shifts. With the acquisition, AT&T becomes the latest telecommunications giant seeking to establish an even greater reach. (http://r.reuters.com/qen49v)
* BlackBerry Ltd's partnership with Foxconn Technology Group, a major manufacturer of Apple Inc's iPhones and iPads, comes at a critical time for the Canadian firm. Although sales of the company's devices have plummeted globally in recent years, the revenue from the phone business remains vital as John Chen, BlackBerry's chief executive, tries to shift the organization's focus to services and software. (http://r.reuters.com/maq49v)
* Pfizer Inc has again raised its offer for AstraZeneca PLC, making what it said was a final effort to bring the giant British drug maker to the negotiating table. The latest offer, made Sunday evening, is worth about $119 billion. It comes after AstraZeneca's rejection of several private and public offers from Pfizer. (http://r.reuters.com/wen49v)
* Blackstone Group LP has agreed to sell five office properties in the Boston area for $2.1 billion, disposing of part of a sprawling real estate portfolio it bought before the financial crisis, a person briefed on the matter said on Sunday. (http://r.reuters.com/zen49v)
* Deutsche Bank, the largest German bank, said on Sunday that it would raise roughly $11 billion in new capital from existing shareholders and the royal family of Qatar, responding to regulatory pressure on banks to reduce risk. (http://r.reuters.com/dun49v)
Canada
THE GLOBE AND MAIL
* As work proceeded over the weekend to repair the costly, crumbling Champlain Bridge in Montreal, a vital commercial and commuter link, the politically radioactive issue of tolls to pay the replacement bill is expected to figure prominently in Quebec, leading into the next federal election in 2015. (http://r.reuters.com/jep49v)
* Britain's Prince Charles arrived in Nova Scotia with his wife, Camilla, for the beginning of a four-day tour on Sunday, and was promptly sworn into the Queen's Privy Council of Canada by the governor-general in a private ceremony at Government House in Halifax. (http://r.reuters.com/vep49v)
Reports in the business section:
* On Tuesday, Air Canada will launch a new marketing campaign and a major repositioning of the company's brand image. The goal: to increase the carrier's presence on the world stage, and accelerate its strategy of becoming a global player in air travel. (http://r.reuters.com/xep49v)
NATIONAL POST
* An internal Royal Canadian Mounted Police study found 322 incidents of corruption within the national police force over an 11-year period, including a dozen examples involving organized crime. (http://r.reuters.com/dup49v)
* The mountains of British Columbia cradle glaciers have scored the landscape over millennia, shaping the rugged West Coast. But they are in rapid retreat, and an American state-of-the-union report on climate change has singled out the rapid melt in British Columbia and Alaska as a major climate change issue. (http://r.reuters.com/fup49v)
FINANCIAL POST
* Early-stage financing is crucial for fostering innovative ventures and finding the next billion-dollar company. However, in Canada, nearly three-quarters of entrepreneurs say they struggle to find financing, a recent survey found. (http://r.reuters.com/pup49v)
Hong Kong
SOUTH CHINA MORNING POST
-- Beijing has imposed a surprise roadblock to financial reform by foreshadowing severe restrictions on international accountants, including those from Hong Kong, when auditing mainland companies listing overseas, increasing investor concern over whether their books are clean. (link.reuters.com/bym49v)
-- China Rongsheng Heavy Industries Group Holdings , one of the biggest shipbuilders in the country, signed a $1 billion contract with a European shipowner to build up to 36 bulk carriers within the next three years, thanks in part to a strong global shipping market. (link.reuters.com/cym49v)
-- Mainland banks, under rising pressure to protect their net interest margin, will be less than keen about heeding the central bank's call last week for speedy and cheaper mortgage loans, indicating more policy relaxation or deeper cuts in home prices are needed to curb the downward spiral in the property market. (link.reuters.com/fym49v)
THE STANDARD
-- Conservationists are calling on the MTR Corp to suspend construction of the Sha Tin-Central rail link after more ancient relics were found along the planned route in Kowloon City. (link.reuters.com/gym49v)
-- Last week's move to adjust the Double Stamp Duty failed to breathe new life into Hong Kong property market as the number of home sales done over the weekend did not change much from a week ago. (link.reuters.com/hym49v)
-- Pork prices in the mainland may have hit bottom and now are rebounding after officials met representatives of leading suppliers China Yurun Food parent Yurun Group and China Agri-ndustries' parent COFCO Group. (link.reuters.com/jym49v)
HONG KONG ECONOMIC JOURNAL
-- CGM Ming Co Ltd said it buy the entire Beijing Sino-Kazakh for $133 million. Beijing Sino-Kazakh holds a 49 percent partnership interest in Semizbay-U which is involved in mining and extraction of natural uranium in the Republic of Kazakhstan.
HONG KONG ECONOMIC TIMES
-- Gold miner Hengxing Gold Holding Co Ltd is set to raise about HK$460 million ($59.34 million) in an initial public offering in Hong Kong, with dealing in shares expected to begin on May 29.
Britain
The Telegraph
HEATHROW NOISE COMPLAINERS BEING 'FUSSY' CLAIMS BOARD MEMBER
(http://link.reuters.com/wem49v)
Qatar Airways chief executive Akbar Al Baker, who is also on the board of Heathrow, has said that European airports should open 24 hours a day if they want to compete with the emerging Gulf hubs in Dubai and Doha.
CO-OP CHIEF WARNS IT WILL TAKE FIVE YEARS TO STEADY THE MUTUAL
(http://link.reuters.com/xem49v)
The head of the troubled Co-operative Group has warned that it will take five years to stabilise the mutual even after members voted unanimously to support wholesale reform of its failed governance structure.
The Guardian
BT TO HIRE 1,600 STAFF AMID INTERNET CONNECTIONS CRITICISM
(http://link.reuters.com/zem49v)
BT Group Plc is hiring 1,600 engineers amid criticism from regulators over the speed at which new internet connections are installed and faults are repaired.
GLENCOREXSTRATA FACES QUESTIONS OVER DEALS MADE WITH FRIEND OF DRC LEADER
(http://link.reuters.com/cum49v)
Glencore Xstrata Plc, the world's largest commodities trader, enriched a friend of the Democratic Republic of the Congo's president by tens of millions of dollars while also giving him loans in excess of $500m (£298m), a report has claimed.
The Times
HSBC FINDS POLITICAL UNEXPLODED BOMB IN LONDON BRANCH
(http://link.reuters.com/dum49v)
Staff and customers at HSBC's Victoria Street London branch are expected to be told within days that it is being closed, as HSBC rushes to prevent a potentially explosive row with American regulators and jeopardising a landmark $1.9 billion (1.13 billion pounds) deferred prosecution deal agreed two years ago.
BRITAIN'S TOP RETAIL PROPERTY GROUPS EYE UP BLUEWATER STAKE
(http://link.reuters.com/fum49v)
Land Securities, British Land in partnership with Norges Bank, the sovereign wealth fund of Norway, Hammerson and Westfield Group, of Australia, are understood to be the final bidders to buy a stake in Bluewater Shopping Centre in Kent for about 600 million pound.
Sky News
CARNEY AGREES TO HELP TO HEAL BANKERS' IMAGE
(http://link.reuters.com/gum49v)
Mark Carney has agreed to chair a selection panel that will be responsible for identifying the inaugural chairman of the organisation, which insiders said would be called the Banking Standards Review Council (BSRC).
BRITAIN'S RICHEST 1,000 PEOPLE NOW WORTH 519 BLN STG
(http://link.reuters.com/hum49v)
The 1,000 richest people in Britain saw their wealth rise 15 percent last year to 519 billion pounds ($873.44 billion), latest figures have revealed. The Sunday Times' annual Rich List suggests the most well-off Britons now own the equivalent of a third of the country's gross domestic product (GDP).
Fly on The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
No major domestic economic reports scheduled today.
ANALYST RESEARCH
Upgrades
Abbott (ABT) upgraded to Outperform from Neutral at Credit Suisse
Altera (ALTR) upgraded to Outperform from Sector Perform at RBC Capital
Beacon Roofing (BECN) upgraded to Buy from Neutral at Longbow
Broadcom (BRCM) upgraded to Outperform from Sector Perform at RBC Capital
Energy XXI (EXXI) upgraded to Strong Buy from Outperform at Raymond James
Fossil (FOSL) upgraded to Hold from Sell at Brean Capital
Frank's International (FI) upgraded to Buy from Neutral at Guggenheim
Fulton Financial (FULT) upgraded to Outperform from Market Perform at Keefe Bruyette
Gogo (GOGO) upgraded to Buy from Neutral at UBS
Legacy Reserves (LGCY) upgraded to Buy from Neutral at UBS
Matson (MATX) upgraded to Outperform from Market Perform at FBR Capital
Micron (MU) upgraded to Outperform from Sector Perform at RBC Capital
NVIDIA (NVDA) upgraded to Outperform from Sector Perform at RBC Capital
Reynolds American (RAI) upgraded to Outperform from Market Perform at Wells Fargo
Texas Instruments (TXN) upgraded to Outperform from Sector Perform at RBC Capital
Downgrades
ATK (ATK) downgraded to Neutral from Buy at Goldman
Altria Group (MO) downgraded to Market Perform from Outperform at Wells Fargo
American Realty (ARCP) downgraded to Neutral from Outperform at RW Baird
AstraZeneca (AZN) downgraded to Market Perform from Outperform at Leerink
CenturyLink (CTL) downgraded to Equal Weight from Overweight at Morgan Stanley
Ensco (ESV) downgraded to Hold from Buy at Jefferies
Genworth (GNW) downgraded to Underweight from Equal Weight at Morgan Stanley
Thermon Group (THR) downgraded to Hold from Buy at KeyBanc
Initiations
Deckers Outdoor (DECK) initiated with a Buy at Citigroup
Hi-Crush Partners (HCLP) initiated with a Buy at BofA/Merrill
LeMaitre (LMAT) initiated with a Buy at Brean Capital
Sabra Health Care (SBRA) initiated with a Neutral at BofA/Merrill
Sabra Health Care (SBRA) initiated with a Neutral at BofA/Merrill
Skechers (SKX) initiated with a Buy at Citigroup
COMPANY NEWS
AT&T (T) announced it will acquire DirecTV (DTV) in a stock-and-cash transaction for $95 per share
AT&T (T) will divest América Móvil (AMX) stake to aid in Latin America regulatory process (DTV)
AstraZeneca (AZN) rejected final takeover proposal from Pfizer (PFE), which was comprised of GBP24.76 in cash and 1.747 Pfizer shares per AstraZeneca share
Deutsche Bank (DB) announced a EUR8B capital raise, Qatar takes stake. The capital measures will increase the Common Equity Tier 1 ratio by approximately 230bps from 9.5% at the end of Q1 to 11.8% on a pro forma CRD4 fully-loaded basis
Johnson Controls (JCI) said it will create an automotive-interiors business JV with China partner
Google (GOOG) acquired Quest Visual, the company behind Word Lens
EARNINGS
AT&T (T) now sees FY14 EPS growth at low end of mid-single digit guidance
Avista (AVA) confirmed FY14 earnings guidance
NEWSPAPERS/WEBSITES
AT&T (T) will not have to pay break-up fee if DirecTV (DTV) deal fails, Reuters reports
Google's (GOOG) YouTube to acquire Twitch for $1B in cash, Variety says
Apple (AAPL), Google (GOOG) settle litigation over smartphone patents, Bloomberg reports
Facebook (FB) working on video app called Slingshot to go head-to-head with Snapchat, FT reports
Siemens (SI) could announce formal Alstom (ALSMY) offer this week, Reuters says (GE)
KKR (KKR) in advanced talks to buy Goodpack for at least $1B, WSJ reports
Cisco (CSCO) CEO sends Obama letter expressing concerns of NSA activity, Re/code says
Investors should show caution with Cisco's (CSCO) rebound, Barron's says
Pitney Bowes (PBI) could jump 60% in three years, Barron's says
Avon Products (AVP) shares look compelling, Barron's says
TD Ameritrade (AMTD) shares could rise 35%, Barron's says
Triumph Group (TGI) looks good, Barron's says
SYNDICATE
ARAMARK (ARMK) files to sell 20M shares of common stock for holders
Emerald Oil (EOX) files to sell 12.99M shares of common stock for holders
KKR (KKR) files to sell 5M common units representing limited partners
Kona Grill (KONA) files to sell 2.3M shares of common stock
Marrone Bio (MBII) files to sell $35M of common stock
Monmouth Real Estate (MNR) files to sell 7M shares of common stock
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
QUIK Quicklogic Corpor... 4.40 7.06%
ITMN Intermune Inc. 36.65 6.82%
SSLT Sesa Sterlite Lim... 15.30 5.81%
NPK National Presto I... 72.82 5.00%
WETF Wisdomtree Invest... 10.00 4.60%
BCOR Blucora Inc. 19.30 4.21%
AU Anglogold Ashanti... 17.60 4.20%
SIFY Sify Technologies... 2.08 4.00%
TGT Target Corp. 60.46 3.87%
WWE World Wrestling E... 11.68 3.64%
JNUG Direxion Daily Jr... 17.55 3.11%
GOGO Gogo Inc. 14.10 3.07%
VALE Vale SA 14.12 2.84%
PLUG Plug Power Inc. 4.40 2.56%
HMY Harmony Gold Mini... 3.22 2.55%
NUGT Direxion Daily Go... 33.90 2.42%
SIRI Sirius XM Radio I... 3.19 2.41%
ALU Alcatel-lucent Ad... 3.91 2.36%
PFE Pfizer Inc. 29.75 2.16%
OZM Och-ziff Capital ... 13.20 2.01%
Top Losing Stocks
Price %Change
AZN Astrazeneca Plc A... 71.80 -10.56%
CPB Campbell Soup 42.00 -6.91%
AOL Aol 35.15 -4.51%
LYV Live Nation Enter... 21.34 -4.30%
AMX America Movil S.a... 19.60 -4.06%
INFY Infosys Limited A... 51.50 -3.20%
KMDA Kamada Ltd. 8.79 -3.19%
RUSS Direxion Daily Ru... 13.45 -2.96%
NBG National Bank of ... 2.95 -2.64%
GNW Genworth Financia... 17.19 -2.55%
SCTY Solarcity Corpora... 49.02 -2.33%
JCP J.c. Penney Co. I... 9.51 -2.26%
BCS Barclays Plc Ads ... 16.00 -2.20%
MGM Mgm Resorts Inter... 23.38 -2.18%
FEYE Fireeye Inc 27.30 -2.12%
T At&t 35.97 -2.10%
ING Ing Groep N.v. Ad... 12.85 -2.06%
DDS Dillards Inc. 108.73 -2.05%
LVS Las Vegas Sands 71.69 -2.01%
UBS Ubs AG 19.53 -1.91%
Read more at http://thestockmarketwatch.com/markets/pre-market/#mxoGVps7jL11hEIw.99
TRADER RADAR FOR WEEK OF 5/19 to 5/23 EARNINGS and ECONOMIC INFO
Monday, May 19
US Economics (Time Zone: EST)
No major economic reports
11:00 Fed to purchase $1.5b-$2b notes in 6 to 7-year range
11:30 Treasury selling $25b 3-month, $23b 6-month bills
Fedspeak
12:10 Williams (dove, nonvoter) and Fisher (hawk, voter) discuss monetary policy in Dallas
12:50 Former Chair Bernanke speaks in Dallas
Global Economics (Time Zone: GMT)
No major economic reports
Earnings
Before:
Campbell Soup (CPB)
Valspar (VAL)
After:
Hertz Global (HTZ)
KBR (KBR)
Urban Outfitters (URBN)
Tuesday, May 20
US Economics (Time Zone: EST)
No major economic reports
11:00 Fed to purchase $2.25b-$2.75b notes in 7 to 10-year range
11:30 Treasury selling 4-week bills
Fedspeak
12:30pm Plosser (hawk, voter) speaks on economy in Washington
1:00pm Dudley (dove, voter) speaks on business economics in New York
Global Economics (Time Zone: GMT)
05:00 JPY Leading Index
06:00 EUR German PPI
08:30 GBP CPI & PPI
Earnings
Before:
Dick's Sporting Goods (DKS)
Home Depot (HD)
Medtronic (MDT)
Staples (SPLS)
TJX (TJX)
After:
Analog Devices (ADI)
Intuit (INTU)
Salesforce.com (CRM)
Wednesday, May 21
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications - prior 3.6%
2:00 FOMC Minutes
Fedspeak
10:00am Dudley (dove, voter) speaks on regional economy and jobs in New York
11:00am Yellen (dove, chair) gives commencement speech at NYU
12:50pm George (hawk, nonvoter) speaks on economy and banking in Washington
1:30pm Kocherlakota (dove, voter) speaks on monetary policy in Washington
Global Economics (Time Zone: GMT)
00:30 AUD Consumer Confidence
08:30 GBP BoE Minutes
08:30 GBP Retail Sales
14:00 EUR Eurozone Consumer Confidence (May advance)
Earnings
Before:
Booz Allen Hamilton (BAH)
Hormel Foods (HRL)
Lowe's (LOW)
PetSmart (PETM)
Target (TGT)
After:
Aegean Marine Patrol (ANW)
L Brands (L)
NetApp (NTAP)
Tiffany (TIF)
Thursday, May 22
US Economics (Time Zone: EST)
08:30 Initial Jobless Claims - expected 310K, prior 297K
08:30 Continuing Claims - exp 2675K, prior 2667K
08:30 Chicago Fed National Activity Index
09:45 Markit US Preliminary PMI (May) - exp 55.5, prior 55.4
10:00 Existing Home Sales (Apr) - exp 4.69m, prior 4.59m
10:00 Leading Index - exp. 0.3%, prior 0.8%
11:00 Kansas City Fed - exp. 7, prior 7
11:00 Fed to purchase $850m-$1.1b bonds in 22- to 30-year range
1:00 Treasury selling $13b 10-year TIPS (reopening)
Fedspeak
4:00pm Williams (dove, nonvoter) speaks in San Francisco
Global Economics (Time Zone: GMT)
01:45 CNY HSBC Manufacturing Flash PMI (May)
08:00 EUR Eurozone Manufacturing PMI (May prelim)
08:30 GBP GDP (1Q prelim)
08:30 GBP Current Account Balance
08:30 GBP 1Q Trade Balance
12:30 CAD Retail Sales
Earnings
Before:
Best Buy (BBY)
Canon (CAJ)
Dollar Tree (DLTR)
Patterson Companies (PDCO)
Royal Bank of Canada (RBC)
Sears Holding (SHLD)
Toronto Dominion Bank (TD)
After:
Aeropostale (APO)
Brocade (BRCD)
Gamestop (GME)
Gap (GPS)
Hewlett-Packard (HPQ)
Marvell (MRVL)
Ross Stores (ROST)
Friday, May 23
US Economics (Time Zone: EST)
10:00 New Home Sales (Apr) - exp 423K, prior 384K
Global Economics (Time Zone: GMT)
06:00 EUR German GDP (1Q final)
08:00 EUR German IFO - current situation, expectations
12:30 CAD CPI
Earnings
Before:
Foot Locker (FL)
Earnings Preview for the week of May 19 - 23 some of the bigger names include
Monday:
Pre Market - CPB, VAL
After Hours - URBN, PWRD
Tuesday:
Pre Market - HD, TJX, SPLS, MDT, DKS, DCI, HGG, SSI, RRGB, CATO, EJ, AINV
After Hours - INTU, CRM, ADI, DY, TDW, VSAT, HEI
Wednesday:
Pre Market - TGT, LOW, HRL, PETM, QIWI, BAH, TIF, AEO, TSL, EV, CTRN, NM, LITB, MMYT
After Hours - LB, ANW, NTAP, WSM, SNPS, BRS, SINA, VVTV, SMTC, GA, EGHT, RENN, WSTL, WB
Thursday:
Pre Market - BBY, RY, CAJ, SHLD, TD, DLTR, PDCO, TTC, BONT, PLCE, SMRT, BRC, BKE, ESI, PERY, MNRO, CMCO, MOV, KIRK, LTXC, ASEI
After Hours - HPQ, GPS, ROST, GME, MRVL, BRCD, TFM, DRYS, ARO, NDSN, ORIG, MENT, SCVL, CPWR, ARUN, ZUMZ, YOKU, VNET, TIVO, COVS
Friday:
Pre Market - FL, HIBB
no data
Futures -25
good morning!
see..... $GOGO is a fun one!!!
not in....
but you are!
very nice upgrades....
frontrunning:
Bank of England sees 'no housing bubble' (Independent)
‘If the euro falls, Europe falls’ (FT)
India's pro-business Modi storms to historic election win (Reuters)
Global Growth Worries Climb (WSJ)
Bitcoin Foundation hit by resignations over new director (Reuters)
Blackstone Goes All In After the Flop (WSJ)
SAC's Steinberg loses bid for insider trading acquittal (Reuters)
Beats Satan: Republicans Paint Reid as Bogeyman in 2014 Senate Races (BBG)
Tech Firms, Small Startups Object to Paying for Internet 'Fast Lanes' (WSJ) - but they just provide liquidity
U.S. Warns Russia of Sanctions as Ukraine Troops Advance (BBG)
Major U.S. hedge funds sold 'momentum' Internet names in first-quarter (Reuters)
Cameron offers Scotland more powers (FT)
Pinterest Is Valued at $5 Billion (WSJ)
Uber Said to Be in Funding Talks for More Than $10B Value (BBG)
Overnight media Digest
WSJ
* Five years after the financial crisis ended, soft growth in Europe, a stop-and-start U.S. recovery and waning momentum in China have policy makers groping for what to do next. (http://r.reuters.com/byf49v)
* In a move that has sharply divided technology giants over how to keep the Internet open, the FCC voted Thursday to advance rules that would let broadband providers charge companies for preferential handling of web traffic. (http://r.reuters.com/zef49v)
* Billionaire investors Warren Buffett, Daniel Loeb and John Paulson made a connection on Verizon Communications, as their firms separately picked up stakes in the telecommunications firm amid a wave of deal-making in the sector. (http://r.reuters.com/duf49v)
* Pinterest said it raised a $200 million investment that values it at $5 billion, making it one of the most valuable venture-capital backed startups in the world. (http://r.reuters.com/guf49v)
* General Motors recalled another 2.7 million vehicles to fix a variety of defects, and said it will take a $200 million charge against second-quarter earnings to cover the repair costs. (http://r.reuters.com/huf49v)
* Credit Suisse has tentatively agreed to pay almost $2.5 billion to the Justice Department and banking regulators and is expected to plead guilty to criminal charges to settle a probe into how the firm allegedly helped Americans evade taxes. The deal, which would mark an escalation in the U.S. crackdown on financial firms, could be announced early next week. (http://r.reuters.com/juf49v)
* Credit raters are split over a new type of bond-and proud of it. In a recent, and rare, bout of partisanship, ratings firms are taking sides on whether a new type of bond represents a safe bet or a slightly risky one. The discord, the firms say, shows that the industry is responding to critics who have said that raters in the past have too often spoken in unison and lacked a diversity of opinions. (http://r.reuters.com/puf49v)
* Blackstone Group, the world's largest private-equity firm on Thursday agreed to pay $1.7 billion in cash to Deutsche Bank AG for the Cosmopolitan of Las Vegas, a 3,000-room hotel and casino on the Strip that ran into big financial trouble during the downturn. (http://r.reuters.com/ruf49v)
FT
A No vote in September's referendum would open the way for the transfer of more powers to Edinburgh, British Prime Minister David Cameron said as he stepped up his campaign against Scottish independence during a visit to Glasgow.
France's socialist government announced a decree requiring prior state approval for most foreign bids as part of a battle with General Electric over its $13.5 billion deal to buy Alstom's energy business, provoking a sharp clash with the UK over how to deal with controversial foreign corporate acquisitions.
Uber Technologies Inc, which arranges car rides on demand, is in talks to secure a new round of financing from private equity investors that may value the company at more than $10 billion.
Official data released on Thursday cast doubt on claims that the inequality gap is widening after it was revealed that the proportion of wealth owned by the top 10 per cent of UK households has barely changed compared with the years before the recession, and still stands at 44 per cent.
Investors snapped up top tier government bonds as they beat a retreat from stocks on Thursday, after poor eurozone data increased pressure on the European Central Bank to take aggressive action to bolster the region.
NYT
* Two indicators of economic health that the Federal Reserve has identified as keys to a stronger recovery - modestly higher inflation and a more robust job market - finally seem to be moving in the right direction, according to new data released by the government on Thursday. Economists said a rise in the Consumer Price Index in April suggest a broader economic firming is underway after a weak, weather-plagued start to 2014. (http://r.reuters.com/waf49v)
* Federal judge Steven Rhodes, who is handling Detroit's bankruptcy, indicated on Thursday that the current timetable for finishing the case might be unrealistic given the many disputes outstanding. He made the observation in a hearing after saying he had heard that the state had promised to give Detroit some money - but only if the city could get him to approve its bankruptcy exit plan by the end of September. (http://r.reuters.com/xaf49v)
* PepsiCo Inc will unveil a range of new self-serve equipment for dispensing drinks in places like restaurants, movie theaters and college dining halls on Saturday at the National Restaurant Association Show. (http://r.reuters.com/bef49v)
* A day after The New York Times Company announced that it had dismissed Jill Abramson, The Times's first female executive editor, it found itself mired in controversy, having to reassure employees and rebut reports that her removal was related to her complaints about receiving less pay than her male predecessors. (http://r.reuters.com/def49v)
* Investors in Chipotle Mexican Grill voted overwhelmingly against the company's executive compensation plans, sending a strong rebuke to a company that had awarded more than $300 million to its co-chief executives in recent years. Though the vote is non-binding, Chipotle said it was taking investor sentiment into consideration. (http://r.reuters.com/gef49v)
* General Motors Co on Thursday announced a recall for 2.7 million vehicles, bringing the number of vehicles recalled this year by G.M. in the United States to nearly 11.2 million and 12.8 million worldwide. (http://r.reuters.com/hef49v)
* A Senate panel approved legislation on Thursday to wind down Fannie Mae and Freddie Mac and reshape the mortgage finance system. However, sparse support among Democrats means the measure is unlikely to become law. (http://r.reuters.com/nef49v)
Canada
THE GLOBE AND MAIL
* The Conservative government is putting employers on notice that could force them to pay more for temporary foreign workers, a move that would likely make the program too costly for low-wage sectors like restaurants that have been accused of abusing it. (http://r.reuters.com/nyg49v)
* Canada broke with the United States and did not impose sanctions on two key allies of Russian President Vladimir Putin because the pair had Canadian business interests. The revelation puts into question the Canadian government's tough line on Russia over the crisis in Ukraine. (http://r.reuters.com/pyg49v)
Reports in the business section:
* Two major investors - Prem Watsa's Fairfax Financial Holdings Ltd and U.S. activist fund manager Dan Loeb - have trimmed their holdings in BlackBerry Ltd. Regulatory filings with the U.S. Securities and Exchange Commission showed that Watsa has sold 5.2 million shares, while Loeb's Third Point LLC shed the 10 million shares it purchased last year. (http://r.reuters.com/tyg49v)
NATIONAL POST
* An 11-year-old girl's potentially fatal decision to treat her cancer with indigenous medicine instead of chemotherapy may be entirely legal, say analysts, despite the recent intervention of Ontario child services. (http://r.reuters.com/fah49v)
FINANCIAL POST
* A new report from the Conference Board puts Canada's three oil rich provinces on top of the world in terms of economic performance. The think-tank's annual economic report card comparing 16 of the world's richest countries puts Canada in fifth place overall, one spot better than last year and behind Australia, Ireland, the United States and Norway. (http://r.reuters.com/gah49v)
* Less than two years after Robert Friedland took Ivanhoe Mines Ltd public, he is already looking at ways to break it up. The Vancouver-based company revealed on Thursday it is studying a number of "potentially significant corporate and project-level options." Those include splitting the company's projects into separate publicly-traded entities, asset sales, joint ventures, and alternative stock exchange listings. (http://r.reuters.com/qah49v)
Hong Kong
SOUTH CHINA MORNING POST
-- Wynn, one of the world's biggest casino operators, issued an angry rebuke last night after a United States trade union boss accused it of allowing organised crime-linked junket operators to do business at its Macau property. (link.reuters.com/tud49v)
-- The first batch of Hong Kong's 30-tonne stockpile of seized ivory was reduced to ashes on Thursday, a symbolic move aimed at boosting the fight against the illicit trade. (link.reuters.com/vud49v)
-- Electronic component manufacturer Johnson Electric reported a record profit for the financial year to the end of March after sales in all major markets rose, but the firm is forecasting a decline in gross profit margin for the coming year due to aggressive investment in new plant and rising labour costs on the mainland. (link.reuters.com/wud49v)
THE STANDARD
-- Power Assets is opposed to the Hong Kong government's plans to import a third of the city's energy needs from the mainland. The sole power provider to Hong Kong Island said the move would be costly and a step backward for local power reliability and the environment. (link.reuters.com/xud49v)
-- Local cleaning services provider Baguio Green has been oversubscribed by more than 400 times in the retail tranche, freezing HK$4.8 billion ($619.21 million), market sources said. (link.reuters.com/zud49v)
-- Global exporter Li & Fung expects this year's business performance to be unimpressive due to poor weather in the United States. (link.reuters.com/byd49v)
HONG KONG ECONOMIC JOURNAL
-- Chinese property developer Sunac China Holdings Ltd said it was in talks with Greentown China's vice chairman Shou Bainian to buy up to 30 percent interest in his company, with market experts estimating the deal to be worth at least HK$5 billion ($645.01 million).
MING PAO DAILY NEWS
-- The retail portion of the initial public offering of mainland railway equipment manufacturer China CNR Corp Ltd is seen under-subscribed while its international portion has been three times subscribed, according to market sources.
Britain
The Telegraph
CARPHONE WAREHOUSE AND DIXONS AGREE 3.8 BLN POUND MERGER
Almost 400 million pounds was wiped off the value of Dixons Retail and Carphone Warehouse on Thursday as the proposed merger between the companies was given a rough reception by the City. (http://link.reuters.com/zed49v)
SCOTTISH INDEPENDENCE VOTE CREATING 'UNCERTAINTY' - LLOYDS
Lloyds Banking Group has warned that the consequences of Scottish independence are largely unknown, saying the bank has no plan for what would happen if the Scottish people vote to secede. (http://link.reuters.com/bud49v)
The Guardian
ASTRAZENECA AT RISK FROM PFIZER TAX AVOIDANCE PLANS, SAYS COMPANY CHIEF
Pascal Soriot, the chief executive of AstraZeneca, has stepped up his attack on the business model of Pfizer , the US drugs company stalking the UK business, and warned that the British drugs group could be damaged by Pfizer's tax avoidance plans. (http://link.reuters.com/cud49v)
EUROZONE SETBACK AFTER 'DISMAL' GROWTH FIGURES DENT TALK OF RECOVERY
The eurozone's fragile economic recovery suffered a setback in the first quarter after slower-than-expected growth as GDP data showed France and Italy flatlining and Netherlands suffering shock contraction. (http://link.reuters.com/dud49v)
The Times
MIDDLE MANAGERS SWEPT AWAY BY ASDA'S FOCUS ON CLICK AND COLLECT
Asda is to axe 4,100 jobs in middle management and hire e-commerce specialists as it expands further into online retailing. (http://link.reuters.com/fud49v)
The Independent
BANK OF ENGLAND SEES 'NO HOUSING BUBBLE'
Bank of England policymaker Ben Broadbent moved to play down fears of a housing bubble, insisting there were no signs of a dangerous boom in credit. (http://link.reuters.com/gud49v)
GOOGLE CHIEF ERIC SCHMIDT SAYS 'RIGHT TO BE FORGOTTEN' RULING HAS GOT THE BALANCE 'WRONG'
Google's Executive Chairman, Eric Schmidt, has come out against the recent 'right to be forgotten' ruling as reports claim the company is already receiving request to remove search results. (http://link.reuters.com/hud49v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Housing starts for April at 8:30--consensus up 3.6% to 980K rate
Housing permits for April at 8:30--consensus up 1.3% to 1.01M rate
U. of Michigan consumer sentiment for May at 9:55--consensus 84.5
ANALYST RESEARCH
Upgrades
AngloGold (AU) upgraded to Neutral from Sell at UBS
Bank of the Ozarks (OZRK) upgraded to Strong Buy from Outperform at Raymond James
Capella Education (CPLA) upgraded to Outperform from Market Perform at BMO Capital
Home Bancshares (HOMB) upgraded to Outperform from Market Perform at Keefe Bruyette
Insulet (PODD) upgraded to Outperform from Market Perform at Barrington
Kansas City Southern (KSU) upgraded to Buy from Neutral at BofA/Merrill
L-3 Communications (LLL) upgraded to Outperform from Neutral at Credit Suisse
National Bank of Greece (NBG) upgraded to Overweight from Neutral at JPMorgan
Protective Life (PL) upgraded to Buy from Underperform at BofA/Merrill
Prudential (PRU) upgraded to Buy from Hold at Deutsche Bank
RWE AG (RWEOY) upgraded to Buy from Neutral at Goldman
Stonegate Mortgage (SGM) upgraded to Outperform from Market Perform at Keefe Bruyette
Super Micro Computer (SMCI) upgraded to Buy from Hold at Stifel
tw telecom (TWTC) upgraded to Buy from Neutral at Citigroup
Twitter (TWTR) upgraded to Hold from Sell at Wunderlich
ViaSat (VSAT) upgraded to Outperform from Market Perform at Wells Fargo
Downgrades
Assurant (AIZ) downgraded to Underperform from Neutral at BofA/Merrill
Mechel (MTL) downgraded to Neutral from Buy at Citigroup
Nationstar (NSM) downgraded to Hold from Buy at Jefferies
Torchmark (TMK) downgraded to Neutral from Buy at BofA/Merrill
Walter Investment (WAC) downgraded to Hold from Buy at Jefferies
Initiations
AXIS Capital (AXS) initiated with an Outperform at JMP Securities
Affiliated Managers (AMG) initiated with a Buy at Deutsche Bank
Alkermes (ALKS) assumed with a Buy at Jefferies
BlackRock (BLK) initiated with a Buy at Deutsche Bank
City Office REIT (CIO) initiated with a Buy at Wunderlich
Franklin Resources (BEN) initiated with a Hold at Deutsche Bank
Invesco (IVZ) initiated with a Hold at Deutsche Bank
T. Rowe Price (TROW) initiated with a Buy at Deutsche Bank
TheStreet (TST) initiated with a Buy at B. Riley
Whiting Petroleum (WLL) assumed with a Buy at Brean Capital
COMPANY NEWS
Rackspace (RAX) hired Morgan Stanley (MS) after approach by 'multiple parties'
Nokia (NOK), NSN upgraded to BB by S&P
J.C. Penney (JCP) reported better than expected Q1 results and said it expects to be cash flow neutral this year
Berkshire Hathaway (BRK.A) disclosed an 11M share stake in Verizon (VZ)
Navidea Biopharmaceuticals (NAVB) reported that CEO Mark Pykett is stepping down
WWE (WWE) reached a multi-year deal with NBCUniversal Cable Entertainment (CMCSA)
Overland Storage (OVRL), which missed analyst's Q3 expectations, entered into merger agreement with Sphere 3D (SPIHF)
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
MAG Silver (MVG), SMART Technologies (SMT), Dillard's (DDS), Nordstrom (JWN), J.C. Penney (JCP), Autodesk (ADSK)
Companies that missed consensus earnings expectations include:
Park Electrochemical (PKE), China Mobile Games (CMGE), Canadian Solar (CSIQ), Gas Natural (EGAS), EveryWare Global (EVRY), Qunar (QUNR), Amedica (AMDA), Paycom Software (PAYC), Uroplasty (UPI), Cosi (COSI), Mirati Therapeutics (MRTX)
Companies that matched consensus earnings expectations include:
Alexco Resource (AXU), Applied Materials (AMAT)
NEWSPAPERS/WEBSITES
Technology giants (VZ, T, CMCSA, TWC, NFLX, AMZN, GOOG, FB, YHOO) publicly oppose FCC's proposed Internet rules, WSJ says
Sony (SNE) console sales exceed Microsoft (MSFT) for fourth straight month, Bloomberg says
Sony (SNE) asks top bosses to give back bonuses, NY Post reports
General Electric (GE) looking to save Alstom deal, WSJ reports
Wal-Mart (WMT) looks overvalued, Barron's says
Lead electrical engineer for Google Glass (GOOG) to leave company, TechCrunch reports
SYNDICATE
Banc of California (BANC) 5.15M share Secondary priced at $9.78
Excel Trust (EXL) files to sell 1.15M shares of common stock for holders
Jumei International (JMEI) 11.1M share IPO priced at $22.00
TrueCar (TRUE) 7.775M share IPO priced at $9.00
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
JCP J.c. Penney Co. I... 9.85 17.68%
XRS Tal Education Gro... 23.01 13.80%
CMGE China Mobile Game... 19.00 11.83%
RAX Rackspace Hosting... 34.01 10.85%
JWN Nordstrom Inc. 67.60 9.94%
INDL Direxion Daily In... 79.70 9.48%
IBN Icici Bank Ltd (i... 49.50 6.75%
SSLT Sesa Sterlite Lim... 13.59 5.76%
SCIN Egshares India Sm... 14.94 5.66%
KMDA Kamada Ltd. 14.55 5.28%
SCON Superconductor Te... 2.77 4.92%
SCIF Market Vectors In... 41.00 4.81%
ADSK Autodesk Inc. 50.00 4.56%
EPI Wisdomtree India ... 21.39 4.34%
HDB Hdfc Bank Ltd. Ad... 45.25 3.98%
NYMT New York Mortgage... 7.80 3.31%
AMAT Applied Materials... 19.20 2.73%
INDY ishares S&p India... 28.00 2.56%
ANFI Amira Nature Food... 12.77 2.49%
DEO Diageo Plc Ads 130.80 2.12%
Top Losing Stocks
Price %Change
WWE World Wrestling E... 11.00 -44.81%
CSIQ Canadian Solar In... 23.65 -6.60%
ALU Alcatel-lucent Ad... 3.83 -4.01%
CHK Chesapeake Energy... 27.90 -3.76%
ICLD Intercloud System... 4.60 -3.58%
GIMO Gigamon 16.99 -3.30%
CLF Cliffs Natural Re... 16.91 -3.04%
YGE Yingli Green Ener... 2.80 -2.78%
ING Ing Groep N.v. Ad... 13.03 -2.76%
ARMH Arm Holdings Plc ... 42.49 -2.75%
JKS Jinkosolar Holdin... 23.20 -2.73%
PT Portugal Telecom ... 3.66 -2.66%
RIO Rio Tinto Plc Ads... 55.26 -2.61%
TSL Trina Solar Ltd. ... 10.33 -2.55%
BBL Bhp Billiton Plc ... 65.36 -2.05%
CRH Crh Plc Ads 26.60 -1.95%
SHPG Shire Plc (jersey... 163.50 -1.80%
MT Arcelormittal 15.79 -1.74%
IHG Intercontinental ... 36.44 -1.73%
CUK Carnival Plc Ads ... 38.87 -1.55%
Read more at http://thestockmarketwatch.com/markets/pre-market/#C3x6Yxt51ql4MGGY.99
data:
Housing Starts
[Report][Star]8:30 AM ET
Consumer Sentiment
[Report][djStar]9:55 AM ET
James Bullard Speaks
11:50 AM ET
futures -20
good morning
Frontrunning:
More than 20 dead, doctor says, as anti-China riots spread in Vietnam (Reuters)
Russia's Gazprom plans Singapore stock exchange listing (Reuters)
Inside Europe’s Plan Z (FT)
Ukraine slides deeper toward war as Russia warns to vote (BBG)
Fast-Food Protests Spread Overseas (NYT)
Meanwhile, Cremonini Emerges as Billionaire Making Burgers in Italy (BBG)
BOJ Beat, Officials Could Upgrade Outlook for Capex (WSJ)
Euro-Zone Economy Shows Weaker-Than -Expected Expansion (WSJ)
Yahoo to YouTube Ads Spreading Viruses Rile Lawmakers (BBG)
New York Times Ousts Jill Abramson as Executive Editor, Names Dean Baquet (BBG)
NYT Publisher Said to Always Have Clashed With Abramson (BBG)
Google gets take-down requests after European court ruling - source (Reuters)
Endo to Pay Executive’s $60 Million Tax Bill in Move (BBG)
EU East-West Defense Divide Makes Putin Bold (BBG)
Job market debate rages at Fed, likely keeping rates on hold (Reuters)
Overnight Media Digest
WSJ
* Global bond rates dropped to their lowest levels of the year Wednesday, as central bankers signaled their determination to jolt the world's largest economies out of their malaise. Investors piled into U.S., German and British government bonds, used to price everything from mortgages to car loans, driving down their yields. (http://r.reuters.com/faw39v)
* Citigroup Inc Chief Executive Michael Corbat said in a memo Wednesday that the bank had fired 11 employees in its Banamex unit in connection with the loan losses from Mexico's Oceanografia SA de CV that the bank has blamed on fraud. (http://r.reuters.com/raw39v)
* AT&T Inc's internal merger team is active again with talks to buy satellite-television provider DirecTV in a deal that could be valued at nearly $50 billion, people familiar with the matter said. AT&T has hired investment bank Lazard Ltd for advice on the deal, the people said. (http://r.reuters.com/gew39v)
* French Prime Minister Manuel Valls has signed a decree giving him extended authority to block foreign takeovers of companies deemed strategic, a move that could strengthen the government's hand in the battle for Alstom SA's energy assets, sought by General Electric Co. (http://r.reuters.com/tew39v)
* In a significant move to streamline its process for dealing with counterfeits, Alibaba Group Holding Ltd <IPO-ALIB.N> this month began automatically removing from its biggest shopping site products that some brands have flagged as fake. (http://r.reuters.com/huw39v)
* Richard Perry's Perry Capital increased its stake in Herbalife Ltd, the nutritional supplements maker that hedge-fund manager William Ackman of Pershing Square Capital Management has been campaigning against since December 2012. (http://r.reuters.com/kuw39v)
* AerCap Holdings N.V. on Wednesday established itself as the world's second-largest jet leasing company by assets, completing its $7.6 billion purchase of the aircraft leasing unit of American International Group Inc. (http://r.reuters.com/muw39v)
FT
The British Bankers' Association has warned that the Bank of England's proposals to impose the world's toughest rules for clawing back bonuses from bankers could be unenforceable in the UK and would be illegal in some countries.
Western banks are imposing tougher lending restrictions on Russian companies as sanctions against the country start to bite.
Citigroup has fired 11 staff, including four managing directors, in Mexico after a two-month internal investigation at its Mexican subsidiary, Banamex, into an alleged $400 million fraud that forced the U.S. bank to cut its 2013 earnings.
Bank of England Governor Mark Carney played down expectations of an imminent rise in interest rates even as new figures show the British economy is producing new jobs at the fastest rate on record.
GlaxoSmithKline was accused by Chinese authorities of earning billions of renminbi in "illegal revenues" through a programme of "massive and systemic bribery" as more pressure was mounted on the pharmaceuticals group following a 10-month long corruption investigation.
NYT
* Even though fast-food workers have staged several one-day strikes in the last 18 months, the protests have not swayed McDonald's or other major restaurant chains to raise their employees' pay. So on Thursday, the fast-food workers' movement wants to broaden its reach as it pushes for a $15-an-hour wage that restaurant companies say is unrealistic. The movement leaders say support protests will take place in 80 cities in more than 30 countries, from Dublin to Venice to Casablanca to Seoul to Panama City. (http://r.reuters.com/rew39v)
* The New York Times dismissed Jill Abramson as executive editor on Wednesday, replacing her with Dean Baquet, the managing editor, in an abrupt change of leadership. Arthur Sulzberger, the publisher of the paper and the chairman of The New York Times Co, told a stunned newsroom that he had made the decision because of "an issue with management in the newsroom." (http://r.reuters.com/xyv39v)
* Citigroup Inc has fired 11 employees, including four high-ranking executives in Mexico, in connection with a $400 million fraud involving a large Banamex client. The bank fired many because they had not taken steps to detect the fraud or had ignored warning signs about the client. (http://r.reuters.com/zyv39v)
* The ruling by Europe's highest court that Google can be forced to remove links from certain searches will be carried out by data privacy regulators at 28 different agencies across the European Union. However, since the court gave the agencies little guidance in applying the ruling, people in different European countries could receive different treatment. (http://r.reuters.com/baw39v)
* Macy's Inc reported a sluggish first quarter on Wednesday, dampening hopes for more positive spring spending news after an exceptionally frigid, difficult winter. It said profit rose a modest 3 percent in the quarter but that sales dropped 1.7 percent from the year before. (http://r.reuters.com/haw39v)
* The Retail Industry Leaders Association, along with several top retailers, like Gap and Walgreen, on Wednesday opened an intelligence-sharing center focused on the prevention of cybercrimes against retailers. According to the retail group, the center will allow retailers to share information about data breaches and potential threats. (http://r.reuters.com/jaw39v)
* Valero Energy Partners reported a 28 percent drop in first-quarter net income on Wednesday, as a rough winter curbed demand for the petroleum products that flow through its pipelines. The San Antonio company, spun out of the Valero Energy Corp last year, reported net income of $10.5 million, or 18 cents per unit, in its first full quarter as a publicly traded company. (http://r.reuters.com/maw39v)
Canada
THE GLOBE AND MAIL
* The Conservative government is preparing to keep Canadian warplanes on a NATO mission in Romania for another three months and possibly until late 2014. The government has declined to give Canadians a timeline for its new military commitment to NATO's reassurance mission in Europe. (http://r.reuters.com/dux39v)
* A report by the City of Vancouver says Kinder Morgan's Trans Mountain pipeline pitch falls short on details. Among the gaps, it says Vancouver Coastal Health cannot fully assess Kinder Morgan's claims that there are minimal health risks because the company has not provided assessment reports. (http://r.reuters.com/fux39v)
Reports in the business section:
* Edmonton-born Greg Abel, who serves as one of Warren Buffett's chief lieutenants, is making a big bet on the economic potential of Alberta, amid speculation that he might one day succeed the famed investor at the helm of Berkshire Hathaway Inc . (http://r.reuters.com/jux39v)
NATIONAL POST
* New Democratic Party leader Tom Mulcair is set to appear before a House of Commons committee on Thursday to answer allegations that the New Democrats misused taxpayer funds to set up partisan satellite offices in Quebec. (http://r.reuters.com/tux39v)
* Alberta Wildrose leader Danielle Smith accused Jim Prentice on Wednesday of trying to eliminate her party as a threat before he even enters the race to become premier. Smith says a member of Prentice's inner circle has approached someone on her team pitching a merger if Prentice wins the Progressive Conservative leadership contest. (http://r.reuters.com/wux39v)
FINANCIAL POST
* Sears Canada's demise seems inevitable after news emerged that its biggest shareholder may pull its stake out of the ailing department store chain. But with no single retailer seen as an obvious suitor to acquire the entire operation, it is likely that Sears Canada will continue to operate, even if Sears Holdings Corp sells its 51 percent ownership in the business. (http://r.reuters.com/hyx39v)
* Builders of Toronto condominiums get as little respect these days as the embattled mayor, according to one of the city's largest high-rise developers. Toronto, whose mayor entered a rehabilitation center after admitting smoking crack cocaine, is in the midst of a building boom. (http://r.reuters.com/kyx39v)
China
SHANGHAI SECURITIES NEWS
- The Shanghai Stock Exchange will conduct test trading on Saturday for stock options linked to individual shares, sources told the paper. Test trading is the last step before the official roll-out of such products, the sources said.
- Several provinces and cities are making plans to implement "One Road, One Strip", a long-term economic and political strategy that aims to promote economic ties and regional integration between countries along the traditional Silk Road, sources familiar with matter said.
CHINA SECURITIES JOURNAL
- The State Council, China's cabinet, said the government would implement a range of policies to support "production-oriented" service industries, including research and development, industrial design, commercial services, sales and marketing, and after-sales service.
21ST CENTURY BUSINESS HERALD
- China Reinsurance Group Corp has started preparing for its initial public offering (IPO) and is expected to list as early as next year, multiple sources told the paper. Given the current long waiting list for IPOs in the mainland stock market, the company may consider listing in Hong Kong, another person close to the matter said.
CHINA DAILY
- Beijing will impose a new levy on the discharge of certain organic compounds, aiming to increase environmental awareness in the city's industrial enterprises, municipal officials said. The money collected from the levy will be used to improve the city's air quality, they added.
PEOPLE'S DAILY
- Members of the Communist Party should insist on their political beliefs and have the courage to criticize wrong thoughts, the paper which acts as the party's mouthpiece said in an editorial.
Britain
The Telegraph
BANK OF ENGLAND IN NO RUSH TO RAISE INTEREST RATES
Interest rates will remain on hold this year, the Bank of England has signalled, but households must be prepared for a gradual increase in borrowing costs amid a backdrop of "robust" growth and rapidly falling unemployment. (http://link.reuters.com/nav39v)
PFIZER RESEARCH BOSS CALLS ON TOP UK SCIENTISTS TO SUPPORT ASTRA DEAL
Pfizer's top scientist Mikael Dolsten on Wednesday embarked on a whistlestop tour of Britain's leading scientific figures to garner support for an AstraZeneca deal. (http://link.reuters.com/pav39v)
The Guardian
UK UNEMPLOYMENT AT FIVE-YEAR LOW AMID JOBS BOOM
Britain's jobs boom accelerated in the first three months of the year as unemployment reached a five-year low, fuelled by a surge in self-employed workers. (http://link.reuters.com/qav39v)
ASTRAZENECA ADMITS A HIGHER BID FROM PFIZER COULD SUCCEED
AstraZeneca boss Pascal Soriot has undermined the drug maker's campaign to stay independent, by admitting that an increased takeover bid from U.S. rival Pfizer could outweigh concerns over the needs of cancer patients. (http://link.reuters.com/rav39v)
The Times
ANGRY SHAREHOLDERS SPRING NEW REVOLT ON EXECUTIVE PAY
Two of Britain's best known companies, bus, coach and train operator National Express and broadcaster ITV PLC , were hit by substantial shareholder revolts over executive pay. (http://link.reuters.com/dev39v)
COMPASS SERVES UP ANOTHER 1 BLN POUND TO ITS HUNGRY INVESTORS
Compass Group Plc, the world's biggest contract catering company, is to hand back 1 billion pound to shareholders in a special dividend payout. (http://link.reuters.com/fev39v)
The Independent
GLAXOSMITHKLINE'S FORMER CHINA CHIEF MARK REILLY CHARGED WITH BRIBERY
Chinese police have charged the British former head of GlaxoSmithKline with bribery and fraud in connection with a long-standing scheme to boost drug sales in China. (http://link.reuters.com/gev39v)
PATISSERIE VALERIE LOW PRICED FLOAT SPARKS LISTING FEARS
Patisserie Valerie <IPO-PATV.L> listed at the bottom of its price range - although shares then rose nearly 9 percent- prompting fears that investor enthusiasm for new listings is wearing off. (http://link.reuters.com/jev39v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Empire State manufacturing survey for May at 8:30--consensus 5.0
Consumer Price Index for April at 8:30--consensus up 0.3% for the month
Jobless claims for week of May 10 at 8:30--consensus 317K
Industrial production for April at 9:15--consensus up 0.4% for the month
Philadelphia Fed survey for May at 10:00--consensus 14.3
ANALYST RESEARCH
Upgrades
Acxiom (ACXM) upgraded to Market Perform from Underperform at BMO Capital
EarthLink (ELNK) upgraded to Outperform from Perform at Oppenheimer
Heartland Payment (HPY) upgraded to Outperform from Neutral at RW Baird
Kinder Morgan (KMI) upgraded to Conviction Buy from Buy at Goldman
L-3 Communications (LLL) upgraded to Buy from Neutral at BofA/Merrill
Miller Energy (MILL) assumed with a Buy from Hold at Brean Capital
Nimble Storage (NMBL) upgraded to Buy from Neutral at Goldman
Parkway Properties (PKY) upgraded to Buy from Hold at Stifel
Pernix Therapeutics (PTX) upgraded to Strong Buy from Buy at Needham
Range Resources (RRC) upgraded to Conviction Buy from Neutral at Goldman
Steel Dynamics (STLD) upgraded to Outperform from Market Perform at Cowen
Tandem Diabetes (TNDM) upgraded to Buy from Hold at Deutsche Bank (pre-open)
Twitter (TWTR) upgraded to Neutral from Underweight at Atlantic Equities
Zimmer (ZMH) upgraded to Buy from Neutral at SunTrust
Downgrades
American Capital Mortgage (MTGE) downgraded to Market Perform at JMP Securities
Anglo American (AAUKY) downgraded to Neutral from Outperform at Credit Suisse
BE Aerospace (BEAV) downgraded to Neutral from Buy at UBS
Bristol-Myers (BMY) downgraded to Market Perform from Outperform at BMO Capital
Columbia Property (CXP) downgraded to Equal Weight from Overweight at Morgan Stanley
Huntington Ingalls (HII) downgraded to Neutral from Buy at BofA/Merrill
ITC Holdings (ITC) downgraded to Neutral from Overweight at JPMorgan
LATAM Airlines (LFL) downgraded to Market Perform from Outperform at Raymond James
PhotoMedex (PHMD) downgraded to Hold from Buy at Ascendiant
Southwestern Energy (SWN) downgraded to Neutral from Conviction Buy at Goldman
Urban Outfitters (URBN) downgraded to Market Perform from Outperform at FBR Capital
VOXX International (VOXX) downgraded to Neutral from Buy at B. Riley
Vodafone (VOD) downgraded to Neutral from Buy at Goldman
Initiations
ACADIA (ACAD) initiated with an Overweight at JPMorgan
Cherokee (CHKE) initiated with a Buy at B. Riley
Magellan Petroleum (MPET) initiated with a Buy at B. Riley
Rackspace (RAX) assumed with an Overweight at JPMorgan
COMPANY NEWS
Kindred Healthcare (KND) proposed to acquire Gentiva Health (GTIV) for $14.00 per share
Cisco (CSCO) reported better-than-expected Q3 results and forecast Q4 revenue down 1%-3% on adjusted EPS of 51c-53c; Cisco forecast "several more quarters" before growth in overall switching
JPMorgan (JPM) reported April net credit losses 3.05% vs. 3.07% last month
Capital One (COF) reported April net charge-off rate 3.98% vs. 4.18% last month
Incyte (INCY) posted an abstract regarding a Phase 2 study of its pancreatic cancer drug at ASCO
Jack in the Box (JACK) initiated a quarterly dividend of 20c per share and forecast Q3 SSS up 2%-3% after reporting Q2 earnings that beat expectations
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Fifth Street Senior (FSFR), Prestige Brands (PBH), Teekay (TK), TowerJazz (TSEM), Dangdang (DANG), WuXi PharmaTech (WX), CafePress (PRSS), Cvent (CVT), Radiant Logistics (RLGT), Acxiom (ACXM), Opower (OPWR), Vipshop (VIPS), Gevo (GEVO), Xencor (XNCR), Cisco (CSCO), Reed's (REED)
Companies that missed consensus earnings expectations include:
Arctic Cat (ACAT), Luxoft (LXFT), NetEase.com (NTES), eLong (LONG), Ultrapetrol (ULTR), DragonWave (DRWI), VOXX International (VOXX), ExOne (XONE), Applied Genetic (AGTC), CM Finance (CMFN), Cypress Energy (CELP), Eagle Materials (EXP), TriVascular (TRIV), Jack in the Box (JACK), Agilent (A), Metabolix (MBLX), SeaWorld (SEAS), StemCells (STEM)
NEWSPAPERS/WEBSITES
AT&T (T) works with Lazard (LAZ) amid DirecTV (DTV) takeover negotiations, Reuters reports
Murphy Oil (MUR) looking to sell Malaysia oil and gas assets, WSJ reports
Departure of New York Times (NYT) editor 'not a mutual decision,' FT reports
European court rules Google (GOOG) to grant take-down requests, Reuters says
Teva (TEVA) loses bid to block approval of generic Copaxone, Bloomberg reports
Trian says PepsiCo (PEP) CEO Nooyi made 'major mistake,' Fortune reports
Macy's (M) looks cheap, Barron's says
SYNDICATE
ANI Pharmaceuticals (ANIP) files to sell 3.5M shares for holders
Daqo New Energy (DQ) 2M share Secondary priced at $29.00
Delek US (DK) 9.2M share Secondary priced at $30.00
LDR Holding (LDRH) 3.97M share Secondary priced at $24.50
Select Income REIT (SIR) 9M share Spot Secondary priced at $29.00
Sorrento Therapeutics (SRNE) 4.765M share Spot Secondary priced at $5.25
The Dixie Group (DXYN) 2.5M share Secondary priced at $10.65
US Rare Earths (UREE) files to sell $23M in common stock
Zendesk (ZEN) 11.11M share IPO priced at $9.00
Pre Market Movers
Top Gaining Stocks
Price %Change
GTIV Gentiva Health Se... 13.51 58.20%
CCCR China Commercial ... 4.70 21.13%
ZA Zuoan Fashion Ltd... 2.10 14.75%
NMBL Nimble Storage In... 24.72 8.33%
TSEM Tower Semiconduct... 9.08 7.46%
VIPS Vipshop Holdings ... 160.80 7.20%
CSCO Cisco Systems Inc... 24.24 6.27%
PLUG Plug Power Inc. 4.05 6.02%
PERI Perion Network Lt... 11.10 5.61%
TGTX TG Therapeutics I... 4.75 5.32%
ISR Isoray 2.59 5.28%
ISIS Isis Pharmaceutic... 26.69 4.83%
MNTA Momenta Pharmaceu... 11.25 4.65%
DQ Daqo New Energy A... 30.20 3.82%
ELNK Earthlink Inc 3.50 3.24%
AMED Amedisys Inc 14.45 3.21%
IRE Governor & Co. of... 15.45 2.86%
WDAY Workday 72.95 2.75%
VIP Vimpelcom Ltd. Ad... 8.00 2.43%
QGEN Qiagen N.v. 22.70 2.07%
Top Losing Stocks
Price %Change
SRNE Sorrento Therapeu... 5.25 -21.64%
NBG National Bank of ... 2.98 -13.87%
XONE The Exone Company... 26.80 -13.07%
INCY Incyte Corp. 49.40 -11.63%
DANG E-commerce China ... 10.75 -6.85%
SIR Select Income Rei... 28.65 -5.69%
CALL magicjack Vocalte... 15.00 -4.21%
DCIX Diana Containersh... 3.04 -3.80%
WMT Wal-mart Stores 76.45 -2.91%
NTES Netease Inc Adr (... 69.30 -2.45%
BMY Bristol-myers Squ... 50.94 -2.26%
RAX Rackspace Hosting... 28.00 -2.23%
GREK Global X Ftse Gre... 21.24 -2.07%
ALU Alcatel-lucent Ad... 3.98 -1.97%
DK Delek US Holdings... 30.54 -1.80%
VOD Vodafone Group Pl... 36.51 -1.51%
YNDX Yandex N.v. 29.50 -1.50%
CRTO Criteo S.a. Adr (... 33.00 -1.49%
MTGE American Capital ... 19.63 -1.46%
EZCH Ezchip Semiconduc... 26.13 -1.21%
Read more at http://thestockmarketwatch.com/markets/pre-market/#PeVJA4bk6geeHybW.99
data:
Consumer Price Index
[Report][Star]8:30 AM ET
Jobless Claims
[Report][Star]8:30 AM ET
Empire State Mfg Survey
[Report][djStar]8:30 AM ET
William Dudley Speaks
8:30 AM ET
Treasury International Capital
[djStar]9:00 AM ET
Industrial Production
[Report][Star]9:15 AM ET
Philadelphia Fed Survey
[Report][Star]10:00 AM ET
Housing Market Index
[Report][djStar]10:00 AM ET
E-Commerce Retail Sales
[Bullet10:00 AM ET
EIA Natural Gas Report
[Bullet10:30 AM ET
3-Month Bill Announcement
[Bullet11:00 AM ET
6-Month Bill Announcement
[Bullet11:00 AM ET
10-Yr TIPS Announcement
[Bullet11:00 AM ET
Fed Balance Sheet
[Bullet4:30 PM ET
Money Supply
[Bullet4:30 PM ET
Janet Yellen Speaks
6:10 PM ET
Futures -32
good morning
frontrunning:
Vietnam mobs set fire to foreign factories in anti-China riots (Reuters)
Recession-Baby Millennials Scarred by U.S. Downturn Spurn Stocks (BBG)
U.S. Agents Start Hunting for Sanctioned Russians’ ‘Shiny Toys’ (BBG)
China Central Bank Calls for Faster Home Lending in Slump (BBG)
Russia moves to oust US from International Space Station (FT)
Geithner Must Give S&P Documents in U.S. Fraud Suit (BBG)
Samsung's 'crown prince' in focus as father hospitalized (Reuters)
Yahoo buys mobile 'self-destruct' messaging app Blink only to shut it down (Reuters)
Goldman’s Twitter banker joins hedge fund (FT)
Keyword being "unexpectedly": Sony Unexpectedly Forecasts Loss Amid PC Restructuring Costs (BBG)
Nigerian Militant Makes a Name for Himself Through Terror (WSJ)
Florida MERS patient sat in busy ER for hours (Reuters)
Art Basel Beckons Billionaires With $10,000 Passports (BBG)
Sears Explores Options, May Sell Canada Stores Stake (BBG)
Goldman to Citigroup Miss World’s Worst Selloff in China (BBG)
In Modi's India, a case of rule and divide (Reuters)
Overnight Media Digest
WSJ
* Thousands more victims of Bernard Madoff's Ponzi scheme could receive compensation for their losses. The early findings of a new claims process administered by the Justice Department said the large number of claims suggests the fraud was even bigger than previously known. (http://r.reuters.com/hup39v)
* Chinese authorities on Wednesday accused GlaxoSmithKline Plc's former China chief Mark Reilly of ordering subordinates to commit bribery. Officials with China's Ministry of Public Security said Reilly allegedly pressed his sales teams to bribe hospitals, doctors and health institutions. (http://r.reuters.com/qup39v)
* Pershing Square Capital Management LP on Tuesday called for a non-binding referendum among Allergan shareholders on whether the company should negotiate to sell itself to Valeant Pharmaceuticals International Inc. The move comes a day after Allergan rejected the $46 billion stock-and-cash offer that Valeant made last month. (http://r.reuters.com/sup39v)
* The Federal Reserve warned it may need to take additional action to rein in banks' funding of corporate takeovers after observing continued deterioration of lending standards this year. The Fed and the Office of the Comptroller of the Currency told banks in March 2013 to avoid funding takeover deals that would leave companies with high levels of debt. (http://r.reuters.com/xup39v)
* Radio giant Cumulus Media Inc and Nashville record company Big Machine Label Group have entered into an unusual joint venture called Nash Icons, which will feed radio stations across the country stage-related events such as concerts and television specials. (http://r.reuters.com/zup39v)
* Anthony Noto, a Goldman Sachs Group Inc investment banker who helped shepherd Twitter Inc's initial public offering, is leaving the firm to join Coatue Management LLC, a hedge fund. (http://r.reuters.com/byp39v)
* Christie's in New York made auction history on Tuesday when it sold $745 million worth of contemporary art in less time than it takes to watch a basketball game. The auction house's total surpassed its $691.6 million landmark sale last November and reset records for artists like Alexander Calder and Barnett Newman, whose black-and-tan abstract, "Black Fire I," sold for $84.2 million. (http://r.reuters.com/tup39v)
FT
Shadow chancellor Ed Balls said the British government needed to rein in the Help to Buy scheme in London or risked endangering recovery.
U.S. drug maker Pfizer Chief Executive Ian Read admitted before British lawmakers that a merger with AstraZeneca would mean job losses and reduced research spending.
U.S. internet giants including Google are preparing for a plethora of requests from European citizens to remove sensitive personal information after a landmark ruling by the European Court of Justice.
Goldman Sachs Group Inc technology investment banker Anthony Noto, who helped orchestrate Twitter's IPO last year, is leaving and joining hedge fund Coatue Management.
Weak data releases on both sides of the Atlantic were largely ignored as a positive session for global equities saw the S&P 500 break above 1,900 for the first time and European stocks reach six-year highs.
NYT
* Treasury Secretary Jacob Lew pushed China on Tuesday to let market forces decide its exchange rate, and pressed senior officials here not to undercut the Obama administration's sanctions on Russia. (http://r.reuters.com/hep39v)
* Governor Andrew Cuomo of New York last month appointed a three-person commission to offer thoughts on the use of technology in schools. Eric Schmidt, executive chairman of Google, is one of the three, but his appointment raised some eyebrows as Schmidt's company has a commercial interest in seeing more Chromebook computers, which run Google's Chrome web software, and the company's productivity applications, Google Apps, being used in schools. (http://r.reuters.com/fep39v)
* Europe's highest court said on Tuesday that people had the right to influence what the world could learn about them through online searches, a ruling that rejected long-established notions about the free flow of information on the Internet. A search engine like Google should allow online users to be "forgotten" after a certain time by erasing links to web pages unless there are "particular reasons" not to, the European Court of Justice in Luxembourg said. (http://r.reuters.com/pep39v)
* Subsys, a strong painkiller, was approved in 2012 for cancer patients, but has since become an outsize moneymaker for Insys Therapeutics and has been prescribed more widely. Drug-safety experts said the range of medical professionals who appeared to be prescribing Subsys was troubling, particularly given concerns about the widespread use - and abuse - of narcotic painkillers. (http://r.reuters.com/vep39v)
* The federal overseer of Fannie Mae and Freddie Mac on Tuesday announced a shift in policies intended to maintain the mortgage finance giants' role in parts of the housing market, spur more home lending and aid distressed homeowners. Melvin Watt's announcement raises bigger - and divisive - questions about the role of the now-profitable mortgage institutions, which were fully taken over by the federal government during the financial crisis to avoid their bankruptcies. (http://r.reuters.com/gup39v)
* Airbnb, the popular apartment-sharing service, won a legal standoff Tuesday when a state judge ruled that the company did not have to give up customer records as part of an investigation by the New York attorney general. However, the victory may be short-lived, as the state attorney general said he would address the court's concerns in a new subpoena. (http://r.reuters.com/dup39v)
* Being cast off from a struggling foreign parent company might bring on an identity crisis for some institutions. Not so for Citizens Bank, which is looking to turn its coming independence from the Royal Bank of Scotland into an opportunity to strengthen its consumer banking in the United States. But it may be a slog. (http://r.reuters.com/nup39v)
* Sallie Mae, the student lender, and Navient, its former subsidiary, have agreed to pay $97 million to settle complaints about excessive fees and interest on loans to military service members. (http://r.reuters.com/pup39v)
* As the drugstore chain Walgreen considers a deal that would allow it to reincorporate abroad, many shareholders are elated, saying it could save millions of dollars a year on taxes. But at least one Walgreen investor wants the company to remain in the United States. The CtW Investment Group, which owns less than 1 percent of Walgreen's shares, sent a letter on Tuesday to the company's management, making the case against such a transaction. (http://r.reuters.com/kup39v)
Canada
THE GLOBE AND MAIL
* Canada's House of Commons passed the divisive Fair Elections Act by a vote of 146 to 123, despite ongoing calls for changes. The new law will boost ID requirements on voting day and place limits on what Elections Canada can do publicly. (http://r.reuters.com/myq39v)
* A conflict-of-interest probe involving Rob Ford should continue even if the mayor is not at City Hall, say two veteran members of city council. Integrity commissioner Janet Leiper suspended her investigation of the mayor this month after Ford took a leave to seek help for alcohol abuse. (http://r.reuters.com/nyq39v)
Reports in the business section:
* BlackBerry Ltd launched a low-cost touchscreen device in Jakarta, the Z3, as the embattled smartphone-maker looks to revive sales in emerging markets like Indonesia. The handset is the first in a line of devices being made with FIH Mobile Ltd, a unit of the giant Taiwanese Foxconn Technology Group. (http://r.reuters.com/qyq39v)
NATIONAL POST
* In what appears to be the deepest discount in Canadian history on a floating rate loan, Investors Group is rocking the mortgage world with a deal that takes the effective mortgage rate down to 1.99 percent. The company is now offering 101 basis points or 1.01 percentage points off its prime rate of 3 percent for a variable rate mortgage. (http://r.reuters.com/syq39v)
* In the latest weirdly expensive anomaly to hit the Vancouver housing market, a $3-million house in Vancouver that sold in just 24 hours will be torn down by its new owners. The four-bedroom house at 3981 West 35th Avenue will demolished because its new owners consider it too small. (http://r.reuters.com/tyq39v)
FINANCIAL POST
* A ruling by Europe's top court ordering Google Inc to remove some personal data on request is a landmark decision which solidifies an individual's right to be forgotten online. The Court of Justice of the European Union's surprise decision does not set a formal legal precedent for Canada, but it will be "persuasive", said Geoff White, counsel for the Public Interest Advocacy Centre. (http://r.reuters.com/vyq39v)
* The British-Columbia government is optimistic that at least one liquefied natural gas project will secure a final investment decision by the end of the year. However, a Petronas Bhd executive says his company is seeking regulatory certainty from the province before it proceeds with its multi-billion dollar project. (http://r.reuters.com/xyq39v)
Hong Kong
SOUTH CHINA MORNING POST
-- Macau casinos will be handed a deadline to get rid of illegal China UnionPay mobile swipe card devices or face a crackdown on the city's multimillion-dollar illegal cash-transfer business, gaming insiders say. (link.reuters.com/xyn39v)
-- Wang Dongming, the chairman of Citic Securities , China's largest brokerage firm by market value, has been fined two months' salary after publicly reprimanding state-owned Industrial and Commercial Bank of China for racking up huge profits. (link.reuters.com/cap39v)
-- Last year's double-digit percentage growth in the number of mainland tourists had a limited impact on the Hong Kong hospitality industry. However, the decrease in their numbers this year poses a challenge to the business, hoteliers said. (link.reuters.com/dap39v)
THE STANDARD
-- Upgraders who buy partially built property could soon have up to three years to sell their old homes to enjoy the double stamp duty rebate, which might help boost developers' sales, according to a proposed amendment scheme presented by the government. (link.reuters.com/fap39v)
-- Declining demand and use of the mainland currency in Hong Kong has prompted China Construction Bank (Asia) and Wing Hang Bank to boost the maximum interest they offer on yuan time deposits. (link.reuters.com/gap39v)
-- Hysan Development said first-quarter sales at shops in Lee Gardens, Hysan Place and the Lee Theatre rose 20 percent from a year back, beating the 4 percent growth of the entire retail sector in the period. (link.reuters.com/hap39v)
HONG KONG ECONOMIC JOURNAL
-- Footwear distributor S. Culture International Holdings Ltd expects slower retail sales growth in the second quarter of 2014 compared to a 27 percent same-store sales growth in the first quarter, according to senior management.
HONG KONG ECONOMIC TIMES
-- The relaxation of double stamp duty is set to ease burden of home upgraders, said Swire Properties Chief Executive Officer Martin Cubbon, adding the cooling measure is set to stay until the market sees an increase in supply and as interest rate goes up.
MING PAO DAILY NEWS
-- Mainland railway equipment manufacturer China CNR Corp Ltd plans to issue 1.82 billion H shares in an initial public offering in Hong Kong, raising up to HK$11.3 billion ($1.46 billion).
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Producer Price Index for April at 8:30--consensus up 0.2%
ANALYST RESEARCH
Upgrades
Akamai (AKAM) upgraded to Outperform from Sector Perform at Pacific Crest
Autodesk (ADSK) upgraded to Buy from Hold at Canaccord
CalAmp (CAMP) upgraded to Overweight from Equal Weight at First Analysis
Harmony Gold (HMY) upgraded to Overweight from Neutral at JPMorgan
Lear (LEA) upgraded to Buy from Hold at Deutsche Bank
MannKind (MNKD) upgraded to Neutral from Underweight at Piper Jaffray
Pandora (P) upgraded to Outperform from Market Perform at Raymond James
Royal Caribbean (RCL) upgraded to Buy from Neutral at SunTrust
Rubicon Project (RUBI) upgraded to Outperform from Perform at Oppenheimer
Rubicon Project (RUBI) upgraded to Outperform from Sector Perform at RBC Capital
Summit Hotel (INN) upgraded to Outperform from Sector Perform at RBC Capital
Western Digital (WDC) upgraded to Overweight from Equalweight at Barclays
Downgrades
Randgold Resources (GOLD) downgraded to Neutral from Overweight at JPMorgan
Sibanye Gold (SBGL) downgraded to Neutral from Overweight at JPMorgan
Sociedad Quimica (SQM) downgraded to Underperform from Neutral at Credit Suisse
Teekay Tankers (TNK) downgraded to Underperform from Neutral at BofA/Merrill
Initiations
Ashford Hospitality Prime (AHP) initiated with an Outperform at JMP Securities
Avago (AVGO) resumed with a Buy at Deutsche Bank
Camtek (CAMT) initiated with a Buy at B. Riley
Cascade Microtech (CSCD) initiated with a Buy at B. Riley
Cohu (COHU) initiated with a Buy at B. Riley
IMS Health (IMS) initiated with a Buy at BofA/Merrill
IMS Health (IMS) initiated with a Buy at Deutsche Bank
IMS Health (IMS) initiated with a Buy at Mizuho
IMS Health (IMS) initiated with a Buy at Stifel
IMS Health (IMS) initiated with a Neutral at Goldman
IMS Health (IMS) initiated with an Equal Weight at Morgan Stanley
IMS Health (IMS) initiated with an Equalweight at Barclays
IMS Health (IMS) initiated with an Outperform at Leerink
IMS Health (IMS) initiated with an Overweight at JPMorgan
IMS Health (IMS) initiated with an Overweight at Piper Jaffray
Intersil (ISIL) initiated with an Overweight at Evercore
InvenSense (INVN) initiated with an Outperform at Imperial Capital
MWI Veterinary Supply (MWIV) initiated with a Buy at UBS
Nielsen (NLSN) initiated with an Overweight at Barclays
ON Semiconductor (ONNN) initiated with an Underweight at Evercore
Ultratech (UTEK) initiated with a Neutral at B. Riley
Vipshop (VIPS) initiated with a Buy at Brean Capital
COMPANY NEWS
Sears (SHLD) exploring strategic alternatives for 51% interest in Sears Canada
Google (GOOG) said Google Glass now available to U.S. consumers for $1,500
BHP Billiton (BHP) reviewing Western Australian Nickel West business
Yahoo (YHOO) acquired Blink, a mobile messaging application that lets users share self-destructing messages
Hertz (HTZ) backed its FY14 guidance and said it would delay its 10-Q filing
Take Two (TTWO) reported Q4 results that beat analyst expectations, but guided below analyst estimates for Q1
Arotech (ARTX) said its quarterly results beat analyst estimates
Fossil (FOSL) provided Q2 guidance below analyst estimates
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Coty (COTY), InterOil (IOC), Top Image Systems (TISA), Banro Corporation (BAA), World Point Terminals (WPT), SunOpta (STKL), China Lodging Group (HTHT), Corium (CORI), Five9 (FIVN), Cyclacel Pharmaceuticals (CYCC), Inogen (ingn), Amber Road (AMBR), Rubicon Project (RUBI), Aratana Therapeutics (PETX), NetSol Technologies (NTWK), Electro Scientific (ESIO), Take-Two (TTWO), Fossil (FOSL), Summer Infant (SUMR), Epizyme (EPZM), pSivida (PSDV)
Companies that missed consensus earnings expectations include:
Full House Resorts (FLL), GasLog (GLOG), Cimatron (CIMT), VimpelCom (VIP), NMI Holdings (NMIH), Galectin Therapeutics (GALT), First Majestic (AG), Argos Therapeutics (ARGS), StoneCastle (BANX), Marrone Bio (MBII), URS Corporation (URS), YuMe (YUME), Fate Therapeutics (FATE), Synacor (SYNC), Conatus (CNAT), Revance Therapeutics (RVNC), PostRock Energy (pstr), IMRIS (IMRS), Intrawest Resorts (SNOW), Quantum (QTWW), Dicerna (DRNA), Biodel (BIOD), Auspex Systems (ASPX), Bluebird Bio (BLUE)
Companies that matched consensus earnings expectations include:
ARC Group (ARCW), B2Gold (BTG), TriplePoint Venture (TPVG), American Eagle Energy (AMZG), Netlist (NLST)
NEWSPAPERS/WEBSITES
Fortress (FIG) preparing $4.7B bid for Stuyvesant Town, Bloomberg says
Google's (GOOG) operations could be disrupted by EU's 'right to be forgotten' ruling, WSJ reports
JPMorgan (JPM) buys $2B in Argentina bonds from Repsol (REPYY), Bloomberg reports
Sony (SNE) says OLED development not on pause, What Hi-Fi? reports
NY regulator cooperation crucial to deals with BNP (BNPQY), Credit Suisse (CS), WSJ says
Whirlpool (WHR) still a buy, Barron's says
Vodafone (VOD) sidelined as AT&T (T) looks to DirecTV (DTV), Bloomberg reports
SYNDICATE
Antero Resources (AR) 12M share Secondary priced at $62.00
Delek US (DK) files to sell 9.2M shares of common stock for holders
Hydrogenics (HYGS) files to sell common stock for holders
NXP Semiconductors (NXPI) to sell 17.38M shares of common stock for holders
SVB Financial (SIVB) 3.9M share Secondary priced at $101.00
ServisFirst (SFBS) 625K share IPO priced at $91.00
Shore Bancshares (SHBI) files to sell 3M shares of common stock
Spirit Realty (SRC) files to sell 23M shares of common stock and convertible notes
TechTarget (TTGT) files to sell 5M shares of common stock for holders
USA Compression (USAC) files to sell 6.6M common units representing limited partners
Pre Market Movers
Top Gaining Stocks
Price %Change
ARTX Arotech Corporati... 3.82 14.03%
ZTS Zoetis 34.33 11.71%
SHLD Sears Holdings Co... 46.00 6.41%
QTWW Quantum Fuel Syst... 3.96 5.32%
CAMP Calamp Corp. 17.00 4.94%
RDA Rda Microelectron... 17.30 4.85%
HLF Herbalife 64.00 4.64%
JNUG Direxion Daily Jr... 18.00 4.47%
CEL Cellcom Israel 13.10 4.38%
ASFI Asta Funding Inc.... 8.50 3.91%
ISIS Isis Pharmaceutic... 25.95 3.43%
MNKD Mannkind Corporat... 6.80 3.34%
NUGT Direxion Daily Go... 35.69 3.27%
XON Intrexon 16.00 3.23%
IMPV Imperva Inc 20.00 3.20%
AAV Advantage Oil & G... 6.09 2.70%
CSIQ Canadian Solar In... 28.00 2.56%
P Pandora Media 24.34 2.40%
SHOS Sears Hometown an... 22.50 2.37%
IBN Icici Bank Ltd (i... 49.04 2.04%
Top Losing Stocks
Price %Change
HYGS Hydrogenics Corpo... 16.31 -16.74%
ECT Eca Marcellus Tru... 7.81 -9.61%
PLUG Plug Power Inc. 3.76 -8.07%
RDY Dr. Reddys Labora... 40.46 -7.67%
AMKR Amkor Technology ... 8.50 -7.31%
UPL Ultra Petroleum C... 25.75 -7.17%
ENZY Enzymotec Ltd. 19.00 -6.08%
FOSL Fossil Group Inc.... 105.35 -5.47%
REGN Regeneron Pharmac... 268.00 -5.45%
SNE Sony Corp. Ads 16.70 -5.33%
USAC Usa Compression P... 25.35 -5.30%
JDST Direxion Daily Jr... 23.85 -4.66%
RGSE Real Goods Solar ... 2.64 -4.00%
VIP Vimpelcom Ltd. Ad... 8.00 -3.15%
SODA Sodastream Intern... 39.90 -2.97%
ZU zulily inc 31.11 -2.81%
NBG National Bank of ... 3.33 -2.63%
HSOL Hanwha Solarone C... 2.70 -2.17%
DE Deere & Co. 91.98 -1.74%
NVO Novo Nordisk A/s ... 42.83 -1.56%
Read more at http://thestockmarketwatch.com/markets/pre-market/#eCYAQcOKfO479mqV.99
data:
MBA Purchase Applications
[Report][Bullet7:00 AM ET
PPI-FD
[Report][Star]8:30 AM ET
Atlanta Fed Business Inflation Expectations
[Bullet10:00 AM ET
EIA Petroleum Status Report
[djStar]10:30 AM ET
Futures -14
good morning
$GOGO ~ should be ok.....
really glad I wasn't in it when the ATT new broke last week or whenever it was...
but still holding some other suckers!
it was a nice day....
my baby Ava turned 7 on Saturday.....bounce house place then, pizza, cake and slumber party w/lots of kids!
Was really fun....can't believe she is 7....
Just a few more weeks until school is out....
frontrunning:
EU Court: Google Must Remove Certain Links on Request (WSJ)... people have right to be forgotten on Internet (Reuters)
Harsh weather: German Investor Confidence Drops for Fifth Straight Month (BBG)
More harsh weather: China Slowdown Deepens (BBG)
Harsh weather as far as the eye can see: China’s New Credit Declines (BBG)
"Alien" artist, surrealist H.R. Giger dies aged 74 (Reuters)
Pfizer urges AstraZeneca to talk as UK lawmakers slam offer (Reuters)
Property sector slowdown adds to China fears (FT)
Russia says EU sanctions will hurt Ukraine peace efforts (Reuters)
U.S. Considers Relaxing Crude Oil Export Restrictions (WSJ)
Yellen Wage Signals Showing Slack May Be Missing Cost Speedup (BBG)
Investors bet on BoE acting to ease property market and raise rates (FT)
Lehman Trade a Gift That Keeps Giving for Paulson to King Street (BBG)
Attorney General Holder Tightens the Squeeze on Banks (WSJ)
The Secret Brazil Happy Meal McDonald’s Keeps Under Wraps (BBG)
All-Madrid Soccer Final Soured by $2,000 Hotels in Portugal (BBG)
Overnight Media Digest
WSJ
* AT&T Inc is close to sealing a takeover of DirecTV that could value the satellite-television provider at about $50 billion. The two sides are discussing a deal that would involve a mix of cash and AT&T stock. An agreement could be reached in two weeks if not sooner, people familiar with the matter said. (http://r.reuters.com/dyg39v)
* Pfizer Inc laid out a case for its proposed $106 billion takeover of AstraZeneca PLC in documents sent on Monday to two U.K. parliamentary committees. For the first time, Pfizer said that its five-year commitments to the U.K. - made 10 days ago as part of an unsolicited takeover bid of $84.26 a share - were legally binding. AstraZeneca rejected the offer, saying the proposal substantially undervalued the company. (http://r.reuters.com/hyg39v)
* Hillshire Brands Co agreed to buy Pinnacle Foods Inc for $4.3 billion in a bet that mixing hot dogs and frozen cakes with pickles, syrup and salad dressing will add up to a more appetizing business. The deal, announced on Monday, would create a company with about $6.6 billion in annual revenue and a broad array of brands including Hillshire's namesake lunch meats, Jimmy Dean sausages and Ball Park hot dogs. (http://r.reuters.com/jyg39v)
* Several major advertisers, including MasterCard Inc , Mondelez International and Verizon Wireless in the past year have moved a portion of the money they previously spent on television to online outlets, conscious that viewers are more frequently watching video online. And with online outlets in recent weeks unveiling plans to ramp up their programming, more shifts are likely, say media buyers. (http://r.reuters.com/nyg39v)
* London Stock Exchange Group PLC has emerged as a contender for Russell Investments, the stock-index and asset-management business that is on the auction block. The U.K. stock-exchange operator is among a small group of late-stage bidders for Russell, which Northwestern Mutual Life Insurance Co officially put on the auction block early this year. (http://r.reuters.com/ryg39v)
* Citizens Financial Group Inc filed for an initial public offering with the Securities and Exchange Commission on Monday. In the filing, Citizens said the number of shares to be offered and the price range for the proposed deal haven't yet been determined. However, it plans to raise up to $100 million in the offering. (http://r.reuters.com/wyg39v)
* Federal prosecutors asked a judge for a stiff sentence of more than five years in prison for Michael Steinberg, a former senior employee of SAC Capital Advisors LP convicted of insider trading last year. Steinberg, who is free on bail, is scheduled to be sentenced Friday in federal court in Manhattan. (http://r.reuters.com/zyg39v)
* Becker Drapkin Management LP, an activist investor that targets smaller companies, has taken a 7.2 percent stake in XO Group Inc, according to a regulatory filing on Monday. The investment fund supports XO Group's recently named Chief Executive Michael Steib but is raising questions about the continued operational role of co-founder and Chairman David Liu and losses piling up under Liu's watch in China. (http://r.reuters.com/cah39v)
FT
The United States and its leading European allies are mulling wider sanctions on the Russian economy along with a ban on the export of high-tech energy equipment, if Moscow is seen disrupting Ukraine's presidential elections on May 25.
British law makers will demand "cast iron" guarantees from U.S. drug maker Pfizer on jobs and investment for up to 10 years if it buys AstraZeneca.
Citizens Financial Group Inc, the U.S. unit of Britain's Royal Bank of Scotland, filed with U.S. regulators for an initial public offering of common stock that would raise about $100 million.
AT&T Inc is in active talks to buy satellite TV provider DirecTV and may finalise a deal in the next few weeks that could be worth close to $50 billion, according to people familiar with the matter.
The head of KPMG in the Netherlands resigned on Monday, the accounting firm said, less than a month after authorities launched a criminal investigation into alleged tax fraud at a venture it set up to build a new Dutch headquarters.
NYT
* With TransCanada's Keystone XL pipeline snarled in a regulatory and legal struggle south of the border, Canadian oil companies are proposing many new and expanded pipelines that would connect the oil sands fields with new markets in China and across the world. The planned projects that would snake east and west as well as south, could break the virtual United States monopoly market for Canadian oil exports. (http://r.reuters.com/qyg39v)
* A string of departures from the Fed's seven-member board over the last year has left the central bank on the verge of operating with just three governors for the first time in its 100-year history. Three nominees are awaiting Senate confirmation, but so are scores of nominees to other offices. (http://r.reuters.com/syg39v)
* AT&T is in talks to buy DirecTV for at least $50 billion, and the two sides are actively working toward an announcement. If completed, the deal would give AT&T, the country's second-largest wireless carrier, control of the country's largest satellite television provider, further reshaping the rapidly changing telecommunications and television industries. (http://r.reuters.com/vyg39v)
* Rejecting an unusual $50 billion unsolicited bid, Allergan , the maker of Botox, said its best days were ahead of it and signaled it would consider making acquisitions of its own as it worked to stay independent. Allergan said the offer by Valeant Pharmaceuticals and William Ackman "substantially undervalues Allergan and is not in the best interests of the company and its stockholders." (http://r.reuters.com/xyg39v)
* Pfizer Inc pledged on Monday to keep jobs in Britain if it succeeds in taking over British drug maker AstraZeneca Plc, and it questioned whether AstraZeneca can stand on its own much longer. Pfizer's chief executive is expected to appear before a parliamentary committee in London on Tuesday as the American pharmaceutical giant tries to convince British lawmakers that a Pfizer-AstraZeneca combination is viable. (http://r.reuters.com/bah39v)
* Toyota said on Monday that it would allow a battery-supply deal with Tesla Motors to expire this year and would focus instead on building cars running on hydrogen fuel cells, a next-generation technology that rivals Tesla's all-electric systems. (http://r.reuters.com/gah39v)
* Since the financial crisis, the annual meetings of Wall Street banks have become focal points for shareholder anger about foreclosures, taxpayer bailouts and income inequality. While gadflies and social activists have flocked to shareholder meetings across corporate America for decades, banks' annual meetings can be quite contentious. (http://r.reuters.com/hah39v)
Canada
THE GLOBE AND MAIL
* Railway company Montreal, Maine & Atlantic Railway Ltd and three of its employees will be charged with criminal negligence in connection with a train accident on July 6 last year, according to the Quebec prosecutor's office. The devastating accident occurred after a train hauling volatile crude oil broke free from its brakes and ran down a hill into the small town of Lac-Mégantic, causing a massive explosion and killing 47 people. (http://r.reuters.com/pyj39v)
* Rob Ford and his brother Councillor Doug Ford's role in helping a client of their family firm gain access to top city executives has renewed calls for investigative action against them. Toronto's integrity commissioner suspended investigations this month after Rob Ford announced he was going to rehab. (http://r.reuters.com/ryj39v)
Reports in the business section:
* AutoCanada Inc, which is playing a leading role in consolidation of Canada's automobile dealerships, is poised to shake up the Calgary market with its purchase of Hyatt Automotive Group. (http://r.reuters.com/wyj39v)
NATIONAL POST
* The political fortunes of the Parti Québécois are getting worse and worse, with support now at a historic low. One month after its crushing electoral defeat to the Liberals, a new poll shows that, had an election been held on May 7-8, support for the party would have been a mere 19 percent. (http://r.reuters.com/xak39v)
FINANCIAL POST
* The housing boom has not only resulted in record real estate prices, it has spawned an unprecedented number of real estate agents. Toronto had 35,000 real estate agents in December 2012 which has grown to 39,000 this year. Much of it is an influx of speculative careers from would-be real estate agents who see a quick buck to be made - up to 5 percent of the house price - that comes with it. (http://r.reuters.com/jak39v)
* Canada's aboriginals have threatened to go to court if Prime Minister Stephen Harper approves the Alberta-to-West Coast oil pipeline next month, and if he does, to sabotage the project if proponent Enbridge Inc dares to build it. (http://r.reuters.com/pak39v)
Britain
The Telegraph
SCOTLAND FACES RISK OF CAPITAL FLIGHT, WARNS DEUTSCHE
An independent Scotland faces the risk of "capital flight" if it cannot strike a deal to keep the pound, Europe's largest investment bank, Deutsche Bank, has warned. (http://link.reuters.com/heg39v)
VINCE CABLE URGED TO PROTECT ASTRAZENECA
Members of the Business Select Committee will on Tuesday demand that Vince Cable tightens Britain's takeover rules to protect AstraZeneca from a possible 63 billion pound hostile bid from Pfizer. (http://link.reuters.com/jeg39v)
The Guardian
PFIZER SAYS UK JOBS PLEDGE LEGALLY BINDING
Pfizer has said it will keep its promises about retaining high-skill jobs and manufacturing in Britain as the U.S. firm's boss prepares to face questions from MPs on the proposed takeover of AstraZeneca. (http://link.reuters.com/keg39v)
ANNUAL RETAIL SALES GROWTH SLOWS, DESPITE BOOST FROM EASTER PERIOD
Retailers enjoyed an Easter boost in sales last month but it was not enough to prevent the worst underlying performance for more than a year. The British Retail Consortium's monthly report suggested sales were up 4.2 percent on a like-for-like basis in April on a year earlier as bank holiday shoppers bought furniture and snapped up clothing to suit the warmer weather. (http://link.reuters.com/meg39v)
The Times
BSKYB FACES HOSTILE RECEPTION TO PAY-TV TALKS WITH SKY ITALIA AND DEUTSCHLAND
BSkyB, Britain's largest pay-TV company, is in talks to buy Sky Deutschland and Sky Italia, in deal estimated at 10 billion euro. (http://link.reuters.com/seg39v)
BUSINESS LEADERS ECHO PUBLIC DISTRUST OF PFIZER'S 63 BLN STG BID
The public overwhelmingly opposes Pfizer's takeover of AstraZeneca, according to polls, showing the scale of the challenge faced by the U.S. drugs company in overcoming doubts about its 63 billion pound offer. (http://link.reuters.com/peg39v)
Sky News
CITY STAR WOODFORD TO MEET PFIZER BOSS READ
London-based prominent fund manager Neil Woodford will meet the boss of Pfizer this week for talks about the U.S. pharmaceuticals giant's proposed 63 billion pound takeover of AstraZeneca. (http://link.reuters.com/reg39v)
CARLYLE TESTS APPETITE FOR 1 BLN STG DENTAL CHAIN
Integrated Dental Holdings, UK's largest privately owned dental chain, will either be put up for sale or floated on the stock market by private equity firm Carlyle Group LP. (http://link.reuters.com/qeg39v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Retail sales for April at 8:30--consensus up 0.4% from prior month
Import price index for April at 8:30--consensus up 0.3% from prior month
Business Inventories for March at 10:00--consensus up 0.4%
ANALYST RESEARCH
Upgrades
Bridgepoint Education (BPI) upgraded to Hold from Sell at Deutsche Bank
Danone (DANOY) upgraded to Equal Weight from Underweight at Morgan Stanley
Hub Group (HUBG) upgraded to Buy from Hold at KeyBanc
KKR (KKR) upgraded to Overweight from Equal Weight at Evercore
Masco (MAS) upgraded to Buy from Hold at Jefferies
QIAGEN (QGEN) upgraded to Neutral from Underweight at HSBC
Time Warner (TWX) upgraded to Outperform from Market Perform at Bernstein
Downgrades
BE Aerospace (BEAV) downgraded to Neutral from Overweight at JPMorgan
Baker Hughes (BHI) downgraded to Market Perform from Outperform at Bernstein
Carmike Cinemas (CKEC) downgraded to Hold from Buy at Topeka
Concho Resources (CXO) downgraded to Hold from Buy at Wunderlich
Douglas Emmett (DEI) downgraded to Market Perform from Outperform at Wells Fargo
Electrolux downgraded to Neutral from Buy at Longbow
Endeavour (END) downgraded to Neutral from Buy at SunTrust
Hillshire Brands (HSH) downgraded to Neutral from Overweight at JPMorgan
Nabors Industries (NBR) downgraded to Market Perform from Outperform at Bernstein
Pinnacle Foods (PF) downgraded to Hold from Buy at Stifel
Safeguard Scientifics (SFE) downgraded to Equal Weight from Overweight at First Analysis
Whirlpool (WHR) downgraded to Neutral from Buy at Longbow
Initiations
City Office REIT (CIO) initiated with a Buy at Janney Capital
Global Cash Access (GCA) initiated with a Hold at Stifel
Grainger (GWW) initiated with an Overweight at Morgan Stanley
HD Supply (HDS) initiated with an Equal Weight at Morgan Stanley
WESCO (WCC) initiated with an Equal Weight at Morgan Stanley
Watsco (WSO) initiated with an Equal Weight at Morgan Stanley
COMPANY NEWS
Pfizer (PFE) said possible offer for AstraZeneca (AZN) represents compelling holder value
Elizabeth Arden (RDEN) reported a significant miss on Q3 results and said it has engaged Goldman Sachs (GS) to explore potential strategic alternatives. The company also implemented a broad restructuring and cost savings progam, targeting annual savings of $40M-$50M upon full implementation of the program
CEMEX (CX) said CEO Lorenzo Zambrano passed away
Halozyme Therapeutics (HALO) reported Q1 results that narrowly missed expectations and announced that the Data Monitoring Committee now supported enrollment in the company's PEGPH20 study
Vantiv (VNTV) agreed to acquire Mercury Payment Systems from Silver Lake for $1.65B
magicJack (CALL) reported quarterly revenues below analyst estimates and said it activated 196,000 subscribers during Q1
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Cubic (CUB), Installed Building Products (IBP), Ophthotech (OPHT), Encana (ECA), Synergy Pharmaceuticals (SGYP), Sunshine Heart (SSH), Elbit Systems (ESLT), Wix.com (WIX), DFC Global (DLLR), Supernus (SUPN), Thompson Creek (TC), Atlantic Power (AT), Endeavour Silver (EXK), CorEnergy (CORR), American Apparel (APP), InnerWorkings (INWK), LipoScience (LPDX), Esperion Therapeutics (ESPR), Convergys (CVG), magicJack (CALL), Aerie Pharmaceuticals (AERI), Everyday Health (EVDY), Engility Holdings (EGL), McKesson (MCK), Premier (PINC), Trovagene (TROV), Rackspace (RAX)
Companies that missed consensus earnings expectations include:
CST Brands (CST), Surgical Care Affiliates (SCAI), Resolute Energy (REN), Consolidated Water (CWCO), Arc Logistics (ARCX), Odyssey Marine (OMEX), Health Insurance Innovations (HIIQ), Fuel Tech (FTEK), Elizabeth Arden (RDEN), Capitala Finance (CPTA), TG Therapeutics (TGTX), Cardiome (CRME), American Midstream Partners (AMID), Apricus Biosciences (APRI), Halozyme (HALO), ADMA Biologics (ADMA), Unilife (UNIS), Fontegra Financial (FRF), Omeros (OMER), Puma Biotechnology (PBYI), Parametric Sound (HEAR), Lifeway Foods (LWAY), Virtusa (VRTU), Penn Virginia (PVA), Hannon Armstrong (HASI), Kindred Biosciences (KIN), DealerTrack (TRAK), Orion Energy (OESX), Rockwell Medical (RMTI), Cara Therapeutics (CARA), Onconova (ONTX), Portola Pharmaceuticals (PTLA), Acorn Energy (ACFN), 2U (TWOU), Arena Pharmaceuticals (ARNA), PDL BioPharma (PDLI), Continental Building (CBPX)
Companies that matched consensus earnings expectations include:
Babcock & Wilcox (BWC), Cytori Therapeutics (CYTX), Towerstream (TWER), Spark Networks (LOV), Osiris (OSIR)
NEWSPAPERS/WEBSITES
AT&T (T) in talks to buy DirecTV (DTV) for approximately $100 per share, Bloomberg says
Credit Suisse (CS) tax evasion settlement might exceed $2B, Reuters says
DOJ, AG Holder may reach multibillion-dollar settlements with banks (CS, BAC), WSJ reports
Sony (SNE) may ditch OLED TVs for 4K LCD sets, Nikkei reports
EA (EA) executives, including COO, recently sold almost $5M in stock, Re/code reports
Google (GOOG) must remove certain links if requested, EU court says, WSJ reports
Facebook (FB) said to be looking to open China sales office, Bloomberg reports
Pfizer (PFE) says too early to discuss U.S. AstraZeneca (AZN) impact, Bloomberg says
SYNDICATE
Antero Resources (AR) files to sell 10M shares for holder
Concho Resources (CXO) 6.5M share Secondary priced at $129.00
Daqo New Energy (DQ) files to sell 2M American Depositary Shares
ExamWorks (EXAM) files to sell 3.1M shares of common stock
GTx (GTXI) files to sell $150M of common stock, warrants
Gramercy Property Trust (GPT) files to sell 34M shares of common stock
MDC Partners (MDCA) files to sell 3.5M class A suborinate voting shares for CEO
Northstar Realty (NRF) 30M share Spot Secondary; price range $15.40-$15.60
ONEOK Partners (OKS) files to sell 11M common units for limited partners
SVB Financial (SIVB) files to sell 3.9M shares of common stock
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
OXGN Oxigene Inc. 3.50 23.67%
RAX Rackspace Hosting... 31.30 13.69%
HALO Halozyme Therapeu... 8.50 13.03%
GORO Gold Resource 3.80 7.95%
TC Thompson Creek Me... 3.00 6.38%
WIX Wix.com Ltd. 18.50 6.14%
GMCR Keurig Green Moun... 117.08 5.75%
RUSL Direxion Daily Ru... 16.44 4.98%
DTV Directv 90.96 4.36%
CSUN China Sunergy Co.... 2.93 3.53%
KMI Kinder Morgan 33.25 2.69%
PLX Protalix Biothera... 3.89 2.64%
RMTI Rockwell Medical ... 12.15 2.45%
MNKD Mannkind Corporat... 6.48 2.37%
WB Weibo Corp Adr (s... 19.96 2.25%
NBS Neostem Incorpora... 5.11 2.20%
SUNE Sunedison 18.27 2.18%
P Pandora Media 24.49 2.13%
HSH Hillshire Brands ... 36.50 2.07%
PEIX Pacific Ethanol I... 11.66 2.01%
Top Losing Stocks
Price %Change
NMBL Nimble Storage In... 3.19 -86.12%
RDEN Elizabeth Arden I... 30.21 -15.21%
BIOF Biofuel Energy Co... 5.37 -13.94%
CYTX Cytori Therapeuti... 2.27 -8.84%
CALL magicjack Vocalte... 17.83 -6.31%
BGFV Big 5 Sporting Go... 11.79 -5.76%
RUSS Direxion Daily Ru... 13.90 -5.05%
OKS Oneok Partners L.... 52.60 -4.12%
INSY Insys Therapeutic... 26.64 -3.58%
NRF Northstar Realty ... 15.47 -2.40%
RDY Dr. Reddys Labora... 44.98 -2.39%
AU Anglogold Ashanti... 17.01 -2.13%
JNUG Direxion Daily Jr... 17.26 -1.99%
VOD Vodafone Group Pl... 37.15 -1.75%
IBN Icici Bank Ltd (i... 48.84 -1.61%
BCS Barclays Plc Ads ... 17.01 -1.51%
NUGT Direxion Daily Go... 34.84 -1.47%
NBG National Bank of ... 3.52 -1.40%
KNDI Kandi Technologie... 13.10 -1.21%
ING Ing Groep N.v. Ad... 13.99 -1.20%
Read more at http://thestockmarketwatch.com/markets/pre-market/#cdgWK0ImDX7VVkJQ.99
data:
Dennis Lockhart Speaks
12:30 AM ET
NFIB Small Business Optimism Index
[Report][Bullet7:30 AM ET
ICSC-Goldman Store Sales
[Report][Bullet7:45 AM ET
Retail Sales
[Report][Star]8:30 AM ET
Import and Export Prices
[Report][djStar]8:30 AM ET
Redbook
[Bullet8:55 AM ET
Business Inventories
[Report][djStar]10:00 AM ET
Jeffrey Lacker Speaks
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4-Week Bill Auction
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Futures +32
good morning
frontrunning:
Hillary and Me: The 2008 campaign was a nightmare. Will 2016 be as bad? (Politico)
What Timothy Geithner Really Thinks (NYT)
Rebels declare victory in east Ukraine self-rule vote (Reuters)
Race for AIG's Top Job Has Two Favorites (WSJ)
America on the Move Becomes Stay-at-Home Nation for Millennials (BBG)
Old, Fired at IBM: Trendsetter Offers Workers Arbitration (BBG)
Bad luck Jonathan: Pressure Mounts on Nigerian President (WSJ)
Iran leader slams West's 'stupid' missile stance before talks (Reuters)
Conchita Wurst of Austria Wins Eurovision Song Contest (WSJ)
Greek Finance Ministry expects Q1 GDP contraction of less than 1.5 pct (Kathimerini)
Why Banks at Wal-Mart Are Among America's Top Fee Collectors (WSJ)
Allergan Formally Rejects Valeant's $46 Billion Takeover Bid (WSJ)
Xi Says China Must Adapt to ‘New Normal’ of Slower Growth (BBG)
Hillshire Brands to Acquire Pinnacle Foods in $6.6 Billion Deal (BBG)
Equity research income set for 50% crash (FT)
First British shale gas 'to fuel homes next year’ (Telegraph)
Overnight Media Digest
WSJ
* In their search for the next chief executive at AIG , the insurer's directors have narrowed the field of internal candidates to two executives - Peter Hancock and Jay Wintrob, according to people familiar with the matter. The directors are considering external prospects, but going outside isn't likely unless Hancock and Wintrob fall out of favor. (http://r.reuters.com/sub39v)
* British Sky Broadcasting Group PLC confirmed on Monday that it has initiated preliminary discussions with 21st Century Fox Inc over the potential acquisition of its pay TV assets in Germany and Italy. (http://r.reuters.com/wub39v)
* Lee Kun-hee, the 72-year-old chairman of Samsung Electronics Co, had trouble breathing late Saturday and was sent to a hospital emergency room near his home. Lee showed symptoms of cardiac arrest and the hospital staff had to perform cardiopulmonary resuscitation, according to Samsung Medical Center, where Lee was being treated on Sunday. (http://r.reuters.com/nyz29v)
* U.S. pension funds face a dilemma of capital flowing back from private-equity investments. Cash coming back from private-equity investments is upsetting the careful balance of investments that pension funds must maintain to achieve steady returns over decades to pay thousands of retirees. (http://r.reuters.com/xub39v)
* The two main U.S. inflation gauges, the Labor Department's consumer-price index and the Commerce Department's personal consumption expenditures price index, are hovering near the lowest levels ever seen outside of recessions. Both sit poised to drift upward. Wholesale and import prices show signs of picking up, and some items that briefly declined in price over the past year - such as prescription drugs, financial fees and garments - have started climbing again. (http://r.reuters.com/cyb39v)
* J.P. Morgan Chase & Co. is reviewing its relationships with several hundred U.S. clients that use the bank for back-office functions. The bank has been examining its relationships with so-called domestic correspondent banks, for which it clears payments and processes other transactions. (http://r.reuters.com/dyb39v)
FT
The UK fraud office stepped up its probe into British bank Barclays Plc's dealings with Qatar and is set to question Bob Diamond and John Varley, both former chief executives of the bank.
Two easternmost regions of Ukraine held referendums on self-rule that some fear could presage a break-up of the country.
Decreasing resources allocated to fraud-busters such as the UK's Serious Fraud Office has led to a steep decline in the number of financial crimes prosecuted in the UK.
Sebia, the French medical diagnostics group owned by private equity firm Cinven, is ready to be put on the market for an estimated 1 billion euros.
Late payment or non-payment of bills has forced Europe's companies to write of debt worth 360 billion euros despite the pick-up in economic activity in the region.
NYT
* BNP Paribas and Credit Suisse, facing the threat of criminal charges, made last-ditch appeals for leniency to prosecutors and regulators in recent weeks. While the banks proposed more modest guilty pleas from their subsidiaries rather than parent companies, prosecutors appeared to balk at those overtures. (http://r.reuters.com/bab39v)
* In recent years, revenue growth at IBM has been stubbornly elusive, and new technologies like cloud computing have risen to threaten the company's traditional hardware and software businesses. (http://r.reuters.com/vuz29v)
* The phenomenon of music-based television shows, which have dominated the ratings for more than a decade, seems by nearly every measure to be over or in steep decline. (http://r.reuters.com/zyb39v)
* The chairman of Samsung Electronics, Lee Kun-hee, who helped transform the business into a technology giant, was in stable condition Sunday after suffering a heart attack, the company said. (http://r.reuters.com/wyb39v)
* Michael Devine, one of four plaintiffs named in the class action against Apple, Google, Intel and Adobe, has asked the judge in the case to reject the settlement his own lawyers negotiated. (http://r.reuters.com/xyb39v)
* BurgerFuel, a relatively small New Zealand fast-food chain, is undertaking an ambitious expansion plan in the crowded American market through a partnership with Subway restaurants, an industry giant. (http://r.reuters.com/vyb39v)
Canada
* The Conservative government is vowing to fill a Quebec vacancy on the Supreme Court of Canada within weeks. However, confusion remains over how the process will unfold after Prime Minister Stephen Harper's first choice for the bench was rejected. (http://r.reuters.com/nut29v)
* Some trustees at the Toronto District School Board are calling for greater transparency in the wake of revelations that their chairman, Chris Bolton, was investigated for routing donations to his own charity. TDSB staff investigated donations intended for a Toronto elementary school that Bolton directed to his own charity before he was elected a trustee in 2003. (http://r.reuters.com/put29v)
Reports in the business section:
* Magna International Inc is putting the brakes on building new plants in Canada as it takes advantage of better opportunities abroad where vehicle production is growing. "I doubt we'll add any more plants in Canada," Magna Chief Executive Don Walker said at the company's annual meeting in Toronto. (http://r.reuters.com/qut29v)
NATIONAL POST
* U.S. investigators have uncovered a multi-million-dollar synthetic drug ring allegedly operated by a single Canadian family. For five years, father-son team Daniel and Kevin Louie, along with family matriarch Francine, funneled "tens of millions of dollars" in chemical supplies to the U.S. synthetic drug industry, according to a statement by the U.S. Department of the Treasury. (http://r.reuters.com/jyt29v)
* A 36-year-old Suncor employee was killed by a black bear at one of Canada's major oilsands sites. Lorna Weafer, an instrument technician, was doing electrical work at a job site near Fort McMurray, Alberta, when the bear attacked her. Suncor said the employees were working in a busy industrial area and were not carrying bear spray. (http://r.reuters.com/vut29v)
FINANCIAL POST
* Valeant Pharmaceuticals International Inc is slowly ramping up steps to engage the board of Botox-maker Allergan Inc in takeover talks, insisting it is "highly confident" that its efforts will result in a merger between the two companies. (http://r.reuters.com/cyt29v)
* A Unilever PLC plant in Bramalea, Ontario, which makes dry mixes for soups, sauces and other foods, will close and its production capability will be shipped to the United States, the company announced on Thursday. Most production is expected to finish by the end of next year, with the final plant closure expected in March 2016. (http://r.reuters.com/dyt29v)
China
CHINA DAILY
- To lower the risk of terror attacks, Beijing authorities are requiring bulk purchasers of gasoline to provide identification, acquire permits from local police stations and use approved containers, a notification said.
- Proper communication between the local government in the Hangzhou suburb of Yuhang and residents in the area could have prevented a public protest over the planned construction of a garbage incinerator from turning into a riot in which police vehicles were flipped and torched, an editorial said.
CHINA BUSINESS NEWS
- The People's Bank of China (PBOC) will not rashly cut banks' required reserve ratio despite market speculation on such a cut to boost the slowing economy because the central bank is using the reserves to help offset heavy capital inflows into China, said Wu XiaoLing, a former PBOC deputy governor.
SHANGHAI SECURITIES NEWS
- After a pause of 10 years, the State Council, China's cabinet, issued a broad range of capital market reforms on Friday, paving the way for a new phase of quick reforms of the country's markets, a commentary by this newspaper said.
- The China Financial Futures Exchange plans to gradually launch a slew of new products, including stock options and new stock index futures contracts, as part of the government's efforts to push forward capital market reforms, exchange Chairman Zhang Shenfeng told a financial industry forum in Beijing at the weekend.
CHINA SECURITIES JOURNAL
- A total of 1,559 institutions have registered as private equity (PE) management companies since regulators permitted PE firms to operate officially by registration in March. Such firms had previously operated in legal grey areas in China.
SHANGHAI DAILY
- A police officer shot a driver allegedly trying to smash his way through a roadblock on Sunday, the first shots fired since Shanghai police began carrying guns last month. The suspect was said to be part of a gang of fuel thieves, police said.
SECURITIES TIMES
- Nineteen listed firms have suspended their plans to issue corporate bonds so far this year due to high yields resulted from the central bank's relatively tighter liquidity stance.
PEOPLE'S DAILY
- The coming CICA (the Conference on Interaction and Confidence-Building Measures in Asia) summit to be held in Shanghai around May 20 will help promote trust among China and other Asian countries.
Britain
The Telegraph
FIRST BRITISH SHALE GAS 'TO FUEL HOMES NEXT YEAR'
Cuadrilla is preparing to submit planning applications by the end of this month to frack at two sites in Lancashire next year and start supplying fuel to British homes by late 2015. (http://link.reuters.com/vaz29v)
INVESTORS TELL ASTRA TO ENGAGE
Shareholders in AstraZeneca have told the company's management they must engage with Pfizer if and when the U.S. drugs giant returns with a higher offer. (http://link.reuters.com/waz29v)
The Guardian
MPS TO DEMAND PFIZER PROTECT BRITISH SCIENTISTS' JOBS FOR AT LEAST A DECADE
MPs will this week demand that the U.S. drugs company Pfizer guarantee British scientists' jobs for at least 10 years as its boss Ian Read flies in to face parliamentary scrutiny over his proposed 60 billion pound takeover of AstraZeneca. (http://link.reuters.com/xaz29v)
MIDCOUNTIES BACKS CALL FOR URGENT REFORMS IN THE CO-OPERATIVE GROUP
Britain's largest independent Co-operative society, the Midcounties, is to throw its weight behind the urgent reforms of the Co-operative Group that Paul Myners has warned are needed if the 150-year-old mutual organisation is to survive. (http://link.reuters.com/zaz29v)
The Times
HENDERSON SET TO CASH IN ON LAING WITH 1.5 BLN POUND FLOTATION
One of the biggest names in British construction, John Laing, is being prepared for a possible return to the stock market through a flotation that could value the business at as much as 1.5 billion pounds. (http://link.reuters.com/bez29v)
BAT SEEKS TO OFFSET SLOW GROWTH WITH A MEGA-DEAL
Britain's largest tobacco group, British American Tobacco , has hired bankers to advise on multibillion-pound acquisition opportunities in America, including possible deals with Reynolds American and Lorillard. (http://link.reuters.com/gez29v)
The Independent
PFIZER BOSS IAN READ FLIES IN TO PUT ASTRAZENECA TAKEOVER CASE TO MPS
The chief executive of U.S. pharmaceutical giant Pfizer will arrive in the UK on Monday to persuade the government that its 60 billion pound plus hostile takeover of British rival AstraZeneca should be allowed. (http://link.reuters.com/hez29v)
VULTURE FUNDS TIGHTEN THEIR GRIP TO RESCUE CO-OP BANK
The Co-op Bank has completed a 400 million pound cash call in a move that will reduce the Co-operative Group's stake from 30 percent to just over 20 percent and result in the loss of one of its directors from the board. (http://link.reuters.com/jez29v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Treasury budget for April at 14:00--consensus up $114.0B
ANALYST RESEARCH
Upgrades
Actavis (ACT) upgraded to Top Pick from Outperform at RBC Capital
Aircastle (AYR) upgraded to Outperform from Market Perform at Cowen
Arotech (ARTX) upgraded to Buy from Neutral at B. Riley
Boulder Brands (BDBD) upgraded to Buy from Neutral at SunTrust
Callon Petroleum (CPE) upgraded to Outperform from Market Perform at Northland
Essent Group (ESNT) upgraded to Outperform from Market Perform at Keefe Bruyette
Forest Oil (FST) upgraded to Neutral from Underperform at Macquarie
Iridium (IRDM) upgraded to Outperform from Neutral at Macquarie
Logitech (LOGI) upgraded to Outperform from Neutral at Credit Suisse
M&T Bank (MTB) upgraded to Buy from Neutral at Goldman
Nimble Storage (NMBL) upgraded to Strong Buy from Buy at Needham
PSEG (PEG) upgraded to Outperform from Market Perform at Wells Fargo
Pandora (P) upgraded to Buy from Neutral at MKM Partners
Peabody (BTU) upgraded to Overweight from Equal Weight at Morgan Stanley
Ranbaxy (RBXLY) upgraded to Buy from Underperform at Jefferies
SYNNEX (SNX) upgraded to Buy from Hold at Needham
Travelers (TRV) upgraded to Buy from Neutral at Guggenheim
Twitter (TWTR) upgraded to Buy from Neutral at SunTrust
Williams (WMB) upgraded to Buy from Neutral at ISI Group
Downgrades
AMC Networks (AMCX) downgraded to Market Perform from Outperform at Bernstein
Amarin (AMRN) downgraded to Neutral from Buy at Citigroup
Apollo Global (APO) downgraded to Neutral from Buy at Goldman
Barclays (BCS) downgraded to Neutral from Outperform at Exane BNP Paribas
Barclays (BCS) downgraded to Sector Perform from Outperform at RBC Capital
Carlyle Group (CG) downgraded to Neutral from Buy at Goldman
Cbeyond (CBEY) downgraded to Outperform from Strong Buy at Raymond James
Deere (DE) downgraded to Underperform from Neutral at Longbow
NetApp (NTAP) downgraded to Market Perform from Outperform at Raymond James
Omnicom (OMC) downgraded to Neutral from Conviction Buy at Goldman
Ralph Lauren (RL) downgraded to Neutral from Outperform at Credit Suisse
Initiations
Cardiovascular Systems (CSII) initiated with a Buy at BofA/Merrill
Endologix (ELGX) initiated with a Neutral at JPMorgan
KKR (KKR) reinstated with a Buy at Goldman
Media General (MEG) initiated with an Outperform at Wells Fargo
Moelis (MC) initiated with a Buy at Goldman
Moelis (MC) initiated with a Buy at UBS
Moelis (MC) initiated with a Market Perform at Keefe Bruyette
Moelis (MC) initiated with an Outperform at JMP Securities
Moelis (MC) initiated with an Overweight at JPMorgan
Moelis (MC) initiated with an Overweight at Morgan Stanley
Opus Bank (OPB) initiated with an Outperform at Credit Suisse
Opus Bank (OPB) initiated with an Overweight at JPMorgan
Paycom Software (PAYC) initiated with a Buy at Canaccord
Paycom Software (PAYC) initiated with a Buy at Stifel
Paycom Software (PAYC) initiated with an Outperform at Pacific Crest
Paycom Software (PAYC) initiated with an Overweight at Barclays
Paycom Software (PAYC) initiated with an Overweight at JPMorgan
Sportsman's Warehouse (SPWH) initiated with a Buy at Goldman
Sportsman's Warehouse (SPWH) initiated with a Market Perform at Wells Fargo
Sportsman's Warehouse (SPWH) initiated with a Neutral at RW Baird
Sportsman's Warehouse (SPWH) initiated with an Overweight at Piper Jaffray
TriVascular (TRIV) initiated with a Buy at Stifel
TriVascular (TRIV) initiated with an Outperform at Credit Suisse
TriVascular (TRIV) initiated with an Overweight at JPMorgan
Vital Therapies (VTL) initiated with a Buy at BofA/Merrill
Vital Therapies (VTL) initiated with an Outperform at Credit Suisse
Weibo (WB) initiated with an Overweight at Piper Jaffray
COMPANY NEWS
BSkyB (BSYBY) confirmed talks to buy Fox's (FOX) stakes in Sky Deutschland, Sky Italia
Hillshire Brands (HSH) said it would acquire Pinnacle Foods (PF) for $6.6B
Amgen (AMGN), AstraZeneca (AZN) reported that a Phase 3 AMAGINE-1 brodalumab study met primary, secondary endpoints
Sterling Construction (STRL) 'cautiously optimistic' for sustained turnaround
Virgin Media (VMED), Sky (BSYBY) announced a new channel distribution agreement
PGT, Inc (PGTI) named Brad West as CFO and Jeff Jackson as president and COO, effective June 1
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Sterling Construction (STRL), Concho Resources (CXO), Garrison Capital (GARS), Enstar Group (ESGR)
Companies that missed consensus earnings expectations include:
Ply Gem (PGEM), Inovio (INO), Nordic American Tanker (NAT)
Companies that matched consensus earnings expectations include:
Sapiens (SPNS)
NEWSPAPERS/WEBSITES
Twitter (TWTR) could be attractive takeover target for Facebook (FB), Barron's says
Goldman Sachs (GS) could reward over long term, Barron's reports
Gap (GPS) shares could rise 20%, Barron's reports
Whole Foods (WFM) still doesn't look cheap, Barron's says
SuperValu (SVU) could be attractive to patient investors, Barron's says
IBM (IBM) has turnaround plan, NY Times reports
Herbalife (HLF) found listening devices at headquarters, Fox Business reports
JPMorgan (JPM) CEO may seek exit from company after latest setbacks, NY Post says
U.K. accelerates probe into Barclays' (BCS) dealings with Qatar, FT says
Apple's (AAPL) interest in Beats may indicate further acquisitions, Bloomberg reports
T-Mobile (TMUS) negotiating fees other demands in Sprint (S) talks, WSJ says (DTEGY)
Judge finds RBS (RBS) unit liable in software copyright case, Reuters reports
NASDAQ's (NDAQ) new hire may be frontrunner to be next CEO, WSJ reports
SYNDICATE
Aeterna Zentaris (AEZS) announces at the market issuance program
Agenus (AGEN) files to sell 3.72M shares of common stock for holders
Blackstone Mortgage (BXMT) enters $200M equity distribution agreement
Concho Resources (CXO) files to sell 6M shares of common stock
The Dixie Group (DXYN) files to sell 2.5M shares of common stock
Westmoreland Coal (WLB) files to sell 700,000 shares for holders
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
PF Pinnacle Foods 37.55 23.32%
GALE Galena Biopharma ... 2.70 15.88%
CGA China Green Agric... 3.28 15.49%
TSRO Tesaro Inc. 27.00 12.45%
TSEM Tower Semiconduct... 8.38 7.30%
HSH Hillshire Brands ... 39.25 6.22%
BCO Brinks Co. 26.67 6.04%
KNDI Kandi Technologie... 12.10 5.77%
GOGO Gogo Inc. 12.60 5.62%
LOGI Logitech Internat... 13.20 5.43%
BXMT Blackstone Mortga... 30.00 5.34%
RMTI Rockwell Medical ... 12.00 4.80%
CAMP Calamp Corp. 15.99 4.65%
ALU Alcatel-lucent Ad... 4.02 4.42%
ALLT Allot Communicati... 12.73 4.34%
YINN Direxion Shares E... 21.67 4.33%
QIWI Qiwi plc 32.74 4.27%
MZOR Mazor Robotics Lt... 17.10 4.14%
RGSE Real Goods Solar ... 2.90 3.57%
JNUG Direxion Daily Jr... 17.73 3.56%
Top Losing Stocks
Price %Change
CLB Core Laboratories... 180.00 -4.81%
EDZ Direxion Daily Em... 36.12 -3.19%
JDST Direxion Daily Jr... 24.48 -2.90%
VNM Market Vectors Vi... 18.50 -2.89%
YANG Direxion Shares E... 24.90 -2.55%
AIG American Internat... 50.98 -2.49%
BCS Barclays Plc Ads ... 17.15 -2.22%
NBG National Bank of ... 3.55 -1.93%
CHK Chesapeake Energy... 29.26 -1.85%
SLW Silver Wheaton 21.29 -1.84%
GREK Global X Ftse Gre... 21.80 -1.62%
TZA Direxion Daily Sm... 17.73 -1.55%
E Eni S.p.a. Ads 51.75 -1.22%
TESO Tesco Corp. 21.00 -1.08%
GSK Glaxosmithkline P... 54.48 -0.93%
UNH Unitedhealth Grou... 76.25 -0.91%
GTAT GT Advanced Techn... 13.10 -0.80%
VXX Barclays Bank Plc... 37.98 -0.76%
NTAP Netapp Inc. 33.96 -0.67%
LPSN Liveperson Inc. 9.24 -0.65%
Read more at http://thestockmarketwatch.com/markets/pre-market/#RF4WmqeL429kgBtw.99
no data
TRADER RADAR for WEEK of 5/12 to 5/16 ECONOMIC and EARNINGS AHEAD
Monday, May 12
US Economics (Time Zone: EST)
2:00 Treasury Budget Statement - expected $114B, prior $112.9B
11:00 Fed to purchase $2.25b-$3b notes in 4 to 5-year range
11:30 Treasury selling $25b 3-month, $23b 6-month bills
Fedspeak
12:00pm Plosser (hawk, voter) speaks in Philadelphia
Global Economics (Time Zone: GMT)
JPY Trade Balance (Mar)
CNY New Yuan Loans
07:15 CHF Retail Sales
Earnings
After:
MBIA (MBI)
McKesson (MCK)
Rackspace (RAX)
Tuesday, May 13
US Economics (Time Zone: EST)
07:30 NFIB Small Business Optimism - expected 94.5, prior 93.4
08:30 Advance Retail Sales (Apr) - exp 0.4%, prior 1.1%
08:30 Retail Sales ex-Auto - exp 0.6%, prior 0.7%
08:30 Retail Sales ex-Auto & Gas - exp 0.5%, prior 1.0%
08:30 Import Price Index YoY - exp 0.4%, prior -0.6%
10:00 Business Inventories - exp 0.4%, prior 0.4%
11:00 Fed to purchase $850m-$1.1b bonds in 22 to 30-year range
Fedspeak
12:30am Lockhart (dove, nonvoter) to speak in Saudi Arabia
10:30am Lacker (hawk, nonvoter) to speak in North Carolina
Global Economics (Time Zone: GMT)
01:30 AUD Home Price Index
05:30 CNY Industrial Production YTD (Apr)
05:30 CNY Retail Sales
05:30 CNY Industrial Production
05:30 CNY Fixed Asset Investment
09:00 EUR Eurozone ZEW Current Situation, Expectations
Earnings
No major earnings
Wednesday, May 14
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications
08:30 Producer Prices Final Demand YoY (Apr) - expected 1.7%, prior 1.4%
08:30 PPI Ex Food & Energy YoY - exp 1.7%, prior 1.7%
10:00 Fed to purchase $350m-$600m notes in 10 to 17-year range
11:30 Treasury selling 4-week bills
Global Economics (Time Zone: GMT)
06:00 EUR German CPI (Apr final)
06:45 EUR French CPI (Apr)
08:30 GBP Employment Change (3M Mar)
09:00 EUR Industrial Production
09:30 GBP BoE Inflation Report
Earnings
Before:
Deere (DE)
Macy's (M)
After:
Agilent (A)
Cisco (CSCO)
Seaworld Entertainment (SEAS)
Plug Power (PLUG)
Thursday, May 15
US Economics (Time Zone: EST)
08:30 Initial Jobless Claims - expected 320K, prior 319K
08:30 Continuing Claims - exp 2750K, prior 2685K
08:30 Empire Manufacturing - exp 6.00, prior 1.29
08:30 Consumer Price Index YoY (Apr) - exp 2.0%, prior 1.5%
08:30 CPI Ex Food & Energy YoY (Apr) - exp 1.7%, prior 1.7%
09:00 Net Long-term TIC Flows (Mar) - exp $30B, prior $85.7B
09:00 Total Net TIC Flows - prior $167.7B
09:15 Industrial Production MoM (Apr) - exp 0.0%, prior 0.7%
09:15 Capacity Utilization - exp 79.1%, prior 79.2%
10:00 Phily Fed - exp 14.1, prior 16.6
10:00 NAHB Housing Market Index - exp 49, prior 47
Fedspeak
7:00pm Yellen (dove, chair) speaks in Washington
Global Economics (Time Zone: GMT)
JPY GDP (1Q prelim)
JPY Japan Investors Purchases of Foreign Bonds/Stocks
05:30 EUR French and German GDP (1Q prelim)
08:00 EUR Eurozone CPI (Apr)
09:00 EUR Eurozone GDP (1Q advance)
13:00 CAD Existing Home Sales
Earnings
Before:
Wal-Mart (WMT)
Kohl's (KSS)
After:
JcPenney (JCP)
Autodesk (ADSK)
Applied Materials (AMAT)
Friday, May 16
US Economics (Time Zone: EST)
08:30 Housing Starts (Apr) - expected 982K, prior 946K
08:30 Building Permits - exp 1015K, prior 990K
09:55 University of Michigan Consumer Confidence (May prelim) - exp 84.5, prior 84.1
11:00 Fed purchasing $800m-$1.1b notes in 23 to 30-year range
Fedspeak
11:50 Bullard (current hawk, nonvoter) speaks in Little Rock, Arkansas
Global Economics (Time Zone: GMT)
04:30 JPY Industrial Production
06:00 EUR EU 25 New Car Registrations
09:00 EUR Eurozone Trade Balance
Earnings
No major reports
Read more: http://www.minyanville.com/sectors/global-markets/articles/earnings-economic-data-earnings-report-GDP/5/9/2014/id/54926#ixzz31Fiqd3xo
Earnings Preview for the week of May 12 - 16 some of the bigger names include:
Monday:
Pre Market - NIHD, CXO, DRH, BPI, STRL, ZINC
After Hours - MCK, BWC, CVG, RAX, DXPE, EGL, VGR, RDEN, HMIN, INWK, MBI, ARNA, MNKD
Tuesday:
Pre Market - CST, ECA
After Hours - URS, FOSL, TTWO, YUME
Wednesday:
Pre Market - SNE, DE, M, COTY, PF, LEAF, IOC, KATE, SODA, GLOG, ELOS, PLUG
After Hours - CSCO, A, NTES, JACK, AXCM, SEAS, VOXX, EXP, WX, YOKU, RMAX, XONE, GEVO
Thursday:
Pre Market - WMT, KSS, AAP, ATK, FLO, CA, CAE, TK, DANG, ACAT, PBH
After Hours - JWN, JCP, AMAT, ADSK, QUNR, VJET
Friday:
Pre Market - CSTM, CSIQ, TNP
Futures +52
Hope everyone had a happy mother's day!
good morning
ha!....doh!