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Putin playing the long game over Russian kin in Ukraine (Reuters)
U.S.-Russia Relations Come Full Circle After Ukraine (WSJ)
Japan PM makes offering to Yasukuni Shrine, angers China, South Korea (Reuters)
In Gold Miners' Talks, Scale Is Crucial: Combined Barrick-Newmont Would Be Able to Trim Costs (WSJ)
SEC Said to Weigh Shining Light on Brokers’ Stock Routing (BBG)... and protmply unweigh it
Exelon Beating Facebook in S&P 500 After Valuation Scare (BBG)
Court Case May Help Define 'Insider Trading' (WSJ)
Spanish banks face tough rivalry in small companies bet (Reuters)
TPG-Led Group Closes $450 Million Investment in Airbnb (WSJ)
Friends, and Influence, for Sale Online (NYT)
Pfizer Said to Have Held Now-Dormant Talks to Buy AstraZeneca (BBG)
Apple, Google Vie to Offer Exclusive Game Apps (WSJ)
PS4 outsold Xbox One in March while Titanfall led software sales (CNET)
Overnight Media Digest
WSJ
* Some of tech's biggest names - Steve Jobs, Eric Schmidt, Sergey Brin, Bill Campbell - conferred and squabbled and made peace privately for years, documents in a current Silicon Valley antitrust case reveal. But they were unable to pull a new company into the club, the court documents show: Facebook declined their friend request. (http://r.reuters.com/jym68v)
* Federal officials are considering spending more than $1 billion of the remaining $3.6 billion of rebuilding aid on disasters other than superstorm Sandy, money that New York and New Jersey are banking on to finish repairs to thousands of homes and complete major infrastructure projects. (http://r.reuters.com/can68v)
* Richard Branson made headlines in 2010 when he boasted that Virgin Hotels, his new boutique hospitality brand, would shake up the industry. The first property was projected to open within 18 months, with up to two dozen more operating within seven years. Nearly four years after Branson's boast, Virgin Hotels still has not opened a single property, and has had to deal with the departure of two top executives. (http://r.reuters.com/nan68v)
* Business economists' outlook for near-term hiring strengthened this spring to the highest mark in nearly three years, a new survey found. The poll by the National Association for Business Economics said 43 percent of corporate economists expect hiring within their firm or industry to increase during the next six months. (http://r.reuters.com/gan68v)
* A case pending before a federal appeals court could help define a financial crime that has been in the spotlight for the past few years. At issue in the appeal is whether, to be considered to have traded on confidential material information, a trader must have known the tip had been illegally disclosed in exchange for a reward. (http://r.reuters.com/jan68v)
* A long-running battle between Apple Inc and Google Inc for mobile dominance is spreading to the most lucrative genre of apps: videogames. The two Silicon Valley giants have been wooing game developers to ensure that top-tier game titles arrive first on devices powered by their respective operating systems, people familiar with the situation said. (http://r.reuters.com/dym68v)
* With 10 days left in April, General Motors Co needs a strong finish in new-car and pickup-truck sales for the month to persuade Wall Street its recall problems are not keeping customers away from showrooms. (http://r.reuters.com/qan68v)
* Samsung Electronics Co overtook Apple Inc to become the world's biggest smartphone maker by selling hardware using Google Inc's popular Android operating system. As it tries to beef up in software, the South Korean tech giant has been hiring more engineers to develop its own platform and applications for mobile devices, wearables and other consumer electronics. (http://r.reuters.com/wym68v)
* Pomegranate-juice maker POM Wonderful LLC, owned by Los Angeles billionaires Lynda and Stewart Resnick, heads to the Supreme Court on Monday, seeking to revive a lawsuit accusing Coca-Cola Co of misleading consumers about the contents of a rival fruit beverage. Next week, POM is scheduled to appear in federal appeals court, where it is battling Federal Trade Commission findings that the company engaged in product deception of its own. (http://r.reuters.com/fym68v)
* Commercial real estate data firm CoStar Group Inc has forced a small competitor, New York startup CompStak Inc, to give up the names of four CompStak users who CoStar alleges violated its licensing agreement. CompStak turned over the names Friday under a ruling by U.S. District Judge Alvin Hellerstein in Manhattan. CoStar alleges the individuals infringed its copyrights by providing CompStak with CoStar data. (http://r.reuters.com/qym68v)
* BlackRock Inc, T. Rowe Price Group Inc and Fidelity Investments are among the mutual-fund firms pushing into Silicon Valley at a record pace, snapping up stakes in high-profile startup companies including Airbnb Inc, Dropbox Inc and Pinterest Inc. (http://r.reuters.com/hym68v)
NYT
* After years of legal skirmishes, four leading Silicon Valley companies are scheduled to go on trial next month on claims of conspiring to keep their employees down. (http://r.reuters.com/ban68v)
* The Californian city of San Bernardino, which had stopped making its required pension contributions in 2012, is in another fight with Calpers over skyrocketing pension costs that could embolden other municipalities seeking relief from crippling payments to the nation's largest public pension system. (http://r.reuters.com/kan68v)
* The Volcker Rule does not go into effect until 2015, but that hasn't stopped United States' big bankers and their supporters in Washington from trying to undermine it. The latest fight involves another complex Wall Street creation, a financial instrument known as a collateralized loan obligation. Big banks want to be allowed to own them but regulators say such holdings can be hazardous and may allow the banks to evade the Volcker Rule's prohibition on risky trading. (http://r.reuters.com/den68v)
* Many visitors at the New York International Auto Show have not lost their confidence in General Motors Co despite the company's long-delayed recall of millions of small cars for an ignition switch defect that General Motors has linked to 13 deaths and 31 accidents and has led to federal investigations, contentious hearings in Congress and mounting criticism from lawmakers and consumer advocates. (http://r.reuters.com/gen68v)
* Dmytro Firtash, a Ukrainian businessman who made billions brokering gas deals, now faces both a criminal indictment and a racketeering lawsuit in United States courts as middlemen like him have come under increased scrutiny for their business and political activities in the months after the Ukranian revolution. (http://r.reuters.com/ken68v)
Canada
THE GLOBE AND MAIL
* A Toronto-area teenager who alleges repeated homophobic discrimination at his Catholic high school feels he is "winning" now that a rights tribunal is looking into his complaints. (r.reuters.com/cyn68v)
* Authorities in British Columbia are anxious to bring a Netherlands resident to a Canadian courtroom on cyberbullying charges in a teen suicide case, but legal experts say it's unclear when or even if they might get the chance. (r.reuters.com/byn68v)
Reports in the business section:
* Barrick Gold Corp and Newmont Mining Corp , the world's two largest gold producers, are still open to merger discussions and could rekindle talks ahead of Barrick's annual shareholder meeting on April 30 after negotiations hit a snag late last week and the companies decided to take a break. (r.reuters.com/gyn68v)
NATIONAL POST
* With more than half its ships and submarines being repaired, modernized or in a reduced state of readiness, the Royal Canadian Navy is acknowledging that it has hit the low point in availability of its vessels. (r.reuters.com/kyn68v)
* With Toronto city councillor Adam Vaughan emerging as a star candidate for the Liberal party in an upcoming by-election, the local riding association is stressing that the high-profile announcement was not yet a "coronation" for Vaughan. (r.reuters.com/hyn68v)
FINANCIAL POST
* The Canadian government demanded an answer immediately on the long-delayed Keystone XL pipeline. It has now received a reply from the United States government that amounts to: Maybe next year. The project is now paralyzed for an indefinite period, with the U.S. administration on Friday announcing another delay in a process already beset by political and legal challenges. (r.reuters.com/xyn68v)
China
PEOPLE'S DAILY
- China will remain self-sufficient in its main food crops, including wheat and rice, in the coming decade, according to a report by the Chinese Academy of Agricultural Sciences.
SHANGHAI SECURITIES NEWS
- China is set to resume reviewing new applicants of stock initial public offering (IPOs) after an 18-month suspension. A total of 606 companies are now on a waiting list to launch IPOs.
- Officials and economists participating in an industrial forum over the weekend warned that China should not try a "big leap forward" in its latest urbanisation drive.
CHINA SECURITIES JOURNAL
- China's Xinjiang hopes to make itself into a new strategic energy base for the country, according to a plan by the regional government to expand the local economy.
- Top Chinese insurer China Life Insurance Co has opened tenders to hire managers for stock investments of its assets worth of 20 billion yuan ($3.2 billion).
CHINA DAILY
- China's catering industry registered its slowest growth in 20 years in 2013 as the official anti-corruption campaign targeting official excess took its toll on high-end business, a report by the China Cuisine Association showed.
SHANGHAI DAILY
- More than 1,000 police officers now carry guns when on routine patrol in Shanghai as part of a national security campaign in the wake of the fatal knife attack in the southwestern Chinese city of Kunming last month.
Britain
The Sunday Times
OIL EXPLORER LOOKING TO LIST IN OSLO
Oil explorer African Petroleum, founded by Frank Timis, is planning to float on the Oslo stock exchange after the natural resources entrepreneur was barred from listing the company in the UK four years ago. The company is listed in Australia where it stock price has gyrated wildly.
TOP SALARY TO LURE NORTH SEA REGULATOR CHIEF
The head of the UK's new regulator for the North Sea is set to be one of the best-paid public servants in Britain.
The new regulator, created after a government review into Britain's offshore oil sector last month, is searching for candidates to lead the body which is tasked with maximising recovery of North Sea oil and gas reserves.
The Department of Energy and Climate Change hopes to have someone in place by July.
TYCOON EYES REFINERY RESCUE
American financier Gary Klesch could mount a last-ditch bid to save Murco's Milford Haven oil refinery. Klesch is among a handful of investors interested in the refinery which Murphy Oil , Murco's American parent, has been looking to sell for three years.
PHLEXGLOBAL SEEKS 50 MLN STG SALE
Phlexglobal, which helps bigger drug companies to run trials for new medicines, is being groomed for sale by its private equity backer Inflexion, with price target of around 50 million pounds. The company could be sold to a bigger drug services company or a rival private equity investor.
TESCO'S BLINKBOX LOSES 30 MLN STG
Tesco's online video service Blinkbox has lost tens of millions of pounds since Tesco bought it three years ago. The subsidiary lost 18.5 million pounds last year, 5.7 million pounds in 2012 and an insider told Sunday Times these losses had deepened to 30 million pounds this year.
RBS PUTS TROUBLESHOOTER IN CHARGE OF ITS CO-OP LOANS
Royal Bank of Scotland has put Bob Hedger, one of its top corporate troubleshooters, in charge of its loans to Britain's troubled Co-Operative Group.
The Sunday Telegraph
FRACKING TO DELIVER BILLIONS TO UK SUPPLY CHAIN
Britain's shale gas and oil industry could create tens of billions of pounds for the UK supply chain, according to a report by UK Onshore Operators to be published this week.
Report will highlight how specific sectors, such as manufacturers of steel for fracking equipment, could benefit.
RBS MULLS LEGAL ACTION OVER REPORT
Royal Bank of Scotland is considering suing Lawrence Tomlinson for libel after he alleged the lender of deliberately putting customers out of business for profit.
RSA TO CUT HUNDREDS OF MILLIONS OF POUNDS FROM COSTS
New chief executive of RSA Insurance Group, Stephen Hester, will attempt to cut hundreds of millions of pounds of costs as the insurer moves into the next stage of its rehabilitation, although no specific savings target has been set.
VODAFONE SUED FOR 1.1 BLN STG BY FORMER GREEK PARTNER
Greek businessman Athanasios Papistas is claiming 1.1 billion pounds in damages from Vodafone after the British telecoms company pulled out of a retail franchise deal with the businessman. The case is not due to be heard before Greek courts until 2016. Vodafone denies the allegations.
CITY WATCHDOG READY TO TIGHTEN RULES TO PROTECT MINORITY SHAREHOLDERS
The Financial Conduct Authority will next month look at changing the listing rules so that a majority investor will have to get support from a large number of smaller shareholders to take a company private
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Chicago Fed national activity index for March at 8:30--consensus 0.2
Leading indicators for March at 10:00--consensus up 0.7%
ANALYST RESEARCH
Upgrades
Aimco (AIV) upgraded to Equalweight from Underweight at Barclays
Arch Coal (ACI) upgraded to Neutral from Sell at Goldman
Armstrong World (AWI) upgraded to Buy from Hold at KeyBanc
athenahealth (ATHN) upgraded to Hold from Underperform at Jefferies
Aviv REIT (AVIV) upgraded to Buy from Neutral at Goldman
Badger Meter (BMI) upgraded to Outperform from Neutral at RW Baird
Big Lots (BIG) upgraded to Overweight from Neutral at Piper Jaffray
Boardwalk Pipeline (BWP) upgraded to Outperform from Sector Perform at RBC Capital
Boston Properties (BXP) upgraded to Outperform from Market Perform at Cowen
Chipotle (CMG) upgraded to Overweight from Neutral at JPMorgan
CoStar Group (CSGP) upgraded to Buy from Neutral at B. Riley
Cornerstone OnDemand (CSOD) upgraded to Buy from Neutral at UBS
Dynegy (DYN) upgraded to Buy from Neutral at UBS
HNI Corporation (HNI) upgraded to Outperform from Market Perform at Raymond James
Home Bancshares (HOMB) upgraded to Outperform from Market Perform at Raymond James
Hub Group (HUBG) upgraded to Buy from Neutral at Longbow
Morgan Stanley (MS) upgraded to Buy from Neutral at Nomura
Plexus (PLXS) upgraded to Buy from Hold at Cross Research
Plexus (PLXS) upgraded to Buy from Hold at Needham
Simmons First National (SFNC) upgraded to Outperform at Keefe Bruyette
Time Warner Cable (TWC) upgraded to Buy from Hold at Brean Capital
United Microelectronics (UMC) upgraded to Neutral from Sell at Goldman
Watts Water (WTS) upgraded to Outperform from Perform at Oppenheimer
Zimmer (ZMH) upgraded to Buy from Hold at Cantor
Downgrades
American Electric (AEP) downgraded to Neutral from Buy at ISI Group
BB&T (BBT) downgraded to Perform from Outperform at Oppenheimer
Dover (DOV) downgraded to Hold from Buy at Stifel
Jabil Circuit (JBL) downgraded to Sector Perform from Outperform at RBC Capital
Mack-Cali Realty (CLI) downgraded to Market Perform from Outperform at Cowen
MoneyGram (MGI) downgraded to Market Perform from Outperform at JMP Securities
PDC Energy (PDCE) downgraded to Market Perform from Outperform at BMO Capital
Pacific Coast Oil (ROYT) downgraded to Neutral from Buy at Janney Capital
TransCanada (TRP) downgraded to Sector Performer from Outperformer at CIBC
Walter Energy (WLT) downgraded to Sell from Neutral at Goldman
Yum! Brands (YUM) downgraded to Neutral from Overweight at JPMorgan
Initiations
Applied Genetic (AGTC) initiated with a Buy at Cantor
Applied Genetic (AGTC) initiated with an Outperform at BMO Capital
Navient (NAVIV) initiated with a Buy at Goldman
Pacira Pharmaceuticals (PCRX) initiated with a Buy at BofA/Merrill
Puma Biotechnology (PBYI) initiated with a Buy at Citigroup
Sallie Mae Bank (SLMVV) initiated with a Neutral at Goldman
Square 1 Financial (SQBK) initiated with a Market Perform at Keefe Bruyette
COMPANY NEWS
Supreme Court denied Teva (TEVA) stay in generic Copaxone case
Beam (BEAM) said CFO Robert Probst resigning ahead of Suntory acquisition
State Department extended deadline for Keystone Pipeline Project (TRP)
Perfect World (PWRD) entered into agreements to acquire shares in Shanda Games (GAME)
Abaxis (ABAX) announced court approval of shareholders lawsuit settlement
Omega Healthcare (OHI) raised quarterly dividend to 50c from 49c
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Hasbro (HAS), SunTrust (STI)
Companies that missed consensus earnings expectations include:
Old Line Bancshares (OLBK)
NEWSPAPERS/WEBSITES
Twitter (TWTR), Netflix (NFLX), Amazon (AMZN) look pricey, Barron's says
Home Depot (HD) could rally 25%, Barron's says
Meridian Bioscience (VIVO) could return 20%, Barron's reports
Revlon (REV) still looks cheap, Barron's says
Sarepta (SRPT) shares could double, Barron's reports
Raytheon (RTN) could have 20%-30% upside, Barron's says
Pfizer (PFE) said to be considering GBP60B bid for AstraZeneca (AZN), Sunday Times says
Nike (NKE) to pull out of wearable-hardware market, CNet says
Court documents say Silicon Valley giants (AAPL, GOOG, INTC, ADBE) discussed hiring, WSJ says
General Motors (GM) sees minimal impact on U.S. sales from recall, WSJ reports
GM (GM) waited years to recall 335,000 Saturn Ions despite complaints, AP reports
Barrick Gold (ABX), Newmont Mining (NEM) merger talks said to be called off, WSJ says
Ahead of TWC (TWC), deal Comcast (CMCSA) in talks to sell subscribers to Charter (CHTR), Reuters says
Musk says Tesla (TSLA) to produce vehicles in China within 3-4 years, Bloomberg says
SYNDICATE
New York REIT (NYRT) files automatic mixed securities shelf
Umpqua Holdings (UMPQ) files to sell 43.3M shares, 4.95M warrants for holders
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
SRPT Sarepta Therapeut... 42.52 74.26%
RNA Prosensa Holding ... 6.50 28.21%
ENBL Enable Midstream ... 27.85 22.47%
MNTA Momenta Pharmaceu... 12.15 9.46%
AZN Astrazeneca Plc A... 69.00 8.68%
NUS Nu Skin Enterpris... 93.00 7.61%
AMD Advanced Micro De... 3.94 6.78%
GAME Shanda Games Limi... 6.95 4.98%
FCEL Fuelcell Energy I... 2.57 4.90%
PLUG Plug Power Inc. 7.62 4.10%
BIOF Biofuel Energy Co... 8.00 3.63%
SSLT Sesa Sterlite Lim... 13.24 3.60%
RUSS Direxion Daily Ru... 16.06 3.55%
RGDO Regado Bioscience... 6.50 3.17%
TSRE Trade Street Resi... 7.99 3.10%
NEM Newmont Mining Co... 24.25 3.02%
JDST Direxion Daily Jr... 28.33 2.91%
BLDP Ballard Power Sys... 3.89 2.91%
RTN Raytheon Co. 103.00 2.87%
WB Weibo Corp Adr (s... 20.80 2.77%
Top Losing Stocks
Price %Change
ACTG Acacia Research C... 16.30 -4.45%
IWO ishares Incorpora... 124.97 -4.17%
TEVA Teva Pharmaceutic... 49.50 -2.65%
R Ryder System Inc.... 78.00 -2.61%
GM General Motors 33.25 -2.15%
VNM Market Vectors Vi... 20.29 -1.98%
RSX Market Vectors Ru... 23.60 -1.63%
AG First Majestic Si... 9.10 -1.52%
YNDX Yandex N.v. 29.50 -1.50%
JNUG Direxion Daily Jr... 16.65 -1.48%
SLV ishares Silver Tr... 18.62 -1.38%
TZA Direxion Daily Sm... 16.60 -1.37%
KNDI Kandi Technologie... 11.75 -1.26%
NUGT Direxion Daily Go... 33.64 -1.23%
FXI ishares Ftse/xinh... 35.40 -1.17%
BBT Bb&t Corp. 37.50 -1.13%
ATHN athenahealth Inc.... 144.00 -1.09%
SLW Silver Wheaton 21.64 -1.05%
NWBO Northwest Biother... 5.82 -1.02%
GDXJ Market Vectors Ju... 34.31 -1.01%
Read more at http://thestockmarketwatch.com/markets/pre-market/#x0WlL65EzxFyIH4h.99
data:
Chicago Fed National Activity Index
[Report][Bullet8:30 AM ET
Leading Indicators
[Report][Bullet10:00 AM ET
4-Week Bill Announcement
[Bullet11:00 AM ET
3-Month Bill Auction
[Bullet11:30 AM ET
6-Month Bill Auction
[Bullet11:30 AM ET
Futures +24
Hope everyone had a Happy Easter and a nice 3 day weekend!
good morning
just a reminder of what's in the ibox:
What we are not interested in:
- Any posts on OTC/Pink stocks will be removed.
- Bragging about trades you made or are currently in is totally unacceptable. We're happy you're making money, but really we don't give a shit.
- If you come to this board to promote yourself, your website, or whatever it is you're doing, then sdh will give you a swift boot and delete your posts. Again, we just don't give a shit.
No need to post that stuff here.....you can visit with each other on your boards or through pm....
you bet.....anything you need....you just let me know....
hi dot....so great to hear from you....
what the f we were doing
Earnings Preview for the week of April 21 - 25 some of the bigger names include:
Monday:
Pre Market - HAL, KMB, RCI, STI, LII, HAS, TNC
After Hours - CE, NFLX, RCII, ZION, WCN
Tuesday:
Pre Market - CMCSA, UTX, LMT, MCD, TRV, PHG, XRX, BK, GPC, ITW, OMC, CNC, SAH, PNR, IPG, HOG, CP, AKS, RF, SPG, ATI, LXK, ACI
After Hours - T, AMGN, GILD, YUM, CNI, DFS, FTI, WRB, NBR, SANM, PKG, VMW, JNPR, TMK, UIS, BCR, ISRG, CREE, ILMN, CBST,
Wednesday:
Pre Market - ERIC, PG, BA, DOW, JCI, DAL, GD, NOC, EMC, MAN, SVU, TMO, TEL, PX, NSC, IR, APD, BIIB, RAI, FDML, R, AVY, OCR, GDI, DPS, OC, ABG, APH, BEAV, PII, AMTD
After Hours - AAPL, IM, SWY, QCOM, CBI, TXN, AIZ, FB, SYK, ORLY, RE, NXPI, USTR, LRCX, USTR, LRCX, TSCO, RJF, FLS, LPLA, RHI, CCI, OII, VAR, CTXS, ETFC, FFIV, ZNGA, ANGI
Thursday:
Pre Market - GM, CAJ, VZ, ABC, NVS, UPS, AET, CAT, AAL, MMM, AVT, AZN, TWC, RTN, FCX, NUE, LLY, DLPH, LUV, MO, PAG, WM, ETR, SWK, RS, CAM, CMS, GPI, CCE, HSY, WCC, CELG, DGX, BTU, DHI, UFS, NLSN, POT, HOT, JBLU, NBL, SCG, BMS,
After Hours - MSFT, AMZN, SBUX, LVS, WFT, CB, V, RGA, PFG, EMN, UHS, RSG, MAS, BRCM, NEM, BIDU, CINF, FSL, SPN, HBI, CERN, SPWR, DV, P,
Friday:
Pre Market - HMC, F, ABBV, CL, WHR, LEA, AON, VFC, DTE, COV, TYC, STT, ALV, WY, DAN, LH, ALK, LPNT, MCO, BKW
TRADER RADAR 4/21 to 4/25 ECONOMIC and EARNINGS
Monday, April 21
US Economics (Time Zone: EST)
08:30 Chicago Fed National Activity Index - prior 0.14
10:00 Leading Index (Mar) - expected 0.6%, prior 0.5%
11:00 Fed to purchase $3.25b-$4b notes in 5-year range
11:30 Treasury selling $25b 3-month, $23b 6-month bills
Global Economics (Time Zone: GMT)
JPY Trade Balance (Mar)
Earnings
Before:
Halliburton (HAL)
Kimberly-Clark (KMB)
Suntrust Banks (STI)
After:
Netflix (NFLX)
Zion Banc (ZION)
Tuesday, April 22
US Economics (Time Zone: EST)
09:00 FHFA Home Price Index - expected 0.5%, prior 0.5%
10:00 Richmond Fed - exp 0, prior -7
10:00 Existing Home Sales (Mar) - exp 4.55M, prior 4.60M
11:00 Fed to purchase $900m-$1.15b bonds in 22 to 30-year range
11:30 Treasury selling 4-week bills
1:00 Treasury selling $32b 2-year notes
Fedspeak
11:45am Former Fed Chair Bernanke speaks in Toronto
Global Economics (Time Zone: GMT)
14:00 EUR Eurozone Consumer Confidence (Apr advance)
Earnings
Before:
Harley-Davidson (HOG)
McDonald's (MCD)
Travelers (TRV)
Comcast (CMCSA)
AK Steel (AKS)
Lockheed Martin (LMT)
Bank of New York Mellon (BK)
Regions Financial (RF)
Xerox (XRX)
After:
Gilead Sciences (GILD)
AT&T (T)
Yum! Brands (YUM)
Juniper Networks (JNPR)
VMWare (VMW)
Wednesday, April 23
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications
09:45 Markit US Manufacturing PMI (Apr prelim) - expected 56.0, prior 55.5
10:00 New Home Sales (Mar) - exp 450K, prior 440K
11:00 Fed to purchase $2b-$2.5b notes in 7 to 10-year range
1:00 Treasury selling $35b 5-year notes
Global Economics (Time Zone: GMT)
01:30 AUD CPI
01:45 CNY HSBC Manufacturing PMI (Apr prelim)
03:0) NZD Credit Card Spending
08:00 EUR Eurozone Manufacturing & Services PMI
08:30 GBP BoE Minutes from last week
08:30 GBP Public Sector Budget
12:30 CAD Retail Sales
Earnings
Before:
Boeing (BA)
Dow Chemical (DOW)
Northrop Grumman (NOC)
Procter & Gamble (PG)
Delta (DAL)
EMC (EMC)
Norfolk Southern (NSC)
After:
Qualcomm (QCOM)
Citrix (CTXS)
F5 Networks (FFIV)
Apple (AAPL)
Etrade Financial (ETFC)
Facebook (FB)
Zynga (ZNGA)
Fusion-io (FIO)
TDAmeritrade (AMTD)
Fortiner (FTNT)
Thursday, April 24
US Economics (Time Zone: EST)
08:30 Initial Jobless Claims - prior 304K
08:30 Continuing Claims - prior 2739K
08:30 Durable Goods Orders (Mar) - exp 2.0%, prior 2.2%
08:30 Durable Goods ex-Transports - exp 0.5%, prior 0.2%
08:30 Cap Goods Orders Nondef Ex Air - exp 1.5%, prior -1.3%
08:30 Cap Goods Shipments Nondef Ex Air - prior 0.5%
11:00 Kansas City Fed - exp 8, prior 10
11:00 Fed to purchase $450m-$700m bonds in 11 to 19-year range
1:00 Treasury selling $29b 7-year notes
Global Economics (Time Zone: GMT)
JPY Japan Investors Purchases of Foreign Bonds/Stocks
NZD RBNZ Rate Decision
06:00 CHF Trade Balance
08:00 EUR German IFO Current Assessment, Expectations
Earnings
Before:
Freeport-McMoran (FCX)
Cabot Oil & Gas (COG)
PulteGroup (PHM)
Stanley Black & Deck (SWK)
Waste Management (WM)
Lorillard (LO)
DR Horton (DRH)
Time Warner Cable (TWC)
Wyndham Worldwide (WYN)
General Motors (GM)
Southwest Airlines (LUV)
Sirius XM (SIRI)
Under Armour (UA)
NASDAQ OMX (NDAQ)
Caterpillar (CAT)
3M (MMM)
UPS (UPS)
After:
Cliffs Natural Resources (CLF)
Masco (MAS)
Newmont Mining (NEM)
Microsoft (MSFT)
Starbucks (SBUX)
Amazon.com (AMZN)
Broadcom (BRCM)
Las Vegas Sands (LVS)
Homeaway (AWAY)
Visa (V)
Pandora (P)
Deckers (DECK)
JetBlue Airways (JBLU)
United Continental (UAL)
Dunkin Brands (DNKN)
Friday, April 25
US Economics (Time Zone: EST)
09:55 University of Michigan Consumer Confidence (April final) - expected 83.0, prior 82.6
11:00 Fed to purchase $900m-$1.15b bonds in 22 to 30-year range
Global Economics (Time Zone: GMT)
JPY CPI
08:30 GBP Retail Sales
08:30 GBP New Home Loans
Earnings
Before:
Weyerhaeuser (WY)
State Street (STT)
Moody's (MCO)
AbbVie (ABBV)
Whirlpool (WHR)
Ford (F)
Twitter: @MichaelSedacca
Market closed for Good Friday
good morning
Pre Market Movers
Top Gaining Stocks
Price %Change
SNDK Sandisk Corp. 81.00 6.79%
GOGO Gogo Inc. 17.85 5.06%
BNNY Annies Inc 38.12 5.01%
NBG National Bank of ... 4.40 4.27%
SD Sandridge Energy ... 6.75 4.17%
BHI Baker Hughes Inc.... 69.00 4.06%
NE Noble Corp. 31.50 3.72%
BCS Barclays Plc Ads ... 16.65 3.61%
TZA Direxion Daily Sm... 17.68 3.45%
BLK Blackrock Inc 320.15 3.22%
BX Blackstone Group ... 31.91 3.14%
MS Morgan Stanley 30.68 2.64%
TSM Taiwan Semiconduc... 20.68 2.63%
PEP Pepsico Inc. 86.77 2.36%
SCTY Solarcity Corpora... 57.40 2.30%
SHW Sherwin-williams ... 196.62 2.27%
LNG Cheniere Energy I... 56.00 2.13%
FCEL Fuelcell Energy I... 2.44 2.09%
GLOG Gaslog 28.70 2.06%
CNTY Century Casinos I... 6.45 1.90%
Top Losing Stocks
Price %Change
UEPS Net 1 Ueps Techno... 7.00 -26.39%
VQT Barclays Etn+s&p ... 136.39 -5.38%
SNH Senior Housing Pr... 21.77 -4.43%
IBM International Bus... 188.42 -4.06%
DEO Diageo Plc Ads 122.70 -4.04%
MAT Mattel Inc 36.50 -3.64%
SAP Sap AG Adr (spons... 78.85 -3.39%
BKS Barnes & Noble In... 18.00 -3.23%
AAL American Airlines... 34.50 -2.84%
QIHU Qihoo 360 Technol... 90.01 -2.69%
INO Inovio Pharmaceut... 2.60 -2.62%
GOOG Google Inc 544.05 -2.24%
NQ NQ Mobile 12.00 -2.12%
YOD You On Demand Hol... 3.55 -1.93%
YY YY Inc. 63.80 -1.80%
UL Unilever Plc Ads ... 43.60 -1.62%
UN Unilever N.v. Ads... 41.86 -1.60%
TIP ishares Trust Bar... 111.52 -1.50%
BBL Bhp Billiton Plc ... 63.45 -1.46%
TNA Direxion Daily Sm... 68.68 -1.39%
Read more at http://thestockmarketwatch.com/markets/pre-market/#pfYMX4TFpgdmYy9p.99
data:
Jobless Claims
[Report][Star]8:30 AM ET
Bloomberg Consumer Comfort Index
[Bullet9:45 AM ET
Philadelphia Fed Survey
[Report][Star]10:00 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
2-Yr Note Announcement
[Bullet11:00 AM ET
5-Yr Note Announcement
[Bullet11:00 AM ET
7-Yr Note Announcement
[Bullet11:00 AM ET
5-Yr TIPS Auction
[Bullet11:30 AM ET
SIFMA Rec. Early Close 2:00 ET
Fed Balance Sheet
[Bullet4:30 PM ET
Money Supply
[Bullet4:30 PM ET
futures -9
$GOGO ~ hot damn! JP Morgan Upgrades Gogo Inc to Overweight with PT at $28
good morning
frontrunning:
Ukraine Says Russia Exporting ‘Terror’ Amid Eastern Push (BBG)
Civil War Threat in Ukraine (Reuters)
China Shoe Plant Strike Disrupts Output at Nike, Adidas Supplier (BBG)
Mt Gox to liquidate (WSJ)
Ex-Co-Op Bank Chairman Charged With Cocaine Possession (BBG)
Credit Suisse first-quarter profit falls as trading tumbles (Reuters)
Goldman Sachs plans to jump-start stock-trading business (WSJ)
U.K. Unemployment Rate Falls to Five-Year Low (BBG)
Lawmakers Back High-Frequency Trade Curbs in EU Markets Law (BBG)
Yahoo's growth anemic as turnaround chugs along (Reuters)
Spain ETF Grows as Rajoy Attracts Record U.S. Investments (BBG)
Obama to Announce Targeted Job-Training Initiatives (WSJ)
Italian Banks Seen Selling About $69 Billion of Bad Loans (BBG)
Hollywood ending assured: Euro Periphery Emerges as Haven as Bonds Rise Amid Ukraine Feud (BBG)
Overnight Media Digest
WSJ
* Under pressure from unhappy clients and losing market share to rivals, Goldman Sachs Group Inc is trying to jump-start its stock-trading business. At recent trading conferences with top clients, including Fidelity Investments and BlackRock Inc< BLK.N>, and in private conversations, investors have vented their concerns with the way Goldman and other firms trade stocks, people familiar with the matter said. (http://r.reuters.com/cus58v)
* Credit Suisse Group AG said Wednesday that first-quarter profit fell to 859 million Swiss francs ($976.91 million) from the 1.3 billion Swiss francs ($1.48 billion) it reported for the same period a year earlier as net revenue fell 8 percent to 6.47 billion Swiss francs ($7.36 billion).
* Defunct bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and has asked a Tokyo court to allow it to be liquidated, people familiar with the situation said. (http://r.reuters.com/nus58v)
* Online food-delivery company Seamless will revamp its fee structure after an investigation by New York state's attorney general found that restaurants could cheat delivery workers out of tips, officials said Tuesday. (http://r.reuters.com/gus58v)
* The Royal Bank of Canada is planning to close one of the last proprietary-trading desks on Wall Street, another win for regulators that have pushed banks to cut back on making big bets with their own money. (http://r.reuters.com/hus58v)
* Federal regulators plan to set aside a portion of choice spectrum for smaller wireless carriers at an auction of TV airwaves scheduled for next year. According to people familiar with the matter, the Federal Communications Commission plans to reserve a portion of that spectrum to prevent the two largest wireless carriers from purchasing it all. (http://r.reuters.com/jus58v)
* Google Inc is planning a "modular" smartphone that consumers can configure with different features, executives said on Tuesday. Google envisions hardware modules, such as a camera or blood-sugar monitor, that would be available in an "app store," like its own Google Play store for software applications. (http://r.reuters.com/pus58v) ($1 = 0.8793 Swiss Francs)
FT
Ukrainian forces launched a special operation on Tuesday to dislodge separatist militia in the Russian-speaking east, authorities said.
European lawmakers adopted a slew of landmark reforms on Tuesday designed to make banks safer and financial markets more transparent.
Belgium has gone past countries such as the UK and Switzerland as well as major oil-exporting nations to become one of the major holders of U.S. government debt.
New York state's top financial regulator has ordered Credit Suisse to turn over employment records of its former New York head as part of a widening investigation into potential tax evasion involving the Swiss bank.
Shareholders in Barclays, miffed the with bank's pay policies, plan to register a significant protest despite welcoming the appointment of a new remuneration committee chairman.
The Co-operative Group is facing pressure to adopt a watered-down version of radical reforms proposed by Lord Myners to turnaround the troubled British mutual.
NYT
* Detroit's pension boards and a retirees' group say they have reached tentative agreements with the city that could serve as a breakthrough in its quest to settle with its major creditors and propel itself out of bankruptcy before the end of the year. (http://r.reuters.com/xus58v)
* CTIA, the industry trade group that represents wireless carriers, said over a dozen companies, including Apple, AT&T, Google, Samsung Electronics and Verizon Wireless, had committed to offering free antitheft software for cellphones at the beginning of next year. Lawmakers like George Gascon, San Francisco's district attorney, and Eric Schneiderman, New York's attorney general, on Tuesday released a joint statement saying the trade group's commitment was not a complete solution. (http://r.reuters.com/sus58v)
* Investors were already salivating over the initial stock offering of Chinese e-commerce company Alibaba Group. On Tuesday, they got a glimpse of its tremendous growth that is sure to whet their appetite even more. Alibaba made $1.4 billion in profit for its fourth quarter, more than double the amount it made during the same period a year earlier. Revenue jumped 66 percent, to nearly $3.1 billion. (http://r.reuters.com/fys58v)
* In her first public appearance since enduring withering criticism at congressional hearings two weeks ago, General Motors Co Chief Executive Mary Barra told an audience of auto executives and dealers that the company was delivering parts and starting to fix the 2.6 million small cars it has recalled for faulty ignition switches that it has linked to 13 deaths. (http://r.reuters.com/hys58v)
* A crucial part of Wall Street still keeps federal regulators up at night. But Janet Yellen, the chairwoman of the Federal Reserve, said on Tuesday that the Fed was actively considering measures to strengthen that potential weak spot. Yellen said that despite an onslaught of new bank regulations, risks remained in the markets where Wall Street firms and other entities lend and borrow hundreds of billions of dollars for short periods. (http://r.reuters.com/mys58v)
* A laboratory study presented early this year reported that the nicotine-laced vapor generated by an electronic cigarette promoted the development of cancer in certain types of human cells much in the same way that tobacco smoke does. Researchers involved in the little-noticed study emphasized that their findings were preliminary and that the study did not involve people but specially treated human lung cells. (http://r.reuters.com/nys58v)
Canada
THE GLOBE AND MAIL
* Calgary police allege Matthew de Grood, 22-year-old son of a senior Calgary police officer, walked into a house party full of university students raising toasts to the end of the school year, grabbed a large kitchen knife and stabbed five of them repeatedly. (http://r.reuters.com/tat58v)
* Canadian Prime Minister Stephen Harper will deliver a very personal eulogy for former Finance Minister Jim Flaherty, who died last week, that he wrote himself as he bids goodbye to the man who steered his government's finances through rough waters. (http://r.reuters.com/wat58v)
Reports in the business section:
* On the lookout for business opportunities where rivals such as Apple Inc and Google Inc have not yet dominated, BlackBerry Ltd is making a push into health care. The Canadian smartphone maker announced on Tuesday it is purchasing a minority stake in California-based health care firm NantHealth. (http://r.reuters.com/zat58v)
NATIONAL POST
* The Royal Canadian Mounted Police will not lay criminal charges against Prime Minister Stephen Harper's former chief of staff, Nigel Wright, over his controversial C$90,000 payment to Senator Mike Duffy. (http://r.reuters.com/cet58v)
* The Canadian Prime Minister's Office is emphatically denying a former adviser's allegation that Stephen Harper is subject to bouts of depression that leave him incapable of making decisions. Former Conservative Party strategist Tom Flanagan makes the claim in an excerpt from a forthcoming book. (http://r.reuters.com/fet58v)
FINANCIAL POST
* Canadian financier Prem Watsa is cashing in by investing where many others fear to tread, betting on two of Europe's most beleaguered economies Ireland and Greece as they recover post-bailout, and tripling down on the latter. (http://r.reuters.com/get58v)
* The head of Newfoundland and Labrador's Crown energy company says costs for the C$7.7-billion Muskrat Falls hydro project are going up and the date when first power is generated from the dam may be delayed. (http://r.reuters.com/ket58v)
China
CHINA SECURITIES JOURNAL
- China Financial Futures Exchange said it would accelerate the launch of stock index options, which would be based on an index of the 300 largest companies on the Shanghai and Shenzhen stock exchanges.
SHANGHAI SECURITIES NEWS
- Land prices rose 1.89 percent on a quarter-on-quarter basis in the first quarter, 0.17 percentage points lower than the fourth quarter of 2013 and the slowest growth in the last seven quarters, according to figures published by the China Land Surveying and Planning Institute, a research institute under the Ministry of Land Resources.
21st CENTURY BUSINESS HERALD
- China's 'Big 4' banks suffered deposit outflows worth 1.9 billion yuan ($305.4 million) in the first two weeks of April, unnamed bank sources told the newspaper.
CHINA DAILY
- Executives from U.S. electric carmaker Tesla Motors Inc will visit China Petroleum & Chemical Corp (Sinopec) next week to discuss potential cooperation to establish vehicle-charging facilities, an insider with the Chinese company told China Daily on Tuesday.
CHINA BUSINESS NEWS
- House prices in Macao have risen by 10 times over the past decade in Macao, raising concerns of a real estate bubble, the newspaper said.
Britain
The Times
CHEAPER PETROL AND FOOD KEEP INFLATION ON DOWNWARD TREND
Britain is experiencing the longest run of falling inflation for more than two decades after the annual rate of consumer price inflation dropped from 1.7 percent in February to 1.6 percent last month. I
EX-JJB BOSS 'BORROWED 3 MLN STG AFTER HUGE GAMBLING LOSSES'
The former boss of the collapsed retailer JJB Sports had racked up large debts "possibly due to gambling" before he borrowed 3 million pounds from two of his closest rivals, a court heard.
The Telegraph
DEBENHAMS BOSS: I DON'T KNOW WHY MIKE ASHLEY BOUGHT STAKE
The chief executive of Debenhams has claimed he does not know why Mike Ashley, the sportswear tycoon, bought a stake in the department store retailer.
DIAGEO IN 1.1-BLN-STG TENDER OFFER FOR UNITED SPIRITS SHARES Diageo, the world's largest spirits maker, could end up with 54.8 percent of leading Indian spirits group.
The Guardian
NOTTINGHAM CIGARETTE FACTORY CLOSURE THREATENS MORE THAN 500 JOBS Closure of Imperial's last factory and distribution hub will put an end to cigarette manufacturing in mainland Britain.
INFLATION FALLS TO 1.6 PCT, THE LOWEST SINCE OCTOBER 2009 News comes a day before labour market figures are expected to confirm that wage growth has finally overtaken inflation.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Housing starts for March at 8:30--consensus up 7.0% to 965K rate
Housing permits for March at 8:30--consensus down 0.4% to 1.01M rate
Industrial production for March at 9:15--consensus up 0.5% for the month
ANALYST RESEARCH
Upgrades
Apollo Investment (AINV) upgraded to Overweight from Neutral at JPMorgan
Control4 (CTRL) upgraded to Strong Buy from Outperform at Raymond James
Cree (CREE) upgraded to Buy from Hold at Needham
Family Dollar (FDO) upgraded to Neutral from Underperform at Sterne Agee
First Security (FSGI) upgraded to Outperform from Market Perform at Raymond James
Genuine Parts (GPC) upgraded to Neutral from Sell at Goldman
Greenhill & Co. (GHL) upgraded to Neutral from Reduce at Nomura
Lincoln National (LNC) upgraded to Overweight from Equalweight at Barclays
Nimble Storage (NMBL) upgraded to Buy from Neutral at UBS
Piedmont Office Realty (PDM) upgraded to Market Perform at BMO Capital
Precision Drilling (PDS) upgraded to Overweight from Underweight at Morgan Stanley
Santander Consumer USA (SC) upgraded to Overweight from Neutral at JPMorgan
SouFun (SFUN) upgraded to Buy from Neutral at Goldman
Time Warner Cable (TWC) upgraded to Outperform from Market Perform at Wells Fargo
Twitter (TWTR) upgraded to Neutral from Underperform at Sterne Agee
United Natural Foods (UNFI) upgraded to Buy from Hold at Jefferies
Volvo (VOLVY) upgraded to Hold from Sell at Deutsche Bank
WhiteHorse Finance (WHF) upgraded to Overweight from Neutral at JPMorgan
Xoom (XOOM) upgraded to Equal Weight from Underweight at Evercore
Yahoo (YHOO) upgraded to Outperform from Market Perform at Wells Fargo
Yelp (YELP) upgraded to Buy from Neutral at Citigroup
Zebra Technologies (ZBRA) upgraded to Outperform from In-Line at Imperial Capital
Downgrades
Compressco (GSJK) downgraded to Market Perform from Outperform at Raymond James
Fidelity & Guaranty Life (FGL) downgraded to Neutral from Outperform at Macquarie
Intel (INTC) downgraded to Neutral from Buy at B. Riley
Motorola Solutions (MSI) downgraded to Neutral from Buy at Nomura
NetApp (NTAP) downgraded to Neutral from Buy at UBS
Reinsurance Group (RGA) downgraded to Equalweight from Overweight at Barclays
Superior Energy (SPN) downgraded to Equal Weight from Overweight at Morgan Stanley
UnitedHealth (UNH) downgraded to Neutral from Buy at Citigroup
Initiations
A10 Networks (ATEN) initiated with a Buy at BofA/Merrill
A10 Networks (ATEN) initiated with an Equal Weight at Morgan Stanley
A10 Networks (ATEN) initiated with an Outperform at Oppenheimer
A10 Networks (ATEN) initiated with an Outperform at Pacific Crest
A10 Networks (ATEN) initiated with an Outperform at RBC Capital
Centene (CNC) initiated with a Neutral at UBS
FS Investment (FSIC) initiated with an Overweight at Evercore
ImmunoGen (IMGN) initiated with a Buy at Canaccord
Laredo Petroleum (LPI) initiated with an Outperform at RW Baird
Lpath (LPTN) initiated with a Buy at Canaccord
MediWound (MDWD) initiated with an Outperform at Oppenheimer
Medivation (MDVN) initiated with a Hold at Canaccord
NPS Pharmaceuticals (NPSP) initiated with a Buy at Canaccord
Nimble Storage (NMBL) initiated with a Market Perform at Raymond James
Regeneron (REGN) initiated with a Buy at Canaccord
Sibanye Gold (SBGL) initiated with an Outperform at Imperial Capital
COMPANY NEWS
Credit Suisse (CS) said making progress in resolving litigation issues
Sony (SNE), Hydro-Quebec formed JV for large-scale energy storage system for power grids
NBCUniversal (CMCSA, CMCSK) planning digital video push
Zogenix (ZGNX) confirmed that a U.S. District Court judge prevented the ban on sales of the company's Zohydro pain medication in Massachusetts
Intel (INTC) said it expects FY14 revenue to be roughly flat when compared to the prior year
Yahoo (YHOO), which reported Q1 profit and sales that beat expectations, said Q4 revenue at Alibaba, the Chinese group of e-commerce sites in which Yahoo has a 24% stake, increased 66% year-over-year to $3.06B. Yahoo said moving from declining growth to 'stable to modest' growth
CSX (CSX) CEO seeing 'good strength in economy'
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
PNC Financial (PNC), ADTRAN (ADTN), Linear Technology (LLTC), Interactive Brokers (IBKR), Yahoo (YHOO), Wintrust Financial (WTFC), CSX (CSX), Intel (INTC)
Companies that missed consensus earnings expectations include:
Marten Transport (MRTN)
Companies that matched consensus earnings expectations include:
Huntington Bancshares (HBAN)
NEWSPAPERS/WEBSITES
Goldman Sachs (GS) tries to jump start stock-trading business amid concerns, WSJ says
Ford (F) could replace MyFord Touch, Detroit News says
Sony (SNE) looks to revive TV business with 4K technology, Nikkei reports
Martha Stewart (MSO) back in court on pet products suit, Reuters says
CONMED (CNMD) exploring sale of company, Reuters reports
GM (GM) CEO says recalled cars being fixed, NY Times reports
Telefonica (TEF), Blackstone (BX) to form Axonix mobile-advertising venture, WSJ reports
Samsung (SSNLF), Sony Mobile (SNE), HTC to release mini smartphone models, DigiTimes says
SYNDICATE
Athlon Energy (ATHL) announces public offering of 11M shares of common stock
Moelis (MC) 6.5M share IPO priced at $25.00
OpusBank (OPB) 5.126M share IPO priced at $30.00
TriVascular Technologies (TRIV) 6.5M share IPO priced at $12.00
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
OXGN Oxigene Inc. 3.22 18.82%
ZGNX Zogenix Inc. 2.61 11.54%
IDRA Idera Pharmaceuti... 2.90 9.02%
SODA Sodastream Intern... 41.00 8.78%
YHOO Yahoo! Inc. 36.80 7.57%
YGE Yingli Green Ener... 4.29 6.98%
IBKR Interactive Broke... 22.89 6.17%
MDWD Mediwound Ltd. 12.45 5.87%
UUPT Powershares DB 3x... 19.80 5.60%
IRE Governor & Co. of... 17.49 5.42%
VJET voxeljet AG Ads 15.56 5.14%
PNQI Powershares Nasda... 65.59 5.06%
DHT Dht Holdings 8.00 4.44%
DANG E-commerce China ... 12.49 4.43%
BLDP Ballard Power Sys... 3.81 4.38%
KING King Digital Ente... 18.18 4.30%
ZU zulily inc 49.59 4.14%
YOKU Youku Tudou 25.58 4.11%
P Pandora Media 27.24 4.01%
CSLT Castlight Health ... 18.10 3.78%
Top Losing Stocks
Price %Change
RNG Ringcentral 15.24 -5.05%
CALL magicjack Vocalte... 18.07 -4.99%
ASML Asml Holding NV 81.20 -4.63%
KBH KB Home 16.00 -3.32%
XGTI xG Technology Inc... 2.10 -3.23%
CRNT Ceragon Networks ... 2.71 -3.21%
TZA Direxion Daily Sm... 17.11 -3.06%
CS Credit Suisse Gro... 30.86 -2.83%
MIDZ Direxion Daily Mi... 17.15 -2.78%
ALU Alcatel-lucent Ad... 3.51 -1.96%
DRV Direxion Daily Re... 44.00 -1.68%
AU Anglogold Ashanti... 17.44 -1.64%
PT Portugal Telecom ... 4.28 -1.61%
NBG National Bank of ... 4.15 -1.43%
CPWR Compuware Corp. 10.00 -1.28%
VXX Barclays Bank Plc... 43.40 -1.18%
ROST Ross Stores Inc. ... 68.34 -1.16%
NTAP Netapp Inc. 36.62 -1.01%
LJPC LA Jolla Pharma 9.00 -0.99%
BAC Bank of America C... 16.27 -0.73%
Read more at http://thestockmarketwatch.com/markets/pre-market/#iwgAloTcIGuFt4W0.99
data:
MBA Purchase Applications
[Report][Bullet7:00 AM ET
Housing Starts
[Report][Star]8:30 AM ET
Jeremy Stein Speaks
8:30 AM ET
Industrial Production
[Report][Star]9:15 AM ET
Atlanta Fed Business Inflation Expectations
[Bullet10:00 AM ET
EIA Petroleum Status Report
[djStar]10:30 AM ET
Janet Yellen Speaks
12:15 PM ET
Richard Fisher Speaks
1:25 PM ET
Beige Book
[djStar]2:00 PM ET
Futures +65
good morning
Frontrunning:
Ukraine forces move against separatists (FT)
China GDP Gauge Seen Showing Deeper Slowdown (BBG)
China Is Losing Its Taste for Gold (WSJ)
Regulators Weigh Curbs on Trading Fees (WSJ)
Obama, Putin Talk as Unrest Roils Eastern Ukraine (WSJ)
Japan PM talks with BOJ chief, does not push for easing (Reuters)
BRICS countries to set up their own IMF (RBTH)
IMF Members Weigh Options to Sidestep U.S. Congress on Overhaul (WSJ)
Zebra to Buy Motorola Solutions Unit for $3.45 Billion (BBG)
Chinese Thunder God Herb Works as Well as Pain Therapy (BBG)
Italian Premier Renzi Names State-Controlled Company Bosses (WSJ)
China New Credit Declines as Money-Supply Growth Decelerates (BBG)
European Companies See Sales Growth Hit by Exchange Rates (WSJ)
Overnight Media Digest
WSJ
* Jeff Immelt may give up leadership of General Electric Co sooner than his expected 20-year tenure, as he and fellow directors re-evaluate the right term for its chief executive, people familiar with GE's thinking said. (http://r.reuters.com/xek58v)
* Citigroup Inc Chief Executive Michael Corbat vowed to find an "industrial-strength" solution to the regulatory problems dogging the bank. Speaking after Citigroup reported better-than-expected first-quarter earnings on Monday, Corbat faced more than a dozen questions from analysts on the bank's recent failure to win regulatory approval to return capital to shareholders. (http://r.reuters.com/sak58v)
* Boeing Co said it has reached a partial agreement on details of a new deal with one of its largest suppliers, Spirit AeroSystems Holdings Inc, though after months of talks, the two sides have yet to finalize a long-term pact for key parts of its main commercial jet programs. The proposed agreement would replace a deal that ran out in 2013 and was then extended, covering parts such as fuselages produced for Boeing's best-selling 737 plane. (http://r.reuters.com/guk58v)
* Google Inc on Monday acquired a maker of solar-powered drones - a startup that Facebook Inc had also considered acquiring - as the technology giants battle to extend their influence and find new users in the far corners of the earth. Google didn't disclose the purchase price for New Mexico-based Titan Aerospace, which is developing jet-sized drones that are intended to fly nonstop for years. (http://r.reuters.com/wuk58v)
* A fee system that is a major source of revenue for exchanges and some high-frequency trading firms is coming under the heightened scrutiny of regulators concerned that market prices are being distorted, according to top Securities and Exchange Commission officials. (http://r.reuters.com/juk58v)
* Some of Twitter Inc's biggest and earliest backers said they don't intend to sell shares when rules barring them from doing so expire next month, a vote of confidence in the young public company, whose shares have tumbled in recent months. (http://r.reuters.com/muk58v)
* In the first courtroom appearance by a Samsung executive during the high-stakes patent case against Apple Inc , former U.S. mobile division CEO Dale Sohn said the South Korean firm successfully changed its approach from marketing its products together with mobile carriers to promoting its own brand. Sohn said Samsung's gains in the U.S. smartphone market are the result of a strategy shift begun in 2011, not because it "followed" Apple. (http://r.reuters.com/tak58v)
* General Motors Co Chief Executive Mary Barra took new steps on Monday to revamp the auto maker's senior staff as it copes with the internal and external fallout from recent massive and troubled safety recalls. GM said its heads of human resources and communications had left the company Monday. GM said the two left to pursue "personal interests" and their exits weren't connected to a nearly decade-long delay in recalling vehicles. (http://r.reuters.com/vak58v)
* A federal court has barred Medtronic Inc from selling its new artificial heart valve to most patients in the United States, despite finding that the device is "safer" and has "a lower risk of death" than a competing device. (http://r.reuters.com/buk58v)
* A federal appeals court struck down part of a controversial rule requiring publicly traded U.S. companies to say whether their products contain certain minerals from war-torn central Africa, citing free-speech concerns. (http://r.reuters.com/wak58v)
* Mt. Gox founder Mark Karpeles said he would not come to the United States later this week to answer questions about the Japanese bitcoin exchange's U.S. bankruptcy case, Mt. Gox lawyers told a federal judge on Monday. Mt. Gox's bankruptcy lawyers said that Karpeles is "not willing to travel to the U.S.," despite an order from Bankruptcy Judge Stacey Jernigan. (http://r.reuters.com/nek58v)
* More than 51,500 stockbrokers failed a basic exam needed to sell securities at least once, according to data that Wall Street regulators don't disclose to investors, and those who repeatedly failed have on average worse disciplinary records. Securities regulators, notified this month of the Journal analysis, said they would consider giving more information to investors. (http://r.reuters.com/rek58v)
FT
Ukraine's central bank raised its benchmark interest rate for the first time in eight months in an effort to shore up its currency and rein in inflation as its political crisis deepens.
Spanish telecoms provider Telefonica SA is offering to lease some spectrum to a German competitor in a bid to secure EU antitrust approval for its proposed takeover of KPN's E-Plus unit in Germany.
Glencore Xstrata Plc has offered $1.3 billion to buy Chad-focused oil company Caracal Energy underscoring its ambition to expand upstream in the oil sector.
Italian Prime Minister Matteo Renzi proposed new managers for state-backed companies such as oil major Eni and defence group Finmeccanica in a shake-up that tests Renzi's pledge to break with old-style cronyism.
Security company G4S is facing criticism from shareholders for announcing a big pay rise for its new chief executive, despite a recent scandal involving the overcharging of UK taxpayers for tagging offenders.
Google has bought dronemaker Titan Aerospace in an attempt to provide Internet access to more parts of the world.
NYT
* In the first major shake-up of General Motors Co's senior management since the company announced a wide-ranging recall in February, its chief spokesman and head Washington adviser, and its top human resources executive have left the company. (http://r.reuters.com/fek58v)
* Investors and analysts feared the worst from Citigroup Inc , the global bank that has been besieged for months by regulatory problems and an industry-wide trading slump. But Citigroup managed to beat Wall Street expectations on Monday, with a 4 percent increase in first-quarter profits, compared with a year earlier. (http://r.reuters.com/jek58v)
* Last week, Sotheby's defended itself against activist investor Daniel Loeb by questioning both his strategy and his credentials in the art world. On Monday, Loeb sought to rebut criticisms of both. In a 30-page document, Loeb's Third Point hedge fund laid out its case to shareholders about why it should win three seats on the auction house's board. (http://r.reuters.com/kek58v)
* For rent and utilities to be considered affordable, they are supposed to take up no more than 30 percent of a household's income. But that goal is increasingly unattainable for middle-income families as a tightening market pushes up rents ever faster, outrunning modest rises in pay. (http://r.reuters.com/pek58v)
* Even as the cost of prescription drugs has plummeted for many Americans, a small slice of the population is being asked to shoulder more and more of the cost of expensive treatments for diseases like cancer and hepatitis C, according to a report to be released on Tuesday by a major drug research firm. (http://r.reuters.com/wek58v)
Canada
THE GLOBE AND MAIL
* IT expert Peter Faist, swept up in a criminal probe into the alleged destruction of government records, agreed to testify at a committee of the Ontario legislature via videoconference. (http://r.reuters.com/qyk58v)
* Conservative senators are recommending the Canadian government abandon plans to exempt certain fundraising calls from election spending limits, one of nine changes to the controversial Fair Elections Act recommended unanimously by a Senate committee. (http://r.reuters.com/cum58v)
Reports in the business section:
* The hundreds of Canadians whose social insurance numbers were stolen from the Canada Revenue Agency in a Heartbleed breach likely won't find out they were hit for several days. The CRA announced Monday, following a temporary shutdown of its public online services caused by the Heartbleed Internet bug, that about 900 social insurance numbers were stolen from its computers. (http://r.reuters.com/mum58v)
NATIONAL POST
* Canadian defence and diplomatic officials have been quietly working on plans for possible Canadian military missions - as well as shoring up non-religious groups on the ground - in Syria as its three-year civil war continues. Internal documents obtained by the Ottawa Citizen show National Defence has drawn up at least five scenarios in which it could become involved in Syria's ongoing civil war. (http://r.reuters.com/zum58v)
* One month after she resigned as Alberta Premier amid a series of spending scandals, Alison Redford is back in the spotlight for revelations that she took her daughter on 50 government flights, including a long weekend to Jasper taken at the height of cleanup efforts for the 2013 floods. (http://link.reuters.com/cym58v)
FINANCIAL POST
* Western cable giant Shaw Communications Inc said Monday it plans to trim 3 percent of its workforce as it consolidates several of its operations into more streamlined divisions. (http://r.reuters.com/fym58v)
* Canada's financial regulator has unveiled a set of proposed guidelines for mortgage insurance providers aimed at tightening standards around underwriting governance and risk management. (http://r.reuters.com/mym58v)
China
CHINA SECURITIES JOURNAL
- Further reform of real estate markets calls for a long-term mechanism to increase supply, instead of short-term stimulus, an editorial said, commenting on rumours that restrictions on property development are likely to be eased at local level.
- The China Insurance Regulatory Commission (CIRC) is going to explore multiple channels to fulfill the financing needs in infrastructure construction in the urbanisation process, including using preferred shares, said Wang Zuji, vice chairman of the CIRC.
SHANGHAI SECURITIES NEWS
- Sources said China's insurance regulators are conducting the first round of inspections into domestic companies' investment risks within the insurance industry, in particular possible inside trading.
CHINA BUSINESS NEWS
- Analysts expect the economic growth rate for the first quarter of 2014 to come in around 7.5 percent.
CHINA ECONOMIC WEEKLY
- China's local governments have been relying too much on income generated by selling lands, with Zhejiang and Tianjin paying off two thirds of governments' debts through land sales in 2012, according to auditing data released by provincial governments.
SHANGHAI DAILY
- The capacity of Pudong International Airport's Terminal-1 will rise to 36 million passengers a year from the current level of 20 million with the addition of a whole new floor to be undertaken. This major project is set to get under way this year, said the Shanghai Airport Authority.
CHINA DAILY
- "After the first round of ballyhoo, the China (Shanghai) Pilot Free Trade Zone (FTZ) has not yet excited enterprises with any tangible breakthrough," wrote an editorial blaming the Shanghai municipal government for the failure of the FTZ to attract investor interest by enacting significant reforms.
PEOPLE'S DAILY
- China's Central Commission for Discipline Inspection and Supervision Department made public of 220 cases of CCP members' misbehaviour from April 8 to 11, with their names posted on the department's website. It has recently opened a reporting channel for Internet users to facilitate the supervision and punishment over the party members.
Britain
The Times
BARCLAYS BOWS TO SHAREHOLDER PRESSURE BY OUSTING PAY CHIEF
Sir John Sunderland has been ditched as the head of Barclays' remuneration committee in an attempt to placate angry shareholders days before its annual meeting.
CO-OP STAFF TELL BOARD IT'S JEOPARDISING THEIR JOBS
Representatives of some of the Co-operative Group's 90,000-strong workforce have waded into the row at the stricken mutual, accusing board members of indulging in "petty politicking" and putting livelihoods at risk.
NEWLY FLUSH GLENCORE SPLASHES OUT IN CHAD
Glencore Xstrata has acquired Caracal Energy , its partner in oil-producing assets in the central African country of Chad, in a deal that values the company at $1.35 billion.
The Telegraph
OUSTED G4S BOSS COLLECTS 400,000 POUNDS-A-YEAR PENSION Annual report details payments to Nick Buckles after a "challenging" year that culminated in the criminal tagging scandal.
SSP BEEFS UP BOARD AHEAD OF POTENTIAL 2-BLN-STG FLOAT Fast-food caterer appoints a trio of corporate heavyweights from the travel and retail worlds as it weighs up a London listing.
The Guardian
UK WORKERS RECEIVE FIRST REAL PAY RISE FOR FOUR YEARS Wage increases, forecast at 1.8 percent in February, finally overtake inflation at 1.6 percent to March, according to official data.
PEUGEOT CITROEN BOSS PLEDGES RETURN TO PROFIT BY 2018 Carlos Tavares unveils programme promising to reverse losses in Europe and emerging markets following sales decline.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Empire State manufacturing survey for April at 8:30--consensus 8.0
Consumer Price Index for March at 8:30--consensus up 0.1% from prior month
Long-term Treasury International Capital flows for February at 9:00--consensus $30B
NAHB housing market index for April at 10:00--consensus 49
ANALYST RESEARCH
Upgrades
Basic Energy (BAS) upgraded to Hold from Sell at Wunderlich
Beacon Roofing (BECN) upgraded to Buy from Neutral at SunTrust
Carlisle (CSL) upgraded to Outperform from Market Perform at FBR Capital
Citigroup (C) upgraded to Outperform from Market Perform at Bernstein
EnerNOC (ENOC) upgraded to Overweight from Neutral at JPMorgan
Equinix (EQIX) upgraded to Outperform from Perform at Oppenheimer
Estee Lauder (EL) upgraded to Conviction Buy from Buy at Goldman
General Cable (BGC) upgraded to Buy from Neutral at Longbow
Ingram Micro (IM) upgraded to Buy from Neutral at Citigroup
Key Energy (KEG) upgraded to Hold from Sell at Wunderlich
MasterCard (MA) upgraded to Buy from Neutral at Janney Capital
MedAssets (MDAS) reinstated with an Outperform at Raymond James
Morgan Stanley (MS) upgraded to Buy from Neutral at BofA/Merrill
New York & Co. (NWY) upgraded to Buy from Neutral at Janney Capital
Pier 1 Imports (PIR) upgraded to Overweight from Equalweight at Barclays
Qlik Technologies (QLIK) upgraded to Buy from Neutral at Mizuho
Sealed Air (SEE) upgraded to Outperform from Neutral at Macquarie
Veeco (VECO) upgraded to Buy from Hold at Berenberg
Visa (V) upgraded to Buy from Neutral at Janney Capital
Yahoo (YHOO) upgraded to Outperform from Neutral at Macquarie
Downgrades
AXIS Capital (AXS) downgraded to Market Perform from Outperform at Raymond James
Diamondback Energy (FANG) downgraded to Neutral from Buy at SunTrust
IBM (IBM) downgraded to Neutral from Buy at Citigroup
International Paper (IP) downgraded to Neutral from Buy at Longbow
PetSmart (PETM) downgraded to Underperform from Neutral at BofA/Merrill
RockTenn (RKT) downgraded to Neutral from Buy at Longbow
Sharp (SHCAY) downgraded to Underperform from Hold at Jefferies
Travelers (TRV) downgraded to Market Perform from Outperform at Raymond James
Wal-Mart (WMT) downgraded to Underperform from Market Perform at William Blair
Initiations
Amber Road (AMBR) initiated with a Buy at Canaccord
Amber Road (AMBR) initiated with a Buy at Needham
Amber Road (AMBR) initiated with a Buy at Stifel
Amber Road (AMBR) initiated with an Outperform at Pacific Crest
Borderfree (BRDR) initiated with a Buy at Canaccord
Borderfree (BRDR) initiated with a Sector Perform at RBC Capital
Borderfree (BRDR) initiated with an Outperform at Credit Suisse
Borderfree (BRDR) initiated with an Outperform at Pacific Crest
Dean Foods (DF) initiated with a Buy at BB&T
Halozyme (HALO) initiated with a Buy at Citigroup
Repligen (RGEN) initiated with a Buy at Jefferies
Spansion (CODE) initiated with a Buy at Sterne Agee
TPG Specialty Lending (TSLX) initiated with a Buy at BofA/Merrill
TPG Specialty Lending (TSLX) initiated with a Buy at Janney Capital
TPG Specialty Lending (TSLX) initiated with an Equalweight at Barclays
Versartis (VSAR) initiated with a Buy at Canaccord
Versartis (VSAR) initiated with a Buy at Citigroup
Versartis (VSAR) initiated with an Overweight at Morgan Stanley
COMPANY NEWS
Zebra Technologies (ZBRA) said it will acquire Motorola's (MSI) enterprise unit for $3.45B
Blackhawk (HAWK) completed its spin-off from Safeway (SWY)
Whirlpool (WHR) boosted its dividend 20% to 75c per share and said its board approved a $500M share repurchase plan
FedFirst Financial (FFCO) announced a deal to merge with CB Financial Services in a deal valued at $54.5M, entitling FedFirst shareholders to receive $23.00 per share in cash or shares of the new combined company
Pep Boys (PBY) said it expects higher tire prices to weigh on revenue through Q2
Axiall (AXLL) forecast Q1 EBITDA $65M-$70M
Merck (MRK) said the FDA approved the company's GRASTEK tablet
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Infosys (INFY), Pinnacle Financial (PNFP), Sensient (SXT), Bank of the Ozarks (OZRK)
Companies that missed consensus earnings expectations include:
Pep Boys (PBY)
NEWSPAPERS/WEBSITES
GE (GE) CEO may give up leadership earlier than 20-year tenure, WSJ says
Duke Energy (DUK) directors targeted over ash spill, FT reports
Samsung (SSNLF): Gains in smartphone market the result of strategy shift, WSJ reports
Herbalife (HLF) under investigation by NY AG Schneiderman, NY Post reports
Maker Studios stays with Disney (DIS) offer, Re/code says
Patients paying much more for specialty drugs (AZN, BMY, LLY, GSK, JNJ, MRK, NVS, PFE, RHHBY, SNY), NY Times reports
Aleris looking to sell recycling, alloy segment, WSJ reports
Google Glass (GOOG) goes on sale to U.S. residents today, USA Today reports
SYNDICATE
City Office REIT (CIO) 5.8M share IPO priced at $12.50
Galena (GALE) files to sell 6M shares of common stock for holders
National General (NGHC) files to sell 12.82M shares of common stock for holders
Paycom Software (PAYC) 6.645M share IPO priced at $15.00
TransEnterix (TRXC) 12.5M share Secondary priced at $4.00
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
PCBK Pacific Continent... 15.75 18.42%
SPLK Splunk Inc. 69.09 14.20%
ZBRA Zebra Technologie... 74.89 9.68%
OXBT Oxygen Biotherape... 5.32 7.04%
JDST Direxion Daily Jr... 24.65 6.94%
SOXL Direxion Daily Se... 84.89 6.93%
HALO Halozyme Therapeu... 7.66 6.54%
TCX Tucows 14.22 5.02%
QUNR Qunar Cayman Isla... 29.80 3.65%
DZZ DB Gold Double Sh... 6.40 3.31%
POT Potash Corp. Of S... 35.00 3.28%
GLUU Glu Mobile Inc. 4.00 3.09%
PLUG Plug Power Inc. 7.52 2.73%
MS Morgan Stanley 29.81 2.58%
HIMX Himax Technologie... 9.19 2.11%
PIR Pier 1 Imports In... 18.15 2.02%
GREK Global X Ftse Gre... 22.91 2.00%
YANG Direxion Daily Ch... 23.00 1.95%
UMPQ Umpqua Holdings C... 18.49 1.82%
UA Under Armour 52.00 1.80%
Top Losing Stocks
Price %Change
SGY Stone Energy Corp... 39.72 -10.12%
JNUG Direxion Daily Jr... 19.40 -7.84%
CORN Teucrium Corn Fun... 32.40 -6.74%
NQ NQ Mobile 10.47 -5.25%
NUGT Direxion Daily Go... 36.50 -5.05%
TTM Tata Motors Ltd. ... 36.70 -4.18%
AU Anglogold Ashanti... 17.59 -3.14%
SAND Sandstorm Gold Lt... 5.62 -2.77%
ANV Allied Nevada Gol... 3.87 -2.76%
INFY Infosys Limited A... 54.21 -2.46%
GDXJ Market Vectors Ju... 36.10 -2.43%
MSI Motorola Solution... 62.25 -2.40%
FXI ishares Ftse/xinh... 35.50 -1.93%
ABX Barrick Gold Corp... 18.47 -1.91%
MT Arcelormittal 16.21 -1.88%
PETM Petsmart Inc. 68.08 -1.86%
GDX Market Vectors Et... 24.08 -1.79%
GLD Spdr Gold Trust 125.72 -1.67%
CEF Central Fund of C... 13.81 -1.64%
MU Micron Technology... 21.58 -1.46%
Read more at http://thestockmarketwatch.com/markets/pre-market/#k6zH9f7DF60ko0RW.99
data:
ICSC-Goldman Store Sales
[Report][Bullet7:45 AM ET
Consumer Price Index
[Report][Star]8:30 AM ET
Empire State Mfg Survey
[Report][djStar]8:30 AM ET
Janet Yellen Speaks
8:45 AM ET
Redbook
[Bullet8:55 AM ET
Treasury International Capital
[djStar]9:00 AM ET
Housing Market Index
[Report][djStar]10:00 AM ET
4-Week Bill Auction
[Bullet11:30 AM ET
Futures +33
good morning
Futures +25
Frontrunning:
Three dead in shootings at Kansas Jewish centers; man to face charges (WSJ)
Sanctions Blowback in Russia Targets Burgers to Movies (BBG)
Deadly Virus's Spread Raises Alarms in Mideast (WSJ)
China group buys $6bn Glencore Peru copper mine (BBG)
Iran lodges complaint against United States over U.N. envoy ban (Reuters)
Russian assets down sharply on Ukraine conflict fears (Reuters)
ECB comments knock euro, but not much (Reuters)
World-Leading $25 Hourly Wage Roils Swiss Businesses (BBG)
Gross Loses to Goldman in Hot Bond Strategy as Pimco Lags (PIMCO)
Southwest Co-Pilot Retires After Wrong Airport Landing (BBG)
Citigroup Said to Cut Up to 300 Jobs in Global Markets Division (BBG)
Overnight Media Digest
WSJ
* Fined by China for misleading pricing and selling poor-quality products, Wal-Mart Stores Inc paid fines and ratcheted up its testing and inspections, but it is also doing something rare for a Western company: Telling Chinese authorities they need to clean up their own act. (http://r.reuters.com/tyb58v)
* General Motors Co's European unit, Adam Opel AG, appears to be on the cusp of breaking even before its 2016 target date - welcome news for GM Chief Executive Mary Barra amid the fallout from a massive recall that is expected to take a $1.3 billion bite out of GM's first-quarter profit. (http://r.reuters.com/syb58v)
* Citigroup Inc declined to work on an Italian government-backed bid for Spain's Deoleo SA the world's biggest olive-oil bottler, because of concern that the deal would infuriate the Spanish government, according to two people with knowledge of the discussions. (http://r.reuters.com/sac58v)
* Yahoo Inc will release revenue and profit numbers from Alibaba Group Holding Ltd on Tuesday. Those figures are expected to show a big fourth quarter for Alibaba. The report will help set the stage for Alibaba's expected filing for a U.S. initial public offering, which may value the company at more than $100 billion, say analysts. (http://link.reuters.com/wyb58v)
* Google Inc wants to expand further in the New York city and is launching a search for enough space to hold more than 3,000 employees, according to several real-estate executives familiar with the hunt. The Internet firm has been in discussions with several landlords about leasing at much as 600,000 square feet in Manhattan-about half the size of the Chrysler Building. (http://r.reuters.com/qac58v)
* The turmoil caused by the "Heartbleed" encryption bug is shedding light on a little-known element of the White House's surveillance overhaul package: how the government handles software holes and vulnerabilities. The National Security Agency has compiled a list of software bugs and holes known as "zero days," which the agency has exploited to gain access to secure networks before they can be fixed. (http://r.reuters.com/xyb58v)
* The world's top finance officials stepped up warnings about low inflation during weekend meetings of the International Monetary Fund, calling for action to combat downward price pressures that threaten consumption and stymie debt reduction. The IMF's policy committee highlighted stubbornly weak price increases as a key drag on the global recovery, which is approaching the end of its fifth year. (http://r.reuters.com/tac58v)
* The IMF again sounded the alarm bell at the weekend over low global inflation. But has the worst of anemic price rises already passed the world economy? That, at least, is the view of JP Morgan & Chase economists. In its weekly roundup of global economies, JP Morgan said it believed inflation has reached a low point after two-and-a-half years of falling price growth. (http://r.reuters.com/gac58v)
* Glencore Xstrata said it agreed to sell the mining company's Las Bambas Peruvian copper project to a Chinese consortium in an all-cash deal worth at least $5.8 billion. Glencore said it had agreed to sell its entire interest in Las Bambas to a consortium led by MMG Ltd, a unit of state-controlled China Minmetals Corp. (http://r.reuters.com/fac58v)
* Citigroup Inc has cut 200 to 300 jobs, or about 2 percent of its global markets workforce. The bank is tightly managing expenses and "making targeted head count reductions in light of current market conditions," a company spokeswoman said. (http://r.reuters.com/vyb58v)
* China's largest brokerage, Citic Securities Co has bought a stake in U.S. brokerage firm BTIG LLC, the company's latest move to grow outside of China through buying a holding in a Western investment firm. (http://r.reuters.com/nac58v)
FT
Commodities trader Glencore Xstrata sold its interest in the Las Bambas copper mine in Peru to a Chinese consortium for $6 billion in cash.
The European Central Bank is ready to make asset purchases if it deems them necessary to stave off low inflation in the euro zone, Executive Board member Benoit Coeure said on Sunday.
The amount of individual penalties levied on wayward bankers by UK's Financial Conduct Authority has increased 76 percent over the past two years.
Finance Minister George Osborne's plan to give the taxman powers to clamp down on 10 billion pounds of tax evasion and avoidance in the UK might face opposition from a committee of MPs, who argue that the move could hit civil liberties.
Britain's Co-Operative Group is set to reveal a staggering 2 billion-2.5 billion pound loss on Thursday, highlighting the urgency of adopting sweeping governance reforms at the troubled mutual.
Certain sections of the World Health Organisation are keen to categorise e-cigarettes as tobacco and regulate them as normal cigarettes, according to leaked documents seen by the FT.
NYT
* Glencore Xstrata, the giant commodities trading and mining company, said on Sunday that it had sold its interest in the Las Bambas copper mine in Peru to a Chinese consortium in a $5.85 billion cash deal, one of China's biggest mining acquisitions in recent years. (http://r.reuters.com/fyb58v)
* Quora, a question-and-answer website, which has no revenue and just 70 employees, recently announced that it had raised an additional $80 million. The eye-popping investment - for no obvious immediate purpose - was the latest example of a dynamic that is reshaping Silicon Valley: Start-ups, already flush with cash, are piling on the investment dollars. (http://r.reuters.com/pac58v)
* Entrepreneurs are lucky to have one big score. Richard Barton has had a string of them, by repeatedly asking the same simple question: What piece of marketplace information do people crave and don't have? By producing and investing in a series of successful start-ups such as Expedia, Zillow and Glassdoor, 46-year old Barton has managed to accomplish something few others have done. (http://r.reuters.com/rac58v)
* Yahoo Inc a company that seems like a permanent adolescent in search of an identity, is about to try a new persona: high-quality television programmer. At a time when the culture is addicted to high-end television narratives, Yahoo wants in on the action, partly because while its site may have flat traffic - 700 million global visits a month - and declining revenue, it has zero cachet and no discernible way forward. (http://r.reuters.com/vac58v)
* Maxwell House coffee - a pantry staple promoted as "Good to the last drop" for almost a century - is remaking its marketing. The makeover, to be introduced on Monday by the Maxwell House parent, Kraft Foods Group Inc, includes logos, packaging, new products, the brand's presence in digital media and social media and advertising. (http://r.reuters.com/jec58v)
Canada
THE GLOBE AND MAIL
* In a rare exercise of power, a Senate committee is pushing back against Canadian Prime Minister Stephen Harper's Conservative government by unanimously recommending changes to the Fair Elections Act, an overhaul of electoral law that is fiercely opposed by other parties. (http://r.reuters.com/nyc58v)
* Calgary MP Rob Anders lost the Conservative Party's nomination contest for the newly created riding of Calgary Signal Hill to former Progressive Conservative MLA Ron Liepert. (http://r.reuters.com/syc58v)
Reports in the business section:
* When the Governor of the Bank of Canada Stephen Poloz leaves its key interest rate at 1 percent on Wednesday, it will be the 29th consecutive meeting that the central bank does nothing. If economists are right, the bank won't start raising rates again until the middle of next year. (http://r.reuters.com/cad58v)
NATIONAL POST
* Teams of volunteers in southern Ontario and Quebec were preparing for flooding with walls of sandbags on Sunday as they awaited heavy rain expected to hit parts of both provinces over the next several days. Environment Canada said parts of Ontario could get up to 75 millimetres of rain by early Tuesday, while upwards of 45 millimetres of rain was expected in southern and central Quebec. (http://r.reuters.com/dad58v)
* New Democratic Party Leader Tom Mulcair says with 18 months to go before the next election, he's focusing his party's sights on the federal government's Election Act overhaul, saying the hotly debated legislation should be the focus of the next campaign because it could undermine the rules of democracy. (http://r.reuters.com/jad58v)
FINANCIAL POST
* Enbridge Inc vowed to press on with its C$7.9 billion Northern Gateway pipeline through British Coumbia despite a vote Saturday that saw a majority of residents in Kitimat vote against the project. (http://r.reuters.com/qad58v)
China
SOUTH CHINA MORNING POST
-- Beijing has left the door open on the possibility of a pan-democrat being allowed to run for chief executive in 2017. But there is no possibility of public nomination of candidates, Hong Kong's lawmakers were told during a meeting with senior mainland officials in Shanghai. (link.reuters.com/zab58v)
-- The United States looks set to reintroduce annual reports to Congress on political developments in Hong Kong following a plea by the Democratic Party's founding chairman Martin Lee Chu-ming. (link.reuters.com/ceb58v)
-- Hong Kong's financial services minister has warned market players not to expect the quota under the proposed cross-border stock trading scheme to be increased after it is filled, despite complaints that the cap is too low. (link.reuters.com/deb58v)
THE STANDARD
-- Both primary and secondary home market sales improved slightly during the weekend. The leader was Cheung Kong Holdings with its final batch of flats -- all 402 homes -- at Trinity Towers, sold in two weeks. (link.reuters.com/heb58v)
-- Wing Tai Properties expects to invest up to HK$710 million in developing the most expensive residential plot in Hong Kong's Sai Wan Ho. (link.reuters.com/meb58v)
HONG KONG ECONOMIC JOURNAL
-- Media services group SMI Culture Group Holdings Ltd said it planned to invest in making 8 to 10 movies this year. One of the movies it has invested in -- American Dreams in China -- recorded 539 million yuan in box office receipts on the mainland.
HONG KONG ECONOMIC TIMES
-- CITIC Pacific, which is expected to announce details of its acquisition of parent assets on April 16, may issue new shares and obtain a syndicated loan to raise capital to finance the deal, according to market sources. Sovereign funds, such as Temasek, may be introduced as strategic investors, they added.
Britain
The Times
GLENCORE SELLS $6 BLN MINE TO MAKE PEACE
Glencore Xstrata is to sell its Las Bambas copper mine to a consortium of Chinese state-controlled resources companies for more than $6.25 billion
CO-OP BANK LOOKS AT DITCHING KPMG AS AUDITOR AS IT RUSHES TO RAISE 400 MLN STG
KPMG, the Co-op Bank's auditor for more than 40 years, is facing dismissal after the embattled bank revealed on Friday that it was putting its audit contract out to tender.
The Guardian
CO-OP RISKS TIGHTER CONTROL BY BANKS WITHOUT REFORM, WARNS LORD MYNERS
Myners, who was brought in to reform the crisis-stricken Co-operative Group, fears his plan will be rejected unless the owners of the loss-making chain of supermarkets, pharmacies and funeral homes understand the serious need for a radical overhaul of the way it is run.
HOUSE OF FRASER SELLS 89 PCT STAKE TO CHINESE CONGLOMERATE SANPOWER
Department store sells majority stake in 480 million pound deal touted as largest overseas retail acquisition by Chinese business.
TESCO CHIEF UNDER PRESSURE AS RETAILER EXPECTED TO ANNOUNCE 9 PCT FALL IN PROFITS
Philip Clarke sees supermarket's share price drop to 10-year low despite 1 billion pound expenditure on store refurbishments and staff.
The Telegraph
WAGE RISES TO OUTSTRIP INFLATION AS STRAIN EASES
Pay increases are set to outstrip inflation for the first time in six years as the economy gathers pace and unemployment continues to fall, according to forecasters.
PUNCH TAVERNS BRINGS IN INDEPENDENT RESTRUCTURING SPECIALIST
Punch Taverns, Britain's second biggest pubs group, has brought in an independent corporate restructuring expert to aid long-running discussions over its 2.3 billion pound debt mountain.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Retail sales for March at 8:30--consensus up 1.0%
Business inventories for February at 10:00--consensus up 0.6%
ANALYST RESEARCH
Upgrades
Acorda Therapeutics (ACOR) upgraded to Outperform from Market Perform at FBR Capital
Allegheny Technologies (ATI) upgraded to Neutral from Underperform at Sterne Agee
BP (BP) upgraded to Buy from Hold at Canaccord
Bloomin' Brands (BLMN) upgraded to Buy from Hold at Deutsche Bank
Boardwalk Pipeline (BWP) upgraded to Neutral from Underperform at BofA/Merrill
Boston Scientific (BSX) upgraded at BofA/Merrill
Boston Scientific (BSX) upgraded to Buy from Neutral at BofA/Merrill
Charles Schwab (SCHW) upgraded to Buy from Neutral at UBS
Eaton Vance (EV) upgraded to Neutral from Sell at Citigroup
Edwards Lifesciences (EW) upgraded to Neutral from Underweight at JPMorgan
Eli Lilly (LLY) upgraded to Hold from Underperform at Jefferies
F5 Networks (FFIV) upgraded to Buy from Hold at Stifel
Lincoln National (LNC) upgraded to Strong Buy from Outperform at Raymond James
MasterCard (MA) upgraded to Outperform from Neutral at RW Baird
McDermott (MDR) upgraded to Neutral from Underweight at HSBC
Palo Alto (PANW) upgraded to Overweight from Equalweight at Barclays
PriceSmart (PSMT) upgraded to Buy from Neutral at Roth Capital
Principal Financial (PFG) upgraded to Outperform from Market Perform at Raymond James
Regency Energy Partners (RGP) upgraded to Buy from Neutral at BofA/Merrill
Sensata (ST) upgraded to Buy from Neutral at Citigroup
TD Ameritrade (AMTD) upgraded to Buy from Neutral at UBS
TD Ameritrade (AMTD) upgraded to Outperform from Market Perform at Keefe Bruyette
TTM Technologies (TTMI) upgraded to Buy from Neutral at UBS
Transocean (RIG) upgraded to Hold from Sell at Deutsche Bank
Ultimate Software (ULTI) upgraded to Outperform from Market Perform at Raymond James
VMware (VMW) upgraded to Outperform from Underperform at CLSA
Visa (V) upgraded to Outperform from Neutral at RW Baird
bebe stores (BEBE) upgraded to Buy from Neutral at Janney Capital
Downgrades
Bancolombia (CIB) downgraded to Neutral from Overweight at JPMorgan
Brookfield Renewable (BEP) downgraded to Neutral from Outperform at Credit Suisse
Corning (GLW) downgraded to Hold from Buy at Stifel
Enbridge (ENB) downgraded to Neutral from Outperform at Credit Suisse
HeartWare (HTWR) downgraded to Sell from Neutral at Goldman
Johnson & Johnson (JNJ) downgraded to Hold from Buy at Jefferies
Medtronic (MDT) downgraded to Neutral from Overweight at JPMorgan
Microsoft (MSFT) downgraded to Hold from Buy at Deutsche Bank
Millicom (MIICF) downgraded to Sell from Hold at Berenberg
STMicroelectronics (STM) downgraded to Sell from Neutral at UBS
Whole Foods (WFM) downgraded to Hold from Buy at BB&T
Initiations
3D Systems (DDD) initiated with a Neutral at Goldman
Akebia (AKBA) initiated with a Buy at UBS
Akebia (AKBA) initiated with an Outperform at Credit Suisse
Akebia (AKBA) initiated with an Overweight at Morgan Stanley
Argo Group (AGII) initiated with a Market Perform at Keefe Bruyette
Artisan Partners (APAM) initiated with an Outperform at RBC Capital
Kindred Biosciences (KIN) initiated with an Outperform at Leerink
LifeLock (LOCK) initiated with an Outperform at Pacific Crest
MasterCard (MA) initiated with a Sector Perform at Pacific Crest
MediWound (MDWD) initiated with an Outperform at BMO Capital
MediWound (MDWD) initiated with an Outperform at Credit Suisse
New York Mortgage (NYMT) initiated with a Market Perform at Keefe Bruyette
Old Second Bancorp (OSBC) rated Market Perform from not covered at Keefe Bruyette
Paylocity (PCTY) initiated with a Buy at Deutsche Bank
Paylocity (PCTY) initiated with a Buy at Needham
Paylocity (PCTY) initiated with a Neutral at BofA/Merrill
Paylocity (PCTY) initiated with an Outperform at JMP Securities
Q2 Holdings (QTWO) initiated with a Buy at Canaccord
Q2 Holdings (QTWO) initiated with a Buy at Needham
Q2 Holdings (QTWO) initiated with a Buy at Stifel
Q2 Holdings (QTWO) initiated with an Outperform at RBC Capital
Q2 Holdings (QTWO) initiated with an Overweight at JPMorgan
Rouse Properties (RSE) initiated with a Hold at KeyBanc
Sempra Energy (SRE) initiated with a Buy at UBS
Stratasys (SSYS) initiated with a Buy at Goldman
Ultimate Software (ULTI) initiated with a Buy at Deutsche Bank
Visa (V) initiated with an Outperform at Pacific Crest
COMPANY NEWS
Herbalife (HLF) says no knowledge of ongoing investigation by DoJ or FBI
Invesco Mortgage (IVR) CFO to resign
Vornado (VNO) to spin-off shopping center business
Trina Solar (TSL)lowers Q1 solar module shipment view to 540MW-570MW from 670MW-700MW, still sees FY14 module shipments 3.6GW-3.8GW
Amazon.com (AMZN) says Amazon Fire TV out of stock until April 21
Total (TOT), partners to develop Kaombo project in Angola for $16B
Medtronic (MDT) says CoreValve ruling has no impact outside U.S.
Intercept (ICPT) reports additional positive data from POISE trial at EASL
Edwards (EW) says court limits sale of Medtronic CoreValve system in U.S.
EARNINGS
Fuwei Films (FFHL) reports Q4 RMB(0.04) vs. RMB(0.96) a year ago
Flexible Solutions (FSI) reports Q1 revenue $3.81M, one estimate $4.94M
NEWSPAPERS/WEBSITES
3D Systems (DDD), other 3-D printing stocks could fall further, Barron's says
Google (GOOG), Palo Alto (PANW) worth looking into, Barron's says
Caesar's (CZR) deal with second-lien bondholders could dilute shares, Barron's says
JPMorgan (JPM) outlook promising despite earnings shortfall, Barron's reports
Land's End (LE) shares could head lower, Barron's says
LifeLock (LOCK), DFC Global have more downside, Barron's says
J&J (JNJ) halting development of Botox (AGN) competitor, WSJ says
Amazon.com (AMZN) plans to launch smartphone in 2H14, WSJ reports
'Captain America' surpasses 'Rio 2' in weekend box office, LA Times says
Facebook (FB) looks to provide financial services for users, Financial Times reports
GM Opel unit may get to break even ahead of 2016 target, WSJ says
Phillips 66 (PSX) halts sale efforts for Irish refinery, Independent says
Sprint (S) and Spotify plan to team up, Re/code says
SYNDICATE
CEL-SCI (CVM) to offer common stock, six month warrants in 'best efforts' offering
Pan American Silver (PAAS) files to sell 7.81M common shares
Radio One (ROIAK) files to sell $100M of Class D common stock
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
AKBA Akebia Therapeuti... 18.97 12.51%
EW Edwards Lifescien... 81.50 11.69%
ICUI Icu Medical Inc. ... 60.00 6.04%
GDP Goodrich Petroleu... 19.49 5.92%
WBMD Webmd Health Corp... 39.70 5.39%
ZIV Velocityshares Da... 40.79 4.27%
JNUG Direxion Daily Jr... 20.99 3.45%
ICPT Intercept Pharmac... 275.00 3.38%
DEO Diageo Plc Ads 129.28 3.35%
RDNT Radnet Inc. 4.20 3.19%
RAD Rite Aid 7.23 2.70%
VICR Vicor Corporation... 8.45 2.55%
HMY Harmony Gold Mini... 3.28 2.50%
BSX Boston Scientific... 13.00 2.44%
NUGT Direxion Daily Go... 38.05 2.42%
PANW Palo Alto Network... 65.70 2.18%
YANG Direxion Daily Ch... 23.10 2.08%
GG Goldcorp Inc. 24.58 2.03%
ANV Allied Nevada Gol... 4.09 2.00%
SSYS Stratasys Ltd. 96.45 1.98%
Top Losing Stocks
Price %Change
NBG National Bank of ... 4.45 -14.91%
NQ NQ Mobile 11.50 -9.45%
YGE Yingli Green Ener... 3.61 -6.96%
VXZ ipath S&p 500 Vix... 14.26 -5.81%
ABGB Abengoa S.a. Adr ... 22.07 -5.68%
JKS Jinkosolar Holdin... 24.10 -5.23%
TSL Trina Solar Ltd. ... 11.00 -4.84%
ALU Alcatel-lucent Ad... 3.59 -4.77%
CALL magicjack Vocalte... 17.96 -4.77%
JDST Direxion Daily Jr... 22.76 -4.69%
RUSL Direxion Daily Ru... 14.51 -4.60%
GWPH GW Pharmaceutical... 46.07 -4.52%
HIMX Himax Technologie... 10.00 -4.49%
MDT Medtronic Inc. 56.70 -4.22%
ISR Isoray 2.69 -3.93%
CSIQ Canadian Solar In... 24.05 -3.76%
CSUN China Sunergy Co.... 4.11 -3.75%
ABBV Abbvie Inc 45.01 -3.12%
LYG Lloyds Banking Gr... 4.75 -3.06%
JASO JA Solar Holdings... 9.04 -3.00%
Read more at http://thestockmarketwatch.com/markets/pre-market/#GjWbayVh8BIrdPMX.99
data:
Retail Sales
[Report][Star]8:30 AM ET
Business Inventories
[Report][djStar]10:00 AM ET
4-Week Bill Announcement
[Bullet11:00 AM ET
3-Month Bill Auction
[Bullet11:30 AM ET
6-Month Bill Auction
[Bullet11:30 AM ET
TRADER RADAR 4/14 to 4/18 EARNINGS and ECONOMIC INFO
Monday, April 14
US Economics (Time Zone: EST)
08:30 Advance Retail Sales (Mar) - expected 0.8%, prior 0.3%
08:30 Retail Sales ex Auto - exp 0.5%, prior 0.3%
08:30 Retail Sales ex Auto & Gas - exp 0.4%, prior 0.3%
10:00 Business Inventories - exp 0.5%, prior 0.4%
11:00 Fed to purchase $900m-$1.15b notes in 22 to 30-year range
11:30 Treasury selling $25b 3-month, $23b 6-month bills
Fedspeak
12:45pm Tarullo (moderate, board member) speaks with ECB's Noyer in NY
Global Economics (Time Zone: GMT)
09:00 EUR Eurozone Industrial Production
Earnings
Before:
M&T Bank (MTB)
Citigroup (C)
Tuesday, April 15
US Economics (Time Zone: EST)
08:30 Empire Manufacturing (April) - expected 8.00, prior 5.61
08:30 Consumer Price Index YoY (Mar) - exp 1.4%, prior 1.1%
08:30 CPI Ex Food & Energy YoY - exp 1.6%, prior 1.6%
09:00 Net Long-Term TIC Flows - exp $30.0B, prior $7.3B
09:00 Total Net TIC Flows - prior $83B
10:00 NAHB Housing Market Index (Apr) - exp 50, prior 47
11:00 Fed to purchase $1.75b-$2.25b notes in 6 to 7-year range
11:30 Treasury selling 4-week bills
Fedspeak
8:30am Lockhart (dove, nonvoter) speaks at Atlanta Fed conference in Georgia
8:45am Yellen (dove, chair) speaks via video to Atlanta Fed conference in Georgia
3:00pm Plosser (hawk, voter) moderates panel discussion in Georgia
4:00pm Rosengren (dove, nonvoter) speaks in Maine
8:00pm Kocherlakota (dove, voter) speaks in North Dakota
Global Economics (Time Zone: GMT)
06:00 JPY Machine Tool Orders (March final)
08:30 GBP CPI & PPI
09:00 EUR German ZEW (April) Current Situation, Expectations
09:00 EUR Eurozone Trade Balance
13:00 CAD Existing Home Sales
Earnings
Before:
Coca-Cola (KO)
Johnson & Johnson (JNJ)
Northern Trust (NTRS)
After:
Interactive Brokers (IBKR)
CSX (CSX)
Intel (INTC)
Yahoo! (YHOO)
Wednesday, April 16
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications
08:30 Housing Starts (Mar) - expected 975K, prior 907K
08:30 Building Permits - exp 1015K, prior 1014K
09:15 Industrial Production - exp 0.5%, prior 0.6%
09:15 Capacity Utilization - exp 78.7%, prior 78.8%
2:00 Fed's Beige Book
11:00 Fed to purchase $900m-$1.15b notes in 22-30-year range
Fedspeak
8:30am Stein (board, hawk) speaks at Atlanta Fed conference in Georgia
11:30am Lockhart (dove, nonvoter) speaks in Georgia
12:25pm Yellen (dove, chair) speaks in NY
1:25pm Fisher (hawk, voter) speaks in Texas
Global Economics (Time Zone: GMT)
NZD CPI
02:00 CNY Fixed Asset Investment YTD (March)
02:00 CNY Retail Sales YTD
02:00 CNY Industrial Production YTD
02:00 CNY GDP (1Q)
04:30 JPY Industrial Production (Feb final)
08:30 GBP Jobless Claims Change
08:30 GBP ILO 3M Unemployment Rate
09:00 EUR Eurozone CPI (Mar final)
2:15am BoJ's Kuroda speaks in Tokyo
8:30pm Kuroda speaks at branch managers meeting
Earnings
Before:
PNC Financial (PNC)
US Bancorp (USB)
Huntington Bank (HBAN)
Bank of America (BAC)
WW Grainger (GWW)
After:
Capital One Financial (COF)
IBM (IBM)
American Express (AXP)
Kansas City Southern (KSU)
Sandisk (SNDK)
SLM (SLM)
Google (GOOG)
Kinder Morgan (KMI)
Thursday, April 17
US Economics (Time Zone: EST)
08:30 Initial Jobless Claims - expected 311K, prior 300K
08:30 Continuing Claims - exp 2775K, prior 2776K
10:00 Philly Fed (Apr) - exp 10.0, prior 9.0
1:00 Treasury selling $18b 5-year TIPS
Global Economics (Time Zone: GMT)
JPY Japan Investors Purchases of Foreign Bonds/Stocks
05:00 JPY Consumer Confidence Index (Mar)
12:30 CAD CPI (Mar)
Earnings
Before:
Honeywell (HON)
Baker Hughes (BHI)
DuPont (DD)
General Electric (GE)
Schlumberger (SLB)
BB&T (BBT)
Union Pacific (UNP)
UnitedHealth (UNH)
Keycorp (KEY)
Blackstone (BX)
Alliance Data (DATA)
Blackrock (BLK)
Mattel (MAT)
Fifth Third Bancorp (FTIB)
Morgan Stanley (MS)
Goldman Sachs (GS)
Pepsi (PEP)
Chipotle (CMG)
Phillip Morris (PM)
Cypress Semi (CY)
Advanced Micro (AMD)
Friday, April 18
US Economics (Time Zone: EST)
US markets closed for Easter holiday
Global Economics (Time Zone: GMT)
01:30 CNY Property Prices
Earnings
No major reports scheduled
Twitter: @MichaelSedacca
Earnings Preview for the week of April 14 - 17 some of the bigger names include:
Monday:
Pre Market - C, JBHT, MTB
After Hours - PBY
Tuesday:
Pre Market - JNJ, KO, INFY, NTRS, CMA
After Hours - INTC, CSX, YHOO, LLTC, IBKR
Wednesday:
Pre Market - BAC, ABT, USB, PNC, GWW, ASML, STJ, HBAN
After Hours - IBM, GOOG, AXP, COF, KMI, KMP, CCK, STLD, SNDK, NE, URI, ALB, SLM, UFPI, KSU, PLXS, HNI, EPB, PBCT
Thursday:
Pre Market - TSM, WIT, GE, UNH, PEP, SLB, DD, HON, GS, MS, PM, BHI, UNP, DHR, AN, BAX, SAP, PGG, BLK, SHW, BBT, DOV, FITB, BX, COL, ADS, SON, KEY, MAT, CMG
After Hours - AMD, HUBG, SCSS
good morning
yes.....few close calls on that! cabs are everywhere....
did not ride the subway....will do that next time....we went down there, but didn't quite know what to do!
hi pal! I loved it! Had absolutely the time of my life....very nice people in Manhattan/New York City....
Saw the sights, ate good food + ate some good stuff from street vendors...
Love the little places to eat that are quiet/small...
Probably walked 30 miles as we walked most everywhere....
Lady Gaga rocked the Roseland ballroom....we also heard her sound check the night before...
Actually researching plans to go again end of May.....
Weather was beautiful!
Frontrunning:
Sensitive Market Data Leaked After Government Phone Call (WSJ)
This is a actual Bloomberg headline: China Fake Data to Skew More Export Numbers (BBG)
This is another actual BBG headline: U.S. as Global Growth Engine Putt-Putts Instead of Purring (BBG)
Ukraine wants to buy European gas to boost energy security (Reuters)
JPMorgan Profit Falls 19% on Trading, Mortgage Declines (BBG)
Record Europe Dividends Keep $2.8 Trillion From Factories (BBG)
Why is Goldman shutting down Sigma X: SEC eyes test that may lead to shift away from 'dark pools' (Reuters)
Ebola Outbreak Empties Hotels as West Africa Borders Closed (BBG)
Australian PM says searchers confident of position of MH370's black boxes (Reuters)
Gross Says El-Erian Should Explain Reason for Exit (BBG)
PC recalls next: Sony Issues Warning Over Vaio Battery Fire Risk (WSJ)
SAC Record $1.8 Billion Insider Plea Caps 7-Year Probe (BBG)
Texan Discovers Key to Euro Going Against Consensus (BBG)
GM Raises Recall Costs to $1.3 Billion (WSJ)
London’s Wealthy Expanding Realms by Buying Out Neighbors (BBG)
Coldwater Creek Files Bankruptcy After Apparel Sales Fall (BBG)
Overnight Media Digest
WSJ
* The fallout from General Motors Co's troubled recalls escalated on Thursday with the auto maker raising its estimated costs to $1.3 billion and suspending two engineers involved in fateful early decisions.(http://r.reuters.com/vyr48v)
* PG&E Corp will offer a $250,000 reward for information resulting in the arrest and conviction of people who attacked its Metcalf transmission substation near San Jose, California, last year.(http://r.reuters.com/wyr48v)
* China's tougher stance on imports of genetically modified corn is roiling U.S. agribusiness, largely halting trade in the biggest U.S. crop in its fastest growing market. By one industry estimate, exports are down by 85 percent compared with last year. (http://r.reuters.com/xyr48v)
* After a decade-long probe into SAC Capital Advisors LP, federal prosecutors won approval of a $1.8 billion settlement with the hedge fund but appear to have all but given up efforts to charge its billionaire founder, Steven A. Cohen. (http://r.reuters.com/zyr48v)
* The Justice Department is investigating whether a Citigroup Inc unit in California failed to alert the government to suspicious banking transactions along the U.S.-Mexico border that in some cases involved suspected drug-cartel members, said people familiar with the probe. (http://r.reuters.com/das48v)
* Regulators have stepped up their scrutiny of the booming bond markets, launching an inquiry into Wall Street banks' trading profits and expanding a probe into how new offerings are doled out to investors, according to officials. (http://r.reuters.com/jur48v)
* Market-sensitive information vitally important to health-insurance companies has once again reached Wall Street before the public, and this time it appears to have come from the government itself. (http://r.reuters.com/mas48v)
* A group of investors with Hollywood ties is seeking to revive bankrupt bitcoin-trading exchange Mt. Gox, according to people familiar with the matter. The investor group, which includes Brock Pierce, a former child actor-turned technology entrepreneur, is offering a token payment of one bitcoin, or about $400, to buy the exchange outright, according to these people. (http://r.reuters.com/qas48v)
FT
Russia's second-largest bank VTB said the Bank of England had made demands of its UK subsidiary regarding capital and liquidity that were "unjust" although it saw no immediate threat to its business there.
Some UK news websites have begun the use of automatically embedded advertising service provided by the Finnish start-up company Kiosked, which charges a commission of sales via these advertisements, and calls the phenomena the next phase of ecommerce.
BP Plc's heavy presence in Russia may prove to be a weakness rather than once considered strength for the oil major as tensions between the country and Ukraine continue after its annexation of Crimea.
Gulf carrier Etihad Airways is seeking to become the largest shareholder in Alitalia, and wants to slice off 12,000 staff of the Italian national carrier's staff, people with direct knowledge said.
Britain's Co-operative Bank is expected to cancel millions of pounds of bonuses to former employees including former Chief Executive Officer Neville Richardson in an attempt to steer out of controversy over past misconduct.
NYT
* General Motors Co on Thursday suspended two engineers and added another repair to its recall of cars with a faulty ignition switch that has been linked to 13 deaths. G.M. said it would cost $1.3 billion in the first quarter to pay for all of its recalls - a significant increase over the $750 million it had previously estimated. (http://r.reuters.com/gyr48v)
* The Chinese pork company that bought Smithfield Foods, America's biggest pork producer, formally began an attempt to raise as much as 41.2 billion Hong Kong dollars, or $5.3 billion, by listing the business in Hong Kong. The combined business has since been renamed WH Group, and its IPO would be the largest in the world since that of a Brazilian insurer, BB Seguridade Participacoes, in April 2013. (http://r.reuters.com/kyr48v)
* The potential for harm by the "Heartbleed" bug could extend to the many devices that connect to the Internet, security experts say. Cisco Systems Inc and its rival Juniper Networks Inc, providers of equipment that move traffic through the Internet, said on Thursday that their main products such as routers and servers were unaffected. (http://r.reuters.com/fyr48v)
* A federal judge on Thursday approved a plea deal by Steven Cohen's investment firm that resolved criminal insider trading charges and required a $1.2 billion penalty. Cohen is hoping for a less litigious transition for his firm, now re-christened Point72 Asset Management, that will manage about $9 billion of his own fortune. (http://r.reuters.com/hyr48v)
* Investors dumped Internet, biotechnology and other fast-growing companies at a dizzying pace on Thursday, dragging down the rest of the stock market and stirring up painful memories of the dot-com bust in 2000. The anxiety threatens to put a chill over the market for IPOs. (http://r.reuters.com/pyr48v)
* The Oversight and Government Reform Committee voted on Thursday to hold a former IRS official in contempt for refusing to answer its questions about her role in holding up applications for tax exemption. The official, Lois Lerner, faced the panel last year and made a statement denying any wrongdoing. Then she refused to answer questions, invoking her Fifth Amendment right to not incriminate herself. (http://r.reuters.com/qyr48v)
* Activist-investor Carl Icahn agreed to settle differences with eBay Inc and dropped his demands for two board seats and a spin-off of the company's Paypal unit. He also agreed to sign a confidentiality agreement. In return, eBay will add a director, David Dorman, a former CEO of AT&T Inc, whom both sides have agreed on. (http://r.reuters.com/ryr48v)
* The number of Americans filing new applications for unemployment benefits tumbled last week to the lowest level in nearly seven years, strengthening views of faster job growth. The report on jobless claims on Thursday was the latest sign of economic momentum after an unusually cold winter slowed activity. (http://r.reuters.com/syr48v)
* The Treasury Department said on Thursday that the federal budget deficit for the first half of the 2014 fiscal year totaled $413 billion, down $187 billion from where it stood at this point last year, as tax revenue surged and spending sank. (http://r.reuters.com/tyr48v)
Canada
THE GLOBE AND MAIL
* All federal departments using software vulnerable to the so-called Heartbleed bug have been ordered to immediately disable public websites. The directive issued late Thursday calls this a precautionary measure until the "appropriate security patches are in place and tested". (http://r.reuters.com/wes48v)
* Former Canadian Finance Minister Jim Flaherty, who stepped down from his position last month, died of a heart attack on Thursday. Flaherty changed fiscal conservatism in Canada by delivering one of the largest deficits in modern history. When he quit as finance minister after eight years, he left the country on the road to balance. (http://r.reuters.com/fus48v)
Reports in the business section:
* The Canadian Broadcasting Corporation will cut 657 positions and get out of the business of airing professional sports, a pillar of its programming for more than 60 years, as part of a plan to confront a C$130 million revenue shortfall projected for the 2014-15 broadcast year. (http://r.reuters.com/bus48v)
NATIONAL POST
* Upon hearing of the death of former Canadian Finance Minister Jim Flaherty, doctors expressed worry about the side-effects that treatments for his rare skin disorder do "to the body and mind." In January 2013, Flaherty told the public he suffered from bullous pemphigoid, an incurable autoimmune skin disorder that causes painful lesions. (http://r.reuters.com/kus48v)
* A Quebec court has ruled that the province's language police went too far in trying to force such major retailers as Wal-Mart Stores Inc, Gap Inc and Best Buy to add French to their outdoor signs. (http://r.reuters.com/bys48v)
FINANCIAL POST
* Canadian Imperial Bank of Commerce's Deputy Chief Economist Benjamin Tal never imagined himself as the defender of the Canadian housing market, but he is doing exactly that as he squares off against a U.S. commentator calling out what he sees as a bloated real estate market. (http://r.reuters.com/jys48v)
* Goldcorp Inc hiked its hostile bid for Montreal-based Osisko Mining Corp on Thursday to C$3.6 billion, or C$7.65 a share in cash and stock. The dollar value is roughly C$1 billion more than what Goldcorp offered in January, when its own share price was significantly lower. (http://r.reuters.com/rys48v)
China
SECURITIES TIMES
- China's decision to allow cross-border stock investment between Shanghai and Hong Kong will boost large-capitalised blue chips on the Shanghai Stock Exchange as well as the overall Chinese stock market, analysts said.
- A study of the 2013 annual results of 22 major Chinese property firms shows their profit margins dropped sharply last year after a slew of government steps to cool housing prices.
CHINA SECURITIES JOURNAL
- Economists widely expect China's exports to recover in the second quarter of this year despite weak trade data for the first quarter posted by the government on Thursday.
CHINA DAILY
- China's state-owned enterprises are searching for changes amid the country's reform drive as they are losing competitiveness under many years of government protection.
PEOPLE'S DAILY
- The keynote speech made by Chinese Premier Li Keqiang at the Boao Forum for Asia in China's southern island province of Hainan on Thursday signalled China's intention to use reforms to boost its economy instead of investment stimulus, analysts said.
CHINA BUSINESS NEWS
- The Shanghai Stock Exchange has no plan to abolish its 10 percent daily limit system for individual stocks for now, Xiao Gang, chairman of the China Securities Regulatory Commission, told reporters on Thursday on the sidelines of the Boao Forum.
Britain
The Telegraph
BRITISH ECONOMY TOO RELIANT ON PEOPLE SPENDING MONEY, WARNS IMF
(http://link.reuters.com/war48v)
Britain is still too reliant on consumer spending to drive growth, and further action is needed to foster stronger exports and investment to ensure the economy is "three engines powered", according to the head of the International Monetary Fund.
CO-OP BANK FACES FRESH QUESTIONS AHEAD OF RESULTS
(http://link.reuters.com/xar48v)
The Co-op Bank will on Friday face fresh questions over its future as it announces losses for last year of as much as 1.3 billion pounds.
The Guardian
TESCO ARE EYEING A SLICE OF THE LUCRATIVE TAKEAWAY TRADE IN LONDON
(http://link.reuters.com/zar48v)
Tesco is understood to be working on a high-street takeway-food chain that would compete with Pret à Manger, Eat and Greggs. Analysts said the supermarket is putting the finishing touches to a new format called "Tesco Express food to go" that would be focused on the large London market.
WH SMITH TO MOVE INTO OPERATING FRANCHISE STORES FOR OTHER RETAILERS
(http://link.reuters.com/ber48v)
WH Smith is moving into operating franchise stores for other retailers, including Marks & Spencer, as the books-to-paper clips retailer develops a growing portfolio of brands.
The Times
BP GIVEN A BLOODY NOSE OVER ATTEMPT TO TREBLE CHIEF'S PAY
(http://link.reuters.com/tar48v)
Almost a third of BP's shareholders refused to back "complacent" management at a stormy annual meeting during which the leadership was accused of turning the oil giant into a "laughing stock" because of spiralling payouts over the Gulf of Mexico disaster.
TESCO CHIEF NOT GOOD ENOUGH, SAY EX-DIRECTORS
(http://link.reuters.com/var48v)
Former Tesco Plc directors are "dismayed and angry" at the cull of senior talent at the retailer and fear that Philip Clarke, the chief executive, is driving the business "in the wrong direction".
Sky News
HOUSE PRICES TO SOAR AMID PROPERTY SHORTAGE
(http://link.reuters.com/fer48v)
Housing sales have reached their highest level in six years, fuelling fears that many buyers will be priced out of the market, according to the Royal Institution of Chartered Surveyors (Rics).
FUND MANAGERS GAIN NEW VOICE WITH ABI MERGER
(http://link.reuters.com/xaq48v)
The investment affairs division of the Association of British Insurers is to merge with the Investment Management Association to create a focal point for asset managers.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
PPI final demand for March at 8:30--consensus up 0.1% from prior month
U. of Michigan consumer sentiment index for April at 9:55--consensus 81.0
ANALYST RESEARCH
Upgrades
BofI Holding (BOFI) upgraded to Outperform from Market Perform at Keefe Bruyette
Corporate Executive Board (CEB) upgraded to Buy from Hold at Deutsche Bank
Demandware (DWRE) upgraded to Outperform from Market Perform at BMO Capital
E-Trade (ETFC) upgraded to Overweight from Underweight at Barclays
Ford (F) upgraded to Buy from Hold at Deutsche Bank
Hub Group (HUBG) upgraded to Strong Buy from Outperform at Raymond James
Imperva (IMPV) upgraded to Buy from Neutral at Sterne Agee
JAKKS Pacific (JAKK) upgraded to Outperform from Market Perform at BMO Capital
KB Home (KBH) upgraded to Market Perform from Underperform at Keefe Bruyette
LinnCo (LNCO) upgraded to Buy from Neutral at UBS
NewBridge Bancorp (NBBC) upgraded to Outperform from Market Perform at Keefe Bruyette
Principal Financial (PFG) upgraded to Equal Weight from Underweight at Evercore
SQM upgraded to Neutral from Underperform at BofA/Merrill
Sensata (ST) upgraded to Buy from Neutral at Longbow
Shutterfly (SFLY) upgraded to Buy from Neutral at Goldman
SolarWinds (SWI) upgraded to Outperform from Market Perform at Cowen
TD Ameritrade (AMTD) upgraded to Overweight from Equalweight at Barclays
TE Connectivity (TEL) upgraded to Buy from Neutral at BofA/Merrill
Toyota (TM) upgraded to Buy from Hold at Jefferies
Varonis (VRNS) upgraded to Overweight from Equalweight at Barclays
Zynga (ZNGA) upgraded to Equal Weight from Underweight at Morgan Stanley
Downgrades
Apogee Enterprises (APOG) downgraded to Buy from Conviction Buy at Goldman
Bed Bath & Beyond (BBBY) downgraded to Neutral from Buy at Citigroup
Corning (GLW) downgraded to Neutral from Buy at UBS
Ellie Mae (ELLI) downgraded to Market Perform from Outperform at FBR Capital
Equity Residential (EQR) downgraded to Underperform from Hold at Jefferies
Gap (GPS) downgraded to Neutral from Buy at Janney Capital
Seadrill (SDRL) downgraded to Neutral from Outperform at Credit Suisse
Symantec (SYMC) downgraded to Equalweight from Overweight at Barclays
Initiations
ASML (ASML) initiated with a Cautious at ISI Group
Analog Devices (ADI) initiated with a Buy at ISI Group
Applied Materials (AMAT) initiated with a Strong Buy at ISI Group
Ares Commercial (ACRE) initiated with a Market Perform at Keefe Bruyette
Aruba Networks (ARUN) initiated with a Buy at SunTrust
Broadcom (BRCM) initiated with a Neutral at ISI Group
CSX (CSX) initiated with an Outperform at Macquarie
Cisco (CSCO) initiated with a Buy at SunTrust
F5 Networks (FFIV) initiated with a Neutral at SunTrust
Freescale (FSL) initiated with a Cautious at ISI Group
Genesee & Wyoming (GWR) initiated with a Neutral at Macquarie
Intel (INTC) initiated with a Neutral at ISI Group
Juniper (JNPR) initiated with a Buy at SunTrust
KLA-Tencor (KLAC) initiated with a Neutral at ISI Group
Kansas City Southern (KSU) initiated with an Underperform at Macquarie
Lam Research (LRCX) initiated with a Strong Buy at ISI Group
Linear Technology (LLTC) initiated with a Cautious at ISI Group
Maxim Integrated (MXIM) initiated with a Neutral at ISI Group
Micron (MU) initiated with a Strong Buy at ISI Group
NVIDIA (NVDA) initiated with a Neutral at ISI Group
NXP Semiconductors (NXPI) initiated with a Strong Buy at ISI Group
Norfolk Southern (NSC) initiated with a Neutral at Macquarie
PNM Resources (PNM) initiated with an Outperform at RBC Capital
Polycom (PLCM) initiated with a Neutral at SunTrust
Qualcomm (QCOM) initiated with a Strong Buy at ISI Group
Riverbed (RVBD) initiated with a Neutral at SunTrust
SanDisk (SNDK) initiated with a Neutral at ISI Group
Tekmira (TKMR) initiated with an Outperform at RBC Capital
Teradyne (TER) initiated with a Buy at ISI Group
Texas Instruments (TXN) initiated with a Neutral at ISI Group
Trulia (TRLA) initiated with a Fair Value at CRT Capital
Trulia (TRLA) initiated with a Neutral at Susquehanna
Union Pacific (UNP) initiated with a Neutral at Macquarie
Zillow (Z) initiated with a Positive at Susquehanna
COMPANY NEWS
H&R Block (HRB) announced that it will divest its H&R Block Bank assets to BofI Federal Bank, the banking subsidiary of BofI Holding (BOFI)
Facebook (FB), WhatsApp deal cleared by FTC with caveat
Google (GOOG) said 'Jelly Bean' affected by Heartbleed
Gap (GPS) reported March SSS fell 6% and said it expects Q1 gross margins to decline more when compared to the prior year period than they did in the preceding quarter
NQ Mobile (NQ) said it identified an accounting overstatement related to share-based compensation for the three and nine months ended September 30
Zynga (ZNGA) appointed Best Buy's (BBY) David Lee as CFO, succeeding CFO and CAO Mark Vranesh
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Ceres (CERE)
Companies that missed consensus earnings expectations include:
NQ Mobile (nq)
NEWSPAPERS/WEBSITES
Cisco (CSCO), Juniper (JNPR) say some products affected by Heartbleed bug, WSJ reports
Sony (SNE) issues warning over Vaio battery fire risk, Reuters reports
DreamWorks Animation (DWA) may look to take a piece of Vevo, Re/code reports
Apple (AAPL): iOS, OSX not affected by Heartbleed flaw, Re/code reports
JPMorgan (JPM) CEO Jamie Dimon hopes to minimize corporate cash, WSJ says
Deutsche Bank (DB) wins dismissal of FHFA case, Reuters reports
Apple (AAPL) may offer high-res iTunes tracks in 2 months, Apple Insider says
GM (GM) beats Volkswagen (VLKAY) in Q1 China deliveries, Bloomberg reports
SYNDICATE
Arthur J. Gallagher (AJG) 19M share Secondary priced at $43.25
ChinaCache (CCIH) files to sell 3.37M American Depositary Shares for holders
Enable Midstream (ENBL) 25M share IPO priced at $20.00
Farmland Partners (FPI) 3.8M share IPO priced at $14.00
GasLog (GLOG) files to sell 4.25M common shares
NTN Buzztime (NTN) files to sell common stock
Phibro Animal Health (PAHC) 11.765M share IPO priced at $15.00
Relypsa (RLYP) 3.59M share Secondary priced at $24.50
Voxeljet (VJET) 3M share Secondary priced at $15.00
Zoe's Kitchen (ZOES) 5.833M share IPO priced at $15.00
Pre Market Movers
Top Gaining Stocks
Price %Change
BOFI Bofi Holding Inc.... 82.00 10.16%
VHC Virnetx Holding 14.98 9.02%
HRB H&r Block Inc. 30.30 6.62%
ARNA Arena Pharmaceuti... 6.50 5.18%
PRAN Prana Biotechnolo... 2.06 4.57%
FEZ Spdr Euro Stoxx 5... 44.32 4.55%
SBGL Sibanye Gold Ltd ... 9.93 3.87%
YANG Direxion Daily Ch... 22.55 3.73%
AXAS Abraxas Petroleum... 4.75 3.49%
NEPT Neptune Technolog... 2.46 2.93%
TZA Direxion Daily Sm... 17.76 2.66%
DNDN Dendreon Corporat... 2.85 2.52%
NUGT Direxion Daily Go... 39.75 2.26%
MIDZ Direxion Daily Mi... 17.90 2.17%
ZNGA Zynga Inc. 4.15 1.97%
EDZ Direxion Daily Em... 37.80 1.94%
RSX Market Vectors Ru... 23.68 1.81%
DDD 3D Systems Corp. ... 49.60 1.68%
BIIB Biogen Idec Inc. ... 291.84 1.56%
IMPV Imperva Inc 28.40 1.43%
Top Losing Stocks
Price %Change
DWCH Datawatch Corpora... 14.59 -29.55%
RGDO Regado Bioscience... 6.20 -13.53%
VJET voxeljet AG Ads 16.05 -13.48%
RNG Ringcentral 14.55 -10.30%
PRLB Proto Labs Inc 62.40 -10.20%
PRAA Portfolio Recover... 52.30 -9.67%
NQ NQ Mobile 14.89 -6.88%
CALL magicjack Vocalte... 18.51 -4.88%
CTSH Cognizant Technol... 45.55 -4.85%
GPS Gap Inc. 37.45 -4.68%
SQM Sociedad Quimica ... 29.60 -3.58%
ABGB Abengoa S.a. Adr ... 23.45 -3.30%
NBG National Bank of ... 5.24 -3.14%
ARMH Arm Holdings Plc ... 48.14 -3.08%
RGSE Real Goods Solar ... 3.50 -3.05%
JDST Direxion Daily Jr... 21.36 -2.95%
ILMN Illumina Inc. 132.00 -2.76%
JPM JP Morgan Chase 55.90 -2.61%
ICPT Intercept Pharmac... 258.00 -2.52%
SDRL Seadrill Ltd. 33.08 -2.48%
Read more at http://thestockmarketwatch.com/markets/pre-market/#OBuQmm3ZloZ4hLKU.99