is trading.....maybe!!
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data:
PPI-FD
[Report][Star]8:30 AM ET
Consumer Sentiment
[Report][djStar]9:55 AM ET
futures -63
good morning
Hi stuffie!!.....
Still in Manhattan.....leaving around lunchtime....
All i can say is wow!....such a great city and such nice people.....!!!!
Will message you soon!!!
ibox updated, funds transferred, Manhattan....here I come!
$5,025 for the week...
2014 Trade Detail:
Jan
GOGO $700
GOGO $967
SLB $1,258
WLT ($286)
SLB $748
GOGO $1,852
WUBA $2,008
GOGO $426
GOGO $3,308
VJET $271
WUBA $1,082
GOGO $3,649
Feb
GOGO $1,556
WUBA $1,598
ARUN $433
RAX $225
ARUN $1,388
TRLA $1,659
TRLA $1,319
GOGO $1,307
WDAY $2,485
RL $399
March
RL $1,043
RL $2,473
NQ $2,019
ICPT $3,011
CMCSA $818
GOGO $2,622
April
GOGO $2,403
Total $42,741
Pre Market Movers
Top Gaining Stocks
Price %Change
KYTH Kythera Biopharma... 41.90 7.22%
WBAI 500 Com Ltd. Adr ... 42.65 6.60%
RGDO Regado Bioscience... 13.51 5.96%
CTRP Ctrip.com Interna... 55.20 5.81%
MTSN Mattson Technolog... 2.65 5.58%
PLUG Plug Power Inc. 7.80 4.28%
JDST Direxion Daily Jr... 23.18 3.85%
CYTR Cytrx Corporation... 3.95 3.67%
VISN Visionchina Media... 24.90 3.53%
FCEL Fuelcell Energy I... 2.65 3.52%
KMDA Kamada Ltd. 15.46 3.27%
CETV Central European ... 3.18 2.58%
ISR Isoray 3.20 2.56%
MCP Molycorp 4.95 2.48%
MON Monsanto Co. 116.85 2.12%
ONNN ON Semiconductor ... 9.70 2.11%
VHC Virnetx Holding 15.00 2.04%
OPEN Opentable Inc. 78.57 2.00%
KNDI Kandi Technologie... 16.90 1.99%
NFX Newfield Explorat... 32.00 1.85%
Top Losing Stocks
Price %Change
VVUS Vivus Inc. 5.80 -6.15%
GBX Greenbrier Cos. 45.00 -5.68%
CPRX Catalyst Pharmace... 2.10 -4.98%
KIN Kindred Bioscienc... 19.02 -4.71%
EXAS Exact Sciences Co... 13.72 -3.72%
LWAY Lifeway Foods Inc... 13.70 -3.18%
LQDT Liquidity Service... 20.26 -2.88%
DATA Tableau Software ... 75.52 -2.86%
PEIX Pacific Ethanol I... 16.80 -2.61%
NBG National Bank of ... 5.62 -2.43%
VE Veolia Environnem... 19.73 -2.33%
JNUG Direxion Daily Jr... 22.00 -2.14%
DB Deutsche Bank AG ... 45.05 -2.13%
ECA Encana Corp. 21.00 -1.96%
GDXJ Market Vectors Ju... 37.06 -1.88%
RIO Rio Tinto Plc Ads... 55.36 -1.81%
DDC Dominion Diamond ... 13.30 -1.77%
EPI Wisdomtree India ... 19.00 -1.55%
EDC Direxion Daily Em... 26.84 -1.50%
TTM Tata Motors Ltd. ... 36.27 -1.44%
Read more at http://thestockmarketwatch.com/markets/pre-market/#e7eU34aYoLQT34MW.99
data:
Challenger Job-Cut Report
[Report][Bullet7:30 AM ET
Gallup US Payroll to Population
[Bullet8:30 AM ET
International Trade
[Report][Star]8:30 AM ET
Jobless Claims
[Report][Star]8:30 AM ET
PMI Services Index
[Report][Bullet9:45 AM ET
Bloomberg Consumer Comfort Index
[Bullet9:45 AM ET
ISM Non-Mfg Index
[Report][djStar]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
3-Yr Note Announcement
[Bullet11:00 AM ET
10-Yr Note Announcement
[Bullet11:00 AM ET
30-Yr Bond Announcement
[Bullet11:00 AM ET
Fed Balance Sheet
[Bullet4:30 PM ET
Money Supply
[Bullet4:30 PM ET
futures +12
good morning
congrats to all the winners.....
Frontrunning:
Why did Yellen use criminals in her employment case studies? Hilsenrath explainz (Hilsenrath)
GM avoided defective switch redesign in 2005 to save a dollar each (Reuters)
Xuzhou Zhongsen Said to Avert Bond Default on Guarantor Aid (BBG)
France's New Finance Minister Faces Fiscal Challenge (WSJ)
The magic is gone: Draghi’s Attempt to Talk Down Euro Lost on Traders (BBG)
Another John Kerry smashing success: U.S. Gambit on Mideast Peace Talks Falters (WSJ)
Combat-Ready China Military Seen as Xi’s Goal in Graft Battle (BBG)
Huge earthquake off Chile's north coast triggers tsunami (Reuters)
Pressure rises on Gross as investors pull $3.1 billion from Pimco's flagship fund (Reuters)
'Too Big to Fail' still thriving (Reuters)
Overdraft Fees at Banks Hit a High, Despite Curbs (WSJ)
Windows XP: Old Platforms Die Hard, Security Risks Live On (WSJ)
Overnight Media Digest
WSJ
* Securities and Exchange Commission Chairman Mary Jo White said on Tuesday her agency has "a number" of investigations into potentially unlawful trading practices by high-frequency trading firms. (http://r.reuters.com/sam28v)
* Amid a growing clamor over the role of high-frequency traders in the markets, Virtu Financial Inc has delayed the start of its pitch to investors on its initial public offering. (http://r.reuters.com/hem28v)
* Samsung Electronics Co Ltd copied Apple Inc's breakthrough iPhone to remain competitive, the U.S. company said as a new round opened in their long-running patent feud. Samsung, meanwhile, countered that it was being targeted as a proxy for Apple's rivalry with Google Inc. (http://r.reuters.com/jem28v)
* Goldman Sachs Group Inc is close to selling a once-iconic trading business based on the floor of the New York Stock Exchange to Dutch firm IMC Financial Markets, according to people familiar with the matter. (http://r.reuters.com/qam28v)
* Wells Fargo & Co said Timothy Sloan will leave his current post as finance chief and take over the wholesale banking group, succeeding the retiring David Hoyt. (http://r.reuters.com/dem28v)
* Comcast Corp's deal to buy Time Warner Cable Inc has run into an unexpected source of turbulence: a weak stock price. In the nearly seven weeks since the deal was announced, Comcast's share price has dropped nearly 10 percent, reducing the value of its all-stock offer for Time Warner Cable to $143.55 a share from $158.82 per share when it was announced. (http://link.reuters.com/zem28v)
* A U.S. judge on Tuesday ordered Mt. Gox founder and Chief Executive Mark Karpeles to come to Texas, where the Japanese exchange has filed for U.S. bankruptcy protection. At a hearing in U.S. Bankruptcy Court in Dallas, Judge Stacey Jernigan set an April 17 date for Mr. Karpeles to answer questions under oath from lawyers who represent customers with frozen bitcoin accounts. (http://r.reuters.com/vem28v)
* Two banks have dropped their lawsuit against Target Corp and its security assessor, Trustwave Holdings Inc, following the theft of 40 million credit and debit card numbers from the retailer last year, according to court documents. (http://r.reuters.com/mem28v)
* Federal prosecutors have brought a rare criminal case against PG&E Corp's San Francisco utility over a 2010 fatal pipeline explosion in San Bruno, California, charging the company with knowingly breaking federal safety rules.(http://r.reuters.com/mam28v)
* Banks are turning to overdraft fees as revenue fall on deposit accounts, despite the Federal Reserve stopping them in 2010 from automatically charging customers overdraft fees on debit-card and automated-teller-machine transactions. (http://r.reuters.com/vam28v)
* Investors pulled $3.1 billion from Bill Gross's Pimco Total Return Fund in March, marking the 11th consecutive month of outflows at the marquee fund for Pacific Investment Management Co. The data, released late Tuesday by fund-research firm Morningstar Inc, underscores the challenges confronting the Newport Beach, California-based money manager following a year of record redemptions and a management shake-up. (http://r.reuters.com/pem28v)
* BlackBerry Ltd said late Tuesday that it is ending its licensing agreement with T-Mobile Inc when it expires later this month, a surprise move that comes two months after the two companies' chief executives sparred online. (http://r.reuters.com/rem28v)
* Executives of PricewaterhouseCoopers were put on the spot at a Senate subcommittee hearing on Tuesday by a public reading of their emails discussing how to preserve overseas tax benefits for client Caterpillar Inc. In one 2008 email, Thomas F. Quinn, a PwC tax partner, warned that the giant maker of construction and mining equipment might lose tax benefits if some Swiss-based product managers relocated to the U.S. (http://r.reuters.com/sem28v)
* The spring thaw helped push U.S. auto sales in March to one of the strongest rates in years, putting the industry back on track for growth this year after two months of winter doldrums. (http://r.reuters.com/kem28v)
FT
US law firm Schulte Roth & Zabel has expanded to open a new European practice in London to advice activist hedge funds as its U.S. clients are beginning to examine positions in UK-based companies.
In a move to expand its connected-car market, the Spanish telecom giant, Telefonica will provide Internet connectivity to all Tesla cars in Europe.
Royal Dutch Shell said it will lower its costs in its U.S. shale gas business by switching to cheaper Chinese machinery - a shift which could serve as a potential threat to western industrial equipment makers.
Private hospitals and politicians allege insurance companies such as Bupa "bribe" patients by offering cash payments to use NHS services for procedures such as angioplasty.
Hargreaves Services Plc is in talks to invest in UK Coal, Britain's largest coal miner, which is seeking a 10-million pound government fund to close two of its three pits in Britain and sell-off of its surface mines if the bid by Hargreaves fails.
NYT
* As families of crash victims lined the back of the House hearing room, displaying photos of their lost loved ones, General Motors Co's Chief Executive Mary Barra told lawmakers that the company was considering paying damages to victims of accidents in the millions of cars recalled for defective ignition switches. (http://link.reuters.com/fam28v)
* Officials of Caterpillar Inc sparred with members of a Senate panel on Tuesday, defending more than a decade's worth of tax practices that put most of the company's profits out of reach of United States tax authorities. (http://link.reuters.com/gam28v)
* A federal judge ordered the Marvell Technology Group Ltd to pay about $1.54 billion to Carnegie Mellon University for selling billions of semiconductors that infringed the school's two hard disk drive patents. While that amount is 31 percent more than the $1.17 billion initially awarded by a jury in Dec. 2012, it was less than half the maximum $3.75 billion that Carnegie Mellon sought. (http://link.reuters.com/ham28v)
* Glen Taylor, the billionaire owner of the Minnesota Timberwolves basketball team, has signed a letter of intent to buy The Minneapolis Star Tribune, the newspaper announced on Tuesday. Details of the cash offer were not disclosed. (http://link.reuters.com/jam28v)
* Billionaire investor Steven A. Cohen is putting pressure on his traders to try to keep his investment firm SAC Capital Advisors together, as the once-powerful hedge fund awaits a judge's decision next week on its guilty plea to securities fraud charges. (http://link.reuters.com/pam28v)
* As lawyers of Apple Inc and Samsung Electronics Co Ltd made their opening statements in their patent trial in a federal courthouse here, they could not even agree on what the fight was about. Apple said it was seeking money to stop Samsung from copying its products. But Samsung said the case at heart was about Apple's attempt to stifle consumer choice by taking aim at its main competitor in the phone business. (http://link.reuters.com/tam28v)
Canada
THE GLOBE AND MAIL
* With only five days of campaigning left ahead of elections, Quebec party leaders are into their final blitz as the Liberals and the Parti Quebecois take aim at some of their traditional strongholds that swung over to the Coalition Avenir Quebec in the most recent election. (http://link.reuters.com/hym28v)
* In a sign of the feverish atmosphere leading up to next week's provincial vote in Quebec, five McGill University students have hired a high-profile human-rights lawyer and filed an emergency court injunction in a bid to get on the Quebec voters' list. (http://link.reuters.com/mym28v)
Reports in the business section:
* After winning a $1 billion rail contract from a South African freight company, Bombardier Inc says it is confident of a bigger breakthrough in the emerging African market - but first it must weather a storm of controversy over its local partners in the deal. (http://link.reuters.com/nym28v)
NATIONAL POST
* Quebec Premier Pauline Marois personally has had a catastrophic few weeks ahead of the provincial elections, from which she will find it difficult to recover. She needs to win a majority next Monday to avoid the guillotine that awaits all Parti Quebecois leaders who disappoint their brothers and sisters in the movement. Such a victory now seems unlikely. (http://link.reuters.com/qym28v)
* Alberta's long-ruling Progressive Conservative Party released another annual report showing it sliding ever further into the red this week, but the disclosure does not show the full picture, a National Post analysis has found. (http://link.reuters.com/sym28v)
FINANCIAL POST
* Companies in Ontario and Quebec are among those on the forefront of modernizing the traditional way of harvesting maple syrup, by applying technology to monitor leaks in the long plastic tubes that draw sap from maple trees. (http://link.reuters.com/tym28v)
* The Bank of Canada could lag the U.S. Federal Reserve in starting to raise rates, but it may also lag behind in terms of the pace of hikes during the upcoming cycle, says a Scotiabank outlook. (http://link.reuters.com/zym28v)
Hong Kong
SOUTH CHINA MORNING POST
-- A scheme to build homes exclusively for Hong Kong people in an effort to provide middle-class buyers with affordable flats may be shelved. Chief Executive Leung Chun-ying suggested that the scheme could be suspended as the number of outside buyers in the market had dropped to a very low level. (link.reuters.com/wak28v)
-- Hongkong Land and Wharf Holdings will suffer the most should the Occupy Central movement carry out its threat to block streets in the heart of the city, a study by investment bank UBS says. Hongkong Land owns offices in the central business district, while Wharf owns shops in Tsim Sha Tsui and Causeway Bay. (link.reuters.com/zak28v)
-- Researchers at the University of Hong Kong have developed a vaccine that may be the first in the world to offer a shield against many influenza viruses - including the deadly H7N9 bird flu strain - in one simple shot. (link.reuters.com/bek28v)
THE STANDARD
-- Apex Benchmark, the second-largest shareholder of Midland , urged the property agency to explain its poor financial performance last year. (link.reuters.com/dek28v)
-- SmarTone has been fined HK$150,000 ($19,300) for breaching the Telecommunication Ordinance by making misleading and deceptive claims on its website. (link.reuters.com/jek28v)
-- Japan's first sales tax hike in 17 years is unlikely to affect Hong Kong holiday-makers, travel agencies say. EGL Tours executive director Steve Huen Kwok-chuen said Japan tours during the Easter holidays would not be affected as they were booked before the tax rise. (link.reuters.com/rek28v)
HONG KONG ECONOMIC JOURNAL
-- China Vanke has bought a commercial and residential site in Hong Kong's Wanchai district for HK$860 million ($110.87 million), its first purchase of a private land site in the city.
HONG KONG ECONOMIC TIMES
-- The number of homes due to be completed this year is estimated at 17,600 units, double that in 2013, and is the highest in 10 years, according to Hong Kong government data. Industry experts expect the increased supply to put pressure on property prices.
APPLE DAILY
-- University of Hong Kong students who join the movement Occupy Central can expect support from the university's new and first expatriate chief, Peter Mathieson, who said he backs peaceful protests, free speech and academic freedom.
Britan
The Telegraph
BRITAIN CAN CUT GAS PRICES BY WORKING WITH EUROPE, SAYS MANDELSON
(http://link.reuters.com/fek28v)
Lord Mandelson believes working with Europe can end Russia's 'divide and rule' tactics on gas pricing as he warned Britain would be "bonkers" to quit the European Union.
BRITAIN HOLDS LESS FOREIGN CURRENCY RESERVES THAN POLAND, SAYS DEUTSCHE BANK
(http://link.reuters.com/gek28v)
Research from Deutsche Bank, titled "Mapping the World's Financial Markets", showed that the UK is ranked 24th in a list of the world's largest holders of foreign currency reserves.
The Guardian
VINCE CABLE DEFENDS ROYAL MAIL SELL-OFF IN COMMONS DEBATE
(http://link.reuters.com/mek28v)
The business secretary, Vince Cable, has refused to apologise over the government's privatisation of Royal Mail , despite a scathing report from the National Audit Office, which said undervaluing the share sale had cost the taxpayer 750 million pounds in a single day.
AIR TRAFFIC CONTROLLERS BEGIN TRIAL AIMING TO REDUCE HEATHROW HOLDING STACKS
(http://link.reuters.com/sek28v)
The time aeroplanes spend circling Heathrow before landing could be cut as air traffic controllers join forces internationally in a trial. The trial, which began on Tuesday and will last until the end of 2014, hopes to see the time planes spend in holding stacks around Heathrow reduced.
The Times
COMPETITION CLIMBDOWN OVER PRIVATE HOSPITAL SALES
(http://link.reuters.com/tek28v)
The Competition and Markets Authority has dropped its demand that BMI Hospitals sell seven of its private medical centres.
UK COAL BACK ON CRITICAL LIST DESPITE BAILOUT
(http://link.reuters.com/wek28v)
The last big coal miner in Britain is facing collapse, with the potential loss of 2,000 jobs, unless it receives an emergency cash injection of more than 10 million pounds.
Sky News
NEW CONSUMER WATCHDOG CMA GOES ON THE PROWL
(http://link.reuters.com/xek28v)
The Competition and Markets Authority (CMA) has become the UK's primary competition and consumer agency, bringing together the Competition Commission and the Office of Fair Trading.
NPOWER HATCHES NEST DEAL AS ENERGY ROW RAGES
(http://link.reuters.com/zek28v)
Npower, which is owned by the German utility RWE, is expected to announce this week a partnership with Nest Labs, a connected devices-maker which was acquired by Google for more than 2 billion pounds.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
ADP employment report for March at 8:15--consensus 193K
Factory orders for February at 10:00--consensus up 1.2%
ANALYST RESEARCH
Upgrades
Actuant (ATU) upgraded to Buy from Neutral at SunTrust
Ameriprise (AMP) upgraded to Overweight from Equal Weight at Morgan Stanley
Apollo Education (APOL) upgraded to Outperform from Market Perform at Wells Fargo
Arthur J. Gallagher (AJG) upgraded to Buy from Neutral at Compass Point
Carter's (CRI) upgraded to Overweight from Neutral at Piper Jaffray
Cognizant (CTSH) upgraded to Buy from Neutral at UBS
Comerica (CMA) upgraded to Market Perform from Underperform at Wells Fargo
DSW (DSW) upgraded to Hold from Sell at Brean Capital
Dover (DOV) upgraded to Outperform from Neutral at Credit Suisse
Fortinet (FTNT) upgraded to Outperform from Market Perform at Wells Fargo
Laredo Petroleum (LPI) upgraded to Buy from Neutral at SunTrust
Penske Automotive (PAG) upgraded to Buy from Neutral at Sterne Agee
The Pantry (PTRY) upgraded to Buy from Hold at Benchmark Co.
Veeva (VEEV) upgraded to Overweight from Equal Weight at Morgan Stanley
Worthington (WOR) upgraded to Buy from Hold at KeyBanc
Downgrades
ArcelorMittal (MT) downgraded to Neutral from Outperform at Credit Suisse
Essex Property Trust (ESS) downgraded to Neutral from Buy at Goldman
Healthstream (HSTM) downgraded to Market Perform from Outperform at Northland
Imperial Oil (IMO) downgraded to Underperform from Neutral at BofA/Merrill
Nordion (NDZ) downgraded to Hold from Buy at Canaccord
The Medicines Co. (MDCO) downgraded to Neutral from Overweight at Piper Jaffray
Initiations
Alkermes (ALKS) initiated with an Outperform at Credit Suisse
E-House (EJ) initiated with a Buy at Brean Capital
Ford (F) initiated with a Neutral at Nomura
General Motors (GM) initiated with a Reduce at Nomura
MAG Silver (MVG) initiated with an Outperform at Scotia Capital
Mobile Mini (MINI) initiated with a Neutral at SunTrust
NRG Energy (NRG) reinstated with an Overweight at Barclays
NRG Yield (NYLD) reinstated with an Equalweight at Barclays
National Fuel (NFG) initiated with a Buy at Jefferies
NiSource (NI) initiated with a Hold at Jefferies
Questar (STR) initiated with a Hold at Jefferies
SouFun (SFUN) initiated with a Buy at Brean Capital
Southwest Gas (SWX) initiated with a Hold at Jefferies
COMPANY NEWS
GlaxoSmithKline (GSK) confirmed plans to stop MAGRIT Phase III trial
BlackBerry (BRRY) ended T-Mobile U.S. (TMUS) licensing agreement
PG&E (PCG) announced criminal charges filed regarding 2010 San Bruno pipeline accident
MannKind (MNKD) said an FDA advisory panel voted in favor of its Afrezza to treat type 1 and type 2 diabetes
Apollo Education (APOL) disclosed that its University of Phoenix subsidiary received a subpoena from the U.S. Department of Education seeking documents related to, among other things, marketing, recruitment, enrollment and financial aid processing
Myriad Genetics (MYGN) disclosed updated pricing from the Centers for Medicare & Medicaid Services for the sequencing of BRCA1 and BRCA2 genes
Envivio (ENVI) said that it is powering live HD sports channels for Apple TV (AAPL) for a "European Tier 1 service provider"
EARNINGS
Ceragon Networks (CRNT) lowers Q1 revenue guidance to $70M-$73M from $83M-$93M
Gold Resource (GORO) reports FY13 EPS 0c, one estimate 10c
Autobytel (ABTL) raises revenue guidance for Q1
Apollo Education (APOL) sees FY14 revenue $3B-$3.1B, consensus $3.06B
NEWSPAPERS/WEBSITES
Banks (C, GS, JPM, MS, DB) seek to cut derivatives exposure, WSJ says
Hulu, Comcast (CMCSA, CMCSK) expected to strike deal for past NBCU shows, WSJ reports
BHP (BHP) said it sees no near-term relief on coal prices, Reuters reports
Apple (AAPL) to act like Google (GOOG) in ad push, Business Insider reports
Russia says JP Morgan (JPM) 'illegally' blocked embassy money transfer, Bloomberg reports
Comcast (CMCSA, CMCSK) share price drop may be headwind to Time Warner Cable (TWC) deal, WSJ says
Tesla (TSLA) pays Telefonica (TEF) 'millions' in wireless deal, TechCrunch says
SYNDICATE
Blackstone Mortgage (BXMT) files to sell 8M shares of common stock
Global Telecom & Technology (GTT) files to sell 1M common shares for holders
Gramercy Property Trust (GPT) files to sell 11.54M shares for holders
Intercept (ICPT) files to sell 1M common shares, including 400,000 for holders
McDermott (MDR) raises $242M in a tangible equity units offering
New York Mortgage (NYMT) files to sell 13M shares of common stock
Rubicon Project (RUBI) 6.771M share IPO priced at $15.00
Average:
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Intercept $ICPT files to sell 1M common shares, including 400,000 for holders
$CMCSA ~ Comcast Corp's deal to buy Time Warner Cable Inc has run into an unexpected source of turbulence: a weak stock price. In the nearly seven weeks since the deal was announced, Comcast's share price has dropped nearly 10 percent, reducing the value of its all-stock offer for Time Warner Cable to $143.55 a share from $158.82 per share when it was announced. (http://link.reuters.com/zem28v)
Pre Market Movers
Top Gaining Stocks
Price %Change
MNKD Mannkind Corporat... 7.93 88.81%
MYGN Myriad Genetics I... 38.00 8.11%
PRAN Prana Biotechnolo... 2.48 7.83%
MITK Mitek Systems Inc... 4.23 7.36%
KUTV Ku6 Media Co. Ltd... 3.22 7.33%
TNET Trinet Group Inc.... 22.80 7.04%
JNUG Direxion Daily Jr... 20.70 6.15%
VEEV Veeva Systems Inc... 27.84 5.90%
SYMX Synthesis Energy ... 2.17 5.85%
BIOF Biofuel Energy Co... 6.15 4.59%
EJ E-house Holdings ... 13.20 4.27%
LNG Cheniere Energy I... 60.00 4.18%
GTAT GT Advanced Techn... 18.10 4.14%
FRO Frontline 4.18 3.72%
SNSS Sunesis Pharmaceu... 7.01 3.55%
GFI Gold Fields Ltd. ... 3.81 2.70%
SSYS Stratasys Ltd. 113.88 2.62%
ALU Alcatel-lucent Ad... 4.15 2.47%
GDXJ Market Vectors Ju... 36.64 2.32%
ISRG Intuitive Surgica... 504.60 2.23%
Top Losing Stocks
Price %Change
ELGX Endologix Inc. 11.96 -11.47%
AGEN Agenus Inc. 3.00 -9.37%
CALL magicjack Vocalte... 20.11 -8.05%
HILL Dot Hill Systems ... 3.64 -7.61%
RENN Renren 3.10 -5.49%
JDST Direxion Daily Jr... 25.13 -4.95%
ICPT Intercept Pharmac... 319.60 -4.37%
RNG Ringcentral 17.63 -4.24%
NYMT New York Mortgage... 7.53 -3.71%
LWAY Lifeway Foods Inc... 13.80 -3.70%
ANIK Anika Therapeutic... 40.59 -3.61%
NFX Newfield Explorat... 30.40 -3.06%
EOG Eog Resources Inc... 96.00 -3.01%
APOL Apollo Group Inc.... 34.15 -2.87%
MT Arcelormittal 15.95 -2.27%
WM Waste Management ... 41.00 -2.22%
KGC Kinross Gold Corp... 4.07 -2.16%
ARMH Arm Holdings Plc ... 51.81 -1.91%
MHG Marine Harvest As... 11.34 -1.86%
BXMT Blackstone Mortga... 28.29 -1.50%
Read more at http://thestockmarketwatch.com/markets/pre-market/#1aBFJ2SIuC9YYc5U.99
data:
MBA Purchase Applications
[Report][Bullet7:00 AM ET
ADP Employment Report
[Report][djStar]8:15 AM ET
Gallup U.S. Job Creation Index
[Bullet8:30 AM ET
Factory Orders
[Report][djStar]10:00 AM ET
EIA Petroleum Status Report
[djStar]10:30 AM ET
Dennis Lockhart Speaks
12:30 PM ET
James Bullard Speaks
5:00 PM ET
futures +7
good morning
good morning....!!
I'm thinking the fool joke was my contest entries!!!!
Frontrunning:
GM enters harsh spotlight as Congress hearings begin (Reuters)
Facebook's Zuckerberg earns $3.3bn through share options (BBC)
Sheryl Sandberg has sold more than half her stake in FaceBook (FT)
Chinese Dragnet Entangles Family of Former Security Chief, Zhou Yongkang (WSJ)
NHTSA chief: GM did not share critical information with U.S. agency (Reuters)
Citigroup uncovered rogue trading in Mexico, fired two bond traders (Reuters)
Corporate America’s overseas cash pile rises to $947bn (FT)
Thai anti-government protester killed, rekindling political crisis (Reuters)
China Milk Thirst Hands U.S. Dairies Record 2014 Profits (BBG)
Caterpillar accused of ‘shifting’ profits (FT)
New iPhone 6 screens to enter production as early as May (Reuters)
Draghi Europe Scenario Points to Lowflation Still Painful (BBG)
NSA infiltrated RSA security more deeply than thought (Reuters)
Russia Signals It Will Withdraw Troops From Ukraine Border (WSJ)
Tesla's Model S Lock Can Be Opened With a Basic Hack (Gizmodo)
Overnight Media Digest
WSJ
* New problems in the federal health-insurance website stymied some of the hundreds of thousands of Americans trying to sign up at the last minute, prompting health plans and officials to brace for the complex task of enrolling people after Monday's official deadline. (http://r.reuters.com/sac28v)
* Yahoo Inc is in preliminary talks to acquire online-video service News Distribution Network Inc, a deal that would help Chief Executive Marissa Mayer compete with Google Inc's YouTube for viewers and ad dollars. (http://r.reuters.com/kuc28v)
* The Federal Bureau of Investigation is probing whether high-speed trading firms are engaging in insider trading by taking advantage of fast-moving market information unavailable to other investors. Among the types of trading under scrutiny is the practice of placing a group of trades and then canceling them to create the false appearance of market activity. (http://r.reuters.com/vac28v)
* Federal Reserve Chairwoman Janet Yellen offered new assurances that the Fed intends to keep interest rates low, describing in unusually personal terms why the economy needs these policies to support a weak job market. Yellen's comments, coming less than two weeks after a Fed policy meeting where officials discussed the path to rate increases, were a notable affirmation of her commitment to low rates until the economy is much stronger. (http://r.reuters.com/zac28v)
* General Motors Co's chief and the top U.S. auto-safety regulator will face off on Capitol Hill on Tuesday over auto defects linked to 13 deaths. Separately, GM said it was recalling 1.5 million vehicles for a power-steering issue. (http://r.reuters.com/cec28v)
* The U.S. Chamber of Commerce, among the most powerful business lobbying organizations in Washington, is planning a second outpost in Silicon Valley in an effort to broaden its membership and clout. The Chamber is expected to announce Tuesday that its second-in-command, David Chavern, will relinquish his role as chief operating officer to lead the initiative. (http://r.reuters.com/fec28v)
* A hepatitis C pill from Gilead Sciences Inc that costs $1,000 a day is on track to notch among the biggest sales ever for the first year of a newly approved drug, showing how hard it is for insurers to curb usage. It could ring up $5 billion in U.S. sales this year if current prescription patterns hold. Some analysts say the figure might reach $9 billion. (http://r.reuters.com/kec28v)
* Caterpillar Inc has deferred or avoided paying $2.4 billion of U.S. taxes under a corporate restructuring 15 years ago that shifted most of the profits from overseas replacement-part sales to a Swiss subsidiary, according to a Senate subcommittee report. (http://r.reuters.com/pec28v)
* An investment venture set up by former Xstrata Chief Executive Mick Davis and three colleagues looks to finance a new midsize metals and mining group. (http://r.reuters.com/sec28v)
* A federal judge upheld the validity of a key U.S. patent for Eli Lilly & Co's blockbuster lung-cancer drug Alimta, a big legal victory that could relieve sales pressure for the drug maker later this decade. (http://r.reuters.com/tec28v)
* MetLife Inc was hit with the largest New York state fine against an insurer - $50 million - to settle allegations that its international operations sold insurance in the state to multinational companies without proper licensing. (http://r.reuters.com/xec28v)
* Arista Networks Inc disclosed plans to go public that come with an unusual twist: a dispute with one of its founders over software used in the startup's networking hardware. The company said it received breach-of-contract allegations from a company called Optumsoft Inc that was founded by David Cheriton, a Stanford University computer science professor who stepped down from Arista's board of directors on March 1. (http://r.reuters.com/buc28v)
* U.S. safety regulators issued a new and long-awaited rule Monday to require auto makers to install rear-visibility technology in all new vehicles starting in May 2018, the latest in an effort to reduce injuries and deaths caused by backup accidents. (http://r.reuters.com/cuc28v)
* Chevron Corp will pursue claims against Washington, D.C., based law firm Patton Boggs Llp against a $9.5 billion environmental verdict in Ecuador saying the firm played "a pivotal role" in concealing misdeeds behind the verdict. (http://r.reuters.com/guc28v)
* Exxon Mobil Corp says future regulations to protect the climate don't threaten the value of its oil and gas reserves, arguing that economies will need the fuels too much to embrace drastic cuts in greenhouse-gas emissions. (http://link.reuters.com/huc28v)
* Total compensation for Facebook Inc chief executive and founder Mark Zuckerberg tumbled 67 percent to $653,165 in 2013, as he declined to participate in the bonus plan for the year and took only a base salary of $1. (http://r.reuters.com/nuc28v)
* Macy's Inc promoted Chief Merchandising Officer Jeffrey Gennette to president, giving the executive new responsibilities that could eventually pave the way for him to lead the company, people familiar with the situation said. (http://link.reuters.com/quc28v)
FT
Swiss and British regulators stepped up their scrutiny of alleged manipulation of foreign exchange markets as watchdogs take a closer look at whether banks have a tight enough grip on the behaviour of their traders.
Dutch bank ING said it would restart dividend payments from the next year once it finishes off the repayment of the government bailout sum of 1.23 billion pounds.
The chief executive of Italy's biggest company Eni is sentenced to three years in prison over inadequate environmental standards at the Porto Tolle power plant at a time when Scaroni was CEO at Italian utility Enel.
Luxury sports car maker Aston Martin is in discussions with Mercedes-Benz over building its first SUV and hopes to have the SUV in showrooms within three to four year, sources said late Monday.
Lufthansa cancelled 3,800 flights for April 2-4, or virtually all of its operations, due to a planned walkout by pilots, in what would be one of the biggest strikes ever to hit the German airline.
NYT
* The nation's top auto safety regulator will seek to cast blame on General Motors Co when he testifies on Tuesday before a House subcommittee looking into the ignition problem of Chevrolet Cobalts and other cars. In written testimony filed in advance, David Friedman, the acting administrator of the National Highway Traffic Safety Administration, argues that "G.M. had critical information that would have helped identify this defect." (link.reuters.com/wac28v)
* Caterpillar Inc, the big American maker of heavy construction and mining equipment, used a subsidiary in Switzerland to avoid paying $2.4 billion of income taxes over 13 years, according to a Senate investigative report released on Monday. (link.reuters.com/xac28v)
* Author Michael Lewis in his new book "Flash Boys" talks about a perverse system on Wall Street that has allowed certain professional investors to pay hundreds of millions of dollars a year to locate their computer servers close to stock exchanges so they can make trades milliseconds ahead of everyone else. (link.reuters.com/tac28v)
* Workers at three Toyota Motor Corp assembly plants in Ontario will vote next week on whether to join Canada's largest union, an effort that could create the carmaker's only unionized shop in the country and the United States. (link.reuters.com/dec28v)
* Six years ago, Congress mandated auto safety regulators to pass a federal standard by 2011 that would help keep drivers from running over small children as they backed up their vehicles. On Monday, after three years of repeated delays and a lawsuit, the National Highway Traffic Safety Administration announced the new rule: By May 2018, all new cars and light trucks must be equipped with rearview cameras. (link.reuters.com/hec28v)
* The Federal Communications Commission approved measures on Monday that will free up more airwaves for Wi-Fi and wireless broadband. The agency also moved to help curb increasing cable rates for consumers, but in doing so cracked down hard on the ability of broadcast stations to negotiate jointly in competition with cable systems. (link.reuters.com/mec28v)
Hong Kong
SOUTH CHINA MORNING POST
-- Pressure is growing on Hong Kong's pan-democrat lawmakers to join a trip to Shanghai after pro-government figures said they would find a way for them to have an exclusive meeting with Beijing officials. (link.reuters.com/vab28v)
-- Qianhai is planning to auction up to 15 parcels of land this year totalling 2.6 million square metres, a third of which will be sold only to Hong Kong companies as a way of attracting more investment from the city. (link.reuters.com/xab28v)
-- The Securities and Futures Commission has obtained a Hong Kong court order to appoint interim receivers to take over the management of decorative paper maker Qunxing Paper after its major subsidiary secretly started a bankruptcy proceeding on the mainland. (link.reuters.com/heb28v)
THE STANDARD
-- Local yuan deposits rose 3 percent month-on-month to a record 920.35 billion yuan ($148.01 billion) as of February, but the trend may not be sustained amid the recent volatility in the currency. Yuan deposits account for 12.3 percent of the total deposits in Hong Kong. (link.reuters.com/meb28v)
-- China Construction Bank plans to sell subordinated debt notes worth 20 billion yuan ($3.22 billion) to replenish capital and may also issue preference shares. (link.reuters.com/web28v)
-- The People's Insurance Company of China will continue to increase its exposure to fixed-income investments in the coming year, according to Vice Chairman Li Liangwen. (link.reuters.com/xeb28v)
HONG KONG ECONOMIC JOURNAL
-- Chinese gold producer Zijin Mining Group Co Ltd plans to produce 34 tonnes of gold this year, an increase of 7 percent from the previous year, according to Chairman Chen Jinghe, but slower than the 20 percent growth in 2013.
MING PAO DAILY NEWS
-- Five major developers -- Sun Hung Kai Properties , Henderson Land, New World Development , Cheung Kong and Sino Land -- sold 2,700 flats for HK$21.1 billion ($2.72 billion) in the first quarter of 2014, a decrease of 19 percent in terms of the number of flats sold and 30 percent in terms of value when compared with the fourth quarter of 2013.
Britain
The Telegraph
BORIS: HEATHROW COULD OPERATE NEW HUB AIRPORT IN THAMES ESTUARY
(http://link.reuters.com/feb28v)
Boris Johnson is seeking to strike a compromise with Heathrow in the aviation capacity debate by offering the airport's owners a role in developing and operating a brand new hub in the Thames Estuary.
LACK OF 'TOO BIG TO FAIL' PLAN COULD COST TAXPAYERS BILLIONS, WARNS IMF
(http://link.reuters.com/geb28v)
British banks deemed "too big to fail" are enjoying implicit government subsidies of up to $110 billion that could expose taxpayers to bail-outs costing hundreds of billions of pounds, the IMF has warned.
The Guardian
ROYAL MAIL: UNDERVALUING SHARES COSTS TAXPAYER 750 MLN STG IN ONE DAY
(http://link.reuters.com/jeb28v)
The public spending watchdog says the business secretary Vince Cable ploughed ahead with plans to float Royal Mail at a maximum price of 330 pence-a-share despite repeated warnings from City experts that the government had vastly undervalued the company.
EXECUTIVE BONUSES FALL FOR THIRD YEAR
(http://link.reuters.com/keb28v)
Bonuses for Britain's business leaders are falling for a third year as companies feel the need to be fair to their workforces, according to consulting group PriceWaterCoopers.
The Times
Weir Group opens talks with rival over 8.5 bln stg deal
(http://link.reuters.com/sab28v)
It is understood that Weir Group is in talks with Metso Oyj, a Helsinki-listed company in much the same market of producing industrial pumps and valves for the global oil and gas and mining markets.
BT accused of abusing rural broadband monopoly
(http://link.reuters.com/neb28v)
A report by Public Accounts Committee has accused BT of exploiting its monopoly position and criticised the Government for failing to deliver "meaningful competition".
Sky News
OSBORNE PLEDGES 'FULL EMPLOYMENT' FOR UK
(http://link.reuters.com/zab28v)
The Chancellor defined his commitment as making the country the "best place in the world to create a job, to get a job" and the place with the "highest employment rate of the world's largest economies".
HOME SELLERS 'GETTING 96 PCT OF ASKING PRICE'
(http://link.reuters.com/beb28v)
Homeowners in Britain are now able to sell their properties on average at more than 96 percent of the asking price, according to a new survey. Hometrack said the rate is even better in some areas, and has now reached a decade-long high in London.
Fly on The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Markit manufacturing PMI for March at 9:45--consensus 56.0
ISM manufacturing index for March at 10:00--consensus 54.0
Construction spending for February at 10:00--consensus up 0.1%
ANALYST RESEARCH
Upgrades
Bridgepoint Education (BPI) upgraded to Outperform from Market Perform at BMO Capital
Cullen/Frost (CFR) upgraded to Neutral from Underperform at Sterne Agee
Gastar Exploration (GST) upgraded to Buy from Neutral at SunTrust
Informatica (INFA) upgraded to Overweight from Equalweight at Barclays
LabCorp (LH) upgraded to Buy from Neutral at UBS
MEDNAX (MD) upgraded to Buy from Hold at Deutsche Bank
NVIDIA (NVDA) upgraded to Outperform from Market Perform at JMP Securities
National CineMedia (NCMI) upgraded to Overweight from Neutral at JPMorgan
Overseas Shipholding (OSGIQ) upgraded to Outperform at Imperial Capital
PennyMac (PFSI) upgraded to Buy from Hold at Jefferies
Rubicon (RBCN) upgraded to Overweight from Neutral at JPMorgan
Rush Enterprises (RUSHA) upgraded to Outperform from Market Perform at BMO Capital
Tableau (DATA) upgraded to Outperform from Neutral at RW Baird
United Continental (UAL) upgraded to Buy from Neutral at UBS
Waddell & Reed (WDR) upgraded to Buy from Neutral at Goldman
Downgrades
Alaska Air (ALK) downgraded to Equal Weight from Overweight at Evercore
Beam (BEAM) downgraded to Hold from Buy at Stifel
Clean Harbors (CLH) downgraded to Hold from Buy at KeyBanc
Oasis Petroleum (OAS) downgraded to Hold from Buy at Deutsche Bank
Initiations
3D Systems (DDD) initiated with a Neutral at UBS
American Eagle Energy (AMZG) initiated with a Buy at Wunderlich
Aquinox (AQXP) initiated with a Buy at Jefferies
Aquinox (AQXP) initiated with an Outperform at Cowen
Associated Banc-Corp (ASBC) initiated with a Neutral at SunTrust
Bright Horizons (BFAM) initiated with an Outperform at RBC Capital
Cancer Genetics (CGIX) initiated with a Buy at Cantor
Cinedigm (CIDM) initiated with an Overweight at Piper Jaffray
Coupons.com (COUP) initiated with a Buy at BofA/Merrill
Coupons.com (COUP) initiated with a Neutral at Goldman
Delta Apparel (DLA) initiated with a Buy at Ascendiant
Erickson Air-Crane (EAC) initiated with an In-Line at Imperial Capital
Extreme Networks (EXTR) initiated with a Buy at Wunderlich
HealthSouth (HLS) initiated with an Equalweight at Barclays
Independent Bank (INDB) initiated with a Neutral at SunTrust
JA Solar (JASO) initiated with an Outperform at Northland Securities
Key Energy (KEG) initiated with an Outperform at Imperial Capital
Landec (LNDC) initiated with an Outperform at Imperial Capital
MB Financial (MBFI) initiated with a Neutral at SunTrust
Old National Bancorp (ONB) initiated with a Neutral at SunTrust
Pinnacle Financial (PNFP) initiated with a Buy at SunTrust
Piper Jaffray (PJC) initiated with a Neutral at Susquehanna
PrivateBancorp (PVTB) initiated with a Neutral at SunTrust
Qlik Technologies (QLIK) initiated with an Outperform at Macquarie
Signature Bank (SBNY) initiated with a Buy at SunTrust
Splunk (SPLK) initiated with an Outperform at Macquarie
Stratasys (SSYS) initiated with a Buy at UBS
Tableau (DATA) initiated with a Neutral at Macquarie
Wintrust Financial (WTFC) initiated with a Neutral at SunTrust
COMPANY NEWS
General Motors (GM) said it will take Q1 charge up to $750M for recall-related repairs and recalled 1.3M older models to fix power steering
Macy's (M) named Jeffrey Gennette as president, effective immediately
Amarin (AMRN) announced a co-promotion agreement with Kowa Pharmaceuticals America for its Vascepa capsules in the U.S.
McDermott (MDR) said Q1 results may differ "substantially" from the company's current expectation
An FDA committee unanimously recommended Durata's (DRTX) Dalvance
Eli Lilly (LLY) patent for Alimta held up by court through 2022
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Gas Natural (EGAS), Intrexon (XON), Verint Systems (VRNT)
Companies that missed consensus earnings expectations include:
JGWPT Holdings (JGW), Checkpoint Systems (CKP), EveryWare Global (EVRY), Lifeway Foods (LWAY), CUI Global (CUI), WidePoint (WYY)
NEWSPAPERS/WEBSITES
Hewlett-Packard (HPQ) agreed to pay $57M to settle a shareholder lawsuit, Reuters reports
BHP Billiton (BHP) considering spin-off of unwanted businesses, Reuters reports
Sources: Yahoo (YHOO) in talks to buy online video service NDN, WSJ says
Yahoo (YHOO) considers plans to close Shine, sources say, Re/code reports
FBI probing high frequency traders, WSJ says
Microsoft (MSFT) drops Azure prices in response to Google (GOOG), Amazon (AMZN), TechCrunch says
GM's (GM) Chevrolet Cobalts were seen as lemons for years, NY Times says
SYNDICATE
1347 Property Insurance (PIH) 1.89M share IPO priced at $8.00
Euroseas (ESEA) files to sell 28.41M shares of common stock for holders
Kindred Biosciences (KIN) files to sell $50M of common stock
Magnum Hunter (MHR) files to sell 4.3M shares of common stock for holders
McDermott (MDR) files to sell 10M tangible equity units
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
STXS Stereotaxis Inc 5.00 17.65%
CLNE Clean Energy Fuel... 9.88 10.51%
SWS Sws Group Inc. 8.21 9.76%
RBCN Rubicon Technolog... 11.98 6.11%
BPI Bridgepoint Educa... 15.65 5.10%
MNKD Mannkind Corporat... 4.20 4.48%
EXTR Extreme Networks ... 6.05 4.31%
DRTX Durata Therapeuti... 14.02 4.11%
WYNN Wynn Resorts Ltd ... 230.87 3.93%
ACW Accuride Corp. 4.60 3.84%
FIO Fusion-io 10.90 3.61%
CETV Central European ... 3.07 3.37%
NVDA Nvidia Corp 18.50 3.29%
NWBO Northwest Biother... 7.46 3.04%
OLED Universal Display... 32.80 2.79%
YPF Ypf S.a. Ads 32.00 2.70%
MRVL Marvell Technolog... 16.15 2.54%
LNDC Landec Corporatio... 11.44 2.51%
RBS Royal Bank of Sco... 10.62 2.31%
MET Metlife Inc. 54.01 2.29%
Top Losing Stocks
Price %Change
MDCO Medicines Company... 24.36 -14.29%
ARTX Arotech Corporati... 5.37 -13.67%
USU Usec Inc. 3.50 -12.94%
INVN Invensense Inc 22.34 -5.62%
RNG Ringcentral 17.10 -5.52%
FEZ Spdr Euro Stoxx 5... 40.36 -5.39%
KNDI Kandi Technologie... 15.75 -3.96%
CALL magicjack Vocalte... 20.53 -3.30%
PRAN Prana Biotechnolo... 2.72 -2.86%
BIOF Biofuel Energy Co... 7.10 -2.74%
DEO Diageo Plc Ads 122.19 -1.93%
CSIQ Canadian Solar In... 31.47 -1.78%
UGA United States Gas... 58.25 -1.24%
GSK Glaxosmithkline P... 52.81 -1.16%
UN Unilever N.v. Ads... 40.77 -0.85%
BGC General Cable Cor... 25.40 -0.82%
TZA Direxion Daily Sm... 15.47 -0.77%
GM General Motors 34.18 -0.70%
CCL Carnival Corp. 37.60 -0.69%
CLI Mack-cali Realty ... 20.35 -0.68%
Read more at http://thestockmarketwatch.com/markets/pre-market/#Lq52pgz5vBb5d5Wm.99
data:
Motor Vehicle Sales[Report][djStar]
ICSC-Goldman Store Sales
[Report][Bullet7:45 AM ET
Redbook
[Bullet8:55 AM ET
PMI Manufacturing Index
[Report][djStar]9:45 AM ET
ISM Mfg Index
[Report][Star]10:00 AM ET
Construction Spending
[Report][djStar]10:00 AM ET
4-Week Bill Auction
[Bullet11:30 AM ET
52-Week Bill Auction
[Bullet11:30 AM ET
Gallup US ECI
[Bullet1:00 PM ET
Futures +44
good morning
Frontrunning:
US, Russia talks fail to end Ukraine deadlock (AP)
Russian forces 'gradually withdrawing' from Ukraine border (AFP)
Turkish PM Erdogan tells enemies they will pay price after poll (Reuters)
And Goldman arrives: Credit markets open to Argentina for first time in years (Reuters)
Regulators Twice Failed to Open GM Probes (WSJ)
Bad loan writedowns soar at China banks (FT)
Investors Breathe Life Into European Banks' Bad Loans (WSJ)
Euro zone inflation drops to lowest since 2009 (Reuters)
Yellowstone National Park rattled by largest earthquake in 34 years (Reuters)
Biggest ETF Flow From U.S. Debt Since ’10 Signals Rate Rise (BBG) - or just more confused algorithms
Swiss Antitrust Regulator Probes Eight Banks Over FX-Rigging (BBG)
Deutsche Bank Said to Mull Forgoing IPO Amid China Probes (BBG)
Overnight Media Digest
WSJ
* Congressional investigators looking into why General Motors Co took nearly a decade to recall vehicles with faulty ignition switches said on Sunday that federal regulators twice declined to open formal probes into complaints about the cars and that GM rejected a proposed fix for the problem in 2005 because it would have taken too long and cost too much. (http://r.reuters.com/tys97v)
* Royal Bank of Scotland Group PLC is close to appointing a Credit Suisse investment banker as its next chief financial officer. The appointment of Ewen Stevenson, who advised on the bailout of the 81 percent government-owned RBS, still needs to be approved by UK regulator Prudential Regulation Authority, according to a person familiar with the matter. (http://r.reuters.com/get97v)
* Caterpillar Inc, a maker of construction and mining equipment, on Tuesday will become the latest blue chip hauled before the Senate's Permanent Subcommittee on Investigations to explain strategies designed to shrink tax bills. Caterpillar officials are preparing to defend a corporate restructuring in the late 1990s that helped the company reduce U.S. taxes, particularly on sales of parts to foreign customers. (http://r.reuters.com/xys97v)
* The Food and Drug Administration's efforts to speed approvals of drugs to fight antibiotic-resistant bacteria will be front and center on Monday as the agency considers two new antibiotics with possible advantages. The FDA's methods to advance new antibiotics so far haven't generally led to great new drugs, and there has been considerable debate over attempts to speed the approval process. (http://r.reuters.com/hat97v)
* Alibaba Group Holding Ltd <IPO-ALIB.N> said Monday it agreed to pay $692 million to take a roughly 35 percent stake in Chinese department store operator Intime Retail (Group) Co in a bid to link more closely e-commerce and shopping at bricks-and-mortar retail stores. (http://r.reuters.com/mat97v)
* Blucora Inc is preparing an all-cash bid for Brookstone Inc that would challenge Spencer Sprit Holdings Inc's offer, which includes $120 million in cash and the assumption of Brookstone debt, among other things, according to people familiar with the matter. Spencer earlier offered to serve as the lead bidder at an auction for Brookstone, which is preparing to file for bankruptcy protection in the coming days. (http://r.reuters.com/pat97v)
* British entrepreneur Clive Cowdery plans to spend as much as $2 billion of investors' money in the United States over the next several years trying to replicate his success in scooping up life insurers in the UK. (http://r.reuters.com/tat97v)
* Jury selection is scheduled to begin Monday in the Securities and Exchange Commission's civil trial against entrepreneur Sam Wyly and his deceased brother, Charles. In a 78-page complaint filed in July 2010, the agency accused the Wylys of using a web of offshore trusts to conceal more than $750 million of stock sales in companies on whose boards they sat. (http://r.reuters.com/wat97v)
* In a renewed effort to lure a bigger share of the advertising dollars that now flow to major TV networks, YouTube has told marketers it will offer audience guarantees to advertisers that make advance commitments, according to people familiar with the matter. (http://r.reuters.com/zat97v)
* The U.S. Supreme Court is wading into a messy debate over when software deserves a patent - an issue that is important to big technology companies such as Microsoft Corp and Google Inc yet has so far flummoxed the federal judiciary. The high court will hear oral arguments Monday in an appeal brought by Alice Corp, whose patents on a computer program to reduce risk in financial transactions were ruled invalid by lower courts. (http://r.reuters.com/fet97v)
FT
Outgoing chairman of Lloyds Banking Group, Sir Win Bischoff, calls for informal banking regulation opposed to the rule-book style of regulation followed by regulators.
UK's financial services sector is set to add up to 26,000 jobs in the year to June according to an industry survey by the CBI employers' group and PriceWaterHouseCoopers.
The Libyan Investment Authority has accused France's second-biggest bank Societe Generale of funnelling bribes worth tens of millions of dollars to associates of Saif al-Islam, the son of former Libyan leader Muammar Gaddafi.
Glencore Xstrata Plc has reached a preliminary deal for a $1 billion contract for access to railway and port facilities with Mauritania as part of its plans to expand into iron ore mining.
The London-listed telecom giant Vodafone has acquired an e-money licence to expand in Europe, with plans to launch M-Pesa in Romania, after the success of its mobile payment system in sub-Saharan Africa.
NYT
* Federal regulators decided not to open an inquiry on the ignitions of General Motors Co's Chevrolet Cobalts and other cars even after their own investigators reported in 2007 that they knew of four fatal crashes, 29 complaints and 14 other reports that showed the problem disabled air bags, according to a memo released by a House sub-committee on Sunday. (http://link.reuters.com/fat97v)
* China's Alibaba Group Holding Limited <IPO-ALIB.N>, one of the world's biggest e-commerce companies, said it would invest 5.37 billion Hong Kong dollars ($692.3 million), for a stake of as much as 35 percent in Intime Retail Group, which operates 36 department stores and shopping centers across China.(http://link.reuters.com/kat97v)
* Vince McMahon and his company, World Wrestling Entertainment, have positioned themselves on the cutting edge of Internet television with the WWE Network, a new subscription-only streaming video service. Shares of the WWE, a publicly traded company based in Stamford, Connecticut, have more than tripled over the last year with the introduction of the subscription network and takeover rumors. (http://link.reuters.com/nat97v)
* Officially, it's Apple Inc versus Samsung Electronics Co Ltd in another tech patent face-off in a San Jose courtroom this week. But there is another company with a lot at stake in the case - Google Inc. In a lawsuit, Apple is seeking about $2 billion in damages from Samsung for selling phones and tablets that Apple says violate five of its mobile software patents. Samsung, meanwhile, says Apple violated two of its patents. (http://link.reuters.com/sat97v)
* Some companies housed in specific low-income areas of San Francisco receive breaks on taxes if they perform tasks that help improve their neighborhoods. (http://link.reuters.com/jet97v)
* U.S. Secretary of State John Kerry and his Russian counterpart agreed on Sunday that a political solution was needed for Ukraine and said they planned to continue discussing ways to de-escalate the crisis over the country's future and Russia's annexation of Crimea. But neither side claimed a breakthrough, and Russia did not commit to pulling back the more than 40,000 troops the United States says are massed near Ukraine's border. (http://link.reuters.com/ket97v)
Canada
THE GLOBE AND MAIL
* Ontario Premier Kathleen Wynne is challenging Progressive Conservative Leader Tim Hudak to either back up his "false" and "defamatory" allegations that she oversaw the purging of government documents or face legal action. (http://r.reuters.com/jyt97v)
* Dimitri Soudas, Prime Minister Stephen Harper's choice as the Conservative Party's executive director, has been pushed out after four months on the job. The move that follows an uproar over a local nomination race involving the departed staffer's spouse. (http://r.reuters.com/qav97v)
Reports in the business section:
* Almost two-thirds of Canadian executives say the country is too dependent on resource industries such as mining, oil and gas and needs to become more diversified to inject better balance into the economy. (http://r.reuters.com/cyt97v)
* Sunshine Oilsands Ltd, largely backed by state-owned Chinese enterprises and Asian retail investors, faces 71 lawsuits seeking a total of $94-million for unpaid bills as the company struggles to raise the money it needs to restart development of its stalled northern Alberta project. (http://r.reuters.com/rav97v)
NATIONAL POST
* Health Council of Canada issued a report saying the 2004 health care "fix for a generation" was nothing of the sort. On the contrary, it reported, the $41-billion deal negotiated between Paul Martin's Liberal government and the provinces raised expectations beyond reality and failed to keep pace with societal shifts - everything from aging to economics - and their impact on access to care. (http://r.reuters.com/xyt97v)
* Canada's largest medical regulator would bar doctors from accepting almost any gift from a pharmaceutical company under a proposed new ethics policy, part of a growing movement to reform the intimate and controversial relationship between industry and physicians. (http://r.reuters.com/zyt97v)
FINANCIAL POST
* Canadians could soon be warming up to an improving economy. Both Canada and the United States are coming out of severe winter storms that disrupted output, sales and hiring. The weather factor already accounted for weaker growth in both countries at the end of 2013, and the harsh climate limited activity in the first months of this year, as well, before the impact began to recede. Economists are already seeing that pattern emerging. (http://r.reuters.com/mav97v)
* Prime Minister Stephen Harper, fresh from a trip to Europe where he talked up Canada's energy export potential, is scheduled to meet Monday with a delegation from British Columbia headed by Premier Christy Clark for an update on liquefied natural gas plans on the West Coast. (http://r.reuters.com/pav97v)
China
CHINA SECURITIES JOURNAL
-- A study of 1,731 Chinese fund firms showed they made a collective profit of 168.7 billion yuan ($27.16 billion) in 2013, up 36.5 percent from a year earlier, according to data from TX Investment Consulting. Mixed funds showed strong growth, while debt-based and capital guarantee funds slipped.
SHANGHAI SECURITIES NEWS
-- The Chinese government's real estate policy has shifted focus from curbing the rapid rise in house prices to helping the poor buy homes, according to Xu Shanda, former deputy head of China's tax bureau.
-- Baoshan Iron & Steel Co Ltd has launched a stock incentive plan that will award 47.5 million shares to its managers and some employees, part of a wider reform of China's state-owned enterprises.
SECURITIES TIMES
-- The biggest non-life insurance joint venture in China - between French insurer Axa SA and China's Tian Ping Auto Insurance - officially opened for business on Monday.
CHINA DAILY
-- China's government is seeking measures to tackle a rising divorce rate. The country sees nearly 10,000 marriages break up every day, according to the social affairs unit at the Ministry of Civil Affairs. More than 3 million people sought divorce in 2012, a 133 percent increased against 2003.
SHANGHAI DAILY
-- China's big five banks posted a combined net profit of 862.8 billion yuan ($138.89 billion) in 2013, an average yearly growth rate of 11 percent, analysts told the paper. Profit growth at the five banks is likely to slow to under 10 percent this year, they added.
Britain
The Telegraph
INSURERS URGE OSBORNE TO REBUKE HEAD OF REGULATOR
(http://link.reuters.com/qyr97v)
The Chancellor is under pressure to carpet Martin Wheatley, the boss of the Financial Conduct Authority as it launches a review today of 30 million insurance policies and their potential "unfairness".
INVESTOR GIANT WARNS BANKS ON PAY ARRANGEMENTS AHEAD OF EU BONUS CAP
(http://link.reuters.com/ryr97v)
The Association of British Insurers is to issue an "amber top" alert ahead of the annual meetings of Britain's biggest banks warning its members to examine closely the new pay arrangements put in place by the lenders.
The Guardian
WONGA CHAIRMAN TO STEP DOWN AS FCA PREPARES TO REIN IN PAYDAY LENDERS
(http://link.reuters.com/kyr97v)
The multi-millionaire figurehead of the controversial payday lending industry is to stand down from his job as chairman of Wonga as a new City regulator prepares to impose tougher rules.
NETWORK RAIL FAILS TO MEET PUNCTUALITY TARGETS AND FACES A RECORD 70 MLN STG FINE
(http://link.reuters.com/myr97v)
Network Rail has admitted it has failed to meet its punctuality targets, as it braces for a record fine of up to 70 million pounds.
The Times
ROYAL MAIL FACING BACKLASH OVER "LOST £1 BLN" FROM SELL-OFF
(http://link.reuters.com/hyr97v)
The National Audit Office will publish this week its findings on last autumn's £3.3 billion sell-off by the Government. Ministers, investment bankers and senior civil servants are bracing themselves for government auditors' verdict on the flotation of Royal Mail, which appears to have lost taxpayers in excess of £1 billion.
FEARS RAISED OVER "DEAL" FOR HOUSE OF FRASER
(http://link.reuters.com/jyr97v)
A potential buyout of House of Fraser by a Chinese conglomerate has raised concerns that shareholders are not getting the best of a deal brokered by the company's chairman.
Sky News
UNDER-FIRE FCA SEEKS BUDGET HIKE FROM CITY
(http://link.reuters.com/nyr97v)
The City regulator will set out plans for an inflation-busting increase in its budget this week, just days after sparking fury from insurers over the launch of a probe into some industry practices.
RBS RAIDS SWISS GIANT FOR NEW FINANCE CHIEF
(http://link.reuters.com/pyr97v)
The taxpayer-backed Royal Bank of Scotland is close to luring one of the architects of its 45.5 billion pounds taxpayer bail-out to become its new finance chief. Ewen Stevenson, who works for Credit Suisse, is in advanced negotiations about joining RBS at a critical time for the bank
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Chicago PMI business barometer index for March at 9:45--consensus 59.0
ANALYST RESEARCH
Upgrades
Affiliated Managers (AMG) upgraded to Buy from Neutral at Citigroup
Banco Santander (SAN) upgraded to Hold from Sell at Deutsche Bank
Big Lots (BIG) upgraded to Buy from Hold at KeyBanc
Builders FirstSource (BLDR) upgraded to Buy from Hold at Deutsche Bank
C.H. Robinson (CHRW) upgraded to Market Perform from Underperform at FBR Capital
DTE Energy (DTE) upgraded to Buy from Hold at KeyBanc
Delhaize (DEG) upgraded to Overweight from Neutral at JPMorgan
Echo Global (ECHO) upgraded to Outperform from Market Perform at FBR Capital
Edison International (EIX) upgraded to Buy from Neutral at UBS
Heartland Express (HTLD) upgraded to Buy from Neutral at Longbow
ING U.S. (VOYA) upgraded to Buy from Neutral at Goldman
Knight Transportation (KNX) upgraded to Buy from Neutral at Longbow
Medley Capital (MCC) upgraded to Outperform from Neutral at Credit Suisse
Men's Wearhouse (MW) upgraded to Buy from Neutral at Mizuho
SINA (SINA) upgraded to Outperform from Sector Perform at Pacific Crest
Travelers (TRV) upgraded to Neutral from Sell at Guggenheim
Vipshop (VIPS) upgraded to Buy from Neutral at Goldman
Downgrades
BlackBerry (BBRY) downgraded to Underperform from Neutral at Credit Suisse
BlackBerry (BBRY) downgraded to Underweight from Equal Weight at Evercore
CNOOC (CEO) downgraded to Neutral from Buy at UBS
Mack-Cali Realty (CLI) downgraded to Underweight from Equalweight at Barclays
MagnaChip (MX) downgraded to Sell from Neutral at UBS
MannKind (MNKD) downgraded to Underweight from Neutral at Piper Jaffray
Medley Capital (MCC) downgraded to Market Perform from Outperform at Wells Fargo
PGT, Inc. (PGTI) downgraded to Hold from Buy at Deutsche Bank
RenaissanceRe (RNR) downgraded to Underperform from Neutral at BofA/Merrill
Initiations
American Eagle Energy (AMZG) initiated with a Buy at Canaccord
FBR & Co. (FBRC) initiated with an Outperform at Barrington
KapStone (KS) initiated with an Overweight at Barclays
MercadoLibre (MELI) initiated with a Sell at Citigroup
ONEOK Partners (OKS) initiated with a Neutral at UBS
ONEOK (OKE) initiated with a Neutral at UBS
Targa Resources Partners (NGLS) initiated with a Buy at UBS
Targa Resources (TRGP) initiated with a Neutral at UBS
TriplePoint Venture (tpvg) initiated with a Neutral at Credit Suisse
William Lyon Homes (WLH) reinstated with a Neutral at Credit Suisse
COMPANY NEWS
Medtronic (MDT) said it will discontinue SYMPLICITY HTN-4 trial, said further clinical investigation on SYMPLICITY HTN-3 is warranted
Medtronic's (MDT) said CoreValve shows superior results to surgical valve replacement
Trustwave disputed plaintiffs' allegations related to Target (TGT) data breach
Turkish court overturned ruling that restricts viewing of Twitter (TWTR) account
Third Point urged Sotheby's (BID) stockholders to vote for Third Point board nominees
Novartis (NVS) said its PARADIGM-HF trial of LCZ696 met efficacy, primary endpoints
Sally Beauty (SBH) said security breach may have affected more than earlier estimated
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Cal-Maine Foods (CALM)
Companies that missed consensus earnings expectations include:
UTi Worldwide (UTIW), InterOil (IOC), Century Casinos (CNTY)
NEWSPAPERS/WEBSITES
Citigroup (C) could reach close to $60 by FY15, Barron's says
VeriFone (PAY) could rally another 15%, Barron's reports
Coca-Cola's (KO) management underperforms, Barron's says
Exact Sciences (EXAS) could rise 50%, Barron's says
Tesla's (TSLA) Gigafactory looks too ambitious, Barron's reports
Swiss regulator probing banks (UBS, CS, JPM, JBAXY, BCS, C, RBS) on possible forex manipulation, WSJ reports
Citigroup's (C) stress test hit by audit lapses, FT reports
Delphi (DLPH) says GM (GM) approved ignition switches below specifications, Reuters reports
Libya fund accuses Societe Generale (SCGLY) of paying $58M in bribes, WSJ reports
RBS (RBS) close to appointing Credit Suisse (CS) banker as its next CFO, WSJ says
General Motors (GM) adds 971,000 vehicles to global recall, Bloomberg says
Deutsche Bank (DB) considering forgoing China General Nuclear Power Group's IPO amid China probes, Bloomberg reports
SYNDICATE
Aeterna Zentaris (AEZS) files to sell $50M of common stock 'at-the-market'
GasLog (GLOG) files to sell 39.46M shares of common stock for holders
HD Supply (HDS) files to sell 30M shares of common stock for holders
Houghton Mifflin (HMHC) files to sell 114.44M shares for holders
Pzena Investment (PZN) files to sell 39.14M shares of Class A common stock for holders
Triangle Petroleum (TPLM) files to sell 40.04M shares for holders
Average:
5
Your rating: None Average: 5 (1 vote)
Pre Market Movers
Top Gaining Stocks
Price %Change
BIOF Biofuel Energy Co... 4.40 40.13%
CRIS Curis Inc. 3.35 21.82%
CLNT Cleantech Solutio... 6.55 20.63%
SIRI Sirius XM Radio I... 3.41 8.08%
RUSL Direxion Daily Ru... 15.32 7.81%
DDR Ddr Corp 17.45 6.92%
INO Inovio Pharmaceut... 3.46 5.49%
LM Legg Mason Inc. 51.00 5.48%
MOBI Sky-mobi Limited ... 8.86 4.98%
AMD Advanced Micro De... 4.07 4.90%
KNDI Kandi Technologie... 16.88 4.58%
NVS Novartis AG Ads 85.28 4.52%
RSXJ Market Vectors Ru... 32.00 4.23%
CETV Central European ... 3.15 3.96%
CYTR Cytrx Corporation... 3.56 3.79%
TUR ishares Msci Turk... 48.80 3.74%
ODP Office Depot Inc.... 4.26 3.65%
ING Ing Groep N.v. Ad... 14.21 3.57%
EXAS Exact Sciences Co... 13.30 3.42%
TSLF Thl Credit Senior... 18.83 3.37%
Top Losing Stocks
Price %Change
PRAN Prana Biotechnolo... 3.65 -62.98%
INSY Insys Therapeutic... 41.50 -32.18%
RUSS Direxion Daily Ru... 17.50 -7.41%
MNKD Mannkind Corporat... 4.55 -5.80%
MHG Marine Harvest As... 11.19 -4.15%
UWTI VS 3X Wti Crude 32.50 -3.13%
CMG Chipotle Mexican ... 554.43 -2.25%
MU Micron Technology... 21.51 -1.83%
SIGA Siga Technologies... 2.95 -1.67%
BBRY Research in Motio... 8.28 -1.55%
VHC Virnetx Holding 13.70 -1.44%
TZA Direxion Daily Sm... 16.26 -1.39%
IDRA Idera Pharmaceuti... 4.51 -1.31%
RDY Dr. Reddys Labora... 43.40 -1.25%
GM General Motors 34.30 -1.24%
IXJ ishares Trust S&p... 89.10 -1.08%
PEIX Pacific Ethanol I... 15.64 -1.08%
UNG United States Nat... 24.75 -1.00%
NGG National Grid Plc... 68.39 -0.84%
VXX Barclays Bank Plc... 43.20 -0.80%
Read more at http://thestockmarketwatch.com/markets/pre-market/#75PPX4dUxf6duh2e.99
data:
Chicago PMI
[Report][djStar]9:45 AM ET
Janet Yellen Speaks
9:55 AM ET
Dallas Fed Mfg Survey
[Report][djStar]10:30 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 +61
good morning
TRADER RADAR for WEEK of 3/31 to 4/04 ECONOMIC and EARNINGS
Monday, March 31
US Economics (Time Zone: EST)
09:00 ISM Milwaukee - expected 51.00, prior 48.59
09:45 Chicago PMI - exp 59.0, prior 59.8
10:30 Dallas Fed - exp 3.0, prior 0.3
11:00 Fed to purchase $500m-$750m notes in 11 to 20-year range
11:30 Treasury selling $25b 3-month, $23b 6-month bills
Fedspeak
09:55 Yellen (dove, chair) speaks at Development Conference in Chicago on banking
Global Economics (Time Zone: GMT)
JPY Industrial Production (Feb preliminary)
05:00 JPY Housing Starts
06:45 French GDP (4Q final)
08:30 GBP Net Consumer Credit
09:00 EUR Eurozone CPI (March advance)
12:30 CAD GDP (Jan)
Earnings
Tribune Co (TRBAA)
Tuesday, April 1
US Economics (Time Zone: EST)
09:45 Markit US Manufacturing PMI Final - expected 56.0, prior 55.5
10:00 ISM Manufacturing - exp 54.0, prior 53.2
10:00 ISM Prices Paid - exp 59.0, prior 60.0
10:00 Construction Spending MoM - exp 0.1%, prior 0.1%
5:00 Total Vehicle Sales - exp 15.80M, prior 15.27M
5:00 Domestic Vehicle Sales - exp 12.35M, prior 11.98M
11:00 Fed to purchase $1b-$1.25b notes in 22 to 30-year range
11:30 Treasury selling $25b 52-week bills, 4-week bills
Global Economics (Time Zone: GMT)
JPY Tankan Manufacturer Index, Outlook
01:00 CNY Manufacturing PMI
01:45 CNY HSBC/Markit Manufacturing PMI
03:30 AUD RBA Rate Decision
06:30 INR Reserve Bank of India Rate Decision
07:55 EUR German Employment Change
08:00 EUR Eurozone Manufacturing PMI (Mar final)
08:30 GBP Manufacturing PMI
09:00 EUR Eurozone Unemployment Rate
Earnings
Before:
Apollo Education Group (APOL)
Wednesday, April 2
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications
08:15 ADP Private Payrolls (Mar) - expected 190K, prior 139K
10:00 Factory Orders (Feb) - exp 1.2%, prior -0.7%
11:00 Fed to purchase $2.25b-$2.75b notes in 7.5-10-year range
Fedspeak
12:30pm Lockhart (hawk, nonvoter) speaks in Miami
4:00pm Bullard (moderate, nonvoter) meets reporters in St. Louis
Global Economics (Time Zone: GMT)
JPY Monetary Base end of March
06:00 GBP Nationwide Home Price Index
Earnings
Before:
Monsanto (MON)
Thursday, April 3
US Economics (Time Zone: EST)
07:30 Challenger Job Cuts YoY
08:30 Initial Jobless Claims - expected 319K, prior 311K
08:30 Continuing Claims - exp 2850K, prior 2823K
08:30 Trade Balance (Feb) - exp -$38.5B, prior -$39.1B
11:00 Fed buying $3.75b-$4.5b bonds in 4 to 5-year range
Global Economics (Time Zone: GMT)
JPY Japan Investors Purchases of Foreign Bonds/Stocks
00:30 AUD Retail Sales
01:00 CNY Non-manufacturing PMI
01:45 CNY HSBC/Markit Services PMI
08:30 EUR Eurozone Services PMI
08:30 GBP Services PMI
09:00 EUR Eurozone Retail Sales
11:45 EUR ECB Rate Decision
Earnings
After:
Micron Tech (MU)
Friday, April 4
US Economics (Time Zone: EST)
08:30 Nonfarm Payrolls - expected 199K, prior 175K
08:30 Private Payrolls - exp 193K, prior 162K
08:30 Manufacturing Payrolls - exp 5K, prior 6K
08:30 Unemployment Rate - 6.6%, prior 6.7%
08:30 Average Hourly Earnings YoY - exp 2.3%, prior 2.2%
08:30 Average Weekly Hours - exp 34.4, prior 34.2
11:00 Fed buying $1b-$1.25b bonds in 22 to 30-year range
Global Economics (Time Zone: GMT)
10:00 EUR German Factory Orders
12:30 CAD Employment Change
Earnings
No major reports scheduled
Earnings Preview for the week of March 31 - April 4
Monday:
Pre Market - UTIW, IOC, CALM
After Hours - VRNT
Tuesday:
After Hours - APOL
Wednesday:
Pre Market - MON, AYI, UNF, OMN
After Hours - DDC, TXI, RECN, MIND
Thursday:
Pre Market - RPM, SCHN, GBX, PERY
After Hours - MU, SNX, GPN, SEAC
Friday:
Pre Market - KMX
Please close my contest selections at the eod on Monday, March 31st:
DGAZ
GOGO
good grief!
thank you....
sdh
I thought it would move on the AAPL tv news from last Sunday...
no thinking in trading!
so gross....
big fat goose egg for the week....
no trades for this week....jacked w/ $CMCSA all week....had a couple hundred....but otherwise flat....then red yesterday....got out even today...
so gross...
Frontrunning: March 28
Crimea Resolution Backed by U.S. Barely Gets UN Majority (BBG)
Russian Buildup Stokes Worries (WSJ)
As reported here first: China’s Developers Face Shakeout as Easy Money Ends (BBG)
U.S. House Poised to Clear Sanctions Called Putin Warning (BBG)
Bitcoin Prices Plunge on Report PBOC Orders Accounts Shut (BBG)
Search for lost Malaysian jet shifts significantly after new lead (Reuters)
Russian fund taps China and Middle East (FT)
Long battle looms between U.S. college, athletes seeking to unionize (Reuters)
Official warns EU-US trade deal at risk over investor cases (FT)
New iPhone likely out in September, Nikkei daily says (AFP)
Ukraine's Tymoshenko to Run for President (WSJ)
Deutsche Boerse, Bank of China agree closer cooperation (Reuters)
Japan to Front-Load Spending in FY14 Budget as Tax-Bump Looms (BBG)
Fed feels backlash over stress tests (FT)
Overnight Media Digest
WSJ
* Lehman Brothers Holdings Inc said on Thursday it would repay creditors an additional $17.9 billion next week, its fifth distribution since a bankruptcy judge approved its liquidation plan in December 2011. After that money is returned, Lehman's creditors will have been paid more than $80 billion - $15 billion more than the bank's initial estimate of how much would be returned to creditors. (http://link.reuters.com/syj97v)
* PG&E Corp said it expects to face federal criminal charges over the 2010 natural-gas pipeline explosion that killed eight in San Bruno, California. The utility said on Thursday it expects to be charged with violating the federal Pipeline Safety Act, which dates back to 1968. (http://link.reuters.com/tyj97v)
* Some lawmakers and others are calling on the Securities and Exchange Commission to cut the time that large investors can secretly amass shares in a company. Investors who own 5 percent of a stock get 10 days to announce their holdings, according to a 1968 regulatory. (http://link.reuters.com/xyj97v)
* Wal-Mart Stores Inc has sued Visa Inc for more than $5 billion, claiming the card network charged unreasonably high fees when the retailer's customers paid with plastic. (http://link.reuters.com/bak97v)
* Private-equity firm TPG is in advanced discussions to take a roughly 15 percent stake in Chobani Inc, said a person familiar with the matter, as the maker of Greek yogurt seeks to raise capital that could value it at up to $5 billion. (http://link.reuters.com/cak97v)
FT
Russia's state-backed fund has tapped money from sovereign wealth funds in China and the Middle East, hoping to show it can attract foreign capital into the country even if the United States and European investors turn away following the annexation of Crimea.
French oil giant Total is in talks to partner with Russia's Lukoil on its shale oil projects in Russia, as Moscow targets unconventional resources to replace falling production at ageing fields in Siberia.
Satya Nadella, Microsoft's new chief executive, announced the company's long-awaited Office suite on Apple Inc's iPad at his first public appearance, signalling that he is prepared to unbundle Windows to catch up on mobile and the cloud.
Brazilian public prosecutors have asked that courts block the restructuring plan of former billionaire Eike Batista's oil group and force him to inject $1 billion of his own money into the company.
Graeme Shelley, a former broker at Novum Securities received a two-year suspended sentence after pleading guilty to insider-trading charges, admitting to trading 14 stocks using inside information between 2008 and 2010.
NYT
* A day after Citigroup Inc's capital plan failed the Fed's stress test for the second time in three years, bank executives were still struggling to understand the decision and how best to respond. (http://r.reuters.com/dak97v)
* As the United States seeks to strengthen sanctions on Moscow for its occupation of Crimea, energy experts say the powerful Russian oil industry would make a robust target. But any penalties on energy investments, technology transfers and financial transactions would most likely also punish Western oil companies like Exxon Mobil that are investing heavily in Russia. (http://r.reuters.com/gak97v)
* Microsoft Corp on Thursday introduced its long-awaited suite of applications for Apple Inc's iPad tablets. The suite includes Word, PowerPoint and Excel. (http://r.reuters.com/jak97v)
* When CBS Outdoor Americas Inc begins trading on the New York Stock Exchange on Friday, it will represent not only the dawn of a new publicly traded advertising company in a hot market for IPOs, but also the latest step in the evolution of its parent company, CBS Corp. (http://r.reuters.com/mak97v)
* Italian fashion house Versace said it started 2014 on a strong footing thanks to a double-digit rise in sales from its own shops in the first quarter. The luxury brand may seek stock market listing in the future after the recent sale of a 20 percent stake to the private equity group Blackstone. (http://r.reuters.com/pak97v)
* Walmart Stores Inc sued Visa Inc for $5 billion, accusing the credit and debit card network of excessively high card swipe fees, several months after the retailer opted out of a class-action settlement between merchants and Visa and MasterCard. (http://r.reuters.com/rak97v)
* New York State and federal inspectors have completed a second round of safety checks of train tracks and oil tanker cars in an effort to prevent disastrous derailments and spills of volatile crude from North Dakota's Bakken region. The inspection effort, which generally found only minor and easily correctable defects, is part of a proactive safety effort started in January after several severe accidents. (http://r.reuters.com/tak97v)
* PG&E said it would probably face federal criminal charges for its role in a fatal gas pipeline explosion in the San Francisco Bay Area in September 2010. The company said it had been in discussions with federal prosecutors to reach a resolution, but it now expects prosecutors will say that PG&E's past operating practices violated the federal Pipeline Safety Act(http://r.reuters.com/vak97v)
Canada
THE GLOBE AND MAIL
* Former Ontario Premier Dalton McGuinty's former chief of staff has been accused of orchestrating a plan to purge government records after Ontario's controversial cancellation of two gas-fired power plants, according to police documents. (http://link.reuters.com/fyk97v)
* Canada's new Finance Minister Joe Oliver is taking a hands-off approach to the mortgage market, signal ling that unlike his predecessor he does not want to interfere in the rate-setting decisions of the banks. (http://link.reuters.com/jyk97v)
Reports in the business section:
* Lululemon Athletica Inc is paving the way for an accelerated international expansion as its new leader looks to pump up the business and patch up its merchandise and image problems. (http://link.reuters.com/myk97v)
NATIONAL POST
* Confirming his status as the front-runner in the Quebec election, Liberal leader Philippe Couillard came under heavy fire from the three other leaders during the campaign's final televised debate Thursday. (http://link.reuters.com/pyk97v)
* Toronto Mayor Rob Ford was unable to avoid questions about his crack cocaine scandal during the second mayoral election debate, which saw other candidates take jabs at his personal problems, and audience members heckle him when he resorted to familiar slogans. (http://link.reuters.com/ryk97v)
FINANCIAL POST
* Banks in Canada may finally be ready to battle over mortgage rates but the war for customers has been raging for months now. Falling bond yields, which long-term fixed rate loans are priced off of, had already allowed discounters to cut rates well below the 3 percent threshold that makes finance officials in Ottawa nervous. (http://link.reuters.com/syk97v)
* Canada's largest securities regulator, the Ontario Securities Commission, is attempting to rehabilitate its long-standing image as a toothless tiger by adding new potent weapons to its arsenal of powers it hopes will result in successful prosecutions of market miscreants. (http://link.reuters.com/vyk97v)
China
CHINA SECURITIES JOURNAL
- China's securities regulator encouraged companies to list on the National Equities Exchange and Quotations Co, also known as the "New Third Board", or on overseas stock markets. The regulator is currently dealing with a backlog of firms waiting to list on the country's main boards.
SECURITIES TIMES
- The Ministry of Environmental Protection will spend 1,747 billion yuan ($281.18 billion) to curb air pollution, an engineer from the ministry said in an environmental industry conference. The money will be mainly spent on developing clean energy, car pollution controls and stepping up central heating, he added.
CHINA BUSINESS NEWS
- China will establish a national real estate ownership registration system over the next three years, the head of the Ministry of Land and Resources said at a conference. The real estate ownership registration system has been widely expected to pave the way for implementing a property tax in China.
CHINA DAILY
- Lenovo Group says it is aiming to sell 1 million smart TVs in China in 2014.
SHANGHAI DAILY
- Nikon will give Chinese owners of D600 cameras a free replacement after being targeted by state media in a consumer rights probe.
- Eighty percent of Shanghai's college students set to graduate in June have not found jobs, nor enrolled for further study or plan to travel abroad. Job competition remains fierce for college graduates even as the wider industrial workforce shrinks.
Britain
The Telegraph
ENERGY BOSS WARNS OF BLACKOUTS AS COMPETITION PROBE 'STOPS INVESTMENT IN POWER PLANTS'
The boss of Britain's biggest energy company has warned households they face an "increasing risk" of blackouts because of an investigation into whether the industry is ripping off consumers. (http://link.reuters.com/fah97v)
ROLLS-ROYCE AWARDED $1.1 BLN ENGINE DEAL
Rolls-Royce has been awarded a $1.1 billion deal from All Nippon Airways to provide engines for the troubled Boeing 787 Dreamliner aircraft. (http://link.reuters.com/gah97v)
GATWICK AGREES SEVEN-YEAR PRICING DEAL WITH EASYJET
Gatwick has agreed a seven-year pricing deal with its biggest customer, easyJet, after being freed up by the UK's airports regulator to strike agreements directly with airlines. (http://link.reuters.com/hah97v)
PENSIONS CRISIS WARNING IF SCOTLAND VOTES YES
A new directive from the European Commission has confirmed that the private pensions of hard-working Scots will become "much more expensive" unless Scotland remains part of the UK, according to experts. (http://link.reuters.com/vaj97v)
The Guardian
SCOTTISH BANKS WARNED ON INDEPENDENCE
Scotland's financial services and banking industry would face a long and costly period of disruption if there were a 'yes' vote for independence, the sector's Scottish trade body has warned. (http://link.reuters.com/xyh97v)
LONDON CITY AIRPORT RUNWAY CLOSED AFTER PLANE ENGINE 'BLEW UP'
An engine blew up on an airliner seconds before it was due to leave London City airport, a passenger has said. Four people needed treatment for minor injuries after Geneva-bound LX437 with 74 passengers and four crew on board suffered an engine problem, airport authorities added. (http://link.reuters.com/dyh97v)
EC APPROVES TAX BREAKS FOR VIDEO GAMES INDUSTRY
The video game industry has won a seven-year battle to claim government tax breaks. The European Commission has agreed to extend the credits, which are already available to film and theatre productions, allowing games makers to claim back 25 percent of their qualifying production costs. (http://link.reuters.com/cej97v)
The Times
BANK RAISES ALARM OVER NEW HOUSE PRICE BUBBLE
The number of borrowers being offered dangerously large mortgages is at an all-time high, the Bank of England has warned. (http://link.reuters.com/waj97v)
AMERICANS CONSIDER SELLING THAMES SITE
One of London's best development sites, a stretch of the Thames between Tate Modern and Blackfriars Bridge, could be put up for sale by U.S. private equity firm Carlyle Group.(http://link.reuters.com/kaj97v)
MORRISONS BOSS GIVES UP BONUS AS PROFITS CRASH
Morrisons's chief executive has waived his bonus for a second year running and become the latest blue-chip boss to renounce a pay reward after the supermarket chain suffered torrid trading. (http://link.reuters.com/xaj97v)
The Independent
ED MILIBAND PLEDGES TO SUPPORT SMALL BUSINESSES WITH RAFT OF NEW MEASURES
Ed Miliband is to answer critics who claim that Labour is "anti-business" by promising that his party would give new rights to small companies and the self-employed if it wins power. (http://link.reuters.com/bej97v)
INSURERS WARN OVER GOVERNMENT CAP ON PENSION PLAN CHARGES
The planned cap on charges on workplace pensions will drive small schemes out of business and give workers less financial freedom, insurers warned on Thursday. (http://link.reuters.com/zaj97v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Personal income for February at 8:30--consensus up 0.3%
Personal spending for February at 8:30--consensus up 0.3%
Core PCE prices for February at 8:30--consensus up 0.1%
U. of Michigan consumer sentiment index for March at 9:55--consensus 80.5
ANALYST RESEARCH
Upgrades
Agnico-Eagle (AEM) upgraded to Buy from Hold at Canaccord
Alcoa (AA) upgraded to Neutral from Underperform at Macquarie
Bofi Holding (BOFI) upgraded to Outperform from Market Perform at Raymond James
Cognizant (CTSH) upgraded to Overweight from Equal Weight at Morgan Stanley
El Paso Pipeline (EPB) upgraded to Buy from Neutral at Citigroup
Fidus Investment (FDUS) upgraded to Strong Buy from Outperform at Raymond James
Finisar (FNSR) upgraded to Outperform from Sector Perform at RBC Capital
Home Loan Servicing (HLSS) upgraded to Overweight from Neutral at Piper Jaffray
InvenSense (INVN) upgraded to Buy from Neutral at Roth Capital
Kinross Gold (KGC) upgraded to Neutral from Sell at Goldman
NICE Systems (NICE) upgraded to Buy from Neutral at UBS
Newpark Resources (NR) upgraded to Overweight from Underweight at First Analysis
Niska Gas (NKA) upgraded to Neutral from Sell at Citigroup
PennyMac (PFSI) upgraded to Outperform from Market Perform at Wells Fargo
SolarCity (SCTY) upgraded to Outperform from Market Perform at Raymond James
TC PipeLines (TCP) upgraded to Neutral from Sell at Citigroup
Tallgrass Energy (TEP) upgraded to Buy from Neutral at Citigroup
Veeco (VECO) upgraded to Buy from Outperform at CLSA
Downgrades
Ambac Financial (AMBC) downgraded to Sell from Neutral at MKM Partners
Blackhawk (HAWK) downgraded to Neutral from Overweight at Piper Jaffray
Ciena (CIEN) downgraded to Sector Perform from Outperform at RBC Capital
Citigroup (C) downgraded to Hold from Buy at Societe Generale
Genesis Energy (GEL) downgraded to Neutral from Buy at Citigroup
JDSU (JDSU) downgraded to Sector Perform from Outperform at RBC Capital
Nestle (NSRGY) downgraded to Neutral from Outperform at Credit Suisse
PG&E (PCG) downgraded to Hold from Buy at Deutsche Bank
PG&E (PCG) downgraded to Neutral from Buy at Citigroup
Pinnacle West (PNW) downgraded at BofA/Merrill
Pinnacle West (PNW) downgraded to Neutral from Buy at BofA/Merrill
Rose Rock Midstream (RRMS) downgraded to Neutral from Buy at Citigroup
Ternium (TX) downgraded to Equal Weight from Overweight at Morgan Stanley
Initiations
Atlas Energy (ATLS) initiated with a Buy at Deutsche Bank
Atlas Resource Partners (ARP) initiated with a Hold at Deutsche Bank
Bill Barrett (BBG) initiated with a Neutral at Mizuho
Carrizo Oil & Gas (CRZO) initiated with a Buy at Mizuho
Colfax (CFX) initiated with a Neutral at Longbow
Columbia Property Trust (CXP) initiated with a Market Perform at JMP Securities
EP Energy (EPE) initiated with a Neutral at Mizuho
Integrated Silicon (ISSI) initiated with a Buy at B. Riley
McGraw Hill Financial (MHFI) initiated with a Buy at Janney Capital
Oracle (ORCL) initiated with a Buy at Cantor
Synergy Resources (SYRG) initiated with an Outperform at Imperial Capital
Valeant (VRX) initiated with a Buy at Cantor
COMPANY NEWS
Exact Sciences (EXAS) announced that an FDA advisory panel recommended approval of its Cologuard colorectal cancer screening test
PG&E (PCG) said it expects criminal charges in San Bruno case
Ford (F) announced plans to invest $500M in Ohio engine plant, create 300 jobs to build new F-150
Parametric Sound (PAMT) provided an update following completion of its combination with Turtle Beach and said it expects adjusted EBITDA for FY14 to total $20M-$25M
GCI (GNCMA) said negotiations with Viacom (VIA) stalled
GM's (GM) Opel unit said sales of Opel brand in China to cease in January 2015
Rolls-Royce (RYCEY) selected by ANA (ALNPY) to provide Trent engines worth $1.1B to power 25 Boeing (BA) 787 Dreamliner aircraft
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Continental Building (CBPX), Oxford Industries (OXM), Red Hat (RHT)
Companies that missed consensus earnings expectations include:
AdCare (ADK), RE/MAX Holdings (RMAX), Conatus Pharmaceuticals (CNAT), Cara Therapeutics (CARA), Metabolix (MBLX)
Companies that matched consensus earnings expectations include:
Progress Software (PRGS), Restoration Hardware (RH)
NEWSPAPERS/WEBSITES
Amazon (AMZN) denies report of streaming-media service, Variety says
Wal-Mart (WMT) seeks $5B from Visa (V) over swipe fees, WSJ says
Apple (AAPL) to release new iPhone as early as September, Nikkei says
Total (TOT) in talks with Lukoil (LUKOY) for shale partnership, FT reports
Rumors suggest Jazz (JAZZ) looking to buy ARIAD (ARIA), Daily Mail reports
Toyota (TM) recalling Avalon cars for airbag deployments, Detroit News reports
Microsoft (MSFT) sets internal goal of 25M Windows tablets in 2014, DigiTimes says
Baidu (BIDU) prevails in lawsuit over search results, Reuters reports
Target (TGT) lawsuit reveals liable security firm Trustwave, WSJ reports
SYNDICATE
58.com (WUBA) 6M share Secondary priced at $38.00
CBS Outdoor Americas (CBSO) 20M share IPO priced at $28.00
Caesar's (CZR) files to sell 7M common shares
CommScope (COMM) 17.5M share Secondary priced at $22.00
Endocyte (ECYT) 4.5M share Secondary priced at $21.00
Energous (watt) 4M share IPO priced at $6.00
Everyday Health (EVDY) 7.15M share IPO priced at $14.00
Exterran Partners (EXLP) files to sell 5.4M common units representing limited partners
Mercer (MERC) 7M share Secondary priced at $7.15
MoneyGram (MGI) 8M share Secondary priced at $16.50
Sprouts Farmers Market (SFM) 15M share Secondary priced at $33.75
Voxeljet (VJET) files to sell 4.25M American Depositary Shares
Pre Market Movers
Top Gaining Stocks
Price %Change
CYTX Cytori Therapeuti... 3.60 33.83%
IDRA Idera Pharmaceuti... 4.95 27.58%
MUX Mcewen Mining 2.71 9.72%
NG Novagold Resource... 3.98 9.64%
EXAS Exact Sciences Co... 14.80 7.64%
ARIA Ariad Pharmaceuti... 8.18 7.63%
DGP DB Gold Double Lo... 30.80 7.13%
BBRY Research in Motio... 9.58 5.86%
NPD China Nepstar Cha... 2.70 5.47%
AUQ Aurico Gold 4.46 4.45%
ZNGA Zynga Inc. 4.65 4.03%
SCTY Solarcity Corpora... 63.00 3.72%
BLDP Ballard Power Sys... 4.54 3.65%
JKS Jinkosolar Holdin... 28.20 3.60%
FCEL Fuelcell Energy I... 2.50 3.31%
LNCO Linnco Llc 27.77 3.08%
FINL Finish Line Inc. ... 27.25 2.91%
HMY Harmony Gold Mini... 3.23 2.87%
MERC Mercer Internatio... 7.34 2.66%
CTSH Cognizant Technol... 48.80 2.56%
Top Losing Stocks
Price %Change
VJET voxeljet AG Ads 22.00 -14.30%
SFXE Sfx Entertainment... 6.00 -11.89%
INO Inovio Pharmaceut... 3.22 -11.54%
TSYS Telecommunication... 2.01 -9.87%
WABC Westamerica Banco... 48.35 -8.55%
AV Aviva Plc Ads 14.84 -7.88%
ECYT Endocyte Inc. 21.55 -6.59%
EXLP Exterran Partners... 27.80 -5.79%
PUK Prudential Plc Ad... 41.24 -5.59%
ZGNX Zogenix Inc. 2.81 -4.10%
WUBA 58.com Inc 37.75 -3.58%
PCG Pg&e Corp. 42.19 -3.32%
LYG Lloyds Banking Gr... 4.93 -3.14%
COMM Commscope Holding... 22.40 -3.03%
EDZ Direxion Daily Em... 40.39 -1.89%
JDST Direxion Daily Ju... 23.83 -1.81%
NFLX Netflix Inc. 357.75 -1.77%
VXX Barclays Bank Plc... 43.42 -1.47%
YY YY Inc. 70.01 -1.41%
V Visa 213.25 -1.17%
Read more at http://thestockmarketwatch.com/markets/pre-market/#ptv13IcWRwuX98RQ.99
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