is trading.....maybe!!
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
NO way, WE sitting around here, ALL day most every Day< No More
hi stuffie! I've been in a trade for several days.....
and still even...
up some in the a.m. and then nada at the closing bell....
guess I need to sit here!
Frontrunning:
BOE to Sign Agreement With China on Yuan Clearing Next Week (BBG)
U.S. law firm plans to bring suit against Boeing, Malaysia Airlines (Reuters)
Citigroup Fraud Stings Mexico Star as Medina-Mora Chased (BBG)
Fraternity Chief Feared for Son as Hazings Spurred JPMorgan Snub (BBG)
UBS suspends six more forex traders (FT)
Goodbye CSCO Q1 EPS: China to strengthen Internet security after U.S. spying report (Reuters)
Good luck: Spain Banks With $55 Billion of Property Seek Deals (BBG)
Citic Pacific Said to Plan About $4 Billion Public Offering (BBG)
Yahoo Japan to buy eAccess from SoftBank for $3.2 billion (Reuters)
"Whatever it takes" to talk down the Euro: Euro, peripheral bond yields fall on ECB easing debate (Reuters)
Obama and Pope Francis Meet in Rome (Reuters)
License Plate Technology at Risk Post-Snowden (BBG)
Robert Shiller on the art of stock-picking and the complex psychology of investors (WSJ)
U.S. jobs market dropouts increasingly likely to stay out (Reuters)
Overnight Media Digest
WSJ
* Citigroup Inc failed to get Federal Reserve approval to reward investors with higher dividends and stock buybacks, a surprising blow to Chief Executive Michael Corbat's effort to bolster the bank's reputation following a 2008 government rescue. The Fed rejected capital plans from five large banks and approved 25 as part of its annual "stress tests" measuring a firm's ability to continue lending during a severe economic downturn. (http://link.reuters.com/xeb97v)
* Bank of America Corp and former Chief Executive Kenneth Lewis took big steps to put the financial crisis behind them by paying state and federal agencies to settle lawsuits over the acquisitions of Countrywide Financial Corp and Merrill Lynch & Co. The Charlotte, North Carolina-based lender said it would pay $9.5 billion to settle mortgage claims with Fannie Mae, Freddie Mac and their federal regulator. (http://link.reuters.com/bub97v)
* Brookstone Inc, which sells consumer gadgets ranging from travel electronics to massage chairs, is preparing to file for bankruptcy protection as early as Sunday, with a plan in place to be bought by another specialty retailer Spencer Spirit Holdings Inc, people familiar with the matter said. (http://link.reuters.com/jeb97v)
* Microsoft Corp's new boss on Thursday will have his first shot at outlining a new, less Windows-dependent path for the company. Chief Executive Satya Nadella, at an event in San Francisco, is expected to disclose a new version of Microsoft's popular Office software for the iPad, people familiar with the matter said. (http://link.reuters.com/hub97v)
* An internal investigation into the George Washington Bridge lane closures conducted by lawyers hired by the Christie administration is expected to absolve additional members of Governor Chris Christie's senior staff from being involved in the matter. (http://link.reuters.com/kub97v)
FT
Sources said the International Monetary Fund would announce a rescue package for Ukraine of about $15 billion as early as Thursday, hoping that the initial aid payments could be made by the end of April.
Bank of America agreed on Wednesday to pay $9.5 billion to settle claims it sold U.S. housing regulators faulty mortgage bonds.
The U.S. Federal Reserve rejected the capital plans of five large banks including Citigroup as part of its annual stress test, but cleared Bank of America and Goldman Sachs after they agreed to lower buyback and dividend proposals.
Mexico expects to issue tenders for some deep water oilfields next year as it welcomes private investment at its oil and gas exploration and production sector.
King Digital Entertainment's shares fell more than 15 percent on its New York stock market debut, making the Candy Crush Saga maker the largest new U.S. listing to flop on its opening day in 20 years
NYT
* The Federal Reserve dealt an embarrassing blow to Citigroup Inc on Wednesday when it rejected the company's plans to manage its capital, citing concerns about the "overall reliability of Citigroup's capital planning process." It was the only one among the top five banks that failed to persuade the Fed to bless its plans of increasing dividends and repurchasing stock. (http://r.reuters.com/cub97v)
* Rupert Murdoch appointed his two sons, Lachlan and James to senior positions at his companies News Corp and Twenty-first Century Fox, ensuring that a media conglomerate that has always been run like a small family business would have a Murdoch in charge for years to come.(http://r.reuters.com/mub97v)
* Children of elderly borrowers are learning that their parents' reverse mortgages are now threatening their own inheritances. Under federal rules, survivors are supposed to be offered the option to settle the loan for a percentage of the full amount. Instead, reverse mortgage companies are increasingly threatening to foreclose unless heirs pay the mortgages in full. (http://r.reuters.com/pub97v)
* Bank of America Corp is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it sold to Fannie Mae and Freddie Mac in the run up to the financial crisis. As part of the settlement, Bank of America will also repurchase mortgage securities from Fannie and Freddie that are valued at about $3.2 billion. (http://r.reuters.com/rub97v)
* Candy Crush Saga-developer King Digital Entertainment saw its stock slump as trade opened on Wednesday, and ended the day down 15.6 percent, closing at $19 per share. The sheer drop disappointed investors who scooped up the stock at the initial public offering, as well as those who bought shares Wednesday morning. (http://r.reuters.com/tub97v)
* In the fifth huge recall for automakers this year, Nissan Motor Co Ltd is recalling nearly a million vehicles because the front passenger-side air bag might not deploy in a crash, the company said in a report to regulators published on Wednesday. (http://r.reuters.com/byb97v)
* A growing number of big corporate clients are demanding that their law firms demonstrate that their computer systems are employing top-tier technologies to detect and deter attacks from hackers bent on getting their hands on corporate secrets either for their own use or sale to others. (http://r.reuters.com/vub97v)
* Yet another proposal to overhaul United States' housing finance system will be put before Congress on Thursday. The major distinction of this proposal is that it would make the mortgage lending system more like a public utility, by creating a co-op of lenders that would be the sole issuer of mortgage-backed securities guaranteed by the government. (http://r.reuters.com/wub97v)
* Two Democratic senators on Wednesday criticized Target Corp's management for not stopping a huge data breach of its systems, citing several missed opportunities to thwart the attack and protect customer data. John D. Rockefeller from West Virginia, chairman of the Senate Commerce Committee, and Richard Blumenthal from Connecticut said Target's failure to heed warning signs of incursions by cyber criminals ultimately was the fault of its top executives. (http://r.reuters.com/xub97v)
* Connecticut lawmakers on Wednesday became the first in the country to pass legislation that would increase a state's minimum wage to $10.10 an hour by 2017, the same rate President Obama wants for the federal minimum wage. (http://r.reuters.com/zub97v)
Canada
THE GLOBE AND MAIL
* Canadian Prime
Minister Stephen Harper and his U.S. counterpart Barack Obama are urging
European allies to support sanctions targeting Russia's energy sector,
with both leaders saying North America could help Western Europe end its
dependence on Russian natural gas. (http://link.reuters.com/zac97v)
*
After a day of tense negotiations under threat of a back-to-work order,
British Columbia Premier Christy Clark signed a settlement with union
and non-union truckers to end the strike that has snarled shipping at
the Port Metro Vancouver for almost a month.
(http://link.reuters.com/bec97v)
Reports in the business section:
*
Just one week after Jim Flaherty stepped down as the Canadian finance
minister, Bank of Montreal is shaking up the mortgage market,
aggressively cutting its five-year rate to levels that caused him to
intervene last year. BMO is now offering five-year fixed mortgages at
2.99 percent, slashing its rate from 3.49 percent.
(http://link.reuters.com/kec97v)
NATIONAL POST
*
Toronto Mayor Rob Ford took more than a few punches but remained light
on his feet at the inaugural televised debate in mayoral election that
saw challengers skirt around the police investigation into him and not
once utter the words "crack cocaine." (http://link.reuters.com/tec97v)
*
Quebec Premier Pauline Marois's insistence that her party is a model of
political integrity took a hit on Wednesday as it emerged that Quebec's
anti-corruption police are looking into past Parti Quebecois
fundraising practices. (http://link.reuters.com/zec97v)
FINANCIAL POST
*
Quebec's Liberal Party says the separatist Party Quebecois has gone too
far in its dream of the province as a petroleum promised land and that
no public money should be spent on early-stage oil drilling projects
such as those on Anticosti island. (http://link.reuters.com/zyc97v)
*
BlackBerry Ltd Chief Executive John Chen says he is fighting against
future product leaks by taking "legal action" that he hopes will set an
example. The head of the Waterloo, Ontario-based smartphone company
alleges that a person he did not name stole confidential details about a
future BlackBerry product and leaked them to the public.
(http://link.reuters.com/rec97v)
China
CHINA SECURITIES JOURNAL
- China's pension investment fund reported a net profit of 69.6 billion yuan ($11.21 billion) in 2013, up 6.29 percent from a year earlier, the National Council for Social Security fund said.
- Average daily power output and daily rail transport volume has picked up in March, a sign that the economic activities were gaining pace, said Li Pumin, spokesman of the National Development and Reform Commission.
SHANGHAI SECURITIES NEWS
- China will launch the Baotou Rare Earth Products Exchange on March 28, the first such exchange in the country that aims to provide open prices for rare earth products, it said on its official website.
CHINA DAILY
- The central government will introduce a credit rating system for provinces, cities and counties as it seeks to establish a foundation for a well-regulated municipal debt market, said a source at the Ministry of Finance.
Britain
The Telegraph
RBS CITIZENS FAILS FEDERAL RESERVE STRESS TEST
Royal Bank of Scotland's U.S. business has been barred from raising its dividend by the Federal Reserve after being deemed unable to survive another financial crisis. (link.reuters.com/wuz87v)
PENSION CHANGES MUST NOT CREATE MIS-SELLING RISK, SAYS L&G BOSS
Changes to Britain's pension rules must not be allowed to create an "open-ended liability" for the insurance industry, the boss of Legal & General has warned, as he forecast a 75 percent contraction in the individual annuity market. (link.reuters.com/xuz87v)
CANDY CRUSH MAKER'S SHARES TUMBLE ON DEBUT
Shares in the London-based smartphone games developer King tanked on their first day of trading on Wall Street on Wednesday, as the company failed to overcome fears it could prove to be a flash in the pan. (link.reuters.com/zuz87v)
The Guardian
WONGA LOOKS BEYOND PAYDAY TO TRY OUT LONGER LOANS
The online lender Wonga is testing out new loans repaid over a six-month period, and has dropped a service that allowed consumers to pay for goods from online retailers using credit. (link.reuters.com/haz87v)
LLOYDS SHARE SALE MAKES GOVERNMENT 4.2 BLN STG
The taxpayer's stake in Lloyds Banking Group has been cut to 25 percent, after the government sold shares worth 4.2 billion pounds on Tuesday night. (link.reuters.com/byz87v)
SSE PLEDGES TO HOLD GAS AND ELECTRICITY PRICES UNTIL 2016
SSE, the UK's second-largest energy provider, is to freeze gas and electricity prices for its 5 million customers until 2016, putting pressure on rivals to follow. (link.reuters.com/cyz87v)
The Times
SCOTS BELIEVE OSBORNE IS 'BLUFFING' OVER CURRENCY
George Osborne's high-stakes gamble of ruling out a currency union between an independent Scotland and the rest of the UK appears to have backfired, with more Scots believing that he is "bluffing" than telling the truth, a poll for The Times has found. (link.reuters.com/tuz87v)
The Independent
ROW AS SWISS PICK UK BANKER TO RUN WATCHDOG
Switzerland has named the British banker Mark Branson as the new head of its financial market regulator, it emerged yesterday. (link.reuters.com/dyz87v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Fourth quarter GDP growth at 8:30--consensus 2.7%
Jobless claims for week of March 22 at 8:30--consensus 323K
Pending home sales for February at 10:00--consensus up 0.2% for the month
ANALYST RESEARCH
Upgrades
BankUnited (BKU) upgraded to Overweight from Equal Weight at Morgan Stanley
Federated Investors (FII) upgraded to Neutral from Underperform at Sterne Agee
New York Times (NYT) upgraded to Overweight from Equal Weight at Evercore
PVH Corp. (PVH) upgraded to Conviction Buy from Buy at Goldman
Downgrades
BlackBerry (BBRY) downgraded to Sell from Hold at Societe Generale
CECO Environmental (CECE) downgraded to Market Perform at FBR Capital
Citigroup (C) downgraded to Market Perform from Outperform at Bernstein
Citigroup (C) downgraded to Market Perform from Outperform at Keefe Bruyette
Five Star (FVE) downgraded to Market Perform from Outperform at JMP Securities
Initiations
Active Power (ACPW) initiated with a Buy at Roth Capital
Amgen (AMGN) initiated with an Overweight at Morgan Stanley
Associated Banc-Corp (ASBC) initiated with a Neutral at DA Davidson
Biogen (BIIB) initiated with an Overweight at Morgan Stanley
Celgene (CELG) initiated with an Equal Weight at Morgan Stanley
Cemig (CIG) initiated with a Buy at Goldman
Gilead (GILD) initiated with an Equal Weight at Morgan Stanley
ICON plc (ICLR) initiated with an Outperform at Credit Suisse
Independence Realty Trust (irt) initiated with a Buy at Deutsche Bank
Pharmacyclics (PCYC) initiated with an Equal Weight at Morgan Stanley
Regeneron (REGN) initiated with an Equal Weight at Morgan Stanley
RingCentral (RNG) initiated with an Outperform at Macquarie
Roundy's (RNDY) initiated with a Buy at BofA/Merrill
TCF Financial (TCB) initiated with a Neutral at DA Davidson
COMPANY NEWS
Bank of America (BAC) received approval from the Federal Reserve for its 2014 capital plan; the bank will repurchase $4B of its common stock and increase its dividend to 5c from 1c per share
Bank of America (BAC) also announced a more than $9B settlement with the FHFA related to mortgage-backed securities sold to Fannie Mae (FNMA) and Freddie Mac (FMCC) between 2005 and 2007
JPMorgan (JPM) and Morgan Stanley (MS) both received approval from the Federal Reserve for their proposed 2014 capital plans
The Federal Reserve rejected Citigroup's (C) capital plan for 2014, which included a proposed $6.4B share repurchase program and an increase of the bank's dividend to 5c per share. Citi will be allowed to continue with its current capital actions, which include a $1.2B share repurchase program and a 1c per share dividend
Essex Property Trust (ESS) will join the S&P 500, replacing Cliffs Natural (CLF), as of the market close on April 1
Santander (SAN) said it will resubmit capital plan after Fed objects for qualitative reasons
Yahoo Japan (YHOO) to buy eAccess from SoftBank (SFTBF) for Y324B
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Leidos (LDOS), Vince Holding (VNCE), Paychex (PAYX)
Companies that missed consensus earnings expectations include:
Signet Jewelers (SIG), H.B. Fuller (FUL), American Eagle Energy (AMZG), Revance Therapeutics (RVNC), Cancer Genetics (CGIX)
NEWSPAPERS/WEBSITES
Twitter (TWTR) expected to introduce new music strategy this week, WSJ reports
Microsoft (MSFT) expected to announce new version of Office for iPad, WSJ reports
UBS (UBS) has suspended six more forex traders, FT reports
Amazon (AMZN) received clearance to provide more cloud services to Pentagon, FT reports
Intel to support Cloudera and stop its distribution of Hadoop, Venture Beat says
Target (TGT) and Visa (V) say fraud limited following data breach, WSJ reports
Facebook (FB) denies Oculus hardware redesign, Re/code reports
SYNDICATE
500.com (WBAI) files to sell $360M of American Depositary Shares
Advaxis (ADXS) 4.08M share Spot Secondary priced at $3.00
Applied Genetic Technologies (AGTC) 4.17M share IPO priced at $12.00
Ford (F) files to sell 1.34M shares of common stock for holders
Marchex (MCHX) 5.714M share Secondary priced at $10.50
Old Second Bancorp (OSBC) files to sell 13.5M shares of common stock
PennyMac (PFSI) 5.555M share Secondary priced at $16.50
Realty Income (O) 12M share Spot Secondary priced at $39.96
SciQuest (SQI) 3M share Secondary priced at $26.75
Solazyme (SZYM) 5M share Secondary priced at $11.00
Square 1 Financial (SQBK) 5.78M share IPO priced at $18.00
TriNet (TNET) 15M share IPO priced at $16.00
William Lyon Homes (WLH) 2M share Secondary priced at $27.25
Pre Market Movers
Top Gaining Stocks
Price %Change
SPEX Spherix Incorpora... 5.22 16.52%
LITB Lightinthebox Hol... 7.10 9.06%
CLVS Clovis Oncology I... 84.30 8.77%
CPST Capstone Turbine ... 2.25 7.91%
BAX Baxter Internatio... 75.00 7.02%
ALU Alcatel-lucent Ad... 3.91 5.96%
QTWW Quantum Fuel Syst... 9.81 5.83%
BLDP Ballard Power Sys... 4.41 5.76%
MEI Methode Electroni... 31.65 4.77%
EXEL Exelixis Inc. 4.07 4.23%
FCEL Fuelcell Energy I... 2.50 4.17%
CETV Central European ... 3.00 4.17%
RSP Rydex Etf Trust R... 74.99 4.15%
GMCR Keurig Green Moun... 109.35 3.48%
SIG Signet Jewelers 101.22 2.92%
CONN Conn\'s Inc. 35.50 2.84%
SOL Renesola Ltd. Ads... 3.45 2.37%
KING King Digital Ente... 19.45 2.37%
FMC Fmc Corp. 78.11 2.25%
JDST Direxion Daily Ju... 27.30 1.92%
Top Losing Stocks
Price %Change
ADXS Advaxis Inc. 3.00 -26.29%
DWA Dreamworks Animat... 21.13 -18.79%
YONG Yongye Internatio... 5.89 -13.38%
INCY Incyte Corp. 46.24 -10.65%
WBAI 500 Com Ltd. Adr ... 34.94 -7.62%
CIT Cit Group Inc. 46.00 -6.20%
CATO Cato Corp. Cl A 24.20 -6.09%
LSCC Lattice Semicondu... 7.00 -6.04%
C Citigroup Inc. 47.20 -5.90%
RGSE Real Goods Solar ... 3.75 -3.35%
ISR Isoray 2.25 -3.02%
PALL Etfs Physical Pal... 74.06 -2.87%
PFSI Pennymac Financia... 16.12 -2.72%
O Realty Income Cor... 39.68 -2.70%
MCHX Marchex Inc 10.84 -2.69%
VJET voxeljet AG Ads 24.60 -2.42%
CALL magicjack Vocalte... 20.21 -2.41%
BBRY Research in Motio... 8.95 -2.29%
JNUG Direxion Daily Ju... 19.28 -2.28%
GNI Great Northern Ir... 21.50 -1.92%
Read more at http://thestockmarketwatch.com/markets/pre-market/#h0ZiAM0wvgi41oWH.99
data:
GDP
[Report][Star]8:30 AM ET
Jobless Claims
[Report][Star]8:30 AM ET
Sandra Pianalto Speaks
8:30 AM ET
Corporate Profits
[Bullet8:30 AM ET
Bloomberg Consumer Comfort Index
[Bullet9:45 AM ET
Pending Home Sales Index
[Report][djStar]10:00 AM ET
EIA Natural Gas Report
[Bullet10:30 AM ET
Kansas City Fed Manufacturing Index
[Report][Bullet11:00 AM ET
3-Month Bill Announcement
[Bullet11:00 AM ET
6-Month Bill Announcement
[Bullet11:00 AM ET
52-Week Bill Announcement
[Bullet11:00 AM ET
7-Yr Note Auction
[Bullet1:00 PM ET
Fed Balance Sheet
[Bullet4:30 PM ET
Money Supply
[Bullet4:30 PM ET
Charles Evans Speaks
9:30 PM ET
Futures +32
good morning
Frontrunning:
One-Ship Ukraine Navy Defies Russia to the End (WSJ)
Crimea-Induced Trading Surge Stokes Moscow Exchange Rally (BBG)
Moscow says Ukraine stops Russian crews disembarking in Kiev (Reuters)
New images show more than 100 objects that could be plane debris (Reuters)
Anger of Flight 370 Families Explodes in Beijing (BBG)
Murdoch Promotes Son Lachlan in Succession Plan for Empire (BBG)
Facebook to buy virtual reality goggles maker for $2 billion (Reuters)
Syrian Regime Exploits Rebel Despair (WSJ)
King Digital IPO price may not bode well for stock (Reuters)
Rothschild in Twitter Spat as Bakries Cut Ties With Miner (BBG)
Spooked by defaults, China banks begin retreat from risk (Reuters)
Mt. Gox Cooperating With Police (WSJ)
New York Times to Introduce New Digital Subscriptions (WSJ)
Overnight Media Digest
WSJ
* Facebook Inc made its second big acquisition of the year, agreeing Tuesday to acquire Oculus VR Inc, a 20-month-old maker of virtual-reality goggles, for $2 billion in cash and stock. The deal highlights the intense competition among big technology companies for promising startups, even when those startups, like Oculus and WhatsApp, have little revenue. (http://link.reuters.com/ras87v)
* BlackRock Inc Chief Executive Laurence Fink has privately warned big companies that dividends and buybacks that activists favor may create quick returns at the expense of long-term investment. In doing so, the head of the world's largest money manager by assets lent his voice to a popular criticism of activist investors, even as his firm sometimes aligns with and may benefit from their efforts. (http://link.reuters.com/tas87v)
* One of JPMorgan Chase & Co's top executives quit suddenly to take a top job in private equity firm Carlyle Group , a departure that raises new questions about who will eventually succeed Chief Executive James Dimon. Michael Cavanagh's decision to leave his job as co-head of J.P. Morgan's Wall Street operations marks the latest in a long line of departures from Dimon's inner circle. (http://link.reuters.com/xas87v)
* The Securities and Exchange Commission, under pressure from the asset-management industry, is preparing to exempt a majority of money-market mutual funds from a central plank of rules intended to curb risks in the $2.6 trillion market, according to people familiar with the agency's discussions. (http://link.reuters.com/wyr87v)
* Activist investor Dan Loeb sued auction house Sotheby's to remove its so-called poison pill, setting up a crucial first test for a new generation of corporate defenses aimed at thwarting activist hedge funds. (http://link.reuters.com/fes87v)
* America's moviegoing audience shrank yet again in 2013, and theater owners are considering a radical idea to turn the tide: cutting ticket prices. A report from the Motion Picture Association of America released Tuesday said that domestic movie box-office sales rose to $10.9 billion last year, from $10.8 billion in 2012, but the number of tickets sold slipped yet again, this time 1.5 percent to 1.34 billion. (http://link.reuters.com/kes87v)
* Rescue crews continued to search through the night after a devastating weekend mudslide killed at least 16 people. Crews recovered two more bodies Tuesday but believe they located eight more, possibly bringing the death toll to 24. (http://link.reuters.com/pes87v)
FT
Mobile game maker King Digital Entertainment raised $500 million from its stock market float late on Tuesday, valuing the company's equity at $8 billion on a fully diluted basis and making it one of the most valuable.
Britain's government announced plans to sell more than 4 billion pounds worth of its shares in Lloyds Banking Group , moving a step closer to returning the lender to the private sector before next year's election.
Facebook said it would buy Oculus VR, a maker of virtual-reality glasses for gaming, placing a $2 billion bet that virtual reality headsets will be the next big social platform after computers and smartphones.
Banks have shelled out $100 billion in U.S. legal settlements since the financial crisis, according to Financial Times research, reflecting a substantial shift in political attitudes towards the financial sector.
Santander UK is to be slapped with a 12.5 million-pound fine by Britain's Financial Conduct Authority on Wednesday for providing unsuitable investment advice to customers in its branches.
NYT
* Facebook Inc on Tuesday said it had reached a $2 billion agreement to buy Oculus VR, maker of a virtual reality headset. The acqusition reflects the Facebook founder's belief that virtual reality could be the next big computing platform after mobile and social networking could become an immersive, 3-D experience. (http://r.reuters.com/qas87v)
* Michael Cavanagh, considered to be one of the likely candidates to replace JP Morgan Chase's CEO Jamie Dimon, said on Tuesday that he would resign as JPMorgan's co-head of investment banking to take on the role of co-chief operating officer of the Carlyle Group. (http://r.reuters.com/vas87v)
* Candy Crush Saga-maker King Digital Entertainment priced its IPO at $22.50 per share. The company, valued at $7 billion post the IPO, will start trading on the New York Stock Exchange under the ticker symbol KING from Wednesday. (http://r.reuters.com/zas87v)
* The IRS announced on Tuesday that it would treat bitcoin, the computer-driven online money system, as property rather than currency for tax purposes, a move that forces users who have grown accustomed to operating under the government's radar to deal with new tax issues and reporting requirements. (http://r.reuters.com/bes87v)
* Baxter International, the country's only manufacturer of injectable nitroglycerin, recently told hospitals that it was sharply cutting shipments of the drug. The shortage of nitroglycerin, a critical drug for heart patients, is the latest example of how patchy the supply of some of the nation's most critical drugs has become in recent years. (http://r.reuters.com/ges87v)
* Senate Democrats dropped reforms of International Monetary Fund governance from a Ukraine aid package on Tuesday, handing President Obama an embarrassing defeat. (http://r.reuters.com/nes87v)
* Democrat senators Edward Markey of Massachusetts and Richard Blumenthal of Connecticut introduced a Senate bill on Tuesday that would make auto companies give the National Highway Traffic Safety Administration copies of insurance claims made against them and lawsuits about fatal crashes in which they were defendants. This comes as investigators begin to pour over internal General Motors documents seeking to understand the failure by regulators and the company to act on reports of a defect in Chevrolet Cobalts and other cars. (http://r.reuters.com/res87v)
* Walmart is recalling 174,000 dolls because they could overheat and burn consumers. The Consumer Product Safety Commission said on Tuesday that the My Sweet Love/My Sweet Baby Cuddle Care Baby Doll has a circuit board in its chest that can overheat. Walmart had reports of 12 incidents including two burns or blisters to the thumb. (http://r.reuters.com/ses87v)
* A start-up, Junction Investments, plans to open for business on Wednesday, allowing wealthy individuals to invest in movies alongside veteran film financiers. (http://r.reuters.com/tes87v)
Canada
THE GLOBE AND MAIL
* Quebec Premier Pauline Marois struggled to regain control of a floundering Parti Quebecois election campaign amid signs the Quebec Liberal Party is widening its lead among voters in the final weeks of the election race and could be on track to form a majority government. (http://link.reuters.com/zys87v)
* Prime Minister Stephen Harper said the country must begin to "assess the pain" of increasing pressure on the Putin government over Russia's seizure of the Crimean peninsula, after the Group of Seven countries said it is prepared to impose economic sanctions if Moscow escalates the crisis further. The Prime Minister has singled out the prospect of sanctions against Russia's energy industry, which would in all likelihood curtail the ability of Canadians, and those in other G7 countries, from doing petroleum-related business with Russians. (http://link.reuters.com/bat87v)
Reports in the business section:
* Goldcorp Inc Chairman Ian Telfer dared Osisko Mining Corp to find an alternative to his company's $3-billion hostile offer, saying the smaller miner has had more than enough time. It has been more than two months since Vancouver-based Goldcorp announced the unsolicited bid, and time is running out for Osisko. (http://link.reuters.com/cat87v)
NATIONAL POST
* Quebec Premier Pauline Marois rejected Quebec Liberal Party leader Philippe Couillard's call to make public the extent of her considerable personal wealth. Couillard announced that he would be publishing his 2012 tax return as well as an accounting of all assets held by him and his wife, Suzanne Pilote on his party's website before Thursday's leaders' debate. (http://link.reuters.com/jat87v)
* Conservative senator Don Meredith's spending is under special scrutiny from the Senate itself after he made a trip to Washington that the Senate's leadership didn't approve. Meredith, a pastor from Toronto, spent five days in Washington for the National Prayer Breakfast, a gathering of some 3,000 international politicians and diplomats that included U.S. President Barack Obama and members of the United States Congress. (http://link.reuters.com/vat87v)
FINANCIAL POST
* BlackBerry Ltd's plan to transform BlackBerry Messenger into a money maker will begin in earnest sometime in the next week with the launch of a new virtual storefront within the popular instant messaging application. BlackBerry plans to roll out a new virtual goods storefront known as BBM Shop sometime in the next week as part of a broader previously announced strategy to begin generating revenue from the company's most popular piece of software. (http://link.reuters.com/pet87v)
* An official at Canada's top banking regulator said the country's biggest financial institutions need to do a better job managing risks within their individual retail business lines, and communicating these risks to the board of directors. (http://link.reuters.com/ret87v)
Britain
The Telegraph
TREASURY TO SELL LLOYDS SHARES WORTH 4 BLN STG, REDUCING STAKE TO 25 PERCENT
The Government has launched the largest sale yet of shares in Lloyds Banking Group in a deal that could raise more than 4 billion pounds ($6.60 billion) for the taxpayer. (http://link.reuters.com/tur87v)
ONLINE TAKEAWAY SERVICE JUST EAT TO BE VALUED AT OVER 1 BLN STG IN IPO
Online food takeaway service Just Eat is expected to be valued at more than 1 billion pounds on Wednesday as it reveals the price of its initial public offering in London. (http://link.reuters.com/war87v)
The Guardian
ROYAL MAIL FACES STRIKES OVER PLAN TO SHED 1,600 STAFF
Postal unions have reacted angrily and raised the prospect of industrial action after Royal Mail announced plans to cut 1,600 jobs in the postal group's first big round of redundancies since it was privatised in October. (http://link.reuters.com/rur87v)
KINGFISHER ANNOUNCES SHAREHOLDER PAYOUT AFTER SURGE IN PROFITS
Kingfisher, the DIY group that owns B&Q, will pay out about 200 million pounds to shareholders this year after its financial performance experienced a revival along with the British housing market. (http://link.reuters.com/sur87v)
HONDA TO CUT SWINDON CAR PRODUCTION, THREATENING 340 JOBS
Honda Motor is to cut production at its Swindon factory from three shifts to two, threatening 340 jobs at the car manufacturer. (http://link.reuters.com/qur87v)
The Times
CENTRICA SEEKS ENERGY BOOST WITH FIRST FORAY INTO IRELAND
A consortium led by Centrica has bought the supply division of Bord Gais for 1.1 billion euros ($1.52 billion). The owner of British Gas intends to replicate its integrated model of owning power stations and a supply business in the Republic of Ireland, which offers better growth prospects than Britain. (http://link.reuters.com/nur87v)
RSA RESPONDS TO CRISIS WITH SHARE DISCOUNT
Shareholders have been invited into a deeply discounted 773 million pound cash call from RSA as the insurer attempts to restore its reputation after financial problems and a scandal in Ireland. (http://link.reuters.com/pur87v)
SCOTS INDEPENDENCE PLAN 'DOES NOT ADD UP'
The Scottish Government' plan to leave Britain simply does not make sense even after its prized oil and gas revenues are taken into account, the country's biggest business lobby group has warned. (http://link.reuters.com/mur87v)
The Independent
NAT ROTHSCHILD'S BUST-UP WITH WEALTHY BAKRIE FAMILY TURNS INTO TWITTER STORM
Financier Nat Rothschild and a prominent Indonesian businessman, Aga Bakrie, engaged in a spectacular and very public bust-up on Twitter after the wealthy Bakrie family agreed to cut ties with London-based investors and buy back their stake in the mining firm Bumi, now known as Asia Mineral Resources . (http://link.reuters.com/hur87v)
TULLOW OIL DISCLOSES TAX IN TRANSPARENCY DRIVE
Tullow Oil has broken ranks with the rest of the industry to disclose for the first time how much tax and royalties it pays governments in the mainly poor countries in which it operates, on a project-by-project basis. (http://link.reuters.com/jur87v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Durable goods orders for February at 8:30--consensus up 1.0%
ANALYST RESEARCH
Upgrades
Carlyle Group (CG) upgraded to Buy from Neutral at UBS
Covanta (CVA) upgraded to Outperform from Neutral at RW Baird
Garmin (GRMN) upgraded to Buy from Neutral at Citigroup
Penn National (PENN) upgraded to Outperform from Market Perform at FBR Capital
Sirius XM (SIRI) upgraded to Overweight from Equalweight at Barclays
Downgrades
Abraxas Petroleum (AXAS) downgraded to Hold from Buy at Canaccord
Alpha Natural (ANR) downgraded to Neutral from Buy at UBS
Arch Coal (ACI) downgraded to Neutral from Buy at UBS
CONSOL (CNX) downgraded to Neutral from Buy at UBS
EPL Oil & Gas (EPL) downgraded to Market Perform from Outperform at Cowen
Eni SpA (E) downgraded to Underweight from Neutral at HSBC
Equity Lifestyle (ELS) downgraded to Neutral from Buy at Citigroup
Home Properties (HME) downgraded to Neutral from Buy at Citigroup
Peabody (BTU) downgraded to Neutral from Buy at UBS
Telefonica (TEF) downgraded to Underperform from Neutral at BofA/Merrill
WPX Energy (WPX) downgraded to Market Perform from Outperform at Cowen
Walter Energy (WLT) downgraded to Neutral from Buy at UBS
Yadkin Financial (YDKN) downgraded to Market Perform from Outperform at Keefe Bruyette
Initiations
athenahealth (ATHN) initiated with a Neutral at SunTrust
Glimcher Realty Trust (GRT) initiated with a Buy at MLV & Co.
Macerich (MAC) initiated with a Buy at MLV & Co.
Manning & Napier (MN) initiated with a Strong Buy at Raymond James
Medidata Solutions (MDSO) initiated with a Buy at SunTrust
PFSweb (PFSW) initiated with a Buy at B. Riley
Rouse Properties (RSE) initiated with a Hold at MLV & Co.
Simon Property (SPG) initiated with a Hold at MLV & Co.
Tesla (TSLA) initiated with a Neutral at UBS
WebMD (WBMD) initiated with a Buy at SunTrust
COMPANY NEWS
Facebook (FB) announced a deal to acquire virtual reality technology company Oculus in a cash and stock deal worth about $2B
News Corp (NWS, NWSA) named Lachlan Murdoch non-executive co-chairman
21st Century Fox (FOX, FOXA) promoted James Murdoch to Co-COO
New York Times (NYT) launched new subscription plans
Insmed (INSM) said it will announce results from its Phase 2 clinical trial of Arikayce to treat lung infections this morning
International Game (IGT) cut its FY14 earnings outlook, gave a Q2 earnings view that was well below expectations and announced plans to cut 7% of its global workforce
Body Central (BODY) said its losses and negative cash flows "raise substantial doubt about [the company's] ability to continue as a going concern"
Global Cash Access (GCA) said its cash access deals with Caesar's (CZR) were not renewed, and added that it was not willing to accept the business and financial terms proposed by Caesar's
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Alexco Resource (AXU), Steelcase (SCS), Landec (LNDC), Five Below (FIVE), Cherry Hill Mortgage (CHMI), Cyclacel Pharmaceuticals (CYCC), Sungy Mobile (GOMO), PVH Corp. (PVH), Intra-Cellular (ITCI)
Companies that missed consensus earnings expectations include:
EXFO Inc. (EXFO), Evoke Pharma (EVOK), Five Prime (FPRX), Gevo (GEVO)
NEWSPAPERS/WEBSITES
Amazon (AMZN) dropping some programming from Scipps (SNI), Discovery (DISCA), WSJ reports
Target (TGT) looking again at why security team missed signs of hackers, WSJ reports
Coca-Cola (KO) defends executive pay proposal, FT reports
Honda (HMC), Toyota (TM) to introduce fuel cell cars next year, Nikkei reports
Obamacare enrollment deadline to be extended, NY Times says
Blackstone (BX) near $5.5B plus deal for Gates Global, Reuters reports
Carlyle's (CG) PQ holdings said to receive offers from several firms (BX, KKR), Bloomberg says
SYNDICATE
Bright Horizons (BFAM) files to sell 7M shares of common stock for holders
Cache (CACH) files $15M mixed securities shelf
Endocyte (ECYT) files to sell 4.5M shares of common stock
Essex Property Trust (ESS) announces 450k shares equity distribution agreement
Inuvo (INUV) files 15M mixed securities shelf
King Digital (KING) 22.2M share IPO priced at $22.50
Nord Anglia (NORD) 19M share IPO priced at $16.00
Regency Energy Partners (RGP) files to sell 4.04M common units for holders
Solazyme (SZYM) files to sell 5M common shares
Veeva (VEEV) 12M share Secondary priced at $26.35
William Lyon Homes (WLH) files to sell 2M shares of Class A common for holders
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
FIVE Five Below Inc. 44.00 15.79%
OMED Oncomed Pharmaceu... 35.13 13.21%
CDTI Clean Diesel Tech... 5.15 9.11%
YOKU Youku Tudou 29.70 7.03%
INFN Infinera Corporat... 10.00 6.95%
RUSL Direxion Daily Ru... 15.46 6.77%
OXGN Oxigene Inc. 4.00 6.67%
JNUG Direxion Daily Ju... 24.79 6.58%
SINA Sina Corporation ... 65.91 6.44%
SCS Steelcase Inc. Cl... 15.50 6.31%
HIMX Himax Technologie... 12.50 5.40%
JKS Jinkosolar Holdin... 30.10 3.54%
OCLS Oculus Innovative... 4.70 3.52%
MVIS Microvision Inc. ... 2.09 2.96%
YELP Yelp 81.00 2.58%
BYD Boyd Gaming Corp.... 13.99 2.42%
SSLT Sesa Sterlite Lim... 11.84 2.25%
RSX Market Vectors Ru... 23.50 2.09%
YY YY Inc. 78.57 2.01%
JPNL Direxion Daily Ja... 38.80 1.94%
Top Losing Stocks
Price %Change
INSM Insmed Inc. 12.85 -29.78%
EXEL Exelixis Inc. 4.88 -24.22%
BLDP Ballard Power Sys... 5.01 -7.22%
RUSS Direxion Daily Ru... 17.61 -6.08%
BFAM Bright Horizons F... 36.85 -5.75%
PWRD Perfect World Co.... 20.10 -5.05%
ARTX Arotech Corporati... 5.95 -4.80%
PLUG Plug Power Inc. 8.08 -4.72%
WLH William Lyon Home... 27.45 -3.95%
JDST Direxion Daily Ju... 22.25 -3.64%
FCEL Fuelcell Energy I... 2.81 -3.44%
ECYT Endocyte Inc. 26.50 -2.54%
SOL Renesola Ltd. Ads... 3.83 -2.30%
TSL Trina Solar Ltd. ... 14.00 -2.17%
SZYM Solazyme Inc. 12.82 -2.06%
RBS Royal Bank of Sco... 10.02 -1.96%
LYG Lloyds Banking Gr... 5.06 -1.94%
QCOR Questcor Pharmace... 60.00 -1.94%
ACN Accenture Cl A 82.00 -1.82%
TZA Direxion Daily Sm... 15.19 -1.81%
Read more at http://thestockmarketwatch.com/markets/pre-market/#qkrZDcPHDWqvgzVe.99
data:
James Bullard Speaks
2:00 AM ET
MBA Purchase Applications
[Report][Bullet7:00 AM ET
Durable Goods Orders
[Report][Star]8:30 AM ET
PMI Services Flash
[Bullet9:45 AM ET
EIA Petroleum Status Report
[djStar]10:30 AM ET
2-Yr FRN Auction
[Bullet1:00 PM ET
5-Yr Note Auction
[Bullet1:00 PM ET
futures +55
good morning
Frontrunning:
Putin Threatened With More Sanctions as Russia Out of G-8 (BBG)
China Faces ‘Mini Crisis’ on Debt Defaults, Ex-PBOC Adviser Says (BBG)
Don't laugh too hard: Obama to propose ending NSA bulk collection of phone records (Reuters)
Japan GPIF asset review not aimed at supporting domestic stocks (Reuters)
Chinese families clash with police, slam Malaysia over lost plane (Reuters)
Russian Capital Flight Surges in First Quarter, Fueled by Ukraine Crisis (WSJ)
Democrats ditch Nate Silver after data whiz predicts dismal midterm outcome (DN)
China’s Urbanization Loses Momentum as Growth Slows (BBG)
German Confidence Falls for First Time in Five Months (BBG)
Loneliness of Kiev Bond Trader Shows Market Was Wiped Out (BBG)
Japan Firms Continue to Hoard Cash (WSJ)
China Internet Funds Called Vampires Draw Calls for Rules (BBG)
UK satellite operator used 19th century physics to trace missing plane (Reuters)
Grand Central: A Stein on the Fed’s Easy Policy Path (WSJ)
Overnight Media Digest
WSJ
* The heads of state of the world's largest advanced economies moved Monday to isolate Russia, severing a key link between Moscow and the Western world after nearly two decades. The leaders of the Group of Seven, or G-7, nations effectively disbanded the larger G-8 by excluding Russia until it changes course in Ukraine. (http://link.reuters.com/rak87v)
* Seventeen days after a Malaysian jetliner disappeared, authorities for the first time said they believed they knew what happened to the plane and the 239 people aboard: It crashed in the southern Indian Ocean, one of the world's most remote and turbulent seas. (http://link.reuters.com/tak87v)
* The Securities and Exchange Commission is investigating whether a Wall Street boom in complicated bond deals is creating new avenues for fraud, according to people close to the probes. (http://link.reuters.com/cek87v)
* Bernard L. Madoff has maintained for years that his decades long Ponzi scheme was a one-man show. On Monday, a jury concluded instead that it was a team effort. Jurors found five former employees of Madoff guilty of aiding and hiding the fraud in a trial that painted the money manager's Manhattan offices as a hive of illegal activity, where employees cooked up lies and manufactured fake documents to keep afloat a scam that ultimately cost investors $17 billion. (http://link.reuters.com/xak87v)
* Box Inc on Monday revealed plans to raise up to $250 million in an initial public offering as the unprofitable startup tries to ward off intensifying competition in the online storage market. (http://link.reuters.com/zak87v)
* Walt Disney Co on Monday named ABC News President Ben Sherwood as the next head of its television-entertainment networks, marking a rapid climb for a news producer who just four years ago was out of the media business entirely. (http://link.reuters.com/bek87v)
* General Motors Co engineering managers knew about ignition-switch problems on the 2005 Cobalt that could disable power steering, power brakes and air bags, but launched the car because they believed the vehicles could be safely coasted off the road after a stall, according to court documents. (http://link.reuters.com/dek87v)
FT
Russia's government is braced for capital outflows to jump to $70 billion in the first three months of the year as investors seek to soften the blow from international sanctions after President Vladimir Putin's Ukrainian land grab.
Five of investment manager Bernard Madoff's former aides have been found guilty of helping him carry out and cover up multibillion-dollar investment fraud for years.
The European Commission shelved plans to relax cross-border rules that could leave schemes with a multibillion pound funding gap, dashing the Scottish government's hopes that EU pension reforms would smooth a transition to independence, sources said.
Data storage company Box said it hoped to raise about $250 million in an initial public offering after posting a wider net loss than last year despite doubling its revenue.
Rating agency Moody's cautioned that changes to the rules on buying an annuity in Britain had "credit negative implications" for the country's life insurers, dealing them a further blow following George Osborne's pensions overhaul
NYT
* The Obama administration is preparing to unveil a legislative proposal to end the National Security Agency's once-secret bulk phone records program - a systematic collection of data about Americans' calling habits. If approved by Congress, phone companies would not be required to retain bulk data for any longer than they normally would. The N.S.A. could obtain specific records only with permission from a judge, using a new kind of court order.(http://link.reuters.com/xek87v)
* At a meeting on May 15, 2009, engineers at General Motors Co learned that data in the black boxes of Chevrolet Cobalts confirmed a potentially fatal defect that existed in hundreds of thousands of cars. But in the months and years that followed, as a trove of internal documents and studies mounted, GM told the families of accident victims and other customers that it did not have enough evidence of any defect in their cars, interviews, letters and legal documents show. (http://link.reuters.com/vek87v)
* A federal jury on Monday found five associates of the convicted swindler Bernard Madoff guilty of 31 counts of aiding one of the largest Ponzi schemes in history. (http://link.reuters.com/wek87v)
* The Walt Disney Co acted quickly to put a new top executive in place at its ABC Television Group, naming Ben Sherwood on Monday to succeed Anne Sweeney, who announced her resignation two weeks ago. (http://link.reuters.com/zek87v)
* Herbalife Ltd said on Monday it agreed to give its biggest shareholder Carl Icahn three additional seats on the board. Icahn, one of the company's most outspoken supporters, who already had a 16.8 percent stake in the company and two board seats, requested the additional representation last week. (http://link.reuters.com/kuk87v)
* Online storage service company Box Inc expects to raise about $250 million in its initial public offering. Box was valued at $2 billion in a recent round of private funding, but would most likely be worth several times that after the IPO. Many more cloud businesses, for both business and consumers, are expected to follow this year. (http://link.reuters.com/nuk87v)
* Google Inc on Monday announced a partnership with the Luxottica Group, the largest eyeglass company in the world, to design, manufacture and distribute frames for Google Glass, the Internet-connected eyewear.(http://link.reuters.com/puk87v)
Canada
THE GLOBE AND MAIL
* Ontario's Liberal government is planning a budget crafted to be hard for the New Democratic Party to defeat, including left-friendly measures such as better welfare benefits. Despite Premier Kathleen Wynne's bullish posturing in recent weeks, government sources say the Liberals are wary of a spring vote - particularly after two by-election losses last month - and will design a budget New Democrats can support in order to prevent one. (http://link.reuters.com/ham87v)
* The Alberta Progressive Conservative party leadership vote to replace Alison Redford will take place on Sept. 6, with a potential run off vote scheduled for Sept. 20. The PC party, which has formed the government in Alberta continuously for more than four decades, made the announcement about the leadership contest after a long board meeting on Monday. (http://link.reuters.com/bam87v)
Reports in the business section:
* Canadian companies operating in Russia are pleading with Ottawa to ensure they aren't hurt by sanctions as the federal government puts global security ahead of commercial interests in the region. On Monday Prime Minister Stephen Harper said commercial interests are now secondary in the consideration of responses to the Russian moves. (http://link.reuters.com/vyk87v)
NATIONAL POST
* Prime Minister Stephen Harper and his fellow G7 leaders have indefinitely suspended Russia from the Group of Eight until President Vladimir Putin "changes course." The G7 "condemned" Russia's annexation of Crimea in a brief document called "The Hague Statement" that was more strongly worded than had been expected. It described the referendum held in Crimea eight days ago that resulted in a 96.7 percent support for union with Russia as "illegal." (http://link.reuters.com/cyk87v)
* Prime Minister Stephen Harper has endorsed controversial Calgary Conservative MP Rob Anders, who faces a serious challenge from a well-known former Alberta provincial minister as he seeks his party's nomination for the 2015 election. (http://link.reuters.com/jyk87v)
FINANCIAL POST
* British Columbia's Liberal government has followed through with its promise to table back-to-work legislation for unionized truckers on strike at Port Metro Vancouver, with heavy penalties for not complying. The legislation includes penalties of up to $400 per day for workers and $10,000 per day for the union or employer for contravening the legislation. (http://link.reuters.com/kyk87v)
* The clock is still ticking on BlackBerry Ltd's attempted turnaround, but it is clear Chief Executive John Chen has managed to buy some time for the embattled technology company. Chen has moved quickly to jumpstart BlackBerry's transition from primarily a seller of smartphones to a specialized provider of enterprise grade software and services. (http://link.reuters.com/syk87v)
China
SOUTH CHINA MORNING POST
-- Occupy Central activists may block roads in Hong Kong's financial district this summer if authorities make decisions that rule out any hope for "genuine" universal suffrage. Campaign organiser Chan Kin-man said supporters became impatient since protests against a cross-strait trade pact began in Taiwan. (link.reuters.com/fuj87v)
-- Bets on yuan appreciation have long been deemed the key reason for accumulation of yuan deposits in offshore banking systems, but Hong Kong regulators say growth in yuan deposits in the city had instead been driven by the interest rate difference between yuan and Hong Kong dollar. (link.reuters.com/huj87v)
-- Sinopharm, China's largest drug distributor, plans to boost retail sales to more than 10 billion yuan ($1.62 billion) in 2016, said president Li Zhiming. Last year, the state-owned firm's drug retail sales rose 17.5 percent to 4.83 billion yuan. (link.reuters.com/kuj87v)
THE STANDARD
-- The Housing Authority will put up 85 Home Ownership Scheme flats in Tai O on Lantau Island for sale in June, all costing below HK$1 million ($128,900) each. The prices are based on a 30 percent discount to market value and reflect the remote location of the flats. (link.reuters.com/puj87v)
-- Chongqing Bank plans to boost micro loans to comprise 40 percent of its total business by 2015 from 33 percent now. (link.reuters.com/suj87v)
HONG KONG ECONOMIC JOURNAL
-- Tongda Group Holdings Ltd is seen to sell 420 million new shares at up to HK$1.19 apiece in a share placement, raising up to HK$500 million ($64.45 million), according to a term sheet.
HONG KONG ECONOMIC TIMES
-- Yanzhou Coal Mining Co Ltd had trimmed its work force by 5,400 in 2013 in a move to reduce cost and the firm is set to cut up to another 5,000 this year, according to senior management.
Britain
The Telegraph
RBS 'IN TALKS' TO SELL CITIZENS TO JAPANESE BANK
One of Japan's largest banks has approached Royal Bank of Scotland to buy its U.S. retail business ahead of its stock market flotation this year. (http://link.reuters.com/kyj87v)
ENERGY COMPETITION PROBE 'WILL INCREASE RISK OF BLACKOUTS'
The risk of blackouts will be increased by a two-year probe into the energy market that will deter companies from building new power plants, a leading analyst has warned. (http://link.reuters.com/gyj87v)
MONITISE TO RAISE 110 MLN STG IN SHARE PLACING
Monitise, the online payments provider, announced plans to raise more than 110 million pounds ($181.4 million) on London's junior AIM market to fund a shift to subscription-based services that is expected to slow its growth. (http://link.reuters.com/myj87v)
GATWICK MISSES OUT ON DIRECT ROUTE TO JAKARTA
An Indonesian airline which was due to launch a direct service from Gatwick to Jakarta in May will now operate the service via Amsterdam to pick up passengers, it has emerged. (http://link.reuters.com/hyj87v)
The Guardian
LLOYDS' TOP MANAGEMENT BONUSES POTENTIALLY WORTH MORE THAN 27 MLN STG
Bailed out Lloyds Banking Group has handed its top management team - including Chief Executive Antonio Horta-Osorio - bonuses potentially worth more than 27 million pounds. (http://link.reuters.com/naj87v)
ASDA TO AXE AROUND 200 JOBS
Asda is to cut around 200 jobs as it forges a new five-year plan to tackle increasing competition from rival supermarkets and discounters. (http://link.reuters.com/baj87v)
The Times
CO-OP'S STAKE IN BANK SLIPS AFTER 400 MILLION POUND CALL
The Co-operative Group's grip on its troubled banking division appeared to weaken further last night after a stack of mis-selling costs forced the lender into a surprise 400 million pound emergency cash call. (http://link.reuters.com/dyj87v)
SCOTLAND 'WOULD FACE HIGHER TAXES OR IMMIGRATION TO FUND PENSIONS'
An independent Scotland would have to raise taxes or attract hundreds of thousands of immigrants to pay the state pension currently offered within the UK, a new study has found. (http://link.reuters.com/wuj87v)
PHONES4U TRIES TO GATECRASH CARPHONE MERGER WITH DIXONS
Merger talks between Dixons Retail and Carphone Warehouse have hit a potential hurdle after the owners of Phones4u approached the retailer about an alternative deal. (http://link.reuters.com/cyj87v)
LLOYDS ACCUSED OF USING LOOPHOLE TO CUT PPI BILL
A fresh payment protection insurance scandal is set to engulf Lloyds Banking Group amid accusations that it used a loophole to cut compensation awards to customers. (http://link.reuters.com/xuj87v)
ALL THAT GLISTERS COULD NOW TURN TO DUST FOR ALBEMARLE
Troubled pawnbroker Albemarle & Bond, which has been seeking a buyer for the business for months while its lenders kept the company afloat, is set to collapse after its banks called time on the turnaround of the business. (http://link.reuters.com/byj87v)
The Independent
FURY AS FCA IS ACCUSED OF WIMPING OUT OF TOUGH NEW REGULATIONS ON PAYDAY LOANS
Members of Parliament and consumer groups have criticised the London's financial watchdog, the Financial Conduct Authority, for lacking teeth ahead of its taking over responsibility for payday lenders next month. (http://link.reuters.com/nyj87v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
S&P Case-Shiller 20-city home price index for January at 9:00--consensus up 0.6% for month
Consumer confidence for March at 10:00--consensus 78.4
New home sales for February at 10:00--consensus down 4.9% to 445K rate
ANALYST RESEARCH
Upgrades
Domtar (UFS) upgraded to Buy from Neutral at Goldman
Eni SpA (E) upgraded to Outperform from Market Perform at Raymond James
Exa Corp. (EXA) upgraded to Outperform from Neutral at RW Baird
Farmers Capital upgraded to Outperform from Market Perform at Keefe Bruyette
PACCAR (PCAR) upgraded to Buy from Neutral at Goldman
Palo Alto (PANW) upgraded to Outperform from Market Perform at FBR Capital
Rackspace (RAX) upgraded to Overweight from Equal Weight at Morgan Stanley
ReneSola (SOL) upgraded to Buy from Neutral at Roth Capital
Sinopharm Group (SHTDF) upgraded to Outperform from Neutral at Credit Suisse
Downgrades
Alpha Natural (ANR) downgraded to Hold from Buy at Jefferies
Arch Coal (ACI) downgraded to Hold from Buy at Jefferies
BioMarin (BMRN) downgraded to Neutral from Buy at Goldman
CST Brands (CST) downgraded to Neutral from Overweight at JPMorgan
KBR (KBR) downgraded to Neutral from Buy at Goldman
MSCI (MSCI) downgraded to Neutral from Buy at UBS
Navistar (NAV) downgraded to Neutral from Buy at UBS
PulteGroup (PHM) downgraded to Underweight from Equalweight at Barclays
Timken (TKR) downgraded to Hold from Buy at KeyBanc
Initiations
Alliance Fiber Optic (AFOP) initiated with a Buy at Needham
Convergys (CVG) initiated with a Buy at SunTrust
Fifth Street Senior (FSFR) initiated with a Buy at UBS
FireEye (FEYE) initiated with an In-Line at Imperial Capital
NPS Pharmaceuticals (NPSP) initiated with a Buy at Goldman
Sapient (SAPE) initiated with a Buy at SunTrust
Spirit Airlines (SAVE) initiated with a Buy at SunTrust
Varonis (VRNS) initiated with a Buy at Jefferies
Varonis (VRNS) initiated with a Buy at Needham
Varonis (VRNS) initiated with an Equalweight at Barclays
Varonis (VRNS) initiated with an Outperform at RBC Capital
COMPANY NEWS
Disney (DIS) announced a deal to acquire Maker Studios for $500M. The deal also includes up to an additional $450M in performance-based payouts for Maker
Online file sharing and content management service Box (BOX) filed with the SEC for an IPO
RealD (RLD) announced an agreement with Wanda Cinema to install 780 additional 3D screens in China
Sonic (SONC) said it expects FY14 SSS to grow by low-single digits and earnings for the year to grow 14%-15%
Orthofix (OFIX) implemented an internal audit program and announced the filing of restated financial results
Safeway (SWY) declared special stock dividend to spin-off Blackhawk (HAWK)
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
McCormick (MKC), HD Supply (HDS), Sonic (SONC)
Companies that matched consensus earnings expectations include:
CTI Industries (CTIB), Exa Corp. (EXA)
NEWSPAPERS/WEBSITES
SEC launching investigation into complex bond deals (BCS, C, DB, GS, MS, UBS, RBS), WSJ reports
Yahoo (YHOO) shareholders eyeing a big Alibaba payday, FT reports
Luxottica (LUX), Google (GOOG) collaborating on new versions of Google Glass, WSJ says
HP (HPQ) may not release news on first 3D printer until October, GigaOM says
Sanofi (SNY) joins bidders for Merck's (MRK) consumer health unit, Bloomberg reports
U.K. PS4 (SNE) sales up 106% since launch of 'InFamous' game, MCV says
RBS (RBS), Sumitomo (SMFG) hold talks on RBS Citizens, WSJ says
Mitsubishi UFJ Financial Group (MTU) has considered bid for RBS's (RBS) Citizens, Reuters reports
General Motors (GM) engineers knew about ignition problems, WSJ reports
SYNDICATE
Actinium Pharmaceuticals (ATNM) files $200M mixed securities shelf
Arlington Asset Investment (AI) files to sell 2.75M common shares
Box, Inc. (BOX) files registration with SEC for IPO
CommScope (COMM) files to sell 17.5M shares of common stock for holders
Crestwood Midstream (CMLP) files to sell $300M in common units
CyrusOne (CONE) files $600M mixed securities shelf
CyrusOne (CONE) files to sell 44.48M shares of common stock for holders
Farmland Partners (FPI) files 4.67M share IPO
MoneyGram (MGI) files to sell 8M shares of common stock
MoneyGram (MGI) files to sell 8M shares of common stock for holders
PRO-DEX (PDEX) announces commencement of rights offering
PennyMac (PFSI) files to sell 5.55M shares of common stock for holder
SciQuest (SQI) files to sell 3M shares of common stock
Veeva (VEEV) files to sell 12M shares of common stock in an amended S-1 filing
Western Asset Mortgage (WMC) files $400M mixed securities shelf
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
CCIH Chinacache Intern... 27.47 21.98%
VTNR Vertex Energy Inc... 6.48 8.00%
JNUG Direxion Daily Ju... 23.49 7.36%
GOMO Sungy Mobile Ltd.... 28.71 5.51%
ECYT Endocyte Inc. 28.67 5.33%
NBG National Bank of ... 5.50 5.16%
NPSP Nps Pharmaceutica... 28.92 4.97%
GREK Global X Ftse Gre... 25.88 4.78%
CETV Central European ... 3.25 4.50%
RAX Rackspace Hosting... 33.98 3.85%
EXA Exa Corporation 14.44 3.81%
FCEL Fuelcell Energy I... 2.52 3.70%
SOL Renesola Ltd. Ads... 4.00 3.63%
EWA ishares Incorpora... 25.92 3.56%
RUSL Direxion Daily Ru... 13.80 3.37%
NUGT Direxion Daily Go... 39.73 3.33%
LUX Luxottica Group S... 55.56 3.16%
FEYE Fireeye Inc 65.50 3.15%
ERUS ishares Msci Russ... 17.50 3.06%
VRNS Varonis System In... 37.56 2.88%
Top Losing Stocks
Price %Change
FE Firstenergy Corp.... 30.60 -8.38%
JDST Direxion Daily Ju... 23.11 -6.63%
HIMX Himax Technologie... 12.69 -5.16%
GIII G-iii Apparel Gro... 70.84 -4.86%
ACI Arch Coal Inc. 4.50 -4.05%
AI Arlington Asset I... 27.35 -3.63%
ISR Isoray 2.30 -2.95%
BGC General Cable Cor... 27.15 -1.99%
CST Cst Brands Inc. 29.88 -1.97%
PHM Pulte Group 18.50 -1.80%
L Loews Corp. 43.01 -1.33%
EWZ ishares Incorpora... 41.69 -1.11%
MT Arcelormittal 15.47 -1.09%
ALU Alcatel-lucent Ad... 3.71 -1.07%
JDSU Jds Uniphase Corp... 14.16 -0.98%
MNGA Magnegas Corporat... 2.13 -0.93%
DEG Delhaize Group 69.57 -0.83%
NFLX Netflix Inc. 375.74 -0.83%
VXX Barclays Bank Plc... 44.00 -0.83%
EDZ Direxion Daily Em... 44.56 -0.82%
Read more at http://thestockmarketwatch.com/markets/pre-market/#dpY1FBdLdt5OBTOW.99
data:
ICSC-Goldman Store Sales
[Report][Bullet7:45 AM ET
Redbook
[Bullet8:55 AM ET
FHFA House Price Index
[Report][Bullet9:00 AM ET
S&P Case-Shiller HPI
[Report][djStar]9:00 AM ET
New Home Sales
[Report][Star]10:00 AM ET
Consumer Confidence
[Report][djStar]10:00 AM ET
Richmond Fed Manufacturing Index
[Report][Bullet10:00 AM ET
State Street Investor Confidence Index
[Bullet10:00 AM ET
4-Week Bill Auction
[Bullet11:30 AM ET
2-Yr Note Auction
[Bullet1:00 PM ET
Dennis Lockhart Speaks
4:00 PM ET
Charles Plosser Speaks
7:00 PM ET
Futures +53
good morning
she's been many times and loves New York so she will plan all the sightseeing and activities...
haven't been on a vacation away from home since Alex was born....
really looking forward to it!!!
no, just me....friend has a job interview and will be looking for a place...so concert tickets and hotel are taken care of...just bought a plane ticket....hope I come back!
first time away from the girls....
but should be fun....!!
good morning....pretty neat opportunity for me....
never been to New York....
Frontrunning: March 24
U.S. Small-Cap Rally Sends Valuation 26% Above 1990s (BBG)
Russian troops seize Ukraine marine base in Crimea (Reuters)
Apple in Talks With Comcast About Streaming-TV Service (WSJ)
Top J.P. Morgan Executive in China to Leave Bank (WSJ)
Treasury's Lew to undergo treatment for enlarged prostate (Reuters)
Billionaire Sought by U.S. Holds Key to Putin Gas Cash (BBG)
Israel closes embassies around the world as diplomats strike (Reuters)
Herbalife to Nominate Three More Icahn Candidates to Board (BBG)
Australian ship homes in on possible debris from Malaysia plane (Reuters)
California DMV Investigating Potential Credit Card Breach (WSJ)
U.S. regulators failed to spot deadly GM defects that others saw (Reuters)
Egyptian court sentences 529 Brotherhood members to death (Reuters)
World Leaders Discuss Ukraine as Worry Grows Over Russia (BBG)
Drug Firms Focus on Advanced Melanoma (WSJ)
Overnight Media Digest
WSJ
* Apple Inc is in talks with Comcast Corp about a streaming-television service that would use an Apple set-top box and try to bypass congestion on the web, people familiar with the matter said. (http://link.reuters.com/reb87v)
* One of JP Morgan Chase & Co's top China executives is expected to resign amid a continuing probe of the U.S. bank's Asian hiring practices, according to people familiar with the situation. (http://link.reuters.com/wyb87v)
* U.S. hedge fund RD Legal Capital LLC plans to bet as much as $100 million that it can collect on a court judgment against Iran for a deadly terror attack in Beirut three decades ago, according to marketing documents and people familiar with the matter. (http://link.reuters.com/vub87v)
* IMS Health Holdings Inc is in the final stages of preparing to launch an initial public stock offering that could value the prescription-data provider at $7 billion, people familiar with the matter said. IMS, owned by private-equity firms TPG, Leonard Green & Partners LP and the Canada Pension Plan Investment Board, will soon start a road show to pitch investors on its shares, which are expected to begin trading within the next two weeks. (http://link.reuters.com/tyb87v)
* Major pharmaceutical companies such as Bristol-Myers Squibb Co, Roche Holding AG and Merck & Co are racing to launch breakthrough drugs in the next 18 months to treat advanced melanoma, the deadliest form of skin cancer. All three companies are working on a potential blockbuster "immunotherapy" drug that would use the body's immune system to fight the cancer. (http://link.reuters.com/fac87v)
* California's Department of Motor Vehicles is investigating a potential breach of its credit card-processing systems, in what might be the latest in a string of attacks that have highlighted vulnerabilities in how payment data are handled. (http://link.reuters.com/nac87v)
* Cisco Systems Inc plans to begin offering "cloud" computing service to corporate customers, pledging to spend $1 billion over the next two years to enter a market now led by Amazon.com Inc. (http://link.reuters.com/qac87v)
FT
The chief of General Electric's European business said the industrial conglomerate wanted Britain to stay in the European Union and Scotland to remain part of Britain.
Geely-owned Volvo Car Group said it would double its marketing budget in the United States, looking to revive its faltering business there and keep a turnround at the Gothenburg-based carmaker on track.
As Gatwick prepares its case for expansion, it will argue this week that Britain will have less need for a big hub airport such as Heathrow because of the way the aviation industry is evolving.
A group of banks including Goldman Sachs and Nomura have agreed to lend nearly 1 billion euros ($1.38 billion) to private equity-backed Ceva Sante Animale, a veterinary drug producer.
FTSE 100 Tullow Oil will become the first oil company to disclose its payments to foreign governments with a level of detail demanded by anti-corruption campaigners.
NYT
* Data storage company Actifio is to announce it has raised $100 million in new financing, valuing the company at $1 billion. That deal places Actifio in an elite club of start-ups with 10-figure valuations. (http://r.reuters.com/mec87v)
* Birchbox, an online retailer of cosmetic and beauty products, has decided to open a physical retail store by late May. Founded by two Harvard classmates, the company joins a list of e-tailers who have decided to have a physical retail store apart from an online presence. (http://r.reuters.com/cac87v)
* Tribeca Enterprises, a Manhattan-based independent film concern co-founded by actor Robert De Niro, has agreed to sell 50 percent stake to Madison Square Garden Co. The deal, announced on March 22, values Tribeca at $45 million. (http://r.reuters.com/mac87v)
* General Motors Co has turned to social media to earn its reputation back and manage its customers well in the wake of a recent recall storm involving 1.6 million cars. The once-bankrupt automaker's dual approach - going about its normal business while trying to help specific customers - reflects the tightrope the company must walk. (http://r.reuters.com/vyb87v)
* With an eye to achieve top TV ratings, attracting marquee advertisers and lots of social media buzz, kids' TV channels are increasingly leaning towards award shows. (http://r.reuters.com/bec87v)
Canada
THE GLOBE AND MAIL
* The Parti Quebecois is trying to bolster a faltering campaign with a new wedge issue on Quebec identity, accusing Ontarians and other Canadians from outside Quebec of trying to steal the provincial election. (http://link.reuters.com/rad87v)
* Leaders of Canadian companies operating in Russia are fearful that Western sanctions and Ottawa's overtly pro-Ukrainian position over Crimea will lead to a worsening business environment for them in Russia. (http://link.reuters.com/tad87v)
Reports in the business section:
* BlackBerry Ltd Chief Executive John Chen has so far received relatively kind treatment from his company's long-suffering investors. There's growing evidence that investors have been willing to cut the company a little more slack these days, as it continues trying to pull off a difficult transition from a smartphone giant to a software and services provider. (http://link.reuters.com/vad87v)
NATIONAL POST
* An Ontario judge's decision to hand Iran's $7 million worth of state assets in Canada to victims of terrorism was branded "politically motivated" and of "no legal value" by the Islamic republic on the weekend. (http://link.reuters.com/bed87v)
* Canadian Prime Minister Stephen Harper has been criticizing Russian President Vladimir Putin and Russia on Ukraine and Crimea more sharply than any other leader of a major western country. (http://link.reuters.com/sed87v)
FINANCIAL POST
* Teen movie franchises are proving to be a very lucrative investment for Lions Gate Entertainment Corp, which appears to have yet another multi-part epic hit on its hands. The studio, which was founded in Vancouver by mining magnate Frank Giustra, won the North American box office over the weekend with "Divergent," a film about a dystopian future where people are divided into factions based on human virtues. (http://link.reuters.com/qyd87v)
China
SHANGHAI SECURITIES NEWS
- China will be able to achieve its goal for its economy to grow 7.5 percent this year, Jia Kang, head of the Ministry of Finance's research, told an asset management forum in Beijing over the weekend.
- China's decision to let listed firms to issue preferred shares for the first time will enable banks to raise funds without dilution of their earnings, making banking shares more attractive to investors, a signed article by the newspaper said.
PEOPLE'S DAILY
- The slowdown of the annual growth of China's economy to below 8 percent over the past two years, down from more than 10 percent in most years since the start of this century, signals that the country needs to step up its efforts to improve its economic structure to sustain its rapid growth, a commentary by the newspaper said.
CHINA SECURITIES JOURNAL
- The depreciation of the yuan against the dollar since the start of this year is mainly a correction after the Chinese currency staged an unexpected strong appreciation last year. Now another round of yuan rise may have to wait until the fourth quarter of this year, judging from factors including China's slowing economy, a research report by Huarong Securities said.
- China's central government should be the main investment force for the country's next round of urbanisation drive, said Wang Jian, an official at the National Development and Reform Commission, China's top economic planner.
SECURITIES TIMES
- The China Securities Regulatory Commission will soon resume reviewing corporate applications for initial public offerings after an IPO lull since February as applicants are required to add their latest financial data for last year among their documents for applications.
CHINA BUSINESS NEWS
- A number of Chinese government departments are now coordinating to draft rules to manage and supervise China's rapidly growing online banking business, sources said.
CHINA DAILY
- China and Netherlands pledged to seek closer cooperation during the ongoing visit to Europe by Chinese president Xi Jinping.
Britain
The Telegraph
SAINSBURY'S WINS SECOND BITE AT TESCO 'PRICE PROMISE'
J Sainsbury's has won the right to a judicial review in its legal battle against Tesco's "misleading" Price Promise campaign after failing to convince regulators that it should be banned. (http://link.reuters.com/gub87v)
MENTAL HEALTH-CARE GROUP CAMBIAN PLANS 500 MLN STG IPO
Cambian, Britain's biggest mental health services provider, is joining the flotation flurry after unveiling plans to list half of the business on the London Stock Exchange. (http://link.reuters.com/fub87v)
The Guardian
SUNRISE RADIO TAKEOVER BEING LED BY TORY DONOR FACING 14 MLN STG FRAUD TRIAL
The takeover of London's biggest commercial Asian radio stations is being led by a former business associate of Conservative grandee Cecil Parkinson who is awaiting trial for fraud at the Old Bailey. (http://link.reuters.com/neb87v)
The Times
'SCOTS TO PAY PREMIUM FOR KILT-EDGED BORROWING'
BlackRock, the world's largest fund manager, has warned that an independent Scotland would have to pay more to borrow when issuing "kilt-edged securities", because of the country's reliance on volatile oil revenues and an oversized banking sector. (http://link.reuters.com/bub87v)
ASDA MANAGERS FACE AXE AS GROCERS' PRICE WAR ESCALATES
Asda is preparing to announce what are said to be "scores" of redundancies among senior managers in its central and head office functions. The grocer is expected to brief senior managers on Monday on who will be let go. (http://link.reuters.com/seb87v)
PHOENIX IS PRESSING IGNITION ON SALE PLAN
Phoenix Group has entered exclusive talks with Standard Life over a potential 400 million pound ($659.8 million) sale of its Ignis Asset Management division. (http://link.reuters.com/veb87v)
RSA PREPARES FOR EASTER FUNDRAISING
RSA will this week pull the trigger on its emergency cash call to shareholders as Britain's biggest commercial insurer sets out the terms of its bumper 775 million pound rights issue. (http://link.reuters.com/web87v)
INTEROUTE TO RAISE 200 MLN EUROS AS IT TARGETS CLOUD CONTROL
London-based telecommunications company Interoute intends to raise up to 200 million euros ($275.7 million) to fund expansion as it plots a listing within the next two years. (http://link.reuters.com/xeb87v)
The Independent
THAMES WATER SEEKS INTERNATIONAL BACKERS FOR LONDON'S SUPER-SEWER
Thames Water has started the hunt for international investors to fund the construction of its controversial 4 billion pound super-sewer across London. (http://link.reuters.com/geb87v)
RECORD NUMBER OF WOMEN TAKE SEATS IN THE BOARDROOM
The equality campaigner Lord Davies will this week step up the pressure on companies to put more women into executive committee roles, as he reveals that females hold a record number of seats in the boardrooms of Britain's biggest companies - but men still dominate the top jobs. (http://link.reuters.com/feb87v)
BIG LEAP IN BRITISH FOOD EXPORTS TO CHINA
A taste for Scottish salmon and British pork by China's emerging middle classes drove UK food and drink exports 5 percent higher last year to 12.8 billion pounds, the Food & Drink Federation said. (http://link.reuters.com/heb87v)
Fly On The Wall 7:00 Am Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled today include:
Chicago Fed national activity index for February at 8:30--consensus 0.1
Markit U.S. manufacturing PMI for March at 9:45--consensus 56.5
ANALYST RESEARCH
Upgrades
Axiall (AXLL) upgraded to Buy from Neutral at BofA/Merrill
Banco Bradesco (BBD) upgraded to Outperform from Neutral at Credit Suisse
First Bancorp (fbnc) upgraded to Outperform from Market Perform at Raymond James
STAAR Surgical (STAA) upgraded to Outperform from Market Perform at William Blair
Stratasys (SSYS) upgraded to Overweight from Neutral at JPMorgan
Symantec (SYMC) upgraded to Outperform from Market Perform at BMO Capital
U.S. Bancorp (USB) upgraded to Neutral from Underweight at Atlantic Equities
United Continental (UAL) upgraded to Outperform from Market Perform at Raymond James
VMware (VMW) upgraded to Buy from Neutral at Sterne Agee
Wells Fargo (WFC) upgraded to Neutral from Underweight at Atlantic Equities
Yanzhou Coal (YZC) upgraded to Neutral from Underperform at Credit Suisse
Yanzhou Coal (YZC) upgraded to Overweight from Neutral at JPMorgan
Downgrades
American Electric (AEP) downgraded to Hold from Buy at Jefferies
BBCN Bank (BBCN) downgraded to Market Perform from Outperform at BMO Capital
Bank of America (BAC) downgraded to Neutral from Overweight at Atlantic Equities
Exelis (XLS) downgraded to Hold from Buy at Jefferies
Gartner (IT) downgraded to Market Perform from Outperform at Wells Fargo
KPN (KKPNY) downgraded to Neutral from Buy at Citigroup
Loews (L) downgraded to Hold from Buy at Deutsche Bank
Manitowoc (MTW) downgraded to Underperform from Hold at Jefferies
NetApp (NTAP) downgraded to Underweight from Equal Weight at Morgan Stanley
Susser Holdings (SUSS) downgraded to Market Perform from Outperform at Wells Fargo
Zions Bancorp (ZION) downgraded to Market Perform from Outperform at BMO Capital
Initiations
Abiomed (ABMD) initiated with an Outperform at Leerink
CECO Environmental (CECE) initiated with a Hold at Jefferies
Clovis (CLVS) initiated with a Neutral at Goldman
Descartes Systems (DSGX) initiated with an Outperform at Raymond James
NCI Building Systems (NCS) initiated with an Outperform at Credit Suisse
National General (NGHC) initiated with an Outperform at FBR Capital
COMPANY NEWS
Herbalife (HLF) to nominate three additional Icahn designees to board
Nokia (NOK) now expects deal with Microsoft (MSFT) to close in April
Credit Suisse (CS) in $885M settlement with FHFA
Twitter (TWTR) said hopes to have access in Turkey returned 'soon'
Nu Skin China (NUS) penalized $524K for direct sales of certain products
Ctrip.com (CTRP) said 93 users' credit card information may have been hacked
AT&T (T) responded to Netflix's (NFLX) Hastings, said 'there is no free lunch'
Madison Square Garden (MSG) purchased 50% interest in Tribeca Enterprises
EARNINGS
Sinopec (SNP) reports FY13 net profit RMB66.1B vs. RMB63.9B in FY12
Republic First Bancorp (FRBK) reports Q4 EPS (13c), two estimates 2c
Hackett Group (HCKT) reaffirms Q1 EPS, revenue guidance
Dataram (DRAM) reports Q3 EPS (40c) vs. (44c) a year ago
Arrhythmia Research (HRT) reports Q4 EPS (3c) vs. (44c) a year ago
NEWSPAPERS/WEBSITES
Cisco (CSCO) plans to offer cloud computing services, WSJ reports
Apple (AAPL), Comcast (CMCSA) in talks about streaming-TV service, WSJ says
Nasdaq (NDAQ) re-evaluating FinQloud partnership with Amazon (AMZN), FT reports
JPMorgan (JPM) executive in China expected to resign amid probe, WSJ says
Bristol-Myers (BMY), Roche (RHHBY), Merck (MRK) working on possible blockbusters for melanoma, WSJ says
Artist Series makes $350M cash offer for MSG's (MSG) Fuse TV, Bloomberg says
U.S. considers bankruptcy link in GM (GM) ignition defect probe, NYT says
Apple (AAPL) to move towards automoated production for iPhone batteries, DigiTimes says
Oceanografia CEO questioned in Citigroup (C) fraud case, Reuters says
A sale of stake in Alibaba after its IPO could net Yahoo (YHOO) billions, Barron's says
Principal Financial (PFG) should be worth 25% more, Barron's says
McDermott (MDR) shares could rise over 20% in a year, Barron's says
CommonWealth REIT (CWH) could eventually trade higher, Barron's says
A bigger iPhone screen could boost Apple's (AAPL) earnings 10%-15%, Barron's says
Visteon (VC) shares could reach $100 in a year, Barron's says
SYNDICATE
Cardica (CRDC) files to sell 32.15M shares of common stock
Galectin Therapeutics (GALT) files to sell $100M of common stock
Rand Logistics (RLOG) files to sell $8.2M of common stock
SeaWorld (SEAS) files to sell 15M shares of common stock for holders
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
NUS Nu Skin Enterpris... 94.03 25.37%
MNGA Magnegas Corporat... 2.65 10.42%
OXGN Oxigene Inc. 3.84 10.34%
LGF Lions Gate Entert... 30.00 8.70%
WUBA 58.com Inc 50.00 8.06%
JDST Direxion Daily Ju... 22.10 7.91%
FCEL Fuelcell Energy I... 2.75 7.00%
HLF Herbalife 53.00 6.98%
BLDP Ballard Power Sys... 4.58 5.77%
NVMI Nova Measuring In... 11.87 5.60%
RGSE Real Goods Solar ... 4.95 5.54%
EXAS Exact Sciences Co... 14.20 4.72%
IRBT irobot Corporatio... 43.90 4.37%
CAMT Camtek Ltd. 3.95 4.22%
CYTR Cytrx Corporation... 3.98 4.19%
PLUG Plug Power Inc. 6.18 4.04%
RMTI Rockwell Medical ... 14.46 3.58%
YELP Yelp 86.28 3.42%
SSYS Stratasys Ltd. 109.98 3.32%
PTR Petrochina Co. Lt... 106.00 2.97%
Top Losing Stocks
Price %Change
JNUG Direxion Daily Ju... 25.50 -7.47%
GDP Goodrich Petroleu... 13.00 -6.20%
ANV Allied Nevada Gol... 5.28 -3.83%
YNDX Yandex N.v. 29.00 -3.37%
CTRP Ctrip.com Interna... 47.89 -3.23%
ISR Isoray 2.35 -2.89%
NUGT Direxion Daily Go... 43.24 -2.79%
GDXJ Market Vectors Ju... 39.00 -2.13%
MUX Mcewen Mining 2.82 -2.08%
MTW Manitowoc Co. 31.91 -2.03%
ONVO Organovo 8.28 -2.01%
ININ Interactive Intel... 76.75 -2.00%
NBG National Bank of ... 5.32 -1.85%
ALU Alcatel-lucent Ad... 3.80 -1.81%
ALV Autoliv Inc. 99.10 -1.73%
SUSS Susser Holdings C... 64.20 -1.71%
VIPS Vipshop Holdings ... 137.77 -1.71%
GOLD Randgold Resource... 78.51 -1.55%
SCTY Solarcity Corpora... 64.05 -1.54%
KIM Kimco Realty Corp... 21.53 -1.46%
Read more at http://thestockmarketwatch.com/markets/pre-market/#PZ5zOU4TqSFk1s6w.99
data:
Chicago Fed National Activity Index
[Report][Bullet8:30 AM ET
Jeremy Stein Speaks
9:00 AM ET
PMI Manufacturing Index Flash
[Report][djStar]9:45 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
Richard Fisher Speaks
1:45 PM ET
Futures +31
good morning
This Texas girl is going to see @ladygaga close out Roseland Ballroom in New York April 7th...travel booked today...
TRADER RADAR 3/24 to 3/28 EARNINGS and ECONOMIC for the WEEK AHEAD
Monday, March 24
US Economics (Time Zone: EST)
08:30 Chicago Fed - expected 0.10, prior -0.39
09:45 Markit US Manufacturing Preliminary PMI - exp 56.5, prior 57.1
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
09:00am Stein speaks in Washington
Global Economics (Time Zone: GMT)
01:45 CNY HSBC/Markit Flash Manufacturing PMI (March advance)
09:00 EUR Eurozone Manufacturing & Services PMI (March advance)
Earnings
No major reports scheduled
Tuesday, March 25
US Economics (Time Zone: EST)
09:00 FHFA Home Price Index (Jan) MoM - exp 0.5%, prior 0.8%
09:00 S&P/CS 20-City Composite MoM - exp 0.60%, prior 0.76%
09:00 S&P/CS YoY - exp 13.40%, prior 13.42%
10:00 Consumer Confidence - exp 78.5, prior 78.1
10:00 Richmond Fed - exp 3, prior -6
10:00 New Home Sales - exp 445K, prior 468K
11:00 Fed to purchase $1b-$1.25b notes in 22 to 30-year range
11:30 Treasury selling 4-week bills
1:00 Treasury selling $32b 3-year notes
Fedspeak
4:00pm Lockhart speaks in Atlanta
7:00pm Plosser speaks in New York
Global Economics (Time Zone: GMT)
05:00 JPY Small Business Confidence
09:00 EUR German IFO Current Assessment, Expectations
09:30 GBP CPI
Earnings
Before:
Walgreen (WAG)
After:
PVH Corp (PVH)
Carnival (CCL)
Wednesday, March 26
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications
08:30 Durable Goods Orders (Feb) - expected 0.7%, prior -1.0%
08:30 Durable Goods ex Transports - exp 0.3%, prior 1.1%
08:30 Cap Goods Orders Nondef Ex Air - exp 0.5%, prior 1.7%
08:30 Cap Goods Shipments Nondef Ex Air - exp 1.0%, prior -0.8%
09:45 Markit US Services PMI Preliminary - exp 5.40, prior 53.3
11:00 Fed to purchase $2.25b-$2.75b notes in 7.5-10-year range
11:30 Treasury selling $13b 2-year FRN
1:00 Treasury selling $35b 5-year notes
Fedspeak
2:00am Bullard speaks in Hong Kong on monetary policy
8:20pm Bullard speaks in Hong Kong on monetary policy
Global Economics (Time Zone: GMT)
07:00 EUR German GfK Consumer Confidence
07:00 CHF UBS Consumption Indicator
Earnings
No major reports scheduled
Thursday, March 27
US Economics (Time Zone: EST)
08:30 Initial Jobless Claims - expected 322K, prior 320K
08:30 Continuing Claims - exp 2882K, prior 2889K
08:30 GDP Annualized QoQ (4Q final) - exp 2.7%, prior 2.4%
08:30 Core PCE QoQ - exp 1.3%, prior 1.3%
10:00 Pending Home Sales MoM - exp 0.1%, prior 0.1%
11:00 Kansas City Fed - exp 5, prior 4
11:00 Fed buying $3.75b-$4.5b bonds in 4 to 5-year range
1:00 Treasury selling $29b 7-year notes
Fedspeak
8:30am Pianalto speaks in Ohio
9:30pm Evans speaks in Hong Kong
Global Economics (Time Zone: GMT)
NZD Trade Balance
01:30 CNY Industrial Profits YTD
09:30 GBP Retail Sales
Earnings
Before:
Conn's (CONN)
Gamestop (GME)
Friday, March 28
US Economics (Time Zone: EST)
08:30 Personal Spending - expected 0.3%, prior 0.4%
08:30 Personal Income - exp 0.3%, prior 0.3%
08:30 PCE Deflator YoY - exp 0.9%, prior 1.2%
08:30 PCE Core YoY - exp 1.1%, prior 1.1%
11:00 Fed buying $1b-$1.25b bonds in 22 to 30-year range
Fedspeak
12:45pm George speaks in Kansas City
Global Economics (Time Zone: GMT)
JPY Jobless Rate
JPY CPI
JPY Retail Sales
CNY Leading Index
09:30 GBP GDP (4Q final)
10:00 EUR Eurozone Economic Confidence
Earnings
No major reports scheduled
Earnings Preview for the week of March 24 - 28 Some of the bigger names
Monday:
Pre Market - SOL
After Hours - SONC, EXA
Tuesday:
Pre Market - WAG, CCL, HDS, MKC, GIII, NEOG, IKGH
After Hours - PVH, SCS, FIVE, LDNC, GOMO, GEVO, GERN
Wednesday:
Pre Market - LNN, MOV, EVRY, FRAN
After Hours - PAYX
Thursday:
Pre Market - ACN, GME, CMC, SIG, LDOS, UTIW, WOR, LULU, FRED, CONN, WGO, VNCE, SFXE, OTIV
After Hours - RH, RHT, OXM, PRGS, RMAX
Friday:
Pre Market - BBRY, FINL
$CMCSA ~ looks like a few days early on that trade...
link back
$CMCSA ~ Apple, Comcast in talks about streaming-TV service
http://www.marketwatch.com/story/apple-comcast-in-talks-about-streaming-tv-service-2014-03-23
Frontrunning:
Australia says nothing spotted in search for plane (AP)
Putin looks to Asia as West threatens to isolate Russia (Reuters)
China Billionaire Builds Metals With Dreyfus, Glencore Hires (BBG)
China Beige Book Says Economy Slowing (BBG)
Caterpillar Said to Be Focus of Senate Overseas Tax Probe (BBG)
US Cancels Summit With Divided Group of Gulf Nations (WSJ)
Cyprus defense minister suffers aneurysm (AP)
Abe to zero in on economy as tax hike looms (Nikkei)
Europe strikes deal to complete banking union (Reuters)
Barclays Said to Miss Alibaba Fees by Defying SoftBank’s Son (BBG)
Tiffany posts 4Q loss due to large charge (AP)
Gunmen ram explosives-laden tanker into Iraq police HQ, killing many (Reuters)
Overnight Media Digest
WSJ
* U.S. President Barack Obama ordered a second round of financial sanctions on Russian officials and a St. Petersburg bank over Crimea, and the European Union added names to its sanctions list. Moscow responded with penalties against nine U.S. officials. (http://link.reuters.com/zes77v)
* The Federal Reserve's annual test of big banks' financial health showed the largest U.S. firms are strong enough to withstand a severe economic downturn, a sign that many will get the green light soon to reward investors by raising dividends and buying back shares. The Fed said 29 of the 30 largest institutions have enough capital to continue lending even when faced with a hypothetical jolt to the U.S. economy lasting into 2015, including a severe drop in housing prices and a spike in unemployment. (http://link.reuters.com/bus77v)
* Symantec Corp, the computer-security company synonymous with "antivirus," fired Chief Executive Steve Bennett amid sagging revenue and slumping shares, the second time it has dumped a CEO in less than two years. (http://link.reuters.com/dus77v)
* Airbnb Inc, which once sold novelty cereal boxes to stay afloat before emerging as a threat to the hotel industry, is close to becoming one of the world's most valuable startups. The online service that lets people rent their homes to travelers is in advanced talks to raise capital that would value it at about $10 billion. (http://link.reuters.com/hus77v)
* Major bitcoin exchange Mt. Gox said it found nearly a quarter of the bitcoins it previously said were lost, raising questions about how much of the missing total could eventually be recovered. (http://link.reuters.com/jus77v)
* The White House is testing smartphones from Samsung Electronics and LG Electronics Inc for internal use, threatening one of the last and most high-profile strongholds of BlackBerry Ltd. (http://link.reuters.com/nus77v)
* Exxon Mobil Corp has agreed to disclose how the regulation of carbon emissions could affect the value of its oil and gas holdings, a sign that America's biggest energy company is stepping up efforts to address shareholders' environmental concerns. (http://link.reuters.com/rus77v)
* Hewlett-Packard Co shareholders have forgiven three company directors they heavily criticized for presiding during some of the firm's most troubled periods. The company's longest-serving directors Marc Andreessen, Raymond Lane and Rajiv Gupta, were re-elected by shareholders at HP's annual meeting on Wednesday, the results weren't released. (http://link.reuters.com/vus77v)
FT
Airbnb is in talks with private equity firms including TPG Capital Management LP to raise funds that would price the online home-rental marketplace at about $10 billion.
Netflix Inc has accused big internet providers, including Comcast Corp, of using their "market position" to impose tolls for access to their networks, hindering the online video operator's ability to provide a quality service.
Turkey blocked access to Twitter on Thursday, after Prime Minister Tayyip Erdogan vowed to eradicate the social media site for national security reasons as he battles a damaging corruption scandal.
Chinese e-commerce giant Alibaba Group <IPO-ALIB.N> has invested $215 million in mobile messaging app-maker Tango, valuing it at $1 billion.
Chemicals producer Ineos has accused Asia's biggest refiner Sinopec Corp of breaching its intellectual property rights over the manufacture of a key industrial compound.
NYT
* U.S. President Barack Obama expanded sanctions against Russia on Thursday, blacklisting a bank and several wealthy businessmen with close ties to President Vladimir Putin, as the United States struggled to forestall further Russian incursions into Ukraine. (http://link.reuters.com/zus77v)
* Technology companies have spent months denying they know anything about broad government spying on people who use their Internet services. But a legal case filed this week against a former Microsoft Corp employee shows the power these companies themselves have to snoop on their customers whenever they want to. (http://link.reuters.com/bys77v)
* Nearly all of the United States' largest banks have adequate capital to withstand a severe economic downturn and market turmoil, the Federal Reserve has found in its latest annual stress test of the country's financial system. (http://link.reuters.com/fys77v)
* Airbnb, the company that was created nearly six years ago as a way to help people find spare rooms and couches to sleep on, is in advanced talks to raise more than $400 million in capital, a round of financing that would value it at more than $10 billion. (http://link.reuters.com/kys77v)
* Credit Suisse has hired a new head of its power and renewables investment banking group from RBC Capital Markets, the firm announced in an internal memo on Thursday. (http://link.reuters.com/mys77v)
Canada
THE GLOBE AND MAIL
* Canada is looking seriously at levying punitive sanctions against firms in Russian business sectors over Moscow's seizure of Crimea, an increase in pressure under consideration as Prime Minister Stephen Harper heads to Ukraine to show solidarity with the beleaguered country. (http://link.reuters.com/vyt77v)
* On Friday, the Canadian Supreme Court will rule on whether Prime Minister Stephen Harper's latest appointee to that court, Justice Marc Nadon of Quebec, has the legal qualifications for the job. (http://link.reuters.com/nav77v)
Reports in the business section:
* U.S. retailer Nordstrom Inc will delay bringing its low-cost Rack stores to Canada, as it looks to contain expenses and avoid a repeat of Target Corp's fumbled debut. (http://link.reuters.com/tyt77v)
NATIONAL POST
* Canada's Conservative government wants to hear from the public about how to rewrite the prostitution laws that were struck down by the Supreme Court late last year. A month-long, online consultation period on the Justice Canada website began Monday and runs to March 17. (http://link.reuters.com/qav77v)
FINANCIAL POST
* Valero Energy Corp, owner of Canada's second-largest oil refinery, is working to source the Lévis, Quebec facility's entire crude oil supply from North America by the end of 2014. The shift would mark a break from the refinery's near-complete dependence on so-called Atlantic basin crude from Algeria and other overseas nations for the past several decades. (http://link.reuters.com/bev77v)
* Merchant Law Group LLP, a Canadian class-action law firm, is going after General Motors Co for the automaker's handling of defective ignition switches in 1.6 million small cars worldwide, including about 235,000 cars sold in this country. (http://link.reuters.com/hev77v)
China
SHANGHAI SECURITIES NEWS
- China Hi-Tech Group Corp will repurchase all H shares of its listed subsidiary Jingwei Textile Machinery Co Ltd with a premium of 30 percent, the company said in a statement.
SECURITIES TIMES
- Hot rolled coils futures starts trading at Shanghai Futures Exchange on Friday with the benchmark price being 3316 yuan per tonne, according to a statement on its website.
NATIONAL BUSINESS NEWS
- China's urbanization rate is expected to reach 60 percent by 2020, demanding investment of more than 42,00 billion yuan, the vice minister of the Ministry of Finance said. The investment will mainly come from private investors, he added.
21ST CENTURY BUSINESS HERALD
- China's central bank said in a closed-door meeting that it would not change its supportive stance toward online financing industry, sources told the paper. This comes after it suspended the QR code payment service last week.
CHINA DAILY
- China should maintain diversity in its urbanization process and not harm the cultural and historical heritage preserved in its numerous villages and small towns, an editorial said.
PEOPLE'S DAILY
- The key of the success of China's ongoing political and economic reform is the enforcement of the pronounced reform policies, the paper which acts as the party's mouthpiece said in an editorial.
Britain
The Telegraph
BG GROUP PUTS 1,100 UK JOBS AT RISK
Up to 1,100 jobs are at risk at BG Group's head office in Reading, England after the energy company started a redundancy programme. (http://link.reuters.com/vas77v)
LIDL CHAIRMAN IN SHOCK EXIT OVER STRATEGY DIFFERENCES
The chairman of budget food retailer Lidl has abruptly resigned due to "unbridgeable" future strategy differences.(http://link.reuters.com/was77v)
The Guardian
BP DRAWN INTO ROW OVER RUSSIA'S ANNEXATION OF CRIMEA
BP has been sucked into the row over Russia's annexation of Crimea with calls for the delisting from the London Stock Exchange of Rosneft, the Moscow-based oil company in which the British group has a 20 percent holding. (http://link.reuters.com/tas77v)
NEXT'S PROFITS SET TO OVERTAKE MARKS & SPENCER AFTER 12 PCT ANNUAL RISE
The decline of Marks & Spencer was again brutally underlined on Thursday when Next reported soaring profits that are almost certain to have beaten its venerable high street rival for the first time. (http://link.reuters.com/sas77v)
The Times
MULBERRY CHIEF EXECUTIVE QUITS IN WAKE OF PROFIT WARNING
Designs on pushing Mulberry Group upmarket have received a setback with the resignation of its chief executive only two years after he was appointed. (http://link.reuters.com/pas77v)
POOR CUSTOMER SERVICE HITS RYANAIR CREDIT RATING
Ryanair's reputation for abysmal customer service has resulted in a maiden credit rating for the budget airline of three notches above junk. (http://link.reuters.com/qas77v)
INTU TAPS MARKET TO RAISE MONEY FOR MALLS
Intu Properties has defended its decision to buy three shopping centres from the Westfield Group for 868 million pounds ($1.43 billion) and fund the purchase through a deeply discounted 500 million pound rights issue. (http://link.reuters.com/ras77v)
The Independent
BLOW FOR SCOTTISH NATIONALISTS AS BAE SAYS SPLIT WOULD DESTROY JOBS
The defence giant BAE Systems has finally warned that Scottish independence could threaten thousands of jobs north of the border, after months of refusing to comment on September's vote. (http://link.reuters.com/kas77v)
FAMILY WINS RIGHT TO SUE RBS OVER THEIR LOST FIRM
A family have won a landmark case giving them the green light to sue Royal Bank of Scotland Group for millions over the alleged mis-selling of interest rate swaps that ultimately left them with crippling borrowing costs on a 55 million pound loan. (http://link.reuters.com/mas77v)
TRADER FINED AND BANNED FOR TRYING TO RIG UK BOND MARKET
A top trader was fined nearly 700,000 pounds and banned for life for manipulating the price of government bonds in an attempt to profit from the taxpayer-backed money printing programme known as QE. (http://link.reuters.com/nas77v)
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
No domestic economic reports of note are scheduled today.
ANALYST RESEARCH
Upgrades
City National (CYN) upgraded to Outperform from Market Perform at Wells Fargo
Ensco (ESV) upgraded to Buy from Neutral at Guggenheim
Exelon (EXC) upgraded to Outperform from Neutral at Credit Suisse
JDSU (JDSU) upgraded to Buy from Neutral at MKM Partners
Posco (PKX) upgraded to Buy from Neutral at Citigroup
Progressive (PGR) upgraded to Outperform from Market Perform at William Blair
United Technologies (UTX) upgraded to Buy from Neutral at Goldman
Downgrades
Boeing (BA) downgraded to Neutral from Buy at Goldman
Community Health (CYH) downgraded to Fair Value from Buy at CRT Capital
ConAgra (CAG) downgraded to Neutral from Buy at Goldman
Equity One (EQY) downgraded to Hold from Buy at MLV & Co.
Lennar (LEN) downgraded to Neutral from Positive at Susquehanna
Symantec (SYMC) downgraded to Hold from Buy at Jefferies
Symantec (SYMC) downgraded to Market Perform from Outperform at Cowen
Symantec (SYMC) downgraded to Neutral from Buy at UBS
Symantec (SYMC) downgraded to Neutral from Outperform at RW Baird
Symantec (SYMC) downgraded to Sell from Buy at MKM Partners
Walgreens (WAG) downgraded to Sell from Hold at Cantor
Initiations
Apple (AAPL) initiated with an Outperform at Macquarie
Cardiovascular Systems (CSII) initiated with a Strong Buy at Needham
DexCom (DXCM) initiated with a Neutral at Sterne Agee
Erickson Air-Crane (EAC) initiated with a Hold at Canaccord
Insulet (PODD) initiated with a Buy at Sterne Agee
Keryx (KERX) initiated with a Buy at Mizuho
New York Mortgage (NYMT) initiated with a Buy at UBS
Primo Water (PRMW) initiated with a Buy at B. Riley
Spectranetics (SPNC) initiated with a Buy at Needham
Tandem Diabetes (TNDM) initiated with a Neutral at Sterne Agee
Volcano (VOLC) initiated with a Hold at Needham
COMPANY NEWS
The Federal Reserve released stress test results, said banks 'collectively better positioned'
Netflix (NFLX) CEO said net neutrality 'must be defended and strengthened'
Nike (NKE) warned that the impact from foreign currencies will impact its Q4 and FY15 results
Golden Gate Capital reported a 9.5% stake in Ann Inc (ANN), and said it intends to, "leverage [its] significant retail expertise and public and private equity experience to assist in creating value for the company's shareholders
Aveo Pharmaceuticals (AVEO) said it regained worldwide rights to to AV-203, a clinical-stage inhibitory antibody candidate, from Biogen (BIIB)
Symantec (SYMC) terminated the employment of its CEO, Steve Bennett, and named Michael Brown as interim CEO
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Silver Wheaton (SLW), Rally Software (RALY), Nike (NKE), Envivio (ENVI), New York & Co. (NWY), TIBCO (TIBX)
Companies that missed consensus earnings expectations include:
Aeterna Zentaris (AEZS), Shoe Carnival (SCVL), AAR Corp. (AIR)
NEWSPAPERS/WEBSITES
General Motors (GM) CEO to testify before congressional comittee on April 1, WSJ says
Microsoft (MSFT) admits reading Hotmail inbox of blogger, AP reports
Sprint (S) to close three call centers, 55 stores, Re/code reports
Defense companies (LMT, UTX, RTN, GD) find new focus in working against hackers, WSJ reports
Caterpillar (CAT) at center of Senate overseas tax investigation, Bloomberg says
Deutsche Bank (DB) fails to end four U.S. lawsuits over soured mortgages, Reuters reports
Twitter (TWTR) banned in Turkey, VentureBeat says
Judge urges deeper Toyota (TM) probe to include employees, WSJ reports
SYNDICATE
A10 Networks (ATEN) 12.5M share IPO priced at $15.00
Amber Road (AMBR) 7.4M share IPO priced at $13.00
Borderfree (BRDR) 5M share IPO priced at $16.00
China Mobile Games (CMGE) 3.442M share Secondary priced at $24.00
EnLink Midstream Partners (ENLK) files to sell 17.99M common units for holders
Foundation Medicine (FMI) files to sell $150M of common stock
KB Home (KBH) 6.94M share Secondary priced at $18.00
PBF Energy (PBF) files to sell 15M shares of Class A common stock for holders
Sangamo (SGMO) 4.44M share Secondary priced at $22.50
Seacoast Banking (SBCF) files $150M mixed securities shelf
Sonus Networks (SONS) files to sell 43.125M shares for holders
TPG Specialty Lending (TSLX) 7M share IPO priced at $16.00
Tableau (DATA) 4M share Secondary priced at $89.25
TherapeuticsMD (TXMD) 9M share Secondary priced at $7.10
Versartis (VSAR) 6M share IPO priced at $21.00
Wix.com (WIX) files to sell $86.25M of ordinary shares
Folks really need to watch where they post, what chatrooms they enter, and also watch 'what' they post...
eyes everywhere.....
people are stealing data/information/identities all over...
Heck, got a call from the bank this week saying my credit card may have been compromised and they sent me a new one...
good grief!
yes, 3 day weekend!!!!
enjoy yours and your ballgames!
So, don't kid yourself...You NEVER know, When someone is listening, or recording, or following the PAID money trail!
NOTHING out here in SPACE is PRIVATE<get that FACT in a few
Pre Market Movers
Top Gaining Stocks
Price %Change
UPIP Unwired Planet In... 2.35 80.77%
FNSR Finisar Corporati... 30.00 12.99%
ASTM Aastrom Bioscienc... 5.46 9.86%
GPRE Green Plains Rene... 33.00 9.05%
ANN Ann Inc 40.00 7.44%
YINN Direxion Daily Ch... 19.47 6.16%
JNUG Direxion Daily Ju... 29.00 4.88%
NUGT Direxion Daily Go... 46.20 4.74%
CETV Central European ... 3.46 4.53%
RMTI Rockwell Medical ... 14.10 3.37%
RUSL Direxion Daily Ru... 13.35 3.26%
KERX Keryx Biopharmace... 15.50 3.26%
SHLD Sears Holdings Co... 50.00 3.09%
MRK Merck & Co. Inc. ... 57.24 2.97%
VOYA Ing U.s. 37.75 2.86%
PEIX Pacific Ethanol I... 16.28 2.58%
YELP Yelp 86.40 2.48%
PALL Etfs Physical Pal... 76.89 2.34%
FXI ishares Ftse/xinh... 33.77 2.33%
JKS Jinkosolar Holdin... 33.80 2.21%
Top Losing Stocks
Price %Change
SYMC Symantec Corp. 18.75 -10.31%
ENLK Enlk 30.25 -5.88%
PBF Pbf Energy 25.60 -5.74%
FCEL Fuelcell Energy I... 2.30 -4.56%
GDV Gabelli Dividend ... 20.91 -4.30%
ISR Isoray 3.17 -3.94%
BLDP Ballard Power Sys... 4.16 -3.70%
IJH ishares Trust S&p... 133.39 -3.49%
TIF Tiffany & Co. 88.00 -3.48%
RUSS Direxion Daily Ru... 20.50 -3.26%
CMGE China Mobile Game... 24.55 -3.19%
NKE Nike Inc. Cl B 77.00 -2.86%
CHL China Mobile Ads ... 41.85 -2.47%
RBS Royal Bank of Sco... 9.93 -2.07%
EDZ Direxion Daily Em... 46.16 -1.95%
RALY Rally Software De... 17.70 -1.94%
CSIQ Canadian Solar In... 34.95 -1.83%
PRE Partnerre Ltd. 100.20 -1.75%
TZA Direxion Daily Sm... 14.51 -1.56%
JDST Direxion Daily Ju... 20.23 -1.46%
Read more at http://thestockmarketwatch.com/markets/pre-market/#jZI8IhxUBiKWiPaW.99
data:
Atlanta Fed Business Inflation Expectations
[Bullet10:00 AM ET
James Bullard Speaks
11:45 AM ET
Narayana Kocherlakota Speaks
4:30 PM ET
Jeremy Stein Speaks
6:30 PM ET
futures +40
good morning
ibox updated, funds transferred....done for the week +$5,848
NQ $2,019
ICPT $3,011
CMCSA $818
Enjoy your weekend everyone....
and spending LESS time on HERE!