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Earnings Preview for the week of March 10 - 14
Monday:
Pre Market - FGP
After Hours - CASY, UNFI, URBN, NES
Tuesday:
Pre Market - DKS, ARCO, AEO, BONT, BPI
After Hours - CZR, DRC, PAY, NCS, KTOS, DMND
Wednesday:
Pre Market - QIWI, EXPR, AMED
After Hours - WSM, MTN, PRSC, HMIN, KKD
Thursday:
Pre Market - DG, GCO, SMRT, AMRC, KIRK, GOGO, PHMD
After Hours - ULTA, ARO, KRO, EGL, BFAM, MFRM, SEAS, ZUMZ
Friday:
Pre Market - ANN, BWS, BKE, HIBB, CTRN
TRADER RADAR FOR WEEK of 3/10 to 3/14 ECONOMIC AND EARNINGS
Monday, March 10
US Economics (Time Zone: EST)
No major reports scheduled
11:00 Fed to purchase $2.25b-$2.75b bonds in 7 to 10-year range
11:30 Treasury selling $25b 3-month, $23b 6-month bills
Fedspeak
6:15am Plosser (hawk, voter) speaks in Paris on panel
12:40pm Evans (dove, nonvoter) speaks in Georgia
Global Economics (Time Zone: GMT)
JPY GDP (4Q Final)
JPY Current Account Balance (Jan)
05:00 CNY New Yuan Loans
05:30 JPY Bankruptcies
09:15 CHF Retail Sales
10:30 EUR Eurozone Sentix Investor Confidence
13:15 CAD Housing Starts
Earnings
After:
Urban Outfitters (URBN)
FuelCell Energy (FCEL)
Tuesday, March 11
US Economics (Time Zone: EST)
07:30 NFIB Small Business Optimism - expected 94.0, prior 94.1
10:00 JOLTS Job Openings - prior 3990
10:00 Wholesale Inventories - exp 0.4%, prior 0.3%
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 $30b 3-year notes
Fedspeak
10:00am Senate Banking Committee hearing to confirm Fed Board nominees (Stanley, etc)
4:15pm Lacker (hawk, nonvoter) speaks in NY
Global Economics (Time Zone: GMT)
07:00 JPY Machine Tool Orders (Feb prelim)
08:00 EUR German Trade Balance (Jan)
10:00 EUR Italian GDP (4Q final)
10:30 GBP Industrial and Manufacturing Production
16:00 GBP NIESR GDP Estimate (Feb)
Earnings
Before:
American Eagle Outfitters (AEO)
Dick’s Sporting Goods (DKS)
After:
Verifone Systems (PAY)
Diamond Foods (DF)
Caesars Entertainment (CZR)
Wednesday, March 12
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications
2:00 Monthly Budget Statement - exp -$206B
11:00 Fed buying $750m-$1b TIPS in 4 to 30-year range
1:00 Treasury selling $21b 10-year notes (1st reopening)
Fedspeak
7:00pm Fisher (hawk, voter) speaks in Mexico City
8:30pm Williams (dove, nonvoter) speaks in Seattle
Global Economics (Time Zone: GMT)
01:30 AUD Home Loans
06:00 JPY Consumer Confidence Index (Feb)
10:30 GBP Trade Balance
11:00 EUR Eurozone Industrial Production
11:30 Germany selling EU4b 2-year bonds
Earnings
After:
Vail Resorts (MTN)
Thursday, March 13
US Economics (Time Zone: EST)
08:30 Initial Jobless Claims - expected 338K, prior 348K
08:30 Continuing Claims - exp 2993K, prior 2964K
08:30 Advance Retail Sales (Feb) - exp 0.2%, prior -0.4%
08:30 Retail Sales ex Auto - exp 0.1%, prior 0.0%
08:30 Retail Sales ex Auto & Gas - exp 0.2%, prior -0.3%
08:30 Import Price Index YoY - exp -1.9%, prior -1.5%
10:00 Business Inventories - exp 0.4%, prior 0.5%
11:00 Fed buying $3.25b-$4b bonds in 4.25 to 4.75-year range
1:00 Treasury selling $13b 30-year bonds (1st reopening)
Fedspeak
10:00am Senate to confirm Fed candidates Fischer, Brainard, Powell
Global Economics (Time Zone: GMT)
NZD RBNZ Rate Decision
Japanese Investor Purchases of Foreign Bonds/Stocks
01:30 AUD Employment Change (Feb)
06:30 CNY Fixed Asset Investment (Feb)
06:30 CNY Retail Sales YTD
06:30 CNY Industrial Production YTD
13:30 CAD New Home Price Index
Earnings
Before:
GoGo (GOGO)
After:
SeaWorld Entertainment (SEAS)
Aeropostale (APO)
Ulta Salon (ULTA)
Dollar General (DG)
Plug Power (PLUG)
Friday, March 14
US Economics (Time Zone: EST)
08:30 Producer Price Index Final Demand YoY (Feb) - expected 1.1%, prior 1.2%
08:30 PPI Ex Food & Energy YoY - exp 1.4%, prior 1.3%
09:55 UofM Consumer Confidence (March advance) - exp 82.0, prior 81.6
11:00 Fed buying $1b-$1.25b bonds in 22 to 30-year range
Fedspeak
9:45pm Fisher (hawk, voter) speaks at Stanford
Global Economics (Time Zone: GMT)
JPY Minutes of Feb 17-18 BoJ meeting
05:30 JPY Industrial Production (Jan final)
08:00 EUR German CPI (Feb final)
Earnings
No major reports scheduled
He's getting the boat ready, and we're heading toward French Lick and or Evansville (There are casinos there)< I can gamble and or relax if NOT fishing!!!
After today, kids are on Spring Break!!! Will be around here and there!!!
Enjoy!
Frontrunning:
Putin rebuffs Obama as Ukraine crisis escalates (Reuters)
Behind the $100 Billion Commodity Empire That Few Know (BBG)
Initial Public Offerings Hit Pace Not Seen in Years (WSJ)
Russian Parliament Will Back Crimea Split From Ukraine (WSJ)
Nakamoto Named as Bitcoin Father Denies Involvement, Flees Press (BBG)
Chaori Can’t Make Payment in China’s First Onshore Default (BBG)
Zombies Spreading Shows Chaori Default Just Start (BBG)
Pimco's Gross declares El-Erian is 'trying to undermine me' (Reuters)
U.S. Fighters Circle Baltics as Putin Fans Fear of Russia (BBG)
College Grads Taking Low-Wage Jobs Displace Less Educated (BBG)
Malaysia's Anwar convicted of sodomy, political future in doubt (Reuters)
Biggest Wealth Fund Urged to Explain Formula One Investment (BBG)
Regulator Deletes Red Flags From Brokers' Records, Says Study (WSJ)
Overnight Media Digest
WSJ
* Crimea's Moscow-backed government voted to secede from Ukraine and join Russia and accelerated a snap referendum to ratify the move, a dramatic escalation of tension that pushed the West closer to imposing sanctions if Russian troops don't withdraw.
* As Crimea's legislators voted for secession on Thursday, residents expressed a mixture of shock and satisfaction about the prospect of splitting from Ukraine and joining Russia.
* With the U.S. Supreme Court poised to rule on race-conscious college-admissions policies, University of California officials say they still struggle to meet diversity goals for their university system 18 years after state voters banned affirmative action
* The Financial Industry Regulatory Authority "routinely" strips out some possible red flags on brokers from its database in the information it makes available to investors, according to a study released Thursday by an organization of lawyers who represent investors in claims against brokers.
* When the leaders running law firm Dewey & LeBoeuf LLP realized in the depths of the financial crisis that they were about to violate the terms of their bank loan, prosecutors allege they took the easy way out and cooked the books.
* Canadian regulators on Thursday approved a plan by Enbridge Inc to reverse the flow of a major pipeline and ship more oil to refineries in the East, a move designed to ease bottlenecks that have depressed prices of crude from Western Canada.
* Abercrombie & Fitch Co is preparing to reposition its surfer-themed Hollister chain as a fast-fashion brand, hoping to better compete with rivals such as H&M and Forever 21 Inc. that have eaten into sales to teens.
* Hundreds of workers at an International Business Machines Corp plant struck for a fourth day as the company prepares to transfer the computer-server factory to Lenovo Group Ltd.
* One of the country's biggest retailers sounded a worrying call for the future of brick and mortar: Staples Inc is not only closing a big swath of its North American stores, but it also wants those that remain to be half the size.
* General Electric Co raised $3 billion in a sale of new debt Thursday, stocking its coffers while rates are low.
* Cerberus Capital Management LP agreed to buy Safeway Inc in a deal the companies valued at more than $9 billion that would be the private-equity firm's latest acquisition of a big U.S. grocery chain.
* A top Food and Drug Administration official on Thursday rejected the cosmetic industry's latest proposal for a regulatory overhaul aimed at improving the safety of beauty and personal-care products.
FT
Britain might have to go through another year of austerity due to a 20 billion pound black hole in public finances, according to economic models used by the Office for Budget Responsibility.
Russia was at receiving end of the western powers over its intervention in Ukraine, with the United States issuing visa bans on Russian officials and EU signing an integration agreement with Kiev.
A consortium led by private equity firm Cerebus Capital Management will acquire Safeway Inc in a deal worth $9 billion, and merge it with Albertsons supermarket chain.
Two years after the collapse of Dewey & LeBoeuf, the U.S. authority has charged its former management with "a massive effort to cook the books".
Shares of Reynolds American Inc and Lorillard Inc jumped this week on talks of a potential deal between the U.S. cigarette makers.
NYT
* Former executives at Dewey & LeBoeuf were accused of manipulating the firm's books to keep it afloat during the financial crisis.
* An article about a man in Southern California named Satoshi Nakamoto has prompted many enthusiasts to question whether the right person had been identified as the creator of the virtual currency Bitcoin.
* With the music industry turning digital, music companies can now understand their customers' listening habits in greater depth than ever before.
* John Lefevre, the man behind the @GSElevator Twitter account, has lost his book deal after his true identity came to light.
* Some employers are offering as many as 25 health care plans to employees from a variety of insurers, including Blue Cross and UnitedHealthcare, to lower their costs for the benefit. ()
* Gene McQuade, the chief executive of Citibank, the entity that holds 70 percent of the company's assets and runs its international businesses, is leaving, as is Cece Stewart, who runs Citigroup's consumer and commercial banking operations in the United States. ()
Canada
THE GLOBE AND MAIL
* Enbridge Inc has won approval to reverse the flow of oil in its Line 9 pipeline between Southern Ontario and Quebec, a contentious project aimed at giving Quebec refiners access to more affordable Western Canadian and North Dakota oil.
* The union representing 41,000 teachers in British Columbia has voted overwhelmingly in favour of job action, although its president says there will be no immediate school closures or disruptions to students, and members are committed to a negotiated settlement.
Reports in the business section:
* As grocers slash prices to win bargain-hungry customers, makers of food and consumer goods are pushing back against heavy discounting of their products. In the intensified competition, grocers have demanded price cuts from their suppliers. Now vendors are retaliating by setting minimum advertised prices in a bid to stop retailers from using their merchandise as loss leaders.
* Canada is on the verge of clinching a free-trade deal with South Korea after more than half a decade of on-and-off negotiations, and an announcement is expected early next week.
NATIONAL POST
* British Columbians will soon be able to buy wine and beer at the same grocery store where they pick up their eggs and bread.
* Toronto moved one step closer to having a ranked ballot vote in municipal elections, an initiative that is getting support from across the political spectrum.
FINANCIAL POST
* John Chen has surprised skeptics and pleased investors, but the BlackBerry chief says his next aim is to get the devices business growing and to expand its BBM messaging service.
* Target Corp made a splash with colourful billboards, ads and flyers in Canada. But in this country of heavy Internet usage, it's website doesn't show much of what it sells.
China
CHINA SECURITIES JOURNAL
- The two-way movements of China's yuan against the dollar are favourable for further financial reforms, including the liberalisation of deposit rates and the introduction of foreign exchange derivative products, a commentary by the newspaper said.
SHANGHAI SECURITIES NEWS
- China (Shanghai) Pilot Free Trade Zone plans to shorten its negative list for foreign investment in 2014, Shanghai's Party Secretary, Han Zheng, said in a sub-session of China's on-going annual parliamentary meeting in Beijing.
CHINA BUSINESS NEWS
- China's central bank has finished drafting regulations governing the country's first deposit insurance mechanisms, which are expected to be promulgated soon.
PEOPLE'S DAILY
- The Chinese government should keep economic reforms a top priority and step up enforcement of pronounced reform polices, the mouthpiece of the ruling Communist Party of China said in an editorial.
Britain
The Telegraph
UKRAINIAN TENSIONS COULD HAVE SERIOUS IMPLICATIONS FOR EUROPE - DRAGHI
Tensions in Ukraine could pose a "very serious" threat to the rest of Europe, Mario Draghi has warned. The president of the European Central Bank (ECB) said the impact of the Ukrainian crisis on the energy market, while minimal in the short term, could escalate.
UK HOUSE PRICE GROWTH 'APPROACHING MADNESS'
The speed UK property prices are rising at is "approaching madness", analysts have warned, after data showed house prices jumped 2.4 percent in February, the biggest monthly increase in five years.
The Guardian
LOSS-MAKING RBS TO GIVE MILLIONS IN SHARES TO EXECUTIVES
Royal Bank of Scotland is poised to release millions of pounds worth of shares to its top executive team through bonus schemes put in place by the loss-making bank over the last three years.
LLOYDS BANKING GROUP TO PAY EXTRA 1BN POUND TO BUY BACK BONDS
The bailed-out Lloyds Banking Group is to take an unexpected 1 billion pound accounting charge as the result of a complex scheme to buy back financial instruments it issued during the banking crisis.
The Times
BNP TRADER SUSPENDED AS FOREX SCANDAL ESCALATES
A senior currency trader who served on the Bank of England's foreign exchange committee has been suspended by his bank BNP Paribas, dealing a further blow to London's position as the world's leading centre for forex trading.
BP CHIEF GIVEN HUGE PAY RISE AS REWARD FOR PLAYING IT SAFE
BP more than tripled its chief executive's pay to $8.7 million last year after it hit new performance targets put in place after the Gulf of Mexico disaster in 2010.
Sky News
CURTAIN TO FALL ON BARCLAYS' 120-YEAR AUDIT
Barclays is to end its 120-year audit relationship with PricewaterhouseCoopers (PwC) and appoint one of its main rivals in the latest shake-up at the embattled bank.
SHELL BOSS REJECTS SCOTTISH INDEPENDENCE
The chief executive of Royal Dutch Shell has said he wants Scotland to remain part of the UK. At the company's annual reception in London, Ben van Beurden said he valued the "continuity and stability" of the UK.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Nonfarm payrolls for February at 8:30--consensus 150K
Unemployment rate for February at 8:30--consensus 6.6%
International trade balance for January at 8:30--consensus -$39.0B
Consumer credit for January at 15:00--consensus $14.0B
ANALYST RESEARCH
Upgrades
Copa Holdings (CPA) upgraded to Buy from Neutral at UBS
Cross Country Healthcare (CCRN) upgraded to Buy from Hold at Cantor
Cross Country Healthcare (CCRN) upgraded to Buy from Neutral at Citigroup
GT Advanced (GTAT) upgraded to Outperform from Neutral at Credit Suisse
Omnicare (OCR) upgraded to Buy from Neutral at UBS
Polycom (PLCM) upgraded to Buy from Neutral at Citigroup
Quality Systems (QSII) upgraded to Market Perform from Underperform at FBR Capital
Safeway (SWY) upgraded to Neutral from Sell at UBS
Skullcandy (SKUL) upgraded to Outperform from Market Perform at Northland Securities
Teva (TEVA) upgraded to Overweight from Equal Weight at Barclays
The Buckle (BKE) upgraded to Neutral from Sell at Janney Capital
The Fresh Market (TFM) upgraded to Buy from Neutral at UBS
Downgrades
Alpha Natural (ANR) downgraded to Sell from Neutral at Goldman
American Capital Mortgage (MTGE) downgraded to Hold from Buy at Deutsche Bank
CYS Investments (CYS) downgraded to Hold from Buy at Deutsche Bank
Houghton Mifflin (HMHC) downgraded to Hold from Buy at Stifel
Houghton Mifflin (HMHC) downgraded to Neutral from Buy at Goldman
Humana (HUM) downgraded to Hold from Buy at Jefferies
Kindred Biosciences (KIN) downgraded to Neutral from Buy at Roth Capital
New York Mortgage (NYMT) downgraded to Hold from Buy at Deutsche Bank
Numerex (NMRX) downgraded to Hold from Buy at Canaccord
Pinnacle Financial (PNFP) downgraded to Hold from Buy at Wunderlich
Safeway (SWY) downgraded to Hold from Buy at BB&T
Star Bulk Carriers (SBLK) downgraded to Equal Weight from Overweight at Morgan Stanley
TCP Capital (TCPC) downgraded to Hold from Buy at Deutsche Bank
Violin Memory (VMEM) downgraded to Underperform from Buy at BofA/Merrill
Initiations
Bridge Capital Holdings (BBNK) initiated with a Buy at DA Davidson
Conatus Pharmaceuticals (CNAT) initiated with a Buy at Roth Capital
E2open (EOPN) initiated with a Buy at B. Riley
Jazz Pharmaceuticals (JAZZ) reinstated with an Overweight at Barclays
Ladder Capital (LADR) initiated with a Buy at Deutsche Bank
Regency Energy Partners (RGP) initiated with a Hold at Deutsche Bank
Rouse Properties (RSE) initiated with a Neutral at BofA/Merrill
Salesforce.com (CRM) initiated with a Neutral at B. Riley
ServiceNow (NOW) initiated with a Neutral at B. Riley
Tallgrass Energy (TEP) initiated with an Outperform at Wells Fargo
Thomson Reuters (TRI) initiated with a Hold at Deutsche Bank
COMPANY NEWS
Albertsons to buy Safeway (SWY) for $40 per share
Kimco Realty (KIM) to own 9.94% of combined Safeway-Albertsons
Gap (GPS) reported February SSS down 7%
Ford (F) to move production of F-650, F-750 medium-duty trucks to Ohio from Mexico
American Apparel (APP) gave a FY14 revenue outlook that came in below estimates, and said February preliminary SSS were down 5%
Cooper Companies (COO) said foreign currency continues to have negative effect
Big Lots (BIG) said wind down of Canadian operations remains on schedule, sees Q1 “slightly positive” to “slightly negative”
FreeWheel confirmed that it has been acquired by Comcast (CMCSA)
Casablanca Capital nominated six for election to Cliff’s Natural (CLF) board
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Achillion (ACHN), Information Services (III), Qihoo 360 (QIHU), Comtech (CMTL), Ambarella (AMBA), Alamo Group (ALG), Korn/Ferry (KFY), Numerex (NMRX), Emergent BioSolutions (EBS), Jamba (JMBA), Cooper Companies (COO), U.S. Auto Parts (PRTS)
Companies that missed consensus earnings expectations include:
Timmins Gold (TGD), Denison Mines (DNN), BPZ Resources (BPZ), The Fresh Market (TFM), Baxano Surgical (BAXS), Analogic (ALOG), Novatel Wireless (NVTL), H&R Block (HRB), Thor Industries (THO), Synergetics (SURG), Quantum (QTWW), Quiksilver (ZQK)
Companies that matched consensus earnings expectations include:
Craft Brew (BREW), Manitex (MNTX), Violin Memory (VMEM), Finisar (FNSR)
NEWSPAPERS/WEBSITES
Facebook (FB) faces privacy advocates who want WhatsApp deal stopped, Reuters reports
Atlanta Fed's Lockhart: Keep reducing policy accommodation, Reuters reports
AT&T (T) CEO: Comcast (CMCSA), Time Warner Cable (TWC) a 'redefining' industry deal, WSJ reports
Oil industry (CVX) facing rising production costs, WSJ reports
Cigarette manufacturers (RAI, LO,TYBY, BTI) surge on deal discussions, FT reports
Twitter (TWTR) paid IBM (IBM) $36M for 900 patents to end dispute, Bloomberg reports
U.S. clients of Credit Suisse (CS) face uncertainty over probe, Bloomberg reports
Time Warner's (TWX) Warner Bros. plans to lead an investment of $18M in Machinima, WSJ reports
SYNDICATE
Alimera Sciences (ALIM) files to sell 6.25M shares of common stock
Applied Optoelectronics (AAOI) files to sell 2.7M shares of common stock
Aquinox (AQXP) 3.7M share IPO priced at $11.00
Artisan Partners (APAM) 8.07M share Secondary priced at $62.00
CDW Corporation (CDW) files to sell 10M shares of common stock for holders
Coupons.com (COUP) 10.5M share IPO priced at $16.00
FireEye (FEYE) 14M share Secondary priced at $82.00
Flamel Technologies (FLML) files to sell common stock
Recro Pharma (REPH) 3.75M share IPO priced at $8.00
Windstream (WIN) files to sell 4.32M shares of common stock for holders
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
SKUL Skullcandy Inc. 9.20 23.82%
BSPM Biostar Pharmaceu... 3.30 11.86%
BIG Big Lots Inc. 32.10 9.74%
ETRM Enteromedics Inc.... 2.57 7.53%
DXR Daxor Corp. 8.00 7.24%
VHC Virnetx Holding 20.48 7.23%
CCRN Cross Country Hea... 8.69 6.50%
GTAT GT Advanced Techn... 18.07 6.42%
FL Foot Locker Inc. ... 45.40 6.25%
GURE Gulf Resources In... 2.75 5.77%
ALIM Alimera Sciences ... 7.35 5.60%
OPK Opko Health 9.48 5.45%
IBN Icici Bank Ltd. A... 40.86 4.66%
AREX Approach Resource... 24.00 3.99%
RMTI Rockwell Medical ... 13.90 3.81%
PLUG Plug Power Inc. 6.60 3.77%
QUNR Qunar Cayman Isla... 36.44 3.58%
TRQ Turquoise Hill Re... 4.28 3.38%
INCY Incyte Corp. 67.80 3.34%
PXLW Pixelworks Inc. 9.30 3.33%
Top Losing Stocks
Price %Change
NLNK Newlink Genetics ... 29.00 -23.10%
ALSK Alaska Communicat... 2.16 -15.29%
SWN Southwestern Ener... 38.40 -7.09%
BLDP Ballard Power Sys... 4.80 -5.51%
FEYE Fireeye Inc 85.25 -4.80%
ZLC Zale Corp. 20.82 -4.28%
CDW Cdw Corp 25.75 -3.92%
FCEL Fuelcell Energy I... 2.88 -3.68%
HMHC Houghton Mifflin ... 19.22 -3.37%
INFY Infosys Limited A... 61.08 -3.06%
CETV Central European ... 3.91 -2.98%
SWY Safeway Inc. 38.35 -2.84%
ANR Alpha Natural Res... 5.35 -2.37%
QTWW Quantum Fuel Syst... 9.19 -2.23%
CALL magicjack Vocalte... 18.82 -2.08%
ALU Alcatel-lucent Ad... 4.13 -1.90%
TUR ishares Msci Turk... 43.56 -1.69%
DDD 3D Systems Corp. ... 67.42 -1.58%
RIO Rio Tinto Plc Ads... 54.49 -1.55%
MON Monsanto Co. 112.00 -1.53%
Read more at http://thestockmarketwatch.com/markets/pre-market/#e2ycKVKspwVkfmMM.99
data:
Employment Situation
[Report][Star]8:30 AM ET
International Trade
[Report][Star]8:30 AM ET
William Dudley Speaks
12:00 PM ET
Consumer Credit
[Report][Bullet3:00 PM ET
Futures +14
good morning
$GOGO ~ a/h ~ SAC Capital Raises Stake in GOGO (GOGO) to 5.41%
In a 13G filing on GOGO (NASDAQ: GOGO), Steven A. Cohen's hedge fund SAC Capital disclosed a 5.41%, or 4,545,508 share, stake in the company. This is up 3,342.26% from the 132,050 shares held at the end of the latest quarter ending December 31,…
$SODA ~ Kase Capital's Tilson confirms long position in SodaStream
Fund manager Whitney Tilson of Kase Capital confirmed he established a long position in SodaStream last month and laid out his case in favor of the stock in a presentation entitled "Sodastream: Using a Survey to Identify My Next Deckers" dated March 5. In the slideshow, Tilson argues his survey indicates SodaStream's products are not a fad, as is assumed by many who hold short positions. "I think one of the mistakes shorts are making is that, perhaps subconsciously, they’re basing their analysis of Sodastream on the company’s nascent business in the U.S. This is understandable...but it’s a serious mistake because...Western Europe is by far the most valuable part of Sodastream’s business," Tilson wrote. Shares of SodaStream are up 3.6% to $41.12 in pre-market trading.
I know exactly what you mean....
we played earlier in the week...
and last week
and every week it seems...
blah
$25
yes....dang is right!
yuck
gross
nasty
blah
ick
Frontrunning:
Spot the inaccuracies: Stocks rise on Ukraine diplomacy, ECB easing speculation (Reuters)
Bank of England Extends Record-Low Rates Into a Sixth Year (BBG)
China's Chaori Solar poised for landmark bond default (Reuters), explained here previously
EU leaders meet in Brussels to address Ukraine crisis (FT)
Nine-month-old baby may have been cured of HIV, U.S. scientists say (Reuters)
China Raises Defense Spending 12.2% for 2014 (WSJ)
China Stock Index Rises as Developers Jump on Policy Speculation (BBG)
VTB Cancels New York Forum as U.S. Relations Sour (BBG)
IBM workers strike in China over terms of Lenovo takeover (FT)
College Board Redesigns SAT Exam Making Essay Portion Optional (BBG)
Overnight Media Digest
WSJ
* The Obama administration further postponed a provision of the Affordable Care Act on Wednesday, the latest in a series of changes that have delayed or pared back the health overhaul so much that many of its ambitious goals won't be achieved during its first years in full effect.
* More than 1,600 stockbrokers failed to disclose bankruptcy filings, criminal charges or other red flags in violation of regulations, without regulators noticing, according to a Wall Street Journal analysis.
* A crop of new lenders is jumping into the subprime personal-loan market, wooing consumers with flawed credit who have been neglected since the financial crisis.
* Bank of America Corp on Thursday will start offering a new checking account, capping a four-year effort to boost revenue from its most basic banking product without alienating customers and lawmakers.
* U.S. and European diplomats failed in a frantic, daylong effort to get Russia and Ukraine to begin direct negotiations aimed at ending Moscow's military incursion into the former Soviet state, raising the prospect of a protracted standoff.
* The United Nations special envoy to Crimea was threatened by a group of 15 to 20 men, some armed, who told him to leave Crimea as he was walking out of the Ukrainian naval headquarters in the regional capital on Wednesday, a senior U.N. official said.
* A federal probe into why General Motors Co took nearly 10 years to recall cars with a potentially deadly defect heated up on Wednesday as safety regulators demanded the auto maker answer 107 questions on its handling of a faulty ignition switch.
* Private-equity firm Cerberus Capital Management LP is working to sew up a deal to buy Safeway Inc this week, though its efforts to do so have been complicated by supermarket giant Kroger Co, according to people familiar with the matter.
* The Bank of England suspended a staff member amid an internal probe into whether officials knew about or played a role in manipulation of foreign-exchange markets, sending a global investigation of banks to the top of London's financial hierarchy.
* In the months before Mt. Gox's collapse, the bitcoin exchange was coming under increasing pressure from one of its banks, which complained about an unmanageable volume of money transfers and repeatedly asked the exchange to close its account with the bank, people familiar with the situation say.
* General Electric Co gave Chief Executive Jeffrey Immelt his second base pay raise in the 12 years since he took over, a reward for the company's 2013 performance when its stock rose more than 30 percent.
FT
Diplomatic efforts to counter Russia's takeover of Crimea were in trouble on Wednesday after Kremlin refused to accept the legality of the new Ukrainian government and western allies scrambled to produce a united front on how tough a line to take with Moscow.
A two-decade-old European Union law could force Lloyds Banking Group and Royal Bank of Scotland to shift their legal domicile from Edinburgh to London if Scotland becomes independent.
Exxon Mobil has promised cuts in capital spending and reduced its expectations of future production joining other oil majors like Chevron and Royal Dutch Shell.
A Bank of England employee was suspended and a new investigation launched after allegations that its officials condoned or were aware of market manipulation embroiling the bank into an escalating foreign exchange scandal.
Barclays decision to pay higher bonuses despite falling profits has some shareholders calling for a management shake-up at the top of its investment banking division, even as the group faces an escalating political row.
NYT
* A national safety agency sent the automaker a list of 107 compulsory questions about a defective ignition switch that has been linked to 13 deaths and the recall of 1.6 million cars.
* In an effort to curb illicit activity, Facebook will delete posts that seek to circumvent gun laws, restrict minors from viewing pages that sell guns and inform potential sellers that private sales could be regulated or prohibited where they live.
* John Travolta's mispronunciation of a name at the Oscars led the website Slate to create a feature to do the same with anyone's name - the kind of an interactive game now driving Web traffic.
* Three former top executives of Dewey & LeBoeuf, the giant law firm that filed for bankruptcy protection in 2012, are expected to be charged with misleading other lawyers and lenders about the financial health of the firm.
* In a post on LinkedIn, Reid Hoffman criticized Carl Icahn's campaign against eBay, arguing that the assault is rooted in short-term thinking that runs counter to Silicon Valley's focus on long-term growth.
* The private equity giant Kohlberg Kravis Roberts is making a bigger push into the North American energy business.
* While Paul Tudor Jones II can still claim long-term annual returns of close to 19.5 percent in his $10.3 billion flagship fund, Tudor BVI Global, it has been 11 years since he last hit that level.
Canada
THE GLOBE AND MAIL
* Alberta's opposition parties criticized Premier Alison Redford over travel expenses, including her international trips, for the second day in a row of a new legislature session.
* If the early signals are correct, the Fraser River could have the biggest salmon run in British Columbia history this summer, with up to 72 million sockeye returning.
Reports in the business section:
* Chrysler Group LLC walked away from talks with the federal and Ontario governments after they asked how much of its proposed C$3.6 billion ($3.25 billion) investment would be spent in Ontario - a request that was likely to draw out negotiations and delay the company's effort to bring a new minivan to market.
* Cisco Systems Inc said on Wednesday that it has chosen Toronto as one of its four new global innovation hubs, a C$100 million ($90.40 million) investment. The move, which follows a December announcement by the Ontario government that it will give financial support to help the company expand, adds to a sense of momentum around the province's tech sector.
NATIONAL POST
* Joaquin Roberto Meza Delgado, a former senior diplomat for El Salvador who fought for years to stay in Canada after being accused of embezzling diplomatic funds meant for his country's consulate in Vancouver, has been returned to his homeland where he was promptly arrested at the airport.
* An analyst at Canada's anti-terrorism financing agency was stripped of her security clearance and position after she acknowledged meeting Russian diplomats at social events in Ottawa, according to court documents released Wednesday.
FINANCIAL POST
* The pundits have been calling for a housing correction in Canada for two years now, but somehow prices and sales, especially in the country's big cities, keep defying gravity. A poll out Wednesday found that 34 percent of Canadians surveyed are willing to enter a bidding war and fight it out to secure a property, 21 percent more than a year ago.
* Canada's insistence that tomato juice be extracted from "sound, ripe, whole" tomatoes instead of paste - a higher standard than in the U.S. - has partially saved an H.J. Heinz Co plant marked for closing by Warren Buffett's private-equity partner.
China
CHINA SECURITIES JOURNAL
- China supports development of insurance products for online retail sales, said Xiang Junbo, the chairman of China Insurance Regulatory Commission, adding that the launch of regulations "will not be too slow".
- China has earmarked 10 billion yuan ($1.63 billion) to fight air pollution in the first half of this year, said Zhou Shenxian, Minister of Environment Protection.
SHANGHAI SECURITIES NEWS
- China is on track to meet its target to slash overcapacity in bloated industries by 2014, said an official from the Ministry of Industry and Information Technology, adding that the ministry has stepped up efforts to ensure companies with outdated capacity are shut. Beijing has said it will eliminate 27 million tonnes of steel, 420 million tonnes of cement and 350 million tonnes of flat-glass production capacity this year.
21st CENTURY BUSINESS HERALD
- Yu E Bao, a money-market fund promoted by Alipay, may promote a substantial increase in social financing costs, said Ma Weihua, member of the national committee of CPPCC and former president of China Merchants Bank.
CHINA DAILY
- China's top economic planning agency, the National Development and Reform Commission, will launch a self-imposed reform that will reduce its own power as part of the central government's campaign to give the market play a greater role, Chairman Xu Shaoshi said.
Britain
The Telegraph
ROLLS-ROYCE INVESTIGATED IN US OVER BRIBERY CLAIMS
Rolls-Royce is being investigated by the U.S. Department of Justice, following allegations that its executives bribed officials in Indonesia, China and India in order to win lucrative contracts.
The Guardian
BARCLAYS AND LLOYDS SIDESTEP EU RULES AND HAND BOSSES ALMOST £1M IN SHARES
Bailed-out Lloyds Banking Group and Barclays have handed their bosses almost 1 million pounds ($1.67 million) in shares to sidestep the new rules from Brussels which are intended to clamp down on bankers' pay.
HIRINGS HIT 16-YEAR HIGH ON STRONG GROWTH DATA
British companies hired staff at the fastest rate in 16 years in February, as growth in orders and broader economic recovery fuelled confidence.
The Times
GOVERNOR TO FACE MPS OVER BANK'S ROLE IN FOREX SCANDAL
Mark Carney has been called before MPs to respond to allegations that the Bank of England turned a blind eye to traders who were rigging the multi- trillion-dollar currency markets.
BARCLAYS PUTS HUNDREDS OF BANKERS IN THE £1M CLUB
Barclays handed eight of its high-rolling investment bankers pay and bonuses of more than £5 million each last year in the latest sign that largesse in the financial sector is alive and well.
The Independent
STANDARD CHARTERED TO SLASH PETER SANDS' BONUS AFTER PROFITS DECLINE FOR THE FIRST IN A DECADE
Emerging markets bank Standard Chartered saw profits drop for the first time in a decade last year and its chief executive Peter Sands is taking a 21 per cent cut in his annual bonus.
AO SUPPLIERS 'FURIOUS' AFTER WHITE GOODS FIRM RAISES CONCERNS OVER DIXONS TERMS
Online white goods firm AO has written to suppliers asking them to clarify whether Dixons get better terms than they do, The Independent understands.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Jobless claims for week of Mar. 1 at 8:30--consensus 338K
Unit labor costs for Q4 at 8:30--consensus -0.5%
Nonfarm productivity for Q4 at 8:30--consensus 2.4%
Factory orders for January at 10:00--consensus -0.5%
ANALYST RESEARCH
Upgrades
Allegiant Travel (ALGT) upgraded to Outperform from Market Perform at Raymond James
Axiall (AXLL) upgraded to Buy from Neutral at Goldman
Biogen (BIIB) upgraded to Outperform from Market Perform at BMO Capital
Bob Evans (BOBE) upgraded to Buy from Hold at Miller Tabak
Cabot Oil & Gas (COG) upgraded to Buy from Neutral at UBS
H&E Equipment (HEES) upgraded to Buy from Neutral at UBS
Hawaiian Holdings (HA) upgraded to Buy from Hold at Deutsche Bank
Inphi (IPHI) upgraded to Buy from Hold at Jefferies
Kirkland's (KIRK) upgraded to Buy from Hold at KeyBanc
Materion (MTRN) upgraded to Buy from Hold at KeyBanc
Navios Maritime (NM) upgraded to Buy from Hold at Stifel
Northern Tier (NTI) upgraded to Overweight from Equal Weight at Barclays
NuStar Energy (NS) upgraded to Overweight from Neutral at JPMorgan
Star Bulk Carriers (SBLK) upgraded to Buy from Hold at Stifel
Tiffany (TIF) upgraded to Buy from Neutral at Citigroup
Yum! Brands (YUM) upgraded to Outperform from Neutral at RW Baird
Downgrades
Brixmor (BRX) downgraded to Neutral from Buy at UBS
Continental Resources (CLR) downgraded to Neutral from Buy at UBS
Emeritus (ESC) downgraded to Hold from Buy at Deutsche Bank
Hilltop Holdings (HTH) downgraded to Outperform from Strong Buy at Raymond James
MarkWest Energy (MWE) downgraded to Neutral from Overweight at JPMorgan
New York Mortgage (NYMT) downgraded to Hold from Buy at MLV & Co.
OCI Resources (OCIR) downgraded to Neutral from Buy at Goldman
Redwood Trust (RWT) downgraded to Hold from Buy at Jefferies
Southcross Energy Partners (SXE) downgraded to Neutral from Overweight at JPMorgan
Spark Networks (LOV) downgraded to Market Perform from Outperform at William Blair
Initiations
Alcobra (ADHD) initiated with an Outperform at JMP Securities
Alon USA Partners (ALDW) initiated with an Underweight at Barclays
Amedica (AMDA) initiated with an Outperform at JMP Securities
Ascena Retail (ASNA) initiated with a Positive at Susquehanna
Nordson (NDSN) initiated with a Neutral at RW Baird
COMPANY NEWS
Ford (F) reported February China sales up 67% to 73,040 vehicles sold
Staples (SPLS) announced plans plans to close up to 225 stores in North America by end of 2015
Exxon Mobil (XOM) to build halobutyl rubber, hydrocarbon resin plants in Singapore
Biodel (BIOD) announced a commercial manufacturing agreement with Emergent BioSolutions (EBS)
Tekmira Pharmaceuticals' (TKMR) anti-Ebola viral therapeutic received Fast Track designation from the FDA
A study by Sangamo BioSciences (SGMO) showed that treatment with the company's ZFN-modified T-cells provide functional control of HIV without antiretroviral drugs
Stage Stores (SSI) announced the sale of Steele's off-price division to Hilco Global
Logitech (LOGI) announced a $25M share buyback program and introduced a long-term financial model, including annual non-GAAP operating profit margin greater than 10%.
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
Descartes Systems (DSGX), Safeguard Scientifics (SFE), SP Plus Corp. (SP), WuXi PharmaTech (WX), Giant Interactive (GA), Zogenix (ZGNX), Synacor (SYNC), Boyd Gaming (BYD), ValueVision (VVTV)
Companies that missed consensus earnings expectations include:
Stage Stores (SSI), Joy Global (JOY), Staples (SPLS), Costco (COST), Carriage Services (CSV), Universal American (UAM), General Communications (GNCMA), TG Therapeutics (TGTX)
Companies that matched consensus earnings expectations include:
Air Transport Services (atsg), Semtech (SMTC), Receptos (RCPT)
NEWSPAPERS/WEBSITES
Darden (DRI) cancels meeting amid pressure from investors, Reuters reports
eBay (EBAY) CEO John Donahoe says several of its top shareholders agree PayPal should stay put, Reuters reports
Deutsche Telekom (DTEGY) CEO said sees sale of T-Mobile US (TMUS) less likely in near-term, Bloomberg reports
DirecTV (DTV) discussing internet rights deal with Disney (DIS), Reuters reports
IBM (IBM) workers strike in China regarding terms of Lenovo (LNVGY) takeover, FT reports
Michigan AG: Chesapeake (CHK), Encana (ECA) face criminal antitrust charges, Reuters reports
Rolls-Royce (RYCEY) says cooperating with authorities on bribery allegations, FT reports
GM (GM) faces increased government pressure over delayed recall, WSJ reports
Foxconn to land 90M iPhone 6 (AAPL) orders in 2014, DigiTimes reports
Obama administration gives health plans additional two year reprieve (HUM, UNH, HNT, AET, MOH, CNC, AGP, HS, WLP, WCG, CI), WSJ reports
SYNDICATE
Constellium (CSTM) will offer 12.56M Class A ordinary shares for Apollo affiliate
Cousins Properties (CUZ) files to sell 8.7M shares of common stock
Dara BioSciences (DARA) files to sell 2.17M shares of common stock for holders
iCAD (ICAD) files to sell 2M shares of common stock
Medical Properties Trust (MPW) files to sell 8M shares of common stock
Primero Mining (PPP) announces 31.15M share offering by Goldcorp
Sun Communities (SUI) files to sell 4.2M shares of common stock
Synageva (GEVA) 2M share Secondary priced at $105.75
Average:
Pre Market Movers
Top Gaining Stocks
Price %Change
BORN China New Borun C... 4.87 49.39%
PXLW Pixelworks Inc. 6.51 35.62%
SGMO Sangamo Bioscienc... 24.60 25.45%
BRCD Brocade Communica... 11.66 16.48%
BIOD Biodel Inc. 3.80 11.11%
AV Aviva Plc Ads 17.17 9.64%
SCON Superconductor Te... 3.70 9.14%
ORAN Orange 13.71 9.07%
OMER Omeros Corporatio... 14.25 8.37%
TKMR Tekmira Pharmaceu... 27.00 8.35%
NM Navios Maritime H... 11.63 6.80%
PSTI Pluristem Therape... 4.33 6.65%
AXLL Axiall Corporatio... 44.81 6.59%
PPHM Peregrine Pharmac... 3.00 6.38%
RGSE Real Goods Solar ... 4.40 6.28%
LOGI Logitech Internat... 16.90 6.09%
CYRN Cyrn 3.61 5.87%
ZBB Zbb Energy 2.54 5.83%
REGI Renewable Energy ... 12.00 5.82%
SEED Origin Agritech L... 3.54 5.04%
Top Losing Stocks
Price %Change
AMCN Airmedia Group In... 2.70 -15.09%
SPLS Staples Inc. 12.19 -9.03%
MXWL Maxwell Technolog... 13.87 -7.66%
XGTI xG Technology Inc... 4.60 -7.63%
RUSL Direxion Daily Ru... 15.17 -7.05%
AUXL Auxilium Pharmace... 30.00 -6.04%
ANIP Ani Pharmaceutica... 35.50 -5.59%
CETV Central European ... 3.82 -4.98%
DANG E-commerce China ... 17.11 -4.15%
BLDP Ballard Power Sys... 5.16 -3.73%
MPW Medical Propertie... 13.30 -2.35%
NBG National Bank of ... 4.68 -2.30%
FCEL Fuelcell Energy I... 3.06 -2.24%
COST Costco Wholesale ... 113.90 -2.21%
FII Federated Investo... 27.25 -2.12%
RSX Market Vectors Ru... 23.17 -2.11%
TI Telecom Italia S.... 11.53 -1.87%
ODP Office Depot Inc.... 4.82 -1.83%
BRZS Direxion Daily Br... 60.25 -1.76%
EDZ Direxion Daily Em... 44.25 -1.60%
Read more at http://thestockmarketwatch.com/markets/pre-market/#F72ZXkSUZMtwjV68.99
data:
Challenger Job-Cut Report
[Bullet7:30 AM ET
Gallup US Payroll to Population
[Bullet8:30 AM ET
Jobless Claims
[Report][Star]8:30 AM ET
Productivity and Costs
[Report][djStar]8:30 AM ET
William Dudley Speaks
8:30 AM ET
Bloomberg Consumer Comfort Index
[Bullet9:45 AM ET
Factory Orders
[Report][djStar]10:00 AM ET
EIA Natural Gas Report
[Bullet10:30 AM ET
3-Month Bill Announcement
[Bullet11:00 AM ET
6-Month Bill Announcement
[Bullet11:00 AM ET
3-Yr Note Announcement
[Bullet11:00 AM ET
10-Yr Note Announcement
[Bullet11:00 AM ET
30-Yr Bond Announcement
[Bullet11:00 AM ET
Charles Plosser Speaks
1:00 PM ET
Treasury STRIPS
[Bullet3:00 PM ET
Fed Balance Sheet
[Bullet4:30 PM ET
Money Supply
[Bullet4:30 PM ET
Dennis Lockhart Speaks
6:00 PM ET
Futures +23
good morning
hi there! unfortunately....I did not play it...
Jacked w/RL again and it did nothing....
but watched $GOGO all day....
sheesh.....
dammit!
Pre Market Movers
Top Gaining Stocks
Price %Change
FCEL Fuelcell Energy I... 3.43 26.57%
GTI Graftech Internat... 13.00 25.48%
ARWR Arrowhead Researc... 23.80 12.58%
SWHC Smith & Wesson Ho... 13.25 12.29%
BLDP Ballard Power Sys... 6.00 11.94%
MEET Meetme 3.05 8.54%
THRM Gentherm Inc 30.28 6.28%
ARO Aeropostale Inc. ... 7.80 5.12%
BCA Corpbanca S.a. Ad... 17.70 4.75%
SFUN Soufun Holdings 87.65 4.36%
QIHU Qihoo 360 Technol... 121.00 4.22%
RXII Rxi Pharmaceutica... 6.00 4.17%
LIVE Livedeal Inc. 9.28 4.15%
YY YY Inc. 90.70 4.04%
VEEV Veeva Systems Inc... 39.25 3.84%
QUNR Qunar Cayman Isla... 31.50 3.65%
GLUU Glu Mobile Inc. 5.44 3.62%
TSM Taiwan Semiconduc... 18.64 3.33%
ZNGA Zynga Inc. 5.83 3.19%
YNDX Yandex N.v. 35.35 3.03%
Top Losing Stocks
Price %Change
USU Usec Inc. 3.00 -46.04%
XOMA Xoma Corporation ... 7.50 -20.55%
ROSG Rosetta Genomics ... 4.55 -11.65%
CETV Central European ... 3.90 -6.25%
AUDC Audiocodes Ltd. 8.50 -5.76%
CSIQ Canadian Solar In... 41.41 -5.18%
MEMP Memorial Producti... 21.50 -4.57%
NCLH Norwegian Cruise ... 32.51 -3.90%
DQ Daqo New Energy A... 51.45 -2.72%
JKS Jinkosolar Holdin... 35.00 -2.64%
CHU China Unicom Ltd.... 13.19 -2.30%
RUSS Direxion Daily Ru... 17.92 -2.30%
PTR Petrochina Co. Lt... 104.50 -2.08%
ATHM Autohome Inc Adr ... 47.00 -2.06%
FLT Fleetcor Technolo... 127.35 -2.01%
RUSL Direxion Daily Ru... 15.98 -1.96%
IRE Governor & Co. of... 19.71 -1.94%
ACAD Acadia Pharmaceut... 29.47 -1.90%
SPR Spirit Aerosystem... 28.57 -1.89%
MZOR Mazor Robotics Lt... 24.48 -1.77%
Read more at http://thestockmarketwatch.com/markets/pre-market/#gVYX2kMdpeUuViL6.99
Lots of data:
MBA Purchase Applications
[Report][Bullet7:00 AM ET
ADP Employment Report
[Report][djStar]8:15 AM ET
Gallup U.S. Job Creation Index
[Bullet8:30 AM ET
PMI Services Index
[Bullet8:58 AM ET
ISM Non-Mfg Index
[Report][djStar]10:00 AM ET
EIA Petroleum Status Report
[djStar]10:30 AM ET
Beige Book
[djStar]2:00 PM ET
Richard Fisher Speaks
7:00 PM ET
John Williams Speaks
8:30 PM ET
Futures +17
good morning
Frontrunning:
Russia Orders Drill Troops Back to Bases (WSJ)
Ukraine premier agrees to reforms for aid package (FT)
Japan Base Wages Rise for First Time in Nearly Two Years (WSJ)
Only the algos are trading: Citigroup Joins JPMorgan in Seeing Trading-Revenue Drop (BBG)
Vietnam sends blogger to prison for critical posts (AP)
At White House, Israel's Netanyahu pushes back against Obama diplomacy (Reuters)
Obama to offer new tax breaks for workers in election year budget pitch (Reuters)
China Banks Show Too-Connected-to-Fail Link to Shadow Loans (BBG)
Ex-BOK Deputy Lee Named to Head South Korea Central Bank (BBG)
Beijing's GDP Goal Under New Scrutiny (WSJ)
No mortgage origination problem in the UK: Mortgage approvals climb to six year high (Telegraph)
Overnight Media Digest
WSJ
* As Russia's military secured the Crimean peninsula, its currency hit a record low and its stock market plunged in the face of U.S. and European warnings of sanctions over the incursion into Ukraine.
* North Dakota's oil producers are choosing the greater flexibility of railroads to move crude to thirsty markets in the east and west, stranding two pipeline projects before they could begin.
* After months of ill-fated deals, the bankrupt city of Detroit has settled with two large banks for about 30 cents on the dollar in the city's only agreement so far with major creditors, according to court filings Monday.
* Standard Chartered PLC is nearing deals to sell roughly a half-dozen units in Europe, Asia and the Middle East, as part of an effort to combat an emerging-markets slowdown and worries about the bank's financial health, according to people familiar with the deals.
* Citigroup Inc said on Monday it received subpoenas from the Federal Deposit Insurance Corp and U.S. prosecutors, three days after the bank disclosed it had found allegedly fraudulent billings at its Mexico unit that cost it up to $400 million.
* Winter storms chilled U.S. auto demand in February as overall sales were flat on big gains at Fiat Chrysler Automobiles and Nissan Motor Co .
Single-digit percentage declines at General Motors Co , Ford Motor Co, Toyota Motor Corp and several others kept sales at 1.19 million cars and light trucks last month, off slightly from a year earlier, said researcher Autodata Corp.
* PNC Financial Services Group Inc has received a subpoena from the U.S. Department of Justice concerning its relationships with merchants for payment-processing services, the Pittsburgh-based bank disclosed in a regulatory filing Monday.
* Roche Holding AG will have more flexibility to pursue acquisitions in the coming year as the Swiss drug maker pays off the bulk of debt from its $47 billion buyout of Genentech.
* Dish Network Corp has agreed to curtail the use of a controversial ad-skipping feature on its latest digital video recorders for ABC shows, as part of a new long-term programming deal with ABC owner Walt Disney Co, the companies confirmed late Monday.
* The U.S. Supreme Court on Monday agreed to decide whether workers should be paid for time spent going through theft-deterrence screenings at the end of their shifts, taking up a case brought by Amazon.com Inc warehouse employees.
* A federal appeals court rejected BP Plc's effort to stop Gulf Coast businesses from collecting payouts from the Deepwater Horizon settlement fund, even when they can't directly trace their losses to the 2010 oil spill.
FT
Fears of a war in Ukraine wiped a tenth off the value of Moscow's stock exchange, sent the rouble tumbling to an all-time low and pushed up the price of commodities as the west scrambled to counter Russia's creeping invasion of Crimea.
Diplomats have been scrambling to lower tensions and offer Russian President Vladimir Putin a face-saving way out of the Ukraine crisis in order to avert war.
The British Prime Minister's office denied it was putting the interests of businesses based in London ahead of attempts to defuse the Ukraine crisis.
U.S. tobacco company RJ Reynolds is exploring a bid for rival Lorillard Inc, people familiar with the situation said.
Citigroup has issued a warning about revenue declines at its consumer banking, trading and investment banking businesses in the first quarter.
Ukraine is set to receive more than $2 billion in international aid after its acting prime minister promised to meet all economic reform demands needed to secure the aid package.
NYT
* The Obama administration suspended military ties to Russia, including exercises, port visits and planning meetings, just a day after calling off trade talks.
* Banamex USA, a banking affiliate of Citigroup Inc that handles transactions across the Mexican border, has become entangled in an investigation into compliance with rules on the monitoring of financial transfers.
* American refiners are refurbishing old plants or planning new ones to take advantage of new supplies of domestic crude.
* A federal appeals panel ruled that BP must pay gulf companies for damages without requiring proof of harm by the Deepwater Horizon spill.
* California voters imposed more generous living conditions for egg layers. But the Legislature's decision that imported eggs must to be produced under the same standards has drawn a lawsuit.
* The Federal Communications Commission leveled fines totaling $1.9 million on Monday on three of the nation's biggest media companies - Comcast Corp, Viacom Inc and Walt Disney Co - for "willfully and repeatedly" violating federal law by carrying a commercial.
* Maury Rosenberg says he lost his business after being forced into involuntary bankruptcy by a unit of U.S. Bancorp . A court later ruled the bankruptcy illegal, but by then the business was gone.
* Two of Carlyle's three founders plan to sell 7.5 million common units of Carlyle Group, according to a filing on Monday. Carlyle itself is selling 4.5 million common units. The offering of 12 million shares would raise about $435 million.
Canada
THE GLOBE AND MAIL
* The number of obese Canadians has tripled since the mid-1980s, a phenomenon driven by a sharp rise in the number of extremely overweight adults whose health complications are expected to place a heavy burden on the health-care system.
* Lawyers working for Kinder Morgan Inc have sent a letter to the National Energy Board proposing the narrowest interpretation of who can participate in a review of the company's proposed twinning of the Trans Mountain pipeline.
Reports in the business section:
* A year after being admonished for cutting mortgage rates too aggressively, banks are demonstrating a new, self-imposed restraint.
* Canada's dairy industry faces a grim future of stagnant sales, dwindling farms and lost opportunity if the country remains a bystander to a global boom in milk products trade, the Conference Board of Canada argues in a new study.
NATIONAL POST
* The libel trial of the controversial Sun News TV host Ezra Levant began in a Toronto courtroom with blunt questions and cautiously indignant answers from the alleged victim.
FINANCIAL POST
* Pacific Investment Management Co forecasts Canadian home prices falling as much as 20 percent in the next five years, removing the boost from household spending that contributed to faster-than-expected growth last quarter.
* Prime Minister Stephen Harper sharply criticized Taseko Mines Ltd and its controversial New Prosperity project on Monday, stating that an environmental report on the British Columbia project was "damning."
China
CHINA SECURITIES JOURNAL
- The southwestern inland municipality of Chongqing said detailed plans for its proposed free trade zone would be hopefully unveiled to the public after the opening of the annual session of the National People's Congress.
SECURITIES TIMES
- Easing liquidity conditions have pulled yields of money market investment funds lower than 5 percent since last week, with analysts predicting that money market funds marketed online may no longer be able continue offering high yields.
CHINA BUSINESS NEWS
- The PBOC said it was supportive of the development of the online financial service sector, responding to the appeals to strengthen regulation of online finance from traditional brick-and-mortar financial service providers.
- Li Yizhong, former head of Ministry of Industry and Information, called for reform of monopolistic industries by introducing more competition to selected parts of identified sectors.
CHINA DAILY
- Zimbabwe will allow China's yuan to be used as legal tender in the country.
- China National Offshore Oil Corp (CNOOC), the country's largest offshore oil and gas developer, has become the first Chinese firm licensed to look for oil in the Arctic, in partnership with Iceland's Eykon Energy and Petoro Iceland AS.
SHANGHAI DAILY
- Li Zhongyang, the deputy director of the Shanghai Health Promotion Committee said the city government was planning to introduce a ban on smoking in all public places within five years.
- Several types of headphones and earphones manufactured by Panasonic, Philips and some local firms failed quality checks after being found to pose risk to people's hearing, said Shanghai Quality and Technical Supervision.
- Shares of China Galaxy Securities Co Ltd, the country's sixth-biggest brokerage by revenue, dipped in Hong Kong on Monday, after it announced its plans to list in Shanghai.
Britain
The Telegraph
BP LOSES APPEAL OVER $9.2BN GULF OF MEXICO PAYOUTS
BP has lost its battle to clamp down on "absurd" payouts to alleged victims of the 2010 Gulf of Mexico oil spill, after an appeals court said it must restart payments from its $9.2 billion compensation fund.
MORTGAGE APPROVALS CLIMB TO SIX-YEAR HIGH
Mortgage approvals rose to their highest level in more than six years in January, amid growing confidence in the housing market and record low borrowing costs.
The Guardian
ROLLS-ROYCE FACES FRESH BRIBERY ALLEGATIONS IN INDIA
Rolls-Royce has been plunged into fresh crisis after India became the latest country to launch a formal investigation into allegations of bribery and corruption at the British defence and engineering firm.
UKRAINE CRISIS SENDS RUSSIAN STOCK MARKET TUMBLING
The Moscow stock market suffered one of its biggest one-day falls in recent years and the rouble tumbled sharply in a first nervous reaction to the Kremlin's gambit in Crimea.
The Times
CRIMEA CRISIS SENDS GLOBAL INVESTORS FLEEING FOR SAFETY
Turmoil gripped world markets on Monday as investors reacted to the armed stand-off between Russia and Ukraine in Crimea, with the FTSE 100 suffering its worst day in two months as more than 25 billion pounds was wiped off the value of its biggest companies.
'MINDER' IAN TYLER STEPS IN TO KEEP WATCH ON G4S
The Cabinet Office will announce on Tuesday that Ian Tyler, the former chief executive of Balfour Beatty, has been appointed as a £500-a-day Crown Representative - or "minder" - to G4S, the troubled outsourcer.
The Independent
BUSINESS LENDING FALLS AGAIN IN FRESH BLOW FOR BANK OF ENGLAND
Bank of England Governor Mark Carney faced a fresh setback on Monday as another drop in loans to businesses overshadowed the latest figures from Threadneedle Street's flagship scheme to kick-start credit.
SERCO BEEFS UP BOARD IN WAKE OF TAGGING SCANDAL
Scandal-hit Serco continues to strengthen its board with the appointment of three heavyweight non-executives days after it poached Rupert Soames from Aggreko as its new chief executive.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
New York ISM for February at 9:45 am--prior reading 64.4
ANALYST RESEARCH
Upgrades
Abercrombie & Fitch (ANF) upgraded to Outperform from Neutral at Credit Suisse
GrafTech (GTI) upgraded to Buy from Hold at Jefferies
Hilton (HLT) upgraded to Buy from Neutral at Goldman
Magna (MGA) upgraded to Neutral from Sell at Goldman
Magna (MGA) upgraded to Neutral from Underweight at JPMorgan
PulteGroup (PHM) upgraded to Buy from Hold at KeyBanc
SunEdison (SUNE) upgraded to Overweight from Equal Weight at Morgan Stanley
WNS Holdings (WNS) upgraded to Outperform from Neutral at RW Baird
Downgrades
AngloGold (AU) downgraded to Sell from Neutral at UBS
Cliffs Natural (CLF) downgraded to Underperform from Market Perform at Wells Fargo
Dendreon (DNDN) downgraded to Market Perform from Outperform at Bernstein
Fresenius Medical (FMS) downgraded to Underweight from Neutral at HSBC
Intuitive Surgical (ISRG) downgraded to Hold from Buy at Cantor
Lennar (LEN) downgraded to Hold from Buy at KeyBanc
Madison Square Garden (MSG) downgraded to Hold from Buy at Needham
Solazyme (SZYM) downgraded to Neutral from Buy at Goldman
Starwood Hotels (HOT) downgraded to Neutral from Buy at Goldman
Time Warner Cable (TWC) downgraded to Neutral from Outperform at Macquarie
Watts Water (WTS) downgraded to Market Perform from Outperform at Cowen
Initiations
Argos Therapeutics (ARGS) initiated with an Outperform at JMP Securities
Argos Therapeutics (ARGS) initiated with an Overweight at Piper Jaffray
Avon Products (AVP) initiated with a Sell at UBS
Church & Dwight (CHD) initiated with a Buy at UBS
Clorox (CLX) initiated with a Sell at UBS
Coca-Cola Enterprises (CCE) initiated with a Neutral at UBS
Coca-Cola (KO) initiated with a Neutral at UBS
Colgate-Palmolive (CL) initiated with a Buy at UBS
Dr Pepper Snapple (DPS) initiated with a Neutral at UBS
Energizer (ENR) initiated with a Sell at UBS
Estee Lauder (EL) initiated with a Buy at UBS
GT Advanced (GTAT) initiated with a Buy at Goldman
Infinity Pharmaceuticals (INFI) initiated with an Underperform at Wedbush
Ladder Capital (LADR) initiated with an Outperform at Keefe Bruyette
Monster Beverage (MNST) initiated with a Buy at UBS
Procter & Gamble (PG) initiated with a Neutral at UBS
Santander Consumer USA (SC) initiated with a Buy at Citigroup
Santander Consumer USA (SC) initiated with a Buy at Deutsche Bank
Santander Consumer USA (SC) initiated with a Buy at UBS
Santander Consumer USA (SC) initiated with a Neutral at Goldman
Santander Consumer USA (SC) initiated with a Sector Perform at RBC Capital
Santander Consumer USA (SC) initiated with an Outperform at BMO Capital
Santander Consumer USA (SC) initiated with an Outperform at Credit Suisse
Santander Consumer USA (SC) initiated with an Outperform at Wells Fargo
Tenneco (TEN) initiated with a Buy at UBS
COMPANY NEWS
Disney (DIS), DISH Network (DISH) signed a long-term distribution agreement
Sony (SNE) says PlayStation 4 has sold over 6M units as of March 2
S&P revised J.C. Penney (JCP) outlook to stable from negative
McDermott (MDR) withdrew prior guidance, suspended future guidance
Enbridge (ENB), Enbridge Energy (EEP) to undertake $7B mainline replacement program
Alexion (ALXN) said NICE acknowledged Soliris as effective treatment for aHUS
Synta Pharmaceuticals (SNTA) said CEO Safi R. Bahcall, Ph.D., resigned; A newly formed executive committee will serve as the principal executive body for the company until a new CEO is named
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
DXP Enterprises (DXPE), NuVasive (NUVA), Ambac Financial (AMBC), Molycorp (MCP), Black Diamond (BDE), MBIA (MBI), Ascena Retail (ASNA), URS Corporation (URS), Guidewire Software (GWRE), Synageva (GEVA), Amicus Therapeutics (FOLD), Vipshop (VIPS)
Companies that missed consensus earnings expectations include:
AuRico Gold (AUQ), AcelRx (ACRX), McDermott (MDR), PDL BioPharma (PDLI)
Companies that matched consensus earnings expectations include:
TherapeuticsMD (TXMD)
NEWSPAPERS/WEBSITES
Buffett's (BRK.A) succession plans remain vague, Reuters reports
Archer Daniels (ADM), Bunge (BG) said operations haven't been affected by Ukraine turmoil, WSJ reports
BP (BP) considers options after Gulf court setback, Reuters reports
Broadcasters (DISH, TWC, CMCSA, FOXA, DIS) backed by Justice Department in Aereo fight, Re/code reports
Sprint (S) sued by U.S. officials for overbilling $21M for wiretap services, AP reports
Roche (RHHBY) cash position provides acquisition flexibility, WSJ reports
JPMorgan (JPM) to pay $400M to settle Syncora lawsuits, Reuters reports
DISH (DISH) to curtail ad-skipping for ABC shows (DIS), WSJ reports
Loral Space (LORL) hires Perella to advise on sale, Reuters reports
SYNDICATE
ACADIA (ACAD) files to sell $150M in common stock
Ardmore Shipping (ASC) files to sell 6M shares of common stock
Artisan Partners (APAM) files to sell 7M shares of Class A common stock
Atlas Resource Partners (ARP) files to sell 5.5M common units
BioLineRx (BLRX) files to sell American Depositary Shares
Carlyle Group (CG) files to sell 12M common units
GTx (GTXI) raises $21.3M in a private placement
Mandalay Digital (MNDL) files to sell common stock
MannKind (MNKD) enters $50M at-the-market agreements
OvaScience (OVAS) files to sell common stock
Regulus Therapeutics (RGLS) files $100M mixed shelf, 7.9M shares for holders
Stock Building Supply (STCK) files to sell 6.6M shares of common stock
Pre Market Movers
some on this list are not correct this morning....
Top Gaining Stocks
Price %Change
VIPS Vipshop Holdings ... 156.20 22.26%
FCEL Fuelcell Energy I... 2.46 13.36%
RUSL Direxion Daily Ru... 16.32 10.72%
NWBO Northwest Biother... 6.99 9.91%
PLUG Plug Power Inc. 6.39 9.79%
BLDP Ballard Power Sys... 4.63 9.46%
XGTI xG Technology Inc... 2.12 8.72%
MY China Ming Yang W... 4.35 8.21%
EPAM Epam Systems 34.30 7.12%
OXBT Oxygen Biotherape... 6.64 7.10%
QIWI Qiwi plc 41.45 6.77%
YNDX Yandex N.v. 34.40 6.73%
GTAT GT Advanced Techn... 16.00 6.38%
LXFT Luxoft Holding In... 30.60 6.14%
PRAN Prana Biotechnolo... 11.48 6.10%
DRYS Dryships Inc. 3.90 5.98%
SUNE Sunedison 19.78 5.89%
ERUS ishares Msci Russ... 18.00 5.88%
CSIQ Canadian Solar In... 42.59 5.63%
JDST Direxion Daily Ju... 19.85 5.59%
Top Losing Stocks
Price %Change
RSH Radioshack Corp. ... 2.31 -15.07%
LOW Lowes Cos. 42.94 -14.45%
MDR Mcdermott Interna... 7.05 -13.07%
RUSS Direxion Daily Ru... 18.28 -12.87%
SWIR Sierra Wireless I... 17.77 -12.46%
GLDX Global X Gold Exp... 14.49 -8.17%
GOGO Gogo Inc. 19.10 -7.51%
BLRX Biolinerx Ltd. 2.72 -6.85%
IRE Governor & Co. of... 20.18 -5.39%
EDZ Direxion Daily Em... 44.82 -5.38%
JNUG Direxion Daily Ju... 31.72 -5.20%
DFS Discover Financia... 54.26 -4.89%
KO Coca-cola Co. 36.27 -4.85%
VXX Barclays Bank Plc... 44.19 -4.52%
ARP Atlas Resource Pa... 21.18 -4.12%
DGI Digitalglobe Inc ... 29.88 -4.08%
WM Waste Management ... 39.70 -3.83%
TZA Direxion Daily Sm... 15.23 -3.67%
MCP Molycorp 5.06 -3.62%
NUGT Direxion Daily Go... 47.99 -3.36%
Read more at http://thestockmarketwatch.com/markets/pre-market/#E3RuLA5iAycpb3Hr.99
data:
ICSC-Goldman Store Sales
[Report][Bullet7:45 AM ET
Gallup US ECI
[Bullet8:30 AM ET
Redbook
[Bullet8:55 AM ET
4-Week Bill Auction
[Bullet11:30 AM ET
52-Week Bill Auction
[Bullet11:30 AM ET
Jeffrey Lacker Speaks
4:15 PM ET
Futures +177
good morning!
I really don't understand why school was cancelled...yes, we had some ice/sleet.....but it was gone by Monday...
Maybe so the schools wouldn't use the heat?
Really not sure?? And I don't want them to add the day to the end of school....
So you made it back home! All is well I hope and she's improving...
very disappointing.....
and all the ones that want to run for prez are pretty scary as well....
Time for another "virtual" red line to be drawn..
And ignored..
ha! hi bob! sometimes I don't know how I got here either!
kids out of school today for a snow day minus the snow of course....
Frontrunning:
Russian markets hit as Putin tightens grip on Crimea (Reuters)
Ukraine Sees More Russian Incursions as Standoff Worsens (BBG)
Ukraine Crisis Roils Global Markets (WSJ)
Cold War Ghosts Haunt East Europe in Moves for Crimea (BBG)
How Moscow Orchestrated Events in Crimea (WSJ)
Russia Gas Threat Shows Putin Using Pipes to Press Ukraine (BBG)
Euro-zone PMI slowed less sharply than estimated (MW)
Two top Microsoft execs to leave in reshuffle (Reuters)
Soaring Luxury-Goods Prices Test Wealthy's Will to Pay (WSJ)
IQ-Boosting Drugs Aim to Help Down Syndrome Kids Learn (BBG)
Overnight Media Digest
WSJ
* The U.S. and its European allies vowed Sunday to isolate Russian President Vladimir Putin and punish his nation's economy, demanding he withdraw what they called an occupation force from Ukraine's Crimean region.
* Bruce Berkowitz, a prominent mutual-fund investor, sent letters to the boards of Fannie Mae and Freddie Mac late Friday scolding directors for not protecting the rights of shareholders, upping the ante in his bid to let investors share in the spoils of the newly profitable mortgage-finance giants.
* Investors rushed into safe-haven assets and cut their exposure to stocks as an escalating crisis in Ukraine sent a chill through global markets.
* Comcast Corp is near a deal to acquire FreeWheel Media Inc, a Web-video company for about $320 million, a person familiar with the matter said.
* Pfizer Inc hopes to overcome skepticism that consumers can appropriately take an over-the-counter version of cholesterol pill Lipitor without doctor guidance.
* The recent loss of nearly a half-billion dollars from a major bitcoin exchange is forcing U.S. regulators to confront burgeoning questions about their authority-and responsibility-to oversee the fledgling virtual currency.
* Warren Buffett and his business partner Charles Munger have long been bullish on the United States, building a "rock-solid foundation" for Berkshire Hathaway Inc with calculated bets on the country's economic future. In 2013, those efforts paid off handsomely for Berkshire shareholders as the gigantic conglomerate posted record annual profits, aided by a generous tailwind from the improving U.S. economy.
* Mexican police questioned a Citigroup Inc employee suspected of participating in the alleged theft of $400 million from the bank, according to a person familiar with the matter.
* U.S. aviation regulators want cockpit-automation fixes on nearly 500 Boeing Co 737 planes, seeking to prevent pilot errors that over the years have caused fatal crashes of several jet and turboprop airliners.
FT
The international community condemned Russia's intrusion into Ukraine and warned that it could face economic isolation.
Concerns are being raised as U.S. stocks reach new highs by investors borrowing a record amount of money to invest in the market.
Citigroup's Mexican subsidiary is being investigated by the Securities and Exchange commission over the alleged fraud, which caused the bank to revise its earnings last week.
Royal Bank of Scotland plans to cut its assets in the United States in an attempt to circumvent new Federal Reserve rules that would force it to ring-fence a part of its capital to safe guard against any future crisis.
Britain's tax authority plans to scrap value added tax on Bitcoin trading, only days after the currency's leading exchange, Mt Gox, collapsed after losing almost $500 million of customer deposits to hackers.
NYT
* In the biggest shuffling of Microsoft Corp's executive ranks since the company's new chief executive, Satya Nadella, took over, Mark Penn, the former aide to the Clinton family, is becoming the company's chief strategy officer.
* All good things come to an end, even for the rich, and sometime this month, Forbes will probably pass out of family control and into the hands of a foreign owner.
* American Express Co's new card, called Amex EveryDay and highlighted in an ad campaign starring Tina Fey, is aimed people who are not big spenders and do not jet around the world for either work or play.
* The challenge for Warren Buffett is whether Berkshire Hathaway Inc can continue to make large acquisitions that will help the company grow at a pace that will sustain his reputation as the nation's shrewdest investor.
* Mt. Gox, once the largest Bitcoin exchange in the world, filed for bankruptcy protection on Friday and said that it might have lost 750,000 of its customers' coins in a hacking attack.
* Stephen Schwarzman, the co-founder and chief executive of Blackstone Group, made a total of $374.5 million in 2013, mostly from the cash dividends he received on his partnership units.
Canada
THE GLOBE AND MAIL
* Toronto Mayor Rob Ford made a brief cameo on comedian Jimmy Kimmel's post-Oscars special, even tweeting from the set: "Getting ready to walk on set @JimmyKimmelLive #robfordattheoscars #Toronto #LA," with a photo of the tuxedoed mayor standing backstage.
* After spending months getting over the shock of the New Democratic Party's stunning loss in the past British Columbia election, veteran MLA Mike Farnworth had to survey colleagues about what direction his future should take.
Reports in the business section:
* Canadian Natural Resources Ltd has been leaking bitumen to the surface at one of its oil sands sites since last May. In November, the company's president called the problem "totally solvable." Canadian Natural this week has another chance to explain to investors and analysts how much progress it has made with the troublesome leaks.
* The vast majority of jobs created last year were part-time positions in what a new report calls a "lackluster" year for Canada's labor market. Almost 95 percent of net new positions were part-time, according to the Canadian Chamber of Commerce's analysis of the 2013 labor market, a year that saw the weakest job growth since 2009.
NATIONAL POST
* A judge has ordered a doctor in Hanover, Ontario, to pay C$15 million ($13.5 million) in damages - among the largest malpractice awards ever in Canada - saying that Dr. Richard Edington misdiagnosed the woman's tell-tale symptoms, delayed treatment she desperately needed and took steps that actually hastened that brain attack.
* Embattled Senator Mike Duffy vowed that if he ever faced trial over his questionable expense claims, he would bring down high-ranking members of the Conservative party, according to a new book.
FINANCIAL POST
* The takeover battle between Goldcorp Inc and Osisko Mining Corp is heating up, but not for reasons that have anything to with the terms of the actual bid. The two sides are set to face off in the Quebec Superior Court this week over Osisko's claim that Goldcorp misused confidential information when it launched the C$2.6 billion ($2.35 billion) hostile offer in January.
China
CHINA DAILY
- The fact that the Kunming train station attack happened on the eve of the annual session of parliament suggests that the perpetrators intended to sabotage the stability of the country, an editorial said.
SHANGHAI DAILY
- Shanghai has stepped up security at train stations and airports in the wake of the Kunming attacks, with tighter checks at entrances and armed police personnel on patrol. Railway police will put more officers on trains between Beijing and Shanghai this week as the capital hosts the annual session of the National People's Congress, or parliament.
- People or companies found guilty of polluting Shanghai's air will face stiff new penalties under revised legislation set to come into force this year, with no upper limit on the penalties in some cases, lawmakers said.
GLOBAL TIMES
- The evolution of the Ukrainian situation shows us clearly that in the international political arena, principles are decided by power; without its support and blessing, no principle can prevail, an editorial said.
CHINA BUSINESS NEWS
- State Grid Corporation of China, the largest state-owned power distributor in the country, said its investment in 2014 would hit 380 billion yuan, including renovations of substations and construction of new electric networks.
- Securities Association of China will launch a probe into "Yong Jinbao", an online brokerage product by Sinolink Securities and Tencent, whose ultra-low commission rate has been widely accused of malicious price competition, a source said.
Britain
The Telegraph
FREE BANKING COULD END, SAYS RBS BOSS
The end of free banking for customers is probably only a matter of time, with direct charges for current accounts almost inevitable, according to Ross McEwan, the chief executive of the Royal Bank of Scotland. McEwan, however, said that he had no plans to begin phasing out free accounts at the moment.
OSBORNE ACCUSED OF DOUBLE TAXATION ON ENERGY BILLS
The British Chancellor has been accused of making tens of millions of pounds in double taxation on energy bills - by charging VAT on top of "green" taxes.
The Guardian
AIR PASSENGERS WILL GO TO SCOTLAND TO AVOID PAYING DUTY - BA BOSS
The boss of British Airways has said he expects hundreds of thousands of people to drive from England to Scotland to avoid air passenger duty if Scotland becomes independent.
UK-SPAIN POLICE SWOOP ON SHARES FRAUD LEADS TO 110 ARRESTS
Criminal gangs blamed for fake-share scams that robbed British victims of millions of pounds in savings have been rounded up in an international crackdown involving UK police.
The Independent
HALF A MILLION UK HOMES IN NEGATIVE EQUITY
Nearly half a million households in the UK are worth less than the mortgages on them, the newspaper reported citing a BBC report. The figures, released by the mortgage group HML, are based on data from more than one million home loans.
'UKRAINIAN ASSETS OWNED OR USED BY OUSTED PRESIDENT VIKTOR YANUKOVYCH HIDDEN BEHIND TRAIL OF FIRMS WITH LINKS TO UK'
Hundreds of millions of pounds of state assets believed to have been owned or used by the ousted Ukrainian President Viktor Yanukovych and his circle, including his now-notorious country mansion, are alleged to have been funnelled through London front companies.
Sky News
VIRGIN MONEY BACKS DOUBLING OF BANK BONUSES
Sir Richard Branson's banking arm Virgin Money will this week become the latest of Britain's high street lenders to say that it is supporting the payment of higher bonuses under new European rules.
DEBT COLLECTION GIANT SLASHES BORROWING COSTS
Lowell Group, which is owned by private equity firm TDR Capital, is to unveil a deal that will slash the cost of its own borrowings.
Fly On The Wall 7:00 AM Market Snapshot
ECONOMIC REPORTS
Domestic economic reports scheduled for today include:
Personal Income for January at 8:30--consensus 0.2%
Consumer Spending for January at 8:30--consensus 0.1%
ISM manufacturing index for February at 10:00--consensus 51.9
Construction spending for January at 10:00--consensus -0.2%
ANALYST RESEARCH
Upgrades
Access Midstream (ACMP) upgraded to Buy from Hold at Wunderlich
Baytex Energy (BTE) upgraded to Buy from Neutral at BofA/Merrill
Brandywine Realty (BDN) upgraded to Outperform from Market Perform at BMO Capital
Hudson Pacific (HPP) upgraded to Market Perform from Underperform at BMO Capital
Intuit (INTU) upgraded to Buy from Neutral at Citigroup
Kate Spade (KATE) upgraded to Buy from Neutral at Citigroup
Kronos Worldwide (KRO) upgraded to Market Perform from Underperform at Wells Fargo
Nokia (NOK) upgraded to Buy from Hold at Canaccord
Prudential plc (PUK) upgraded to Buy from Neutral at UBS
RF Micro Devices (RFMD) upgraded to Buy from Neutral at BofA/Merrill
RPM (RPM) upgraded to Outperform from Neutral at Credit Suisse
Telephone and Data (TDS) upgraded to Overweight from Neutral at JPMorgan
U.S. Cellular (USM) upgraded to Overweight from Neutral at JPMorgan
Western Gas Partners (WES) upgraded to Buy from Neutral at UBS
Downgrades
AstraZeneca (AZN) downgraded to Underperform from Neutral at BofA/Merrill
Autodesk (ADSK) downgraded to Sell from Neutral at Citigroup
Cobalt (CIE) downgraded to Sector Perform from Outperform at RBC Capital
Embraer (ERJ) downgraded to Neutral from Overweight at HSBC
Emeritus (ESC) downgraded to Market Perform from Outperform at JMP Securities
Forest City Enterprises (FCE) downgraded to Buy from Strong Buy at ISI Group
Infosys (INFY) downgraded to Neutral from Outperform at RW Baird
Intelsat (I) downgraded to Neutral from Overweight at JPMorgan
MarkWest Energy (MWE) downgraded to Neutral from Buy at UBS
Meritor (MTOR) downgraded to Neutral from Buy at Citigroup
NII Holdings (NIHD) downgraded to Market Perform from Outperform at William Blair
NewLink Genetics (NLNK) downgraded to Neutral from Outperform at RW Baird
SodaStream (SODA) downgraded to Equal Weight from Overweight at Barclays
Initiations
Arc Logistics (ARCX) initiated with a Market Perform at Wells Fargo
Arrowhead Research (ARWR) initiated with an Overweight at Barclays
CA Technologies (CA) initiated with an Equal Weight at Barclays
CM Finance (CMFN) initiated with an Outperform at Oppenheimer
Continental Building (CBPX) initiated with a Buy at BB&T
Continental Building (CBPX) initiated with a Buy at SunTrust
Continental Building (CBPX) initiated with a Hold at Deutsche Bank
Continental Building (CBPX) initiated with a Neutral at Citigroup
Continental Building (CBPX) initiated with an Outperform at Credit Suisse
Egalet (EGLT) initiated with a Buy at Stifel
Egalet (EGLT) initiated with an Outperform at JMP Securities
Eleven Biotherapeutics (EBIO) initiated with a Buy at Citigroup
Genocea (GNCA) initiated with a Buy at Citigroup
Ladder Capital (LADR) initiated with a Neutral at Citigroup
Ladder Capital (LADR) initiated with an Outperform at FBR Capital
Ladder Capital (LADR) initiated with an Outperform at JMP Securities
New York Mortgage (NYMT) initiated with a Neutral at Credit Suisse
Revance Therapeutics (RVNC) initiated with an Overweight at Piper Jaffray
Sequential Brands (SQBG) initiated with a Buy at Canaccord
uniQure (QURE) initiated with a Buy at Jefferies
uniQure (QURE) initiated with an Overweight at Piper Jaffray
COMPANY NEWS
Tyco (TYC) to sell security business in South Korea to Carlyle Group (CG) for $1.93B
Tyco (TYC) raised share repurchase authorization to $2B
Roche's (RHHBY) Genentech says independent data monitoring committee recommends Phase III METLung study be stopped
Berkshire Hathaway's (BRK.A) Buffett sees "mother lode of opportunity" in America
Pershing Square said it would present information highlighting Herbalife's (HLF) China practices
Cooper Tire (CTB) forecast positive operating profit in Q4, 2H13
Madison Square Garden (MSG) said Tad Smith to succeed Hank Ratner as CEO
Apple (AAPL) announced auto manufacturers rolling out CarPlay
CommonWealth (CWH) urged shareholders to reject Related/Corvex consent solicitation
UIL Holdings (UIL) to acquire Philadelphia Gas Works assets for $1.86B
EARNINGS
Companies that beat consensus earnings expectations last night and today include:
JinkoSolar (JKS), ExlService (EXLS), Rockwood (ROC), Magna (MGA)
Companies that missed consensus earnings expectations include:
Magellan Health (MGLN), Cooper Tire (CTB), Cadence (CADX)
Companies that matched consensus earnings expectations include:
Akorn (AKRX)
NEWSPAPERS/WEBSITES
Buffett (BRK.A) warns of public pension 'tapeworm,' Bloomberg reports
PayPal co-founder Thiel says 'not the time' to split from eBay (EBAY), Forbes reports
Google (GOOG), Samsung (SSNLF) tell China of concerns over Microsoft (MSFT), Nokia (NOK) deal, Bloomberg reports
U.S. oil refiners (VLO, MPC) increasing capacity, WSJ reports
Berkowitz blasts Fannie (FNMA), Freddie (FMCC) for ignoring shareholder rights, WSJ reports
Apple (AAPL) plans to launch in-car operating system, FT reports
Microsoft (MSFT) executives said to leave company, Re/code reports
SEC probes Citigroup (C) over fraudulent Mexican loans, Reuters reports
Pfizer (PFE) looks to sell over-the-counter version of Lipitor, WSJ reports
Home Depot (HD) sets up CEO succession plan, WSJ reports
Novartis (NVS) chairman rules out merger with Roche (RHHBY), Reuters reports
Gap (GPS) plans to expand store count in China, WSJ reports
Las Vegas Sands (LVS) says customer data hacked, Bloomberg reports
Comcast (CMCSA) weighs subscriber spin-off, Bloomberg reports
BARRON’S
Gap's (GPS) Q4 results suggest more good things to come
Lear (LEA) insiders sell shortly after dividend raise
Verizon (VZ) looks appealing, AT&T (T) looks good too, but Verizon could be the better play
Yum! Brands (YUM) could rise 15%
Atwood Oceanics (ATW) could rise nearly 40% in about a year
FTD Cos. (FTD) looks appealing,
Chipotle (CMG) stock could get extra boost from price increase
Noodles & Co. (NDLS) looks expensive
UBS (UBS), AB InBev (BUD) look good
Barnes & Noble (BKS) could rise over 60%
SYNDICATE
KKR (KKR) files to sell 4.9M common units for holders
Selectica (SLTC) files to sell 2.17M shares of common stock for holders
Wheeler REIT (WHLR) files to sell 2.06M shares of common stock for holders
Average:
0
Your rating: None
Pre Market Movers
Top Gaining Stocks
Price %Change
ZVV Listed Test Symbo... 122.00 2,868.37%
RUSS Direxion Daily Ru... 21.64 25.01%
BASI Bioanalytical Sys... 3.15 16.67%
DNDN Dendreon Corporat... 3.31 14.93%
PERI Perion Network Lt... 13.66 14.50%
RCON Recon Technology ... 7.17 13.45%
JNUG Direxion Daily Ju... 35.80 12.68%
GNVC Genvec Inc. 4.00 11.42%
NQ NQ Mobile 21.50 10.77%
OMEX Odyssey Marine Ex... 2.39 9.13%
AXU Alexco Resource C... 2.10 8.81%
SLP Simulations Plus ... 6.19 8.60%
NUGT Direxion Daily Go... 51.35 8.31%
DBC Powershares DB Co... 28.25 8.11%
MUX Mcewen Mining 3.14 7.90%
RVNC Revance Therapeut... 29.00 7.69%
CRMD Cormedix Inc. 2.99 7.17%
CNAT Conatus Pharmaceu... 12.00 6.95%
ARRY Array Biopharma I... 5.13 6.43%
AGEN Agenus Inc. 5.20 6.34%
Top Losing Stocks
Price %Change
RUSL Direxion Daily Ru... 13.77 -24.84%
VG Vonage Holdings 3.89 -15.62%
JDST Direxion Daily Ju... 17.22 -12.54%
OPTT Ocean Power Techn... 3.57 -12.07%
RESI Altisource Reside... 25.30 -11.48%
WETF Wisdomtree Invest... 13.82 -11.30%
QIWI Qiwi plc 41.50 -11.00%
BTX Biotime Inc. 3.20 -10.86%
CETV Central European ... 4.24 -10.55%
YUME Yume Inc 5.75 -10.02%
CCIH Chinacache Intern... 19.00 -9.95%
TEO Telecom Argentina... 15.30 -9.63%
CPRX Catalyst Pharmace... 2.03 -9.38%
VIP Vimpelcom Ltd. Ad... 9.21 -9.35%
MBT Mobile Telesystem... 15.65 -9.12%
PRAN Prana Biotechnolo... 10.30 -8.93%
CLDX Celldex Therapeut... 26.70 -8.62%
APRI Apricus Bioscienc... 2.13 -8.58%
LIVE Livedeal Inc. 7.12 -8.48%
RSX Market Vectors Ru... 22.40 -8.35%
Read more at http://thestockmarketwatch.com/markets/pre-market/#B4JHoxsVt6jlpUfE.99
data:
Motor Vehicle Sales[Report][djStar]
Gallup US Consumer Spending Measure
[Report][Bullet8:30 AM ET
Personal Income and Outlays
[Report][Star]8:30 AM ET
PMI Manufacturing Index
[Report][djStar]8:58 AM ET
ISM Mfg Index
[Report][Star]10:00 AM ET
Construction Spending
[Report][djStar]10:00 AM ET
4-Week Bill Announcement
[Bullet11:00 AM ET
3-Month Bill Auction
[Bullet11:30 AM ET
6-Month Bill Auction
[Bullet11:30 AM ET
Futures -126
kids out of school because of weather.....school district blew it....because roads are fine....
good morning
TRADER RADAR FOR WEEK OF 3/3 to 3/7 EARNINGS AND ECONOMIC
Monday, March 3
US Economics (Time Zone: EST)
08:30 Personal Income (Jan) - expected 0.2%, prior 0.0%
08:30 Personal Spending - exp 0.1%, prior 0.4%
08:30 PCE Deflator YoY - exp 1.1%, prior 1.1%
08:30 PCE Core YoY - exp 1.1%, prior 1.2%
08:58 Markit US PMI Final (Feb) - exp 56.7, initial 56.7
10:00 ISM Manufacturing (Feb) - exp 52.0, prior 51.3
10:00 ISM Prices Paid - exp 57.5, prior 60.5
10:00 Construction Spending - exp -0.5%, prior 0.1%
5:00 Domestic Vehicle Sales - exp 11.90M, prior 11.94M
5:00 Total Vehicle Sales - exp 15.40M, prior 15.16M
11:00 Fed to purchase $2.5b-$3b bonds in 5 to 7-year range
11:30 Treasury selling $25b 3-month, $25b 6-month bills
Global Economics (Time Zone: GMT)
JPY Capital Spending
01:00 CNY Non-manufacturing PMI
01:45 CNY HSBC/Markit Manufacturing PMI (final Feb)
09:00 EUR Eurozone Manufacturing PMI (final Feb)
09:30 GBP Manufacturing PMI
09:30 GBP Net Consumer Credit
14:00 ECB's Draghi speaks in Brussels
Earnings
Before:
NuSkin Enterprises (NUS)
After:
MBIA (MBI)
Stratasys (SSYS)
Tuesday, March 4
US Economics (Time Zone: EST)
10:00 IBD/TIPP Economic Optimism Index (Mar) - expected 45.0, prior 44.9
11:00 Fed to purchase $2.25b-$2.75b notes in 7 to 10-year range
11:30 Treasury selling $25b 52-week, 4-week bills
Fedspeak
10:00 a.m. Senate Banking Committee hearing to confirm Fed Board nominees (Stanley, etc)
4:15 p.m. Lacker (hawk, nonvoter) speaks in NY
Global Economics (Time Zone: GMT)
03:30 AUD RBA Rate Decision
09:30 GBP Construction PMI
Earnings
Before:
Autozone (AZO)
RadioShack (RSH)
Bank of Nova Scotia (BNS)
Wednesday, March 5
US Economics (Time Zone: EST)
07:00 MBA Mortgage Applications
08:15 ADP Private Payrolls - expected 155K, prior 175K
10:00 ISM Non-manufacturing - exp 53.5, prior 54.0
2:00 Fed's Beige Book
11:00 Fed buying $1b-$1.25b notes in 23 to 30-year range
1:00 Treasury selling $13b 2-year FRN (1st reopening), $35b 5-year notes
Fedspeak
7:00 p.m. Fisher (hawk, voter) speaks in Mexico City
8:30 p.m. Williams (dove, nonvoter) speaks in Seattle
Global Economics (Time Zone: GMT)
00:30 AUD GDP (4Q)
01:45 CNY HSBC/Markit Services PMI
09:00 EUR Eurozone Services PMI (final Feb)
10:00 EUR Eurozone Retail Sales (Jan)
10:00 EUR Eurozone GDP (4Q preliminary)
15:00 CAD Bank of Canada Rate Decision
10:30 Germany selling EU4b 5-year bonds
Earnings
Before:
PetSmart (PETM)
Canadian Solar (CSIQ)
Thursday, March 6
US Economics (Time Zone: EST)
07:30 Challenger Job Cuts YoY - prior 11.6%
08:30 Initial Jobless Claims - expected 338K, prior 348K
08:30 Continuing Claims - exp 2993K, prior 2964K
08:30 Unit Labor Costs (4Q final) - exp -0.9%, prior -1.6%
08:30 Nonfarm Productivity - exp 2.5%, prior 3.2%
10:00 Factory Orders (Jan) - exp -0.5%, prior -1.5%
12:00 Household Change in Net Worth (4Q)
11:00 Fed buying $3.5b-$4.25b bonds in 4.25 to 4.75-year range
1:00 Treasury selling $29b 7-year notes
Fedspeak
8:15 a.m. Dudley (dove, voter) speaks at WSJ event in NY
1:00 p.m. Plosser (hawk, voter) speaks in London
6:00 p.m. Lockhart (moderate, nonvoter) speaks in Washington
Global Economics (Time Zone: GMT)
00:30 AUD Trade Balance
00:30 AUD Retail Sales
11:00 EUR German Factory Orders
12:00 GBP Bank of England Rate Decision
12:45 EUR ECB Rate Decision
15:00 CAD Ivey PMI
9:30 Spain to sell bonds
9:50 France to sell bonds
Earnings
Before:
Joy Global (JOY)
Costco (COST)
Staples (SPLS)
Ciena (CIEN)
After:
H&R Block (HRB)
Finisar (FNSR)
Kroger (KR)
The Fresh Market (TFM)
Friday, March 7
US Economics (Time Zone: EST)
08:30 Nonfarm Payrolls - expected 150K, prior 113K
08:30 Private Payrolls - exp 155K, prior 142K
08:30 Manufacturing Payrolls - exp 5K, prior 21K
08:30 Unemployment Rate - exp 6.6%, prior 6.6%
08:30 Average Hourly Earnings YoY - exp 2.0%, prior 1.9%
08:30 Trade Balance - exp -$39B, prior -$38.7B
3:00 Consumer Credit - exp $13.4B, prior $18.756B
11:00 Fed buying $1b-$1.25b bonds in 23 to 30-year range
Fedspeak
12:00 p.m. Dudley (dove, voter) speaks in NY
12:30 p.m. Former Fed Chairman Bernanke speaks in Houston
Global Economics (Time Zone: GMT)
05:00 JPY Leading Index (preliminary Jan)
06:45 CHF Unemployment Rate
08:15 CHF CPI
08:15 CHF Industrial Production
11:00 EUR German Industrial Production
Earnings
Before:
Foot Locker (FL)
Big Lots (BIG)