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MARKET CURRENTS

  • 9:00 AM On the hour: S&P +0.43%. 10-yr -0.21%. Euro +0.09% vs. dollar. Crude -1.49% to $92.58. Gold -1.12% to $1539.65. Comment!
  • 8:59 AM Petroleum Development (PETD) -1.8% premarket after pricing its public offering of 6.5M shares at a 2.8% discount to its Tuesday closing price. The offering, intended in part to finance the purchase of assets in Colorado's Wattenberg oil and gas field, priced at $26.50/share. Comment! [Energy, On the Move]
  • 8:55 AM A Hispanic population in the U.S. that has passed the 50M mark has caught the attention of advertisers at the annual industry conference to line up TV ads for next season's shows. One of the biggest players is Disney (DIS) with its ESPN Deportes Spanish-language sports network already drawing solid ratings, while execs at CBS, NWSA, CMCSA, DEO, and DISCA are also pitching shows aimed at drawing in Hispanic viewers. Comment! [Consumer]
  • 8:53 AM S&P 500 futures +0.4%, off just a bit since the housing starts print which showed a strong headline number, but a decline in permits. At 717K, the number of housing starts remains well below levels associated with recessions over the past half century. 1 Comment [U.S. Economy]
  • 8:52 AM EU competition officials extend by the three weeks, until August 31, their deadline for deciding on whether to approve United Tech's (UTX) $16.5B acquisition of aircraft components maker Goodrich (GR). Comment! [M&A]
  • 8:49 AM Liberty Media (LMCA) upped its holding in Live Nation Entertainment (LYV) to 48.7M shares, or more than 25% of the concert promotion giant's outstanding shares, from ~20%, according to an SEC filing. Liberty has received regulatory clearance to own as much as 35% of LYV, whose shares are +4% premarket. Comment! [Consumer, On the Move]
  • 8:45 AM JPMorgan's (JPM) CIO unit had looser risk controls than the rest of the bank thanks to its direct reporting line to Jamie Dimon, say sources, remaining fairly free from oversight despite warnings stretching back to 2005. Until recently, the group used its own Value-at-Risk model, which likely allowed the over-sized positions which led to the losses. Comment! [Financials]
  • 8:43 AM Spanish PM Mariano Rajoy warns parliament of the consequences of austerity measures not being passed. "We must reduce the public deficit because there is a serious risk that we will not be able to borrow, or borrow at astronomical prices," Rajoy says. Comment! [Global & FX]
  • 8:42 AM Eagle Materials (EXP): FQ4 EPS of $0.20 misses by $0.02. Revenue of $117M (+22.4% Y/Y) in-line. (PR) Comment! [Earnings]
  • 8:41 AM Don't blame Amazon (AMZN) for the nation's high unemployment rate after the company says it hired 28K new employees in the past year to bring its total headcount up to 65.6K. Too much, too fast? With an eye on margins, McAdams Wright Ragen analyst Dan Geiman says Amazon has received a pass for its high costs while it seemingly moves in every direction at once. (See: TV programming, high fashion), big data). Comment! [Consumer, Quick Ideas]
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ANALYSIS FOR WEDNESDAY, MAY 16, 9:00AM ET

DIA -0.45%
SPY -0.52%
QQQ -0.30%
GLD -1.07%

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