MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, February 23, 2012
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8:33 AM Initial Jobless Claims: Unchanged at 351K vs. +7K consensus. Continuing claims -52K to 3.39M. [U.S. Economy] Comment!
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8:32 AM More on Sears (SHLD +10.4%): Shares are sharply higher despite an ugly earnings report as Eddie Lampert looks to have pulled one on the bears again with the asset sales and rights offering. The company moves through a rare conference call - CEO Lou D'Ambrosio promises more cost reductions and unlocking of the value of the portfolio. [Earnings, Consumer, On the Move] Comment!
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8:28 AM Onvia (ONVI) +35.3% after rejecting an unsolicited takeover proposal from PE firm Symphony Technology Group, calling the $4.25/share bid inadequate. Onvia, which helps businesses secure government contracts and agencies find suppliers online, is in the midst of a turnaround plan to reduce costs and focus on a smaller, targeted market. [Tech, M&A, On the Move] Comment!
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8:23 AM White Mountains Insurance (WTM) says it has repurchased all 89,729 shares of its common stock held by Berkshire Hathaway at a purchase price of $500 per share. The company also says it will run a self-tender offer to purchase up to 1M share at the same $500 price level. Shares closed at $481.76 yesterday. [Financials] Comment!
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8:22 AM Checkpoint Systms (CKP): Q4 EPS of -$0.09 may not be comparable to consensus of -$0.03. Revenue of $251.6M (+8.4% Y/Y) beats by $4M. Shares -3.6% premarket. (PR) [Earnings, On the Move] Comment!
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8:20 AM Nomura pokes a small hole in the recent improvement in jobless claims, noting seasonal distortions are skewing the read. In recent years, claims have peaked in late August/early September and bottomed in February as Labor Department statisticians may be off in their adjustments. [U.S. Economy] 1 Comment
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8:18 AM Media General (MEG) +4.8% premarket after it says it is exploring a sale of its loss-making newspaper operations and has received inquiries from several third parties regarding the potential purchase of some print assets. MEG had a long-term debt of $665M on its books as of Sept. 25, 2011, and has posted a loss in seven of its last eight quarters. [Tech, On the Move] Comment!
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8:11 AM Liberty Global (LBTYA) is reportedly considering a bid for Dutch cable firm Ziggo, estimated to be worth €8B ($10.6B). According to Dutch daily De Telegraaf, Liberty Global is the only company capable of buying Ziggo, which is too expensive for strategic buyers because of its advanced network. [Tech, M&A] Comment!
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8:07 AM Citigroup (C) plans to raise up to $2.1B by selling its entire stake in India's Housing Development Finance Corp tomorrow, sources say. Citigroup holds 145M shares, or around a 9.9% stake, and is apparently selling the stake to bolster its capital in light of new banking rules. [Financials] Comment!
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8:05 AM Investor sentiment is little changed from last week, according to the AAII survey, with about 2% getting off the neutral fence - half going to the bulls and half to the bears. Bullish sentiment is at 43.7% against the long-term average of 39%. Bearish, 27.5% against the long-term average of 30%. Comment!
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