MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, May 22, 2012
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10:00 AM May. Richmond Fed Mfg. Survey: -10, to 4 (above 0 = growth). Shipments -18 to 0, new orders -12 to 1, jobs +6 to 16. 3 Comments
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5:15 AM The IMF says the U.K. should consider cutting interest rates and more quantitative easing. The country should prepare a Plan B for deficit reduction if those measures don't work. 2 Comments
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5:06 AM Fitch downgrades Japan to A+, outlook negative. "The country's fiscal consolidation plan looks leisurely relative even to other fiscally-challenged high-income countries, and implementation is subject to political risk." Comment!
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4:15 AM The OECD cuts its 2012 eurozone GDP forecast to -0.1% from +0.2%; U.S. forecast raised to +2.4% from +2%; China to come in at +8.2% this year, +9.3% next year; Greece -5.3% this year, -1.3% next year; Japan +2% this year, +1.5% next year. Joins calls for eurozone bonds. (OECD economic outlook report) Comment!
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Monday, May 21, 2012
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6:27 AM Barclays (BCS) plans to sell its $6.1B stake in BlackRock (BLK) via an offering and a related buyback by the U.S. asset manager of up to $1B in shares. Barclays' holdings represent a 19.6% economic interest in the firm. (PR) Comment!
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Friday, May 18, 2012
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11:31 AM Facebook (FB) opens for trading at $42, and is currently changing hands at $42.57, up 12% from its $38 IPO price. Update (11:35): Facebook is now trading at $40.20. Over 105M shares have been traded. 12 Comments
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10:56 AM With trading set to begin in minutes, indications are that Facebook (FB) will begin trading at $45, $7 above its $38 offering price. 46M shares have reportedly been paired. 1 Comment
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Thursday, May 17, 2012
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6:19 PM CKE Restaurants - the operator of Carl's Jr and Hardee's chains that went private with Apollo Management (APO) two years ago - has filed for a $100M IPO and will apply for ticker symbol CK. What - there are no other IPOs anyone's talking about, are there? Comment!
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4:22 PM As expected, Facebook (FB) prices at $38 (top of its range) and will trade Friday, with the highest valuation of any company on record at IPO time. Trading in the stock will begin at 11 a.m. Eastern Time. 28 Comments
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3:24 PM JPMorgan (JPM) CEO Jamie Dimon has been "invited" to testify before the Senate Banking Committee. It appears the date will either be May 22 or June 6. Also testifying will be representatives from the relevant regulatory agencies. Update: Bloomberg reports Dimon has agreed to testify. 2 Comments
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2:08 PM Facebook (FB) will likely price its IPO at $38, the high end of its $34-$38 price range, the WSJ reports. That would translate into a market cap of $104B. However, it's added "discussions are still fluid." Facebook is also expected to sell its entire over-allotment option, which means $18.4B worth of shares will be sold in the offering. 4 Comments
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1:12 PM Moody's downgrades its ratings on four Spanish regions, dropping two of them - Catalunya and Murcia - to beneath investment grade. The reasons are the usual ones: "A significant deterioration in the four regions' debt metrics ... considerable uncertainty surrounding (the) capacity to reach the 2012 deficit target." Bank downgrades are expected later. 1 Comment
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8:31 AM Initial Jobless Claims: 370K vs. 365K consensus (prior week revised to 370K from 367K). Continuing claims +18K to 3.24M. 21 Comments
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7:13 AM Human Genome Sciences (HGSI) announces adoption of short-term stockholder rights plan, with a term of one year. Also says its board of directors unanimously determines GlaxoSmithKline's (GSK) unsolicited tender offer is inadequate and not in the best interests of stockholders. Comment!
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3:05 AM Spain's final Q1 GDP -0.4% Y/Y, in-line with expectations and previous estimate. GDP -0.3% Q/Q, also in-line with expectations and previous estimate. Comment!
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Wednesday, May 16, 2012
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2:03 PM FOMC Minutes: Little change from the previous stance. Some members are becoming more confident about the durability of the recovery, but several said additional easing may be needed should it falter. The Richmond Fed's Jeff Lacker dissented over the currency swap arrangements with Canada and Mexico. 11 Comments
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1:26 PM Bruno Iksil - the "London Whale" in JPMorgan's (JPM) risk-management unit - is said to be leaving the bank in the wake of the disastrous trade that has cost $2B and counting. (earlier fallout) 11 Comments
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