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MARKET CURRENTS

  • 8:28 AM EADS (EADSY.PK) took a €158M ($201M) charge in Q1 to fix wing cracks in its A380 superjumbo but raised its projection for full-year earnings on increased commercial jet production. EADS reported a net profit of €133M for the quarter vs. a loss of €12M Y/Y as revenue rose 16% to €11.4B. It now expects full-year EPS above €1.85, a €0.20 rise, and a full-year increase in revenue of more than 6%. Comment! [Earnings]
  • 8:26 AM RBC Capital says buy Home Depot (HD) on any weakness after the company reported what it considers were solid results for Q1. Analysts with the firm have the stock rated as an Outperform with a $57 price target. Shares +0.2% premarket. Comment! [Consumer]
  • 8:25 AM KKR (KKR) is negotiating to acquire a stake in Prisma Capital, which manages nearly $8B in hedge-fund investments, the NYT reports. Prisma has a strong record at a time of weak performances in the sector, and a respected management that has been able to cope with new regulation and government scrutiny. Comment! [Financials]
  • 8:17 AM Behind the Relational Investors PepsiCo (PEP) investment: The firm thinks that PepsiCo has underperformed and should consider spinning off its U.S. beverage business in the next year - a move that CEO Indra Nooyi has balked at in the past. Though the Ralph Whitworth-led firm only holds 0.6% of PepsiCo's outstanding shares, its reputation as a successful activist investor could hold sway with fellow PEP shareholders. Comment! [Consumer]
  • 8:11 AM Here's a cute one: The BOJ asset purchase program stumbled last night when the bank failed to meet its goal of purchasing ¥600B in 1 and 2-year paper as just €480.5B was offered up to be sold. "There is nothing to invest in when (banks) sell short-term notes," says an analyst. Two-year Japanese paper yields 0.11% ... "nothing to invest in." Comment! [Global & FX]
  • 8:10 AM OraSure Technologies (OSUR) +35.3% premarket after an FDA advisory panel's recommendation to let an HIV test be sold in retail stores; test results could be obtained in the home like tests for pregnancy and blood sugar. The panel voted in favor 17-0 twice, on potential benefits outweighing potential risks and on safety and effectiveness. (also) Comment! [Healthcare, On the Move]
  • 8:03 AM Sears Holdings (SHLD) majority-owned Sears Canada reports a Q1 profit after lower costs and a one-time gain on a lease termination helped offset sagging revenue. Comparable-store sales fell off 6.3% Y/Y for the Canadian retailer. Comment! [Consumer, Global & FX]
  • 8:03 AM Brady (BRC): FQ3 EPS of $0.57 in-line. Revenue of $332M (-1.9% Y/Y) misses by $10M. (PR) Comment! [Earnings]
  • 8:01 AM More on Deere (DE) FQ2: Net profit +17% to $1.06B, net sales of equipment operations +13% to $9.4B, as the company benefits from the "positive conditions in the global farm economy." Raises FY profit prediction to $3.35B from $3.28B previously, expects equipment sales to increase about 15%. Shares +2.3%. (PR) Comment! [Earnings]
  • 8:00 AM On the hour: S&P +0.34%. 10-yr -0.15%. Euro -0.02% vs. dollar. Crude -1.19% to $92.86. Gold -1.17% to $1538.85. Comment!
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ANALYSIS FOR WEDNESDAY, MAY 16, 8:30AM ET

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

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