MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, May 22
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7:16 AM Goldman Sachs reiterates its Sell rating on Campbell Soup (CPB) after the company recorded a "low quality" earnings beat in FQ3. Analysts with the firm see the core U.S. soup segment as a major issue, with price increases at risk of driving down sales. [Consumer] Comment!
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7:10 AM Comcast (CMCSA) launches Xfinity TV on its X1 next-generation cloud-enabled TV platform. The company says the service - available soon for HD/DVR customers - will use cloud servers to integrate customized apps, social media, and traditional video services - all controlled by an iPhone or iPod touch if desired. [Consumer] 1 Comment
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7:02 AM United Airlines (UAL) plans to add daily nonstop service to Tokyo from Denver International Airport - the first carrier to fly direct to Asia out of Denver. The move continues an industry trend of unprofitable European routes getting trimmed in favor of new Asian routes. [Consumer] Comment!
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7:00 AM On the hour: S&P -0.12%. 10-yr -0.11%. Euro -0.48% vs. dollar. Crude -0.46% to $92.43. Gold -0.71% to $1577.35. Comment!
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6:57 AM Guess? (GES) delivers a parting shot against Gucci over a three-year lawsuit that ended up with a small award of $2.5M against it over licensing issues, saying the whole affair could have been settled with a single letter or phone call. The suit asked for damages of over $100M, tripled, on the premise that Gucci's designs were intentionally copied by Guess? to boost sales. [Consumer] Comment!
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6:45 AM More on Williams-Sonoma's (WSM) Q1: Brand revenue gain of 5.4% led by West Elm brand and Pottery Barn, offsetting declines at PBteen, Williams-Sonoma, and Pottery Barn Kids. Operating margin falls to 6.0% from 6.7% last year. Sees FY12 EPS of $2.42-$2.49, up from prior guidance of $2.37-$2.47. Expects FY12 revenue of $3.95B-$4.02B, just above the prior estimate of $3.93B-$4.02B. (PR) [Earnings] Comment!
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6:31 AM U.S. stock futures reverse early moderate gains after Fitch cuts Japan's credit rating. S&P -0.2%, Dow -0.2%. [U.S. Economy] Comment!
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6:25 AM Piper backtracks on a recent upgrade of Lowe's (LOW) after yesterday's guidance blunder, shuffling LOW to Neutral from Overweight, and reducing price-target to $28 from $41. "We still expect home remodeling growth to run above GDP growth for 2012-3, but no longer believe LOW is fully participating in the remodeling cycle," firm says. Shares -10% Monday to $25.60. [Consumer, Quick Ideas] 1 Comment
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6:00 AM Overseas: Japan +1.1%. Hong Kong +0.6%. China +1.1%. India -1.0%. London +0.8%. Paris +0.7%. Frankfurt +0.7%. [Global & FX] Comment!
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5:51 AM More on Vodafone (VOD) earnings: Takes impairment charge of £4B related to Southern Europe ops vs. £6.15B last year. Forecasts this FY's adjusted op profit at £11.1B-£11.9B vs. £11.5B last FY. Raises dividend 7% to 9.52 pence, excluding Verizon Wireless payout. [Earnings, Tech, Consumer] 1 Comment
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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. [Global & FX, Breaking News, Top Stories] Comment!
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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." [Breaking News, Global & FX, Top Stories] Comment!
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4:54 AM Bayer (BAYRY.PK) and Onyx Pharmaceuticals (ONXX) announce a Phase 3 trial of Nexavar tablets in patients with certain lung cancers did not meet its primary endpoint of improving overall survival. [Healthcare] Comment!
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4:33 AM U.K. April CPI comes in at 0.6% M/M, in-line with consensus. Prices +3% Y/Y vs. 3.1% expected. Core CPI of 2.1%, down from 2.5% in March. [Global & FX, Breaking News] Comment!
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4:30 AM Greece's banking system is being propped up by ~€100B of emergency liquidity provided by the country's central bank and quietly approved by the ECB, according to a report in the Financial Times. An ECB decision to pull the plug could potentially prompt a Greek exit from the eurozone. [Global & FX, Top Stories] 1 Comment
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4:22 AM Coming from the OECD's live twitter stream, "we need decisive policy action now" but "we're aware of the political economy of some of these problems. The scope for macro-economic policy is virtually exhausted." The OECD released its revised economic outlook just moments ago, warning the recovery is both fragile and uneven. (more) [Global & FX, U.S. Economy, Top Stories] 1 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) [Breaking News, Top Stories, Global & FX, U.S. Economy] Comment!
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4:08 AM Not so much a Grexit as a Geuro, Deutsche Bank head of research Thomas Mayer says Greece's best chance of survival may be to stay in the eurozone but opt for its own parallel currency. The Geuro would help Greece balance its budget without Troika help, which means Greece could jettison the strict austerity conditions attached to the aid money. [Global & FX] 2 Comments
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3:29 AM Blackstone (BX) will buy Accor's troubled U.S. budget hotel business for $1.9B. Accor, a French hotel group, is trying to focus on growth outside the U.S., while Blackstone wants to invest "significant capital" in Motel 6 properties to "accelerate the expansion of the franchise base." [M&A, Top Stories] Comment!
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3:23 AM China plans to fast-track approvals for infrastructure projects to combat an economic slowdown, according to the state-backed China Securities Journal. The government is reportedly asking for project proposals by June 30, even for projects initially earmarked for year-end, and hasn't ruled out bringing forward next year's projects. (previously) [Global & FX] Comment!
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2:54 AM Asian markets shoot up, following notable U.S. gains yesterday and continued talk of reform in China. Japan +1.1% to 8729. Hong Kong +1.1% to 19123. China +1.0% to 2371. India +0.6% to 16276. [Global & FX] Comment!
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2:52 AM Conditions are ripe to open up China's capital account, according to a front-page article in the PBOC-backed Financial News, which cited several government officials and scholars. The removal of many of the capital controls keeping the yuan from being fully convertible would mark a major milestone in China's reform program. [Global & FX] Comment!
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12:00 AM Tuesday's economic calendar:
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales
10:00 Existing Home Sales
10:00 Richmond Fed Mfg. Comment!
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