MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Wednesday, May 23
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5:30 AM P-E firm Hellman & Friedman is reportedly considering selling or listing Getty Images, the world's biggest provider of stock photos, video and other digital content. The company could be valued at $4B, up from the $2.4B that H&F paid to acquire the firm four years ago. [M&A] Comment!
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5:19 AM Barclays (BCS) raised a net $5.5B from the divestment of its 19.6% stake in BlackRock (BLK), selling 26.2M shares to money managers for $160 each and 6.38M shares to BlackRock for $156.80. There's also a greenshoe option of 2.6M shares. The sale will increase Barclays' Tier 1 capital ratio by about five basis points as it looks to meet Basel III requirements. [Financials, M&A] Comment!
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5:11 AM Toll Brothers (TOL): FQ2 EPS of $0.10 beats by $0.07. Revenue of $374M (+17% Y/Y) misses by $3M. (PR) [Earnings, Breaking News] Comment!
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4:41 AM European stocks extend their losses following ugly U.K. retail numbers and BoE minutes. London -1.4%. Paris -1.8%. Frankfurt -1.5%. [Global & FX, On the Move] Comment!
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4:36 AM Horrible retail figures out of the U.K.: Sales fell 2.3% M/M in April, far exceeding the expected 0.8% drop. Sales -1.1% Y/Y vs. expectations of +1%. [Breaking News, Global & FX, Consumer] Comment!
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4:32 AM BoE minutes show members voted 8-1 to keep QE total at £325B in April; David Miles voted for an increase to £350B. Interest rate vote was 9-0. [Breaking News] Comment!
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4:30 AM Golden Star Resources (GSS) is bewildered by the 32% fall in its stock price since its May 17 announcement of a debenture purchase and exchange agreement; "there are no undisclosed material events at the company that would support the recent deterioration in the stock price." Q2 guidance unchanged at 83K-87K ounces of gold. [Commodities] Comment!
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4:22 AM BofA (BAC) will buy back $330M of home loans from Freddie Mac (FMCC.OB) after flaws were found in how the loans were created. Though a relatively small re-purchase, the bank's overall costs tied to defective home loans have totaled more than $42B so far. [Financials] Comment!
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4:13 AM Sony (SNE) and Samsung (SSNLF.PK) are trying to force retailers to rein in discounts on televisions, a move that could not only save profit margins at two of the world's largest TV makers but also help retail chains like Best Buy (BBY) and Target (TGT) remain competitive against online discounters. [Consumer, Tech] Comment!
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3:29 AM Thailand's PTT Exploration and Production trumps Shell's (RDS.A) bid for Cove Energy (CNVGF.PK), offering £1.22B ($1.9B) for the Mozambique-focused explorer. Cove's management says it now backs PTT's bid, with the reversal coming just hours ahead of a deadline for investors to accept Shell's $1.8B offer. Shell -1.2% in London. [M&A, Energy, Top Stories] Comment!
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3:13 AM Ahead of its investor conference today, MetLife (MET) outlines its strategic value plan. Highlights: By 2016, increase its ROE to 12-14% from 10.3% last year, grow emerging markets business to 20% or more of operating earnings, shift its product mix toward protection products and away from more capital-intensive products, and re-focus its U.S. business. [Financials] Comment!
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2:55 AM Some blunt eurozone truths from Jin Liqun, chairman of CIC's supervisory board: Eurozone leaders have demonstrated a "lack of leadership" on the region's debt crisis, "too much time has been wasted on endless bargaining... for piecemail bailouts," and the core eurozone nations will have to "keep an eye out for possible copycats should the Greeks be allowed to escape from the crisis unscathed." [Global & FX] 2 Comments
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2:50 AM Asian stocks are heavily down, and Japan is the big loser of the bunch, sinking 2% on BOJ inaction, a widening trade deficit and the never-ending eurozone drama. Hong Kong -1.3%. China -0.6%. India -0.9%. [Global & FX, On the Move] Comment!
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2:48 AM The Bank of Japan keeps its monetary policy unchanged, leaving rates in the 0-0.1% band and holding asset purchases steady at a total of ¥70T ($880B). Analysts expect an increase in asset purchases to come soon, either during a meeting next month ahead of Greek elections, or in July, when the bank gives its updated inflation forecast. [Global & FX] Comment!
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2:38 AM Japan's trade deficit widened to ¥520.3B ($6.5B) in April from a shortfall of ¥84.5B in March, as exports rose a less-than-expected 7.9%. Finmin Jun Azumi calls for the Bank of Japan to "take appropriate steps in a timely manner;" analysts believe BOJ may boost asset purchases in the coming months. [Global & FX, Top Stories] 1 Comment
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12:00 AM Wednesday's economic calendar:
7:00 MBA Mortgage Applications
10:00 New Home Sales
10:00 FHFA House Price Index
10:30 EIA Petroleum Inventories
1:00 PM Results of $35B, 5-Year Note Auction Comment!
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