MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, February 23, 2012
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10:22 AM Don’t look to short covering to add any more zing to the recent rally, as the level of outstanding short interest among S&P stocks has dropped to its lowest level in more than a year. “While short interest could certainly go lower, current readings suggest some of the extra fuel for the market’s rally since October has been used up," Brown Brothers Harriman says. [Quick Ideas] Comment!
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10:20 AM The Street isn't showing any mercy to H-P (HPQ -6.2%) over yesterday's revenue miss and guidance cut, which are stoking fears of significant market share loss in several key businesses. Needham (Underperform) believes H-P is only one quarter into what will probably be a multi-year recovery, and also notes the company's inventory situation is worsening. (transcript) [Tech, On the Move] Comment!
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10:09 AM After a 26.2% YTD gain in dollar terms, Turkish shares are downgraded to underweight at Morgan Stanley. Marianna Kozintseva says the ECB liquidity gusher and easing in China have been priced in, and the market is trading at a pricey level next to its EM peers. TUR -1.7%. [Global & FX] Comment!
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10:03 AM Jan. Mass Layoffs: 1,434 mass layoff events (at least 50 workers), resulting in 129K job losses (seasonally adjusted). +50 events from December's mark. [U.S. Economy] Comment!
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10:01 AM Dec. FHFA Housing Price Index: +0.7% month-on-month, vs. +1% in November. Year-on-year, prices are -0.8%. [Breaking News, U.S. Economy] Comment!
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10:00 AM Ultra-low interest rates can't last forever: The Atlanta Fed's survey (.pdf) of business leaders indicates a higher level of concern over long-term inflation than seen from the projections of FOMC members. Respondents on average predict inflation to run up 2.9% over the next 5 to 10 years, while a healthy 29% see prices kicking up between 3.1% and 5%. [U.S. Economy] 1 Comment
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9:59 AM Buyout shops will increasingly zero in on telecom and mobile equipment firms as deal targets as share prices swoon, Silver Lake's Charles Giancarlo tells Bloomberg. Speculated targets include Alcatel-Lucent (ALU +1.2%), seen by some as very cheap after a 50% drop in shares in the past year, and perennial rumor target RIMM. [Tech, M&A] Comment!
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9:59 AM With its sales and profits continuing to soar, Whole Foods (WFM) has become a testament to how younger Americans have "grown up with a new definition of luxury," suggests Fast Company's Michael Pavone. Gone is the cold, conspicuous extravagance of a Neiman Marcus, and in its place is a more down-to-earth marketing approach that emphasizes eco-friendliness and personal service. [Consumer] 1 Comment
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9:57 AM The G-20 is nowhere near a consensus on providing additional resources to the IMF so it can contribute to the Greek bailout, according to a senior Canadian official. The statement seems to be part of an international push to get Germany to agree to a far larger permanent rescue fund. The G-20 meets this weekend. [Global & FX] Comment!
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9:53 AM MarketAxess (MKTX) trades 4.5% higher on heavy volume after pricing its 3.6M share offering at $30.50/share. [Financials, On the Move] Comment!
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9:49 AM Solar stocks (TAN -5.7%) take a beating after Germany announces it will reduce solar power incentives sooner than expected. The government will cut incentives to 19.5 cents per kw hour for small plants, to 16.5 cents for plants up to 1,000 kw, to 13.5 cents for plants of up to 10 mw. FSLR -6.3%, TSL -9.9%, SOL -7.6%, STP -5.4%, JASO -5.3%, YGE -7.6%, SPWR -3.2%. [Tech, Energy, On the Move] 1 Comment
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9:42 AM Knock it off: Basketball legend Michael Jordan files suit against China's Qiaodan Sports Company over its alleged misuse of his name and identity on its products. The case could have bigger implications for retailers trying to avoid copycat Chinese companies undercutting potential sales, especially with a highly contested race to sell Jeremy Lin apparel to Asian markets on tap. [Global & FX] Comment!
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9:41 AM Radian Group (RDN): Q4 EPS of -$0.92 beats by $0.02. Revenue of $193.4M (-16% Y/Y) beats by $12M. (PR) [Earnings, Financials] Comment!
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9:40 AM The U.S.-based Business Software Alliance blasts foreign governments for establishing data-transfer rules that prevent local companies from using cloud services, arguing such policies amount to protectionist barriers aimed at reducing the dominance of U.S. firms such as AMZN, RAX, and MSFT in the cloud services space. The EU, China, and Brazil are all seen as major offenders. [Tech] Comment!
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9:39 AM Greek parliament passes a law enabling the debt swap for private bondholders, reports Reuters, checking off one of the to-do items on its list before final approval of the bailout. [Breaking News, Global & FX] Comment!
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