MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, May 22, 2012
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5:17 PM Massachusetts subpoenas Morgan Stanley over the Facebook IPO amid allegations about leaked negative views. MS -1.4% AH. 7 Comments
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2:59 PM SAP is acquiring cloud spend management software/B2B e-commerce network owner Ariba (ARBA) for $45/share in cash, or $4.3B. The price represents an 18% premium to Ariba's final trade before shares were halted at 2:30 PM ET. The deal will be funded using a combo of SAP's existing cash and a €2.4B term loan facility. SAP expects it to close in Q3, and be accretive to 2013 EPS. (PR) (previous) Comment!
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2:56 PM The SEC and Finra look set to launch separate investigations of the Facebook IPO. Finra Chief Rick Ketchum calls allegations analysts for the lead underwriters leaked negative views about FB to select clients ahead of the IPO, "a matter of regulatory concern." 5 Comments
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2:13 PM Patriot Coal (PCX) says it has entered into a commitment letter for a new revolving credit facility and new term loan facility for a total of $625M. Shares had collapsed -34.5% before the announcement; trading now halted. Comment!
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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. 4 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." 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) 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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