Seeking Alpha

MARKET CURRENTS

  • 3:46 PM Einhorn goes Jim Chanos on China, saying the country views Western investors as marks. It's infrastructure is overbuilt, the roads are empty, the houses unsold. Other than owning U.S. companies that may sell there, he's staying out (h/t Josh Brown). More from Einhorn. 1 Comment [Global & FX]
  • 3:42 PM Herbalife (HLF +8.9%) soars as the company's name has not (yet) been uttered by David Einhorn at Ira Sohn. More from Einhorn. Comment! [On the Move]
  • 3:41 PM Reports of server connectivity problems for Activision's (ATVI -3%) just-released Diablo 3 are taking a chunk out of shares. According to PC Magazine, ATVI took down the game's servers yesterday at "10:22 a.m. PT for an hour, then from 11:30 a.m. to 1:30 p.m., then from 2:15 p.m. PT until 3:30 p.m." This, after ATVI had spent over a decade developing the well-received game. Comment! [Tech, On the Move]
  • 3:38 PM Martin Marietta (MLM -10.6%) plunges as it gets the David Einhorn treatment at Ira Sohn. Snippets: MLM's CEO is a megalomaniac; the company is overvalued and benefited from a one-time stimulus. Ouch. Vulcan Materials (VMC -6.1%) 1 Comment [Quick Ideas]
  • 3:32 PM More from Gundlach at Ira Sohn: He suggests another contrarian pairs trade - Long Spain (EWP), short SPY. One he mentioned a few weeks ago - long natural gas, short Apple is performing famously well. Believing the Fed isn't raising rates anytime soon, he suggests a leveraged long position in Libor. Comment! [Quick Ideas]
  • 3:27 PM J.P. Morgan's Chris Blansett chops KLA-Tencor (KLAC -4.7%), Lam Research (LRCX -4.5%) and Novellus (NVLS -4.4%) to Underweight, predicting a "downtick" in capital expenditures by chip foundries in H2 of this year, and that capex in the memory and logic sectors of the business will be lower than many investors expect. Comment! [Tech, Quick Ideas, On the Move]
  • 3:23 PM "The buildup of debt worldwide took place over years - now the market has decided this is a problem in real-time," says Jeff Gundlach at the Ira Sohn conference. Deficits DO matter, he continues, and are now causing social unrest in Europe. "Nothing like a hot summer when 1/3 of the under-25 crowd have nothing to do but throw Molotov cocktails." 1 Comment
  • 3:19 PM Coty has selected underwriters for a possible IPO this summer in an offering that would value the company at $6B-$7B, according to CNBC. The news could dampen the spirits of those calling Coty's withdrawal of its bid for Avon (AVP -0.2%) a negotiating tactic. Comment! [M&A, Consumer, Global & FX]
  • 3:17 PM Senior judge Karolos Papoulias has been sworn in as PM in Greece, and will head a caretaker government until new elections (expected on June 17). "There is no panic," he says of deposits exiting the banks, "but there is great fear which could turn into panic." 5 Comments [Global & FX]
  • 3:12 PM The stocks of a number of meat sellers perk up as the group starts to draw notice from analysts after the latest round of earnings reports came in strong, with improved margins powered by higher retail chicken and been prices. Also pitching in, the uproar over the pink slime additive used in beef seems to be petering out a bit. Sector movers: Smithfield Foods (SFD +2.2%), Pilgrim's Pride (PPC +3.9%), Sanderson Farms (SAFM +2.4%), Tyson Foods (TSN +1.4%). 1 Comment [On the Move, Consumer]
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ANALYSIS FOR WEDNESDAY, MAY 16, 3:50PM ET

DIA -0.02%
SPY -0.29%
QQQ -0.81%
GLD -0.29%

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