MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, February 23, 2012
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7:37 AM "We have to be realistic. It's not yet in the bank," says a senior IMF official warning of "huge implementation risks" for the Greek bailout. Translation: It's easier to cut a check allowing Greece to pay its creditors (while taking on new ones) than it is for extra-national officials sitting in a room to remake an entire country. [Global & FX] Comment!
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7:37 AM Target (TGT): Q4 EPS of $1.45 beats by $0.05. Revenue of $20.9B (+3.3% Y/Y) misses by $300M. Shares +2.9% premarket. (PR) [Earnings, On the Move] Comment!
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7:34 AM JPMorgan lines up a $45 price target on Vivus (VVUS) in the wake of the company's FDA approval for its weight-loss drug. Analysts with the firm keep an Overweight rating in place, saying "we would still be buyers here given the magnitude of the vote." Shares +115.7% premarket to $22.75. [Healthcare, On the Move, Quick Ideas] Comment!
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7:30 AM Teleflex (TFX): Q4 EPS of $1.07 may not be comparable to consensus of $1.04. Revenue of $411.7M (+6.6% Y/Y) beats by $7M. (PR) [Earnings, Healthcare] Comment!
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7:27 AM Darden Restaurants (DRI) sees FQ3 (ending Feb. 26) EPS of $1.23-1.25, ahead of Street consensus of $1.19. The company notes a benefit from the shift in the Lenten season - which started during FQ3 this year - as well as less severe winter weather. Shares +0.8% premarket. (PR) [Consumer, Breaking News] Comment!
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7:15 AM More on oil: The correlation between oil prices and equities is melting away, notes Scott Barber. Since the financial crisis, the oil price has been demand driven - with crude moving higher along with stocks. Of late, price moves are more to do with supply worries which could presage something less than positive for the equity markets. [Energy, Global & FX, Commodities] 1 Comment
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7:12 AM Deutsche Bank warms up to the prospects that the Pringles buy can bring to Kellogg (K) with an upgrade to a Buy rating and an improved price target of $57. Analysts with the firm say that although Pringles will require investment spending with modest cash charges, they see see global snacks as "compelling" and eventually helping increase the company's long-term revenue and profit. [Quick Ideas] Comment!
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7:11 AM Patterson Companies (PDCO): FQ3 EPS of $0.50 in-line. Revenue of $895M (+8.4% Y/Y) beats by $30M. (PR) [Earnings, Healthcare] Comment!
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7:09 AM Crude oil hits more multi-month highs, with the U.S. benchmark WTI at $106.36, a price not seen since May. The world benchmark, Brent crude touches $124 - priced in euros, Brent has taken out its epic 2008 high. [Energy, Commodities, On the Move] Comment!
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7:07 AM The SEC considers fees aimed at slowing down high-frequency trading after criticism over the influence of the computer-driven trading and its potential to create out-of-control flash crashes mounts. One remedy on the table is requiring high-frequency traders to pay for the canceled trades that make up 90% of all orders. [Financials, U.S. Economy] Comment!
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7:04 AM A Shanghai court rejects Proview's request to stop Apple (AAPL) from selling iPads in the city, according to a source. This particular case is separate from another in which Proview is seeking compensation from Apple for trademark infringement. [Tech] 1 Comment
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