Market Currents by
Real-time news and commentary for investors
Monday, May 20, 2013
- 10:00 AM On the hour: Dow -0.15%. 10-yr +0.09%. Euro +0.11% vs. dollar. Crude -0.48% to $95.83. Gold -0.88% to $1352.75. Post your comment!
- 9:52 AM 3D Systems ([[DDD]] +4.2%) jumps out of the gate after Needham and Maxim raise their PTs in bullish notes. Needham thinks "the industry environment for DDD's products and services remains healthy," and that recent software acquisitions Rapidform and Geomagic provide a new high-margin revenue stream. The firm also sees "upside earnings potential driven by increased operating leverage in the model over the next year." (previous) Post your comment!
- 9:48 AM The U.S. approval of LNG exports wasn’t just a domestic political decision; many U.S. allies are eager for exports to go ahead, particularly the U.K. With dwindling North Sea gas reserves, the U.K. has become more dependent on LNG imports from Qatar, which sent the U.K. its 300th LNG cargo over the weekend. Qatar's dominance could shrink if a utility such as Centrica is able to import U.S. LNG as it hopes. Post your comment!
- 9:47 AM UBS' 5 "suspected" asset bubbles: 1) Risk-free rates - specifically Treasurys (TLT), Bunds ([[BUND]], [[BUNL]]), JGBs ([[JGBL]], [[JGBT]], [[JGBD]], [[JGBS]]) 2) Credit ([[HYG]], [[JNK]]) 3) Real estate in Asia (WPS) 4) Certain EM equity markets ([[EIDO]], [[IDXJ]], [[EPHE]], [[THD]], [[EWW]]) 5) Australian banks ([[WBK]], [[NABZY.PK]], [[ANZBY.PK]], [[CMWAY.PK]]). Post your comment!
- 9:42 AM DXP Enterprises ([[DXPE]] +1.3%) acquires Tucker Tool Company for an undisclosed amount. For the previous 12 months, Tucker had sales and adjusted EBITDA of $8M and $1M respectively. (PR) Post your comment!
- 9:41 AM Qihoo ([[QIHU]] +8.1%) shoots to new highs following its Q1 beat. A big reason: Q2 guidance is for revenue of $142M-$144M, far above a $121.5M consensus and evidence search monetization is ramping. Ad revenue +40% Y/Y (+49% in Q4) to $63.4M, value-added services (largely games) +119% to $45.8M (+105% prior). Monthly active users +11% Y/Y, to 457M, but up just 1M Q/Q (high penetration). Browser MAUs +7% Q/Q and +22% Y/Y to 332M. Mobile security users +33% Q/Q and +272% Y/Y to 275M. Home page daily visitors +3% Q/Q and +22% Y/Y to 94M. Home page daily clicks +9% Q/Q and +66% Y/Y to 489M. Opex +89% Y/Y due to search investments. CC at 10:30AM ET (webcast). (PR) Post your comment!
- 9:40 AM Shares of Rite Aid ([[RAD]] +4.7%) are up again after setting new 52-week highs on Friday. The company is not just a turnaround story but also a deleveraging story, according to SA contributor Matthew Smith. Post your comment!
- 9:34 AM Red-hot mortgage insurers ([[RND]], [[MTG]], [[GNW]]) become hedge-fund hotels as analysis of March 31 filings showed a number of well-known funds starting or adding to big stakes. The group is as leveraged to the improvement of the housing market and mortgage credit as anything else out there, says KBW's Bose George. MTG over $5/share (it's over $6 now) is a wager on the government's ability to transform the U.S. housing finance market," says a contrary Jason Stewart. "Historically, this wager has been met with outcomes most ... would classify as massively disappointing." Post your comment!
- 9:32 AM At the open: Dow -0.09% to 15341. S&P -0.03% to 1666. Nasdaq -0.08% to 3,496.09.
Treasurys: 30-year +0.3%. 10-yr +0.14%. 5-yr +0.06%.
Commodities: Crude -0.38% to $95.92. Gold -0.8% to $1353.75.
Currencies: Euro +0.12% vs. dollar. Yen -0.68%. Pound -0.26%. Post your comment!
- 9:29 AM Plains All America (PAA) says it is constructing a 95-mile extension of its existing Oklahoma crude oil pipeline system to service increasing production from the Granite Wash, Hogshooter and Cleveland Sands producing areas in western Oklahoma and the Texas panhandle. The new pipeline will provide up to 75K bbl/day of new takeaway capacity. Post your comment!