Market Currents by Seeking Alpha

Real-time news and commentary for investors

Today - Wednesday, July 1, 2015

  • 8:00 AM  
    • S&P +0.7%.
    • 10-yr -0.33%.
    • Euro -0.36% vs. dollar.
    • Crude -1.5% to $58.58.
    • Gold -0.04% to $1,171.30.
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  • 7:55 AM  
    • On his first day on the job as Deutsche Bank (DB) CEO, John Cryan delays a planned overhaul by 90 days, but tells employees not to expect just "sweetness and light in the coming months."
    • As for recent misconduct: "I can tell you that we will decisively identify problems, apply fixes and hold accountable those who misbehave."
    • Full letter
    • The stock's higher by 4.1% in Frankfurt alongside a sizable Greek-related European rally.
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  • 7:53 AM  
    • Watsco (WSO) declares $0.70/share quarterly dividend, in line with previous.
    • Forward yield 2.26%
    • Payable July 31; for shareholders of record July 15; ex-div July 13.
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  • 7:51 AM  
    • All's well that ends well. Members of GE's (GE) two largest unions have voted to approve new four-year national labor contracts with the company.
    • "This 'yes' vote is good news for GE, the unions, our employees and ultimately, our customers," said GE Vice President Greg Capito.
    • Union officials informed GE that voting by IUE-CWA and UE members was completed today and national agreements have been ratified.
    • Previously: GE details proposed labor contracts (Jun. 25 2015)
    • Previously: GE, unions reach tentative agreements on contracts (Jun. 22 2015)
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  • 7:47 AM  
    • Goldman Sachs removes Carter's (CRI) from Conviction Buy List status on a valuation call.
    • Shares of the baby retailer rose 40% since GS made its bullish call last October.
    • CRI -0.5% premarket.
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  • 7:46 AM  
    • Prospect Capital (PSEC) provided Global Employment Solutions another $21.4M of first lien senior secured floating rate debt to support its purchase of Information Technology Engineering Corporation.
    • Source: Press Release
  • 7:43 AM  
    • The company closed a $756M lease sale, a $925M sale of seasoned nonprime retail installment contracts and associated assets currently held in performing securitization trusts, as well as a $253M sale of prime auto retail installment contracts. In each deal, [[SC]] is retaining profitable servicing income.
    • CFO Jason Kulas notes the buyers: A U.S. subsidiary of an international bank, a global asset manager, and a large U.S. insurer.
    • Source: Press Release
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  • 7:32 AM  
    • Under terms of the deal, Gramercy (GPT) owners will receive 3.1898 shares of Chambers Street (CSG) for each share of GPT they own - about $25.36 per share based on last  night's CSG close of $7.95 (GPT closed at $23.37). At closing, Chambers Street shareholders will own about 56% of the combined company, Gramercy shareholders the rest.
    • Gramercy CEO Gordon DuGan will be CEO of the merged company (which will operate under the Gramercy name and trade with the GPT symbol), and CSG Non-executive Chairman Charles Black will hold the same role with the merged company.
    • The deal is expected to close in Q4.
    • The two management's note the merger will create greater size and scale, increased portfolio diversification, and hopefully access to capital at a lower cost. They see about $15M in annual savings by the end of 2016.
    • A conference call is set for 8:30.
    • Source: Press Release
    • Previously: Chambers Street Properties +6.5% on sale rumor (June 10)
  • 7:30 AM   Post your comment!
  • 7:29 AM  
    • Interactive Data Corporation, one of the world's largest financial data providers, has hired banks for a potential sale or an initial public offering that could value it at more than $5B, including debt.
    • The company was taken private in 2010 by Silver Lake and Warburg Pincus for $3.4B. Last year, IDC had adjusted EBITDA of $362.4M, up from $351.6M a year earlier.
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