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MARKET CURRENTS

  • 8:17 AM Behind the Relational Investors PepsiCo (PEP) investment: The firm thinks that PepsiCo has underperformed and should consider spinning off its U.S. beverage business in the next year - a move that CEO Indra Nooyi has balked at in the past. Though the Ralph Whitworth-led firm only holds 0.6% of PepsiCo's outstanding shares, its reputation as a successful activist investor could hold sway with fellow PEP shareholders. Comment! [Consumer]
  • 8:11 AM Here's a cute one: The BOJ asset purchase program stumbled last night when the bank failed to meet its goal of purchasing ¥600B in 1 and 2-year paper as just €480.5B was offered up to be sold. "There is nothing to invest in when (banks) sell short-term notes," says an analyst. Two-year Japanese paper yields 0.11% ... "nothing to invest in." Comment! [Global & FX]
  • 8:10 AM OraSure Technologies (OSUR) +35.3% premarket after an FDA advisory panel's recommendation to let an HIV test be sold in retail stores; test results could be obtained in the home like tests for pregnancy and blood sugar. The panel voted in favor 17-0 twice, on potential benefits outweighing potential risks and on safety and effectiveness. (also) Comment! [Healthcare, On the Move]
  • 8:03 AM Sears Holdings (SHLD) majority-owned Sears Canada reports a Q1 profit after lower costs and a one-time gain on a lease termination helped offset sagging revenue. Comparable-store sales fell off 6.3% Y/Y for the Canadian retailer. Comment! [Consumer, Global & FX]
  • 8:03 AM Brady (BRC): FQ3 EPS of $0.57 in-line. Revenue of $332M (-1.9% Y/Y) misses by $10M. (PR) Comment! [Earnings]
  • 8:01 AM More on Deere (DE) FQ2: Net profit +17% to $1.06B, net sales of equipment operations +13% to $9.4B, as the company benefits from the "positive conditions in the global farm economy." Raises FY profit prediction to $3.35B from $3.28B previously, expects equipment sales to increase about 15%. Shares +2.3%. (PR) Comment! [Earnings]
  • 8:00 AM On the hour: S&P +0.34%. 10-yr -0.15%. Euro -0.02% vs. dollar. Crude -1.19% to $92.86. Gold -1.17% to $1538.85. Comment!
  • 8:00 AM Total (TOT) says it has stopped the natural gas leak at its North Sea Elgin platform by pumping heavy mud into the leaking well there, but does not say when output would resume. "Today, a major turning point has been achieved," Total's head of exploration and production says. TOT +2.3% premarket. Comment! [Energy, Global & FX, On the Move]
  • 7:55 AM Off 1.3% to $1,535, gold is at its YTD low and looks to be testing a key support level hit in September and again in December. Beneath that looks to be a lot of air. It's more volatile cousin silver, -2.4% to $27.40, is forming a similar chart pattern. Comment! [Commodities, On the Move]
  • 7:52 AM Argus upgrades Dunkin' Brands (DNKN) to Buy from Hold as it hones in on the company's prospects to see strong domestic and international growth. Analysts also forecast that DNKN will reap benefits from its franchise model. Shares +1.4% premarket. Comment! [Consumer, On the Move]
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ANALYSIS FOR WEDNESDAY, MAY 16, 8:20AM ET

DIA -0.45%
SPY -0.52%
QQQ -0.30%
GLD -1.07%

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