MARKET CURRENTS
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MARKET CURRENTS
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Thursday, May 24
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11:40 PM In the next step after Dish Network's (DISH) pre-emptive legal strike, Fox (NWS), NBC (CMCSA) and CBS have now all sued the satellite provider over its commercial-skipping "AutoHop" technology, claiming copyright and licensing violations. Subtle questions over who controls the skipping could dictate whether Dish faces the fate of ReplayTV: being sued out of existence. 2 Comments
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4:58 PM Comcast's (CMCSA) NBCUniversal subsidiary is in "serious negotiations" to buy Microsoft's (MSFT) stake in MSNBC.com, and could gain full control of the site by this summer, multiple sources tell Adweek. Such a deal could be another example of Microsoft's efforts to reduce the giant losses posted by its Online Services division. 2 Comments
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4:27 PM Having just struck a major partnership with Verifone, PayPal (EBAY) is announcing 15 new retail partners for its offline payment solutions. Prominent names include Abercrombie, American Eagle, Barnes & Noble, Foot Locker, J.C. Penney, Office Depot, and Toys "R" Us. Home Depot has already done a commercial launch of PayPal's solutions. Comment!
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2:53 PM A new study from MasterCard confirms a trend of slowing luxury spending - seen in earnings reports from jewelry sellers Tiffany (TIF -4.4%) and Signet Jewelers (SIG -4.5%) - with sales only increasing 1.8% in April after gaining 6.7% in Q1. Analysts say the supposedly non-cyclical wealth effect isn't holding up against economic headwinds. On watch: COH, KORS, EL, HESAF.PK. Comment!
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2:40 PM IMAX (IMAX -0.7%) and Lion Gate (LGF +0.1%) announce The Hunger Games will be digitally re-mastered into the IMAX format and released in China. The film be one of the first Hollywood features to be released in the nation under a new revenue-sharing agreement allowing Western distributors to collect up to 25% of its take. Comment!
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2:09 PM Procter & Gamble (PG -0.2%) CEO Bob McDonald says the company will stop chasing profits in emerging market until it stabilizes its 40 largest business lines. While the company has been able to grow sales faster in emerging markets, it still generates less profit than in developed markets due to price sensitivity and fierce competition. 6 Comments
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1:38 PM McDonald's (MCD -0.5%) won't have to be a profit-making company and the surrogate parents for millions of kids after all, as a shareholder resolution to assess the effects of products and marketing on children's health fails to land more than 6.4% of the votes at the company's annual meeting. Execs did say that new healthier choices for Happy Meals could be part of Mickey D's menu in the future. Comment!
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1:27 PM Could things get any more harried with trading on Sirius XM Radio (SIRI -0.5%)? While entrenched analysts argue that the stock is range bound at $2 and options activity gets frenzied, Liberty Media still circles about trying to gain control and CEO Mel Karmazin interestingly proclaims "our stock sucks." Just to add a little icing to the cake, the company wants to trade under a new symbol - SXM - to better reflect the combined company. 2 Comments
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12:56 PM A strong rally in airline stocks (NYSE Arca Airline ETF +4.2%) still has legs with US Airways (LCC +9.1%) and United Continental (UAL +5.2%) leading the charge. Comments from JPMorgan's Jamie Baker that earnings estimates don't reflect the positive impact of lower jet fuel prices are helping tip sentiment in the sector. 1 Comment
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12:13 PM Netflix (NFLX) is a "frenemy" of the cable industry, Cox CEO Patrick Esser maintains. While admitting Netflix is a content rival, Esser also notes 40% of Cox's broadband customers streamed Netflix content in March. Netflix content chief Ted Sarandros (previous) admits his company is cannibalizing some cable viewing, while adding Netflix's investments in original programming are due to its inability to license content from the likes of HBO and Showtime. 2 Comments
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12:10 PM Disney's ESPN extends its deal to broadcast the annual hot dog eating contest sponsored every 4th of July sponsored by Nathan's Famous (NATH +0.6%) through 2017. Rather surprisingly to some, the mouth-stuffing event garners high ratings and has given Nathan's a great deal of publicity. Comment!
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11:58 AM Starbucks (SBUX -0.2%) has been outed in New York City where a stealth store inside a Macy's location sells beer and wine without displaying the trademark mermaid logo and limited menu. As more branded Starbucks stores pop up unannounced around the country, the company will get a better idea how beer and wine fits into its future. 2 Comments
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11:25 AM PayPal's (EBAY) tie-up with payment-processing rival Verifone (PAY) is all about fending off Square, suggests Owen Thomas. PayPal, while expanding its offline partnerships, doesn't have Verifone's retail reach, and Verifone can't match PayPal's low cost structure. While PayPal and Verifone have each released rival offerings (I, II) to Square's credit-card reader, their deal is an attempt to halt Square's efforts to move upmarket and sell retailers on a soup-to-nuts payment solution. 1 Comment
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10:51 AM Nike (NKE +0.6%) plans to increase its ties to the Olympic movement after taking on criticism that it doesn't play the requisite political games with movers and shakers in the international governing bodies. The company also has its eyes on becoming a major sponsor of the 2016 Summer Games in Brazil, according to execs. Comment!
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10:37 AM Shares of Melco Crown (MPEL +2.8%) trade higher after the company catches an upgrade from Nomura to Buy to go along with a price target boost to $17.50. Analyst Charlene Liu cites the company's potential to improve margins and see new facilities and VIP junkets add revenue to its coffers. Comment!
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10:19 AM Shares of Phillips-Van Heusen (PVH +7.1%) run up an outsized gain following its moderate earnings beat and Q2 guidance. Jim Cramer tweets a "huge short squeeze" is behind the action. Comment!
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10:18 AM Tiffany's (TIF) 9% plunge following its earnings report and profit warning is a buying opportunity, says Oppenheimer, as Q1 sales held up, input costs are easing, and comps will soon moderate, while the firm also believes the new guidance is attainable. Comment!
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9:56 AM Shares of jewelry sellers Blue Nile (NILE -3.1%) and Zale (ZLC -3.5%) fall lower after the word from Tiffany is that U.S. sales were weak. (Earlier: Signet feels the pull of Tiffany's gravity) 1 Comment
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9:50 AM The $100M trading profit that underwriters are reported to have made by "greenshoe" short positions on Facebook may seem "like a giant conflict of interest," outside of Wall Street writes Fortune's Stephen Gandel, but no rules were broken and the potential trades were even disclosed in Facebook's prospectus." 4 Comments
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9:46 AM United Airlines (UAL +3.5%) continues to stumble in its efforts to combine the United and Continental reservation systems. The issue has escalated beyond just sitting as fodder for message board complaints and now threatens revenue, according to reports. An especially prickly group - elite frequent fliers - make up 25% of the carrier's revenue and are viewed as increasingly susceptible to bailing out on UAL if their travel schedules are disrupted. Comment!
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9:07 AM Shares of Signet Jewelers (SIG) lose 8.1% in premarket trading after Tiffany's earnings report highlights soft U.S. luxury spending. Comment!
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8:46 AM SABMiller (SBMRY.PK) tips off in its latest earnings release that beer drinking in the U.S. remains sluggish, with jointly-owned MillerCoors reporting domestic sales to retailers tailing off 2% Y/Y and sales to wholesalers dipping 3%. While the company blames the high unemployment rate in the U.S. for soft beer sales, the influence of craft breweries remains an underlying factor. 1 Comment
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8:22 AM eBay (EBAY) strikes a deal with VeriFone (PAY) and Equinox Payments that will help it see PayPal gain wider acceptance at physical retailers. The move could expand PayPal's reach to 40M global payment terminals as it muscles into the competitive market to process payments at stores. Comment!
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8:05 AM France's data-protection agency, CNIL, accuses Google (GOOG) of stonewalling in its investigation of the company's new privacy policy, which was implemented despite CNIL asking Google for a delay. The agency says Google's answers to a questionnaire are "are often incomplete or approximate," and has given it a new one to fill in. 1 Comment
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8:01 AM Heads may be scratching over at Hasbro (HAS) about a decision by Paramount Pictures to move the release of G.I. Joe: Retaliation from next month until sometime in 2013. The company makes G.I. Joe action figures and planned on seeing the scrapped summer blockbuster pushing sales higher. Shares -1.6% premarket. 1 Comment
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7:38 AM Viacom's (VIAB) Paramount Pictures delays the release of G.I. Joe: Retaliation from June 29 to next year in an unexpected move in light of the marketing and promotion already spent on the film - including a Super Bowl commercial. Though sources tip off that the studio may be looking at converting the film to 3-D to rake in more money, it also leaves it without a major summer release. Comment!
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7:24 AM Southwest Airlines (LUV) plans to start making international flights for the first time with its decision to pick up AirTran's routes to Mexico and the Caribbean. The company is looking to add up to 25 flights days from a new international terminal at Houston's Hobby airport. 1 Comment
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7:16 AM More on Tiffany's (TIF) Q1: Comparable-store sales +4%. Regions outside the Americas outperformed, while Americas saw soft sales growth. SG&A expenses up 9% Y/Y. Net inventories increased 27% to $2.2B. Expects to add 24 stores this year. Lowers FY 2012 outlook to $3.70-$3.80, from prior guidance of $3.95-$4.05. Shares -8.1% premarket. (PR) Comment!
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7:02 AM Morgan Stanley downgrades Green Dot (GDOT) to Equalweight from Overweight. The move comes in the wake of an announcement of a plan by the CFPB to set rules on fees for prepaid cards. Comment!
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6:57 AM McDonald's (MCD) ups its previously-announced $750M bond sale to $900M and scores near-record low interest rates in the process. The company sold $500M of 3-year notes with a 0.75% coupon and $400M of 7-year notes with a 1.875% coupon. Comment!
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6:44 AM General Motors (GM) says it has no plans to move production from South Korea to Europe after speculation popped up that a move could be in the offing. The topic has become a hot-button issue in South Korea, where the nation's highly-agitated unions have threatened "war" with GM over any loss of production. 2 Comments
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6:39 AM A decision from the EU's second highest court denies an appeal by Mastercard (MA) over excessive interchange fees charged on cross-border card payments. The company failed to convince the court that the fees were fundamental or that a significant number of European banks would stop using Mastercard if they were reduced. Comment!
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6:26 AM More on Costco (COST) FQ3: Net profit rose to $386M from $324M, comparable sales +5%, with the retailer enjoying increases in the U.S. and abroad. Costco's earnings came a day after Fitch affirmed its AA- rating, citing the company's strong competitive position, operating performance, and cash flow. Comment!
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