MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Tuesday, May 22, 2012
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12:45 PM Northern Dynasty (NAK -17.5%) rips the EPA's draft Bristol Bay watershed assessment on the potential effects of mineral development in southwest Alaska as "rushed and inadequate." NAK owns 50% of the Pebble Partnership, which aims to develop a copper-gold-molybdenum project in Alaska. Comment!
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12:44 PM Shares of ECOtality (ECTY +26%) jump after reporting in yesterday's after-hours session that its Q1 revenue increased 215% Y/Y to $13.7M, compared to Q1 2011 revenue of $4.3M. The increase was largely attributed to the continued outperformance of the company's network infrastructure unit and by a Blink network licensing agreement. (PR) Comment!
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12:38 PM China Gerui Advanced Materials (CHOP +18.2%) shares are strong after the cold-rolled steel production company reaffirms its 2012 estimates, expecting revenue of $395M-$410M vs. $404M analyst consensus and EPS of $1.32-$1.37 vs. $1.27 consensus. Q1 EPS of $0.24 beat consensus, while revenue of $73M missed. Comment!
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12:19 PM Patriot Coal (PCX -28.6%) plunges and is pulling all coal stocks (KOL -1.8%) lower, due to a report the company has fielded informal pitches from bankruptcy advisors. Last week, PCX delayed a refinancing after disclosing a potential contract cancellation from a key customer. ACI -7%, JRCC -6.3%, ANR -5.1%, BTU -3.8%, WLT -3.5%, CNX -2.3%. 6 Comments
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11:48 AM Genetic Technologies (GENE) +39% after the Aussie biotech releases a positive business update for BREVAGen, which is used to test for certain genetic variations that are associated with an increased risk of developing breast cancer. Comment!
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11:34 AM Facebook's (FB) precipitous decline yesterday tripped a circuit-breaker just 15 minutes after the open and triggered restrictions on shorting. The break will remain in place until the end of today's session. Finra data shows that 23.6M Facebook shares were shorted on Friday and 6.4M yesterday. 1 Comment
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11:20 AM More on Hugoton Realty Trust (HGT -23%): The company disclosed late Friday it will bear ~80% of a $29.6M XTO Energy (XOM) settlement, which is expected will cause costs to exceed revenues for HGT in its Oklahoma and Kansas properties and affect the Trust's distributions going forward. (earlier) Comment!
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11:12 AM Shares of Hugoton Royalty Trust (HGT -22.9%) plunge as a Sir Perfluis analysis on Seeking Alpha says "purchasing HGT units at current prices is like buying 60 cents for a dollar... Quite literally, unless natural gas prices stage a rally, a current HGT unit-holder can expect to receive total cash flows of less than the current share price." 3 Comments
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11:07 AM Shares of Quantum Fuel Systems (QTWW +15.1%) power up a rally after the firm outlines its plans to stick to a core automotive technology focus and make a series of cost-savings initiatives. The news comes in the wake of a big management shakeup at the company earlier this month. Comment!
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10:53 AM Shares of Ralph Lauren (RL) are falling fast - now up only 2.4% after sporting an early 9% gain - as the company explains on a CC that macro concerns remain in place in Europe, Asia, and the U.S. The more execs talk, the more the shine comes off the firm's FQ4 earnings beat. (webcast) Comment!
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10:43 AM Global Hunter fires up Buy ratings on a number of shipping stocks including Diana Shipping (DSX +2.5%), DryShips (DRYS +9.5%), Safe Bulkers (SB +2.1%), and Baltic Trading (BALT +4.5%) - while starting Eagle Bulk Shipping (EGLE -0.9%), Excel Maritime (EXM -1.8%), Genco Shipping (GNK +1.1%) with below-keel Reduce ratings. While individual names in the sector tend to get tied up with momentum trading, the overriding theme has been a moderate bounce back off of a 25-year low in the Baltic Dry Index in February. Guggenheim Shipping ETF (SEA) +8.1% YTD. 1 Comment
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10:32 AM Humana (HUM +2.4%) gets a boost from an upgrade to Outperform on valuation at Wells Fargo. The firm says the company is well positioned to gain market share from Medicare Advantage, as well as the growing senior demographic. In addition HUM's niche business insulates it from the upcoming Supreme Court ruling on health reform, making it a less risky alternative compared to its peers. Comment!
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10:09 AM Arena Pharmaceuticals (ARNA) +4.7% to $6.24 after it yesterday completed its secondary public offering and underwriters fully exercised their option to purchase additional stock. Arena sold almost 12.65M shares at $5.50 each, raising nearly $70M. Comment!
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10:09 AM EnerNOC (ENOC +12%) shares surge after Needham raises its rating to Buy from Hold, believing the stock has bottomed and should become more attractive to long-term investors. The firm says ENOC isn't another Comverge (now private), "as the company has far more substantial scale, prior history of profitability, and healthier overall capitalization." Comment!
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9:53 AM Cree (CREE -9.3%) plummets after announcing CFO John Kurtzweil has resigned to become the CFO of Extreme Networks (EXTR +4.1%). Corporate controller Michael McDevitt will serve as Cree's interim CFO while a search is conducted for a full-time replacement. At Extreme, Kurtzweil replaces interim CFO Jim Judson. (CREE PR) (EXTR PR) Comment!
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9:43 AM It's happening again. Facebook (FB -7%) dives in early trading to $31.65 - shares are now down 17% from their $38 IPO price, though the company's multiples are still high. If Facebook doesn't soon reverse course, class-action suits over last week's increase in its offering price may just be a matter of time. (also) 10 Comments
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9:15 AM Market preview: Stock futures are mixed and Europe is all green, with neither seeming to be particularly affected by Fitch's downgrade of Japan. S&P Benchmark +0.1%. Best Buy shot up over 8% following earnings but fell just as rapidly and is now just +0.2%. Facebook's (-3.3%) slide continues, while Express plummets 23% following a profit warning. Later: Richmond Fed Mfg., Existing Home Sales Comment!
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9:14 AM Shares of Express (EXPR) nosedive 22.1% premarket after the company issues a lackluster Q1 report and strikes a downbeat tone for Q2. Sales growth is slipping at the company, while it also took on extra costs related to changing its mind over the location of its flagship NYC store. Comment!
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