Seeking Alpha tickers today so far.
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Today - Monday, May 20
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7:30 AM DELL 's board sends another letter t o Carl Icahn and Southeastern Asset Management, reiterating its need for more details on their purchase proposal, i.e. how they plan to finance it. "Unless we receive information that is responsive to our May 13 letter , we are not in a position to evaluate whether your proposal (is superior to Dell and Sliver Lake's). [ M&A , Tech ] Comment!
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7:25 AM If Scotland were an independent state, its banking sector would have assets totaling 1250% of GDP , a U.K. government report says, throwing the financial risks inherent in a 2014 referendum on Scottish independence into stark relief. By contrast, Cyprus' banks had assets equivalent to 700% of economic output before the crisis. Such an "exceptionally large banking sector," centered around two large players in Royal Bank of Scotland ( RBC ) and Bank of Scotland would be vulnerable to financial shocks, the U.K. Treasury notes. Scotland's Finance Secretary called the report "a feeble attempt to undermine confidence" in an independent Scotland. [ Global & FX , Financials ] Comment!
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7:23 AM Danone ( DANOY.PK ) says it will invest €325M ($417M) in separate deals with China Mengniu Dairy in an effort to return to the Chinese liquid milk and yogurt market. The French company will have an indirect interest of about 4% in China Mengniu Dairy through a joint venture with a goal of increasing its stake in the future. [ Global & FX ] Comment!
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7:23 AM Charles Schwab ( SCHW ) is downgraded to Sell at KBW with price target unchanged at $16.50. The stock has had a big run (+35%) this year (what hasn't) even as the the company continues to deal with sluggish trading and ZIRP. [ Financials ] Comment!
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7:16 AM Stopping asset purchases at once would be too disruptive, says Dallas Fed chief Richard Fisher, appearing on CNBC. The hawk instead calls for the program to be tapered, beginning imminently. "We've made people richer ... the question is what have we done for working men and women in this country." [ Breaking News , U.S. Economy ] 2 Comments
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7:15 AM Actavis ( ACT ) confirms it will buy Warner Chilcott ( WCRX ) for $8.5B in a stock for stock transaction. The deal will see Warner Chilcott shareholders receive 0.160 shares of the "new" Actavis for each Warner Chilcott share they own. The combined company will become the third-largest specialty pharmaceutical player in the U.S. [ Healthcare , M&A ] Comment!
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7:11 AM BGC Partners ( BGCP ) announces regulatory approval for the sale of its eSpeed Treasury trading platform to Nasdaq OMX ( NDAQ ). The deal is a combination of cash and stock that could total up to $1.234B. ( PR ) [ Financials , M&A ] Comment!
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7:07 AM Silver ( SLV ) plunged to its lowest level in nearly 3 years overnight before a bounce brought it to its current price of $21.60, -3.3% . As with gold, silver ETP holdings have dropped to the lowest levels this year, and speculative short positions are on the rise, according to CFTC data. Gold ( GLD ) took out its April lows earlier - dropping as low as $1,338. A bounce has brought the metal back to $1,351, -1% . [ Commodities , On the Move ] 1 Comment
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7:01 AM Natus Medical ( BABY ): Q1 EPS of $0.15 beats by $0.04 . Revenue of $85.8M. ( PR ) [ Earnings , Breaking News , Healthcare ] Comment!
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7:00 AM On the hour: S&P -0.02% . 10-yr -0.02% . Euro +0.22% vs. dollar. Crude -0.41% to $95.9. Gold -1.01% to $1350.95. Comment!
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6:57 AM The National Development and Reform Commission in China reports that prices for imported cards fell 3.4% Y/Y in April in contrast to a minor gain on prices for domestically-produced vehicles. It's one of the first solid indications that a government mandate to cut back on lavish spending in the nation is having an impact on automakers ( GM , DDAIF.PK , BAMXY.PK ). [ Consumer ] 2 Comments
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6:56 AM Canaccord Genuity initiates coverage on Michael Kors ( KORS ) with a Buy rating and a lush price target of $82. The investment firm sees strong earnings potential for the retailer in new channels. [ Consumer ] Comment!
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6:54 AM Morgan Stanley ( MS ) finally unloads its Indian wealth-management unit, inking a deal to sell the business to Standard Chartered ( SCBFF.PK ) for an undisclosed amount. Morgan started the unit amid an economic and stock market boom in India in 2008, but things haven't panned out as hoped. [ Financials ] Comment!
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6:47 AM GE Capital will pay a $6.5B in dividends to parent company GE in 2013, consistent with previously stated goals on capital allocation. Overall, GE plans to return $18B in cash to its shareholders in 2013. [ Financials ] Comment!
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6:43 AM The impact of rebuilding on the East Coast after superstorm Sandy could help lift the results of Home Depot (HD) and Lowe's (LOW) for their FQ1 reporting periods, according to analysts. FEMA has approved $1.38B in assistance for Sandy victims and the pace of construction on new houses picked up over the last few months. [ Consumer ] Comment!
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6:14 AM Goldman Sachs ( GS ) plans to sell the remainder of its stake in Industrial and Commercial Bank of China at between HK$5.47-5.50 per Hong Kong-listed share (~3% below Monday's closing price) for proceeds of around $1.1B. GS has divested its stake over three separate sales (counting the current offering), with the first coming in April of 2012 and the second earlier this year. GS has held a stake in the bank since 2006. [ Financials ] Comment!
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6:03 AM A report out of Italy showing industrial orders rose 1.6% in March (handily beating estimates and reversing a 2.5% decline in February) helped push the spread between 10-year German bunds ( BUND ) and comparable Italian government debt ( ITLY ) to its narrowest level (250bps) since January at one point on Monday, as investors pared safe haven bets. Meanwhile, yields on Slovenian 10-year bonds fell slightly early on, defying Fitch's downgrade . Of course, the ratings agency is still " far behind the market's assessment of Slovenia's creditworthiness," one economist says, adding that as long as S&P maintains its A- rating, Slovenian banks can still pledge their government bonds as collateral in ECB liquidity ops. [ Global & FX ] Comment!
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6:00 AM Overseas: Japan +1.47% . Hong Kong +1.78% . China +0.75% . India -0.25% . London +0.03% . Paris +0.26% . Frankfurt +0.54% . Comment!
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5:38 AM The deal may be far from done, but that hasn't stopped analysts from spending (in their heads anyway) the theoretical $100B+ cash hoard Vodaphone ( VOD ) would be sitting on in the event Verizon ( VZ ) buys out VOD's 45% Verizon Wireless stake. "What they should do is a dramatic rethink of the business," a Bernstein analyst tells Bloomberg. One possibility: acquisitions, such as Kabel Deutschland Holding and/or Liberty Global, KBC asset management says. Even if the company returned half of the cash from a potential deal to shareholders, it would still be left with $62B, including what it currently has on its books. [ M&A ] 1 Comment
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5:15 AM Directors at Chesapeake Energy ( CHK ) recruit Anadarko ( APC ) senior VP of international and deep-water operations Robert Douglas Lawler to succeed Aubrey McClendon as CEO, WSJ says. Lawler, a seasoned industry veteran, will join CHK on June 17 and says he "looks forward to generating value for shareholders in the years ahead." Besides plugging a multi-billion dollar gap between the company's spending and cash flow, Lawler's greatest challenge might be dealing with McClendon, whose contractual well investment rights mean he will likely be a part of the picture at CHK even if he isn't at the helm. [ Energy , Top Stories ] 2 Comments
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4:57 AM The Japanese economy is slowly improving , the government says, pointing to evidence that exports and factory output are beginning to show signs of life. The upgraded economic assessment is the first upbeat report in two months. Additionally, Reuters Tankan survey showed a sixth consecutive month of improving manufacturer sentiment in Japan, as exporters cheer the weak yen. The index printed at 7, the first positive read in more than a year. The country's Economics Minister says the stage is set for a "V-shaped recovery." The rosy outlook was enough to boost the Nikkei ( EWJ , DXJ )) 1.47% on the session. Comment!
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4:33 AM Goldman upgrades Abbott Laboratories ( ABT ) to Buy from Neutral saying H2 business pressures have "resolved into a more positive trajectory" and valuation has become relatively more compelling thanks to the rally in the S&P and increased peer multiples. Price target: $44 from $38. [ Healthcare ] Comment!
