We had some news on the banks after the close and the results from another stress test. There were several announcements of Banks buying back their shares which can't be a bad thing.
Additions to last nights list
$HEK, $ZGNX earnings pr, $CSII pr, $GRPN upgrade,$CERS pr, $STRI pr earnings, GLUU, CLNE, $AKAM pr, PGNX earnings pr, $MPEL, $PANL, $AAPL, $PBR
Seeking Alpha
Today's Markets:
In Asia, Japan +1.4% to 12561. Hong Kong -0.4% to 22533. China +0.4% to 2278. India -0.7% to 19428.
In Europe, at midday, London -0.4%. Paris -0.6%. Frankfurt -0.1%.
Futures at 7:00: Dow flat. S&P -0.05%. Nasdaq flat. Crude +0.3% to $93.35. Gold flat at $1591.30.
Today's economic calendar:
8:30 Consumer Price Index
8:30 Empire State Mfg Survey
9:00 Treasury International Capital
9:15 Industrial Production
9:55 Reuters/UofM Consumer Sentiment
Notable earnings before today's open: CRME, PGNX, ZGNX
Briefing .com
Gapping up
In reaction to strong earnings/guidance: STRI +17.7%
(light volume), MCP
+4.4%.
STRI +17.7%, SNE +7.9%, CNP +3.9%, BAC +3.7%, DFS +3.2%,
ARMH
+2.9%, MS +2.2%, RIO +2%, GOLD +1.6%, WPC +1.5%, BK
+1.1%, AKAM +1%, MCP +1%, DB +0.9%, COF +0.6%, AXP +0.6%, WFC +0.6%, KW +0.5%
Select financial related names showing strength following
CCAR results: BAC
+4.5% (news of $5 bln share repurchase and %5.5 bln
preferred redemption), DFS +3.2% (receives Federal Reserve approval of capital plan; announces $2.4 bln
share repurchase program, plans to increase quarterly dividend 42.9% to $0.20
from $0.14 per share), MS +2.2% (Morgan Stanley may buy the rest of its
wealth-management joint venture from Citigroup), COF +1.7% (receives no
objection from the Fed to raise common stock dividend 500% to $0.30/share from
$0.05/share), WFC +1.5% (receives Federal Reserve approval of its capital
plan; to increase dividend 20% to $0.30 per share, increase common stock
repurchase in 2013), BK +1.1% (Fed approves 2013 capital plan; to repurchase
up to $1.35 bln of common stock), DB +0.9% (to temporarily suspend new
issuances of twenty-six exchange traded notes), AXP +0.6% (receives Fed
approval for capital plan; to increase quarterly dividend by 15% and buy back up to $4 bln of common shares in 2013), PNC +0.4% (announces regulators accept
PNC capital plan that includes common stock dividend increase), C +0.2% (Fed
approved Capital Plan ).
Select metals/mining stocks trading higher: RIO +2%, GOLD
+1.6%, BHP +1.3%,
SLV +0.7%, GLD +0.4%, BBL +-1%.
Other news: STP +4.5% (responds to NYSE inquiries related
to unusual trading),
CNP +3.9% (CenterPoint, OGE Energy (OGE), and ArcLight
Capital to combine assets to form midstream partnership), GRPN +3.2% (early strength attributed
to positive Bill Miller comments), WPC +1.5% (increased quarterly dividend by
24% to $0.82 per share), KW +1.3% (prices 9 mln shares of common stock at
$15.70 per share), AKAM +1.2% (CEO discloses buying 30K shares at $34.75 on
3/13, worth ~$1.0 mln ).
Analyst comments: SNE +8.1% (upgraded to Buy from Neutral
at Daiwa
Securities), ARMH +3% (upgraded to Buy from Hold at
Jefferies), CPST +2.6% (upgraded to Buy from Neutral at ROTH Capital), FCX +2.5% (upgraded to Buy
from Neutral at Goldman), PANL +1.9% (hearing positive Goldman mention related
to SSNLF Galaxy S IV), NVS +1.1% (upgraded to Overweight from Neutral at JP
Morgan)
Gapping down
In reaction to disappointing earnings/guidance: GLDD
-30.9%, TISI -12.9%, COSI
-12.5%, (thinly traded), ULTA -11.7%, STEC -10.7%, CPE
-7%, KKD -5.7%, ARO -4.9%, ZUMZ -2.6%.
M&A news: .
Select financial related names showing weakness: BBT
-2.9% (receives Federal
Reserve approval of capital plan; to continue $0.23
dividend ), GS -1.6% (issues statement on proposed capital actions: co will resubmit its capital
plan by the end of Q3, incorporating certain enhancements to its stress test
procedures), JPM -1.4% (announces Capital Plan; also Senate Investigations
Holds Hearing and Releases Report on JPMorgan Chase Whale
Trades), STI -0.7% (receives Federal Reserve approval of its capital plan; to increase quarterly common stock dividend 100% and repurchase up to $200 mln in
shares), .
Other news: CG -5.8% (files annual report on form 10-K,
adds three Carlyle
executives to management committee), VHC -5.6% (after 10
point drop on CSCO patent case news; Jury concludes VirnetX's patents in suit with Cisco are
valid but does not find infringement ), ANGI -1.8% (announces departure of CFO
Robert R. Millard), CCL -1.5% (hearing related to ongoing issues with cruise
ship), RIG -1.2% ( provides fleet update summary; estimated 2013 out of
service time decreased by a net 45 days, downgraded to Hold from Buy at
Jefferies), CXS -1.1% (CreXus Investment declares Q1 dividend of $0.25 per
share, down from previous quarter dividend of $0.32), T -0.4% (considers
selling assets such as cell towers to raise cash, according to reports ), ISRG
-0.2% (following 20+ point drop on cautious statements from the American
College of Gynecologists President).
Analyst comments: CL -0.7% (downgraded to Equal-Weight
from Overweight at
Morgan Stanley), JBHT -0.7% (downgraded to Market Perform
from Outperform at Bernstein ), GM -0.6% (Hearing cautious comments at Credit Suisse related to
rising inventories)
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