MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, February 23, 2012
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7:12 AM Deutsche Bank warms up to the prospects that the Pringles buy can bring to Kellogg (K) with an upgrade to a Buy rating and an improved price target of $57. Analysts with the firm say that although Pringles will require investment spending with modest cash charges, they see see global snacks as "compelling" and eventually helping increase the company's long-term revenue and profit. [Quick Ideas] Comment!
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7:11 AM Patterson Companies (PDCO): FQ3 EPS of $0.50 in-line. Revenue of $895M (+8.4% Y/Y) beats by $30M. (PR) [Earnings, Healthcare] Comment!
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7:09 AM Crude oil hits more multi-month highs, with the U.S. benchmark WTI at $106.36, a price not seen since May. The world benchmark, Brent crude touches $124 - priced in euros, Brent has taken out its epic 2008 high. [Energy, Commodities, On the Move] Comment!
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7:07 AM The SEC considers fees aimed at slowing down high-frequency trading after criticism over the influence of the computer-driven trading and its potential to create out-of-control flash crashes mounts. One remedy on the table is requiring high-frequency traders to pay for the canceled trades that make up 90% of all orders. [Financials, U.S. Economy] Comment!
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7:04 AM A Shanghai court rejects Proview's request to stop Apple (AAPL) from selling iPads in the city, according to a source. This particular case is separate from another in which Proview is seeking compensation from Apple for trademark infringement. [Tech] Comment!
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7:00 AM On the hour: S&P +0.01%. 10-yr -0.11%. Euro +0.31% vs. dollar. Crude +0.07% to $106.36. Gold +0.36% to $1777.65. Comment!
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6:59 AM Do two negatives make a positive? A tie-up between General Motors and Peugeot (PEUGY.PK) - two automakers that both lose money in Europe - doesn't makes sense to Sanford Bernstein's Max Warburton. "PSA and Opel can’t restructure independently. We see no reason why putting PSA and Opel together would speed up the process of plant closures, as both have excess capacity." [Global & FX] Comment!
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6:52 AM Though a judge in Houston rules that BP and Anadarko Petroleum (APC) are liable for civil damages from the Deepwater Horizon oil spill, Transocean's (RIG) liability is still up in the air after it wasn't named a "responsible party" in the decision. Premarket: BP -0.2%, APC +0.1%, RIG +6.7%. [Energy, On the Move] Comment!
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6:38 AM U.S. stock futures push slightly higher in advance of this week's jobless claims report set for release at 8:30 AM EST. S&P +0.1%, Dow +0.1%. [U.S. Economy] Comment!
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