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MARKET CURRENTS

  • 3:32 PM More from Gundlach at Ira Sohn: He suggests another contrarian pairs trade - Long Spain (EWP), short SPY. One he mentioned a few weeks ago - long natural gas, short Apple is performing famously well. Believing the Fed isn't raising rates anytime soon, he suggests a leveraged long position in Libor. Comment! [Quick Ideas]
  • 3:27 PM J.P. Morgan's Chris Blansett chops KLA-Tencor (KLAC -4.7%), Lam Research (LRCX -4.5%) and Novellus (NVLS -4.4%) to Underweight, predicting a "downtick" in capital expenditures by chip foundries in H2 of this year, and that capex in the memory and logic sectors of the business will be lower than many investors expect. Comment! [Tech, Quick Ideas, On the Move]
  • 3:23 PM "The buildup of debt worldwide took place over years - now the market has decided this is a problem in real-time," says Jeff Gundlach at the Ira Sohn conference. Deficits DO matter, he continues, and are now causing social unrest in Europe. "Nothing like a hot summer when 1/3 of the under-25 crowd have nothing to do but throw Molotov cocktails." 1 Comment
  • 3:19 PM Coty has selected underwriters for a possible IPO this summer in an offering that would value the company at $6B-$7B, according to CNBC. The news could dampen the spirits of those calling Coty's withdrawal of its bid for Avon (AVP -0.2%) a negotiating tactic. Comment! [M&A, Consumer, Global & FX]
  • 3:17 PM Senior judge Karolos Papoulias has been sworn in as PM in Greece, and will head a caretaker government until new elections (expected on June 17). "There is no panic," he says of deposits exiting the banks, "but there is great fear which could turn into panic." 4 Comments [Global & FX]
  • 3:12 PM The stocks of a number of meat sellers perk up as the group starts to draw notice from analysts after the latest round of earnings reports came in strong, with improved margins powered by higher retail chicken and been prices. Also pitching in, the uproar over the pink slime additive used in beef seems to be petering out a bit. Sector movers: Smithfield Foods (SFD +2.2%), Pilgrim's Pride (PPC +3.9%), Sanderson Farms (SAFM +2.4%), Tyson Foods (TSN +1.4%). 1 Comment [On the Move, Consumer]
  • 3:05 PM Deutsche Bank initiates Ocean Rig UDW (ORIG -1.7%) at Buy with a $22 price target, believing ORIG is well positioned to benefit from rising deepwater day rates and limited near-term supply growth. With a fleet of six high quality rigs and an additional three new builds slated for 2013, the firm says ORIG has one of the youngest and most targeted fleets in the industry. Comment! [Energy, Quick Ideas, On the Move]
  • 3:05 PM Eagle Materials (EXP -4.2%) slips after missing FQ4 estimates earlier today. Total revenue increased 22% Y/Y on improved sales volumes in its cement and paperboard businesses and higher cement, wallboard and paperboard net sales prices, but bottom line margins were hit hard by higher overall material costs. Comment! [On the Move, Earnings]
  • 3:00 PM On the hour: Dow +0.15%. 10-yr -0.01%. Euro -0.06% vs. dollar. Crude -1.24% to $92.81. Gold -1.11% to $1539.75. Comment!
  • 2:58 PM Philippe Laffont pitches Virgin Media (VMED) at the Ira Sohn conference, suggesting it's in a small universe of companies that can buy back shares consistently over the next 5 years. In fact, the company could repurchase all of its stock with free cash flow over the next 5-9 years. "Imagine what that last share will be worth." Stock pops, +2.4%. Comment! [Tech, Quick Ideas]
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ANALYSIS FOR WEDNESDAY, MAY 16, 3:35PM ET

DIA 0.06%
SPY -0.19%
QQQ -0.69%
GLD -0.11%

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