MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Monday, May 21
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4:10 PM Market recap: The Dow and S&P 500 snapped a six-day losing streak and the Nasdaq posted its best one-day percentage gain this year, as the markets were technically and psychologically oversold and due for a bounce. Facebook slid 11% in its second day of trading, but Apple regained some shine. NYSE advancing issues led decliners better than three to one. 3 Comments
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10:32 AM Eaton (ETN +1%) is paying about 14X EBITDA for Cooper (CBE +26%), Bloomberg calculates, in a deal that Eaton shareholder CAIM calls "pretty amazing," as "they're going to dominate that electrical power equipment segment," especially when the economy improves. The purchase is also sending shares of Hubbell (HUB.A) +6.3% and Accuity (AYI +5.4%). Comment!
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9:47 AM The Court of the Bank of England commissions three independent reviews into its "performance and current capabilities," covering the provision of emergency liquidity during the financial crisis in 2008/9, the Bank’s framework for providing liquidity to the banking system as a whole, and the MPC's forecasting capability. (PR) Comment!
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9:15 AM Global power manager Eaton (ETN) will buy Cooper Industries (CBE up 25% premarket) for $72/share in cash and stock and become a new company incorporated in Ireland: Eaton Global Corp. The whole deal has a value of $11.8B and should close in the second half. Comment!
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9:15 AM Market preview: U.S. stock futures are higher along with much of Europe, although not France and Spain, with the S&P benchmark +0.6%. Platitudes from the G8 that they want Greece to stay in the euro and polls showing increasing support for pro-austerity parties seem to be doing the trick. Yahoo is +4.4% on its Alibaba deal, but Facebook is -3.8% and below its IPO price, while Lowe's is -5.5% after a profit warning. 1 Comment
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8:32 AM Apr. Chicago Fed National Activity Index: +0.11 vs. -0.44 prior (revised). The index's 3-month moving average decreased to -0.06%, from a level of +0.02% in Mar (revised). 1 Comment
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6:27 AM Barclays (BCS) plans to sell its $6.1B stake in BlackRock (BLK) via an offering and a related buyback by the U.S. asset manager of up to $1B in shares. Barclays' holdings represent a 19.6% economic interest in the firm. (PR) Comment!
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12:59 AM China may announce stimulus actions in the near future, reports the China Securities Journal, which is published by the official Xinhua News Agency. The report follows weekend comments by Premier Wen Jiabao in which he called for "putting stabilizing growth in a more important position," with no mention of inflation. 3 Comments
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12:50 AM Alibaba agrees to repurchase a 20% stake in itself from Yahoo (YHOO) for ~$7.1B. Yahoo will receive at least $6.3B in cash and up to $800M in newly-issued Alibaba preferred stock. At the time of an IPO, Alibaba will be required to ultimately buy back 25% of Yahoo's current stake, or let Yahoo sell those shares in the offering. Alibaba will make an upfront royalty payment of $550M and continuing royalty payments for up to four years. (PR) (previously) Comment!
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