WMT, ABT

NTAP, EMC

12:49 PM Baird’s Jayson Noland downgrades NetApp (NTAP -1.8%) to Underperform ahead of tomorrow’s FQ4 report, citing share losses to EMC and others. Noland: “We are not advocating a short position … due to the possibility of a positive investor reaction to opex rationalization or shareholder friendly use of cash … We do recommend investors take profits.” EMC has “outperformed NetApp” in Baird’s reseller checks since Q3 ’11, something Nolan attributes to the launch of EMC’s VNX mid-range systems, more innovative products, and “increased channel friendliness.” He also notes NetApp has been slow to roll out all-flash storage systems. [Tech, On the Move, Quick Ideas] Comment!

AQ, MEAD

12:45 PM Midday top 10 gainers: AQ +115%. MEAD +104%. RSOL +50%. JASO +46%. CAMT +44%. PACT +32%. HSOL +31%. WBSN +28%. CSUN +27%. PPHM +20%. Midday top 10 losers: NBG -28%. TISI -17%. IEC -14%. XNPT -12%. VBFC -11%. CHCI -9%. RAVN -9%. SBSA -9%. OSIS -9%. INSY -9%. [On the Move] Comment!

CHK, APC

12:40 PM Wall Street cheers Chesapeake’s (CHK +4%) appointment of Doug Lawler as CEO as a vote of confidence in CHK after building a strong reputation at Anadarko (APC). While hopeful the move will improve capital discipline and allocation decisions, Tudor Pickering cautions it will be a steep wall to climb “given the balance sheet leverage and need to materially sell assets into a weak [acquisitions] market.” [Energy, On the Move] 1 Comment

GLD, SLV

12:40 PM This just in. Precious metals (GLD +2.2%), (SLV +2.6%) are sharply higher on the session after a panicky Sunday evening plunge brought both to multi-year lows. Other than dollar weakness (UUP -0.5%) across the board, there’s no news in particular – perhaps some satiated bears decided to cover and a trend took hold. [Commodities, On the Move] 3 Comments

12:39 PM Where’s the love for Wal-Mart (WMT -0.3%)? Despite projections the retail giant will grow earnings at a double-digit rate, the stock trades with a lower multiple than defensive-oriented peers such as Hershey, Kellogg, and Procter & Gamble, observes Stephen Leeb. The company is also gobbling up market share in the grocery category and its e-commerce sales growth beat Amazon’s (30% vs. 22%) during the last quarter. [Consumer] 1 Comment

12:38 PM Jefferies raises its price target on Zumiez (ZUMZ +1.8%) to $28 from $22 saying the specialty retail group has likely moved past “the noise in Q1″ and faces easier compares going forward. [Consumer, On the Move] Comment!

12:34 PM AbbVie (ABBV -1%) says it’s initiated a Phase 3 clinical study of diabetic nephropathy with Atrasentan, which is designed to assess the effects of the investigational compound on progression of kidney disease as part of standard of care for patients with stage 2 to 4 chronic kidney disease and type 2 diabetes. The study will evaluate the drug’s impact on renal outcomes, such as the onset of end-stage renal disease, as defined by need for chronic dialysis, transplant or death due to renal failure progression. [Healthcare] Comment!

12:31 PM Acorda Therapeutics (ACOR -1%) is issued a patent for Amprya entitled “Methods of Using Sustained Release Aminopyridine Compositions.” This patent covers a range of dosage strengths, and is separate from 2 method of use patents issued in 2011 and 2013 that are set to expire in 2027 and 2026, respectively. The drug is approved in the United States as a treatment to improve walking in patients with multiple sclerosis. [Healthcare, On the Move] Comment!

HYG, JNK

12:30 PM The hot market for corporate junk (HYG, JNK) has pushed the yield on high-yield corporates (4.88%) well below that of high-yield municipals (5.22% nominally, over 8% on a tax-equivalent basis). The nominal spread of 34 bps is down from 56 bps a week ago as investors take notice of the anomaly. High-yield muni ETFs: HYD, HYMB, XMPT. 1 Comment

PCLN, EXPE

12:29 PM Priceline (PCLN +3%) is the “clear global winner” in the online travel agency space, writes Deutche’s Ross Sandler, who is upgrading shares to Buy and raising his PT to $900. Sandler touts Priceline’s “unique supply footprint, industry-high growth rates and margins, and over-exposure to … international hotel bookings.” He thinks margins (recently pressured by heavy search ad spend) will begin stabilizing in 2H, sees upside to consensus forecasts, and predicts earnings will “grow at a 20% CAGR over the next 3 years.” Sandler is also raising his PTs for Expedia (EXPE unchanged) and TripAdvisor (TRIP +3.8%), while reiterating Buys. [Tech, Consumer, On the Move] Comment!

12:25 PM As the last NATO troops leave Afghanistan in 2014, PepsiCo (PEP -0.9%) plans to be opening its first plant in the nation. Despite ongoing turmoil, more multinational firms have been tiptoeing back into Afghanistan due to the lure of wide open markets. Comment!

FB, YHOO

12:15 PM Facebook (FB -2.1%) slides after Yahoo (YHOO +1.3%) confirms it’s buying social blogging leader Tumblr, which (like Twitter) is arguably a threat to Facebook’s engagement levels. In spite of its focus on personal networks, Facebook has been trying to encroach on Tumblr’s turf via its support for “public” posts that can be followed by anyone. However, uptake has largely been driven by media figures, rather than regular users. In paying $1.1B for Tumblr, Yahoo is betting the platform’s social features and network effects will let it become the Twitter of longer-form material. If this happens, and Tumblr isn’t simply viewed as another blogging platform, the price tag could look cheap. (previous) [Tech, On the Move, M&A] Comment!

12:14 PM Aviv REIT (AVIV) declares dividend of $0.384/share consisting of 2Q quarter dividend of $0.36 and $0.024 for the period of Mar. 26 to Mar. 31. Forward yield. 4.67%. For shareholders of record June 03. Payable June 17. Ex-div date May 30. (PR) [Dividends] Comment!

12:12 PM Warren Resources (WRES -0.6%) says it is increasing its planned 2013 capex budget to $73M from $58M due to a decision to drill 25 new coalbed methane wells in the Spyglass Hill unit in Wyoming’s Washakie Basin. Since the additional wells are expected to be placed into sales in late 2013, WRES is not updating its full-year gas production guidance. [Energy] Comment!

12:07 PM Caterpillar (CAT +1.2%) says its global machinery retail sales fell 9% in April, with a 20% drop in its Asia/Pacific segment and 18% drop in North America. Latin America was a bright spot in April, rising 28%. The surge in LatAm is encouraging, says Wells Fargo’s Andrew Casey, especially when compared to last Aprils 12% increase. But, with demand in the other regions still contracting as heavily as they are, near-term hopes for CAT look dim regardless of how gangbusters the company is doing in South America. [Global & FX, On the Move] 1 Comment

12:05 PM Royalty Pharma raises its offer for Elan (ELN +2.4%) to $12.50/share. [Healthcare, M&A] 1 Comment

RRC, REXX

12:03 PM Range Resources (RRC +1%) and Rex Energy (REXX +3.5%) are both downgraded (I, II) to Hold from Buy at Stifel Nicolaus on valuation and a more cautious outlook on near-term natural gas markets. On RRC, while the firm says the strong set of Marcellus drilling locations, solid execution, and improving financial position warrant its highest premium valuation, it would not be aggressive buyers now. [Energy, Quick Ideas, On the Move] Comment!

12:00 PM On the hour: Dow +0.18%. 10-yr -0.08%. Euro +0.24% vs. dollar. Crude +0.91% to $97.17. Gold +0.08% to $1365.75. Comment!

11:58 AM Air T (AIRT) declares $0.30/share annual dividend. Forward yield 3.17%. For shareholders of record June 7. Payable June 28. Ex-div date June 5. (PR) [Dividends] Comment!

11:56 AM First Financial Northwest. (FFNW) declares $0.04/share quarterly dividend. Forward yield 1.66%. For shareholders of record May 31. Payable July 14. Ex-div date May 29. The board authorized to repurchase 10% of the outstanding common stock. (PR) [Dividends] Comment!

WETF, DXJ

11:54 AM Maybe the best synthetic way to play the dramatic changes in Japan (yen down, stocks up) is U.S. ETF provider WisdomTree (WETF). It’s up 2.5% today – pushing its YTD gain to nearly 125% – as its Japan Hedged Equity Fund (DXJ) moves past $10B in AUM. The once-tiny fund has received about $7B in inflows this year and now threatens EWJ ($12.26B AUM) for dominance in the Japan ETF space. [Financials, On the Move] Comment!

11:54 AM Leap Wireless (LEAP -2%) slumps after Deutsche cuts shares to Sell while reiterating its $4 PT. The firm is worried about tougher prepaid competition from T-Mobile (via MetroPCS) and AT&T (via its new Aio prepaid brand), and a relatively high valuation (7.4x 2014E EV/EBITDA vs. 4.7x-7x for peers) in spite of “inferior growth prospects.” Barclays launched coverage with an Underweight last Friday. [Tech, On the Move, Quick Ideas] Comment!

11:53 AM National Oilwell Varco (NOV) declares $0.26/share quarterly dividend, 100% increase from prior dividend of $0.13. Forward yield 1.51%. For shareholders of record June 14. Payable June 28. Ex-div date June 12. (PR) [Dividends] Comment!

HES, OXY

11:49 AM Focus will shift to its Bakken assets after proposed changes at Hess (HES), but Raymond James analysts say any breakup value is priced in, and Occidental (OXY) offers a better opportunity for “future multiple re-rating via breakup.” OXY, for a while embroiled in a tug of war for leadership, is talking about potential spinoffs now that CEO Steve Chazen has a firmer grip on the company. [Energy] Comment!

11:48 AM Edap (EDAP +5.3%) posts solid gains after saying minimally invasive, high-intensity focused ultrasound (HIFU) therapy demonstrates “encouraging cancer-specific survival rates in patients with localized prostate cancer.” The company cites data culled from a large, long-term study of “mobility and oncologic outcomes” conducted by two doctors at Edouard Herriot Hospital in France. (PR) [Healthcare, On the Move] Comment!

11:33 AM Petrobras (PBR -0.5%) reportedly is finding it hard to pump oil at one of Brazil’s largest prospects, signaling its venture with BG Group and Galp Energia may have higher costs or slower development than at other offshore fields. The Iara field is one of Brazil’s five largest discoveries, but single deepwater wells there are said to have already cost more than $100M apiece. [Energy] 1 Comment

11:28 AM Computer Sciences Corporation (CSC) declares $0.20/share quarterly dividend, in line with previous. Forward yield 1.78%. For shareholders of record June 14. Payable July 12. Ex-div date June 12. (PR) [Dividends] Comment!

SLV, FXY

11:27 AM Silver’s (SLV -0.6%) 9% plunge in the first minutes of trading overnight is being linked to hawkish talk from Japanese Economy Minister Akira Amari who warned the yen’s (FXY +0.7%) fast decline may be hurting the economy. One fails to see the connection but dollar/yen did dive along with silver and Andrew Wilkinson suggests hedge funds short the yen were forced to raise cash by bailing on stale silver longs. [Commodities, On the Move] Comment!

11:23 AM Yahoo/Tumblr (YHOO +0.7%) roundup: 1) Yahoo promises Tumblr will “enhance EBITDA and revenue” next year. Marissa Mayer states Yahoo could introduce ads on Tumblr’s blog feed, and also on individual blogs (with a blogger’s permission). 2) Some Tumblr users aren’t happy with the deal, and rival WordPress reports taking in some defectors. 3) Yahoo claims Tumblr gets 75M new blog posts each day, and that over half its mobile users are using its apps. 4) In criticizing the deal, John Saroff argues traditional display ads don’t suit Tumblr well. John Batelle thinks that’s fine, since Tumblr is great for native ads. (previous) [Tech] Comment!

11:22 AM Shares of WPX Energy (WPX +6.8%) surge after hedge fund Taconic Capital discloses a 6.39% stake in the company and says it “may engage in communications with relevant parties [on] ways to enhance shareholder value.” WPX has been strong in recent weeks after being cleared by Pennsylvania regulators, which said it was not responsible for water contamination in the state. [Energy, On the Move] Comment!

DAL, UAL

11:21 AM Senator Charles Schumer wants airlines to reverse their steep increase on flight change fees after Delta Air Lines (DAL -0.5%), United Airlines (UAL -1.1%), American Airlines (AAMRQ.PK), and U.S. Airways (LCC -0.6%) all bumped off their charge to $200 from $150. Last year, the top airlines collected $2.6B in reservation change fees which accounted for a decent portion of the overall growth in the industry. [Consumer] 2 Comments

11:21 AM “I haven’t seen anything this scummy since the worst of the subprime mortgage lenders,” Whitney Tilson says of World Acceptance (WRLD +0.3%). In a letter sent out Sunday evening, Tilson (who is short the stock) applauds Pultizer prize-winning ProPublica’s lengthy piece on the company and its installment loans which ProPublica says sometimes end up carrying annual rates of up to 200%. The piece also flags what it calls “useless” credit insurance products from which Citron Research (long-time WRLD detractor) claims the company derives more than half its profits. WRLD (which is heavily shorted) denies the charges and says it provides a valuable service. [Financials] Comment!

11:19 AM Raven Industries (RAVN -9.4%) takes a hit this morning after its Q1 misses estimates. The company reported an EPS of $0.38 per share, versus estimates of $0.44, missing by $0.06 and down 27% Y/Y. Revenue came in at $103.7M versus expectations of $112.64M. Sales were down 12% from the same period last year. Looking forward, the company warns that “delivering year-over-year sales and earnings growth in the second quarter of fiscal 2014 will be challenging.” [Earnings, On the Move] Comment!

TGT, NFLX

11:15 AM Pinterest says it’s in partnership with several retail brands including Target (TGT -0.8%), Netflix (NFLX +0.3%), and Sony (SNE +2.8%) to include more detailed information on product pins. The photo-sharing website is starting to draw more interest from retailers due to its higher signal-to-noise ratio and average user income than other social networking sites. [Consumer] Comment!

11:08 AM Ensco plc (ESV) declares $0.50/share quarterly dividend, in line with previous. Forward yield 3.16%. For shareholders of record June 10. Payable June 21. Ex-div date June 6. (PR) [Dividends] Comment!

SGMO, SHPG

11:04 AM Sangamo BioSciences (SGMO -4.5%) takes a bit of a hit this morning, despite the presentation of new data demonstrating the successful application of its In Vivo Protein Replacement Platform in a mouse model. The company, in partnership with Shire (SHPG +1.8%), is developing ZFP Therapeutics for both hemophilia A and B using this approach. The data was presented late last week at the 16th Annual Meeting of the American Society of Gene and Cell Therapy in Salt Lake City. [Healthcare, On the Move] Comment!

OCZ, NTGR

11:03 AM OCZ (OCZ +7.2%) bounces after announcing NetGear (NTGR +0.1%) has qualified its relatively costly Deneva 2 enterprise SSDs for use on NetGear’s ReadyDATA 516 NAS storage systems for SMBs. Shares still -34% YTD thanks to investor frustration with SEC filing delays. (PR) [Tech, On the Move] Comment!

11:02 AM McCraith Beverages filed a federal lawsuit in New York against Anheuser-Busch InBev (BUD -0.6%) over old distribution rights to brands acquired by the company. A-B says its believes the law supports it granting new brand rights for equity wholesalers. [Consumer, Global & FX] Comment!

11:00 AM On the hour: Dow -0.01%. 10-yr 0%. Euro +0.18% vs. dollar. Crude +0.89% to $97.15. Gold -0.5% to $1357.85. Comment!

10:59 AM Valero Energy (VLO +2.4%) pushes higher as a Friday story makes the rounds discussing the possible timing of a potential MLP for VLO’s logistics assets. VLO has said it was evaluating an MLP, but the article seems more focused on the when rather than the if an MLP would happen. VLO has not yet made a commitment, but a spokesman says it is “leaning toward a positive decision.” [Energy, On the Move] Comment!

10:53 AM Plug Power (PLUG +6.2%) gains saying earlier that the preferred stock investment made by Air Liquide closed on May 16. The company issued 10,431 shares of 8% convertible Series C Preferred Stock to Air Liquide, garnering $2.6M from the sale as part of a $6.5M strategic investment that PLUG says is a significant part of its strategy to grow its hydrogen fuel cell business for forklift trucks and other horizontal markets. [On the Move] Comment!

BP, XOM

10:47 AM Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the few major oil producing areas in the Persian Gulf where international companies are still allowed to hold an equity interest. Prequalified companies are BP, XOM, RDS.A, TOT, STO,OXY, E, PTR, OJSCY.OB, Inpex, Korea National Oil. [Energy, Global & FX] Comment!

SPHB, SPLV

10:47 AM “High Beta” is hot with the PowerShares S&P 500 High Beta Portfolio (SPHB) pulling ahead of the Low Volatility Portfolio (SPLV) YTD after notably underperforming in Q1 and early Q2. Markets make opinions, and Sam Stovall thinks the momentum in high beta is set to continue as yield-starved investors look to capital gains instead of dividends. 1 Comment

JASO, TAN

10:45 AM JA Solar (JASO +34.4%) is now skying higher following its Q1 beat and full-year shipment guidance reiteration, and is providing fresh fuel for the colossal solar stock rally that started last fall (TAN +4.4%). TSL +13.3%. DQ +20%. LDK +9.9%. JKS +10.3%. SCTY +11.6%. SOL +9.4%. CSUN +8.9%. SPWR +4.9%. ASTI +9.4%. YGE +8.4%. CSIQ +6.6%. The fact 38% of JA’s Q1 module shipments went to Japan (a market with higher ASPs/margins than China) is likely going over well with investors. [Tech, On the Move, Earnings] 4 Comments

IDX, THD

10:44 AM Indonesian stocks (IDX +1.3%) get a lift Monday, rising 1.4% in Jakarta after the country names Investment Coordinating Board chairman Chatib Basri (who has strong ties to the private sector) as new finance minister. Elsewhere in the region, Thai equities (THD +1.4%) once again get a boost from rate cut speculation as the SET jumps 0.95%. The Bank of Thailand may use a lower-than-expected read on Q1 GDP (5.3% expansion versus a consensus of 6%) to justify cutting the policy rate at its May 29 meeting (Nomura has the odds at 60%). [Global & FX] Comment!

10:41 AM Disney (DIS -0.5%) says Lucasfilm started production on the next animated Star Wars TV series with a fall 2014 release scheduled. The launch of the series will mark the first time the mighty Disney marketing machine is behind the show and is expected to have some tie-ins to the company’s studio, theme park, and consumer products segments as well as the intriguing Disney Interactive – viewed as an earnings wildcard in the Disney mix. [Consumer] Comment!

10:40 AM OSI Systems (OSIS -8.2%) slips after saying its security division, Rapiscan Systems – which makes body scanning machines used in U.S. airports – expects to receive a proposed debarment notice from the Department of Homeland Security in connection with a Show Cause letter issued by agency regarding the termination of their software deal several months ago. The notice opens the first phase of formal proceedings that will allow Rapiscan to provide information and communicate directly with DHS officials. [On the Move, Tech] Comment!

MTOR, FDML

10:27 AM A number of auto supplier stocks trade higher again as enthusiasm from last week on global demand spills over to early trading this week. A Goldman Sachs upgrade on Meritor (MTOR +6.7%) to a Buy rating is also helping to lift sentiment. Advancers: Federal-Mogul (FDML) +1.9%, Oshkosk (OSK) +1.4%, Icahn Enterprises (IEP) +2.8%, Stoneridge (SRI) +3.8%. [Consumer, On the Move] Comment!

10:25 AM UniPixel (UNXL +4.8%) announces the receipt of a $5M milestone payment related to its deal with an unnamed “major touchscreen ecosystem partner;” the payment will be recognized as deferred revenue in Q2. The company adds the installation of equipment for touchscreen film printing lines at its new Kodak facility will start this quarter, and equipment for 6 plating lines will arrive at its Kodak and Lufkin, TX facilities in June/July. Shares are recouping a portion of Friday’s huge losses. [Tech, On the Move] 6 Comments

10:22 AM Northrop Grumman (NOC -0.3%) gets upgrades from Drexel Hamilton (Buy from Hold) and CRT Capital (Fairly Valued from Sell) to go with Friday’s modest price target hike from JPMorgan. The company said last week it plans to reduce the number of outstanding shares by 25% by 2015. Price targets: Drexel, $90 from $70; CRT, $52 target removed; JPMorgan (last week), $70 from $68. Comment!

10:20 AM Stillwater Mining (SWC +1.2%) says Brian Schweitzer, the former governor of Montana, is elected chairman, replacing CEO Frank McAllister, who will continue to lead SWC until it finds a replacement. Schweitzer is one of four Clinton Group nominees voted onto the board on May 2. [Commodities] Comment!

10:19 AM Ford (F +0.5%) thinks the percentage of U.S. vehicles sold with four-cylinder engines will rise to over two-thirds by the end of the decade, an estimate that looks like a “stretch” to some industry insiders. Though the automaker sees making more headway with its four-cylinder models in many segments, it fell short of saying the smaller engine would take off in the large SUV or pickup segment. [Consumer] Comment!

FPO, BX

10:16 AM First Potomac Realty Trust (FPO) continues a repositioning to focus on D.C.-area office properties, agreeing to sell 23 industrial properties to Blackstone (BX) for $241.5M. In a separate deal, FPO sells a Haymarket, VA industrial property to Corporate Office Properties Trust (OFC) for $17.5M. (PR) [Financials] Comment!

YY, RENN

10:15 AM Chinese Internet stocks jump in response to Qihoo’s Q1 beat and very strong Q2 guidance, highlighted by ramping search ad sales and soaring online game revenue. YY +6.5%. RENN +6.8%. NTES +5.5%. BIDU +2.4%. PWRD +3.2%. SOHU +3%. SINA +2.3%. [Tech, On the Move] Comment!

PXP, FCX

10:07 AM Paulson & Co., whose funds own ~9.9% of the outstanding shares (12.8M) of Plains Exploration (PXP +7%), says it will vote in favor of Freeport McMoRan’s (FCX -0.9%) proposed takeover of PXP and McMoRan Exploration (MMR) as it “adds another avenue for growth, diversifies its cash flows, and increases the proportion of earnings from the United States.” [Energy, M&A, On the Move] Comment!

10:04 AM A downgrade to Market Perform from BMO takes a toll on Red Hat (RHT -4.1%). Shares had been rallying this month after a rough start to the year, thanks to weak top-line numbers from both the company and enterprise software peers. [Tech, On the Move] Comment!

10:00 AM On the hour: Dow -0.15%. 10-yr +0.09%. Euro +0.11% vs. dollar. Crude -0.48% to $95.83. Gold -0.88% to $1352.75. Comment!

9:52 AM 3D Systems (DDD +4.2%) jumps out of the gate after Needham and Maxim raise their PTs in bullish notes. Needham thinks “the industry environment for DDD’s products and services remains healthy,” and that recent software acquisitions Rapidform and Geomagic provide a new high-margin revenue stream. The firm also sees “upside earnings potential driven by increased operating leverage in the model over the next year.” (previous) [Tech, On the Move] Comment!

CPYYF.PK, CPYYY.PK

9:48 AM The U.S. approval of LNG exports wasn’t just a domestic political decision; many U.S. allies are eager for exports to go ahead, particularly the U.K. With dwindling North Sea gas reserves, the U.K. has become more dependent on LNG imports from Qatar, which sent the U.K. its 300th LNG cargo over the weekend. Qatar’s dominance could shrink if a utility such as Centrica is able to import U.S. LNG as it hopes. [Energy, Global & FX] Comment!

TLT, BUND

9:47 AM UBS’ 5 “suspected” asset bubbles: 1) Risk-free rates – specifically Treasurys (TLT), Bunds (BUND, BUNL), JGBs (JGBL, JGBT, JGBD, JGBS) 2) Credit (HYG, JNK) 3) Real estate in Asia (WPS) 4) Certain EM equity markets (EIDO, IDXJ, EPHE, THD, EWW) 5) Australian banks (WBK, NABZY.PK, ANZBY.PK, CMWAY.PK). Comment!

9:42 AM DXP Enterprises (DXPE +1.3%) acquires Tucker Tool Company for an undisclosed amount. For the previous 12 months, Tucker had sales and adjusted EBITDA of $8M and $1M respectively. (PR) [M&A] Comment!

9:41 AM Qihoo (QIHU +8.1%) shoots to new highs following its Q1 beat. A big reason: Q2 guidance is for revenue of $142M-$144M, far above a $121.5M consensus and evidence search monetization is ramping. Ad revenue +40% Y/Y (+49% in Q4) to $63.4M, value-added services (largely games) +119% to $45.8M (+105% prior). Monthly active users +11% Y/Y, to 457M, but up just 1M Q/Q (high penetration). Browser MAUs +7% Q/Q and +22% Y/Y to 332M. Mobile security users +33% Q/Q and +272% Y/Y to 275M. Home page daily visitors +3% Q/Q and +22% Y/Y to 94M. Home page daily clicks +9% Q/Q and +66% Y/Y to 489M. Opex +89% Y/Y due to search investments. CC at 10:30AM ET (webcast). (PR) [Tech, Earnings, On the Move] Comment!

9:40 AM Shares of Rite Aid (RAD +4.7%) are up again after setting new 52-week highs on Friday. The company is not just a turnaround story but also a deleveraging story, according to SA contributor Matthew Smith. [Consumer] 1 Comment

MTG, GNW

9:34 AM Red-hot mortgage insurers (RND, MTG, GNW) become hedge-fund hotels as analysis of March 31 filings showed a number of well-known funds starting or adding to big stakes. The group is as leveraged to the improvement of the housing market and mortgage credit as anything else out there, says KBW’s Bose George. MTG over $5/share (it’s over $6 now) is a wager on the government’s ability to transform the U.S. housing finance market,” says a contrary Jason Stewart. “Historically, this wager has been met with outcomes most … would classify as massively disappointing.” [Financials] Comment!

9:32 AM At the open: Dow -0.09% to 15341. S&P -0.03% to 1666. Nasdaq -0.08% to 3,496.09. Treasurys: 30-year +0.3%. 10-yr +0.14%. 5-yr +0.06%. Commodities: Crude -0.38% to $95.92. Gold -0.8% to $1353.75. Currencies: Euro +0.12% vs. dollar. Yen -0.68%. Pound -0.26%. Comment!

9:29 AM Plains All America (PAA) says it is constructing a 95-mile extension of its existing Oklahoma crude oil pipeline system to service increasing production from the Granite Wash, Hogshooter and Cleveland Sands producing areas in western Oklahoma and the Texas panhandle. The new pipeline will provide up to 75K bbl/day of new takeaway capacity. [Energy] Comment!

9:26 AM Rosetta Genomics (ROSG) jumps 11.76% before the bell after executing a credentialing agreement with managed care company Prime Health Services under which the company’s miRview mets2 test “will be included in Prime’s covered products and services.” The agreement is ROSG’s first with a U.S. PPO. (PR) [On the Move] Comment!

9:20 AM Meade Instruments (MEAD) rises a cool 99.4% premarket to $3.33. The company said Friday Jinghua Optics & Electronics will acquire all of the outstanding shares for $3.45 each, subject to shareholder approval. (PR) [M&A, On the Move] Comment!

9:16 AM Stifel Nicolaus downgrades Kansas City Southern (KSU) to a Sell rating after shares went on a M&A-fueled rally to push valuation high for a railroad concern. KSU +40% YTD, -0.6% premarket. [Consumer] Comment!

9:15 AM Market preview: Stock futures suggest small losses at the open after Friday’s surge catapulted the Dow and S&P 500 to all-time highs. The big corporate news over the weekend was Yahoo’s $1.1B deal to buy Tumblr, but shares only +0.6%. Precious metals are in focus after spot silver prices plunged as much as 9% in Asian trading and gold fell 2%. No major economic data today. Comment!

9:12 AM General Motors (GM) CFO Dan Ammann says the automaker is “reasonably” on its way to realizing cost savings by streamlining its business across divisions and operations. The automaker’s reorganization involves breaking down long-standing fiefdoms within GM and banking on its ability to bring many tech and engineering functions in-house. [Consumer] Comment!

AQ, MEAD

9:10 AM Premarket gainers: AQ +116%. MEAD +97%. PACT +38%. WBSN +28%. RSOL +26%. ROSG +16%. JASO +16%. JRCC +14%. QIHU +12%. LDK +9%. PXP +7%. IQNT +5%. VOYA +5%. DANG +5%. Losers: XNPT -26%. NBG -8%. [On the Move] Comment!

9:09 AM Jefferies downgrades Bed Bath & Beyond (BBBY) to Hold from Buy (price target to $71 from $76) citing valuation. “The company has all the potential to become an omni-channel leader in the home furnishings retail vertical in several years’ time,” notes analyst John Marrin. Up until then however, it will be “a pretty bumpy ride,” he says. [Consumer] Comment!

9:08 AM Oppenheimer takes a more cautious view of Lowe’s (LOW) in front of its Q1 earnings report with a downgrade to Perform and a $46 price target. LOW -0.5% premarket to $42.45. (earnings preview) [Consumer] Comment!

BP, HAL

9:06 AM Texas on Friday became the latest state to sue BP, Halliburton (HAL) and others tied to the 2010 Gulf of Mexico oil spill, alleging the parties “engaged in willful and wanton misconduct.” The Texas lawsuit asks for money for various reasons including sales and hotel occupancy taxes the state says it didn’t receive because visitors didn’t go to its Gulf Coast communities due to the spill. [Energy] 5 Comments

9:00 AM On the hour: S&P -0.15%. 10-yr +0.17%. Euro +0.13% vs. dollar. Crude -0.57% to $95.74. Gold -0.89% to $1352.55. Comment!

8:57 AM In deals divesting itself of the majority of its inland fleet, Hercules Offshore (HERO) sells 11 of its inland barge rigs to an undisclosed buyer for $45M and sells its inland barge rig Hercules 27 to another unrelated buyer for $10M. HERO expects to book a non-cash impairment charge of ~$40M in Q2. [Energy] Comment!

8:55 AM Peregrine Pharmaceuticals (PPHM) and the FDA agree on a Phase III trial design for Bavituximab. “We will now focus on starting the Phase III trial while continuing ongoing partnering discussions,” says CEO Steven King. Shares halted. (PR) [Healthcare, On the Move, Breaking News] Comment!

8:54 AM Barnes & Noble (BKS) is up 3.8% premarket after a weekend Barron’s article pitches that the stock is an undervalued sum-of-the-parts story set to pop. Admittedly, the Microsoft-buying-Nook factor is a huge wildcard with B&N, but the valuation on the company’s bookstore business looks appealing at current levels despite what happens with Nook Media. [Consumer] Comment!

8:50 AM Given Imaging (GIVN) rises 2.34% premarket after saying several studies presented at Digestive Disease Week highlight the value of the company’s SmartPill for the “evaluation and diagnosis of different motility conditions.” The studies suggest “an expanded role” for the device, the company says. (PR) [Healthcare, On the Move] Comment!

8:47 AM Tesoro’s (TSO) price target is raised to a Street-high $120 at Barclays, reflecting the inclusion of the BP Carson, Calif., refinery and associated retail and logistics assets into its 2013-14 earnings estimates. The firm is “impressed by management’s well-executed strategy and approach given the difficult regulatory approval process in California.” TSO +1.1% premarket. [Energy, Quick Ideas] 1 Comment

HYMLF.PK, KIMTF.PK

8:38 AM Hyundai (HYMLF.PK) and Kia (KIMTF.PK) continue to lose market share in South Korea to foreign brands as sharply lower tariffs make exports cheaper for local buyers. Foreign automakers now account for 41% of the market, up from 28% just two years ago. The trend is most pronounced in the luxury market where BMW (BAMXY.PK), Audi (VLKAY.PK), and Mercedes-Benz (DDAIF.PK) are all picking up market share steadily. [Consumer, Global & FX] Comment!

8:31 AM E-Commerce China Dangdang (DANG) is upgraded by Morgan Stanley to an Overweight rating and assigned a price target of $6.50. DANG +5.1% premarket to $6.00. [Global & FX, Consumer] 3 Comments

8:30 AM Apr. Chicago Fed National Activity Index: -0.53 vs. -0.23 prior. [U.S. Economy] 1 Comment

FCX, PXP

8:29 AM Sweetening the pot ahead of today’s shareholder vote deciding the fate of Freeport McMoRan’s (FCX) proposed takeover of Plains Exploration (PXP), PXP declares a special $3/share dividend and FCX announces a $1/share supplemental dividend to be paid upon closing the acquisition. With a close vote expected, the moves may well tip support in favor of the deal. PXP +6.2%, FCX +0.8% premarket. [Energy, On the Move] 5 Comments

8:29 AM Pactera Technology (PACT) moves 29% higher premarket after receiving a proposal from a consortium of investors to take the company private for $7.50 per share, a 43% premium to Friday’s close. (PR) [Tech] Comment!

NKE, LTD

8:29 AM The flood of tourists into Hong Kong from Mainland China looks promising to global retailers setting up shop in the region, although the tilt towards more bargain shopping could be a trend to watch for high-end sellers. Outlet malls have seen the biggest gains in traffic and sales in Hong Kong which sets up nicely for retailers that planned a strategy which pivots on squeezing profits from the channel. Hong-Kong watching: Nike (NKE), Limited Brands (LTD), Gucci (GUCG.PK), Prada, Louis Vuitton (LVMUY.PK), Coach (COH), Ralph Lauren (RL), Michael Kors (KORS), Swatch (SWGAY.PK), Burberry (BURBY.PK), and Tiffany (TIF). [Consumer, Global & FX] Comment!

8:28 AM Umpqua Holdings (UMPQ) declares $0.15/share quarterly dividend, 50% increase from prior dividend of $0.10. Forward yield 4.44%. For shareholders of record June 28. Payable July 15. Ex-div date June 26. The board approved special dividend of $0.05/share payable on June 14, to shareholders on record of May 31. (PR) [Dividends] Comment!

8:27 AM Synovus Financial (SNV) slides 3.2% premarket after Goldman downgrades to Sell with $2.50 price target. The stock is pricing in M&A speculation, says analyst Ryan Nash, but standing alone, earnings don’t justify such a level. [Financials, On the Move] Comment!

RMB, YAO

8:22 AM Guggenheim announces the closing of its Chinese Yuan bond ETF (RMB), effective June 14 as the fund failed to generate significant investor interest since its 2011 launch. The fund’s May dividend distribution will be suspended which should maximize the amount shareholders will receive at liquidation on or about June 21st. Comment!

8:13 AM More on Websense (WBSN)-Vista Equity Partners (previous): Websense shareholders will receive $24.75 in cash for each of their shares to mark a 29% premium over Friday’s closing price. The company says it talked to several potential suitors before settling on the offer from the P-E firm. The transaction is slated to close during Q3 of 2013. (PR) [Tech, M&A] Comment!

8:13 AM Yahoo (YHOO) confirms its deal to acquire Tumblr for $1.1B in cash. “Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business. David Karp will remain CEO.” Yahoo expects the combination to grow its audience by 50% and grow traffic by 20%. Up earlier, Yahoo now off 1% premarket. (PR) [Breaking News, Tech, M&A] 3 Comments

AU, GFI

8:12 AM Shares of South African miners sink as the country’s mine workers union calls for a 60% pay increase on gold and coal producers. The union says it is seeking an entry-level minimum monthly wage of 7K rand ($750) for surface workers and 8K rand for underground workers vs. respective current minimum wages of 4.7K and 5K rand. AU -3.7%, GFI -3.4%, HMY -1.9% premarket. [Commodities] 2 Comments

VOYA, ING

8:07 AM It’s shaping up as a big day for ING U.S. (VOYA) as a bullish Barron’s piece on the undervalued and misunderstood insurer/asset manager combines with BTIG’s Mark Palmer initiating with a Buy and $31 price target. “We believe there is a very good reason why ING management expressed dismay” at being forced to sell the unit. Shares +4.3% premarket. [Financials, On the Move, Quick Ideas] Comment!

8:04 AM Xenoport (XNPT) plummets 19.26% premarket after saying data from a Phase 3 clinical trial of arbaclofen placarbil did not demonstrate that the treatment provides statistically significant improvement versus a placebo in patients with spasticity due to multiple sclerosis. The company will “terminate further investment in the program.” (PR) [Healthcare, On the Move] Comment!

8:03 AM Vista Equity Partners says it will buy Websense (WBSN) for a deal price close to $1B. WBSN +30.1% premarket to $24.99. [M&A, Consumer] Comment!

8:00 AM On the hour: S&P 0%. 10-yr +0.05%. Euro +0.22% vs. dollar. Crude -0.4% to $95.91. Gold -0.6% to $1356.55. Comment!

7:59 AM Camtek (CAMT): Q1 EPS of -$0.01 beats by $0.02. Revenue of $18.1M beats by $1.1M. (PR) [Earnings, Breaking News, Tech] Comment!

7:59 AM J.C. Penney (JCP) receives a stinging price target cut from BMO Capital to $7 on the firm’s take that it would take a miraculous “massive increase” in sales to return the retailer to profitability. A more likely scenario could be tangible equity turning negative in FY15, warns the firm. JCP -0.2% premarket. [Consumer] 4 Comments

7:57 AM Yahoo (YHOO) +1.4% premarket following its reported deal to buy Tumblr for $1.1B in cash. It’s hard to justify at the current price, opinies Jefferies, noting Tumblr barely generates any revenue. Meanwhile, WordPress CEO Matt Mullenweg says defections from Tumblr to his site have soared, maybe thanks to Yahoo’s history of shutting down past acquisitions like Geocities, Broadcast.com, and Del.icio.us. [Tech, M&A, On the Move] Comment!

7:54 AM The FDA grants Synageva BioPharma (GEVA) Breakthrough Therapy designation for sebelipase alfa, a treatment for early onset acid lipase deficiency. Earlier this month, JPMorgan expressed some skepticism based on what the bank says is a fairly low level of disease awareness (even among specialists). (PR) [Healthcare] Comment!

7:49 AM More on Campbell Soup’s (CPB) FQ3: Organic sales rose 4% during the period, led by a strong showing from the U.S. Simple Meals segment. Total sales benefited 5 percentage points from volume and mix while the acquisition of Bolthouse Farms added eleven percentage points. The company acknowledges some weakness with its U.S. Beverages segment as it faced increased competition in the juice category. FY13 EPS guidance is revised to $2.58-$2.62. (PR) [Consumer, Earnings] Comment!

7:48 AM More on JA Solar’s (JASO) Q1 results: Lower prices for PV panels led to an eighth straight quarterly loss, although less than expected. Total shipments were 442.7 MW, -11.5% Q/Q and +20.9% Y/Y, vs. 410-430 MW company guidance. Full-year guidance of 1.7-1.9 GW unchanged. Gross margin +6% in Q1 vs. -4.6% in Q4 2012 and +2.1% in the year-ago quarter. Shares +5.5% premarket. [Earnings, Tech, Energy, On the Move] Comment!

7:41 AM Blackstone’s (BX) a buyer of single-family property, but plans a wave of other real estate sales, and its Brixmor Property Group could be among the first. Blackstone is considering an IPO of the unit – the 2nd largest owner of U.S. community and neighborhood shopping centers – reports Bloomberg. The biggest clue is the hiring of Mike Pappagallo from Kimco as President and CFO, a job he starts today. [Financials] Comment!

7:40 AM Best Buy’s (BBY) store-within-a-store strategy is starting to pay off as wasted (no profits) space for DVD and CD products is converted into creative floor space that can produce profits, according to Janney Montgomery Scott’s David Strasser. The analyst sees positive same-store sales for the current quarter. [Consumer] 1 Comment

BA, UAL

7:38 AM The 787 Dreamliner is back in the air in the U.S. as the CEOs of Boeing (BA) and United Airlines (UAL) fly with 250 other passengers from Houston to Chicago aboard the jet. 2 Comments

7:31 AM Campbell Soup (CPB): FQ3 EPS of $0.62 beats by $0.06. Revenue of $2.09B (+15% Y/Y) beats by $0.05B. (PR) [Earnings, Breaking News, Consumer] Comment!

7:30 AM DELL‘s board sends another letter to 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!

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 (RBS) 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!

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!

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] 1 Comment

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] 3 Comments

ACT, WCRX

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] 1 Comment

BGCP, NDAQ

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!

7:08 AM Shares of Warner Chilcott (WCRX) are halted with news pending. [Healthcare] Comment!

SLV, GLD

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] 17 Comments

VIA, VIAB

7:06 AM Star Trek: Into Darkness pulled in $84.1M over its four-day opening period to fall a bit short of the expectations from Paramount Pictures (VIA, VIAB). The movie did perform well for IMAX, hauling in $13.5M from the 336 theaters it played in the big-screen format. [Consumer] Comment!

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!

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!

GM, DDAIF.PK

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] 4 Comments

SPY, DIA

6:57 AM Stock index futures (SPY, [[QQQ], DIA) are flat with Europe mixed midday and most of Asia nicely higher overnight. The big moves of note are the precious metals, gold off 1.1% to 1,350, silver off 3.6% to $21.54. Comment!

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!

MS, SCBFF.PK

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!

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] 6 Comments

HD, LOW

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!

6:33 AM JA Solar (JASO): Q1 EPS of -$0.85 beats by $0.35. Revenue of $270M (+4.7% Y/Y) beats by $41.03M. (PR) [Earnings, Breaking News, Tech] Comment!

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!

6:06 AM Alvarion (ALVR): Q1 EPS of -$0.51. Revenue of $8.5M (-45.4% Y/Y). (PR) [Earnings, Breaking News, Tech] Comment!

BUND, ITLY

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!

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!

6:00 AM Qihoo 360 Tech. (QIHU): Q1 EPS of $0.14 beats by $0.01. Revenue of $109.9M (+58.6% Y/Y) beats by $3.6M. (PR) [Earnings, Breaking News, Tech] Comment!

VOD, VZ

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] 3 Comments

CHK, APC

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] 4 Comments

EWJ, DXJ

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!

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!

12:10 AM Notable earnings after Monday’s close: TIVO [Earnings] Comment!

CPB, HGG

12:05 AM Notable earnings before Monday’s open: CPB, HGG, JASO, QIHU [Earnings] 1 Comment

12:00 AM Monday’s economic calendar: 8:30 Chicago Fed National Activity Index Comment!

9:17 PM The European investigation (I, II) into oil benchmark pricing raises rarely voiced questions about the appropriate way to set prices. FT notes that Platts’ reporters cover 400+ wholesale energy prices everyday and the information available to them is limited to what commodities houses and Big Oil are willing to disclose. The process is complicated by the fact that myriad factors ranging from small discrepancies in quality to the type of hull on transport tankers, make the process inherently subjective. Nevertheless, the ordeal looks quite a bit like the Libor and ISDAFIX probes: a benchmark to which trillions of dollars of assets are tied is determined by key players away from the public eye. [Commodities, Energy] 3 Comments

8:42 PM If they “want to succeed in Vietnam, they have to change the way they serve,” one customer says of Starbucks’ (SBUX) brewing methods at its Ho Chi Minh City flagship store. Of all the markets into which the Seattle coffee giant has ventured, Vietnam may prove the most challenging given the country’s rich coffee culture which dates back at least a century. Predictably however, business is good, and Howard Schultz says sales are already exceeding expectations despite locals’ penchant for what WSJ describes as a “thick, oily” domestic brew. (Also: SBUX goes to Myanmar) [Consumer] 4 Comments

8:08 PM Yahoo (YHOO) update: The board will meet Sunday night to decide on a $1.1B all-cash deal for Tumblr, according to AllThingsD. (earlier) [Tech, Breaking News] 3 Comments

7:18 PM Yahoo’s (YHOO) NYC event will be focused on Flickr updates rather than Tumblr, Bloomberg reports. This, of course, doesn’t preclude a Tumblr deal from being announced at some other time. Marissa Mayer reportedly doubled the size of long-neglected Flickr’s engineering team last summer, and new Flickr apps have launched to positive reviews. However, Flickr’s online photo market share is now well below that of Facebook/Instagram. [Tech] 2 Comments

7:18 PM Shares of General Motors (GM +3.1%) eclipsed their $33 IPO price as investors speculate that the U.S. government may soon exit its ownership stake in the auto maker. The auto maker rose to $33.42 to close above its November 2010 IPO price for the first time since February 2011. U.S. taxpayers currently hold a 16.4% stake, or 241.7M shares worth about $8.08B. [Consumer, U.S. Economy] 4 Comments

6:50 PM UniPixel (UNXL -26%) crashed today in the absence of major news. Williams Financial’s Cody Acree, who rates shares a Buy: “There were a lot of speculative things today, a lot of which probably got blown out of proportion.” Among other things, Acree notes a recent Apple patent application for a large-display touch sensor panel (not a competitive threat), and the fact a 13G filed by Goldberg Capital notes the firm’s stake in UniPixel has fallen to 5.25% (Acree says this is only due to dilution from the stock offering). Shares still +99% YTD. [Tech, On the Move] 18 Comments

6:44 PM If we keep moving up like this, stocks could go “parabolic,” says Art Cashin. The stocks that have the heaviest short positions have already raced ahead of the indices, and they are going to crumble if we keep going. (Video). [U.S. Economy] 32 Comments

6:35 PM SolarCity’s (SCTY +25.7%) big rally is “bubble-like,” cautions Raymond James’ Pavel Molchanov, who tried to temper enthusiasm about First Solar last month. Molchanov warns a June 11 lockup expiration could “open the floodgates.” Credit Suisse also cited the lockup when downgrading shares on Tuesday; the firm estimates the lockup will increase SolarCity’s tradable float by 8x-10x. (earlier) [Tech, On the Move] 1 Comment

6:28 PM AOL is reportedly laying off ~3% of Patch’s 1,400-strong staff and (per a company memo) is giving the oft-criticized local news unit a new CEO. Patch COO Steve Kalin is the division’s new chief; current CEO Jon Brod will return to AOL Ventures. AOL asserts the changes are aimed at improving content quality/engagement and allowing Patch to make good on promises it will be profitable by year’s end. comScore estimates Patch, bogged by questions over how well a business focused on “hyper-local” content can scale, saw traffic rise 26% Y/Y in April to 13M monthly uniques. [Tech] 1 Comment

6:15 PM Caterpillar’s (CAT) deal to cut the purchase price of a Chinese mining equipment maker it bought last year ends an embarrassing episode, but now comes the hard part: penetrating China’s huge underground mining market. The dispute overshadowed the real importance of giving CAT the product line and distribution it desperately wants in China, the world’s top producer and consumer of coal. [Global & FX] Comment!

6:08 PM Ubiquiti (UBNT) -5.9% AH after filing to sell 7.7M shares on behalf of existing shareholders through a public offering. CEO/NBA owner Robert Pera will be selling 1.7M shares, lowering his stake to 64.4% from 66.4%. Investment firm Summit Partners will be selling 6M, lowering its stake to 10.5% from 17.3%. The filing comes shortly after Ubiquiti closed near its 52-week high, and a week after shares took off in response to a Q1 beat and strong guidance. (S-1) [Tech, On the Move] 2 Comments

6:08 PM All the chatter about cheap stocks is likely to fall on deaf ears if this “profitless rally” continues, observe analysts at Citigroup. Markets are expected to make further gains supported by moderate EPS growth and dividend increases, but “valuations imply less impressive gains from here,” the bank says. In particular, a slowdown would affect two of the most impressive markets the most; the S&P 500 and the Nikkei, which have risen more than 16% and 46% this year, respectively. [Financials] Comment!

6:00 PM On the hour: S&P +0.97%. 10-yr -0.38%. Euro -0.37% vs. dollar. Crude +0.78% to $95.91. Gold -2.1% to $1357.75. Comment!

LNG, COP

5:52 PM The permit approval for the Freeport gas export project opens up the dam for other pending applications, but the pace of coming decisions is still unknown, analysts say, adding that similar projects building from existing facilities are best placed to secure approval and financing. Meanwhile, Cheniere Energy (LNG) has reaffirmed its operating target date of late 2015 for the export terminal it is building at Sabine Pass, La. [Energy] 12 Comments

5:46 PM Westlake Chemical (WLK) declares $0.1875/share quarterly dividend, in line with previous. Forward yield 0.81%. For shareholders of record June 04. Payable June 19. Ex-div date May 31. (PR) [Dividends] Comment!

5:46 PM QLogic (QLGC) CEO Simon Biddiscombe has resigned from his position, as well as from the company’s board, to “pursue other opportunities.” CFO Jean Hu has been named interim CEO while a search commences for a replacement. Biddiscombe became CEO in Nov. 2010, after serving as CFO for two years. QLogic has had a rough time during Biddiscombe’s tenure, as both the company and archrival Emulex contended with soft storage adapter card demand and competitive pressures. Shares -2.2% AH. [Tech, On the Move] Comment!

GAIA, ADK

5:42 PM After-hours top gainers, as of 5:15 p.m.: GAIA +7.6%. ADK +6.4%. PATH +5.3%. GST +4.2%. DQ +3.3%. After-hours top losers: DATA -5.1%. QEP -3.8%. CPRT -3.8%. RPAI -3.6%. EA -2.3%. [On the Move] Comment!

5:34 PM Though Google’s rally and Apple’s plunge have received more headlines, Microsoft (MSFT +2.3%) has rallied this month to levels last seen in ’07, and in doing so has let Bill Gates pass Carlos Slim to become (once more) the world’s richest man. Shares are up 32% YTD as value investors bet enterprise and cloud services strength will offset PC weakness and slow Windows 8 uptake. Microsoft currently trades at 8.6x FY14E EPS after backing out net cash/investments. [Tech] 2 Comments

PTR, CVX

5:31 PM Venezuela reportedly will allow its state-owned energy company to form joint ventures with PetroChina (PTR) and Chevron (CVX) to manage $6B in loans designed to reverse declining oil output. Agreements have been reached on terms of a $2B credit from CVX for the Petroboscan venture and a $4B loan from China for Sinovensa. Similar deals may be in the works with Shell (RDS.A) and Repsol. [Energy, Global & FX] 5 Comments

ACN, AQ

5:28 PM Accenture (ACN) is acquiring e-commerce/online ad consulting firm Acquity Group (AQ) for $316M, or $13/share, in cash. The price represents an 118% premium to Acquity’s close today. Much like Accenture’s recent purchases of Fjord and avVenta, the deal is about increasing Accenture’s exposure to a burgeoning Web/digital marketing services space, and pitch more comprehensive solutions to CMOs and ad agencies. Accenture notes Acquity brings expertise in popular platforms such as Adobe and hybris. Acquity shares +111% AH to $12.56. [Tech, M&A, On the Move] Comment!

5:14 PM The NYSE cancels rogue trades in Anadarko Petroleum (APC) from the final second of the trading day that took the stock from $90 to one cent in some trades. NYSE initiated a “clearly erroneous execution review,” resulting in cancellation of trades executed at or below $87.56/share in that last second. [Energy] 5 Comments

5:13 PM After taking a hit earlier this month on a weak earnings report, Con-Way Trucking (CNW +3.4%) has steadily rebounded and posted another strong showing today. Optimistic investors turned towards the options pit on a buying spree in the name today. Total option volume was 100 times greater than average in the name yesterday, with calls accounting for 96% of the total. [Consumer, On the Move] Comment!

GME, EA

5:04 PM GameStop (GME +4.5%) closed with a big gain after NPD reported U.S. physical retail video game sales fell 17% Y/Y in April, better than some feared; they fell 1% in March, and 27% in Feb. Hardware sales fell 42%, as gamers wait for this fall’s launches. Total industry physical retail sales fell 25%; as Electronic Arts (EA +0.9%) and Activision’s (ATVI +0.5%) latest results show, such sales make up a declining portion of industry revenue. Take-Two’s (TTWO +1.9%) Bioshock: Infinite and NBA 2K13 were the month’s 3rd and 7th-most popular titles, and Activision’s Call of Duty: Black Ops 2 and Skylanders Giants were #4 and #8. [Tech, Consumer, On the Move] Comment!

5:00 PM On the hour: S&P +0.97%. 10-yr -0.38%. Euro -0.37% vs. dollar. Crude +0.78% to $95.91. Gold -2.1% to $1357.75. Comment!

TAN, XLF

4:49 PM The week’s ETF movers – Gainers: TAN +9.6%. XLF +3.7%. UNG +3.4%. GAZ +3.2%. EWJ +3.0%. ETF Losers: GDXJ -14.2%. GDX -11.5%. PSLV -7.3%. SLV -6.9%. SIVR -6.7%. [On the Move] 1 Comment

4:44 PM It looks like investors will have to wait for any supersized dividend from Gazprom (OGZPY.PK). Citigroup analysts say the Russian gas giant will pay a dividend of 5.99 rubles/ADR, or ~25% of net income according to Russian accounting standards; investors had been hoping the company would pay 25% of net income based on international financial reporting standards. (earlier) [Energy, Global & FX] 3 Comments

4:40 PM Maxwell Technologies (MXWL) says on May 14 it received an additional notification letter from the Listing Qualifications Department of the NASDAQ advising it that, due to its inability to file a 10-Q on a timely basis, and because the company remains delinquent in filing its Form 10-K for the fiscal year ended December 31, 2012, the company is not in compliance with NASDAQ Listing Rules. The company has until May 20, 2013 to submit a plan explaining how it expects to regain compliance. [Tech] Comment!

AAPL, P

4:34 PM iRadio (AAPL) is “still bogged down in licensing talks,” music industry sources tell The Verge’s Greg Sandoval. In addition to Sony (already reported to have rejected Apple’s licensing terms), BMG is said to be holding out for a better deal; one has reportedly been signed with Universal. Apple’s interest in offering on-demand options not found on Pandora (P) and other Web radio services has reportedly complicated talks. Past reports stated Apple is aiming for a summer launch. [Tech] 14 Comments

4:33 PM Dow Chemical (DOW) issued a somewhat surprising statement after the approval of the Freeport liquefied natural gas export project, saying it “provides the greater clarity and certainty that businesses need to make investment decisions… Dow will adopt a wait and see approach regarding further approvals.” Dow has argued against unfettered exports, saying they could lead to price spikes that could harm the economy. [Energy] 2 Comments

4:23 PM Gilead Sciences (GILD +2.4%) finishes higher today after UBS raised its price target to $67 from $63 and reiterated its Buy rating. Analyst Matthew Roden sees ongoing strength for its HIV franchise, saying the firm conducted a survey of top-volume prescribers to gauge initial receptiveness and expected utilization once available,and results were highly supportive of TAF, its HIV treatment, as a next-gen replacement for Viread. [Healthcare, On the Move] 1 Comment

4:22 PM Span-America Medical Systems (SPAN) declares $0.125/share quarterly dividend, in line with previous. Forward yield 2.60%. For shareholders of record May 29. Payable June 05. Ex-div date May 27. (PR) [Dividends] Comment!

4:22 PM Aetna (AET) declares $0.20/share quarterly dividend, in line with previous. Forward yield 1.33%. For shareholders of record July 11. Payable July 26. Ex-div date July 09. (PR) [Dividends] Comment!

4:21 PM Sysco (SYY) declares $0.28/share quarterly dividend, in line with previous. Forward yield 3.19%. For shareholders of record July 05. Payable July 26. Ex-div date July 03. (PR) [Dividends] Comment!

4:21 PM Cathay General Bancorp (CATY) declares $0.01/share quarterly dividend, in line with previous. Forward yield 0.19%. For shareholders of record June 03. Payable June 19. Ex-div date May 30. (PR) [Dividends] Comment!

4:17 PM More on Yahoo/Tumblr: Forbes’ Jeff Bercovici reports talks are “proceeding rapidly and likely to result in an offer” as soon as Marissa Mayer can get board approval. He adds Mayer would prefer an acquisition over some other kind of deal, and is trying to allay Tumblr CEO David Karp’s fears of being “absorbed into a behemoth.” Tumblr is also said to have held talks with Facebook and Microsoft, but a lockup agreement with Yahoo makes them irrelevant. BI’s Nicholas Carlson observes Tumblr sources who were happy to talk with him 3 weeks ago have gone silent. [Tech, M&A] 2 Comments

DTV, DIS

4:11 PM DirecTV (DTV) has joined the ranks of companies weighing a bid for Hulu (DIS, NWS, CMCSA), with an eye towards expanding its arsenal of TV Everywhere content, the WSJ reports. The scoop shortly follows a report Time Warner Cable and other MSOs are talking about a possible bid. [Tech, Consumer, M&A] Comment!

4:10 PM Market recap: The familiar buy-the-dip trade was back in action, and a bigger than expected rise in consumer sentiment plus a gain in leading economic indicators bolstered the view that maybe the economy isn’t so bad. All key S&P sectors were in the green, led by energy and industrials. The dollar index jumped to its highest since July 2010, one of the factors behind gold’s seventh straight losing session. [Top Stories] 9 Comments

4:09 PM Net Element (NETE): FQ3 EPS of -$0.11. Revenue of $874.5K. (PR) [Earnings, Breaking News] Comment!

4:02 PM With Tumblr speculation swirling, Yahoo (YHOO -0.3%) has scheduled a Monday evening NYC press event; CNBC reports Marissa Mayer will speak. Wells Fargo gives an overview of Tumblr’s opportunities/risks. The firm notes comScore estimates Tumblr had 115M PC unique visitors in April (+85% Y/Y) and 14.5M mobile visitors (+227%), that engagement is strong, and that Tumblr is targeting $100M+ in 2013 revenue following just $13M in 2012 (ad sales are only starting to ramp). Wells thinks Yahoo could monetize Tumblr the way it did Flickr, but also points out the site has a ton of “provocative and even salacious material” that could deter brands. [Tech] 2 Comments

4:00 PM At the close: Dow +0.77% to 15351. S&P +0.95% to 1666. Nasdaq +0.87% to 3495. Treasurys: 30-year -0.85%. 10-yr -0.36%. 5-yr -0.14%. Commodities: Crude +0.87% to $95.98. Gold -2.29% to $1355.15. Currencies: Euro -0.42% vs. dollar. Yen +0.95%. Pound +0.67%. 1 Comment

3:58 PM TC Pipelines (TCP +2.6%) is upgraded to Buy from Neutral with a $51 price target at BAML on plans to acquire additional equity interests in Gas Transmission Northwest and Bison. The firm views TCP’s recently announced drop-down as alleviating most concerns about uncertainty around the ability to re-contract pipeline capacity on attractive terms and below peer-average distribution growth. [Energy, Quick Ideas, On the Move] 1 Comment

3:56 PM Oncothyreon (ONTY +0.9%) gets a boost from Wedbush today, as the firm upgrades he stock to Outperform and raises the price target from $2 to $5. Wedbush says that its partner Merck KgA may be successful in negotiating a path to approval for Stimuvax with the existing and anticipated new data from ongoing clinical trials. Merck expects to provide an update on their discussion with regulators in 2013. [Healthcare, On the Move] 1 Comment

GLD, IAU

3:55 PM The bear market in gold (GLD, IAU) has left three closed-end funds trading at abnormally large discounts to NAV, says Morningstar’s Cara Esser: GTU, CEF, and PHYS. Likewise, a small selloff in municipal (MUB) paper has left these muni CEFs at attractive values: NXR, MYD, NXP. [Quick Ideas] 2 Comments

FXY, JYN

3:46 PM The yen (FXY -0.9%) legs down to a new multi-year low – the dollar now buying ¥103.24 – continuing a truly remarkable move since late last year. It’s an instance where politicians told you they were going to devalue, every trader and strategist around told you they were shorting the yen, and sure enough the yen went down … hard, and in as straight of a line as markets ever allow. Ah, if it were always that easy. Other ETFs: JYN, YCL, YCN. [Global & FX, On the Move] 4 Comments

3:43 PM Shares of Amarin (AMRN -1.1%) rebound somewhat from an earlier dip on news that its Vascepa wasn’t in the FDA’s Orange Book for April. [Healthcare, On the Move] 5 Comments

3:41 PM Deutsche Bank raises its price target on Buy-rated Access Midstream Partners (ACMP +1.4%) to $57 from $46 after the MLP’s analyst day introduced guidance for 20% EBITDA growth into 2015. A peak in organic capex this year, a 1.4x distribution coverage ratio, and no need for equity issuance for three years show a potential for distribution growth to top expectations. [Energy, Quick Ideas] Comment!

3:37 PM SunTrust (STI +1.8%) notches a legal victory with a federal judge blocking a hedge fund from moving forward with a $13M arbitration over soured MBS. It’s another in a series of suits by banks who would prefer the claims be heard in a court of law rather than by FINRA. [Financials] Comment!

3:25 PM Famous Dave’s of America (DAVE -0.4%) resumes trading after a brief halt for volatility. The shares initially spiked lower without any news to drive the shares. [On the Move] Comment!

GDX, NEM

3:22 PM Gold miners (GDX -3.2%) take another beating as gold continues to lose its allure amid disclosures of reduced bets by hedge funds, a World Gold Council report showing gold demand at a three-year low, and a surging dollar. For the miners, it’s an ugly world of lower production, higher costs and falling prices. At least nine miners hit 52-week lows: NEM -3%, GG -2.7%, AUY -4.8%, HMY -6.3%, AU -2.5%, BVN -1.1%, ANV -7.4%, NG -2.7%, GSS -5.8%. [Commodities, On the Move] 18 Comments

SPY, DIA

3:03 PM Stocks move to new session highs an hour before the bell, perhaps soothed by the FOMC’s Kocherlakota arguing the Fed isn’t easy enough. It’s the opposite of 24 hours ago when John Williams’ hawkish words knocked the markets for a few points. (SPY +0.9%), (DIA +0.4%), (QQQ +0.8%). 10 Comments

3:03 PM Keep an eye on Dean Foods (DF +1%). Though the food company could see some choppy trading next week after it was dumped from the S&P 500, dealReporter notes there’s plenty of M&A speculation around the name to keep shares perky. A market cap below $4B raises the possibility that a larger company could see DF as a bolt-on acquisition. [Consumer, M&A] Comment!

3:00 PM On the hour: Dow +0.65%. 10-yr -0.36%. Euro -0.41% vs. dollar. Crude +0.92% to $96.04. Gold -1.8% to $1361.95. Comment!

WFC, C

2:59 PM Wells Fargo (WFC) and Citigroup (C) have halted the vast majority of foreclosure sales in numerous states following the release of new standards from the OCC, reports the American Banker. Harkening back to the days of the robo-signing scandal, Wells’ foreclosure sales across 5 westerns states dropped to fewer than 10 per day in April from more than 300 previously. JPMorgan (JPM) also slowed sales, but has returned to normal activity. BofA (BAC) is proceeding as usual. [Financials, U.S. Economy] 1 Comment

2:58 PM A bankruptcy judge approves $6.9M in bonuses for Patriot Coal (PCXCQ.OB) executives and workers, overruling the objection of union members who face wage and benefit cuts. Patriot and the United Mine Workers union still await a ruling from the judge over whether the company can impose wage and benefit cuts upon its union workers and retirees. [Energy] 3 Comments

2:55 PM Volatile NII Holdings (NIHD +10%) is soaring after pricing a $700M debt refinancing deal. The Latin American carrier, which originally was looking to raise $500M, will be paying 7.875% on senior notes due Aug. 2019, and intends to use the proceeds to pay back Mexican and Brazilian loans. NII had $5.7B in debt on its balance sheet as of March 30, and $1.9B in cash/investments. 40.7% of the float was shorted as of April 30. (PR) [Tech, On the Move] Comment!

2:40 PM Blackstone (BX) launches a curious new fund – a high-risk hedge fund whose positions will consist of the riskiest trades from 3rd-party hedge funds the P-E firm invests with. Managers can sell their ideas to the the new fund in exchange for a fee. If secrecy is a prime asset of hedge funds, one imagines managers will not be so quick to part with ideas. It should be interesting to watch. [Financials] 2 Comments

AMZN, EBAY

2:38 PM Amazon (AMZN +1.5%) and eBay (EBAY +1.9%) are outperforming after mid-May U.S. consumer confidence numbers blow past expectations. Of course, it was European sales (I, II), rather than U.S. sales, that put investors in both companies on edge following their Q1 reports. [Tech, Consumer] 1 Comment

2:34 PM McDonald’s (MCD) will boost its workforce by 83% this year to take it to 165K as it picks up its pace of store growth in the nation. The restaurant operator has less than half of the fast-food market share that Yum Brands claims, but the gap is narrowing with KFC China suffering some turmoil. [Consumer] 10 Comments

ACT, WCRX

2:34 PM Actavis’ (ACT +1.5%) pursuit of Warner Chilcott (WCRX +0.5%) may be a way to defend itself from a potential takeovers by Valeant Pharmaceuticals (VRX +2.5%) and Mylan (MYL +2.2%). VRX routinely looks at potential acquisitions, but to date has stayed away from WCRX because of its dwindling pipeline, so a combined ACT/WCRX deal would be out of the picture. And it would be virtually impossible for MYL, with a market value of $11.7B, to buy the combined firm. It already has about $6B in debt and Street estimates put a combined companies near $21B. [Healthcare, M&A] Comment!

2:33 PM The Fed hasn’t lowered “real” interest rates enough, says Minneapolis Fed chief Kocherlakota, not disappointing his new fans. Somewhat hawkish until a near-religious conversion last year, Kocherlakota is now the most dovish on the FOMC (though not a voter this year) and fond of making statements like that. [U.S. Economy] 14 Comments

2:28 PM Google’s (GOOG +0.1%) sell-side PTs have been surging as shares continue trading above $900 following a torrent of I/O news. The I/O news demonstrates “Google remains one of the most innovative and forward thinking companies of this generation,” gushes Topeka, which has raised its PT to $999. Baird’s PT is now at $1,025, and Argus’ at $1,065. In some respects, the mood resembles that surrounding Apple not too long ago. [Tech] 17 Comments

2:26 PM Invesco Mortgage (IVR) CEO Richard King added a bit more than 10% to his stake in the company yesterday, purchasing 5K shares at $19.92 each. The stock has dipped more than 5% since earnings on May 1 and at $19.92 trades below March 31 reported book value of $20.42. [Financials] Comment!

TSO, BP

2:21 PM Tesoro (TSO +5.3%) says the FTC approved its purchase of BP‘s 240K bbl/day Carson, Calif., refinery and other assets. The commission found the deal would not substantially lessen competition among seven refiners for gasoline in California, the largest U.S. gasoline market. Tesoro Logistics (TLLP +3.5%) will acquire the first portion of Carson logistics assets from TSO for $640M. [Energy, On the Move] Comment!

2:19 PM Execs with Nordstrom (JWN -1.2%) highlighted the company’s successful partnership with Topshop during the firm’s earnings call. The British firm’s clothing lines sold well online and in the 14 stores where Nordstrom carrier them. As a result, the retailer plans to add another 28 stores to the Topshop strategy later this year. (transcript) [Consumer] Comment!

2:15 PM “Intel’s culture is blessedly not the culture of a CEO,” says the departed Paul Otellini in an in-depth Atlantic piece. Journalist Michael Malone likens Intel’s (INTC) culture to that of a giant, regimented, research team (contrasting sharply with many tech firms). “Intel was in many ways a camp for bright young people with unlimited energy and limited perspective … There was also the belief … that the organization to which they’ve attached themselves is the greatest of its kind.” It’s now up to new CEO Brian Krzanich to leverage that culture to rapidly grow Intel’s mobile processor sales in the face of major challenges. Krzanich is already promising a stronger mobile focus. [Tech] Comment!

2:14 PM Donaldson (DCI -0.2%) bucks a weak FQ3 report late yesterday to trade slightly higher in today’s session. Net profit fell 1.6% Y/Y on significantly lower revenue due to softer engine-product and industrial-product sales. The company again lowered its full-year guidance, now seeing FY13 EPS coming in between $1.57 – $1.65, below Street estimates of $1.70. It also lowers its FY13 sales outlook from $2.50B to $2.40B – 2.45B, also below consensus $2.51B estimates. [Earnings] Comment!

2:07 PM Michael Talbert is voted out as board chairman at Transocean (RIG -1.7%) and will be replaced by Icahn-nominee Samuel Merksamer. But that was Icahn’s only victory, as shareholders re-elected the other four company nominees. Earlier today, shareholders rejected Icahn’s $4 annual dividend proposal, supporting the company’s more modest $2.24. [Energy, On the Move] Comment!

2:00 PM On the hour: Dow +0.38%. 10-yr -0.33%. Euro -0.37% vs. dollar. Crude +1.06% to $96.17. Gold -1.69% to $1363.45. Comment!

RSOL, LEN

1:48 PM Real Goods Solar (RSOL +105.9%) skyrockets after SA contributor Andy Zelenak makes a bull case, citing the potential of the company’s partnership with homebuilder Lennar (LEN) and its PowerOn solar modules. Zelenak notes the Lennar deal allows home buyers to install panels “with no money down at a guaranteed 20% lower-than-grid cost,” and that PowerOn modules sell for just $2.33/watt, well below the national average of $4/watt. He also considers RSOL’s valuation reasonable relative to those of high-flyers such as SolarCity. [Tech, On the Move, Quick Ideas] 2 Comments

1:40 PM Surprise! America will continue to pay its bills. The White House informs Congress of the Treasury’s intention to use “extraordinary measures” once the debt ceiling is hit this weekend. (previous) [U.S. Economy] 7 Comments

S, CLWR

1:38 PM “There’s no way” Sprint’s (S) attempt to buy Clearwire (CLWR +0.6%) succeeds without a higher bid, says Taran Asset Management’s Chris Gleason, one of many institutional Clearwire investors planning to vote against Sprint’s $2.97/share offer at Tuesday’s meeting. Reuters has uncovered investors holding 31% of Clearwire’s public (non-Sprint-owned) shares who oppose the current deal; Sprint needs a majority of public shares to be voted in favor. Clearwire is trading 10% above Sprint’s offer price, and 1% below Dish’s $3.30/share offer price. (previous) [Tech, M&A] 21 Comments

ESI, CECO

1:36 PM For-profit education stocks rally as some bubbling enthusiasm over financial aid legislation is just enough to pressure short sellers in the sector. Gainers: ITT Educational Services (ESI) +10.2%, Career Education (CECO) +11.5%, Corinithian Colleges (COCO) +15.3%, Lincoln Education (LINC) +5.2%, Education Management (EDMC) +5.5%, Bridgepoint Education (BPI)+4.4%, Devry (DV) +3.1%, Capella Education (CPLA) +5.5%, [Consumer, On the Move] 1 Comment

1:31 PM Fitch downgrades Slovenia by one notch to BBB+, outlook Negative (the country is still worthy of an investment grade rating apparently) citing, among other factors, “a significant divergence between official and Fitch estimates of bank recapitalization costs.” Recall that NPLs at state-controlled banks sum to nearly 30% of total loans (total NPLs at ~20% of GDP), and many of these will need to be transferred to a state-run “bad bank.” (Previously: Moody’s takes Slovenia into junk territory) [Global & FX] Comment!

1:16 PM Disney’s (DIS -0.7%) Iron Man 3 officially crossed the $1B mark in global box office sales including a smashing +$100M grab from China. A strong performance from Oz: The Great and Powerful helped the company beat estimates in FQ2 and it looks like Iron Man 3 will do some of the heavy lifting in FQ3. [Consumer] 3 Comments

1:14 PM Corning (GLW) unveils its Lotus XT substrate glass, which is aimed at high-performance LCD and OLED displays. The successor to Lotus Glass (launched in 2011), Corning asserts Lotus XT offers unmatched pitch variation, which in turn leads to better display yields. The company also declares XT (like the original Lotus Glass) to be well-suited to enabling low-power displays with high resolutions and fast response times. Though not as durable/scratch-resistant as Corning’s Gorilla Glass products, which are cover glasses, XT can be paired with them. [Tech] Comment!

GS, CG

1:08 PM Goldman Sachs (GS) launches the Goldman Sachs Multi-Manager Alternatives Fund offering alternative and non-traditional investment strategies to investments as little as $1K. P-E firms from CG to KKR to BX have noted much of their future growth will not from the institutional side, but from individuals in search of yield. [Financials] Comment!

1:07 PM BofA took a trip to Phoenix, paid Honeywell’s (HON +2%) Aerospace facilities a visit, and came away impressed after management said it believes “air transport hours bottomed in Q1″ meaning demand should accelerate going forward “driving mid single digit aftermarket growth” in H2. Aerospace sales fell 1% in Q1. HON price target raised to $88 from $79. [On the Move] Comment!

COP, LNG

1:05 PM The Obama administration approves ConocoPhillips-led (COP +0.3%) Freeport LNG as the second U.S. liquefaction project to gain federal approval to export chilled natural gas to countries without free trade agreements with the U.S. The decision is an important harbinger for the remaining 19 applications to export gas to non-FTA countries. [Energy] 16 Comments

1:00 PM On the hour: Dow +0.35%. 10-yr -0.37%. Euro -0.42% vs. dollar. Crude +0.84% to $95.96. Gold -1.65% to $1364.05. Comment!

12:57 PM Anheuser-Busch InBev (BUD -1%) says it will buy C&G Distributing Co. for an undisclosed amount with an eye on closing the deal within the next 90 days before a state law goes into effect in Ohio that prohibits brewers from owning distributors. Expect more cat and mouse from A-B as other states are reportedly considering the same type of legislation. [Consumer] Comment!

UUP, UUPT

12:53 PM The bull move in the greenback (UUP, UUPT) is just getting started, writes Vince Cignarella, believing the dollar’s about to get another boost from safe-haven flows. The catalyst will be a selloff in fixed income taking yields on junk bonds (HYG, JNK) – now at all-time lows – to more realistic levels. The catalyst for the catalyst? It won’t be 2007 all over again, he says, but instead maybe the dreaded “tapering” move from the Fed, or perhaps Syria flaming up higher. [Global & FX] Comment!

12:51 PM After barely moving yesterday in response to nearly in-line Q1 results and strong Q2 revenue guidance, Youku (YOKU -9.6%) is falling hard today. The decline comes even though Youku has received two upgrades since the report (from HSBC and Maxim), as well as a bullish coverage launch from BofA. Concerns about mobile monetization could be a factor. On its earnings call, Youku stated mobile daily video views rose 50%+ Q/Q and are now above 170M, that mobile monthly users have topped 100M (PC users are around 400M), and that mobile now makes up ~30% of traffic. However, the company added “mobile monetization this year is relatively modest.” [Tech, On the Move, Earnings] 2 Comments

PEP, KO

12:50 PM The USDA says the orange crop in Florida will be 10% smaller than an earlier forecast. Farmers in the state blame a bacterial disease for the reduced outlook for this year’s harvest. The read-through: PepsiCo (PEP -0.6%) and Coca-Cola (KO -1%) have seen orange juice commodity prices rise 23% YTD in a market where hedges have gone awry in the past. [Consumer] Comment!

12:49 PM Transocean (RIG -1.2%) shareholders reject Carl Icahn’s proposal for a $4/share annual dividend and vote in favor of the company’s proposed $2.24/share dividend. More than 75% of all voted shares reportedly were in favor of the company’s proposal. [Energy] Comment!

WAG, ABC

12:48 PM Walgreen (WAG +1.3%) and Alliance Boots receive the regulatory clearances for their equity investment in AmerisourceBergen (ABC +0.4%). The clearances permit both to purchase up to 7% of ABC in the open market, and the exercise of two warrants for 16% in the aggregate in 2016 and 2017. [Healthcare, M&A, On the Move] Comment!

RSOL, VNDA

12:45 PM Midday top 10 gainers: RSOL +60%. VNDA +23%. SCTY +19%. ORMP +16%. VSAT +16%. COCO +16%. NBG +14%. MHGC +13%. JRCC +13%. MVIS +12%. Midday top 10 losers: ARUN -27%. UNXL -23%. COSI -14%. AFOP -12%. MNGA -12%. FSGI -10%. YOKU -10%. ALIM -9%. EGLE -9%. GIG -9%. [On the Move] Comment!

NOC, LMT

12:43 PM JPMorgan lifts its price target ($70 from $68) on Northrop Grumman (NOC +3.6%) to reflect Thursday’s announcement that the company plans to reduce the number of outstanding shares by 25% by 2015. More interesting is the color in the note regarding NOC’s position relative to peers: the company “intends to return essentially all cash to shareholders. Besides LMT‘s nearly 50% payout ratio (which we believe is likely to rise still higher in September), this is the clearest multi-year strategic statement we have seen among large defense companies, and we think the market will reward this,” notes analyst Joseph Nadol III. [On the Move] 1 Comment

12:43 PM Tetra Technologies (TTI +4.6%) is upgraded to Outperform with a $12 target price, up from $10, at RBC Capital, which says TTI appears to be in the early phases of a transformation that will help boost free cash flow generation. The firm believes the current share price offers an attractive entry point to take advantage of TTI’s repositioning strategy. [Energy, Quick Ideas, On the Move] Comment!

12:42 PM Now longer an outlier on the low side, BAML ups its Q2 GDP growth estimate to a roughly inline with consensus 1.8% from 1.3% previously. “The economy has shown a lot more resilience than we had thought, but the full impact of the fiscal shock has not yet arrived,” writes Ethan Harris. He continues to believe inflation stays low, the Fed stays easy, and growth of 3% or better through 2014. [U.S. Economy] Comment!

12:41 PM Wal-Mart isn’t the only retailer dealing with negative publicity on doing a poor job of keeping store shelves stocked after The Consumerist blog calls out Walgreen (WAG +0.7%) for the same issue. An advocacy group released a detailed study showing an excessively high percentage of out of stock and mislabeled items at the Walgreens chain of stores. What to watch: Walgreen has a lot riding on its well-publicized Balance Rewards program and needs to keep customer retention high to realize profit estimates off the program. Comment!

12:36 PM BioLineRx (BLRX -0.6%) enters into an at-the-market sales agency agreement with Stifel Nicolaus. Under the terms of the agreement, BLRX may from time to time, in its discretion, sell up to a maximum of $20M ADSs. Each ADS represents ten ordinary shares. [Healthcare] Comment!

COP, PSX

JNJ, WMT

12:26 PM Cosi (COSI -13.7%) takes a double-digit dive after its Q1 report misses by what might fairly be called a “wide margin”. Revenues fall 13% Y/Y due to store closures and lower comps. Comps breakdown: -6.6% and -1.3% for company-owned restaurants and franchise-operated locations respectively. From the CC: “Dinner [is] where we took the greatest [comp percent] hit.” Summing it up is CEO Carin Stutz: “Q1 results were unacceptable … [if] profitable sales [are] the measure of our success … we have not succeeded.” Northland Capital rubs a little salt in the wound, downgrading the shares to Market Perform from Outperform (see analyst Chris Krueger’s Q&A on the CC). [Consumer, On the Move] Comment!

12:25 PM Bank of Montreal (BMO -0.5%) is hit with an “enforcement action” by the Fed for “deficiencies” in complying with money-laundering rules. Examiners at the Chicago Fed discovered the issues during an examination of BMO’s branch in that city. “Our remediation activities are well under way,” says a bank spokesman. [Financials] Comment!

12:23 PM Cempra (CEMP -0.2%) fails to get any reaction out of Jefferies’ initiating coverage today with a Buy rating and $10 price target. The firm cites optimism over its pipeline, saying that its lead drug solithromycin is the key value driver. However, the company has limited capital, which has impacted its ability to conduct Phase 3 trials in an expedited manner. It will likely need to secure additional financing to further advance its programs, leaving the the stock with a potential dilutive overhang. [Healthcare] Comment!

12:20 PM Quicksilver Resources (KWK -4.4%) announces a multi-year profit improvement plan it says will focus on prioritizing its core brands, globalizing key functions and reducing its cost structure, Briefing.com reports. KWK expects the plan will improve EBITDA by $150M by 2016. Also, KWK will be replaced in the S&P 400 after the close of trading May 23. [Energy, On the Move] Comment!

12:18 PM Marketo’s (MKTO) IPO is nearly as good as Tableau’s. Shares opened at $20 and are currently moving at $20.24, up 55.7% from an IPO price of $13. That gives the cloud marketing automation software vendor and occasional subject of Salesforce buyout speculation a valuation of $722M, or 12x 2012 sales. (S-1) [Tech, On the Move, Breaking News] Comment!

BRCD, CSCO

12:14 PM A revenue miss and light guidance lead Brocade (BRCD -4.2%) to slump. On its earnings call, Brocade guided for FQ3 revenue of $510M-$530M and EPS of $0.11-$0.13, below a consensus of $556M and $0.15. The company partly blames soft storage array sales from OEM partners (IBM, H-P, and Dell appear to be culprits, NetApp could be another). Brocade’s storage switch division sales (69% of total) fell 10% Q/Q and 6% Y/Y in FQ2, in spite of growing demand for 16G Fibre Channel switches (Brocade has had a big lead on Cisco (CSCO) here, but Cisco is finally catching up). Ethernet switch division sales -4% Q/Q and +15% Y/Y. [Tech, On the Move, Earnings] Comment!

12:06 PM Thoratec Corporation (THOR -1.5%) says it’s received FDA approval to market the HeartMate II Pocket Controller, the small face of the HeartMate II LVAD System. The device controls the left ventricular assist device or LVAD, which is a kind of mechanical heart which is put inside a person’s chest, to help the heart pump oxygen-rich blood throughout the body. [Healthcare, On the Move] Comment!

12:00 PM On the hour: Dow +0.4%. 10-yr -0.29%. Euro -0.5% vs. dollar. Crude +0.25% to $95.4. Gold -1.72% to $1363.05. Comment!

BP, RDS.A

11:58 AM Major oil producers launch a joint program to beef up their Arctic oil spill response plan in a bid to convince the Arctic Council they are ready for large-scale development in the region. There are plenty of doubters, of course, and incidents such as BP 2010 Gulf of Mexico spill and Shell’s recent problems north of Alaska with two drill ships don’t help. [Energy] 3 Comments

GLD, IAU

11:57 AM “Do you really think risk-averse central bankers are going to try and catch the knife,” asks Credit Suisse commodity research chief Ric Deverell about gold. “No” is his answer as this crowd only buys when the price is headed higher. Of reports of heavy physical buying, he’s unimpressed, noting investment demand (ETFs) is the gorilla in the gold market. The metal’s (GLD -1.6%) within a few dollars of taking out the 26-month low hit in April. [Commodities] 2 Comments

11:53 AM Orchids Paper Products Company (TIS) declares $0.35/share quarterly dividend, 16.66% increase from prior dividend of $0.30. Forward yield 6.08%. For shareholders of record June 7. Payable June 21.Ex-div date June 5. (PR) [Dividends] Comment!

11:47 AM MicroVision (MVIS +12.2%) jumps after announcing it has raised $5.85M by selling 2.6M shares and warrants to acquire another 2M shares to investment firm Crede and other buyers. The sale gives MicroVision, which had just $3.8M in cash/investments on its balance sheet as of March 31 (down from $7.3M on Dec. 31), a needed liquidity injection as it continues it efforts to commercialize its PicoP mobile projection tech. [Tech, On the Move] Comment!

11:46 AM Spartan Stores (SPTN) declares $0.09/share quarterly dividend, 12.5% increase from prior dividend of $0.08. Forward yield 2.09%. For shareholders of record June 7. Payable June 21.Ex-div date June 5. (PR) [Dividends] Comment!

AXL, DAN

11:43 AM A broad rally in auto supplier stocks isn’t a shocker after positive news piled in from across the globe. In Europe, a long slide in sales has finally reversed while China is opening up the western part of its territory for manufacturers. Just to top it off quite nicely, consumer sentiment rose briskly in the U.S. Advancers: American Axle (AXL) +4.5%, Dana Holding (DAN) +4.1%, TRW Automotive (TRW) +2.2%, Navistar (NAV) +4.4%, Federal-Mogul (FDML) +4.2%, Magna International +1.9%, Meritor (MTOR) +2%, Johnson Controls (JCI) +1.9%, Exide Technologies (XIDE) +5.5%. [Consumer, On the Move] Comment!

11:40 AM EPR Properties (EPR) declares $0.2633/share monthly dividend, in line with previous. Forward yield 5.30%. For shareholders of record May 31. Payable June 17. Ex-div date May 29. (PR) [Dividends] Comment!

KMP, EPD

11:38 AM Jim Cramer chooses MLPs Kinder Morgan Partners (KMP) and Enterprise Products Partners (EPD) as antidotes to potential froth in the broader stock market. Cramer likes KMP’s strategic acquisitions during recent years and is bullish on its outlook. On EPD, Cramer praises the management team and likes its track record of executing growth projects and integrating acquisitions. [Energy, Quick Ideas] 4 Comments

11:36 AM FBL Financial Group (FFG) declares $0.11/share quarterly dividend, in line with previous. Forward yield 1.10%. For shareholders of record June 14. Payable June 28. Ex-div date June 12. (PR) [Dividends] Comment!

11:33 AM U.S. Cellular (USM +5.5%) spikes higher after announcing a $5.75/share special dividend that will be paid on June 25 to shareholders on record as of June 11. The announcement comes as USM states it has closed its $480M deal to transfer spectrum and 420K customers to Sprint. [Tech, On the Move, Breaking News] Comment!

11:32 AM Northrim BanCorp (NRIM) declares $0.15/share quarterly dividend, in line with previous. Forward yield 2.69%. For shareholders of record June 6. Payable June 14. Ex-div date June 4. (PR) [Dividends] Comment!

11:28 AM Texas Roadhouse (TXRH) declares $0.12/share quarterly dividend, in line with previous. Forward yield 1.99%. For shareholders of record June 12. Payable June 28. Ex-div date June 10. (PR) [Dividends] Comment!

SSNLF.PK, RFMD

11:27 AM Galaxy S4 sales will top 10M next week (less than a month after launching), says Samsung (SSNLF.PK) co-CEO Shin Jong-kyun. The Galaxy S III took 50 days to crack 10M. Samsung thinks S4 sales could eventually reach 100M, or twice the 50M the S III has seen over its lifetime. Suppliers with decent exposure: RFMD, ANAD, PANL, QCOM, BRCM, SYNA. [Tech] Comment!

FCX, PXP

11:23 AM While a razor-thin margin one way or the either is anticipated in next Monday’s vote on Freeport McMoRan’s (FCX) takeover bid for Plains Exploration (PXP), FCX shares could be poised to rise on either outcome. But all bets are off if FCX sees the bid on the verge of defeat and decides to sweeten the pot after saying it wouldn’t do so. A higher offer could further pressure shares, already -16% since the deal was announced. [Commodities, Energy, M&A] Comment!

11:23 AM United Airlines (UAL +0.1%) debuts a loyalty program aimed at business travelers, marking something of a first for the industry. More expansive than strictly a miles program, the MileagePlus Small Business Network will reward customers who buy goods and services from approved vendors and will include an auction program. [Consumer] Comment!

IPXL, AZN

11:23 AM Impax Laboratories (IPXL -1.2%) says its Generic Division, Global Pharmaceuticals, has begun shipping its generic drug Zomig, which is used for the treatment of migraines in adults, as part of a licensing and distribution agreement with AstraZeneca (AZN). [Healthcare, Global & FX] Comment!

11:22 AM In a late bit of campaigning, JPMorgan’s (JPM) board sends a letter to shareholders urging they vote against the proposal to split the Chairman and CEO roles. The directors also endorse the re-election of … themselves. One large fence-sitter – T. Rowe Price – will vote against the split, with fund manager Brian Rogers suggesting a look at the scoreboard says Dimon and his team know what they’re doing. The annual meeting is set for Tuesday. [Financials] Comment!

11:16 AM Target (TGT +0.5%) tests a new video streaming service with employees as it mulls over entering the streaming game full force. The company says Target Ticket beta already has 15K TV and movie titles in its library. [Consumer] Comment!

BIDU, SOHU

11:14 AM Take this one with a grain of salt: an “industry source” claims Baidu (BIDU +1.6%) has reached a deal to buy Sohu’s (SOHU +2.5%) Sogou search unit for $2B-$2.5B in cash and shares of Baidu’s iQiyi online video unit. Though Sohu is rallying, the entire company still only has a market cap of $2.4B, indicating investors are as skeptical of this report as they were of Qihoo deal reports. Acquiring Sogou would pose integration challenges for Baidu, and (given Baidu’s dominant Chinese search share) could also draw a regulatory response. (previous) [Tech, M&A, On the Move] Comment!

F, GM

11:05 AM A nice little jump in consumer sentiment bodes well for automobile companies, according to CNBC’s Phil LeBeau. The outlook for the industry looks extremely good with fresh models from automakers (F, GM, TM, FIATY.PK, HMC, NSANY.OB, VLKAY.PK) coinciding with structural pent-up demand and the uptick in sentiment. [Consumer] 4 Comments

11:05 AM Triple-S Management (GTS -4.8%) slides after pricing a secondary offering of 5.4M Class B shares at $18.25, a 4.5% discount to Thursday’s close. As part of the Offering, 4,400,368 shares were sold to the public in a conversion from Class A shares, and 1M shares were purchased by the Company. Triple-S will not receive any proceeds from the Offering. [On the Move, Healthcare, Financials] Comment!

SCTY, YGE

11:04 AM SolarCity (SCTY +15.3%) won’t take a breather. Shares are blasting off to new post-IPO highs a day after rallying on news of an expanded financing partnership with Goldman. “We hope [the deal] sends a signal that solar is a stable and reliable asset to invest in,” CEO Lyndon Rive tells Bloomberg. Meanwhile, some Chinese solar names are up following a rally in Shanghai: YGE +4.1%. LDK +5.1%. SOL +6.1%. JASO +3.5%. CSIQ +2.5%. [Tech, On the Move] Comment!

DE, CORN

11:01 AM Goldman’s Tuesday bear call on agricultural commodities has implications for Deere (DE -2.7%) which gets a downgrade to Sell from Neutral. Analyst Jerry Revich says “recovering commodity inventories point to lower U.S. farm income and capex.” As recently bearish Barron’s notes (channeling Wells Fargo’s Andrew Casey) “as goes the North American corn crop, so goes DE’s stock price.” For their part, GS says only a “major weather shock” could keep corn crop (CORN +0.1%) prices “near their current levels.” Price target: $85 from $98. [On the Move, Commodities] Comment!

11:00 AM On the hour: Dow +0.36%. 10-yr -0.16%. Euro -0.42% vs. dollar. Crude +0.18% to $95.33. Gold -2.04% to $1358.55. Comment!

10:58 AM Vertex Energy (VTNR +3.1%) is started with a Buy rating and $4 price target at Wunderlich, which cites flexibility in responding to price/supply fluctuations across the collection/resale markets for used oil. In addition to economies of scale and low capital requirement, the spread between VTNR’s feedstock and its end products are more highly correlated than fully re-refined Group II base lube oils, the firm says. [Energy, Quick Ideas, On the Move] Comment!

10:57 AM Kansas City Southern (KSU +1.2%) still has a “long runway” of growth opportunities and is a juicy takeover candidate, says Stephens analyst Justin Long. One thing that separates KSU from the pack of railroad tocks is that it’s more of a pure play on growth in Mexico where the upside is higher than the U.S. or Canada. [Consumer] 1 Comment

10:54 AM Capital One (COF +1.8%) is presumably about to save some money on loan servicing, commencing an exchange offer for all of its senior notes maturing in 2017 for a combination of new notes maturing in 2023 and cash. (PR) [Financials] Comment!

10:51 AM Vanda Pharmaceuticals (VNDA +20%) pops after Lazard pounds the table on the stock and ups its price target by nearly 55% to a whopping $17 from $11. The firm cites positive checks from sleep specialists on tasimelteon for non-24 hour insomnia disorder. [Healthcare, On the Move] Comment!

10:49 AM Transocean (RIG) CEO Steve Newman’s people skills have been tested trying to convince shareholders to reject Carl Icahn’s call to replace three board members at today’s annual meeting, but he says it’s nothing compared to visiting the homes of the nine RIG workers who died at the Deepwater Horizon explosion. While Icahn might appreciate the treatment of the families, he disagrees with just about everything else Newman and the board has done. [Energy] Comment!

DATA, QLIK

10:41 AM Tableau’s (DATA) IPO is as good as advertised. Shares opened at $47 and are currently at $49.82, up 61% from a raised IPO price of $31. That gives the analytics/data visualization software vendor a valuation of $2.86B, or a whopping 22x 2012 revenue. Rival Qlik (QLIK +4.6%) is up in sympathy – a bullish BMO note might also be helping. (S-1) (Pac Crest) [Tech, On the Move, Breaking News, Top Stories] Comment!

10:37 AM Halozyme Therapeutics (HALO +1%) continues its run again today, on the back of an 18% gain in yesterday’s regular session. Late Wednesday, the company said that positive clinical data from a Phase 1b trial of PEGPH20 in combination with gemcitabine to treat patients with stage IV metastatic pancreatic cancer will be presented at the 2013 American Society of Clinical Oncology Annual Meeting. [Healthcare, On the Move] Comment!

SPY, TLT

10:35 AM Stocks add to gains (SPY +0.6%) as the mid-May UMich Consumer Sentiment read rises to 83.7 vs. 76.4 at the end of April and against expectations for 78. The current conditions index jumped 7.6 points to 97.5 – a new high for the economic recovery. Treasurys (TLT -0.7%) slide further. [U.S. Economy] 2 Comments

VFC, CAB

10:29 AM Demand is rising for “frackwear” that oil and gas workers can wear to protect themselves from wires and explosions, and retailers and clothes makers are trying to take advantage. VF Corp. (VFC) says it is pulling research teams from malls and placing them alongside workers in oil fields. Retailers including Cabela’s (CAB) say they are seeing rising demand for sturdy shoes and fire-resistant clothing. [Energy, Consumer] Comment!

NBG, GREK

10:27 AM The call option otherwise known as National Bank of Greece (NBG +19.2%) soars again, now closing in on being a 4-bagger in a month. The capital raise plan has been approved – though surely dilutive, it keeps the bank privately-owned – and an upgrade cycle has begun for the country and the banking system. The Greek ETF (GREK +3.1%). [Financials, On the Move, Global & FX] Comment!

10:26 AM BofA delivers a stinging downgrade on Williams-Sonoma (WSM -0.8%) to Neutral from Buy, maintaining the retailer is out of near-term catalysts. A price objective of $60 reflects a 19X 2014 earnings multiple which stands well-above sector peers. Comment!

10:25 AM While Aruba crashes thanks to soft July quarter guidance and worries about Cisco’s efforts to bundle Wi-Fi hardware in enterprise deals, carrier Wi-Fi rival Ruckus (RKUS +2.6%) is adding to yesterday’s Cisco-fueled gains thanks to an upgrade to Buy from Goldman’s Simona Jankowski. She notes shares closed yesterday down 41% YTD and 11% from their $15 IPO price thanks to Ruckus’ Q1 miss and Q2 guidance, and argues Ruckus’ long-term story is intact. Deals with tier-1 carriers such as AT&T and Vodafone are expected, and Ruckus is seen as a “key beneficiary” of efforts to integrate small cell base stations with Wi-Fi access points. [Tech, On the Move] Comment!

10:22 AM Jefferies starts Cempra Holdings (CEMP +2.5%) at Buy with a $10 price target. [Healthcare] Comment!

10:16 AM Imperial Holdings (IFT +0.6%) has run more than 50% in a month, but that’s just the “hard money,” says SA Pro’s Whopper Investments. The “easy money” is still out there as all substantial risk has been taken off the table, leaving a company trading below liquidation value. Chairman Phil Goldstein last year believed intrinsic value to be at least $8/share, but warned on risks of shareholder lawsuits, an SEC investigation, not-yet-filed audited statements, and the ability to hold onto its life insurance policies. “Those risks are now behind the company,” says Whopper. [Quick Ideas, Financials] Comment!

ARUN, CSCO

10:16 AM Aruba (ARUN -26.8%) is slammed with 9 downgrades after providing light guidance to go with its FQ3 results. Aruba is “likely dealing with a multi-quarter, if not structural, change in its competitive landscape and growth rate,” writes Needham, cutting shares to Hold. Wells Fargo, downgrading to Market Perform, notes Cisco (CSCO – 27% Y/Y Wi-Fi growth in FQ3) is extending its efforts to bundle Wi-Fi hardware with other enterprise gear to Europe/Asia, and that Aruba plans to invest more to compete better. Along with the report, Aruba announced it’s buying Meridian Apps, a developer of mapping/navigation software for hotels, subways, hospitals, etc. (transcript) [Tech, On the Move] Comment!

GT, CTB

10:13 AM Shares of Goodyear Tire & Rubber (GT +4%) and Cooper Tier & Rubber (CTB +2.9%) trade higher after European car sales turn around finally and with news that China will encourage manufacturing in the western part of the country. [Consumer] Comment!

GM, VLKAY.PK

10:10 AM China says it will encourage investment in vehicle manufacturing in the western part of the nation to reverse a prior decision on the issue. General Motors (GM +2.5%) and Volkswagen (VLKAY.PK) could benefit from the development due to their aggressive expansion plans in the region. [Consumer, Global & FX] Comment!

10:08 AM Stemline Therapeutics (STML +6.2%) ramps higher after it prices its 4.2M share public offering at $14.50 per share, just a 3.3% discount to yesterday’s close. The pricing puts the tally on gross proceeds at around $60M. The company intends to use the proceeds to fund ongoing clinical trials of its potential leukemia and lymphoma treatments SL-401 and SL-701, as well as for other general corporate purposes. [Healthcare, On the Move] Comment!

10:01 AM Pike Electric (PIKE +5.6%) rises after Stifel Nicolaus makes a valuation call, upgrading the shares to Buy and setting a $14.50 price target. Having sold-off ~24% since earnings, including ~9% since announcing its secondary, the stock represents a bargain given that “the fundamental story is sound.” As was the case the last time Stifel made a call on PIKE, the stock is trading on heavy volume (30% of the average 10-day volume has already changed hands in the first ~30 minutes of trading). [Energy, On the Move] Comment!

10:00 AM On the hour: Dow +0.4%. 10-yr -0.19%. Euro -0.5% vs. dollar. Crude +0.87% to $95.99. Gold -1.11% to $1371.45. Comment!

10:00 AM Apr. Leading Indicators: Leading Index +0.6% to 95.0 vs. +0.3% expected, -0.1% prior. Coincident Index +0.1% vs. -0.1% prior. Lagging Index +0.1% vs. +0.3% prior . [U.S. Economy] 3 Comments

BP, RDS.A

9:56 AM The U.K.’s Serious Fraud Office says it is “urgently reviewing” whether it has the authority to investigate allegations of price fixing in the oil market, after unannounced inspections earlier this week by EU antitrust authorities of BP, Shell (RDS.A, RDS.B) and Statoil (STO). The SFO believes it could be the appropriate body to investigate such allegations. [Energy, Global & FX] 1 Comment

DIS, CBS

9:53 AM Disney’s (DIS -0.3%) ESPN snatched the rights to the U.S. Open tennis tournament for 2015-2025 away from CBS (CBS +2.5%) after the network aired the finals and semifinals for almost 50 straight years. It’s another example of a content grab by the sports juggernaut which helps it land the highest carriage fees in the industry and adds just a bit more to the I-Would-Be-A-Cord-Cutter-If-Not-For-Sports mentality. [Consumer] 2 Comments

9:48 AM Laredo Petroleum (LPI +4.2%) is started with a Buy rating and $23 target price at Topeka Capital, which thinks the market is undervaluing its Anadarko Basin assets: “The story may require patience to get the balance sheet in shape and asset value to be realized, but we believe this could evolve sooner rather than later.” [Energy, Quick Ideas, On the Move] Comment!

9:46 AM Alnylam Pharmaceuticals (ALNY -0.2%) pares the early gains it racked up after saying preclinical data demonstrate RNAi therapeutics targeting ALAS-1 can suppress the “toxic heme biosynthesis intermediaries that cause the symptoms and disease pathology of acute intermittent porphyria.” The company says the findings support its ALN-AS1 program. (PR) [Healthcare] Comment!

NWS, DIS

9:44 AM Hulu (NWS, DIS, CMCSA) could be even more valuable than people think due its rich user experience and advanced advertising system, reasons BTIG’s Rich Greenfield. The analyst isn’t convinced a cable industry joint venture would work well, but says he could make the case why almost any large media/tech company (Google?) could use Hulu to position itself in the “rapidly fragmenting” video world. [Consumer, Tech] Comment!

UUP, FXY

9:38 AM Did the Fed tighten while we were getting a cup of coffee? The greenback is soaring against all other currencies, with the dollar bull ETF (UUP) gaining 0.6% – an unusually large move for that vehicle. Strength against the yen (FXY -0.3%) and the aussie (FXA -0.9%) are givens of late, but the greenback is up about 1% vs. both the loonie (FXC) and the swissie (FXF), and about 0.6% vs. the euro (FXE) and cable (FXB). Getting hit are Treasurys (TLT -0.5%), the dollar bear ETF (UDN -0.6%) and of course, gold (GLD -0.7%). [Global & FX] 3 Comments

9:35 AM A downgrade to Hold from Maxim’s John Tinker leads Pandora (P -0.2%) to open lower, but shares have quickly bounced. Tinker cites valuation, noting Pandora trades near the $17 PT Maxim set back in Aug. ’11. He’s otherwise positive, noting improved mobile monetization and the fact Pandora support is now built into 95 car models. Piper raised its estimates yesterday. [Tech, On the Move] 1 Comment

9:31 AM At the open: Dow +0.26% to 15273. S&P +0.39% to 1657. Nasdaq +0.55% to 3484. Treasurys: 30-year -0.3%. 10-yr -0.1%. 5-yr -0.04%. Commodities: Crude +0.98% to $96.09. Gold -0.77% to $1376.25. Currencies: Euro -0.6% vs. dollar. Yen +0.38%. Pound +0.55%. Comment!

9:29 AM James River Coal (JRCC) +10.3% premarket after announcing separate exchange agreements in connection with its 4.50% and 3.125% convertible senior notes. JRCC will exchange $243M of existing senior convertible notes for $123M of new senior convertible notes due in 2018. [Energy, On the Move] Comment!

THD, SHNZY.PK

9:26 AM Thai stocks (THD) rise 0.62%, helped by 7% gains for Shin Corp. (SHNZY.PK) and Minor International (MNILF.OB) which will both be added to the MSCI Emerging Markets (EEM) index. Elsewhere in the region, stocks in Indonesia (IDX) rise 1.32%, continuing to defy analysts’ predictions (I, II) of a steep sell-off, and post-midterm election profit-taking continues in the Philippines (EPHE), where stocks fall 0.42%. [Global & FX] Comment!

9:26 AM The Outdoor Channel Holdings (OUTD) bidding war is over, with Kroenke Sports & Entertainment closing its acquisition for $10.25/share in cash after Intermedia walked away. OUTD will presumably be delisted today. Congrats again to SA Pro’s Whopper Investments and Chris DeMuth who spotted this “Heads You Win, Tails You Tie” proposition at $8.75/share. [M&A] 1 Comment

DATA, MKTO

9:22 AM Tableau Software (DATA) and Marketo (MKTO) are will begin trading today after pricing their IPOs at levels that indicate strong demand. Tableau, set to become the Street’s latest big data/analytics darling, priced its offering at $31, above a prior range (also raised) of $28-$30. The company sold 8.2M shares, up from a prior 7.2M, as insiders used the demand to sell an extra 1M shares. Marketo priced its offering at $13, at the high end of an $11-$13 range. The IPO prices give Tableau a valuation of $1.78B, and Marketo a valuation of $464M. (S-1s: Tableau, Marketo) [Tech, On the Move] Comment!

9:20 AM Market preview: The rally looks to be back on track after a one-day pause, with S&P futures +0.3%, but in an otherwise uneventful day the final outcome likely will be dictated by key data on consumer sentiment and leading economic indicators. The dollar is surging early. Gold is on track for a seventh straight loss, which would be the longest such streak in four years. Comment!

9:17 AM Wheeler Real Estate Investment Trust (WHLR) declares $0.035/share monthly dividend, in line with previous. Forward yield 6.94%. For shareholders of record May 31. Payable June 30. Ex-div date May 29. (PR) [Dividends] Comment!

PNK, ASCA

9:16 AM Pinnacle Entertainment (PNK) announces that the Nevada Gaming Commission approved its acquisition of Ameristar Casinos (ASCA). The company say the transaction will close in either Q2 or Q3 of this year. [Consumer] Comment!

9:15 AM Euroseas (ESEA): Q1 EPS of -$0.10 misses by $0.05. Revenue of $10.9M misses by $0.4M. (PR) [Earnings, Breaking News] 1 Comment

BUD, TAP

9:13 AM Big beer companies including Anheuser-Busch InBev (BUD), Molson Coors (TAP), SABMiller (SBMRY.PK), Heineken (HINKY.PK), and Constellation Brands (STZ) support legislation that they say would take away some of the advantages craft brewers have on excise taxes. While separating the big boys like A-B from smaller local players is pretty easy, things get more confusing when trying to label brewers such as Boston Beer (SAM) and Craft Brew Alliance (BREW) with indy roots. What to watch: Though sluggish beer volume in the U.S. is a major concern, the battle over excise taxes could be just as big for bottom lines. [Consumer, Global & FX] Comment!

LEAP, SBAC

9:10 AM Leap Wireless (LEAP) -2.5% after Barclays starts coverage with an Underweight and $4 PT as part of a broader coverage launch of U.S. telecom service providers. Tower owners SBA (SBAC) and American Tower (AMT) have been started at Overweight, and so has Verizon (VZ). AT&T (T) and T-Mobile USA (TMUS) have been started at Equal Weight. [Tech, On the Move] Comment!

MHGC, NBG

9:10 AM Premarket gainers: MHGC +20%. NBG +19%. JRCC +8%. HALO +6%. RKUS +5%. Losers: ARUN -27%. ADSK -7%. [On the Move] Comment!

9:09 AM Charles Schwab (SCHW) reverses course, eliminating a requirement customers waive their right to participate in class-action lawsuits against the company. Schwab added the provision in September 2011, but Finra brought a complaint arguing the requirement violated its regulations. [Financials] Comment!

9:08 AM Celsion (CLSN) jumps 14% premarket after the company says data from a Phase III HEAT study suggests ThermoDox combined with radio frequency ablation warrants “further investigation and development … as a first line treatment for hepatocellular carcinoma.” (PR) [Healthcare, On the Move] 1 Comment

9:00 AM On the hour: S&P +0.36%. 10-yr -0.02%. Euro -0.47% vs. dollar. Crude +0.85% to $95.97. Gold -0.91% to $1374.25. Comment!

8:59 AM Mack-Cali Realty Corporation. (CLI) declares $0.30/share quarterly dividend, 33.3% decrease from prior dividend of $0.45. Forward yield 4.21%. For shareholders of record July 3. Payable July 12. Ex-div date July 1. (PR) [Dividends] Comment!

8:58 AM Delta Natural Gas Company, Inc. (DGAS) declares $0.18/share quarterly dividend, in line with previous. Forward yield 3.23%. For shareholders of record May 31. Payable June 15. Ex-div date May 29. (PR) [Dividends] Comment!

8:57 AM TE Connectivity (TEL) declares $0.25/share quarterly dividend, 19% increase from prior dividend of $0.21. Forward yield 2.20%. For shareholders of record May 31. Payable June 14. Ex-div date May 29. (PR) [Dividends] Comment!

8:56 AM Group 1 Automotive (GPI) declares $0.16/share quarterly dividend, 6.7% increase from prior dividend of $0.15. Forward yield 1.01%. For shareholders of record June 3. Payable June 17. Ex-div date May 30. (PR) [Dividends] Comment!

CVX, TOT

8:56 AM Workers in Angola are completing construction of the strongest crane in Africa, with a capacity to lift 2,500 metric tons, to be used at offshore projects for Chevron (CVX), Total (TOT) and SBM Offshore. The second phase of CVX’s $5.6 billion Mafumeira Sul project is expected to produce 110K bbl/day by 2015, and TOT’s Clov project may start pumping crude next year. [Energy, Global & FX] Comment!

8:53 AM Metro Goldwyn Mayer reports revenue more than doubled in Q1 to $481.6M as the TV series Vikings and films Skyfall and The Hobbitt boosted results. There is a feeling in Hollywood (and Wall Street) that something is brewing with MGM as shares continue to rocket higher in private trading and with Daniel Loeb reportedly diving in. Does a major media company have the refreshed MGM with its impressive array of content in its sights? [Consumer] 1 Comment

RSX, ERUS

8:50 AM Russia’s economy expanded by 1.6% in Q1 (consensus was for 1.2% growth), marking the fifth straight quarter of decelerating growth. As in Japan, business investment is weakening even as private consumption remains steady. The problem: demand for commodity exports from the world’s largest energy exporter is flagging amid a seemingly intractable recession in the eurozone — the currency bloc accounts for ~50% of Russian trade. Russian stocks (RSX), which are the cheapest among 21 EMs according to Bloomberg, are trading 1.8% higher but are still off ~5% YTD. [Global & FX] Comment!

8:45 AM Flagstar Bancorp (FBC) announces the appointment of Sandro DiNello as CEO to replace Michael Tierney who moves back to EVP of Personal Financial Services. Flagstar this month settled with MBIA, agreeing to pay $110M relating to the bank’s issuance of $1.1B of MBS in 2006 and 2007. (PR) [Financials] Comment!

8:42 AM Albany International (AIN) declares $0.15/share quarterly dividend, 0.01% increase from prior dividend of $0.14. Forward yield 1.90%. For shareholders of record June 07. Payable July 08. Ex-div date June 05. (PR) [Dividends] Comment!

8:40 AM Indonesia’s Pertamina is rumored to have made a bid for InterOil’s (IOC) Elk-Antelope discoveries in Papua New Guinea. The Indonesian state-owned company reportedly needs to import LNG to meet existing export commitments because its production was falling. IOC +0.8% premarket. [Energy] Comment!

8:40 AM Abercrombie & Fitch (ANF) CEO Michael Jeffries continues to try to defuse the backlash from rehashed comments a 2006 interview when he indicated the retailer went after the “cool” kids at the exclusion of plus-sized consumers. Though the exec went a bit too far in promoting the aspirational aspect of the Abercrombie brand, retail analysts thinks the effect from the resurfaced flap could be neutral on sales as the sound and fury recedes. [Consumer] Comment!

8:39 AM Essex Property Trust (ESS) declares $1.21/share quarterly dividend, in line with previous. Forward yield 2.90%. For shareholders of record June 28. Payable July 15. Ex-div date June 26. (PR) [Dividends] Comment!

8:38 AM Schawk (SGK) declares $0.08/share quarterly dividend, in line with previous. Forward yield 2.61%. For shareholders of record June 14. Payable June 28. Ex-div date June 12. (PR) [Dividends] Comment!

FXE, ULE

8:37 AM First the move then the news? The euro takes a quick tumble, dropping about 50 pips to $1.2821. There’s not much in the news other than the recycling of an old story Germany’s Constitutional Court might reject the ECB’s OMT plan, and chatter the central bank has been calling around to float the idea of negative deposit rates. FXE -0.5% premarket. [Global & FX] Comment!

8:35 AM A. H. Belo Corporation (AHC) declares $0.08/share quarterly dividend, 33.3% increase from prior dividend of $0.06. Forward yield 5.25%. For shareholders of record Aug. 16. Payable Sep. 06. Ex-div date Aug. 14. (PR) [Dividends] Comment!

8:33 AM How things can change in a week. Tesla Motors (TSLA) CEO Elon Musk’s response during a conference call (transcript) on a question over a capital increase was pretty definitive that the automaker had spent “no time” on the concept and a secondary offering would only be to ensure against an “unexpected supply interruption” or “risk event.” To be fair, an exec being coy is nothing new and shares of Tesla were only in 3rd gear at the time – but the response is still intriguing. (h/t SA contributor George Kesarios) [Consumer] 9 Comments

8:28 AM First Savings Financial Group (FSFG) declares $0.10/share quarterly dividend, in line with previous. Forward yield 1.79%. For shareholders of record May 31. Payable July 01. Ex-div date May 29. (PR) [Dividends] Comment!

AGNC, MORT

8:27 AM “The issue isn’t if the Fed exits, it’s a question of whether they exit way earlier than expected,” American Capital (AGNC) CIO Gary Kain tells Bloomberg, feeling his portfolio is better positioned now than in Q1, when higher rates took a chunk out of book value. The Fed will be “extremely slow” in its withdrawal, says KBW’s Mike Widner. “That spells an environment that actually gets better for the mREITs (MORT, REM) before it gets worse.” [Financials] 5 Comments

8:25 AM Cimarex Energy (XEC) declares $0.14/share quarterly dividend, in line with previous. Forward yield 0.81%. For shareholders of record Aug. 15. Payable Sep. 03. Ex-div date Aug. 13. (PR) [Dividends] Comment!

8:25 AM Total’s (TOT) Christophe de Margerie confirms medium-term production targets of 3%/year average increases during 2011-15 and 3M boe/day by 2017, noting the acquisition of several deepwater blocks off Brazil as part of a new policy for riskier exploration locations. He also reassures shareholders that TOT won’t explore for oil in Congo’s Virunga National Park. Shares +1.3% premarket. [Energy] Comment!

8:23 AM Integrys Energy (TEG) declares $0.68/share quarterly dividend, in line with previous. Forward yield 4.48%. For shareholders of record June 20. Payable May 31. Ex-div date June 18. (PR) [Dividends] Comment!

8:22 AM The FDA clears Oramed Pharmaceuticals’ (ORMP) Investigational New Drug application for the oral insulin capsule ORMD-0801. Earlier this month, SA contributor Len Zehr flagged the IND application as a catalyst. Shares +14.84% premarket. (PR) [Healthcare, On the Move] Comment!

8:19 AM DeVry (DV) declares $0.17/share semi-annual dividend, in line with previous. Forward yield 1.11%. For shareholders of record June 7. Payable June 28. Ex-div date June 5. (PR) [Dividends] Comment!

8:19 AM More on Stage Stores (SSI): The retailer misses estimates by a decent margin as the quarter’s stretch cool weather hurt traffic. Execs say they ended the period with a “clean” inventory position and think pent-up demand could help sales recover in Q2. Full-year guidance of 2% to 4% comparable store sales growth and EPS of $1.45-$1.55 is maintained. SSI -1.3% premarket. (PR) [Consumer, Earnings] Comment!

8:13 AM Tidewater (TDW) declares $0.25/share quarterly dividend, in line with previous. Forward yield 1.76%. For shareholders of record June 04. Payable June 14. Ex-div date May 31. The board authorizes to repurchase up to $200M of common stock. (PR) [Dividends] Comment!

SPY, XSD

8:13 AM Thomas Lee lifts his year-end S&P 500 (SPY) forecast to 1,715 from 1,580 as the bull has already outrun his expectations. His team sees clues economic performance is picking up, including the outperformance of semiconductors (XSD) vs. transports (IYT), and the steepening of the 10 year/30 year Treasury curve. Risk/reward is particularly appealing in tech (XLK), healthcare (XLV), and financials (XLF). Comment!

8:13 AM The FDA approves Thoratec’s (THOR) HeartMate II pocket controller, a lighter, more compact version of the previous controller which pairs with the company’s LVAD system. (PR) [Healthcare] Comment!

8:12 AM The deadline for claims against BP related to the 2010 Gulf of Mexico oil spill is 11 months away, but the overseer responsible for paying the claims says he is already bracing for a late surge in filings. Of more than 165K claims filed as of May 15, nearly 25% have been determined eligible for payments worth ~$3.2B, and 200K claims seems likely before all is said and done. (earlier) [Energy] 2 Comments

8:11 AM Redwood Trust (RWT) declares $0.28/share quarterly dividend, in line with previous. Forward yield 5.48%. For shareholders of record June 14. Payable June 28. Ex-div date June12. (PR) [Dividends] Comment!

8:10 AM B&G Foods (BGS) declares $0.29/share quarterly dividend, in line with previous. Forward yield 3.73%. For shareholders of record June 28. Payable July 30. Ex-div date June 28. (PR) [Dividends] Comment!

SHY, TLT

8:06 AM “Printing of money and the seeking of safe returns” have made cash (SHY) and bonds (TLT) terrible investments, says Ray Dalio (video). The same activity, on the other hand, is great for “other assets,” i.e. stocks. “There will be a tightening ahead.” 1 Comment

8:05 AM EnteroMedics (ETRM) rises 15% before the bell after saying it has concluded a pre-Premarket Approval (so you’re saying its preliminary?) application meeting at which the FDA said that once the company’s application for the Maestro Rechargeable System’s VBLOC vagal blocking therapy is accepted, and once a detailed review of the data is validated, the company can “anticipate presenting the PMA before a future FDA Advisory panel.” Parsing that language: ETRM plans to submit a PMA in Q2. (PR) [Healthcare, On the Move] Comment!

8:04 AM JBT Corporation (JBT) declares $0.09/share quarterly dividend, 29% increase from prior dividend of $0.07. Forward yield 1.67%. For shareholders of record May 28. Payable June 11. Ex-div date July 24. (PR) [Dividends] Comment!

8:02 AM Knight Transportation (KNX) declares $0.06/share quarterly dividend, in line with previous. Forward yield 1.41%. For shareholders of record June 7. Payable June 28. Ex-div date June 5. (PR) [Dividends] Comment!

8:00 AM On the hour: S&P +0.33%. 10-yr +0.03%. Euro -0.09% vs. dollar. Crude +0.57% to $95.7. Gold -0.68% to $1377.45. Comment!

AGPPY.PK, AGPPF.PK

7:58 AM The head of a major South African mining union threatens to bring the country’s economy “to a standstill” and demands a meeting with President Zuma, ramping up the rhetoric in a long and heated conflict between labor and the government. But a strike seems averted for at least another day, as top platinum producer Amplats (AGPPY.PK) says employees reported for today’s shifts as normal. [Commodities, Global & FX] Comment!

7:57 AM Parkway Properties, Inc. (PKY) declares $0.15/share quarterly dividend, in line with previous. Forward yield 3.12%. For shareholders of record June 12. Payable June 26. Ex-div date June 10. (PR) [Dividends] Comment!

7:57 AM AMCOL International (ACO) declares $0.20/share quarterly dividend, in line with previous. Forward yield 2.57%. For shareholders of record June 06. Payable July 09. Ex-div date June 04. (PR) [Dividends] Comment!

7:53 AM China’s top safety agency say Shanghai GM (GM) will recall 2.6K Cadillac SRX vehicles for a potential issue with wheel nuts. Shanghai GM is coming off a roaring April as sales rose 29% to 121,559 units – a faster pace than GM’s other joint ventures in China. [Consumer] Comment!

7:53 AM Harris Teeter Supermarkets, Inc. (HTSI) declares $0.15/share quarterly dividend, in line with previous. Forward yield 1.31%. For shareholders of record June 7. Payable July 1. Ex-div date June 5. (PR) [Dividends] Comment!

7:51 AM Caterpillar and Mining Machinery settle the dispute relating to the Siwei acquistion, with CAT cutting $135M from the $164.5M still owed to MML. It’s a small salve to Caterpillar which had to take a $580M charge after discovering accounting issues. (PR) Comment!

7:48 AM Corrections Corporation of America (CXW) declares $0.48/share quarterly dividend, 9.43% decrease from prior dividend of $0.53. Forward yield 4.94%. For shareholders of record July 3. Payable July 15. Ex-div date July 1. (PR) [Dividends] 3 Comments

7:43 AM KeyCorp (KEY) declares $0.055/share quarterly dividend, 10% increase from prior dividend of $0.05. Forward yield 2.08%. For shareholders of record May 28. Payable June 14. Ex-div date May 24. (PR) [Dividends] Comment!

7:39 AM Compuware Corporation (CPWR) declares its first-ever quarterly dividend of $0.125/share. Forward yield 4.44%. For shareholders of record June 5. Payable June 19. Ex-div date June 3 (PR) [Dividends] Comment!

7:38 AM Ford (F) plans to shift some Fiesta production to Thailand to free up capacity in North America for other models. It’s a move that makes sense to automobile analysts with the Fiesta selling well in Asia and Ford planning big things for new models in North America. [Consumer] 1 Comment

7:36 AM Stocks at all-time highs aren’t reeling in too many investors to the bullish side on the AAII Investor Sentiment Survey which shows a 2.3 point decline in bulls to 38.5% – just below the long-term average of 39%. Bears gained 1.9 points to 29.3%. also just under the long-term average. 5 Comments

7:35 AM HollyFrontier Corporation (HFC) declares $0.30/share quarterly dividend, in line with previous. Forward yield 2.54%. For shareholders of record June 12. Payable July 03. Ex-div date June 10. (PR) [Dividends] Comment!

7:35 AM HollyFrontier Corporation (HFC) declares special dividend of $0.50/share. For shareholders of record May 29. Payable June 10. Ex-div date May 27. (PR) [Dividends] Comment!

7:32 AM Turkish stocks (TUR) hit record highs after the country receives it first investment grade rating from Moody’s in two decades (previous). The move comes 6-months after Fitch blessed Ankara with an investment grade nod for the first time since 1994. Yields on the country’s two-year bonds hit a record low 4.63% Friday on the news. [Global & FX] Comment!

FXY, JYN

7:29 AM Copy the Goldman aussie forecast to the yen – its quick tumble also forcing the team to revise lower its already bearish forecasts. The analysts now see the dollar buying ¥110 twelve months out vs. ¥105 previously. The yen’s (FXY) marginally stronger this morning, the dollar buying ¥102.40. [Global & FX] Comment!

7:29 AM Pennsylvania Real Estate Investment Trust (PEI) declares $0.18/share quarterly dividend, in line with previous. Forward yield 3.38%. For shareholders of record May 31. Payable June 17. Ex-div date May 29. (PR) [Dividends] Comment!

7:26 AM The fast slide in the aussie catches even the bearish Goldman currency team off-guard, and it’s forced to revise lower its 12-month forecast for the currency – now $0.90 vs. $0.98 previously. The reasons are well-known to anyone paying attention: A deteriorating Australian economy and lower commodity prices. FXA -0.4% premarket and the aussie is buying $0.9755. [Global & FX] Comment!

7:22 AM ISoftStone (ISS): Q1 EPS of $0.10 beats by $0.01. Revenue of $95.9M (+11% Y/Y) beats by $1.97M. (PR) [Earnings, Breaking News, Tech] Comment!

7:18 AM Stryker (SYK) is downgraded to Reduce at SunTrust as a bank survey sows ACO’s, CMS bundling, and readmission will negatively impact hips and knees pricing. [Healthcare] Comment!

FXI, CAF

7:16 AM Shanghai (FXI, CAF) completes its biggest week in 4 months, up 1.4% overnight as the government slashes red tape for certain investment projects. A total of 117 “approval items” – including gas fields, airports, and paper pulp – can now move forward without getting an “Ok” from Beijing. [Global & FX] Comment!

7:16 AM Bon-Ton Stores (BONT) prices a $350M offering of 8.00% senior notes at par after upsizing the offering by $50M. The retailer wants to retire other debt with the proceeds. [Consumer] Comment!

DDAIF.PK, VLKAY.PK

7:12 AM More on European car sales (previous): The 18-month losing streak for sales on the continent is over as Daimler (DDAIF.PK) and Volkswagen (VLKAY.PK) show double-digit growth with both putting in strong months in the U.K. and solid showings in Germany. Of the Japanese automakers, Nissan (NSANY.OB) made the most forward progress. [Consumer, Global & FX] 1 Comment

7:11 AM BofA downgrades Williams Sonoma (WSM) to Neutral from Buy. Q1 results due next week. [Consumer] Comment!

7:07 AM Stage Stores (SSI): Q1 EPS of -$0.02 misses by $0.11. Revenue of $379M (+3.5% Y/Y) misses by $9.43M. (PR) [Earnings, Breaking News] Comment!

TFM, HAIN

7:04 AM The House Agriculture Committee heard some spirited debate this week on if it should be easier for organic food companies to organize industry-wide promotional campaigns, a concept which didn’t sit well with many farm-state Republicans. It’s been a slow process, but more Republicans have been backing amendments and bills that support the organic food industry. Organic-minded: TFM, HAIN, NGVC, HAIN, BNNY, WFM, UNI, STKL, BDBD. [Consumer] 2 Comments

7:03 AM Limited Brands (LTD) is downgraded by Jefferies to Underperform and assigned a lower price target of $40. [Consumer] Comment!

7:03 AM Donaldson (DCI): FQ3 EPS of $0.46 misses by $0.03. Revenue of $619M (-4% Y/Y) misses by $40.41M. (PR) [Earnings, Breaking News] Comment!

7:00 AM On the hour: S&P +0.3%. 10-yr +0.09%. Euro -0.16% vs. dollar. Crude +0.48% to $95.62. Gold -0.61% to $1378.45. Comment!

6:56 AM S&P affirms India at BBB-, outlook Negative with a 1-in-3 chance of a downgrade within a year. There’s also a chance for an upgrade provided public and private investments are made available to boost economic growth. [Global & FX] Comment!

6:56 AM United-Guardian, Inc. (UG) declares $0.47/share quarterly dividend, in line with previous. Forward yield 3.43%. For shareholders of record May 30. Payable June 14. Ex-div date May 28. (PR) [Dividends] Comment!

CMG, JCP

6:54 AM Retail watch: Chipotle (CMG), J.C. Penney (JCP), and Macy’s (M) all hold their annual shareholder meeting today with each company expected to outline channels to find new growth. The trio could also use their meeting to back earnings guidance or tip off current sales trends. [Consumer] Comment!

SPY, QQQ

6:54 AM S&P 500 (SPY) futures +0.3% and Nasdaq 100 (QQQ) futures +0.2% as stocks look to shake off yesterday’s minor slide. The big mover overseas was Shanghai, +1.4%. Stocks rose again in Tokyo and Europe is modestly higher. 1 Comment

6:52 AM Lear Corporation (LEA) declares $0.17/share quarterly dividend, in line with previous. Forward yield 1.14%. For shareholders of record June 7. Payable June 26. Ex-div date June 5. (PR) [Dividends] Comment!

6:51 AM McDonald’s (MCD) is considering removing more items from its menu to become streamlined, according to information tipped off by a franchisee. Fruit & Walnut salads, Chicken Selects and Angus burgers have already been selected for elimination while Caesar salads, the McSkillet Burrito, and steak bagels could also be on the copping block. The streamlining moves falls in line with a new focus from the company on costs and its value menu. [Consumer] 4 Comments

6:43 AM Tesla Motors (TSLA) prices its offering of 3.393M shares of common stock at $92.24 per share. [Consumer] 7 Comments

6:42 AM FirstMerit Corporation (FMER) declares $0.16/share quarterly dividend, in line with previous. Forward yield 3.57%. For shareholders of record May 28. Payable June 17. Ex-div date May 24. (PR) [Dividends] Comment!

6:35 AM A worldwide poll of investors, analysts, and traders conducted by Bloomberg shows more than two thirds believe the U.S. economic recovery is “sustainable,” while only a little over a quarter of those surveyed see a return to recession within the next two years. Key drivers of the upbeat forecast include increasing energy independence, rising home values, and “a pause in partisan budgetary battles in Washington” (there’s agreement in Washington?). Housing, it seems, is the main talking point: “Anyone who isn’t long real estate housing is a moron,” Axiom Management’s Stan Jonas is quoted as saying. [U.S. Economy] 3 Comments

XLF, EUFN

5:56 AM UBS upgrades global financials to Overweight from Underweight on a healing global economy, rebuilt capital, and the sector’s shift “from being a net issuer to a net distributor of cash.” Furthermore, the U.S. banking sector (XLF) is taken to Overweight as balance sheet strength and attractive valuations play well with the housing market recovery to create compelling opportunities. European banks (EUFN) are lifted to Neutral “with a preference towards Nordic and U.K. banks.” Financials respond in London with LLoyds Banking Group (LYG) +2.3%, Royal Bank of Scotland (RBS) +3.3%, and Barclays (BCS) up 0.5%. [Financials, Global & FX] 3 Comments

5:44 AM The British parliament will call Amazon (AMZN) back to testify before the Public Affairs Committee to explain how it justifies paying just $9M in income tax on some $23B in sales to British customers over the past six years, Reuters said Friday, citing lawmakers. The company claims it should only pay tax in Luxembourg as it operates a single business in Europe from there, rather than multiple independent subsidiaries across the region. Reuters suggests this is a mischaracterization. [Tech] 2 Comments

5:25 AM New car registrations in Europe rise 1.8% in April, breaking a horrendous streak of monthly declines that dates back to September of 2011. However, even a cursory glance at the numbers reveals that the devil (as always) is in the details. U.K. auto sales jumped 15%, logging their best month since 2008. Stripping out that rather anomalous (at least in terms of the regional big picture) data point shows the European car market contracting again, albeit by a small margin. [Global & FX, Consumer] Comment!

4:31 AM Real, inflation adjusted wages at nonprivate Chinese companies (state-owned and public enterprises) grew 9% in 2012, up from 8.5% in the previous year, while real wages in the private sector rose 14%. On a nominal basis, wages grew at a double-digit pace even as the pace of economic growth decelerated. While the data show the country is continuing to push towards establishing “a normal wage increase system,” manufacturers could feel the heat should wage growth continue to outpace economic growth going forward. [Global & FX] Comment!

12:05 AM Notable earnings before Friday’s open: DCI [Earnings] Comment!

12:00 AM Friday’s economic calendar: 9:55 Reuters/UofM Consumer Sentiment 10:00 Leading Indicators 1:45 PM Fed’s Kocherlakota: ‘The Future of Financial Regulation and Monetary Policy’ Comment!