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US EQUITIES OPENING HEADLINES INCLUDING: Oracle buys Tekelec although terms of deal are undisclosed

March 25 2013, 1:37pm
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Equity futures point to a positive open on Wall Street as sentiment has been lifted by the last-minute deal to provide a bailout to Cyprus. Focus could well be on Dell's shares today after it emerged there have been two further proposals for the company from Icahn Enterprises and Blackstone. Verizon and Vodafone will also be keenly observed as Vodafone traded sharply higher in London this morning following press reports that the company has held talks with Verizon about selling its 45% stake in Verizon Wireless for USD 135bln according to sources.

Investors breathed a sigh of relief after lawmakers reached what can only be described as an 11th-hour EUR 10bln bailout deal. The positive sentiment saw equities in Europe open the session sharply higher, with financials outperforming its peers as investors welcomed the resolution to what could have easily become yet another Greek like drama. Spain’s Bankia fell sharply this morning, down 39%, after the rescue fund announced the terms of a EUR 15.5bln recapitalization plan, which cuts the nominal value of Bankia shares to EUR 0.01 from EUR 0.02 for a conversion of debt into shares.

Chicago Fed National Activity Index (Feb) M/M 0.44 (Prev. -0.32)

FTSE (+0.81%), CAC (+1.20%), DAX (+1.15%), SMI (+0.70%), IBEX (+0.72%), EURO STOXX (+1.04%), FTSE MIB (-0.68%) prices taken at 1337GMT

Best Performing Sectors in the STOXX Europe 600: Telecommunications (+1.64%), Technology (+1.30%), Industrials (+1.21%)

Worst Performing Sectors in the STOXX Europe 600: Utilities (-0.10%), Health Care (+0.61%), Oil & Gas (+0.61%)

DJI

Corporate Earnings

N/A

Other News

JPMorgan – The DoJ is at an advanced stage of its probe into Co.’s whale traders. (CNBC)

Bank of America – Co. is reshaping its board, bringing in individuals with expertise in heavily regulated businesses characterized by thin margins and tepid growth. (WSJ)

Verizon/VodafoneVodafone has held talks with Verizon about selling their 45% stake in Verizon Wireless for USD 135bln, according to sources. Talks are said to include the option of a merger between the two companies. (Sunday Times)

Boeing – Co. will lay off 800 machinists by the end of the year as needs on the 787 Dreamliner and 747-8 jumbo jet production teams are reduced, according to company spokesman Doug Adler. (Seattle Times)

Caterpillar – Co. has been awarded USD 633mln government contract for material handling equipment. (Newswires)

AT&T – Co. announced that Shell has renewed their global networking contract with the Co. for another five years. (Newswires)

Pfizer – Co. says XELJANZ approved in Japan for treatment of adults with RA. (Newswires)

Hewlett-Packard – Barron’s says Co. could continue to rise but the company is still burdened. (Barron’s)

General Electric – Co.’s unit Capital Aviation Services delivers two new 737-800s to Solaseed Air. (Newswires)

S&P 500

Corporate Earnings

Dollar General - Q4 EPS USD 0.97 vs. Exp. USD 0.90. Reports Q4 revenue USD 4.21bln vs. Exp. USD 4.26bln. Reports Q4 SSS up 3%. EPS includes USD 0.02 impact of retroactive income tax credits. Co. also announces additional USD 500mln share repurchase authorization and sees FY13 EPS USD 3.15-3.30 vs. Exp. USD 3.27. (Newswires)

Apollo Group - Q2 ex-items EPS USD 0.34 vs. Exp. USD 0.18. Reports Q2 revenue USD 834.4mln vs. Exp. USD 822.8mln. (Newswires)

Other News

Hess – Co. could be an attractive takeover target for Norway's Statoil. (WSJ)

CMS Energy – Subsidiary Consumers Energy will reduce natural gas costs by 15%. (Newswires)

McGraw-Hill – Co. reports USD 500mln accelerated share repurchase program. (Newswires)

Eli Lilly – Co. and Boehringer submit new drug application to FDA for empagliflozin, an investigational type 2 diabetes treatment. (Newswires)

Best Buy - Founder Richard Schulze has returned to Co. as Chairman Emeritus in support of the Co.'s renew blue transformation efforts. (Newswires)

PepsiCo/Mondelez – Following reports that Peltz's Trian Fund has taken a stake in both companies worth at least USD 2bln, Citigroup calls a potential takeover by Pepsi of Mondelez as very reasonable to all parties. (Newswires)

MetroPCS – Co. says stockholders will receive an immediate and significant USD 1.5B aggregate cash payment, approximately USD 4.06 per share following the merger with T-Mobile USA. (Newswires)

Internet Retailers - The Senate approved by a 75-24 vote an amendment that would enable states to collect sales taxes on internet purchases. (The Hill)

Nasdaq 100

Corporate Earnings

N/A

Other News

Apple - The EU is probing complaints from some telecoms operators that terms for carrying the iPhone are anti-competitive. The EU maintains that the matter isn't formal and adds that competition in the smartphone market remains strong. (WSJ)

Microsoft/Google – Microsoft was cleared by an ITC judge of violating patent rights of Google's Motorola Mobility unit. (Newswires)

Dell – Michael Dell and Silver Lake partners have received competing offers for the co. following a USD 24.4bln agreement made last month to take the co. private. According to sources, Blackstone Group submitted an indicative offer of USD 13.65-15.00/shr ahead of the go shop period, allowing the co. to explore other options. Investor Carl Icahn also made an offer for the company of USD 15.00/shr with a cap on the amount of cash used in the deal which includes USD 3bln equity commitment. (Newswires)

Oracle - Co. buys Tekelec although terms of deal are undisclosed. (Newswires)

Facebook - SEC approves NASDAQ's USD 62mln settlement over Co.'s IPO. (Newswires)

News Corp. - CEO Rupert Murdoch wants to buy The Los Angeles Times according to an unnamed source. The FCC has delayed a vote on revising a rule which currently blocks the company from buying the newspaper. (New York Times)

Drug makers – The Supreme Court is to hear arguments on whether drug makers’ would-be rivals who make generic versions are engaged in anti-competitive pay-for delay practices when they sign deals to delay introduction of lower cost medicines. (Newswires)

Other News

BlackBerry - Citigroup says it channel checks indicate Co.'s U.S. launch of the Z10 is a disappointment and a stark contrast to the successful Europe and Canada launches. (Newswires)

Smithfield Foods – Co. has retained Goldman Sachs to help it explore options after a key shareholder urged the company to split up, according to sources. (Newswires)

Vanguard Health – Co.’s PHP loses an acute care program contact from Arizona agency which represents 80% of segment revenues. (Newswires)

United Therapeutics – United Therapeutics' oral treprostinil NDA declined by FDAGets second complete response letter for oral treprostinil NDA. Co. plans to request end of review meeting. (Newswires)

Sarepta – Barron’s says shares of the Co. could quickly reach USD 50 should the company seek accelerated approval from the FDA for its Duchenne muscular dystrophy drug eteplirsen. (Barron’s)

AK Steel – US court confirms Co. does not infringe on patent. (Newswires)

Bausch & Lomb – Co. files IPO for USD 100mln in common stock. (Newswires)

Walter Energy – Co. issued a letter to its shareholders raising serious concerns about Audley Capital's slate of nominees and highlighting the steps underway by the company's board and new management team to increase shareholder value. (Newswires) 

New York Times - The Japan Times and Co. have announced a publishing agreement that will see the International New York Times packaged with The Japan Times in the Japanese market. (Newswires)

Dish – Co.’s UK arm of Blockbuster is to be bought by Gordon Brothers Europe although terms of the deal have not been disclosed. (WSJ)

Broker Moves

Upgrades

ALLSTATE UPGRADED TO BUY FROM NEUTRAL AT GOLDMAN

DARDEN UPGRADED TO OVERWEIGHT FROM EQUAL WEIGHT AT STEPHENS

Downgrades

BLACKBERRY DOWNGRADED TO NEUTRAL FROM BUY AT GOLDMAN

J.C. PENNEY DOWNGRADED TO UNDERPERFORM FROM MARKET PERFORM AT BMO CAPITAL

MYLAN DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT BERNSTEIN

LEAR DOWNGRADED TO BUY FROM CONVICTION BUY AT GOLDMAN

CELGENE DOWNGRADED TO HOLD FROM BUY AT WALLACHBETH

INTERNATIONAL GAME DOWNGRADED TO NEUTRAL FROM OUTPERFORM AT MACQUARIE

RED HAT DOWNGRADED TO MARKET PERFORM FROM OUTPERFORM AT RAYMOND JAMES

SIGMA-ALDRICH DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT BOFA/MERRILL

CHECK POINT DOWNGRADED TO NEUTRAL FROM BUY AT LAZARD CAPITAL

WHOLE FOODS DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT PIPER JAFFRAY

TEXTRON DOWNGRADED TO NEUTRAL FROM OVERWEIGHT AT JPMORGAN

AIRGAS DOWNGRADED TO UNDERPERFORM FROM NEUTRAL AT BOFA/MERRILL 

LIFE TECHNOLOGIES DOWNGRADED TO NEUTRAL FROM BUY AT Citigroup

CIT GROUP DOWNGRADED TO NEUTRAL FROM BUY AT COMPASS POINT


 

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