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RTTNews: Morning Market Briefing.-Weekly Jobless Claims Edge Down To 444,000. May 13th 2010

Morning Market Briefing Thu May 13 09:01 2010 

Commentary

May 13, 2010 Stocks Poised For Lackluster Open Amid Mixed Market Sentiment - U.S. Commentary Stocks are on pace for a mixed start to Thursday's session, as a mostly upbeat jobs report continued to relieve the markets while some consternation regarding the European debt crisis remained on traders' minds. The major index futures are little changed, with the Dow futures down by 4 points. Full Article

Economic News

May 13, 2010 Weekly Jobless Claims Edge Down To 444,000First-time claims for unemployment benefits showed another modest decrease in the week ended May 8th, according to a report released by the Labor Department on Thursday, although the number of claims exceeded estimates due to an upward revision to the previous week's data. Full Article
May 13, 2010 Malaysia's Decade High Growth Triggers Policy TighteningMalaysia's economy grew at the fastest pace in a decade in the first quarter, prompting the central bank to hike its key interest rate for the second time this year. Full Article
May 13, 2010 Import Prices Rose 0.9% In April, Export Prices Rose 1.2% Thursday morning, the Labor Department released its report on import and export prices in the month of April, showing that import and export prices both increased for the second consecutive month. The increase in import prices was partly due to a notable increase in prices for fuel imports. Full Article
May 13, 2010 U.K. March Visible Trade Gap Widens More Than Expected The U.K. visible trade deficit widened more than expected in March due to a surge in imports, after falling sharply in February. Full Article
May 13, 2010 Australia Unemployment Rate Steady At 5.4% Australia's unemployment rate remained unchanged in April compared to March although it was slightly above economists' expectations, official figures showed on Thursday. Full Article
May 13, 2010 U.K. Consumer Confidence Inches Up In April Consumer morale in the U.K. rose slightly in April following a sharp drop in March as consumers were more wary about the future, the results of a survey showed on Thursday. Full Article

Earnings News

May 13, 2010 Cisco Q3 profit up 63%, beats estimateWednesday, Cisco Systems, Inc. (CSCO) reported a 63% climb in third-quarter profit, as global economic recovery prodded companies to upgrade their networks. Both adjusted earnings per share and sales, which jumped 27% year-over-year, came in above the Street view. The company, however, noted that gross margin for the quarter narrowed to 63.9% from 64.1%, though product sales rose 31.5%, and services revenue advanced 11% from the year-ago period. Full Article
May 13, 2010 Silver Wheaton Q1 profit almost triples, yet misses estimateWednesday, Silver Wheaton Corp. (SLW) posted almost a three-fold jump in first-quarter profit, reflecting strong production growth and a 44.5% increase in realized prices. However, quarterly earnings per share came in below the Street view. Looking ahead, the company reiterated its silver equivalent production guidance for fiscal 2010. Full Article
May 13, 2010 Whole Foods Market Q2 profit more than doubles, beats estimate; raises FY10 guidanceWednesday, Whole Foods Market Inc. (WFMI) reported more than a two-folds surge in profit for the second quarter, as sales grew 13% from the previous year. The quarterly results also benefited from the absence of asset impairments that hit year-ago results. Gross margin improved to 35.3% from 34.7% in the second quarter of fiscal 2009. Both earnings and revenues came in well above the Street view. Looking ahead to the full year, the company lifted its earnings guidance. In addition, Whole Foods Markets also said it promoted Walter Robb as co-chief executive officer. Full Article
May 13, 2010 Kohl's Q1 profit rises 45%, beats Street; lifts FY11 EPSThursday, Kohl's Corp. (KSS) reported a 45.2% jump in first-quarter profit as revenue improved 11% year-over-year. Same store sales rose 7.4% from the year-ago period. Both earnings and revenue managed to surpass the Street view. Looking ahead, the company raised its profit outlook range for the year and provided guidance range for the second quarter, with both ranges being below current estimates of anlysts. Full Article
May 13, 2010 Wendy's/Arby's Q1 net loss narrowsThursday, Wendy's/Arby's Group, Inc. (WEN) posted a narrower loss in the first quarter, despite a 3.1% dip in sales. Excluding charges, profit for the quarter increased marginally from the year-ago period. Full Article
May 13, 2010 Sony Q4 loss narrowsThursday, Sony Corp. (SNE) said its fourth-quarter net loss narrowed sharply from last year, as the topline grew about 13%, reflecting strong sales of its imaging sensors, LCD panels and gaming products. Looking ahead, the company expects to return to profit in the current fiscal year. Full Article
May 13, 2010 Urban Outfitters Q1 profit surges 72%, beats estimateThursday, Urban Outfitters Inc. (URBN) reported a 72% rise in first-quarter profit, helped by both increase in revenue across brands, as well as fewer markdowns. Both earnings and revenue, which grew 25% year-over-year, came in above the street view. Full Article

Corporate News

May 13, 2010 SAP to buy Sybase for $5.8 blnWednesday, SAP AG (SAP) said it agreed to buy enterprise and mobile software maker Sybase, Inc. (SY) for about $5.25 billion in cash, thereby posing a stiff competition to Oracle Corp. (ORCL). Under the deal, SAP's American subsidiary will make an all cash tender offer for all of the outstanding shares of Sybase at $65.00 per share, representing a 56% premium to Sybase's closing stock price on Tuesday. SAP will also assume Sybase’s debt, giving the deal an enterprise value of $5.8 billion. SAP expects the deal to close in the third quarter of 2010 and to be immediately accretive to its earnings per share on a non-IFRS adjusted basis. Full Article

Broker Ratings Changes

May 13, 2010 FBR Capital Markets Raises Morgan Stanley (MS) To Outperform From Market Perform With $35 Price Target
May 13, 2010 FBR Capital Markets Ups Halliburton Company (HAL) To Outperform From Market Perform With $44 Up From $35 Price Target

Todays WS Events

May 13, 2010 Ford Motor 2010 Annual Meeting Of Shareholders At 8:30 AM, ET Ford Motor Company (F) will host its 2010 Annual Meeting of Shareholders on May 13, 2010. The event is scheduled to begin at 8:30 AM, ET. To access the live webcast, log on at www.shareholder.ford.com To hear the live call, dial 877-415-3184 begin_of_the_skype_highlighting              877-415-3184      end_of_the_skype_highlighting (US) or 857-244-7327 begin_of_the_skype_highlighting              857-244-7327      end_of_the_skype_highlighting (International) with passcode Ford Shareholders. A replay of the call can be heard by dialing 888-286-8010 begin_of_the_skype_highlighting              888-286-8010      end_of_the_skype_highlighting (US) or 617-801-6888 begin_of_the_skype_highlighting              617-801-6888      end_of_the_skype_highlighting (International) with passcode 49610687.
May 13, 2010 Philip Morris To Host Webcast Of Presentation At Goldman Sachs Consumer Products Symposium; Webcast Philip Morris (PM) will host present at Goldman Sachs Consumer Products Symposium. The event is scheduled to begin at 8:35 AM ET May 13, 2010. To access the live webcast, log on at http://investors.pmi.com/phoenix.zhtml?c=146476&p=irol-EventDetails&EventId=3064615
May 13, 2010 Pepco Holdings Analyst Conference At 8:30 AM ET Pepco Holdings Inc. (POM) will hold its Analyst Conference. The event is scheduled to begin at 8:30 AM ET May 13, 2010. To access the live webcast, log on at www.pepcoholdings.com/investors
May 13, 2010 Express Scripts To Present At BofA Merrill Lynch 2010 Healthcare Conference; Webcast At 8:40 AM ET Express Scripts (ESRX) will make a presentation at the BofA Merrill Lynch 2010 Healthcare Conference at the Grand Hyatt in New York on May 13, 2010. The presentation is scheduled to begin at 8:40 AM ET. To access live webcast, log on to www.express-scripts.com
May 13, 2010 Procter & Gamble To Present At Goldman Sachs Consumer Products Symposium; Webcast At 9:45 AM ET Procter & Gamble (PG) will present at the Goldman Sachs Consumer Products Symposium 2010 in New York City. The event is scheduled to begin at 9:45 AM ET May 13, 2010. To access the live webcast, log on at http://www.pginvestor.com/phoenix.zhtml?c=104574&p=irol-EventDetails&EventId=3090866
May 13, 2010 Dow Chemical Annual Stockholders Meeting At 10:00 AM ET Dow Chemical Co (DOW) will host its Annual Stockholders Meeting. The event is scheduled to begin at 10:00 AM ET May 13, 2010. To access the live webcast, log on at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=80099&eventID=2989889
May 13, 2010 Gilead Sciences To Present At Banc Of America Merrill Lynch 2010 Healthcare Conference; Webcast At 1Gilead Sciences Inc (GILD) will present at the Banc of America Merrill Lynch 2010 Healthcare Conference in New York. The event is scheduled to begin at 10:40 AM ET, May 13, 2010. To access the live webcast, log on to http://investors.gilead.com/phoenix.zhtml?c=69964&p=irol-news&nyo=0
May 13, 2010 The Coca-Cola Company To Present At Goldman Sachs Consumer Products Symposium; Webcast At 12:35 PM EThe Coca-Cola Company (KO) will present at the Goldman Sachs Consumer Products Symposium in New York on May 13, 2010. The presentation is scheduled to begin at 12:35 PM ET. To listen to the live webcast, log on to http://ir.thecoca-colacompany.com/phoenix.zhtml?c=94566&p=irol-EventDetails&EventId=3061355
May 13, 2010 King Pharmaceuticals To Present At Bank Of America Merrill Lynch 2010 Health Care Conference; WebcasKing Pharmaceuticals, Inc (KG) will present at the Bank of America Merrill Lynch 2010 Health Care Conference in the Grand Hyatt Hotel, New York. The event is scheduled to begin at 1:00 PM ET, May 13, 2010. To access the live webcast, log on to www.kingpharm.com/Investors/Webcasts.cfm
May 13, 2010 Wells Fargo 2010 Investor Conference At 3:15 PM ET Wells Fargo & Co (WFC) will hold its 2010 Investor Conference. The event is scheduled to begin at 3:15 PM ET, May 13, 2010. To access the live webcast, log on to www.wellsfargo.com/invest_relations/presents
May 13, 2010 CA Q4 10 Earnings Conference Call At 5:00 PM ET CA, Inc. (CA) will host a conference call at 5:00 PM, ET, to discuss Q4 10 earnings results, on May 13, 2010. To access the live webcast, log on at http://ca.com/invest/ To hear the live call, dial 1-877-675-4750 begin_of_the_skype_highlighting              1-877-675-4750      end_of_the_skype_highlighting (US) or 1-719-325-4758 begin_of_the_skype_highlighting              1-719-325-4758      end_of_the_skype_highlighting (International). A replay of the call can be heard by dialing 1-888-203-1112 begin_of_the_skype_highlighting              1-888-203-1112      end_of_the_skype_highlighting (US) or 1-719-457-0820 begin_of_the_skype_highlighting              1-719-457-0820      end_of_the_skype_highlighting (International) with passcode 2105433.

Political News

May 13, 2010 US-China Human Rights Talks Resume After Two Years United States-China human rights talks are set to resume in Washington Thursday after a gap of two years. Officials of the U.S. State Department and the Chinese Foreign Ministry will participate in the two-day talks. Full Article

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