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Dec 16, 2011

Morning Market Briefing

Commentary Dec. 16, 2011
Stocks are likely to move to the upside in early trading on Friday, adding to the gains posted in the previous session. The major index futures are currently pointing to a notably higher open, with the Dow futures up by 71 points. (Dec 16, 2011) Full Article
Economic News
Singapore's non-oil domestic exports grew unexpectedly in November, bolstered by a modest rebound in electronic shipments and gains in pharmaceuticals. (Dec 16, 2011) Full Article
The Reserve Bank of India on Friday opted to maintain its key rate unchanged, thus stalling a rate-tightening spree, in a bid to support the depreciating rupee. (Dec 16, 2011) Full Article
U.S. consumer prices held steady in November, according to figures released Friday by the Labor Department, with lower energy prices offsetting minor increases in other sectors. The consumer price index for November was unchanged from October levels, which showed a 0.1 percent decline from September. (Dec 16, 2011) Full Article
Earnings News
Accenture plc (ACN) Thursday posted a jump in first-quarter revenues on the back of all-round double-digit local-currency revenue growth. The results beat analysts' estimates. The company issued its secon-quarter revenues guidance. Also, it lowered its fiscal 2012 earnings outlook to reflect a negative revision in its foreign-exchange impact estimate. (Dec 16, 2011) Full Article
Adobe Systems Inc. (ADBE) said Thursday fourth-quarter profit declined year-over-year as lower margins and a higher tax provision offset the “strong” growth in revenues. Both adjusted earnings and revenues, however, exceeded Street expectations. The company also issued its first-quarter 2012 financial guidance. (Dec 16, 2011) Full Article
Research in Motion Ltd. (RIMM, RIM.TO) Thursday reported a sharp slide in third-quarter profit on the impact of a hefty provision related to the inventory valuation of BlackBerry PlayBook tablets and also lower revenues. Adjusted earnings topped the market view, but revenues fell short. The company also guided on fourth-quarter earnings and revenues, with both estimates below Street consensus. (Dec 16, 2011) Full Article
Darden Restaurants Inc. (DRI) posted Friday a fall in second-quarter profit reflecting higher food costs and cautious spending by customers. Both earnings and sales were on par with the Street view. (Dec 16, 2011) Full Article
Telus Corp. (TU) said Friday it is maintaining its annual targets for 2011 and added that earnings were currently “trending” to the middle of the estimated range, while consolidated revenues were trending towards the top of the expectation. The company also issued its 2012 financial outlook. (Dec 16, 2011) Full Article
Corporate News
Amgen Inc. (AMGN) reported Thursday its Chairman and CEO Kevin Sharer's decision to retire at the end of 2012. The company added that President and COO Robert Bradway will succeed Sharer as CEO effective May 23, 2012. Further, the Board of Directors intend to elect Bradway as chairman, Amgen noted. (Dec 16, 2011) Full Article
Zynga Inc. (ZNGA) Thursday announced setting a price of $10 per share for its 100 million share initial public offering, or IPO. The company expects to begin trading on the Nasdaq Global Select Market on December 16, 2011 using the ticker “ZNGA”. (Dec 16, 2011) Full Article
Apollo Global Management LLC (APO) reported Friday the signing of an agreement by unnamed affiliates which sees the acquisition of Taminco Group Holdings for 1.1 billion euros from CVC Capital Partners's affiliates. The transaction may conclude in the first-half of 2012. (Dec 16, 2011) Full Article
United Rentals Inc. (URI) Friday announced agreeing to acquire RSC Holdings Inc. (RRR) for a consideration of $18 per share to be paid in cash and stock. The transaction, which carries a total enterprise value of $4.2 billion including debt, is expected to close in first-half 2012. Further, the merger may create cost savings of over $200 million. (Dec 16, 2011) Full Article
Crown Castle International Corp. (CCI) Friday reported an agreement which sees it acquire privately-held NextG Networks Inc. for a cash consideration of $1.0 billion in a transaction which may close in second-quarter 2012. (Dec 16, 2011) Full Article
Broker Ratings Changes
Robert W. Baird Starts Enduro Royalty Trust (NDRO) At Outperform With $23 Price Target
(Dec 16, 2011) 
Todays WS Events
Darden Restaurants Q2 12 Earnings Conference Call At 8:30 AM ET
Darden Restaurants Inc. (DRI) will host a conference call at 8:30 AM ET December 16, 2011, to discuss its Q2 12 earnings results. To access the live webcast, log on at http://www.videonewswire.com/event.asp?id=83995 (Dec 16, 2011) 
United Rentals Investor Conference Call At 8:00 AM ET On RSC Acquisition
United Rentals, Inc. (URI) will hold an analyst and investor conference call at 8:00 AM ET on December 16, 2011, to discuss the acquisition of RSC Holdings, Inc. To access the webcast, log on at www.ur.com/investor To listen to the call, dial (888) 874-9470 (US) or (973) 935-8772 (International) using ID 36465372. (Dec 16, 2011) 

 

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