Morning Brief: May 2nd, 2013

US ECONOMIC DATA:

  • Initial jobless claims sink 18,000 to 324,000
  • Four-week claims average drops 16,000 to 342,250
  • New claims at lowest level since January 2008
  • Continuing claims increase 12,000 to 3.02 million
  • U.S. March trade gap narrows 11% to $38.8 billion
  • March trade gap below consensus of $42 billion
  • U.S. March trade gap with China $17.9 billion
  • First-quarter U.S. productivity rises 0.7%
  • First-quarter output climbs 2.5%
  • First-quarter hours worked jump 1.8%
  • First-quarter unit-labor costs increase 0.5%
  • Inflation-adjusted hourly wages decline 0.3%


TOP STORIES:

  • ECB cuts benchmark rate by 25 bps to 0.5%
  • Euro rises to $1.32 after ECB cuts interest rate
  • Treasurys weaken after ECB rate cut
  • U.S. stock futures extend gains after ECB rate cut
  • Gold rises as investors eye monetary stimulus
  • UBS shareholder calls for investment bank to split
  • Ford Boosts F-150 Production as Pickups Pace U.S. Sales
  • Facebook Revenue Exceeds Estimates on Mobile Advertising

EARNINGS:

General Motors (GM)

  • GM Q1 sales at $36.9 billion vs. $37.8 billion
  • General Motors Q1 profit down to $900 million
  • General Motors Q1 EPS at $0.58 vs. $0.60
  • GM shares rise 4% in pre-market after results

Kellogg (K)

  • Kellogg Q1 sales rise to $3.86 bln vs. $3.44 bln
  • Kellogg profit drops to $311 mln vs. $351 mln
  • Kellogg quarterly EPS drops to $0.85 vs. $0.98

ANALYST UPGRADES/DOWNGRADES:

  • TMUS - T-Mobile USA initiated with a Hold at Argus
  • AMD - AMD downgraded to Neutral from Outperform at Macquarie
  • AGN - Allergan upgraded to Buy from Neutral at Lazard Capital
  • YELP - Yelp upgraded to Market Perform from Underperform at Northland Securities
  • CRK - Comstock Resources downgraded to Hold from Buy at Stifel
  • BBG - Bill Barrett downgraded to Hold from Buy at Stifel
  • H - Hyatt Hotels downgraded to Neutral from Outperform at Credit Suisse
  • STX - Seagate upgraded to Buy from Hold at Needham
  • STX - Seagate price target raised to $43 from $39 at Brean Capital
  • MA - MasterCard downgraded to Market Perform from Outperform at Raymond James
  • VIAB - Viacom upgraded to Buy from Hold at Wunderlich
  • MU - Micron downgraded to Underperform from Outperform at CLSA
  • EXC - Exelon downgraded to Hold from Buy at Wunderlich

DEALS TODAY:

  • Dish chairman asserts U.S. advantage in Sprint bid
  • Cerberus raises $2.61 billion private equity fund: sources
  • Deutsche Bahn to buy engines from Bombardier for up to 1.5 billion euro
  • UBS faces calls for break-up at investor meeting
  • Berkshire buys rest of Israel’s Iscar for $2.05 billion
  • ING U.S. Inc raises $1.3 billion in IPO, less than expected
  • Actavis buys antibiotic vaginal gel from Valeant for $55 million

Source: Thomson Reuters, MW, Bloomberg, TheFlyOnTheWall

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