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Governance & Proxy
Mar 4 2014 | 6:06 PM | Posted by:

Each year, investors file shareholder proposals with public companies to requesting that their proposals be included for a vote at the next annual meeting of shareholders. 

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Asia Pacific Markets
Jan 29 2014 | 5:24 PM | Posted by:

Even as an improving US economy sparked renewed interest in US stocks last year, trading in international equities listed on NYSE markets remained solid, approaching $3.1 trillion.

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The Latest Posts
April 23, 2014
End of Day Report
Apr 23 2014 | 4:29 PM

US stock indices finished fractionally lower on Wednesday, braking a six day winning streak as investors focused on global flash PMI’s, a sharp drop in New Homes Sales and a busy earnings calendar.  Telecomm led the S&P 500 lower as results from AT&T disappointed.  Energy topped advancers.   Gold is higher and Oil edged lower following Tuesday’s sharp drop. 


 


In US economic news,  New Home Sales were down 14.5% m/m to 384K in March.  The reading was meaningfully below consensus  of 450K and largest decline since last year.  There was some discussion of possible weather impact (on South), but economists highlighted other broader headwinds as well. Builders and building materials underperformed with XHB losing 1.10%.


 


Markit's US manufacturing sample is reporting steady and solid growth so far this month with the PMI at a mid-month flash reading of 55.4 vs 55.5...

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Specialist, Market Watch
NYSE MAC Desk
Apr 23 2014 | 10:12 AM

From The Trading Floor: Equities are retreating a bit this morning after 6 straight days of advancement on a mixed bag of earnings and weaker economic data



  • Mortgage Applications fell by -3.3% for the week ending April 18th

  • The Markit Economics preliminary US. Manufacturing Index decreased to 55.4 in April from a final reading of 55.5 a month earlier

  • Sales of new US. Homes unexpectedly plunged in March by -14.5% to 384,000, its lowest level in 8 months

  • Procter & Gamble reports Q3 EPS $1.04, consensus $1.02. Reports Q3 revenue $20.56B, consensus $20.68B.

  • Yum! Brands reports Q1 EPS ex-items 87c, consensus 85c. Reports Q1 revenue $2.72B, consensus $2.8B

  • China's manufacturing sector has contracted for a fourth consecutive month in April, although the HSBC PMI gauge has edged up to 48.3 from 48 in March. "Domestic demand showed mild improvement and deflationary pressures eased...
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Posted by: Charles Brown
Managing Director, The Capital Markets Desk
Ahead of the Bell
Apr 23 2014 | 8:30 AM

Ahead of the Bell: Dow futures are trading down 4 points and S&P futures are trading down 2 points. Euro zone private businesses rose to their best month in April in nearly three years, but stuttering Chinese factory activity over shadowed the positive sentiment after it shrank for a fourth straight month in April, according to surveys. Growth in the 17-member bloc was sphere-headed by Germany where its PMI jumped from March after the region's services industry led the charge while manufacturers also had a stronger month. Market participants are hopeful that China has turned the corner after the government introduced policy steps to combat the slowdown in the world's second biggest economy. The crisis in Ukraine continues to drag on financial markets after the US threatened Russia with more sanctions and Ukraine's government said it was restarting an "anti-terrorist operation" to eliminate armed pro-Russian separatist groups.

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Posted by: Parasnand Madho
Director, Market Watch & Corporate Actions
End of Day Report
Apr 22 2014 | 4:33 PM

Benchmark US stock indices extended recent gains on Tuesday amid a busy round of earnings, an increase in M&A activity and slightly better-than-expected existing home sales.  Healthcare and Discretionary led gains on the S&P 500, while Energy and Staples were the only major sectors to finish in the red.  Crude oil is sharply lower while gold and the dollar are only slightly lower.    


 


Better-than-expected earnings have lifted equities recently, with today marking a sixth straight day of advances, though companies have largely been exceeding reduced forecasts.  Profits are seen rising 1.1% this quarter, down from the 6.5% growth rate estimated at the start of the year.  Pharma also M&A grabbed much of the days’ headlines, pushing the Healthcare sector higher.  Yesterday was about speculation, today we saw actual announcements. 


 


In U.S. economic news...

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Specialist, Market Watch
NYSE MAC Desk
Apr 22 2014 | 10:19 AM

From The Trading Floor: Earnings in combination with M&A activity in the Pharma sector have given the markets a spark this morning.



  • FHFA House Price Index for February came in at 0.6% slightly ahead of the 0.5% estimate

  • The Richmond Fed Manufacturing Index came in at 7 vs the 2 consensus

  • US. March Existing Home Sales fall 0.2% to 4.59 million rate exceeding the 4.56 million estimate

  • Valeant and Bill Ackman's Pershing Square are teaming up to make a bid for Allergan (AGN) that could be worth over $45B.

  • Novartis has agreed to acquire GlaxoSmithKline's (GSK) oncology products for an initial $14.5B and up to $1.5B in development milestones. In return, GSK will buy the Swiss company's vaccines business for $5.25B upfront and as much as $1.8B in milestones, as well as royalties.

  • Novartis has also agreed to sell its animal-health division to Eli Lilly (LLY) for around $5.4B....
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Posted by: Charles Brown
Managing Director, The Capital Markets Desk