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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 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
Ahead of the Bell
Apr 22 2014 | 8:07 AM

Ahead of the Bell: Dow futures are trading up 5 points and S&P futures are trading up 2 points. Global shares are buoyed by M&A activity, speculation of QE by the ECB, and China's central bank action. Merger activity in the pharmaceutical sector involving Eli Lilly, GlaxoSmithKline, and Novartis and Valiant Pharmaceuticals International Inc., and Allergan Inc., are lifting futures trading after markets in Germany, England, Hong Kong, and Australia reopened following the Easter holidays. There is rising expectations among investors of further policy easing by the European Central Bank after the region reported inflation is running at 0.5%. China's yuan fell to its lowest level in 14 months against the dollar, after the central bank set a lower official midpoint of its trading range, highlighting its desire for a weaker currency to manage an economic slowdown.


 



  • On the...
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Posted by: Parasnand Madho
Director, Market Watch & Corporate Actions
End of Day Report
Apr 21 2014 | 4:19 PM

U.S. stocks rose for a fifth straight day on Monday, with the Dow edging 40 points higher amid a deluge of quarterly earnings, M&A chatter and quiet economic calendar.  Healthcare and Energy led gains on the S&P 500, while Utilities and Financials topped declines.  Gold is lower and Oil is flat to slightly higher. The U.S. dollar, which has been slowly ticking up, rose to a two-week high against the Japanese yen on Monday after Japan’s trade deficit expanded by more than expected last month.


 


Although no high-profile drivers today, earnings will catch much of this week’s spotlight with one-third of S&P 500 announcing results.  Thursday will be the heaviest day as 65 S&P 500 companies are scheduled to report.    


 
Market Indices/Statistics:



  • Dow closed up 40.71 pts. / +0.25% to 16,449.25; 17 of the 30 Dow stocks closed higher...
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Specialist, Market Watch
NYSE MAC Desk
Apr 21 2014 | 10:08 AM

From The Trading Floor: Equities are trading in cautious to positive territory this morning after the S&P posted its biggest weekly gain since July due to some better than expected earnings and economic reports.



  • March Chicago Fed national activity index came in at 0.2 which is what the estimate was but well lower than the revised February reading that was 0.53

  • Leading economic indicator for March came in at 0.8 vs 0.7 consensus.

  • 150 S&P 500 companies report this week

  • Ukraine stays in focus. A gun battle in the eastern part of Ukraine over the weekend has rolled back some of the optimism from last week on progress over the efforts to "de-escalate" the crisis.

  • Politicians in Europe passed new legislation that requires companies to disclose information on how they address environment, social, and governance issues. Statements by firms on their policies on bribery and corruption matters...
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Posted by: Charles Brown
Managing Director, The Capital Markets Desk