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TradeTheNews.com US Market Update: Trading Volumes Remain Low on Easter Monday
Mon, 21 Apr 2014 10:52 AM EST
- (US) Mar Chicago Fed Nat Activity Index: 0.20 v 0.20e
- (US) Mar Leading Index: 0.8% v 0.7%e
- US equity trading volumes are way below average this morning thanks to the
Easter holiday weekend. As of writing, the DJIA is up 0.09%, S&P500 is flat
and the Nasdaq is down 0.08%.
- In FX trading, the major pairs were largely contained within their narrow
holiday ranges. EUR/USD is holding above 1.38, while USD/JPY rose to two-week
high above ¥102.60 during the Asian session after Japan reported a wider-than-expected
- Yesterday there were UK press reports
that Pfizer was said to be mulling a $100 billion bid for AstraZeneca.
Follow-up reports out this morning suggest that the two companies met and
talked a few months ago, negotiations went nowhere and talks are dormant right
now. Nevertheless, there are also other report suggesting AZN has hired
Goldman and Morgan Stanley to work as advisors for a possible defense.
AstraZeneca's US-traded ADRs are up nearly 6%.
- Shares of Sarepta gained more than
60% in the premarket after disclosing that it received FDA guidance on
submitting an NDA for Duchenne Muscular Dystrophy candidate eteplirsen.
The company is planning to submit an NDA for the drug before the end of the
year, possibly under an accelerated approval pathway. Recall that last
November, the FDA disclosed that that the failure of Protensa's drisapersen
meant an eteplirsen NDA filing would be premature and raised considerable doubt
about key concepts supporting drisapersen and eteplirsen. SRPT is down to +45%
midmorning, while RNA is up 6% or so.
- Oil services giant Halliburton is up
4% or so after modestly exceeding revenue and earnings expectations. The
company reported solid profits compared to a small net loss a year ago. The
firm said gains in overseas markets made up for the very weak quarter in North
America, and also said that activity in NA would pick up later this year. SLB
and BHI are up nearly 2% a piece in sympathy.
- Consumer healthcare goods firm Kimberly Clark barely met beaten down
consensus expectations in its first quarter, and earnings were flat on a y/y
basis. The firm said continuing input cost inflation and FX headwinds remain a
big problem for the business. Shares of KMB had slipped more than 2.5% in the
premarket but are back to unchanged mid morning.
- AMD gained as much as 8% in the premarket and has continued gaining ground in
cash trading, with shares up more than 12% before turning around mid morning.
AMD offered positive FY14 comments after the close on Thursday.
- After Walmart's big money transfer announcement last Friday, multiple
analysts have cut ratings on MoneyGram. Shares of MGI are down more than 10%
this morning after the analyst actions, compounding Friday's losses.
- 11:30 (US) Treasury to sell combined $48B in 3-Month and 6-Month Bills
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