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Monday October 6, 2014 - 15:39:14 GMT
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| | Email US Market Update: Dead Cat Bounce

Mon, 06 Oct 2014 11:29 AM EST

***Economic Data***
- (IE) Ireland Sept Consumer Confidence: 92.8 v 87.1 prior (highest since Jan 2007)
- (CL) Chile Aug Economic Activity Index M/M: 0.5% v 0.4%e; Y/Y: 0.3% v 0.6%e
- (MX) Mexico Aug Leading Indicators M/M: 0.1 v 0.1 prior
- (CA) Canada Sept Ivey Purchasing Managers Index (Seasonally Adj): 58.6 v 52.5e; PMI Unadj: 65.2 v 49.1 prior

This morning's premarket move higher in US equity markets is being dismissed as a dead cat bounce after both the Nasdaq and the S&P500 dipped into negative territory after 1.5 hours of trading. As of writing, the DJIA is up 0.09%, the S&P500 is up 0.13% and the Nasdaq is down 0.25%.

The euro seems to have found a floor at 1.2500, as the terrible German factory orders data has not prevented EUR/USD's rebound from Friday's lows. The pair is around 1.2570 as of writing. WTI crude traded as low as $88.75/bbl before moving back up again.

Hewlett-Packard said it would break itself into two companies, following years of "turn around" that apparently was not going according to plan. HP also spent months trying to sell off various business units, including its PC and enterprise services unit, with no luck. CEO Whitman asserts that by splitting in two, the successor companies would be able to pursue sales or acquisitions with a simpler balance sheet. Reportedly this issue scuttled a plan to buy EMC.

BHP Billiton's plans to cut costs in iron ore and also boost production are shaking up the mining sector. BHP wants to lower unit costs in Western Australia by at least 25% to less than $20/ton and grow exports from the 225 million tons per year seen in 2014 to 290 million tons by 2017. Analysts note the latter figures is Rio Tino's current iron ore output, and Rio is expanding its output to a projected 360 million tons. ADRs of both Australian miners were up more than 2% in New York earlier, but have come off their highs.

Becton Dickinson agreed to buy CareFusion for $58/shr in cash and stock, in a total deal valued around $12.2 billion. The deal will enhance the company's role in providing drug management and patient safety services to hospitals.

Durata Therapeutics has agreed be acquired by Actavis for $23/shr, in a total deal valued at $675M in cash. Actavis has also offered contingent value rights (CVRs) entitling the holder to receive additional cash payments of up to $5.00/shr if certain regulatory or commercial are achieved. Recall that Salix Pharmaceuticals called off a merger deal with Italy's Cosmo Pharmaceuticals last week; analysts highlight that the Durata deal would certainly not prevent Actavis from also possibly acquiring Salix.

GT Advanced Technologies is filing for bankruptcy. The firm makes sapphire displays that many investors hoped would be included on the iPhone 6 and 6 plus models announced last month, but shares of GTAT were crushed after the displays were not included the new iPhones.

***Looking Ahead**
- 16:00 (US) Crop Condition Report
- 20:30 (US) Fed's George on US economy in NM
- 21:30 (AU) RBA Interest Rate Decision; Expected to leave Cash Target rate unchanged at 2.50%


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