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Monday June 16, 2014 - 15:31:42 GMT
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| | Email US Market Update: Merger Monday

Mon, 16 Jun 2014 11:17 AM EST

***Economic Data***
- (RU) Russia Central Bank (CBR) left pne-week auction rate unchanged at 7.50%, as expected
- (IL) Israel Q1 Preliminary GDP Annualized: 2.7% v 2.3%e
- (IL) Israel Q1 Current Account Balance: $3.5B v $1.8B prior
- (BR) Brazil Jun FGV Inflation IGP-10 M/M: -0.7% v -0.6%e
- (PL) Poland May CPI Core M/M: 0.0% v 0.0%e; Y/Y: 0.8% v 0.8%e
- (CA) Apr Int'l Securities Transactions: +C$10.1B v -C$1.2B prior
- (US) Jun Empire Manufacturing: 19.28 v 15.00e
- (US) Apr Net Long-term TIC Flows: $-24.2B v +$37.5Be; Total Net TIC Flows: +$136.8B v -$126.1B prior
- (PL) Poland May YTD Budget Balance Level (PLN): -22.5B v -21.3B prior; Budget Balance Performance: 47.3% v 44.8% prior
- (CA) Canada May Existing Home Sales M/M: 5.9% v 2.7% prior
- (BE) Belgium Apr Trade Balance: 0.0B v -689.5M prior
- (US) May Industrial Production M/M: 0.6% v 0.5%e; Capacity Utilization: 79.1% v 78.9%e; Manufacturing Production M/M: 0.6% v 0.6%e
- (US) Jun NAHB Housing Market Index: 49 v 47e

- The strong showing in the June Empire survey and the May industrial production numbers has helped propel the S&P500 into positive territory this morning, however the DJIA and the Nasdaq are still bogged down in the red. As of writing, the DJIA is down 0.16%, the S&P500 is up 0.16% and the Nasdaq is down 0.16%.

- Front-month crude has come off its overnight highs, dropping from around $107.50 to the $106 handle as of writing. There were reports over the weekend that the Iraqi government was finally managing to put up resistance to the ISIS advance on Bagdad. Meanwhile the Kurds have begun exporting crude on their own account and consolidated control over Kirkuk. In Ukraine, Russia has cut off all gas supplies after talks over pricing fell apart over the weekend.

- Medical device manufacturer Medtronic has agreed to buy competitor Covidien for $42.9 billion in cash and stock in a deal valued at $93.22/shr, a 29% premium. The combined company would have its executive offices in Dublin, where it could benefit from Ireland's lower corporate tax rates. The huge deal will surely attract plenty of political and regulator attention. Meanwhile, some analysts have their doubts about the logic of the deal, given Covidien's lower profit margins as well as limited opportunities to extract cost synergies because of the narrow product overlap between the two companies.

- Level 3 Communications entered a deal to buy TW Telecom in a transaction worth about $5.6 billion, for $40.86/shr in cash and stock, a 12% premium. Telecoms have been second only to the pharma space for merger activity recently. Level 3 is already one of the country's biggest backhaul Internet service providers, and the TW Telecom deal would give it direct access to large- and medium-sized business customers.

- SanDisk has signed a deal to acquire fellow flash memory maker Fusion-io. The all-cash deal values Fusion-io at $11.25/shr, or $1.1 billion, a 21% premium. Fusion-io makes flash memory products and software used in data centers, while SanDisk makes flash memory cards such as the microSD cards that store files on smartphones and tablets. The acquisition will give SanDisk the chance to focus more on businesses as customers.

- Ahead of its upcoming IPO, Chinese e-commerce giant Alibaba provided more information about its partnership structure and financials, countering criticism it didn't provide enough details on its business in its initial filing. The filing did not reveal whether Alibaba will list on the New York Stock Exchange or Nasdaq, its proposed ticker symbol, price range or the number of shares that will be listed, but it did list the 27 partners who will have full control of the board, including Chairman Jack Ma and Vice Chairman Joseph Tsai and Yahoo founder Jerry Yang.

- Small biotech name Bluebird Bio saw remarkable gains in the premarket this morning, with shares up as much as 70%, although they have dropped to a mere 40% gain as of writing. Bluebird is a developer of therapies that aim to repair the genetic defects at the root of rare diseases. Yesterday it presented very positive data at a medical meeting in Milan that suggested it could file with the FDA for approval of LentiGlobin, its product for treating beta thalassemia, much sooner than expected.

***Looking Ahead***
- 11:30 (US) Treasury to sell $48B in 3-Month and 6-Month Bills
- 17:00 (CO) Colombia Apr Retail Sales Y/Y: No est v 8.3% prior
- 17:00 (CO) Colombia Apr Industrial Production Y/Y: No est v 9.8% prior
- 21:30 (AU) RBA Minutes of June Meeting


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