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Reports US

US stock market, economy and companies update (May 12, 2014)

May 12, 2014, Monday, 16:33 GMT | 12:33 EST | 21:03 IST | 23:33 SGT
Contributed by Trade The News


- The DJIA hit a new intraday high right after the open of cash trading this morning and the S&P500 is within points of new all-time highs. The Nasdaq is seeing very strong gains, fueled by a bounce higher in the momentum tech and biotech names. As of writing, the DJIA is up 0.51%, the S&P500 is up 0.78% and the Nasdaq is up 1.42%.

- Following referendums in several of the eastern provinces of Ukraine on Sunday, the Donetsk region has declared itself a sovereign state and asked Moscow to "consider absorption" of the new state into Russia. Officials in Donetsk reported 89.7% voted in favor of independence on an estimated 74.9% voter turnout, while Kiev officials suggested voter turnout was more like 32% in Donetsk, while western observers called the effort a farce. Gold has made some moves on the headlines, however traders appear to be ignoring the events in Ukraine this morning.

- Chrysler saw big sales gains in the first quarter thanks to new models, but its results were overshadowed by charges related to its merger with Fiat. Chrysler lost $690 million in the period, but ex items the company's net income more than doubled to $486 million. Worldwide auto sales jumped 10% to 621K units.

- Shares of Nasdaq are up slightly this morning after the board hired Adena Friedman as co-president, positioning the former exchange executive as a likely successor to CEO Robert Greifeld. Friedman returns to Nasdaq after a three-year job as chief financial officer at Carlyle Group.

- Hillshire Brands reached a deal to acquire Pinnacle Foods in a cash and stock transaction valued at $6.6 billion, including Pinnacle's outstanding net debt. The combined company would have about $6.6 billion in annual sales and maintain leading positions in frozen and refrigerated grocery categories. Each share of Pinnacle common stock will be exchanged for $18 in cash and 0.50 shares of Hillshire's common stock.

***Looking Ahead***
- 11:30 (US) Treasury to sell $48B in 3-Month and 6-Month Bills
- 12:00 (US) Fed's Plosser speaks on reinventing cities in Philadelphia
- 14:00 (US) Apr Monthly Budget Statement: $112.5Be v $112.9B prior
- 17:00 (CO) Colombia Mar Exports: $4.5Be v $4.3B prior


***Economic Data***
- (IN) India Mar Industrial Production Y/Y: -0.5% v -1.5%e
- (IN) India Apr CPI Y/Y: 8.6% v 8.5%e
- (RU) Russia Mar Trade Balance: $19.7B v $18.5Be; Exports: $46.9B v $44.8Be; Imports: $27.1B v $26.9Be
- (MX) Mexico Mar Industrial Production M/M: -0.1% v +0.3%e; Y/Y: 3.4% v 3.0%e; Manufacturing Production Y/Y: 6.8% v 5.4%e

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