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MARKET CURRENTS

  • 5:07 PM Sprint (S) CEO Dan Hesse says his company is open to a major M&A deal, but not until 2014, by which point Sprint's 4G LTE upgrade will be complete. However, Hesse, whose attempt to acquire MetroPCS was thwarted by Sprint's board, notes any deal could be complicated by Sprint's low stock price. Separately, Hesse continues to predict the iPhone will be a profit-maker by 2015; concerns have grown Sprint isn't selling enough of them to absorb its purchase commitment. (previous) Comment! [Tech, M&A]
  • 5:00 PM On the hour: S&P +0.05%. 10-yr -0.02%. Euro -0.01% vs. dollar. Crude +0.13% to $92.76. Gold +0.07% to $1539.35. Comment!
  • 4:56 PM Verizon Wireless' (VZ, VOD) shared data plans, due mid-summer, will be "very different, very innovative, something that really hasn’t been tried before in the industry," boasts Verizon CFO Fran Shammo. 3G/4G tablet makers, whose sales have been crippled by current mobile data plans, hope he isn't bluffing. As part of the move, Verizon will be eliminating unlimited data plans for 3G users who upgrade to 4G. Comment! [Tech]
  • 4:54 PM More on Aegean Marine Petroleum (ANW): Q1 beats across the board on a 12% Y/Y jump in total revenue. Net earnings rose 48% as weaker sales were offset by a 24% increase in the gross spread per metric ton of marine fuel. The Greek shipper has also buffered itself against a soft market by focusing on key hubs that lie along major shipping routes with heavy traffic. Shares +0.4% AH. Comment! [Earnings]
  • 4:45 PM The Cleveland Fed's May estimate of inflation expectations over the next 10 years clocks in at 1.38%, a hair less than the last report. It's a fairly new model, and combines information from a number of sources in the hope of improving on the so-called "break-even" rate derived from TIPS. Comment! [U.S. Economy]
  • 4:45 PM Shareholders ask a judge to delay Chesapeake Energy's (CHK -4.2%) June 8 annual meeting, arguing investors need more information to make "an informed vote" on proposals concerning Aubrey McClendon's and the re-election of board members. Comment! [Energy]
  • 4:42 PM More on Jack in the Box (JACK): FQ2 comes in mixed beating on revenue but coming up shy on a per share basis. Total revenue was flat compared to the prior year period, but net income surged on stronger restaurant margins and lower expenses. The company raises its FY12 earnings guidance, now predicting $1.28 - $1.50 per share, versus its previous view of $1.15 - $1.43 per share. After briefly being halted, shares have resumed trading and are -0.7% AH. Comment! [Earnings]
  • 4:42 PM David Einhorn and Jeff Gundlach square off over Apple (AAPL) at the Ira Sohn conference. Einhorn sees no reason why Apple can't eventually have a $1T market cap, and touts its software strength, cross-selling ability, and relatively low hedge fund ownership rate as positives. Gundlach continues to think (previous) Apple product refreshes will lose their ability to wow consumers. (more) Comment! [Tech, Quick Ideas]
  • 4:36 PM Aegean Marine Petroleum Network (ANW): Q1 EPS of $0.13 beats by $0.02. Revenue of $1.81M (+12.3% Y/Y) beats by $110M. Shares +2% AH. (PR) Comment! [Earnings, Energy, On the Move]
  • 4:32 PM Limited Brands (LTD): Q1 EPS of $0.41 in-line. Revenue of $2.15B (-2.9% Y/Y) in-line. Shares -3% AH. (PR) Comment! [Earnings, On the Move]
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