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Real-time equity news
U.S. stock market report
1812 ET 15Mar2010
FOMC tops Tuesday's economic diary
- Tuesday's economic agenda features the U.S. Federal Reserve's policy-setting meeting. The central bank will issue a policy statement at about 2:15 p.m. (1815 GMT). Primary dealers expect the FOMC to leave the fed funds rate within the 0.0-0.25 percent range.
- Feb Housing Starts are due out at 8:30 a.m. (1230 GMT).
Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1728 ET 15Mar2010 RTRS-US STOCKS
Wall St ends flat as banks rebound late
U.S. stocks were little changed on Monday as a late rebound in financial stocks offset nagging worries the Chinese government may tighten credit, a move that could slow growth in the global economy.
Banking stocks reversed course late in the session after Senate Banking Committee Chairman Christopher Dodd released a proposed financial regulation overhaul bill that investors said did not offer any surprises for the sector. For details, see.
For more please double click
Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1600 ET 15Mar2010 Traders focus on Baidu March options
Shares of China's top search engine, Baidu Inc gained 4.83 percent to 576.84 on uncertainty over Google Inc's plans for China, said WhatsTrading.com options strategist Frederic Ruffy. The shares have swung from a low of $563.20 to a 52-week high of $628.50. Google said it remained in talks with the Chinese government about censorship of its Chinese-language search portal, despite mounting signs the company could soon shut the site. Baidu's option volume is three times the normal level with about 47,000 puts and 53,000 calls traded, according to Trade Alert. Nearly all the volume is in the March series, which expire on Friday. There seems to be both buyers and sellers of March calls and puts as traders still expect big moves in the underlying shares over the next few days but volatility is indicating that the swings will not be as large as today, said Scott Snyder, options trader at tos Advisors, a subsidiary of thinkorswim. The March $580 straddle is trading at $21, suggesting Baidu shares will move in a $20 range, Synder said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1329 ET 15Mar2010 Boston Scientific option volume swells
Boston Scientific Corp shares slumped after the company said it suspended sales of its implantable heart defibrillators after failing to notify regulators of changes in how it manufactures the devices. It said patient safety was not at risk. Its shares fell 14.52 percent to $6.65 in afternoon trading. The stock's option volume was six times greater than normal levels with about 68,000 calls and 16,000 puts traded, according to Trade Alert. The top trade appeared to be a contrarian play in what looked like the purchase of 23,800 January 2011 $7.50 calls for 85 cents, said WhatsTrading.com options strategist Frederic Ruffy. 'There could be lots of reasons people are buying these longer-dated calls,' said Jud Pyle, chief investment strategist at www.ONN.tv. The first is an obvious bullish directional bet and the second is that people could be selling the underlying stock short against the calls, hoping for an increase in implied volatility in the calls. That is viewed as a delta neutral trade, Pyle said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1320 EST 15March2010-Phillips
Van Heusen to buy Hilfiger for $3 bln
Apparel company Phillips-Van Heusen agreed to buy fashion brand Tommy Hilfiger from London-based Apax Partners in a cash and stock deal for about $3 billion to boost its presence in Europe and Asia. The deal, which sent PVH shares more than 12 percent, marks an end to private-equity firm Apax's plans for an initial public offering for the iconic brand which it had bought in 2006 for $1.6 billion. For details, see Michael James, senior trader at Wedbush Morgan in Los Angeles, said he sees 'potential for the stock to move further up from the move we've seen today due to the accretion that will come to Phillips-Van Heusen from the Hilfiger deal.'
Reuters Messaging: angela.moon.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Real-time equity news
U.S. stock market report
1812 ET 15Mar2010
FOMC tops Tuesday's economic diary
- Tuesday's economic agenda features the U.S. Federal Reserve's policy-setting meeting. The central bank will issue a policy statement at about 2:15 p.m. (1815 GMT). Primary dealers expect the FOMC to leave the fed funds rate within the 0.0-0.25 percent range.
- Feb Housing Starts are due out at 8:30 a.m. (1230 GMT).
Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1728 ET 15Mar2010 RTRS-US STOCKS
Wall St ends flat as banks rebound late
U.S. stocks were little changed on Monday as a late rebound in financial stocks offset nagging worries the Chinese government may tighten credit, a move that could slow growth in the global economy.
Banking stocks reversed course late in the session after Senate Banking Committee Chairman Christopher Dodd released a proposed financial regulation overhaul bill that investors said did not offer any surprises for the sector. For details, see.
For more please double click
Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1600 ET 15Mar2010 Traders focus on Baidu March options
Shares of China's top search engine, Baidu Inc gained 4.83 percent to 576.84 on uncertainty over Google Inc's plans for China, said WhatsTrading.com options strategist Frederic Ruffy. The shares have swung from a low of $563.20 to a 52-week high of $628.50. Google said it remained in talks with the Chinese government about censorship of its Chinese-language search portal, despite mounting signs the company could soon shut the site. Baidu's option volume is three times the normal level with about 47,000 puts and 53,000 calls traded, according to Trade Alert. Nearly all the volume is in the March series, which expire on Friday. There seems to be both buyers and sellers of March calls and puts as traders still expect big moves in the underlying shares over the next few days but volatility is indicating that the swings will not be as large as today, said Scott Snyder, options trader at tos Advisors, a subsidiary of thinkorswim. The March $580 straddle is trading at $21, suggesting Baidu shares will move in a $20 range, Synder said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1329 ET 15Mar2010 Boston Scientific option volume swells
Boston Scientific Corp shares slumped after the company said it suspended sales of its implantable heart defibrillators after failing to notify regulators of changes in how it manufactures the devices. It said patient safety was not at risk. Its shares fell 14.52 percent to $6.65 in afternoon trading. The stock's option volume was six times greater than normal levels with about 68,000 calls and 16,000 puts traded, according to Trade Alert. The top trade appeared to be a contrarian play in what looked like the purchase of 23,800 January 2011 $7.50 calls for 85 cents, said WhatsTrading.com options strategist Frederic Ruffy. 'There could be lots of reasons people are buying these longer-dated calls,' said Jud Pyle, chief investment strategist at www.ONN.tv. The first is an obvious bullish directional bet and the second is that people could be selling the underlying stock short against the calls, hoping for an increase in implied volatility in the calls. That is viewed as a delta neutral trade, Pyle said.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1320 EST 15March2010-Phillips
Van Heusen to buy Hilfiger for $3 bln
Apparel company Phillips-Van Heusen agreed to buy fashion brand Tommy Hilfiger from London-based Apax Partners in a cash and stock deal for about $3 billion to boost its presence in Europe and Asia. The deal, which sent PVH shares more than 12 percent, marks an end to private-equity firm Apax's plans for an initial public offering for the iconic brand which it had bought in 2006 for $1.6 billion. For details, see Michael James, senior trader at Wedbush Morgan in Los Angeles, said he sees 'potential for the stock to move further up from the move we've seen today due to the accretion that will come to Phillips-Van Heusen from the Hilfiger deal.'
Reuters Messaging: angela.moon.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.