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Tuesday, April 12, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading down -7.20 points. The US stock market yesterday traded higher until late morning when the IMF cut its growth forecasts for the US and Japan, which sent stock prices lower and they finished mixed: Dow Jones +0.01%, S&P 500 -0.28%, Nasdaq Composite -0.32%. The Nasdaq fell to a 1-1/2 week low.

                Bearish factors for stocks included (1) the action by the IMF to cut its GDP estimate for the US this year to 2.8% from a Jan estimate of 3.0% and to cut its GDP forecast for Japan this year to 1.4% from 1.6%, (2) weakness in auto makers which slumped globally after the China Association of Automobile Manufacturers said auto sales in China may grow at a slower pace than previously forecast this year, and (3) the sell-off in energy producers after crude oil tumbled.

   Bullish factors included (1) comments from Fed Vice Chairman Yellen who said the increase in food and fuel costs will only have a temporary impact on inflation and consumer spending and warrants no reversal of record monetary stimulus, and (2) increased M&A activity which boosted stocks after Endo Pharmaceutical Holdings bought American Medical Systems Holdings for $2.9 billion and Level 3 Communications agreed to buy Global Crossing for about $1.9 billion.


•   Alcoa (AA) fell 2,8% in pre-market trading after the company late yesterday reported Q1 sales of $5.96 billion, weaker than analysts' estimates of $6.06 billion. After the release, BMO Capital Markets Ltd. downgraded the stock to "underperform" from "market perform."

Wednesday, April 13, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading up +7.40 points. The US stock market yesterday tumbled after the severity of Japan's nuclear crisis was raised and the US trade deficit widened more than forecast in Feb: Dow Jones -0.95%, S&P 500 -0.78%, Nasdaq Composite -0.96%. The Dow, S&P 500 and Nasdaq all fell to 2-week lows.

                Bearish factors for stocks included (1) the action by Japan's Nuclear and Industrial Safety Agency to raise the level of the Fukushima nuclear crisis to 7, the highest in the standard global scale, which may keep global economic growth constrained as Japan's economy is hampered by the crisis for longer than expected, (2) the wider-than-expected Feb US trade deficit (-$45.8 billion versus expectations of -$44.0 billion, which is negative for Q1 US GDP, (3) inflation concerns after Mar import prices rose more than expected and at their fastest pace since Jun 2009 (+2.7% m/m and +9.7% y/y versus expectations of +2.0% and +8.6% y/y), and (4) we akness in energy producers after crude oil prices plunged.

   Bullish factors included (1) strength in airline stocks which gained as the price of jet fuel plunged, and (2) dovish comments from New York Fed President Dudley which suggest he's against ending the Fed's emergency stimulus measures when he said the US economy is "far away" for what the Fed aims for on employment and job creation to allow for an exit from crisis-imposed policy measures.


•   Tyco International (TYC) slid 3.6% in pre-market trading after Schneider Electric SA said it's "not currently" in takeover talks with Tyco following a WSJ report that Schneider made a $30 billion offer for Tyco.

Thursday, April 14, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading down -6.90 points. The US stock market yesterday settled slightly higher as bullish US retail sales data was offset by President Obama's plan to cut spending and raise taxes to reduce the deficit may slow the economy: Dow Jones +0.06%, S&P 500 +0.02%, Nasdaq Composite +0.61%. The Dow and S&P 500 both fell to 2-week lows but recovered their losses and closed higher.

                Bullish factors included (1) relatively strong Mar US retail sales which increased for the 9th consecutive month and signals economic strength (+0.4% and +0.8% less autos versus expectations of +0.5% and +0.7% less autos), (2) the Feb business inventories report that showed the US retailers inventory-to-sales ratio falling to 1.31 months, the fewest since data began in 1992, which may help boost factory output as retailers restock their bare shelves and replenish lean inventories, and (3) the Fed's Beige Book that stated the economy expanded at a "mode rate" pace across much of the US in Feb and March, led by manufacturing, with labor markets showing improvements in most regions.

   Bearish factors for stocks included (1) concern that President Obama's plan to trim the deficit by $4 trillion over 12 years will weaken the economy with the proposed reduction in spending and an increase in taxes, (2) concerns the European sovereign-debt crisis will continue to linger after the warning from the IMF that Euro-Zone nations face bank and sovereign funding "challenges" and that European banks will probably need government help to increase the quality and quantity of their capital to regain access to funding markets, and (3) weakness in bank stocks after regulators said the 14 largest US mortgage servicers must pay back homeowners for losses from botched foreclosures.


•   Financial stocks may be active to the downside today after Goldman Sachs downgraded the industry to "neutral" from "overweight."


•   Apple (AAPL) slipped 1% in European trading after people with knowledge of the matter said the company isn't planning to unveil a new iPhone at its June developers' conference, breaking with its practice in past years.

Friday, April 15, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading down -1.40 points. The US stock market yesterday opened lower on European debt concerns and then recovered most of its losses and settled mixed after the House approved a spending bill to avert a government shutdown: Dow Jones +0.12%, S&P 500 +0.01%, Nasdaq Composite -0.05%. The Dow and S&P 500 both fell to 3-week lows but recovered and closed higher.

                Bullish factors included (1) the smaller-than-expected increase in Mar PPI (+0.7% m/m and +5.8% y/y versus expectations of +1.0% m/m and +6.1% y/y), (2) comments from Minneapolis Fed President Kocherlakota who said core inflation "is very low right now" and he doesn't see "much signs" of price pressures, (3) strength in energy producers after crude oil rallied, and (4) late session short-covering when the House approved a spending bill to avert a government shutdown.

   Bearish factors for stocks included (1) carry-over weakness from a drop in European stocks on concern the European debt crisis will worsen after yields on Greek and Portuguese government debt rose to records when German Finance Minister Schaeuble told Germany's Die Welt newspaper Greece may need to restructure its debt, (2) the unexpected jump in weekly initial unemployment claims (+27,000 to 412,000 versus expectations of -2,000 to 380,000), (3) weakness in financial stocks after Goldman Sachs downgraded the industry to "neutral" from "overweight," and (4) concern China will continue to tighten its fiscal and monetary policies that may slow its economy and the global economy as well after the China Securities Journal said that China is likely to raise the reserve requirements for banks in the "near future."


•   Google (GOOG) slumped 5.4% in European trading after the company late yesterday reported a 54% increase in Q1 operating costs that outstripped a sales gain of 29% to $6.54 billion.


•   Bank of America (BAC) fell 1% in pre-market trading after it reported Q1 profit of 17 cents a share, weaker than analysts' estimates of 26 cents.

Monday, April 18, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading down -8.50 points on increased European debt concerns and as China raised banks' reserve requirements. The US stock market last Friday closed higher after consumer confidence improved and strong manufacturing data bolstered optimism about the economy: Dow Jones +0.46%, S&P 500 +0.39%, Nasdaq Composite +0.16%.

                Bullish factors included (1) the unexpected increase in the Apr Empire manufacturing index which expanded at its fastest pace in a year (+4.2 to 21.7 versus expectations of -0.5 to 17.0), (2) the larger-than-expected increase in Mar industrial production (+0.8% m/m versus expectations of +0.6% m/m), (3) the larger-than-expected increase in Apr US University of Michigan consumer confidence (+2.1 to 69.6 versus expectations of +1.2 to 68., and (4) reduced inflation concerns after the smaller-than-expected increase in Mar CPI ex food & energy (+0.1% m/m versus expectations of +0.2% m/m).

   Bearish factors for stocks included (1) concern the European debt crisis may worsen and drag down the global economy after Moody's Investors Service cut Ireland's credit rating two levels to Baa3 with a negative outlook and after credit-default swaps to insure Greece's government debt climbed to a record 1,147 bp, and (2) concern that the larger-than-expected increases in Mar Euro-Zone and Mar China consumer prices will lead to additional interest rate hikes from the ECB and PBOC that may slow the global economy.


•   Eli Lilly (LLY) fell 2.1% in pre-market tradng after the company reported Q1 profit fell 15% because of charges for restructuring and a diabetes drug development agreement with Boehringer Ingelheim.

Tuesday, April 19, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading little changed, up +0.10 of a point. The US stock market yesterday tumbled and finished sharply lower after Standard & Poor's cut the US credit outlook to negative and on concern the European debt crisis will worsen: Dow Jones -1.14%, S&P 500 -1.10%, Nasdaq Composite -1.06%. All of the indexes posted 3-week lows.

                Bearish factors included (1) the action by Standard & Poor's to cut its outlook on the AAA credit rating of the US to negative from stable, citing a "material risk" that government leaders will fail to deal with rising budget deficits and debt, (2) concern the European sovereign-debt crisis will worsen after credit-default swaps to insure Greek and Portuguese government bonds rose to records on speculation both countries may have to restructure their debts, (3) concern that the action by China to raise banks' reserve requirements for the fourth time this year may slow global economic growth, (4) weakness in homebuilders after the unexpected decline in the Apr HAHB housing market index (-1 to 16 versus expectations of unchanged at 17), and (5) comments from Atlanta Fed President Lockhart who said he expects a "soft" Q1 in the US due to rising fuel costs.

   Bullish factors for stocks included (1) comments from St. Louis Fed President Bullard who said the economic outlook in 2011 is "reasonably strong" and that the pace of US job creation will accelerate, and (2) the decline in the 10-year T-note yield to a 3-1/2 week low of 3.358%.


•   Texas Instruments (TXN) fell 2.3% in pre-markt trading after the company forecast it will make 52 cents to 60 cents a share of profit in the current quarter from sales of $3.41 billion to $3.69 billion, weaker than analysts' estimates of 63 cents in profit on $3,53 billion of sales.

Wednesday, April 20, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading up sharply by +18.60 points on strong sales forecasts by Intel. The US stock market yesterday closed higher after March US housing starts and building permits exceeded forecasts: Dow Jones +0.53%, S&P 500 +0.57%, Nasdaq Composite +0.35%.

                Bullish factors included (1) strength in homebuilders after the larger-than-expected increase in Mar US housing starts (+7.2% to 549,000 versus expectations of +8.6% to 520,000), (2) the larger-than-expected increase in Mar US building permits (+11.2% to 594,000 versus expectations of +1.1% to 540,000), (3) data from the US Labor Department that showed payrolls in 38 US states increased in March, which indicates improvement in the labor market is broadening, and (4) a rally in raw-material producers after gold posted a record high and silver jumped to a 31-year high.

   Bearish factors for stocks included (1) concern the European sovereign-debt crisis will worsen after the yield on Greece's 2-year government note reached an all-time high of 20.64%, and (2) heightened inflation concerns after the price of gold rallied to record high of $1,500 an ounce.


•   Intel (INTC) rose 6.5% in pre-market trading after the company late yesterday forecast Q2 revenue of $12.8 billion, plus or minus $500 million, higher than analysts' projections of $11.9 billion in revenue.

Thursday, April 21, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading up +8.70 points. The US stock market yesterday settled sharply higher as a strong earnings forecast from Intel along with better-than-expected Mar US existing home sales boosted prices: Dow Jones +1.52%, S&P 500 +1.35%, Nasdaq Composite +2.10%. The Dow soared to a 2-3/4 year high, the Nasdaq climbed to a 1-1/4 month high and the S&P 500 posted a 1-1/2 week high.

                Bullish factors included (1) the rally in Intel, which lifted the overall market, after the world's biggest chipmaker forecast Q2 revenue that topped analysts' projections and bolstered optimism in the economic outlook, (2) strength in commodity producers after a slump in the dollar index to a 16-1/2 month low spurred a broad-based rally in commodities, (3) the larger-than-expected increase in Mar US existing home sales (+3.7% to 5.10 million versus expectations of +2.5% to 5.00 million), and (4) an upbeat start to earnings season as 76% of the 59 companies in the S&P 500 that have reported results since Apr 11 have beaten analysts' earnings estimates.

   Bearish factors for stocks included (1) concern the European sovereign-debt crisis will worsen after credit-default swaps to insure Greek and Portuguese government debt climbed to records, and (2) weakness in bank stocks after FBR Capital markets issued a "neutral-to-negative" outlook on the sector, citing a lack of loan growth and increased costs from new regulations.


•   Apple (AAPL) jumped 4.1% in pre-market trading after the compnay late yesterday reported that Q2 net income rose ro $6.40 a share on sales of $24.7 billion, well ahead of analysts' estimates of $5.39 a share on sales of $23.4 billion.


•   Qualcom (QCOM) surged 5.2% in European trading after the company reported Q2 earnings of 86 cents a share on sales of $3.88 billion, stronger than analysts' estimates of profit of 80 cents and revenue of $3.62 billion.

Monday, April 25, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading up +3.60 points. The US stock market last Thursday closed higher as stronger-than-expected company earnings results trumped weaker-than-expected economic data: Dow Jones +0.42%, S&P 500 +0.53%, Nasdaq Composite +0.63%. The Dow climbed to a 2-3/4 year high, the Nasdaq posted a 2-1/4 month high and the S&P 500 posted a 1-1/2 week high.

                Bullish factors included (1) continued strong company earnings results as 81% of the 115 companies in the S&P 500 that posted earnings results since Apr 11 have beaten estimates, which bolsters confidence in the economic outlook, (2) the larger-than-expected increase in Mar leading indicators which have risen for 9 straight months along with the upward revision to Feb (Mar +0.4% versus expectations of +0.3% and Feb revised up to +1.0% from he originally reported increase of +0.8%), and (3) strength in mining and raw-material companies as gold surged to an all-time high and silver soar ed to a 31-year high.

   Bearish factors for stocks included (1) the smaller-than-expected increase in weekly initial unemployment claims (-13,000 to 403,000 versus expectations of -22,000 to 390,000), (2) the larger-than-expected decline in the Apr Philadelphia Fed manufacturing index which fell to its lowest level in 5 months (-24.9 to 18.5 versus expectations of -7.0 to 36.4), and (3) the larger-than-expected decline in Feb FHFA home prices along with the downward revision to Jan (Feb -1.6% m/m versus expectations of -0.3% m/m and Jan revised down to -1.0% m/m from the originally reported -0.3% m/m).

Tuesday, April 26, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading up +4.40 points. The US stock market yesterday settled mixed as a drop in consumer-staples companies offset stronger-than-expected Mar new home sales: Dow Jones -0.21%, S&P 500 -0.16%, Nasdaq Composite +0.20%. The Dow climbed to a 2-3/4 year high, the Nasdaq posted a 2-1/4 month high and the S&P 500 posted a 1-1/2 week high.

                Bullish factors included (1) the stronger than expected Mar US new home sales along with the upward revision to Feb (Mar +11.1% to 300,000 versus expectations of +12.0% to 280,000 and Feb revised up to a -13.5% drop to 270,000 from the originally reported -16.9% decline to 250,000), and (2) continued earnings optimism as corporate earnings results so far this earnings season have exceeded projections by 9.6%.

   Bearish factors for stocks included (1) weakness in consumer-staples companies after Kimberly-Clark cut its profit forecast due to an increase in material costs, which raises concern that the bottom line of other companies may be hurt be rising commodity prices, (2) the slide in energy producers after crude oil fell back from a 2-1/2 year high, and (3) the action by Morgan Stanley to cut its estimate for US home price declines to down -39% from their 2006 peak from an earlier estimate of down -35%.

Dow, S&P 500, set 2011 highs on earnings, data...
The three major U.S. stock indexes hit highs for the year, and the Nasdaq was at its highest since late 2007


NEW YORK (Reuters) - Wall Street rallied and the S&P 500 hit its highest level since June 2008 on Tuesday as a flood of positive corporate results added to increasing optimism about the economic growth outlook.

Ford Motor Co (NYSE:F - News), 3M Co (NYSE:MMM - News) and United Parcel Services Inc (NYSE:UPS - News) were among the bellwether names to impress, continuing a string of better-than-expected results. 3M and UPS also raised their full-year profit outlooks, contributing to the bullish sentiment.

Shares of 3M, a Dow component, rose 2.2 percent to $96.22 while UPS was up 1.2 percent at $74.52. Ford advanced 2.5 percent to $15.92.

"The very positive outlooks from today means things look very bright going forward," said Peter Andersen, portfolio manager of the Boston-based Congress Asset Management.

"I was frankly delighted with Ford's results, and the market is taking some of its cue from the strength there," added Andersen, who helps manage $7 billion and owns Ford.

Though 73 percent of New York Stock Exchange issues were in positive territory, there were some disappointments. Coca-Cola Co (NYSE:KO - News) fell 1.7 percent to $66.61 and was the Dow's biggest loser after its results were hurt by lost Japanese revenue. U.S. Steel Corp (NYSE:X - News) and Netflix Inc (NasdaqGS:NFLX - News) also fell after results.

The Dow Jones industrial average (DJI:^DJI - News) was up 108.83 points, or 0.87 percent, at 12,588.71. The Standard & Poor's 500 Index (^SPX - News) was up 11.55 points, or 0.87 percent, at 1,346/80. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was up 20.85 points, or 0.74 percent, at 2,846.73.

The three major U.S. stock indexes hit highs for the year, and the Nasdaq was at its highest since late 2007, erasing losses after a drop in February. But some caution remained a day before a press conference by U.S. Federal Reserve Chairman Ben Bernanke.

The conference follows the Fed's last policy statement before it is expected to stop its quantitative easing program at the end of June. Investors have concerns that the end of that program could remove support for buying stocks.

Trading volume was weaker than average, with 3.94 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq as of 1 p.m. EST.

"There's some apprehension about what to expect," Andersen said. "People are anxious to reinvest in equity markets, but they're tentative about the Fed, which is why you've been seeing such low volume lately."

U.S. consumer confidence rose in April as inflation expectations eased somewhat and consumers felt better about the short-term outlook, according to a private-sector report. The data helped ease concerns that the recent rise in oil prices have started to hit shoppers.

Wednesday, April 27, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading up +5.20 points at a fresh contract high as company earnings results continue to surprise to the upside. The US stock market yesterday finished with solid gains on improved company earnings results along with stronger-than-expected consumer confidence: Dow Jones +0.93%, S&P 500 +0.90%, Nasdaq Composite +0.77%. The Dow and S&P 500 climbed to 2-3/4 year highs and the Nasdaq catapulted to a 10-year high.

                Bullish factors included (1) continued strong company earnings results as 79% of the 154 companies in the S&P 500 that reported earnings results since Apr 11 have beaten analysts' estimates, (2) the stronger-than-expected Apr US consumer confidence (+1.6 to 65.4 versus expectations of +1.4 to 64., which reduced concern that rising fuel costs will slow consumer spending, and (3) reduced interest rate concerns after the yield on the 10-year T-note fell to a 1-month low of 3.306%.

   Bearish factors for stocks included (1) concern the European sovereign-debt crisis may worsen after credit-default swaps to insure Greek and Portuguese government debt jumped to records, (2) the as-expected -3.3% y/y decline in the Feb S&P/CaseShiller composite-20 home price index, the biggest y/y decline in 15 months and a sign that the US housing market remains depressed, and (3) the unexpected decline in the Apr Richmond Fed manufacturing index which fell to its lowest level in 5 months (-10 to 10 versus expectations of unchanged at 20).

Thursday, April 28, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading down -0.90 of a point. The US stock market yesterday settled higher on strong company earnings results along with comments from Fed Chairman Bernanke that the Fed will maintain record stimulus: Dow Jones +0.76%, S&P 500 +0.62%, Nasdaq Composite +0.78%. The Dow and S&P 500 climbed to 2-3/4 year highs and the Nasdaq posted a 10-year high.

                Bullish factors included (1) the Mar durable goods orders which rose for the third straight month after Feb durable goods orders were unexpectedly revised up to show an increase (Mar +2.5% m/m versus expectations of +2.3% m/m and Feb revised up to a +0.7% increase from the originally reported decline of -0.6% m/m), (2) the post FOMC statement that said "the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually," (3) comments from Fed Chairman Bernanke who said the Fed will maintain record stimulus measures until job growth accelerates and the recovery is robust enough to withstand tighter credit, (4) strong company earnings results as 77% of the 197 companies in the S&P 500 that reported earnings results since Apr 11 have beaten analysts' estimates, and (5) a friendlier environment for stocks as Renaissance Capital LLC reported that at least 31 US companies have announced plans for IPO's this month, the most since Aug 2007.

   Bearish factors for stocks included (1) comments from Fed Chairman Bernanke that he expects a "relatively weak" Q1, (2) the action by the Fed to cut its growth forecast for the US economy this year to 3.1% to 3.3% from a Jan forecast of 3.4% to 3.9% and to raise its core inflation estimate for this year to 1.3% to 1.6%, higher than a Jan estimate of 1.0% to 1.3%, and (2) concern the European sovereign-debt crisis may worsen after credit-default swaps to insure the government debts of Greece, Portugal and Ireland all rose to records.


•   Constellation Energy Group (CEG) jumped 7.9% in European trading after Exelon agreed to buy the company for $7.9 billion, or $38.59 a share.

Friday, April 29, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading up +1.00 point. The US stock market yesterday closed higher as better-than-expected earnings results offset concerns of slowing economic growth: Dow Jones +0.57%, S&P 500 +0.36%, Nasdaq Composite +0.09%. The Dow and S&P 500 posted 2-3/4 year highs.

                Bullish factors included (1) the larger-than-expected increase in Mar US pending home sales (+5.1% m/m versus expectations of +1.5% m/m), (2) strong company earnings results as 77% of the 269 companies in the S&P 500 that reported earnings results since Apr 11 have beaten analysts' estimates, (3) strength in energy and raw-material producers after crude rose to a 2-1/2 year high and gold climbed to a record high, and (4) the decline in the 10-year T-note yield to a 1-month low of 3.295%.

   Bearish factors for stocks included (1) the weaker-than-expected Q1 US GDP (+1.8% annualized versus expectations of +2.0% annualized), (2) the unexpected jump in weekly initial US unemployment claims to a 3-month high (+25,000 to 429,000 versus expectations of -8,000 to 395,000), and (3) weakness in technology stocks led by the slide in Akamai Technologies which fell after its sales forecasts missed analysts' projections.


•   Research in Motion (RIMM) tumbled 11% in European trading after the company late yesterday cut its Q2 EPS to a range of $1.30 to $1.37 a share, below last month's forecast of profit of $1.47 to $1.55 a share.

Monday, May 2, 2011...

Overnight U.S. Stock News

•   June S&Ps this morning are trading up +6.60 points at a fresh contract high after President Obama said the US killed Osama Bin Laden. The US stock market last Friday settled higher on strong company earnings results along with strength in US personal spending: Dow Jones +0.37%, S&P 500 +0.23%, Nasdaq Composite +0.04%. The Dow and S&P 500 posted 2-3/4 year highs.

                Bullish factors included (1) impressive company earnings results as over 75% of the 298 companies in the S&P 500 that reported earnings results since Apr 11 have beaten analysts' estimates, (2) the larger-than-expected increase in Mar personal spending along with the upward revision to Feb (Mar +0.6% versus expectations of +0.5% and Feb revised up to +0.9% from the originally reported +0.7%), which bodes well for the sustainability of the US economic expansion, and (3) strength in energy and commodity producer after a slump in the dollar index to a 2-3/4 year low prompted a broad-based rall y in commodities.

   Bearish factors for stocks included (1) the weaker-than-expected Apr Chicago purchasing managers index (-3.0 to 67.6 versus expectations of -2.4 to 68.2), (2) the weaker-than-expected Apr US University of Michigan consumer confidence (+0.2 to 69.8 versus expectations of +0.4 to 70.0), and (3) comments from Fed Chairman Bernanke who said high levels of joblessness and home foreclosures are restraining the US recovery and putting people and communities at risk of being "left behind."


•   Terex (TEX) rose 1.8% in European trading after the US heavy-equipment manufacturer offered to buy Demag Cranes for about 883.9 million euros ($1.3 billion) to expand in the global harbor-crane market.


•   TiVo (TIVO) surged 20% in pre-market trading after the company settled all patent litigation with Dish Network nd EchoStar.