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MARKET CURRENTS

  • 4:10 PM MEMC Electronic Materials (WFR) says it will transition the Chief Financial Officer role to Brian Wuebbels from the company's current CFO, Mark Murphy, who resigned earlier today. Mr. Murphy plans to return to Praxair(PX) to become President of Praxair Surface Technologies. Mr. Murphy will work with WFR in a consulting role over the near term to assist in the transition. Comment! [Tech]
  • 4:08 PM 21Vianet Group (VNET): Q1 EPS of $0.12 beats by $0.01. Revenue of $55M (+71% Y/Y) in-line. Shares +5.5% AH. (PR) Comment! [Earnings, Tech, On the Move]
  • 4:05 PM Red Robin Gourmet Burgers (RRGB): Q1 EPS of $0.71 beats by $0.05. Revenue of $300M (+4.4% Y/Y) misses by $6M. Shares -7.7% AH. (PR) Comment! [Earnings, On the Move]
  • 4:03 PM Hot Topic (HOTT): Q1 EPS of $0.09 beats by $0.02. Revenue of $172M (+6.4% Y/Y) in-line. Shares -5.7% AH. (PR) Comment! [Earnings, On the Move]
  • 4:00 PM At the close: Dow -0.23% to 12604. S&P -0.41% to 1325. Nasdaq -0.68% to 2874.
    Treasurys: 30-year +0.26%. 10-yr +0.01%. 5-yr -0.06%.
    Commodities: Crude -1.46% to $92.61. Gold -1.15% to $1539.25.
    Currencies: Euro -0.17% vs. dollar. Yen +0.14%. Pound +0.54%. Comment!
  • 3:59 PM Millennial Media (MM -15.7%), crushed yesterday following its Q1 report (I, II), has plummeted to new post-IPO lows yet again. The post-earnings selloff in fellow mobile ad firm Velti (VELT -34.2%) is likely playing a role, though concerns about Millennial's business have been taking a toll for a while. Jim Edwards recently pointed out that, like Yelp, Millennial's strong Q1 revenue growth was eclipsed by its opex growth, thanks to a major increase in sales headcount. Comment! [Tech, On the Move]
  • 3:57 PM "There's an elephant in the room," says David Einhorn at Ira Sohn, unveiling bearishness (but no short of yet) on Amazon (AMZN). He wonders if it's really a better business than the companies it's taking a bite out of. "Operating profits haven't grown at all. They've taken $30B in profitless revenues from other retailers." (previous) Comment! [Tech, Quick Ideas]
  • 3:56 PM E.ON (EONGY.PK) confirms the sale of its natural gas transmission grid to a consortium led by Macquarie (MQBKY.PK) for €3.2B ($4.07B). E.ON's sale of Open Grid Europe will help the German utility reduce debt amid a weak domestic electricity market; the Australian bank will gain a network that accounts for ~70% of Germany's total annual shipping volume. Comment! [Energy, Global & FX, M&A]
  • 3:52 PM CVD Equipment (CVV -9.3%) gets hit hard after coming up short on its Q1 earnings late yesterday. The company reported an EPS of $0.12 per share, on revenues of $7.1M. Street estimates had its EPS pegged at $0.10 on revenues of $7.3M. Separately, Renaissance Technologies also reports in its 13-F filing it's liquidated the stock from its portfolio. Comment! [Earnings]
  • 3:46 PM Einhorn goes Jim Chanos on China, saying the country views Western investors as marks. It's infrastructure is overbuilt, the roads are empty, the houses unsold. Other than owning U.S. companies that may sell there, he's staying out (h/t Josh Brown). More from Einhorn. 3 Comments [Global & FX]
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ANALYSIS FOR WEDNESDAY, MAY 16, 4:10PM ET

DIA -0.06%
SPY -0.32%
QQQ -0.68%
GLD -0.18%

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