>>> Uber in Talks for $1 Billion Credit Facility With Banks

Uber in Talks for $1 Billion Credit Facility With Banks
About six to seven banks are expected to be part of the facility

Uber Technologies Inc. is seeking a $1 billion credit line from banks, people familiar with the matter said, a move that could signal an eventual initial public offering.

The car-sharing company has recently contacted a number of large banks asking them how much they would be willing to commit, and at what terms, to the loan, the people said. About six to seven banks are expected to be part of the facility, the people said.

Negotiating a credit line is a move that often signals the early stages of preparation for an IPO as it helps cement relationships with banks, though the two capital raisings aren’t necessarily linked. An IPO isn’t imminent, however, people familiar with the talks said. One person said a debut wasn’t expected until next year at the earliest.

Uber has already checked off a number of boxes heading to an initial public offering, including achieving a $41 billion valuation in a recent fundraising round and a sale of convertible debt to investors whose value is tied in part to a future offering price.

Other technology companies to reach similar milestones, Facebook Inc. and Alibaba Group Holding Ltd., also sought large credit facilities before their IPOs.

The credit facility, known as a revolver, isn’t needed to fund the company’s day-to-day business, people familiar with the deal said.

Uber has secured more than $5 billion in debt and equity from investors in the five years since launching. In fact, Uber is in the process of working on another fundraising that could value the business at more than $50 billion, The Wall Street Journal has reported.

Uber may put a large cash sum to work in the near future. The company has bid to acquire Nokia Corp.’s digital-maps business, the Journal has reported.

Uber had revenue—after accounting for how much it pays drivers—last year of roughly $400 million, the Journal has reported.

The terms of these pre-IPO credit facilities tend to be favorable to companies, even when companies aren’t profitable, such as with Twitter Inc. when it took out a $1 billion credit facility in 2013, shortly before its IPO.

For typical, non-IPO companies, turning a profit is often necessary to get banks to be willing to lend large amounts over short time frames.

Companies often tap banks that make big credit commitments to work on their IPO, which is why banks are willing to offer better-than-standard terms on the loans.

>>> US Hours Summary: ABTL +14.1%, HPQ +1.2%, LGF +0.4%, ARO -20


After Hours Summary: ABTL +14.1%, HPQ +1.2%, LGF +0.4%, ARO -20.1%, ACXM -9.5%, MRVL -2.2% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: ABTL +14.1%, BORN +1.5%, HPQ +1.2%, LGF +0.4%, JMEI +0.3%, ROST +0.1%, INTU +0.1%

Companies trading higher in after hours in reaction to news: EROC +16.3% (to merge with subsidiary of Vanguard Natural Resources (VNR) for total consideration of $474 mln in Vanguard Common units and Eagle Rocks net debt of $140 mln; Consideration valued at ~$3.05 per share), ABTL +14.1% (acquired Dealix Corporation and Autotegrity for $25 mln; expects the acquisition to be accretive to net income in 2015; Raises FY15 guidance), AAU +11.1% (announced significant silver mineralisation in Ixtaca Infill Drilling Program, hits 31.50 Meters of 0.39 G/T Au, 117.0 G/T Ag), PTCT +2.3% (announced that the Benefit Assessment by Germany's Federal Joint Committee (G-BA) indicated that Translarna provided a benefit for ambulatory patients aged five years and older with nonsense mutation Duchenne Muscular Dystrophy), BBRY +1.9% (announced that its Board has authorized a share repurchase program to purchase for cancellation up to 12 mln BlackBerry common shares, or ~2.6% of the outstanding public float), CBOE +1.6% (increased share repurchase authorization by $100 mln), GLBS +1.2% (announced sale of a Panamax Vessel for a gross price of $5.5 mln), DDD +0.6% (announced its role in a $1.3 mln contract to design, build and test a cutting-edge aircraft heat exchanger to be manufactured using 3D printing)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: ARO -20.1%, ACXM -9.5%, MRVL -2.2%, BRCD -2.1%, TFM -0.8%, GPS -0.2%

Companies trading lower in after hours in reaction to news: VGGL -18.8% (announced proposed public offering of common stock, size not disclosed), OTIC -18.0% (reported Phase 2b topline data for OTO-104 in Meniere's disease; 'narrowly missed primary endpoint of reduction in vertigo frequency during month 3 following treatment compared to a one month baseline period), NVEE -3.4% (announced a public offering of common stock; size and price details not disclosed), MRVL -2.2% (announced that Mike Rashkin has expressed his intention to retire as CFO; co also reported earnings), CVM -2.7% (commenced an offering of common stock and warrants; terms not disclosed), HAWK -1.1% (shareholders approved conversion into single class of common stock) 

>>> FCC’s Wheeler Said to Have Called TWC, Charter CEOs: WSJ




FCC Chairman Reached Out to Time Warner Cable, Charter CEOs

FCC’s Tom Wheeler indicated agency not opposed to any and all potential cable deals


Federal Communications Commission Chairman Tom Wheeler has a message for cable chiefs: Just because regulators leaned against the Comcast Corp.- Time Warner Cable Inc. merger doesn’t mean all future cable deals are doomed.

In recent days, Mr. Wheeler individually called Time Warner Cable Chief Executive Rob Marcus and Charter Communications Inc. CEO Tom Rutledge, as well as other cable executives, to convey that they shouldn’t assume the agency is against any and all future cable deals just because the FCC’s staff wasn’t convinced the Comcast deal was in the public interest, according to people familiar with the calls.

In the conversations, Mr. Wheeler didn’t raise any particular potential deal, and neither did the cable CEOs. Mr. Wheeler told them that any deal would be assessed on its own merits, the people said.

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With rumors of potential tie-ups and deal talks swirling through the cable industry since Comcast abandoned its $45 billion takeover of Time Warner Cable in April, executives and investors have been wondering how much consolidation the government will actually allow.

Mr. Wheeler’s calls were intended to clear the air in response to recent public statements from cable executives, including from Time Warner Cable’s Mr. Marcus who recently expressed uncertainty about the regulatory climate for future cable deals. At last week’s MoffettNathanson investor conference, Mr. Marcus said he didn’t know whether other deals could get done “because I don’t understand the rationale that informed the decision with respect to Time Warner Cable-Comcast. It’s hard to make a calculus as to where the line ought to be drawn.”

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Mr. Wheeler saw some of the industry executives’ statements as a significant over-reading of the FCC staff’s stance on the Comcast-Time Warner Cable deal, one person familiar with the matter said. But in the calls, Mr. Wheeler did signal that he would like to see more competition among cable companies, which historically haven’t competed with each other in the same geographic areas.

Mr. Wheeler indicated that it would help competition if cable companies step outside of their exclusive territories and “overbuild” into each other’s service areas and directly compete for customers.Time Warner Cable, in particular, has been the subject of much deal speculation of late.

Since the Comcast merger fell apart, Charter has been in talks with Time Warner Cable about a deal, people familiar with the matter have said. And this week, a new player entered the U.S. cable consolidation game: European telecommunications group Altice SA.

Altice bought a controlling stake in U.S. cable operator Suddenlink Communications and is in talks with Time Warner Cable, other people familiar with the matter said.

None of this is even to mention the smaller, closely held Bright House Networks, which has held talks with Charter and Time Warner Cable. Plus, Cablevision has hinted that it may be interested in a combination with another New York cable company.
BN 05/21 21:41 *WSJ CITES PEOPLE FAMILIAR WITH WHEELER'S CONVERSATIONS
BN 05/21 21:41 *WSJ SAYS WHEELER MADE CALLS TO CABLE EXECUTIVES IN RECENT DAYS
BFW 05/21 21:40 *FCC'S WHEELER SAID TO HAVE CALLED TWC, CHARTER CEOS: WSJ
FCC’s Wheeler Said to Have Called TWC, Charter CEOs: WSJ
2015-05-21 21:52:13.735 GMT


By Joe Sabo
(Bloomberg) -- FCC Chairman Wheeler individually called
Time Warner Cable CEO Rob Marcus, Charter Communications CEO Tom
Rutledge, WSJ reports, citing people familiar with calls.
* Wheeler indicated agency not opposed to any/all potential
cable deals
* Calls followed recent public statements from cable
executives regarding uncertainty about regulatory climate
for future deals
* Wheeler told CEOs any deal would be assessed on merits, the
people said
* NOTE, April 24, Comcast Drops Time Warner Cable Bid Amid
Govt Opposition Link
Link to story: http://on.wsj.com/1BeTvK2

Link to Company News:{CHTR US <Equity> CN <GO>}
Link to Company News:{TWC US <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Joe Sabo at +1-609-279-3119 or
jsabo@bloomberg.net

(BN) All Eyes on Pfizer as Shareholders Await the Mega-Deal: Real M&A


All Eyes on Pfizer as Shareholders Await the Mega-Deal: Real M&A
2015-05-21 21:35:34.202 GMT


(For a Real M&A column news alert: {SALT REALMNA <GO>}.)

By Tara Lachapelle
(Bloomberg) -- Pfizer Inc. built itself into a $212 billion
behemoth by spending more money on acquisitions than any other
drugmaker in the world. Still, Pfizer’s next purchase is what
will really leave its mark as a dealmaker.
The company may be plotting its biggest purchase yet to
solve its biggest gripe: taxes. It pays a higher rate than most
of its rivals, and Chief Executive Officer Ian Read has made it
no secret that he wants to change that. It made a failed run at
AstraZeneca Plc last year in what would have been a $120 billion
tax-inversion deal.
As speculation about a deal mounts again, analysts this
week began picking their top takeover candidates. They centered
on GlaxoSmithKline Plc, AstraZeneca and Shire Plc. And if you
ask Mylan NV, it’s also on the list. The executive chairman was
said to have told shareholders last week that Pfizer could buy
his company after Mylan buys Perrigo Co.
Any one of those deals may enable Pfizer to move its legal
address to a place such as the U.K., where corporations have a
lower tax burden. Some of its rivals have already done this and
it’s led to a greater ability to access their overseas cash
stockpiles and eke out more profits for future investments or
shareholder payouts.
“Subject to price, there are a lot of merits to a deal
like that,” Colin McWey, a fund manager for Heartland Advisors
Inc., said in a phone interview. The Milwaukee-based based firm
owns shares of Pfizer among the $4 billion it oversees.

Right Time

In addition to the tax benefits, a deal would give Pfizer
more lucrative products and a way to cut costs. And now may be
the time to do it before borrowing rates climb and the best
targets get picked off. The pharmaceutical industry has been on
a merger and acquisition spree for more than a year now, so
targets are getting more and more expensive, especially as some
draw bidding wars.
Many transactions were structured as tax-inversion deals,
which have drawn increasing scrutiny from the U.S. Treasury
Department since Pfizer bid for AstraZeneca a year ago. In
September, the Treasury Department announced new rules to clamp
down on inversions. While the changes do reduce some of the
benefits of such transactions, they don’t eliminate those
advantages altogether or make doing them impossible.
Read, the Pfizer CEO, said in October that he saw “no
reason” why the company wouldn’t be able to do an inversion if
it found an attractive enough opportunity.
Joan Campion, a spokeswoman for Pfizer, said the New York-
based company doesn’t comment on speculation. When asked about
M&A and inversion plans on an earnings call last month, Read
stressed that creating shareholder value is what guides his
dealmaking.

Not Done

In February, the company announced a takeover of Hospira
Inc. for $16.8 billion, including net debt. Through that deal,
it gains generic injectable drugs and devices to deliever them,
bolstering its established-products division. That part of
Pfizer, which comprises drugs that have lost or are going off
patent protection, may eventually be spun off.
“We believe that other significant acquisitions are
possible, though more likely to be aimed at” Pfizer’s
innovative-pharma side of the company, Jeffrey Holford, a New
York-based analyst for Jefferies Group, wrote in a report
Thursday. He cited Shire as that type of candidate.
Shire, valued at $52 billion, makes treatments for
neurological disorders such as attention deficit hyperactivity
and rare diseases such as Hunter syndrome. Perrigo, the maker of
over-the-counter medicines that received an unsolicited bid from
Mylan, could also be attractive to Pfizer, Holford wrote. Both
companies’ tax jurisdictions are in Dublin.

Glaxo Argument

Deutsche Bank’s Gregg Gilbert highlighted Glaxo in a report
May 20 that said Pfizer may feel a sense of urgency to boost
shareholder value by leveraging its balance sheet and doing a
“needle-moving” transaction. Brentford, England-based Glaxo
would be the largest of the likely targets at $111 billion. It
would diversify Pfizer’s vaccine and consumer portfolios while
doubling and quadrupling each of those revenue bases,
respectively, Gilbert wrote.
Pfizer could always make another attempt at buying
AstraZeneca. The London-based company’s stock has risen just 2.2
percent since it spurned Pfizer last May, underperforming most
of its competitors.
Any deal may be a precursor to an eventual breakup.
Pfizer’s stock is currently one of the cheapest in its peer
group, which many analysts attribute to its conglomerate
structure. The company has said it may explore a split in which
its established-drugs unit gets spun off or sold.
That means multiple deals may be in Pfizer’s future. Or as
Holford of Jefferies called it, “a rich seam of corporate
optionality.”

For Related News and Information:
Pfizer Would Benefit From Glaxo Takeover, Deutsche Bank Says
Mylan Chairman Said to Consider Perrigo Sweeteners to Make Deal
Real M&A columns: NI REALMNA <GO>
Top deal stories: DTOP <GO>
Merger calculator: {MRGC <GO>

--With assistance from Allison Connolly in London.

To contact the reporter on this story:
Tara Lachapelle in New York at +1-212-617-8911 or
tlachapelle@bloomberg.net
To contact the editors responsible for this story:
Beth Williams at +1-212-617-2307 or
bewilliams@bloomberg.net
Elizabeth Wollman

>>> Asian Update

Asian Mid-session Update: BOJ upgrades economic assessment with a boost from housing and consumption


***Economic Data***
- (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: MAINTAINS PACE OF MONETARY BASE AT ANNUAL PACE OF ¥80T (AS EXPECTED); Raises overall economic assessment for the first time in nearly two years (as speculated)
- (CN) CHINA APR CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 1.1% v 0.5% prior
- (NZ) NEW ZEALAND APR ANZ CONSUMER CONFIDENCE INDEX: 123.9 V 128.8 PRIOR; M/M: -3.8% V 3.4% PRIOR
- (US) NORTH AMERICA APR SEMI BOOK/BILL RATIO: 1.04 V 1.10 PRIOR (4TH STRAIGHT MONTH ABOVE PARITY)

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -0.2%, S&P/ASX flat, Kospi +0.7%, Shanghai Composite +1.2%, Hang Seng +1.2%, Jun S&P500 +0.1% at 2,129

***Commodities/Fixed Income***
- Jun gold +0.2% at $1,206/oz, Jul crude oil -0.2% at $60.62/brl, Jul copper -0.2% at $2.84/lb
- (CN) China MOF sells 50-yr bond, avg 3.99% yield
- (AU) Australia MoF (AOFM) sells A$700M in 3.25% 2018 Bonds; avg yield: 2.1082%; bid-to-cover: 4.71x
- (US) Weekly Fed Balance Sheet Total Assets for week ending May 20th: $4.48T v $4.50T prior; M1 y/y change: 8.7% (15-month low) v 9.0% w/w; M2 y/y change: 6.1% v 6.1% w/w

***Market Focal Points/FX***
- Asian equity indices are mixed yet again, with Shanghai Composite and Hang Seng outperforming and Nikkei225 tracking lower marginally as it headed into its break. Bank of Japan decision delivered on speculations of economic assessment revision, leaving investors at odds with expectations for continued steady easing from Tokyo. As rumored following stronger than expected Q1 GDP, the BOJ announced the economy "continued to recover moderately" - a negligible revision from last month's "Economy continued moderate recovery trend". The BOJ supported this upgrade with improved view of Consumption and Investment. On the former, it said "consumption has been resilient as a background of steady improvement in employment and income" vs prior "private consumption resilient as a trend with employment and income situation improving steadily". On the latter, BOJ noted "housing investment bottomed out and shown signs of pick up" vs prior "housing investment started to bottom." Bank of Japan still sees y/y rate of CPI around 0%, but also reiterated inflation expectations are rising from longer-term perspective. BOJ Gov Kuroda will seek to clarify the central bank's stance along with any outlook for future policy implications at 06:30GMT.

- Shanghai Composite is up another 1.9% entering its midday break, rising above 4,600 to mark another 7-year high. For the week, the index is up a whopping 7%. Sharp rise in margin trading continues to be the fuel fanning this fire - according to latest data, China total margin debt hit a fresh record high of CNY2.01T, up nearly 5% in just a week. Expectations for continued PBoC safety net also remain in focus. After yesterday's disappointing flash manufacturing PMI from HSBC, today's economic calendar was limited to April Conf Board leading index rising by 1.1% v 0.5%. Resident economist noted that "despite April's gain in the Leading Economic Index for China, its six-month increase rate continues to slow, confirming a soft growth outlook for China's economy through the summer.

- In FX, lower Treasury yields on the heels of soft Philly Fed and Existing Homes data has translated into USD selloff across the board in Asia. NZD/USD is leading the charge with a 50pip rally to 0.7390. AUD/USD and EUR/USD are up some 25pips above 0.7920 and 1.1140 respectively, while USD/JPY made new lows after BOJ's announcement below 120.80, down nearly 20pips post-statement.

***Equities***
US equities / ADRs:
- ABTL: Guides FY15 higher $1.21-1.27 v $1.08e; ~R$128.0M v $115Me (prior $0.97-1.16 last on 02/26/15); Acquires Dealix for $25M cash; +17.2% afterhours
- HPQ: Reports Q2 $0.87 v $0.86e, R$25.5B v $25.8Be; +1.1% afterhours
- JMEI: Reports Q1 $0.12 v $0.10e, R$250.6M v $218Me; +0.6% afterhours
- ROST: Reports Q1 $1.33 (adj) v $1.28e, R$2.94B v $2.89Be; +0.1% afterhours
- BRCD: Reports Q2 $0.22 v $0.20e, R$547M v $551Me; -1.0% afterhours
- MRVL: Reports Q1 $0.13 v $0.12e, R$724.3M v $727Me; -2.9% afterhours
- ARO: Reports Q1 -$0.56 v -$0.54e, R$318.6M v $325Me; -18.1% afterhours

- TWC: Charter in talks with Timer Warner Cable about a bid well above $170 a share

Notable movers by sector:
- Consumer discretionary: Li & Fung Ltd 494.HK -2.4% (Wal-Mart to take back some sourcing business); Gome Electrical Appliances Holdings 493.HK +0.9% (Q1 result); OrotonGroup ORL.AU -12.1% (FY15 guidance)
- Financials: Guotai Junan International 1788.HK +8.3% (to issue A shares); Bank of China Hong Kong 2388.HK +5.9% (asset injection in Hong Kong unit); Central China Real Estate 832.HK +8.8% (cooperation with Huayi Brothers)
- Industrials: China Railway Group 601390.CN +2.1% (contract in Israel); Cardno Ltd CDD.AU +17.0% (be approached by bidder)
- Technology: Lenovo 992.HK -4.9% (FY14/15 result)

>>> Gap beats by $0.03, revs in-line with previous announcement; guides FY16 EPS

Gap beats by $0.03, revs in-line with previous announcement; guides FY16 EPS in-line  

Reports Q1 (Apr) earnings of $0.56 per share, $0.03 better than the previously announced $0.53-0.54 guidance; revenues fell 3.0% year/year to $3.66 bln in-line with previous guidance
Gap Inc.'s comparable sales for the 1Q15 were down 4% versus negative 1% last year. Comparable sales by global brand for Q1 were as follows:
Total online sales were $563 mln for 1Q15 compared with $575 mln in Q1 last year.
Co issues in-line guidance for FY16, sees EPS of $2.75-2.80 vs. $2.79 Capital IQ Consensus Estimate.

>>> Hewlett-Packard beats by $0.01, reports revs in-line; guides Q3 EPS just bel

Hewlett-Packard beats by $0.01, reports revs in-line; guides Q3 EPS just below consensus; reaffirms FY15 EPS guidance; gives spin off guidance 

* Reports Q2 (Apr) earnings of $0.87 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.86; revenues fell 6.8% year/year to $25.45 bln vs the $25.67 bln consensus.
Personal Systems revenue was down 5% YoY with a 3.0% operating margin. Commercial revenue decreased 7% and Consumer revenue decreased 2%. Total units were up 2% with Notebooks units up 19% and Desktops units down 14%.
Printing revenue was down 7% YoY with an 18.3% operating margin. Total hardware units were down 4% with Commercial hardware units up 1% and Consumer hardware units down 6%. Supplies revenue was down 5%.
Enterprise Group revenue was down 1% YoY with a 14.5% operating margin. Industry Standard Servers revenue was up 11%, Storage revenue was down 8%, Business Critical Systems revenue was down 15%, Networking revenue was down 16% and Technology Services revenue was down 8%. Additionally, HP closed its acquisition of Aruba in May.
Co issues downside guidance for Q3, sees EPS of 0.83-0.87, excluding non-recurring items, vs. $0.87 Capital IQ Consensus.

Co reaffirms guidance for FY15, sees EPS of $3.53-3.73, excluding non-recurring items, vs. $3.64 Capital IQ Consensus.

The separation remains on track and the co expects associated dis-synergies of ~$400 to $450 million. The company also announced new future leadership appointments for both cos:
Cathie Lesjak will become Chief Financial Officer of HP Inc.
Lesjak's move to HP Inc., Tim Stonesifer will become CFO of Hewlett Packard Enterprise. Stonesifer currently serves as CFO of HP's Enterprise Group.
Chris Hsu has been selected to become Chief Operating Officer at Hewlett Packard Enterprise.

>>> US Close Dow Flat S&P+0,25% Nasdaq+0,38% Russell-0,09%


Closing Market Summary: S&P 500 Sets Another Record Close on Light Volume

The major averages posted modest gain on Thursday, but the trading day was very quiet once again. The S&P 500 added 0.2% and settled at a new record high while the Nasdaq Composite (+0.4%) outperformed.

Equity indices spent the initial minutes of the session near their flat lines, but they climbed to highs after the Existing Home Sales report for April (5.04 million; consensus 5.24 million) and the May Philadelphia Fed Survey ( 6.7; consensus 8.0) missed estimates. The ensuing advance was accompanied by a rally in Treasuries, suggesting increased expectations that the Federal Reserve will maintain its current dovish stance. Treasuries continued climbing into the afternoon (10-yr yield -6 bps to 2.19%) while the major averages spent the day near their late-morning highs.

Yesterday's session saw relative strength among countercyclical groups, but the opposite was true today as five of six growth-sensitive sectors registered gains while the financial sector (-0.2%) was the lone decliner on the cyclical side. Despite today's retreat, the sector remains higher by 0.6% for the week versus a 0.4% increase for the S&P 500.

Moving on, the energy sector (+0.9%) finished ahead of other cyclical sectors with help from crude oil, which surged 2.9% to $60.70/bbl. The energy component soared after the Energy Information Administration's storage report revealed the third consecutive weekly draw.

Elsewhere among cyclical groups, the industrial sector (+0.5%) received support from transport stocks. The Dow Jones Transportation Average rebounded from recent underperformance, climbing 0.6%, but the bellwether complex remains down 1.5% for the week.

Also of note, the consumer discretionary space (+0.4%) rallied with help from retailers after Best Buy (BBY 35.11, +1.33) and Williams-Sonoma (WSM 78.62, +0.73) reported better than expected results. The two names gained 3.9% and 0.9%, respectively while SPDR S&P Retail ETF (XRT 99.54, +0.54) gained 0.6%.

Over on the countercyclical side, the telecom services sector (+0.7%) displayed strength throughout the day while consumer staples (+0.2%), health care (unch), and utilities (-0.1%) ended near their flat lines.

Today's participation was in-line with recent totals as fewer than 700 million shares changed hands at the NYSE floor.

Economic data included Initial Claims, Leading Indicators, Existing Home Sales, and Philadelphia Fed Survey:
  • The initial claims level increased to 274,000 for the week ending May 16 from an unrevised 264,000 while the consensus expected an increase to 270,000 
    • Despite this week's increase, the four-week moving average fell to 266,250 from 271,750, which is the lowest level since April 2000 
    • The continuing claims level declined to 2.211 mln for the week ending May 9 from a downwardly revised 2.223 mln (from 2.229 mln) while the consensus expected an increase to 2.250 mln 
  • The Leading Indicators report for April was up 0.7% while the Briefing.com consensus expected an increase of 0.3% 
    • The March reading was revised up to 0.4% from 0.2% 
  • Existing home sales for April were reported to have decreased 3.3% from March to an annualized rate of 5.04 million units while the consensus expected a reading of 5.24 million 
  • The Philadelphia Fed's Business Outlook Survey dropped to 6.7 in May from 7.5 in April while the consensus expected an increase to 8.0 
    • Despite the decrease, the general business production growth outlook actually strengthened 
      • Shipments exited a contraction as the related index increased to 1.0 in May from -1.8 in April 
Tomorrow's data will be limited to the 8:30 ET release of the Consumer Price Index for April (consensus 0.1%).
  • Nasdaq Composite +7.5% YTD 
  • Russell 2000 +4.3% YTD 
  • S&P 500 +3.5% YTD 
  • Dow Jones Industrial Average +2.6% YTD