Ultimate Market Recap: Greece Works Toward Second Bailout, Apple’s Ultimatum

Wall Street Watch: Greek Austerity Measures, General Electric’s Hiring Spree

Greece passed austerity measures on Sunday, helping the country to assure an international bailout. According to Reuters, 199 lawmakers voted in favor and 74 against. The next step is to have euro zone finance ministers approve the rescue; they are scheduled to meet in Brussels on Wednesday. Meanwhile rioters protested against the measures in Athens, fighting police and setting fires to buildings.

Japan reported its annual GDP came in at 2.3 percent with its fourth quarter number declining 0.6 percent, contracting more than expected.  The Bank of Japan will now conduct a two-date rate review and may consider additional easing but Greece’s positive moves and the yen coming off of record highs, it may be challenging to justify policy easing. According to CNBC, the Bank may follow in the Federal Reserve’s footsteps and set a specific inflation target.

Vodafone (NASDAQ:VOD) is contemplating a cash bid for Cable & Wireless Worldwide, but there is no immediate offer, which has been estimated to come in around GBD 700 million ($1.1 billion). By U.K. law, Vodafone has until March 13 to either make an offer or say it is not interested. With the acquisition, it would enable the company to unload the increasing Internet traffic to a fixed network with more capacity, according to Reuters.

General Electric Co (NYSE:GE) announced plans to hire 5,000 U.S. military veterans during the next five years and invest $580 million from an expansion in its United States aviation footprint. This year, the company will open three new U.S. aviation plants in Ellisville, Miss.; Auburn, Ala., and Dayton, Ohio. It will also hire 4,500 new employees.

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Shares of Apple Inc. (NASDAQ:AAPL) climbed more than 1 percent in early Monday trading.  The tech giant launched a new lawsuit against Samsung Electronics, increasing the number of devices that Apple claims infringes on its products.  The suit takes aim at smartphones such as Samsung’s Galaxy S II Skyrocket, which uses Google’s (NASDAQ:GOOG) Android OS.

Microsoft Corp. (NASDAQ:MSFT) and General Electric Co. (NYSE:GE) shares edged higher after announcing new developments for their 50-50 joint venture.  The two will be launching a new company called Caradigm, which will aim to revolutionize delivery of care by allowing health systems to use real-time intelligence.

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Shares of Complete Genomics Inc. (NASDAQ:GNOM) shares surged more than 25 percent before the opening bell.  The genetic company announced it received a contract to provide whole-genome sequencing for the Mayo Clinic.

Chesapeake Energy Corp. (NYSE:CHK) shares jumped 2.5 percent this morning.  The natural gas company said it plans to make $10 billion to $12 billion of transactions to fund its capital expenditures this year.

Major banks such as Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS) and J.P. Morgan (NYSE:JPM) climbed higher as Greek parliament approved a package of austerity reforms on Sunday, clearing the first hurdle it must overcome to receive another bailout.

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Cyclacel Pharma, Drew Industries, Stoneridge Among Hot Stocks Feb 13th

Cyclacel Pharmaceuticals Inc. (NASDAQ:CYCC): Cyclacel Pharmaceuticals announced new topline response data from an ongoing, multicenter, Phase 2 randomized trial of oral sapacitabine capsules, a novel nucleoside analogue, in older patients with myelodysplastic syndromes after treatment failure of hypomethylating agents, such as azacitidine and/or decitabine. Eight patients responded with 2 complete remissions, 2 complete remissions with incomplete platelet count recovery and 4 major hematological improvements of platelet counts or neutrophils. More than 50 percent of the patients are still alive and longer follow-up is needed to assess 1-year survival and overall survival. Shares of Cyclacel Pharmaceuticals Inc. are trading 16.67% higher today.

Drew Industries, Inc. (NYSE:DW): Manufactured housing sales were $29M vs. $20M in Q4 of 2010. Shares of Drew Industries, Inc. are trading 2.9% higher today.

Stoneridge, Inc. (NYSE:SRI): Reports Q4 revenue $186.0M, up 15.9% from $160.5M in Q4 of 2010. Consensus $194.60M. The Q4 net income increase was primarily due to a $65.4M pretax gain and a $42.5M after-tax gain or $1.72 per share recognized in conjunction with Stoneridge’s previously announced purchase of additional ownership in its Brazil-based PST joint venture. Shares of Stoneridge, Inc. are trading 2.82% lower today.

Lin Sparks MSG Stock, Chelsea Therapeutics SeraCare, Regeneron, Diebold Round Out Stock Highlights Feb. 13th

Madison Square Garden, Inc. (NASDAQ:MSG): Sales of Knicks merchandise are higher than any other team in the NBA since Feb. 4, with Jeremy Lin’s jersey being the league’s top online seller in that time, as the surprising ascent of the point guard has helped the team’s record and the share price of team parent Madison Square Garden (NASDAQ:MSG), Bloomberg reported earlier.  Shares of Madison Square Garden, Inc. are trading 4.94% higher today.

Chelsea Therapeutics International Ltd. (NASDAQ:CHTP): After Chelsea Therapeutics provided an update in the wake of the release of FDA briefing documents about its Northera drug, Leerink Swann believes that questions may be raised about the drug’s overall risk profile but the firm still thinks that the drug is safe overall. The firm maintains an Outperform rating on the shares. Shares of Chelsea Therapeutics International Ltd. are trading 34.01% lower today.

SeraCare Life Sciences, Inc. (NASDAQ:SRLS): SeraCare Life Sciences announced that it has entered into a definitive agreement to be acquired by an affiliate of Linden Capital Partners, a Chicago-based private equity firm that focuses on middle market leveraged buyout investments in the healthcare and life science industries. Under the terms of the agreement, holders of outstanding shares of common stock of SeraCare will receive $4.00 per share, representing a 25% premium to the 30-day volume-weighted average stock price. The agreement was unanimously approved by SeraCare’s Board of Directors. If the merger is approved by shareholders, the transaction is expected to close in Q2 of 2012. Shares of SeraCare Life Sciences, Inc. are trading 9.78% higher today.

Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN): Regeneron has filed an sBLA for EYLEA in central retinal vein occlusion, or CRVO, in the U.S., and was granted a Prescription Drug User Free Act, or PDUFA, date of September 23, 2012. Bayer HealthCare plans to submit a similar regulatory application outside the U.S. in 2012 or early 2013. Shares of Regeneron Pharmaceuticals, Inc. are trading 10.98% higher today.

Diebold Incorporated (NYSE:DBD): Sees 2012 total revenue up 3%-6%. Consensus: $2.89B. Shares of Diebold Incorporated are trading 9.67% higher today.

Obama Budget Could Boost Caterpillar, Apple Issues Ultimatum, Google Applies for FCC Approval

Caterpillar (NYSE:CAT): President Obama’s budget would almost double federal spending on transportation programs over the next five years, according to Bloomberg.The budget proposes spending $476B through 2018 on highway, bridge and mass transit projects, the news service added.

Apple (NASDAQ:AAPL): Apple is reportedly forcing its contract manufacturer Pegatron to drop new Ultrabook orders from Asustek or risk losing orders for Apple devices, reported 9to5 Mac, citing an article in the Chinese-language Commercial Times.

Google (NASDAQ:GOOG): Google has applied to the FCC for approval to place a fixed satellite earth station in Council Bluffs, Iowa—about 200 miles northwest of Kansas City, where the Internet giant is building a fiber network, according to ars technica, which obtained the application. The application may be a hint that Google is looking to provide IP video service in Kansas City, the publication speculates.

AT&T (NYSE:T): AT&T and Starz Entertainment, a wholly-owned subsidiary of Liberty Media (LMCA), announced that the companies agreed to a multi-platform, multi-year extension of the Starz-AT&T U-verse TV affiliation agreement. The extension covers Starz Entertainment’s premium channels, HD, on-demand, and authenticated online services. Financial terms and other deal specifics were not disclosed.

IMAX (NASDAQ:IMAX): IMAX and Broadway Theatre Company announced two agreements to install a total of four digital IMAX theatre systems into new multiplexes across Greater China, bringing Broadway’s total IMAX commitment to six theatres. With today’s agreements, there are 217 IMAX® theatres open or contracted to open in Greater China. Under the terms of the agreements, the first two systems are scheduled to open at Yoho Town, Hong Kong, and in Wenzhou, China in 2013. Broadway currently operates an IMAX theatre in Hangzhou with another set to open by the end of this year at iapm in Puxi, Shanghai.

Market Recap: Euphoria Boosts Stocks as Greek Parliament Votes for Austerity

Markets closed up on Wall Street today: Dow +0.57%, S&P +0.68%, Nasdaq +0.95%, Oil +1.92%, Gold -0.02%.

On the commodities front, Oil (NYSE:USO) rose to $100.56 a barrel. Precious metals were mixed, with Gold (NYSE:GLD) falling slightly to $1,724.90 an ounce while Silver (NYSE:SLV) rose 0.29% to settle at $33.70.

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Today’s markets were up because:

1) Greece. The Greek Parliament cleared the first of three hurdles it must overcome to qualify for a second bailout worth 130 billion euros when lawmakers approved a package of austerity reforms on Sunday. Greece needs the bailout funds to avoid a potential default on a 14.5 billion-euro bond redemption on March 20. Now the government need only identify another 325 million euros in spending cuts and give assurances that the program will be implemented even after elections are held later this year. If those conditions are met, euro-zone finance ministers are expected to endorse the program at a meeting on Wednesday.

2) Budget. The day held no major economic news, but President Obama did unveil a $3.8 trillion budget request that would impose a 30 percent minimum tax on millionaires while earmarking more than $800 billion for job creation and infrastructure investment. However, the Republican-led House of Representatives has already vowed to vote down the proposal, which the administration said would add more than $300 billion to the U.S. economy this year alone, as it would not only increase tax revenue, but also add an estimated $6 trillion to the national debt over the next decade.

3) Financials. Financial stocks posted early gains today in the wake of Greece’s debt deal. Shares of Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), and JPMorgan (NYSE:JPM) were all up more than 1 percent. Bank stocks tend to track developments in the sovereign debt crisis in Europe because of fears over their exposure to foreign debt. Positive developments abroad also helped Germany’s Deutsche Bank (NYSE:DB) and Royal Bank of Scotland (NYSE:RBS) post moderate gains.

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To contact the reporter on this story: Lindsey Grossman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com