- Lines Form as Cyprus Banks Reopen (WSJ [30])
- Greek Bets Sank Top Cyprus Lenders - Banks at Heart of Cyprus Mess Were Bullish on Athens as Other Investors Fled (WSJ [31])
- Hollande Economic Woes Masked by Cyprus Fig Leaf (BBG [32])
- M&A Stumbles Amid March Deal Drought (BBG [33]) ... but any minute now
- Train hauling Canadian oil derails in Minnesota (Reuters [34]) - must be an evil pipeline riding first class
- Slovenian Austerity After Cyprus Fails to Stem Yield Gain (BBG [35])
- Banks Seek to Overturn Judge’s Ruling in Critical Mortgage Case (NYT [36])
- Ships Costing U.S. $37 Billion Lack Firepower, Navy Told (BBG [37])
- OECD still gloomy on eurozone recovery (FT [38])
- BOJ's Kuroda says asset purchase limit already broken (Reuters [39])
- Kuroda warns Japan debt ‘not sustainable’ (FT [40])
- BOJ’s Kuroda Vows to Continue Easing Until 2% Target Achieved (BBG [41])
- South Korea cuts economic forecast (FT [42])
- Former Trader’s Software Skips Visa in Battle With Google (BBG [43])
Overnight Media Digest
WSJ
* Some of the largest global banks lodged an unusual legal protest to overturn rulings that they said could limit their ability to beat back multibillion-dollar lawsuits filed two years ago by the federal regulator for Fannie Mae and Freddie Mac.
* A U.S. bankruptcy judge said it would be "inappropriate" to approve a $20 million exit package for the outgoing chief executive of American Airlines parent AMR Corp, calling it his only "hang-up" as he cleared the way for a merger with US Airways Group Inc.
* Standard & Poor's Ratings Services wants to merge the 17 lawsuits piled against it - by state attorneys general who claim the firm churned out shoddy ratings before or after the financial crisis - into a single lawsuit in federal court.
* Cyprus's government raced on Wednesday to prepare for its banks' scheduled reopening after a two-week hiatus, announcing temporary capital controls to prevent deposits from fleeing the weakened institutions.
* A prominent proxy adviser said MetroPCS Communications Inc shareholders should vote against a merger with Deutsche Telekom AG unit T-Mobile USA, saying they would receive an unfair split of the combined company and would do fine owning shares of a standalone carrier.
* A divided U.S. Supreme Court on Wednesday put the brakes on a class-action lawsuit against Comcast Corp, the latest example of the court's conservative majority limiting large suits against companies.
* Sharp Corp is banking on a proprietary technology with an unproven track record to revive its fortunes after it soon reports what's expected to be the largest annual loss in its 100-year history.
* Suncor Energy Inc, Canada's largest oil-sands producer, said it and partner Total SA won't proceed with a plan to build a multibillion-dollar facility designed to refine heavy bitumen into a light, low-sulfur synthetic crude.
* Frank Bennack is stepping down as chief executive of Hearst Corp, the media giant said late Wednesday, to be succeeded by company President Steven Swartz.
FT
Britain's banks must raise 25 billion pounds ($38 billion) of extra capital by the end of the year to absorb any future losses on loans, the central bank said, less than investors had expected.
Shares of Interdealer broker ICAP fell on Wednesday after it warned investors to brace for underwhelming full-year profit.
One of the largest ever cyber attacks is slowing global internet services after an European organisation blocking "spam" content became a target.
Airbus parent EADS won backing for sweeping changes in its structure, as shareholders tore up a Franco-German ownership pact in favour of greater management freedom.
Cyprus will limit the use of cheques to businesses, cap cash withdrawals and scrutinise all commercial transactions over 5,000 euros when banks reopen on Thursday.
Britain's current account deficit last year was the worst since 1989, data showed on Wednesday, dimming government hopes of a growth boost from exports and investment.
NYT
* The largest banks in the United States - including Bank of America Corp, Citigroup Inc and JPMorgan Chase & Co - facing a torrent of lawsuits over shoddy mortgage securities, are pushing to overturn a series of tough rulings in an important case.
* AMR Corp's American Airlines won bankruptcy court approval on Wednesday to combine with US Airways Group Inc and form the world's biggest airline.
* The Cypriot government on Wednesday announced severe restrictions on access to funds held in the country's banks, hoping to control a rush to withdraw money when the banks open on Thursday for the first time in nearly two weeks.
* Two lithium-ion car batteries produced by GS Yuasa Corp , the same Japanese company that supplies batteries for Boeing Co's grounded 787 jetliner fleet, have overheated in recent days.
* The U.S. Supreme Court threw out a proposed class-action antitrust lawsuit against cable television company Comcast Corp , in which more than 2 million current and former Comcast subscribers claimed that the company had unfairly eliminated competition and overcharged customers.
* The U.S. Food and Drug Administration approved the chemical, dimethyl fumarate, sold by Biogen Idec Inc under the name Tecfidera, the third of a spate of oral drugs that are transforming the treatment of multiple sclerosis.
* Covington & Burling, a prominent U.S. law firm, plans to announce on Thursday that Lanny Breuer, who led the U.S. Justice Department's investigation into the financial crisis, will be its vice chairman.
* After nearly 30 years of running Hearst Corp, a privately held media company that publishes the Cosmopolitan, Harper's Bazaar and Esquire magazines, Chief Executive Frank Bennack has announced that he is stepping down.
Canada
THE GLOBE AND MAIL
* The Harper government is pulling out of a United Nations convention that fights droughts in Africa and elsewhere, which would make Canada the only country in the world outside the agreement.
* A man who killed a Toronto police officer while driving a stolen snowplow has been found not criminally responsible for his actions, further politicizing a debate about how mentally ill offenders are treated in Canada's criminal justice system.
Reports in the business section:
* A leak at a Suncor Energy Inc oil sands site poured an estimated 350,000 litres of industrial waste water into the Athabasca River over a 10-hour period, causing "a short term, negligible impact on the river" earlier this week, the company said late on Wednesday.
* The federal regulator has frozen the tolls TransCanada Corp can charge on its troubled Mainline gas pipeline for five years, saying the company cannot continue to raise costs to producers and consumers on a critical piece of the country's energy infrastructure.
FINANCIAL POST
* The Ontario Teachers' Pension Plan has struck an agreement to purchase 70 percent of three Australian telecommunications companies.
Sydney-based Leighton Holdings Ltd will retain the remaining 30 percent stake in Nextgen Networks, Metronode and Infoplex, which have a total value of A$885 million ($923.45 million).
* Putting clothes on your back and shoes on your feet has been getting cheaper year after year as retailers - including U.S.-based outlets such as Wal-Mart Stores Inc and Target Corp - battle for customers in a near-stagnant market.
In February, prices for clothing and footwear declined 0.5 percent from the same month a year earlier, and almost 9 percent since 2000, according to Statistics Canada's consumer price index, released on Wednesday.
* Another financial institution entered the lucrative mobile payment fray on Wednesday as Canada's largest bank Royal Bank of Canada teamed up with Interac to demonstrate touch-free debit transactions for smartphones.
China
CHINA SECURITIES JOURNAL
- The National Development and Reform Commission denied rumors that China will raise natural gas prices sharply.
- China could release details of its property tightening policy for first tier cities on March 31, industry insiders told the newspaper, adding the measures could include higher taxes and new restrictions on loans and second-home purchases.
SHANGHAI SECURITIES NEWS
- A front page story worries about large net losses for 2012 reported by two central-government owned companies, shipping giant China COSCO Holdings and Aluminum Corp. of China , and expected losses by Metallurgical Corp. of China , which will announce its 2012 results on Thursday.
CHINA DAILY
- Beijing education authorities have placed a limit on homework for primary school students at one and a half hours in an effort to reduce their stress levels.
CHINA BUSINESS NEWS
- An analysis of recent statements by new Premier Li Kejiang at a recent meeting of the State Council detects signs the new leadership is serious about pushing forward reform of the tax system and the liberalisation of interest rates.
PEOPLE'S DAILY
- The lead story summarizes Xi Jinping's address to leaders of the BRIC countries as well as a group of African leaders, in which he stressed the need to give African countries stronger voice in international affairs.
Fly On The Wall 7:00 AM Market Snapshot
ANALYST RESEARCH
Upgrades
Ryanair (RYAAY) upgraded to Buy from Neutral at Citigroup
Downgrades
Aastrom (ASTM) downgraded to Hold from Buy at Needham
Advanced Energy (AEIS) downgraded to Underperform from Neutral at BofA/Merrill
Vanguard Health (VHS) downgraded to Market Perform from Outperform at Wells Fargo
Initiations
ARIAD (ARIA) initiated with a Neutral at Goldman
Belden (BDC) initiated with a Buy at Canaccord
Biogen (BIIB) initiated with an Outperform at JMP Securities
Ecolab (ECL) initiated with a Buy at Canaccord
Emerson (EMR) initiated with a Hold at Canaccord
FedEx (FDX) initiated with an Overweight at Stephens
Goldman Sachs (GS) initiated with a Buy at Guggenheim
Lumos Networks (LMOS) initiated with an Outperform at Cowen
Madison Square Garden (MSG) initiated with a Buy at B. Riley Caris
Merge Healthcare (MRGE) initiated with a Buy at B. Riley Caris
Morgan Stanley (MS) initiated with a Neutral at Guggenheim
Quality Systems (QSII) initiated with a Buy at B. Riley Caris
Roper Industries (ROP) initiated with a Hold at Canaccord
United Technologies (UTX) initiated with an Overweight at Morgan Stanley
HOT STOCKS
The FDA approved Biogen's (BIIB) Tecfidera for treatment of multiple sclerosis
Anthera Pharmaceuticals (ANTH) initiated a phase 3 clinical study of blisibimod, a novel inhibitor of B-Cell Activating Factor for the treatment of systemic lupus erythematosus
Genworth (GNW) sold its wealth management business for approximately $412.5M to Aquiline Capital and Genstar Capital
Liberty Global (LBTYA) acquired a12.65% stake in Ziggo for EUR 632.5M from Barclays (BCS)
EARNINGS/GUIDANCE
Companies that beat consensus earnings expectations last night and today include:
PVH Corp. (PVH), Verint Systems (VRNT), Red Hat (RHT), Verenium (VRNM), Paychex (PAYX), Five Below (FIVE)
Companies that missed consensus earnings expectations include:
H.B. Fuller (FUL), Progress Software (PRGS), EXFO Inc. (EXFO)
Companies that matched consensus earnings expectations include:
SYNNEX (SNX)
NEWSPAPERS/WEBSITES
- Cyprus' banks are reopening Thursday after being closed due to the country's financial crisis, the Associated Press reports. In order to prevent customers and businesses from withdrawing all their money, the country has placed controls on financial transactions.
- A class-action lawsuit being brought against Comcast (CMCSA) by Philadelphia-area subscribers was stopped from proceeding by the Supreme Court in a 5-4 vote that agreed with Comcast that a judge erred in allowing the court to proceed as a class action suit, according to a Wall Street Journal report.
- AMR Corp (AAMRQ) and US Airways' (LCC) merger got court approval, says Reuters. However a severance package for Tom Horton, AMR's outgoing CEO was not approved by the judge at a hearing in U.S. Bankruptcy Court.
- British banks may not have to issue more shares in order to improve their balance sheets, as the Bank of England used relatively lenient rules to evaluate the institutions, according to Bloomberg.
SYNDICATE
Array BioPharma (ARRY) files to sell $75M of common stock
Chembio Diagnostics (CEMI) 1.2M share Secondary priced at $5.00
Dollar General (DG) 30M share secondary offering priced at $50.75
Phillips 66 (PSX) subsidiary files for IPO
Pinnacle Foods (PF) 29M share IPO priced at $20.00
RAIT Financial (RAS) commences offering of 7M shares of common stock
RDA Microelectronics (RDA) 8.35M share Secondary priced at $9.25
SJW Corp. (SJW) commences offering of $35M of common stock
TranSwitch (TXCC) announces offering of common stock and warrants
Tumi (TUMI) 10.14M share Secondary priced at $21.10