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<ul class="summary-list"><li>FuelCell shares fell as much as 15% Tuesday following the company's first-quarter financial report. </li><li>The <keyword id="188239" type="PERSON" weightage="60" keywordseo="alternative-energy">alternative energy</keyword> company's adjusted loss of $0.06 a share was more than Wall Street's expected loss of $0.04 a share. </li></ul><a href="https://markets.businessinsider.com/stocks/fcel-stock">FuelCell Energy shares</a> fell as much as 15% on Tuesday after the alternative energy company posted a wider first-quarter loss than Wall Street had expected. Shares pared some losses but closed lower by over 9%, at $15.42.The company posted an adjusted loss of $0.06 a share, which was wider than a loss of $0.04 a share expected in a consensus estimate produced by Zacks. The company's net loss of $0.15 a share was narrower than its loss of $0.20 a share a year earlier.The company also said its total revenue fell to $14.9 million from $16.3 million a year ago, leaving the top-line figure below the Zacks estimate of $20.25 million. There was a decline in generation revenues to $4.9 million from $5.4 million because of a temporary shut-down of several Bridgeport fuel cell project plants in Connecticut for scheduled module exchanges, the company said.FuelCell noted that its first-quarter backlog fell by 7% to $1.27 billion from $1.36 billion in the same period in 2020.The company also said it's "made tangible progress" in its decarbonization development efforts by producing <keyword id="169046" type="COMPANY" weightage="60" keywordseo="hydrogen">hydrogen</keyword> with its solid oxide electrolysis platform."Additionally, we continued to advance our joint research with ExxonMobil Research and Engineering Company on fuel cell carbon capture solutions," Jason Few, chief executive of FuelCell, said in the financial statement.

FuelCell stock drops after reporting bigger-than-expected quarterly loss

In a letter to the National Stock Exchange, <keyword id="44950" type="PERSON" weightage="20" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>’s Future Consumer Enterprise Limited (<keyword id="1968924" type="UNKNOWN" weightage="20" keywordseo="FCEL">FCEL</keyword>) has become a majority stakeholder of the Integrated Food Park Private Limited, a public-private partnership based mega Food Park. The company picked up an additional equity shares of up to 28.86% of the paid up capital. 
	 “With the present acquisition, FCEL holds 73.89% of the paid-up capital of <keyword id="2719516" type="UNKNOWN" weightage="20" keywordseo="IFPPL">IFPPL</keyword>. This may please be also considered as compliance in terms of the applicable provisions of the Listing Agreement,” said the company in the letter. 
	 
	It should be noted that the mega food project was launched last year in September 2014, in Tumkur in Karnataka while a special purpose vehicle, Integrated Food Park Private Limited, was set-up in Bangalore. According to reports, the project has been launched under Ministry of Food Processing Industries to support the food processing sector.

Kishore Biyani’s Future Group picks up higher
stake in IFPPL

<ul><li><keyword id="1192755" type="PERSON" weightage="60" keywordseo="Nikola">Nikola</keyword> fell 12% on Friday after JPMorgan downgraded the firm to neutral from overweight, according to a note. </li><li>The call from JPMorgan was "a tactical move" as much of the good news is priced into the stock.</li><li>Nikola's steep decline on Friday came amid a broader decline in electric vehicle stocks like Tesla.</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/nkla-stock">Nikola</a> dropped as much as 12% on Friday after JPMorgan downgraded the fuel-cell truck developer to neutral from overweight, according to a research note.JPMorgan's drive to downgrade Nikola was "a tactical move" based more on the timing of future catalysts than the underlying fundamentals, the note said.According to the bank, the "good news is now priced in the stock, so we step aside for now," the note said. The bank maintained its price target of $30, representing potential upside of 87% from Thursday's close. Much of that good news includes evidence that the company is more focused on its goals and is passed the drama caused by founder and former CEO and chairman Trevor Milton.Milton <a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-founder-trevor-milton-leaves-executive-chairman-hindenburg-2020-9-1029606958#?utm_source=markets&amp;utm_medium=ingestgestgest" target="_blank" rel="noopener">voluntarily stepped down</a> from the company as chairman in late September, after a short-seller report from <a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-short-seller-report-alleges-years-deception-hindenburg-2020-9-1029579021#" target="_blank" rel="noopener">Hindenburg Research</a> alleged that Milton and Nikola deceived investors. Nikola dismissed many of the claims raised in the report.Nikola "has left much of the drama of 2020 behind," JPMorgan said. But JPMorgan sees the Nikola's story exciting investors once again in mid or late 2021 if customer orders are announced, "and as the first FCEL prototype comes to life," the note said.The decline in Nikola on Friday came amid a broader market sell-off in high-growth tech stocks that have been shunned by investors amid rising interest rates. Shares of <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> were down as much as 13% on Friday.

Nikola slides 12% after JPMorgan downgrades to neutral given that the 'good news is priced in the stock'

<ul><li>JPMorgan upgraded Nikola to overweight on Wednesday after the stock fell 57% from its record high to below JPMorgan's price target of $45.</li><li>The firm said despite being "a story-stock," Nikola has long-term potential if it's able to execute on its long-term plan.</li><li>JPMorgan pointed to three upcoming catalysts that could drive the stock higher, including the expected announcement of an OEM partner to produce Nikola's Badger pickup truck.</li><li>JPMorgan also noted that Nikola could fall in the short term as SPAC shares become freely tradeable and can be sold short.</li><li>Nikola rode a wave of investor hype surrounding electric-vehicle makers last month, with its stock more than doubling in June.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Despite calling <a href="https://markets.businessinsider.com/stocks/nkla-stock">Nikola</a> "a story-stock," JPMorgan upgraded shares of the company on Wednesday to overweight after they fell 57% from their record-high to below JPMorgan's $45 price target.The upgrade sent Nikola higher by as much as 28% on Wednesday to $51.50.The bank said the stock is largely being driven by short-term traders, adding that "inbound calls from institutional <keyword id="6359051" type="UNKNOWN" weightage="60" keywordseo="investors">investors</keyword> have been more focused on the warrants."JPMorgan expects Nikola to remain volatile, and said it could even fall further as SPAC shares are registered and the company exercises warrant calls, "which could lead to some additional selling," according to the note.The bank sees three upcoming catalysts ahead for the start-up EV truck maker: Read More: <a href="https://www.businessinsider.com/why-dominion-energy-sold-natural-gas-warren-buffett-berkshire-hathaway-2020-7?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Warren Buffett's Berkshire Hathaway struck a $10 billion deal to buy Dominion Energy's natural gas business. Here's why the energy giant sold.</a>1. The "announcement of an OEM partner for the Badger truck." 2. "An H2 (hydrogen) station deployment plan for the UK."3. "Potentially accelerated implementation plans for the FCEL truck in the US California's CARB ACT ruling could lead to accelerated adoption of H2 infrastructure on the West Coast."JPMorgan added that it expects the stock to react positively to any developments that shorten or de-risk Nikola's battery and hydrogen-fueled truck implementation plans.Nikola has ridden a wave of investor hype surrounding electric-vehicle makers since going public last month. The fanfare has in part been driven by the success of Tesla, whose <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-hits-record-high-semi-truck-volume-production-2020-6-1029297177?utm_source=markets&amp;utm_medium=ingest#est#">stock skyrocketed past $1,000</a> and then went on to <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-after-second-quarter-deliveries-beat-2020-7-1029362747#">new all-time highs on its strong second quarter delivery data.</a>That spilled over to <a href="https://markets.businessinsider.com/stocks/nkla-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nikola</a>, which began accepting a <a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-after-opening-truck-reservations-pickup-electric-tesla-2020-6-1029350425?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">$5,000 reservation for its Badger</a> electric pickup truck last month. The buzz was so strong that <a href="https://markets.businessinsider.com/news/stocks/nikola-motors-stock-price-soars-setting-truck-reservation-date-competitor-2020-6-1029290291?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nikola shares doubled in a single day</a> after the company went public via a reverse merger in early June.Despite Nikola's 28% surge on Wednesday, shares are still down 23% since the start of July.Read More: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Ftech-stocks-to-buy-ecommerce-picks-top-analyst-colin-sebastian-2020-7?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">The most accurate analyst covering companies like Amazon says these 7 stocks are great bets for the future of e-commerce - even as the coronavirus bump fades</a><div type="image" title="nikola chart 23e.JPG" height="718" width="1041" msid="76857921" hostid="261"></div>

Nikola upgraded by JPMorgan on 3 upcoming catalysts after falling 57% from record highs

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Reuters</div></div></div>Plug Power shares are up 25% right now.
"We signed an additional order in North America with a global automaker," said <a href="http://blogs.marketwatch.com/energy-ticker/2014/03/25/plug-power-ceo-major-deal-expected-in-next-two-to-three-weeks/">CEO Andy Marsh to MarketWatch's Sue Chang</a>.
According to Chang, an announcement will come in two to three weeks for what she has characterized as a "major deal."
Unfortunately, "he declined to elaborate further on specifics," said Chang.
Peers FuelCell Energy (FCEL) and Ballard Power Systems (BLDP) are up 11% and 16%, respectively.
<a href="http://www.businessinsider.com/marketwatch-reports-plug-power-signs-major-deal-2014-3">More to come...</a>

Plug Power Shares Explode After CEO Reportedly Signs A Major Deal

This weekend I wrote about how the <a href="http://www.businessinsider.com/bubble-chart-2014-3">crazy action</a> in the fuel cell stocks is reminiscent of the late 90s boom. When people start to get really optimistic, they start piling into these speculative world-changing companies indiscriminately (fuel cells theoretically could replace the internal combustion engine one day).
Anyway, in my piece I mentioned three companies from back in the day that speculators loved: Plug Power (PLUG), Fuel Cell Energy (FCEL) and Ballard Power (BLDP). 
And look at them all this morning. All going crazy.
<div class="KonaFilter image-container display-table"><div><div class="image"><a href="http://finance.yahoo.com/quotes/BLDP,FCEL,PLUG;_ylc=X3oDMTJhMHV2MWloBGtleXcDQkxEUCxGQ0VMLFBMVUcEbWlkA21lZGlhcXVvdGVzc2VhcmNoBHNlYwNnZXRxdW90ZXNidG4Ec2xrA211bHRpX3F1b3Rl">Yahoo Finace</a></div></div></div>

Today's Market Is Bringing Back More Bad Memories

<div class="KonaFilter image-container float_right"><div class="image"><a href="http://travel.nationalgeographic.com/travel/traveler-magazine/photo-contest/2013/">Peter Stanley/National Geographic Traveler Photo Contest</a></div></div>If you've been watching stocks lately, the you know the hottest sub-story in the market is the incredible rise of the fuel cell stocks like Plug Power, Ballard Power, and Fuel Cell Energy, all of which were hot names during the last bubble.
They're going bonkers again today in the pre-market.
From <a href="http://www.businessinsider.com/opening-bell-tuesday-11-2014-3">Matthew Boesler's 10 Things You Need To Know Before The Opening Bell</a>:
Fuel cell stocks going crazy in pre-market trading. Fuel cell stocks continue their <a href="http://www.businessinsider.com/fuel-cell-stocks-ripping-2014-3">surge</a> this morning in pre-market trading following FuelCell Energy's announcement of quarterly earnings results. The company's loss of $0.06 per share was slightly worse than expected, but it reported revenues of $44.4 million, topping analysts' $43.4 million consensus estimate. FCEL is trading up over 18% on the news.
Plug Power is up 12%.
Ballard Power up 10%.
Crazy!

The Fuel Cell Stocks Are Being Ridiculous Again Today

<div class="KonaFilter image-container display-table float_right"><div><div class="image">REUTERS/Stephane Mahe Novak Djokovic celebrates after winning his quarter-final match at the French Open.</div></div></div>The markets are higher after a busy morning of economic data.
The Dow is up 8 points (0.05%), the S&amp;P 500 is up 3 points (0.2%), and the Nasdaq is up 15 points (0.4%). 
At 1,927, the S&amp;P 500 is above Monday's record-high close of 1,924.97.
This morning, <a href="http://www.businessinsider.com/adp-jobs-report-may-2014-2014-6">ADP's May private payrolls</a> report showed companies added 179,000 jobs in the month, short of the 220,000 analysts had been expecting. Moody's Analytics' Mark Zandi said the report indicates that, "The job market has yet to break out from the pace of growth that has prevailed over the last three years." 
The U.S. trade deficit <a href="http://www.businessinsider.com/trade-balance-april-2014-2014-6">also widened 6.9% in April</a> to $47.2 billion. Pantheon Macro's Ian Shepherdson said the report suggests trade should be a small drag on GDP in the second quarter. 
ISM's May non-manufacturing reading climbed to 56.3 from April 55.2 reading. Expectations were for a reading of 55.5. As of yet, <a href="http://www.businessinsider.com/the-dust-has-settled-and-heres-the-deal-with-the-ism-manufacturing-index-2014-6">there have been no revisions to the number</a>. 
Markit's <a href="http://www.businessinsider.com/may-markit-us-services-pmi-2014-6">May U.S. services PMI climbed to 58.1</a> from 55.0 the prior month. 
The Federal Reserve is also expected to release its latest Beige Book report on economic activity at 2 pm ET. 
Some major equity movers include:
<ul>
<li>NQ Mobile (NQ), up 26% <a href="http://ir.netqin.com/phoenix.zhtml?c=243152&amp;p=irol-newsArticle&amp;ID=1937232&amp;highlight=">after announcing that an investigation</a> by a special committee of its board, "did not find any evidence that the Company had engaged in the fraudulent conduct <a href="http://www.businessinsider.com/muddy-waters-shorts-nq-mobile-2013-10">alleged by Muddy Waters</a>."</li>
<li>TIBCO Software (TIBX) is down 7.5% after <a href="http://hsprod.investis.com/site/irwizard/tibx/ir.jsp?page=sec_item_new&amp;ipage=9636823&amp;DSEQ=2&amp;SEQ=5&amp;SQDESC=SECTION_PAGE&amp;exp=&amp;subsid=41">last night saying</a> its second quarter profit and revenue will come in below estimates. </li>
<li>FuelCell (FCEL) is down 9% after its <a href="http://fcel.client.shareholder.com/releasedetail.cfm?ReleaseID=852268">earnings last night</a> showed revenue declined about $4 million year-over-year. </li>
</ul>

Stocks Are At Record-Highs After Rash Of Economic Data 

<div class="KonaFilter image-container float_right"><div class="image">REUTERS/ Brendan McDermid</div></div>Via Dave Lutz at Stifel, Nicolaus, here's a look at what traders are talking about today:
US Futures are slightly lower, and near the lows of the overnight. Aside from the DAX, which has been a major underperformer, all the EU markets are in the red. The persistent bid in Fincnaials is evident in EU, where the sector is trading unchanged despite some "aggressive" headlines on stress tests from the ECB. Volumes in Europe are trading light, anywhere from 20-325% below recent 20day averages. Stress persists in Ukraine, Russia is off 2.5% after being closed yesterday for Holiday - and is approaching 1Y lows. We have seen heavy inflows into the RSX, Russian Equity ETF - mostly done for short-creates. In Asia, Nikkei rallied 70bp as BOJ stood pat, and China managed a bounce as the Yuan rallied from recent weakness. The Aussie market closed unchanged, but Miners were under pressure again despite upbeat comments from Rio and BHP. Ahead of our Thursday print, watch Retailers as UK retail sales come in light - "Weather" related impact the theme du jour. Alt-Energy will trade heavy today, as FCEL (I'm long) is surging 22% on earnings, dragging PLUG up 12%+. Watch the insurers, as they plead to US congress to stop the Federal Reserve from imposing bank- like capital standards on their industry.
The 10YY is flat, staging a close above its 50dma - but Credit players are focused on the Puerto Rico issuance today - the largest sale of junk bonds on record. The Yen had a quiet session, as BOJ acted as anticipated - but the € is weaker against the $, reversing the recent surge higher. The DXY remains below the "80" level, but its current strength is a headwind for commodities. That said, we have Industrial commodities rallying as China growth concerns recede - Nickel, Silver and Copper are all 50bp+ higher. Some Ukraine stress, coupled with the recent pop in Inflation Expectations of the US Bond Market has Gold higher, testing 4M highs again this AM. Energy commodities are all stronger, with Brent slightly outpacing WTI into our inventory numbers after the close today. Catalysts today include NFIB Small Business Optimism at 7:30, JOLTs Job Openings and Wholesale Inventories at 10, the week's smallest POMO at 11, a 3Y auction at 1, and API Data for Crude at 4:30.

Here's A 10-Second Guide To What Traders Are Chatting About Today

<div class="KonaFilter image-container float_right"><div class="image">REUTERSTraders speak on the phone and watch a monitor in Moscow's International Currency Exchange (MICEX) August 13, 1998.</div></div>Via Dave Lutz of Stifel, Nicolaus, a roundup of what traders are talking about and how they see the market:
Thanks to Putin's soothing moves, the S&amp;P Futures are up 1%+ and eyeballing new all-time highs this AM. While Putin declares a "Unconstitutional Coup" in Ukraine, he pulls troops back to bases, and says he has no plans to annex Crimera, raising hopes that a peaceful solution might be reached. March VIX futures are off 8% early, reversing most of yesterday's VIX surge. Overseas markers are jubulent, with the DAX jumping 2% in volume almost 40% above recent trends and EU's VIX is off 17% right now. The EU fins, hard hit yesterday on exposure worries, are enjoying a 2.5% upside move. Over in Asia - Shanghai lost small as their National Party Congress is about to open, where they will set a growth target (Most expecting 7-7.5%), and the Nikkei gained 50bp in light trading as major FX rallied against the Yen. Most Ukraine Contagion markets are in rally mode - led by Russia popping 4% after yesterday's 10% smack lower - and both turkey and Hungary adding 2%+ apiece. Globally Materials and Industrials are among the best performing groups, but every subsector in EU/UK is in rally mode this morning. Some Single stock movers include TSLA gaining 3.5% - dragging PLUG and FCEL (I'm Long) 10% higher as headlines suggest Tesla to Open Over 30 New Service Centers, Stores in Europe. The US 10YY is up 5bp and has now closed yesterday's "gap" as risk aversion retreats - the 10YY is getting upside of the 200dma again this AM. The € has a bid to it, as Eurozone PPI comes in stronger than expected ahead of the ECB's rate decision on Thursday. The $ has rallied back to the 102 level against the Yen, but the move seems to have stalled there overnight. Overall the DXY is weaker, and back under the 80 level, causing a tailwind for commodities. While Copper has a slight bid to it, Gold is retreating from 4M highs as traders unwind safety trades - and the Crude Complex is off almost 2%, and Corn/Wheat are off 1% as the geopolitical risk-premium retreats. Scheduled Catalysts today include the release of President Obama's Budget, ISM New York should post around 9:45, a small POMO at 11, and after the bell Fed's Lacker Speaks on Economy in New York at 4:15.

Here's What Traders Are Talking About On Another Very Busy Morning

<div class="KonaFilter image-container float_right"><div class="image"><a href="http://www.flickr.com/photos/gazeronly/">Flickr / Torbakhopper</a></div></div>Dave Lutz of Stifel Nicolaus has a roundup of what traders are chatting about ahead of the U.S. market open:
Good Morning! US Futures are basically unchanged, well off the lows of the overnight - but global stocks hover near 3M lows. Today is the first trading day of the month, so watch for the "Good Harbor" rebalance (typically see a big skew in IWM, UWM, IVV, SSO, UST, and IEI). Euro markets are off small as we enter ECB week, as EU Manufacturing PMI strong, and German PMI spikes - reducing dovish chatter. Banks in EU hit for 1% - weighed by bad #s from Lloyds and Baer, but volumes are light. In Asia, the Nikkei enters correction territory, off 10% since Dec30 as the Yen near 2M highs against $, and 3M highs against €. While trading in Asia was light by the closure of Hong Kong, China, and Taiwan for the lunar New Year holidays, Both China's PMI prints weigh on sentiment (Manufacturing 6M low, Services 5Y low). Indonesia off 70bp despite surging exports - and India off 1.1% despite a PMI spike, but Thailand surged 1.5% as their election proceeded without major disruptions. Most EM FX remain stable - Lira, Rand and Forint were all unchanged to higher against the $, but the EEM is marked 60bp lower in early trading. Single Stock movers include FCEL + 2%, PHM + 2% (Susq U/g), HLF + 1.5% (Buyback) - We have 92 companies, or almost 20% of the SPX reporting this week - focus on YUM and APC tonight.
The 10YY is up small, but remains near 2.66%, after being rejected from 2.67% several times in the overnight. The Yen has a bid to it, with $-Yen breaking below the key 102 support that held several days last week. The € is seeing some buying on their PMI print reducing odds of a cut this week (Seeing projections pushed out to March) - so overall DXY is under slight pressure, providing a tailwind to commodities. Platinum is up 1% (Auto #s today, expecting a weather impact) - and both Silver and Gold are popping (big Gold bullishness in CFTC data). The Crude Complex is basically unchanged, and Copper is up small, despite the Chinese PMI headwind. Natty down 3.5%, a 3rd day in a row, losing 13% from it's peak and nearing 1week lows. Yellen sworn in today, first testimony is next week on Feb 11th - and this is NFP week - Bloomberg speculates the weather could be a factor again, and Hilsenrath out talking how unemployment a key focus for Janet.

Here's A Quick Guide To What Traders Are Chatting About Right Now

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Baz RatnerSoldiers, believed to be Russian, ride on military armoured personnel carriers on a road near the Crimean port city of Sevastopol March 10, 2014.</div></div></div>
Good morning. Here's what you need to know.
Fuel cell stocks going crazy in pre-market trading. Fuel cell stocks continue their <a href="http://www.businessinsider.com/fuel-cell-stocks-ripping-2014-3">surge</a> this morning in pre-market trading following FuelCell Energy's announcement of quarterly earnings results. The company's loss of $0.06 per share was slightly worse than expected, but it reported revenues of $44.4 million, topping analysts' $43.4 million consensus estimate. FCEL is trading up over 18% on the news.
Small business optimism tumbles. NFIB's Small Business Optimism Index fell to 91.4 in February from 94.1 in January. The consensus forecast of market economists predicted a smaller moderation to 93.8. "Small business optimism continues its winter hibernation with the latest Index dropping 2.7 points to 91.4, a reading that historically has been associated with recessions and periods of sub-par growth," said Bill Dunkelberg, chief economist at NFIB, <a href="http://www.nfib.com/surveys/small-business-economic-trends/">in a press release</a>. "The one highlight in the January survey, a surge in hiring plans, was crushed in February by the continued onslaught of a wintry recovery now in its 5th year." 
Markets are quiet. S&amp;P 500 and U.S. Treasury futures are pointing to an unchanged open. Gold is up a bit, trading around $1348 an ounce. The German DAX and the Italian FTSE MIB are up, but most other European indices are in the red. Overnight, the Japanese Nikkei 225 rose 0.7% and Chinese indices eked out gains.
Nothing from the BoJ. The Bank of Japan elected to refrain from introducing any new policy measures at the conclusion of its latest meeting on monetary policy, as expected, and the U.S. dollar is unchanged against the Japanese yen this morning. "The assessments of the economy in the statement were marginally changed, upgrading those on the fixed investments and the industrial productions slightly while downgrading the one on the exports," says Osamu Takashima, a strategist at Citi. "All in all, the positive tone in the assessments is unchanged, which justifies the Bank's conservative stance toward additional measures. Our economists in Tokyo see a 80% possibility of the next action at the June or July meetings while also seeing a 20% risk at the April meeting, after the consumption tax hike."
Mobile price wars. In an <a href="http://www.businessinsider.com/owner-of-sprint-wants-to-start-a-price-war-with-verizon-and-att-2014-3">interview with Charlie Rose</a>, SoftBank tycoon Masayoshi Son said he wanted to buy T-Mobile's U.S. unit and engage in a price war with wireless carriers AT&amp;T and Verizon. SoftBank already owns a controlling stake in Sprint. "If I can have the real fight, I go in a more massive price war," said Son. "I want to be number one. So if we are number three, and if we have enough chance, I want to be number one. So I would go to price competition, very much aggressively."
German surpluses. Germany recorded a 16.2 billion euro current account surplus in January, down from December's 21.1 billion euro surplus but above consensus estimates of a 15.3 billion euro surplus. German exports rose 2.2% and imports rose 4.1% - both above expectations - narrowing Germany's trade surplus to 17.2 billion euros from 18.3 billion euros.
Final read on Italian GDP. Revised data released today revealed that Italian GDP rose 0.1% on a work-day adjusted basis in the fourth quarter of 2013, in line with previous official and market estimates. Year-over-year GDP growth, however, was revised down to -0.9% from -0.8%.
Muted U.K. industrial production. U.K. industrial production rose 0.1% from the previous month in January, marking a slowdown from December's 0.5% pace of expansion and missing estimates for a 0.2% gain. The year-over-year rate of industrial output growth was 2.9%, also slightly below consensus estimates. "The floods are thought to have distorted the data, but the take away is that the U.K. is still enjoying relatively robust economic activity," says Marc Chandler, global head of currency strategy at Brown Brothers Harriman. "Several BoE officials testify before the parliament, but their general stance is known, and barring a surprise, is unlikely to change the market's direction."
Second-tier U.S. economic data. There are no major releases on the U.S. economic data calendar today. However, the U.S. Bureau of Labor Statistics will release the results of the latest Job Openings and Labor Turnover Survey - a favorite metric of new Fed chair Janet Yellen's - at 10 AM ET. January wholesale inventories data are also out at 10 AM.
Mid-month supply calendar begins. The U.S. Treasury will auction $30 billion of 3-year notes today at 1 PM ET. "With some short covering around/after the stronger-than-expected U.S. jobs number, positioning should be cleaner, and given supply-related concession, the UST market may get biased lower in this relatively data-light week," say Nomura interest rate strategists. "Given all but one of the 3-year auctions since last July have come through the 1 PM mark, we expect this auction to go well, especially given lingering geopolitical uncertainties." 
***
Below is a Q&amp;A with Russ Certo, head of rates at Brean Capital.
***
BUSINESS INSIDER: What is one big story in the bond market that no one seems to be talking about?
RUSS CERTO: In a relative sense, I suspect the market is critically gauging the prospective quantity, scope, and timing of tapering of the Federal Reserve's asset purchases. However, I think there could be ultimately significantly more meaning and value in fully and accurately anticipating the more vexing challenges and relevance of fine-tuning its forward guidance. Aspects related to the scope of the taper are likely to be technical. Forward guidance evolution will likely have a more qualitative relevance to markets. A focus on the latter and the evolution of the ultimate Fed message will have impacts not only on global equity, foreign exchange, commodity and interest rate and credit valuations, but also on volatility in these markets. BI: How are investors approaching the current yield spread between U.S. Treasuries and German Bunds, which just hit a fresh 8-year high?
RC: There is good reason to believe that there are significant capital inflows into European sovereign bonds from the Pacific Rim recently. In fact, not only have the underlying bonds rallied, but the euro is making a 2-year high at the moment as diversified reserves globally are making their way back to euroland for a variety of direct foreign investment purposes. Some monies may also be diversifying as the Federal Reserve has embarked upon a tapering of asset purchases, a tacit indication of confidence in the underlying economy and/or removal of extreme crisis-era monetary policy measures. Both interest rates and currency values also reflect a disconnect of market expectations, and many investors globally were likely underweighted both complexes. BI: The February nonfarm payrolls report revealed signs of acceleration in wage growth. Meanwhile, food prices are surging. Is the TIPS market respecting the risks of increased inflation?
RC: I acknowledge your observation, which I have called "a tale of two markets." The TIPS market has been stubborn in reflecting some of the volatility which we have seen in other commodity and capital markets. For a quick tally, coffee has surged by 78% this year, cattle prices are making all-time highs, lean hogs are up 25% in the year to date, and this has extended to sugar, corn, soybeans, cotton, and even orange juice - something we pointed out in the softs a few commentaries back. I'm sure more than a few have been looking at their natural gas bills, as the futures are up 15% in the year to date, or even gas prices at the pump (over $4 a gallon in the United States). Precious metals have also percolated and are seeing significant real demand globally versus more financial market position liquidation. Trading any of these is not for the faint of heart, and there does seem to be a disconnect - or decoupling - between the nominal performance of TIPS versus general risk assets and those represented by the inflation complex. BI: To the extent that weather distortions are still weighing on yields, when do you think the market will start to move past that?
RC: I think the market HAS, to some extent, shrugged off bad weather effects, as interest rates increased by near 20 basis points last week, partially as an interpretation of economic data, ex-weather effects. Historically, weather effects which have adversely impacted demand side activity and consumption have proven to ultimately spur pent-up demand. I can't wait until spring myself - or next year's or quarter's comparison to a bevy of economic statistics adversely impacted by wintry weather. As a glaring example, Janet Yellen even gave lip service to these "transitional" impacts, and the most recent Federal Reserve Beige Book tally of economic activity cited weather 119 separate times. BI: Which developments in global financial markets would you flag as most concerning for the bond market right now?
RC: All markets are going to have to accurately, as always, interpret the incrementalism and "tea leaves" of central bank policy changes. Some have introduced the concept of "owning the tails" - or tail risk of markets - in case of a material surprise relative to expectations in either dovish or hawkish expressions from the central bank community, or real demand shocks, or meaningful acceleration in economic fundamentals. There is some empirical analysis which would suggest moderate gains in domestic equity markets again this year to follow last year's outsized gains. I suppose that if the real economy weans itself off of enormous amounts of fiscal and monetary stimulus and returns to real economic allocation of resources that the economy and markets can handle the passing of the policy baton. Allowing businesspersons to make real decisions without being encumbered with the uncertainty of policy distortions can be a powerful metric to deploy all the cash sitting on the sidelines. Growth for the right reasons. However, markets will have to balance record amounts of margin credit, historically tight credit spreads, and elevated valuations of most risk assets globally. Transitioning from artificial imbalances to real activity is the very thin line that policymakers and markets will have to walk.

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