Daily Archives: November 5, 2008

Greenhill Files To Sell Shares (GHL)

Money_stack_pic_2Greenhill & Co., Inc. (NYSE: GHL) has filed to sell up to 3.5 million shares of common stock in a secondary offering.  The offering will allow the company and certain stockholders to sell shares from time to time at prices and terms to be determined. 

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Posted on: November 5, 2008 – 8:24 am in Brokerage Firms, Private Equity, Secondary Offering,

Top Pre-Market Analyst Upgrades (CMA, FITB, IRM, RF, SPSS, AMTD, THO, TDG)

Money_stack_picThese are some of the top pre-market analyst upgrades we are seeing this Wednesday morning:

  • Comerica (CMA) Raised to Outperform at Bernstein.
  • Fifth Third Bancorp (FITB) Raised to Outperform at Bernstein.
  • Iron Mountain (IRM) Raised to Outperform at Credit Suisse.
  • Regions Financial (RF) Raised to Outperform at Bernstein.
  • SPSS Inc. (SPSS) Raised to Buy at Jefferies.
  • TD Ameritrade (AMTD) Raised to Outperform at Raymond James.
  • Thor Industries (THO) Raised to Neutral at Baird.
  • Transdigm Group (TDG) Raised to Buy at UBS.

Jon C. Ogg
November 5, 2008

Posted on: November 5, 2008 – 8:08 am in Analyst Calls, , , , , , , ,

Top Pre-Market Analyst Downgrades (AHII, NILE, FOSL, HNT, HSNI, IPCS, LPX, MCHP, PALM, PPCO, RJF, PCU)

Down_arrow_redThese are some of the top pre-market analyst downgrades we are seeing this Wednesday morning with more than two hours until the market opens:

  • Animal Health (AHII) Cut to Neutral at Piper Jaffray.
  • Blue Nile (NILE) Cut to Underweight at JPMorgan.
  • Fossil (FOSL) Cut to Underweight at JPMorgan.
  • Health Net (HNT) Cut to Hold at Deutsche Bank.
  • HSN (HSNI) Started as Underweight at JPMorgan.
  • IPCS (IPCS) Cut to Hold at Jefferies.
  • Louisiana-Pacific (LPX) Cut to Neutral at Banc of America.
  • Microchip Technology (MCHP) Cut to Sell at Goldman Sachs.
  • Palm (PALM) Cut to Market Perform at Morgan Keegan.
  • Penwest Pharmaceuticals (PPCO) Cut to Neutral at Baird.
  • Raymond James Financial (RJF) Cut to Underperform at Wachovia.
  • Southern Copper (PCU) Cut to Sell at Deutsche Bank.

Jon C. Ogg
November 5, 2008

Posted on: November 5, 2008 – 7:40 am in Analyst Calls, , , , , , , , , , , ,

Time Warner (TWX) Cuts Forecasts, And, It Could Get Worse

The bad ad environment will catch up to Time Warner (TWX) in a flash. Viacom (VIA) had only just indicated that the markets for advertising sales were dismal. Now TWX is slashing its forecasts.

Time Warner expects to incur certain restructuring charges this year. For the nine months ended September 30, 2008, the Company has incurred approximately $182 million in charges.

In light of these restructurings, which are now expected to total $280 million to $310 million for the year, as well as the challenging economic environment facing certain  businesses, Time Warner now anticipates that full-year growth rate in adjusted operating income before depreciation and amortization will be around 5%, off a base of $12.9 billion in 2007. This compares to the outlook provided on February 6 of a range of 7% to 9%. It also cut cash flow projections.

On the earnings side, Time Warner said EPS will be $1.04 to $1.07, down from the firm’s prior outlook of $1.07 to $1.11.

For the third quarter, revenue rise a fraction to $11.7 billion. Operating income was also up modestly to $2.4 billion The firm beat most Wall St. forecasts.

The only units with strong performances were the company’s cable and networks operations. Cable revenue was up almost 10% to $4.3 billion. Networks rose about 5% to $2.7 billion. 

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Posted on: November 5, 2008 – 6:50 am in Earnings Warning, , ,

The Death Of The “China Miracle” Hits Car Sales (GM)(F)(WMT)(GE)(MCD)(HPQ)

Blue_hillsUS car sales have been awful, running off as much as 30% recently. But, there is always China. It is big for McDonald’s (WMT), Wal-Mart (WMT), GE (GE), and Hewlett-Packard (HPQ). Everyone wins in China. So, why not GM (GM) and Ford (F)?

Too bad that car sales in China have turned rotten.

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Posted on: November 5, 2008 – 6:32 am in Autos, , , , , ,

Michael Dell Has Problems With The Truth

WinterMichael Dell is confused. He must wander the streets of Austin with his mind in a haze.

Only recently Dell said his company is doing super in the Middle East. He said that China was the "engine" for the PC firm’s expansion. His world has gotten so good, it is hard to believe that there is anything wrong with the economy

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Posted on: November 5, 2008 – 6:13 am in PC Companies,

Suddenly, The World Is OK, The Worst Is Behind

SunsetAnyone looking at the stock market over the last week would assume that the global recession is over, the liquidity crisis which has ruined the banking system has been addressed, and consumers are suddenly flush.

Five days ago, the DJIA traded at 8,980. Yesterday, it hit 9,625. A 7% improvement. At that rate, the index will be back to its all-time high within six weeks.

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Posted on: November 5, 2008 – 5:58 am in Economy

The Grinch Steals Christmas For Good

BankThe "Whos" down in "Whoville" has better watch themselves. The Grinch will steal Christmas. But, unlike the ending of the Dr. Seuss book, it won’t be given back to them at the last minute.

Economists have assumed for some time that the holidays will be a bitter time for shoppers and retailers alike. Most have not braced for how awful it will actually be.

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Posted on: November 5, 2008 – 5:25 am in Retail,

Media Digest 11/5/2008 Obama Wins, Reuters, WSJ, NYTimes, FT, Reuters

According to Reuters, Obama won the race for US president

Reuters reports that stock index futures were steady after the Obama win.

Newspaper

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Posted on: November 5, 2008 – 4:02 am in Press Digest, , , , , , , , , , , , , , , ,

Asia Markets And Europe Open 11/5/2008 Obama Win Lifts Japan

Markets rose sharply in Asis.

The Nikkei was up 4.5% to 9,521.Mitsubishi Corp gained as oil rose.

The Hang Seng moved up 3.9% to 14,943.

The Shanghai Composite was up 3.2% to 1,761.

The FTSE was down .3% at the open to 4,624 at the open. The Dax was off .4% to 4,254. The CAC 40 dropped ..6% to 2,679.

Data from Reuters.

Douglas A. McIntyre

Posted on: November 5, 2008 – 3:24 am in International Markets

Lessons From Prior Change In Elections

American_flag_picThe verdict is in, and change has arrived.  Barack Obama has defeated John McCain in the 2008 Presidential election.  We at 24/7 Wall St. have done everything we could to not show any political bias throughout the entire electoral process, and we plan to keep that stance going forward.  Most of our readers are investors and will likely face some changes in their taxes on either income or on investing activities, but to what extent is not yet determined.  Some will cheer the changes ahead, and some will not.  There are some history lessons  to consider which directly relate to today’s events.

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Posted on: November 5, 2008 – 12:30 am in Economy, Politics