Skechers (SKX) Big loss and analysts cuts. The daily double. Drops to $7.11 from 52-week high of $25.20.
AIG (AIG) Report says government investment in the company is a bust. Sells down to $.90 from 52-week high of $52.41.
Energy Xxi (EXXI) No news. Shares have been dropping forever. Off to $.57 from 52-week high of $7.93.
Douglas A. McIntyre
General Electric Company (NYSE:GE) has authorized its regular quarterly dividend of $0.31 per share. This will keep the dividend the same, but if you read into Jeff Immelt’s comments, it seems as though he is preparing investors for a cut. We think the line is drawn in the sand. Finally.
The sun is not shining on solar stocks these days. Evergreen Solar Inc. (NASDAQ:ESLR) reported a fourth-quarter net loss of $52.1 million (EPS of -$0.32) on revenue of $44.2 million. Analysts had expected an EPS loss of -$0.14 on revenue of $46.5 million. Evergreen’s woes are the result of a plant closure, an equipment write-down, and start-up costs on new plants in Massachusetts and Michigan. According to Reuters, the company missed its own fourth-quarter forecasts for revenue and gross margins.
The share price fell in after-hours trading to $1.99, from a closing price of $2.22. The 52-week low for Evergreen was $1.89…. we are currently under that level.
Paul Ausick
February 6, 2009
ONEOK, Inc. (NYSE:OKE) and its pipeline partnership ONEOK Partners, L.P. (NYSE:OKS) have issued guidance for 2008 and 2009. ONEOK has affirmed 2008 EPS "at the low end" of the $2.95-$3.05 range it had previously announced. ONEOK Partners expects to end up in the "lower half" of earlier 2008 guidance of $5.95-$6.15 per common unit, and distributable cash flow of $625-$655 million.
There are an extremely small number of companies which are likely to do relatively well during the recession, either because they are the market share leaders in their industries by a wide margin, or they are in businesses which sell products and services which are a necessary part of everyday life.
Wal-Mart (WMT) recently announced that its same store sales in January were up 2.1%, which was more than forecast. With the company’s huge network of stores and ability to strong arm suppliers, Wal-Mart offers shoppers good merchandise at prices which becomes more and more attractive as the downturn continues.
McDonald’s (MCD) says its same-store sales are holding up fairly well. Its “value meal” concept is likely to keep customers returning to its restaurants for plentiful and inexpensive food.
Colgate (CL) sales have also held up well as the recession has deepened. People are going to buy toothpaste and shampoo unless they are completely out of money.
Over the last year, shares of Colgate, Wal-Mart, and McDonald’s have significantly outperformed the DJIA.
The signals of a recovery will probably come from companies which are No. 2 or No.3 in their industries. It will be telling if they can begin to show even slightly improving trends operating in the shadow of larger competitors. The other area of corporate America worth watching is the sectors which have done substantially worse than most. That includes airlines, automobiles, and media companies.
Looking though a list of some of America’s largest companies to find firms which fit these descriptions, 24/7 Wall St. identified ten companies to watch for the signs of an economic recovery. A reasonable quarter or a slightly better-than-expected outlook from some of these companies should show that the recession is coming to a close.
In its seemingly never-ending quest to raise cash, Constellation Energy Group, Inc. (NYSE:CEG) has sold its downstream natural gas trading business to the North American trading arm of Australia’s Macquarie Group. Financial details of the sale were not disclosed. Last month, the company sold its international commodities trading operations to Goldman Sachs Group Inc. (NYSE:GS).
General Electric Company (NYSE:GE) has authorized its regular quarterly dividend of $0.31 per share of the Company’s common stock. This will keep the dividend the same, but…. if you read into the Jeff Immelt comments with some loose interpretations, the suggestion here is that the company will finally at least consider backing off of that dividend. We think the line just got drawn in the sand. Finally.
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If this was during good times, we’d be under the impression that there was a failed coup inside salesforce.com, Inc. (NYSE: CRM). Steve Cakebread, the company’s president & chief strategist, has resigned. And there are two other departures as well. It seems that the economy may be catching up to salesforce.com faster than was expected late last year.
We noted this morning that Allis-Chalmers Energy Inc. (NYSE:ALY) had been downgraded and that the oil field services sector as a whole faced a more general turn south from at least S&P with warnings of more oil drillers and services sector company downgrades. In an effort to stop the bleeding, Allis-Chalmers announced cost reduction steps that it says will reduce its costs by $21.7 million annually. Included in that number are 235 jobs that will be cut.
GE may cut its dividend or see its Aaa rating disappear.
Douglas A. McIntyre
Exchange Traded Funds have been going through some changes. New ETF’s are coming to market while others are de-listing because of lack of interest. Today is marking the launch of an ETF that will allow US investors the first public exchange traded vehicle to get exposure to Columbia. Global X Management Company and Colombian broker InterBolsa S.A.Comisionista de Bolsa have launched the Global X/InterBolsa FTSEColombia 20 ETF (NYSE: GXG). You can probably imagine all the jokes that will be coming for this one, but the Colombian market has for all practical purposes been unavailable to US investors.
Bank of America Corporation (NYSE: BAC) is gapping up over 13% this morning. Keep in mind that there was already a huge recovery from yesterday’s lows that went under $4.00, but this gap-up is on the continued hopes and calls that there will be no nationalization and that the bank will make it. CNBC’s Maria Bartiromo is also interviewing CEO Ken Lewis later this morning.
JP Morgan commented on General Electric (NYSE: GE), saying the triple-A credit rating is not sustainable and the dividend will likely be cut. The firm also cut their estimates and price target from $13 to $9.
The firm said fundamental pressures continues to mount on GE’s earnings stream, especially at GE Capital.
The dreaded and feared employment data is out, and it isn’t pretty. Unemployment came in at 7.6% and the change in non-farm payrolls was -598,000.
Dow Jones had estimates at 7.5% unemployment and non-farm payrolls coming in at -525,000 jobs. Bloomberg had estimates from economists being 7.5% unemployment and non-farm payrolls at -524,000. We heard many outside calls as recently as yesterday for a report closer to the vicinity of -600,000 non-farm payrolls.
Biogen Idec (NASDAQ: BIIB) is coming under fire from activist investor Carl Icahn this morning. A release came out as a "shareholder proposal" from Icahn Partners LP. He is asking for four positions for new board members, as well as jurisdiction changes.
These are some of the top pre-market analyst upgrades and downgrades we are seeing from Wall Street this Friday morning with more than two hours until the open:
Jon C. Ogg
February 6, 2009
These are the top analyst downgrades and negative research calls we have seen on Wall Street this Friday with more than two hours until the market opens:
Jon C. Ogg
February 6, 2009
Car dealers don’t want more cars. They have them stacked up on their lots, many several months old and rusting. Most dealers are paying interest on that inventory. They borrowed to have them trucked in.
It is the goal of most dealers to sell what they have and not take what they cannot sell.
It is wonderful to watch boobs look back at history. It takes great skill to examine details and miss the obvious.
The Congressional Oversight Panel which is reviewing how well TARP money was spent by the Treasury says taxpayers got a raw deal.
Barry Bonds’ home run record will never be broken. No car company will ever do better than Toyota (TM).
The Japanese company said it would lose $4 billion in the current fiscal and was hit with a downgrade from Moody’s. Those were the rewards for becoming the No.1 automaker in the world.
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