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On CNBC’s Stop Trading segment today, Jim Cramer said that he ran the worst case scenario on all of the DJIA components, and the worst level he can come up is 5,320. He said he did a bottom-up approach on each individual component and attached a reasonable worst case scenario for each.
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Daily Archives: March 6, 2009
Cramer Picks DJIA 5,320 As Absolute DJIA Bottom (GM, AA, AXP, BA, PG, KO, T, VZ, DD)s
Sirius XM Holders Get To Live Longer (SIRI, LINTA, LINTB, LCAPA, LCAPB, LMDIA)
Sirius XM Radio Inc. (NASDAQ: SIRI) and Liberty Media Corporation (NASDAQ: LINTA, LINTB, LCAPA, LCAPB, LMDIA) have announced the closing of the second and final phase of the John Malone rescue package.
Under terms of the deal, Malone’s Liberty will invest in Sirius XM. The satellite radio provider and its lenders have also agreed to extend its outstanding loans which are due in May.
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Roche Capitulates (DNA)
Roche has apparently capitulated in its fight to take over Genentech Inc. (NYSE: DNA). Its cancer franchise and its pipeline, along with a shareholder proxy fight, finally made Roche tip its hand. The company’s $86.50 tender offer, which was lowered already, was raised to $93.00 tender offer.
Plummeting Rig Count, Floor in Oil & Gas Prices? (BHI, USO, OIH)
Just about every economist says that the employment rates, ergo the unemployment rate, is a lagging indicator. The same is arguably true for the total number of rigs in oil and gas. Baker Hughes Inc. (NYSE: BHI) issued its new rig count for the month. This is still lagging, but the count of rigs has continued to drop by a substantial amount. Some might even call it shocking.
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GM (GM): The Next Great American Company That Will Trade Under $1
GM’s (GM) stock is racing toward $1 where it can join Citigroup (C) and a number of other famous American companies which could not hold that price point.
Today GM trades at $1.43, and had been down sharply most of the day. There also are a number of things which could cause the shares to collapse further in the next week. Read More
After FTC Settlement What of Wild Oats & Whole Foods Is Left? (WFMI)
Whole Foods Market, Inc. (NASDAQ: WFMI) has reached a settlement agreement with the Federal Trade Commission’s about its acquisition of Wild Oats. Under the terms of the settlement, Whole Foods will divest the Wild Oats intellectual property and name. Whole Foods will also sell 32 former Wild Oats stores.
This resolves the matter and now the company can go on. But investors are left wondering about what Wild Oats really received in acquiring Wild Oats.
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We’ve Fallen Farther, Faster Than 1929 Crash
The New York Times points out that the S&P 500 is down 56% since it peaked on Oct. 9, 2007, 513 calendar days ago. In the identical number of days from the 1929 market peak, the market was down 49%. So we have fallen farther, faster in this market crash than the mother of all crashes.
From Green to IPO to Chapter 11
In January, a biofuelscompany named Changing World Technologies was thought to be preparing for an IPO. The company, based in New York, owned a biomass fuel plant in Carthage, Missouri, that used turkey waste as a feedstock. The company filed for bankruptcy on Wednesday. All but 4 of the 50 employees at the plant will be laid off during the Chapter 11 reorganization.
Too bad the company couldn’t hold on just a bit longer. With all the federal money about to be showered on alternative energy companies, an outfit with the word ‘Change’ in its name would have been a natural for a drop or two of cash.
It is becoming more and more obvious that not all green things are really green.
Paul Ausick
March 6, 2009
When Refineries Lose Money (WNR)
Western Refining Inc. (NYSE:WNR) reported a quarterly EPS loss of -$0.19, just half as much as its -$0.38 EPS loss in the fourth quarter of 2007. Excluding a one-time inventory write-down, the company’s EPS for the fourth quarter of 2008 was $0.49, above analysts’ estimates of $0.41. Revenue fell from $2.42 billion in the year-ago quarter to $1.66 billion, well below expectations of $2.16 billion.
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Pickens & Pelosi: Clean Energy Does Better Than Expected (CLNE)
Clean Energy Fuels Corp. (NASDAQ:CLNE) reported a quarterly EPS loss of -$0.09, excluding certain items, beating analysts’ estimates of a loss of -$0.37. Revenue was essentially flat with the fourth quarter of 2007 at $29.6 million, compared with estimates of $34.51 million.
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Double Digit Unemployment Looks More & More Likely
Try paying bills with this!
You’re Fired! That is what the Labor Department is dealing with on a growing basis. The January unemployment rate of 7.6% just got replaced by a number of 8.1% for February. And the non-farm payrolls contracted by a rate of -651,000.
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The Stock Market Was Right About Wells Fargo (WFC): It Cuts Dividend
Wells Fargo (WFC) is supposed to be one of the healthier big banks. The market has not treated that way, driving its shares relentlessly lower–down 40% over the last five trading days which is about the same as Citigroup (C).
It turns out things were not so good at WFC. It cut its dividend this morning and said the move would save $5 billion. The firm obviously thinks it will need the money now. Or, maybe it just wants a rainy day fund. Read More
Fewer And Fewer Make Timely Mortgage Payments
It makes sense. Unemployment for February could hit 8%. It could move closer to 9% by the end of April. That does not include people who have been out of work for extended periods and are not looking now.
Along with jobs cuts, fewer people are getting raises and many are taking pay cuts.
The number of people who cannot pay their mortgages is spiking up. Read More
Top Analyst Upgrades (ARLP, MDRX, FDO, GFI, LOW, MSSR, MDR, TASR)
These are the top upgrades and positive calls we have seen from analysts on Wall Street this Friday morning:
- Alliance Resource (ARLP) Raised to Buy at Citigroup.
- Allscripts-Misys Healthcare (MDRX) Started as Outperform at Morgan Keegan.
- Family Dollar (FDO) Raised to Neutral at JPMorgan.
- Gold Fields (GFI) Raised to Overweight at JPMorgan.
- Lowe’s (LOW) Raised To Outperform at FBR.
- McCormick & Schmick’s (MSSR) Raised to Outperform at Oppenheimer.
- McDermott (MDR) Raised to Buy at Jefferies.
- TASER (TASR) Raised to Buy at Merriman Curhan Ford.
JON C. OGG
New Federal Program: Tax The Rich, Then Ask Them To Invest In Government Programs
It is a devilishly clever plan. The federal government proposes to raise taxes on hedge funds and private equity firms. Once that it accomplished, the Administration wants these same firms to invest in securities that need to be establish liquidity and legitimacy by being traded in the open markets.
The plan is simple. Read More
A Solution For Troubled Newspapers And Magazines: Internet-Only Products
No printed Wall Street Journal. No printed New York Times, or Newsweek or The New Yorker. That possibility grows more by the day.
Hearst, which said it would close it Seattle paper, the Post-Intelligencer, has told some members of its staff that they may be candidates to create an online version of the paper as its print version is shuttered. Read More
No More Stimulus Money For China Growth
The Chinese government is hinting that it does not need to put any more money on the table to keep its economic growth levitation act going without any more magic.
The apparent decision by the communist central committee is likely to hurt the nation by undermining GDP expansion as factory and export activities slow. Read More
The Market Can’t Keep Going Down
One of the most frequent comments made by market experts and investors now that the indexes are reaching multi-decade lows is that the market can’t keep going down forever. It allows investors to feel something beyond the overwhelming pessimism that greets them every day when the bell rings at 9.30 and the trading starts Read More
The Economics Of Hope
The economy is losing between 600,000 and 750,000 jobs every month by every measure that the government and analysts use. This rate of job losses may go on for a relatively long period. This trend can cause people to believe that trying to find a job is hopeless and that the tidal wave of the recession will overflow the financial mooring of every person who has ever worked or may want to work again. Read More
Media Digest 3/6/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, Obama will start work on getting his healthcare plan passed.
Reuters reports that February joblessness is estimated to rise 648,000 for February.
Reuters reports that the pick for the No.2 spot at Treasury withdrew.
Reuters writes that the US will invite wealthy funds to invest in the bailout.
Reuters writes that the House approved an overhaul for how housing is treated in bankruptcy. Read More
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Today’s top tickerspy Indexes Platinum and Pall... +2.9% Pollution Control... +2.7% Canadian Mining S... +2.5% Department Store ... +2.5% Cement Stocks +2.5% 
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©2009 24/7 Wall St.
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