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Texas Instruments Inc. (NYSE: TXN) said it is now looking for first quarter revenue of $1.79 billion to $2.05 billion. The good news is that this is within the company’s prior range of $1.62 to $2.12 billion and within the First Call estimate of $1.86 billion.
Daily Archives: March 9, 2009
T-I Update Looks Good Enough On Surface (TXN)
The 52-Week Low Club (PQ)(LVS)(ANN)(HGSI)
Petroquest Energy (PQ) Now visible news. Shares drop to $.61 from a 52-week high of $29.18.
Las Vegas Sands (LVS) Chief operating officer is replaced. Sells off to $1.38 from 52-week high of $84.29.
Ann Taylor Stores (ANN) Retailer reports larger than expected loss. Dives to $2.41 from 52-week high of $29.23.
Human Genome Sciences (HGSI) Hepatitis drug disappoints. Hammered to $.52 from $8.
Douglas A. McIntyre
Agrium-CF-Terra Merger Triangle Gets Hostile (AGU, CF, TRA)
Agrium Inc.(NYSE: AGU) does not want to give up on its merger intentions. The company issued a statement saying that the rejection by CF Industries Holdings, Inc. (NYSE: CF) of its proposed acquisition is a disappointment. Agrium said this is a fully financed offer of 1 Agrium common share plus $31.70 in cash per share, which comes to $72.00 per CF common share.
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Rohm & Haas and Dow Deal Back At $78? (ROH, DOW)
The Rohm & Haas (NYSE: ROH) acquisition by Dow Chemical (NYSE: DOW) is actually going to close if CNBC’s David Faber is accurate. Faber just reported some merger news that may seem out of place for the economy today. More importantly, he said that the $78.00 per share cash buyout is going to stand for the common holders of Rohm & Haas.
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Stocks That Should Double: Tech (AAPL)(QCOM)(ADBE)(NOK)(YHOO)
This week 24/7 Wall St. is picking several stocks that are likely to double off of their lows. The timeframe is by the end of 2010, which is meant to coincide with some form of economic recovery next year. This is not based on a sharp turn up in the economy. A number of the credit and financial issues facing the markets will be in place for the near-term or longer. The other assumption used for choosing the stock prices is a market bottom of 600 on the S&P 500 Index.
These are the five stocks from the tech sector. Read More
Roubini, From Doom To Less-Doom
Nouriel Roubini, head of Roubini Global Economics (RGEMonitor.com) and a professor at the Stern Business School at New York University, has shared some thoughts today for more gloom and doom ahead.
He was speaking today at a risk conference in Southern California, and CNBC was able to grab a few minutes of his time for a quick television interview. He was way ahead of the curve on this meltdown, and he has been negative on the economy and financial sector. Today he was not positive, but he may be slightly less negative. From someone named “Dr. Doom” by the public that could be good enough.
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Buffett Defends, Regrets & Explains Many Positions (BRK-A, BRK-B, GE, JNJ, KO, TIF, AIB, IRE, WFC, COP)
Warren Buffett has been a much more reserved lately, although not as much as the recent performance might dictate. In the latest Berkshire Hathaway Inc. (NYSE: BRK-A) annual report, he sounded like a former boxing champion who staged a comeback and was beaten silly. This morning, Buffett spoke with CNBC’s Becky Quick and answered reader emails. What is interesting is that Buffett still defends most of the transactions he has made recently, even if he said he wished he did a few differently.
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Opportunism Everywhere in Fertilzer Business (CF, AGU, TRA, MOO)
Fertilizer maker CF Industries Holdings, Inc. (NYSE: CF) this morning rejected a buyout offer from Canada’s Agrium, Inc. (NYSE: AGU). The stock and cash offer was valued at about $72/share of CF stock. Last week, Terra Industries, Inc. (NYSE: TRA), a fertilizer maker, rejected CF’s $2.1 billion all stock bid.
WTI Price Back on Top (USO, OIL)
For the past few months, the global crude oil benchmark, WTI, has been trading lower than other crude varieties. No longer. On Friday, WTI closed higher than Dated Brent, $45.52 vs. $44.85.
The spread between current and future prices for crude also narrowed a bit. The weak US dollar, mounting US unemployment figures, and a possible production cut by OPEC all contributed to the price rise. ETF US Oil Fund (NYSE:USO) and ETN GSCI Crude Oil Total Return Index (NYSE:OIL) both closed higher on Friday. There’s still too much crude in storage and on ships sailing around in circles waiting for the price to go up. The problem is that it’s mostly heavy, sour crude, not light, sweet WTI.
Paul Ausick
March 9, 2009
Coal for Sale (ACI, RTP)
Arch Coal, Inc. (NYSE:ACI) plans to buy a coal mine in Wyoming’s Powder River Basin from Rio Tinto plc (NYSE:RTP) for $761 million. The Jacobs Ranch mine includes 381 million tons of coal reserves and produced 42.1 million tons in 2008. It lies adjacent to another mine, Black Thunder, already owned by Arch.
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Piper Jaffray Lifts Amazon.com (AMZN) to Buy, Says “Party Just Getting Started”
Piper Jaffray is upgrading Amazon.com (Nasdaq: AMZN) today from Neutral to Buy and boosting its price target from $55 to $81, saying “The Party Is Just Getting Started.”
On the upgrade, Piper Jaffray senior analyst Gene Munster said, “It all comes down to our survey which, in our view, confirms Amazon has a stellar customer experience, driving continued market share gains.
Rite Aid Yells ‘Do Over!’ on Reverse Split (RAD)
Rite Aid Corp. (NYSE: RAD) may be hoping that its $0.22 share price won’t be as important down the road as it would have been when the NYSE was actively delisting companies because their shares were under $1.00. The company’s prior plan for a reverse stock split is being “delayed” now that the NYSE has suspended its minimum price share listing rule.
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Palm Share Remarketing Effort Overhang (PALM)
Palm, Inc. (NASDAQ: PALM) stock is indicated lower on word from the company that it is exercising its right to re-market approximately 18.5 million common shares underlying 49% of the units of Series C preferred stock and warrants which were acquired by Elevation Partners in January 2009.
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McDonald’s (MCD) Defies Gravity, Again
Someone needs to tell McDonald’s (MCD) that there is a recession. The company posted remarkable same-store sales again in February.
After making an adjustment for the different number of days in the month this year and last, MCD comparable sales were positive for all segments and global comparable sales were up approximately 5.4%.
U.S. numbers increased by 6.8% on the same basis.
It seems people will still go out to eat if the food is cheap enough.
Douglas A. McIntyre
When Left Alone, Recessions Correct On Their Own
John Tamny RealClearMarkets
Banking giant JPMorgan Chase announced Feb. 23 that it would be cutting its quarterly dividend by 87% to a nickel per share. At face level, this sounds bad, but the savings will speed the process by which it repays TARP funds in order to avoid problematic government oversight; plus, the extra capital cushion puts the firm in a better position to make acquisitions of flagging competitors, should difficulties in the banking sector drag on.
The JPMorgan example is important for reminding us that both individuals and companies frequently respond to economic difficulty in ways that ensure recessions are short-lived. To put it simply, when left alone, recessions tend to correct themselves.
Should You Chase Stem Cell Stocks? (ASTM, CYTX, GERN, NBS, OSIR, STEM, KOOL)
We are seeing massive gap-ups this morning in stem cell stocks. President Obama is signing an executive order which will lift the Bush ban on funding of embryonic stem cell funding. What is interesting here is that this is not really new news other than the timing and the formality. The following prices are as of 8:19 AM EST.
- Aastrom Biosciences, Inc. (NASDAQ: ASTM) +87% at $0.62
- Cytori Therapeutics, Inc. (NASDAQ: CYTX) +38% at $3.20
- Geron Corporation (NASDAQ: GERN) +29% at $4.99
- Neostem, Inc. (AMEX: NBS) NOT TRADED
- Osiris Therapeutics, Inc. (NASDAQ: OSIR) NOT TRADED…. in pact with Genzyme, but for adult stem cells.
- StemCells Inc. (NASDAQ: STEM) +55% at $2.15
- Thermogenesis Corp. (NASDAQ: KOOL) +41% at $0.57
Many of these stem cell stocks will trade more on a “vote of confidence” rather than over what this means as far as “new news” is concerned.
JON C. OGG
Top 10 Analyst Upgrades & Downgrades (AMZN, BBY, KO, GENZ, HAL, IPI, RIG, AFL, PBR, VE)
These are some of the top pre-market early bird analyst upgrades and downgrades from Wall Street this Monday morning:
- Amazon.com (AMZN) Raised to Buy at Piper Jaffray.
- Best Buy (BBY) Raised to Outperform at William Blair.
- Coca-Cola (KO) Raised to Outperform at Credit Suisse.
- Genzyme (GENZ) Raised to Buy at Deutsche Bank.
- Halliburton (HAL) Raised to Outperform at FBR.
- Intrepid Potash (IPI) Raised to Outperform at Oppenheimer.
- Transocean (RIG) Raised to Outperform at FBR.
- AFLAC (AFL) Cut to Sell at UBS.
- Petrobras (PBR) Cut to Neutral at JPMorgan.
- Veolia Environment SA (VE) Cut to Underperform at Credit Suisse.
JON C. OGG
Merck’s (MRK) New Merger, Another Way To Save Money
Merck (MRK) is merging with Schering-Plough (SGP) in a deal that the companies say is worth $41.1 billion. In reality, Merck is making an acquisition. Its shares will be the currency to compete the deal and its CEO will run the new company.
No matter what they two companies have to say about “synergy”, the deal is based on saving money in a rough economy and in a world where Big Pharma companies are losing many of their profitable drugs as their patents expire. Read More
US Wants Other Governments To Come Up With More Cash, Which They May Not Have
The US is calling for other nations to put more money into their credit and financial systems to help pull the world out of a deepening recession.
One of the problems is that many countries may not have access to the capital they would need to pull their own weight. Read More
The AIG (AIG) “Save Us Or We Will Destroy You” Card
Other companies that need federal bailouts should use the AIG (AIG) approach. It told the the government that if it did not get a large slug of money the global financial system would burn to the ground.
Impressive threat, and all the more powerful because it is probably true. Read More
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Today’s top tickerspy Indexes Domestic Telecom ... +2.6% Stem Cell Stocks +2.3% Pain Management S... +2.1% Ethanol and Biofu... +1.9% Savings and Loan ... +1.8% 
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