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In a sign that the federal government is the puppet master of several of America’s largest banks, Bank of America (BAC) has appointed four new directors with extensive bank management backgrounds. They include Donald E. Powell, a former chairman of the FDIC, Susan Bies, a former member of the board of governors in the Federal Reserve system, Paul Jones Jr., former CEO of Compass Bancshares, and William Boardman, a former member of the executive team at Bank One. Read More
Daily Archives: June 5, 2009
Bank Of America (BAC) Makes The Government Happy, Adds New Directors
Does Green Mountain Stay #1 in IBD 100? (GMCR)
After looking through last weekend’s print version of Investor Business Daily’s “IBD 100″ it was almost shocking on the surface to see that Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) landed the #1 spot on the highly followed “IBD 100.” After all, Barron’s simultaneously published a story called “BITTER BREW: Green Mountain May Burn Investors.” Then, even the Motley Fool posted “Barron’s Doesn’t Know Beans About Good Coffee.” What you are witnessing is a battleground stock.
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Wind River: A Hope For More Money (WIND, INTC)
Wind River Systems, Inc. (NASDAQ: WIND) has only been an in-play takeover name for merger investors for about 36 hours after yesterday morning’s announcement from Intel Corp. (NASDAQ: INTC) that it was acquiring the company for $11.50. We noted how there is far more to this merger than meets the eye, and it looks like our synopsis that Intel was getting a steal is not alone.
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Palomar’s Chance To Take Away from BOTOX (PMTI, JNJ, AGN)
Palomar Medical Technologies Inc. (NASDAQ: PMTI) is seeing shares surge to new heights not seen in 18-months. The company is the first to receive FDA approval for over-the-counter clearance for a new, patented home use laser device that for the treatment of periorbital wrinkles (for eyes, like crows feet). The beauty of this, no pun intended, is that it is part of a Johnson & Johnson (NYSE: JNJ) partnership and that may lead to much greater use. This one will not exactly kill the entire Botox market for Allergan, Inc. (NYSE: AGN), but even for one such possible replacement the idea of a home-use laser has to be a bit more enticing than getting stuck with a needle full of Botulinum toxins.
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BLS Denies Rumors of Payrolls Data Errors
It is not too unusual for rumors to circulate that certain components of economic data contained errors or were just wrong in an instance where the actual number is so far off from expectations. This morning there was a rumor that the jobs data on the non-farm payrolls had an error. The market was expecting a reading of -525,000 or -530,00. We had penned down an unofficial whisper number of -500,000. The grossly different -345,000 started the rumor mill as this was far less than any of the economists surveyed. A reading of 9.4% in unemployment rather then the expected 9.2% also led to many people scratching their heads.
Our call into the Bureau of Labor Statistics was answered with a denial of any errors in the jobs data. The BLS press officer, Gary Steinberg, said the rumor of any errors was a false and said specifically, “We have no plans to revise any of the data released this morning.”
More likely than this being a real rumor, it was likely speculation because the data was so much different than expectations.
Jon C. Ogg
June 6, 2009
Wal-Mart’s Mother of All Buybacks (WMT)
Wal-Mart Stores Inc. (NYSE: WMT) gave shareholders a surprise at this morning’s annual shareholder meeting. The retail giant announced that it was going to repurchase up to $15 billion worth of common stock.
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Microsoft (MSFT) May Have Passed Yahoo! (YHOO) For No.2 Search Slot
Microsoft (MSFT) has been fighting for years to be taken seriously in the online search engine business. It plans to have a strong foothold have been undermined with each new measurement of US search market share. Most research services show Google (GOOG) with about 65% of the market, Yahoo! (YHOO) with 20% and Microsoft with as little as 8%.
Redmond hopes its new Bing search engine change its bad fortune and based on new research the quality of Bing search results and size of the Microsoft marketing campaign may have worked. Read More
First Community Bancshares, A Bad Secondary Pricing That Isn’t So Bad (FCBC)
First Community Bancshares, Inc. (NASDAQ: FCBC) looks as though it gave away the store in a secondary offering pricing, but when you look at the dilution it is actually not as bad as it may seem. This banking company decided to sell 4.6 million shares at a price of $12.50 per share. Another bank is paying back its TARP funds.
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MarkWest Secondary Discounting Takes A Toll (MWE)
MarkWest Energy Partners, L.P. (NYSE: MWE) has priced its public offering of 2.9 million common units at an offering price of $18.15 per common unit. While all funds are being used for the right purposes, this discounting may create an issue in this partnership’s uptrend we have seen.
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Rig Counts and Oil Price Chasing (BHI, USO, OIL)
Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for May 2009 and it looks like the endless slide we saw all of 2009 is being confirmed as either over or at least severely moderating on the international front. The count is the U.S. and Canada is still lower, but the most recent weekly data seen in the last two weeks seems better than the overall monthly trends. The United States Oil (NYSE: USO) ETF is up 0.5% at $37.87 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is up 0.6% at $25.03 in early trading. Where these ETF’s trade will more likely come from changes in the Dollar and oil prices rather than based on the May rig counts.
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Non-Farm Payrolls Trump Unemployment for Market Blast Off
We have gotten the unemployment and jobs data for the month of May from the Labor Department, and the data is very mixed on unofficial numbers. The report came in at 9.4% unemployment and the change in non-Farm Payrolls came in at -345,000.
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Top 10 Analyst Upgrades & Downgrades (AMAT, CMG, HGSI, IACI, JTX, NKE, NFLX, SYNA, TIN, UAUA)
These are ten of the top research calls from Wall Street’s analyst wave of daily upgrades, downgrades, and initiations this Friday morning:
- Applied Materials (AMAT) Cut to Hold at Citigroup.
- Chipotle Mexican Grill (CMG) Cut to Underperform at Oppenheimer.
- Human Genome Science (HGSI) Cut to “Source of Funds” at ThinkEquity.
- IAC/InterActive (IACI) Started as Outperform at Credit Suisse.
- Jackson-Hewitt (JTX) Raised to Outperform at Oppenheimer.
- Nike (NKE) Raised to Outperform at Baird.
- Netflix (NFLX) Started as Underperform at Credit Suisse.
- Synaptics (SYNA) Started as Buy at Jefferies.
- Temple-Inland (TIN) Raised to Buy at Deutsche Bank.
- UAL Corp. (UAUA) Cut to Underweight at JPMorgan.
Jon C. Ogg
June 5, 2009
Analyst Projecting 50% Upside in Dendreon (DNDN)
Dendreon Corporation (NASDAQ: DNDN) was started with a Buy rating and a $36.00 target at Deutsche Bank. The call’s positive expectations are mixed near-term, but the assumption is that Provenge will become a blockbuster product in the fight against metastatic Prostate cancer. After looking through all the notes, it appears that this may be the second highest price target from all of the analysts out there.
Apple’s (AAPL) Luckiest Day: Jobs’ Three Challenges
Analysts have said that Apple (AAPL) does not need Steve Jobs. Apple shares are up 60% since he took a break to work on his health with his doctors. Because the form of cancer he has can be particularly deadly, a large number of investors believed that he would never be back. The Apple board would be forced to replace an icon. Read More
As Housing Market Struggles Increase, Home Sellers Slash Prices
Analysts watching the housing market are about to see whether falling real estate prices will bring buyers back into the market. Many home shoppers believe that the value of houses will fall another 10% to 15%, especially in the weakest markets such as Florida and California.
Rising mortgage rates will also make the sale of homes more difficult. And, foreclosures are still running at near record levels. Read More
FDIC Ready To Undermine Citigroup’s (C) New Board
The Fed and the Treasury have put pressure on Citigroup (C) to create a new board of directors. Richard Parsons, the bank’s chairman, is well on his way to doing that. The hopes are that a new board with more members who have backgrounds in banking and finance will be better able to steer the company through its balance sheet problems making it less likely that taxpayers will have to put more capital into the bank. Read More
Why The West Hates Chinese Investments
The developed countries are beginning to view China as one large vulture fund which bankrolls companies that it controls to buy up key overseas asset at prices undermined by the recession. The resulting tensions may end up being more severe than a trade war.
Australian mining and metals giant Rio Tinto (RTP) has dumped a deal to take $19.5 billion from Chinalco. Instead, it will raise more than $15 billion in the open market and enter a joint venture with rival BHP Billiton (BHP) which will bring in another $5.8 billion. Read More
The Pace Of Job Creation Needs To Be Accelerated
The most significant and measurable failure of the economic stimulus package, the so-called American Recovery and Reinvestment Act of 2009, is its inability to quickly create jobs. The $787 billion set of programs, which President Obama signed into law in February, have done little that is tangible so far, a fact even the Administration would admit. Read More
Media Digest 6/5/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: Rio Tinto (RTP) has killed a deal with Chinalco for one with BHP (BHP).
Reuters: US regulators insisted JP Morgan (JPM) and Amex (AXP) raise money to exit the TARP.
Reuters: Countrywide’s Mozilo was charged with fraud.
Reuters: The suspense is building ahead of one of Apple’s (AAPL) big annual events. Read More
Asia Markets And Europe Open 6/5/2009
Markets in Asia were mixed.
The Nikkei rose 1% to 9,766.
The Hang Seng was up .1% to 18,516.
The Shanghai Compsite fell .5% to 2,754.
At the open in Europe, the FTSE was up .8%. The Dax rose .8% to 5,201. The CAC was up 1% to 3,346.
Data from MarketWatch and Reuters.
Douglas A. McIntyre
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