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It is hard to consider a report with only 227 polled as being a total bogey for the whims and will of the nation. But Chief Executive magazine’s CEO Index that may show at least some concern even to those who would be fine with green shoots. The report shows the monthly CEO Index having pulled back by about 2% or 1.4 points to reading of 74.3 points for June. The reasons may be more interesting than the report, because this breaks 3 consecutive months of increases.
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Daily Archives: July 6, 2009
Double-Dip Evidence: CEO’s Looking Less Confident
Advanced Technology, Israeli Blank Check Company Bites the Dust (AXC)
Advanced Technology Acquisition Corp. (NYSE/AMEX: AXC) is a special purpose acquisition company, or blank check company, that is about to no longer be. The company has announced that its stockholders are voting to approve a plan of liquidation. The company has instructed its transfer agent to close its stock transfer books as of the close of business on July 6, 2009.
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Cell Phone Carrier Attack (ATT, AAPL, VZ, RIMM, S, PALM, MOT)
What started as a qu
ery to the FCC last month by Sen. John Kerry, (D-Mass.), and a handful of other senators asking whether exclusive deals between carriers and cell phone makers stifle competition is now an antitrust review.
As of Monday afternoon, the Department of Justice says it is looking at whether the exclusive deals service carriers have with particular phone brands is unfairly limiting competition from small and/or rural carriers, and keeping the prices that consumers pay artificially high. Read More
What The Ultimate Data Domain Buyer Really Wins (DDUP, EMC, NTAP, SYMC, CSCO, JNPR)
Data Domain, Inc. (NASDAQ: DDUP) keeps getting higher and higher bids in the bidding war that has erupted between EMC Corp. (NYSE: EMC) and NetApp, Inc. (NASDAQ: NTAP). Interestingly enough, this has an implication for Symantec Corporation (NASDAQ: SYMC) as well. There is one question that keeps coming up… Why Is Data Domain worth so much to these companies???
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When Solar Leaders Fall More Than Oil Giants… On Oil (FSLR, STP, SPWRA, TAN, XOM, SLB, OIH)
Solar stocks are again trading no differently than a leveraged bet on oil prices. This is something we have noted on many occasions and with oil down by another -$2.59 at $64.14 per barrel in NYMEX WTI, that is looking to be the case again. An analyst call on First Solar, Inc. (NASDAQ: FSLR) is not helping, and these two outside issues are bringing down Suntech Power Holdings Co. Ltd. (NYSE: STP) and SunPower Corporation (NASDAQ: SPWRA).
Even the Claymore/MAC Global Solar Energy (NYSE: TAN) is getting hit. Where this gets interesting is that oil giants Exxon Mobil Corp. (NYSE: XOM) on the integrated side is down only 1.6% and Schlumberger Limited (NYSE: SLB) on the services side is down less than 3% at $51.00.
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An Almost-Positive Take on ISM ‘Services’
This morning came the report from the Institute of Supply Management for non-manufacturing in the month of June. The good news is that this was slightly better than expectations. The bad news is that is still contracting on all fronts. The Non-Manufacturing Index came in at 47% versus a Bloomberg consensus of 46.7%. The reading has to go north of 50.0% to get into “growth” in the economy.
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Is Nextwave Giving Away the Shop? (WAVE)
NextWave Wireless Inc. (NASDAQ: WAVE) is trading up today on good news. The problem is that the news around the company is that it may be holding a fire sale. When debt is owed and when operations are a fraction of what were, the end result is often a company which has to give away assets to satisfy its obligations.
The company has made two announcements:
Did Goldman Sachs’ Secret Trading Codes Get Out? (GS)
Goldman Sachs Group Inc. (NYSE: GS) is said to have either the best in-house and proprietary trading models or at least the best of the large bulge bracket firms. This weekend came a report from Reuters that a Russian immigrant living in New Jersey had been arrested on federal charges of stealing the secret trading codes from what is believed to be Goldman Sachs. More specifically, it was noted as the automated stocks and commodities trading operations. Authorities said the codes were uploaded to a German-based website that are worth millions in profits use top secret mathematical formulas.
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Yingli Secures New Credit Facilities, Further Complicates Structure (YGE)
Yingli Green Energy Holding Company Limited (NYSE: YGE) is seeing shares get clipped a bit this morning. Some may be on weak energy prices taking the hot air out of alternative energy and some may be from the weak market indications. But the company has announced two credit facilities, with principal amounts of $100 million and RMB 300 million, respectively.
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Obama’s Paygo Is Good Rhetoric, Awful Policy
John Tamny of RealClearMarkets
Perhaps in an effort to shore up his budgetary bona fides during a period of reckless spending, President Obama recently announced his goal to put the federal government on a budgetary diet. As Obama put it, under his plan “Congress can only spend a dollar if it saves a dollar elsewhere.”
At first blush, all of this seems reasonable. Irrespective of party affiliation, Americans are upset with Washington’s utter lack of budget discipline, and any rule meant to rein in spending is something we should all endorse.
But the problems with this pay-as-you-go budgeting, also known as “paygo,” are many. Indeed, it’s only after addressing the broad implications of paygo that we see it has very little to do with growth, not to mention spending discipline.
Top Analyst Upgrades (BEN, KLAC, NVLS, LRCX, JWN, OSK, STX, WDC, S)
These are the top analyst upgrades and positive research calls from Wall Street this Monday morning with about two hours until the market opens:
Franklin Resources (BEN) Raised to Overweight at JPMorgan.
KLA-Tencor (KLAC), Novellus Systems (NVLS) and Lam Research (LRCX) were all three Raised to Neutral from Underperform at Credit Suisse.
Nordstrom (JWN) Raised to Neutral and off Conviction Sell List at Goldman Sachs.
Oshkosh (OSK) Raised to Buy at KeyBanc.
Seagate Tech (STX) Raised to Buy at BofA/Merrill.
Western Digital (WDC) Raised to Buy at BofA/Merrill.
Sprint (S) Raised to Buy at Auriga.
JON C. OGG
Top Analyst Downgrades (CTXS, DSCO, EV, FII, FPL, RAX)
These are this Monday’s top pre-market analyst downgrades and cautious research calls from Wall Street with more than two hours until the market opens:
Citrix Systems (CTXS) Cut to Perform at Oppenheimer.
Discovery Labs (DSCO) Cut to Underperform at Jefferies.
Eaton Vance (EV) Cut to Underweight at JPMorgan.
Federated Investors (FII) Cut to Underweight at JPMorgan.
FPL Group (FPL) Cut to Underperform at Credit Suisse.
Rackspace (RAX) Cut to Neutral at Goldman Sachs.
JON C. OGG
GM, Finally Restructured, May Not Be Saved
GM’s most valuable assets have finally been sold to a company controlled by the federal government. A judge approved the transaction early today. The “new GM” should be out of bankruptcy court and fully operating in a few weeks.
GM may be free of most of its credit and labor obligations but it still has a very reasonable chance of failing and burning through all of the money the federal government has invested. Read More
Best Buy (BBY) Goes “Green”, Wastes Money
Best Buy (BBY) has decided that people want “green” products, or it has decided that it looks good to sell them. It may take awhile to find out if the move is simply one to get good PR.
The big consumer electronics store chain may be getting too far afield from its main line of products, which has a danger of costing it money that it will have trouble getting back. Read More
China’s Political Battle to Buy Strategic Interests Around The Globe
China is in the midst of something just short of a global buying spree of crude reserves, metal and mining companies, tech concerns, and manufacturing operations. It would be easy to say that the effort will lose its momentum when the economy of the world’s most populous nation hits a wall as the Japanese did in the 1990s. China’s central government and the nation’s huge consumer base may allow the country to avoid that fate, even if its massive export base is temporarily damaged by the global recession. Japanese interests temporarily had the capital to make purchases of assets all over the world in the 1980s, but the island country never had the capacity to match the buying power of China’s middle class or the astonishing amount of capital that China has built up in its treasury after years of budget surpluses. China may even be able to pass through a recession without entering a prolonged downturn and the stagflation that crippled Japan for the better part of a decade. China has the access to raw materials within its borders and inexpensive rural labor which Japan never had. It also has a central government which largely controls the use of massive amounts of the country’s capital. Read More
The Five Growth Biotech Names To Watch Right Now
Alnylam (Nasdaq: ALNY) leads a short list of some of the fastest-growing biotech stocks
where analyst estimate revisions continue to rise.
BioHealth Investor began by analyzing 171 stocks in the biotech sector based on revenue growth over the trailing four quarters, identifying 30 stocks in the sector with better
than 50 percent revenue growth over the past 12 months.
We then screened those 30 stocks to look for those very few names that have seen both strong growth in at least the past two years and positive analyst estimate revisions in recent months, in an effort to find stocks with strong trends that still have potentially improving operations going forward.
The work resulted in growth biotech stocks to watch: Alnylam Pharmaceuticals Inc. (Nasdaq: ALNY), Amicus Therapeutics Inc. (Nasdaq: FOLD), Halozyme Therapeutics Inc. (Nasdaq: HALO), American Oriental Bioengineering Inc. (NYSE: AOB), and Stemcells Inc. (Nasdaq: STEM). Read More
From The UK: A Warning For The Airlines In America
British Airways has announced it will cut its capital spending this year by another 20% to 580 million pounds. It is in the process of negotiating with its unions to significantly reduce jobs. Sharp drops in premium class fliers, a large source of profits, are pressuring the airline financially. Read More
Media Digest 7/6/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: Small banks are worried that new regulations will hurt their earnings.
Reuters: A judge approved the sale of GM assets.
Reuters: Rio Tinto (RTP) sold its food packaging assets for $1.2 billion.
Reuters: The UN reports that the recession has pushed 90 million more people into extreme poverty. Read More
Asia Markets 7/6/2009
Markets in Asia were mixed.
The Nikkei fell 1.4% to 9,681.
The Hang Seng was off 1.2% to 17,981.
The Shanghai Composite rose 1.2% to 3,125.
Data from Reuters.
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Today’s top tickerspy Indexes Home Furnishing R... +14.1% Ethanol and Biofu... +5.1% Electronics Retai... +2.1% Diabetes Stocks +2.0% Memory Chip Stock... +2.0% 
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