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DryShips Inc. (NASDAQ: DRYS) is making an acquisition. The marine transporter for drybulk cargoes and off-shore contract drilling services will acquire the remaining 25% of the stake in Primelead Shareholders. Primelead will become a wholly owned subsidiary of DryShips, and this will get the company more exposure into the oil business. The soon-to-be unit’s prime assets are two owned and operational ultra-deepwater semi-submersible drilling rigs.
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Daily Archives: July 9, 2009
DryShips Plays Acquirer (DRYS)
CoTweet, Major Brand Twitter-Platform Gets VC Funding (WFMI, SBUX, MSFT, JBLU, F, PEP, S, KO)
No one knows how to value social media’s dominant players. The real value for Facebook, LinkedIn, MySpace is elusive (and less than before). Twitter is one of these businesses which suddenly has all the buzz, yet find someone who can tell you what the ultimate monetary value of Twitter is. Many older internet users are hardly familiar with the term ‘blogging’… let alone microblogging. But today a company operating as a Twitter platform operator and brand manager has received venture backing.
CoTweet is a web-based collaboration platform that helps companies reach and engage customers in real-time using Twitter for brand management. The product is already said to be used by Whole Foods Market Inc. (NASDAQ: WFMI), Starbucks Corp. (NASDAQ: SBUX), Microsoft Corporation (NASDAQ: MSFT), JetBlue Airways Corporation (NASDAQ: JBLU), Ford Motor Co. (NYSE: F), PepsiCo (NYSE: PEP), Sprint (NYSE: S), and The Coca-Cola Company (NYSE: KO)
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Bing’s Growth Versus Google Dominance (MSFT, YHOO, GOOG, IACI)
Everyone has been trying to figure out how much Bing from Microsoft Corporation (NASDAQ: MSFT) has been able to take in search market share from Yahoo! Inc. (NASDAQ: YHOO) and Google Inc. (NASDAQ: GOOG). Google remains unchallenged as the search default for the public, according to the latest data from Hitwise. Bing is still growing, but so far it is likely have little to no impact on the earnings for at least this quarter of Google or Yahoo!. At least that is the case if Hitwise’s US search numbers hold true from its 10 million internet users measured. All three companies will report earnings in the next two weeks.
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Biotech Business Daily (RIGL, BIIB, ARRY, ALNY, FOLD, HALO, AOB, STEM)
Here are some of the top stories affecting key drug and biotech stocks that have links through to more in-depth coverage and analysis today at the website BioHealthInvestor.com:
Rigel Pharmaceuticals Inc.’s (NASDAQ: RIGL) Phase IIb trial results Thursday morning of its rheumatoid arthritis candidate R788, is boosting its stock on speculation it may help the company attract a clinical partner.
Biogen Idec Inc. (NASDAQ: BIIB) is enjoying a second day of gains after its new PEGylated interferon beta-1a (BIIB017) for relapsing multiple sclerosis (RMS) received an FDA Fast Track designation. This might be a game-changing event for the company with some risks as well.
Array BioPharma Inc. (Nasdaq: ARRY) now says it will discontinue development of ARRY-797 in chronic inflammatory diseases. Attention may now turn to Array’s ARRY-162, another anti-inflammatory that showed much more promising efficacy.
Also, see our in-depth feature this week on five fast-growing biotechs with improving analyst estimates: 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).
-The 24/7 Wall St. Team
When Buffett Wants Another Stimulus (BRK.A, BRK.B)
Warren Buffett of Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B) is essentially supporting a second stimulus package. He gave an interview to ABC’s “Good Morning America” and said that the economy is not in free fall but not in a recovery either. He thinks 2009 is going to be a very rough year.
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A $12 Billion Shelf Filing from GE Capital (GE)
General Electric Capital Corporation, the hard-hit and recently criticized unit of General Electric Company (NYSE: GE), has just filed an automatic shelf registration with the SEC. Usually these are just normal operating procedures for companies as they have set times and they expire. But this filing is for Variable Denomination Floating Rate Demand Notes, to the tune of $12,000,000,000.00.
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Citi Reshuffles Management Ranks (C)
Citigroup Inc. (NYSE: C) is announcing some key management changes. While this is not a CEO change as many expect to ultimately see, this is still a rather large shake-up and is very similar to shaking up the tree. CEO Vikram Pandit is announcing several senior management changes. The company is getting a new CFO and is reshuffling the responsibilities of other top executives. But Pandit is still on board.
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Top Day Trader Alerts (AA, CENX, NTAP, DDUP, EMC, RIGL, NVAX, HGSI, CPKI, SCSC)
These are some of the this morning’s top day trader alert stocks to watch based on pre-market and after-hours volume activity. These have links through to more detailed trading and volume analysis covered at the Volume Spike site VSInvestor.com:
- Alcoa Inc. (NYSE: AA) shares are ones to watch for a volume spike higher after the company beat Q2 expectations by 12 cents a share and saw signs of auto market stability. Also watch rival Century Aluminum (Nasdaq: CENX) for possible upside.
- NetApp Inc. (Nasdaq: NTAP) shares are pointing higher as the company saved some dough, and actually made a little, by losing its bid for data storage company Data Domain Inc. (Nasdaq: DDUP) to EMC Corp. (NYSE: EMC).
- Rigel Pharmaceuticals Inc. (Nasdaq: RIGL) shares are up very strongly on clinical trial data that raised expectations for a partnership.
- Novavax Inc. (Nasdaq: NVAX) shares are up more than 10 percent with nearly 100,000 shares traded in the pre-market after the company announced a joint venture in India with Cadila Pharmaceuticals, called CPL Biologicals.
- Human Genome Sciences Inc. (Nasdaq: HGSI) shares are rising on strong volume on a New England Journal of Medicine publication regarding its Raxibacumab as a treatment for anthrax.
- California Pizza Kitchen Inc. (Nasdaq: CPKI) shares will be ones to watch for a potential volume spike higher after the company guided Q2 profit higher.
- ScanSource Inc. (Nasdaq: SCSC) shares could be active in early Thursday trading after the company guided higher for its fiscal Q4, ended in June.
-The 24/7 Wall St. Team
The Sub-600K Jobless Numbers Arrive, With a Thud
The Labor Department has just released its latest round of weekly jobless claims. This was a huge reduction to a level that is finally under 600,000. The number came in at a revised -52,000, down to a reading of 565,000. Bloomberg had a consensus estimate last seen of some 610,000 after a preliminary report last week of 614,000 on an unrevised basis. Before thinking this is absolutely the end of 600,000 and higher in the reports, keep in mind that last week was a holiday week and is one of the most traveled weeks of the year.
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ETF Reverse Splits Have Arrived… More Looming? (FAS, FAZ)
When we first floated the notion that Direxion may need to consider conducting a reverse stock split on its two Triple-Leverage cult ETFs for the financial sector, this was a notion that was not that popular despite the company’s hint that a reverse split was likely before the market temporarily interrupted that need. Now this morning we are seeing the Direxion Financial Bull 3X Shares (NYSE: FAS) and the Direxion Financial Bear 3X Shares (NYSE: FAZ) have adjusted prices to be based around reverse splits. It is the ex-date.
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Top Analyst Upgrades (DOX, CVX, GS, ILMN, INTU, KBH, HOT, WU)
These are the top pre-market analyst upgrades and positive research calls we have seen from Wall Street early this Thursday morning:
Amdocs (DOX) Raised to Outperform at Oppenheimer.
Chevron (CVX) Started as Buy at Societe Generale.
Goldman Sachs Group (GS) Raised to Buy at BofA/Merrill.
Illumina (ILMN) Raised to Buy at Auriga.
Intuit (INTU) Started as Buy at Deutsche Bank.
KB Home (KBH) Raised to Outperform at Credit Suisse.
Starwood Hotels (HOT) Raised to Market Perform at FBR.
Western Union (WU) Raised to Outperform at Credit Suisse.
JON C. OGG
Top Analyst Downgrades (COP, EXBD, GET, NSR, PSA, GOLD)
These are the top pre-market analyst downgrades or cautious research calls we have seen from Wall Street this Thursday morning:
Conoco Philips (COP) Started as Sell at Societe Generale.
Corporate Executive Board (EXBD) Cut to Underperform at Baird.
Gaylord Entertainment Co. (GET) Cut to Underperform at FBR.
Neustar (NSR) Cut to Hold at Deutsche Bank.
Public Storage (PSA) Started as Underperform at KBW.
Rangold Resources (GOLD) Cut to Hold at Citigroup.
JON C. OGG
With Michael Jackson, Internet Video Comes Of Age
Video delivered over the internet was supposed to be the next big thing in media. The problem is that internet video has been high on the list of “next big things” for years.
The longtime trouble with video delivered via IP is that the quality was so poor. Amateur video on YouTube still has that problem, but lack of good compression software meant that even video from TV networks was barely watchable. The video file sizes were huge and bandwidth and storage were expensive. Read More
Higher Oil Prices? OPEC To Cut Investment In Production
OPEC is no longer talking much about oil supply. It has changed its focus to the investment that its members make in exploration and production. That may change the psychology of how traders look at prices. Crude may stay low now, but, over time, less drilling means less oil. Less oil should means higher prices eventually if the OPEC reasoning is sound.
OPEC’s reason for cutting back on what it spends to find and refine oil is simple. It believes that a long recession will push down demand for some time. Making huge capital investments in a slow market means making investments that may not bear fruit in the foreseeable future. Read More
The Recession Is Still Biting Costco (COST)
Investors looking for a retail recovery won’t find it at Costco (COST). The big box discount store operator said that sales in June fell 6% in stores that had been open at least a year. That is particularly bad news because Costco is known for low prices and stressed consumers should be shopping at its outlets, if they are shopping at all.
The Costco sales numbers were in line with Wall St. expectations, but that is cold comfort.
Douglas A. McIntyre
China’s Car Sales Explode Nearly 50%
The notion that the US is the world’s largest car market is gone, perhaps forever. China’s light vehicle sales rose 48% in June to 872,900.
The world’s most populous country will produce sales of at least 10 million cars, SUVs, and pick-ups this year. The US number is not likely to be above 9.6 million. China’s GDP is rising at 7% or better. It is hardly in a recession. Its large middle class has access to billions of dollars in capital, partially because of the country’s new $585 billion stimulus package. Read More
China: The World’s Internal Combustion Machine
George Soros, at 78, has been one of the world’s premier money managers for years. He is no longer at the head of the hedge fund performance table. Money managers and mathematicians seem to do their best work when they are young. Soros keeps himself in the spotlight along with Warren Buffett, and Alan Greenspan—a troupe of old men who travel the world, dispensing advice about the economy and global finance. Read More
The Health Benefits Tax Slaughterhouse
Economists with fringe views of the tax system argue that all taxes are regressive. Tax a business and it will not hire more workers or distribute profits back to its owners. People without jobs and owners of businesses without income are not consumers. Tax a gallon of gas and people will drive fewer miles. Cars last longer. Detroit suffers additional economic insults. Tax ordinary income and taxpayers will not buy new homes and will put off expensive purchases such as appliances for as long as they can. A two hundred dollar replacement part can keep a Maytag washer/dryer working for another five years. Read More
Media Digest 7/9/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The promise of mobile TV is being destroyed by smartphone use of software applications.
Reuters: More attacks on websites in the West are expected and North Korea is suspected.
Reuters: China has arrested Rio Tinto (RTP) employees.
Reuters: The age of the media mogul may be over. Read More
Asia Markets And Europe Open 7/9/2009
Markets in Asia were mixed.
The Nikkei was down 1.3% to 9,291.
The Hang Seng was off a fraction to 17,719. HSBC (HBC) fell.
The Shanghai Composite was up 1.3% to 3,123.
At the open in Europe, the FTSE was up .4% to 4,157. The Dax rose .7% to 4,605. The CAC 40 was up .3% to 3,018.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
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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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- Korea National Pension Fund: Not Reviewing Sydney Building Buy
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©2009 24/7 Wall St.
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