24/7 Wall St. » A

Closing Bell for Wednesday on Wall Street: Markets Open Soft, Close with a Flourish

Paul Ausick — Wed, 15 May 2013 20:04:07 +0000

U.S. equity markets opened slightly lower this morning following a number of data releases related to the U.S. economy. Producer prices declined in April and the New York manufacturing index came in much lower than expected. U.S. industrial production was also lower than expected. There was little significant data out of Asia, but in Europe, the eurozone economy continued to contract in the first quarter. Eurozone GDP fell 0.2% in the first quarter, slightly more than the 0.1% drop expected by economists.

The U.S. dollar index is trading up 0.29% today, now at 83.8370. The GSCI commodity index is down 0.4% at 627.87. WTI crude oil closed up 0.1%, at $94.30 a barrel following the release of the EIA’s inventory data. Brent crude trades 1.1% at $103.72 a barrel. Natural gas is up 1% today at about $4.06 per million BTUs. Gold settled down 2% today at $1,396.20.

The unofficial closing bells put the DJIA up about 60 points to 15,275.15 (0.39%), the NASDAQ rose about 9 points (0.26%) to 3,471.62, and the S&P 500 rose 0.51% or more than 8 points to 1,658.71.

There were a several analyst upgrades and downgrades today, including:

Golar LNG Ltd. (NASDAQ: GLNG) cut to ‘sell’ at Goldman Sachs;
BlackBerry (NASDAQ: BBRY) cut to ‘market perform’ at Bernstein;
Lowe’s Companies Inc. (NYSE: LOW) reiterated as ‘buy’ and price target raised to $48 at Argus;
Gap Inc. (NYSE: GPS) raised to ‘buy’ at Citigroup; and
Charles Schwab Corp. (NYSE: SCHW) cut to ‘underweight’ at Barclays.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Agilent Technologies Inc. (NYSE: A) is up 3.7% at $45.60 after posting a new 52-week high of $46.49 earlier today;
Primo Water Corp. (NASDAQ: PRMW) is down 7.2% at $1.42;
Computer Sciences Corp. (NYSE: CSCO) is down 9.9% at $44.61;
Deere & Co. (NYSE: DE) is down 4.6% at $89.46;
First Majestic Silver Corp. (NYSE: AG) is down 9.8% at $10.15 after posting a new 52-week low of $10.13 earlier today; and
Macy’s Inc. (NYSE: M) is up 2.7% at $48.66 after posting a new 52-week high of $48.91 earlier today.

Before markets open tomorrow morning we are scheduled to hear earnings from Cisco Systems Inc. (NASDAQ: CSCO), Dillard’s Inc. (NYSE: DDS), Jack in the Box Inc. (NASDAQ: JACK), Skechers USA Inc. (NYSE: SKX), E Commerce China Dangdang Inc. (NASDAQ: DANG), Kohl’s Corp. (NYSE: KSS), ReneSola Ltd. (NYSE: SOL), and Wal-Mart Stores Inc. (NYSE: WMT).

Some standouts among heavily traded stocks today include:

Bristol-Myers Squibb Co. (NYSE: BMY) is up 5.2% at $44.40, after posting a new 52-week high of $45.59 earlier today. The biopharmaceutical firm gave an upbeat presentation on its plans for new cancer and heart drugs.

Apple Inc. (NASDAQ: AAPL) is down 3.6% at $427.92. The PC and consumer electronics product maker is being sued by the U.S. Justice Department for leading a price-fixing scheme in the book publishing business.

Zynga Inc. (NASDAQ: ZNGA) is up 3.5% at $3.45. The social games producer got a big boost from a purchase of 25 million of the company’s shares by activist investor Jana Partners.

Stay tuned for Thursday. Philadelphia Fed President Charles Plosser, Boston Fed President Eric Rosengren, Dallas Fed President Richard Fisher, Fed Governor Sarah Bloom Raskin, and San Francisco Fed President John Williams are all giving speeches. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Consumer price index
8:30 a.m. – Housing starts
8:30 a.m. – New claims for unemployment benefits
10:00 a.m. – Philadelphia Fed survey
10:30 a.m. – EIA weekly natural gas storage report
4:30 p.m. – Fed balance sheet and money supply

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AAPL, AG, BBRY, BMY, CSC, CSCO, DANG, DDS, DE, GLNG, GPS, JACK, KSS, LOW, M, PRMW, SCHW, SKX, SOL, WMT, ZNGA

Closing Bell for Tuesday on Wall Street: Markets Open Up, Finish Strong

Paul Ausick — Tue, 14 May 2013 20:07:17 +0000

U.S. equity markets opened slightly higher this morning an inline report from the U.S. Department of Labor on export and import prices. In Europe, eurozone industrial production rose 1%, above the expected gain of 0.4%. A survey on economic sentiment also came in higher than expected. In Asia, markets closed lower in Shanghai, Hong Kong, and Tokyo following limited data releases. In the U.S., equities rose steadily in morning trading although prices leveled off in the afternoon.

The U.S. dollar index is trading up 0.38% today, now at 83.5910. The GSCI commodity index is down 0.2% at 627.87. WTI crude oil closed down 1%, at $95.1794.21 a barrel following the release of the International Energy Agency’s mid-term outlook predicting that growing U.S. crude oil will set off a “supply shock” that will drive down the price of crude. Brent crude trades down 0.2% at $102.61 a barrel. Natural gas is up 2.3% today at about $4.02 per million BTUs. Gold settled down 0.7% today at $1,424.50.

The unofficial closing bells put the DJIA up more than 123 points to 15,215.25 (0.82%), the NASDAQ rose nearly 24 points (0.69%) to 3,462.61, and the S&P 500 rose 1.01% or nearly 17 points to 1,650.34.

There were a several analyst upgrades and downgrades today, including:

KB Home (NYSE: KBH) cut to ‘market perform’ at Raymond James;
Cree Inc. (NASDAQ: CREE) cut to ‘hold’ at Jefferies;
Fusion-io Inc. (NYSE: FIO) raised to ‘buy’ at UBS;
Yahoo! Inc. (NASDAQ: YHOO) maintained on ‘Conviction Buy’ list and price target raised to $30 at Goldman Sachs; and
AllScripts Healthcare Solutions Inc. (NASDAQ: MDRX) raised to ‘buy’ at Citigroup.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Copa Holdings SA (NYSE: CPA) is up 8.2% at $135.25 after posting a new 52-week high of $138.99 earlier today;
Renren Inc. (NYSE: RENN) is up 0.2% at $3.00;
Take-Two Interactive Software Inc. (NASDAQ: TTWO) is up 1.3% at $16.60 after posting a new 52-week high of $17.54;
Pan American Silver Corp. (NASDAQ: PAAS) is down 1.4% at $12.43; and
SolarCity Corp. (NASDAQ: SCTY) is down 12.2% at $31.50, and we’ve noted something to watch for that could help this company and probably many other alt energy players.

Before markets open tomorrow morning we are scheduled to hear earnings from Agilent Technologies Inc. (NYSE: A), Dillard’s Inc. (NYSE: DDS), Primo Water Corp. (NASDAQ: PRMW), Computer Sciences Corp. (NYSE: CSC), Deere & Co. (NYSE: DE), First Majestic Silver Corp. (NYSE: AG), and Macy’s Inc. (NYSE: M).

Some standouts among heavily traded stocks today include:

Sony Corp. (NYSE: SNE) is up 9.6% at $20.70, after posting a new 52-week high of $22.22 earlier today. The consumer electronics firm is being encouraged by activist investor Daniel Loeb to break into pieces, which may not be the best idea he’s ever had.

Nokia Corp. (NYSE: NOK) is down 5.5% at $3.63. The mobile phone maker introduced a new phone today. Investors apparently were not impressed.

Groupon Inc. (NASDAQ: GRPN) is up 7.8% at $6.86. The daily deals company had no news today, but heavier than normal volume indicates demand was good for the stock.

Stay tuned for Wednesday. We have noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
8:30 a.m. – Producer price index
8:30 a.m. – Empire State manufacturing survey
9:00 a.m. – Treasury International Capital (TIC) data
9:15 a.m. – Industrial production
10:00 a.m. – Housing market index
10:00 a.m. – E-commerce retail sales
10:30 a.m. – EIA weekly petroleum status report

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AG, CPA, CREE, CSC, DDS, DE, FIO, GRPN, KBH, M, MDRX, NOK, PAAS, PRMW, RENN, SCTY, SNE, TTWO, YHOO

Jefferies Stocks to Buy: Big Gains in Life Sciences and Diagnostics

Lee Jackson — Mon, 13 May 2013 12:00:08 +0000

In theory, medical technology companies should be some of the market’s best-performing stocks. After all, it’s not really a cyclical business, and price tags are rarely a stumbling block when insurance companies, the government and individuals with health-related challenges are footing the bill. But life science and diagnostic stocks have struggled, and they are just now showing signs of life.

In a recent report, Jefferies analysts did a careful stock-by-stock analysis, looking at items as different as government reimbursement and current short interest. When reviewing short interest, they generally concentrated on two primary metrics: the actual number of shares sold short as percentage of the float and the short interest coverage ratio (the number of trading days needed to cover the outstanding short interest position). What they came up with is the following list of stocks that investors can look to buy now.

Agilent Technologies Inc. (NYSE: A) leads off the Jefferies list of stocks to buy. The company provides bio-analytical and electronic measurement solutions and services to the life sciences, chemical analysis, diagnostics and genomics, communications and electronics industries worldwide. The Jefferies price target is $50. The Thomson/First call estimate is close at $49. Investors are paid a 1.20% dividend.

Align Technology Inc. (NASDAQ: ALGN) recently won a big patent infringement case against a rival in the dental field, ClearCorrect. The Jefferies price target for the stock is $36. The consensus estimate is the same at $36.

Becton, Dickinson and Co. (NYSE: BDX) manufactures flow cytometry and cell-imaging systems, among other products in the medical field. The company’s strong brand and economies of scale have allowed it to earn outsized profits for many years. Jefferies has a price target of $110. The consensus price target for the stock is much lower at $94. Investors receive a 2% dividend.

Danaher Corp. (NYSE: DHR) designs, manufactures and markets professional, medical, industrial and commercial products and services primarily in North America, Europe and Asia/Australia. The Jefferies target for this stock, which is well followed on Wall Street, is $70. The consensus target is $68.

Exact Sciences Corp. (NASDAQ: EXAS) is a very volatile small cap name that makes the Jefferies list. The company is a molecular diagnostics company, focuses on developing diagnostic screening products for the early detection and prevention of colorectal pre-cancer and cancer. The Jefferies target for this very speculative name is $12, but the consensus is even higher at $13.50.

Myriad Genetics Inc. (NASDAQ: MYGN) has been hitting 52-week highs recently. Myriad focuses on the development and marketing of predictive, personalized and prognostic medicine tests, primarily in the United States. Jefferies has a price target of $31. The consensus target is right in line at $31. The stock closed above that on Friday.

Nanosphere Inc. (NASDAQ: NSPH) is a micro-cap name that makes the stocks to buy list. The company beat revenue expectations and reaffirmed 2013 guidance last week. The Jefferies price objective is $3.50. The consensus is also $3.50.

OraSure Technologies Inc. (NASDAQ: OSUR) is another micro-cap name to buy. The Jefferies price target for the stock is $12. The consensus is $10. Hitting either target is a gain in excess of 100%.

DENTSPLY International Inc. (NASDAQ: XRAY) wraps up the Jefferies list of stocks to buy. The company designs, develops, manufactures and markets a range of consumable dental products for the professional dental market worldwide. The Jefferies target is $44, and the consensus is $44 as well.

Despite ongoing worries about the effects of the Affordable Health Care Act (so-called Obamacare), many of the Jefferies stocks still have compelling business plans and earnings. Investors should also use their own due diligence when considering these names for their portfolio.

Filed under: Active Trader, Analyst Calls, Healthcare Tagged: A, ALGN, BDX, DHR, EXAS, MYGN, NSPH, OSUR, XRAY

Top Analyst Upgrades and Downgrades (A, BBY, BFAM, DF, ICE, JCP, MA, QCOM, CRM, SKX, VVUS)

Jon C. Ogg — Wed, 06 Mar 2013 13:45:08 +0000

These are some of this Wednesday’s top analyst upgrades, downgrades and initiations seen from Wall St. research calls.

Agilent Technologies Inc. (NYSE: A) started as Outperform at Leerink Swann.

Best Buy Co. Inc. (NYSE: BBY) raised to Buy at Jefferies.

Bright Horizons Family Solutions LLC (NYSE: BFAM) was started in new coverage as follows: Buy at BofA/Merrill Lynch, Overweight at Barclays, Outperform at Credit Suisse, Buy at Stifel Nicolaus and Neutral at Goldman Sachs.

Dean Foods Co. (NYSE: DF) raised to Outperform at Credit Suisse.

IntercontinentalExchange Inc. (NYSE: ICE) raised to Outperform at KBW.

J.C. Penney Co. (NYSE: JCP) was cut to Neutral from Buy at Citigroup and was cut to Perform from outperform at Oppenheimer.

MasterCard Inc. (NYSE: MA) cut to Hold at Argus.

Qualcomm Inc. (NASDAQ: QCOM) was maintained as Buy but was removed from the prized Conviction Buy List at Goldman Sachs.

Salesforce.com Inc. (NYSE: CRM) named Bear of the Day, while all-time highs are nice but outlook may be lower at Zacks Investment Research.

Skechers USA Inc. (NYSE: SKX) named Bull of the Day as new styles and global reach are returning it to profitability at Zacks Investment Research.

VIVUS Inc. (NASDAQ: VVUS) started as Overweight at Piper Jaffray.

Here are 11 stocks which analysts expect to rise 50% to 100% (or more) over the next year.

Also, here is how only seven of the 30 DJIA stocks will take the market to 15,000.

Oppenheimer listed two transportation stocks that will keep confirming Dow Theory with transports leading the way.

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: A, BBY, BFAM, CRM, DF, ICE, JCP, MA, QCOM, SKX, VVUS

24/7 Wall St. Closing Bell — March 5, 2013: Markets Climb as Dow Sets All-Time High (NFLX, YHOO, CLF, A, APOL, CKP, CEP, APP, GEVO, QIHU, SWHU, PAY, AEO, BIG, TFM, HOV, SPLS, STP, MTG, CREE, VOD, VZ)

Paul Ausick — Tue, 05 Mar 2013 21:07:22 +0000

U.S. equity markets opened higher this morning and it didn’t take long for the DJIA to blow past its all-time intra-day high of 14,198.10 (more coverage here). There was a little news and data to give the markets a push as well. In Asia, China’s ruling body reiterated its GDP growth target of 7.5% and its inflation target to 3.5% (more coverage here). The country’s finance ministry said it is planning for a budget deficit of 2% of GDP in 2013 and expects to double spending on the Chinese military. In Europe, services PMI readings were mixed but better and retail sales rose more than expected. U.S. services PMI also rose slightly in February.

The U.S. dollar index fell 0.13% today, now at 82.092. The GSCI commodity index is down 0.4% at 640.41, with commodities prices mostly higher again today. WTI crude oil closed up 0.8% today, at $90.82 a barrel. Brent crude trades up 1.5% at $111.69 a barrel. Natural gas is down 0.4% today at about $3.52 per million BTUs. Gold settled up 0.2% today at $1,574.90 an ounce.

The unofficial closing bells put the DJIA up more than 126 points to 14,253.77 (an all-time closing high) (0.89%), the NASDAQ rose about 42 points (1.32%) to 3,224.13, and the S&P 500 rose 0.96% or more than 14 points to 1,539.79.

There were a several analyst upgrades and downgrades today, including Netflix Inc. (NASDAQ: NFLX) started as ‘outperform’ at RBC; Yahoo! Inc. (NASDAQ: YHOO) raised to ‘buy’ at Cantor Fitzgerald; Cliffs Natural Resources Inc. (NYSE: CLF) cut to ‘market perform’ at BMO; Agilent Technologies Inc. (NYSE: A) started as ‘outperform’ with a price target of $48 at Credit Suisse; and Apollo Group Inc. (NASDAQ: APOL) raised to ‘hold’ at Deutsche Bank (more coverage here).

Earnings reports since markets closed last night resulted in several price moves today, including these: Checkpoint Systems Inc. (NYSE: CKP) is up 7% at $12.40 after posting a new 52-week high of $12.70 earlier today; Constellation Energy Partners LLC (NYSEMKT: CEP) is down 5% at $1.72; and American Apparel Inc. (NYSEMKT: APP) is up 18.6% at $1.53.

Before markets open tomorrow morning we are scheduled to hear from Gevo Inc. (NASDAQ: GEVO), Qihoo 360 Technology Co. Ltd. (NASDAQ: QIHU), Smith & Wesson Holding Corp. (NASDAQ: SWHC), Verifone Systems Inc. (NYSE: PAY), American Eagle Outfitters Inc. (NYSE: AEO), Big Lots Inc. (NYSE: BIG), Fresh Market Inc. (NYSE: TFM), Hovnanian Enterprises Inc. (NYSE: HOV), Staples Inc. (NASDAQ: SPLS), and Suntech Power Holdings Co. Ltd. (NYSE: STP).

Some standouts from today include the following stocks:

MGIC Investment Corp. (NYSE: MTG) is up 24.4% at $5.20 after posting a new 52-week high of $5.37 earlier today. The insurance company continues to be in favor with investors who believe the housing market is poised for a strong comeback.

Cree Inc. (NASDAQ: CREE) is up 13.6% at $50.80 after posting a new 52-week high of $52.35 earlier today. The maker of LED lighting introduced a new product today that has been called “groundbreaking.”

Vodafone Group plc (NASDAQ: VOD) is up 5.3% at $26.71. The mobile carrier is reported to be in talks again with Verizon Communications Inc. (NYSE: VZ) regarding a merger or Verizon buyout of Vodafone’s stake in Verizon Wireless. More coverage here.

Stay tuned for Wednesday. Philadelphia Fed President Charles Plosser and Dallas Fed President Richard Fisher are giving speeches. We have also noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
8:15 a.m. – ADP employment report
10:00 a.m. – Factory orders
10:30 a.m. – EIA weekly petroleum status report
2:00 p.m. – Federal Reserve Beige Book
3:00 p.m. – Treasury STRIPS

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AEO, APOL, APP, BIG, CEP, CKP, CLF, CREE, GEVO, HOV, MTG, NFLX, PAY, QIHU, SPLS, STP, SWHU, TFM, VOD, VZ, YHOO

Top Analyst Upgrades and Downgrades (MITT, A, ALTR, APOL, CLF, CBRL, EVEP, FLO, HIIQ, MTG, NFLX, YHOO)

Jon C. Ogg — Tue, 05 Mar 2013 13:35:16 +0000

These are some of this Tuesday’s top analyst upgrades, downgrades and initiations seen from Wall St. research calls.

A.G. Mortgage Investment Trust (NYSE: MITT) started as Neutral at Credit Suisse.

Agilent Technologies Inc. (NYSE: A) started as Outperform with $48 target at Credit Suisse.

Altera Corp. (NASDAQ: ALTR) named bear of the day due to weakening demand for its products and increased competition at Zacks Investment Research.

Apollo Group Inc. (NASDAQ: APOL) raised to Hold at Deutsche Bank.

Cliffs Natural Resources Inc. (NYSE: CLF) cut to Market Perform at BMO.

Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) reiterated Buy and raised price target by $10 to $88 at Argus.

EV Energy Partners L.P. (NASDAQ: EVEP) raised to Outperform with $57 target at Credit Suisse.

Flowers Foods Inc. (NYSE: FLO) named Bull of the Day because of growing market share and expanding margins at Zacks Investment Research.

Health Insurance Innovations Inc. (NASDAQ: HIIQ) started as Outperform with $17 price target at Credit Suisse.

MGIC Investment Corp. (NYSE: MTG) raised to Overweight from Underweight at Barclays.

Netflix Inc. (NASDAQ: NFLX) started as Outperform at RBC.

Yahoo! Inc. (NASDAQ: YHOO) raised to Buy at Cantor Fitzgerald.

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: A, ALTR, APOL, CBRL, CLF, EVEP, FLO, HIIQ, MITT, MTG, NFLX, YHOO

Top Analyst Upgrades and Downgrades (A, AVY, BP, CONN, CFI, THO, ORCL, FB, GM, YHOO, YUM)

Jon C. Ogg — Wed, 26 Dec 2012 13:46:14 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall St. research calls this Wednesday. With this being the week of Christmas, analyst upgrades and downgrades are likely going to be very light until after January 2.

Agilent Technologies Inc. (NYSE: A) named Bear of the Day at Zacks.

Avery Dennison Corp. (NYSE: AVY) named Bull of the Day at Zacks.

BP PLC (NYSE: BP) reiterated Hold but raised estimates at Argus.

Conns Inc. (NASDAQ: CONN) named as growth stock of the day at Zacks.

Culp Inc. (NYSE: CFI) named value stock of the day at Zacks.

Thor Industries Inc. (NYSE: THO) reiterated Buy with $42 target at Argus.

Credit Suisse commented that Oracle Corp. (NASDAQ: ORCL) could make the software as a service (SaaS) market come with higher multiples. Those noted positively were RNOW and TLEO, and others were CNQR, CSOD, CTCT, JIVE, MKTG, RP, SNCR and ULTI.

Most investors and traders were out on Monday, but here are some of the standout calls that were still listed with upgrades and downgrades on Monday:

Facebook Inc. (NASDAQ: FB) reiterated Buy but the price target was raised to $33 from $25 at Needham.

General Motor Co. (NYSE: GM) started as Buy with $35 price target at Goldman Sachs.

Yahoo! Inc. (NASDAQ: YHOO) reiterated Buy but price target was raised to $26 from $19 at Needham.

Yum! Brands Inc. (NYSE: YUM) reiterated Buy with $76 target at Bank of America/Merrill Lynch.

24/7 Wall St. again reiterates its Strong Sell rating on the Mayan Calendar.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: A, AVY, BP, CFI, CONN, FB, GM, ORCL, THO, YHOO, YUM

Top Analyst Upgrades and Downgrades (A, MO, BAC, BCS, CPHD, DF, DNR, HAL, JCI, LH, LYG, RMBS, SWIR, VMI, WSM)

Jon C. Ogg — Mon, 19 Nov 2012 13:41:11 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall St. research calls this Monday.

Agilent Technologies Inc. (NYSE: A) raised to Buy at Goldman Sachs.

Altria Group Inc. (NYSE: MO) raised to Buy at UBS.

Bank of America Corp. (NYSE: BAC) raised to Buy at Stifel Nicolaus.

Barclays PLC (NYSE: BCS) raised to Buy at Goldman Sachs.

Cepheid (NASDAQ: CPHD) cut to Neutral at Goldman Sachs.

Dean Foods Co. (NYSE: DF) raised to Buy at Goldman Sachs.

Denbury Resources Inc. (NYSE: DNR) named a trading buy ahead of the holiday at Credit Suisse.

Halliburton Co. (NYSE: HAL) raised to Outperform at Macquarie.

Johnson Controls Inc. (NYSE: JCI) named Bear of the Day at Zacks.

Lab Corp. of America (NYSE: LH) cut to Sell at Goldman Sachs.

Lloyds Banking Group PLC (NYSE: LYG) cut to Neutral at Goldman Sachs.

Rambus Inc. (NASDAQ: RMBS) raised to Overweight at JPMorgan.

Sierra Wireless Inc. (NASDAQ: SWIR) named value stock of the day at Zacks.

Valmont Industries Inc. (NYSE: VMI) named Bull of the Day at Zacks.

Williams-Sonoma Inc. (NYSE: WSM) raised to Buy at BofA/ML.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: A, BAC, BCS, CPHD, DF, DNR, HAL, JCI, LH, LYG, MO, RMBS, SWIR, VMI, WSM

24/7 Wall St. Closing Bell — August 16, 2012: Markets Rise After Decent Data, Earnings Reports (KMI, SPLS, KYAK, ANF, AXP, A, AMAT, CSCO, LTD, NTAP, PETM, SINA, DLTR, DANG, GME, ROST, SHLD, WMT, ARO, CRMT, BRCD, GPS, MRVL, ANN, FL, SJM, PERY)

Paul Ausick — Thu, 16 Aug 2012 20:03:48 +0000

The three major US stock indexes opened somewhat higher this morning following better-than-expected data on UK retail sales and an inline reading on Eurozone CPI (more coverage here). The news out of Asia was mixed after comments from China’s premier that lower inflation could allow additional modifications to monetary policy — read, stimulus. That helped boost markets, but the 3.6% drop in foreign direct investment in China had the opposite effect. In the US, initial claims for unemployment benefits rose slightly (our coverage here), and the Philadelphia Fed’s manufacturing survey rose while still remaining in negative territory (more coverage here). The data on housing starts and new building permits was also mixed (more coverage here).

The US dollar index fell today, now down 0.37% at 82.339. The GSCI commodity index rose 1% to 662.14, with commodities prices mixed again today. WTI crude oil finished up 1.4% today, closing at $95.60/barrel. Brent crude trades up 0.65% at $115.05/barrel. Natural gas is up 0.4% today to $2.754/thousand cubic feet, after today’s inventory report showed a smaller-than-expected build. Gold settled at $1,619.20/ounce, up 0.8%.

The unofficial closing bells put the DJIA up about 85 points to 13,249.88 (0.65%), the NASDAQ rose more than 31 points (1.04%) to 3,062.39, and the S&P 500 rose 0.71% or nearly 10 points to 1,415.51.

There were several analyst upgrades and downgrades today, including Kinder Morgan Inc. (NYSE: KMI) raised to ‘overweight’ at JPMorgan; Staples Inc. (NASDAQ: SPLS) cut to ‘sell’ at Citigroup; Kayak Software Corp. (NASDAQ: KYAK) started as ‘buy’ at Lazard; Abercrombie & Fitch Co. (NYSE: ANF) cut to ‘underperform’ at Macquarie; and American Express Co. (NYSE: AXP) started as ‘neutral’ at Janney.

Earnings reports since markets closed last last night have led to some price changes as of the last half hour of trading today: Agilent Technologies Inc. (NYSE: A) is down 7.9% at $37.29; Applied Materials Inc. (NASDAQ: AMAT) is up 1.4% at $11.97 (more coverage here); Limited Brands Inc. (NYSE: LTD) is down 0.03% at $X48.97X; NetApp Inc. (NASDAQ: NTAP) is up 4% at $33.02; PetSmart Inc. (NASDAQ: PETM) is up 4.5% at $70.46 after posting a new 52-week high of $72.50; Dollar Tree Inc. (NASDAQ: DLTR) is down 1.6% at $49.22; E-commerce China Dangdang Inc. (NYSE: DANG) is down 1.2% at $4.94; GameStop Corp. (NYSE: GME) is up 5.2% at $17.94 (more coverage here); Ross Stores Inc. (NASDAQ: ROST) is down 0.2% at $68.38; Sears Holdings Corp. (NASDAQ: SHLD) is up 6.6% at $60.36 (more coverage here); and Wal-Mart Stores Inc. (NYSE: WMT) is down 3% at $72.22 (more coverage here).

Earnings releases are slowing down, but reports scheduled before tomorrow’s open include Aeropostale Inc. (NYSE: ARO), America’s Car-Mart Inc. (NASDAQ: CRMT), Brocade Communications Systems Inc. (NASDAQ: BRCD), Gap Inc. (NYSE: GPS), Marvell Technology Group Ltd. (NASDAQ: MRVL), Ann Inc. (NYSE: ANN), Foot Locker Inc. (NASDAQ: FL), and J.M. Smucker Co. (NYSE: SJM).

Some standouts from today include the following stocks:

Cisco Systems Inc. (NASDAQ: CSCO) is up 9.7% at $19.03. The networking giant beat estimates last night and boosted its quarterly dividend payment. More coverage here.

Perry Ellis International Inc. (NASDAQ: PERY)) is down 15.8% at $18.76. The upscale clothing maker cut its forecast after missing EPS estimates this morning.

Sina Corp. (NASDAQ: SINA) is up 10.9% at $56.42 on 6x average daily volume. The Chinese Internet company reported quarterly profit was 3x higher than for the same period last year.

Stay tuned for Friday. We have noted the following events on the schedule (all times Eastern):

9:55 a.m. – University of Michigan/Reuters consumer sentiment index
10:00 a.m. – Leading economic indicators

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AMAT, ANF, ANN, ARO, AXP, BRCD, CRMT, CSCO, DANG, DLTR, FL, GME, GPS, KMI, KYAK, LTD, MRVL, NTAP, PERY, PETM, ROST, SHLD, SINA, SJM, SPLS, WMT

24/7 Wall St. Closing Bell — August 15, 2012: Markets Don’t Impress Again (ETR, GBG, OCZ, RGR, JIVE, JDSU, PEIX, PAAS, ANF, A, CSIQ, DE, SPLS, TGT, A, AMAT, CSCO, LTD, NTAP, PETM, SINA, DLTR, DANG, GME, ROST, SHLD, WMT, S, SPLS, CSIQ)

Paul Ausick — Wed, 15 Aug 2012 20:07:42 +0000

The three major US stock indexes opened somewhat lower this morning following an announcement from the Bank of England that it would not change interest rates nor asset purchases. In Asia, the perpetual hope for more easing in China helped keep share prices higher for a while, but markets there closed down today. In the US, data on the consumer price index mostly neutral (more coverage here), while the New York Fed’s manufacturing index came in weaker than expected. A home builders’ index came in slightly better than expected (more coverage here) and US industrial production also rose more than expected (more coverage here). Markets closed mixed today, with no index up by as much as half a point.

The US dollar index rose today, now up 0.23% at 82.672. The GSCI commodity index rose 0.3% to 655.53, with most commodities prices mixed today. WTI crude oil finished up 1% today, closing at $94.33/barrel, as the EIA report showed a larger inventory drop than expected. Brent crude trades up 1.93% at $116.23/barrel. Natural gas is down -2.8% today to $2.754/thousand cubic feet. Gold settled at $1,606.60/ounce, up 0.3%.

The unofficial closing bells put the DJIA down about 7 points to 13,164.78 (-0.06%), the NASDAQ rose nearly 14 points (0.46%) to 3,030.93, and the S&P 500 rose 0.11% or nearly 2 points to 1,405.53.

There were several analyst upgrades and downgrades today, including Entergy Corp. (NYSE: ETR) cut to ‘underperform’ at BofA; Great Basin Gold Ltd. (NYSEMKT: GBG) cut to ‘sell’ at Stifel Nicolaus; OCZ Technology Group Inc. (NASDAQ: OCZ) cut to ‘neutral’ at Sterne Agee; Sturm Ruger & Co. Inc. (NYSE: RGR) cut to ‘underweight’ with a $40 price target at KeyBank (more coverage here); and Jive Software Inc. (NASDAQ: JIVE) raised to ‘outperform’ with a $21 target price at RW Baird.

Earnings reports since markets closed last last night have led to some price changes as of the last half hour of trading today: JDS Uniphase Corp. (NASDAQ: JDSU) is up 8.3% at $11.57 (more coverage here); Pacific Ethanol Inc. (NASDAQ: PEIX) is down -4.5% at $0.32; Pan American Silver Corp. (NASDAQ: PAAS) is down -0.2% at $15.35; Abercrombie & Fitch Co. (NYSE: ANF) is up 9.4% at $35.36 (more coverage here); Canadian Solar Inc. (NASDAQ: CSIQ) is down -10.9% at $2.71; Deere & Co. (NYSE: DE) is down -6.2% at $75.17 (more coverage here); and Target Corp. (NYSE: TGT) is up 1.8% at $64.49 after posting a new 52-week high of $64.99 earlier today (more coverage here).

Earnings releases are slowing down, but reports scheduled before tomorrow’s open include Agilent Technologies Inc. (NYSE: A), Applied Materials Inc. (NASDAQ: AMAT), Cisco Systems Inc. (NASDAQ: CSCO), Limited Brands Inc. (NYSE: LTD), NetApp Inc. (NASDAQ: NTAP), PetSmart Inc. (NASDAQ: PETM), Sina Corp. (NASDAQ: SINA), Dollar Tree Inc. (NASDAQ: DLTR), E-commerce China Dangdang Inc. (NASDAQ: DANG), GameStop Corp. (NYSE: GME), Ross Stores Inc. (NASDAQ: ROST), Sears Holdings Corp. (NASDAQ: SHLD), and Wal-Mart Stores Inc. (NYSE: WMT).

Some standouts from today include the following stocks:

Sprint Nextel Corp. (NYSE: S) is up 8% at $5.39, after posting a new 52-week high of $5.49 earlier today. No particular news today, but investors love this stock right now.

Staples Inc. (NASDAQ: SPLS) is down -15.1% at $11.43 after posting a new 52-week low of $10.99. The office supplies store badly missed expectations and lowered its outlook. More coverage here.

Canadian Solar Inc. (NASDAQ: CSIQ) is down -11.2% at $2.70. The solar PV maker missed estimates for the second quarter, but maintained shipment guidance. Selling more for less is not a winning strategy.

Stay tuned for Thursday. Minneapolis Fed president Narayana Kocherlakota is giving a speech. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – Housing starts
8:30 a.m. – New claims for unemployment benefits
10:00 a.m. – Philadelphia Fed manufacturing survey
10:00 a.m. – E-commerce retail sales
10:30 a.m. – EIA weekly natural gas storage report
4:30 p.m. – Fed balance sheet and money supply

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AMAT, ANF, CSCO, CSIQ, DANG, DE, DLTR, ETR, GBG, GME, JDSU, JIVE, LTD, NTAP, OCZ, PAAS, PEIX, PETM, RGR, ROST, S, SHLD, SINA, SPLS, TGT, WMT