Reuters: The US economy is stable but risks remain according to Geithner.
Reuters: JPMorgan (NYSE:JPM) raised concerns about Galleon in 2001.
Reuters: As many as five million Americans have been infected with H1N1.
Reuters: Sony (NYSE:SNE) posted a fourth straight quarterly loss. Read More
Short sellers posted a mixed record on big banks. Short interest in Citigroup (C) plunged by 73% to 177.5 million shares. The short interest in Bank of America (BAC) was down 18% to 82.2 million. And, shares short in Morgan Stanley (MS) dropped 10% to 39 million.
Shares short in Fannie Mae (FNM) were up a fraction to 188.7 million. The short interest in Well Fargo (WFC) rose 5% to 90.5 million.
Companies with weak earnings prospects and poor balance sheet were hit particularly hard for the period that ended September 15. Shares sold short in Sprint (S) were up 18% to 88.6 million. Shares sold short in Alcatel-Lucent (ALU) rose 37% to 39.4 million. Short interest in Vonage (VG) was up 135% to 10.2 million. Shares short in Blockbuster (BBI) were up 28% to 25.6 million. Read More
These are the early analyst downgrades and cautious research calls seen from Wall Street firms this Wednesday morning:
Alcatel-Lucent (ALU) downgraded to Neutral at RW Baird.
Cintas (CTAS) downgraded to Underperform at RW Baird.
Carnival (CCL) downgraded to Neutral at Credit Suisse.
Commercial Metals (CMC) downgraded to Neutral at UBS.
CommScope (CTV) downgraded to Neutral at RW Baird.
Juniper (JNPR) downgraded to Neutral at RW Baird.
Prudential (PRU) downgraded to Equal Weight at Morgan Stanley.
SunTrust (STI) Started as Underperform at Wells Fargo
Tellabs (TLAB) downgraded to Neutral at RW Baird.
JON C. OGG
Reuters: Obama is asking the G 20 to reshape the global economy.
Reuters: Congress will demand details of the Bank of America/Merrill Lynch deal.
Reuters: Holiday spending is expected to be flat.
Reuters: It may be too late to catch the turnaround in eBay’s (EBAY) stock. Read More
Reuters: Sales growth of Ford (F) and Hyundai topped other car companies.
Reuters: The EU could slow a takeover of Sun (JAVA) by Oracle (ORCL).
Reuters: Home sales and factory orders signaled an end to the recession.
Reuters: Executives a bailed out banks may make millions on stock options. Read More
These are this Tuesday’s early analyst downgrades and cautious research calls which we have seen from Wall Street research firms:
Alcatel-Lucent (ALU) Cut to Neutral at Credit Suisse.
American Axle (AXL) Cut to Hold at Deutsche Bank.
Disney (DIS) Cut to Hold at Lazard.
Nokia (NOK) Cut to Underperform at Credit Suisse.
QUALCOMM (QCOM) Cut to Neutral at Credit Suisse.
Verizon (VZ) Cut to HOLD at Auriga.
JON C. OGG
Cisco Systems, Inc. (NASDAQ: CSCO) is set to report earnings after the closing bell on Wednesday. Be advised that estimates could change ever so slightly before the formal number if there are any last minute changes from analysts. Thomson Reuters has the estimates pegged at $0.29 EPS and $8.52 billion in revenues. This will also mark Cisco’s fiscal year-end for 2009. The guidance and the tone in CEO John Chambers’ voice will probably be more important here than the EPS figure.
Read More
Reuters: Banks paid out billions of dollars in bonuses last year while losing money.
Reuters: The US closed its car “clunkers” program just as it began as funds ran out.
Reuters: Obame faces more questions about his health care plan.
Reuters: A Congressional bill would affect OTC derivative holdings. Read More
Most markets in Asia were up slightly.
The Nikkei rose .5% to 10,165. Honda (HMC) rose on good results as did Sony (SNE).
The Hang Seng was up .9% to 20,312. Lower oil prices pushed down shares in PetroChina (PTR).
The Shanghai Composite was up 1.7% to 3,322.
At the open in Europe, the FTSE was up .9% to 4,586. The Dax rose .6% to 5,303. The CAC 40 moved up .7% to 3,390. France Telecom (FTE) and Alcatel-Lucent (ALU) both rose.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
We have five standout analyst calls in coverage this morning’s analyst universe for technology stocks. While Intel is in here, there are actually several other more important calls on the analyst front this morning.
Adobe Systems (ADBE) was raised to Buy from Hold at Kaufman. Alcatel-Lucent (ALU) was raised to Buy from Underperform at BofA/Merrill.
Blackboard (BBBB) is more in software, but it was upgraded to Overweight from Market Weight at Thomas Weisel. Cisco Systems (CSCO) was raised to Buy from Hold at Citigroup, as was Juniper Networks (JNPR).
Also, after Intel (INTC) reported such strong numbers, we are seeing analysts ratchet price targets. Credit Suisse stayed at ‘outperform’ but raised target to $22 from $18…. FBR stayed at ‘market Perform’ but raised the target to $18.50… Broadpoint AmTech kept a Buy and raised teh target to $23 from $19… Auriga is staying cautious, but lifted its price target to $13 from $12…
Jon C. Ogg
These are some of the top pre-market analyst upgrades, downgrades, and initiations we have seen from Wall Street with about two and a half hours until the market opens:
Alcatel-Lucent (ALU) Raised to Buy at BofA/Merrill.
Chico’s FAS (CHS) Started as Buy at Jefferies.
Children’s Place (PLCE) Started as Buy at BofA/Merrill.
Deutsche Bank (DB) Started as Outperform at FBR.
Goldman Sachs (GS) Raised to Outperform at KBW.
International Game Tech (IGT) Raised to Buy at Janney Montgomery.
Intercontinental Exchange (ICE) Raised to overweight at Barclays.
Moody’s (MCO) Raised to Hold at Jefferies.
Waste Services (WSII) Started as Neutral at JPMorgan.
3PAR (PAR) Cut to Neutral at Merriman Curhan Ford.
Jon C. Ogg
July 15, 2009
Reuters: Investors are putting money into emerging markets except Eastern Europe.
Reuters: Stanford will go to court for a $8 billion fraud allegation.
Reuters: RIM’s (RIMM) outlook disappointed.
Reuters: CEOs at bailed out companies used corporate jets for private trips.
Reuters: Congress may not accept all of Obama’s financial reforms. Read More
The sharp rally in technology stocks over the past two weeks has pushed short sellers out of the market.
The short interest in Microsoft (MFST) fell 29% in the period ending May 15 to 56.5 million shares. Shares sold short in Cisco (CSCO) dropped 26% to 50.1 million. The short interest in Oracle (ORCL) plunged 26% to 37.4 million. Shares short in Juniper (JNPR) dropped 18% to 43.2 million. Read More
Reuters: Congress passed a bill to put restrictions on credit card companies.
Reuters: The Fed mulled increasing securities during its April meeting.
Reuters: Geithner said the US was making progress fighting the credit crisis.
Reuters: Banks expect a windfall of fees from new stock issues by companies taking advantage of markets.
Reuters: Bank of America (BAC) will seek to replay the government $45 billion by the end of the year.
Reuters: California voters rejected the state budget.
Reuters: Greenspan said the US economy is improving but said banks still face capital shortfalls.
Reuters: Fiat’s CEO said that is a 50% chance for a deal with GM’s (GM) Opel.
Reuters: Lehman has been questioned about a securities sale.
Reuters: China’s economy may have lost steam.
WSJ: GMAC will get $7 billion from the Treasury.
WSJ: Economies in Japan, Mexico, and Germany are collapsing, putting pressure on trade talks.
WSJ: The Indiana pension fund is challenging the terms of the Chrysler bankruptcy.
WSJ: The Senate passed the FDA tobacco bill.
WSJ: Chrysler named a new chairman.
WSJ: New bidders have emerge for an AIG asset management unit.
WSJ: Alcatel-Lucent (ALU) has gotten into the mobile phone ad business.
WSJ: Sony’s (SNE) Stringer announced his turnaround plan.
WSJ: All 10 banks that failed “stress texts” are on their way to raising capital.
WSJ: The SEC passed rules that would give investors more power in nominating directors.
WSJ: Crude oil moved above $60.
WSJ: There is a question about whether Verizon (VZ) will keep paying its current dividend.
WSJ: Talks between Microsoft (MSFT) and Yahoo! (YHOO) are continuing.
WSJ: The UAW will be left with little influence after the auto industry restructuring.
WSJ: The UAW, with assets of $1.3 billion, is the richest union in the nation.
WSJ: Toll Brothers (TOL) sees hope in the housing industry.
WSJ: Target (TGT) see earnings about to stabilize.
WSJ: NetApp paid $1.5 billion to buy Data Domain.
WSJ: Oil refiners are predicting higher gas prices.
NYT: Driving is increasing despite higher gas prices.
NYT: China may become more picky about buying debt, including US Treasuries.
NYT: The US insurer of pensions in being pressured by the failure of several private pensions.
NYT: IPOs are offering encouraging signs for investors.
FT: Google (GOOG) dropped plans to invest in the newspaper industry.
FT: Sony (SNE) will cut its supplier network to cut procurement costs by 20%.
FT: California is facing deep budget cuts.
Bloomberg: Some Fed officials doubt the the stabilization of the economy will persist.
Bloomberg: AIG (AIG) is targeting Q1 2010 as the time for selling shares in one of its Asian units.
Douglas A. McIntyre
These are some of the top pre-market analyst upgrades and positive research calls we have seen from Wall Street this Wednesday morning with more than two hours until the market opens:
Alcatel-Lucent (ALU) Raised to Neutral from Sell at Goldman Sachs.
Amgen (AMGN) Started as Outperform at Wachovia.
HSBC (HBC) Raised to Neutral at JPMorgan.
Infineon Technologies (IFX) Raised to Buy at BofA/Merrill.
Semtech Corp. (SMTC) Raised to Outperform at Oppenheimer.
Walt Disney (DIS) Raised to Overweight at Barclays.
WebMD (WBMD) Raised to Accumulate at ThinkEquity.
JON C. OGG
According to Reuters, changes at Yahoo! (YHOO) are getting mixed reviews from employees.
Reuters reports that ten banks could could have to raise new money after stress tests.
Reuters reports that two top Fed officials think the recession will end this year.
Reuters writes that Chrysler’s bankruptcy has brought many of its dealers to the brink of closing.
Reuters reports that AIG (AIG) will post a loss for the last quarter but will not need more government money.
Reuters reports that UBS (UBS) had a first quarter loss and remains cautious.
Reuters writes that “So many U.S. banks are failing that three government bank watchdogs want the law changed to force a review only when a bank failure costs the federal insurance fund $300 million or more.”
Reuters reports that US retailers may have gained some strength in April.
Reuters reports that the FTC will look at ties between the Apple (AAPL) and Google (GOOG) boards.
Reuters reports that Bank of America (BAC) said it does not need to raise new funds.
Reuters reports that Chinese exporters are having to try to sell their goods within their country.
The Wall Street Journal reports that stress tests will force several banks to raise money including Citigroup (C), Wells Fargo (WFC), and Bank of America (BAC).
The Wall Street Journal reports that “A government program to unfreeze the credit markets got a boost as companies rushed to issue nearly $10 billion of bonds and as credit markets rode the same wave of optimism that sent stocks soaring.”
The Wall Street Journal writes that fewer banks are tightening lending standards compared to a few months ago.
The Wall Street Journal reports that Alcatel-Lucent (ALU) lost money.
The Wall Street Journal reports that Chrysler expects a profit in 2012.
The Wall Street Journal reports that the new Amazon (AMZN) Kindle will be aimed at the education market.
The Wall Street Journal reports that business is upset about plans to tax overseas profits.
The Wall Street Journal reports that more consumers are making coffee at home.
The Wall Street Journal reports that the rally has sent stocks into the black for 2009.
The Wall Street Journal reports that Sprint’s (S) loss widened as it lost more customers.
The Wall Street Journal reports that banks are facing hits on real estate loans.
The Wall Street Journal writes that CEO pay fell as bonuses dropped.
The Wall Street Journal reports that a lack of cost information has slowed the overhaul of healthcare.
The Wall Street Journal reports that a bounce in manufacturing in Asia needs help from US demand.
The Wall Street Journal reports that one bottler has rejected a buyout from Pepsi (PEP).
The Wall Street Journal reports that Roger Penske may be a buyer of the Saturn unit of GM (GM).
The Wall Street Journal reports that a Fiat plan to buy Opel may mean big job cuts.
The Wall Street Journal reports that MGM (MGM) earnings fell 10%.
The Wall Street Journal reports that the RIM (RIMM) Blackberry Curve outsold the Apple (AAPL) iPhone last quarter.
The Wall Street Journal reports that The New York Times (NYT) is near a deal to keep The Boston Globe open.
The Wall Street Journal reports that the pace at which advertising is falling quickened to 9.2%.
The New York Times reports that growth in India is slowing due to lack of investment.
The New York Times reports that Germany may help Fiat with a bid for Opel.
The New York Times reports that the EU is forecasting a deepening recession.
The FT writes that the wealth management arm of UBS may suffer 10,000 job cuts.
Bloomberg reports that Chrysler non-TARP lenders are opposing the sale of its assets.
Douglas A. McIntyre
These are the top analyst upgrades and positive research calls we have seen from Wall Street this Friday morning with about two hours until the market opens:
Alcatel-Lucent (ALU) Raised to Outperform at Baird.
Allergan (AGN) Started as Buy at UBS.
AMAG Pharma (AMAG) Started as Buy at Citigroup.
Employers Holdings (EIG) Raised to Outperform at KBW.
JPMorgan Chase (JPM) Started as Outperform at Baird.
Logitech (LOGI) Raised to Neutral from Underperform at B of A Merrill.
McDonald’s (MCD) Raised to Outperform at Baird.
Palm (PALM) Raised to Outperform at RBC.
JON C. OGG
Alcatel-Lucent (NYSE: ALU) is a stock where we just saw a major price alert this morning, although not from our normal US channels. The company’s shares in Europe are now under the 1.oo euro mark. That price of EUR 0.96 does not constitute a sub-$1.00 stock here as the ADR’s trade at $1.19. This looks like the first time that these shares have been this low in Europe. The US trading range is (was, actually) $1.23 to $7.67, and it was between $10 and $15 in the just eighteen months ago and most of the 3-year period before that. The reason that the “sub-1.00″ level is important in euros is because the stock trades more than 21 million shares overseas, which is almost three-times the volume we now see in the U.S. This one has now been cut in more than half in three months.
JON C. OGG
MARCH 3, 2009
According to Reuters, The National Association of Business Economics survey found that members believe that the economy has it its worst period in 27 years.
Reuters reports that Pfizer (PFE) is close to a deal to buy Wyeth (WYE).
Reuters writes that Bank of American (BAC) played a role in $4 billion of bonuses granted to Merrill Lynch employees.
Reuters reports that bankruptcy fears have hit auto parts suppliers.
The business of selling handsets and cellular service was supposed to be close to "recession proof". A number of citizens in place like China and India still do not have wireless phones. The build-out of 3G systems in those nations was supposed to drive handset sales.
In the developed world, most people upgrade a phone every year to two. New multimedia phones are better than the old handsets that just handle voice calls. A new Blackberry (RIMM) or Apple (AAPL) iPhone is a more useful product than a Nokia (NOK) made in 2006.
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