24/7 Wall St. » BODY

24/7 Wall St. Closing Bell — March 1, 2013: Markets Struggle to Small Gains (DB, V, DRI, BUD, ADSK, BODY, CTIC, CLNE, DECK, GPS, MCP, PANW, SD, BBY, ARNA, BYD, SSYS, RIG, GRPN, MTG, IEP)

Paul Ausick — Fri, 01 Mar 2013 21:03:42 +0000

U.S. equity markets opened lower this morning following a number of disappointing data releases in Europe and Asia. Eurozone PMI remains on the pessimistic side, with a reading of 47.9, and the unemployment rate ticked higher to 11.9% (more coverage here). Italy’s debt-to-GDP ratio is at its highest level in 20 years, and U.K. PMI came in well below expectations. In Asia, China’s PMI came in just into the optimism zone with a reading of 50.1, down from a previous reading of 50.4. In the U.S. the report on personal income and savings disappointed investors (more coverage here), while both the ISM manufacturing index and consumer sentiment index posted solid gains (more coverage here). But stocks could do little more than remain in positive territory on the day when a mandatory cut of $85 billion in the federal budget went into effect.

The U.S. dollar index rose 0.44% today, now at 82.294. The GSCI commodity index is down 0.3% at 648.21, with commodities prices mixed today. WTI crude oil closed down 1.5% today, at $90.68 a barrel, down 2.6% for the week and the lowest closing price since December 24th. Brent crude trades down 0.9% at $110.36 a barrel. Natural gas is down 0.8% today at about $3.46 per million BTUs. Gold settled down 0.4% today at $1,572.30 an ounce, the lowest close since last July, but only fractionally below last week’s close.

The unofficial closing bells put the DJIA up more than 35 points to 14,090.04 (0.25%), the NASDAQ rose nearly 10 points (0.30%) to 3,169.74, and the S&P 500 rose 0.24% or nearly 4 points to 1,518.24.

There were a several analyst upgrades and downgrades today, including Deutsche Bank AG (NYSE: DB) cut to ‘sell’ at Goldman Sachs; Visa Inc. (NYSE: V) cut to ‘hold’ at Argus; Darden Restaurants Inc. (NYSE: DRI) cut to ‘neutral’ at UBS; Anheuser-Busch InBev SA (NYSE: BUD) raised to ‘outperform’ at Credit Suisse; and Autodesk Inc. (NASDAQ: ADSK) raised to ‘buy’ with a price target of $45 at Jefferies.

Earnings reports since markets closed last night resulted in several price moves today, including these: Body Central Corp. (NASDAQ: BODY) is up 1.6% at $7.83; Cell Therapeutics Inc. (NASDAQ: CTIC) is down 10.6% at $1.20; Clean Energy Fuels Corp. (NASDAQ: CLNE) is up 2.4% at $12.88; Deckers Outdoor Corp. (NASDAQ: DECK) is up 15.6% at $46.72; Gap Inc. (NYSE: GPS) is up 2.6% at $33.78; Molycorp Inc. (NYSE: MCP) is down 5.4% at $5.81; Palo Alto Networks Inc. (NYSE: PANW) is down 3.9% at $58.73; SandRidge Energy Co. (NYSE: SD) is down 4.4% at $5.45; and Best Buy Co. Inc. (NYSE: BBY) is up 3.4% at $16.96 (more coverage here).

Before markets open Monday morning we are scheduled to hear from Arena Pharmaceuticals Inc. (NASDAQ: ARNA), Boyd Gaming Corp. (NYSE: BYD), Stratasys Ltd. (NASDAQ: SSYS), and Transocean Ltd. (NYSE: RIG).

Some standouts from today include the following stocks:

Groupon Inc. (NASDAQ: GRPN) is up 14.8% at $5.20. The daily deals website fired its CEO last night. More coverage here.

MGIC Investment Corp. (NYSE: MTG) is up 27.5% at $3.80. The mortgage insurer posted another loss yesterday, but investors appear to think that the insurers will get well when Uncle Sam plays a smaller role in the housing market. More coverage on today’s spiky stocks here.

Icahn Enterprises LP (NASDAQ: IEP) is down 15.3% at $60.57. The Carl Icahn-controlled MLP issued more shares (actually, common interests) at a 13% discount this morning. Like MTG, another of today’s spiky stocks.

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

11:30 a.m. – 3- and 6-month bill auctions

Have a great weekend!

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ADSK, ARNA, BBY, BODY, BUD, BYD, CLNE, CTIC, DB, DECK, DRI, GPS, GRPN, IEP, MCP, MTG, PANW, RIG, SD, SSYS, V

24/7 Wall St. Closing Bell — February 28, 2013: Markets Climb Before Late Day Slide (EBAY, RHT, SKS, FSLR, VMW, CECO, CLR, GRPN, GTAT, JCP, LTD, MNST, RGR, PANL, BKS, CVC, KSS, SHLD, BODY, CTIC, CLNE, DECK, GPS, MCP, PANW, SD, BBY, GRPN, JCP, BSFT)

Paul Ausick — Thu, 28 Feb 2013 21:04:03 +0000

U.S. equity markets opened mixed this morning as the federal budget sequester appears to be set to go into effect tomorrow. Global data releases were also mixed. In Europe, the consumer price index came in at 2%, as expected, but Spain’s fourth-quarter GDP revision was worse than expected. Consumer spending slipped in France and German unemployment ticked up to 6.9%. In Asia, the news was better, with the official announcement of a dovish replacement for Governor of the Bank of Japan and Japanese PMI up month-over-month. In the U.S. the second revision to GDP growth rose less than expected, to just 0.1% (more coverage here).

The U.S. dollar index rose 0.38% today, now at 81.906. The GSCI commodity index is down 0.8% at 650.13, with commodities prices mostly higher today. WTI crude oil closed down 0.8% today, at $92.05 a barrel, losing 5.6% on the month (more coverage here). Brent crude trades down 0.7% at $111.10 a barrel. Natural gas is up about 1.3% today at about $3.48 per million BTUs following the weekly storage report (more coverage here). Gold settled down 1.1% today at $1,578.10 an ounce, down about 5% for the month of February.

The unofficial closing bells put the DJIA down about 21 points to 14,054.25 (-0.15%), the NASDAQ fell about 2 points (-0.07%) to 3,160.19, and the S&P 500 fell -0.09% or more than 1 point to 1,514.56.

There were a several analyst upgrades and downgrades today, including eBay Inc. (NASDAQ: EBAY) started as ‘outperform’ at BMO; Red Hat Inc. (NYSE: RHT) started as ‘overweight’ at Barclays; Saks Inc. (NYSE: SKS) cut to ‘underweight’ at Morgan Stanley; First Solar Inc. (NASDAQ: FSLR) reiterated as ‘hold’ at Argus; and VMware Inc. (NYSE: VMW) started as ‘hold’ at Stifel Nicolaus.

Earnings reports since markets closed last night resulted in several price moves today, including these: Career Education Corp. (NASDAQ: CECO) is down 9% at $3.25; Continental Resources Inc. (NYSE: CLR) is up 4.7% at $87.88; GT Advanced Technologies Inc. (NASDAQ: GTAT) is down 6.5% at $2.87; Limited Brands Inc. (NYSE: LTD) is up 2.7% at $45.72; Monster Beverage Corp. (NASDAQ: MNST) is up 3.3% at $51.27; Sturm Ruger & Co. Inc. (NYSE: RGR) is up 2.6% at $54.89 (more coverage here); Universal Display Corp. (NASDAQ: PANL) is up 13.5% at $31.67; Barnes & Noble Inc. (NYSE: BKS) is up 4.5% at $15.92; Cablevision Systems Corp. (NYSE: CVC) is down 9.1% at $14.06; Kohl’s Corp. (NYSE: KSS) is down 1.1% at $46.10; and Sears Holdings Corp. (NASDAQ: SHLD) is down 6.2% at $44.52 (more coverage here).

After markets close today and before they open tomorrow morning we are scheduled to hear from Body Central Corp. (NASDAQ: BODY), Cell Therapeutics Inc. (NASDAQ: CTIC), Clean Energy Fuels Corp. (NASDAQ: CLNE), Deckers Outdoor Corp. (NASDAQ: DECK), Gap Inc. (NYSE: GPS), Molycorp Inc. (NYSE: MCP), Palo Alto Networks Inc. (NYSE: PANW), and SandRidge Energy Co. (NYSE: SD).

Best Buy Co. Inc. (NYSE: BBY) was scheduled to report after closing today, but announced a delay until tomorrow, ahead of tonight’s deadline to receive an offer from founder Richard Schulze (more coverage here).

Some standouts from today include the following stocks:

Groupon Inc. (NASDAQ: GRPN) is down 24.3% at $4.53. The daily deals web site absolutely cratered on a dismal earnings report last night. More coverage here.

J.C. Penney Co. Inc. (NYSE: JCP) is down 18% at $17.34. The department store operator posted results that were even worse than Groupon’s. More coverage here.

Broadsoft Inc. (NASDAQ: BSFT) is down 30.8% at $21.39. The Internet communications company posted good earnings last night, but guidance was way below expectations.

Stay tuned for Friday. Fed Chairman Ben Bernanke is giving a speech. Automakers will be announcing February car sales throughout the day.We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Personal income and outlays
8:58 a.m. – PMI manufacturing index
9:55 a.m. – University of Michigan/Thomson Reuters consumer sentiment index
10:00 a.m. – Institute for Supply Management manufacturing index
10:00 a.m. – Construction spending

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: BBY, BKS, BODY, BSFT, CECO, CLNE, CLR, CTIC, CVC, DECK, EBAY, FSLR, GPS, GRPN, GTAT, JCP, KSS, LTD, MCP, MNST, PANL, PANW, RGR, RHT, SD, SHLD, SKS, VMW

24/7 Wall St. Closing Bell — August 3, 2012: Market Jumps on Payroll Data

Paul Ausick — Fri, 03 Aug 2012 20:06:17 +0000

The three major US stock indexes opened about 1% higher this morning following the news that non-farm payrolls grew by a much larger-than-expected 163,000 (our coverage here). Once investors warmed up to the risk-on feeling, equities rose another 1% and have been pretty consistently up 2% since before noon. Asian markets were mixed this morning, with Shanghai up on expectations of some government stimulus and Japan down on some poor earnings reports. European markets were higher on strength in the financial stocks, the result of falling yields on Spanish and Italian bonds.

The US dollar index tumbled today, now down -1.18% at 82.375. The GSCI commodity index fell by about -1.1% to 630.33, with commodities prices higher today on the weaker dollar. WTI crude oil rose a whopping 4.9% today, closing at $91.40/barrel. Brent crude trades up 2.83% at $108.90/barrel. Natural gas is down -0.68% today to $2.90/thousand cubic feet. Gold settled at $1,609.30/ounce, up 1.2% for the day.

The unofficial closing bells put the DJIA up more than 217 points to 13,096.09 (1.69%), the NASDAQ rose about 58 points (2%) to 2,967.90, and the S&P 500 rose 1.9% or about 26 points to 1,390.99.

There were several analyst upgrades and downgrades today, including Nokia Corp. (NYSE: NOK) cut to ‘sell’ at Goldman Sachs; Nordstrom Inc. (NYSE: JWN) cut to ‘neutral’ at Baird; Whole Foods Market Inc. (NASDAQ: WFM) raised to ‘overweight’ at Morgan Stanley; MGIC Investment Corp. (NYSE: MTG) cut to ‘market perform’ at FBR; and Sunoco Logistics Partners L.P. (NYSE: SXL) raised to ‘buy’ at BofA/ML.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Activision Blizzard Inc. (NASDAQ: ATVI) is down -4.9% at $11.19; American Water Works Co. Inc. (NYSE: AWK) is up 3.4% at $37.49 after posting a new 52-week high of $39.38 earlier today; Body Central Corp. (NASDAQ: BODY) is down -15.9% at $8.07 after posting a new 52-week low of $7.71 earlier today; CBS Corp. (NYSE: CBS) is up 5.8% at $34.97 after posting a new 52-week high of $35.17 earlier today; Kodiak Oil & Gas Corp. (NYSE: KOG) is up 7.1% at $8.10 after posting a new 52-week high of $8.35 earlier today; Westport Innovations Inc. (NASDAQ: WPRT) is up 12.8% at $39.00; Agrium Inc. (NYSE: AGU) is up 0.9% at $95.04 (more coverage here); Beazer USA Homes Inc. (NYSE: BZH) is down -2.6% at $2.25 (more coverage here); NYSE Euronext (NYSE: NYX) is up 1.3% at $24.89; Viacom Inc. (NASDAQ: VIAB) is up 3.2% at $47.30 (more coverage here); and Wellcare Health Plans Inc. (NYSE: WCG) is down -11.5% at $55.21.

Before markets open on Monday we are scheduled to get earnings results from Alexander’s Inc. (NYSE: ALX), American States Water Co. (NYSE: AWR), Changyou.com Ltd. (NASDAQ: CYOU), FreightCar America Inc. (NASDAQ: RAIL), HCA Holdings Inc. (NYSE: HCA), MakeMyTrip Ltd. (NASDAQ: MMYT), Sohu.com Inc. (NASDAQ: SOHU), and Youku Inc. (NYSE: YOKU) among others.

Some standouts from today include the following stocks:

Knight Capital Group Inc. (NYSE: KCG) is up 56.9% at $4.05. The financial services firm caught a couple of badly needed breaks today. More coverage here and here.

Molycorp Inc. (NYSE: MCP) is down -28% at $11.57 after posting a new 52-week low of $11.31 earlier today. The rare earths miner posted disappointing results last night, and offered a weak-sounding outlook. More coverage here.

Zipcar Inc. (NASDAQ: ZIP) is down -34.9% at $6.93 after posting a new 52-week low of $6.50 earlier today. The car rental firm posted weaker-than-expected earnings and revenues. More coverage here.

Stay tuned for Monday. Fed Chairman Ben Bernanke is giving a speech. We have noted the following events on the schedule (all times Eastern):

11:30 a.m. – 3- and 6-month bill auctions
3:00 p.m. – Treasury STRIPS

Have a great weekend!

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AGU, ALX, ATVI, AWK, AWR, BODY, BZH, CBS, COG, CYOU, HCA, JWN, KCG, MCP, MMYT, MTG, NOK, NYX, RAIL, SOHU, SXL, VIA-B, WCG, WFM, WPRT, YOKU, ZIP

Market Slides on Central Banks’ Inaction

Paul Ausick — Thu, 02 Aug 2012 20:03:08 +0000

The three major US stock indexes opened lower this morning as the Bank of England left interest rates alone (our coverage here) and the European Central Bank (ECB) did the same (our coverage here and here). The lack of any concrete action by either the British or the Eurozone to deal with the European financial debacle weighed markets down all day. The US report on factory orders was lower than expected (our coverage here), though retail sales were better than expected (our coverage here). But tomorrow’s report on US non-farm payrolls, which is expected to show a gain of about 100,000 jobs, could put some life back into the markets.

The US dollar index rose today, now up 0.33% at 83.328. The GSCI commodity index rose by about 0.3% to 637.61, with commodities prices mixed today. WTI crude oil fell -2% today, closing at $87.13/barrel. Brent crude trades up 0.04% at $106.00/barrel. Natural gas is down -7.7% today to $2.927/thousand cubic feet, following a larger-than-expected addition to inventories (our coverage here). Gold settled at $1,590.70/ounce, down -1% for the day.

The unofficial closing bells put the DJIA down more than 91 points to 12,879.86 (-0.70%), the NASDAQ fell more than 10 points (-0.36%) to 2,909.77, and the S&P 500 fell -0.74% or about 10 points to 1,365.01.

There were several analyst upgrades and downgrades today, including Knight Capital Group (NYSE: KCG) cut to ‘market perform’ at Raymond James (more coverage here); Potash Corp. of Saskatchewan (NYSE: POT) cut to ‘hold’ at Dahlman Rose; Starbucks Corp. (NASDAQ: SBUX) cut to ‘hold’ at Argus; DryShips Inc. (NASDAQ: DRYS) cut to ‘hold’ at Deutsche Bank; and Abercrombie & Fitch Co. (NYSE: ANF) cut to ‘neutral’ at Baird and to ‘overweight’ at Piper Jaffray.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Atlas Pipeline Partners LP (NYSE: APL) is up 0.3% at $33.10; Avis Budget Group Inc. (NASDAQ: CAR) is up 9.4% at $15.42; CVR Energy Inc. (NYSE: CVI) is down -2.9% at $27.37; First Solar Inc. (NASDAQ: FSLR) is up 23.2% at $18.24 (more coverage here); General Growth Properties Inc. (NYSE: GGP) is up 1.6% at $18.50 after posting a new 52-week high of $18.70 earlier today; GT Advanced Technologies Inc. (NASDAQ: GTAT) is down -3.1% at $4.76; Onyx Pharmaceuticals Inc. (NASDAQ: ONXX) is down -0.4% at $72.86; Seaspan Corp. (NYSE: SSW) is up 0.6% at $15.68; American Superconductor Corp. (NASDAQ: AMSC) is up 21.7% at $4.31 (more coverage here); Apache Corp. (NYSE: APA) is -5% at $82.53 (more coverage here); Beam Inc. (NYSE: BEAM) is down -1% at $60.92; Boise Inc. (NYSE: BZ) is up 4.4% at $7.35; Duke Energy Corp. (NYSE: DUK) is down -0.4% at $67.25; Lear Corp. (NYSE: LEA) is up 1.9% at $36.40; Monster Worldwide Inc. (NYSE: MWW) is down -14.8% at $6.06 after posting a new 52-week low of $5.72 earlier today; and Time Warner Cable Inc. (NYSE: TWC) is up 3.1% at $88.29 after posting a new 52-week high of $88.77 earlier today.

After markets close today we are set to hear from Activision Blizzard Inc. (NASDAQ: ATVI), American Water Works Co. Inc. (NYSE: AWK), Body Central Corp. (NASDAQ: BODY), CBS Corp. (NYSE: CBS), Kodiak Oil & Gas Corp. (NYSE: KOG), Molycorp Inc. (NYSE: MCP), and Westport Innovations Inc. (NASDAQ: WPRT).

Before markets open tomorrow we are scheduled to get earnings results from Agrium Inc. (NYSE: AGU), Beazer USA Homes Inc. (NYSE: BZH), NYSE Euronext (NYSE: NYX), Viacom Inc. (NASDAQ: VIAB), and Wellcare Health Plans Inc. (NYSE: WCG) among others.

Some standouts from today include the following stocks:

Knight Capital Group Inc. (NYSE: KCG) is down -62.4% at $2.61 after posting a new 52-week low of $2.27 earlier today. The financial services company is collapsing. More coverage here.

Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) is up 28.8% at $23.07. The specialty coffee supplier lowered estimates last night, but the share price jumped today on valuation.

First Solar Inc. (NASDAQ: FSLR) is up 23.2% at $18.24. The solar PV maker’s earnings have raised all solar boats today. More coverage here and here.

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

8:30 a.m. – Non-farm payrolls
10:00 a.m. – Institute for Supply Management (ISM) non-manufacturing index

Paul Ausick

Filed under: 24/7 Wall St. Wire, Active Trader, HI/LOW, Market Close Tagged: AGU, AMSC, ANF, APA, APL, ATVI, AWK, BEAM, BODY, BZ, BZH, CAR, CBS, COG, CVI, DRYS, DUK, FSLR, GGP, GMCR, GTAT, KCG, LEA, MCP, MWW, NYX, ONXX, POT, SBUX, SSW, TWC, VIA-B, WCG, WPRT

June Retail Sales Predicted Soft (COST, LTD, SKS, BKE, JWN, KSS, KORS, LULU, ZUMZ, FRAN, ANF, DSW, BBBY, BODY)

Paul Ausick — Tue, 26 Jun 2012 13:35:43 +0000

Retails sales for the month of June are expected to show only modest growth according to research firm Retail Metrics Inc. June is not a particularly good month for most retailers, and this year stores have to compare sales to June 2011 when the sales growth over June 2010 averaged a phenomenal 7.2%.

Costco Wholesale Corp. (NASDAQ: COST), for example is up against a 14% same-store sales rise in 2011. Limited Brands Inc. (NYSE: LTD) and Saks Inc. (NYSE: SKS) face comparable store growth of 12%, Buckle Inc. (NYSE: BKE) will be compared to 11% growth last year, Zumiez Inc. (NASDAQ: ZUMZ) goes against a 10% growth rate, Nordstrom Inc. (NYSE: JWN) jumped 8% last year, and Kohl’s Corp. (NYSE: KSS) grew 7.5% in June 2011.

Some retailers have projected big numbers for the second quarter, including June. Michael Kors Holdings Ltd. (NYSE: KORS) expects second quarter same-store sales to jump 35% and the company raised second quarter guidance. Lululemon Athletica Inc. (NASDAQ: LULU) and Francesca’s Holdings Corp. (NASDAQ: FRAN) are expecting low double-digit sales growth in the second quarter, while Zumiez expects growth of 8%-10%, mainly related to the acquisition of Blue Tomato stores.

Stores expecting less good news include Abercrombie & Fitch Co. (NYSE: ANF), which posted a -5% comparable store sales rate in the first quarter continues to close stores. DSW Inc. (NYSE: DSW) expects same store sales growth of 2%-4%, way below of growth in the past 10 quarters, while Bed, Bath & Beyond Inc. (NASDAQ: BBBY) posted growth of 3% for its second quarter, but missed EPS expectations. Body Central Corp. (NASDAQ: BODY) has said only that sales have been soft since April.

With consumer confidence weakening, job growth declining, and unemployment no better than stable, retailers could be in for a tough summer.

Paul Ausick

Filed under: Apparel, Economy, Retail Tagged: ANF, BBBY, BKE, BODY, COST, DSW, FRAN, JWN, KORS, KSS, LTD, LULU, SKS, ZUMZ

24/7 Wall St. Closing Bell — June 18, 2012 (EBAY, EOG, CELG, NOK, PAY, ADBE, BKS, FDX, JBL, JEF, TOPS, XG, AUY, IDCC, INTC, BODY)

Paul Ausick — Mon, 18 Jun 2012 20:05:44 +0000

The three major US stock indexes opened lower this morning as markets reacted to a rise in the yield of Spanish 10-year debt to more than 7% (our coverage here). The weekend elections in Greece salved some worries about the dissolution of the Eurozone (our story here). The US housing market index came in a bit better than expected. Tech stocks boosted the Nasdaq today, but the DJIA and the S&P 500 didn’t get such help.

The US dollar index rose today, now up 0.43% at 81.975. The GSCI commodity index is up fractionally at 582.62, with commodities prices tending higher today. WTI crude oil closed down -0.9% at $83.27/barrel. Brent crude trades down -2% at $95.66/barrel. Natural gas rose more than 7% today to $2.647/thousand cubic feet (more coverage here). Gold settled down -0.1%, at $1,627.00/ounce.

The unofficial closing bells put the DJIA down more than 25 points to 12,741.89 (-0.20%), the NASDAQ rose more than 22 points (0.78%) to 2,895.33, and the S&P 500 rose 0.14% or nearly 2 points to 1,344.77.

There were several analyst upgrades and downgrades today, including eBay Inc. (NASDAQ: EBAY) started as ‘outperform’ at KBW; EOG Resources Inc. (NYSE: EOG) raised to ‘buy’ at UBS; Celgene Corp. (NASDAQ: CELG) cut to ‘sector perform’ at RBC; Nokia Corp. (NYSE: NOK) reiterated as ‘hold’ at Argus; and Verifone Systems Inc. (NYSE: PAY) raised to ‘buy’ at UBS. We also noted six unusual analyst calls today.

There have been no earnings reports of note since markets closed on Friday.Tomorrow we are scheduled to get earnings from Adobe Systems Inc. (NASDAQ: ADBE), Barnes & Noble Inc. (NYSE: BKS), FedEx Corp. (NYSE: FDX), Jabil Circuit Inc. (NYSE: JBL), Jefferies Group Inc. (NYSE: JEF), and Top Ships Inc. (NASDAQ: TOPS).

Other standouts from today include the following stocks:

Extorre Gold Mines Ltd. (AMEX: XG) is up 55.6% at $4.14. The Canadian junior gold miner is being acquired by Yamana Gold Inc. (NYSE: AUY). More coverage here.

InterDigital Inc. (NASDAQ: IDCC) is up 25.7% at $28.75. The wireless communications technology company has agreed to sell patents worth $375 million to Intel Corp. (NASDAQ: INTC).

Body Central Corp. (NASDAQ: BODY) is down -48.7% at $8.21, after posting a new 52-week low of $8.10 earlier today. The retailer of young women’s apparel and accessories cut its guidance for the second time in two months.

Stay tuned for Tuesday. The FOMC begins its monthly 2-day meeting tomorrow. We have noted the following events (all times Eastern):

8:30 a.m. – Housing starts
11:30 a.m. – 4-week bill auction

Paul Ausick

Filed under: Active Trader, HI/LOW, Market Close Tagged: ADBE, AUY, BKS, BODY, CELG, EBAY, EOG, FDX, IDCC, INTC, JBL, JEF, NOK, PAY, TOPS, XG

24/7 Wall St. Closing Bell (LNKD, FDX, ALL, RHT, SKS, FSLR, SPWR, AES, DUK, EL, WPO, EXC, MSG, AWR, BBEP, DNDN, DISH, LPX, KID, JKS, TSN, BAGL, DLB, BODY)

Paul Ausick — Fri, 04 May 2012 20:07:31 +0000

The major US stock indexes opened lower this morning following a weak report on non-farm payrolls (our coverage here). The lack of any further data to chew over left the markets with nothing to do but worry about slowing growth. Energy stocks led the slide as crude prices continued to fall (more coverage here). The US dollar index rose today, now up 0.35% at 79.495. The GSCI commodity index is down about -1.3% at 6769.36, with commodities mixed on the gains for the dollar. WTI crude oil closed down -4.6% at $97.81/barrel, its lowest level since mid-February, and Brent crude trades down -2.48% at $113.20/barrel. Gold settled up 0.6% today, at $1,645.20/ounce.

The unofficial closing bells put the DJIA down more than 168 points to 13,038.04 (-1.28%), the NASDAQ fell nearly 68 points (-2.25%) to 2,956.34, and the S&P 500 fell -1.62% or more than 22 points to 1,369.09.

There were several analyst upgrades and downgrades today, including LinkedIn Corp. (NYSE: LNKD) target price raised to $140 at Susquehanna; FedEx Corp. (NYSE: FDX) raised to ‘strong buy’ at Raymond James; The Allstate Corp. (NYSE: ALL) raised to ‘overweight’ at Barclays; Red Hat Inc. (NYSE: RHT) started as ‘outperform’ at BMO; and Saks Inc. (NYSE: SKS) reiterated ‘buy’ and target price of $14 at Argus.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: First Solar Inc. (NASDAQ: FSLR) is down -6% at $16.98 after posting a new 52-week low of $16.80 earlier today (more solar coverage here); SunPower Corp. (NASDAQ: SPWR) is down -2.1% at $5.58; AES Corp. (NYSE: AES) is down -0.7% at $12.13 (more utilities coverage here); Duke Energy Corp. (NYSE: DUK) is up 0.9% at $21.60; Estée Lauder Companies Inc. (NYSE: EL) is down -5.8% at $60.44 (more coverage here); The Washington Post Co. (NYSE: WPO) is down -5.4% at $355.88; Exelon Corp. (NYSE: EXC) is down -0.7% at $38.54; and The Madison Square Garden Co. (NASDAQ: MSG) is up 3.7% at $37.87 after posting a new 52-week high of $38.38..

On Monday we get earnings from American States Water Co. (NYSE: AWR), Breitburn Energy Partners L.P. (NASDAQ: BBEP), Dendreon Corp. (NASDAQ: DNDN), Dish Network Corp. (NASDAQ: DISH), Louisiana Pacific Corp. (NYSE: LPX), Kid Brands Inc. (NYSE: KID), Jinkosolar Holding Co. Ltd. (NYSE: JKS), and Tyson Foods Inc. (NYSE: TSN).

Other standouts from today include the following stocks:

Einstein Noah Restaurant Group, Inc. (NASDAQ: BAGL) is up 19.9% at $16.84 after posting a new 52-week high of $17.68 earlier today. The bagel maker and restaurateur reported strong earnings and said it would begin to explore strategic options.

Dolby Laboratories Inc. (NYSE: DLB) is up 17.5% at $44.22. The company reported strong earnings and has signed a deal with Microsoft Corp. (NASDAQ: MSFT). More coverage here.

Body Central Corp. (NASDAQ: BODY) is down -47.8% at $15.11. The young women’s apparel seller reported poor earnings and forecast more of the same until at least back-to-school season.

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

11:30 a.m. – 3- and 6- month bill auction
3:00 p.m. – Consumer credit report

Have a great weekend.

Paul Ausick

Filed under: Active Trader, HI/LOW, Market Close Tagged: AES, ALL, AWR, BAGL, BBEP, BODY, DISH, DLB, DNDN, DUK, EL, EXC, FDX, FSLR, JKS, KID, LNKD, LPX, MSG, RHT, SKS, SPWR, TSN, WPO

What Recession? More Strength in Retail Sales Expected (WAG, LTD, TJX, ROST, GPS, LULU, PSMT, BODY, BKE, CHS, TIF)

Jon C. Ogg — Tue, 02 Aug 2011 15:29:16 +0000

This week marks the release of the waves of same-store sales for the month of July and at least one research outfit is calling for strength to remain high enough that the U.S. will have seen twenty-three months of consecutive comparable sales growth. Retail Metrics is calling for a broad 4.7% gain in same-store sales for July. The top performing sectors are expected to be discounters, teen apparel, Drugstore, and Wal-Mart related.

Drug store forecasts are down 20 basis-points to 2.7% due to Walgreen Co. (NYSE: WAG). Retail Metrics sees slightly higher expectations for Limited Brands, Inc. (NYSE: LTD), The TJX Companies, Inc. (NYSE: TJX), and even for Ross Stores Inc. (NASDAQ: ROST). Gap Inc. (NYSE: GPS) comparable projections moved lower. Expectations for Hot Topic moved up helping the teen group tick higher.

Retail Metrics did highlight some of the extreme gains expected, in order, as follows: Lululemon Athletica Inc. (NASDAQ: LULU) at +16.5%, PriceSmart Inc. (NASDAQ: PSMT) at +16.0%, Body Central Corp. (NASDAQ: BODY) at +11.8%, Buckle Inc. (NYSE: BKE) at 11.0%, Chico’s FAS Inc. (NYSE: CHS) at +10.4%, and Tiffany & Co. (NYSE: TIF) at +10.2%. These expected gains are not helping many of these stocks on Tuesday, but double-digit same-store sales growth is likely going to be more than impressive in this environment. We noted a drop expected in Gap Inc. (NYSE: GPS) and that is now expected to come in at -0.8% in same-store sales growth.

What is driving the gains despite a slowing economy? Traffic levels at stores have remained solid, higher-end retailers are faring better, 4th of July weekend was a good start for the month, hot weather favored mall traffic, gas prices are down, and more. Higher unemployment, weaker consumer confidence, apparel price hikes, and weaker housing data are all potential drags per the Retail Metrics data.

Many retail same-store sales do sometimes come out much different than expected and the reasons can literally be from a discrepancy of one day’s reporting. It is good to see that growth is still being seen somewhere, and more important is that the growth is expected to remain in place despite weak data being seen on most other fronts.

As a reminder, these figures will set the tone for the retail earnings reports that will kick off in the next two weeks as retailers have a one-month lag compared to most other companies in reporting earnings.

JON C. OGG

Filed under: Apparel, Consumer Goods, Consumer Product, Economy, Retail Tagged: BKE, BODY, CHS, GPS, LTD, LULU, PSMT, ROST, TIF, TJX, WAG

Body Central Secondary, Discount Outweighs Dilution (BODY)

Jon C. Ogg — Fri, 11 Feb 2011 13:01:32 +0000

Body Central Corp. (NASDAQ: BODY) has a secondary offering which priced at a healthy discount for those who are getting shares. It should have come at a discount since almost the entire sale is from insiders of the company. We originally had up to 5 million shares indicated in the sale and the actual offering came to 4,959,795 shares of common stock. Body Central is a retailer of young women’s apparel and accessories.

The price went off at $16.50 per share versus the close of $16.87 yesterday and versus the price of $17.98 from before the secondary offering paperwork was filed after the close on January 27, 2011. Keep in mind that it was January 10, 2011 after the close that Body Central raised its earnings and revenue guidance and shares overnight went from $15.11 to $19.24 before peaking a couple days later at $21.30.

This company just came public in October of 2010 in a 5 million share offering at $13.00 per share. The offering priced under expectations, but the shares actually traded higher.

Piper Jaffray and Jefferies & Co. were the lead managers of the original IPO and they are both the lead managers of today’s offering.

Since its IPO, shares have traded in a range of $11.98 to $21.30. Normally we’d say that this offering is simply enriching the original investor groups rather than helping the company. It seems that the discounting was enough to entice buyers because the pre-market indications have shares up around $17.20 in the pre-market trading.

JON C. OGG

Filed under: Apparel, IPOs, IPOs & Secondaries, Retail Tagged: BODY