24/7 Wall St. » CF

Top Analyst Upgrades and Downgrades (ALU, MT, BBRY, BIP, BG, CAT, FSLR, GOV, HPQ, HD, ISRG, MCD, MDT, RFMD, S, TASR, TNK, PAY, VVUS, WEN, XRX, AGU, CF, MOS, POT, RNF)

Jon C. Ogg — Fri, 22 Feb 2013 13:30:13 +0000

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

Alcatel-Lucent S.A. (NYSE: ALU) was given positive comments on its new CEO but the stock was maintained a Sell as a low value asset at Goldman Sachs.

ArcelorMittal (NYSE: MT) raised to Neutral at HSBC.

BlackBerry (NASDAQ: BBRY) cut to Sell from Neutral at MKM Partners.

Brookfield Infrastructure Partners L.P. (NYSE: BIP) named Bull of the Day at Zacks as the “high quality, diversified assets will continue to produce solid and consistent cash flows.”

Bunge Ltd. (NYSE: BG) was named by Zacks as the Bear of the Day and the firm said that bitter results for the recent quarter indicate more troubles ahead.

Caterpillar Inc. (NYSE: CAT) raised to Outperform at Raymond James.

First Solar Inc. (NASDAQ: FSLR) cut to Underperform at Pac-Crest.

Government Properties Income Trust (NYSE: GOV) cut to Sector Perform from Outperform at RBC.

Hewlett-Packard Co. (NYSE: HPQ) raised to Neutral from Sell with $19 target at UBS and maintained Neutral but raised target price to $20 from $12 at Credit Suisse.

The Home Depot Inc. (NYSE: HD) raised to Outperform and target raised to $76 from $67 at Oppenheimer (full summary).

Intuitive Surgical Inc. (NASDAQ: ISRG) raised to Buy at Goldman Sachs.

McDonald’s Corp. (NYSE: MCD) reiterated Outperform and raised target $2 to $104 at Credit Suisse.

Medtronic Inc. (NYSE: MDT) reiterated Buy and raised target by $6 to $54 at Argus.

RF Micro Devices Inc. (NASDAQ: RFMD) raised to Buy at Lazard and cut to Market Perform at Raymond James last night.

Sprint Nextel Corp. (NYSE: S) reiterated Buy with $7.50 price target at Argus as trading falls below Softbank offer price (full report summary).

TASER International Inc. (NASDAQ: TASR) raised to Overweight at J.P. Morgan.

Teekay Tankers Ltd. (NYSE: TNK) cut to Market Perform at Wells Fargo.

VeriFone Systems Inc. (NYSE: PAY) cut to Hold at Argus after many downgrades and implosion yesterday.

Vivus Inc. (NASDAQ: VVUS) maintained Buy but lowered price target to $26 from $30 at BofA/Merrill Lynch after Qsiva denied approval in Europe.

The Wendy’s Co. (NASDAQ: WEN) cut to Underperform from Neutral at Credit Suisse.

Xerox Corp. (NYSE: XRX) reiterated Buy with $13 price target at Argus.

Dahlman Rose trimmed potash and fertilizer stock ratings: Agrium (NYSE: AGU) cut to Sell, CF Industries (NYSE: CF) cut to Sell, Mosaic Co. (NYSE: MOS) cut to Hold, Potash Corp. of Saskatchewan (NYSE: POT) cut to Sell and Rentech Nitrogen Partners L.P. (NYSE: RNF) cut to Sell.

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: AGU, ALU, BBRY, BG, BIP, CAT, CF, FSLR, GOV, HD, HPQ, ISRG, MCD, MDT, MOS, MT, PAY, POT, RFMD, RNF, S, TASR, TNK, VVUS, WEN, XRX

24/7 Wall St. Closing Bell — February 20, 2013: Markets Open Low, Slide Further on Fed Minutes (WIN, LOW, BIDU, BCS, GMCR, ADI, CF, DELL, HLF, AVA, CLH, DISH, LEAP, MGM, SODA, TOL, CROX, ETP, PAAS, TSLA, WLT, AUY, CG, CHK, CDE, ESV, SWY, WMT, OMX, ODP, NTSP, TSS, HNR)

Paul Ausick — Wed, 20 Feb 2013 21:04:40 +0000

U.S. equity markets opened flat to lower this morning as it waited for data on U.S. housing starts and producer price inflation. In Europe, markets got some downward signals from a higher-than-expected reading on German PPI, a sharper-than-expected drop in Italian industrial production, a slightly higher unemployment rate in the U.K., and strikes in Greece (more coverage here). In Asia, the only data point of note came from China, where foreign direct investment declined by 7.3%. In the U.S., housing starts came in lower than expected, mainly the result of a sharp drop in multifamily building (more coverage here). The U.S. producer price index rose to its highest level since September. In the afternoon, the FOMC minutes were released, which pushed markets down even more (more coverage here).

The U.S. dollar index rose 0.75% today, now at 81.065. The GSCI commodity index is down 0.5% at 675.63, with commodities prices higher today. WTI March crude oil closed down 2.2% today, at $94.46 a barrel. The April contract closed down 1.9% at 95.22 and will be the source of the WTI quote for the next month. Brent crude trades down at 1.7% at $115.52 a barrel. Natural gas is up 0.4% today at about $3.28 per million BTUs. Gold settled down 1.6% today at $1,578.00 an ounce.

The unofficial closing bells put the DJIA down more than 109 points to 13,926.47 (-0.78%), the NASDAQ fell about 49 points (-1.53%) to 3,164.41, and the S&P 500 fell -1.24% or about 19 points to 1,511.90.

There were a several analyst upgrades and downgrades today, including Windstream Corp. (NASDAQ: WIN) cut to ‘sell’ at UBS; Lowe’s Companies (NYSE: LOW) reiterated as ‘buy’ and price target raised to $44 at Argus; Baidu Inc. (NASDAQ: BIDU) cut to ‘underperform’ at CLSA; Barclays PLC (NYSE: BCS) cut to ‘neutral’ at Goldman Sachs; and Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) reiterated as ‘buy’ and price target raised to $54 at Argus.

Earnings reports since markets closed last night resulted in several price moves today, including these: Analog Devices Inc. (NASDAQ: ADI) is down 2.2% at $45.98; CF Industries Holdings Inc. (NYSE: CF) is down 5.3% at $206.88; Dell Inc. (NASDAQ: DELL) is up 0.25% at $XX (more coverage here); Herbalife Ltd. (NYSE: HLF) is down 5% at $37.77 (more coverage here); Avista Corp. (NYSE: AVA) is down 0.2% at $26.15; Clean Harbors Inc. (NYSE: CLH) is up 6.1% at $53.37; Dish Network Corp. (NASDAQ: DISH) is down 0.25% at $36.00; Leap Wireless International Inc. (NASDAQ: LEAP) is down 8.3% at $5.61; MGM Resorts International (NYSE: MGM) is down 1.5% at $12.55; Sodastream International Ltd. (NASDAQ: SODA) is down 6.8% at $48.90 (more coverage here); and Toll Brothers Inc. (NYSE: TOL) is down 8.7% at $33.71 (more coverage here).

After markets close today and before they open tomorrow morning we are scheduled to hear from Crocs Inc. (NASDAQ: CROX), Energy Transfer Partners LP (NYSE: ETP), Pan American Silver Corp. (NASDAQ: PAAS), Tesla Motors Inc. (NASDAQ: TSLA), Walter Energy Inc. (NYSE: WLT), Yamana Gold Inc. (NYSE: AUY), Carlyle Group LP (NASDAQ: CG), Chesapeake Energy Corp. (NYSE: CHK) (more coverage here), Coeur d’Alene Mines Corp. (NYSE: CDE), Ensco PLC (NYSE: ESV), Safeway Inc. (NYSE: SWY), and Wal-Mart Stores Inc. (NYSE: WMT).

Some standouts from today include the following stocks:

OfficeMax Inc. (NYSE: OMX) is down 11.8% at $11.47 after posting a new 52-week high of $14.92 earlier today. The office supply retailer and Office Depot Inc. (NYSE: ODP) finally pulled the trigger on their merger after one false start this morning. Office Depot shares are down 22.1% at $3.91. More coverage here.

Netspend Holdings Inc. (NASDAQ: NTSP) is up 28.6% at $15.80 after posting a new 52-week high of $15.96 earlier today. The pre-paid credit card provider has agreed to be acquired by Total System Services Inc. (NYSE: TSS) for about $1.4 billion in cash ($16 a share).

Harvest Natural Resources Inc. (NYSE: HNR) is down 40% at $5.50. The oil & gas junior said today that a planned sale to Indonesia’s Pertamina has been cancelled. More coverage here.

Stay tuned for Thursday. St. Louis Fed President James Bullard, San Francisco Fed President John Williams, and Dallas Fed President Richard Fisher are giving speeches. We have also noted the following events on Tuesday’s schedule (all times Eastern):

8:30 a.m. – Consumer price index
8:30 a.m. – New claims for unemployment benefits
8:58 a.m. – Flash PMI manufacturing index
10:00 a.m. – Existing home sales
10:00 a.m. – Philadelphia Fed survey
10:00 a.m. – Leading indicators
10:30 a.m. – EIA weekly natural gas storage report
11:00 a.m. – EIA weekly petroleum status report
1:00 p.m. – 30-year Treasury Inflation-Protected securities (TIPS) auction
4:30 p.m. – Fed balance sheet and money supply

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ADI, AUY, AVA, BCS, BIDU, CDE, CF, CG, CHK, CLH, CROX, DELL, DISH, ESV, ETP, GMCR, HLF, HNR, LEAP, LOW, MGM, NTSP, ODP, OMX, PAAS, SODA, SWY, TOL, TSLA, TSS, WIN, WLT, WMT

24/7 Wall St. Closing Bell — February 19, 2013: Markets Keep Upward Momentum (GFI, APA, CSTR, WFC, BRK-A, CRMT, ESRX, NI, WIN, ADI, CF, DELL, HLF, AVI, CLH, DISH, LEAP, MGM, SODA, TOL, ODP, OMX, SPLS, NVGN, SPWR)

Paul Ausick — Tue, 19 Feb 2013 21:04:08 +0000

U.S. equity markets opened slightly higher this morning and managed to get within striking distance of five-year highs. There was little economic data released anywhere today, but what there was came out mixed. In Europe, the ZEW economic sentiment index rose more than expected in the eurozone. In Asia, no economic data was forthcoming at all today, the first trading day following a week-long closure of the Shanghai exchange in observance of the lunar new year holiday. In the U.S., the housing price index from the National Association of Home Builders ticked a bit lower, putting pressure on homebuilders’ stocks (more coverage here). Health insurance stocks fell on a proposal to lower 2014 Medicare and Medicaid co-payments (more coverage here).

The U.S. dollar index fell 0.18% today, now at 80.476. The GSCI commodity index is down 0.5% at 675.90, with commodities prices mixed again today. WTI crude oil closed up 0.8% today, at $96.66 a barrel. Brent crude trades down fractionally at $117.38 a barrel. Natural gas is up 3.7% today at about $3.27 per million BTUs. Gold settled down 0.3% today at $1,604.20 an ounce.

The unofficial closing bells put the DJIA up about 54 points to 14,035.75 (0.39%), the NASDAQ rose nearly 22 points (0.68%) to 3,213.59, and the S&P 500 rose 0.73% or about 11 points to 1,530.91.

There were a several analyst upgrades and downgrades today, including Gold Fields Inc. (NYSE: GFI) cut to ‘sell’ at Citigroup; Apache Corp. (NYSE: APA) cut to ‘neutral’ at Macquarie; Coinstar Inc. (NASDAQ: CSTR) cut to ‘underweight’ at J.P. Morgan; Wells Fargo & Co. (NYSE: WFC) raised to ‘outperform’ at KBW; and Berkshire Hathaway Inc. (NYSE: BRK-A) raised to ‘outperform’ at KBW.

Earnings reports since markets closed last Friday resulted in several price moves today, including these: America’s Car-Mart Inc. (NASDAQ: CRMT) is up 10.3% at $45.82; Express Scripts Holding Co. (NASDAQ: ESRX) is up 2% at $56.70 (more coverage here); NiSource Inc. (NYSE: NI) is up 1% at $27.05 after posting a new 52-week high of $27.40 earlier today; and Windstream Corp. (NASDAQ: WIN) is up 0.9% at $9.01.

After markets close today and before they open tomorrow morning we are scheduled to hear from Analog Devices Inc. (NASDAQ: ADI), CF Industries Holdings Inc. (NYSE: CF), Dell Inc. (NASDAQ: DELL), Herbalife Ltd. (NYSE: HLF), Avista Corp. (NYSE: AVA), Clean Harbors Inc. (NYSE: CLH), Dish Network Corp. (NASDAQ: DISH), Leap Wireless International Inc. (NASDAQ: LEAP), MGM Resorts International (NYSE: MGM), Sodastream International Ltd. (NASDAQ: SODA), and Toll Brothers Inc. (NYSE: TOL).

Some standouts from today include the following stocks:

Office Depot Inc. (NYSE: ODP) is up 9.8% at $5.04 after posting a new 52-week high of $6.09 earlier today. The office supply retailer is said to be in merger talks with competitor OfficeMax Inc. (NYSE: OMX), which itself is up 19.6% at $12.86 after posting its own new high of $14.08. Even larger competitor Staples Inc. (NASDAQ: SPLS) is up 12.9% at $14.62 on the news. More coverage here.

Novogen Ltd. (NASDAQ: NVGN) is up 227.3% at $6.84 after posting a new 52-week high of $7.60 earlier today. The Australia-based biotech company revealed highly positive results in a test of it ovarian cancer treatment.

SunPower Corp. (NASDAQ: SPWR) is up 16.8% at $13.37 after posting a new 52-week high of $13.66 earlier today. The solar panel maker is leading solar stocks higher as investors respond to some generally positive news in the sector.

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

7:00 a.m. – Mortgage Bankers Association purchase applications
8:30 a.m. – Housing starts
8:30 a.m. – Producer price index
11:30 a.m. – 4-week bill auction
2:00 p.m. – FOMC minutes released

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ADI, APA, AVI, BRK-A, CF, CLH, CRMT, CSTR, DELL, DISH, ESRX, GFI, HLF, LEAP, MGM, NI, NVGN, ODP, OMX, SODA, SPLS, SPWR, TOL, WFC, WIN

Credit Suisse Initiates Ag Sector Coverage with Top Picks for 2013 (AGU, MON, POT, MOS, CF, IPI, CMP)

Paul Ausick — Thu, 17 Jan 2013 15:32:03 +0000

Analysts at Credit Suisse today have initiated coverage on what they call the North American Agricultural Sciences sector with a look a seven fertilizer makers. Some of the companies have performed well over the past couple of years and some haven’t.

The differentiating factor between the good performers and the not-so-good has been the type of fertilizer each company produces. Demand for nitrogen-based fertilizers is expected to grow throughout this year, positioning the two largest nitrogen produces at the top of Credit Suisse’s heap. Phosphate demand is also expected to be higher, but potash prices have been soft and there is little evidence of a positive change.

Credit Suisse analyst Chris Parkinson pointed to market growth in ag biotech, higher demand for potash in the second half of 2013 and continuing demand for phosphates as the drivers for 2013. Here are the firm’s seven covered stocks:

Agrium Inc. (NYSE: AGU) is started with an Outperform rating and a price target of $127 a share. With a current price around $108, the potential upside is 17.6%. Agrium is the largest producer of nitrogen fertilizers among this bunch and depends more on phosphates than potash for revenue and profit.

Monsanto Co. (NYSE: MON) is also started with an Outperform rating, as well as a price target of $120 a share. The shares are trading around $102 today, indicating upside of 17.6%. Monsanto’s strength is its market-leading seed genetics platform and its penetration into emerging markets.

Potash Corp. of Saskatchewan Inc. (NYSE: POT) is the third fertilizer maker started with an Outperform rating. The price target is $50, compared with today’s price of around $42, for an upside of 19%. Credit Suisse sees demand for potash fertilizer growing in the second and third quarters on demand from southeast Asia and Latin America.

The Mosaic Co. (NYSE: MOS) is started as Neutral with a price target of $68. At today’s price of around $59, that represents upside of 15%. The much higher consensus price target for Mosaic is around $84.50.

CF Industries Holding Inc. (NYSE: CF) is started as Neutral with a price target of $245, compared with current price of around $217. The upside potential is about 13%, and the consensus price target is lower, at around $234 a share.

Intrepid Potash Inc. (NYSE: IPI) is also started as Neutral with a price target of $24 a share. The current price is around $22, for potential upside of 9%. Shares are already pretty fully valued, so not much to look for here.

Compass Minerals International Inc. (NYSE: CMP) is started as Underperform with a price target of $73, which is virtually today’s price. The company is lowering its costs, but there is always a risk that cost-cutting programs will get derailed.

Filed under: 24/7 Wall St. Wire, Agriculture, Analyst Calls, Commodities Tagged: AGU, CF, CMP, IPI, MON, MOS, POT

24/7 Wall St. Closing Bell — November 6, 2012: Markets Open and Close Higher (CS, CMG, BEAM, SMRT, USM, CF, ESRX, PAA, WLT, Z, AMSC, AOL, CVC, CVS, FOSL, LPX, VVUS, GDP, NWSA, RAX, TWO, AES, AGU, CLH, ENB, HFC, JRCC, LEAP, M, THC, TWX, WLP, THQI, CDE, ODP)

Paul Ausick — Tue, 06 Nov 2012 21:06:02 +0000

U.S. equity markets opened higher this morning as investors seemed to prefer a little risk trading on U.S. election day. Asian markets were cautious ahead of today’s elections, while in Europe some weak non-manufacturing PMI data did not seem to curb traders’ enthusiasm (more coverage here). One surprise in Asia was that the Royal Bank of Australia held interest rates at 3.25% when most observers were expecting a 0.25% rate cut. There was no significant data release in the U.S. today, but a $32 billion Treasury auction of 3-year notes went out at the highest yield in seven months (more coverage here).

The U.S. dollar index fell today, now down 0.22% at 80.573. The GSCI commodity index is up 0.6% at 629.85, with commodities prices mostly higher today. WTI crude oil closed up 3.6% today, at $88.71 a barrel. Brent crude trades up 2.8% at $110.72 a barrel. Natural gas is up 1.6% today at about $3.61 per thousand cubic feet. Gold closed at $1,715.00 an ounce, up 1.9% for the day.

The unofficial closing bells put the DJIA up about 133 points to 13,245.52 (1.01%), the NASDAQ rose more than 12 points (0.41%) to 3,011.93, and the S&P 500 rose 0.78% or about 11 points to 1,428.36.

There were several analyst upgrades and downgrades today, including Credit Suisse Group (NYSE: CS) raised to ‘equal weight’ at Barclays; Chipotle Mexican Grill Inc. (NYSE: CMG) raised to ‘buy’ with no change to target price of $320 at BofA/ML; Beam Inc. (NYSE: BEAM) reiterated as ‘buy’ with target price of $74 at Argus; Stein Mart Inc. (NASDAQ: SMRT) started as ‘outperform’ with a target price of $10 at Credit Suisse; and United States Cellular Corp. (NYSE: USM) raised to ‘neutral’ at JPMorgan.

Earnings reports since U.S. markets closed last night have resulted in some price moves today, including these as of the last half hour of trading: CF Industries Holdings Inc. (NYSE: CF) is up 0.3% at $206.16; Express Scripts Holding Co. (NASDAQ: ESRX) is down 12.6% at $54.94; Plains All American Pipeline LP (NYSE: PAA) is up 2.8% at $46.72 after posting a new 52-week high of $46.77 earlier today; Walter Energy Co. (NYSE: WLT) is up 2.5% at $37.45; Zillow Inc. (NASDAQ: Z) is down 18.1% at $28.14 (more coverage here); American Superconductor Corp. (NASDAQ: AMSC) is up 3% at $3.78; AOL Inc. (NYSE: AOL) is up 17.8% at $42.18 after posting a new 52-week high of $42.29 earlier today (more coverage here); Cablevision Systems Corp. (NYSE: CVC) is up 6.7% at $15.43 (more coverage here); CVS Caremark Corp. (NYSE: CVS) is up 0.6% at $46.92 (more coverage here); Fossil Inc. (NASDAQ: FOSL) is down 10.6% at $83.53; Louisiana Pacific Corp. (NYSE: LPX) is down 1.3% at $15.84; and Vivus Inc. (NASDAQ: VVUS) is down 19.9% at $11.97.

After markets close today and before they open tomorrow morning we are scheduled to hear from Goodrich Petroleum Corp. (NYSE: GDP), News Corp. (NASDAQ: NWSA), Rackspace Hosting Inc. (NYSE: RAX), Two Harbors Investment Corp. (NYSE: TWO), AES Corp. (NYSE: AES), Agrium Inc. (NYSE: AGU), Clean Harbors Inc. (NYSE: CLH), Enbridge Inc. (NYSE: ENB), HollyFrontier Corp. (NYSE: HFC), James River Coal Co. (NASDAQ: JRCC), Leap Wireless International Inc. (NASDAQ: LEAP), Macy’s Inc. (NYSE: M), Tenet Healthcare Corp. (NYSE: THC), Time Warner Inc. (NYSE: TWX), and WellPoint Inc. (NYSE: WLP).

Some standouts from today include the following stocks:

THQ Inc. (NASDAQ: THQI) is down 49.3% at $1.53 after posting a new 52-week low of $1.49 earlier today. The video game maker will delay the introduction of revisions to a number of its top-selling games and has hired an advisor to help it evaluate its options and raise cash.

Coeur d’Alene Mines Corp. (NYSE: CDE) is down 21.2% at $23.93. The silver miner reported poor quarterly results. More coverage here.

Office Depot Inc. (NYSE: ODP) is up 17.5% at $2.95. The office supply retailer reported results this morning that were weak, but chatter about a potential merger with OfficeMax Inc. (NYSE: OMX) put a charge into the share price. More coverage here.

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
10:30 a.m. – EIA weekly petroleum status report
1:00 p.m. – 10-year note auction
3:00 p.m. – Consumer credit

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AES, AGU, AMSC, AOL, BEAM, CDE, CF, CLH, CMG, CS, CVC, CVS, ENB, ESRX, FOSL, GDP, HFC, JRCC, LEAP, LPX, M, NWSA, ODP, PAA, RAX, SMRT, THC, THQI, TWO, TWX, USM, VVUS, WLP, WLT, Z

24/7 Wall St. Closing Bell — November 5, 2012: Markets Make Last Minute Drive to Gain (DD, QCOM, TGT, WDAY, EXC, AWR, BPI, ETR, ROK, SLW, SO, SYY, TSLA, TWC, RIG, TRLG, CF, ESRX, PAA, WLT, Z, AMSC, AOL, CVC, CVS, FOSL, LPX, VVUS, VRNG, GOOG, EBIX, RDN)

Paul Ausick — Mon, 05 Nov 2012 21:04:19 +0000

U.S. equity markets opened mixed this morning as investors appear to be cautious as tomorrow’s elections get closer. Coupled with possible changes in the U.S., China will replace its leadership at its 18th National Communist Party Congress which convenes on Thursday. China’s non-manufacturing PMI came in better than expected. In Europe, German Chancellor Angela Merkel said the eurozone crisis could last for another 5 years, and bond yields for some of the peripheral nations of the eurozone rose a few basis points. In the U.S., the ISM non-manufacturing index came in lower than expected (more coverage here). Services continued growing in October, but at a slower pace than in September.

The U.S. dollar index rose today, now up 0.19% at 80.750. The GSCI commodity index is down 2% at 626.07, with commodities prices mixed today. WTI crude oil closed up XX% today, at $85.65 a barrel, as demand continues weak in the wake of Hurricane Sandy (more coverage here). Brent crude trades up 1.1% at $108.08 a barrel. Natural gas is up 0.2% today at about $3.56 per thousand cubic feet. Gold closed at $1,683.20 an ounce, up less 0.5% for the day.

The unofficial closing bells put the DJIA up nearly 20 points to 13,113.05 (0.15%), the NASDAQ rose nearly 18 points (0.59%) to 2,999.66, and the S&P 500 rose 0.22% or about 3 points to 1,417.25.

There were several analyst upgrades and downgrades today, including E.I. du Pont de Nemours & Co. (NYSE: DD) cut to ‘neutral’ at Piper Jaffray; Qualcomm Inc. (NASDAQ: QCOM) raised to ‘buy’ at Nomura; Target Corp. (NYSE: TGT) raised to ‘overweight’ at JPMorgan; Workday Inc. (NYSE: WDAY) started as ‘buy’ at Canaccord Genuity and as ‘outperform’ at William Blair; and Exelon Corp. (NYSE: EXC) cut to ‘hold’ at Argus.

Earnings reports since U.S. markets closed last Friday resulted in some price moves today, including these as of the last half hour of trading: American States Water Co. (NYSE: AWR) is up 3.2% at $44.89 after posting a new 52-week high of $45.75; Bridgepoint Education Inc. (NYSE: BPI) is down 4.1% at $9.69; Entergy Corp. (NYSE: ETR) is down 4.8% at $67.79; Rockwell Automation Inc. (NYSE: ROK) is up 3.1% at $77.87; Silver Wheaton Corp. (NYSE: SLW) is down 1.3% at $38.98; Southern Co. (NYSE: SO) is down 2.5% at $44.64; Sysco Corp. (NYSE: SYY) is down 1.7% at $30.80; Tesla Motors Inc. (NASDAQ: TSLA) is up 8.7% at $31.44 (more coverage here); Time Warner Cable Inc. (NYSE: TWC) is down 6.3% at $91.97 (more coverage here); Transocean Ltd. (NYSE: RIG) is up 5.3% at $48.49; and True Religion Apparel Inc. (NASDAQ: TRLG) is down 1.4% at $26.20.

After markets close today and before they open tomorrow morning we are scheduled to hear from CF Industries Holdings Inc. (NYSE: CF), Express Scripts Holding Co. (NASDAQ: ESRX), Plains All American Pipeline LP (NYSE: PAA), Walter Energy Co. (NYSE: WLT), Zillow Inc. (NASDAQ: Z), American Superconductor Corp. (NASDAQ: AMSC), AOL Inc. (NYSE: AOL), Cablevision Systems Corp. (NYSE: CVC), CVS Caremark Corp. (NYSE: CVS), Fossil Inc. (NASDAQ: FOSL), Louisiana Pacific Corp. (NYSE: LPX), and Vivus Inc. (NASDAQ: VVUS).

Some standouts from today include the following stocks:

Vringo Inc. (NYSEMKT: VRNG) is up 26.3% at $3.50. The intellectual property company got a boost when the jury in the company’s suit against Google Inc. (NASDAQ: GOOG) asked the judge a question related to appropriate damages.

Ebix Inc. (NASDAQ: EBIX) is down 12.6% at $19.59 after posting a new 52-week low of $15.26 earlier today. The software provider has been reported to be under investigation by the SEC, a report the company has denied.

Radian Group Inc. (NYSE: RDN) is down 11% at $4.79. The mortgage insurer plunged following a story at Barron’s saying the company may incur costs for claims it has already denied.

Stay tuned for Tuesday. It’s Election Day! We have noted the following events on the schedule (all times Eastern):

7:45 a.m. – ICSC-Goldman Store Sales
8:55 a.m. – Redbook
11:30 a.m. – 4-week bill auction
1:00 p.m. – 3-year note auction
3:00 p.m. – Treasury STRIPS

Don’t forget to vote!

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AMSC, AOL, AWR, BPI, CF, CVC, CVS, DD, EBIX, ESRX, ETR, EXC, FOSL, GOOG, LPX, PAA, QCOM, RDN, RIG, ROK, SLW, SO, SYY, TGT, TRLG, TSLA, TWC, VRNG, VVUS, WDAY, WLT, Z

Fertilizer Stocks May Be Fully Valued

Paul Ausick — Tue, 24 Jul 2012 12:56:19 +0000

Fertilizer maker Potash Corp. of Saskatchewan Inc. (NYSE: POT) is expected to report earnings on Thursday, and post earnings per share (EPS) of $1.02 on revenue of $2.37 billion. A year ago the company put up EPS of $0.96 on sales of $2.19 billion. The EPS estimate for this year has dropped by $0.05 since the end of the first quarter, which should make it easier for Potash Corp. to hit the earnings target.

Most of the expectations for fertilizer companies like Potash Corp., Mosaic Co. (NYSE: MOS), Agrium Inc. (NYSE: AGU), Syngenta AG (NYSE: SYT), CF Industries Inc. (NYSE: CF) and Intrepid Potash Inc. (NYSE: IPI) are based on the poor outlook for this year’s crops. The thinking goes that purchases will rise as farmers buy more fertilizer to boost next year’s crop. That is probably true to some extent, but it is worth remembering that not all fertilizer is created equal.

The heaviest demand for fertilizer for the coming year is expected to fall on nitrogen. In the first quarter of this year, both Agrium and CF Industries pounded analysts’ estimates on higher sales and prices of nitrogen products. Potash Corp., Mosaic and Intrepid posted weak results as prices for phosphates rose and potash prices fell.

Mosaic, which reported quarterly earnings last week, posted EPS of $1.19, which was better than analysts had expected, and the company’s board doubled its dividend payment to an annual $1.00 per share.

Because crop plantings were pulled forward this year due to the unusually warm winter weather, second-quarter sales and profits could be lower than expected for potash companies. Fertilizer companies, especially potash producers, could have seen all the boost they are going to get for a while.

The Market Vectors Agribusiness ETF (NYSEMKT: MOO) is inactive in the premarket this morning. The shares closed at $48.99 last night, in a 52-week range of $39.86 to $56.22.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Active Trader, Agriculture, Commodities, Commodities & Metals, Pre-Market Activity Tagged: AGU, CF, IPI, MOO, MOS, POT, SYT

Hot Weather Threatening US Corn Crop (CF, POT, MOS, AGU, SYT, CORN)

Paul Ausick — Tue, 26 Jun 2012 17:15:16 +0000

The projected US corn crop is currently in worse condition than it’s been in since 2002, which were then the worst since 1990. Only 56% of this year’s crop was judged to be in “good” or “excellent” condition last week. That’s a drop of 7 points from the week before.

The soybean crop is already in worse condition than in any year since 1990. Hot, dry weather throughout the Midwest gets the blame for the poor crop conditions, and no help is in sight from this week’s weather forecast, which continues the hot, dry trend.

Once again, bad news for this year’s crops mean that fertilizer companies are positioned to sell more products for next year. Shares of CF Industries Holdings Inc. (NYSE: CF) is up more than 3.2% today, Potash Corp. of Saskatchewan Inc. (NYSE: POT) are up 3.6%, The Mosaic Co. (NYSE: MOS) shares are up 4.5%, Agrium Inc. (NYSE: AGU) is up about 1.8%, and Syngenta AG (NYSE: SYT) is up 2.2%. Today’s share price hikes follow gains made last week that were slightly larger and based on crop conditions and the weather forecast.

Corn futures are up more than 2% today, at $6.38/bushel, while soybeans are off slightly.

The Teucrium Corn Fund (AMEX: CORN) is also up about 4% today, at $38.52 in a 52-week range of $35.23-$50.69.

Paul Ausick

Filed under: Agriculture, Commodities, Commodities & Metals, Food, Retail Tagged: AGU, CF, CORN, MOS, POT, SYT

Corn is All the Rage Again (CF, POT, MOS, AGU, MON, SYT, IPI, CORN)

Paul Ausick — Tue, 19 Jun 2012 17:44:06 +0000

Warmer and drier weather in the US Midwest is raising concerns about the corn and soybean crops. If such weather continues, it could reduce the harvest and drive crop prices up. Corn prices fell to an 12-month low in early June, but have jumped more than $0.60/bushel since then.

Adding to the bad news is a forecast that US corn stockpiles will reach a 16-year low this summer. Before the unusually hot and dry weather became a factor, the US Department of Agriculture was expecting a record harvest for this year and doubling of US stockpiles by next year. That prediction is now in jeopardy, and corn prices keep rising.

Aside from raising commodity prices, though, a weak harvest typically means that fertilizer company stocks get a boost. CF Industries Holdings Inc. (NYSE: CF) is up more than 4.75% today, Potash Corp. of Saskatchewan Inc. (NYSE: POT) is up 5.3%, The Mosaic Co. (NYSE: MOS) is up 4.4%, Agrium Inc. (NYSE: AGU) is up about 4.3%, and Syngenta AG (NYSE: SYT) is up 3.8%.

Other fertilizer makers including Monsanto Co. (NYSE: MON) and Intrepid Potash Inc. (NYSE: IPI) are up around 2%, but trail the others for different reasons. Monsanto’s fertilizer business does not drive the company, and Intrepid is still too illiquid.

The Teucrium Corn Fund (AMEX: CORN) is also up about 4% today, at $38.52 in a 52-week range of $35.23-$50.69.

Paul Ausick

Filed under: Agriculture, Commodities, Commodities & Metals, Food, Retail Tagged: AGU, CF, CORN, featured, IPI, MON, MOS, POT, SYT

Insiders Unloading Millions Worth Of Stock Via Option & Share Sales (INTU, BIIB, SHW, CF, DIS)

Jon C. Ogg — Mon, 18 Jun 2012 19:31:39 +0000

When corporate management and insiders unload shares of stock, investors often look at the transactions. This is legal insider trading that generally comes from planned share sales and/or via the exercising of options that have vested. Insider selling can be due to many reasons and it is not always an ominous sign that something is not right at the company. Still, when you see insiders taking out millions of dollars because of share sales it does tend to stand out. These are some of the high-dollar transactions we have tracked from Monday (including late Friday evening):

Intuit Inc. (NASDAQ: INTU) shows that Laura Fennell, Senior VP and General Counsel, exercised 20,000 options worth some $625,800 and sold these for $1,147,960.

Biogen Idec Inc. (NASDAQ: BIIB) has been a monster stock run, so perhaps it is not unexpected that insiders would again be selling stock. Susan Alexander, General Counsel, exercised 49,800 options at $47.87 worth $2,383,838 and sold these 49,800 shares at roughly $140 for some $6,972,000. She is having a good week. A director named Robert Pangia exercised 5,000 options at $36.94 worth some $184,700 and he sold these also at $140.00 or so worth some $700,000.

The Sherwin-Williams Company (NYSE: SHW) saw its Senior VP of Planning and Development named Steven Oberfeld exercise some 14,000 options at $63.44 per share and he turned around and sold these at an average of $129.45 worth just over $1.8 million. He still has some 117,000 shares more or less.

CF Industries Holdings, Inc. (NYSE: CF) is having a good day on its own, but the company’s filings showed that Stephen Wilson (Chairman, CEO, and Prez) exercised some 25,000 at $16.00 worth some $400,000 and then sold these shares at $163.42 for just over $4 million as well. Rumor has it that he is in a great mood today. He still has almost 140,000 shares.

The Walt Disney Company (NYSE: DIS) also saw some interesting insider selling. Christine McCarthy, Treasurer, exercised 16,000 options at $31.26 worth about $500,000 and turned around sold these for just over $750,000; CFO James Rasulo exercised 154,000 options at $30.91 for roughly $4.8 million and sold these at $46.75 for nearly $7.2 million.

JON C. OGG

Filed under: Active Trader, Activist Investor, Compensation, Corporate Governance, Insider Activity Tagged: BIIB, CF, DIS, INTU, SHW