Markets is Asia were mostly lower.
The Nikkei dropped 6% to 10.297. Mitsubishi UFJ (NYSE:MTU) fell and Honda (NYSE:HMC) rose.
The Hang Seng was down 1% to 22,098. China Mobile (NYSE:CHL) fell.
The Shanghai Composite fell .6% to 3,951.
At the open in Europe, the FTSE fell 1.4% to 5,164. The Dax was off 1.6% to 5,741. The CAC 40 fell 1.5% to 3,816. Ericsson (NASDAQ:ERIC) fell on poor earnings.
Data from Reuters and MarketWatch.
Douglas A. McIntyre
Reuters: US corporations are concerned about the weakness of the dollar.
Reuters: Bernanke says that global imbalances in trade and cash flows must be addressed.
Reuters: Wal-Mart (NYSE:WMT) is attacking new markets with huge price cuts. Read More
Reuters: Google (NASDAQ:GOOG) and IBM (NYSE:IBM) posted strong results.
Reuters: Bank of America’s (NYSE:BAC) Lewis will skip 2009 pay.
Reuters: Japan Airlines says bankruptcy is an option to solving its problems.
Reuters: Soros says US economy will drag on world growth. Read More
These are some of the top early morning analyst upgrades and positive research calls we have seen from Wall Street early this Tuesday morning:
American Dental (ADPI) Started as Outperform at Robert W. Baird.
Eagle Materials (EXP) Raised to Neutral at JPMorgan.
General Electric (GE) raised to Overweight at JPMorgan.
Globe Specialty Metals (GSM) Started as Buy at Jefferies & Co.
Intercontinental Hotels Group (IHG) Raised to Outperform at Credit Suisse.
LM Ericsson (ERIC) Raised to Hold from Sell at Deutsche Bank.
PennyMac Mortgage (PMT) STarted as Buy at Deutsche Bank.
Red Hat (RHT) Raised to Buy at Goldman Sachs.
Ticketmaster (TKTM) Raised to Overweight at Thomas Weisel.
VMware (VMW) Raised to Buy at Goldman Sachs.
JON C. OGG
NYSE Euronext has begun trading a new ETF this week that is meant to track the large companies throughout the Nordic region. This seeks to track the FTSE Nordic 30 Index, which is comprised of the 30 largest and most liquid companies in Sweden, Denmark, Norway, and Finland. The ETF launched is called the Global X FTSE Nordic 30 ETF (NYSE: GXF) and it is sponsored by Global X Funds.
You might even think of this as the Nordic-Dow. Some of the key ADR stocks in the index that you will easily recognize are LM Ericsson Telephone Co. (NASDAQ: ERIC), Nokia Corp. (NYSE: NOK), Norsk Hydro (NYSE: NHY), Novo-Nordisk (NYSE: NVO), and StatoilHydro ASA (NYSE: STO).
Here is a full list of the 30 constituents.
JON C. OGG
AUGUST 20, 2009
Reuters: China’s expansion is leading to charges is it stripping asset from other under-developed countries.
Reuters: UBS (UBS) will reveal the names of 5,000 clients in a deal with US tax authorities.
Reuters: Schwab (SCHW) was sued by NYS over auction rate securities. Read More
These are the top Wall Street research calls with analyst upgrades and downgrades early this Tuesday morning:
Aetna (AET) Raised to Sell from Conviction Sell List at Goldman Sachs; no real upgrade.
Air Products (APD) Raised to Overweight at JPMorgan.
Autodesk (ADSK) Raised to Buy at Jefferies.
EnerNOC (ENOC) Raised to Buy at Jefferies.
Lennar (LEN) Cut to Hold at Citigroup.
LM Ericsson (ERIC) Cut to Sell at UBS.
MetLife (MET) Cut to Neutral at BofA Merrill Lynch.
Perrigo (PRGO) Cut to Neutral at Credit Suisse.
Philip Morris (PM) Cut to Neutral from Buy at UBS.
Veeco (VECO) Raised to Buy at Citigroup.
JON C. OGG
JULY 28, 2009
Reuters: Airline on-board entertainment systems face competition from handheld devices like the Apple (AAPL) iPod.
Reuters: Bernanke will be on PBS to take his message about Fed plans to a broader audience.
Reuters: Some Democrats oppose the current healthcare plan. Read More
The following are some of the top stocks to watch for active trading today based on pre-market and after-hours volume activity. There are links through to more detailed coverage and volume analysis at VSInvestor.com:
Rigel Pharmaceutical Inc. (Nasdaq: RIGL) shares are down sharply after its rheumatoid arthritis candidate missed its efficacy endpoint in a trial.
Microsoft Corp. (Nasdaq: MSFT) are the most active in the premarket, after it reported lower-than-expected revenue that fell 17.3% from the same period last year.
SunPower Corp. (Nasdaq: SPWR) shares are among the biggest premarket gainers after the company posted a 10-cent a shre earnings beat, and gave upside guidance.
Align Technology Inc. (Nasdaq: ALGN) shares also are on the rise, after an earnings beat.
Amazon.com Inc. (Nasdaq: AMZN) shares are down nearly 6 percent as one of the most active decliners, after it reported in-line EPS.
Juniper Networks Inc. (Nasdaq: JNPR) shares are down on strong premarket volume despite better-than-expected earnings results, as gross margins were disappointing.
LM Ericsson Telephone Co. (Nasdaq: ERIC) shares are down 7 percent after it reported earnings this morning.
Sepracor Inc. (Nasdaq: SEPR) shares are up on strong volume following its earnings and raised fiscal 2009 guidance.
-The 24/7 Wall St. Team
Reuters: CIT (CIT) may be close to bankruptcy.
Reuters: China GDP rose 7.9%.
Reuters: Foreclosures hit a record in the first half of 2009.
Reuters: Obama pressed Congress on a healthcare bill.
Reuters: Talks have not broken California’s budget impasse.
Reuters: Secret laws in China are hurting Rio Tinto (RTP) staff. Read More
Reuters: Pandit bought time at Citigroup (C) with a management reshuffle.
Reuters: Obama’s healthcare and climate plans are running into resistance.
Reuters: AIG (AIG) will pay more executive bonuses in July.
Reuters: The new GM will exit Chapter 11 today. Read More
We are seeing some active trading in the stocks which raised capital via secondary offerings today. These are all down except for one and today’s hopper has Ameriprise Financial Inc. (NYSE: AMP), ATP Oil & Gas Corp. (NASDAQ: ATPG), LM Ericsson Telephone Co. (NASDAQ: ERIC), Marshall & Ilsley Corporation (NYSE: MI), and Vulcan Materials Company (NYSE: VMC).
Read More
These are the top pre-market analyst downgrades and cautious research calls we have seen from Wall Street early this Friday morning with more than two hours until the market opens:
ABB (ABB) Started as Reduce at Nomura.
AK Steel (AKS) Cut to Neutral at Goldman Sachs.
CME (CME) Started as Sell at RBS.
Ericsson (ERIC) Cut to Underweight at Barclays.
Honda Motor (HMC) Cut to Equal-Weight at Barclays.
Nokia (NOK) Cut to Equal Weight at Barclays.
Skilled Healthcare (SKH) Cut to Hold at Jefferies.
JON C. OGG
These are the top ten analyst research calls from Wall Street’s upgrades and downgrades we have seen early this Tuesday morning:
Apple (AAPL) Raised to Overweight at Morgan Stanley.
Ariba (ARBA) Cut to Perform at Oppenheimer.
Avid Tech (AVID) Raised to Overweight at JPMorgan.
Bank of America (BAC) Raised to Market Perform at FBR.
First Solar (FSLR) Cut to Underperform at FBR.
J. Crew (JCG) Cut to Underperform at Needham.
LM Ericsson (ERIC) Raised to Outperform at Bernstein.
Monster Worldwide (MWW) Cut to Underperform at Wachovia.
Qwest (Q) Raised to Overweight at JPMorgan.
Yingli Green Energy (YGE) Raised to Buy at Lazard.
JON C. OGG
May 26, 2009
It is looking a bit light on the analyst calls from Wall Street this morning. Here are Friday’s top upgrades and downgrades seen with more than two hours until the market opens:
JON C. OGG
May 15, 2009
According to Reuters, if the big transportation bill does not pass states will miss out on funds for roads, bridges, and tunnels.
Reuters reports that Buffett attacked bank “stress tests.”
Reuters writes that The Boston Globe could get a shutdown notice today.
Reuters reports that Fiat could seek a merger with GM (GM) Europe and a public listing of the company.
Reuters writes that Bank of America (BAC) plans to raise $10 billion. Read More
These are the top downgrades and negative research calls we have seen so far from Wall Street analysts this Thursday morning:
Arm Holdings (ARMH) Cut to Neutral at Goldman Sachs.
China Unicom Hong Kong (CHU) Cut to Equal Weight at Morgan Stanley.
Ericsson (ERIC) Cut to Market Perform at Bernstein.
Expedia (EXPE) Cut to Neutral at JPMorgan.
Graco Inc. (GGG) Cut to Underperform at Baird.
M&T Bank (MTB) Cut to Hold at Citigroup.
Sanofi-Aventis (SNE) Reiterated as Underperform at Jefferies.
Terex (TEX) Cut to Masrket Perform at Wachovia.
JON C. OGG
Nokia (NOK) turned in a bad quarter. Net profit in the fourth quarter dropped to 576 million euros ($751 million), or 0.15 euro a share, from 1.84 billion euros, or 0.47 euro a share, a year earlier.
Revenue fell 19% to 12.66 billion euros, which was below most forecasts.
The most frightening thing Nokia had to say is that its handsets shipped in the quarter fell 15% to 113.1 million units. Nokia is the largest handset company in the world with about 40% of the market.
The Nokia numbers come one day after Ericsson (ERIC), the world’s largest maker of wireless infrastructure, posted poor results due to low demand.
Taken together the results from the two firms show that the once-mighty cellular business is in deep trouble.
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.
These are some of the analyst downgrades we have seen from Wall Street this Tuesday morning with more than two hours until the open:
Jon C. Ogg
January 13, 2009
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