24/7 Wall St. » MAG

24/7 Wall St. Closing Bell (AAPL, ADP, KFT, PG, MCO, LULU, ADGF, CHTP, AEO, BWS, CSIQ, CTIC, HOV, TRCR, MAG, BONT, P, VRML)

Paul Ausick — Wed, 07 Mar 2012 21:10:13 +0000

US stocks opened higher this morning following an in-line report from ADP on US employment gains. There was little economic news out today, but we can anticipate tomorrow’s report on new jobless claims and, of course, the biggie, Friday’s report on non-farm payrolls. By mid-morning stocks were solidly higher and have been trading more than half a point pretty consistently. Apple Inc. (NASDAQ: AAPL) pretty well shut down the afternoon news with its new iPad announcement (more coverage here). The dollar was weaker this morning and has fluctuated somewhat on the downside all day, trading down -0.12% now at 79.715. Crude oil has been higher on the weaker greenback, with WTI closing up 1.4% at $106.16/barrel and Brent crude up 1.99% at $124.41/barrel. Gold rose 0.7% today, settling at $1,683.90/ounce.

The unofficial closing bells put the DJIA up nearly 79 points to 12,837.78 (0.62%), the NASDAQ rose more than 25 points (0.87%) to 2,935.69, and the S&P 500 rose 0.69% or more than 9 points to 1,352.63.

There were several analyst upgrades and downgrades today, including Automatic Data Processing Inc. (NYSE: ADP) raised to ‘Focus List’ at Credit Suisse; Kraft Foods Inc. (NYSE: KFT) cut to ‘hold’ at Jefferies; Proctor & Gamble (NYSE: PG) raised to ‘overweight’ at JPMorgan; Moody’s Corp. (NYSE: MCO) cut to ‘neutral at UBS; and Lululemon Athletica Inc. (NASDAQ: LULU) raised to ‘outperform’ at Credit Suisse.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Adams Golf Inc. (NASDAQ: ADGF) is up 1.7% at $9.60; Chelsea Therapeutics International Inc. (NASDAQ: CHTP) is up 2.3% at $3.57; American Eagle Outfitters Inc. (NYSE: AEO) is up 6.1% at $15.52; Brown Shoe Co. Inc. (NYSE: BWS) is down -9.3% at $9.46; Canadian Solar Inc. (NASDAQ: CSIQ) is down -12.8% at $2.86; Cell Therapeutics Inc. (NASDAQ: CTIC) is up 0.80% at $1.26; and Hovnanian Enterprises Inc. (NYSE: HOV) is up 3.3% at $2.48.

Other standouts from today include the following stocks:

Transcend Services Inc. (NASDAQ: TRCR) is up more than 39% at $29.24. The medical transcription service is being acquired by Nuance Communications Inc. (NASDAQ: NUAN) for $300 million in net cash ($29.50/share). More coverage here.

Magnetek Inc. (NASDAQ: MAG) is up 22% at $17.50. The electrical equipment maker posted a robust quarterly earnings report today.

The Bon Ton Stores Inc. (NASDAQ: BONT) is up more than 32% at $6.95. The retailer reported lower-than-expected earnings and revenues, but its forecast is above expectations.

Pandora Media Inc. (NYSE: P) is down more than -24% at $10.83. The Internet radio company posted worse than expected earnings last night. More coverage here.

Vermillion Inc. (NASDAQ: VRML) is down -29% at $2.13. The medical device maker’s stock more than doubled yesterday, and today’s action is likely a bit of profit-taking following an analyst’s downgrade. More coverage here.

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

7:30 a.m. – Challenger Gray & Christmas job-cut report
8:30 a.m. – New unemployment benefits claims
10.00 a.m. – Census Bureau quarterly services survey
10:30 a.m. – EIA natural gas storage report
4:30 p.m. – Federal Reserve balance sheet and money supply

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: AAPL, ADGF, ADP,, AEO, BONT, BWS, CHTP, CSIQ, CTIC, HOV, KFT, LULU, MAG, MCO, P, PG, TRCR, VRML

Johnson Controls: Beating Earnings & Raising Guidance Is Not Enough (JCI, HON, CREE, XIDE, AONE, MAG, TRW)

Administrator — Thu, 20 Jan 2011 18:22:50 +0000

The ride continues at Johnson Controls, Inc. (NYSE: JCI). For the first quarter of its 2011 fiscal year, the company reported record net sales of $9.5 billion and record income of $533 million, or EPS of $0.55. Analysts were expecting EPS of $0.54 on sales of $8.97 billion. Over the past year, Johnson’s stock has performed better than nearly all its competitors in the company’s main lines of business. That may be part of the problem today.

In its building efficiency segment, the company competes with Honeywell International Inc. (NYSE: HON) and Cree, Inc. (NASDAQ: CREE). In its power segment, the company’s competitors include Exide Technologies (NASDAQ: XIDE) and A123 Systems, Inc. (NASDAQ: AONE). And in its automotive segment, Magna International Inc. (NYSE: MAG) and TRW Automotive Holdings Corp. (NYSE: TRW) are among a host of US and international competitors. With the exception of TRW, which more than doubled its stock price in the past year, Johnson shares have outperformed all the rest, rising about 40%.

The company has benefited from rising auto sales, increased installation of energy efficiency controls, and a contract to supply Wal-Mart Stores Inc. (NYSE: WMT) with auto batteries. Profits in the auto segment rose 46% compared with a year ago and profits in the building efficiency group rose 34%. More modest gains in revenue indicate that the company’s margins are strong and likely to get stronger.

On the strength of its first quarter report, Johnson raised its guidance for both sales and earnings. The company now forecasts full-year revenue to reach $38.5 billion, up from a previous estimate of $37 billion. Full-year EPS is rose from a previous estimate of $2.30-$2.45 to a new estimate of $2.50-$2.55. The new guidance is better than analysts’ expectations of EPS of $2.54 and revenue of $37.19 billion.

Johnson also expects to increase capital spending from $1.2 billion to $1.4 billion as it expands it capacity to make batteries. Johnson is currently building new capacity to manufacture start-stop batteries, a technology that will be available next year on some cars sold in the US by Ford Motor Co. (NYSE: F).

The company’s CEO noted that Johnson is “increasingly confident” that it will post record results in 2011, and that the company will “consistently outperform our markets and increase shareholder value.”

So far today, though, Johnson’s shares are down nearly 2.5%, to $39.15, near the top of the company’s 52-week range of $25.56-$41.45. Volume is also heavier than usual in the shares.

Paul Ausick

Filed under: Autos, Earnings Tagged: AONE, CREE, HON, JCI, MAG, TRW, XIDE

The Business Day In Global Warming (KSS, MAG, FPL, BZH, PRRY, CPNLQ, DELL, ING)

247wallst — Wed, 26 Sep 2007 16:44:39 +0000

Kohl’s Department Stores (NYSE:KSS) is activating a solar rollout to its 63 California locations.

Magnetek, Inc. (NYSE:MAG) has received orders from United Technologies (NYSE:UTX) for PCS-2C and -2D fuel cell power inverters totaling 2.4 megawatts in a contract valued at approximately $1.3 million scheduled for delivery over the coming 8 months.

FPL Group, Inc. (NYSE:FPL), the Florida Power & Lighting parent, announced today a $2.4 billion investment program aimed at increasing U.S. solar thermal energy output and reducing carbon dioxide emissions that contribute to global warming: up to $1.5 billion in new solar thermal generating facilities; Investment of up to $500 million by FPL to create a smart network that will provide its 4.5 million customers with enhanced energy management capabilities; and a new consumer education program and new products that could increase renewable energy resources by at least $400 million over the first five years of the program.

Beazer Homes (NYSE:BZH) becomes a principal sponsor for Georgia Tech Solar Decathlon 2007. For some reason, it seems they’ll still have bad home sales.

Planet Resource Recovery, Inc. (PINK SHEETS: PRRY) announced today that it has delivered its first shipment of PetroLuxus™ 600 for the treatment of biodiesel that will streamline the production of biodiesel in a cost-effective and time-efficient manner.

Calpine Corporation (Pink Sheets: CPNLQ) received final approval today from the California Energy Commission (CEC) to construct the 600-megawatt Russell City Energy Center in Hayward, Calif.

Dell (NASDAQ:DELL) today said it will become the first computer maker to neutralize its greenhouse gas emissions. CEO Michael Dell announced a series of measures to shrink the company’s carbon footprint and offset its greenhouse gas emissions in 2008.

ING (NYSE:ING) announced today the next phase of its worldwide sustainability commitment by agreeing to
purchase clean, emission-free wind energy credits for its U.S. operations.

Jon C. Ogg
September 26, 2007

As a reminder, whether you prefer the term "Global Warming" or"Climate Change" is not the issue as far as 24/7 Wall St. covers it.Green business has become big business, and this affects many publiccompanies today.