24/7 Wall St. » MGM

24/7 Wall St. Closing Bell — Thursday: Markets Open Higher, S&P Posts Another All-time High

Paul Ausick — Thu, 02 May 2013 20:09:28 +0000

U.S. equity markets opened higher this morning, buoyed by a smaller-than-expected total of new claims for unemployment benefits in the U.S. (more coverage here). The U.S. trade deficit also fell while unit labor costs rose by less than analysts expected and productivity rose by less than expected. In Europe, the European Central Bank cut its key interest rate by 0.25% to 0.50% (more coverage here) and eurozone PMI rose slightly (more coverage here). In Asia, China’s final manufacturing PMI reading declined where a small increase was expected. Shares traded higher all day, with the S&P 500 index posting a new all-time high earlier in the day and closing within a few ticks of 1,600.

The U.S. dollar index is trading up 0.91% today, now at 82.226. The GSCI commodity index is down 2.1% at 611.06. WTI crude oil closed up 3.2%, at $93.99 a barrel. Brent crude trades up 2.9% at $102.83 a barrel. Natural gas is down 6.4% today at about $4.05 per million BTUs on a larger-than-expected build in U.S. inventories (more coverage here). Gold settled up 1.5% today at $1,467.60 an ounce.

The unofficial closing bells put the DJIA up more than 131 points to 14,831.58 (0.89%), the NASDAQ rose about 41 points (1.26%) to 3,340.62, and the S&P 500 rose 0.94% or nearly 15 points to 1,597.59.

There were a several analyst upgrades and downgrades today, including Yelp Inc. (NYSE: YELP) raised to ‘market perform’ at Northland Securities; Invesco Ltd. (NYSE: IVZ) raised to ‘buy’ at Sterne Agee; Arch Coal Inc. (NYSE: ACI) raised to ‘equal weight’ at Morgan Stanley; Genco Shipping & Trading Ltd. (NYSE: GNK) cut to ‘underperform’ at Credit Suisse; and SolarCity Corp. (NASDAQ: SCTY) cut to ‘neutral’ at Goldman Sachs.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: Archer Daniels Midland Co. (NYSE: ADM) is down fractionally at $33.58; Avis Budget Group Inc. (NASDAQ: CAR) is up 1.4% at $28.85; CBS Corp. (NYSE: CBS) is up 2.6% at $47.62 after posting a new 52-week high of $48.30 earlier today; Facebook Inc. (NASDAQ: FB) is up 5.6% at $28.97 (more coverage here); JDS Uniphase Corp. (NASDAQ: JDSU) is up 4% at $13.02; Las Vegas Sands Corp. (NYSE: LVS) is up 1.5% at $57.09 after posting a new 52-week high of $57.88 earlier today (more coverage here); Seagate Technology PLC (NASDAQ: STX) is up 7.5% at $39.71 after posting a new 52-week high of $39.92 earlier today; Tesoro Corp. (NYSE: TSO) is up 5.8% at $53.83; Visa Inc. (NYSE: V) is up 5.7% at $175.44 after posting a new 52-week high of $179.66 earlier today; Alpha Natural Resources Inc. (NYSE: ANR) is down 4.2% at $7.16 (more coverage here); Cigna Corp. (NYSE: CI) is up 4.2% at $68.10 after posting a new 52-week high of $68.87 earlier today; Goldcorp Inc. (NYSE: GG) is down 0.6% at $28.67(more coverage here); and Monster Worldwide Inc. (NYSE: MWW) is up 8.3% at $4.64.

Before markets open tomorrow morning we are scheduled to hear earnings reports from American International Group Inc. (NYSE: AIG), Gilead Sciences Inc. (NASDAQ: GILD), Kraft Foods Group Inc. (NASDAQ: KRFT), LinkedIn Corp. (NYSE: LNKD), SunPower Corp. (NASDAQ: SPWR), Automatic Data Processing Inc. (NYSE: ADT), and Duke Energy Corp. (NYSE: DUK).

Some standouts among heavily traded stocks today include:

MGM Resorts International (NYSE: MGM) is up 6.7% at $14.73 after posting a new 52-week high of $14.90 earlier today. The hotel and casino operator posted a surprise profit on the strength of its Macau business.

Halcon Resources Corp. (NYSE: HK) is down 9% at $5.72. The independent energy company reported poor earnings this morning.

ING U.S. Inc. (NYSE: VOYA) is up 5.7% at $20.62. The U.S. insurance arm of Dutch giant ING held its IPO today. More coverage here.

Stay tuned for Friday. Fed Governor Daniel Tarullo and Richmond Fed President Jeffrey Lacker are giving speeches. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Non-farm payrolls and employment situation
10:00 a.m. – Factory orders
10:00 a.m. – ISM non-manufacturing index

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ACI, ADM, ADP,, AIG, ANR, CAR, CBS, CI, DUK, FB, GG, GILD, GNK, HK, IVZ, JDSU, KRFT, LNKD, LVS, MGM, MWW, SCTY, SPWR, STX, TSO, V, VOYA, Yelp

You Can Play Real-Money Poker Online Again — If You Live in Nevada

Paul Ausick — Tue, 30 Apr 2013 17:11:30 +0000

The first legal online gambling site in the U.S. launched today, ultimatepoker.com, a majority-owned subsidiary of Station Casinos LLC. In order to play, though, you must be able to prove that you at least 21 years old and live in Nevada. Only Nevada and New Jersey have so far passed legislation allowing real-money gambling online to residents of their respective states.

Online gambling for real money was banned in 2011 in the U.S. but a U.S. appeals court overturned the federal law that banned states from offering online gambling within state borders to residents. Since then, the race has been on.

Real-money gambling went live in the U.K. earlier this month as Zynga Inc. (NASDAQ: ZNGA) and partner Bwin.Party Digital Entertainment, which is owned by Boyd Gaming Corp. (NYSE: BYD), launched two real-money games.

The real money in the U.S., of course, is not in Nevada or even more populous New Jersey, but in being able to offer real-money gambling across the country. But Nevada, and its 3 million people, could be a proving ground for other online casino games from Boyd, International Game Technology (NYSE: IGT), Bally Technologies Inc. (NYSE: BYI), and Shuffle Master Inc. (NASDAQ: SHFL), all of which already have been granted Nevada licenses to offer real-money online games and Ceasars Entertainment Corp. (NASDAQ: CZR) and MGM Resorts International Inc. (NYSE: MGM), both of which have also applied.

Of the other contenders, Ceasars is thought to have the inside track with its widely recognized “World Series of Poker” franchise.

Filed under: Casinos, Internet Tagged: BYD, BYI, CZR, featured, IGT, MGM, SHFL, ZNGA

Real-Money Gambling Goes Live

Paul Ausick — Wed, 03 Apr 2013 14:10:48 +0000

Today’s launch of real-money gambling in the United Kingdom has sent shares of Zynga Inc. (NASDAQ: ZNGA) soaring this morning. The anticipated launch in a partnership with Bwin.party Digital Entertainment is viewed as the first step toward a new revenue stream for the social gaming company that has had trouble coming out from under the shadow of its connection to Facebook Inc. (NASDAQ: FB).

Two real betting games, ZyngaPlusPoker and ZyngaPlusCasino, are being launched as desktop applications today.

The recent adoption of online gambling in Nevada and New Jersey have bolstered hopes that the U.S. Congress will move to legalize real-money games across the United States. Analysts believe that Zynga will wait until online gambling is legalized nationwide before launching any games in the United States.

International Game Technology (NYSE: IGT), Bally Technologies Inc. (NYSE: BYI), Boyd Gaming Corp. (NYSE: BYD) and Shuffle Master Inc. (NASDAQ: SHFL) already have received licenses to offer real-money games in Nevada, and Zynga has applied for a Nevada license as well.

Ceasars Entertainment Corp. (NASDAQ: CZR) and MGM Resorts International Inc. (NYSE: MGM) also applied for Nevada online gambling licenses. Ceasars owns the “World Series of Poker” brand.

Shares of Zynga are up 11% in the first half-hour of trading today, at $3.41 in a 52-week range of $2.09 to $12.90.

Filed under: 24/7 Wall St. Wire, Casinos & Hotels, International Markets Tagged: BYD, BYI, CZR, FB, featured, IGT, MGM, SHFL, ZNGA

Deutsche Bank Says the Time to Buy Macau Gaming Stocks Is Now (WYNN, MPEL, MGM, LVS)

Lee Jackson — Wed, 27 Mar 2013 12:05:30 +0000

The journey to any gambling and entertainment mecca is an experience that even non-gamblers often want to put in their travel bucket list. Located off the Chinese coast on the South China Sea, the Asian version of Las Vegas is no different. For gambling, shopping, dining, entertainment and more, Macau is the place to be.

This former Portuguese colony is one of the two special administrative regions of the Peoples Republic of China, the other being Hong Kong, which is just 37 miles to the northwest. In 2002, the Macau government ended the former monopoly gambling system and six casino operating concessions were granted.

The gaming analysts at Deutsche Bank A.G. (NYSE: DB) feel that high-speed rail is changing Macau’s visitor profile. The new visitor is more likely to have come from further away, spend a night in a hotel and spend more on shopping. The biggest data point for investors is Macau casinos’ total revenue soared 29.5% in March through Sunday, compared to a year ago. Backing the Deutsche Bank opinion, RBC Capital Markets raised its 2013 revenue growth forecast for Macau casinos to 10.5%, up from 10%.

Given those positive data points and share prices that have fallen as much as 14% from their peaks, the Deutsche Bank team says the time to buy the gaming stocks with exposure to Macau is now. The stocks to buy on their list trade Asian shares on the Hong Kong exchange. Here we focus on the American-traded counterparts. The following are the Macau gaming stocks to buy now.

With more than 1,000 rooms and almost 500 gaming tables in Macau, Wynn Resorts Ltd. (NASDAQ: WYNN) is a top name to buy. The Thomson/First Call price target for this Wall St. favorite is $141.

Based in Hong Kong, Melco Crown Entertainment Ltd. (NASDAQ: MPEL) owns and operates three successful resorts in Macau with more than 600 combined gaming tables. The Wall St. consensus price target for the stock is $24.60.

Long-time Las Vegas operator MGM Resorts International (NYSE: MGM), through its subsidiary MGM China, makes the list of stocks to buy. The consensus estimate for this venerable gambling name is $14.

Another Hong Kong-based gaming company, Galaxy Entertainment Group makes the list of stocks to buy now. Currently only traded on the over-the-counter pink sheets, investors may want to keep an eye on Galaxy to see if it gets Nasdaq listing.

The final name on the list to buy, for investors looking to take advantage of the staggering growth in Macau, is Las Vegas Sands Corp. (NYSE: LVS). This premiere gaming company owns and operates the Venetian Macao Resort Hotel, the Four Seasons Hotel Macao, the Plaza Casino and the Sands Macao and Sands Cotai Central in Macau. This gives it a commanding presence in this high-growth region. It is widely owned by portfolio managers, and the consensus price objective for the stock is $60.

With multiple new ways to quickly travel to this “Las Vegas of China,” more and more visitors will be attracted to Macau. It is important for investors to remember that some of these companies have powerful domestic franchises to complement their Asian properties. Plus the fact remains that the largest part of the revenue stream is from gambling. Never forget the old adage, “They don’t build those big casinos because the house loses.”

Filed under: Active Trader, Analyst Calls, Casinos, Casinos & Hotels, Entertainment, International Markets Tagged: DB, LVS, MGM, MPEL, WYNN

Companies Paying the Least in Taxes

Douglas A. McIntyre — Fri, 15 Mar 2013 20:32:37 +0000

As Washington tries to find its way out of increasing debt, the debate continues over whether American companies should pay more or less in taxes. Meanwhile, some of the largest U.S. public corporations paid no taxes at all for 2012. As a matter of fact, several of America’s biggest companies received tax credits that rose into the hundreds of millions, or even billions, of dollars. Losing money or taking write-downs has become a sort of benefit for several well-known corporations.

There are several ways a company can avoid paying taxes. One is simple: The corporation loses large sums of money, and as a by-product it pays no taxes or even gets tax credits. Battered retailer J.C. Penney managed to do that last year.

Click here to see the companies paying the least in taxes

Click here to see the companies paying the most in taxes

Another way to get federal tax benefits is through huge fines, mostly for illegal behavior, or behavior the government claims is illegal. Bank of America was able to do that as it paid billions of dollars in penalties for its misdeeds, particularly in its mortgage divisions.

Yet another set of circumstance that can get a company tax benefits and prevent the payment of taxes entirely might be called “acts of god.” Financial results of both Verizon and Caesars were badly hurt by Hurricane Sandy. As a result, accounting rules allowed them to take write-offs or losses.

The debate over whether American companies should be able to pay less than the 35% corporate tax has gone on for years, and may continue in the years ahead. High tax rates, some experts argue, help lower the national debt. Other experts believe that low tax rates free up capital, which allows companies to invest in plants and equipment and to add jobs.

The debate aside, several huge U.S. companies managed to dodge the tax man completely.

To identify the companies that pay the least in taxes, that is those with the lowest taxes and the largest tax provision from the government, 24/7 Wall St. reviewed corporate tax payments for the top 150 companies by revenue. Included in our analysis were company financials, including income, employee count and earnings before taxes. These were either provided by Capital IQ, or obtained by 24/7 Wall St. reviews of SEC filings or financial statements. All data, including taxes paid, are for 2012, or the most recent complete fiscal year.

These are the companies paying no taxes.

Filed under: Special Report Tagged: AAPL, AEE, ANR, BAC, CZR, DHI, featured, GM, JCP, LCC, LEA, MGM, VOD, VZ, WYNN

24/7 Wall St. Closing Bell — March 14, 2013: Markets Climb to New Highs Today (AMZN, EBAY, WFC, VMW, ETFC, BFAM, MW, VRA, LODE, SOL, AEO, MCP, ZUMZ, BWS, MGM, SD)

Paul Ausick — Thu, 14 Mar 2013 20:03:50 +0000

U.S. equity markets opened higher this morning following a better-than-expected report on new jobless benefits claims in the U.S. and a mostly inline report on producer prices (more coverage here). In Europe, eurozone unemployment fell a bit more than expected and Spanish retail sales were not as bad as expected. In Asia, key interest rates in New Zealand and South Korea remained unchanged. The Shanghai index closed higher for the first time in six days. The DJIA closed with a tenth straight day of gains and the S&P closed within a couple of bucks of its all-time high.

The U.S. dollar index fell 0.41% today, now at 82.553. The GSCI commodity index is down 0.4% at 647.17, with commodities prices mostly higher today on the weaker dollar. WTI crude oil closed up 0.6% today, at $93.03 a barrel. Brent crude trades up 0.7% at $109.00 a barrel. Natural gas is up 3.8% today at about $3.82 per million BTUs following a relatively large draw on stocks last week (more coverage here). Gold settled up 0.1% today at $1,590.70 an ounce.

The unofficial closing bells put the DJIA up more than 82 points to 14,538.99 (0.58%), the NASDAQ rose nearly 14 points (0.43%) to 3,258.93, and the S&P 500 rose 0.56% or nearly 9 points to 1,563.20.

There were a several analyst upgrades and downgrades today, including Amazon.com Inc. (NASDAQ: AMZN) cut to ‘neutral’ at J.P. Morgan; eBay Inc. (NASDAQ: EBAY) reiterated as ‘buy’ with a price target of $65 at Argus and raised to ‘overweight’ at Evercore; Wells Fargo & Co. (NYSE: WFC) started as ‘market perform’ at BMO Capital; VMware Inc. (NYSE: VMW) raised to ‘outperform’ at William Blair and maintained on Focus List at Credit Suisse; and E*Trade Financial Corp. (NASDAQ: ETFC) cut to ‘underperform’ at KBW.

Earnings reports since markets closed last night resulted in several price moves today, including these: Bright Horizons Family Solutions Inc. (NYSE: BFAM) is up 11.2% at $33.35 after posting a post-IPO high of $33.49 earlier today; Men’s Wearhouse Inc. (NYSE: MW) is up 19% at $34.60; Vera Bradley Inc. (NASDAQ: VRA) is down 8.4% at $22.81; Comstock Mining Inc. (NYSEMKT: LODE) is down 7.1% at $1.97; and ReneSola Ltd. (NYSE: SOL) is up 1.4% at $2.17.

Before markets open tomorrow morning we are scheduled to hear from Aeropostale Inc. (NYSE: AEO), Molycorp Inc. (NYSE: MCP), Zumiez Inc. (NASDAQ: ZUMZ), and Brown Shoe Co. Inc. (NYSE: BWS).

Some standouts among heavily traded stocks today include:

MGM Resorts International Inc. (NYSE: MGM) is up 6.5% at $13.21. The casino and resort operator is a likely target for further investment by Kirk Kerkorian’s Tracinda Corp. More coverage here.

SandRidge Energy Inc. (NYSE: SD) is down 3.3% at $5.66. The energy exploration and production company caved in to demands from a large investor and it looks the company’s CEO is headed for the door. More coverage here.

E*Trade Financial Corp. (NASDAQ: ETFC) is down 8.3% at $10.84. The online financial firm got battered after its largest investor said it would sell its entire stake in the company. More coverage here.

Stay tuned for Friday. Dallas Fed President Richard Fisher is giving a speech. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Consumer price index
8:30 a.m. – Empire State manufacturing index
9:00 a.m. – Treasury International Capital (TIC) data
9:15 a.m. – Industrial production
9:55 a.m. – University of Michigan/Thomson Reuters consumer sentiment index

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AEO, AMZN, BFAM, BWS, EBAY, ETFC, LODE, MCP, MGM, MW, SD, SOL, VMW, VRA, WFC, ZUMZ

Kerkorian May Increase Stake in MGM Resorts

Paul Ausick — Thu, 14 Mar 2013 16:32:47 +0000

In a filing with the U.S. Securities and Exchange Commission (SEC) today, investor Kirk Kerkorian’s Tracinda Corp. indicated that it may boost its stake in MGM Resorts International Inc. (NYSE: MGM) from its current 18.6% to as much as 25% in early April. MGM’s stock is getting a healthy lift from the news.

According to the filing, Kerkorian expects to use working capital to make the purchase, provided, of course, that he ultimately decides to do so. The filing notes:

Tracinda continues to believe that there is substantial value in the assets of MGM Resorts and that the Company is a good long-term investment.

MGM recently received approval from the government of Macau to build a second resort/casino on the island’s Cotai Strip and the casino operator has also filed an application with the state of Nevada to operate online gambling within the state. Revenue growth in Macau is expected in the range of 5% to 10% in 2013.

Shares of MGM are up 7% at $13.27 in a 52-week range of $8.83 to $14.80.

Filed under: 24/7 Wall St. Wire, Activist Investor, Casinos & Hotels Tagged: MGM

Nevada Online Gambling Law Juices Stocks (ZNGA, FB, IGT, BYI, BYD, WMS, SHFL, CZR, MGM, MPEL)

Paul Ausick — Mon, 25 Feb 2013 16:15:07 +0000

We noted last Friday the impact on some stocks following Nevada’s enactment of legislation permitting online gambling in the state. Now a state with just 3 million people is not likely to pile up the profits for companies lining up to get into the game, but part of the state’s law allows state regulators to enter compacts with other states, essentially opening gambling to the rest of the country.

One notable beneficiary of the bill signing is Zynga Inc. (NASDAQ: ZNGA), which rose about 7.5% on Friday and is up another 13% so far today. Zynga’s for-fun casino games attract millions of daily users at Facebook Inc. (NASDAQ: FB). Other firms that have put a stake in the ground on online gambling, including International Game Technology (NYSE: IGT), Bally Technologies Inc. (NYSE: BYI), Boyd Gaming Corp. (NYSE: BYD), WMS Industries Inc. (NYSE: WMS) and Shuffle Master Inc. (NASDAQ: SHFL), are missing today’s run-up so far. Bally, IGT and Shuffle Master already have received licenses to operate online gambling in Nevada and Zynga applied for a license in February.

Ceasars Entertainment Corp. (NASDAQ: CZR) is up about 4% so far today, likely on the strength of its “World Series of Poker” brand. The casino operator and MGM Resorts International Inc. (NYSE: MGM) have already applied for online gaming licenses in Nevada. IGT acquired game developer Double Down Interactive in January of 2012, and Boyd has invested in another game maker, Bwin.Party Digital Entertainment.

Melco Crown Entertainment Ltd. (NASDAQ: MPEL) has paired up with Poker Stars to open a live poker room in Melco’s City of Dreams casino in Macau. Extending that relationship to an online venture in the U.S. would not be a big stretch.

Zynga sucks most of the air out of any move that appears to extend real-money gambling to the Internet in the United States. But there are other ponies in the race too.

Filed under: 24/7 Wall St. Wire, Casinos & Hotels Tagged: BYD, BYI, CZR, FB, featured, IGT, MGM, MPEL, SHFL, WMS, ZNGA

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