24/7 Wall St. » MIND

24/7 Wall St. Closing Bell (IBM, MCD, LUV, SNDK, BX, TISI, MIND, MON, AYI, ANGO, PSMT, STZ, PIR, LEDS, CBLI, THTI, CLNT)

Paul Ausick — Wed, 04 Apr 2012 20:08:06 +0000

Markets opened lower this morning and didn’t recover. The ISM services index came in lower than expected (our coverage here) and the EIA report on crude oil inventories pushed crude prices down (our coverage here). The markets haven’t recovered from yesterday’s release of the minutes of the FOMC meeting, which most observers saw as fairly hawkish (our coverage here). The US dollar index rose today, now up 0.37% at 79.776. Commodities were mixed on the stronger dollar, with corn and wheat down the most. WTI crude oil closed down -2.4% at $101.47/barrel, and Brent crude trades down -1.87% at $122.52/barrel. Gold settled down -3.5% today, at $1,614.10/ounce, its lowest price in three months.

The unofficial closing bells put the DJIA down nearly 125 points to 13,074.83(-0.95%), the NASDAQ fell more than 45 points (-1.46%) to 3,068.09, and the S&P 500 fell -1.02% or more than 14 points to 1,398.96.

There were several analyst upgrades and downgrades today, including IBM Corp. (NYSE: IBM) cut to ‘neutral’ at BofA/ML; McDonald’s Corp. (NYSE: MCD) removed from the ‘Conviction Buy List’ but maintained as ‘buy’ at Goldman Sachs; Southwest Airlines Corp. (NYSE: LUV) raised to ‘overweight’ at Barclays; Sandisk Corp. (NASDAQ: SNDK) cut to ‘outperform’ at RBC; and Blackstone Group LP (NYSE: BX) added to ‘Top Pick’ list at Citigroup.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Team Inc. (NYSE: TISI) is down -12.3% at $28.83; Mitcham Industries Inc. (NASDAQ: MIND) is down -3.9% at $23.37; Monsanto Co. (NYSE: MON) is down -1.3% at $80.70 (more coverage here); and Acuity Brands Inc. (NYSE: AYI) is down -9.7% at $57.51. After markets close today we get earnings from AngioDynamics Inc. (NASDAQ: ANGO), Harry Winston Diamond Corp. (NYSE: HWD), and PriceSmart Inc. (NASDAQ: PSMT). Before markets open tomorrow we’ll get earnings from Constellation Brands Inc. (NYSE: STZ), Pier One Imports Inc. (NYSE: PIR), and SemiLEDS Corp. (NASDAQ: LEDS).

Other standouts from today include the following stocks:

Cleveland BioLabs Inc. (NASDAQ: CBLI) is down more than -30% at $1.67 after posting a new 52-week low of $1.48. The biotech company’s funding from the federal government has been cut off.

Sandisk Corp. is down about -11% at $44.72. The flash memory maker revealed a weak outlook for the quarter. More coverage here.

THT Heat Transfer Technology Inc. (NASDAQ: THTI) is up nearly 80% at $2.30. The Chinese maker of heat exchangers reported decent earnings, but forecast revenues for the current quarter at half last quarter’s total. See our coverage yesterday of SmartHeat Inc. (NASDAQ: HEAT), another Chinese maker of heat exchangers. Just substitute the names.

CleanTech Solutions International Inc. (NASDAQ: CLNT) is up more than 177% at $6.10. The Chinese maker of metal components for wind turbines reported solid revenues last week, but profits were down. Another hard-to-figure move.

Stay tuned for Thursday. St. Louis Fed President James Bullard is giving a speech. We have also noted the following events on the schedule (all times Eastern):

7:30 a.m. – Challenger Gray & Christmas layoff report
8:30 a.m. – New claims for unemployment benefits
10:30 a.m. – EIA weekly natural gas storage report
3:00 p.m. – Treasury STRIPS
4:30 p.m. – Federal Reserve balance sheet and money supply

Paul Ausick

Filed under: Market Close Tagged: ANGO, AYI, BX, CBLI, CLNT, IBM, LEDS, LUV, MCD, MIND, MON, PIR, PSMT, SNDK, STZ, THTI, TISI

24/7 Wall St. Closing Bell (AAPL, ESRX, GG, NFLX, SLB, CMVT, ISCA, FRS, TISI, MIND, MON, AYI, HEAT, FSLR, VRNG, AONE, MRGE, CONN)

Paul Ausick — Tue, 03 Apr 2012 20:06:50 +0000

Markets opened flat to lower this morning and stayed right around the break-even line most of the morning. The report on factory orders was weaker than expected(our coverage here), although new car sales are up sharply (our coverage here). The minutes of the FOMC’s March meeting quelled for now any thoughts of additional easing, and sent all three major indexes sharply lower (our coverage here). The US dollar index rose sharply today, now up 0.81% at 79.460. Commodities were mixed on the stronger dollar, with cocoa falling the most and cotton also down (our coverage here). WTI crude oil closed down -1.2% at $104.01/barrel, and Brent crude trades down -0.48% at $124.83/barrel. Gold settled down -0.5% today, at $1,672.00/ounce.

The unofficial closing bells put the DJIA down nearly 65 points to 13,199.55 (-0,49%), the NASDAQ fell more than 6 points (-0.20%) to 3,113.57, and the S&P 500 fell -0.41% or nearly 6 points to 1,413.29.

There were several analyst upgrades and downgrades today, including Apple Inc. (NASDAQ: AAPL) started as buy at Auriga and target raised to $715 at Morgan Stanley; Express Scripts Inc. (NASDAQ: ESRX) started as ‘overweight’ at JPMorgan; Goldcorp Inc. (NYSE: GG) started as ‘neutral’ at Citigroup; Netflix Inc. (NASDAQ: NFLX) cut to ‘equal weight’ at Barclays; and Schlumberger Ltd. (NYSE: SLB) raised to ‘buy’ at Sterne Agee.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Comverse Technology Inc. (NASDAQ: CMVT) is down -6.4% at $6.41; International Speedway Corp (NASDAQ: ISCA) is down -0.14% at $28.31; and Frisch’s Restaurants Inc. (AMEX: FRS) is down -0.04% at $27.29. After markets close today we get earnings from Team Inc. (NYSE: TISI) and Mitcham Industries Inc. (NASDAQ: MIND) markets. Before markets open tomorrow we’ll get earnings from Monsanto Co. (NYSE: MON) and Acuity Brands Inc. (NYSE: AYI).

Other standouts from today include the following stocks:

SmartHeat Inc. (NASDAQ: HEAT) is up 93% at $5.29. The Chinese maker of heat exchangers reported weak earnings, but promised to cut costs and do better. More coverage here.

First Solar Inc. (NASDAQ: FSLR) is down about -8% at $22.56 after posting a new 52-week low of $22.42 earlier today. The solar panel maker is simply dying a slow death. More coverage here.

Vringo Inc. (AMEX: VRNG) is up 5.8% at $3.28 after posting a new 52-week high of $4.05 earlier today. The ringtone company is merging with a patent protection firm and this is the second day in a row that shares have posted a new high. Here’s our story from yesterday.

A123 Systems Inc. (NASDAQ: AONE) is down more than -16% at $0.85, the second consecutive day for the shares to put up a new 52-week low. The battery maker is still getting walloped over a recall and its relationship with Fisker Automotive. Here’s our story from yesterday.

Merge Healthcare Inc. (NASDAQ: MRGE) is down more than -16% at $4.95. The healthcare kiosk provider has agreed to sell $2.75 million worth of kiosks to a company controlled by Merge’s chairman.

Conn’s Inc. (NASDAQ: CONN) is up about 14.5% at $18.88 after posting a new 52-week high of $19.75. The regional electronics retailer busted through earnings expectations.

Stay tuned for Wednesday. San Francisco Fed President John Williams is giving a speech. We have also noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers’ Association purchase applications
7:30 a.m. – Challenger Gray & Christmas layoff report
8:15 a.m. – ADP employment report
10:00 a.m. – Institute for Supply Management non-manufacturing index
10:30 a.m. – EIA weekly petroleum status report

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: AAPL, AONE, AYI, CMVT, CONN, ESRX, FRS, FSLR, GG, HEAT, ISCA, MIND, MON, MRGE, NFLX, SLB, TISI, VRNG

Top Analyst Upgrades & Downgrades (MO, AVP, CE, LFC, EL, FITB, GE, MIND, VRTX, YHOO, YUM, GRPN)

Administrator — Wed, 14 Dec 2011 14:05:27 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Wednesday morning.

Altria Group Inc. (NYSE: MO) Cut to Hold at Stifel Nicolaus.
Avon Products Inc. (NYSE: AVP) Raised to Outperform at BMO Capital Markets.
Celanese Corporation (NYSE: CE) named as Bull of the Day at Zacks Investment Research.
China Life Insurance (NYSE: LFC) maintained as Underperform but named the Bear of the Day by Zacks Investment Research.
Estee Lauder Companies (NYSE: EL) Added to Strong Buy List at Zacks Investment Research.
Fifth Third Bancorp (NASDAQ: FITB) Cut to Market Perform at Bernstein.
General Electric Co. (NYSE: GE) Reiterated Outperform and raised estimates at Credit Suisse.
Mitcham Industries, Inc. (NASDAQ: MIND) named as value stock of the day at Zacks Investment Research.
Vertex Pharmaceuticals (NASDAQ: VRTX) Raised to Outperform but cut the price target to $37 from $39 by Credit Suisse.
Yahoo! Inc. (NASDAQ: YHOO) resumed with a “Sell” rating at Goldman Sachs.
YUM! Brands Inc. (NYSE: YUM) Reiterated Buy and raised price target to $66.00 by Argus.

The big move in the land of stock research and analyst calls is the expiration of the Groupon, Inc. (NASDAQ: GRPN) quiet period. The online social couponing site was initiated in coverage as follows by some of the syndicate firms:

Overweight and $27.00 price target at Barclays;
Buy with $28.00 price target by Bank of America/Merrill Lynch;
Neutral and $24.00 price target at Citigroup;
Neutral with a $25.00 price target at Credit Suisse;
Buy with a $29.00 price target by Goldman Sachs;
Neutral and $24.00 price target at JPMorgan;
Sector Perform with $25.00 price target at RBC Capital Markets.

JON C. OGG

Filed under: Analyst Calls Tagged: AVP, CE, EL, FITB, GE, GRPN, LFC, MIND, MO, VRTX, YHOO, YUM

Top Analyst Upgrades & Downgrades (ALB, AMZN, BBBY, BP, CELG, CHRW, FSLR, HAIN, HGSI, MMM, MIND, NYT, SKS, TLM, YGE, YOKU)

Administrator — Wed, 26 Oct 2011 12:06:12 +0000

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

Albemarle Corporation (NYSE: ALB) Raised to Neutral at BofA/ML.
Amazon.com Inc. (NASDAQ: AMZN) Cut estimates and target to $200 at Credit Suisse; maintained Buy at BofA/ML.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) Reiterated Buy and raised target to $70 at Argus.
BP PLC (NYSE: BP) Raised estimates at BofA/ML.
Celgene Corporation (NASDAQ: CELG) Raised to Outperform as Bull of the Day at Zacks.
C.H. Robinson Worldwide Inc. (NASDAQ: CHRW) Cut to Neutral at BofA/ML.
First Solar Inc. (NASDAQ: FSLR) Cut to Hold at Kaufman; Cut to Hold at Jefferies; Cut to Sell at S&P Capital IQ (late Tuesday).
The Hain Celestial Group, Inc. (NASDAQ: HAIN) Raised to Hold at S&P Capital IQ (late Tuesday).
Human Genome Sciences Inc. (NASDAQ: HGSI) Cut to Hold at Brean Murray.
3M Co. (NYSE: MMM) Cut to Market Perform at William Blair.
Mitcham Industries, Inc. (NASDAQ: MIND) named the Value Stock of the Day at Zacks.
The New York Times Company (NYSE: NYT) Cut to Neutral at Citigroup.
Saks, Inc. (NYSE: SKS) named Aggressive Growth stock of the day at Zacks.
Talisman Energy (NYSE: TLM) Cut to Underperform as Bear of the Day at Zacks.
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) Cu to Neutral at Collins Stewart.
Youku.com Inc. (NYSE: YOKU) Cut to Neutral at Susquehanna.

JON C. OGG

Filed under: Analyst Calls Tagged: ALB, AMZN, BBBY, BP, CELG, CHRW, FSLR, HAIN, HGSI, MIND, MMM, NYT, SKS, TLM, YGE, YOKU

California Applelate Court Upholds Schwarzenegger’s Plan To Pay State Employees The Minimum Wage

247wallst — Fri, 02 Jul 2010 20:58:11 +0000

California’s 3rd Appellate District court in Sacramento ruled state Controller John Chiang must comply with an order by Governor Arnold Schwarzenegger to lower the pay of almost 200,000 state workers to the federal minimum wage of $7.25 until a budget is passed.

The state’s fiscal year began on July 1. The dispute between the governor and the Democrat controlled California legislature is over a deficit for the current fiscal which is is expected to be $19.1 billion.

California would save approximately $1.2 billion a month due to the reduction, according to the state Department of Finance. Once a budget is finished and signed into law, state workers may be due back pay.“This underscores the fact that everyone loses when we have a budget impasse,” Schwarzenegger’s press secretary, Aaron McLear, said in a statement. “Every day the Legislature fails to deliver a budget costs the state $50 million.

Although the state is obligated to honor federally mandated wage minimums, this ruling appears to grant them the right to abrogate employment contracts with private citizens in order to relieve itself of liabilities. It would seem that California only needs to honor debts when they can and not when they are due.

Douglas A. McIntyre

Filed under: Law Tagged: California’s 3rd Appellate District court in Sacramento, Controller John Chiang, Governor Arnold Schwarzenegger, MIND

Russell Booting Out Speculative Energy Stocks in Rebalances (AXAS, AKNS, AEZ, KAZ, CPE, CFW, CPST, DBLE, EXXI, FTK, GGR, GMET, GRH, TMR, MIND, NCOC, PEIX, QRCP, RAME, TIV, TRMA)

247wallst — Fri, 19 Jun 2009 12:44:04 +0000

This year is going to mark a significant change in the Russell rebalance and reconstitution at end of June. Now that oil and other energy related commodities have been cut in half from the year ago highs, we are seeing a significant number of the smaller cap and more speculative companies tied to energy. This is the list of companies which is getting the boot off of the Russell 3000 alone:

Delete   ABRAXAS PETROLEUM CORP. (AXAS)
Delete   AKEENA SOLAR INC. (AKNS)
Delete   AMERICAN OIL & GAS INC. (AEZ)
Delete   BMB MUNAI INC. (KAZ)
Delete   CALLON PETROLEUM (CPE)
Delete   CANO PETROLEUM INC. (CFW)
Delete   CAPSTONE TURBINE CORP. (CPST)
Delete   DOUBLE EAGLE PETROLEUM (DBLE)
Delete   ENERGY XXI (BERMUDA) LTD. (EXXI)
Delete   FLOTEK INDS INC. (FTK)
Delete   GEOGLOBAL RESOURCES INC. (GGR)
Delete   GEOMET INC. (GMET)
Delete   GREENHUNTER ENERGY INC. (GRH)
Delete   MERIDIAN RESOURCE CORP. (TMR)
Delete   MITCHAM INDUSTRIES INC. (MIND)
Delete   NATIONAL COAL CORP (NCOC)
Delete   PACIFIC ETHANOL INC. (PEIX)
Delete   QUEST RESOURCE CORP. (QRCP)
Delete   RAM ENERGY RESOURCES INC (RAME)
Delete   TRI-VALLEY CORP (TIV)
Delete   TRICO MARINE SERVICES (TRMA)

There will be updates to this list today and next Friday with the final decision list posted on Monday, June 29. Of course, that means that some of these deletions might not get deleted in the final list. A couple were tied to alternative energy in our minds, but were listed by Russell as ‘consumer’ or ‘producer durables’ rather than in the broad “energy” group.

Jon C. Ogg

Posted in Alternative Energy, Commodities, Index, Oil & Gas Tagged: AEZ, AKNS, AXAS, CFW, CPE, CPST, DBLE, EXXI, FTK, GGR, GMET, GRH, KAZ, MIND, NCOC, PEIX, QRCP, RAME, TIV, TMR, TRMA