24/7 Wall St. » PNY

24/7 Wall St. Closing Bell — June 8, 2012 (CSCO, SD, QCOM, KMI, LEN, XIDE, PNY, FGP, KMGB, FNSR, KORS, FDS, KFY, KR, PIR, WGO, PCX, ANR, NOK, NAV, CHK)

Paul Ausick — Fri, 08 Jun 2012 20:11:33 +0000

The three major US stock indexes opened lower this morning as investors wait for weekend data on Chinese trade and industrial production. The drop in US unemployment benefits claims didn’t spur much buying, nor did news of the smaller US trade deficit in April. Trading volume has been light today, with just 400 million shares trading hands on the NYSE. Going into the last hour of trading the DJIA is up about 0.5%, the Nasdaq is up about 0.6%, and the S&P 500 is up about 0.8%, and all finished the day higher by less than 1%.

The US dollar index rose today, now up 0.55% at 82.506. The GSCI commodity index is fractionally at 592.05, with commodities prices mostly lower today on the stronger dollar. WTI crude oil closed down -0.9%% at $84.10/barrel. Brent crude trades down -0.24% at $99.69/barrel. Natural gas rose about 1.1% today to $2.299/thousand cubic feet. Gold settled up 0.2% today, at $1,591.40/ounce, but took a weekly loss of about -2%.

The unofficial closing bells put the DJIA up about 93 points to 12,553.97(0.75%), the NASDAQ rose more than 27 points (0.97%) to 2,858.42, and the S&P 500 rose 0.81% or nearly 11 points to 1,325.63.

There were several analyst upgrades and downgrades today, including Cisco Systems Inc. (NASDAQ: CSCO) started as ‘buy’ at Citigroup; SandRidge Energy Inc. (NYSE: SD) started as ‘outperform’ at RBC Capital; Qualcomm Inc. (NASDAQ: QCOM) reiterated as ‘buy’ with a target price of $80 at Argus; Kinder Morgan Inc. (NYSE: KMI) raised to ‘overweight’ at Morgan Stanley; and Lennar Corp. (NYSE: LEN) cut from ‘neutral’ to ‘sell’ at Citigroup.

Earnings reports since markets closed last night have been scarce, but here are some price changes for reporting companies as of the last half hour of trading today: Exide Technologies (NASDAQ: XIDE) is up 16.3% at $2.85; Piedmont Natural Gas Co. Inc. (NYSE: PNY) is up 0.3% at $31.71; Ferrellgas Partners LP (NYSE: FGP) is up 6.9% at $17.25; and KMG Chemicals Inc. (NASDAQ: KMGB) is down -2% at $16.91.

As we approach the quarter’s end there are fewer and fewer notable earnings reports scheduled. Next week we are scheduled to get earnings reports from Finisar Corp. (NASDAQ: FNSR), Michael Kors Holdings Ltd. (NYSE: KORS), FactSet Research Systems Inc. (NYSE: FDS), Korn/Ferry International (NYSE: KFY), Kroger Co. (NYSE: KR), Pier 1 Imports Inc. (NYSE: PIR), and Winnebago Industries Inc. (NYSE: WGO).

Other standouts from today include the following stocks:

Patriot Coal Corp. (NYSE: PCX) is down -9.5% at $1.68. The coal miner took the biggest share price hit today following news that Alpha Natural Resources Inc. (NYSE: ANR) is closing some mines. More coverage here.

Nokia Corp. (NYSE: NOK) is up 5.7% at $2.99. The Finnish handset company was rumored to be the target of a possible takeover by Samsung Electronics. More coverage here.

Navistar International Inc. (NYSE: NAV) is up 16.6% at $28.10. The commercial truck and engine maker got a boost from an increased investment by Carl Icahn, who now owns 12% of the company.

Chesapeake Energy Corp. (NYSE: CHK) is 2.7% at $18.33. The natural gas producer sold $4 billion in assets today (coverage here) and stockholders rejected two current directors by a wide margin at today’s shareholders’ meeting (more coverage here).

Stay tuned for Monday. We have noted the following event (all times Eastern):

11:30 a.m. – 3- and 6-month bill auctions

Have a great weekend!

Paul Ausick

Filed under: Active Trader, HI/LOW, Market Close Tagged: ANR, CHK, CSCO, FDS, FGP, FNSR, KFY, KMGB, KMI, KORS, KR, LEN, NAV, NOK, PCX, PIR, PNY, QCOM, SD, WGO, XIDE

24/7 Wall St. Closing Bell — June 7, 2012 (HAL, ORCL, VZ, CIM, CHTR, CMVT, SJM, LULU, TITN, XIDE, PNY, JVA, TA, RDS-A, MDR, MOH)

Paul Ausick — Thu, 07 Jun 2012 20:08:00 +0000

The three major US stock indexes opened higher this morning following the announcement of an interest rate cut in China (our coverage here). Spain sold more than €2 billion in bonds at slightly more than 6%, a better-than-expected showing (our coverage here). Fed Chairman Ben Bernanke testified before Congress today and let some air out of the notion that another quantitative easing program was coming (our coverage here). Going into the last hour of trading the DJIA is up nearly 1%, the Nasdaq is up about 0.25%, and the S&P 500 is up about 0.65%. By day’s end, only the DJIA would show a slight gain.

The US dollar index fell today, now down -0.31% at 82.068. The GSCI commodity index is up about 1.3% at 593.06, with commodities prices generally higher again today on the weaker dollar. WTI crude oil closed down -0.2%% at $84.82/barrel. Brent crude trades down -0.85% at $99.78/barrel. Natural gas fell about -6% today to $2.276/thousand cubic feet on the weekly EIA storage report (our coverage here). Gold settled down -2.8% today, at $1,588.00/ounce.

The unofficial closing bells put the DJIA up about 46 points to 12,460.96 (0.37%), the NASDAQ rose fell nearly 14 points (-0.48%) to 2,831.02, and the S&P 500 fell 0.01% or less than 1 point to 1,314.99.

There were several analyst upgrades and downgrades today, including Halliburton Co. (NYSE: HAL) cut to ‘neutral’ at Macquarie; Oracle Corp. (NASDAQ: ORCL) maintained as ‘hold’ with a price target of $30 at Canaccord Genuity; Verizon Communications Inc. (NYSE: VZ) reiterated as ‘buy’ and target price raised from $44 to $47 at Argus; Chimera Investment Corp. (NYSE: CIM) started as ‘market perform’ at Wells Fargo; and Charter Communications Inc. (NASDAQ: CHTR) started as ‘outperform’ at Sanford Bernstein.

Earnings reports since markets closed last night have been scarce, but here are some price changes for reporting companies as of the last half hour of trading today: Comverse Technology Inc. (NASDAQ: CMVT) is down -7.6% at $5.61 after posting a new 52-week low of $5.40 earlier today; J.M. Smucker Co. (NYSE: SJM) is up 0.2% at $76.19; Lululemon Athletica Inc. (NASDAQ: LULU) is down -8.5% at $64.06 (more coverage here); and Titan Machinery Inc. (NASDAQ: TITN) is down -20.7% at $26.43.

On Friday, we are scheduled to get earnings reports from Exide Technologies (NASDAQ: XIDE), Piedmont Natural Gas Co. Inc. (NYSE: PNY), and Coffee Holding Co. Inc. (NASDAQ: JVA).

Other standouts from today include the following stocks:

TravelCenters of America LLC (NYSE: TA) is up 16.6% at $5.56. The Interstate Highway system travel center operator has signed a deal with Royal Dutch Shell plc (NYSE: RDS-A) to offer natural gas fueling at a minimum of 100 of TravelCenters’ 238 locations.

McDermott International Inc. (NYSE: MDR) is up 9.6% at $10.70. The construction firm has experienced some serious insider buying. More coverage here.

Molina Healthcare Inc. (NYSE: MOH) is down -30% at $17.81. The supplier of Medicaid solutions withdrew its 2012 guidance complaining of margin pressure in Texas, where costs are higher than premium revenues.

Stay tuned for Friday. Minneapolis Fed President Narayana Kocherlakota is giving a speech. We have also noted the following events (all times Eastern):

8:30 a.m. – International trade
10:00 a.m. – Wholesale trade

Paul Ausick

Filed under: Active Trader, HI/LOW, Market Close Tagged: CHTR, CIM, CMVT, HAL, JVA, LULU, MDR, MOH, ORCL, PNY, RDS-A, SJM, TA, TITN, VZ, XIDE

24/7 Wall St. Closing Bell (BHP, MCP, CCL, SHLD, PKD, DLPH, PNY, RDI, ACAT, DCTH, END, LEDS)

Paul Ausick — Wed, 28 Dec 2011 21:07:01 +0000

Stocks open slightly higher this morning, but quickly reversed course to begin falling in less than five minutes of trading. The DJIA hit a morning low just before noon and has bounced around off that ever since. The Nasdaq Composite and the S&P 500 have followed the same pattern. Italy’s successful auction of short-term debt was quickly followed by a drop in the euro to below $1.30, where the single currency has remained throughout the day. Commodity prices have been generally lower today, although wheat, corn, and coffee have posted gains. Crude oil prices have fallen following a statement by Saudi Arabia that other countries would pick up any shortfall in crude deliveries caused by possible Iranian action in the Strait of Hormuz. Brent crude is down -1.85% at $107.42/barrel and WTI is down the same amount at $99.49/barrel. Gold is down sharply, nearly -2.5%, at $1,556.40/ounce.

The unofficial closing bells put the DJIA down nearly 140 points to 12,151.64 (-1.14%), the NASDAQ fell more than 35 points (-1.34%) to 2,589.98, and the S&P 500 fell -1.25% or nearly 16 points to 1,249.66.

There were several analyst upgrades and downgrades today, including BHP Billiton plc (NYSE: BHP) cut from ‘neutral’ to ‘underperform’ at Zack’s Investment Research; Molycorp Inc. (NYSE: MCP) target price and estimate lowered to $39 at JPMorgan; Carnival Corp. (NYSE: CCL) maintained as ‘hold’ but estimates cut at Argus; Sears Holding Corp. (NASDAQ: SHLD) maintained as ‘underperform’ and target price lowered to $20 at Credit Suisse; Parker Drilling Co. (NYSE: PKD) named ‘value stock of the day’ at Zack’s; and Delphi Automotive (NASDAQ: DLPH) started as ‘buy’ at Goldman Sachs.

There are no earnings reports of note out yet today. After markets close today Piedmont Natural Gas Co. (NYSE: PNY) and Reading International Inc. (NASDAQ: RDI) are scheduled to report earnings.

Other standouts from today include the following stocks:

Arctic Cat Inc. (NASDAQ: ACAT) is up more than 20% at $22.80, after posting a new 52-week high of $24 earlier today. The recreational vehicle maker announced that it had repurchased a 33% stake in the company owned by Suzuki, reducing outstanding shares by about a third.

Delcath Systems Inc. (NASDAQ: DCTH) is up nearly 11% at $3.38. The drug development company has received EU standards certification for its plant in Galway, Ireland.

Endeavor International Corp. (NYSE: END) is up nearly 11% to $8.78. The independent oil & gas company continues to receive attention for its purchase of North Sea assets from ConocoPhillips (NYSE: COP) and an ratings upgrade from ‘market perform’ to ‘outperform’ at Rodman & Renshaw.

Molycorp shares are down nearly -14% at $24.12 after posting a new 52-week low of $24.03 earlier today. The rare earths miner was downgraded this morning and a Chinese announcement on exports of rare earth minerals are both weighing on the company. More on Molycorp here.

SemiLEDS Corp. (NASDAQ: LEDS) is up more than 18% at $3.81. The LED lighting maker hit a technical target at around $3.29/share. Trading in SemiLEDS shares is about 6x average daily volume.

Stay tuned for Thursday. Here are the noteworthy events on the schedule (all times Eastern):

8:30 a.m. – Initial unemployment benefits claims
9:45 a.m. – Chicago PMI report
10:00 a.m. – National Association of Realtors pending home sales index
10:30 a.m. – EIA weekly natural gas status report
11:00 a.m. – EIA weekly petroleum status report
4:30 p.m. – Federal Reserve balance sheet and money supply reports

Paul Ausick

Filed under: Active Trader, HI/LOW, Market Close Tagged: ACAT, BHP, CCL, DCTH, DLPH, END, LEDS, MCP, PKD, PNY, RDI, SHLD

Top Analyst Upgrades (AA, WTR, BEC, CWT, CHRT, CHA, GAS, NOK, PNY, WW)

Douglas A. McIntyre — Thu, 19 Mar 2009 11:23:31 +0000

These are the top upgrades and positive research calls we have seen from Wall Street analysts so far early this Thursday morning:

Alcoa (AA) Raised to Overweight at JPMorgan.
Aqua America (WTR) Raised to Outperform at Baird.
Beckman Coulter (BEC) Raised to Overweight at Barclays.
California Water (CWT) Raised to Outperform at Baird.
Chartered Semiconductor (CHRT) Raised to Neutral at HSBC.
China Telecom (CHA) Raised to Overweight at Morgan Stanley.
Nicor (GAS) Raised to Outperform at Baird.
Nokia (NOK) Raised to Outperform at Credit Suisse.
Piedmont Natural Gas (PNY) Raised to Outperform at Baird.
Watson Wyatt Worldwide (WW) Started as Buy at SunTrust Robinson Humphrey.

-JON C. OGG

Posted in Analyst Calls Tagged: AA, BEC, CHA, CHRT, CWT, gas, NOK, PNY, WTR, WW

Colder Weather Warms Gas Company’s Results (PNY)

Douglas A. McIntyre — Mon, 29 Dec 2008 14:28:15 +0000

Piedmont Natural Gas Company (NYSE:PNY) this morning reported results for its 2008 fiscal year, which ended on October 31st. The company reported EPS of $1.49 on earnings of $110 million, compared with EPS in 2007 of $1.40 and profits of $104.4 million.

The company sold more natural gas because 2008 was colder than 2007, and it also benefited from regulatory adjustments. Its customer base grew 2%, and coupled with the weather and the regulatory changes, margins increased by 5% in 2008. The company also cut operating expenses primarily through adjustments to its defined benefit pension plan.

Piedmont reaffirmed its 2009 EPS guidance of $1.55-$1.65. The company’s stock is off about 1% this morning, and it’s trading about 12% off its 52-week high.

Paul Ausick

Posted in Oil & Gas Tagged: PNY

Top Pre-Market Analyst Downgrades (KELYA, KLAC, LRCX, MRVL, PNY, RHI, SNDA, XLNX)

Douglas A. McIntyre — Thu, 04 Sep 2008 06:26:09 +0000

These are the top downgrades and negative analyst calls we are seeing this Thursday morning:

Kelly Services (KELYA) Cut to Sell at Citigroup.
KLA-Tencor (KLAC) Cut to Equal-weight at Morgan Stanley.
Lam Research (LRCX) Cut to Underweight at Morgan Stanley.
Marvell Technology (MRVL) Started as Neutral at Credit Suisse.
Piedmont Natural Gas (PNY) Cut to Neutral at Baird.
Robert Half (RHI) Cut to Sell at Citigroup.
Shanda Interactive (SNDA) has seen estimate and targets cut by Citigroup, JPMorgan, and Goldman Sachs.
Xilinx (XLNX) Started as Neutral at Credit Suisse.

Jon C. Ogg
September 4, 2008