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Closing Bell for Wednesday on Wall Street: Markets Open Soft, Close with a Flourish

Paul Ausick — Wed, 15 May 2013 20:04:07 +0000

U.S. equity markets opened slightly lower this morning following a number of data releases related to the U.S. economy. Producer prices declined in April and the New York manufacturing index came in much lower than expected. U.S. industrial production was also lower than expected. There was little significant data out of Asia, but in Europe, the eurozone economy continued to contract in the first quarter. Eurozone GDP fell 0.2% in the first quarter, slightly more than the 0.1% drop expected by economists.

The U.S. dollar index is trading up 0.29% today, now at 83.8370. The GSCI commodity index is down 0.4% at 627.87. WTI crude oil closed up 0.1%, at $94.30 a barrel following the release of the EIA’s inventory data. Brent crude trades 1.1% at $103.72 a barrel. Natural gas is up 1% today at about $4.06 per million BTUs. Gold settled down 2% today at $1,396.20.

The unofficial closing bells put the DJIA up about 60 points to 15,275.15 (0.39%), the NASDAQ rose about 9 points (0.26%) to 3,471.62, and the S&P 500 rose 0.51% or more than 8 points to 1,658.71.

There were a several analyst upgrades and downgrades today, including:

Golar LNG Ltd. (NASDAQ: GLNG) cut to ‘sell’ at Goldman Sachs;
BlackBerry (NASDAQ: BBRY) cut to ‘market perform’ at Bernstein;
Lowe’s Companies Inc. (NYSE: LOW) reiterated as ‘buy’ and price target raised to $48 at Argus;
Gap Inc. (NYSE: GPS) raised to ‘buy’ at Citigroup; and
Charles Schwab Corp. (NYSE: SCHW) cut to ‘underweight’ at Barclays.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Agilent Technologies Inc. (NYSE: A) is up 3.7% at $45.60 after posting a new 52-week high of $46.49 earlier today;
Primo Water Corp. (NASDAQ: PRMW) is down 7.2% at $1.42;
Computer Sciences Corp. (NYSE: CSCO) is down 9.9% at $44.61;
Deere & Co. (NYSE: DE) is down 4.6% at $89.46;
First Majestic Silver Corp. (NYSE: AG) is down 9.8% at $10.15 after posting a new 52-week low of $10.13 earlier today; and
Macy’s Inc. (NYSE: M) is up 2.7% at $48.66 after posting a new 52-week high of $48.91 earlier today.

Before markets open tomorrow morning we are scheduled to hear earnings from Cisco Systems Inc. (NASDAQ: CSCO), Dillard’s Inc. (NYSE: DDS), Jack in the Box Inc. (NASDAQ: JACK), Skechers USA Inc. (NYSE: SKX), E Commerce China Dangdang Inc. (NASDAQ: DANG), Kohl’s Corp. (NYSE: KSS), ReneSola Ltd. (NYSE: SOL), and Wal-Mart Stores Inc. (NYSE: WMT).

Some standouts among heavily traded stocks today include:

Bristol-Myers Squibb Co. (NYSE: BMY) is up 5.2% at $44.40, after posting a new 52-week high of $45.59 earlier today. The biopharmaceutical firm gave an upbeat presentation on its plans for new cancer and heart drugs.

Apple Inc. (NASDAQ: AAPL) is down 3.6% at $427.92. The PC and consumer electronics product maker is being sued by the U.S. Justice Department for leading a price-fixing scheme in the book publishing business.

Zynga Inc. (NASDAQ: ZNGA) is up 3.5% at $3.45. The social games producer got a big boost from a purchase of 25 million of the company’s shares by activist investor Jana Partners.

Stay tuned for Thursday. Philadelphia Fed President Charles Plosser, Boston Fed President Eric Rosengren, Dallas Fed President Richard Fisher, Fed Governor Sarah Bloom Raskin, and San Francisco Fed President John Williams are all giving speeches. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Consumer price index
8:30 a.m. – Housing starts
8:30 a.m. – New claims for unemployment benefits
10:00 a.m. – Philadelphia Fed survey
10:30 a.m. – EIA weekly natural gas storage report
4:30 p.m. – Fed balance sheet and money supply

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AAPL, AG, BBRY, BMY, CSC, CSCO, DANG, DDS, DE, GLNG, GPS, JACK, KSS, LOW, M, PRMW, SCHW, SKX, SOL, WMT, ZNGA

Closing Bell for Tuesday on Wall Street: Markets Open Up, Finish Strong

Paul Ausick — Tue, 14 May 2013 20:07:17 +0000

U.S. equity markets opened slightly higher this morning an inline report from the U.S. Department of Labor on export and import prices. In Europe, eurozone industrial production rose 1%, above the expected gain of 0.4%. A survey on economic sentiment also came in higher than expected. In Asia, markets closed lower in Shanghai, Hong Kong, and Tokyo following limited data releases. In the U.S., equities rose steadily in morning trading although prices leveled off in the afternoon.

The U.S. dollar index is trading up 0.38% today, now at 83.5910. The GSCI commodity index is down 0.2% at 627.87. WTI crude oil closed down 1%, at $95.1794.21 a barrel following the release of the International Energy Agency’s mid-term outlook predicting that growing U.S. crude oil will set off a “supply shock” that will drive down the price of crude. Brent crude trades down 0.2% at $102.61 a barrel. Natural gas is up 2.3% today at about $4.02 per million BTUs. Gold settled down 0.7% today at $1,424.50.

The unofficial closing bells put the DJIA up more than 123 points to 15,215.25 (0.82%), the NASDAQ rose nearly 24 points (0.69%) to 3,462.61, and the S&P 500 rose 1.01% or nearly 17 points to 1,650.34.

There were a several analyst upgrades and downgrades today, including:

KB Home (NYSE: KBH) cut to ‘market perform’ at Raymond James;
Cree Inc. (NASDAQ: CREE) cut to ‘hold’ at Jefferies;
Fusion-io Inc. (NYSE: FIO) raised to ‘buy’ at UBS;
Yahoo! Inc. (NASDAQ: YHOO) maintained on ‘Conviction Buy’ list and price target raised to $30 at Goldman Sachs; and
AllScripts Healthcare Solutions Inc. (NASDAQ: MDRX) raised to ‘buy’ at Citigroup.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Copa Holdings SA (NYSE: CPA) is up 8.2% at $135.25 after posting a new 52-week high of $138.99 earlier today;
Renren Inc. (NYSE: RENN) is up 0.2% at $3.00;
Take-Two Interactive Software Inc. (NASDAQ: TTWO) is up 1.3% at $16.60 after posting a new 52-week high of $17.54;
Pan American Silver Corp. (NASDAQ: PAAS) is down 1.4% at $12.43; and
SolarCity Corp. (NASDAQ: SCTY) is down 12.2% at $31.50, and we’ve noted something to watch for that could help this company and probably many other alt energy players.

Before markets open tomorrow morning we are scheduled to hear earnings from Agilent Technologies Inc. (NYSE: A), Dillard’s Inc. (NYSE: DDS), Primo Water Corp. (NASDAQ: PRMW), Computer Sciences Corp. (NYSE: CSC), Deere & Co. (NYSE: DE), First Majestic Silver Corp. (NYSE: AG), and Macy’s Inc. (NYSE: M).

Some standouts among heavily traded stocks today include:

Sony Corp. (NYSE: SNE) is up 9.6% at $20.70, after posting a new 52-week high of $22.22 earlier today. The consumer electronics firm is being encouraged by activist investor Daniel Loeb to break into pieces, which may not be the best idea he’s ever had.

Nokia Corp. (NYSE: NOK) is down 5.5% at $3.63. The mobile phone maker introduced a new phone today. Investors apparently were not impressed.

Groupon Inc. (NASDAQ: GRPN) is up 7.8% at $6.86. The daily deals company had no news today, but heavier than normal volume indicates demand was good for the stock.

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

7:00 a.m. – Mortgage Bankers Association purchase applications
8:30 a.m. – Producer price index
8:30 a.m. – Empire State manufacturing survey
9:00 a.m. – Treasury International Capital (TIC) data
9:15 a.m. – Industrial production
10:00 a.m. – Housing market index
10:00 a.m. – E-commerce retail sales
10:30 a.m. – EIA weekly petroleum status report

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AG, CPA, CREE, CSC, DDS, DE, FIO, GRPN, KBH, M, MDRX, NOK, PAAS, PRMW, RENN, SCTY, SNE, TTWO, YHOO

Market Close: Big Winners & Losers for April 8, 2013 (LUFK, JKS, MGT, PRMW, SUTR, GAI, BVA, CCUR, SABA, MNGA)

Paul Ausick — Mon, 08 Apr 2013 20:33:41 +0000

Here are today’s five biggest gaining stocks at closing:

Lufkin Industries Inc. (NASDAQ: LUFK) is up 37.6% at $87.96.

JinkoSolar Holding Company Ltd. (NYSE: JKS) is up 20.5% at $5.00.

MGT Capital Investments Inc. (NYSEMKT: MGT)) is up 20.3% at $3.85.

Primo Water Corp. (NASDAQ: PRMW) is up 19.4% at $1.60.

Sutor Technology Group Ltd. (NASDAQ: SUTR) is up 18.1% at $1.70.

And here are today’s five biggest losing stocks at closing:

Global-Tech Advanced Innovations Inc. (NASDAQ: GAI) is down 17.1% at $6.72.

Cordia Bancorp Inc. (NASDAQ: BVA) is down 17.1% at $5.10.

Concurrent Computer Corp. (NASDAQ: CCUR) is down 10.4% at $6.49.

Saba Software Inc. (NASDAQ: SABA) is down 10.1% at $6.61.

MagneGas Corp. (NASDAQ: MNGA) is down 10% at $0.93.

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: BVA, CCUR, GAI, JKS, LUFK, MGT, MNGA, PRMW, SABA, SUTR

Market Close: Big Winners & Losers for April 4, 2013 (MCOX, CMGE, PRMW, STSI, BBY, XIDE, NVGN, ETAK, MVIS, CHLN)

Paul Ausick — Thu, 04 Apr 2013 20:31:54 +0000

Here are today’s five biggest gaining stocks at closing:

Mecox Lane Ltd. (NASDAQ: MCOX) is up 23.8% at $4.94.

China Mobile Games and Entertainment Group Ltd. (NASDAQ: CMGE) is up 18.1% at $9.45.

Primo Water Corp. (NASDAQ: PRMW) is up 17.2% at $1.36.

Star Scientific Inc. (NASDAQ: STSI) is up 16.2% at $1.51.

Best Buy Co. Inc. (NYSE: BBY) is up 16.1% at $25.13.

And here are today’s five biggest losing stocks at closing:

Exide Technologies (NASDAQ: XIDE) is down 47.5% at $1.37.

Novogen Ltd. (NASDAQ: NVGN) is down 18.8% at $4.91.

Elephant Talk Communications Corp. (NYSEMKT: ETAK) is down 17% at $0.93.

Microvision Inc. (NASDAQ: MVIS) is down 16.6% at $2.11.

China Housing & Land Development Inc. (NASDAQ: CHLN) is down 15% at $1.76.

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: BBY, CHLN, CMGE, ETAK, MCOX, MVIS, NVGN, PRMW, STSI, XIDE

Market Close: Big Winners & Losers for March 19, 2013 (EFUT, ATOS, PRMW, RDIB, KELYB, AFFY, MTSL, HNR, WSCI, AQQ)

Paul Ausick — Tue, 19 Mar 2013 20:29:17 +0000

Here are today’s five biggest gaining stocks at closing:

eFuture Information Technology (NASDAQ: EFUT) is up 44% at $4.19.

Atossa Genetics Inc. (NASDAQ: ATOS) is up 34.1% at $12.35.

Primo Water Corp. (NASDAQ: PRMW) is up 24.8% at $1.26.

Reading International Inc. (NASDAQ: RDIB) is up 20.9% at $6.83.

Kelly Services Inc. (NASDAQ: KELYB) is up 20.2% at $19.47.

And here are today’s five biggest losing stocks at closing:

Affymax Inc. (NASDAQ: AFFY) is down 64% at $1.05.

MER Telemanagement Solutions Ltd. (NASDAQ: MTSL) is down 35.4% at $3.25.

Harvest Natural Resources Inc. (NYSE: HNR) is down 32.6% at $3.70.

WSI Industries Inc. (NASDAQ: WSCI) is down 20.9% at $5.19.

American Spectrum Realty Inc. (NYSEMKT: AQQ) is down 20% at $1.56.

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AFFY, AQQ, ATOS, EFUT, HNR, KELYB, MTSL, PRMW, RDIB, WSCI

Does New Liquidity Save Primo’s Water Future? (PRMW)

Jon C. Ogg — Fri, 13 Apr 2012 14:37:40 +0000

Primo Water Corporation (NASDAQ: PRMW) is one of the water investments out there for the public to try to play the long-term water trends. The problem is that it hasn’t exactly been performing all that well at all if you consider that it came public above $10.00 only about 18-months ago. Today may mark a change for a stock that has been in a perpetual slide.

The provider of water dispensers and bulk bottled water announced that it has received a commitment from a senior lender to enter into a new long-term $20 million senior revolving credit facility. Primo also noted that it expects to close a term loan for up to an additional $15 million with a separate lender. Investors will want to know that the second loan mentioned is secured by certain fixed assets of the company.

The credit facilities are expected to have a four-year term and will include customary terms and covenants and should close within 30 days, according to Primo. As far as the “use of proceeds” the company plans to pay off its existing senior credit facility and will use any remaining funds for general working capital purposes.

Thomson Reuters has only two estimates, but it is expected to lose money this quarter and the company is expected to make only $0.04 EPS in all of 2012.

The liquidity boost here is not without risk, but the stock of Primo Water is up 35% at $2.16 on 4-times normal trading volume after only about an hour of trading so far this Friday. Even after the pop, the market cap here is only about $52 million. We would note that this company carries almost no cash on its balance sheet.

To show just how bad this has been, the 52-week trading range is $1.50 to $16.00. Investors often cheer any liquidity coming into a troubled company, even if there are risks associated with the infusion.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Accounting, Corporate Governance, Infrastructure, IPOs & Secondaries, Secondary Offering, Shareholder Issues, Water Tagged: PRMW

Investing In Purified Water, Primo Water IPO (PRMW)

Jon C. Ogg — Fri, 05 Nov 2010 16:25:17 +0000

Is it ‘prime’ water or ‘cousin’ water? Either way, so far it is hot water. Primo Water Corporation (NASDAQ: PRMW) priced an initial public offering of 8,333,333 shares of common stock at a price of $12.00 per share. The company is a North Carolina-based and it sells three-gallon and five-gallon purified bottled water and water dispensers sold through major retailers nationwide.

The price range had been $11 to $13 per share, which generated $90.7 million at the mid-point without the effect of overallotments. Stifel Nicolaus Weisel was the sole book-running manager; co-managers were listed as BB&T Capital Markets, Janney Montgomery Scott, and Signal Hill. Primo has granted the underwriters a 30 day option to purchase up to an additional 1,250,000 shares at the initial public offering price, which has almost certainly been exercised.

The company said that it plans to use $60 million and funds from its new senior revolving credit facility. The company will issue additional shares directly to Culligan Store Solutions LLC and will pay for the Culligan Refill acquisition at roughly $105 million.

For the first half of 2010, revenue was roughly $21 million and the loss was approximately $6.1 million; 2009 revenue was $47 million with a loss of $14.9 million.

Primo may be able to avoid at least some of the backlash against bottled water. The company has a water bottle exchange, it recycles, it avoids landfills, its containers are reused 40 times before being recycled, and the theme is a green company with a “zero waste” model.

The “Primo” is actually neither ‘cousin nor prime’… It is after the Chairman & CEO Billy Prim.

So far investors are calling it Prime Water. After a $12.00 pricing, Primo Water shares are at $13.82 and the after-market trading range is listed as $13.12 to $15.00. At almost NOON EST the stock has traded 2.35 million shares.

UPDATE FOR CLOSE: Primo Water closed up 7.9% at $12.95 on more than 3.7 million shares.

JON C. OGG

Filed under: Alternative Energy, Green Biz, Infrastructure, IPOs, IPOs & Secondaries, Water Tagged: PRMW