24/7 Wall St. » SHIP

24/7 Wall St. Closing Bell — May 29, 2012 (COP, FB, BTU, WDC, FL, SAFM, SHIP, BAH, CZZ, TFM, HSOL, LGF, TIVO, YGE, LCRY, IBI, LDK)

Paul Ausick — Tue, 29 May 2012 20:07:30 +0000

The three major US stock indexes opened higher this morning as European markets responded positively to reports that Greece is less likely to leave the eurozone. There was also speculation that China would add additional stimulus to its economy which is slowing more than investors would like to see. In the US, consumer confidence fell during May (our coverage here). The US dollar index rose today, now up 0.09% at 82.478. The GSCI commodity index is up fractionally at 620.51, with commodities prices mixed. WTI crude oil closed down -0.1% at $90.76/barrel, and Brent crude trades down -0.43% at $106.65/barrel. Natural gas fell -5.4% today to $2.43/thousand cubic feet. Gold is settled down -1.3% today, at $1,551.00/ounce.

The unofficial closing bells put the DJIA up nearly 126 points to 12,580.69 (1.01%), the NASDAQ rose more than 33 points 1.18%) to 2,870.99, and the S&P 500 rose 1.11% or nearly 15 points to 1,332.42.

There were several analyst upgrades and downgrades today, including ConocoPhillips (NYSE: COP) raised to ‘buy’ at Citigroup; Facebook Inc. (NASDAQ: FB) started as ‘buy’ at CLSA; Peabody Energy Corp. (NYSE: BTU) raised to ‘buy’ at Goldman Sachs; Western Digital Corp. (NYSE: WDC) cut to ‘equal-weight’ at Barclays; and Footlocker Inc. (NYSE: FL) raised to ‘buy’ at Deutsche Bank.

Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: Sanderson Farms Inc. (NASDAQ: SAFM) is down -3.3% at $52.53 and Seanergy Maritime Holdings Group Corp. (NASDAQ: SHIP) is down -14.4% at $2.31.

On Wednesday, we are scheduled to get earnings reports from Booz Allen Hamilton Holding Corp (NYSE: BAH), Cosan Ltd. (NYSE: CZZ), Fresh Market Inc. (NYSE: TFM), Hanwha Solarone Co. Ltd. (NASDAQ: HSOL), Lions Gate Entertainment Corp. (NYSE: LGF), Tivo Inc. (NASDAQ: TIVO), and Yingli Green Energy Holding Co. Ltd. (NYSE: YGE).

Other standouts from today include the following stocks:

LeCroy Corp (NASDAQ: LCRY) is up 55% at $14.20 after posting a new 52-week high of $14.33. The electronics maker is being acquired by Teledyne Technologies Inc. (NYSE: TDY) for $240 million.

Interline Brands Inc. (NYSE: IBI) is up 39.8% at $25.08 after posting a new 52-week high of $25.21. The distributor of janitorial, plumbing, and lighting products is being acquired for $1.1 billion (including debt) by the private equity unit of Goldman Sachs and P2 Capital Partners LLC.

LDK Solar Co. Ltd. (NYSE: LDK) is down -19.6% at $1.80 after posting a new 52-week low of $1.79. The Chinese solar panel maker was singled out in an article by Digitimes on weakness among the country’s solar makers. More coverage here.

Stay tuned for Wednesday. New York Fed President William Dudley, Dallas Fed Richard Fisher, and Boston Fed President Eric Rosengren are giving speeches. We have also noted the following events on the schedule for Tuesday (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
7:30 a.m. – Challenger job-cut report
10:00 a.m. – Pending home sales index
11:30 a.m. – 4- and 52-week bill auctions

Paul Ausick

Filed under: Investing Tagged: BAH, BTU, COP, CZZ, FB, FL, HSOL, LCRY, LDK, LGF, NYSE: IBI, SAFM, SHIP, TFM, TIVO, WDC, YGE

24/7 Wall St. Closing Bell — May 25, 2012 (EBAY, LULU, SI, CRM, FSLR, CRMT, MENT, POST, FRO, AMSC, DRYS, KUTV, SAFM, SHIP, GAME, TLB, PAY, FB)

Paul Ausick — Fri, 25 May 2012 18:04:01 +0000

Today’s edition of the Closing Bell is being published shortly after 2:00 p.m. US markets are closed Monday to observe the Memorial Day holiday. We’ll resume our normal schedule next Tuesday.

The three major US stock indexes opened marginally higher this morning as more European countries come out in support of a eurobond, a proposal Germany has flatly declined to discuss. The impasse weighed on European markets and the weight crossed the Atlantic when US markets opened today. The only new data point in the US today was better-than-expected reading on Reuters/University of Michigan consumer sentiment index (our coverage here). The US dollar index rose today, now up 0.07% at 82.406. The GSCI commodity index is up fractionally at 618.78, with commodities prices mixed. WTI crude oil is trading up 0.12% at $90.77/barrel, and Brent crude trades up 0.31% at $106.88/barrel. Natural gas fell -4.4% today to $2.53/thousand cubic feet. Gold is trading up 0.52% today, at $1,567.90/ounce.

At 2:00 p.m. ET, the DJIA is down about 45 points at 12,484.68 (-0.36%), the NASDAQ is up more than 3 points (0.12%) at 2,842.72, and the S&P 500 is down -0.02% or less than 1 point at 1,320.43.

There were several analyst upgrades and downgrades today, including Ebay Inc. (NASDAQ: EBAY) maintained as ‘buy’ with a target price of $44 at BofA/ML; Lululemon Athletica (NASDAQ: LULU) cut to ‘hold’ at KeyBanc; Siemens AG (NYSE: SI) raised to ‘buy’ at Deutsche Bank; Salesforce.com (NYSE: CRM) raised to ‘outperform’ at Oppenheimer; and First Solar Inc. (NASDAQ: FSLR) maintained as ‘buy’ with a target price of $30 at BofA/ML.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: America’s Car-Mart Inc. (NASDAQ: CRMT) is down -7.8% at $41.52; Mentor Graphics Inc. (NASDAQ: MENT) is down -12.7% at $13.28; Post Holdings Inc. (NYSE: POST) is up 6.8% at $29.89; and Frontline Ltd. (NYSE: FRO) is up 8.8% at $5.42.

On Tuesday, we are scheduled to get earnings reports from American Superconductor Corp. (NASDAQ: AMSC), DryShips Inc. (NASDAQ: DRYS), Ku6 Media Co. Ltd. (NASDAQ: KUTV), Sanderson Farms Inc. (NASDAQ: SAFM), Seanergy Maritime Holdings Group Corp. (NASDAQ: SHIP), and Shanda Games Ltd. (NASDAQ: GAME).

We’ve also reviewed this week some potential value stocks among major oil companies, gold & silver miners, conglomerates, industrials, retail, semiconductor, and solar stocks.

Other standouts from today include the following stocks:

The Talbots Inc. (NYSE: TLB) is down -38.9% at $1.57. The clothing retailer failed to reach a deal with a potential private equity buyer.

Verifone Systems Inc. (NYSE: PAY) is down -15% at $38.27. The electronic payment systems company forecast a weaker-than-expected third quarter.

Facebook Inc. (NASDAQ: FB) is down -3.8% at $31.78. The social network company continues to seek a floor for its stock price.

Stay tuned for Tuesday. US markets are closed Monday to observe the Memorial Day holiday. We have also noted the following events on the schedule for Tuesday (all times Eastern):

9:00 a.m. – S&P Case-Schiller housing price index
10:00 a.m. – Conference Board consumer confidence survey
10:00 a.m. – State Street investor confidence index
10:30 a.m. – Dallas Fed manufacturing survey
11:30 a.m. – 3- and 6-month bill auction

Have a great long weekend.

Paul Ausick

Filed under: Investing Tagged: AMSC, CRM, CRMT, DRYS, EBAY, FB, FRO, FSLR, GAME, KUTV, LULU, MENT, PAY, POST, SAFM, SHIP, SI, TLB

Dividend Investors Have To Weigh Shipping Fundamentals and Outlook (NAT, ALEX, OSG, ESEA, SFL, DRYS, SHIP, SEA)

Jon C. Ogg — Wed, 15 Feb 2012 19:30:22 +0000

The world of shipping dry goods, sea containers, and oil and commodities has been in a very strange place so far in 2012. Dividend investors need to start evaluating whether or not they want to remain or get into this sector regardless. The Baltic Dry index has recently been at a post-recovery low (see Bloomberg chart at the end) based upon excess capacity, oversupply, and fairly weak demand. The stocks which trade in the sector, most of which are international companies and ADRs (many are even Greek-flagged), often offer double-digit dividend yields that bring payouts somewhere in between the lucrative MLP sector and mortgage-REITs.

Many of the shipping stocks have been recovering in 2012 while the index for the pricing basis (chart at end) has been weak. Some shipping companies pay out more than they earn and some keep making dividend payments when they are losing money. What we really want to know is if these dividends are sustainable. There have been some pressures that recently forced one shipper to suspend dividend payments. We have glanced at the following shipping players with recent earnings and/or dividend news: Nordic American Tankers Limited (NYSE: NAT); Alexander & Baldwin, Inc. (NASDAQ: ALEX); Overseas Shipholding Group, Inc. (NYSE: OSG); Euroseas Ltd. (NASDAQ: ESEA); Ship Finance International Limited (NYSE: SFL); DryShips Inc. (NASDAQ: DRYS); and Seanergy Maritime Holdings Corporation (NASDAQ: SHIP).

We also took a look at the Guggenheim Shipping ETF (NYSE: SEA), the shipping ETF, is trying to signal that a turnaround is heading to the shipping sector. This one pays a very sporadic dividend and there is jus not even a two-year history to be able to track how its payments rise and fall through time. Because of uncertainty and pressure, the shipping sector was not a part of the 2012 Model Dividend Portfolio.

Now look at the chart on the ETF. At $17.99, the 200-day moving average is $18.21 and this has not been anywhere close to the 2300-day moving average since back in April of 2011. The question is whether this will act as a huge overhang and allow sellers to take profits or if this will be a new bullish mechanism that allows the run from the start of 2012 to continue.

Nordic American Tankers Limited (NYSE: NAT) recently posted a loss and its tax treatment understanding is that the dividend distributions of 2011 should count as a return of capital rather than as income for income tax purposes. Where the story gets interesting is that earlier this week it posted a wider than expected loss. It also sold 5.5 million more common shares back in January “to strengthen the Company’s resources, to fund future acquisitions and for general corporate purposes.” Shares are down close to 10% from when they sold shares to the brokerage firms and the prior payouts have been $0.30 per quarter for a yield of close to 8.6% if it remains static in the quarters ahead. At $13.93, the 52-week range is $1.58 to $26.18.

Alexander & Baldwin, Inc. (NASDAQ: ALEX) recently lost 7% after reporting lower 2011. The company saw a weak trans-Pacific ship market after a recent parent split-up announcement in 2011 even forced the company’s Matson unit to shut down its second China-Long Beach service. Its payout of $0.315 earlier in February at least compares to earnings estimates of $2.06 EPS for all of 2012. At $44.00, this stock only yields 2.8% today and the 52-week range is $33.09 to $55.50.

It was just a week ago that Overseas Shipholding Group, Inc. (NYSE: OSG) in the energy transportation services announced that it had suspended regular quarterly dividends based upon the downturn in international flag markets being deeper and longer than expected. Unlike other sectors, this company’s management talked about economic uncertainty in the world persisting while banking markets have become more challenging. The move is to preserve liquidity and the company plans to reassess the dividend as its end markets improve.

A smaller player named Euroseas Ltd. (NASDAQ: ESEA) in drybulk and containerized cargoes had normalized earnings of $0.04 in earnings per share while it declared a quarterly dividend of $0.05 per share as its twenty-sixth consecutive dividend. It is smaller in market cap at $93 million today, but it listed an average of 16.00 vessels were owned and operated in the fourth quarter with an average day rate of $12,099 per day.

Ship Finance International Limited (NYSE: SFL) is set to report earnings on Friday, Feb. 17 and estimates are $0.38 EPS for the quarter but the estimates are $1.37 EPS in all of 2012 (versus from $1.72 EPS in 2011). WIth its most recent payout being $0.39 per share per quarter, the company is paying out effectively all or more than all of its income. Its yield is over 12% if it remains. At $12.21 today, the 52-week trading range is $8.62 to $21.15.

DryShips Inc. (NASDAQ: DRYS) does not have a dividend, but its shares have skyrocketed and that rally has stepped back up even after petering out a few days ago. While $3.57 is a far cry from its old highs, this is up over 50% this month alone. Without a dividend this is merely a sample of how strong the moves can be around any positive news.

A smaller player named Seanergy Maritime Holdings Corporation (NASDAQ: SHIP) in dry bulk cargo is seeing a large gain on tiny volume (with a mere $25 million market cap). The gain is after positive earnings and a profit, although it said that it expects overall shipping conditions to remain weak in 2012 with new vessel deliveries only contributing to oversupply.

The dividends here are definitely not immune to the woes of the world if they get worse again. It is worth noting that the stock market has not agreed with the slower economy thesis. Maybe the rail and trucking sectors are better on a risk-reward metric. Ultimately, the verdict here remains uncertain and there is still likely to be a lot of volatility around the shipping sector as the globe floats between contraction and a low recovery continuing.

JON C. OGG

Filed under: Investing Tagged: DRYS, ESEA, OSG, SEA, SFL, SHIP

Mid-day Movers (SHIP, CYBI, CSKI, CBK, VG)

Paul Ausick — Wed, 15 Feb 2012 18:00:18 +0000

At about 12.30 p.m. ET today, the three major equity indexes remain mixed, with the DJIA down about 34 points at about 12,844, the Nasdaq up about 14 points at around 2,946, and the S&P 500 is up more than 2 points to 1,353. All have lost ground since the opening, with the DJIA down the most. The dollar has gained strength against the euro and lost strength versus the British pound and the Japanese yen. The dollar index is up 0.192 at 79.576, up more than 0.2% from its pre-open level.

Among the major movers at around noon today are Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), Cybex International Inc. (NASDAQ: CYBI), China Sky One Medical Inc. (NASDAQ: CSKI), Christopher & Banks Corp. (NYSE: CBK), and Vonage Holdings Corp. (NYSE: VG).

Seanergy is up nearly 25% at $3.63. Volume is already about 25x the daily average of around 18,000 shares traded. The dry bulk shipper reported an unexpected profit this morning.

Cybex is up nearly 22% at $1.85 after posting a new 52-week high of $2.01 earlier this morning. Volume is about 8x the daily average of around 50,000 shares traded. The sporting goods maker posted better-than-expected earnings this morning.

China Sky One is down more than -28% at $1.10. Volume is nearly 10x the daily average of about 285,000 shares traded. The nutritional supplement company’s shares have been stopped following the resignations of 26 managers and the reported illness of the CEO.

Christopher & Banks is up more than 11% at $2.52. Volume is about double the daily average of 223,000 shares traded. The clothing retailer is leading the retail sector bump today.

Vonage is down nearly -14% at $2.35. Volume is 6x the daily average of about 1.2 million shares traded. The Internet phone company reported in-line fourth-quarter revenues and earning, but projected higher expenses in 2012.

Paul Ausick

Filed under: Investing Tagged: CBK, CSKI, CYBI, SHIP, VG

Morning Movers (TAN, SHIP, DF, VG, ZNGA, WCG)

Paul Ausick — Wed, 15 Feb 2012 15:37:09 +0000

The three major US equities indexes opened higher this morning following an assurance from China’s central bank that it would continue to hold European sovereign debt and to participate in finding a resolution to the Eurozone’s debt crisis. Iran has said that it is stopping crude oil shipments to six European countries (our story here). In the first half hour of trading, the DJIA has turned negative, down about 12 points at around 12,867, the Nasdaq Composite is higher by about 12 points at around 2,944, and the S&P 500 is up about 3 points at around 1,354.

There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include the Guggenheim Solar ETF (NYSE: TAN), Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), Dean Foods Co. (NYSE: DF), Vonage Holdings Corp. (NYSE: VG), Znyga Inc. (NASDAQ: ZNGA), and Wellcare Health Plans, Inc. (NYSE: WCG).

The Guggenheim Solar ETF completed a 1:10 reverse split this morning, causing some issues with online finance sites. We have more coverage here.

Seanergy is up nearly 22% at $3.55. Volume is already about 10x the daily average of about 18,000 shares traded. The dry bulk shipper reported an unexpected profit this morning.

Dean Foods is up nearly 13% at $12.25. Volume is already 150% of the daily average of 1.9 million shares traded. The food and beverage company posted better-than-expected earnings this morning and offered guidance in-line with expectations.

Vonage is down more than -12% at $2.40 after posting a new 52-week low of $2.38 earlier. Volume is already approaching double the daily average of about 550,000 shares traded. The Internet phone company reported in-line fourth-quarter revenues and earning, but projected higher expenses in 2012.

Zynga is down nearly -12% at $12.65. Volume is already higher than the daily average of around 14 million shares traded. The social gaming company posted better-than-expected earnings this morning, but the forecast for the current quarter was weak and several analysts downgraded the stock.

Wellcare is up more than 11% at $70.13 after posting a new 52-week high of $71.54 earlier this morning. Volume is already double the daily average of about 510,000 shares traded. The managed care provider beat earnings expectations this morning and provided a better-than-expected forecast for 2012.

Paul Ausick

Filed under: Investing Tagged: DF, SHIP, TAN, VG, WCG, ZNGA

24/7 Wall St. Closing Bell (ALU, WBMD, URBN, RL, AWK, LEN, SVU, SHIP, LEDS, SNX, JASO, YRCW, CROX, HL, HRC)

Paul Ausick — Wed, 11 Jan 2012 21:05:20 +0000

Equities opened modestly down this morning and the three major indexes have stayed within a few points of flat all day. The NASDAQ composite has remained in positive territory as the technology sector has benefited from a sharp buying trend in solar stocks. The EIA’s weekly petroleum report came in with a crude build of 5 million barrels, way above an expected gain of 1 million barrels. The report weighed on energy stocks since mid-morning. The euro has also been weaker today, adding a bit of push to equity buying. Crude oil is ending the day down, with WTI crude down about -1.3% at $100.92/barrel and Brent crude is down 0.64% at $112.55/barrel. Gold closed higher, at $1,640.50/ounce, after posting a four-week high earlier today.

The unofficial closing bells put the DJIA down more than 13 points to 12,449.08 (-0.11%), the NASDAQ rose more than 8 points (0.31%) to 2,710.76, and the S&P 500 rose 0.03% or less than 1 point to 1,292.44.

There were several analyst upgrades and downgrades today, including Alcatel-Lucent, S.A. (NYSE: ALU) raised to ‘buy’ at Deutsche Bank; WebMD Health Corp. (NASDAQ: WBMD) cut to ‘market perform’ at Wells Fargo; Urban Outfitters Inc. (NASDAQ: URBN) cut to ‘sell’ at Citigroup; Ralph Lauren Corp. (NYSE: RL) cut to ‘market perform’ at Wells Fargo; and American Water Works Co. Inc. (NYSE: AWK) raised to ‘buy’ at Ladenburg Thalmann.

Earnings reports since markets closed yesterday have led to some price changes: Lennar Corp. (NYSE: LEN) is up 6.3% at $22.07 after posting a new 52-week high of $22.53 earlier today; Supervalu Inc. (NYSE: SVU) is down nearly -13% at $7.33; Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is up more than 5.5% at $2.65; SemiLEDS Corp. (NASDAQ: LEDS) is more than 5% at $3.69; and Synnex Corp. (NYSE: SNX) is up more than 8% at $34.80.

Other standouts from today include the following stocks:

JA Solar Holdings Co. Ltd. (NASDAQ: JASO) is up more than 37% at $1.97. The Chinese solar maker is among several Chinese solar companies getting a boost today from news that solar panel prices appear to be stabilizing. We have more coverage here.

YRC Worldwide Inc. (NASDAQ: YRCW) is up nearly 16% at $11.38. The transportation company has said it will auction 62 of its surplus US sites.

Crocs Inc. (NASDAQ: CROX) is up more than 17% at $18.73. The funny-shoe company has estimated that sales in the current fiscal year will top $1 billion for the first time.

Hecla Mining Co. (NYSE: HL) is down about -22% at $4.55, after posting a new 52-week low of $4.25 earlier today. The silver miner has lowered its production estimate due to a forced closure of a shaft at its Nevada mine.

Hill-Rom Holdings Inc. (NYSE: HRC) is down nearly -12% at $30.45. The medical equipment maker and services provider lowered fourth-quarter and full-year guidance last night.

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

8:30 a.m. – Initial unemployment benefits claims report
8:30 a.m. – Census Bureau retail sales report
10:00 a.m. – Census Bureau business inventories report
10:30 a.m. – EIA weekly natural gas status report
1:00 p.m. – 30-year bond auction
2:00 p.m. – US Treasury budget
4:30 p.m. – Federal Reserve balance sheet

Paul Ausick

Filed under: Investing Tagged: ALU, AWK, CROX, HL, HRC, JASO, LEDS, LEN, RL, SHIP, SNX, SVU, URBN, WBMD, YRCW

24/7 Wall St. Closing Bell (TEVA, AKS, AU, MTN, GGP, SHLO, EBF, RHT, WINN, SHIP, ZNGA, JAKK, BAC)

Paul Ausick — Mon, 19 Dec 2011 21:08:34 +0000

US equity markets opened a bit higher this morning, after futures trading pared early morning gains. Early optimism, however, was not to pan out, following some rather downbeat remarks from the president of the European Central Bank. Then investors started pounding on financial stocks absorbing finally the Federal Reserve’s intention to accept the Basel III raise to bank capital requirements. Crude oil has risen slightly in trading today, with WTI crude at $93.78/barrel and Brent crude at $103.58. Gold has finished slightly down, at $1,592.90.

The unofficial closing bells put the DJIA down more than 99 points to 11,766.79 (-0.84%), the NASDAQ fell more than 32 points (-1.28%) to 2,523.14, and the S&P 500 fell -1.18X% or more than 14 points to 1,205.32.

There were several analyst upgrades and downgrades today, including Teva Pharmaceuticals Industries Ltd. (NASDAQ: TEVA) reiterated as ‘buy’ with a $52 price target at Canaccord Genuity. Other ratings actions today include AK Steel Holding Corp. (NYSE: AKS) raised from ‘market perform’ to ‘outperform’ at Wells Fargo; AngloGold Ashanti Ltd. (NYSE: AU) cut from ‘neutral’ to ‘sell’ at Goldman Sachs; Vail Resorts Inc. (NYSE: MTN) started as ‘outperform’ at Credit Suisse; and General Growth Properties Inc. (NYSE: GGP) cut from ‘outperform’ to ‘neutral’ at Goldman Sachs.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: Shiloh Industries, Inc. (NASDAQ: SHLO) is up 0.35% at $8.52; and Ennis, Inc. (NYSE: EBF) is down more than -4% at $12.89. After markets close today, Red Hat Inc. (NYSE: RHT) is scheduled to report third-quarter EPS of $0.26 on revenue of $289.6 million.

Other standouts from today include the following stocks:

Winn-Dixie Stores Inc. (NASDAQ: WINN) is up nearly 71% at $9.27. The regional grocery chain has agreed to a buyout offer worth about $560 million from Bi-Lo, another regional chain in the southeastern US. The offer of $9.50/share represents a premium of about 75% to Winn-Dixie’s Friday closing price.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is up more than 17% at $2.60, after posting a new 52-week low earlier today. The dry bulk shipper has received a time charter for one of its four Capesize vessels for a period of 11-13 months.

Zynga Inc. (NASDAQ) is down more than -5% at $9.00. The social game maker held its IPO last Friday, but shares have not been able to hold the $10/share offering price. More coverage here.

JAKKS Pacific, Inc. (NASDAQ: JAKK) is down more than -19% at $14.00, after posting a new 52-week low of $13.45 earlier today. The toy and consumer products maker lowered full-year earnings and sales guidance this morning.

Bank of America Corp. (NYSE: BAC) is down nearly -4.5% at $4.97, after posting a new 52-week low of $4.93 earlier today. The bank has been hit with concerns over new capital reserve requirements and the effect that will have on profits.

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

8:30 a.m. – November housing starts report
1:00 p.m. – Five-year Treasury note auction

Paul Ausick

Filed under: Investing Tagged: AKS, AU, BAC, EBF, GGP, JAKK, MTN, RHT, SHIP, SHLO, TEVA, WINN, ZNGA

Against the Grain: Mid-Day Movers (RUSS, SJL, PVFC, MATS, GR, SHIP)

Douglas A. McIntyre — Thu, 22 Sep 2011 15:48:23 +0000

At mid-morning, the DJIA is down more than -300 points on concern that the global economy is once again heading for a recession. There are few winners today, and most of those are ETFs that rise on a bearish market. Among today’s positive movers are the Direxion Daily Russia Bear 3X ETF (NYSE: RUSS), the ProShares UltraShort Russell MidCap Value Fund (NYSE: SJL), the Direxion Daily Basic Materials ETF (NYSE: MATS), PVF Capital Corp. (NASDAQ: PVFC), Goodrich Corp. (NYSE: GR), and Seanergy Maritime Holdings Corp. (NASDAQ: SHIP).

The Direxion Daily Russia Bear 3X ETF (NYSE: RUSS) is today’s biggest gainer so far, up nearly 18% at $64.93 after posting 52-week higher earlier this morning of $65.05. This 3x leveraged fund has recovered nicely since the downgrade of US debt in early August, which sent shares to a 52-week low. As with all triple leveraged funds, this one is not for the faint of heart.

The ProShares UltraShort Russell MidCap Value Fund (NYSE: SJL) is up nearly 15%, at $66.78, in a 52-week range of $47.31-$79.36. This fund is a 2x leveraged bet against the daily performance of the Russell MidCap Value Index. Another good bet today, but like other leveraged funds, tomorrow could be a different story.

The Direxion Daily Basic Materials Bear 3x Shares ETF (NYSE: MATS) is up more than 14.5%, at $58.06 in a 52-week range of $32.35-$61.24. We noted earlier this morning the collapse [http://247wallst.com/2011/09/22/gold-miners-outshine-copper-miners-rio-bhp-vale-fcx-scco-nem-abx-auy-slw-gld-gdx-slv-sil/] in metals and mining, and this 3x leveraged bear fund is reflecting that decline.

PVF Capital Corp. (NASDAQ: PVFC) is the leading equity gainer today, up more than 14%, at $1.75, in a 52-week range of $1.27-$2.23. Average daily volume on this stock is just over 13,000 shares. The company is bank holding company for a northeast-Ohio bank with 17 branches.

Goodrich Corp. (NYSE: GR) finally got the acquisition offer everyone expected from United Technologies Corp. (NYSE: UTX). Goodrich shares posted a new 52-week high this morning of $120.93, following United’s $127.50/share all-cash offer. The deal is valued at $18.4 billion, including $1.9 billion of Goodrich debt that United will assume.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) is up more than 13%, at $4.00, in a 52-week range of $2.71-$20.25. The company is a dry-bulk shipper and this move is counter-intuitive given the expected weakness in iron ore and coal demand. The recent purchase of OceanFreight, Inc. (NASDAQ: OCNFD) by DryShips Inc. (NASDAQ: DRYS) has pushed up speculation that other M&A activity might be coming in the shipping industry. Seanergy has a market cap of around $30 million and a decent-sized fleet, making it a prime suspect for a takeover.

Paul Ausick

Filed under: Investing Tagged: GR, MATS, PVFC, RUSS, SHIP, SJL