The volatility continues...stocks slip into the close.
Dow -190
Nas -46
S&P -20
While not a worrying issue at the moment, Fitch says the broad outlook for the U.S. banking industry could worsen "unless the eurozone debt crisis is resolved in a timely and orderly manner." This might be the reason for the late day selloff.
Wednesday, November 16, 2011
Rambus loses case...plummets 60%...
Rambus (RMBS -60.4%) resumes trading after being halted in the wake of a federal jury's ruling against the company in a case in which it had alleged Micron (MU) and Hynix had conspired to prevent its computer memory technology from becoming an industry standard. Micron shares, also halted, now trading +21.8%.
20 Nice Dividend paying stocks....
A Credit Suisse list of 20 stocks that reward investors with greater dividend payments than most bonds: Coca-Cola, McDonald's, General Mills, Pepsico, PG, J&J, Abbott, Kimberly Clark, Con Ed, Pfizer, Bristol Myers, Southern, Merck, Philip Morris, Progress, Duke, Eli Lilly, Verizon, AT&T, Altria. Avg. yield: 4.2%. Avg. YTD returns on the underlying stock: 13.3%.
At 2:45 pm....
Stocks have been improving as the day wears on...
Dow -16
Nas -4
S&P -2 to 1255
Leaders on the day:
Green Mountain +5.01
Fusion IO +3.37
Interdigital +2.55
Transocean Offshore +2.12
Carbo Ceramics +4.99
Walter Energy +2.47
Dow -16
Nas -4
S&P -2 to 1255
Leaders on the day:
Green Mountain +5.01
Fusion IO +3.37
Interdigital +2.55
Transocean Offshore +2.12
Carbo Ceramics +4.99
Walter Energy +2.47
Target executing well...
Target's (TGT +1.2%) well-received Q3 report highlights that many of the firm's initiatives such as its 5% credit card discount program and higher-end Missoni line launch were spot-on. On tap now: Navigating around a crucial Black Friday with a grassroots online protest against its Thanksgiving Day opening brewing and a scarily unstable website that keeps execs sweating out the potential for an ill-timed outage.
Abercrombie & Fitch posts higher sales but not much earnings growth...
Abercrombie & Fitch (ANF). The teen clothes retailer posted a rise in quarterly profit as sales in America offset some slowdown in international businesses. For the third quarter, the company earned $50.9 million, or 57 cents a share, compared with $50 million or 56 cents a share last year. Sales rose 21 percent to $1.08 billion.
The stock is down 7.64 to 48.12 today.
The stock is down 7.64 to 48.12 today.
Noon update...
At noon stocks are lower, but there are several story stocks bucking the trend.
Dow -67
Nas -14
S&P -7 to 1250
Looks like this market is just stuck right here as investors have stepped to the sidelines and are letting traders do their thing.
Oil services are about the only group heading higher.
Dow -67
Nas -14
S&P -7 to 1250
Looks like this market is just stuck right here as investors have stepped to the sidelines and are letting traders do their thing.
Oil services are about the only group heading higher.
Today's Upgrades and Downgrades...
These are some of Wednesday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls.
Activision Blizzard Inc. (NASDAQ: ATVI) Reiterated Buy with $18 target at Argus.
Air Products & Chemicals Inc. (NYSE: APD) Reiterated Buy at BofA/ML.
Chimera Investment Corporation (NYSE: CIM) Cut to Sell at Wunderlich.
Dell Inc. (NASDAQ: DELL) Maintained Underperform at Credit Suisse; Reiterated Buy with $22 target at Argus.
Dick’s Sporting Goods Inc. (NYSE: DKS) Raised to Conviction Buy List at Goldman Sachs.
Gentiva Health Services (NASDAQ: GTIV) named Bear of the Day at Zacks.
Geron Corporation (NASDAQ: GERN) Cut to Neutral at JPMorgan.
Plains All American Pipeline, L.P. (NYSE: PAA) named Value stock of the day at Zacks.
Research in Motion Ltd. (NASDAQ: RIMM) Raised to Neutral from Sell at Goldman Sachs.
Sunoco Logistics, LP (NYSE: SXL) named Bull of the Day at Zacks.
TIBCO Software Inc. (NASDAQ: TIBX) Started as Market Perform at BMO Capital; Started as Market Outperform at JMP Securities.
Activision Blizzard Inc. (NASDAQ: ATVI) Reiterated Buy with $18 target at Argus.
Air Products & Chemicals Inc. (NYSE: APD) Reiterated Buy at BofA/ML.
Chimera Investment Corporation (NYSE: CIM) Cut to Sell at Wunderlich.
Dell Inc. (NASDAQ: DELL) Maintained Underperform at Credit Suisse; Reiterated Buy with $22 target at Argus.
Dick’s Sporting Goods Inc. (NYSE: DKS) Raised to Conviction Buy List at Goldman Sachs.
Gentiva Health Services (NASDAQ: GTIV) named Bear of the Day at Zacks.
Geron Corporation (NASDAQ: GERN) Cut to Neutral at JPMorgan.
Plains All American Pipeline, L.P. (NYSE: PAA) named Value stock of the day at Zacks.
Research in Motion Ltd. (NASDAQ: RIMM) Raised to Neutral from Sell at Goldman Sachs.
Sunoco Logistics, LP (NYSE: SXL) named Bull of the Day at Zacks.
TIBCO Software Inc. (NASDAQ: TIBX) Started as Market Perform at BMO Capital; Started as Market Outperform at JMP Securities.
Green Mountain moving higher again...
Green Mountain Coffee (GMCR) is up again this morning after rising 10% yesterday...this in the wake of last week's post-earnings crash, even as it's reported major hedge funds pared their stakes in the company. With 23.2% of Green Mountain's float shorted as of Oct. 31, and many of those shorts now sitting on big profits, more volatility could be on the way.
Goldman likes Dick's Sporting Goods...
Goldman Sachs adds Dick's Sporting Goods (DKS) to its Conviction Buy List citing strong unit growth, margin drivers, and a $0.50/share dividend it says represents a "shift to shareholder-friendly capital allocation." Analysts with the firm line increased their price target $4 to $45.
Target beats expectations...
Target Corp. reported a 3.7 percent increase in third-quarter profits, helped by solid spending and improvement in its credit card business.
The Minneapolis discounter said Wednesday that it earned $555 million, or 82 cents per share, in the three-month period ended Oct. 29. That compares with $535 million, or 74 cents per share, in the year-ago period. Revenue rose 5.4 percent to $16.05 billion. Analysts had expected 74 cents per share on revenue of $16.31 billion, according to FactSet.
Revenue at stores opened at least a year — an indicator of a retailer's health — rose 4.3 percent in the quarter.
"We're very pleased with our third-quarter financial results," said Gregg Steinhafel, Target's chairman, president and chief executive in a statement. "We're confident that we have the right strategy and team in place to drive continued strong performance this holiday season and well into the future."
The Minneapolis discounter said Wednesday that it earned $555 million, or 82 cents per share, in the three-month period ended Oct. 29. That compares with $535 million, or 74 cents per share, in the year-ago period. Revenue rose 5.4 percent to $16.05 billion. Analysts had expected 74 cents per share on revenue of $16.31 billion, according to FactSet.
Revenue at stores opened at least a year — an indicator of a retailer's health — rose 4.3 percent in the quarter.
"We're very pleased with our third-quarter financial results," said Gregg Steinhafel, Target's chairman, president and chief executive in a statement. "We're confident that we have the right strategy and team in place to drive continued strong performance this holiday season and well into the future."
Tuesday's recap...
Stocks showed some resilience Tuesday, erasing losses in the afternoon to finish higher amid faster turnover. The Nasdaq added 1.1%, the S&P 500 0.5% and the NYSE composite 0.2%. Volume increased on both major exchanges from Monday's anemic levels.
Stocks rallied on news that Mario Monti, prime minister-designate for debt-wracked Italy, had scored broad support and agreement on cutbacks, and that he's ready to present his new government Wednesday.
U.S. economic news also provided a boost to the market. October retail sales and the New York Fed's manufacturing index both bested forecasts. The producer price index fell more than expected, suggesting the Fed could have more room for easing.
The Nasdaq closed just below its 200-day moving average. It's been struggling to hold over that level in the prior three weeks, falling back below the line four times but finding support at the 2600 level.
It's been a similar story for the S&P 500, which closed under its 200-day line Tuesday. The S&P 500 has been finding support near the 1220 to 1230 level, but meeting resistance at its 200-day average.
In other words, it's about what you would expect for a market uptrend that's under pressure.
Despite Tuesday's gains, Nasdaq stocks making new lows outnumbered those making new highs. NYSE new highs topped new lows, though.
Stocks rallied on news that Mario Monti, prime minister-designate for debt-wracked Italy, had scored broad support and agreement on cutbacks, and that he's ready to present his new government Wednesday.
U.S. economic news also provided a boost to the market. October retail sales and the New York Fed's manufacturing index both bested forecasts. The producer price index fell more than expected, suggesting the Fed could have more room for easing.
The Nasdaq closed just below its 200-day moving average. It's been struggling to hold over that level in the prior three weeks, falling back below the line four times but finding support at the 2600 level.
It's been a similar story for the S&P 500, which closed under its 200-day line Tuesday. The S&P 500 has been finding support near the 1220 to 1230 level, but meeting resistance at its 200-day average.
In other words, it's about what you would expect for a market uptrend that's under pressure.
Despite Tuesday's gains, Nasdaq stocks making new lows outnumbered those making new highs. NYSE new highs topped new lows, though.
Tuesday, November 15, 2011
Home Depot Beats expectations...
Home Depot (HD): Q3 EPS of $0.60 beats by $0.02. Revenue of $17.3B (+4.4% year over year) beats by $200M. Comparable store sales growth at 4.2%. Sees FY11 EPS at $2.38.
Number of customer transactions increased 1.2% year over year, while the average ticket was up 3%. The company reaffirms full-year sales growth guidance of 2.5%. Increases its quarterly dividend by 16% to $0.29/share, and sets a 50% dividend payout target.
HD is currently down 0.21 to 38.04
Number of customer transactions increased 1.2% year over year, while the average ticket was up 3%. The company reaffirms full-year sales growth guidance of 2.5%. Increases its quarterly dividend by 16% to $0.29/share, and sets a 50% dividend payout target.
HD is currently down 0.21 to 38.04
Kindle Fire starts shipping today...
As Kindle Fire deliveries kick off to enormous consumer buzz (albeit lukewarm reviews), analysts are making optimistic forecasts about the device's long-term impact. JPMorgan's Doug Anmuth expects 20M Fire shipments in 2012, and $8B in total Kindle-related sales in 2013. Anmuth's bullishness on the Fire's adoption has led him to lift his PT for Amazon (AMZN) to $250 from $230.
Credit Card delinquencies rise...
Capital One (COF) says delinquencies rose in October at its U.S. credit card business for the third straight month, to 3.73% from 3.65%. U.S. charge-offs edged up to 3.96% from 3.9%; internationally, charge-offs rose to 6.24% from 5.65%.
Today's Upgrades and Downgrades..
These are some of Tuesday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls.
Advance Auto Parts Inc. (NYSE: AAP) Cut to Hold at Argus.
Agilent Technologies Inc. (NYSE: A) Raised to Buy at BofA/ML.
Alimera Sciences, Inc. (NASDAQ: ALIM) Cut to Neutral with $2 target at Credit Suisse.
CenterPoint Energy, Inc. (NYSE: CNP) Cut to Neutral at BofA/ML.
Chimera Investment Corporation (NYSE: CIM) Reiterated Outperform at Credit Suisse.
Coldwater Creek Inc. (NASDAQ: CWTR) Added to Strong Sell List at Zacks.
Goodyear Tire & Rubber Co. (NYSE: GT) named Bull of the Day at Zacks.
Kellogg Company (NYSE: K) Cut to Sell as Bear of the Day at Zacks.
Lowe’s Companies Inc. (NYSE: LOW) Raised target to $28 from $25 at Argus.
Macy’s Inc. (NYSE: M) named value stock of the day at Zacks.
Northeast Utilities (NYSE: NU) Raised to Buy at BofA/ML.
NSTAR (NYSE: NST) Raised to Buy at BofA/ML.
Salesforce.com Inc. (NYSE: CRM) Reiterated Neutral at Credit Suisse.
Sourcefire, Inc. (NASDAQ: FIRE) Initiated as Buy at BofA/ML.
Advance Auto Parts Inc. (NYSE: AAP) Cut to Hold at Argus.
Agilent Technologies Inc. (NYSE: A) Raised to Buy at BofA/ML.
Alimera Sciences, Inc. (NASDAQ: ALIM) Cut to Neutral with $2 target at Credit Suisse.
CenterPoint Energy, Inc. (NYSE: CNP) Cut to Neutral at BofA/ML.
Chimera Investment Corporation (NYSE: CIM) Reiterated Outperform at Credit Suisse.
Coldwater Creek Inc. (NASDAQ: CWTR) Added to Strong Sell List at Zacks.
Goodyear Tire & Rubber Co. (NYSE: GT) named Bull of the Day at Zacks.
Kellogg Company (NYSE: K) Cut to Sell as Bear of the Day at Zacks.
Lowe’s Companies Inc. (NYSE: LOW) Raised target to $28 from $25 at Argus.
Macy’s Inc. (NYSE: M) named value stock of the day at Zacks.
Northeast Utilities (NYSE: NU) Raised to Buy at BofA/ML.
NSTAR (NYSE: NST) Raised to Buy at BofA/ML.
Salesforce.com Inc. (NYSE: CRM) Reiterated Neutral at Credit Suisse.
Sourcefire, Inc. (NASDAQ: FIRE) Initiated as Buy at BofA/ML.
Monday's summary...
Stocks fell Monday as worries over Europe's debt crisis again took center stage. But the low volume softened the blow of the selling.
The S&P 500 lost 1% and the Nasdaq 0.8%. Hurt largely by financials, the NYSE composite dropped 1.1%. The Dow Jones industrial average fell a milder 0.6%, thanks in part to Boeing's (BA) 1.5% gain. The aerospace giant won a record $18 billion passenger jet order from Emirates.
Volume fell, even though Veterans Day kept trading light on Friday. In fact, volume was the lowest of the year on both major exchanges. The low trade helped the market avoid another distribution day, which would signal more institutional selling than has already occurred in recent weeks.
Headlines out of Europe have helped and hurt the market. On Monday, there was a round of bad news. Yields on five-year Italian bonds spiked to new euro-era highs, while 10-year bonds rose to nearly 7%. Spanish bond yields also rose.
German Chancellor Angela Merkel said that Europe is facing its toughest challenge since World War II. Industrial output in the euro zone fell 2% in September — the most since early 2009.
The rocky environment has led to a mixed market and tough trading conditions. The number of distribution days on the market is relatively high. But leading stocks continue to act well. Many leaders from various industries have staged breakouts.
Tibco Software (TIBX) joined the club Monday. It cleared a cup-with-handle base. The stock closed off its session high, but still above the 29.66 buy point.
VMware (VMW) cleared a tight trading area in heavy volume Monday. The stock is shaping a base with a 111.53 buy point. VMware's Relative Strength line is at a new high.
Alexion Pharmaceuticals (ALXN) found support at its 50-day moving average in the heaviest volume in more than a month. The stock breached the line last week, but only moderately and in light volume.
The S&P 500 lost 1% and the Nasdaq 0.8%. Hurt largely by financials, the NYSE composite dropped 1.1%. The Dow Jones industrial average fell a milder 0.6%, thanks in part to Boeing's (BA) 1.5% gain. The aerospace giant won a record $18 billion passenger jet order from Emirates.
Volume fell, even though Veterans Day kept trading light on Friday. In fact, volume was the lowest of the year on both major exchanges. The low trade helped the market avoid another distribution day, which would signal more institutional selling than has already occurred in recent weeks.
Headlines out of Europe have helped and hurt the market. On Monday, there was a round of bad news. Yields on five-year Italian bonds spiked to new euro-era highs, while 10-year bonds rose to nearly 7%. Spanish bond yields also rose.
German Chancellor Angela Merkel said that Europe is facing its toughest challenge since World War II. Industrial output in the euro zone fell 2% in September — the most since early 2009.
The rocky environment has led to a mixed market and tough trading conditions. The number of distribution days on the market is relatively high. But leading stocks continue to act well. Many leaders from various industries have staged breakouts.
Tibco Software (TIBX) joined the club Monday. It cleared a cup-with-handle base. The stock closed off its session high, but still above the 29.66 buy point.
VMware (VMW) cleared a tight trading area in heavy volume Monday. The stock is shaping a base with a 111.53 buy point. VMware's Relative Strength line is at a new high.
Alexion Pharmaceuticals (ALXN) found support at its 50-day moving average in the heaviest volume in more than a month. The stock breached the line last week, but only moderately and in light volume.
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