Nice gains on slower trade....

Stocks traded broadly higher following comments from the Fed that they will not start a QE3 program...at least not yet.  Here are the closing numbers:

Dow +134 to 11284
Nas +60 to 2479
S&P +17 to 1176

Briefly it looked like traders were going to sell off their holdings as we moved into an uncertain weekend, but the selloff didn't hold.  The worries are that the exchanges will not be able to open on Monday due to Huricane Irene.  The NYSE assures everyone that they will be open...no matter what happens.  We shall see.

All in all, it was a nice close to the week.

Have a nice weekend and stay safe everybody!!!

Stock of the Week: Universal Display (PANL)

Check out this stock.  Universal Display (PANL) is up 4 to 51 today capping a spectacular week for the stock.  The stock closed last Friday at 27.92.

On Monday it was announced that Samsung – “the world’s leading developer and manufacturer of active-matrix OLEDs” – had signed a new OLED patent license and supply deal with Universal. Samsung uses the screens on its Galaxy S line of smart phones.


Terms of the deal call for Samsung to pay a license fee to Universal Display, and to buy a minimum amount of phosphorescent OLED material use in OLED products. The deal runs through the end of 2017.

At 2 pm....

Stocks are staging a broad rally as Advances are outnumbering decliners by a 5 to 1 margin.  Up volume is 7 times down volume.

Dow +145
Nas +62
S&P +18

Chipotle (CMG) is up 11 to 300.  I mention this because I just did my part to support that stock. Love those burritos!!!

At Noon, it's an all out rally....

Dow +153
Nas +56
S&P +21 to 1180

Short Fleetcor (FLT)...

A former employee told me that this one is a great short.  Fleetcor (FLT).  They are the ones who sell the Fuelman contracts to companies looking for a discount on gasoline purchases for their fleet of cars and trucks.  Apparently management is shaky.  Here is an SEC filing from August 15:

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On August 12, 2011, Van Huff gave notice of his resignation, effective September 2, 2011, from his position as Chief Information Officer of FleetCor Technologies, Inc. (the "Company"). Mr. Huff resigned in order to pursue personal interests. After his departure, Mr. Huff has indicated that he will remain available to consult with the Company in connection with the transition of his responsibilities.

Here is the chart:

Apple trading higher....

After an initial selloff on the news, Apple is now trading higher than where it was before it was announced that Steve Jobs was stepping down as CEO.

The stock is currently up 7.25 to 381.

Tech leads market higher.....

After "careful" thought, looks like traders like what Bernanke is saying in Jackson Hole.  Stocks just turned positive on the day, with high beta names leading the way.

Dow +3
Nas +25
S&P +3

Gold is selling off its earlier highs.

Let's revisit Interdigital (IDCC)....

Over the last month, rumors have been swirling that Google, Qualcomm and several others are looking to purchase Interdigital, a company with many important patents in the cell phone industry.  Here is the chart:

This is what is known as a High Tight Flag pattern, one that can be extremely bullish...if the stock breaks out of it to the upside.  As I write this, IDCC is up 2.64 to 68.80

Keep an eye on this one.

What a week for travel in the Northeast...

JetBlue (JBLU +0.5%) becomes the first large airline to reshuffle its schedule ahead of Hurricane Irene, canceling 882 flights from tomorrow through Aug. 29, most of them running through New York's JFK airport and Boston. Other major carriers are sure to follow

Market unimpressed by Bernanke's comments...

A transcript of Bernanke's intended remarks was just released.  There is no mention of QE3.  The market initially sold off 200 points on the release. 

This was no surprise folks.  In fact this is good news.  We don't need more Fed manipulation of the economy.

Let's see what happens this afternoon.

Amazon going after Groupon market....

Have you received an email from Amazon Local yet???  I just got an offer for $25 off at some random Moroccan restaurant in Arlington...for only $12.  Oooooo...how tempting.

Great.  Just what we need.  More Spam!!!

Did you know today is National Toilet Paper Day???

Isn't every day toilet paper day? That seems accurate in the U.S. where the average consumer uses more than 20,805 sheets annually, according to Earth411. The first documented use of toilet paper can be traced to the 6th century, in early medieval China, according to the Shanghai News and Press Bureau. Paper is one of China's greatest inventions, and the Chinese had been using paper as wrapping and padding material in China since the 2nd century BC.

The first time toilet paper sold on a roll was on Aug. 26, 1871, according to Dickinson College.

Charmin is celebrating National Toilet Paper Day by giving away coupons on Aug. 26 through its Facebook page.   Guess they got this idea from Krispy Kreme...

15 minutes in....

The market is seling off slightly, ahead of Bernanke comments later this morning...

Dow -101
Nas -13
S&P -9

Gold is higher.

Today's Upgrades and Downgrades...

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

Big 5 Sporting Goods (NASDAQ: BGFV) named Bear of the Day at Zacks.
Biogen Idec Inc. (NASDAQ: BIIB) Reiterated Buy with $115 target at Argus.
Eaton Corporation (NYSE: ETN) named as Bull of the Day at Zacks.
Hartford Financial Services Group Inc. (NYSE: HIG) Reiterated Buy but cut target to $26 at Argus.
Human Genome Sciences Inc. (NASDAQ: HGSI) Maintained Outperform but cut target to $27 at Credit Suisse.
Pandora Media, Inc. (NYSE: P) Reiterated Buy and raised target to $19 at BofA/ML.
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) Cut to Hold at Citigroup.
Research in Motion Ltd. (NASDAQ: RIMM) Raised to Buy at Stern Agee.
rue21, Inc. (NASDAQ: RUE) Raised to Buy at BofA/ML.
Sequenom Inc. (NASDAQ: SQNM) Started as Outperform at William Blair.
VMware Inc. (NYSE: VMW) Raised to Outperform at Pacific Crest.
World Fuel Services Corporation (NYSE: INT) named Value stock of the day at Zacks.

Are you serious???

Medtronic Inc. (MDT). The medical device maker acknowledged that security flaws in its line of implanted insulin pumps could allow hackers to remotely take control of the devices that dose insulin to diabetes patients. But company officials said that the about 200,000 diabetes patients who use those devices need not worry about their safety because the risk of a cyber attack is extremely low.

What kind of sick individual would do such a thing...

Boeing set to unveil Dreamliner...

Boeing Co. (BA). After years of headaches and occasional heartbreak, the company is ready on Friday for the U.S. government to declare its revolutionary 787 Dreamliner safe to fly passengers. Operating certification by the Federal Aviation Administration will enable Boeing to make the first delivery of its plastics-based airplane next month to Japan's All Nippon Airways.

Tiffany raises guidance...

Tiffany & Co. (TIF) raised its full-year profit outlook as more shoppers worldwide snapped up its jewelry during the bridal season, overcoming rising gold and diamond costs. Tiffany net income rose 33 percent to $90 million, or 33 cents per share, during the quarter that ended on July 31, from $67.7 million, or 53 cents a year earlier.Tiffany raised its full-year profit outlook range by 20 cents and expects to earn between $3.65 and $3.75 per share.

East Coast prepares for Irene...

After lashing the low-lying Bahamas yesterday, Hurricane Irene was due to hit North Carolina today before heading to Virginia, Washington, New York and beyond at the weekend. Irene slightly weakened to Category 2 today from Cat. 3, but still had winds of up to 110 mph. Insurance and airline stocks took a hit on Thursday on fears of major damage and mass flight cancellations respectively.

Good Morning....All eyes on Jackson Hole.

Fed Chairman Ben Bernanke is due to give his much anticipated speech at Jackson Hole later today, and while markets rose earlier this week partly on hopes of QE3, there is little expectation he will announce further bond buying. Instead, Bernanke may unveil more modest measures to boost the flailing economy, although Rob Parenteau of The Levy Economics Institute believes it may be time to finally realize that central bankers "are not the omnipotent demigods that a generation of investors has expected them to be."