Stocks hold on to earlier gains. Actually, the Dow was up over 400 points in the last hour, but a little profit taking came in before the close.
Dow +339 to 12208
Nas +87
S&P +42 to 1284
So far, we are having the best October since the one following the 1987 crash. Hopefully, no new news out of Europe overnight.
Thursday, October 27, 2011
Earnings due out after the bell...
Las Vegas Sands (LVS)
Deckers (DECK)
Electronic Arts (ERTS)
Coinstar (CSTR)
Crocs (CROX)
Baidu (BIDU)
Stamps.com (STMP)
Flowserve (FLS)
Vistaprint (VPRT)
Deckers (DECK)
Electronic Arts (ERTS)
Coinstar (CSTR)
Crocs (CROX)
Baidu (BIDU)
Stamps.com (STMP)
Flowserve (FLS)
Vistaprint (VPRT)
At 2:45 pm....
Stocks still looking strong. Banks, Oils, Metals, and Techs exploding to the upside.
Dow +367
Nas +95
S&P +44 to 1286
Pretty decent reaction to news out of Europe. Obviously traders were caught short.
New highs on the following stocks:
Whole Foods
O'Reilly Automotive
Red Hat
Simon Property Group
Under Armour
Mattel
Intuitive Surgical
Treehouse Foods
DSW
Limited bRands
Monsanto
Intel
Ralph Lauren
Cabot Oil and Gas
Electronic Arts
WalMart
Chevron
Dow +367
Nas +95
S&P +44 to 1286
Pretty decent reaction to news out of Europe. Obviously traders were caught short.
New highs on the following stocks:
Whole Foods
O'Reilly Automotive
Red Hat
Simon Property Group
Under Armour
Mattel
Intuitive Surgical
Treehouse Foods
DSW
Limited bRands
Monsanto
Intel
Ralph Lauren
Cabot Oil and Gas
Electronic Arts
WalMart
Chevron
Solar stocks are soaring...
The risk trade is on, and that means solar stocks are soaring (KWT +9.2%). Shares could also be getting a lift from the German government's outlining of expected subsidy cuts, which removes some uncertainty about their magnitude. Some of the biggest winners: LDK +22.1%. STP +18.7%. FSLR +14.8%. YGE +15.4%.
Perrigo sells off on earnings release...
Perrigo Co posted a better-than-expected quarterly profit, but the generic drugmaker's revenue fell short of estimates as growth in its major segments lagged. The company posted first-quarter revenue of $725.3 million, below market expectation of $750.1 million, according to Thomson Reuters I/B/E/S.
"Perrigo missed the top-line on both (consumer healthcare) and nutritional which raises some concern around fundamentals and growth in these segments," UBS analysts said in a note.
Consumer healthcare and the nutritionals segments together contribute almost two-thirds of the company's revenue. Nutritionals revenue fell $3 million to $120 million as increased competition hurt sales of vitamins, minerals and dietary supplements category. Consumer healthcare revenue rose 4 percent to $412 million, but fell short of market expectation.
Perrigo develops, manufactures and distributes over-the-counter and generic pharmaceuticals nutritional products, infant formulas, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products.
For fiscal 2012, the company raised its adjusted earnings per share view to $4.65-$4.80 from $4.50-$4.65 a share. "While we appreciate the increased (earnings per share) guidance, it was mostly tax rate driven...," UBS analysts said.
For the first quarter ended Sept. 24, Perrigo's net income fell to $70.5 million, or 75 cents a share, from $74.4 million, or 80 cents a share, a year ago. Excluding items, it earned $1.10 a share, beating analysts' estimate of $1.05 a share.
PRGO is currently down 5.87 to 92.91
"Perrigo missed the top-line on both (consumer healthcare) and nutritional which raises some concern around fundamentals and growth in these segments," UBS analysts said in a note.
Consumer healthcare and the nutritionals segments together contribute almost two-thirds of the company's revenue. Nutritionals revenue fell $3 million to $120 million as increased competition hurt sales of vitamins, minerals and dietary supplements category. Consumer healthcare revenue rose 4 percent to $412 million, but fell short of market expectation.
Perrigo develops, manufactures and distributes over-the-counter and generic pharmaceuticals nutritional products, infant formulas, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products.
For fiscal 2012, the company raised its adjusted earnings per share view to $4.65-$4.80 from $4.50-$4.65 a share. "While we appreciate the increased (earnings per share) guidance, it was mostly tax rate driven...," UBS analysts said.
For the first quarter ended Sept. 24, Perrigo's net income fell to $70.5 million, or 75 cents a share, from $74.4 million, or 80 cents a share, a year ago. Excluding items, it earned $1.10 a share, beating analysts' estimate of $1.05 a share.
PRGO is currently down 5.87 to 92.91
Valuations are compelling....
As long as the situation in Europe appears contained, at least for the time being, this market has some legs, says market strategist Joseph Tanious. Valuations are compelling, and if you look at the forward indicators, a lot of the headwinds that have been holding stocks back - are clearing.
His recommendation: rotate out of defensive and high-dividend stocks and into cyclicals.
His recommendation: rotate out of defensive and high-dividend stocks and into cyclicals.
You knew this was coming...
Research In Motion (RIMM) faces a rash of consumer lawsuits following its recent four-day BlackBerry outage. Shares were under pressure in the previous session after the company said it had delayed its Playbook 2.0 operating system until February.
RIMM was down earlier, now it is up 0.52 to 21.23
RIMM was down earlier, now it is up 0.52 to 21.23
At noon, stocks still climbing...
It's an all-out rally...
Dow +321 to 12190
Nas +75
S&P +36 to 1278
Next barrier to break thru is 1300 on the S&P. A very strong rally that is starting to look like more than just a short squeeze.
Dow +321 to 12190
Nas +75
S&P +36 to 1278
Next barrier to break thru is 1300 on the S&P. A very strong rally that is starting to look like more than just a short squeeze.
Today's Upgrades and Downgrades...
These are some of this Thursday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this morning.
Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) named Bull of the Day at Zacks.
Bank of America Corporation (NYSE: BAC) Cut to Equal-weight at Morgan Stanley.
Ford Motor Co. (NYSE: F) Maintained Neutral and cut target to $14 from $16 at Credit Suisse.
Hospira Inc. (NYSE: HSP) Raised to Buy at BofA/ML, but named Bear of the Day at Zacks.
Itron Inc. (NASDAQ: ITRI) Started as Outperform with $60 target at Credit Suisse; maintained Buy and $50 target at Canaccord Genuity.
Kindred Healthcare, Inc. (NYSE: KND) named as Value stock of the day at Zacks.
Netflix, Inc. (NASDAQ: NFLX) Cut to Neutral at Citigroup (boy, how timely).
Praxair Inc. (NYSE: PX) Cut to Underperform from Buy at BofA/ML.
Range Resources Corporation (NYSE: RRC) Reiterated Sell at Canaccord Genuity.
Tim Hortons, Inc (NYSE: THI) Started as Neutral at Credit Suisse.
Urban Outfitters Inc. (NASDAQ: URBN) Raised to Buy at Citigroup.
Visa Inc. (NYSE: V) Cut to Market Perform at FBR
Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) named Bull of the Day at Zacks.
Bank of America Corporation (NYSE: BAC) Cut to Equal-weight at Morgan Stanley.
Ford Motor Co. (NYSE: F) Maintained Neutral and cut target to $14 from $16 at Credit Suisse.
Hospira Inc. (NYSE: HSP) Raised to Buy at BofA/ML, but named Bear of the Day at Zacks.
Itron Inc. (NASDAQ: ITRI) Started as Outperform with $60 target at Credit Suisse; maintained Buy and $50 target at Canaccord Genuity.
Kindred Healthcare, Inc. (NYSE: KND) named as Value stock of the day at Zacks.
Netflix, Inc. (NASDAQ: NFLX) Cut to Neutral at Citigroup (boy, how timely).
Praxair Inc. (NYSE: PX) Cut to Underperform from Buy at BofA/ML.
Range Resources Corporation (NYSE: RRC) Reiterated Sell at Canaccord Genuity.
Tim Hortons, Inc (NYSE: THI) Started as Neutral at Credit Suisse.
Urban Outfitters Inc. (NASDAQ: URBN) Raised to Buy at Citigroup.
Visa Inc. (NYSE: V) Cut to Market Perform at FBR
Stocks open much higher...
Stocks are flying in here as it looks like Shorts are getting hit hard. Banks, Oils, Commodities, and tech are all moving higher.
Dow +242
Nas +57
S&P +28
Gold and Silver are moving higher as well.
Dow +242
Nas +57
S&P +28
Gold and Silver are moving higher as well.
Greek Debt deal well received...
News of the deal with private banks and insurers to take a 50% loss on Greek government bonds has sent world markets and U.S. stock index futures soaring this morning.
The cut is a voluntary one, and reduces Greece's debt burden by 100 billion euros.
The euro has jumped to a 7-week high and oil prices are also higher following that news.
The Greek debt deal should provide a significant positive boost to the U.S. markets, but there's still plenty of earnings and economic data in the day ahead to be considered as well.
The cut is a voluntary one, and reduces Greece's debt burden by 100 billion euros.
The euro has jumped to a 7-week high and oil prices are also higher following that news.
The Greek debt deal should provide a significant positive boost to the U.S. markets, but there's still plenty of earnings and economic data in the day ahead to be considered as well.
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