Dow +44 to 11105
Nas +37 to 2532
S&P +10 to 1172
Oils, commodities and Technology led the way.
It was a nice follow thru from yesterday's last hour close. Especially considering that Futures were down so much earlier. Let's hope Europe can have another positive day overnight.
Tuesday, September 13, 2011
Cummins looks for 14% annual growth...
Shares of Cummins Inc. are soaring (up 5.28 to 92.38) after the diesel engine maker said they expect 2011 to be a record year.
Chairman and CEO Tim Solso told a group of about 150 Wall Street analysts that the Columbus, Ind. company hopes to post $30 billion in sales in 2015 and expects to grow at an annual rate of about 14 percent to reach that target.
"Despite the current uncertainty surrounding the strength of economic growth in some regions of the world, 2011 will be a record year for Cummins," Solso said.
Here's a look at Cummins chart:
Chairman and CEO Tim Solso told a group of about 150 Wall Street analysts that the Columbus, Ind. company hopes to post $30 billion in sales in 2015 and expects to grow at an annual rate of about 14 percent to reach that target.
"Despite the current uncertainty surrounding the strength of economic growth in some regions of the world, 2011 will be a record year for Cummins," Solso said.
Here's a look at Cummins chart:
Nice Rally in Europe...
European stocks brake a more than 10% slide in since Labor Day, closing solidly higher. Stoxx 50 +1.8%, Germany +1.4%, France +1.1%, Italy +1.7%, Spain +2.4%, U.K. +1%. French bank shares had a wild ride, with SocGen 15% higher after swinging 32% on the day.
Check out Universal Display (PANL)...
We mentioned this one about a week ago.
The stock is climbing again today, up 4.80 to 56.03
Here is the Weekly Chart:
The stock is climbing again today, up 4.80 to 56.03
Here is the Weekly Chart:
A Silver Scam???
Silvercorp (SVM -11.7%) is falling hard after Alfred Little issues a bearish report questioning the company's "production, quality and resource estimates" for a Chinese mine, and claiming much of the company's sales growth has come from " two questionable customers."
Here is the weekly chart. Looks like a near perfect head and shoulders breakdown:
Here is the weekly chart. Looks like a near perfect head and shoulders breakdown:
Insider transactions are bullish...
Consider a ratio of the total number of shares recently sold by insiders of all publicly traded corporations in the U.S., to the number of shares they purchased.
According to the Vickers Weekly Insider Report, published by Argus Research, the average level of this ratio over the last four decades is between 2-to-1 and 2.5-to-1. They therefore consider it to be bullish whenever this ratio drops below that long-term average.
The ratio for insider transactions last week, according to the latest Vickers Weekly Insider Report, was 1.27-to-1. The eight-week average of this ratio, which smooths out the week-to-week volatility, is an even more bullish 1.03-to-1.
This is the lowest level for the eight-week ratio since late 2008 and early 2009. The bull market, of course, began in March 2009.
Here is the longer term chart of Insider Sales vs. Buys:
According to the Vickers Weekly Insider Report, published by Argus Research, the average level of this ratio over the last four decades is between 2-to-1 and 2.5-to-1. They therefore consider it to be bullish whenever this ratio drops below that long-term average.
The ratio for insider transactions last week, according to the latest Vickers Weekly Insider Report, was 1.27-to-1. The eight-week average of this ratio, which smooths out the week-to-week volatility, is an even more bullish 1.03-to-1.
This is the lowest level for the eight-week ratio since late 2008 and early 2009. The bull market, of course, began in March 2009.
Here is the longer term chart of Insider Sales vs. Buys:
Stocks turn positive...
At 5 am this morning Dow futures were down 141 points. The Dow just turned positive and stocks are building on yesterday's late gains. Needless to say, that is a nice reversal.
Dow +8
Nas +16
S&P +5 to 1167
Dow +8
Nas +16
S&P +5 to 1167
Best Buy misses...
Electronics retailer Best Buy Co. said Tuesday that its fiscal second-quarter profit fell to $177 million, or 47 cents a share, from $254 million, or 60 cents, a year earlier.
Revenue in the quarter rose slightly to $11.35 billion from $11.34 billion.
Analysts surveyed by FactSet estimated profit of 52 cents a share on revenue of $11.47 billion.
Shares of Best Buy are opening down 0.60 to 24.35
Revenue in the quarter rose slightly to $11.35 billion from $11.34 billion.
Analysts surveyed by FactSet estimated profit of 52 cents a share on revenue of $11.47 billion.
Shares of Best Buy are opening down 0.60 to 24.35
Toyota expands in Indonesia...
Toyota Motor Corp (TM). The auto giant said it will invest 2.9 trillion rupiah in Indonesia, building a new factory and rolling out a new model, in its second move this year to expand in the fast-growing car market.
Futures down but off their lows....
Wall Street comes off a notable Monday session in which the Dow surged more than 183 points in the final hour trading to finish higher for the day.
That move broke a string of six straight triple-digit moves for the Dow - and also continued another interesting if quirky streak: stocks have not fallen on a Monday since August 8.
Futures are pointing to a lower open this morning despite the late rally, with European debt concerns once again dominating investor attention.
That move broke a string of six straight triple-digit moves for the Dow - and also continued another interesting if quirky streak: stocks have not fallen on a Monday since August 8.
Futures are pointing to a lower open this morning despite the late rally, with European debt concerns once again dominating investor attention.
Monday, September 12, 2011
As I thought might happen....
Stocks stage a late rally to close higher on the day.
Dow +69 to 11060
Nas +27 to 2495
S&P +8 to 1162
Key was that S&P held up at 1140 support. Banks and Oils turned positive in the last hour to help the averages move higher.
It appears to me that the market is exhausted to the downside. Today, we didn't get any good news, but you could just see that the market did not want to sell off. Gold sold off $40 to $1819 an ounce.
Tomorrow will be a very important session. A follow thru to the upside would be very positive.
Dow +69 to 11060
Nas +27 to 2495
S&P +8 to 1162
Key was that S&P held up at 1140 support. Banks and Oils turned positive in the last hour to help the averages move higher.
It appears to me that the market is exhausted to the downside. Today, we didn't get any good news, but you could just see that the market did not want to sell off. Gold sold off $40 to $1819 an ounce.
Tomorrow will be a very important session. A follow thru to the upside would be very positive.
Student Loan defaults rise...
Student loan default rates are on the rise - from 7% to 8.8% - with the sharpest increase coming from the troubled for-profit sector, where the rate has jumped to 15% from 11.6%. The government has promised to crack down - banning schools from taking students with federal loans if they don't meet certain criteria.
At 3:00 pm....
Stocks are still lower, as it looks like program selling is kicking in every time we start to rally.
Dow -109
Nas -14
S&P -12 to 1141
There are quite a few stocks that have been moving higher, as my screen is about 1/3 green.
This could be an interesting last hour.
Dow -109
Nas -14
S&P -12 to 1141
There are quite a few stocks that have been moving higher, as my screen is about 1/3 green.
This could be an interesting last hour.
Check out this chart....
US Airways (LCC). The company recently reported that airline bookings had dropped 1 %.
Stamps.com breaking out to new highs...
Stamps.com (STMP) provides internet-based postage solutions and has been in an uptrend since it announced earnings at the end of July. The company upped guidance for 2011 to GAAP net income of $.87-$1.07/share and revenue of $90 to $100 million. The company's balance sheet is strong with no debt and a current ratio of 3.23.
STMP could benefit in the long-term from any USPS cuts in local offices or hours.
STMP could benefit in the long-term from any USPS cuts in local offices or hours.
Warren Buffett's latest buys...
The following is a list of major portfolio buys by Warren Buffett for the last quarter, according to the latest 13F filing of Berkshire Hathway Inc. (BRK.A)
Dollar General (DG)
Mastercard (MA)
Wells Fargo (WF)
Kraft Foods (KFT)
Verisk Analytics (VRSK)
Verisk Analytics, Inc. is a leading provider of risk assessment and decision analytics, primarily serving the property/casualty insurance, mortgage lending, and healthcare markets. Verisk's EPS forecast for the current year is $1.64 and next year is $1.88. According to consensus estimates, its top line is expected to grow 14.90% in the current year and 9.90% next year.
Dollar General (DG)
Mastercard (MA)
Wells Fargo (WF)
Kraft Foods (KFT)
Verisk Analytics (VRSK)
Verisk Analytics, Inc. is a leading provider of risk assessment and decision analytics, primarily serving the property/casualty insurance, mortgage lending, and healthcare markets. Verisk's EPS forecast for the current year is $1.64 and next year is $1.88. According to consensus estimates, its top line is expected to grow 14.90% in the current year and 9.90% next year.
European stocks sell off again...
Europe closes the books on another horrid day. Stoxx 50 -4%, Germany -2.3%, France -4.1%, Italy -3.9%, Spain -3.3%. The U.K. outperforms, -1.7%. With panicky declines being the new normal in Europe, U.S. shares have (thus far) mostly shrugged it off.
Jeffries likes Express Scripts...
Express Scripts (ESRX) is up slightly after Jeffries analyst calls it "the most mis-priced stock in our coverage universe." Jeffries notes Express Scripts' pending merger with Medco Health (MHS) remains on track, and that synergies are expected to be worth around $1B. The firm also isn't concerned about fears of lost business with Walgreen (WAG).
ESRX is up 0.33 to $44.00
ESRX is up 0.33 to $44.00
Obama speaking about jobs bill...
...and the market sells off.
Dow -119
Nas -15
S&P -12 to 1142
Key level of support to watch for the S&P here is 1140
Dow -119
Nas -15
S&P -12 to 1142
Key level of support to watch for the S&P here is 1140
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