U.S. Markets:
Dow +96.72 (+0.79%)
Nasdaq +3.57 (+0.16%)
S&P 500 +10.58 (+0.79%)
News That Moved the Market:
Scary Session Finishes With Happy Ending. With little news after Thursday's disastrous Philly Fed figures, the markets drifted lower throughout the morning before finding support in the afternoon. In the last minutes of the session, CNBC reporter Charles Gasparino announced that a source had told him a bailout plan for troubled bond insurer Ambac (ABK, +16.0%) was close to being completed and could be announced early next week. Though the details were sketchy, MarketWatch added the plan may include eight banks that are major counterparties to Ambac. The list includes Citigroup (C, +0.3%), Barclays (BCS, +3.4%), UBS (UBS, +3.0%), and Wachovia (WB, +2.9%), among others. The markets shot up on the news, with the S&P gaining 2% after the announcement. The deal is not complete and could fall apart, but if the deal is announced, investors would feel as if a major disaster would have been averted and could start putting money back in financials.
Weak Outlook At Intuit. Intuit Inc. (INTU, -9.2%), maker of small business software such as QuickBooks and TurboTax, announced fiscal second quarter results which were in-line with analysts' forecasts, however, the company lowered its fiscal third-quarter EPS estimates. There were some interesting comments make by CEO Brad Smith: "Small businesses are out there competing in this market and the small business customers we serve are very much like consumers… A lot of small businesses today will operate their business with lines of credit, credit cards, home equity loans, and we know the condition there."
Quick Tics:
Fannie Mae (FNM, -0.9%) and Freddie Mac (FRE, -4.1%) were both downgraded at Merrill Lynch citing bad business conditions.
Next week's important economic figures include PPI (Tuesday), Durable Goods (Wednesday), Preliminary GDP (Thursday), and Personal Income and Outlays (Friday).
Monday's Notable Earnings:
Nordstrom (JWN) After CloseLowe's Companies (LOW) Time Not Supplied
Economic Events:
10:00 AM: Existing Home Sales
Saturday, February 23, 2008
Stocks to Watch on Monday....
Fashion specialty retailer Nordstrom Inc. (JWN) is expected to report fourth-quarter earnings of 90 cents a share, according to analysts polled by FactSet Research.
Lowe's Companies (LOW), the second-largest home improvement retailer in the world, is projected to report fourth-quarter earnings of 25 cents a share.
Sotheby's Holdings, Inc (BID) is forecast to post earnings of $1.49 a share in the fourth quarter.
LDK Solar Co. (LDK), manufacturer of multicrystalline solar wafers, is expected to report fourth-quarter earnings of 41 cents a share.
FirstEnergy (FE), a diversified energy company, is forecast to report earnings of 94 cents a share in the fourth quarter.
Shanda Interactive Entertainment (SNDA), a China-based interactive entertainment media company, is estimated to post earnings of 45 cents a share in the fourth quarter.
Tesco (TESO), manufacturer of technology-based solutions for the upstream energy industry, is likely to report earnings of 22 cents a share in the fourth quarter.
After Friday's closing bell, Genentech Inc. (DNA) said the U.S. Food and Drug Administration granted an accelerated approval for Avastin, in combination with paclitaxel chemotherapy, for the treatment of patients who have not received chemotherapy for their metastatic breast cancer. Accelerated approval means that the FDA must still review data on the drug before granting full market approval. The approval is based on a Phase III study that showed that Avastin in combination with paclitaxel chemotherapy resulted in a 52% reduction in the risk of disease progression or death. Avastin is already FDA-approved for colorectal cancer and non-small-cell lung cancer.
Lowe's Companies (LOW), the second-largest home improvement retailer in the world, is projected to report fourth-quarter earnings of 25 cents a share.
Sotheby's Holdings, Inc (BID) is forecast to post earnings of $1.49 a share in the fourth quarter.
LDK Solar Co. (LDK), manufacturer of multicrystalline solar wafers, is expected to report fourth-quarter earnings of 41 cents a share.
FirstEnergy (FE), a diversified energy company, is forecast to report earnings of 94 cents a share in the fourth quarter.
Shanda Interactive Entertainment (SNDA), a China-based interactive entertainment media company, is estimated to post earnings of 45 cents a share in the fourth quarter.
Tesco (TESO), manufacturer of technology-based solutions for the upstream energy industry, is likely to report earnings of 22 cents a share in the fourth quarter.
After Friday's closing bell, Genentech Inc. (DNA) said the U.S. Food and Drug Administration granted an accelerated approval for Avastin, in combination with paclitaxel chemotherapy, for the treatment of patients who have not received chemotherapy for their metastatic breast cancer. Accelerated approval means that the FDA must still review data on the drug before granting full market approval. The approval is based on a Phase III study that showed that Avastin in combination with paclitaxel chemotherapy resulted in a 52% reduction in the risk of disease progression or death. Avastin is already FDA-approved for colorectal cancer and non-small-cell lung cancer.
How to Accept an Oscar....
Whether you're accepting an Oscar or any other award, preparation is the key to being quotable. Toastmasters International President Chris Ford says, "Every acceptance speech should demonstrate gratitude, recognition and sincerity -- and good delivery." He offers the following tips for adding rhythm and pacing to your award acceptance speech:
-- Write your speech as a script, and memorize it!
-- Pause, smile and count to three before saying anything. ("One one-thousand, two one-thousand, three one-thousand. Pause. Begin.)
-- Begin by addressing the audience. It buys you time and calms your nerves. Remember, the audience is rooting for you.
-- Practice, practice, practice! Rehearse with a timer and allow time for the unexpected.
-- Control filler words (ums and ahs; "you knows"). To do so, see above points: Practice, pause and breathe.
-- Keep names to a minimum and get them right!
-- Include a brief but touching anecdote or little-known fact regarding the role or job you are recognized for.
-- Mainly, your acceptance speech should represent you -- as a professional and as a person.
-- Concentrate on your message. You have important thoughts to convey, so focus on your speech, not on the audience.
-- Make your last line expendable, in case you are cut off.
-- Write your speech as a script, and memorize it!
-- Pause, smile and count to three before saying anything. ("One one-thousand, two one-thousand, three one-thousand. Pause. Begin.)
-- Begin by addressing the audience. It buys you time and calms your nerves. Remember, the audience is rooting for you.
-- Practice, practice, practice! Rehearse with a timer and allow time for the unexpected.
-- Control filler words (ums and ahs; "you knows"). To do so, see above points: Practice, pause and breathe.
-- Keep names to a minimum and get them right!
-- Include a brief but touching anecdote or little-known fact regarding the role or job you are recognized for.
-- Mainly, your acceptance speech should represent you -- as a professional and as a person.
-- Concentrate on your message. You have important thoughts to convey, so focus on your speech, not on the audience.
-- Make your last line expendable, in case you are cut off.
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