Wednesday, November 9, 2011
Volatility Index shoots higher....
With all 30 Dow stocks flashing red, it's not a surprise the VIX is rocketing higher, up 8.61 to 36.09, on European fears. The market's fear gauge hasn't fallen below the psychologically-important 20 mark since before S&P downgraded the U.S. as volume stays high for short-term puts betting against a market recovery.
Joe Frazier dies...
Smokin' Joe Frazier died yesterday....one of my favorite all-time athletes. Here is a fitting tribute.
http://espn.go.com/boxing/story/_/id/7206261/joe-frazier-former-heavyweight-champion-dead-67
http://espn.go.com/boxing/story/_/id/7206261/joe-frazier-former-heavyweight-champion-dead-67
Stocks reporting after the close...
Pegasystems (PEGA)
Opnet (OPNT)
Cisco Systems (CSCO)
Mako Surgical (MAKO)
Green Mountain Coffee (GMCR)
Fleetcor (FLT)
Opnet (OPNT)
Cisco Systems (CSCO)
Mako Surgical (MAKO)
Green Mountain Coffee (GMCR)
Fleetcor (FLT)
At 1 pm....
Stocks are still lower.
Dow -239
Nas -61
S&P -28 to 1247
Not much has changed in the last couple of hours....stocks still near their lows of the day.
Banks seem to be selling off more than any other groups.
Dow -239
Nas -61
S&P -28 to 1247
Not much has changed in the last couple of hours....stocks still near their lows of the day.
Banks seem to be selling off more than any other groups.
Universal Display up on earnings and revenue growth....
Universal Display (PANL) is up 3.00 to 52.45 after beating Q3 estimates, and guiding for Q4 revenue of $15.4M-$19.4M ($15.3M consensus). During its Q3 CC, management reiterated prior comments about a recent German patent ruling being in its favor (though the details make that debatable), and added that its licensing deal with Samsung involves bi-annual fixed payments.
I don't like the last revelation that the Samsung deal is FIXED. Not exactly as positive as if the deal would have been royalties based on sales.
I don't like the last revelation that the Samsung deal is FIXED. Not exactly as positive as if the deal would have been royalties based on sales.
At 10:45 am...
Stocks are broadly lower, as focus shifts to Italy....
Dow -306
Nas -75
S&P -34 to 1241
These selloffs are getting a little old. Not sure they will keep stocks lower as we move into the afternoon, though.
Dow -306
Nas -75
S&P -34 to 1241
These selloffs are getting a little old. Not sure they will keep stocks lower as we move into the afternoon, though.
Today's upgrades and downgrades...
These are some of Wednesday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls.
Alaska Communications Systems Group Inc. (NASDAQ: ALSK) Cut to Underperform at BofA/ML.
Autodesk Inc. (NASDAQ: ADSK) Cut to Neutral at BofA/ML.
Avon Products, Inc. (NYSE: AVP) cut to Underperform as Bear of the Day at Zacks.
Blue Nile Inc. (NASDAQ: NILE) Cut to Sell at Deutsche Bank.
China Automotive Systems Inc. (NASDAQ: CAAS) Cut to Neutral at Piper Jaffray.
DreamWorks Animation SKG Inc. (NYSE: DWA) Cut to Sell at Janney.
Equity Residential (NYSE: EQR) Raised to Buy at Argus.
H&R Block, Inc. (NYSE: HRB) Raised to Outperform at Oppenheimer.
Priceline.com Inc. (NASDAQ: PCLN) Cut to Hold at S&P Capital IQ (late-Tuesday).
Rite Aid Corporation (NYSE: RAD) Raised to Outperform at Credit Suisse.
Rovi Corporation (NASDAQ: ROVI) has seen at least three downgrades: Collins Stewart, CLSA, Brean Murray.
Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) named Momentum stock of the day at Zacks.
Textainer Group Holdings Limited (NYSE: TGH) named Value stock of the day at Zacks.
Walgreen Co. (NYSE: WAG) Cut to Neutral at Credit Suisse.
The Washington Post Co. (NYSE: WPO) named Bull of the Day at Zacks.
Alaska Communications Systems Group Inc. (NASDAQ: ALSK) Cut to Underperform at BofA/ML.
Autodesk Inc. (NASDAQ: ADSK) Cut to Neutral at BofA/ML.
Avon Products, Inc. (NYSE: AVP) cut to Underperform as Bear of the Day at Zacks.
Blue Nile Inc. (NASDAQ: NILE) Cut to Sell at Deutsche Bank.
China Automotive Systems Inc. (NASDAQ: CAAS) Cut to Neutral at Piper Jaffray.
DreamWorks Animation SKG Inc. (NYSE: DWA) Cut to Sell at Janney.
Equity Residential (NYSE: EQR) Raised to Buy at Argus.
H&R Block, Inc. (NYSE: HRB) Raised to Outperform at Oppenheimer.
Priceline.com Inc. (NASDAQ: PCLN) Cut to Hold at S&P Capital IQ (late-Tuesday).
Rite Aid Corporation (NYSE: RAD) Raised to Outperform at Credit Suisse.
Rovi Corporation (NASDAQ: ROVI) has seen at least three downgrades: Collins Stewart, CLSA, Brean Murray.
Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) named Momentum stock of the day at Zacks.
Textainer Group Holdings Limited (NYSE: TGH) named Value stock of the day at Zacks.
Walgreen Co. (NYSE: WAG) Cut to Neutral at Credit Suisse.
The Washington Post Co. (NYSE: WPO) named Bull of the Day at Zacks.
ROVI disappoints...
Shares of electronic television programming guide vendor Rovi are down sharply on a disappointing financial outlook.
For Q3, the company posted revenue of $196.5 million, up from $138 million a year ago, but a bit below the Street consensus at $197.9 million. Pro forma profits of 63 cents a share topped the Street consensus at 61 cents.
The issue for the stock was the guidance the company provided on the call. For starters, the company now sees full year results at the lower end of its previous guidance ranges of revenues of $770 million to $810 million, and profits of $2.35 to $2.60. Rovi also said on its conference call that it sees revenue in 2012 increasing in the mid-to-high single digit range, well below the 15.5% growth that the Street has been forecasting.
For Q3, the company posted revenue of $196.5 million, up from $138 million a year ago, but a bit below the Street consensus at $197.9 million. Pro forma profits of 63 cents a share topped the Street consensus at 61 cents.
The issue for the stock was the guidance the company provided on the call. For starters, the company now sees full year results at the lower end of its previous guidance ranges of revenues of $770 million to $810 million, and profits of $2.35 to $2.60. Rovi also said on its conference call that it sees revenue in 2012 increasing in the mid-to-high single digit range, well below the 15.5% growth that the Street has been forecasting.
Activision losing subscribers...
Activision Blizzard (ATVI). The video games publisher revealed it has lost almost a million users for its "World of Warcraft" cash cow, dampening enthusiasm for its blockbuster "Call of Duty" franchise. It now expects earnings per share of 85 cents on revenue of $4.25 billion for 2011. Adjusted for revenue from online games, it posted earnings per share of 7 cents, which beat Wall Street's expectations of 2 cents per share.
This may be a great short right here...
This may be a great short right here...
Futures point to lower open...
U.S. stock index futures pointed to a lower open on Wall Street Wednesday as investors still watched Europe with caution after Italian Prime Minister Silvio Berlusconi announced he would step down once a series of austerity measures had been put in place.
The austerity program could in theory be completed by Christmas, and observers suggested a government of technocrats could run the country until scheduled elections in 2013, although Berlusconi himself suggested Tuesday night that new elections would be preferable.
The yield on Italian sovereign debt, however, rose as high as 7 percent in morning trade after LCH.Clearnet raised the initial margin call applied to Italian debt by between 3.5 and 5 percentage points across all maturities of BTP and inflation-linked BTP bonds.
That led European markets, which had opened the day higher on the announcement of the Italian premier’s resignation, into negative territory.
The FTSEurofirst 300 index of top European shares fell 1.4 percent at 969.84 points, reversing Tuesday's 0.9 percent rise.
The austerity program could in theory be completed by Christmas, and observers suggested a government of technocrats could run the country until scheduled elections in 2013, although Berlusconi himself suggested Tuesday night that new elections would be preferable.
The yield on Italian sovereign debt, however, rose as high as 7 percent in morning trade after LCH.Clearnet raised the initial margin call applied to Italian debt by between 3.5 and 5 percentage points across all maturities of BTP and inflation-linked BTP bonds.
That led European markets, which had opened the day higher on the announcement of the Italian premier’s resignation, into negative territory.
The FTSEurofirst 300 index of top European shares fell 1.4 percent at 969.84 points, reversing Tuesday's 0.9 percent rise.
Yesterday's wrap up from IBD...
Stocks closed with solid gains and near session highs Tuesday after seesaw trading linked to Italy's debt drama. The Nasdaq and S&P 500 tacked on 1.2%, after trading as much as 0.5% lower at midday. The NYSE composite rose 1.1%. Volume increased across the board from Monday's levels.
The market has bounced back since the sell-off of Oct. 31-Nov. 1. Two up days in that span of time came in higher volume. For the fifth straight day, indexes closed near session highs.
Meanwhile, leading stocks have displayed encouraging action. Sell signals remain rare and more breakouts are occurring.
The positive tone indicates that the pressure the market had faced recently has dissipated and its uptrend is back to normal.
Stocks started out higher, but dropped into the red around midday as a key vote in debt-wracked Italy sent a mixed signal. Italian Prime Minister Silvio Berlusconi lost his parliamentary majority, yet he still managed to win a key budget vote.
It initially wasn't clear what would happen to Berlusconi. But he then promised to resign after Italian lawmakers approve new austerity measures. Once the news hit the wires, U.S. stocks went into the black and to new session highs.
The S&P 500 finished above its 200-day moving average, after closing below that long-term support level for six straight days.
Advancers easily beat out decliners on both the Nasdaq and NYSE. But while new 52-week highs outnumbered new lows Tuesday on the NYSE, slightly more stocks made new lows on the Nasdaq than new highs.
Top-rated stocks largely acted well, with several breaking out.
Cardtronics (CATM) jumped 8% in big trade, clearing a 25.95 handle buy point in the wake of a strong quarterly earnings report late Monday. TransDigm Group (TDG) rose 4% and flew past a 95.14 buy point from a cup without handle.
Signet Jewelers (SIG) climbed 8% in huge volume, topping a 45.60 handle entry. Late Monday, S&P said Signet will join the S&P MidCap 400 index. Priceline.com (PCLN) surged 9%, closing above an area of resistance around 550.
On the downside, Triumph Group (TGI) slid 2% in fast trade, though it finished near its session high. Before the opening bell, it announced a public offering of 5 million shares.
After hours, Copa Holdings (CPA) reported third-quarter earnings that beat views. The stock, which has been working on a new base, fell 4% in strong volume during the regular session.
U.S. economic news was light Tuesday and mostly overshadowed by the latest euro zone headlines. A small-business optimism index edged up in October.
The market has bounced back since the sell-off of Oct. 31-Nov. 1. Two up days in that span of time came in higher volume. For the fifth straight day, indexes closed near session highs.
Meanwhile, leading stocks have displayed encouraging action. Sell signals remain rare and more breakouts are occurring.
The positive tone indicates that the pressure the market had faced recently has dissipated and its uptrend is back to normal.
Stocks started out higher, but dropped into the red around midday as a key vote in debt-wracked Italy sent a mixed signal. Italian Prime Minister Silvio Berlusconi lost his parliamentary majority, yet he still managed to win a key budget vote.
It initially wasn't clear what would happen to Berlusconi. But he then promised to resign after Italian lawmakers approve new austerity measures. Once the news hit the wires, U.S. stocks went into the black and to new session highs.
The S&P 500 finished above its 200-day moving average, after closing below that long-term support level for six straight days.
Advancers easily beat out decliners on both the Nasdaq and NYSE. But while new 52-week highs outnumbered new lows Tuesday on the NYSE, slightly more stocks made new lows on the Nasdaq than new highs.
Top-rated stocks largely acted well, with several breaking out.
Cardtronics (CATM) jumped 8% in big trade, clearing a 25.95 handle buy point in the wake of a strong quarterly earnings report late Monday. TransDigm Group (TDG) rose 4% and flew past a 95.14 buy point from a cup without handle.
Signet Jewelers (SIG) climbed 8% in huge volume, topping a 45.60 handle entry. Late Monday, S&P said Signet will join the S&P MidCap 400 index. Priceline.com (PCLN) surged 9%, closing above an area of resistance around 550.
On the downside, Triumph Group (TGI) slid 2% in fast trade, though it finished near its session high. Before the opening bell, it announced a public offering of 5 million shares.
After hours, Copa Holdings (CPA) reported third-quarter earnings that beat views. The stock, which has been working on a new base, fell 4% in strong volume during the regular session.
U.S. economic news was light Tuesday and mostly overshadowed by the latest euro zone headlines. A small-business optimism index edged up in October.
Monday, November 7, 2011
Last update of the day...
I have to leave the office...
Never short a dull market!!! That's an old Wall Street adage. Well, this might be the dullest day in a long time for this market....and sure enough, stocks are slowly starting to strengthen...
Dow -3
Nas -8
S&P unch
We might see a nice rally here in the last two hours...
Never short a dull market!!! That's an old Wall Street adage. Well, this might be the dullest day in a long time for this market....and sure enough, stocks are slowly starting to strengthen...
Dow -3
Nas -8
S&P unch
We might see a nice rally here in the last two hours...
Universal Display gives back Friday's gains...
Universal Display (PANL -10.7%) gives back Friday's gains following a downbeat note from Canaccord. The firm throws cold water on hopes Apple will use Universal's OLED display technology (the result of a recent patent filing) in the near-term, and also expresses concerns about a European patent license hearing.
PANL announces earnings after the bell on Tuesday...so we'll know very quickly if Cannacord knows what they are talking about. The revenue growth on this stock is special...
PANL announces earnings after the bell on Tuesday...so we'll know very quickly if Cannacord knows what they are talking about. The revenue growth on this stock is special...
25-34 year olds staying at home...
Though it's not yet a major economic indicator, it's a sign of the times that the percentage of 25-34 year olds living with their parents has skyrocketed since 2008 with no signs of tailing off. The stay-at-home chart shows 14.2% of the nation's 42M people in the age group are opting to live at home, up from 10.6% prior to the economic downturn.
Rosetta Stones continues to fall...
Rosetta Stone (RST -10.5%) extends its losses from Friday after reporting a disappointing Q3 on weak bookings. The stock has netted a 32% loss over just the past two sessions, and is down over 70% since hitting its 52-week high in November of last year.
Barnes and Noble unveils latest Nook reader...
The market for tablets based on Google’s (GOOG) “Android” software has a new contestant, the “Nook Tablet” from Barnes & Noble (BKS), announced this morning, as widely expected was unveiled, selling at $249, as Amazon.com’s (AMZN) “Kindle Fire” tablet gets ready to go on sale in a week from now.
The device can be pre-ordered now, and will be available November 18th, three days after the Fire ships.
The Nook Tablet Is the same 8.1-inch height as B&N’s existing “Nook Color” reader, also based on Android, with the same 16-million color, 1024 x 600 pixel resolution. And like the Nook Color, it has a WiFi connection, no 3G cellular option. (Amazon’s Fire also dropped the option of a 3G connection. Amazon’s non-Android e-readers, the Kindle Touch and Kindle Keyboard, feature 3G connections for $149 or $139.)
However, the Tablet also features a microphone, a 1-gigahertz Texas Instruments (TXN) “OMAP” microprocessor, faster than the Color’s 800 megahertz part, and a gigabyte of RAM, double the Color’s spec.
B&N said the Tablet will get 11.5 hours of reading time, better than the 8 hours quoted for the Color.
Featuring 16-gigabytes of memory, the Nook Tablet is $50 more than Amazon’s Fire, which contains only 8 gigs. The Tablet has an SD card slot to expand the memory count, whereas Amazon urges customers to “forget the memory,” as Amazon offers to store all content purchased with Amazon “in the cloud,” on Amazon servers.
The price of the Color was dropped to $199 from $249, and B&N’s black-and-white e-reader, the “Nook Simple Touch,” was cut from $139 to $99. That device matches the price of the cheaper version of Amazon’s Kindle Touch.
Shares of Barnes & Noble are down a penny at $11.60. Shares of Amazon.com are down $1.01, or half a percent, at $215.47.
The device can be pre-ordered now, and will be available November 18th, three days after the Fire ships.
The Nook Tablet Is the same 8.1-inch height as B&N’s existing “Nook Color” reader, also based on Android, with the same 16-million color, 1024 x 600 pixel resolution. And like the Nook Color, it has a WiFi connection, no 3G cellular option. (Amazon’s Fire also dropped the option of a 3G connection. Amazon’s non-Android e-readers, the Kindle Touch and Kindle Keyboard, feature 3G connections for $149 or $139.)
However, the Tablet also features a microphone, a 1-gigahertz Texas Instruments (TXN) “OMAP” microprocessor, faster than the Color’s 800 megahertz part, and a gigabyte of RAM, double the Color’s spec.
B&N said the Tablet will get 11.5 hours of reading time, better than the 8 hours quoted for the Color.
Featuring 16-gigabytes of memory, the Nook Tablet is $50 more than Amazon’s Fire, which contains only 8 gigs. The Tablet has an SD card slot to expand the memory count, whereas Amazon urges customers to “forget the memory,” as Amazon offers to store all content purchased with Amazon “in the cloud,” on Amazon servers.
The price of the Color was dropped to $199 from $249, and B&N’s black-and-white e-reader, the “Nook Simple Touch,” was cut from $139 to $99. That device matches the price of the cheaper version of Amazon’s Kindle Touch.
Shares of Barnes & Noble are down a penny at $11.60. Shares of Amazon.com are down $1.01, or half a percent, at $215.47.
Volume has dried up....
And stocks seem to have no direction.
Dow -52
Nas -26
S&P -6
Gold and silver are up slightly. Everything else is mixed.
Dow -52
Nas -26
S&P -6
Gold and silver are up slightly. Everything else is mixed.
General Dynamics buys Force Protection...
General Dynamics (GD). The defense contractor said it agreed to acquire smaller rival Force Protection Inc (FRPT) for $360 million. The offer price of $5.52 a share is 31 percent more than Force Protection shares' Friday closing price of $4.21.
MF Global CEO Jon Corzine quits as big bet fails...
Jon Corzine, one of Wall Street's best-known stars, stepped down as MF Global Holdings Ltd's chairman and chief executive after his bets on European debt drove the futures brokerage into bankruptcy.
Word is they were comingling clients funds with their own...and that they were 33-1 leveraged.
Word is they were comingling clients funds with their own...and that they were 33-1 leveraged.
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