Oil inventories failed to markedly turn the tide despite more and more public commentary (and perhaps realization) that Libya and unrest elsewhere that is currently on the table may have gone too far in oil. Still, the fear is what lies ahead tomorrow rather than what is happening today. PIMCO's Bill Gross has exited US Treasury bonds from the PIMCO Total Return Fund as well. The markets fought between being up and down on the two-year anniversary of the start of the end of the bear market.
Here were today's closing bells:
Dow Jones 12,213.09 -1.29 (-0.01%)
S&P 500 1,320.03 -1.79 (-0.14%)
Nasdaq 2,751.72 -14.05 (-0.51%)
Continue reading Closing Bell: Celebrating the Death of the Bears, Sort of (AEO, BAC, FNSR, POT, ROYL)
- Tyson Foods (TSN) to buy from hold at Deutsche Bank.
- Carmike Cinemas (CKEC) to buy from neutral at Merriman.
- Ambow Education (AMBO) to conviction buy from neutral at Goldman.
- Johnson Controls (JCI) to overweight from equal weight at Barclays.
- Dynex Capital (DX) to outperform from market perform at JMP Securities.
- Ensco (ESV) to outperform from neutral at Credit Suisse.
- York Water (YORW) to buy from hold at Brean Murray.
- Mid-America Apartment (MAA) to market perform from underperform at FBR Capital.
- Cheniere Energy Partners (CQP) to hold from sell at Citigroup.
- Forest Oil (FST) to positive from neutral at Susquehanna.
- Tractor Supply (TSCO) to outperform from neutral at RW Baird.
Continue reading Analyst Calls: DISH, DTV, JCI, LULU, MOS, MTN, POT, RIG, TSCO, TSN ...
General Motors (GM) closed up 2% Wednesday, a day after a series of positive reports from banks involved in the company's initial public offering. GM will have a presence at the North American Auto Show beginning on Jan. 10. Overall implied volatility of 31 is at the low end of its one-month range, according to Track Data, suggesting low price movement.
CBOE Volatility Index-VIX closed down 42 cents to 17.06, below its 100-day moving average 21.12.
Continue reading Options Update: General Motors Volatility Low; Shares Close at Post-IPO Record High
And so it goes with Potash Corp. (POT). Potash, first discussed here on March 3, 2009, at a price of $80.81, has been through the valuation ringer, of sorts.
In November, BHP Billiton (BBL) withdrew its unsolicited proposal to acquire Potash for $130.
As traders like to say, "No-oo problem. No problem at all." Potash is worth a lot more than one Benjamin plus a third.
Continue reading Potash: Stock Play for a Hungry World
- SanDisk (SNDK) was upgraded to outperform from neutral at RW Baird.
- JPMorgan resumed Potash (POT) at overweight, up from neutral.
- Ariba (ARBA) was upgraded to buy from neutral at Roth Capital.
- Cirrus Logic (CRUS) was upgraded to buy from hold at Jefferies.
- Morgan Stanley upgraded Tesoro (TSO) to overweight from equal weight.
- Solarfun Power (SOLF) was upgraded to buy from hold at Auriga.
- Barclays upgraded Ciena (CIEN) to overweight from equal weight.
- Optimer Pharm (OPTR) was upgraded to outperform from market perform at JMP Securities.
- Argo Group (AGII) was upgraded to outperform from market perform at FBR Capital.
- BofA/Merrill upgraded Green Mountain (GMCR) to buy from underperform and Southern Company (SO) to neutral from underperform.
Continue reading Analyst Calls: ATW, CIEN, DE, GMCR, GPN, MEE, MT, POT, SNDK, SO, TSO ...
- JPMorgan upgraded Vivus (VVUS) to overweight from neutral.
- Citigroup upgraded Corn Products (CPO) to buy from hold.
- Maxim Integrated (MXIM) was upgraded to outperform from market perform at FBR Capital.
- Cardinal Health (CAH) was upgraded to outperform from neutral at RW Baird.
- Citigroup upgraded Monster Worldwide (MWW) and EchoStar (SATS) to buy from hold, as well as Las Vegas Sands (LVS) to buy from sell.
- BMO Capital upgraded Potash (POT) and Barrick Gold (ABX) to outperform from market perform.
Continue reading Analyst Calls: CAH, EXPE, FSLR, HOT, LVS, MWW, NUVA, POT ...
With bonds closed and banks closed, equities here in the U.S. had a hard time trying to decide which direction the wind was blowing. The DJIA
11,000 mark was flirted with again in afternoon trading, this time on the downside on what appears to have been a positive close. Some M&A was a help, but investors used today and will likely use tomorrow to determine how they want to be positioned as earnings
season kicks off.
Here were today's unofficial closing levels:
Dow Jones 11,008.59 +2.11 (0.02%)
S&P 500 1,165.04 -0.11 (-0.01%)
Nasdaq 2,402.33 +0.42 (0.02%)
TOP ANALYST CALLS
Continue reading Closing Bell: Preparing for Earnings, with Bonds Closed (GYMB, ALXA, IBM, DLTR, CIT, POT)
Canadian fertilizer firm Potash Corp of Saskatchewan
) is in the middle of a rash of takeover-related news this morning. First, Britain's Sunday Telegraph
reports that Potash is working on a break-up plan in hopes of stopping BHP Billiton's (BHP
) takeover bid
. According to the report, Potash would sell its nitrogen and phosphorous assets, pay a $70 per share dividend, and increase its debt pile.
In addition to the weekend's news, The Globe and Mail
reported Friday that Chinese firm Sinochem has approached the National Mineral Development Corporation (NMDC) about a joint bid for Potash. Sinochem is making the pitch for a joint bid because it may believe that an individual bid would be shot down by Canada's political powers.
Continue reading Potash Mulling Break-Up
), an expert in agricultural fertilizers that counts Potash Corporation of Saskatchewan, Inc. (POT
) as a related stock, reported fiscal first-quarter numbers Monday after the bell, but the market wasn't too pleased by them. Although net profit increased, expectations were not met. We've seen this sort of situation before; it can be painful for shareholders, but that's just the way Wall Street operates.
Take a look at the press release
per share jumped from 23 cents in last year's Q1 to 67 cents this time around. In addition, operational cash flow
increased more than three times to $556.2 million.
Continue reading Mosaic: Buy or Sell After Q1 News?
- HSBC upgraded Massey Energy (MEE) to overweight from neutral based on improved 2011 pricing power given industry supply-side discipline. Despite the upgrade, the firm cuts its price target to $40 from $54.
- Needham upgraded Blue Coat Systems (BCSI) to buy from hold following yesterday's announcement that Michael J. Borman has been named the new CEO. The firm has a $27 price target on the stock.
- Citigroup upgraded Teekay Offshore Partners (TOO) to buy from hold after the company announced shuttle tanker contracts to reflect improved operating performance. The firm raised its target for shares to $26 from $15.
- Prosperity Bancshares (PRSP) was upgraded to equal weight from underweight at Morgan Stanley.
- Ceradyne (CRDN) was upgraded to buy from hold at Benchmark Co.
- CTC Media (CTCM) was upgraded to buy from hold at Deutsche Bank.
Continue reading Analyst Calls: AAPL, BCSI, CIT, MEE, POT, RIMM, SAN, SKS, TOO ...
- Wells Fargo upgraded Gap (GPS) to outperform from market perform, citing valuation and expectations for EPS to grow in FY11. The firm thinks consensus estimates are achievable and has a $20 to $22 target valuation range for shares.
- BMO Capital upgraded Abercrombie (ANF) to outperform from market perform and has a $43 target on the stock. The firm believes Abercrombie's domestic business is turning and that the company is beginning to take share from competitors.
- Piper Jaffray upgraded Codexis (CDXS) to overweight from neutral as it believes Shell's (RDS.A) biofuel commercialization plans and a potential carbon capture partnership present near-term catalysts for the stock. The firm upped its target for shares to $12 from $11.
- Tortoise Energy Capital (TYY) and Tortoise Energy (TYG) were upgraded to buy from hold at Wunderlich.
- Comerica (CMA) was upgraded to outperform from neutral at Baird.
- Methanex (MEOH) was upgraded to strong buy from outperform at Raymond James.
Continue reading Analyst Calls: AMRC, ANF, CDXS, CIS, DGIT, GPS, MEOH, POT, RAX, ROST ...
Stocks were indicated weak all morning after a miserable durable goods figure for July showed a large drop in many segments and after new housing sales were about as equally poor as yesterday's existing home sales
. Nouriel Roubini even went as far as to call the double-dip recession
being above a 40% chance now. Many stocks rallied after being lower all day, including many counter-intuitive sectors. Most likely that was a result of bottom fishing or bargain hunting. No more, no less.
Here were today's unofficial closing bell levels:
Dow Jones 10,060.06 +19.61 (0.20%)
S&P 500 1,055.33 +3.46 (0.33%)
Nasdaq 2,141.54 +17.78 (0.84%)
Continue reading Closing Bell: A Bad Day Gone Good (PAR, DELL, HPQ, TOL, POT, AAPL, MDT)
Despite a positive open after much selling last week, the markets could not hang on to gains. The Chicago Midwest manufacturing data was not as negative as the Philly Fed from last week. It was another strong mergers and acquisitions day. Still, investors sold stocks on another dog day of August. The end of day trading showed that sellers still had a bit more power than buyers. Here are today's unofficial closing bell levels:
Dow Jones 10,174.41 -39.21 (-0.38%)
S&P 500 1,067.36 -4.33 (-0.40%)
Nasdaq 2,159.63 -20.13 (-0.92%)
Top Analyst Calls
Continue reading Closing Bell: From Green to Red (WFC, JAZZ, HPQ, DELL, PAR, SAFM, POT, BHP)
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