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Royal Dutch Shell crowned world's largest corporation

Who said big oil was a dying business? Fortune has released its Global 500, their "annual ranking of the world's largest corporations," and topping the charts is Royal Dutch Shell (NYSE: RDS.A), which, much like a Mariah Carey song, bumped up into the coveted number-one slot after some time at number three. The Netherlands-based oil company trumped its U.S. rival, Exxon Mobil (NYSE: XOM) by $15 billion in sales and saw its revenue spike nearly 29% from 2007.

Speaking of Exxon, the company once again had a tiger in its tank, ranking number two in the world as oil futures bounced around in a nearly $100-dollar range, hitting $146 per barrel at its heights.

Continue reading Royal Dutch Shell crowned world's largest corporation

Oil down, futures down following holiday weekend

When oil lost almost $3 a barrel, stock futures indicated a lower opening for today. Just shy of 5 AM, S&P 500, Down Jones, and Nasdaq 100 futures were all off 0.9%. The drop in oil to $64 a barrel has called into question any projections of a quick economic recovery -- as if high unemployment weren't enough. The Monday after any long weekend is hard, and this one's going to hurt.

The direction in which futures are pointing continues Thursday's equity declines in the United States, bringing the S&P 500 its third consecutive weekly loss. For the day, it lost 2.91%. The Dow Jones Industrial Average lost 2.63% of its value, with the Nasdaq Composite Index giving up 2.67%. Year-to-date, the DJIA is down 5.6%, the S&P 500 down 0.8%.

Continue reading Oil down, futures down following holiday weekend

The week in preview: Focus returns to earnings: Alcoa, Chevron, Family Dollar

The second half of the calendar year has begun, and earnings return to the spotlight this week. As usual, Alcoa Inc. (NYSE: AA) is among the first of the S&P 500 to report quarterly results. For the second quarter in which Alcoa agreed to sell its wire harness and electrical distribution business and its fastening systems business expanded into Morocco, analysts surveyed by Thomson Reuters expect the New York-based aluminum producer to report swinging to a net loss of $0.34 per share from a profit of $0.66 per share in the year-ago period. Second quarter revenue is expected to have fallen 48.3% to $3.9 billion. The full-year forecast is currently for a loss of $1.04 per share and revenue of $16.7 billion (-38.0%). Alcoa has missed expectations in the past three quarters, by as much as 17 cents per share. The long-term EPS growth forecast is 10.0%, which is better than the sector average. Alcoa slashed its dividend earlier this year, and the First Call consensus recommendation remains to hold AA. However, TheStreet.com recommends it as an against-the-grain pick. At $9.86, shares are down 12.4% since the beginning of the year, and recently have been bumping up against the 200-day moving average.

Continue reading The week in preview: Focus returns to earnings: Alcoa, Chevron, Family Dollar

The Iraq War was fought for oil -- now we have none of it

Now that Iraq is an independent country, the oil ministry has started putting its oil fields up for bid to foreign investors, as reported in The Wall Street Journal (subscription required).

Bidding started this week and is not going well according to oil executives. The reason is that Iraq is cutting its payout to the bone. Only one consortium, led by BP (NYSE: BP) and including China National Petroleum Company, ended up staying in the bidding and making a deal. All other oil executives walked away from the bidding.

Continue reading The Iraq War was fought for oil -- now we have none of it

Analyst upgrades, downgrades and initiations: BP, DB, NUE, TLB, X, YHOO ...

Analyst upgrades:
  • Citigroup upgraded Emergency Medical Services (NYSE: EMS) to Hold from Sell as it believes earnings estimates and valuation multiples could expand should Congress extend insurance coverage to the currently uninsured. The firm raised its target on shares to $38 from $29.
  • JPMorgan upgraded Deutsche Bank (NYSE: DB) to Neutral from Underweight on expectations the company's fixed income business will drive earnings.
  • KeyBanc expects U.S. Steel (NYSE: X) to benefit from a global recovery in flat-rolled products and a potential stabilization in energy end markets. The firm upgraded shares to Buy from Hold.
  • Yahoo! (NASDAQ: YHOO) was upgraded to Buy from Hold at Soleil.
  • Pinnacle Financial (NASDAQ: PNFP) was upgraded to Equal Weight from Underweight at Stephens.
  • BP Plc (NYSE: BP) was raised to Buy from Hold at ING Group.

Continue reading Analyst upgrades, downgrades and initiations: BP, DB, NUE, TLB, X, YHOO ...

Analyst upgrades, downgrades and initiations: PG, MCD, TLB, CL, JTX, HD, IPCM, MYRG and NFLX

Analyst upgrades:
  • Barclays believes Procter & Gamble's (NYSE: PG) portfolio mix provides better leverage to stabilizing macro trends. The firm upgraded shares to Overweight from Equal weight and raised its target to $60 from $56. Note the firm downgraded Colgate (NYSE: CL) to Equal Weight from Overweight.
  • Deutsche Bank upgraded McDonald's (NYSE: MCD) to Buy from Hold as it finds the risk/reward on shares compelling at current levels and sees upcoming catalysts from McCafe and easing commodity pressures. The firm raised its target price to $65 from $60.
  • FBR Capital upgraded Talbots (NYSE: TLB) to Outperform from Market Perform to reflect an attractive risk/reward, reduced risk of a bankruptcy, and merchandise improvements. The firm raised its target price to $4 from $2.
  • Nokia (NYSE: NOK) was upgraded to Buy from Hold at Deutsche Bank.
  • Analog Devices (NYSE: ADI) was upgraded to Neutral from Underperform at Baird.

Continue reading Analyst upgrades, downgrades and initiations: PG, MCD, TLB, CL, JTX, HD, IPCM, MYRG and NFLX

Analyst upgrades, downgrades and initiations: QCOM, AAPL, IBM, BP, MS, VMW, TVA ...

Analyst upgrades:
  • Jefferies upgraded Brocade (NASDAQ: BRCD) to Buy from Hold on expectations expanding OEM partnerships, new products and entry into new markets will drive long-term growth. The firm's channel checks indicate the first phase of an IBM (NYSE: IBM) deal for ethernet products will be announced next week. Jefferies raised its target price on the stock to $6 from $3.50.
  • JMP Securities upgraded Broadcom (NASDAQ: BRCM) to Market Perform from Underperform citing the potential settlement with Qualcomm (NASDAQ: QCOM). The firm said Broadcom has far more to gain than Qualcomm has to lose.
  • Citigroup upgraded Air Products (NYSE: APD) and Praxair (NYSE: PX) to Buy from Hold on expectations that an improvement in customer operating rates will benefit gas companies. The firm raised its target price on Air Products to $70 from $55 and on Praxair to $79 from $63.
  • Royal Bank of Scotland upgraded BP Plc (NYSE: BP) to Buy from Hold to reflect its dividend yield at current levels.
  • Apple (NASDAQ: AAPL) was raised to Outperform from Underperform at RBC Capital.
  • T. Rowe Price (NYSE: TROW) was upgraded at Sandler O'Neill to Hold from Sell.
  • Morgan Stanley (NYSE: MS) was lifted to Neutral from Underperform at Banc of America/Merrill.

Continue reading Analyst upgrades, downgrades and initiations: QCOM, AAPL, IBM, BP, MS, VMW, TVA ...

Earnings highlights: Goldman Sachs, Google, Citigroup, GE, Intel, Nokia and more

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Continue reading Earnings highlights: Goldman Sachs, Google, Citigroup, GE, Intel, Nokia and more

Analyst upgrades, downgrades and initiations: GYMB, BP, CVX, COP, TOL

Analyst upgrades:
  • Banc of America/Merrill upgraded Gymboree (NASDAQ:GYMB) to Buy from Underperform and raised their target to $33 from $15 following the company's Q1 comparable store sales guidance.
  • Oppenheimer upgraded Lam Research (NASDAQ:LRCX) to Outperform from Perform after channel checks indicated the company's shipments are gaining momentum. The firm raised their price target on the stock to $35 from $20.
  • Owens & Minor (NYSE:OMI) was raised to Outperform from Neutral at Credit Suisse. The firm upgraded shares but lowered their target to $45 from $46 citing underappreciated earnings growth and valuation.
  • Albermarle (NYSE:ALB) was upgraded to Conviction Buy from Neutral at Goldman.
  • Protective Life (NYSE:PL) was upgraded to Neutral from Sell at UBS.
  • Maxim (NASDAQ:MXIM) was lifted to Buy from Hold at Canaccord.

Continue reading Analyst upgrades, downgrades and initiations: GYMB, BP, CVX, COP, TOL

Analyst upgrades, downgrades and initiations: VMW, VOD, BP, BHP, RTN, FDX ...

Analyst upgrades:
  • Morgan Stanley upgraded CNOOC Ltd (NYSE: CEO) to Equal Weight from Underweight to reflect higher crude oil price estimates.
  • Goldman upgraded VMware (NYSE: VMW) to Conviction Buy from Neutral and raised its target to $29 from $27 following positive checks that indicate strong business actively. The analyst expects VMW's revenue growth to be up 9% in 2009 vs. expectations for overall IT spending to be down.
  • UBS upgraded ON Semiconductor (NASDAQ: ONNN) to Buy from Neutral and raised its target to $5 from $3.80 based on positive Asia checks that indicate an improving demand outlook and that the company could beat near-term expectations.
  • Vodafone (NYSE: VOD) was lifted to Buy from Neutral at Goldman and to Overweight from Equal Weight at Morgan Stanley.
  • Ashland (NYSE: ASH) was raised to Overweight from Neutral at JP Morgan.

Continue reading Analyst upgrades, downgrades and initiations: VMW, VOD, BP, BHP, RTN, FDX ...

Cramer on BloggingStocks: Skeptical of oil drillers

TheStreet.com's Jim Cramer says the price of crude isn't high enough to reignite the oil drilling companies.

Crude's awesome and it's really pushing up the whole complex. The stocks of the oils and the oil drillers are powering higher even as drilling is going down hard. Is it possible that the integrateds are right and the drilling stocks are wrong? Or should they both be going up together?

I wrestle over this issue every day because one of the main reasons why oil is going up, besides the endless "dollar-going-down-oil-safe-haven" trade that the media loves to go out with in order to sound smart, is that the drilling around the world has been cut back dramatically. I think that a deal like Suncor (NYSE: SU) (Cramer's Take) and Petro-Canada (NYSE: PCZ) (Cramer's Take) is great for the oils. It makes me recognize that there is value here in the group. I also believe the demand is real.

Continue reading Cramer on BloggingStocks: Skeptical of oil drillers

Earnings highlights: Time Warner, BP, Cisco, Motorola, Visa and others

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Continue reading Earnings highlights: Time Warner, BP, Cisco, Motorola, Visa and others

Cramer on BloggingStocks: China's the driver

TheStreet.com's Jim Cramer says the importance of this nation cannot be overstated.

How long before we start feeling the positive effect of a market that is up 13% and is the biggest user of commodities? How long do we think oil can stay down (or copper or steel) when the stock market of China, the growth engine, is no longer sputtering and has ample room to run?

As people sell down BP (NYSE: BP) (Cramer's Take) and Conoco (NYSE: COP) (Cramer's Take), they simply must believe that the Chinese stimulus plan is already a failure. Anyone on the Mattel (NYSE: MAT) (Cramer's Take) conference call -- talk about a company with Chinese insight -- certainly thinks so. The description of China from reports like Mattel is one of Cormac McCarthy's The Road-like devastation.

Continue reading Cramer on BloggingStocks: China's the driver

Stocks in the news: SNDK, DOW, BP, VOD, MRK, MOT, M, F, GM ...

Ford (NYSE: F) and General Motors (NYSE: GM) are among the many car companies to report January sales today, with estimates calling for declines of possibly over 40%.

SanDisk (NASDAQ: SNDK) posted a huge fourth-quarter net loss of $1.9 billion Monday after the close. While some of the loss was attributed to a $2 billion one-time charge, weak consumer spending and pricing pressures in the memory chip market also took their toll. Sandisk's adjusted net loss was $1.65 a share; Revenue was $863.9 million, down from $1.25 billion last year. Analysts had expected a net loss of 60 cents a share, on revenue of $766.7 million, according to Thomson Reuters. SNDK shares sank over 20% in premarket trading.

Continue reading Stocks in the news: SNDK, DOW, BP, VOD, MRK, MOT, M, F, GM ...

The week in preview: High hopes for MasterCard, Avon, Aflac, Northrop Grumman

If you've been watching earnings this past week, or if you read last week's Week in Preview, then this coming week may leave you feeling a bit like Bill Murray in Groundhog's Day. That is, again analysts surveyed by Thomson Reuters expect earnings declines to be more frequent and deeper than earnings gains.

Motorola Inc. (NYSE: MOT), Dow Chemical Co. (NYSE: DOW), Anadarko Petroleum Corp. (NYSE: APC), IAC Interactivecorp (NASDAQ: IACI), Moody's Corp. (NYSE: MCO), Elizabeth Arden Inc. (NASDAQ: RDEN), Devon Energy Corp. (NYSE: DVN), Diebold Inc. (NYSE: DBD), Tyco International Ltd. (NYSE: TYC), United Parcel Service (NYSE: UPS), Cisco Systems Inc. (NASDAQ: CSCO), Polo Ralph Lauren Corp. (NYSE: RL), ITT Corp. (NYSE: ITT), and Walt Disney Co. (NYSE: DIS) are scheduled to report quarterly results this week, and they're all expected to report double-digit declines in earnings.

But again this week, let's take a look who Wall Street feels may have done well in the past quarter.

Continue reading The week in preview: High hopes for MasterCard, Avon, Aflac, Northrop Grumman

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Symbol Lookup
IndexesChangePrice
DJIA-36.658,146.52
NASDAQ+3.481,756.03
S&P 500-3.55879.13

Last updated: July 11, 2009: 06:05 AM

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