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Closing Bell: Health Care Doesn't Kill the Bulls (C, SOMX, NOVL, PALM, T, AIG, NBG)

Posted Mar 22nd 2010 4:20PM by Jon Ogg (RSS feed)
Filed under: Citigroup Inc. (C), Amer Intl Group (AIG), Novell Inc (NOVL), Palm Inc (PALM)

Today's markets started out weak as overseas markets were weak ahead of our open. There was no economic news to digest and the U.S. Health Care Reform bill passage by the House of Representatives took some blame, but the health care stocks themselves showed that this was not generally the case. Maybe that is arguable, maybe it is just politics. As it turns out, the losses rapidly turned into gains and stocks were suddenly up most of the day. There were also very few earnings to digest.

Here were today's unofficial closing bell levels:

Dow 10,797.00 +55.02 (0.51%)
S&P 500 1,165.81 +5.91 (0.51%)
Nasdaq 2,395.40 +20.99 (0.88%)

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Continue reading Closing Bell: Health Care Doesn't Kill the Bulls (C, SOMX, NOVL, PALM, T, AIG, NBG)

Citigroup Upgraded to Buy

Posted Mar 22nd 2010 12:30PM by Elizabeth Harrow (RSS feed)
Filed under: Analyst Reports, Analyst Upgrades and Downgrades, Citigroup Inc. (C), Technical Analysis

Citigroup, Inc. (C) attracted a bullish note this morning from analyst Richard Bove of Rochdale Securities. The outspoken financial analyst hiked his rating on the shares from neutral to buy, citing the banking issue's healthy liquidity position.

"This gives management the flexibility to off-load the problem operations and to support longer term growth," wrote Bove in a note to clients. "It will be a money-making machine again and the stock is long-term cheap."

Bove also raised his price target on Citi shares from $3.75 to $5, implying expected upside of 28.2% to the stock's closing price on Friday.

Continue reading Citigroup Upgraded to Buy

Ken Lewis' successor could be... Ken Lewis?

Posted Nov 20th 2009 5:00PM by Zac Bissonnette (RSS feed)
Filed under: Bank of America (BAC)

In the past, I've covered Rochdale Securities analyst Dick Bove's inane ramblings about how fantastically awesome Bank of America (NYSE: BAC) CEO Ken Lewis is. Last month he called Mr. Lewis "phenomenally good" and his notes to investors are beginning to have more in common with 12-year old girls' Valentines to Zac Efron than conventional research.

But he has outdone himself this time. While Bank of America's chairman of the board goes on a cruise instead of devoting all his energy to finding a successor, Mr. Bove has found the solution to replacing Ken Lewis: "In sum, Mr. Lewis was a key architect in the creation and management of Bank of America. He knows this company better than anyone else and he knows how to operate it," Bove wrote in a research note issued this morning. "At this point in the company's history, this is the type of leader needed. Convincing him to return would be the biggest morale builder that management could get."

Continue reading Ken Lewis' successor could be... Ken Lewis?

Closing Bell: The dollar-stock relation cuts both ways (AMZN, BCRX, XOM, FNM, FITB, GLD)

Posted Oct 26th 2009 4:00PM by Jon Ogg (RSS feed)

Today started out higher for stocks, but then the US Peso came into play. Shares have been the beneficiary of a weakening dollar, but then the currency bears started to cover the position. There is talk that some foreign central banks intervened to halt the rise of their own currencies, although whether or not that was the case may not be known.

Here were today's unofficial closing bell levels:

Dow 9,867.81 -104.37 (-1.05%)
S&P 500 1,066.98 -12.62 (-1.17%)
Nasdaq 2,141.85 -12.62 (-0.59%)

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Continue reading Closing Bell: The dollar-stock relation cuts both ways (AMZN, BCRX, XOM, FNM, FITB, GLD)

eBay after the bell 6-16-06: more trouble in China

Posted Jun 16th 2006 5:35PM by Melly Alazraki (RSS feed)
Filed under: After the Bell, Analyst Upgrades and Downgrades, Competitive Strategy, eBay (EBAY)

Despite good news from Wall Street analysts today: Rochdale Securities upgraded eBay to buy from hold with a $35 target price, and RBC initiated coverage at hold, with the same price target, eBay slipped nearly 1.5% today to close at $30.28.

Concerns are mounting among investors especially after a local research firm in Taipei released its data. The analyst claims eBay has been losing ground in China to one of its competitors, especially in the C2C (consumer to consumer) sales.

Somewhat different were the words of Martin Wu, chief executive at eBay China. He claimed only a few weeks ago that revenue increased more than 10 per cent in the first quarter and that revenue of its competitor Taobao, remained unchanged.

The attempt to consolidate the difference between the analyst's data and the chairman data were unfruitful.

eBay was the leader in the Chinese auction market but in January had to drop transaction fees from basic C2C services. This is due to the introduction of a free auction service by rival Taobao in 2004 that caused a massive flight of consumers in its direction.

But have no fear, Forbes has just published an article saying that in the event of a bird flu pandemic, eBay should do well. Here's something to hope for.