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Closing Bell: The quiet bullish day (AMSC, AMAT, SVNT, SRZ)

All in all, this was a fairly quiet day. The markets started out soft but managed to hold up most of the day. A CEO confidence reading may have helped somewhat.

Here are today's unofficial closing bell levels:

Dow 9,858.36 +71.49 (0.73%)
S&P 500 1,071.06 +5.58 (0.52%)
Nasdaq 2,138.23 +14.30 (0.67%)

Top Analyst Upgrades
Top Analyst Downgrades
Top Day Trader Stocks
Top Market Rumors

Continue reading Closing Bell: The quiet bullish day (AMSC, AMAT, SVNT, SRZ)

Analyst upgrades, downgrades and initiations: BIOS, DISH, FTE, HBC, MDSO, TLB ...

Analyst upgrades:

  • FBR Capital upgraded Talbots (NYSE: TLB) to Outperform from Market Perform as it believes the company's inventory and SG&A control should help earnings and the stock's risk/reward is compelling at current levels. The firm raised its target on shares to $7 from $5.
  • ThinkEquity upgraded Human Genome (NASDAQ: HGSI) to Buy from Accumulate to reflect higher assumptions for the company's Lupus treatment Benlysta. The firm raised its target on shares to $26 from $18.
  • KeyBanc upgraded Parkway Properties (NYSE: PKY) to Buy from Hold based on valuation, improving fundamentals, and stable capital position. The firm has a $17 target on the stock.
  • HSBC Holdings (NYSE: HBC) was upgraded to Overweight from Neutral at JPMorgan.
  • BioScrip (NASDAQ: BIOS) was upgraded to Overweight from Neutral at Piper Jaffray.
  • DISH Network (NASDAQ: DISH) was upgraded to Outperform from Neutral at Credit Suisse.

Continue reading Analyst upgrades, downgrades and initiations: BIOS, DISH, FTE, HBC, MDSO, TLB ...

Closing bell: the rally that goes on forever

Stocks surged again, setting up August to be another big month for investors. The S&P 500 cracked 1,000 for the first time this year. The Institute for Supply Management's index moved to 48.9 in July, up from 44.8 in June. A number over 50 signals growth in the manufacturing sector.

Car sales for July were fairly strong. Ford Motor Company (NYSE: F) sales moved up a little more than 2% from the same month last year. GM sales were off almost 20%, but overall the month was as strong as any in a year. Industry experts said that the "cash for clunkers" program deserved much of the credit. The Senate may not approve another $2 billion for the program which has already been passed by the House. If the bill does not make it to the President's desk this week, August could be an unpleasant month for the car companies.

All three major indexes were up more than 1%:

Dow 9,286.56 +114.95 (1.25%)
S&P 500 1,002.62 +15.14 (1.53%)
Nasdaq 2,008.61 +30.11 (1.52%)

Continue reading Closing bell: the rally that goes on forever

Closing Bell: A win or a head-scratcher? (CSCO, ADBE, BIDU, SVNT, ETFC, FDX, STSI, YGE)

Today had all the earmarks in line for another solid day of sell-offs, yet the markets held ground considering the tone this morning. The good news was low inflation, the lowest in over 50 years.

But agriculture stocks were hammered on overseas competitive news about weak pricing and demand. Then came a banking downgrade from the S&P playing catch-up. Despite the mixed performance at the end of the day, this felt like a win. Here are the unofficial closing bell levels:

DJIA: 8,497.18 (-7.49)
S&P 500: 910. 71 (-1.26)
NASDAQ: 1,808.06 (+11.88)

Top Analyst Calls

Continue reading Closing Bell: A win or a head-scratcher? (CSCO, ADBE, BIDU, SVNT, ETFC, FDX, STSI, YGE)

Analyst upgrades, downgrades and initiations: COMS, GOLD, STT, SVNT, TXN

Analyst upgrades
  • Oppenheimer upgraded Savient Pharmaceuticals (NASDAQ: SVNT) to Perform from Underperform after the FDA's Arthritis Advisory Committee voted 14-1 in favor of approving Krystexxa for gout.
  • Banc of America/Merrill upgraded Texas Instruments (NYSE: TXN) to Buy from Underperform and raised its target to $27 from $18 based on expectations that margin expansion will be higher than Street expectations.
  • UBS said Nvidia (NASDAQ: NVDA) has limited downside risk given the improved outlook for the graphics processor market and professional solutions business. Shares were upgraded to Neutral from Sell and its target was raised to $11.50 from $8.
  • BHP Billiton (NYSE: BHP) was upgraded to Outperform from Neutral at Macquarie.
  • Neutral Tandem (NASDAQ: TNDM) was upgraded to Outperform from Neutral at Baird.
  • Central Garden & Pet (NASDAQ: CENT) was upgraded to Buy from Neutral at SunTrust.

Continue reading Analyst upgrades, downgrades and initiations: COMS, GOLD, STT, SVNT, TXN

Closing Bell: Rally reality check (AMGN, BAC, SVNT, WMT, YHOO)

Today was a negative market from the start of trading, and the economic data just confirmed the selling, as hunting for green shoots looked more like hunting for four-leaf clovers. It seems that those analysts and economists saying that the market has risen too far and too fast are getting some more ears than in recent weeks.

The housing data showed a dip after two months of rising data, and the New York Empire Manufacturing data came in weaker than expected. Even the Iran turmoil after the election failed to rally oil. Here were today's unofficial closing bell levels:

Dow 8,613.04 -186.22 (-2.12%)
S&P 500 923.81 -22.40 (-2.37%)
Nasdaq 1,816.38 -42.42 (-2.28%)

Top 10 Analyst Calls

Continue reading Closing Bell: Rally reality check (AMGN, BAC, SVNT, WMT, YHOO)

Analyst calls: AMAT, CSCO, PFE, DAI, INTC, COP, MNST, SGP ...

Analyst upgrades:
  • Goldman upgraded Applied Materials (NASDAQ: AMAT) to Buy from Sell and added shares to its Conviction Buy List citing valuation. The firm also upgraded the Semiconductor Capital Equipment Sector to Attractive.
  • Morgan Keegan believes Cisco Systems (NASDAQ: CSCO) will emerge from the slowdown as a stronger company with greater market share and expansion into adjacent markets. Shares were upgraded to Outperform from Market Perform.
  • Pfizer (NYSE: PFE) was upgraded to Overweight from Equal Weight at Barclays.
  • Daimler (NYSE: DAI) was upgraded at UBS to Neutral from Sell.
  • Friedman Billings upgraded Mariner Energy (NYSE: ME) to Market Perform from Underperform on valuation and the company's upcoming catalysts in the deepwater GOM.
  • Swiss Reinsurance (OTC: SWCEY) was raised to Buy from Hold at Citigroup.
Analyst downgrades:
  • Intel (NASDAQ: INTC) was downgraded to Neutral from Buy at Goldman.
  • Deutsche Bank cut Hess Corp (NYSE: HES) and Marathon Oil (NYSE: MRO) to Hold from Buy and Suncor (NYSE: SU) and ConocoPhillips (NYSE: COP) to Sell from Hold after cutting their oil price forecast for 2009 to $60/bbl and 2010 to $58/bbl.
  • Merrill downgraded Akzo Nobel (OTC: AKZOY) to Neutral from Buy on expectations the company's coatings end markets will worsen and chemicals division will see pressure next year.
  • Monster (NASDAQ: MNST) was lowered at Citigroup to Hold from Buy.

Continue reading Analyst calls: AMAT, CSCO, PFE, DAI, INTC, COP, MNST, SGP ...

Option Update: Dendreon and Savient Pharma volatility elevated

Dendreon (NASDAQ: DNDN) expects the Independent Data Monitoring Committee (IDMC) to review in October 2008 the interim analysis of overall survival relating to the Company's Phase 3 IMPACT (Immunotherapy for Prostate AdenoCarcinoma Treatment). DNDN November call option implied volatility is at 164, puts are at 195; above its 26-week average of 129 according to Track Data, suggesting larger price fluctuations.

Savient Pharma (NASDAQ: SVNT) closed at $21.95 Thursday. SVNT's Puricase (treatment for refractory gout) BLA (biologics license application) filing is expected this autumn. SVNT September and October option implied volatility is at 86, December is at 82. SVNT average option implied volatility over the last 26-weeks is 79 according to Track Data, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Analyst initiations: GSK, LVLT, SVNT, FREE and SINA

MOST NOTEWORTHY: GlaxoSmithKline, FreeSeas and SINA Corp were today's noteworthy initiations:
  • ING believes GlaxoSmithKline (NYSE: GSK) should benefit from the appointment of Andrew Witty as CEO and see limited downside risks. The firm initiated shares with a Buy rating.
  • FreeSeas (NASDAQ: FREE) was started at Oppenheimer with an Outperform rating and $8 target, as they view FREE as an early stage growth company in the smaller dry-bulk vessel segment and finds the valuation attractive at current levels.
  • Kaufman Bros. initiated SINA Corp (NASDAQ: SINA) with a Buy rating and $4.50 target, and believes China represents a compelling long-term growth opportunity.
OTHER INITIATIONS:
  • Level 3 Comm (NASDAQ: LVLT) was initiated with a Underperform rating at Wachovia.
  • Jefferies assumed Savient Pharma (NASDAQ: SVNT) with a Buy rating and $30 target.
  • Lehman initiated Brown & Brown (NYSE: BRO) with an Underweight rating.

Five smallcaps I'm watching right now

Armored vehicle maker Force Protection (NASDAQ: FRPT) has been slammed down to the single digits on fears that its sole product might be on the way out because of cuts in government spending. Who knows? The CEO says the company is doing fine, but the downtrending stock price is much more convincing. If the stock price is meant to make up lost ground, it should have no problem breaking out past $6, which it has not been able to do for the past few months. I'd avoid until the stock shows some strength.

Within the past few days, IDM Pharmacueticals (NASDAQ: IDMI) has had a huge run-up from under $1 to nearly $4 and a substantial drop to just under $2 -- all due to some positive drug news that was already known since November 2007, and of course the CEO's optimism about European approval. Do I believe the CEO? Yeah right! My distrust of CEOs is dwarfed only by my distrust of biotech CEOs! This company is not in the same league as other recently hot biotechs like Savient Pharmaceuticals (NASDAQ: SVNT) and Rigel Pharmaceuticals (NASDAQ: RIGL). Avoid, with a short bias on any spikes.

When I wrote this article about A-Power Generation Systems (NASDAQ: APWR), all the variables were aligned for a great run-up. I wanted to hold, but the volume and share price didn't live up to my expectations, so I sold quickly. Now, this company, potentially the new First Solar (NASDAQ: FSLR) of wind energy, has nearly retraced to its original breakout area around $15, so the risk has gone down ... but so has the reward. If you're a long-term investor, this is a solid choice, but I need it to break its previous highs at $19 to make me a buyer again. Avoid, with a long bias if it breaks out.

Continue reading Five smallcaps I'm watching right now

Analyst initiations: FLWS, CTRP, JOBS and CHH

MOST NOTEWORTHY: 1-800-Flowers.com, Ctrip.com International, 51job and Choice Hotels were today's noteworthy initiations:
  • Nollenberger started shares of 1-800-Flowers.com (NASDAQ: FLWS) with a Buy rating and $14 target and believes shares are undervalued at current levels given the company's compelling growth prospects, strong cash flow generation, and solid balance sheet.
  • Bear believes Ctrip.com (NASDAQ: CTRP) is the best positioned online travel company ahead of structural changes and consolidation in China's fragmented travel agency industry. The firm initiated shares with an Outperform rating and $80 target.
  • Bear expects 51job (NASDAQ: JOBS) to benefit from China's increasing Internet user base due to the internet's broadening reach among job seekers, resuming coverage with an Outperform rating and $28 target.
  • Goldman started Choice Hotels (NYSE: CHH) with a Buy rating and $45 target, as they are positive on the stock given unit growth and minimal capital needs, among other reasons.
OTHER INITIATIONS:

Chasing down 007 picks: AAPL +135%, PTR +85%, GOOG +53%, & VLO +36%

Up arrowThis year has been a stock picker's market extraordinaire! This month's review provides ample evidence of this, as you'll note that Google (NASDAQ: GOOG), which I included for fun because of its popularity, beat all else as a portfolio of one. The average of my seven picks came in second, beating James Cramer's average based on his nine picks. Both Cramer and I beat each of the three indices I am tracking, and therefore beat the average as well, with the largest and most stable, the Standard & Poor's 500 coming in last.

Of course, this could easily change given recent market volatility. A sharp downturn in the market could reverse our fortunes. A lot can happen in the remaining two months -- I take nothing for granted.

While Google shined brightly this year, Cramer and I have each made one pick that shined brighter. Cramer's best, Apple (NASDAQ: AAPL) has gone into orbit this year on the wings of the iPhone, iPod, and growing Mac sales. Benefiting from rising oil prices, shortages in China and the Chinese government allowing a 10% price hike, my PetroChina ADR (NYSE: PTR) has rocketed, becoming the second-largest capitalized company in the world. PTR has done this even in the shadow of Berkshire Hathaway (NYSE: BRK.A) selling its shares and Warren Buffett questioning the huge appreciation of the Chinese stock market and stocks overall.

Continue reading Chasing down 007 picks: AAPL +135%, PTR +85%, GOOG +53%, & VLO +36%

Analyst initiations: DNA, HBC, STP, SPWR and FRPT

MOST NOTEWORTHY: Genentech, HSBC Holdings, Suntech Power, SunPower and Force Protection were today's noteworthy initiations:
  • UBS is positive on Genentech Inc's (NYSE: DNA) leading industry franchises and potential upside from development projects and started shares with a Buy rating and $101 target.
  • HSBC Holdings (NYSE: HBC) was assumed with a Reduce rating at WestLB, as the firm believes subprime concerns may hold back shares in the near-term.
  • Jefferies initiated shares of SunTech Power Holdings (NYSE: STP) with a Buy rating and $45 target. The firm believes the company is positioned to beat 2007 and 2008 expectations by ramping manufacturing capacity and production faster than expected.
  • Jefferies also resumed coverage of SunPower Corporation (NASDAQ: SPWR) with a Hold rating and $90 target, citing valuation, but believes the stock's higher multiple is justified given the company's superior growth potential.
  • Force Protection Inc (NASDAQ: FRPT) was initiated with a Market Perform rating and Friedman Billings, as they believe near-term production expectations are too high given emerging DOD funding issues.
OTHER INITIATIONS:

Short sellers betting against Cramer picks

Many traders review short interest for added insight each month. Interestingly enough, many traders bet against Jim Cramer picks and they do so with short selling. The truth is that just because a pundit of any size adds a large percentage gain to a stock, it actually doesn't change the fundamentals. It does however raise the interest in the issue.

So, we all know that many traders love to pick on Cramer. Here are some interesting points on Cramer's ongoing picks for 2007 and looking at the short selling trends from May to June (2007):

Level 3 Communications, Inc. (NASDAQ: LVLT) was Cramer's top speculative pick for the year: June short interest was 119.9 million shares, up 9.7% from the 109.3 million shares short in May.

Savient Pharmaceuticals (NASDAQ: SVNT) was Cramer's top speculative biotech pick this year: June short interest was 7.95 million, up 6.6% from 7.45 million shares short in May.

Nastech Pharmaceuticals (NASDAQ: NSTK) was another fairly recent Cramer biotech pick, which was a biotech zombie he thought would turn around: June short interest was 5.09 million shares, up 21% from the 4.2 million shares short in May.

As a reminder, short sellers often have many reasons for short selling. Sometimes it is a pure bet against a company, just as it would seem, other times it might be as a hedge in an upcoming event or a hedge for an options trade. But out of these, you know there have to be some of the shorts selling the stock just because they don't like the Cramer plays.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Symbol Lookup
IndexesChangePrice
DJIA-93.7910,197.47
NASDAQ-17.882,149.02
S&P 500-11.271,087.24

Last updated: November 12, 2009: 07:57 PM

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