Morning News Bulletin
Late Edition
Economic
Numbers
10:00am ISM Non-Manf.
Composite est. 36.5 range 34.0 to 42.0 prior 37.3
10:00am Factory Orders est. –2.3%
range –6.5% to –0.4% prior –5.1%
10:00am Pending Home Sales MoM est. –1.0%
range –5.0% to 1.5% prior
–0.7%
Technical
Moving Averages
50-Day
200-Day
S&P
887 1180
Dow 8651 10907
NASDAQ 1550 2107
Futures
S&P futures vs fair value: +10.40. Nasdaq futures vs fair
value: +13.00.
Pre-Market Movers
Gapping up:
IDEV
+72.6%, RTP +6.0%, BBY +4.0%, MT +3.5%, BHP +3.2%, SNY +1.6%...
Gapping
down:
MEAS
-9.1%, LDK -9.0%, YGE -6.9%, RBS -6.8%, MOS -6.7%, ENDP -5.2%, STP -4.1%, JASO
-2.9%, FSLR -2.1%, GLD -1.8%.
Tuesday Jan 6th , 2008 Top News
Stories
TM Toyota Reuters reports
Toyota (TM) is to halt production at all its Japanese plants for a
total of 11 days in February and March in a bid to reduce stocks of unsold cars
as demand has slumped. Toyota's sales in the United States, its biggest market,
dropped 37% last month, it's weakest performance in more than a quarter of a
century and worse than struggling U.S. rivals General Motors (GM)
and Ford (F).
Earnings/Guidance
LH LabCorp cuts 2009 EPS view to $4.75-$4.95 from $5-$5.25.Co
reaffirms 2008 adjusted EPS view $4.57-$4.61
AMED AMEDISYS
Co issues upside
guidance for FY09 (Dec), sees EPS of $4.10-4.30 vs. $3.82 First Call
consensus; sees FY09 (Dec) revs of $1.425-1.475 bln
vs. $1.41 bln consensus.
SMCI Super Micro Computer Co issues downside guidance for Q2 (Dec), sees EPS of
$0.15-0.16, excluding non-recurring items, vs. $0.17 First Call consensus; sees
Q2 (Dec) revs of $127.0-129.0 mln vs. $143.50 mln consensus.
VIGN VignetteCo issues downside guidance for Q4 (Dec), sees EPS of
$(0.05)-0.05, excluding non-recurring items, vs. $0.08 First Call consensus;
sees Q4 (Dec) revs of $35.0-37.0 mln vs. $44.00 mln consensus.
MEAS Measurement Specialties Co issues downside guidance for Q3 (Dec), sees Q3 (Dec)
revs of $43.0 mln vs. $50.00 mln
First Call consensus. Co issues downside
guidance for FY09 (Mar), sees FY09 (Mar) revs of $205-215 mln vs. $219.90 mln consensus.
Other Stock News
DOW Dow Chemical confirms commitment to
transformational corporate strategy
Earnings/Guidance
MOS Mosaic Reports Q2 (Nov) earnings of $1.53 per share, excluding
$0.41 charge and a $1.03 gain, $0.10 better than
the First Call consensus of $1.43; revenues rose 36.9% year/year to $3.01 bln vs the $3 bln
consensus. MOS ended Q2 with $2.8 bln in cash and cash equivalents. Co's
total debt as of
LDK LDK Solar Co issues downside guidance for
Q4 (Dec), sees Q4 (Dec) revs of $425-435 vs. $540.53 mln
First Call consensus and wafer shipments between 245 to 255 MW and gross margin
between 10% and 13%. This compares to its previously issued guidance for the
fourth quarter of 2008 of revenue in the range of $555 to $565 million and
wafer shipments in the range of 260 to 270 MW, and gross margin between 18% and
21%. Co issues downside guidance for FY09
(Dec), sees FY09 (Dec) revs of $2300-2500 vs. $2.6 bln
consensus and wafer shipments between 1.57-1.67 GW and gross margin between 22%
and 27%.
IMN Imation
Co issues downside
guidance for Q4 (Dec), sees Q4 (Dec) revs of $530-540 vs. $570.00 mln First Call consensus. Driven by these revenue levels
and margin pressures, the Company clearly will not meet its prior earnings
outlook and could report a fourth quarter operating loss of up to $7 million
before restructuring and other charges.
Other Stock News
UAUA UAL
Corp. reports mainline traffic results for December; load factor of 79.9%
IDEV Indevus Pharm Endo Pharmaceuticals (ENDP)
and Indevus Pharmaceuticals announce that they have
entered into a merger agreement under which Endo will commence a tender offer
to acquire 100% of the outstanding shares of Indevus
for ~$370 mln, or $4.50 per Indevus
share, in cash, and up to an additional ~$267 mln, or
$3.00 per Indevus share, in cash payable in the
future upon achievement of certain regulatory and sales milestones.
LAD Lithia
Motors suspends quarterly dividend
due to the current economic environment
GET Gaylord
Entertain Reports
Hospitality segment operating results for November 2008; co announces
repurchase of $45.8 mln in outstanding senior notes
AMR American Airlines Co
reported a December load factor of 79.2%, an increase of 0.4 point versus the
same period last year. Traffic decreased 8.2% and capacity decreased 8.6
percent year over year. Domestic traffic decreased 9.6 percent year over year
on 11.8% less capacity. International traffic decreased by 5.7% relative to
last year on a capacity decrease of 3.2%.
Secondary Offerings/IPO’s
S&P Index Changes
Cramer's 'Mad Money'
On Monday's edition,
Jim calls Hewlett-Packard (HPQ) a cheap growth stock trading at 8.7x
forward EPS and believes shares are worth at least $42 to $46. He favors the co's diversity compared to Dell (DELL) and its
acquisition of EDS, which allows HPQ to further diversify into IT services,
while aggressively cutting costs.
Early Newspaper Headlines
On The Wires
Ducommun (DCO) announces that its Ducommun
AeroStructures subsidiary, has been awarded follow-on
contracts from The Boeing Company (BA) for AH-64 Apache helicopter main and
tail rotor blades for use as both original equipment and replacement blades...
FTI Consulting (FCN) announces that it has acquired substantially all of the
assets of CXO, an interim and turnaround management services firm. Terms of the
transaction were not disclosed... Walt Disney World (DIS) and Environmental
Tectonics Corp (ETC) jointly announce a confidential final settlement of all
litigation relating to the design and development of the
European Markets
FTSE...4619.60...+40.00...+0.90%. DAX...5048.32...+64.40...+1.30%.
Asian
Markets
Nikkei...9080.84...+37.70...+0.40%. Hang Seng...15509.51...-53.80...-0.40%.
Upgrades
|
Company |
Ticker |
Brokerage Firm |
Ratings Change |
Price Target |
|
YRC Worldwide |
YRCW |
Wachovia |
Underperform » Mkt Perform
|
|
|
BMC Software |
BMC |
UBS |
Neutral » Buy |
|
|
Apple |
AAPL |
Oppenheimer |
Perform » Outperform |
$135 |
|
Google |
GOOG |
Merriman Curhan Ford |
Sell » Neutral |
|
Downgrades
|
Company |
Ticker |
Brokerage Firm |
Ratings Change |
Price Target |
|
JA Solar |
JASO |
Collins Stewart |
Buy » Hold |
|
|
Penn Natl Gaming |
PENN |
SMH Capital |
Buy » Neutral |
|
|
Travelers |
TRV |
Bernstein |
Outperform » Mkt Perform |
|
|
|
CVH |
Deutsche Securities |
Hold » Sell |
|
|
CIGNA |
CI |
Deutsche Securities |
Buy » Hold |
|
|
ACE Limited |
ACE |
Bernstein |
Outperform » Mkt Perform |
|
|
CNA Financial |
CNA |
Bernstein |
Outperform » Mkt Perform |
|
|
Chubb |
CB |
Bernstein |
Outperform » Underperform |
|
|
XL Capital |
XL |
Bernstein |
Outperform » Mkt Perform |
|
|
Indevus Pharm |
IDEV |
Piper Jaffray |
Buy » Neutral |
|
|
Allstate |
ALL |
Bernstein |
Outperform » Mkt Perform |
|
|
American Intl |
AIG |
Bernstein |
Outperform » Mkt Perform |
|
|
Huron Consulting |
HURN |
Deutsche Securities |
Buy » Hold |
|
|
Itron |
ITRI |
JP Morgan |
Overweight » Neutral |
|
|
Intersil |
ISIL |
JP Morgan |
Overweight » Neutral |
|
|
IntercontinentalExchange |
ICE |
UBS |
Buy » Neutral |
|
|
Nucor |
NUE |
UBS |
Buy » Neutral |
|
|
|
DVN |
Barclays Capital |
Overweight » Equal Weight |
|
|
Nexen |
NXY |
Barclays Capital |
Overweight » Equal Weight |
|
|
Allscripts |
MDRX |
Leerink Swann |
Outperform » Mkt Perform |
|
|
|
CWT |
Robert W. Baird |
Outperform » Neutral |
$45 » $48 |
|
Puget Energy |
PSD |
Robert W. Baird |
Outperform » Neutral |
$30 |
|
Celgene |
CELG |
Robert W. Baird |
Outperform » Neutral |
$68 » $62 |
|
Super Micro Computer |
SMCI |
Merriman Curhan Ford |
Buy » Neutral |
|
|
Quality Systems |
QSII |
Leerink Swann |
Outperform » Mkt Perform |
|
|
Medtronic |
MDT |
Leerink Swann |
Outperform » Mkt Perform |
|
|
Cerner |
CERN |
Leerink Swann |
Outperform » Mkt Perform |
|
|
AthenaHealth |
ATHN |
Leerink Swann |
Outperform » Mkt Perform |
|
*The information
contained herein has been compiled from various public news sources and from
the public domain. Hold Brothers On-Line Investment Services LLC provides this
information solely as a convenience to its traders. Neither Hold Brothers
On-Line Investment Services LLC nor its data or content providers make any
representation or recommendation as to the stocks identified herein, nor shall
they shall be liable for any errors in the content, or for any damages as a
result of actions taken in reliance on this information. This material does not
constitute nor should be considered stock research on the part of Hold Brothers
On-Line Investment Services LLC. Trade at your own risk.
For
internal use only.