A rather large and diverse assortment of groups have come out opposed to the measure; from credit unions, the NAACP, the Hispanic Chamber of Commerce, to Fed members who originally proposed the rule. Suddenly, everyone seems to be questioning the provision, and wondering what sort of unintended consequences it would have.
Comments »Monthly Archives: March 2011
NAND and DRAM Price Data Update After Japan’s Quake
New Home Sales: Previous 284k, Market Expects 288k, Actual 250k..Down 16.9%
Irish Bond Yields Go Parabolic
India Accuses Monsanto of Illegal GMO Corn Trials Without Approval
Israel “Will Not Be Surgical”
Portugal expected to reject austerity
Their Parliament is expected to reject plans, paving the way for a possible collapse of the minority Socialist administration. Prime Minister Jose Socrates has threatened to resign if the measure is defeated.
Comments »Top Stock Moves Out of the Gate
Unit Labor Costs May Keep Fed on Hold
Apple Says Goodbye to 22 Year Company Man Bertrand Serlet
Barnes and Noble May End Search For a Buyer
Best Buy Tries to Reboot and Take Market Share From Wal-Mart
Flash: Radiation Levels at Fukushima at Highest Levels Ever
Just when you thought things were improving, apparently, Japanese officials have disclosed nuke plant #2 is registering its highest radiation readings to date.
Comments »Huge Explosion in Jerusalem
Early reports indicate some sort of bus bombing in Jerusalem with dozens dead and/ or injured.
Comments »TEPCO May Receive Cash Infusion
Major Japanese institutions are considering injecting almost $25 billion in Tokyo Electric by the end of the month. Even before this crisis, TEPCO had the worst balance sheet, out of all the major electricity providers, in the world.
With a potential $300 billion price tag to rebuild Japan, TEPCO is in dire need of financing, not only to rebuild infrastructure, but to fend off litigation.
Essentially, this is a bailout.
Comments »Colgate to Buy Sanex
Former Sara Lee subsidiary, Sanex, will be bought by Colgate from Unilever for $940 million.
Sanex is a personal care company, specializing in shower gel.
Comments »Egyptian Market Plunges
After two months of being close, the Egyptian market opened today and investors sold every which way but loose, ending lower by 9%.
Comments »Gapping Up and Down This morning
Gapping down
In reaction to disappointing earnings/guidance: CREE -7.8%, DGW -4% (also included third party review update), GIS -1.7%, ADBE -0.8%.
M&A news: BKS -2.7% (ticking modestly lower following reports that the co may not find buyer).
Select financial related names showing weakness: LYG -2.3%, DB -1.6%, HBC -1.1%.
A few CREE peers are under under pressure: RBCN -5.9%, LEDS -4.8%, VECO -3.9%, AIXG -3.6%
Other news: XOMA -38.2% (announced that its Phase 2b trial of XOMA 052 in Type 2 diabetes patients did not achieve the primary endpoint of reduction in glycosylated hemoglobin), PRAN -20.1% (to sell securities to institutional investors in a private placement for aggregate gross proceeds of ~$6,190,992), NCT -5.4% (plans to make a public offering of 15 mln shares of its common stock), BAC -1.7% (discloses comprehensive capital plan sent to the Federal Reserve; Fed objected to proposed increase in capital distributions for the 2H11), TM -1.3% (under pressure following reports co will delay the Japan launch of the Prius wagon and minivan), BIN -1.2% (announces commencement of public secondary offering of common shares by TC Carting III, L.L.C.), YPF -1.1% (weakness attributed to pricing of offering), GNW -0.9% (prices $400 mln debt offering).
Analyst comments: CAG -1.3% (downgraded to Neutral from Buy at Davenport)
Gapping up
In reaction to strong earnings/guidance: TIV +10.7%, JBL +9.6% (also reports update related to Japan operations; may have an impact on the supply of components), CTAS +5.7% (also upgraded to Gradually Accumulate from Hold at Soleil), GIII +4.4%, MILL +2.5%, DFS +2.7%, GRS +2.6%.
Select metals/mining stocks trading higher: BBL +2%, SLW +1.9%, BHP +1.8%, RIO +1.6%, SLV +0.6%, GLD +0.5%, .
A few oil/gas related names showing strength: ROYL +4%, ATPG +1.7%, MPET +1.6%, HERO +1.2%.
Other news: MOTR +6.2% (Cramer makes positive comments on MadMoney), CDII +5.8% (China Vesting upgrades China Direct Industries to the China Dragon Undervalued Index), MOBI +5.5% (Sky-mobi entered into an advertising contract with Sohu), POZN +5.4% (announces licensing deal with Cilag GmbH, a division of Johnson & Johnson (JNJ), for MT 400, migraine treatment), FSCI +3.9% (retains financial advisor to explore alternatives for maximizing the value of Fisher Plaza), AOL +2.7% (reports out overnight that the co is planning to consolidate websites), ARMH +1.8% (reports out overnight that the co is working with Microsoft on processor architectures), ASML +1% (still checking), SPWRA +0.9% (ticking higher, Sunpower and Hawaiian Electric sign solar power agreement).
Analyst comments: PHM +4.1% (upgraded to Buy from Neutral at Goldman), CSX +1.1% (upgraded to Buy at Goldman), BG +1.0% (upgraded to Buy from Hold at Deutsche Bank), ALV +0.9% (initiated with a Buy at Citigroup)
Comments »Commodities Strong in Pre-Market
Futures are down about 4 on the S&P, but commodities are up.
Oil is up 0.5%, gold 0.3%, silver 0.9%, copper 2% and even natural gas is up 0.8%.
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