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Monthly Archives: March 2012

Today’s Money Flows

Bank Of America                BAC     NYSE        9.57       +14.0       1.39 
Apple                          AAPL    NASD      606.24       +13.3       1.02 
GasLog Ltd                     GLOG    NYSE       12.47       +12.8       2.19 
NewsCorp A                     NWSA    NASD       19.44       +12.3       3.27 
Microsoft                      MSFT    NASD       32.15       +12.2       2.12 
Hewlett-Packard                HPQ     NYSE       23.67       +10.4       4.23 
Williams Cos                   WMB     NYSE       31.14        +9.9       1.43 
Oracle                         ORCL    NASD       29.23        +9.7       2.10 
McDonald's                     MCD     NYSE       98.12        +9.3       2.37 
Chevron                        CVX     NYSE      106.98        +8.9       1.84 
Google                         GOOG    NASD      647.95        +8.1       1.13 
PepsiCo                        PEP     NYSE       66.33        +7.8       2.08 
Cisco Systems                  CSCO    NASD       21.02        +7.8       2.05 
pricelinecom                   PCLN    NASD      725.40        +7.8       1.17 
Freeport McMoran               FCX     NYSE       37.75        +7.5       1.54 
Qualcomm                       QCOM    NASD       67.93        +7.2       1.71 
Research in Motion             RIMM    NASD       14.15        +7.2       1.16 
Nike Inc                       NKE     NYSE      108.73        +6.8       1.63 
Caterpillar                    CAT     NYSE      106.20        +6.8       1.31 
Pfizer                         PFE     NYSE       22.60        +6.7       1.72 

                                                          (in millions) 
Coca-Cola                      KO      NYSE       73.63       -28.0       0.34 
iShrs Russell 2000 Value       IWN     ARCA       73.26       -23.1       0.11 
iShrs Tr MSCI EAFE             EFA     ARCA       54.74       -20.2       0.37 
PwrShrs QQQ Tr Series 1        QQQ     NASD       67.66       -16.7       0.58 
Dunkin' Brands Group           DNKN    NASD       29.89       -14.0       0.54 
iBoxx InvesTp Inv Grde Bd      LQD     ARCA      115.92       -13.3       0.29 
SPDR S&P 500                   SPY     ARCA      140.63       -12.9       0.94 
ExxonMobil                     XOM     NYSE       86.45       -12.8       0.51 
IBM                            IBM     NYSE      208.20       -12.0       0.54 
UnitedHealth Group             UNH     NYSE       58.84       -10.6       0.62 
Wells Fargo                    WFC     NYSE       33.92        -9.7       0.51 
Procter & Gamble               PG      NYSE       67.35        -7.9       0.48 
Baidu                          BIDU    NASD      145.39        -7.3       0.84 
Johnson & Johnson              JNJ     NYSE       65.89        -7.1       0.60 
Citigroup                      C       NYSE       36.67        -6.6       0.73 
iShrs Russell Microcap         IWC     ARCA       51.55        -6.0       0.07 
Goldman Sachs                  GS      NYSE      123.51        -6.0       0.81 
Mosaic                         MOS     NYSE       55.95        -5.4       0.76 
Micron Tech                    MU      NASD        8.25        -5.2       0.53 
Raymond James Notes 2042       RJD     NYSE       25.60        -5.0       0.03

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52 Week Highs and Lows


New Highs 64 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
AegonNVNon Cum Sub Nts        AEK         26.18               30,867 
Aetna                         AET         50.60              745,372 
Allergan                      AGN         96.34              306,749 
Alliance Data Sys             ADS         127.55              78,836 
Amer Campus Communities       ACC         44.84               37,908 
Amer Vanguard                 AVD         21.50                8,926 
Ball Corp                     BLL         42.98               68,906 
CBS Corp B                    CBS         33.42            1,223,289 
CBS Corp A                    CBS/A       33.79                3,300 
CDI Corp                      CDI         18.25               11,302 
Cantel Med                    CMN         25.55                3,767 
Carriage Services             CSV         7.59                 2,742 
Carters                       CRI         50.14              132,741 
Colgate-Palmolive             CL          97.32              211,765 
Corrections Corp Of Amer      CXW         27.64               81,423 
DaVita Inc                    DVA         89.99               41,868 
Demandware Inc                DWRE        31.98               33,266 
Essex Property Trust          ESS         151.41              59,789 
Extra Space Storage           EXR         28.72               66,902 
First American Financial      FAF         16.96               42,627 
FortuneBrandsHome&Sec         FBHS        22.32               44,766 
HBFuller                      FUL         33.48               40,682 
GNC Holdings A                GNC         35.20              200,458 
GP Strategies                 GPX         18.05                6,068 
Gap Inc                       GPS         27.00            1,705,653 
GenCorp                       GY          7.14                44,251 
Global Cash Access            GCA         7.83                38,033 
H&Q Life Sciences             HQL         13.81                4,622 
Haemonetics                   HAE         70.82                3,996 
Hitachi Ltd                   HIT         64.98               13,399 
Hospitality Properties Tr     HPT         26.71               76,881 
IBM                           IBM         208.92             367,844 
Jarden Corp                   JAH         40.71               46,538 
Kayne Andrsn Midstr Engy      KMF         27.48               19,918 
LeapFrog Cl A                 LF          8.53                73,171 
Lowe's Cos                    LOW         31.57            1,104,311 
Macerich                      MAC         57.42               51,772 
McCormick & Co                MKC         54.61               64,782 
McGraw-Hill                   MHP         48.00              241,961 
Mead Johnson Nutrition        MJN         83.95               85,229 
Navigant Consulting           NCI         14.48               19,005 
Nordstrom Inc                 JWN         55.69              195,854 
Old Natl Bancorp              ONB         13.30               37,091 
PS Business Parks             PSB         65.40                5,808 
Par Pharma                    PRX         39.42               16,044 
Post Properties               PPS         46.70               19,849 
Prestige Brands Hldgs         PBH         17.86               10,175 
RPM Intl                      RPM         26.45               36,505 
Realty Income                 O           38.96               34,323 
Scana Corp                    SCG         45.87               59,253 
Sempra Energy                 SRE         60.10              287,838 
JM Smucker                    SJM         81.55               35,783 
Speedway Motorsports          TRK         18.23                1,039 
Taubman Ctrs                  TCO         72.72               13,297 
Terra Nitrogen                TNH         252.61              20,552 
Toyota Motor                  TM          87.15               50,067 
UnitedHealth Group            UNH         59.03            1,736,879 
Vaalco Engy                   EGY         9.85                83,589 
Valmont Indus                 VMI         118.99              26,332 
VMware Inc                    VMW         113.76             404,397 
WellCare Health Plans         WCG         72.27               80,259 
Wstrn Asset Gl Def Opp Fd     GDO         19.48               10,603 
Wyndham Worldwide             WYN         46.99              355,880 
Xinyuan Real Estate           XIN         3.40               130,539 

New Lows 3 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
Kimco Realty Dep 6  Pfd I     KIMpI       24.47               17,554 
Promotora de Info ADS         PRIS        3.18                 9,510 
Taro Pharmaceutical Indus     TARO        38.80                  100


New Highs 50 

COMPANY                       SYMBOL      HIGH                VOLUME 
-------                       ------      ----                ------ 
ASML Hldg NV                  ASML        50.12              432,684 
Acorn Energy                  ACFN        10.48               55,779 
Adept Technology              ADEP        5.28                11,647 
Agenus                        AGEN        6.85               176,547 
Amylin Pharm                  AMLN        25.74            1,261,910 
Analogic                      ALOG        68.78                4,722 
Bridge Capital Hldgs          BBNK        13.20                  732 
Brightcove                    BCOV        25.50               31,478 
Carmike Cinemas               CKEC        14.20               14,876 
Centerstate Banks             CSFL        8.28                 5,957 
Charming Shoppes              CHRS        6.10               294,608 
Computer Task                 CTGX        15.34                6,554 
Discovery Comm C              DISCK       47.62              122,572 
Discovery Comm A              DISCA       50.88              453,809 
Dorman Products               DORM        51.34                4,396 
Dynavax Techs                 DVAX        5.00               130,701 
Edgewater Tech                EDGW        4.00                 4,600 
Equinix                       EQIX        159.50             196,341 
Euronet Worldwide             EEFT        20.97               21,936 
EXACT Sciences                EXAS        11.22               73,351 
Exar                          EXAR        8.54                15,516 
F5 Networks                   FFIV        136.46             216,257 
First California Finl Grp     FCAL        5.55                 2,621 
Home Bancorp                  HBCP        17.50                  200 
Home Loan Servicing Sols      HLSS        14.00               16,403 
JB Hunt Transport             JBHT        55.30               51,570 
ICU Medical                   ICUI        49.74                1,794 
IRIS Intl                     IRIS        13.92                4,230 
Insight Enterprises           NSIT        22.73               51,398 
Intel                         INTC        28.45            4,131,797 
Interval Leisure Gp           IILG        17.70                6,942 
Inventure Foods               SNAK        5.00                 6,000 
MarketAxess Hldgs             MKTX        37.95                7,312 
MetroCorp Bancshares          MCBI        10.59                2,449 
Monster Beverage              MNST        63.18               64,310 
Old Line Bancshrs             OLBK        10.75                1,699 
Old Second Bancorp            OSBC        1.98                29,800 
Pinnacle Fincl Partners       PNFP        18.55                7,587 
QCR Holdings Inc              QCRH        12.45                  213 
Repligen                      RGEN        6.00                28,640 
Ruths Hsptlty Gr              RUTH        7.74                34,876 
SBA Comm                      SBAC        51.51               95,771 
John B Sanfilippo & Son       JBSS        12.61                2,730 
Tessco Techs                  TESS        26.53               15,103 
Tetra Tech                    TTEK        26.49               20,698 
Threshold Pharmaceuticals     THLD        8.99             1,507,376 
TIBCO Software                TIBX        33.00            1,574,918 
Town Sports Intl Hldgs        CLUB        13.32               27,094 
TripAdvisor                   TRIP        36.15              182,174 
Umpqua Hldgs                  UMPQ        13.86               69,015 

New Lows 6 

COMPANY                       SYMBOL      LOW                 VOLUME 
-------                       ------      ----                ------ 
CafePress                     PRSS        18.93              153,017 
Cereplast                     CERP        0.57                66,954 
Princeton Review              REVU        0.05             2,020,871 
SatCon Tech                   SATC        0.38               303,658 
Telestone Techs               TSTC        3.15                78,882 
Trio Merger                   TRIO        9.00                   200

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Mastercard, $MA, Warns Over a Data Breach


MasterCard Inc. MA -0.95% said Friday that it is investigating a possible breach of cardholder account data involving a U.S.-based payment processor.

The Purchase, N.Y., credit-card company said law enforcement has been notified of the matter and an “independent data security organization” is conducting an ongoing forensic review of the matter. The company is alerting card-issuing banks regarding “certain MasterCard accounts that are potentially at risk.”

“MasterCard’s own systems have not been compromised in any manner,” a company spokesman said.

The spokesman declined to say how many cards may have been compromised or how many banks it is notifying.

The breach was reported early Friday by the Krebs On Security blog, which also said that Visa Inc. V -0.64% was also notifying banks about a breach involving a third-party payment processor.

Representatives for Visa couldn’t immediately be reached for comment Friday morning.

Visa and MasterCard don’t lend or issue cards to consumers; rather, they process transactions for banks that issue their cards and those that handle transactions for merchants.

Representatives of several banks, including Bank of America Corp. BAC -0.72% andJ.P. Morgan Chase JPM +0.13% & Co., either couldn’t be reached for comment or declined to comment Friday morning.

MasterCard said it will “continue to both monitor this event and take steps to safeguard account information.”

Cardholders who are concerned about their accounts should contact the banks that issued them their cards, the company said.”

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Rail Traffic Continues to Show Mixed Results


“More mixed news on the rail front this week as total carloads posted a sharp 7.2% decline and intermodal traffic posted a 4.2% increase.   The declines in coal are dragging down the overall data substantially.  Nevertheless, the 10 week moving average in intermodal declined a bit to 3.2% and is consistent with a sluggish, but growing economy.  The AAR has the details on this week’s report:

“The Association of American Railroads (AAR) today reported mixed weekly rail traffic for the week ending March 24, 2012, with U.S. railroads originating 278,393 carloads, down 7.2 percent compared with the same week last year. Intermodal volume for the week totaled 232,401 trailers and containers, up 4.2 percent compared with the same week last year.

Twelve of the 20 carload commodity groups posted increases compared with the same week in 2011, with petroleum products, up 26.8 percent; coke, up 15.1 percent, and motor vehicles and equipment, up 13.8 percent. The groups showing a significant decrease in weekly traffic included coal, down 17.4 percent, and grain, down 14.2 percent.

Weekly carload volume on Eastern railroads was down 4.3 percent compared with the same week last year. In the West, weekly carload volume was down 9.1 percent compared with the same week in 2011.

For the first twelve weeks of 2012, U.S. railroads reported cumulative volume of 3,392,128 carloads, down 2.2 percent from last year, and 2,685,673 trailers and containers, up 2.4 percent from last year.”

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Apple’s Gadget Maker Foxconn Tries to Clean Up Image After Major Labor Practice Abuses Declared

“Workplace abuses were uncovered in an audit that equated to “a full body scan” of three Chinese factories pumping out covetedApple gadgets, independent investigators reported on Thursday.

Employees at each of the factories exceeded a work-week limit of 76 hours set by Chinese law and, in some cases, worked more than seven days straight without a required 24-hour break, according to the Fair Labor Association.

“The Fair Labor Association gave Apple’s largest supplier the equivalent of a full-body scan through 3,000 staff hours investigating three of its factories and surveying more than 35,000 workers,” said FLA president Auret van Heerden.

“Apple and its supplier Foxconn have agreed to our prescriptions, and we will verify progress and report publicly.”

Along with excessive overtime and not always compensating workers properly for extra hours that were put in, the nearly month-long investigation uncovered health and safety risks and “crucial communication gaps.”

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Whole Foods to Stop Sale of Unsustainable Seafood

“ALBANY, N.Y. (AP) – Whole Foods Market said Friday that it will stop selling fish caught from depleted waters or through ecologically damaging methods, a move that comes as supermarkets nationwide try to make their seafood selections more sustainable.

Starting Earth Day, April 22, the natural and organic supermarket chain will no longer carry wild-caught seafood that is “red-rated,” a color code that indicates it is either overfished or caught in a way that harms other species. The ratings are determined by the Blue Ocean Institute, an advocacy group, and the Monterey Bay Aquarium in California.

Among the seafood disappearing from Whole Foods shelves will be octopus, gray sole, skate, Atlantic halibut and Atlantic cod caught by trawls, which can destroy habitats. The company will stock sustainable replacements like cod caught on lines and halibut from the Pacific….”

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House Passes G.O.P. Budget Plan, Mostly Along Party Lines

” A fierce two-day debate over a Republican budget plan portrayed as either a path to prosperity or a road to ruin ended Thursday with House passage of a blueprint that would transformMedicare, cut domestic spending to levels not seen since World War II and order up a drastic overhaul of the tax code.

The plan, which passed 228 to 191, with no Democratic votes and 10 Republican defections, will form the template around which much of the 2012 election will be fought. Democrats will try to hang its extensive changes to Medicare around the necks of vulnerable Republican candidates, along with the accusation that Republicans supported a program to punish the poor and elderly while rewarding the rich with still more tax cuts. Republicans will say theirs is the party willing to make the tough choices to tame a soaring federal debt.

“It is so rare in American politics to arrive at a moment in which the debate revolves around the fundamental nature of American democracy and the social contract, but that is exactly where we are today,” said Representative Paul D. Ryan of Wisconsin, chairman of the House Budget Committee and the architect of the blueprint, adding, “Today’s budget is a vote of confidence for the American experiment.”

Democrats said they saw nothing brave in voting to decimate programs for the poor, like food stamps andMedicaid, while offering potentially huge tax cuts for the rich.

The White House press secretary, Jay Carney, said, “Today’s vote stands as another example of the Republican establishment grasping onto the same failed economic policies that stacked the deck against the middle class and created the worst financial crisis in decades.”

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Gapping Up and Down This Morning

Gapping up

THLD +6.5%, DRJ +5.9%, SNSS +4.8%, ZAZA +1%, MOS +0.9%, BAC +0.8%

Gapping down

XRTX -8.8%, FINL -8.8%, CPF -4.4%, FFN -3.7%, RIMM -2.4%, DNKN -0.8%

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U.S. Equity Preview: WEC, X, TIBX, RIMM, INVN, FINL, DRRX, & CASC


Cascade Corp. (CASC) : The materials-handling equipment maker reported fourth-quarter earnings per share of $1.16, exceeding the average analyst estimate of $1.09.

Durect Corp. (DRRX) : The maker of drug-delivery systems said Hospira Inc. (HSP) is returning development and commercialization rights to the pain-relief product Posidur in the U.S. and Canada.

Finish Line Inc. (FINL) dropped 9.2 percent to $23. The athletic apparel retailer projected 2013 earnings per share growth in the “mid-single digits,” falling short of the average analyst estimate of 13 percent.

InvenSense Inc. (INVN) (INVN US) fell 1.8 percent to $19.25. The producer of gyroscopes for consumer electronics was cut to perform from outperform at Oppenheimer & Co., citing increased competition. The rating means that Oppenheimer expects the stock to perform in line with the S&P 500 within the next 12 to 18 months.

Research In Motion Ltd. (RIM) declined 1.1 percent to $13.58. The BlackBerry maker reported revenue and profit that fell short of analysts’ estimates and said it will discontinue giving financial forecasts as demand for BlackBerry smartphones wanes.

Tibco Software Inc. (TIBX) : The business software developer reported first-quarter revenue of $225.7 million, beating the average analyst estimate of $222.3 million. Tibco also said that it will initiate a $300 million share repurchase program.

U.S. Steel Corp. (X) gained 1.6 percent to $29.86. The steelmaker was rated a buy in new coverage at Nomura International Plc.

Wisconsin Energy Corp. (WEC) : The state’s largest utility owner provided first-quarter earnings per share guidance of no more than 73 cents, falling short of the average analyst estimate of 77 cents, according to data compiled by Bloomberg.

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Upgrads and Downgrades This Morning


Best Buy Co. Inc. (NYSE: BBY) Maintained Hold at Argus.

Buffalo Wild Wings Inc. (NASDAQ: BWLD) Started as Equal-Weight at Morgan Stanley.

Crane Company (NYSE: CR) named as Value stock of the day at Zacks.

EMC Inc. (NYSE: EMC) Reiterated Buy and Raised target to $36 at Argus.

Exterran Partners L.P. (NYSE: EXLP) Started as Neutral with $23 target at Credit Suisse.

Gap Inc. (NYSE: GPS) Raised to Buy at Janney.

ICICI Bank Ltd. (NYSE: IBN) named Bull of the Day at Zacks.

InvenSense, Inc. (NASDAQ: INVN) Cut to Perform at Oppenheimer; Started as Equal-weight at Morgan Stanley.

Lululemon Athletica Inc. (NASDAQ: LULU) Started as Buy at UBS.

Micron Technology Inc. (NASDAQ: MU) Reiterated Buy with $11 target at Jefferies.

Pan American Silver Corporation (NASDAQ: PAAS) Started as Buy at Deutsche Bank.

Peabody Energy Corporation (NYSE: BTU) named Bear of the Day at Zacks.

Raytheon Co. (NYSE: RTN) Cut to Sector Perform at RBC.

Research in Motion Ltd. (NASDAQ: RIMM) Maintained Underperform with $12 target at Jefferies.

VIVUS Inc. (NASDAQ: VVUS) Raised to Buy at Brean Murray.


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Not Surprised: Former Pentagon Official Says All Chinese Electronics In The US Could Have Built-In Trapdoors

“Richard Clarke Has another disturbing prediction for America.

Clarke worked with four White House administrations during 30 years of government service before opening his own cybersecurity firm in the corridors of Arlington, Va  outside the nation’s capital.

He was at the State Department, the Department of Defense, has a master’s Degree from MIT and was the Bush counter-terrorism guy who told the White House that al Qaeda was plotting a grand attack on American soil in the weeks leading up to 9/11.

After the attack, Clarke sat before the 9/11 commission and told them directly: “Your government failed you.”

Clarke recently spoke to Ron Rosenbaum at Smithsonian Magazine and told him the government is slipping up again, that while we now have the ability to coordinate a successful cyberwar, like slipping the Stuxnet virus into Iran’s nuclear system, the U.S. has absolutely no cyber defenses.

Which is a bad thing for a superpower that gets the lionshare of its electronic components, both civilian and military from China, one of its biggest global adversaries….”

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