Dollar Rallies on S&P Negative Outlook; Plus commentary on the U.S. Outlook Downgrade
Bancor on Deck
Haliburton, HAL, Beats the Street
“Halliburton’s net profit rose to $511 million, or 56 cents per share, from $206 million, or 23 cents per share, a year earlier.
Excluding the charge from its operations in Libya, the company earned 61 cents per share, topping the 58 cents per share that analysts had forecast on average, according to Thomson Reuters I/B/E/S.
Revenue rose to $5.3 billion, also better than analysts’ forecasts for $4.89 billion.
Operating profit at its North American operations jumped to $732 million from $230 million a year earlier. Latin America also rose to $76 million, from $46 million, although profits fell in the rest of the world.”
Comments »WikiLeaks at it Again
NAHB Housing Market Index ( Homebuilder Confidence): Prior 17, Market Expects 17, Actual 16
Potential Bubbles
Updated: S&P Cuts U.S. Debt Rating Outlook; Gold Rises Futures Fall Hard
- S&P Affirms US AAA Ratings While Revising Outlook to Negative
(Reuters) – Standard & Poor’s on Monday downgraded the outlook for the United States to negative, saying it believes there’s a risk U.S. policymakers may not reach agreement on how to address the country’s long-term fiscal pressures.
Comments »Upgrades and Downgrades This Morning
Upgrades
H- Hyatt Hotels upgraded to Outperform at FBR Capital
NSC – Norfolk Southern upgraded to Buy from Hold at BB&T; tgt $80
SCCO – Southern Copper upgraded to Buy from Hold at Societe Generale
AONE – A123 Systems upgraded to Buy from Neutral at Goldman
OZRK – Bank oA123 Systems upgraded to Buy from Neutral at Goldmanf the Ozarks initiated with a Market Perform at Raymond James
PCG – PG&E upgraded to Outperform from Neutral at Credit Suisse
MANH – Manhattan Assoc: The Benchmark Company discusses recent takeover speculation; sees $36-$41 per share takeout price
Downgrades
IRM – Iron Mountain downgraded to Hold from Buy at Citigroup
KFT – Kraft Foods trading lower; weakness attributed to tier 1 firm downgrade
TOT – Total S.A. downgraded to Underperform from Neutral at Credit Suisse
INFY – Infosys downgraded to Neutral from Outperform at Credit Suisse
SNP – initiated with a Hold at Jefferies
GPC – Genuine Parts poor-quality 1Q11A; likelihood of EPS upside for USTR – FBR Capital Markets
RIG – Transocean ests lowered at Stifel Nicolaus following April fleet status update
ESLR – Evergreen Solar downgraded to Sell from Hold at Citigroup
MRVL – Marvell downgraded to Neutral from Positive at Susquehanna
GPS – Gap Marvell downgraded to Neutral from Positive at Susquehannadowngraded to Sell from Neutral at Goldman
CE – Celanese downgraded to Neutral from Buy at UBS
KNL – Knoll downgraded to Market Perform from Strong Buy at Raymond James
THOR – Thoratec upgraded to Buy at Lazard
GNK – Genco Shipping & Trading downgraded to Sell from Hold at Citigroup
CEO – CNOOC Ltd initiated with an Underperform at Jefferies
BMC – BMC Software downgraded to Hold from Buy at Citigroup
CIM – Chimera Investment downgraded to Market Perform from Outperform at Keefe Bruyette
BBY – Best Buy downgraded to Hold at KeyBanc Capital Mkts
Comments »Gapping Up and Down This Morning
Gapping Up
THOR +9%, AMRN +62.5%, AONE +6.7%, BPAX +3.4%, MCP +1.5%, INVE +12.9%, CYTK +2.7%, CEU +12.7%, TITN +11.7%, AMTD +1.8%, LLY +1.6%, GWW +1.5%, KEY +0.9%,
Gapping Down
TOT -2.8%, THC -2.6%, RDS.A -1.2%, BBL -1%, MT -1%,STD -2.3%CYH -13.8%, SDRL -4.3%, SNN -3.8%, , RCL -1.9%, NVS -1.9%, TS -1.9%, RIO -1.3%, SI-1.3%,
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