Gapping Up and Down This Morning
Gapping Up
CXDC +11.3%, CREG +11.2%, SCEI +8.8%, AERL +8.6%, SPU +4.3%, EFOI +2.5%, NYX +10.7%, AIB +19.2%, BCS +3.1%, RBS +2.7%, HBC +0.8%, DB +0.8%, YZC +4.5%, AU +2.6%, GFI +2.5%, HMY +1.2%, BP +1.9%, STO +1.6%, VLO +1.4%, CHK +1.4%, RIG +1.1%, SD +1%, MGM +2.6%, LVS +2.0%, WYNN +1.8%, XPRT +78.6%, ALEX +7.3%, EBIX +4.7%, ANH +1.1%, NFLX +0.9%
Gapping Down
ATRN -27.6%, CDTI -21.5%, IFON -19.4% , LOGI -19.2%, KKD -11.9%, CNAM -10.4%, XRTX -9.5%, EXFO -9.1%, DMAN -8.1%, MED -6.3%, GPN -3.1%, CBK -3.2%, SKYW -3.1%, NDAQ -1.4%, ICE -2.2%, OMER -38.1%, ASTI -16.4%, AVII -15.6%, ODP -7.1%, FUR -6.9%, ASTI -5.2%, AONE -3.6%, PEB -3.2%, USAT -3.2%, CLNY -1.2%, NVS -0.8%, NOK -0.8%, ALL -0.8%
Comments »Upgrades and Downgrades This Morning
Upgrades
EMC: Storage momentum continues – Oppenheimer
F5 Networks: Complicated March, better June – Oppenheimer
Chesapeake Midstream Partners initiated with a Buy at Wunderlich; tgt $32.50
Schlumberger and Weatherford (WFT) initiated with Buy at Madison Williams
Las Vegas Sands upgraded to Buy at Stifel Nicolaus; tgt $55; DOJ/SEC sell-off presents long-term oppty
US Airways upgraded to Overweight from Neutral at JP Morgan
Downgrades
Baidu.com downgraded to Hold from Buy at Mizuho
Mosaic downgraded to Sector Perform from Outperform at Scotia
OpenTable downgraded to Hold from Buy at ThinkEquity
AU Optronics: The iPad 2 panel win that wasn’t – Kaufman
AMR downgraded to Neutral from Overweight at JP Morgan
Ross Stores initiated with a Hold at Soleil
Global Payment downgraded to Hold from Buy at Lazard
Medifast target lowered to $29 from $44 at Northland Securities; as growth rate is slowing down from unsustainable levels
Nokia target lowered to $12 from $14 at RBC Capital Mkts
Comments »Euribor; The European Interbank Lending Rate Has Hit 3 Month Highs
Unemployment Rate: Prior 8.9%, Market Expects 8.9%, Actual 8.8%…Non Farm Payroll: Prior 222k, Market Expects 203k, Actual 216k
Global Markets Rise Yet Again With U.S. Futures Higher; Cheers
Cash For Clunkers Was Also The Fed’s Approach
“At the height of the financial crisis, the Federal Reserve allowed the world’s largest banks to turn more than $118 billion in junk bonds, defaulted debt, securities of unknown ratings and stocks into cash.”
Comments »NASDAQ and ICE Offer $11.3 Billion For NYSE
Bill Gross: Congress’Promises are Skunked Up
“Every two to six years, they dress up in full makeup pretending to … change, vowing to correct what hasn’t been corrected, promising discipline as opposed to profligate overspending and under-taxation, and striving to balance the budget when all others have failed,”
Comments »Peru Raises Reserve Requirements to Combat Inflation
European Ports and Freight Shippers Brace for the Japan Effect
“Japanese earthquake will begin to affect volumes later this month as dockside stockpiles are depleted and ships that left Tokyo soon after the disaster arrive in harbor…..Cargo volumes may hold up even after ships start to arrive in Europe as Japanese companies tap inventories to meet export demand, then will decline when reduced production depletes stocks. That may lead to lighter loads, quieter ports and manufacturers running short of auto-parts and electronics, the biggest classes of container goods carried from Japan.”
Comments »Wheat Soars on La Nina’s Weather Patterns
“Wheat crops in China, the world’s biggest producer, and the U.S. are threatened by continuing drought as La Nina persists, weather forecasters said.
The countries will be the last to emerge from the dry weather linked to La Nina, a cooling of the Pacific Ocean, and the conditions may linger for two more months, said British Weather Services and Telvent DTN Inc. Wheat may average $8.50 a bushel in Chicago from now to June 30, said Abah Ofon, an agricultural commodity analyst at Standard Chartered Bank in Singapore. That’s 12 percent more than the price today.”
Comments »Australian Exports To Japan Expected to Fall by $2+ Billion
South African Manufacturing Climbs to 13 Month Highs on Strong Demand
“South Africa’s purchasing managers’ index rose to a 13-month high in March as interest rates at a 30-year low spurred consumer demand and exports picked up, Kagiso Securities Ltd. said.”
Comments »Bank of China Cuts Interest Rates on Hong Kong Yuan Deposits
European Factory Growth Slows
Oil Hits 30 Month Highs
“Oil rose to a 30-month high in New York as economic data from China spurred hope of growing demand in the world’s biggest energy user and fighting in Libya fanned concern that output cuts may spread to Middle East producers.”
Comments »Morgan Stanley & MUFG, Face $956M Losses Tied to Bonds
“A joint venture between Mitsubishi UFJ Financial Group Inc. and Morgan Stanley will likely report an extraordinary loss of about ¥80 billion ($956 million) for the just-ended fiscal year, due to unrealized losses from bond trading, people familiar with the matter said Friday.”
Comments »Roubini: Bank Risk Breaking Back of Irish Government
“I’m not sure that it’s going to be enough and putting all the losses of the banks on the balance sheet of the government and eventually breaking the back of the government … it’s not the right solution,”
Comments »Portugal Raises $2.3 Billion at 5.8%
“Despite everything, Portugal can still find investors who believe it will be able to settle its debts,” said Filipe Silva, debt manager at Banco Carregosa. “With this bond auction Portugal has managed to buy some time.”
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