Off by 15% for the day.
Comments »Europe May See Disruption to Gas Supplies as Russia and Ukraine Argue Over Contracts
Deflation Continues to Kill Commodities
Copper Getting Crushed for 6.6%
Global slowdown helps to make the things we need cheaper….question is if this is deflation or a normal reaction to a slowdown.
Comments »Credit Suisse Warns of Default in China Manufacturing Based on Tight Credit Conditions; Chinese Stocks Crater
Gold Trades Slightly Lower Ahead of The Fed
Oil Falls Overnight On Supply Excess
Copper Prices Looking Lofty
I say let them fall as it will help with a rebound for struggling economies.
Comments »Upgrades and Downgrades This Morning
Upgrades
CARB – Carbonite initiated with a Buy at Canaccord Genuity
TW – Towers Watson ests raised at Stifel Nicolaus
SAP – SAP AG upgraded to Outperform from Market Perform at Wells Fargo
MGM – MGM Resorts upgraded to Overweight from Equal Weight at Morgan Stanley
SBSI – Southside Banc assumed with Market Perform at Keefe Bruyette
PER – SandRidge Permanian Trust initiated with a Mkt Perform at Morgan Keegan
JPM – JPMorgan Chase initiated with an Overweight at Evercore
RL – Polo Ralph Lauren upgraded to Outperform from Neutral at Cowen
TRV – Travelers upgraded to Buy from Sell at Goldman
VMW – VMware initiated with a Buy at Merriman
PHM – PulteGroup upgraded to Buy from Neutral at UBS
CHKM – Chesapeake Midstream Partners initiated with Outperform at Credit Suisse
VC – Visteon initiated with a Buy at BofA/Merrill
AWH – Allied World Assurance resumed with a Neutral at Goldman
Downgrades
CVH – Coventry Health Care downgraded to Underperform at Wedbush
MCP – Molycorp downgraded to Neutral from Overweight at JP Morgan
PRU – Prudential target lowered to $66 at FBR Capital
AIXG – Aixtron downgraded to Neutral from Buy at UBS
LINE – Linn Energy initiated with a Neutral at Credit Suisse
TPX – Tempur-Pedic initiated with a Neutral at Goldman
FDX – FedEx ests and target lowered to $120 at Dahlman Rose
FIO – Fusion-io initiated with an Underperform at Sterne Agee
MRVL – Marvell downgraded to Market Perform from Outperform at JMP Securities
SLRC – Solar Capital initiated with a Hold at Stifel Nicolaus
AIXG – Aixtron downgraded to Underperform at Chevreux
HLS – Healthsouth downgraded to Fair Value from Buy at CRT Capital
QSFT – Quest Software initiated with a Hold at Capstone
Comments »Gold Rises Slightly on Euro Debt Concerns
Hedge Fund Manager Tony Hall Says Take Stock in Commodities
Hall thinks there is a chance of $2200 gold by years end and that other commodities will do well overall.
Comments »LNG Prices Reach for a Three Year High
Copper Leads The Charge in Commodity Downside Overnight
CAUTION is Warranted in Gold Stocks
Did not like that break of $1790-$1800. So given hopes for Europe currently and ig a TARP style solution comes about gold may fiddle around for a year imo.
Comments »A Case for Weaker Oil No Matter What Our Future Outcome May Be
Gold Pares Losses Overnight
Gold fell on the back of a global equity rally and the notion that European debt woes will be solved. Earlier this morning those looses were pared.
Gold up $3 @ $1,784.50
Comments »Crude Oil Rises Overnight for a Five Week Run
Crack Spreads Soar 6.9%
If Gold Still Backed the U.S. Dollar Analyst Says the Fair Value Would be $10,000
That is Grice’s fair value call. A more conservative estimate is 1/4 the DOW Jones average which would put us at $2,200-$2,500….
Gold currently down $19 @ $1,807
Comments »