Upgrades

SNH – Senior Housing upgraded to Buy at Stifel Nicolaus

CHKM – Chesapeake Midstream Partners initiated with a Buy at Janney Montgomery scott

AXL – American Axle initiated with a Buy at Citigroup

UBNT – Ubiquiti Networks initiated with a Buy at UBS

CSE – CapitalSource initiated with a Buy at Jefferies

VE – Veolia Environnement upgraded to Overweight from Neutral at HSBC

WYN – Wyndham Worldwide initiated with a Buy at Jefferies

GLPW – Global Power Equipment assumed with a Neutral from Buy at boutique firm

JASO – JA Solar upgraded to Market Perform from Underperform at Wells Fargo

SPR – Spirit Aerosystems remains a Stifel top pick

Downgrades

GS – Goldman Sachs initiated with a Neutral at Macquarie

BOOM – Dynamic Materials initiated with a Hold at Auriga

MDT – Medtronic upgraded to Buy from Neutral at BofA/Merrill

BIG – Big Lots downgraded to Equal Weight from Overweight at Barclays

ECT – ECA Marcellus Trust downgraded to Neutral from Buy at Citigroup

WGL –  WGL Holdings downgraded to Underperform from Neutral at BofA/Merrill

LDK – LDK Solar downgraded to Sell from Hold at ThinkEquity

CUB – Cubic downgraded to Neutral from Overweight at JP Morgan

CMLP – Crestwood Midstream Partners upgraded to Buy from Neutral at UBS

CIT – CIT Group initiated with a Hold at Jefferies

VAL – Valspar downgraded to Neutral from Overweight at JP Morgan

CENX – Century Aluminum initiated with a Hold at Stifel Nicolaus

ABH – Resolute Forest Products downgraded to Sector Perform from Outperform at RBC Capital

GILD – Gilead Sciences downgraded to Hold at Argus

DCIX – Diana Containerships downgraded to Neutral from Buy at BofA/Merrill

LUFK – Lufkin Industries downgraded to Neutral from Buy at Suntrust

MDT – Medtronic target lowered to $42 at Brean Murray

JNY – The Jones Group downgraded to Neutral from Buy at Lazard

CUB – Cubic target lowered to $52 at The Benchmark Company

Comments »

Gapping up

SINO +37.7%, TIVO +6.2%, AEZS+4.9%, BSX +3.6%, NOK +2%, DE +6.8%, FDML +0.8%, VIVO +0.7%, JASO +1.9%

Gapping down

HBC -1%, NUAN -1%, NLST -5.5%, BP -2.1%, ING -2.1%, P -2%, ALU -6.3%, STV -5.7%, CVX -1.7%,
SLV -3.7%, MT -3%, FNV -2.8%, CCL -2.7%, RIO -2.6%, BHP -2.2%,

Comments »

In Play 

 

On the Wires

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Personal income +0.4% vs estimates of +0.3%

PCE up 0.1%

Personal spending up0.1% vs estimates of 0.3%

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Perhaps rebound is not the right word as we go back and forth from positive to negative. The overall trend is tepid at best.

Full article

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Germany’s bond auction had a bad showing. 35% of the paper intended to be sold was not.

French 10 year

Belgium 10 year

Full article

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Global markets sold off again and U.S. futures are down a full percentage point. Yields are going down slightly in Europe with the exception of France and Belgium. Germany had a weak bond auction. Asian markets are getting crushed due to China’s PMI hitting a 32 month low.

Asia

Europe

Futures

Currencies 

Commodities

Comments »

Chinese pmi registered 48, a 32 month low. As a result, futs dropped some more-now off 19 below fair value.

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Despite the IMF announcement the markets only stopped selling off. A Raly failed twice after the news. Commentators on the news are saying the credit line is not enough to tackle the $2 trillion problem.

The news broke as the S&P was resting on the 1183 support level. Uncanny timing …no ?

DOW off 51

NASDAQ off 1.8

S&P off 4.8

Light volume overall today.

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Buybacks can help earnings and help a stock to go higher when institutions want stock; but remember ratings agencies warned over credit ratings from excessive buybacks.

Full article

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-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
BAC        12/17/11           6.0000         776            0.1500      dn 0.0400 
BAC        1/21/12           7.5000         501            0.0800      dn 0.0100 
HL         1/21/12           6.0000         400            0.4100      dn 0.0600 
GOOG       11/25/11         590.0000         358            1.7000      dn 1.4000 
BAC        12/17/11           5.0000         313            0.5600      dn 0.1400 
ANR        12/17/11          23.0000         273            0.9600      dn 0.0900 
HOT        1/21/12          50.0000         233            1.6200      dn 0.9500 
AAPL       1/21/12         375.0000         232           22.1500      up 1.1000 
TZA        12/17/11          29.0000         228            7.2000      up 0.7000 
TZA        12/17/11          30.0000         219            6.7500      up 0.6500 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
BAC        11/25/11           5.0000         710            0.0400      up 0.0000 
LNKD       2/18/12          50.0000         576            4.0000      up 0.2000 
LDK        12/17/11           2.0000         280            0.1900      dn 0.0900 
BAC        12/17/11           5.0000         257            0.2200      up 0.0300 
GILD       1/21/12          38.0000         250            2.0100      dn 0.1700 
MTG        1/21/12           2.5000         200            0.4800      up 0.0000 
HPQ        11/25/11          27.0000         183            1.2500      up 0.0300 
LNKD       12/17/11          65.0000         180            4.2000      up 0.1000 
HPQ        12/17/11          26.0000         173            1.3700      up 0.0700 
BAC        1/21/12           5.0000         164            0.4100      up 0.0000 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
40594    46021        86615

-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
BAC        12/17/11           6.0000       13873            0.1500      dn 0.0300 
KGC        1/21/12          12.5000       13137            1.1800      up 0.3200 
BAC        12/17/11           5.0000       11219            0.5800      dn 0.1100 
EUO        1/21/12          19.0000        7000            0.8500      dn 0.0500 
ANR        12/17/11          23.0000        5085            0.9400      dn 0.1000 
FRO        1/18/14           5.0000        4891            1.3000      dn 1.6500 
CSTR       12/17/11          50.0000        2502            0.2000      dn 0.1000 
BBY        12/17/11          27.0000        2334            0.8800      dn 0.1200 
APC        1/21/12          90.0000        2247            0.9300      dn 0.1600 
FRO        1/19/13           5.0000        2061            0.9500      dn 1.4500 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
JPM        1/19/13          30.0000        3505            6.6500      up 0.0500 
FMCN       12/17/11          15.0000        2408            1.8000      dn 0.9500 
HPQ        11/25/11          25.0000        2308            0.1600      dn 0.3300 
WLT        12/17/11          65.0000        2126            3.5000      up 0.0500 
HPQ        12/17/11          27.0000        2003            1.9100      up 0.1100 
ALU        1/21/12           2.0000        2000            0.4400      up 0.0900 
BAC        1/19/13           5.0000        1942            1.3400      up 0.0100 
INTC       12/17/11          25.0000        1830            1.8200      up 0.1000 
HPQ        11/25/11          27.0000        1829            1.2700      up 0.0100 
HPQ        11/25/11          26.0000        1785            0.5100      dn 0.3400 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
783233    735635        1518868

Comments »

Heat map

A/D Line

Comments »

Stock markets were flat on Tuesday as the U.S. economy grew slower in the third quarter than estimated earlier, and the euro surrendered gains against the dollar after Spanish and Italian bond yields surged.

Wall Street’s S&P 500 index remained below 1,200 points after data showed U.S. gross domestic product grew at a 2 percent annual rate in the third quarter, down from a previous estimate of 2.5 percent.

While the stock market was quiet, tension continued to grow in funding markets, the key arteries of the financial system.

Severe dollar funding strains supported the U.S. dollar as European banks scrambled to secure cash in dollars after their longtime vehicle for short-term funds – U.S. prime money markets – have continued to cut exposure to that market.

Stress in the dollar money market showed little sign of abating, with the cost of swapping euros to dollars for three months near its widest level since 2008 on Tuesday.

U.S. Treasuries turned higher as safe-haven assets continued to attract demand. <US/>

Gold <GOL/>, theoretically a buy in times of distress, rose along with bonds, as did other commodities like oil <O/R>, copper <MET/L> and grains <GRA/> as investors looked for places to put their money besides stocks.

“It’s going to be tough sailing with no real clear-cut signs of global growth, coupled with the geopolitical situation on a worldwide basis,” said Michael Mullaney, a portfolio manager who helps manage $9.5 billion at Fiduciary Trust Co in Boston.

Half an hour after the open, Dow Jones industrial average .DJI was down 17.07 points, or 0.15 percent, at 11,530.24. The Standard & Poor’s 500 Index .SPX was up 0.05 points, or 0.00 percent, at 1,193.03. The Nasdaq Composite Index .IXIC was up 4.49 points, or 0.18 percent, at 2,527.63.

World stocks as measured by MSCI .MIWD00000PUS were up 0.02 percent. The pan-European FTSEurofirst 300 .FTEU3 fell 0.08 percent after a 3.3 percent loss on Monday.

“This does not look like any weakness that one could buy into with a high degree of confidence,” said Jeremy Batstone-Carr, strategist at Charles Stanley.

Spain’s Treasury paid the highest yields in 14 years to issue short-term bills, heaping pressure on center-right Prime Minister-elect Mariano Rajoy to soothe nervous markets by fleshing out austerity plans following Sunday’s emphatic election victory.

SOURCE 

Comments »

Upgrades

ATRO – Astronics initiated with a Hold at Auriga

AVGO – Avago Tech initiated with a Buy at Lazard

RIG – Transocean resumed with a Buy at Dahlman Rose

NWSA – News Corp upgraded to Positive from Neutral at Susquehanna

ESL – Esterline Techs initiated with a Market Perform at Wells Fargo

VOXX – Audiovox initiated with a Above Average at Caris & Company

QPSA – Quepasa initiated with a Mkt Outperform at Rodman & Renshaw

DTSI – DTS initiated with an Outperform at JMP Securities

NVDA – NVIDIA upgraded to Buy from Under Perform at Needham

WGL – WGL Holdings upgraded to Buy at Brean Murray

PSS – Collective Brands upgraded to Buy from Hold at Auriga

DRC – Dresser-Rand initiated with an Outperform at Wells Fargo

ICON – Iconix Brand initiated with a Buy at Citigroup

AN – AutoNation upgraded to Neutral from Sell at Goldman

TRLG – True Religion initiated with a Buy at Citigroup

FF – First Financial Fund Inc. initiated with an Outperform at Wedbush

DLB – Dolby Labs upgraded to Outperform at Barrington Research

ALTR – Altera initiated with a Buy at Lazard

INAP – InterNAP resumed with an Outperform at Wells Fargo

DAL – Delta Air Lines initiated with an Outperform at Raymond James

EQIX – Equinix resumed with an Outperform at Wells Fargo

DOLE – Dole Food downgraded to Underperform from Neutral at BofA/Merrill

ENTR – Entropic Comms initiated with a Buy at Mizuho

DAN – Dana Holding initiated with a Buy at UBS

SMP – Standard Motor downgraded to Sell from Neutral at Goldman

Downgrades

MSFT – Microsoft initiated with a Hold at ThinkEquity

TWO – Two Harbors Investment initiated with a Neutral at Sterne Agee

TSL – Trina Solar downgraded to Sell from Hold at Auriga

WYNN – Wynn Resorts downgraded to Neutral from Buy at Janney Montgomery Scott

AMGN – Amgen downgraded to Market Perform from Outperform at BMO Capital

TSLA – Tesla Motors initiated with a Hold at Wunderlich

XLNX – Xilinx initiated with a Neutral at Lazard

INTU – Intuit initiated with a Buy at ThinkEquity

FMCN – Focus Media downgraded to Neutral from Overweight at JP Morgan

COT – Cott estsimates reduced at Stifel Nicolaus

AFL – AFLAC downgraded to Neutral from Buy at Suntrust

VRUS – Pharmasset downgraded to Hold at Canaccord Genuity

NCIT – NCI downgraded to Neutral from Buy at Suntrust

MTOR – Meritor downgraded to Equal Weight from Overweight at Barclays

AH – Accretive Health initiated with a Neutral at Cowen

Comments »

Gapping up

ZLC +11%, LNG +9.8%,  SIG +4.4%, ADI +2.3%, FMCN +6.9%, DCTH +6.3%, BRCD +4.9%, RENN +1.8%,

YOKU +1.7%, JACK +0.7%, AUY +1.1%, SINA +2%, HMY +1%, SLW +1%,  BWEN +37.9%,  LNG +8%,   TTM +6.4%,

DCTH +8.3%, ABX +0.9%, GDX +0.7%, PPHM +25.6%, GFI +0.6%, CVS +0.7%,

 

Gapping down

FRO -26.8%, JKS -12.3%, PSS -8.8%, PWRD -7.6%, FIO -6.1%, TSL -6.1%, ALU -5.4%, NFLX -2%, HPQ -1.6%,

STP -2.7% , DB -2.9%, BBVA -2.8%, LYG -2.7%, CS -1.4%, HBC -1%,  SFL -9.5%, LEN -2.7%, WYNN -1.3%,

AMGN -0.4%,

 

Comments »

In Play

On the Wires

Comments »

Asia

Europe

Futures

Currencies

Commodities

Comments »

Asia

Nikkei

S&P Futures

Comments »

No. Ticker 1-week Return Industry
1 HEV -62.96 Industrial Electrical Equipment
2 FTWR -61.38 Wireless Communications
3 RMBS -54.77 Semiconductor- Memory Chips
4 PERY -42.61 Textile – Apparel Clothing
5 MTOR -37.70 Auto Parts
6 MF -35.48 Investment Brokerage – National
7 FMCN -34.42 Chinese Burritos
8 CIS -31.82 Chinese Burritos
9 TWER -30.00 Diversified Communication Services
10 HSOL -29.24 Solar
11 YOKU -26.38 Chinese Burritos
12 LRN -25.87 Education & Training Services
13 MTL -25.06 Steel & Iron
14 TX -24.41 Steel & Iron
15 DCTH -23.81 Drug Delivery
16 MOTR -23.60 Diversified Communication Services
17 GBG -23.57 Gold
18 YNDX -23.06 Internet Information Providers
19 GERN -22.95 Drug Manufacturers – Other
20 TIV -22.73 Oil & Gas Drilling & Exploration
21 MGI -21.72 Business Services
22 OCZ -20.54 Data Storage Devices
23 CVI -20.54 Oil & Gas Refining & Marketing
24 OMX -20.51 Specialty Retail, Other
25 WNR -20.14 Oil & Gas Refining & Marketing
26 DK -19.90 Oil & Gas Refining & Marketing
27 LDK -19.83 Solar
28 THQI -19.33 Multimedia & Graphics Software
29 YMI -19.23 Drug Manufacturers – Other
30 YONG -19.07 Chinese Burritos
31 CSIQ -19.06 Solar
32 GPL -18.98 Silver
33 AMR -18.93 Major Airlines
34 CXM -18.86 Biotechnology
35 ANF -18.81 Apparel Stores
36 GENE -18.12 Biotechnology
37 NBG -18.00 Foreign Money Center Banks
38 GFA -17.95 Residential Construction
39 HGSI -17.89 Biotechnology
40 MOBI -17.85 Business Software & Services
41 ANR -17.79 Industrial Metals & Minerals
42 RENN -17.68 Chinese Burritos
43 CENX -17.67 Aluminum
44 NTAP -17.62 Data Storage Devices
45 MFN -17.61 Industrial Metals & Minerals
46 Z -17.61 Property Management
47 REE -17.58 Industrial Metals & Minerals
48 JASO -17.30 Solar
49 KEM -17.27 Diversified Electronics
50 SPRD -17.10 Chinese Burritos

Comments »

DOW off 247

NASDAQ off 49

S&P off 22

[youtube://http://www.youtube.com/watch?v=nyFkGXaPl2Q&feature=related 450 300]

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