Intuitive Surgical beats by $0.20, beats on revs (374.90 +12.62)
Reports Q2 (Jun) earnings of $2.91 per share, $0.20 better than the Capital IQ Consensus Estimate of $2.71; revenues rose 21.4% year/year to $425.7 mln vs the $410.5 mln consensus. “We are pleased with our second quarter procedures, revenue, and earnings growth. Our results reflect the continued adoption of da Vinci surgery across a broad range of procedures.”
Flash:Yahoo! sees Q3 revs $1.05-1.10 mln vs $1.12 bln Capital IQ Consensus Estimate; income from ops. $135-165 mln
Yahoo! reports EPS in-line, misses on revs; guides Q3 revs below consensus (14.59 +0.17)
Reports Q2 (Jun) earnings of $0.18 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.18; revenues fell 4.6% year/year to $1.08 bln vs the $1.1 bln consensus, primarily due to the revenue share related to the Search Agreement with Microsoft. GAAP rev -23% YoY to $1.23 bln. Excluding this item and other special items, revenue ex-TAC for the second quarter of 2011 increased 1% YoY. Special items include the impact of the divestiture of HotJobs, broadband deferred revenue amortization, and certain fee rate reductions. Co issues downside guidance for Q3, sees Q3 revs of $1.05-1.10 bln vs. $1.12 bln Capital IQ Consensus Estimate; GAAP revenue for 3Q11 is expected to be in the range of $1,200 million to $1,260 mln. Total expenses (cost of revenue plus total operating expenses) for the third quarter of 2011 is expected to be in the range of $1,065-1,095 million. Total expenses less TAC for the third quarter of 2011 is expected to be in the range of $915-935 million. Income from operations for Q3 is expected to be in the range of $135-165 mln. “We experienced softness in display revenue in the second half of the quarter due to comprehensive changes we have made in our sales organization to position ourselves for more rapid display growth in the future.”
Today’s Biggest ETF Winners
No. Ticker % Change
1 ZSL 7.85
2 TYH 7.83
3 TQQQ 6.60
4 TNA 6.56
5 DRN 5.05
6 ERX 4.90
7 BGU 4.82
8 UPRO 4.78
9 UWM 4.38
10 QLD 4.26
11 EDC 4.19
12 FAS 3.80
13 UCO 3.74
14 DIG 3.30
15 ITB 3.30
16 URE 3.27
17 DDM 3.26
18 XOP 3.20
19 SSO 3.17
20 UYM 3.03
21 PHK 2.95
22 SMH 2.88
23 DZZ 2.87
24 UYG 2.65
25 XHB 2.57
Today’s Biggest Winners
No. Ticker % Change
1 NEWN 66.96
2 DNH 61.46
3 ISI 59.11
4 RETL 56.88
5 XSD 55.63
6 CTNN 51.40
7 DCNG 51.26
8 WEET 50.81
9 BIL 45.85
10 OLEM 45.77
11 CAFE 44.87
12 CIR 39.04
13 IDCC 29.20
14 KNDI 26.26
15 PJF 25.21
16 RETS 25.05
17 SZK 24.07
18 RCON 21.62
19 MLN 17.96
20 KTEC 16.10
21 PQ 15.52
22 FBR 14.26
23 AXAS 14.02
24 FCEL 13.49
25 WBMD 13.18
FLASH: Rupert Murdoch Attacked During Hearing
Some lunatic threw a plate filled with shaving cream on Rupert’s face.
Comments »European Markets Fall to the Tune of 1-1.5%
European markets fall on debt woes, but Trichet says the woes will be cured ith “determination”…
Comments »Beyond a default: Catastrophic calculations
It’s easy to understand why the government will have more trouble borrowing if it fails to pay its debts. It’s a bit harder to see why ordinary Americans, the city of Pittsburgh, hospitals in Iowa, or medium-size corporations will have more trouble borrowing.
But they will.
And their trouble borrowing is the primary way a default, or even something too close to it for the market’s comfort, could deal a body blow to the economy.
It all comes back to U.S. Treasury bonds, which are the foundation of almost all other financial products — the base of the global financial pyramid.
If the federal government’s borrowing costs rise, so will everyone else’s. Mortgages rates will jump, car loans will be harder to come by, universities won’t be able to float bonds, cities won’t be able to fund themselves.
Treasuries are supposed to set the rate of “riskless return” — the price of loaning someone money and knowing, with perfect certainty, that they’ll pay you back, with interest. So when lenders decide how much to charge, they start with the riskless rate and then add to it to cover the risk that you won’t pay them back, and the inconvenience of having to wait for you to pay them back.
Poll: Most Americans oppose raising debt limit
(Credit: CBS)The Debt Crisis: If Treasury Bonds Aren’t Safe, What Is?
How can you lower your portfolio’s risk in a world of rolling government-debt crises? Start by taking a deep breath. Then, see if you need to do some tinkering—but not too much.
With Europe in turmoil, investors are so eager for a “safe haven” that this week they were willing to accept a return of only 0.01% a month to hold Treasury bills. Such yields on short-term Treasurys are barely a sliver above their all-time lows, even as Uncle Sam’s own debts may be teetering on the brink of default.
Christophe Vorlet
Fears are rampant that the U.S. may lose its triple-A credit rating, that the economy will stay stagnant, that inflation will eventually surge and that the dollar will wither. Lately, U.S. Treasurys and the dollar have rallied mainly because other nations are in even more of a mess.
Amid such uncertainty, you can’t reduce one set of risks without raising others. If, for instance, you buy gold, you lower the risk that a collapsing dollar will crush your wealth. But you incur other hazards by paying all-time-high prices for an asset that generates no investment income, lacks intrinsic value and has a weak record of combating inflation. Other hedges carry other risks and trade-offs.
Comments »Best Currency Forecasters Say Dollar Slump Coming to an End as Index Falls
The best currency forecasters say the dollar’s 12 percent slide over the past year is coming to an end as Europe’s deepening debt crisis discourages bets against the world’s reserve currency.
Led by Schneider Foreign Exchange Ltd., the five most- accurate firms during the six quarters through June 30 as measured by Bloomberg see the dollar trading at $1.42 per euro on average by year-end, compared with $1.43 on July 8. Against the yen, they predict the greenback will rise to 83 from 80.64.
While Moody’s Investors Service added to Europe’s woes last week by lowering Portugal’s credit ranking to junk, the dollar is regaining its status as a haven after the worst performance over the past year among 10 developed-market currencies based on Bloomberg Correlation-Weighted Indexes. The dollar is up 5.9 percent from a 17-month low on May 4 against the euro.
Comments »Why Europe Is Really Freaked Out Over A Greek Default
“The constraints imposed by market forces [on government deficits inside a single-currency union] might either be too slow and weak, or too sudden and disruptive.”
– The Delors Committee report on European monetary union, getting it exactly right in 1989
GREEK BONDS have lost one-half to three-quarters of their face value. Six national strikes have all ended in violence already this year. In the three months to April, public investment spending fell 42% from the start of 2010, but total spending still rose – and tax revenues sank – forcing the budget deficit still wider as the economy shrank 5.5% year-on-year.
What to do? Greece’s debt cannot be serviced, much less repaid. Everything says default – stop paying, write it down or write it off, with or without the lenders’ consent. Default is certain, and history says it would be better for creditors if the restructuring came before Greece misses a payment.
Uruguay’s “pre-emptive” restructuring of 2003, for instance, cost its creditors 8% of their money, according to an IMF study. Argentina’s “post-default” restructuring of 2005, in contrast, cost the affected bondholders some 75% of their original investment.
Comments »Long $MRX? Nude Woman Just Found Dead at CEO’s Mansion
Bank Stocks Continue to Sink
Shares of the largest banks are dropping once again, with the banking index off by 0.7%.
Notable underperformers include GHL, C and UBS.
On the flipside, shares of insolvent Irish banks are soaring, with IRE and AIB up 34% and 21% respectively.
Comments »Crack Spreads Are Maintaining Highs
321 spreads are still above $34 today, slightly off. It’s worth noting the notable outperformance in the share prices of the refiners, like HFC, ALJ, DK and WNR as of late.
Comments »Today’s ETF Winners and Losers
No. Ticker % Change
1 FCG 6.11
2 XOP 5.58
3 ERX 5.25
4 IEO 4.84
5 DIG 4.71
6 SDK 3.24
7 DRN 3.19
8 SGG 3.00
9 XES 2.73
10 YINN 2.69
11 OIH 2.59
12 PXJ 2.59
13 VDE 2.54
14 PXE 2.48
15 UCO 2.48
16 IEZ 2.47
17 AGQ 2.46
18 UNG 2.44
19 IYE 2.38
20 XLE 2.38
21 NUGT 2.32
22 DCNG 2.32
23 ROM 2.28
24 IGE 2.26
25 TYH 2.14
———————-
No. Ticker % Change
1 ERY -5.19
2 DUG -4.83
3 BAL -4.63
4 YANG -3.20
5 CTNN -3.18
6 ZSL -2.61
7 DUST -2.58
8 TYP -2.53
9 SCO -2.48
10 REW -2.43
11 DTO -2.21
12 EWV -2.02
13 QID -1.97
14 SMN -1.88
15 DRV -1.70
16 SQQQ -1.68
17 CVOL -1.64
18 PPR -1.64
19 SRS -1.63
20 CIK -1.55
21 PCN -1.49
22 UBT -1.44
23 TMF -1.43
24 RUSL -1.39
25 RETL -1.31
Flash: Obama Goes After Corporate Jet Owners Again
During a press conference regarding the debt ceiling today, President Obama took shots at “billionaires” and “corporate jet owners” again. My guess, he is simply hating on job creators, especially those who thumb their noses at union led airlines.
Comments »Today’s Biggest Winners
No. Ticker % Change
1 BQI 57.50
2 ICGN 31.40
3 OSN 18.54
4 ROYL 15.14
5 MAG 10.98
6 SCEI 10.64
7 IRE 10.34
8 PETD 9.71
9 RCON 9.69
10 CMM 9.32
11 LEI 8.86
12 MVIS 8.70
13 GOOG 8.45
14 CYDE 8.41
15 YRCW 8.26
16 SFY 8.24
17 MSHL 8.19
18 GEDU 8.07
19 PXD 7.97
20 SM 7.95
21 COG 7.86
22 RRC 7.84
23 LNG 7.76
24 JVA 7.73
25 AONE 7.7
European Markets Open Lower
European shares opened down from 0.5-1%, ahead of the latest European stress test results.
Related: S&P futures are falling, now off by 2.6, erasing earlier gains.
Comments »Report: UBS Favours Italian Stock Market
They cite decent macro backdrop, valuations in line with Greece and an economy not tied to its banks.
Further, they believe the Italian market has been sold off, unduly, and should be bought.
Comments »Breaking: Man Slashed Friend’s Face For Burning Chicken Dinner
“According to police, Poole became enraged after his friend burned a chicken dinner. Poole allegedly grabbed a kitchen fillet knife and slashed the 20-year-old man’s face in three places.
The victim suffered one cut below one of his eyes and another above the lip. Naperville police Sgt. Nick Liberio said one of the slashes proved to be ‘a deep cut.'”
Read the rest here.
Comments »
