U.S. Officials Feel The Nuclear Crisis Could Last For Weeks

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LISBON, Portugal (AP) — Portugal’s political and financial crisis deepened Thursday, when the main opposition party said it won’t support the minority government’s latest measures aimed at avoiding a bailout for the debt-laden country.

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Sector Summary: S&P Health Care Index Modestly Underperforming Broader Market

The S&P Health Care Index is trading +1.25% higher vs a +1.5% gain for the S&P 500 some items of note today include:

In corporate news, Genomic Health (GHDX -0.1%) announced results from nine studies utilizing the Oncotype DX test in early-stage breast cancer patients… Alnylam Pharma (ALNY -1.2%) responded to Tekmira (TKMR -13%) complaint. Co maintained its guidance regarding its pipeline, partnership, and cash goals… Cardiovascular Systems (CSII +3.3%) received FDA 510(k) marketing clearance for stealth 360 orbital PAD system… China Biologic Products (CBPO -7.8%) delayed its annual filing; issued prelim 2010 results; co expects 2010 revs below consensus.

In earnings news, Medivation (MDVN -0.6%) reported a Q4 loss of $0.11 per share, $0.06 better than the consensus of ($0.17)… SciClone Pharma (SCLN -15%) delayed filing its 10-K; reported preliminary Q4 revenues in-line; expected to see 2010 EPS below consensus.

In notable research, Sequenom (SQNM +2%) initiated with an Outperform and $9 tgt at Oppenheimer… Cepheid (CEPH +0.3%) initiated with a Outperform and $33 tgt at Oppenheimer.

Sector Summary: S&P Consumer Discretionary Index +1.1%, modestly underperforming the broader market

The consumer discretionary group is slightly underperforming the broader market in early trade. The retail group is in the green with the Retail HOLDRS Trust (RTH) up 0.6%, the S&P Retail (RLX) up 0.5% and the SPDR S&P Retail ETF (XRT) up 0.5%. Trading on upside: Delia*s (DLIA +5.1%) reported Q4 EPS of $0.02 ($0.7 mln), including a $2.1 mln tax benefit, may not compare to the ($0.06) single est; consensus; revs +1% YoY to $66.9 mln vs $67.50 mln single est… The Children’s Place (PLCE +1.4%) upgraded to Outperform from Market Perform at BMO Capital; tgt $58…  Trading on the downside: Guess? (GES -12.0%) beat by $0.05, beat on revs; guided Q1 EPS below consensus, revs below consensus; guided FY12 EPS below consensus, revs in-line… lululemon athletica (LULU -4.5%) beat by $0.07, beat on revs; guided Q1 EPS in-line, revs below consensus; guided FY12 EPS above consensus, revs in-line… Nearly unchanged: Cato (CATO) beat single est by $0.01, guided Q1 EPS above single est, FY12 EPS in-line and restated FY10 results after inventory valuation method change…

Select casino/gaming names are seeing early strength. Some names trading higher include: MPEL +3.1%, MGM +2.4%, IGT +2.0%,BYD +1.8%, PNK +1.5%, LVS +0.5%

Japan related stocks rebounding. Some names in the green include: PC +7.2%, CHBT +5.6%, SUP +5.0%, SNE +5.3%, NSANY +4.5%,CEU +3.4%, HMC +3.2%.

Other notable mentions: Leaders: Smithfield Foods (SFD +1.1%) initiated with a Hold at Morgan Joseph… Laggards: Winnebago Inds (WGO -7.8%) beat by $0.05, missed on revs.

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Commodities Update: Nat Gas Hits New Session Highs Following Inventory Data -Update

The dollar index remains weak this morning, which is providing strength to most commodities. In the CRB Index, 16 of its 19 components are trading higher led by sugar +3.3%, wheat +3.0% and copper +2.9%.

Natural gas futures trended higher overnight, hitting session highs an hour before pit trading began. Ahead of inventory data it was $0.03 higher at $3.96 per MMBtu. Following the data, which showed a draw of 56 bcf versus consensus of a draw down of 42 bcf, natural gas pushed to new session highs and is now +0.096 at $4.03 per MMBtu.

Crude oil is back near the $100 level as commodities are seeing a broad-based rally. Ongoing events in Japan, a weak dollar and strength in the Nikkei are providing additional strength in crude this morning. In current trade, its +2.2% at $100.13 per barrel.

Precious metals are mixed after gold erased its overnight losses. Gold moved into positive territory near the end of the overnight session and has been in positive territory since. It has pulled back somewhat, but remains above the $1400 level at $1400.40 +4.30 (+0.3%). Silver has gained modestly in recent trade, but remains slightly lower at $34.38 -0.08 (or -0.2%)

Thus far:

GMR -23%

SANM -17%

SCLN -17%

CBEH -15%

FEED -13%

GES -11%

FUQI -10%

Thus far:

UCBI +26%

MAXY +26%

SWS +22%

FTK +20%

VRA +14%

MRT +12%

SSN +10%

CIGX +10%

CGR +10%

Japanese stocks are lifting higher on the expectation that their nuclear plant will not melt down, leading to the creation of GODZILLA, who would gladly eat the city of Tokyo for lunch.

Here are the outperformers:

iiJi +7.7%

PC +7%

KYO +6.4%

NJ +5.6%

SNE +5.5%

NMR +4.8%

KNM +4.5%

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Due to the ridiculous amount of snow hitting the U.S. this winter, there is an expectation of massive flooding in the northern Great plains and the midwest. Sandbags have been deployed near the banks of rivers. However, the bigger issue is delay to plant. Record moisture is fucking with the small brains of farmers, forcing them to choose soybeans over wheat and vice versa. Also, the arduous conditions threatens to murder cattle, across the board.

Bottom line: Wheat prices are at new highs and there is a broad expectation that livestock and this year’s harvest will be dreadful.

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