Delinquencies rose from 5.88% to 6.44%
Comments »Monthly Archives: November 2011
Italian Bond Yields Spike After Budget Vote; Yields @ 6.75%
U.S. Job Openings Hit a Three Year High
Uncle Sam’s Housing Credit Puts More Home Owners in Negative Equity
Berlusconi Budget Vote Wins by a Narrow Margin; Stocks Go Flat on the News
Upgrades and Downgrades This Morning
Upgrades
TRMB – Trimble Navigation initiated with a Buy at Janney Mongeromery Scott
CBL – CBL & Assoc upgraded to Buy at Stifel Nicolaus
EMR – Emerson upgraded to a but at Citigroup
HON – upgraded to Buy from Neutral at Citigroup
FITB – Fifth Third initiated with a Buy at UBS
KEY – KeyCorp initiated with a Buy at UBS
DX – Dynex Capital upgraded to Buy from Hold at Cantor Fitzgerald
RAX – Rackspace upgraded to Buy at Kaufman Bros
STJ – St. Jude Medical upgraded to Outperform from Neutral at Credit Suisse
IVC – Invesco initiated with an Overweight at Morgan Stanley
TMH – Team Health Holdings upgraded to Buy from Neutral at Citigroup
BEN – Franklin Resources initiated with an Overweight at Morgan Stanley
ATK – Alliant Tech downgraded to Neutral from Buy at Suntrust
KRC – Kilroy Realty upgraded to Buy at Stifel Nicolaus
YPF – YPF Soc. Anonima upgraded to Buy from Neutral at BofA/Merrill
QNST – QuinStreet downgraded to Neutral from Outperform at Credit Suisse
CMA – Comerica initiated with a Buy at UBS
XYL – Xylem initiated with an Outperform at Wedbush
ATK – Alliant Tech downgraded to Sector Perform from Outperform at RBC Capital
CYN – City National initiated with a Buy at UBS
KKR – KKR initiated with an Equal Weight at Morgan Stanley
Downgrades
SNY – Sanofi-Aventis downgraded to Sell from Hold at Collins Stewart
RIMM – Research In Motion downgraded to Equal Weight from Overweight at Barclays
VRTX – Vertex Pharm downgraded to Neutral at Robert W. Baird
EXPE – Expedia downgraded to Underweight from Equal Weight at Morgan Stanley
ALU – Alcatel-Lucent downgraded to Neutral from Buy at BofA/Merrill
CBE – Cooper Industries downgraded to Neutral from Buy at Citigroup
BPO – Brookfield Properties downgraded to Hold at Stifel Nicolaus
HPT – Hospitality Props downgraded to Neutral from Buy at Janney Montgomery Scott
ASEI – American Science & Engineering downgraded to Sell at The Benchmark Company
NVS – Novartis AG downgraded to Hold from Buy at Collins Stewart
ITW – Illinois Tool downgraded to Neutral from Buy at Citigroup
BKE – Buckle downgraded to Neutral from Positive at Susquehanna
PNG – PAA Natural Gas Storage downgraded to Equal Weight from Overweight at Barclays
FII – Fed Investors initiated with an Underweight at Morgan Stanley
PXD – Pioneer Natural Resources downgraded to Neutral from Positive at Susquehanna
AB – AllianceBernstein initiated with an Underweight at Morgan Stanley
OVTI – OmniVision downgraded to Neutral from Outperform at Wedbush
NKA – Niska Gas Storage downgraded to Underweight from Equal Weight at Barclays
WMS – WMS Industries downgraded to Underperform from Buy at Credit Agricole
Comments »Gapping Up and Down This Morning
Gapping up
ASML +2.1%, DB +1.5%, VSAT +1.4%, VIMC +19.6%, PKT +16.7%, TRAK +10.9%, RPRX +9.1%,
LYG +6%, FRO +3.9%, GTAT +3.8%, SIG +3.1%, PCLN +2.8%, RAX +2.4%, NAT +2.3%, HOLX +2.3%,
Gaping down
LGCY -5.2%, URBN -4.4%, DYN -3.7%, KW -3.7%, TRGT -50.3%, LXU -11.1%, HOS -6%, ETP -3.4%,
PXD -3.3%, AZN -3.3%, TGI -2.5%,
Comments »In Play and On the Wires
Cycle Trends Say Hunker Down for Financial Winter (Tasty Chart Porn)
Deutsche Bank on Europe: ‘It’s Not Inconceivable That We Could Be In Full Crisis Mode By The End Of This Week’
“Such is the severity of the situation in Italy.
Here’s Deutsche Bank’s Colin Tan talking about the same thing that everyone else is talking about:
Its not inconceivable that we could be in full crisis mode by the end of this week. The situation with Italy feels increasingly like one that has little chance of materially improving until some
extreme pressure is put on someone to act. It may not come to a head this week but the signs are not good that we can avoid an extreme situation emerging soon.
The big problem: Berlusconi doesn’t seem like he’s in an urgent mood to make reforms, the ECB isn’t doing much, and China and Brazil have dropped out of the picture.
Hence we could get a big bustup: …”
Comments »Roubini: The Next MF Global Could Be Goldman Sachs
“Roubini was in fine form yesterday, scaring the bejeezus out of his followers on Twitter by saying that several huge financial institutions could collapse in the blink of an eye like MF Global.
These houses of cards, Roubini tweeted, include:
The problem, as Roubini has consistently warned, is the banks’ dependence on short-term financing to maintain their long-term asset leverage and run their businesses.
What killed MF Global, Lehman Brothers, Bear Stearns, AIG, and other huge financial firms, after all, was the sudden refusal of short-term lenders to continue lending money to the firms.”
Comments »MF Global Investigation Widens as Money Shortfall is Still Missing
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“The US investigation into the $633m shortfall at MF Global is widening as officials seek to question executives involved in the aborted sale of the trading firm to Interactive Brokers, people familiar with the matter say.
Officials with the Commodity Futures Trading Commission, Securities and Exchange Commission and Federal Bureau of Investigation are expected to interview employees this week from MF Global, Interactive Brokers, and Evercore Partners, MF Global’s banker, these people say.”
Comments »HP Mulls Sale of the Palm Web OS Unit
Italian Bond Yields Relax Slightly Before Budget Vote
Chart Lab Founder: S&P To Hit New Highs By Year End (video)
DICK bove: Banks Will Go Up, Market Will Follow
“Despite fears about the European contagion, the U.S. banks are through the crisis and will lead the market forward, Dick Bove, noted bank analyst and Vice President of Equity Research at Rochdale Securities, told Larry Kudlow Monday. And when you’re ready to buy, he’s got a few names for you.”
Comments »A New Grecian Formula: SocGen Eliminates Dividend Amid Losses
Profits from the bank fell dramatically in part to their exposure to Greece.
Comments »
