Japan Stocks Weak in Early Trading
Japanese stocks ticked lower in early Monday trading, with tech and pharmaceutical shares among the decliners. The Nikkei Stock Average JP:NIK -0.35% lost 0.4% to 8,764.87, with the Topix shedding 0.5%. Some tech exporters lost ground after strong gains on Friday, with Toshiba Corp. JP:6502 -1.94% TOSYY +0.59% down 1.7%, Elpida Memory Inc. JP:6665 -2.14% ELPDF -1.80% dropping 2.6%, and NEC Corp. JP:6701 -1.16% NIPNF -4.65% losing 1.7%. Shares of Takeda Pharmaceutical Co.JP:4502 -2.28% TKPHF -0.11% gave up 2.3% after the company posted a 6% fall in first-half net profit, with disappointing sales for its Actos diabetes drug. Rival pharma firm Daiichi Sankyo Co. JP:4568 -1.64% DSKYF -0.88% lost 1.9%
Comments »Flash: Euro Holds Steady After Greek Deal
The euro was little changed against the dollar on Monday after Greek Prime Minister George Papandreou and opposition leader Antonis Samaras agreed on a new coalition government to approve a euro zone bailout deal before elections.
The euro was at $1.3781 in early Asia-Pacific trade, versus around $1.3764 in late trade in New York.
The agreement came after the two leaders held talks with the president in an effort to break a political deadlock and thrash out a deal for a national unity government demanded by the country’s European partners.
Comments »Today’s Hot Stocks
U.S. stocks traded lower Friday as the Dow Jones Industrial Average recently shed 103 points to 11941, the Standard & Poor’s 500 fell 11 points to 1250, and the Nasdaq Composite declined 15 points to 2683. Among the companies whose shares are actively trading in the session are PerkinElmer Inc. (PKI), Chesapeake Energy Corp. (CHK) and Genworth Financial Inc. (GNW).
PerkinElmer’s ($19.31, -$1.32, -6.40%) third-quarter earnings more than doubled on revenue growth in both the human and environmental health divisions, though margins slipped as revenue growth was slower-than-expected.
Chesapeake’s ($27.06, -$1.97, -6.79%) proposed Utica shale deals will help its funding needs, says UBS, but it notes the oil-and-gas company still needs to do more in order to achieve its goal of reducing its current debt-to-capital ratio of 49%. The investment bank speculates that Chesapeake’s next steps may include selling some of its oilfield-services business, another joint venture or trust and other divestitures.
Genworth ($7.11, +$0.95, +15.42%) reported Thursday its third-quarter earnings slid 65% as the insurer posted a net investment loss and took a hit from tax items, but shares jumped as operating results easily topped expectations driven by better-than-expected results in Genworth’s U.S. mortgage-insurance and corporate business. The company also announced plans to pursue a minority initial public offering of its Australian mortgage-interest business with an anticipated sale of up to 40% of its interest. That could fetch Genworth $560 million to $720 million of immediate additional liquidity while also enhancing its financial flexibility, Credit Suisse said.
Starbucks Corp.’s (SBUX, $44.26, +$2.86, +6.91%) fiscal fourth-quarter profit jumped 29% as the coffee merchant reported continued same-store sales growth, particularly in the U.S., as traffic and the amount consumers spent per purchase also kept rising. The company raised its quarterly dividend by 31% to 17 cents a share, pointing to the strength of its business and outlook, and authorized the repurchase of an additional 20 million shares. The results topped expectations.
Fluor Corp. (FLR, $55.10, -$3.50, -5.97%) reported Thursday it swung to a third-quarter profit on higher sales and an improved margin after charges had pushed its industrial-and-infrastructure segment to a loss in the prior year. But shares in the engineering and construction company slipped as the results were short of expectations and the company’s outlook underwhelmed investors.
Other Stocks in Focus:
A123 Systems Inc. (AONE, $3.20, -$0.33, -9.35%) lowered its revenue guidance for the year, citing an unanticipated reduction in orders for battery packs from Fisker Automotive hurting its fourth-quarter revenue.
Alcatel Lucent SA’s (ALU, $2.27, -$0.49, -17.79%) (ALU.FR) American depositary shares slumped after the telecommunications equipment maker lowered its 2011 full-year guidance and said economic uncertainty in Europe and slowing demand for its older products would dent fourth-quarter revenue.
Allscripts Healthcare Solutions Inc.’s (MDRX, $20.48, +$0.91, +4.65%) third-quarter earnings soared as the health-records company recorded higher revenue and a lower tax rate, while acquisition-related expenses weighed on the company’s year-ago results. The company raised its full-year guidance and its results also beat expectations.
Losses at American International Group Inc. (AIG, $23.48, -$1.15, -4.67%) widened by 71% to $4.1 billion in the third quarter, driven by volatile markets, a write-off at its plane-leasing unit and profit declines in its main insurance businesses. Separately, the company said its board had approved a repurchase of up to $1 billion common shares.
AMR Corp.’s (AMR, $2.47, -$0.13, -4.97%) American Airlines reported moderately lower traffic in October as it flew fewer planes with fewer passengers.
Apollo Investment Corp.’s (AINV, $8.00, -$0.41, -4.88%) fiscal second-quarter results missed analysts’ estimates and its net asset value declined 17% as market declines pressured asset pricing.
Bank of America Corp. (BAC, $6.57, -$0.35, -4.99%) Chief Executive Brian Moynihan often pledged not to raise capital through selling common stock, a promise the market had trouble believing and has been fixated on for months. Thursday night, Bank of America said it may issue up to 400 million shares to preferred-stock holders, calling it “economically advantageous.” That begged the question of whether Bank of America is breaking its promise. It says no and, so far, analysts have its back. Wells Fargo calls the move an “opportunistic response to current dislocated market” and isn’t driven by need or regulators. And Morgan Stanley deems it a positive and thinks the issuance could boost capital ratios above current expectations. Still, shares traded down.
CBOE Holdings Inc.’s (CBOE, $26.77, +$0.88, +3.40%) third-quarter earnings more than doubled as massive market turbulence helped the exchange operator book a double-digit jump in revenue.
China Sunergy Co. (CSUN, $1.03, -$0.04, -3.74%) lowered its forecast for third-quarter solar module shipments and predicted negative margins for the period, citing weaker-than-expected market demand for the majority of the quarter.
Con-Way Inc. (CNW, $27.77, -$1.46, -4.99%) swung to a third-quarter profit as the less-than-truckload shipper reported broad revenue growth, including double-digit sales gains for its freight and truckload businesses, while special items weighed on year-ago results. Con-way also said it is seeing higher-than-expected maintenance costs for trucks purchased in the 2004-2005 time frame, when engine technology underwent somewhat of a “generational change.” Trucks bought around then “are not having the same kind of longevity” as earlier models, it said. Problems are showing up now, when the trucks are seven to eight years old, although CNW’s freight division generally keeps trucks for about 10 years.
Digi International Inc.’s (DGII, $10.87, -$2.05, -15.84%) fiscal fourth-quarter results fell short of analysts’ estimates as total operating expenses increased. The company, which makes connectivity hardware and software, also forecast first-quarter results below what analysts were expecting.
Entropic Communications Inc.’s (ENTR, $5.62, -$0.32, -5.31%) shares are taking a hit on worries about the home networking chip maker’s guidance for the current period. During a call with analysts, Entropic forecast fourth-quarter revenue of $54 million to $55 million, above analysts’ estimates for $53 million. But it projects earnings-per-share of 10 cents, slightly below the Wall Street view for 11 cents per share. D.A. Davidson says investors expecting a bit more out of the guidance and that spending is a little higher as Entropic builds new products. Stifel Nicolaus notes management’s guidance and commentary continue to suggest Entropic will struggle to resume meaningful growth and may take several quarters to get back to positive year-over-year growth and prior quarterly rev run-rates.
First Solar Inc.’s (FSLR, $51.55, +$3.37, +6.99%) chairman outlined a raft of changes Thursday, including scaling back manufacturing plans, cutting costs and changing the company’s approach to finding new customers, as part of an effort to boost the company’s global competitiveness. The move impressed Lazard Capital, which raised its stock-investment rating on the company to buy from neutral.
Flagstone Reinsurance Holdings Ltd. (FSR, $8.08, -$0.85, -9.52%) swung to a third-quarter loss as the reinsurer’s payouts surged on catastrophe costs and its revenue plunged on investment losses.
Standard & Poor’s Ratings Services cut Gentiva Health Services Inc.’s (GTIV, $3.61, -$0.31, -7.91%) a notch further into junk territory Thursday after the company’s planned restructuring changes raised the specter of a possible technical default.
Daily deals website Groupon Inc. (GRPN, $28.35, +$8.35, +41.75%) enjoyed an early trading pop on its IPO Friday, paving the way for more new stocks to launch in the weeks ahead. The Chicago-based company’s initial-public-offering price was $20.
Hansen Natural Corp.’s (HANS, $94.16, +$4.03, +4.47%) third-quarter profit rose 24% on strong volume growth and higher prices.
Health Care REIT Inc. (HCN, $50.27, -$2.01, -3.84%) said its enlarged offering of 11 million shares priced at a 4.4% discount to Thursday’s close.
Inhibitex Inc. (INHX, $9.05, +$5.09, +128.41%) reported its third-quarter loss was unchanged from a year earlier as revenue surged, while also saying it saw favorable results in ongoing clinical trials of a drug aimed at treating infections caused by the hepatitis C virus.
Intermec Inc.’s (IN, $7.62, -$0.99, -11.50%) third-quarter revenues rose 26% year-over-year, but shares fell as the results missed expectations and the company, which develops and sells wired and wireless automated identification and data collection products, guided to fourth-quarter earnings-per-share below analysts’ estimates.
International Rectifier Corp.’s (IRF, $22.93, -$1.08, -4.50%) fiscal first-quarter earnings fell short of analysts’ expectations, and the chipmaker projected second-quarter revenue below the Street’s consensus estimate.
LinkedIn Corp. (LNKD, $80.51, -$7.00, -7.99%) swung to a third-quarter loss as the professional-networking site’s revenue more than doubled. Shares fell even as the company raised its full-year revenue estimate.
Live Nation Entertainment Inc. (LYV, $8.66, -$0.91, -9.51%) posted a surprise 7.3% decline in attendance during the summer concert season, but President and Chief Executive Michael Rapino told CNBC that the business is still strong. Festivals, the European segment and North American arena revenue climbed 5%-6%, but amphitheaters “purposefully” weighed on the quarter as the world’s largest live-event promoter tried to drive profit margin, Rapino said. He also doesn’t see “deterioration” heading into the fourth quarter, but investors aren’t listening.
Madison Square Garden Co.’s (MSG, $27.76, +$1.01, +3.78%) fiscal first-quarter profit rose 11% as growth in its cable networks helped make up for the closure of its namesake arena for renovations.
Microchip Technology Inc.’s (MCHP, $36.99, +$1.22, +3.41%) fiscal second-quarter results met analysts’ estimates, and the company issued in-line guidance for the current quarter despite poor economic conditions currently impacting the semiconductor industry. The chip maker said this quarter will mark the low point for revenue, gross margin and earnings per share during the current cycle, with next quarter showing sequential growth. Morgan Keegan notes Microchip historically has been a “good harbinger” for the semiconductor industry due to how it recognizes revenue, its short lead times and its small- to medium-sized customers that can adjust inventories easier to reflect current end-market demand.
Moog Inc.’s (MOGA, $38.28, +$1.02, +2.74%) fiscal fourth-quarter results topped Wall Street’s estimates as aircraft and military aircraft sales climbed 13%, while commercial airline revenue gained 10% and sales to Airbus jumped 36% as production on existing Airbus programs increased. The company, which develops precision control components and systems for aircraft, satellites and space vehicles, also raised its fiscal 2012 guidance.
Murphy Oil Corp. (MUR, $54.90, -$2.53, -4.41%) Chief Executive David Wood’s willingness to provide “self-imposed targets is risky” as “any slippage in growth becomes more and more” dilutive on returns, says Deutsche Bank. The company on Wednesday lowered its 2012 production target by 10% but maintained an ambitious production target for 2015. Murphy also plans to boost capital spending 30% next year. “When the track record of the past couple of years of missing targets is considered, outlining a new plethora of targets becomes unnecessarily, even excessively, risky,” says Deutsche Bank.
NextEra Energy Inc.’s (NEE, $55.98, -$1.63, -2.83%) third-quarter profit sank 43%, missing Wall Street’s estimates, as its unregulated generating business posted lower earnings.
Oil States International Inc.’s (OIS, $74.36, +$3.18, +4.47%) third-quarter results beat analysts’ estimates as its well site services segment benefited from higher revenue and margins in rental tools and stronger land drilling utilization and margins.
Global Hunter Securities raised its stock-investment rating on PDC Energy (PETD, $29.17, +$1.46, +5.27%) to buy from accumulate, noting that uncertainty surrounding its unexpected management change during the second quarter seemed to have been remedied. The company is poised to streamline its focus on two core areas with planned asset sales of approximately $300 million, and its aggressive entry into the Utica region “looks like a shrewd move,” Global Hunter said.
Pepco Holdings Inc.’s (POM, $19.45, -$0.41, -2.06%) third-quarter earnings surged as the prior year was weighed down by debt retirement-related costs, though revenue in the energy services segment dropped significantly in the latest quarter.
Plains Exploration & Production Co. (PXP, $35.46, +$2.12, +6.36%) swung to third-quarter loss amid derivatives impacts and other items as the oil-and-gas exploration company also unveiled plans to sell more assets, part of its broader strategy to increase revenue. But results still topped analysts’ estimates and the company agreed to sell its working interests in its Texas Panhandle region properties to Linn Energy LLC (LINE, $37.20, +$0.07, +0.19%) for $600 million. Plains also reached a deal to sell its working interest in its south Texas conventional natural-gas properties to an unidentified third party for $185 million.
Public Storage’s (PSA, $124.42, -$2.84, -2.23%) third-quarter earnings fell 35%, missing analysts’ estimates, as the storage-facility owner’s revenue growth showed signs of slowing.
Quest Software Inc.’s (QSFT, $19.14, +$1.13, +6.27%) third-quarter results came in ahead of the Street’s estimates as the company’s revenue climbed 14% year-on-year.
Red Robin Gourmet Burgers Inc. (RRGB, $27.18, +$2.20, +8.81%) swung to a third-quarter profit as revenue rose and margin improved, in results that replicated the previous quarter’s pattern of increasing sales with a higher average check rather than luring in more customers.
Rofin-Sinar Technologies Inc.’s (RSTI, $23.55, -$2.78, -10.56%) fiscal fourth-quarter results were slightly above the Street consensus, but the company took a cautious view for the first quarter, projecting first-quarter results sharply lower than what analysts were expecting. Rofin-Sinar cited slowed order intake in the Asian markets, led by China controlling its inflation and the general tightening in credit allocated to the private economy, as a reason for the weak outlook.
Seattle Genetics Inc.’s (SGEN, $18.17, -$3.79, -17.26%) third-quarter results beat analysts’ estimates, but Piper Jaffray lowered its stock-investment rating on the company to neutral from buy. Piper says the company’s shares are fully reflective of its strong launch of blood cancer drug Adcetris, and that it will be a “long time” until clinical data enables broader approval of the product.
Skyworks Solutions Inc.’s (SWKS, $21.49, +$0.99, +4.83%) fiscal fourth-quarter results came in slightly above what analysts were expecting, but the analog and mixed signal chip designer gave first-quarter guidance below analyst estimates, citing near-term market weakness.
Solera Holdings Inc.’s (SLH, $53.03, -$1.24, -2.28%) fiscal first-quarter earnings rose 7.3% as the software company posted broad sales growth, though it cut its full-year forecast.
Sprint Nextel Corp. (S, $2.88, +$0.07, +2.49%) moved Friday to issue new debt, as the third-largest U.S. wireless carrier looks to finance expensive network upgrades and to close a looming cash deficit. Sprint is aiming to raise at least $2 billion from the debt sale, and perhaps as much as $5 billion if there’s enough demand, The Wall Street Journal reported, citing a person familiar with the transaction. Clearwire Corp. (CLWR, $1.93, +$0.18, +10.29%) was included as a possible use of the funds Sprint hopes to raise, a positive for that company.
St. Joe Co.’s (JOE, $13.50, -$0.32, -2.32%) third-quarter loss narrowed as the Florida developer booked lower expenses, though revenue declined slightly.
Sunoco Inc. (SUN, $37.20, -$0.89, -2.34%) swung to a third-quarter loss on a big write-down tied to its decision to exit the refining business, masking a surprise surge in revenue. Adjusted earnings just missed estimates.
Universal Electronics Inc.’s (UEIC, $17.35, -$1.43, -7.61%) third-quarter results beat analysts’ estimates, but the technology firm’s fourth-quarter guidance fell short of what the Street was looking for.
Vornado Realty Trust (VNO, $80.18, -$2.30, -2.79%) third-quarter earnings fell 48% as the commercial-property owner booked a loss on its J.C. Penney Co. (JCP, $33.47, -$0.05, -0.15%) investment, though revenue rose more than expected.
Washington Post Co. (WPO, $328.00, -$7.70, -2.29%) swung to a third-quarter loss on heavy charges and as revenue in its education unit continued to show weakness and its publishing arm saw a revenue drop as well.
Windstream Corp.’s (WIN, $11.81, -$0.72, -5.75%) third-quarter earnings fell 16% as the rural-telecom company reported weaker-than-expected revenue and a jump in costs.
-Edited by Ian Thomson and Corrie Driebusch; write to [email protected] and [email protected]
(END) Dow Jones Newswires
Comments »
Sector Index Winners and Losers
===============================================================================
----- Percent Change ------
Sector Index Daily 1 Wk. 1 Mo. 3 Mo. 1 Yr.
===============================================================================
Restaurants & Bars 9114.95 102.62 1.98 10.91 10.33 19.62
Coal 4072.62 98.75 6.36 35.10 -7.32 -14.22
Iron & Steel 2481.63 40.98 3.88 32.26 -1.17 -7.92
Drug Retailers 6156.95 40.81 2.24 11.21 4.62 13.03
Toys 3869.91 36.89 2.75 18.02 17.63 17.91
General Mining 2881.01 29.94 1.99 19.57 -12.17 -1.42
Furnishings 2731.92 16.88 2.37 21.78 9.05 14.98
Containers & Packaging 2547.33 9.47 2.61 13.41 1.51 1.62
Forestry & Paper 1576.45 6.19 3.77 20.29 12.32 4.65
Exploration & Production 7553.48 5.90 2.58 30.38 3.49 16.17
Paper 1236.01 5.86 3.94 20.97 11.75 3.89
Pipelines 6659.66 5.24 1.56 31.07 23.72 48.33
Travel & Tourism 2485.39 2.13 2.67 16.09 1.87 20.64
Mortgage Finance 170.97 -0.46 1.08 11.07 0.77 -21.01
Electronic Office Equip 916.91 -0.77 3.28 14.53 -1.79 -25.79
Tires 437.94 -1.33 3.40 43.29 5.42 16.27
Mobile Telecom 1246.43 -2.74 2.06 5.60 -4.46 -12.17
Electr Components & Equip 2352.17 -3.44 2.78 20.23 8.96 -1.49
Health Care Providers 4657.82 -4.65 0.26 13.97 2.29 9.84
Home Construction 2191.64 -5.51 1.44 24.91 1.86 -12.23
Marine Transportation 1396.89 -5.53 1.98 16.64 3.13 -14.78
Food Retailers & Wholesalers 1776.82 -5.67 -0.29 7.25 0.37 -1.02
Internet 2068.95 -5.68 2.07 17.69 5.73 -5.95
Full Line Insurance 326.91 -6.24 -2.88 12.97 -9.60 -25.05
Durable Household Prod 1633.79 -6.29 1.81 18.62 3.14 -4.84
Biotechnology 3644.25 -6.36 0.21 5.55 6.05 2.92
Aluminum 1411.82 -7.05 1.23 18.88 -15.01 -19.55
Telecom Equip 5684.84 -7.34 3.45 15.79 12.73 -9.33
Nonferrous Metals 6394.87 -7.45 0.28 24.28 -11.67 -22.82
Airlines 574.61 -7.58 0.27 11.28 5.91 -37.16
Insurance Brokers 2802.39 -9.35 -0.26 13.48 4.95 15.86
Media Agencies 3821.00 -10.50 2.89 17.51 5.08 -8.09
Business Support Serv 993.99 -10.64 1.21 10.47 3.03 10.48
Publishing 2188.37 -11.04 0.45 8.02 0.40 -3.61
Multiutilities 1401.57 -11.12 0.64 6.44 12.85 7.90
Life Insurance 3101.46 -12.33 1.02 20.89 -1.72 -14.75
Build Materials & Fixtures 2379.97 -12.61 2.66 17.75 8.71 2.90
Prop & Casualty Insurance 3693.40 -12.73 0.88 13.47 7.23 0.89
Specialty Retailers 3016.71 -14.04 0.70 12.17 7.86 7.90
Gas Distribution 2004.58 -14.28 1.27 13.34 11.20 15.47
Waste & Disposal Serv 1269.16 -15.29 0.37 3.25 5.45 2.06
Fixed Line Telecom 1092.90 -15.91 0.02 3.20 1.77 0.01
Gold Mining 2425.98 -16.19 3.54 15.13 21.07 16.57
Industrial Suppliers 3918.24 -17.69 2.97 18.75 21.74 30.37
Electricity 1836.07 -18.11 0.18 6.30 8.71 7.79
Nondurable Household Prod 5464.01 -18.81 0.11 -0.38 5.13 -1.99
Commodity Chemicals 2358.51 -20.75 1.32 18.17 0.10 -0.59
Automobiles 1836.55 -22.47 0.93 11.69 0.32 -23.74
Personal Prod 4518.69 -22.88 2.56 3.71 7.36 10.59
Specialty Finance 3770.56 -24.02 2.21 16.24 2.21 -2.65
Specialty Chemicals 5863.62 -24.42 2.24 20.19 2.95 5.55
Food Prod 2907.78 -24.59 0.82 5.44 2.27 12.90
Pharmaceuticals 2282.68 -26.86 0.35 5.81 7.59 4.27
Auto Parts 2424.49 -28.77 1.41 18.24 1.51 -0.27
Apparel Retailers 3813.65 -29.61 -0.40 10.57 11.15 17.25
Broadline Retailers 4047.36 -30.29 0.13 6.15 11.29 12.28
Specialized Consumer Serv 3702.05 -30.65 2.82 13.11 1.91 8.33
Real Estate Invest Trusts 2010.65 -31.04 -0.37 11.95 2.95 -1.51
Electronic Equip 3424.81 -32.32 2.28 18.97 7.30 0.01
Defense 4396.84 -33.33 2.14 9.05 3.33 -4.38
Gambling 6629.18 -33.77 -0.06 19.50 1.94 -1.07
Banks -SS 2024.69 -34.00 0.51 12.04 -7.90 -18.31
Diversified Industrials 2542.48 -34.13 1.10 12.64 1.12 -0.24
Real Estate Invest & Serv 2165.76 -34.27 -0.20 20.68 -8.99 -13.30
Tobacco 4409.21 -34.65 0.40 7.46 5.70 12.46
Brewers 4232.06 -35.05 -0.34 1.73 -4.87 -17.47
Computer Hardware 8669.29 -35.42 1.63 11.01 3.09 8.38
Integrated Oil & Gas 5367.12 -36.87 1.22 11.27 6.46 15.55
Transportation Serv 2452.50 -36.98 1.04 23.03 6.13 9.34
Industrial Machinery 4729.66 -37.41 2.83 22.16 8.40 4.75
Recreational Serv 2362.51 -38.18 0.17 16.03 7.52 -14.43
Hotels 2667.22 -40.54 0.23 21.10 7.66 -11.81
Broadcasting & Entertainment 3704.06 -42.58 0.42 10.97 1.50 4.53
Financial Admin 4189.27 -42.94 1.76 11.01 5.98 7.79
Medical Equip 5389.37 -43.59 1.00 5.26 -0.71 4.10
Oil Equip & Serv 6094.86 -44.27 3.41 28.10 -6.04 7.38
Clothing & Accessories 3024.15 -45.03 -0.68 19.43 13.81 32.54
Trucking 3315.84 -45.82 0.22 7.97 0.65 -3.13
Consumer Electronics 8472.10 -49.05 0.15 30.59 10.43 -11.07
Invest Serv 3168.25 -49.26 1.00 11.91 -9.74 -25.54
Soft Drinks 3803.00 -49.86 -0.23 3.45 1.19 3.46
Home Improv Retailers 6067.18 -51.33 0.52 10.79 11.42 7.21
Computer Serv 7046.83 -52.88 1.21 7.99 7.08 20.95
Water 4911.58 -57.11 1.14 4.58 6.69 10.65
Commercial Vehicl & Trucks 10956.86 -58.44 2.22 27.96 7.00 1.62
Consumer Finance 5572.16 -60.66 1.45 14.20 7.27 19.53
Farming & Fishing 5413.74 -67.72 0.03 14.16 9.13 14.28
Asset Managers 5241.28 -71.74 1.04 13.55 -4.24 -15.12
Medical Supplies 6759.63 -78.06 0.13 4.10 0.12 4.42
Software 7803.63 -79.68 1.68 11.24 6.69 4.82
Distillers & Vintners 4735.48 -82.50 -0.46 7.24 9.72 2.29
Footwear 7398.74 -86.11 -0.41 9.12 10.32 19.90
Delivery Serv 7549.09 -94.58 0.74 12.08 3.38 -5.28
Reinsurance 6090.37 -103.68 -0.01 6.55 8.38 -6.70
Heavy Construction 4225.95 -158.78 0.10 16.51 1.83 0.14
Source: WSJ Market Data Group
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Most Active Put/Call Options Trades
CALLS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE ANR 12/17/11 32.0000 8563 1.5500 up 0.6600 CAG 1/21/12 25.0000 6000 1.1000 dn 0.1000 BAC 11/19/11 7.5000 4915 0.0600 dn 0.0500 PFE 1/21/12 17.5000 4787 2.2400 dn 0.2200 MU 4/21/12 7.0000 4077 0.5700 up 0.0900 AAPL 11/4/11 405.0000 3938 0.0700 dn 1.0100 GLD 11/11/11 171.0000 3830 2.0000 dn 0.9600 GLD 11/4/11 171.0000 3478 0.3300 dn 1.1000 AAPL 11/4/11 400.0000 3391 1.7100 dn 2.0900 GLD 11/19/11 171.0000 3376 3.0000 dn 0.9500 -PUTS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE ORCL 1/21/12 30.0000 22272 1.2600 up 0.2100 ORCL 1/21/12 32.0000 14720 1.9100 up 0.2800 SBUX 4/21/12 39.0000 12015 2.4500 dn 0.8000 LEN 12/17/11 17.0000 8914 1.0500 dn 0.0900 DOV 3/17/12 45.0000 8532 2.0500 up 0.0000 SBUX 4/21/12 43.0000 8014 3.8000 dn 1.3000 GM 11/19/11 23.0000 7580 0.7300 up 0.1000 INTC 2/18/12 21.0000 6750 0.6800 up 0.1100 CEDC 12/17/11 2.5000 6109 0.3000 up 0.1500 NFLX 11/4/11 90.0000 4974 0.1800 dn 0.5700 -VOLUME- CALLS PUTS TOTAL 1066868 1214965 2281833Comments »
Money Flows, A/D Line, and Today’s Heat Map
Money Flows
MONEY FLOW - UPTICK/DOWNTICK TRADING DOLLAR VOLUME Nov 04,2011 11:05 AM
MARKET MONEY FLOW (in millions) RATIO
TODAY PREV DAY
DJIA -9.4 +457.9 0.99
Blocks -4.0 +511.3 0.97
Russell 2000 -69.0 +1315.2 0.94
Blocks -13.0 +1291.3 0.88
S & P 500 -326.2 +337.0 0.94
Blocks -242.0 +218.8 0.69
DJ U.S. Total Stock Market -523.4 +1796.0 0.95
Blocks -220.1 +1596.2 0.85
ISSUE GAINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO
(in millions)
Groupon Inc GRPN NASD 28.19 +69.9 1.58
iShrs Barclays MBS Bond MBB ARCA 107.80 +45.0 36.47
Rentech Nitrogen Ptrs LP. RNF NYSE 19.70 +28.4 2.40
SPDR Gold Tr GLD ARCA 170.41 +25.2 1.21
Microsoft MSFT NASD 26.08 +23.3 2.13
Yahoo! YHOO NASD 14.96 +19.7 2.06
Health Care REIT HCN NYSE 50.31 +16.8 1.50
Amazoncom AMZN NASD 214.76 +16.5 1.22
Vanguard Intermed-Term Bd BIV ARCA 87.77 +15.7 18.88
iShrs Russell 1000 Growth IWF ARCA 58.12 +15.0 3.91
Varian Smcndtr Eqpmt VSEA NASD 62.52 +14.2 1.57
Intel INTC NASD 23.81 +14.0 1.57
Banco Itau Hldg ITUB NYSE 18.41 +12.0 3.32
ExxonMobil XOM NYSE 77.55 +12.0 1.27
iShr FTSE China 25 FXI ARCA 37.19 +10.6 1.47
Citigroup C NYSE 30.17 +10.6 1.20
Ford Motor F NYSE 11.22 +9.9 1.67
BHP Billiton BHP NYSE 77.59 +8.6 1.62
Cadence Design Systems CDNS NASD 11.08 +8.1 11.71
Netflix NFLX NASD 88.06 +7.0 1.07
ISSUE DECLINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO
(in millions)
Apple AAPL NASD 400.25 -58.1 0.88
iShrs MSCI Emerg Mkts EEM ARCA 40.76 -38.3 0.45
iShs Brclys 3-7 Yr Trs Bd IEI ARCA 121.58 -33.3 0.01
SPDR S&P 500 SPY ARCA 124.46 -32.9 0.95
iShs iBX $ High Yld Cp Bd HYG ARCA 88.33 -32.1 0.28
iShrs Russell 2000 IWM ARCA 74.03 -26.9 0.82
Qualcomm QCOM NASD 55.31 -25.1 0.65
pricelinecom PCLN NASD 501.00 -24.3 0.75
Select Sector SPDR-Finl XLF ARCA 13.19 -19.7 0.31
Vanguard MSCI Emerg Mkts VWO ARCA 41.53 -16.4 0.60
Bank Of America BAC NYSE 6.63 -13.7 0.73
Google GOOG NASD 593.47 -13.4 0.93
Becton Dickinson BDX NYSE 71.88 -12.4 0.53
IBM IBM NYSE 185.67 -12.2 0.77
St Jude Medical STJ NYSE 38.25 -11.5 0.28
Coca-Cola KO NYSE 67.56 -11.2 0.62
Taiwan Semi Mfg TSM NYSE 12.99 -11.0 0.31
Oracle ORCL NASD 32.30 -10.6 0.61
AT&T T NYSE 29.00 -10.4 0.57
Jefferies Grp JEF NYSE 11.45 -9.8 0.67
Comments »
Non Farm Payroll Data Appears Better Than Headline Number Suggests
New 52 Week Highs and Lows Today
NYSE
COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Ameren Corp AEE 33.49 295,166 Assd Banc-Corp.8.00%Pfd ABWpB 24.99 3,700 BlkRk MuniHldgs CA Qlty MUC 14.30 9,758 BlkRd MuniYld Michigan II MYM 13.54 4,759 Entergy Louis 1 Mtg Bd ELA 27.31 951 Fair Isaac FICO 34.45 108,419 First BanCorp Rts FBPr 0.44 1,400 Invesco Insured Mun Bd Tr IMC 15.68 1,555 Mastercard MA 368.99 160,244 SummitHotelPropInc.9.25% INNpA 24.95 600 Vectren Corp VVC 29.49 92,974 New Lows 9 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ ExamWorks Group EXAM 6.56 324,440 First Tr Engy Infr Fd FIF 19.82 73,100 Furniture Brands FBN 1.30 130,776 Genie Energy GNE 6.68 41,714 Medifast MED 13.71 235,652 NeoPhotonics NPTN 4.25 62,294 Rosetta Stone RST 8.20 102,630 St Joe Co JOE 13.26 101,077 Sun Life Fincl SLF 21.84 281,431 NASDAQ
New Highs 14 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ AmTr Fincl Svcs AFSI 26.99 52,553 Appliance Recycling Ctrs ARCI 6.40 134,521 Crescent Fincl CRFN 4.30 4,200 Cyanotech CYAN 5.50 4,715 Drdgold Limited ADS DROOY 7.03 129,621 EV Energy Partners LP EVEP 77.96 177,545 Fastenal Co FAST 40.33 286,343 Inhibitex INHX 8.84 3,613,803 InnerWorkings INWK 9.85 74,243 Maxwell Techs MXWL 20.59 151,699 Medivation MDVN 42.50 903,101 Multimedia Games Holding MGAM 7.13 14,618 Rex Energy REXX 17.11 581,316 Starbucks SBUX 44.23 4,151,960 New Lows 21 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ AutoNavi Holdings Ltd ADS AMAP 11.55 2,521 Bio-Reference Labs BRLI 16.36 61,067 Cadence Pharmaceuticals CADX 5.14 127,388 Central European Distr CEDC 3.70 1,363,786 Codorus Valley Bancorp CVLY 8.23 1,292 Digital River DRIV 17.19 82,402 Echelon ELON 6.26 102,717 Hovnanian Enterprises A HOVNP 1.47 3,700 iGo IGOI 1.00 79,308 Image Sensing Sys ISNS 5.68 9,200 Iridex IRIX 3.08 3,902 Penson Worldwide PNSN 1.13 65,752 Powerwave Techs PWAVD 2.51 86,783 Pure Bioscience PURE 0.60 8,518 Recovery Energy RECV 4.00 5,680 SRS Labs SRSL 6.16 28,660 SemiLEDS LEDS 2.82 34,023 Tecumseh Products B TECUB 4.93 9,516 Tecumseh Products A TECUA 4.60 60,479 Transition Therapeutics TTHI 1.51 5,629 Trident Microsystems TRID 0.27 1,604,539Comments »
This Mornings Early Large Cap Losers
No. Ticker % Change Market Cap
1 ALU -15.76 6,260,000,000
2 WIN -6.30 6,390,000,000
3 VRUS -5.74 5,890,000,000
4 AIG -5.72 46,750,000,000
5 FLR -5.38 10,190,000,000
6 LNKD -5.09 8,420,000,000
7 HCN -4.98 9,400,000,000
8 VE -3.69 7,260,000,000
9 MS -3.66 32,670,000,000
10 AEG -3.35 8,990,000,000
11 VIA-B -3.32 23,770,000,000
12 DB -3.14 36,900,000,000
13 KMX -2.80 6,960,000,000
14 CS -2.80 32,570,000,000
15 PUK -2.75 25,860,000,000
16 TRMB -2.69 5,340,000,000
17 BAC -2.68 70,030,000,000
18 CPL -2.68 12,400,000,000
19 PHG -2.58 20,070,000,000
20 ING -2.56 32,580,000,000
21 YNDX -2.55 9,240,000,000
22 WF -2.50 7,280,000,000
23 CHA -2.47 50,690,000,000
24 BBVA -2.40 41,380,000,000
25 HCP -2.33 16,080,000,000
26 PLD -2.32 13,410,000,000
27 FTR -2.27 5,700,000,000
28 AMP -2.26 10,640,000,000
29 SI -2.25 92,100,000,000
30 UBS -2.22 47,100,000,000
31 ERIC -2.21 34,770,000,000
32 CBD -2.21 10,060,000,000
33 NOK -2.19 25,410,000,000
34 JEC -2.18 5,200,000,000
35 STT -2.18 19,910,000,000
36 KEY -2.17 7,010,000,000
37 LNC -2.10 6,020,000,000
38 NEE -2.10 24,330,000,000
39 RYAAY -2.00 8,780,000,000
40 LUK -2.00 6,340,000,000
41 STD -1.96 51,130,000,000
42 IVZ -1.96 9,220,000,000
43 SCHW -1.94 15,600,000,000
44 TKC -1.93 11,830,000,000
45 SLE -1.93 11,010,000,000
46 CAJ -1.92 54,830,000,000
47 GGP -1.90 13,930,000,000
48 NTRS -1.85 9,780,000,000
49 APOL -1.84 6,180,000,000
50 MET -1.83 36,960,000,000
German Markets Spiral Lower–Again
Off by 2%.
Comments »Upgrades and Downgrades This Morning
Upgrades
CNW – Con-way target raised to $38 from $35 at Stifel Nicolaus
SWK – Stanley Black & Decker upgraded to Buy at Argus
KIRK – Kirklands upgraded to Overweight from Neutral at Piper Jaffray
CVS – CVS Caremark upgraded to Overweight from Equal Weight at Morgan Stanley
EL – Estee Lauder target raised to $130 from $113 at Stifel Nicolaus
SLB – Schlumberger initiated with a Accumulate at Global Hunter Securities
PAA – Plains All Amer upgraded to Buy at Wunderlich
BIG – Big Lots upgraded to Outperform from Neutral at Wedbush
GGC – Georgia Gulf upgraded to Overweight from Neutral at JPMorgan
MCHP – Microchip upgraded to Buy from Neutral at UBS
TCK – Turkcell upgraded to Equal Weight from Underweight at Barclays
DNR – Denbury Resources upgraded to Buy from Outperform at Credit Agricole
WFT – Weatherford initiated with a Neutral at Global Hunter Securities
CHTR – Charter Comm initiated with a Buy at Citigroup
FSLR – First Solar upgraded to Buy from Neutral at Lazard
Downgrades
SD – SandRidge Energy downgraded to Hold at Stifel Nicolaus
CHS – Chico’s FAS downgraded to Neutral from Buy at Suntrust
SLF – Sun Life downgraded to Underweight from Equal Weight at Barclays
MDC – MDC Holdings downgraded to Neutral from Outperform at Credit Suisse
PDC – Pioneer Drilling downgraded to Mkt Perform at Morgan Keegan
MED – Medifast downgraded to Neutral from Buy at Janney Montgomery Scott
PCG – PG&E downgraded to Sector Perform from Outperform at RBC Capital
KRO – Kronos Worldwide downgraded to Market Perform from Outperform at Wells Fargo
SWKS – Skyworks downgraded to Sector Perform from Outperform at Pacific Crest
K – Kellogg downgraded to Hold at Stifel Nicolaus
MDC – MDC Holdings downgraded to Mkt Perform from Outperform at Raymond James
HS – Healthspring downgraded to Neutral from Buy at Citigroup
ITG – Investment Tech downgraded to Underperform from Mkt Perform at Raymond James
ELON – Echelon downgraded to Neutral from Outperform at Wedbush
RIG – Transocean downgraded to Mkt Perform at Morgan Keegan; tgt lowered to $48
Comments »Gapping Up and Down This Morning
Gapping up
CRME +2.6%, MDRX +2.2%, FSLR +2%, AUTH +4.4%, GNW +3.9%, VVUS +3.1%, SBUX +3%, RBS +2.8%,
OPWV +27.4%, CNW +9.5%, BCS +9.3%, SKUL +9.2%, G +7.3%, MDAS +6.1%, CHK +5.4%,
Gapping down
HANS -2.4%, WBMD -1.2%, RIG -1.2%, BP -1%, SD -4.2%, FLR -4%, MED -3.9%, AIG -3.2%, CBS -2.5%,
LNKD -9.4%, ENTR -8.1%, OPTR -7.8%, IGOI -7.6%, GLUU -7.1%, SAPE -6.7%, SWKS -6.1%, MHK -5.9%,
SPWRA -5.8%, HCN -4.7%, TRID -42.1%, OXGN -34.4%, MTZ -14.4%, ALU -13%, KEYN -12%,
Comments »In Play and On the Wires
Non Farm Payrolls: Prior 103k, Market Expects 85k-100k, Actual 80k ….Unemployment Rate @ 9%
Asian Markets Rally While Europe Pares Gains and U.S. Futures Fluctuate Into the U.S. Jobs Report
Do the Hendry Hustle (video)
Roubini Holds a Belated Halloween Party
Tales of horror were told while the champagne flowed and Dr. Doom meat pies were served.
Comments »Asian Markets Open Higher
Today’s Most Active Put / Call Options Trades
-CALLS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE EK 1/21/12 2.0000 1105 0.1600 dn 0.0500 BAC 11/19/11 6.0000 770 0.9300 up 0.0500 AAPL 11/4/11 400.0000 673 3.1000 up 1.3000 BAC 11/4/11 7.0000 633 0.0500 up 0.0000 HBAN 1/21/12 6.0000 628 0.1900 up 0.0100 GM 12/17/11 24.0000 617 1.5600 up 0.1600 BAC 1/21/12 7.5000 573 0.4900 up 0.0500 PCX 12/17/11 23.0000 500 0.0100 dn 0.0100 GM 12/17/11 23.0000 500 1.9000 up 0.0200 FAS 11/4/11 14.0000 497 0.5200 up 0.1200 -PUTS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE BAC 11/19/11 6.0000 956 0.1100 dn 0.0400 BAC 2/18/12 7.0000 558 1.0300 dn 0.0900 AAPL 11/4/11 400.0000 558 1.4300 dn 3.0700 BAC 11/4/11 7.0000 511 0.2300 dn 0.1000 AMZN 1/21/12 95.0000 507 0.5500 up 0.2300 AAPL 11/4/11 395.0000 490 0.4500 dn 2.4000 BAC 2/18/12 6.0000 463 0.6300 dn 0.0400 AMZN 1/21/12 110.0000 454 0.8000 up 0.2100 MDVN 11/19/11 11.0000 417 0.0200 dn 1.3800 AAPL 11/4/11 390.0000 393 0.1600 dn 1.4600 -VOLUME- CALLS PUTS TOTAL 85048 111441 196489Comments »
