Solid State Drives, SSD, Will Enjoy a Doubling of Revenue in 2011
Commodities Update
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%)
Comments »Today’s Biggest Stock Losers
Today’s Biggest Stock Gainers
Thus far:
UCBI +26%
MAXY +26%
SWS +22%
FTK +20%
VRA +14%
MRT +12%
SSN +10%
CIGX +10%
CGR +10%
Comments »Japanese Stocks Strong in U.S. Trading
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%
Comments »World Energy Crunch Came @ the Worst Possible Time
Bad Harvest Looms
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.
Comments »Philly Fed Index Turns Up Great Showing of 43.4 vs 28 Expectation
LULU Lemon Crushes, But Gives Not So Good Outlook…Stock Down 4%
Top Scientist Lays Out The Risks for Japan
Is QE3 On The Way ?
USA Today Looks Into a Potential New Tech Bubble
Industrial Production Falls as Manufacturing Gains
More Floods Expected For Nation’s Bread Basket
Iran Says They “Will Use All Powers” To Help The People of Bahrain
TEPCO Says Water Dumping is Working and Power Will Return in Hours
China Has a New M&A Hurdle
Gapping Up and Down This Morning
In reaction to strong earnings/guidance: GRRF +18.2%, AGM +7.2%, CAST +5.9% (light volume), FDX +4.6%, HRS +1%.
Select financial related names showing strength: ING +2.9%, DB +2.7%, IRE +2.6%, STD +2.6%, BBVA +2.3%, BCS +2.2%, CS +2.1%, .
Select metals/mining stocks trading higher: RIO +3.2%, MT +2.3%, BHP +2.1%, AU +1.4%, GOLD +1.1%, SLV +0.9%, GLD +0.4%.
Select oil/gas related names showing strength: ROYL +6.5%, RDS.A +3.7%, ATPG +3.4%, HERO +3.0%, TOT +2.6%, RIG +2.4%, BP +1.7%, XOM +1.0%.
A few Japan related names are ticking higher: SNE +4.7%, HMC +2.8%, TM +2.0%.
European drug names trading higher: SNY +2.7%, SHPGY +2.3%, NVS +1.5%.
Other news: UCBI +24.2% (announces $380 million capital raise and plans to sell $435 million of classified assets), CBEH +4.4% (modestly rebounding from yesterday’s weakness on negative newsletter mention), UPS +3% (trading up with UPS), ARMH +2.5% (seeing early strength on reports related to chip competition), AMGN +2.1% (Amgen pops over a point in after-hours; strength attributed to decision not to change CMS guidelines for Anemia drugs), CLF +1% (Cramer makes positive comments on MadMoney).
Analyst comments: CREE +2.7% (upgraded to Buy from Neutral at Merriman – CY1Q inventory clearing could set up recovery in CY2Q ), AKAM +1.8% (upgraded to Buy from Hold at Stifel Nicolaus), EMC +1.5% (initiated with an Outperform at Credit Suisse), AAPL +1.1% (initiated with Outperform and $500 tgt at Credit Suisse)
Gapping Down
In reaction to disappointing earnings/guidance: SANM -16%, SCLN -12.9%, PEGA -9.2%, ATU -8.9%, FEED -8%, CVVT -7.6%, CBPO -7.5%, LULU -6.7%, DPTR -6.5%, GES -5.5% (also announces $250 mln share repurchase).
M&A news: KWK -13.9% (Quicksilver Resrcs and Darden family will not pursue a take private transaction of co).
Other news: GMR -34.8% (files to delay its 10-K and reports prelim results; says engaged in ongoing discussions with prospective lenders and investors to seek additional liquidity), YRCW -17% (still checking), NRP -5.9% (commences a secondary public offering of 6 million common units representing limited partner interests in Natural Resource Partners L.P.), VGZ -5.2% (files resale registration statement for 14,666,739 special warrants), SNBC -5.2% (continued weakness), FUBC -4.8% (has commenced an underwritten public offering of approximately 5.0 million shares of its common stock), HA -2.7% (proposes $75 mln Convertible Senior Notes offering), HOGS -1.5% (weakness attributed to pricing of offering), ALNY -1.5% (ticking lower; responds to Tekmira complaint and maintains its guidance regarding its pipeline, partnership, and cash goals).
Analyst comments: HMA -1.3% (downgraded to Market Perform from Outperform at Leerink), BMC -0.9% (downgraded to Hold from Buy at Stifel Nicolaus
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