“Countervailing duties” on subsidized foreign products violates the definition of free trade…Comments »
Wunderlich lowers their AMSC tgt to $45 from $50 to account for changes in shipment patterns, product transition at its largest account, and for the impact of the acquisition of The Switch. The firm says they have taken the conservative side of the company’s comments but still believe the company could reach $1 billion of revenue before it says it will in fiscal 2014. Excluding cash of $5.00 per share, the stock trades at about 9x their CY12 non-GAAP EPS estimate, for a PEG of about 0.15x
Next earnings release: May 12 before market, unconfirmed. Thomson Reuters estimate: 0.37Comments »
Deutsche Bank says the 8.9 earthquake that hit Japan on Friday has dramatically impacted the country’s industrial complex, destroying transportation infrastructure and production facilities. In 2010, Japan produced 110 mln mton of crude steel, accounting for 7.9% of global production, and roughly 23 mln mtons (27%) were exported in 2010. Firm says in total they est that up to 40% of the country’s steel production could be impacted in the short term as a result of this earthquake
Steel sector displaying relative strength
STLD +3.7% held at its Jan lows yesterday and this morning its reaching up toward its 50 sma and this wk/range highs (18.59/18.64), ATI, CLF, SID, GGB, NUE, PKX, RS, VALE, TX, X.Comments »
ISI Group discloses its software sector exposure to Japan (33.64 -0.97)
ISI Group says in light of the tragedy in Japan, they put together the software sector’s exposure to the Asia Pacific region, and where disclosed, its exposure to Japan. The firm sees Adobe’s (ADBE) Japan exposure of 13% of total revenue, Autodesk (ADSK) 10% of total rev, Oracle (ORCL) 5% of total revs, and Red Hat (RHT) 8% of total revs.Comments »
Nissan Motor issues Statement Regarding Status of Japanese Earthquake and Impact on Nissan Americas Operations (17.62 -1.38)
All Nissan Americas manufacturing facilities remain operational and will continue normal production schedules until further notice. In total six of Nissan’s facilities in Japan have reported some damage to their buildings or equipment, including Iwaki Plant (Iwaki City, Fukushima Prefecture), Tochigi Plant (Kawachi County, Tochigi Prefecture), Yokohama Plant (Yokohama City, Kanagawa Prefecture), Oppama Plant (Yokohama City, Kanagawa Prefecture), Zama Operations Center (Zama City, Kanagawa Prefecture) and Honmoku Wharf (Yokohama City, Kanagawa Prefecture). # Nissan’s Tochigi and Iwaki plants will suspend operations until Friday, March 18. # Nissan’s Oppama, Kyushu, Shatai and Yokohama plants will suspend operations until Wednesday, March 16.Comments »
Due to the recent developments abroad, NYMEX crack spreads are at their highest levels since May of 2007, now above $25. As a result, refinery related stocks have been very strong. However, it’s worth noting, they are all considerably off the highs reached back in 2007.
Year to date, crack spreads are up more than 60%. In other words, refiners are minting money right now.Comments »
In a paper delivered to the Council on Foreign Relations Greenspan states that a full economic recovery would be robust and underway if not for big government.
Greenspan goes on to say his evidence is in lack luster fixed asset investments. The economy is hampered by financial regulation, moral hazard, and deficit spending….Comments »