Daily Markets - Earnings Preview: U.S. Steel

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• Earnings Preview: U.S. Steel
• GE Aviation Taking Off
• Euro Is On A Bullish Track
• Immucor Beats Marginally
• Earnings Preview: Thermo Fisher
• Is The Rally In Copper Pointing To Improving Global Economic Conditions?
• Why You Should Bank On Banco Santander
• EDT Business Hits Elan
• Magellan Hikes Cash Distribution
• Earnings Preview: Hospira
• Earnings Preview: Boston Properties
• Stock Buy: Caterpillar
• Earnings Preview: Eastman Kodak
• Lockheed Partners With NANA
• 7 European Banks Stressed Out
• Long-Term Treasury Bonds: Consider Yourself Warned…
• Has The Recession Really Ended?
• FMC Tech Beats On Weak Sales
• Mixed Results For Lender Processing
• Goodrich-SYPAQ Strike ISR Deal
• Swiss Franc: Under Pressure
• Australian Dollar: The Downside Prevails
• Canadian Dollar: Under Pressure
• Japanese Yen: Caution
• British Pound: Under Pressure
• Euro: The Downside Prevails
• Murphy Oil’s Refineries On Sale
• RSO Makes Focused 2Q Investments
• Host Hotels Acquires London Hotel

Earnings Preview: U.S. Steel Posted: 26 Jul 2010 09:50 AM PDT United States Steel Corporation (NYSE:X) is scheduled to release its third-quarter 2010 results on Tuesday, July 27, 2010 before the market opens. Pennsylvania-based U.S. Steel is a leading steel manufacturer in the U.S. and the fifth largest in the world. It produces and sells steel mill products, including flat-rolled and tubular products, in North America and Europe. U.S. Steel has a global annual raw steel production capacity of 31.7 million tons (24.3 million tons in North America and 7.4 … [visit site to read more]

GE Aviation Taking Off Posted: 26 Jul 2010 09:35 AM PDT GE Aviation, a subsidiary of General Electric Co. (NYSE:GE), and its joint venture partners, CFM International and the Engine Alliance, recently received orders worth $16 billion for engines and services collectively. The company entered the deals at the 2010 Farnborough Air Show.   The $16 billion deals received by the company comprise $11 billion orders for engine and $5 billion orders for a long-term service agreement. The orders were received from companies like Emirates, Air China, … [visit site to read more]

Euro Is On A Bullish Track Posted: 26 Jul 2010 09:24 AM PDT Good day forex friends! It’s been a long time since I last posted about FX but now I’m back! So here it is! In today’s canvas is an update of the EURUSD pair. As you can see from its daily chart, the euro has been recovering very well after it hit a low of around 1.1900 against the greenback back in June. Technically, the pair appears to have reversed already as evidenced by its breakout from an inverted head and shoulders pattern and its move past the long term downtrend line. While it … [visit site to read more]

Immucor Beats Marginally Posted: 26 Jul 2010 09:20 AM PDT Immucor Inc. (NASDAQ:BLUD) reported an EPS of 30 cents for the fourth quarter of 2010 (ending in May 2010), surpassing the Zacks Consensus Estimate by a penny and the year ago quarter by 3 cents. For the full year 2010, the company reported an EPS of $1.17, 8.5% higher than the previous year.   Immucor reported $82.9 million in revenues, an increase of 5% from $79.0 million in the year-ago period. However, revenues were lower than the Zacks Consensus Estimate of $84 million. Foreign exchange … [visit site to read more]

Earnings Preview: Thermo Fisher Posted: 26 Jul 2010 09:20 AM PDT Thermo Fisher Scientific (NYSE:TMO) is expected to report its second-quarter fiscal 2010 results before the market opens on Tuesday, July 27, 2010. Following first quarter results, the company had raised its revenue and adjusted EPS guidance for fiscal 2010 to $10.65-$10.80 billion and $3.40-$3.50, respectively.   The current Zacks Consensus Estimate for the second-quarter EPS is 84 cents, which represents an increase of 13.5% from the year-ago quarter. Thermo Fisher has surpassed … [visit site to read more]

Is The Rally In Copper Pointing To Improving Global Economic Conditions? Posted: 26 Jul 2010 09:18 AM PDT Fundamentals Bullish traders have taken a liking to the Copper market lately, as prices in the lead month September futures have reached highs not seen since the middle of May. The Copper market has a reputation for being a leading indicator as to the strength or weakness of the global economy. Better than expected 2nd qtr GDP figures out of the U.K. as well as business confidence reading out of Germany gave further support to Copper in early trade on Friday. However, traders fixated on the … [visit site to read more]

Why You Should Bank On Banco Santander Posted: 26 Jul 2010 09:15 AM PDT We've all heard the old adage about not throwing the baby out with the bath water. Yet it appears that people are doing just that with Banco Santander ADR (NYSE:STD). Admittedly, shares in the Spanish bank have fallen 23% year-to-date. And investors balk these days at the mere mention of Europe, the euro, Spain or banks. Put all four of those words in the same sentence, and they run screaming for the hills. But maybe they should stick around for the rest of the facts first. Banco Santander is … [visit site to read more]

EDT Business Hits Elan Posted: 26 Jul 2010 09:05 AM PDT Irish drugmaker Elan Corp. plc’s (NYSE:ELN) second quarter 2010 loss (excluding special items) of 2 cents per share was narrower than the year-ago adjusted loss of 13 cents per share. However, on a reported basis, Elan's loss widened to 36 cents in the reported quarter from a loss of 14 cents per share in the year-ago quarter.   The wider loss reported in the quarter included the $206.3 million set aside to cover an expected settlement with the US Attorney’s Office for the District of … [visit site to read more]

Magellan Hikes Cash Distribution Posted: 26 Jul 2010 09:05 AM PDT Pipeline operator Magellan Midstream Partners, L.P. (NYSE:MMP) raised its second quarter 2010 cash distribution by 1.7% sequentially and 3.2% year over year to 73.25 cents per unit (or $2.93 per unit annualized). The cash distribution is up 179% since its initial public offering (IPO) in the beginning of 2001. Magellan's new distribution is payable on August 13 to unitholders of record on August 6, 2010.   Tulsa, Oklahoma-based Magellan Midstream is a master limited partnership (MLP) that … [visit site to read more]

Earnings Preview: Hospira Posted: 26 Jul 2010 08:50 AM PDT Hospira Inc. (NYSE:HSP) is scheduled to report its second quarter 2010 results on Wednesday, July 28, before the opening bell. The Zacks Consensus Estimate for the quarter is earnings of 79 cents per share (with an upside of 2.53%), compared with earnings of 73 cents per share in the year-earlier period. The Zacks Consensus Estimate for second-quarter revenue is $1,006 million as against $957 million reported in the year-ago quarter.   First-Quarter Recap   Hospira Inc.'s … [visit site to read more]

Earnings Preview: Boston Properties Posted: 26 Jul 2010 08:50 AM PDT Boston Properties Inc. (NYSE:BXP), a real estate investment trust (REIT), is scheduled to report its fiscal 2010 second quarter earnings on July 27, 2010. The current Zacks Consensus Estimate for the second quarter is $1.00 per share, representing a year-over-year decline of 24.5%.   First Quarter Recap   Boston Properties reported its first quarter 2010 FFO (funds from operations) of $1.07 per share, beating the Zacks Consensus Estimate by 3 cents. 'Funds from operations' is a … [visit site to read more]

Stock Buy: Caterpillar Posted: 26 Jul 2010 08:30 AM PDT Caterpillar (NYSE:CAT) experiencing strong demand from energy and mining customers in emerging markets. Caterpillar indicated that new orders remain above shipments to dealers. As a result, the company expects to increase production in the back half of 2010. Caterpillar manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide. Growth and Income Analysts estimate that Caterpillar will grow its earnings per share 53.5% in 2010, … [visit site to read more]

Earnings Preview: Eastman Kodak Posted: 26 Jul 2010 08:30 AM PDT Eastman Kodak Company (NYSE:EK) is scheduled to release its second-quarter 2010 results on July 28. The Zacks Consensus Estimates for sales and loss per share are $1,683 million and 31 cents, respectively. The sales estimate will be 5% below the second quarter of fiscal 2009, while second quarter 2009 loss per share was 71 cents. Hence, we expect a year-over-year recovery in the earnings during the quarter. However, compared with the previous quarter's earnings per share (EPS) of 40 cents, … [visit site to read more]

Lockheed Partners With NANA Posted: 26 Jul 2010 08:30 AM PDT Defense contractor Lockheed Martin Corporation (NYSE:LMT) partnered with NANA Development Corporation to compete for the U.S. Missile Defense Agency’s Ground-Based Midcourse Defense (GMD) Development and Sustainment Contract, which issued a draft proposal on May 14. Under the GMD program, the U.S. Missile Defense Agency plans to work at the Fort Greely in Alaska and Huntsville in Alabama. Additionally, it proposes to work at Eareckson Air Station, Alaska; Vandenberg Air Force Base, California; … [visit site to read more]

7 European Banks Stressed Out Posted: 26 Jul 2010 08:30 AM PDT Europe stress-test results are out and only seven banks were found to be incapable of enduring another recession. However, no major banks have failed the test. The findings of the stress test that covered around 91 banks — accounting for 65% of the banking market in Europe and approximately 50% of the market share in each member country — were declared last Friday in an effort to restore the transparency and reliability of the European banking system following the debt crisis in … [visit site to read more]

Long-Term Treasury Bonds: Consider Yourself Warned… Posted: 26 Jul 2010 08:29 AM PDT Monday, July 26, 2010: Issue #1309 The brickbats are starting to pour in. For months, I've warned readers about the bubble developing in long-term Treasury bonds. Yet what was the top-performing asset class in the first half of 2010? You guessed it: Long-term Treasury bonds, with a total return – price gains plus interest – of 13.2%. Why is this happening? Two reasons… U.S. stocks performed poorly over the first six months of 2010 – down 5.6%. That's driving many to the perceived … [visit site to read more]

Has The Recession Really Ended? Posted: 26 Jul 2010 08:25 AM PDT In the course of a discussion this past week, I made the point that I do not believe our economy has ever truly come out of the recession which officially began in December 2007. The National Bureau of Economic Research (NBER) is responsible for measuring the start and end dates for economic contractions and expansions. Why is it that the NBER has never officially declared an end to the recession? Interesting, very interesting. On this topic, a good friend shared with me a fabulous piece which … [visit site to read more]

FMC Tech Beats On Weak Sales Posted: 26 Jul 2010 08:20 AM PDT Oil drilling equipment maker FMC Technologies Inc. (NYSE:FTI) reported second quarter earnings per share from continuing operations of 78 cents, outpacing the Zacks Consensus Estimate of 71 cents. The better-than-expected results were mainly driven by robust operating margin from its subsea oil and gas processing systems and the fluid control unit. However, revenue of $1,012.5 million came in short of our expectations of $1,062.0 million as sales declined in the company's Energy Production … [visit site to read more]

Mixed Results For Lender Processing Posted: 26 Jul 2010 08:20 AM PDT Lender Processing Services Inc. (NYSE:LPS) reported second quarter 2010 adjusted earnings per share of 89 cents that surpassed the Zacks Consensus Estimate by a penny. Results were also well ahead of the prior-year quarter's earnings of 83 cents. Adjusted net earnings in the quarter included an adjustment for purchase price amortization of 4 cents per share. On a GAAP basis, earnings per share were 85 cents, up from 78 cents recorded in year-earlier quarter.   However, Lender Processing … [visit site to read more]

Goodrich-SYPAQ Strike ISR Deal Posted: 26 Jul 2010 08:20 AM PDT At the Farnborough Airshow being held in London, Goodrich Corporation's (NYSE:GR) UK-based ISR Systems business teamed up with Australia’s SYPAQ to support future intelligence, surveillance and reconnaissance (ISR) systems in Australia. The teaming makes Melbourne-based SYPAQ the prime contractor for Goodrich’s civil and defense ISR campaigns within Australia. The agreement is expected to enhance capabilities for future Australian defense and civil programs. SYPAQ's management believes that … [visit site to read more]

Swiss Franc: Under Pressure Posted: 26 Jul 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Australian Dollar: The Downside Prevails Posted: 26 Jul 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Canadian Dollar: Under Pressure Posted: 26 Jul 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Japanese Yen: Caution Posted: 26 Jul 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

British Pound: Under Pressure Posted: 26 Jul 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Euro: The Downside Prevails Posted: 26 Jul 2010 08:18 AM PDT Update on supports and resistances. … [visit site to read more]

Murphy Oil’s Refineries On Sale Posted: 26 Jul 2010 08:00 AM PDT Murphy Oil Corporation (NYSE:MUR) has received an approval from its board of directors to sell its three refineries at Superior, Wisconsin; Meraux, Louisiana and Milford Haven, Wales as well as its retail system in the United Kingdom. The three refineries have a combined capacity of 280,000 barrels per day. The company expects the sale to complete in the first quarter of 2011. Murphy Oil's midstream and downstream businesses suffered losses in the past two quarters. The Refining and Marketing … [visit site to read more]

RSO Makes Focused 2Q Investments Posted: 26 Jul 2010 08:00 AM PDT Resource Capital Corp. (NYSE:RSO), a real estate investment trust (REIT) that invests in commercial real estate debt and other commercial finance assets, has recently debriefed investors about details of its second quarter fiscal 2010 investments.   During the quarter, the company purchased $36.1 million (principal sum) worth of notes at a 45.5% discount, resulting in a gain of approximately $16.4 million. Subsequent to the quarter end, Resource Capital also purchased $20.0 million … [visit site to read more]

Host Hotels Acquires London Hotel Posted: 26 Jul 2010 08:00 AM PDT Host Hotels & Resorts Inc. (NYSE:HST), the largest lodging real estate investment trust (REIT) in the U.S., has recently acquired Le Meridien Piccadilly, a premium luxury hotel in London, England, for $96.7 million. The purchase price includes the assumption of a $50 million mortgage loan on the property. The 266-room hotel was owned by Starman Hotels, a joint venture between the affiliates of Starwood Capital Group and Lehman Brothers. Founded in 1991, Starwood Capital Group is a … [visit site to read more]

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