Wednesday, August 11, 2010

Daily Markets - H&R Block Upgraded To Neutral

Daily Markets - H&R Block Upgraded To Neutral

H&R Block Upgraded To Neutral

Posted: 11 Aug 2010 08:05 AM PDT

We have recently upgraded H&R Block Inc. (NYSE:HRB) to Neutral from Underperform based on the company's restructuring initiatives, sustained efforts in gaining and retaining customers as well as effectively containing costs.
 
H&R Block has been working rigorously to reduce its expenses. The company remains focused to reduce workforce, cut down overhead expenses and increase operational efficiency through restructuring programs. The initiative aided the company not only to report … [visit site to read more]

Schwab Keeps ETFs Commission-Free

Posted: 11 Aug 2010 08:05 AM PDT

Charles Schwab Corp. (NASDAQ:SCHW), a big player in the fast-growing exchange traded fund (ETF) market, does not intend to change its commission-free trading policy on its ETFs, Reuters reported on Tuesday.
 
This commission-free trading along with low expense ratio-based core assets will continue to benefit Schwab over its peers as the popularity of these ETFs will continue to attract more investors. A segment of investors who invest regularly – such as by dollar-cost-averaging – will not … [visit site to read more]

Hot Stocks For Wednesday 11 August: BP, Walt Disney, Research In Motion, Northern Trust, ExxonMobil, Boeing

Posted: 11 Aug 2010 07:55 AM PDT

BP (NYSE:BP) - Co. is still in talks with Chinese oil company, CNOOC over the sale of its PanAmerican assets although the process has slowed down. Elsewhere the US government says relief well intercept of Gulf well delayed 2-3 days due to weather. (Sources/RTRS)

UK

Barclays (NYSE:BCS) - Co. will terminate several hundred employees after a decline in market activity in the second quarter, citing people close to the bank. (FT)

British Airways (BAY) - Co.’s cabin crew union has said it … [visit site to read more]

TransDigm Beats, Raises Guidance

Posted: 11 Aug 2010 07:35 AM PDT

TransDigm Group Incorporated (NYSE:TDG) reported third quarter earnings per share from continuing operations of 86 cents, beating the Zacks Consensus Estimate of 78 cents. Excluding non-cash compensation costs of 2 cents, adjusted earnings per share was 88 cents compared with 83 cents in the prior-year quarter.
 
Revenue
 
Total revenue was $214.2 million, an increase of 12.8% year over year. The revenue reported by the company was almost inline with the Zacks Consensus Estimate of $214 … [visit site to read more]

CSN’s Profit Soars, Equals Estimate

Posted: 11 Aug 2010 07:35 AM PDT

Companhia Siderurgica Nacional (NYSE:SID) or CSN's financial results for the second quarter 2010 were encouraging as its net income surged 167% year over year and 85% sequentially to R$894 million (US$496.7 million), or R$0.59 per share (US$0.33 per ADR). Earnings per ADR were in line with the Zacks Consensus Estimate of 33 cents.
 
The sequential rise was attributable to higher volumes combined with higher prices for iron ore and steel products and lower interest expense, which more than … [visit site to read more]

URS Corp. Beats By A Cent

Posted: 11 Aug 2010 07:35 AM PDT

URS Corp. (NYSE:URS) reported second quarter 2010 earnings per share from continuing operations of 80 cents, which was ahead of the Zacks Consensus Estimate by 1 cent. The company reported revenues of $2.25 billion, compared with the revenues of $2.30 billion in the year-ago quarter. The Zacks Consensus revenue estimate for the quarter was $2.38 billion.
 
Segment Results
 
URS changed the names of its 3 financial reporting segments in the fourth quarter of fiscal 2009. The new … [visit site to read more]

Forex Trading: USDCHF: The Forgotten Currency Pair. Is It Time For A Move?

Posted: 11 Aug 2010 07:14 AM PDT

The USDCHF has been in a choppy trading range over the lastmonth. Is it time for a break? For a review of a technical analysis of the choppy currency, click on the … [visit site to read more]

Stock Market News Briefs: Macy’s Inc, Toyota Motor, Walt Disney Company, WD-40 Company

Posted: 11 Aug 2010 07:05 AM PDT

 National Securities initiated coverage of NeoStem (NBS) with a “buy” rating and a $3 price target

 WD-40 (NASDAQ:WDFC) offered upside fiscal 2010 guidance for fully diluted share earnings matching or topping prior guidance $2.05-$2.14

 Macy’s (NYSE:M) beat estimates with second quarter earnings of 35 cents a share, a 6-cent beat, on revenues of $5.54 billion, ahead of Zacks projections of $5.5 billion. The firm raised its fiscal 2010 guidance from $1.75-$1.80 to $1.85-$1.90, with … [visit site to read more]

Disney Tops Zacks Estimates

Posted: 11 Aug 2010 07:05 AM PDT

The Walt Disney Company (NYSE:DIS) recently posted third-quarter 2010 results that topped Zacks Consensus expectations. The quarterly earnings of 67 cents a share comfortably surpassed the Zacks Consensus Estimate of 59 cents and jumped 29% from 52 cents delivered in the prior-year quarter.

Total revenues for the quarter rose 16% to $10,002 million from the year-ago quarter, and topped the Zacks Consensus Estimate of $9,334 million, whereas total operating income surged 37% to $2,537 … [visit site to read more]

Macy’s Outperforms, Ups Outlook

Posted: 11 Aug 2010 07:05 AM PDT

Macy's Inc. (NYSE:M) has posted second-quarter 2010 results that topped Zacks’ expectations. The quarterly earnings of 35 cents a share outperformed the Zacks Consensus Estimate of 28 cents, and rose 75% from 20 cents delivered in the prior-year quarter.

The company has been taking prudent steps to increase sales, profitability and cash flows, which include integration of operations, consolidation of divisions and customer-centric localization initiatives. To help drive traffic, Macy's … [visit site to read more]

AutoNation Sales Rise 5%

Posted: 11 Aug 2010 07:05 AM PDT

AutoNation Inc. (NYSE:AN) sold 19,688 retail new vehicles last month, up 5% from July 2009. Sales rose marginally due to unfavorable comparison with the last year's Cash for Clunkers program that generated significant demand for retail vehicles.
Sales of the Domestic brands, which comprise stores that sell vehicles manufactured by General Motors (MTLQQ), Ford Motor Co. (NYSE:F) and Chrysler LLC, went up 13% to 5,995 units.
Sales of the Import brands, comprising stores that sell vehicles … [visit site to read more]

The FOMC’s Action

Posted: 11 Aug 2010 06:42 AM PDT

Most central bankers view monetary policy as influencing the rate of growth of the money supply to achieve their objectives. For a while after October 1979, the FOMC tried to control the money supply directly through open market operations and the Thursday money data was watched with great interest. Eventually, the week-to-week money supply numbers proved too erratic to target directly (the demand for money balances became less stable); so, the FOMC reverted to its prior practice of controlling … [visit site to read more]

Goldman Downgraded To Underperform

Posted: 11 Aug 2010 06:35 AM PDT

We have downgraded our recommendation on Goldman Sachs Group Inc. (NYSE:GS) to Underperform from Neutral following the company's second quarter earnings release. Our decision is based on the negative impact of the new financial regulatory reform on the company's business model, its fundamentals and its competitive landscape.
 
Second Quarter Performance
 
Goldman's earnings per share of $2.75 were well ahead of the Zacks Consensus Estimate of $2.10 in the quarter. Earnings … [visit site to read more]

Marvell Joins Harman

Posted: 11 Aug 2010 06:35 AM PDT

Marvell Technology Group (NASDAQ:MRVL), a leading provider of semiconductor appliances, recently announced that it would be teaming up with Harman International Industries Inc. (NYSE:HAR) to provide the automobile industry with in-built Internet technology. This foray into the automobile industry marks a milestone for Marvell.

Harman is an international audio and infotainment equipment company. The company designs, manufactures and markets audio and infotainment products for cars, residences, … [visit site to read more]

Harley Completes Sale Of MV Agusta

Posted: 11 Aug 2010 06:35 AM PDT

Harley-Davidson Inc. (NYSE:HOG) sold its Italy-based sports bike subsidiary, MV Agusta, back to its foremost owner, Claudio Castiglioni, and his wholly owned holding company, MV Agusta Motor Holding, effective August 6. Claudio Castiglioni served as MV Agusta's chairman since Harley acquired the brand on July 11, 2008. The motorcycle maker has not disclosed the terms of the transaction.

MV Agusta has changed many hands before Harley acquired it for $109 million. In 2004, Malaysian carmaker, … [visit site to read more]

Forex Trading: EURUSD Breaks Below The 1.2962 Support Level

Posted: 11 Aug 2010 06:30 AM PDT

NY Fed Model: No Chance Of A Double-Dip In 2011

Posted: 11 Aug 2010 06:24 AM PDT

The New York Federal Reserve updated its “Probability of U.S. Recession Predicted by Treasury Spread” this week with treasury yield data through July 2010, and the Fed’s recession probability forecast through July 2011 (see top chart above). The NY Fed’s Treasury model uses the spread between the yields on 10-year Treasury notes (3.01% in July) and 3-month Treasury bills (0.16% in July) to calculate the probability of a U.S. recession up to twelve months ahead (see details here) using … [visit site to read more]

Swiss Franc: Under Pressure

Posted: 11 Aug 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Japanese Yen: The Downside Prevails

Posted: 11 Aug 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]

British Pound: Under Pressure

Posted: 11 Aug 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Euro: The Downside Prevails

Posted: 11 Aug 2010 06:18 AM PDT

Update on supports and resistances. … [visit site to read more]

Wells Fargo Staggers On Regulations

Posted: 11 Aug 2010 06:05 AM PDT

In a recent second quarter 2010 results filing with the Securities and Exchange Commission, Wells Fargo & Co. (NYSE:WFC) has reiterated its revenue loss projection based on the implementation of the legislative and regulatory initiatives such as Regulation E amendments and the Credit Card Accountability Responsibility and Disclosure Act (the Card Act). 
The amendments to Regulation E, among other things, impact the overdraft fees charged by Wells Fargo beginning on July 1, 2010. Wells … [visit site to read more]

Novell Lowers 3Q Revenues

Posted: 11 Aug 2010 06:05 AM PDT

A leading technology software company, Novell Inc. (NASDAQ:NOVL) lowered its third quarter 2010 revenues and operating margin guidance, previously given out during the second quarter earnings call.
Novell shares fell 19 cents, or 3.2% to $5.82 on Tuesday trading based on negative investor sentiment.
Novell’s lowered guidance is mainly due to customer softness, given that they remain cautious regarding the company's plan to explore strategic alternatives. The uncertainty to sell itself outright to … [visit site to read more]

Forex Trading: USDCAD Breaks Above The 200 Day MA At 1.0393

Posted: 11 Aug 2010 05:56 AM PDT

Boeing Loses Orders

Posted: 11 Aug 2010 05:35 AM PDT

The Boeing Company (NYSE:BA) lost orders for 26 jetliners in July 2010. Dubai Aerospace Enterprise alone cancelled 25 orders while another customer canceled one single-aisle 737.
Of the 25 orders cancelled by the aircraft-leasing company of the United Arab Emirates, 15 were new 787 jetliners and 10 were wide-body 777 jetliners. There are still 91 airplanes on order with Boeing from Dubai Aerospace.
However, Boeing received two new orders for the 737 jetliners in July.
Given the order cancellation … [visit site to read more]

BOE Cuts Growth Forecast, GBP/USD Eyes The Test The 20-Day SMA For Support

Posted: 11 Aug 2010 05:30 AM PDT

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Fundamental Headlines
• BoE Cuts U.K. Growth Forecast – Wall Street Journal
• Recovery Fears Hit Futures – Wall Street Journal
• Fed's Move Draws Strong Demand for Bonds- Financial Times
• Bank of England Cuts Growth Outlook in Sign Economy May Need More Stimulus - Bloomberg
• China's Industrial Output Growth Weakens on Curbs as Inflation Accelerates - Bloomberg
GBP/USD: The Bank of England slashed … [visit site to read more]

Forex Trading: EURUSD Technicals Turn To The Downside

Posted: 11 Aug 2010 05:14 AM PDT

The EURUSD technical picture has turned to the downside. The price is below the 38.2% retracement on the daily chart at 1.3124. Off the hourly chart, the price fell below the 100 and 200 hour MAs and has moved below the 50% retracement of the move up from the July 21st low at 1.3033 (watch that level this NY morning on corrections). It is below 100 and 200 bar MA levels and trending on th 5 minute chart. All are bearish. Being patient and waiting for corrective moves are preferred but … [visit site to read more]

Markets In Everything: Betting On Grades

Posted: 11 Aug 2010 05:06 AM PDT

Inside Higher Ed — “Ultrinsic, which is one year old and still in its beta phase, invites college students to make bets on whether they can make or exceed a certain grade in a course. If a student makes the grade, Ultrinsic pays him according to the calculated handicap; if not, the student pays the company.”

Chronicle of Higher Education — “A Web site called Ultrinsic tries to make the rewards of studying more immediate. Students can make a small bet on how well they’ll do in a course, with … [visit site to read more]

Caroline Herron’s Lawsuit Targets Fannie Mae’s Mismanagement Of Mortgage Modification Program

Posted: 11 Aug 2010 04:17 AM PDT

Have executives at Fannie Mae (NYSE:FNM) worked to benefit their own financial interests versus promoting the well being of American taxpayers and homeowners looking to permanently modify their mortgages? Is Fannie Mae (NYSE:FNM) merely a perpetual train wreck or has something even more nefarious gone on inside the halls of our national stepchild?
In recently reviewing The Center for Public Integrity, I was not shocked — but certainly dismayed — to read Whistleblower: Fannie Mae Bungled HAMP … [visit site to read more]

Does Product Innovation Really Mean Brand Dilution For IShares?

Posted: 11 Aug 2010 04:00 AM PDT

In mid-June, BlackRock iShares, the world's largest provider of exchange-traded funds took a major step and filed to launch both equity and bond actively-managed ETFs. The move kicked off the debate on the significance of the move and the repercussions on the ETF industry as a whole. iShares already had one actively-managed ETF on the market previously, the Diversified Alternatives Trust (ALT: 50.25 0.00%) that employs a variety of hedge-fund like investment strategies. However, the new … [visit site to read more]

ECRI Leading Indicator: Slight Improvement In Growth

Posted: 11 Aug 2010 03:55 AM PDT

The ECRI Weekly Leading Indicator (WLI) for the week ended July 30 improved for the third consecutive week while the ardently watched ECRI WLI Smoothed Annualised Growth Rate came in at -10.3% compared to the previous week's -10.7%.
The marginally improved growth rate can largely be attributed to the improvement of the S&P 500 growth rate from -6.0% to -1.7%.

Sources: ECRI (various internet sources); I-Net; Plexus Asset Management.
The 10-year bond yield aided the ECRI growth rate … [visit site to read more]

El-Erian: Fed Can’t Do Much More To Boost Economy

Posted: 11 Aug 2010 03:54 AM PDT

Despite all the anticipation over yesterday's Federal Reserve meeting, there was little else the central bank could do now to help the economy recover, Pimco's co-CEO Mohamed El-Erian told CNBC.
Speaking just hours before the meeting of the Federal Open Market Committee (FOMC), El-Erian said the central bank can only do so much to foster growth and avoid deflation. The Fed has spent the past three years on a route of aggressive rate cuts and purchases of trillions in various securities … [visit site to read more]

Gabelli On Value Investing

Posted: 11 Aug 2010 03:52 AM PDT

Legendary value investor Mario Gabelli, CIO of Gamco Investors, shares his market insight with … [visit site to read more]

Humor Corner: Credit Card Co’s – No More Plundering!

Posted: 11 Aug 2010 03:48 AM PDT

Post-crisis, But Hard Work Lies Ahead

Posted: 11 Aug 2010 03:43 AM PDT

By Cees Bruggemans, Chief Economist of FNB.
With respect, but the world is no longer in crisis.
Instead, its clean up mode is far advanced if incomplete.
It doesn't mean there can't still be ugly surprises as yet more is unearthed we didn't know about. But as things stand we are post-crisis.
To be in crisis means to see fear settle on everything like a wet blanket, financial markets becoming dysfunctional, witness heavy financial losses being raked up, and seeing crisis managers tearing … [visit site to read more]
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