Tuesday, August 24, 2010

Daily Markets - Higher Sales Power Kensey Nash

Daily Markets - Higher Sales Power Kensey Nash


Higher Sales Power Kensey Nash

Posted: 24 Aug 2010 07:35 AM PDT

Medical devices maker Kensey Nash Corporation (NASDAQ:KNSY) reported strong fourth-quarter fiscal 2010 (ended June 30) results with adjusted (excluding one-time items) earnings per share of 54 cents surpassing the Zacks Consensus Estimate of 51 cents and the year-ago earnings of 41 cents. For full-year fiscal 2010, adjusted earnings of $1.85 outstripped the Zacks Consensus Estimate of $1.71.
 
Net income (as reported) for the quarter surged 25.5% year over year to $5.9 million (or 60 cents a … [visit site to read more]


Exelon Invests $4.6B, Creates Jobs

Posted: 24 Aug 2010 07:35 AM PDT

Utility services company Exelon Corporation (NYSE:EXC) announced that it will commence a $4.6 billion expenditure program in IIIinois, which will create 4,200 new jobs over the next five years. As a part of the spending program, Exelon will undertake 101 individual projects in the IIIinois cities and counties, the first of which is scheduled to begin in September.
 
The first project will be the decommissioning of the Zion nuclear power station, which will last for ten years with an … [visit site to read more]


Stock Market News Briefs: BHP Billiton Limited, Big Lots, Buckeye Partners L.P., Burger King Holdings, Citigroup, Deutsche Bank AG, Duke Energy, Goldman Sachs Group, Medtronic, Potash Corporation Of Saskatchewan, Rio Tinto Plc, Trina Solar Limited, Diamond Management & Technology Consultants

Posted: 24 Aug 2010 07:05 AM PDT

 Big Lots (NYSE:BIG) reported second quarter earnings one cent better than Zacks expectations at 48 cents per share, as inline revenues climbed 5.2% to $1.14 billion

 Medtronic (NYSE:MDT) posted second quarter earnings of 80 cents, below Zacks estimates of 82 cents, on revenues of $3.93 billion, below Zacks expectations of $3.94 billion

 Burger King (NYSE:BKC) released fiscal fourth quarter earnings of 36 cents a share, above Zacks estimates of 34 cents, on revenues of $623 million, … [visit site to read more]


Credit Card Rules: Boon Or Bane?

Posted: 24 Aug 2010 07:05 AM PDT

The final provisions of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act that came into effect last Sunday could have longer term repercussions. Though the new rules will protect credit card users from unreasonable late payment fees, interest rate hikes and other penalty fees, these could prove to be more difficult to card holders than before.
 
On May 22, 2009, President Barack Obama signed the CARD Act into law. The Act aims at protecting the average consumer. … [visit site to read more]


Rig Count Hits Another Yearly High

Posted: 24 Aug 2010 07:05 AM PDT

In its weekly release, Houston-based oilfield services company Baker Hughes Inc. (NYSE:BHI) reported a rise in the U.S. rig count (number of rigs searching for oil and gas in the country), reflecting an increase in the land rig count.
 
Rigs exploring and producing in the U.S. totaled 1,651 for the week ended August 20, 2010. This is up by 11 from the previous week's rig count and represents the highest level achieved this year. The current nation-wide rig count is 88% higher from the 2009 … [visit site to read more]


Masimo Remains Neutral

Posted: 24 Aug 2010 07:05 AM PDT

We reiterate our Neutral recommendation on Masimo Corporation (NASDAQ:MASI). We are impressed by its continued progress in product innovation, tuck-in acquisitions, and rising sales in overseas markets. However, we are concerned about market receptiveness to the Pronto-7, timeline for brain function monitoring products (acquired from SEDLine), viability of Masimo's selling arrangement with Original Equipment Manufacturers (OEM) partners, and sustainability of its royalty … [visit site to read more]


Petsmart Beats, Ups Guidance

Posted: 24 Aug 2010 06:35 AM PDT

Petsmart Inc. (NASDAQ:PETM), posted earnings of 41 cents a share in the second quarter of fiscal 2010 thereby beating the Zacks Consensus Estimate of 36 cents a share and jumping 32.0% from the year-ago earnings of 31 cents a share.
 
The company also tugged its expectation up from $1.91 per share to $1.99 for fiscal 2010. Petsmart also looks forward to earning 35 to 39 cents a share in the third quarter of fiscal 2010.
 
The current Zacks Consensus Estimates of 38 cents and $1.97 a share … [visit site to read more]


School Specialty Misses

Posted: 24 Aug 2010 06:35 AM PDT

School Specialty Inc. (NASDAQ:SCHS) recently posted first-quarter 2011 results. The quarterly earnings of 70 cents a share missed the Zacks Consensus Estimate of $1.16 dropping 53.6% from $1.51 earned in the prior-year quarter.
 
Revenue Still Falling, Margins under Pressure
Greenville, Wisconsin-based company's total revenues plunged 23.4% to $253 million from the year-ago quarter, higher than the fall of 17% to 20% anticipated earlier by management. Quarterly revenues also missed the Zacks … [visit site to read more]


Swiss Franc: Under Pressure

Posted: 24 Aug 2010 06:18 AM PDT

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


Japanese Yen: The Downside Prevails

Posted: 24 Aug 2010 06:18 AM PDT

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


British Pound: Under Pressure

Posted: 24 Aug 2010 06:18 AM PDT

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


Euro: Caution

Posted: 24 Aug 2010 06:18 AM PDT

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


Putting Tomatoes On The “Bathroom Scale”

Posted: 24 Aug 2010 06:13 AM PDT

A few days ago I quoted P.J. O’Rourke: “The free market is not an ideology or a creed or something we’re supposed to take on faith, it’s a measurement. It’s a bathroom scale. I may hate what I see when I step on the bathroom scale, but I can’t pass a law saying I weigh 160 pounds.”

Steven Landsburg has a related post about how to correctly compare the total cost (including all energy costs) to a New Yorker of a locally-grown tomato in lavishly heated greenhouse in the Hudson … [visit site to read more]


Hot Stock News For Tuesday 24 August: US Banks, Oil Majors, Xstrata, Volkswagen, Lufthansa

Posted: 24 Aug 2010 05:44 AM PDT

“Merger-Monday” saw equities open higher but nevertheless finish in negative territory as some of the initial optimism waned, with visible underperformance seen in the tech sector throughout. Despite following a range bound trading patter for much of the session; stocks broke out to the downside and printed fresh lows in the closing hour of trade. Finally, at the closing bell DJIA closed down 0.38% at 10174, the S&P 500 closed down 0.40% at 1067 and the NASDAQ 100 closed down 0.96% at … [visit site to read more]


Forex Trading: USDCAD Continues Move Higher On Lower Oil And Retail Sales

Posted: 24 Aug 2010 05:41 AM PDT

Canadian Retail Sales Advance Less Than Expected In June

Posted: 24 Aug 2010 05:37 AM PDT

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Fundamental Headlines
• Fed Split on Move to Bolster Economy – Wall Street Journal
• Yen Hits Fresh Highs – Wall Street Journal
• Yen Hits 15 Year High as Risk Rally Fades - Financial Times
• Stocks, U.S. Futures, Oil Slide on Concern Economies Slowing; Bonds Rally- Bloomberg
• European Banks May Face More Frequent Stress Tests to Bolster Confidence – Bloomberg
USD/CAD: Canadian retail sales advanced 0.1% in June … [visit site to read more]


Big Lots Misses On Top Line, Ups

Posted: 24 Aug 2010 05:35 AM PDT

Big Lots, Inc. (NYSE:BIG) has posted second-quarter 2010 results. The quarterly earnings of 48 cents a share outdid the Zacks Consensus Estimate by a penny, and soared 37.1% from 35 cents in the prior-year quarter on the heels of healthy sales.

The better-than-expected results prompted management to raise its earnings outlook. Big Lots now expects fiscal 2010 earnings in the range of $2.82 to $2.90 per share, up from its previous guidance range of $2.75 to $2.85, and reflects a 19% to 22% growth … [visit site to read more]


Forex Trading: EURUSD And USDJPY Fall Through The Target Support Levels. EURJPY Scoots Lower

Posted: 24 Aug 2010 05:30 AM PDT

Invisible Taxes = Loan Sharking = Usury

Posted: 24 Aug 2010 05:27 AM PDT

Why is it that the very people who saved and invested to finance a lot of the growth in our nation are now the very ones being penalized by the exceptionally low interest rate policy of the Federal Reserve? While Ben Bernanke and his Washington cronies maintain that our economy needs these artificially induced government driven interest rates, the very fact is these anemic rates are crushing those citi (NYSE:C)zens in our country who live on fixed incomes and rolled their … [visit site to read more]


HSBC Pursues South Africa’s Nedbank To Gain Entry Into African Trade Financing

Posted: 24 Aug 2010 05:15 AM PDT

European banking leader HSBC Holdings PLC (NYSE:HBC) yesterday (Monday) announced it’s in talks to gain a controlling stake of South Africa’s Nedbank Group Ltd. (PINK ADR: NDBKY). The acquisition would expand HSBC’s presence in Africa’s trade growing financing market.

Europe’s largest bank aims to gain 70% of Nedbank’s shares and plans to bid on insurer Old Mutual PLC’s (PINK ADR: ODMTY) 52% stake, worth $7 billion. Nedbank is South Africa’s fourth largest bank and focuses on commercial … [visit site to read more]


Valuation-Informed IndexingThe Stock Market Functions Unlike Any Other Market

Posted: 24 Aug 2010 05:11 AM PDT

by Rob Bennett
Last week's column argued that the market is telling us the proper value of stocks not in one step but in two. When the nominal price of the Dow is 12,000 and the P/E10 value shows that stocks are priced at three times fair value, you need to divide by three to know the true and lasting value of the Dow — something in the neighborhood of 4,000. This is a big deal. The implications are huge, both from a practical and from a theoretical perspective.
The practical implication … [visit site to read more]


Stock Investors Take Solace From Flurry Of M&A Activity

Posted: 24 Aug 2010 05:11 AM PDT

Global mergers and acquisitions (M&A) activity is at its highest level since late 2009, providing a glimmer of hope to investors struggling to decipher stock and bond markets roiled by a weakening U.S. economy.

Global takeovers announced so far this year have totaled $1.29 trillion, up 23% from the same time last year, according to Bloomberg News.

Last week a flurry of bleak economic news headlined by larger than expected unemployment claims spurred a 280-point drop in the Dow … [visit site to read more]


Are The U.S. Stock Markets Oversold?

Posted: 24 Aug 2010 05:04 AM PDT

With a lot of talk out there of the markets being oversold, I figured it was time to turn to our trusty ol’ McClellan Oscillator to see if the markets were actually oversold. And the answer is…..check out for yourself!

Answer: No. Not oversold. Maybe after another down day. At least according to the McClellan Oscillator, there is more room to the … [visit site to read more]


How Large Are Active ETF Premium/Discounts To NAV?

Posted: 24 Aug 2010 04:00 AM PDT

A big difference between exchange-traded funds (ETFs) and mutual funds is the ability to trade in the ETF intraday on the exchange. Investors can see an indicative price for the fund at any point during the trading day and purchase or sell the fund just like they would a stock, using margin, limit orders etc. This is compared to mutual funds investors who can only sell or buy fund shares or units at 4pm on market close and that to at a price that they will not know until after the fact, once … [visit site to read more]


Baltic Dry Index Surges: Is China Back In The Metals Markets?

Posted: 24 Aug 2010 03:29 AM PDT

After crashing from 4,209 in May the Baltic Dry Index has surged by 62.1% from a recent low of 1,700.

What does this surge in this ardently watched indicator of global economic activity means?
Well, interestingly enough last week China's bulk freight rate indices for metal ore and coal rose by 3.4% and 1.0% respectively. A glance at the relationship between the manufacturing PMI for stocks of major inputs and the Baltic Dry Index suggests China's manufacturers are again rebuilding … [visit site to read more]


Barry Ritholtz On What To Buy

Posted: 24 Aug 2010 03:27 AM PDT

This interview features Barry Ritholtz, writer of The Big Picture blog, on what to invest … [visit site to read more]


Rosie: “There Are No Quick Fixes”

Posted: 24 Aug 2010 03:25 AM PDT

Dave Rosenberg, Chief Economist and Strategist of Gluskin Sheff & Associates, argues that the U.S. financial system is still broken. The following paragraphs include a few of his comments:
"The charts below illustrate how focused households, businesses and banks are in terms of maintaining historically high levels of liquidity despite the fact that interest rates are at microscopic levels. This says something about the desire on the part of economic agents to maintain very high levels of … [visit site to read more]


Jason Trennert: Is The USA The Next Bear Stearns?

Posted: 24 Aug 2010 03:22 AM PDT

In this WSJ interview, Jason Trennert of Strategas Research Partners says Uncle Sam relies too much on short-term … [visit site to read more]


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