Tuesday, May 31, 2011

DailyMarkets.com - Debt Ceiling Raise: Yea Or Nay?

DailyMarkets.com - Debt Ceiling Raise: Yea Or Nay?

Debt Ceiling Raise: Yea Or Nay?

Posted: 31 May 2011 09:35 AM PDT

House Republicans will vote tonight on a bill to raise the current $14.3 trillion federal debt ceiling by another $2.4 trillion, according to House Majority Leader Eric Cantor. Though the government hit the debt ceiling on May 16, it still has buffer time until August 2 to avoid defaulting on its payment obligations. However, smooth execution of the bill to raise the debt ceiling depends on the outcome of tonight's vote.
The bill needs a two-thirds majority to pass. That implies that out of … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Hhgregg Beats Estimates

Posted: 31 May 2011 09:35 AM PDT

Hhgregg Inc. (NYSE:HGG) reported its fourth-quarter and full year 2011 operating results. Income from continuing operations for the quarter were $15.9 million or 39 cents per share, which was above the Zacks Consensus Estimate of 29 cents.
Both net income and earnings increased 59% and 56% respectively in the year-ago quarter. The increase was primarily attributable to strong inventory management and higher merchandise margins.
For the full year 2011, net income was $49.4 million or $1.22 per … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Red Robin Upgraded To Outperform

Posted: 31 May 2011 09:35 AM PDT

We are upgrading our rating on Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB), a casual dining restaurant chain, to Outperform from Neutral.
The rating upgrade is based on solid first quarter 2011 earnings, which were well ahead of the Zacks Consensus Estimate, primarily driven by top-line and bottom-line growth. Additionally, for fiscal 2011, the company intends to turn around its business by Project RED, which focuses on revenue growth, expense control and capital deployment. The project is … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

EA’s Expansion Pack Hits Stores

Posted: 31 May 2011 09:35 AM PDT

Video game developer and publisher, Electronic Arts (ERTS) better known as EA, announced that the new expansion pack of The Sims 3 Generations will be available at stores globally from next week.
Developed by The Sims studio, The Sims 3 Generations allows players to create and live in a virtual world. The Sims franchisee celebrated its tenth anniversary in 2010 and has sold more than 125 million units to date.
The Sims 3Generations enables gamers to play as they want. They have the liberty to … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Long-Term Stocks Keep Sugar Traders Busy

Posted: 31 May 2011 09:18 AM PDT

Today’s Idea
The Sugar market has seen a bullish bias of late, largely due to many traders not trusting the most recent crop projections. This is not because they do not trust that the numbers are accurate if weather projections hold true, but rather, that the weather may not cooperate. Short-term supply concerns have been alleviated, but the world is still in the process of rebuilding its stockpiles. Technically, the market has crossed a hurdle at 22.50, but there is significant risk that this … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Australian Dollar: The Downside Prevails

Posted: 31 May 2011 09:17 AM PDT

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Canadian Dollar: Caution

Posted: 31 May 2011 09:17 AM PDT

Update on supports and resistances. … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Royal Caribbean Remains Neutral

Posted: 31 May 2011 09:10 AM PDT

We are maintaining our long-term Neutral recommendation for Royal Caribbean Cruises Ltd. (NYSE:RCL), the second largest company in the cruise vacation industry.
Royal Caribbean's first quarter 2011 earnings were well ahead of the Zacks Consensus Estimate, on the back of an improvement in bookings and strict cost control. Moreover, with a robust booking momentum, especially in the Caribbean and Alaskan itineraries, we believe that the company is well positioned to drive solid operating leverage … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Home Prices Continue Falling

Posted: 31 May 2011 09:10 AM PDT

In March, home prices continued to slip, and the declines were still widespread. The Case-Schiller Composite 10 City index (C-10) fell 0.10% on a seasonally adjusted basis, and is down 2.84% from a year ago. The broader Composite 20 City index (which includes the cities in the C-10) fell by 0.23% on the month and is down 3.53% from a year ago. The second down leg of housing prices continues.

Of the 20 cities, seven were up on a month-to-month basis, and 13 were down. Year over year, though, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EURUSD Looks Toward Trendline Support At 1.4350

Posted: 31 May 2011 09:09 AM PDT

The EURUSD Is moving back down toward trendline support at the 1.4350 level. The low for the NY session comes in at 1.4360. So far the move lower has stopped against this level.   Activity since the surge higher in the Tokyo session has been consolidative.  The 100 and 200 bar MA on the 5 minute chart is turning sideways/moving down.  This is indicative of the consolidative nature of the market.  Being below the two moving averages on the 5 minute chart give longs a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Cosan Announces Preliminary Results

Posted: 31 May 2011 09:05 AM PDT

Brazil-based Cosan Ltd. (NYSE:CZZ) announced its preliminary results for the fourth quarter and fiscal year 2011. Net revenue in the quarter totaled R$4,609.3 million (US$2,776.7 million), up 4.9% year over year. For the fiscal year, net revenue jumped 17.8% year over year to R$18,063.5 million (US$10,502.0 million).
In the fourth quarter, CAA (Cosan Açúcar e Álcool) accounted for approximately 36.3% of the net sales with revenue totaling R$1,674.0 million (US$1,008.4 million), down 10.2% year … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Avis Budget’s Risk-Reward Balances

Posted: 31 May 2011 09:05 AM PDT

Currently, we are  maintaining a long-term ‘Neutral’ recommendation on Avis Budget Group, Inc. (NYSE:CAR) with a target price of $18.00 per share. Moreover, the company has a Zacks #3 Rank, implying a short-term ‘Hold’ rating on the stock.
Headquartered in New Jersey, Avis Budget Group is the leading general-use vehicle rental company in North America, Australia and New Zealand. Moreover, a formidable network of more than 7,800 rental locations and 350,000 vehicles enable the company to … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/USD Up At The End Of European Session

Posted: 31 May 2011 09:00 AM PDT

Forex Pros – The Euro was higher against the U.S. Dollar on Tuesday after the release of U.S. data on Chicago PMI.<br/><br/> EUR/USD was trading at 1.4376, up 0.66% at time of writing.<br/><br/> The pair was likely to find support at 1.4068, Thursday&rsquo;s low, and resistance at 1.4424, today&rsquo;s high.<br/><br/> Earlier in the day, data showed that The U.S.&rsquo;s Chicago PMI fell more-than-expected to a seasonally adjusted 56.6 last … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Triple Stock Index Check To Start The May 31 Week

Posted: 31 May 2011 08:44 AM PDT

What message is the market sending as we transition into June 2011?
More importantly, what levels are the current reference boundaries that – when broken – will likely trigger an impulse breakout swing?
Glad you asked!  Let's take a look at the "Big Three" US Stock Market Indexes and review these levels.
First, the S&P 500:

Referencing dominant trend structure, the index remains in a positive/rising uptrend via the series of higher highs/higher lows and positively sloped … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Stryker Launches Tender Offer

Posted: 31 May 2011 08:40 AM PDT

Orthopedic devices giant Stryker Corp (NYSE:SYK) has commenced its $3.85 per share tender offer for its previously announced acquisition of orthobiologic and biosurgery products maker Orthovita Inc (NASDAQ:VITA).
The Michigan-based devices maker struck a deal on May 16 to buy Pennsylvania-based Orthovita for $316 million in cash. Per the agreement, shareholders of Orthovita will receive $3.85 for each share they hold, representing roughly 41% premium over Orthovita's closing price of $2.73 on May … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

First Athena Client Gets Funds

Posted: 31 May 2011 08:40 AM PDT

Athenahealth (NASDAQ:ATHN), a vendor of cloud-based services for physician practices, recently announced that Medicare meaningful use incentive payments have been released to its first physician customer utilizing athenaClinicals, the company's Electronic Health Record ("EHR") service. This marks the culmination of the initial step in the company's Federal Stimulus Bonus Payment Guarantee Program.
The Health Information Technology for Economic and Clinical Health Act (HITECH Act), of 2009, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Busy Economic Calendar

Posted: 31 May 2011 08:40 AM PDT

This week’s busy economic calendar should help resolve the ongoing debate about the U.S. economy’s near-term growth outlook.

While the emphasis in this week’s reports will be on the labor market, we will also get a read on the nation’s manufacturing sector. Other reports deal with consumer confidence and housing. Given the downshift in market expectations following the soft tone of recent reports, the bar is relatively low for positive surprises. Sentiment will likely get a significant boost … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Brown Shoe Tops Estimates

Posted: 31 May 2011 08:40 AM PDT

St. Louis, Missouri-based Brown Shoe Company, Inc (NYSE:BWS) recently posted first quarter 2011 adjusted earnings of 16 cents per share, which were above the Zacks Consensus Estimate of 13 cents but missed the year-ago quarter earnings of 26 cents. The better-than-expected results were attributable to higher sales at wholesale division and margin expansion at Famous Footwear unit.
Footwear retailer and wholesaler, Brown Shoe reported that net sales in the quarter climbed 4.5% from the prior-year … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Teradata To Support Blue Cross

Posted: 31 May 2011 08:39 AM PDT

Teradata Corporation (NYSE:TDC) recently announced that Blue Cross and Blue Shield of Minnesota, a nonprofit independent licensee of the Blue Cross and Blue Shield Association, will be supported by Teradata's data warehouse appliance and professional services.
Blue Cross expects that the Teradata platform will enable it to improve customer satisfaction, as the quality of information will improve, which in turn will enable it to improve the quality of its services and also introduce new services … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Liberty Global Receives Bid Offer

Posted: 31 May 2011 08:39 AM PDT

A leading cable operator in Europe, Latin America and Australia, Liberty Global Inc. (NASDAQ:LBTYA), which currently holds a 54.2% stake in Australia's AUSTAR United Communications Limited, received a takeover bid worth $2 billion from FOXTEL.
FOXTEL is an Australian pay television company that offers cable, direct broadcast satellite television and IPTV services. FOXTEL is a joint venture between Telstra, Consolidated Media Holdings and News Corporation (NYSE:NWS).
If AUSTAR and FOXTEL enter into a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: GBPUSD Falls Back Below Monday’s Low

Posted: 31 May 2011 08:29 AM PDT

The GBPUSD has made new lows for the day and now trades at levels below the low from yesterday at the 1.6449 level. The price is tracking for a test of the 100 hour MA which comes in at the 1.6412 level currently. Before that level watch for support at the 1.6419. The low has reached 1.6432 so far.
On the topside now, staying below the 1.6459 level keeps the bears satisfied and in charge. This level was a floor level for the GBPUSD yesterday and from Friday and was a low in today's … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

USD/CHF’s Fibonacci Expansion Targets Under The New Record Low Of 0.8465

Posted: 31 May 2011 08:19 AM PDT

Has the USD Recovery Derailed? (5/27)
USD/CHF

Short-Term to Medium-Term- The USD/CHF slid to a fresh low at 0.8465. Since the start of the week, the market has bent sideways in a range between 0.8645 and roughly 0.8530, which is cracking to the upside.
- The market is also showing the RSI resolve the oversold condition, and the reading in the above 1H chart is at 60. A break above 60 reflects intent of a correction. The 50% retracement level is near 0.8675.
- With such a strong Swissie … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Dollar Broadly Lower Against Rivals After Poor U.S. Data

Posted: 31 May 2011 07:47 AM PDT

Forex Pros – The U.S. dollar remained broadly lower against its major counterparts on Tuesday, following the release of a flurry of worse-than-expected U.S. economic data.<br /><br />During the early U.S. trading session, the greenback was sharply lower against the euro, with EUR/USD advancing 0.77% to hit 1.4391.<br /><br />Earlier in the day, the Wall Street Journal reported that Germany may consider abandoning a push to reschedule Greek debt early, which may pave … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Natural Gas Jumps To Four-week High On Improved Demand Outlook

Posted: 31 May 2011 07:44 AM PDT

Forex Pros – Natural gas futures were up for a third day on Tuesday, jumping to a four-week high amid expectations for increased demand after forecasts showed warmer-than-normal temperatures across much of the U.S. next week.&nbsp; <br /><br />On the New York Mercantile Exchange, natural gas futures for July delivery traded at USD4.626 per million British thermal units during U.S. morning trade, gaining 1.2%. <br /><br />It earlier rose to USD4.644 per million … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – GBP/USD Pares Gains As Weak U.S. Data Hurts Risk Appetite

Posted: 31 May 2011 07:35 AM PDT

Forex Pros – The pound trimmed gains against the U.S. dollar on Tuesday, pulling away from a one-month high after a string of weaker-than-expected U.S. economic data dented risk appetite.<br /><br />GBP/USD pulled away from1.6547; the pair&rsquo;s highest since May 4, to hit 1.6464 during early U.S. trade, up just 0.06% on the day.<br /><br />Cable was likely to find support at 1.6377, last Friday&rsquo;s low and short-term resistance at 1.6573, the high of May … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

US Data Continues To Post Soft Results, Chicago PMI And Consumer Confidence Disappoint

Posted: 31 May 2011 07:33 AM PDT

Risk-on trading took a pause around 10 AM ET, as the US posted its Chicago PMI and Conference Board Consumer Confidence index, both coming in weaker than expected, and continuing the theme of softening US fundamental data.
The Dollar slipped against the Yen, giving back a chunk of its gains from the European session. US stocks stalled their rally, reversing some, and US Treasuries pared their losses. The concern around the US economy is becoming more tangible as more … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Treasuries Clamoring For Unchanged After Earlier Rise In Yields

Posted: 31 May 2011 07:22 AM PDT

A sizzling equity market rally took most of the shine away from government bond prices on Tuesday as investors tossed core European bonds down the safety chute. Yields rose sharply after EU officials ruled out a "total restructuring" of Greek debt and announced that they were engineering a new package likely to be unveiled towards the end of June.
Eurodollar futures – The bump at the bottom of the safety chute was less pronounced in the treasury market on Tuesday with a rise in yields … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Gold Futures Ease Up To 4-week High Boosted By Soft U.S. Dollar

Posted: 31 May 2011 07:22 AM PDT

Forex Pros – Gold futures edged higher on Tuesday, hitting a fresh four-week high as prices were boosted by a broadly weaker U.S. dollar, however gains were limited as fears over a Greek default eased.<br /><br />On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,540.65 a troy ounce during U.S. morning trade, easing up … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/USD Holds Gains After Flurry Of Weak U.S. Data

Posted: 31 May 2011 07:16 AM PDT

Forex Pros – The euro held gains against the U.S. dollar on Tuesday, as concerns over a possible Greek debt default eased and after a flurry of weaker-than-expected U.S. data weighed on the greenback.<br /><br />EUR/USD hit 1.4424 during early U.S. trade, the pair&rsquo;s highest since May 9; the pair subsequently consolidated at 1.4397, surging 0.81%.<br /><br />The pair was likely to find support at 1.4124, last Friday&rsquo;s low and resistance at 1.4587, … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Rallies Above $102

Posted: 31 May 2011 07:15 AM PDT

05/31/11 Front month crude prices rose to trade above $102 this session on speculation of an EU approved package for Greece and rising concerns over Middle East … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Allan Leighton To Become New Chairman Of Pace And Lead Strategic Review

Posted: 31 May 2011 02:02 AM PDT

Set-top box manufacturer Pace Micro Technology (LON:PIC) is hiring ex-Asda boss Allan Leighton as its new non-executive chairman. Leighton has joined the board immediately and is expected to take on the chairmanship over the summer, following an orderly transition of responsibilities from current chairman Mike McTighe. Leighton said one of his first tasks would be to instigate a strategic review of the business, which issued a profits warning in early May and saw the value of its shares tumble … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards
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