Monday, October 31, 2011

DailyMarkets.com - What To Look For This Week

DailyMarkets.com - What To Look For This Week

What To Look For This Week

Posted: 31 Oct 2011 07:55 AM PDT

The theme of the week is going to be jobs. The biggest report is going to be the employment report on Friday. But before that we will get some more data like the Challenger Gray and Christmas count of big layoffs, and the ADP (NYSE:ADP) survey. Those will offer some clues to the big report.

Warning, though: the ADP survey is often very different than the official BLS report. However, once all the revisions are in, the two surveys tend to track each other pretty well.

The consensus is looking for … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Dismal 3Q For Meritage Homes

Posted: 31 Oct 2011 07:55 AM PDT

Meritage Homes Corporation (NYSE:MTH) reported a net loss of $3.24 million or 10 cents per share for the third quarter of 2011 compared with a net income of $1.22 million or 4 cents per share in the prior-year quarter. Reported loss per share was significantly lower than the Zacks Consensus Estimate of an income of 7 cents per share.
Pre-tax loss in the quarter came in at $3.08 million and included charges of $1.05 million related to real estate and joint venture impairments compared with the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

CRA International Disappoints

Posted: 31 Oct 2011 07:35 AM PDT

Boston, Massachusetts-based CRA International Inc. (NASDAQ:CRAI) reported pro forma earnings of 31 cents per share in the third quarter of 2011, missing both the Zacks Consensus Estimate of 41 cents per share and the year-ago quarter earnings of 48 cents per share.
Net earnings per share on a GAAP basis fell from the year-ago earnings of 40 cents to 34 cents in the reported quarter.
The lower-than-expected results were due to a decline in revenue resulting from the slowdown in project completion and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Las Vegas Tops On Higher Revenue

Posted: 31 Oct 2011 07:20 AM PDT

Las Vegas Sands Corp. (NYSE:LVS) posted adjusted earnings of 55 cents per share in the third quarter of 2011, beating the Zacks Consensus Estimate of 53 cents as well as the year-ago quarter earnings of 34 cents.
On a GAAP basis, the company reported a net income of $353.6 million or 44 cents per share compared with $168.0 million or 21 cent per share in the year-ago quarter. The improvement primarily reflects a rise in operating income, partially offset by higher net income attributable to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

The “Imaginary Hobgoblin” Of Income Inequality

Posted: 31 Oct 2011 07:07 AM PDT

The charts above were prepared using Census Bureau data (Table E-2) on the Gini coefficients (a statistical measure of dispersion that quantifies income income inequality on a range from 0% for complete equality to 100% for complete inequality where one person receives all of the income) for full-time, year-round workers.  Like other measures of income inequality for families and households over time presented recently here, income inequality for full-time , year-round workers follows … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Whirlpool Slips, Lowers Outlook

Posted: 31 Oct 2011 07:05 AM PDT

Whirlpool Corporation (NYSE:WHR) reported net earnings of $177 million or $2.27 per share in the third quarter of 2011, compared with $79 million or $1.02 per share in the prior-year quarter.
However, the company incurred charges of 8 cents per share related to the recent developments in the ongoing Embraco antitrust matters versus similar charges of $1.20 per share in the year-ago quarter.
Excluding these items, the company's adjusted income in the quarter amounted to $2.35 per share compared … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – USD/CAD Pares Gains After Canadian GDP Data

Posted: 31 Oct 2011 06:56 AM PDT

Forexpros – The U.S. dollar pared gains against its Canadian counterpart on Monday, following the release of data showing that Canada's economy grew more-than-expected in August.

USD/CAD pulled back from 1.0028, the pair's highest since Thursday, to hit 0.9977 during early U.S. trade, still up 0.60% over the day.

The pair was likely to find support at 0.9890, Thursday's low and a five-week low and resistance at 1.0049.

Statistics Canada said gross domestic product grew at an … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Chicago PMI Falls More-than-expected In October

Posted: 31 Oct 2011 06:51 AM PDT

Forexpros – Manufacturing activity in the Chicago area fell more-than-expected in October, industry data showed on Monday.

In a report, market research group Kingsbury International said its Chicago purchasing managers' index fell by 2.0 points to a seasonally adjusted 58.4 in October from 60.4 in September.

Analysts had expected the index to decline by 1.4 points to 59.0 in October.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

The Business … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

ViroPharma Going Strong

Posted: 31 Oct 2011 06:50 AM PDT

ViroPharma Inc. (NASDAQ:VPHM) posted third quarter 2011 earnings (including special items) of 35 cents per share, surpassing the Zacks Consensus Estimate of 33 cents, but lower than the year-ago figure of 45 cents.
Excluding special items, but including stock based compensation expense, earnings came in at 52 cents per share for the third quarter, reflecting an increase of 8.3%. Higher revenues and lower share count helped boost earnings.
Revenues
Higher sales from Cinryze helped improve quarterly … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Coffee Falls To 3-week Low On Dollar, Vietnam Crop Forecast

Posted: 31 Oct 2011 06:38 AM PDT

Forexpros – Coffee futures tumbled to a three-week low on Monday, as a broadly stronger U.S. dollar coupled with receding concerns over Vietnam's coffee harvest weighed on prices.

On the ICE Futures Exchange, Arabica coffee for December delivery traded at USD2.2890 a pound during early U.S. morning trade, tumbling 2.25%.

It earlier fell by as much as 2.63% to trade at USD2.2765 a pound, the lowest price since October 12.

Coffee's losses came as the dollar index, which tracks the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Dismal 3Q For NII Holdings

Posted: 31 Oct 2011 06:35 AM PDT

Latin American wireless operator NII Holdings Inc. (NASDAQ:NIHD) declared poor financial results for the third quarter of 2011. In synergy with the somber results, management slashed its fiscal 2011 financial outlook mainly due to volatile macroeconomic condition coupled with significant depreciation of its local currency in comparison to U.S. dollars. Moreover, stiff competitive scenario in Brazil is another impediment for such reduced outlook.
Reported net loss was $2.9 million or 2 cents per … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – EUR/JPY Trims Gains After Japan Intervention

Posted: 31 Oct 2011 06:35 AM PDT

Forexpros – The euro trimmed gains against the yen on Monday, pulling back from a two-month high after Japan intervened in the foreign exchange market to curb the consistently strong yen.

EUR/JPY pulled back from 111.55, the pair’s highest since August 30 to hit 109.29 during European afternoon trade, still up 1.86%.

The pair was likely to find support at 105.66, the low of October 27 and resistance at 111.55, the day’s high.

Japanese officials launched an intervention to curb the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Gold Resumes Its Bullish Trend But Headwinds Remain

Posted: 31 Oct 2011 06:33 AM PDT

Monday, October 31, 2011
Though Gold prices continue to hover near 1-month highs, there appears to be some strong upside resistance that may be difficult to overcome in the near-term. With Gold option volatilities remaining on the high side, it appears that current conditions may favor short option strategies for more aggressive traders. An example of one such strategy would be selling bear call spreads in Gold futures options. With December Gold trading at 1738.50 as of this writing, the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Japanese Ministry Of Finance Intervention Sinks Yen, But Losses Short-Lived

Posted: 31 Oct 2011 06:32 AM PDT

Fundamental Headlines
• Draghi Takes ECB Helm in Battle Mode – Bloomberg
• Italian, Spanish Bonds Fall on Bailout Concern – Bloomberg
• Japan Intervenes to Tame Soaring Yen Ahead of G-20 – Reuters
• Oil Eases as Dollar Strengthens – Reuters
• New York Fed Won't Trade with MF Global – WSJ
European Session Summary
In a surprise move to start the week, Japan's Ministry of Finance announced early on Monday morning in Asian trading that the governmental institution had … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

October Was Great. Whither November?

Posted: 31 Oct 2011 06:19 AM PDT

What a difference a month can make. Stocks have made an impressive turnaround, making October one of the best performing months in a very long time. The market has pushed higher as the dark clouds hanging over it have lifted. The economic outlook has turned out to be less worrisome than many feared and corporate earnings continue to surprise to the upside.

Most importantly, the European deal brought down global contagion risks, helping improve risk appetites. Many nay-sayers continue to find … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

United Profit Falls As Costs Rise

Posted: 31 Oct 2011 06:19 AM PDT

The largest U.S. airline United Continental Holdings Inc. (UAL) has reported third quarter adjusted earnings of $2.00 per share, missing the Zacks Consensus Estimate of $2.06. Rising fuel prices and merger related expenses were responsible for the lower-than-expected earnings.
Adjusted earnings exclude $120 million of special items pertaining to merger-related costs and other one-time charges. Including these charges, earnings per share dropped 21.8% year over year to $1.69.
Revenue
Total … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Stock Market News Briefs: Advanced Micro Devices, Bed Bath & Beyond, ChevronTexaco, Goodyear Tire & Rubber Company, Hewlett-Packard Company, Merck & Company, Morgan Stanley, Whirlpool Corporation

Posted: 31 Oct 2011 06:11 AM PDT

    Advanced Micro Devices, Inc. (NYSE:AMD) posted third quarter earnings of $0.13 per share, ahead of the Zacks Consensus Estimate of $0.10 per share

    Goodyear Tire & Rubber Co. (NYSE:GT) reported a profit of $161 million or $0.60 per share in the third quarter of 2011. Excluding special items, profits were $195 million or $0.72 per share, higher than the Zacks Consensus Estimate of $0.25 per share

    Merck & Co. Inc. (NYSE:MRK) posted third … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – Dollar Holds Gains Vs. Rivals After Japan Move

Posted: 31 Oct 2011 06:06 AM PDT

Forexpros – The U.S. dollar remained broadly higher against its major counterparts on Monday, as the Bank of Japan’s move to curb the persistently strong yen continued to support demand for the greenback.

During European afternoon trade, the greenback was sharply higher against the yen, trading close to two-month high with USD/JPY jumping 2.93% to hit 78.05.

Japanese officials launched an intervention to curb the appreciation of the yen after the dollar fell to a record low of JPY75.56 in … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Quality Systems Beats Estimates

Posted: 31 Oct 2011 06:05 AM PDT

Quality Systems (NASDAQ:QSII) recently reported second-quarter fiscal 2012 (ended September 30) earnings per share of 35 cents, sailing past the Zacks Consensus Estimate of 33 cents (adjusted for the 2:1 stock split). Net income rose sharply 52.6% year over year to $20.5 million in the reported quarter, bolstered by higher revenues. 
Revenues
Revenues amounted to $107.6 million in the second quarter, up 32.1% year over year, exceeding the Zacks Consensus Estimate of $104 million.
Segment-wise … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Profit Declines At SK Telecom

Posted: 31 Oct 2011 05:50 AM PDT

SK Telecom Corp Ltd (NYSE:SKM), a leading South Korean telecom operator, has reported third quarter net income of KRW $384 billion ($346 million), down 18.5% year over year. The downfall was due to increased investments in advanced wireless networks and software services.
Revenues
Revenues grew 1.9% year over year to KRW 4.065 trillion ($3.65 billion) on increased wireless Internet usage and new business models. Mobile service revenue slipped 1.1% year over year to KRW 2.71 trillion ($2.44 … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

European Stocks Drop On Japan Move; DAX Down 1.96%

Posted: 31 Oct 2011 05:46 AM PDT

Forexpros – European stock markets extended losses on Monday, following an intervention by the Bank of Japan in the foreign exchange market to curb the persistently strong yen.

During European afternoon trade, the EURO STOXX 50 dropped 1.72%, France's CAC 40 tumbled 1.78%, while Germany's DAX 30 declined 1.96%.

Japan's Vice Finance Minister Fumihiko Igarashi said that the intervention was not targeting specific currency levels and added that it was too early to assess the impact of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Canadian RMPI Rises Unexpectedly In September

Posted: 31 Oct 2011 05:45 AM PDT

Forexpros – Canada’s raw materials price index rose unexpectedly in September, increasing for the first time in five months, official data showed on Monday.

In a report, Statistics Canada said the raw materials purchase price index rose by a seasonally adjusted 1.4% in September, confounding expectations for a 2.4% drop.

The raw material price index fell by an unrevised 3.2% in August.

The RMPI rose at an annualized rate of 15.2% in September, after rising at a rate of 13.3% in the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – GBP/USD Remains Lower After Japan Intervention

Posted: 31 Oct 2011 05:40 AM PDT

Forexpros – The pound trimmed losses against the U.S. dollar on Monday, but remained under pressure after Japan intervened in the foreign exchange market to curb the appreciation of the yen, boosting demand for the greenback.

GBP/USD pulled away from 1.5965, the pair's lowest since Thursday, to hit 1.6027 during European early afternoon trade, still down 0.61%.

Cable was likely to find support at 1.5890, the low of October 26 and resistance at 1.6136, the days high and an almost two-month … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Canada GDP Rises More-than-expected In August

Posted: 31 Oct 2011 05:36 AM PDT

Forexpros – Canada’s economy expanded more-than-expected in August, official data showed on Monday.

In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.3% in August, beating expectations for a 0.2% increase.

July's figure was revised up to a 0.4% gain from a previously reported 0.3% rise.

Canada's economy grew at an annualized rate of 2.4% in August, outstripping expectations for a 2.2% increase. The previous month's figure was revised up to a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex Trading: USDJPY Breaks Above The 78.00 Level And Scoots Higher

Posted: 31 Oct 2011 05:32 AM PDT

The 78.00 is the 38.2% of the days range. A break above led to the price scooting higher.  The 77.83 is the 100 day MA.  The market traders will be watching these levels on the downside today. Stay above and the bullishness can continue.
With Japanese exporters selling on the rally higher today, one must be cognizant that the businesses the BOJ is trying to help are the sellers of the USDJPY above.  So we may continue to see more two way flows in the pair.  I will be … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Crude Oil, Gold Vulnerable With US Dollar Poised To Extend Recovery

Posted: 31 Oct 2011 05:31 AM PDT

Talking Points

Crude Oil Likely to Decline as S&P 500 Index Futures Point to Risk Aversion
Gold Down as US Dollar Mounts Aggressive Recovery to Start Trading Week

WTI Crude Oil (NY Close): $93.32 // -0.64 // -0.68%
Crude oil continues to reflect broad-based sentiment trends, with the WTI contract still showing a firm correlation with the S&P 500. This points the way lower as futures tracking the benchmark index trade aggressively lower ahead of the opening bell on Wall Street, hinting … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Manitowoc Beats Estimates

Posted: 31 Oct 2011 05:30 AM PDT

Manitowoc Co. Inc. (NYSE:MTW) has reported an adjusted EPS of 18 cents in the fiscal 2011 third quarter results, compared with 1 cent in the year-earlier quarter. EPS in the quarter beat the Zacks Consensus Estimate by a penny.
Total revenue during the quarter increased 16% year over year to $935.4 million, driven by sales improvement in both the business segments. Revenue in the quarter was ahead of the Zacks Consensus Estimate of $929 million.
Costs and Margins
Costs of goods sold increased to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Lender Processing A Nickel Ahead

Posted: 31 Oct 2011 05:21 AM PDT

Lender Processing Services Inc. (NYSE:LPS) reported third-quarter 2011 adjusted earnings per share of 59 cents, which surpassed the Zacks Consensus Estimate of 54 cents as well as its own guidance range of 53 cents to 55 cents. However, the earnings per share fell sharply from the year-ago level of 89 cents.
On a GAAP basis, earnings per share were 48 cents, down from 85 cents recorded in the year-earlier quarter. The drop in default volume and origination activity along with higher regulatory and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

U.S. Futures Lower In Risk-off Trade; Dow Jones Down 0.78%

Posted: 31 Oct 2011 05:14 AM PDT

Forexpros – U.S. stock futures pointed to a lower open on Monday, as investors remained cautious ahead of the week’s G-20 meetings and latest monetary policy decision from the Federal Reserve.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a fall of 0.78%, S&P 500 futures signaled a 0.98% drop, while the Nasdaq 100 futures indicated a 0.81% decline.

Market sentiment weakened as investors worried that, after reaching an agreement last week, European leaders’ plans … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Brightpoint Beats, Outlook Bright

Posted: 31 Oct 2011 05:05 AM PDT

Brightpoint Inc. (NASDAQ:CELL) declared robust financial results for the third quarter of 2011. Quarterly total revenue was $1,338.2 million, an improvement of 51% year over year, significantly surpassing the Zacks Consensus Estimate of $1,234 million. In the third quarter of 2011, the company managed 27.272 million wireless devises, up 9% year over year. This fabulous performance was primarily attributable to a massive growth in Distribution business, backed by increasing demand for smartphones and … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – Dollar Holds Gains Against Euro After Japan Action

Posted: 31 Oct 2011 04:58 AM PDT

Forexpros – The dollar held gains against the euro on Monday, after Japan's intervention to weaken the yen, while ongoing concerns over the debt crisis in the euro zone also weighed on sentiment.

EUR/USD hit 1.3975 during European late morning trade, the pair's lowest since Thursday; the pair subsequently consolidated at 1.4002, tumbling 1.03%.

The pair was likely to find support at 1.3863, last Thursday's low and resistance at 1.4200, Friday's high.

Japanese officials launched an … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Soybeans Drop On Stronger Dollar, South America Crop Prospects

Posted: 31 Oct 2011 04:29 AM PDT

Forexpros – Soybean futures were down for a second day on Monday, dropping to a seven-day low after the U.S. dollar rallied following Japan's intervention in the foreign-exchange market, while easing concerns over crop conditions in South America also weighed.

On the Chicago Mercantile Exchange, soybean futures for January delivery traded at USD12.1525 a bushel during European morning trade, slumping 0.81%.

It earlier fell by as much as 1.1% to trade at USD12.1188 a bushel, the lowest … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

The Origin Of “Wall Street”

Posted: 31 Oct 2011 04:00 AM PDT

10/31/11 NYFP’s “This Week in Wall Street History”: Todd Schoenberger of BlackBay Group explains the origin of “Wall … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Copper Futures Tumble As Japan Intervention Boosts Dollar

Posted: 31 Oct 2011 03:52 AM PDT

Forexpros – Copper futures tumbled on Monday, as the U.S. dollar rallied against its major counterparts after Japan intervened in the foreign-exchange market to weaken the yen, while lingering concerns over the debt crisis in the euro zone also weighed.

On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.599 a pound during European morning trade, tumbling 2.89%.

It earlier fell by as much as 3.5% to trade at USD3.567 a pound, the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

The History Of The NYSE “Garage”

Posted: 30 Oct 2011 10:45 PM PDT

10/31/11 NYFP’s Wall Street Lingo: Kenneth Polcari, Managing Director for ICAP, shares a brief history behind the NYSE building itself while also explaining why one room is called, “the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Forex – Dollar Trims Gains Against Yen As Japan Reaction Eyed

Posted: 31 Oct 2011 03:23 AM PDT

Forexpros – The U.S. dollar trimmed gains against the yen on Monday, pulling back from the three-month high hit after Japan stepped into the foreign exchange market to curb the yen's strong gains.

USD/JPY pulled away from 79.53, the pair's highest since August 4, to hit 77.86 during European morning trade, still up 2.68% on the day.

The pair was likely to find support at 77.08, the high of October 20 and resistance at 79.52, the day's high and a three-month high.

Japan's Vice … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Zone Unemployment Rate Rises Unexpectedly

Posted: 31 Oct 2011 03:11 AM PDT

Forexpros – The euro zone's unemployment rate rose unexpectedly in September, official data showed on Monday.

In a report, Eurostat said that the euro zone's unemployment rate rose to a seasonally adjusted 10.2% in September, disappointing expectations for a decline to 10.0%.

The previous month's figure was revised to 10.1% from a previously reported 10.0%.

According to the data, the number of unemployed people in the euro zone was 23.26 million in September, of whom 16.19 million … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards

Euro Zone Flash CPI Holds Steady In October

Posted: 31 Oct 2011 03:04 AM PDT

Forexpros – Consumer price inflation in the euro zone held steady in October, preliminary data showed on Monday.

In a report, Eurostat said consumer price inflation rose by a seasonally adjusted 3.0% in October, unchanged from the previous month.

Analysts had expected euro zone CPI to dip slightly to 2.9%.

The rate remains above the European Central Bank’s target of near but just below 2%.

Following the release of the data, the euro held on to sharp losses against the U.S. dollar, with … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
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