Feb 22, 2010

Daily Markets - Financial News And Opinions

Daily Markets - Financial News And Opinions

Time To Accept The Canadian Dollar At Parity With The US Dollar

Posted: 22 Feb 2010 09:55 AM PST

It has been a long time coming, but investors need to start seeing that the C$ belongs at parity to the US$, if not even higher. The C$ first breached parity in late 2007 when it became stronger than the US$ and in subsequent weeks literally skyrocketed to 1.0722 as speculators in the C$-US$ trade came to play. In 2007, the rise was probably premature and happened too quickly to suggest any stability at those levels. Since then, the C$ has dropped to 0.776 in March 2009, in the depths of … [visit site to read more]

Australian Dollar: The Bias Remains Bullish

Posted: 22 Feb 2010 09:17 AM PST

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

Canadian Dollar: Bullish Bias Above 102

Posted: 22 Feb 2010 09:17 AM PST

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

Fed’s Discount-Rate Hike Shows Exit-Strategy Challenges That Await The U.S. Central Bank

Posted: 22 Feb 2010 09:01 AM PST

Is the U.S. Federal Reserve finally launching its “exit strategy?”

When the nation’s central bank boosted the discount rate last week, it assured investors that this wasn’t a monetary tightening. The assurance didn’t seem to matter. The move late Thursday touched off a furious global-market reaction and U.S. dollar increase on Friday. This demonstrates the challenge the central bank will face as it crawls toward an ultimate increase in interest rates.

In a move that surprised the markets, … [visit site to read more]

First Solar Tops, Reaffirms View

Posted: 22 Feb 2010 09:01 AM PST

First Solar Inc. (NASDAQ:FSLR) surpassed the Zacks Consensus earnings per share (EPS) estimate of $1.49 by 16 cents to reach $1.65 in the fourth quarter of fiscal 2009. It also beat the year-ago quarterly EPS figure of $1.61 by 4 cents. 

The upbeat trend was reflected in fiscal 2009 results as well, where an EPS of $7.53 exceeded the Zacks Consensus Estimate of $7.34 and almost doubled, compared to the fiscal 2008 EPS of $4.24. 

Earnings Revisions Trend 
Out of the 31 analysts … [visit site to read more]

Depomed Pushing Forward

Posted: 22 Feb 2010 08:58 AM PST

On February 18, 2010, the U.S. FDA issued a complete response letter (CRL) for the application on XenoPort's (NASDAQ:XNPT) Horizant, a sustained-release (Transported Prodrug) gabapentin molecule, for the treatment of restless leg syndrome (RLS). In the response letter, the FDA stated that a preclinical finding of pancreatic acinar cell tumors in male rats was of sufficient concern to preclude approval for RLS at this time.
These findings were for preclinical data on XenoPort's new chemical … [visit site to read more]

Maxwell Misses Expectations

Posted: 22 Feb 2010 08:46 AM PST

Maxwell Technologies Inc. (NASDAQ:MXWL) reported a weaker-than-expected fourth-quarter 2009 loss per share of 39 cents, below the Zacks Consensus loss per share estimate of 3 cents. In the year-ago period, the company reported a profit of 7 cents per share. The bearish trend was reflected in fiscal 2009 results also where loss per share of 94 cents compared to loss of 71 cents per share in fiscal 2008. 

Earnings Revisions Trend 

While 8 analysts have been covering the stock, no up and … [visit site to read more]

Career Education Surges Past Ests

Posted: 22 Feb 2010 08:31 AM PST

Career Education Corp. (NASDAQ:CECO) recently reported results for the fourth-quarter of 2009. The company recorded a GAAP net income of $30.7 million, compared to $31.2 million in the year-ago period. Excluding discontinued operations, earnings per share came in at 72 cents, which surged past the Zacks Consensus Estimate of 32 cents. 

The company has a good track record of beating earnings expectations as it has topped the Zacks Consensus Estimate in 3 of last 4 quarters with an impressive … [visit site to read more]

Forex Trading: USDCAD Moves Up At To Test The 100 Hour MA

Posted: 22 Feb 2010 08:21 AM PST

Watch the 100 hour MA at the 1.0443 level.  The USDCAD has benefitted from  lower oil price and generally a higher dollar bias in NY.  The pair moved above key resistance at 1.0415 and now looks at the next key level.  A move above is needed to excite further buying with the 200 hour moving average (green line in the chart above). Support remains against the 1.0415 … [visit site to read more]

$JYHW - Tiny Oil Stock Making Mysterious 200% Jumps

Posted: 22 Feb 2010 08:17 AM PST

By Dr. Steve Sjuggerud

A stock promotion just landed on my desk…

According to the promotion, the U.S. Geological Survey has just announced an enormous oil discovery. This oil discovery straddles the U.S. and Canadian border above North Dakota in an area called the Williston Basin. The USGS says the discovery contains 503 billion barrels of oil, worth $37.7 trillion at current prices.

“It’s a literal ocean of oil,” says the copy.

JayHawk Energy is a tiny oil company that owns five oil … [visit site to read more]

Nexen Slips, Volumes Up

Posted: 22 Feb 2010 08:15 AM PST

Nexen Inc. (NYSE:NXY) reported fourth-quarter recurring earnings of 47 cents (50 Canadian cents) per share, below the Zacks Consensus Estimate of 48 cents but up from the last year's earnings of 22 cents (27 Canadian cents). 

Quarterly cash flow from operations was C$1.60 ($1.51) per share, up more than 48% year over year. During 2009, the company has added 184 million barrels of oil equivalent (BOE) in proved reserves, which replaces over 200% of its production.
 
We see a … [visit site to read more]

WealthTrack: On US Treasury Bonds

Posted: 22 Feb 2010 08:15 AM PST

A fascinating and informative discussion on US Treasury Bonds. Robert Kessler and David Darst make the case for and against, respectively, US Treasury Bonds. While the arguments are ones familiar to readers of this blog, I am beginning to suspect that the truth lies somewhere in between, and it will be very difficult to make money in either direction. This is a 27 minute video from Consuelo Mack’s WealthTrack recorded on February 11, … [visit site to read more]

Japanese Investment Trusts To Buy Aussie Dollars?

Posted: 22 Feb 2010 08:00 AM PST

Front and center this morning consumer prices rose 0.2% in January, equaling the increases in December and November. Market expectations going into the report had been for a slightly larger 0.3% rise. Core prices surprisingly fell 0.1% in January following the 0.1% rise recorded in December and the flat reading in November. On a year-over-year basis, the overall CPI index rose 2.6% in December.
That's funny… I recall just the day before, seeing wholesale inflation running at an annualized … [visit site to read more]

American Medical Reports Strong

Posted: 22 Feb 2010 08:00 AM PST

American Medical Systems Holdings, Inc. (NASDAQ:AMMD) reported strong fourth quarter and full fiscal 2009 results. For the fourth quarter, earnings per share were 35 cents, surpassing the Zacks Consensus Estimate of 34 cents and the year-ago earnings of 30 cents. For fiscal 2009, earnings per share were $1.16, ahead of the year-ago figure of 88 cents. 

Quarterly results 

Total revenues in the fourth quarter increased 9.0% year over year to $146.0 million. Excluding a favorable foreign … [visit site to read more]

Stock Market Tug-Of-War: Bulls Vs Bears

Posted: 22 Feb 2010 07:55 AM PST

If you’ve been confused by the notions of practitioners of Elliot Wave then there’s no better way of clearing the air than by contrasting and comparing the concept with other modes of technical analysis … especially the sort of stock chart reading that I practice. Different approaches and different conclusions.

Take, for example, the following chart that offered by an Elliotican on another site (click on image to enlarge):

According to this writer, “what I know about Elliott Wave … [visit site to read more]

PG&E Beats Consensus

Posted: 22 Feb 2010 07:45 AM PST

PG&E Corporation (NYSE:PCG) with earning per share (EPS) of 80 cents in the fourth quarter of fiscal 2009 comfortably beat the Zacks Consensus EPS estimate of 74 cents. It also scurried past the year-ago EPS of 70 cents. The uptrend was reflected in fiscal 2009 results, also where the EPS of $3.21 breezed past the Zacks Consensus Estimate of $3.17 and fiscal 2008 EPS of $2.95. The majority of the higher year-over-year earnings from operations results from additional revenues generated by new … [visit site to read more]

Video: NYSE Opening Bell Market Monitor: SLB, SII, L

Posted: 22 Feb 2010 07:42 AM PST

The latest in news, commentary, and information on what’s moving the US equities markets. … [visit site to read more]

Tetra Tech Beats By A Penny

Posted: 22 Feb 2010 07:30 AM PST

Tetra Tech, Inc. (NASDAQ:TTEK) reported earnings from continuing operations of 30 cents per share for the first quarter of 2010, beating the Zacks Consensus Estimate of 29 cents. 

Revenue in the quarter was $542.0 million, down 15.1% from $638.7 million, and revenue, net of subcontractor costs, was $343.5 million, up 4.1% from $330.0 million for the same quarter last year.
Income from operations was $31.1 million, up 8.7% from $28.6 million for the same quarter last year. 

Backlog was … [visit site to read more]

Video: Lowe’s Reports Better-Than-Expected Results

Posted: 22 Feb 2010 07:30 AM PST

Due to rising lumber prices and product demand, Lowe’s Cos Incorporated (LOW) reported better-than-expected quarterly results. … [visit site to read more]

Forex Trading: EURUSD Falls Below The 1.3594 Level And Tests Target At 1.3573/75

Posted: 22 Feb 2010 07:17 AM PST

The EURUSD fell below the 1.3594 level which was a floor for most of the day and the closing level from Friday's trade.  The question now is will there be continued downside momentum.  Watch the 1.3595/99 on the upside to provide resistance as traders look for the continuation momentum trade down. A move above the 1.3600 level will likely burst the bears bubble.   The next target support is at the low for the day at the 1.3573/75 level. This level will need to give … [visit site to read more]

Penske Meets Expectations

Posted: 22 Feb 2010 07:15 AM PST

Penske Automotive Group, Inc. (NYSE:PAG) posted a net income of $19.3 million or 21 cents per share. With this, the company has exactly met the Zacks Consensus Estimate during the quarter. The profit was driven by strong performance in the U.K., especially in the premium/luxury retail businesses, as well as the continuing benefit from our cost-saving initiatives. 

Revenue in the quarter increased 13.4% to $2.4 billion. Same-store retail revenue increased 15.5% to $2.2 million. New Vehicle … [visit site to read more]

Forex Trading: USDCAD Moving Above The Key 1.0405/15 Level

Posted: 22 Feb 2010 07:07 AM PST

Squeezes higher (see prior post).  The next target is the 1.0429 level on the 5 minute chart and then the 1.0448. ON the downside, the 1.0405 level should now hold support. Oil prices are coming down, helping the pair move … [visit site to read more]

Tyco International Beats

Posted: 22 Feb 2010 07:00 AM PST

Tyco International Ltd (NYSE:TYC) reported 65 cents in diluted earnings per share from continuing operations for the fiscal first quarter of 2010. This was above the Zacks Consensus Estimate of 61 cents. Revenue in the quarter of $4.25 billion declined 4% versus the prior year with an organic revenue decline of 9.6%. 

Segment Results 
ADT Worldwide
 
Revenue of $1.8 billion declined 3% organically as the 5% growth in recurring revenue was more than offset by a 13% organic revenue … [visit site to read more]

Video: Asian Markets Rally

Posted: 22 Feb 2010 06:49 AM PST

The major Asian/Pacific markets were well on the upside this session following a continued growth in domestic shares. … [visit site to read more]

Morning News Notes: 2/22/2010

Posted: 22 Feb 2010 06:48 AM PST

The “Morning News Notes” as prepared by TL… Greece, bank failures, support for the Volcker rules, and US GDP.Just click on the link or the coffee mug below.

“Morning News Notes”: February 22, … [visit site to read more]

Cabot Profit Up, Volumes Robust

Posted: 22 Feb 2010 06:45 AM PST

Independent energy exploration and production (E&P) company Cabot Oil and Gas (NYSE:COG) reported better-than-expected fourth-quarter results, mainly driven by increased gas production in its North region. Other positive factors include higher commodity price realizations and overall lower expenses.
 
Earnings per share, excluding non-recurring items, came in at 52 cents, outperforming the Zacks Consensus Estimate of 45 cents and the year-ago earnings of 44 cents. Revenue increased … [visit site to read more]

Five ETFs To Own During The “Great Deflation”

Posted: 22 Feb 2010 06:39 AM PST

Last Friday, the U.S. Labor Department reported that the consumer price index (CPI) rose 0.2% in January and climbed by 2.6% over the past 12 months. But after stripping out volatile food and energy prices, prices actually fell by 0.1% in January, marking the first time since 1982 that "core CPI" has declined. While the absence of any signs that runaway inflation is materializing initially soothed markets, the report also signaled that another potentially tricky economic drag, deflation, is … [visit site to read more]

Forex Trading: USDCAD Makes New Lows Today But Trying To Bounce

Posted: 22 Feb 2010 06:31 AM PST

The price has moved back above the 100 and 200 bar MAs on the 5 minute chart at the 1.0385/88 area (blue and green line  in the chart above).  This gives a slightly bullish bias for the pair with the bias turning back to the downside below 1.0385.  If the price is able to stay above this support level, there is key resistance at the 1.0405-15 level for the pair going back to the daily chart where a number of lows and highs occurred in the past.  The price reached a … [visit site to read more]

Red Robin Fails To Lure Diners

Posted: 22 Feb 2010 06:30 AM PST

Red Robin Gourmet Burgers Inc. (NASDAQ:RRGB), the casual dining restaurant operator, recently reported dismal fourth-quarter 2009 results. The quarterly earnings of 10 cents a share missed the Zacks Consensus Estimate of 16 cents and fell 76.7% from 43 cents posted in the prior-year quarter.
 
The fourth-quarter earnings underperformed the Zacks Consensus Estimate by 37.5%. In the preceding three quarters in fiscal year 2009, earnings had topped the Zacks Consensus Estimate in the first and … [visit site to read more]

Stock Market News Briefs: Campbell Soup Company, Dreamworks Animation SKG, Inc., Goldman Sachs Group, Inc. (The), J P Morgan Chase & Co, Lowe’s Companies, Inc., Schlumberger N.V., Dendreon Corporation

Posted: 22 Feb 2010 06:20 AM PST

 Lowe’s (NYSE:LOW) posted better-than-estimated earnings and revenues for the fourth quarter, with earnings of 14 cents a share, 2 pennies higher than expected on revenues of $10.2 billion up from estimates of $10 billion. The company said it sees full-year earnings of $1.30 to $1.42 a share.  The firm also announced a $5 billion share buyback

 Campbell Soup (NYSE:CPB) posted inline earnings of 74 cents a share on revenues of $2.15 billion, below estimates of $2.23 … [visit site to read more]

Earnings Preview: Retail In The Spotlight

Posted: 21 Feb 2010 09:00 PM PST

Earnings Preview 2/19/10
Earnings Season is winding down, but that does not mean it is over. Next week will bring 570 earnings reports, including 57 members of the S&P 500. The focus will mostly be on the retailers, with such heavyweights as Home Depot (NYSE:HD), Target (NYSE:TGT), Lowe's (NYSE:LOW) and Macy's (NYSE:M) expected to report.
Housing will take center stage on the economic data front, although the most important report will be the second cut at 4th quarter GDP, which is due out on … [visit site to read more]
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