Feb 19, 2010

Daily Markets - Financial News And Opinions

Daily Markets - Financial News And Opinions

Eclipsys Eclipses Zacks Estimate

Posted: 19 Feb 2010 12:10 PM PST

Eclipsys Corporation (NASDAQ:ECLP) reported fourth-quarter earnings of 17 cents (excluding special items), above the Zacks Consensus Estimate of 8 cents as well as the year-ago earnings of 7 cents (excluding special items).
 
Quarterly results 

Total revenues (inclusive of $2.03 million from premise acquisition accounting) for the reported quarter came in at approximately $135.7 million as opposed to $126.8 million in the year-ago quarter, up 7%. Segment-wise revenues from systems and … [visit site to read more]

What’s The Outlook On The Coal ETF This Year?

Posted: 19 Feb 2010 12:01 PM PST

“The Market Vectors Coal ETF (KOL) was one of the top performing ETFs in 2009. It is home to many of the biggest U.S. coal producers and several large international players as well.  And that top spot isn’t just in comparison to energy-related ETFs. KOL was one of the top 10 performers across all ETFs. However, that trend hasn’t carried over into 2010 as KOL is down more than 5%. In fact, until last week, KOL had been down as much 13% on a year-to-date basis,” Todd Shriber Reports From … [visit site to read more]

Investing In Gold Is A Move Toward Real Wealth

Posted: 19 Feb 2010 12:00 PM PST

Oil edged up towards $80 a barrel yesterday. And the latest numbers for producer prices showed more inflation than was expected.
Meanwhile, jobless claims were up. And the Dow rose 86 points…
What do investors see that we don't? A mirage…the shimmering of hot money…money that comes from the feds. And they can't believe it's not real.
But that's the problem. No one can tell the difference between real money and the counterfeit stuff. Nor can they tell the difference between real … [visit site to read more]

Qualcomm Upgraded To Neutral

Posted: 19 Feb 2010 11:55 AM PST

We upgrade our recommendation for Qualcomm Inc. (NASDAQ:QCOM) to Neutral, which means the stock will perform in line with the broader market. The company's first quarter of fiscal 2010 financial results was broadly in line with the Zacks Consensus Estimates. According to our assessment, in 2010 Qualcomm may become the first CDMA chipset developer with the ability to support all existing software platforms for smartphone. 

Qualcomm is the major chipset supplier for Research In Motion's … [visit site to read more]

Forex Trading: USDCHF Holds 100 Hour MA And Pauses

Posted: 19 Feb 2010 11:41 AM PST

As per the prior post, the USDCHF fell to and found support at the 100 hour MA level (see prior post).   The market has paused at the level as it decides the final direction into the Friday close.  Traders who are short from above (i.e. a break of the 1.0825 support or above - see earlier post) are in control as the weekend approaches.  Taking profit or partial profit at the level is an option and restart on Monday.   Doing so, keeps something in the game and … [visit site to read more]

J2 Global Underperforms

Posted: 19 Feb 2010 11:40 AM PST

Yesterday, after market close, j2 Global Communications, Inc. (JCOM) reported financial results for its fourth quarter 2009. Overall the results were significantly below the Zacks Consensus Estimates. Quarterly total revenue was $60.9 million, remaining flat year-over-year but below the Zacks Consensus Estimate of $62 million. Subscriber Usage revenue was $60.2 million, up 1% year-over-year.
 
Quarterly net income was $17.7 million or 39 cents per share compared to $20.3 million or 45 … [visit site to read more]

Navigant In-Line With Estimates

Posted: 19 Feb 2010 11:25 AM PST

On Feb 18, 2010, Navigant Consulting, Inc. (NYSE:NCI) reported its fourth quarter operating earnings per share of 18 cents that were flat compared to the Zacks Consensus Estimate. However, operating earnings per share fell short of the 25 cents recorded in the year-ago quarter. These excluded the office consolidation and severance expense of $4.3 million recorded in the reported quarter. Including this, GAAP net income was $4.8 million or 10 cents per share compared to $11.3 million or 23 cents … [visit site to read more]

Pride Int’l Slips By A Penny

Posted: 19 Feb 2010 11:10 AM PST

Pride International Inc. (NYSE:PDE) reported modestly weaker-than-expected fourth-quarter results. Quarterly earnings were 16 cents per share, compared to the Zacks Consensus Estimate of 17 cents and the year-earlier earnings of $1.13. Before adjusting one-time items, the loss was 13 cents.
 
Significant lower rig utilizations have hit the offshore contract driller badly, which got further aggravated by poor dayrate in all segments. Though Pride's results came in below expectations, its … [visit site to read more]

Top 400 U.S. Taxpayers Paid 2% Of Total Income Taxes

Posted: 19 Feb 2010 11:01 AM PST

According to new data from the IRS, the top 400 individual income taxpayers in 2007 (out of 143 million taxpayers) earned 1.59% of all Adjusted Gross Income in that year, and paid 2.05% of all individual income taxes collected (see chart).

Isn’t it amazing that only 400 taxpayers out of 143 million total tax filers paid more than 2% of all income taxes collected?

More on this … [visit site to read more]

A Short Convention In Miami: Ugly Stocks In A Beautiful City

Posted: 19 Feb 2010 11:00 AM PST

Your California editor just exchanged the sunny sands of Laguna Beach for the sunny sands of Miami Beach. This year marks your editor's eleventh consecutive annual pilgrimage to Miami. Officially, he visits Miami to attend a gathering of professional short-sellers and other n'er-do-wells. Unofficially, he visits Miami only to dine at Joe's Stone Crab…and to drink a mojito or two.
As for the conference, it is an invitation-only affair that consistently offers a wealth of investment … [visit site to read more]

Incyte Extends Losses

Posted: 19 Feb 2010 10:55 AM PST

Incyte Corporation's (NASDAQ:INCY) fourth quarter loss per share came in at 74 cents compared to a loss of 50 cents reported in the year-ago period. However, excluding one-time items, the company reported a loss of 41 cents per share, higher than the Zacks Consensus Estimate of a loss of 35 cents. For the full year of 2009, adjusted loss per share came in at $1.62 compared to a loss of $1.99 in 2008.
 
Incyte reported quarterly revenues of $6.9 million compared to $0.9 million reported in … [visit site to read more]

Forex Trading: USDCAD Breaks The Support At 1.0405

Posted: 19 Feb 2010 10:42 AM PST

Stops triggered and the price moves to 1.0387. Resistance now at … [visit site to read more]

Miami’s Municipal Woes (Again): Exiting Before The Tide Goes Out

Posted: 19 Feb 2010 10:38 AM PST

"Miami's tradition of unruly official behavior is finally bringing painful consequences. After years of reckless financial management and a bribery scandal that produced federal charges against three top city officials, South Florida's largest city stands on the edge of bankruptcy." 
-Time, December 16, 1996, "Gloom Over Miami"
The odor from low tides is often strongest near mud flats. Credit bubbles are similarly disposed. During the high tide of the telecom boom, Global … [visit site to read more]

Neutral On Scripps Networks

Posted: 19 Feb 2010 10:38 AM PST

We downgrade our recommendation for Scripps Networks Interactive Inc. (NYSE:SNI) to Neutral following our assumption that the company may face margin contraction in 2010 due to increase in cost of advertising revenue. 

The company's fourth-quarter earnings of 52 cents per share beat the Zacks Consensus Estimate by a penny. 

Scripps Networks completed the acquisition of majority stake in the Travel Channel, which we believe will be positive for the company's long-run growth. … [visit site to read more]

Forex Trading: EURUSD Fails On The Break Above 1.3584.

Posted: 19 Feb 2010 10:28 AM PST

The EURUSD broke above 1.3584 but has come back below the level.  The failure to find additional momentum should solicit profit taking sellers.   Support at 1.3553.  A move back above the 1.3592 level would confirm the upside again. The 1.3584 level remains a key "remembered" price level for the … [visit site to read more]

Video: Market Movers: SII, SLB, S, GT, ADBE

Posted: 19 Feb 2010 10:27 AM PST

The latest news and information on U.S. stocks that are moving the market. … [visit site to read more]

Mexico Unveils Spectrum Bidders

Posted: 19 Feb 2010 10:23 AM PST

Mexican telecom regulator Cofetel has divulged the names of the potential bidders for the upcoming wireless spectrum (radio airwave) auction in the country. Seventeen companies have already enrolled to bid for the auction, which is expected to conclude by June-end 2010.
 
Interested bidders have to file the necessary documentation with the Mexican antitrust watchdog Federal Competition Commission (CFC) by March 2, 2010. Bidders have to be approved by the CFC to compete in the … [visit site to read more]

Forex Trading: EURUSD Resistance At 1.3584 From Prior Lows/highs

Posted: 19 Feb 2010 10:16 AM PST

Video: Dollar Hits 9-Month High Vs. Euro

Posted: 19 Feb 2010 10:14 AM PST

The US dollar continued to post huge gains against the euro after the Federal Reserve raised its discount rate for the first time in almost 3 years. … [visit site to read more]

How To Profit From The Ongoing Shift In Global Power

Posted: 19 Feb 2010 10:12 AM PST

In the financial world, any kind of random deviation from the norm – especially a drastic or detrimental change – can be called a "black swan."
That term got significant face time in last year's headlines, as everybody worried about the stock market taking a double dip downward. Now in 2010, recent market volatility has some commentators speculating about it still.
The black swan they're concerned about – the kind where the western world tumbles again on devastating news – could … [visit site to read more]

Forex Trading: GBPUSD Moving Toward Resistance At 1.5459

Posted: 19 Feb 2010 10:07 AM PST

The GBPUSD is approaching resistance at the 1.5459 level. The price represents the 38.2% retracement of the move down from the Discount Rate hike.  The level is also a correction high level from earlier in the trading day today.  We should see profit taking sellers against the level with stop so na move through the … [visit site to read more]

Jacobs To Partner UK Client

Posted: 19 Feb 2010 10:05 AM PST

Jacobs Engineering Group Inc. (NYSE:JEC) signed a 5-year partnership agreement, extendable upto 10 years, with Devon County Council of the United Kingdom for transportation and engineering consultancy services. However, the contract value was not disclosed.
 
Jacobs will provide transport planning, structural engineering, environmental and waste services, and highways engineering. These multidisciplinary consultancy support services will assist the in-house team from project inception … [visit site to read more]

Forex Trading: USDCHF Broke Through The 1.0825 Level And Approaches The Next Target

Posted: 19 Feb 2010 10:01 AM PST

The USDCHF fell below the 1.0825 level as per the prior post (CLICK HERE) and moved lower. THe price is now down testing the next target support at the 1.0787 level. The 100 hour MA at the 1.0767 is also a target level.  Stops on the upside  are still focused at the … [visit site to read more]

Government Sachs

Posted: 19 Feb 2010 10:00 AM PST

It's Goldman this. And Goldman that. And Goldman rhymes with greed. But it's "Thank you, Mr. Blankfein," when it's money that you need.
Last week, Greek Finance Minister George Papaconstantinou slipped. He said not what he should have said, nor what he wanted to say. Unwittingly, he said something that was true: his country's budget was "out of control." He begged for more time to straighten it out. "We're trying to change the course of the Titanic," he said. The EU … [visit site to read more]

Shaw To Buy Stake In Canwest

Posted: 19 Feb 2010 09:49 AM PST

Shaw Communications Inc. (NYSE:SJR) recently entered into agreements with Canwest Global Communications Corp. and some of its senior noteholders, regarding the acquisition of a minimum 20% equity interest and 80% voting interest in that company. Canwest is currently restructuring itself as a pure-play Canadian broadcaster. The approval of this transaction will allow Shaw to gain effective control of a premier broadcaster and content owner in the Canadian broadcasting industry.
 
Shaw' … [visit site to read more]

Pipeline Setback For Glaxo

Posted: 19 Feb 2010 09:33 AM PST

GlaxoSmithKline (NYSE:GSK) recently received a pipeline setback when the US Food and Drug Administration (FDA) issued a Complete Response letter (CRL) regarding the company's New Drug Application (NDA) for Horizant (gabapentin enacarbil) for the treatment of moderate-to-severe primary Restless Legs Syndrome (RLS).
The FDA did not grant approval based on concerns regarding a preclinical finding of pancreatic acinar cell tumors in rats. Horizant, which has been developed by XenoPort, Inc. … [visit site to read more]

Patterson Reports In Line

Posted: 19 Feb 2010 09:16 AM PST

Patterson Companies, Inc. (NASDAQ:PDCO) reported third quarter fiscal 2010 earnings per share of 47 cents, in line with the Zacks Consensus Estimate and higher than the year-ago earnings of 45 cents.
 
Sales 

Total sales in the third quarter increased 1% year over year to roughly $820.1 million. In terms of business segments: Dental Supply revenues declined 2.1% year over year to $572.1 million. The decline was due to the weak economic scenario that has resulted in dental … [visit site to read more]

Consumer Price Index: Inflation Tame

Posted: 19 Feb 2010 09:12 AM PST

In distinct contrast to yesterday's PPI report, the Consumer Price Index (CPI) shows that at the consumer level, inflation remains very tame. In January, the CPI rose 0.2% on a headline basis, and if volatile food and energy costs are stripped out to get core inflation, it actually fell 0.1%.
Headline inflation is not only low, but also extraordinarily stable, having spent five straight months at the 0.2% level, which would annualize out to 2.4%. The actual rise over the last year is 2.6%. On … [visit site to read more]
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