Daily Markets - Financial News And Opinions

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• Swiss Franc: The Upside Prevails
• Australian Dollar: Rebound Expected
• Like Minds…I Hope!
• Forex Trading: Pressure Eases Off The Euro
• Apple’s IPad Coming Soon
• Another Oppenheimer ARS Investor Unloads On New York AG Cuomo
• Time For An International Corporate Bond ETF?
• Family Dollar Sales Rise
• Stock Market News Briefs: AK Steel Holding Corporation, American International Group, Inc., Bank Of New York Mellon Corporation (The), Goldman Sachs Group, Inc. (The), MetLife, Inc., PNC Bank Corp., Toyota Motor Corporation, USX Corporation, Dendreon Corporation, Fifth Third Bancorp, Research In Motion Limited, Yahoo! Inc.
• JPMorgan Upgraded To Neutral
• Morning News Notes: 3/8/2010
• Forex Trading: EURUSD Makes The Break To The Upside And Looks To Test 1.3691
• Canadian Dollar: Rebound In Sight
• Japanese Yen: Rebound
• British Pound: Rebound Expected
• Euro: The Upside Prevails
• H-P Restates First Quarter Numbers
• U.S. Bank Failures Reach 26
• Forex Trading: GBPUSD Contained In Early NY Trading
• Downbeat On Sunoco Near-Term
• Forex Trading: EURUSD Trading Around The 1.3654 Level
• Gap’s Estimates Soar
• Bull Of The Day: Priceline.com (PCLN)
• Stock Buy: SKECHERS USA, Inc.
• Stock Buy: Joy Global
• Bear Of The Day: H&R Block, Inc. (HRB)
• Stock Buy: Dress Barn, Inc.
• Stock Buy: Genesco Inc
• Mutual Funds: Top 5 Diversified Bond Funds

Swiss Franc: The Upside Prevails Posted: 08 Mar 2010 07:17 AM PST Update on supports and resistances. … [visit site to read more]

Australian Dollar: Rebound Expected Posted: 08 Mar 2010 07:17 AM PST Update on supports and resistances. … [visit site to read more]

Like Minds…I Hope! Posted: 08 Mar 2010 07:15 AM PST There are several commentators on the web that I read consistently, and John Hussman of Hussman Funds is one of them. I always take great comfort when my analysis rhymes with his because like myself I know he does his homework too. My weekly report on sentiment was about not straying too far from the data because of short term price moves. For example, this past week’s pop to almost highs in the major indices has the “this stuff doesn’t work” readers emailing in. As stated a couple of weeks … [visit site to read more]

Forex Trading: Pressure Eases Off The Euro Posted: 08 Mar 2010 07:13 AM PST Risk appetite has been cautiously creeping back into FX markets at the start of this trading week. While a one day doesn’t make a trend, the broader environment is shaping up to support a sustained rally in risk sentiment. First of all, the passing of the new austerity measures by the Greek congress on Friday was a step in the right direction. While unions immediately called for a general strike for Thursday, we anticipate protests will be orderly and won-t spillover into larger social … [visit site to read more]

Apple’s IPad Coming Soon Posted: 08 Mar 2010 07:00 AM PST Apple Inc. (NASDAQ:AAPL) announced that its Apple tablet computer called the iPad will be available on April 3 in the U.S. Shares of AAPL surged on the news, rising 3.91% or $8.24 to $218.95. On Friday, AAPL had hit a record high of $219.70 during the day.   The iPad is available starting at just $499 for the 16GB model, going up to $599 for the 32GB model and $699 for 64GB. iPad comes in two versions, one with Wi-Fi and the other with both Wi-Fi and 3G and will be available via AT&T … [visit site to read more]

Another Oppenheimer ARS Investor Unloads On New York AG Cuomo Posted: 08 Mar 2010 06:56 AM PST Investors defrauded in the distribution of auction-rate securities deserve a voice. Sense on Cents is happy to provide it. Aside from feeling screwed by Wall Street banks and money managers in the distribution of auction-rate securities as a cash surrogate, investors now feel increasingly incensed by the lack of support in the judicial system and in selected attorneys general offices in our country. The latest AG to feel the wrath of ARS investors is New York AG Andrew Cuomo for … [visit site to read more]

Time For An International Corporate Bond ETF? Posted: 08 Mar 2010 06:53 AM PST State Street has filed for SEC approval on the Barclays Capital International Corporate Bond ETF (IBND), which could become the first U.S.-listed ETF to track the performance of the investment-grade corporate sector of the global bond market. The fund would seek to track the Barclays Capital Global Aggregate ex-USD >$1B: Corporate Bond Index, a benchmark designed to be a broad measure of the global investment-grade, fixed rate corporate debt markets outside the U.S. In order to be eligible … [visit site to read more]

Family Dollar Sales Rise Posted: 08 Mar 2010 06:45 AM PST Family Dollar Stores, Inc. (NYSE:FDO), the operator of self-service retail discount store chains in the United States , recently reported sales results for second-quarter 2010, which ended on Feb 27, 2010.   Based in Matthews, North Carolina, Family Dollar said that net sales rose 4.9% to $2.09 billion from $1.99 billion delivered in the prior-year quarter. Comparable-store sales for the quarter also jumped 3.6%. The company witnessed robust sales during the quarter in the Seasonal, Home and … [visit site to read more]

Stock Market News Briefs: AK Steel Holding Corporation, American International Group, Inc., Bank Of New York Mellon Corporation (The), Goldman Sachs Group, Inc. (The), MetLife, Inc., PNC Bank Corp., Toyota Motor Corporation, USX Corporation, Dendreon Corporation, Fifth Third Bancorp, Research In Motion Limited, Yahoo! Inc. Posted: 08 Mar 2010 06:40 AM PST  AIG (NYSE:AIG) is reportedly close to a deal to sell its international unit, Alico, to MetLife (NYSE:MET) for $15.5 billion in cash and stock  Toyota Motor (NYSE:TM) president expects the auto-maker’s North American sales could recover in March  The Bank of NY Mellon (NYSE:BK) agreed to purchase Germany’s BHF Asset Servicing GmbH for about $343 million  Goldman Sachs (NYSE:GS) upgraded US Steel (NYSE:X) from “neutral” to “buy,” lifting the price target from $55 to $70, while … [visit site to read more]

JPMorgan Upgraded To Neutral Posted: 08 Mar 2010 06:30 AM PST Recently, we have upgraded our recommendation on JPMorgan Chase & Co. (NYSE:JPM) to Neutral from Underperform, given the current market recovery and valued growth indicators.   JPMorgan's fourth quarter earnings of 74 cents per share were well ahead of the Zacks Consensus Estimate of 61 cents, aided by better-than-expected results at its Investment Banking segment. However, persistent high levels of consumer credit costs and increased provisions for credit losses were the downsides. … [visit site to read more]

Morning News Notes: 3/8/2010 Posted: 08 Mar 2010 06:29 AM PST The “Morning News Notes” as prepared by TL…Met Life and AIG, market talk from JPM analysts, the deficit, and healthcare. Just click on the link or the coffee mug below. “Morning News Notes”: March 8, … [visit site to read more]

Forex Trading: EURUSD Makes The Break To The Upside And Looks To Test 1.3691 Posted: 08 Mar 2010 06:28 AM PST The EURUSD has made a break to the upside, moving above the converged 100 and 200 bar MAs on the 5 minute chart and extended toward the 1.3691 level. This level was the high from February 23rd and was an area of resistance in early trade today.  We should see some selling against the level. However a break will look to target the high for the day at the 1.3704 level. ABove that is the high from last week at the 1.3735. On the downside, look for support against the 100 and 200 bar MA on … [visit site to read more]

Canadian Dollar: Rebound In Sight Posted: 08 Mar 2010 06:20 AM PST Update on supports and resistances. … [visit site to read more]

Japanese Yen: Rebound Posted: 08 Mar 2010 06:19 AM PST Update on supports and resistances. … [visit site to read more]

British Pound: Rebound Expected Posted: 08 Mar 2010 06:19 AM PST Update on supports and resistances. … [visit site to read more]

Euro: The Upside Prevails Posted: 08 Mar 2010 06:19 AM PST Update on supports and resistances. … [visit site to read more]

H-P Restates First Quarter Numbers Posted: 08 Mar 2010 06:15 AM PST The world's largest computer maker Hewlett-Packard Company (NYSE:HPQ) recently came out with a revised version of its first quarter 2010 earnings, whereby the company lowered its net profit by $73.0 million, providing for litigation expenses to be paid by its subsidiary, Electronic Data Systems (EDS).   In February 2010, HP reported first quarter net income of $2.32 billion, or 96 cents a share, which is now restated downwards at $2.25 billion, or 93 cents a share. HP has used these 3 … [visit site to read more]

U.S. Bank Failures Reach 26 Posted: 08 Mar 2010 06:00 AM PST Though the economy is showing signs of a gradual recovery, tumbling home prices, soaring loan defaults and rising unemployment continue to take their toll on small banks. As a result, U.S. regulators on Friday shuttered four more banks in Florida, Illinois, Maryland and Utah. This brings the total number of bank failures to 26 so far in 2010, compared to 140 in 2009, 25 in 2008 and 3 in 2007.   While we expect economic recovery to gain momentum soon, there remain lingering concerns in the … [visit site to read more]

Forex Trading: GBPUSD Contained In Early NY Trading Posted: 08 Mar 2010 05:55 AM PST The GBPUSD has been in a fairly narrow trading range during the NY session. The price remains below the 100 and 200 bar MA on the 5 minute chart at the 1.5155 level.  In the early NY session the price moved up to test these two moving averages but fell short.  The 1.5138 level is also a key level to watch today. This is the 200 hour MA (green line in the hourly chart).  If the price can remain above this level a further momentum move could be in store for the day.  As a … [visit site to read more]

Downbeat On Sunoco Near-Term Posted: 08 Mar 2010 05:45 AM PST Last month, Sunoco Inc. (NYSE:SUN), the Pennsylvania-based oil refiner and marketer, announced its financial results for the fourth quarter and fiscal year ended Dec. 31, 2009. Disappointing Results For the fourth quarter, Sunoco reported loss per share (excluding special items) of 27 cents, a penny wider than our estimates. The challenging market environment continued to adversely impact the company's volumes and margins in its petroleum and the chemical businesses. In the year-ago period, … [visit site to read more]

Forex Trading: EURUSD Trading Around The 1.3654 Level Posted: 08 Mar 2010 05:34 AM PST The EURUSD moved up to test the 100 and 200 bar MA on the 5 minute chart in early NY trading at the 1.3666 level.  The price has also the 1.3654 level to contend with on the downside as NY early trade is stymied.  The 1.3654 level has been a level of support and resistance on the hourly chart over the last 3 week consolidation period (see the chart below).  A move below should solicit some selling interest with the 1.3638 being the next support level (38.2% of the move up … [visit site to read more]

Gap’s Estimates Soar Posted: 08 Mar 2010 05:30 AM PST Earnings estimates of Gap Inc. (NYSE:GPS), a premier international specialty retailer, have increased recently with strong fourth quarter and fiscal 2009 results. The company reported net income of $352 million or 51 cents per share during the quarter, compared to $243 million or 34 cents per share in the year-earlier quarter. For fiscal 2009, Gap reported net income of $1.1 billion or $1.58 per share compared to $967 million or $1.34 per share in fiscal 2008. Net sales during the quarter were … [visit site to read more]

Bull Of The Day: Priceline.com (PCLN) Posted: 07 Mar 2010 09:00 PM PST Priceline.com (NASDAQ:PCLN) is one of the leading online travel companies in the world. The company’s fourth quarter results beat the Zacks Consensus Estimates on both the top and bottom lines. Management expects strong double-digit bookings growth in the first quarter, although international is expected to grow faster than domestic. The company saw double-digit growth in revenue, gross profit dollars and operating profit dollars during recession-hit 2009. The current momentum in the business — … [visit site to read more]

Stock Buy: SKECHERS USA, Inc. Posted: 07 Mar 2010 09:00 PM PST SKECHERS USA, Inc. (NYSE:SKX) reported even better than expected fourth quarter results on Feb 17 after it had already pre-announced on Jan 12 that it would have record sales for the quarter. SKECHERS, which sells footwear for men, women and children, had said that it would see earnings per share of “over” 50 cents per share. The Zacks Consensus Estimate had risen to 52 cents ahead of the official results but the company blew through that, posting 58 cents per share. It has now surprised four … [visit site to read more]

Stock Buy: Joy Global Posted: 07 Mar 2010 09:00 PM PST Joy Global (NASDAQ:JOYG) released stronger-than-expected fourth-quarter 2009 results. The company reported EPS of $0.73 per share, topping the Zacks Consensus Estimate of $0.64. In the last five quarters, Joy Global has beaten consensus estimates by an average of 19.4%. While revenues declined 3% year-over-year to $729 million, new order bookings improved 22%, largely driven by a 303% increase in original equipment orders. Management reiterated its fiscal 2011 revenue guidance of $2.8 billion to … [visit site to read more]

Bear Of The Day: H&R Block, Inc. (HRB) Posted: 07 Mar 2010 09:00 PM PST We are downgrading our recommendation on H&R Block (NYSE:HRB) to Underperform from Neutral. The company has recently announced that it would not be able to meet its previously announced fiscal 2010 guidance as it is preparing fewer tax returns than it had previously expected. The tax filing market is shrinking due to the rise in unemployment. Also, there is a continued shift from assisted tax preparation to the digital space, where the company’s growth is not yet satisfactory. Additionally, … [visit site to read more]

Stock Buy: Dress Barn, Inc. Posted: 07 Mar 2010 09:00 PM PST Dress Barn, Inc. (NASDAQ:DBRN) just hit a new 52-week high on better than expected Q2 results from early March that included an awesome 48% earnings surprise. Second-Quarter Results Sales for the period were up 73% from last year to $594 million. The gain was driven by the company’s November merger with Justice, but when breaking out each segment on an individual basis, the numbers still look solid. Segment Results Dress Barn sales were up 7% from last year to $209 million, with comparative store … [visit site to read more]

Stock Buy: Genesco Inc Posted: 07 Mar 2010 09:00 PM PST Genesco Inc. (NYSE:GCO) is projecting solid growth over the next few years and continues to rise on the heels of its latest earnings surprise. Estimates Creeping Up Since the January feature on Genesco, we have seen a few upward estimate revisions for full-year 2011. The average forecast is now $2.07, which marks a growth rate of 8%. Next year’s estimates are averaging $2.35, which is a 14% growth rate. These estimates could climb after the latest quarterly report. Beat the Street On March 3rd … [visit site to read more]

Mutual Funds: Top 5 Diversified Bond Funds Posted: 06 Mar 2010 09:12 AM PST Diversified bond funds provide investors the benefit of holding bonds across sectors at lower costs. This is particularly significant if the expense of holding a set of individual bonds is considered. This class of bond funds is also the clear choice for bond categories with a higher level of credit risk such as corporate bonds, high yield bonds and emerging market bonds. In this case the benefits of diversification clearly exceed the expense involved in holding such a fund. In addition, the … [visit site to read more]

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