Mar 8, 2010

Daily Markets - Financial News And Opinions

Daily Markets - Financial News And Opinions

Unicom Preps For Wi-Fi IPhone

Posted: 08 Mar 2010 09:07 AM PST

China Unicom (NYSE:CHU), the second largest Chinese wireless carrier, is reportedly planning to launch iPhone with Wi-Fi (wireless broadband) function in mainland China. The carrier is currently working with Apple (NASDAQ:AAPL) regarding this advancement. However, no specific timeline for the launch has been announced.
 
This represents a major step by China Unicom, as lack of Wi-Fi support in the Chinese version of the iPhone has been a major hindrance in its wider market adoption. If the launch … [visit site to read more]


Why It’s “Mayday” For The Euro… And What You Should Do

Posted: 08 Mar 2010 09:02 AM PST

Monday, March 8, 2010: Issue #1211
I've often said that it's not possible to predict stock markets, commodity markets, bond markets or currency markets consistently and accurately.
But there is an exception: when both valuations and sentiment reach severe extremes simultaneously.
That's what happened with the dollar a few months ago. And, seeing the planets in alignment (as I'll explain), I immediately wrote a column, predicting that the greenback would soar in the months ahead.
As is … [visit site to read more]

DT Downgraded To Underperform

Posted: 08 Mar 2010 08:51 AM PST

We are downgrading Deutsche Telekom (NYSE:DT), the incumbent telecom carrier in Germany , to Underperform in light of the recent lower-than-expected operating results and management's tepid outlook for 2010. Reported earnings and revenue for fourth quarter 2009 have missed the Zacks Consensus Estimate.
 
Deutsche Telekom continues to face a sluggish economy with further declines in Germany's fixed-line telephony business due to intense competition. The carrier lost a total of 2.1 million … [visit site to read more]

Good News For Bristol’s Pipeline

Posted: 08 Mar 2010 08:35 AM PST

Recently, Bristol-Myers Squibb Co. (NYSE:BMY) and Pfizer Inc. (NYSE:PFE) announced that apixaban, a blood thinner being co-developed by the two companies, was found to be more effective than Sanofi-Aventis' (NYSE:SNY) Lovenox (enoxaparin) in a late stage randomized, double-blind, multicenter, head-to-head study. The candidate was found to be statistically superior to 40 mg once daily enoxaparin in reducing blood clots in the legs or lungs (venous thromboembolism) in patients undergoing total knee … [visit site to read more]

AIG Continues Asset Selling Spree

Posted: 08 Mar 2010 08:32 AM PST

In an effort to payback the bailout money, American International Group Inc. (NYSE:AIG) will sell its American Life Insurance Co. (ALICO) unit for about $15.5 billion to MetLife Inc. (NYSE:MET). MetLife will pay $6.8 billion in cash and approximately $8.7 billion in MetLife equity securities, subject to closing adjustments.
Last week, the company also announced the sale of its Asian life-insurance unit, American International Assurance (AIA) to the U.K.'s Prudential Plc (NYSE:PUK) for about $35.5 … [visit site to read more]

Video: Asian Markets Begin The Week In The Green

Posted: 08 Mar 2010 08:30 AM PST

The major Asian/Pacific markets were on the upside this session following a rise in domestic shares and banking stocks. … [visit site to read more]

Forex Trading: AUDUSD Looking To Test Key 100 Day MA Support

Posted: 08 Mar 2010 08:28 AM PST

The AUDUSD 100 day MA comes in at the 0.9068 level. The price closed above the level on Friday and moved higher in early trade today. However, the price has started to move back lower on the back of the stronger dollar/selling of the risk pairs.  The price has moved down to a low of 0.9092. This corresponds to the high price from Friday and may slow the decline.  A break, however, will likely look toward the 0.9068 key support level.   Patient buyers will likely wait … [visit site to read more]

Bond Prices Fall As Non-Farm Payrolls Come In “Better” Than Expected

Posted: 08 Mar 2010 08:17 AM PST

Fundamentals
There was no joy for Treasury bulls Friday morning after the widely anticipated U.S. Non-Farm Payrolls report for February was released. Non-farm payrolls for February fell by "only" 36,000 in February according to the Labor Department, despite the severe winter weather that affected much of the northeastern parts of the U.S. This was much better than the pre-report consensus of a decline of around 70,000 jobs last month. The unemployment rate remained steady at 9.7%, which was … [visit site to read more]

Cornerstone Tops Consensus

Posted: 08 Mar 2010 08:17 AM PST

Cornerstone Therapeutics Inc. (NASDAQ:CRTX) reported fiscal fourth-quarter earnings of 20 cents per share (excluding special items), which was well above the Zacks Consensus Estimate of a loss of 4 cents. The company had earned 34 cents (excluding special items) in the year-ago quarter. The drop in quarterly earnings was attributable to higher operating costs and a tax provision.
 
Quarterly Results
 
Net revenue in the reported quarter was $30.8 million as against $20.8 million in the … [visit site to read more]

Shell & PetroChina Target Arrow

Posted: 08 Mar 2010 08:00 AM PST

Australian natural gas producer Arrow Energy Ltd. announced that it has received a joint takeover bid from energy majors Royal Dutch Shell PLC (NYSE:PTR).
 
The non-binding, conditional proposal, worth about A$3.3 billion ($3 billion), came from a company jointly owned by Royal Dutch Shell and PetroChina. Per the bid, Arrow shareholders would get A$4.45 per share in cash (28% premium to Friday's closing price) plus interest in a new entity, which would comprise Arrow’s international … [visit site to read more]

Which Stocks And Sectors Will Shine As Investors’ Fears Fade?

Posted: 08 Mar 2010 07:55 AM PST

A lot of my commentary lately on the markets has been relatively short-term oriented. Today let’s take a moment to pan back and consider the weekly perspective, which is rather benign, even positive.

From this point of view, stocks are broadly recovering from their most oversold condition since March of last year — and the release of the energy stored up then persisted at near-full strength for three months.

Top performing sectors have been basic materials and retailers.  The latter … [visit site to read more]

Video: NYSE Opening Bell Market Monitor: AIG, MET, MCD

Posted: 08 Mar 2010 07:55 AM PST

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

Employment Index Up In February

Posted: 08 Mar 2010 07:45 AM PST

Monster WorldWide Inc. (MWW) announced that the Monster Employment Index rose by ten points in February, as employers resumed their hiring activity after last month's seasonal lull.
This index observes online job demand on a monthly basis and on a year-over-year basis. The index was up 2% year-over-year for the first time since December 2007. This signifies some improvement in the underlying demand for labor.
Headquartered in New York, Monster Worldwide, Inc. is an online recruitment firm … [visit site to read more]

Loss Widens At Move

Posted: 08 Mar 2010 07:30 AM PST

Move, Inc. (NASDAQ:MOVE) reported revenues of $49.6 million for the fourth quarter of 2009, down 14% year over year. However, revenues came ahead of the management's guidance driven by media advertising revenue at the end of the year as some media advertisers spent money at the year-end.
REALTOR.com and TOP PRODUCER were down 11% and 3%, respectively. The year-ago quarter had a $0.9 million contribution from the enterprise business, which was sold in the fourth quarter.
Move provides a variety of … [visit site to read more]

Forex Trading: GBPUSD Looks To Test 100 Hour MA Support At 1.5065

Posted: 08 Mar 2010 07:26 AM PST

The 100 hour MA comes in at 1.5065. Look for profit taking/dip buyers against the level.
Topside resistance now comes in at the 1.5092 level and above that at 1.5105. The 1.5092 is the midpoint of the 2 day trading range.  The 1.5105 is the low corrective area from Friday's trade (see chart below ). 

A break of 1.5065 will look toward 1.5020, the low before Friday's surge higher (post … [visit site to read more]

Google Broadband, Trouble At Qualcomm Sinks Broadband HOLDR (BDH)

Posted: 08 Mar 2010 07:23 AM PST

Despite the increased need and demand for many broadband services, the first two months of 2010 have not been very kind to the Broadband HOLDR (BDH), which has already slumped by more than 10% on the year. This disappointing stretch comes after a superb 2009 that saw the fund post a 38% gain. Why the sudden reversal? Increased competition in the sector is partly to blame for the downturn, as the battle over market share has become an increasingly fierce competition. Another driver of the … [visit site to read more]

Tech Data Outperforms

Posted: 08 Mar 2010 07:15 AM PST

Tech Data Corp. (NASDAQ:TECD) announced encouraging results for the fourth quarter of fiscal 2010. Net income was $70.1 million compared to $57.0 million in the year-ago quarter. Earnings per share (EPS) were $1.35 compared to $1.14 in the prior-year quarter.
 
Excluding the 10 cents per share for the reversal of a deferred tax valuation allowance in the European region, EPS came in at $1.25 per share, easily beating the Zacks Consensus Estimate of an income of $1.01 per share, posting a … [visit site to read more]
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